Registered number: 01534697 Charity number: 1121161
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
BLACKWELL ADVENTURE
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 11 |
| Independent auditor's report on the financial statements | 12 - 15 |
| Statement of financial activities | 16 |
| Balance sheet | 17 |
| Statement of cash flows | 18 |
| Notes to the financial statements | 19 - 35 |
BLACKWELL ADVENTURE
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA Bankers Barclays Bank plc Leicester LE87 2BB |
Page 1
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report together with the audited financial statements of the company for the year 1 January 2021 to 31 December 2021.
We are pleased to welcome Tony Spinks to the Board as Finance Director. Tony brings welcome expertise as an accountant who has experience in both the profession and in industry.
With the easing of COVID-19 restrictions in England, supervised for our sector by the National Youth Agency, “outdoor activities” were allowed to start in May though with no overnight stays permitted initially. In the blink of an eye our customer facing team were stretched to cover all the requests and calls for pent-up demand and for the reminder of the year there was the familiar and welcome sound of young people enjoying our adventurous activities - a sense of normality had returned, although there were only six residentials in the whole year.
Bookings for residentials and day activities for 2022 have broken through all previous records with many regular and new customers being disappointed that our summer season capacity for 2022 is sold out.
Revenues from activities in the year are only 58% of 2019 revenues from equivalent activities. 2019 being chosen as the best year for comparison purposes.
Free reserves at the year-end are £231,000 (2020: £194,000).
Objectives and activities
a. Objectives and Activities
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To create a service-based company providing residential and outdoor adventure activities, for Scouts, Girl Guiding and other youth groups both voluntary and statutory.
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To provide similar activities to schools and colleges within the National Curriculum.
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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
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To provide customers with the highest quality residential and outdoor adventure activities in a safe environment.
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To exceed customers’ expectations by giving them the best possible experience.
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To function with a motivated team of staff and volunteers to achieve excellence.
Aims
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To continuously develop the provision of residential and outdoor adventure activities for young people at Blackwell Court and Pikes Pool.
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To support the development of Scouting within Birmingham County.
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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 2021
Objectives and activities (continued)
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To increase our market share of the Adventure Holiday and Youth Activity market within the education, voluntary and statutory youth sectors.
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To add complementary streams of revenue, particularly with commercial organisations.
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To have modern, attractive, energy efficient and varied facilities across both centres.
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To encourage all staff and volunteers in their personal development and to do their best.
b. Strategy
A five-year strategic plan was agreed by the Trustees in September 2019 with the following strands:
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Increasing young peoples’ participation in adventurous activities.
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Increasing surpluses raised (revenue) from charitable activities to reinvest in the facilities at Blackwell Court and Pikes Pool.
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Improving and increasing the residential indoor accommodation offer to allow more people to stay throughout the year.
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Improving facilities and activities so that they are accessible for all, sustainable and inspirational.
c. 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.
d. 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 activities and investments, with consideration given to how our planned activities contribute to the vision, aims and objectives set.
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.
The Trustees recognise that in 2021 there continued to be some significant challenges to operations due to the COVID-19 pandemic as the Government, National Youth Agency, and The Scout Association allowed only a phased return to outdoor activities experiences – as a consequence indoor accommodation was rarely used.
Page 3
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Objectives and activities (continued)
e. Staffing model changes
The COVID-19 pandemic also curtailed the opportunity to engage overseas “gap year” students as they were unable to travel. To provide the required additional instructors advantage was taken of the Government’s increased funding levels for the National Apprentice scheme and the new Kick Start scheme to engage and train young people, so meeting one of our core objectives. The success and safety of an outdoor adventure experience by any of our customer groups depends on the quality and training of the staff they encounter. It was also clear that the outdoor activity sector was and would continue to be struggling to recruit suitable staff.
Staff pay and conditions were improved, some seasonal staff given full time roles and investment in career development paths and training provided.
The management team was strengthened with the addition of an experienced and capable facilities manager – a significant enabler for our site development and refurbishment plan.
f. Site development
In 2019, with an external planning consultancy, we developed a long-term plan to improve the Blackwell Court centre to include provision of central catering, an improved visitor journey and more all-season accommodation. It is somewhat counter intuitive that the COVID-19 pandemic has further enabled this plan rather than delay it. Last year we were pleased to be reporting that our first podded village was completed and now with the financial support of Sport England and others we have a new roof on the Sports Hall and rebuilt the south wall of it with glazing up to the roofline. The hall has been redecorated and new low energy lighting has been installed. Work started on the Stable Block conversion and toilet and shower facilities were refurbished along with fencing and tree surgery across both sites.
Achievements and performance
a. Finances and grants
We have a surplus of £123,000 for the year (2020: £113,000) and are very close to reaching our financial objective of £250,000 free cash reserves.
We are thankful for continuing Government support through the furlough and hospitality schemes and Restart grants. And incredibly grateful to several charitable trusts and the National Lottery Heritage Fund for discretionary grants to further our strategy as detailed in the financial report below.
b. Forecast for 2022 and business planning
In late 2019 we were developing the longer-term plan for the business to flesh out the strategic plan into actions and forecasts. We have now been able to return to this - sketching out the significant investments and key aspirations for growth.
Our forecast and budget for 2022 shows that the investment in staffing will increase costs while the concessions to customers to ease their circumstances and so optimise young peoples' access constrains revenue - we have left our core pricing at 2020 levels. Consequently, we are only budgeting for a small surplus in 2022.
There remains a degree of uncertainty in the revenue forecasts due to the potential for an impact of a new strain of COVID-19 and in the costs of operations due to energy and commodity prices. The Board is very confident in its executive management team lead by our CEO Dave Squire and to whatever issues we face they have demonstrated the skills and resilience required.
Page 4
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Achievements and performance (continued)
Our sincere thanks are once again extended to the whole team.
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 £123,000 for the year. Year-end cash balances are strong at £447,000. A cash flow forecast to the end of 2022 has been prepared which shows a small cash surplus for the year. Within the business plan further forecasts have been prepared up to 2025. At the time of approving this report the prospects for 2022 look very promising though with concerns about inflationary cost pressures on overheads. Government COVID-19 legal restrictions were lifted on 24 February demonstrating increased confidence for a return to more normal trading conditions. Current bookings received are at 83% of the full year forecast with bookings already held for the first half year already in excess of forecast. 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.
b. 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.
The Trustees have reviewed the target reserves figure determined in 2020 after the first year of the pandemic. We consider that the figure set last year of £250,000 remains appropriate and policies have been being adopted to move towards this figure.
At the year end, the charity held free reserves of £231,000 up from £194,000 in 2020.
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.
Page 5
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
c. Financial overview
Blackwell Adventure (BA) has been cash positive throughout the year. COVID-19 restrictions have again had an adverse effect on activity levels which are still below pre-pandemic levels. Conditions were however easier than 2020 and sales revenues recovered to £556,000 (2020: £239,000 and 2019: £961,000). There is strong interest in 2022 bookings and an inflow of deposits has contributed £131,000 to cash flow.
The controls established last year over expenditure have been maintained and some staff were on furlough in the early months of the year. These factors enabled BA to generate a small cash surplus on activities in the year. BA have again been successful in raising grant income leading to a cash surplus before investment of £339,000. £140,000 was invested in fixed assets to strengthen the BA asset base in preparation for the coming year. Overall, there was an increase in cash funds of £199,000 which leaves BA with a healthy bank balance to enter 2022.
The major balance sheet components have all increased during 2021. The net result is an increase in net assets reflecting the strong result for 2021.
Page 6
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Fixed assets have increased reflecting the investments made during the year of £140,000. The main investment was the sports hall development with £97,000 spent. The scope of the work included some necessary repair work to the roof but the opportunity was taken to replace the roof to modern standards and give a lighter feel to the Hall. Other building works were undertaken to put a glass wall on the south end and to improve entrances. This project was part funded by a Sport England grant of £47,500. Further funds were spent on improvements to staff residential accommodation, kitchen refurbishment and grounds maintenance equipment. £11,000 was also spent on laser tag equipment to improve the diversity and quality of the BA offer to young people.
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.
The increase in current assets reflects the improved bank balance of £447,000 arising from the strong cash flow for the year as noted above.
The principal increase in creditors is due to a significant increase in customer deposits held as good bookings for 2022 have been made. This generates positive cash flow contributing to the bank balance increase.
This comparison of revenues and expenditures highlights the significance of grants and donations to the total revenues of Blackwell Adventure.
The HMRC Job Retention Scheme (Furlough payments) were continued into 2021 and BA received £57,000. Bromsgrove District Council also continued their COVID-19 support payments contributing £85,000, giving a total of £142,000 from Government and local authority payments.
In addition, grants were also received from:
| Sport England | 47,500 |
|---|---|
| National Lottery Heritage Fund | 51,129 |
| Hoare Trustees, COVID-19 emergency funding | 85,713 |
| Other | 1,500 |
Page 7
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees are very grateful for this continued support both from national and local government and other bodies listed above which has made a significant difference to our ability to navigate our way through the pandemic and to continue our strategy of making improvements to our properties and activity offer while enhancing staff benefits.
d. Risk management
The Company takes a robust approach to risk management and across the following risk categories the Trustees have assessed and quantified those risks to which the charity is exposed; have identified relevant control measures and mitigating actions to reduce the risks, and regularly review them.
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Governance
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Operational risk
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Finance risk
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Environmental and external risk
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Law and regulation compliance risk
Recognising the nature of our core business it is acknowledged that significant risks relate to Health and Safety and safeguarding of children and young people and outlined below are the actions in place to mitigate these risks.
Health and Safety
There is 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.
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.
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.
Page 8
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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.
Voting members of The Scout Association County of Birmingham Executive Committee are, by virtue of their role, Members of Blackwell Adventure and are entitled to vote at general meetings.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected or co-opted under the terms of the Trust deed.
The rules for appointing and the rotating tenure of the Board Members (Trustees) are set out in the Memorandum and Articles of Association. All Trustees are appointed for a term of three years, after which they are eligible for re-election.
It is acknowledged that the skills and lived experiences of the Trustees have a direct bearing on the Board’s capability to undertake their breadth of responsibilities. Therefore, when looking to appoint a new Trustee consideration is given to the skills required, taking into account the required skills of any specific role and also to ensure the aggregate skills and experiences are covered and this is informed by the outcome from a skills audit undertaken in 2020, which is reviewed on a three yearly basis.
The Scout Association County of Birmingham also has the option of nominating two Trustees to the Board. As of December 2021, the nominated Trustees were Andrew Lloyd (County Commissioner) and Dave Allen (County Chairman).
c. Board assurance
Day-to-day management of Blackwell Adventure is the responsibility of the Chief Executive Officer, and the senior management team. Regular meetings of the Chair and CEO take place and the Board monitors progress and performance based on regular reports presented by the CEO and management team related to all aspects of the business. This enables the Board to review progress against targets and to identify any risks which need to be addressed.
d. Policies adopted for the induction and training of Trustees
A structured induction is provided to new Board Members and a comprehensive Board Manual is available. As of December 2021, the majority of Trustees were members of the Scout Association, and the composition of the Board reflects a wide range of commercial and professional experience.
Page 9
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Structure, governance and management (continued)
e. Pay policy for key management personnel
Key management salaries are benchmarked against similar positions within the Activity Centre industry and decisions on any changes are made by the Board.
f. Related party relationships
Blackwell Adventure, The Scout Association County of Birmingham (County), Registered charity number 524566, and the Scout Association, Registered charity number 306101, are interdependent charities registered in England and Wales with similar objects. The County and its Districts, Groups and Sections are frequent users of the camping, activity and meeting facilities that Blackwell Adventure offer and enjoy preferential rates.
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.
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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.
Page 10
BLACKWELL ADVENTURE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Disclosure of information to auditor
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
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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 28 April 2022 and signed on their behalf by:
P R Fennell Chair
Page 11
(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 2021 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 12
BLACKWELL ADVENTURE
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKWELL ADVENTURE (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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.
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.
Page 13
(A company limited by guarantee)
BLACKWELL ADVENTURE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKWELL ADVENTURE (CONTINUED)
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:
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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;
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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;
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obtaining an understanding of the Charitable Company’s risk assessment process, including the risk of fraud;
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reviewing meeting minutes of those charged with governance throughout the year; and
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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 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.
Page 14
BLACKWELL ADVENTURE
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKWELL ADVENTURE (CONTINUED)
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 Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA
28 April 2022
Page 15
BLACKWELL ADVENTURE
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Donations and legacies 2 Charitable activities 3 Investments 4 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 231,367 555,799 31 787,197 702,352 702,352 84,845 431,268 84,845 516,113 |
Restricted funds 2021 £ 98,629 - - 98,629 60,776 60,776 37,853 87,817 37,853 125,670 |
Total funds 2021 £ 329,996 555,799 31 885,826 763,128 763,128 122,698 519,085 122,698 641,783 |
Total funds 2020 £ 406,434 238,822 238 |
|---|---|---|---|---|
| 645,494 | ||||
| 532,766 | ||||
| 532,766 | ||||
| 112,728 | ||||
| 406,357 112,728 |
||||
| 519,085 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 19 to 35 form part of these financial statements.
Page 16
BLACKWELL ADVENTURE (A company limited by guarantee) REGISTERED NUMBER: 01534697
BALANCE SHEET AS AT 31 DECEMBER 2021
| 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 |
13,120 33,157 446,511 492,788 (227,187) |
2021 £ 411,278 411,278 265,601 (35,096) 641,783 125,670 516,113 641,783 |
10,884 10,893 247,514 269,291 (29,325) |
2020 £ 324,953 324,953 239,966 (45,834) 519,085 87,817 431,268 519,085 |
|---|---|---|---|---|
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 28 April 2022 and signed on their behalf by:
P R Fennell
Chair
The notes on pages 19 to 35 form part of these financial statements.
Page 17
BLACKWELL ADVENTURE
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 Repayments of borrowing Net cash (used in)/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 |
2021 £ 343,499 31 (139,629) (139,598) - (4,904) (4,904) 198,997 247,514 446,511 |
2020 £ 85,845 238 (64,360) (64,122) 50,000 - 50,000 71,723 175,791 247,514 |
|---|---|---|
The notes on pages 19 to 35 form part of these financial statements
Page 18
BLACKWELL ADVENTURE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.
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 for the year although special circumstances pertain. A cash flow forecast to the end of 2025 was considered satisfactory by the Board. 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 19
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 20
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 from the date that the asset is bought into use:
| 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 21
BLACKWELL ADVENTURE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 22
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 23
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. Income from donations and legacies
| Donations Grants Coronavirus Job Retention Scheme Grant Total 2020 |
Unrestricted funds 2021 £ 2,247 171,934 57,186 231,367 357,744 |
Restricted funds 2021 £ - 98,629 - 98,629 48,690 |
Total funds 2021 £ 2,247 270,563 57,186 329,996 406,434 |
Total funds 2020 £ 1,399 291,858 113,177 |
|---|---|---|---|---|
| 406,434 | ||||
Included within donations and legacies is £57,186 (2020: £113,177) in respect of claims made in respect of staff who were furloughed under the Government's 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 2020 |
Unrestricted funds 2021 £ 555,799 238,822 |
Total funds 2021 £ 555,799 238,822 |
Total funds 2020 £ 238,822 |
|---|---|---|---|
Included within income from charitable activities is £Nil (2020: £124,739) in respect of customer deposits forfeited under contractual terms.
| Scouts and Guides Schools and Colleges Development and team building programme Other |
2021 £ 158,935 280,664 60,733 55,467 555,799 |
2020 £ 25,453 46,491 43,885 122,993 |
|---|---|---|
| 238,822 |
Page 24
BLACKWELL ADVENTURE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
4. Investment income
| Unrestricted funds 2021 £ Investment income 31 Total 2020 238 |
Total funds 2021 £ 31 238 |
Total funds 2020 £ 238 |
|---|---|---|
5. Analysis of expenditure by activities
| Operating of activity centre Total 2020 |
Activities undertaken directly 2021 £ 549,752 386,921 |
Support costs 2021 £ 213,376 145,845 |
Total funds 2021 £ 763,128 532,766 |
Total funds 2020 £ 532,766 |
|---|---|---|---|---|
Of the above expenditure £754,272 (2020: £528,779) was allocated to unrestricted funds and £8,856 (2020: £3,987) to restricted funds.
Page 25
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 2020 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 2020 |
Activities 2021 £ 294,241 27,298 30,366 53,305 15,562 55,988 50,362 22,630 549,752 386,921 Activities 2021 £ 137,971 25,938 2,480 20,883 3,253 465 15,218 7,168 213,376 145,845 |
Total funds 2021 £ 294,241 27,298 30,366 53,305 15,562 55,988 50,362 22,630 549,752 386,921 Total funds 2021 £ 137,971 25,938 2,480 20,883 3,253 465 15,218 7,168 213,376 145,845 |
Total funds 2020 £ 250,524 15,659 6,061 46,978 8,627 16,431 29,553 13,088 |
|---|---|---|---|
| 386,921 | |||
| Total funds 2020 £ 90,527 17,750 1,935 17,117 4,373 322 10,218 3,603 |
|||
| 145,845 | |||
Page 26
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
6. Auditor's remuneration
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's auditor for the audit of the Company's | ||
| annual accounts | 7,950 | 7,600 |
7. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2021 £ 395,968 24,764 11,480 432,212 |
2020 £ 311,463 18,938 10,650 |
|---|---|---|
| 341,051 |
The average number of persons employed by the Company during the year was as follows:
| Operational (including seasonal staff) Administration |
2021 No. 21 2 23 |
2020 No. 13 2 |
|---|---|---|
| 15 |
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 £153,380 (2020: £124,219).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL).
Page 27
BLACKWELL ADVENTURE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
9. Tangible fixed assets
| Cost or valuation At 1 January 2021 Additions At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 |
Long-term leasehold property £ 456,322 97,259 553,581 182,036 41,072 223,108 330,473 274,286 |
Fixtures and fittings £ 208,335 17,009 225,344 161,074 10,601 171,675 53,669 47,261 |
Office equipment £ 6,964 7,095 14,059 6,964 - 6,964 7,095 - |
Other fixed assets £ 77,352 18,266 95,618 73,946 1,631 75,577 20,041 3,406 |
Total £ 748,973 139,629 |
|---|---|---|---|---|---|
| 888,602 | |||||
| 424,020 53,304 |
|||||
| 477,324 | |||||
| 411,278 | |||||
| 324,953 |
The total NBV of assets under hire purchase at the balance sheet date is £5,309 (2020: £Nil) and depreciation charged on these assets in the period is £Nil (2020: £Nil)
10. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2021 £ 1,341 31,816 33,157 |
2020 £ - 10,893 |
|---|---|---|
| 10,893 |
Page 28
BLACKWELL ADVENTURE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021 Resources deferred during the year Amounts released from previous periods |
2021 £ 10,000 17,947 42,498 7,533 149,209 227,187 2021 £ 6,902 138,004 (6,902) 138,004 |
2020 £ 4,166 1,790 5,870 1,779 15,720 |
|---|---|---|
| 29,325 | ||
| 2020 £ 77,101 6,902 (77,101) |
||
| 6,902 |
12. Creditors: Amounts falling due after more than one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Bank loans | 35,096 | 45,834 |
Included within bank loans due within and after one year is £45,096 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. Repayments commenced in July 2021.
Page 29
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. Financial instruments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 1,341 | - |
| 2021 | 2020 | |
| £ | £ | |
| Financial liabilities | ||
| Financial liabilities measured at amortised cost | 174,689 | 19,289 |
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.
Page 30
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 Sports England Back to Play Funds National Lottery Heritage Fund Total of funds |
Balance at 1 January 2021 £ 431,268 19,438 1,350 18,339 48,690 - - 87,817 519,085 |
Income £ 787,197 - - - - 47,500 51,129 98,629 885,826 |
Expenditure £ (702,352) (1,800) (150) (2,037) (4,869) (791) (51,129) (60,776) (763,128) |
Balance at 31 December 2021 £ 516,113 |
|---|---|---|---|---|
| 17,638 1,200 16,302 43,821 46,709 - |
||||
| 125,670 | ||||
| 641,783 |
Page 31
BLACKWELL ADVENTURE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
14. Statement of funds (continued)
Statement of funds - prior 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 |
Pikes Pool Development - This funds covers the depreciation on the Rope Wall and shower facilities funded by grants from The Scout Association County of Birmingham and High Adventure.
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 - £20,376 was received and spent in 2019 as part of the installation of accessible pods in the Glamping Village. The balance on this fund is used to fund depreciation.
National Lottery Community Fund - A grant of £48,690 was received to enable the extension of the Glamping pods at Blackwell Court. This was spent in 2020. The balance on this fund is used to fund depreciation.
Sport England Back to Play Funds - This grant was awarded to pay for a replacement roof at the Sports Hall. The legal ownership of the Sports Hall is held by the Scout Association County of Birmingham and so the grant was paid to them who then paid the monies to Blackwell Adventure. These funds were spent in 2021 and capitalised. This fund is used to fund depreciation.
National Lottery Heritage Fund - This grant was awarded to fund missed maintenance due to the pandemic and also staffing costs during lockdown. This grant was fully spent in the year as an expense. There is no balance to carry forward into future years.
Page 32
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Tangible fixed assets 285,608 Current assets 492,788 Creditors due within one year (227,187) Creditors due in more than one year (35,096) Total 516,113 |
Restricted funds 2021 £ 125,670 - - - 125,670 |
Total funds 2021 £ 411,278 492,788 (227,187) (35,096) 641,783 |
|---|---|---|
Analysis of net assets between funds - prior year
| 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 |
|---|---|---|
Page 33
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease/(increase) 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 2021 Cash flows £ £ Cash at bank and in hand 247,514 198,997 Debt due within 1 year (4,166) 4,904 Debt due after 1 year (45,834) - 197,514 203,901 |
2021 £ 122,698 53,304 (31) (2,236) (22,264) 192,028 343,499 2021 £ 446,511 446,511 Other non- cash changes £ - (10,738) 10,738 - |
2020 £ 112,728 46,979 (238) - 28,082 (101,706) 85,845 2020 £ 247,514 247,514 At 31 December 2021 £ 446,511 (10,000) (35,096) 401,415 |
||
|---|---|---|---|---|
19. Capital commitments
There were no capital commitments during the year or at the year end (2020: £nil).
Page 34
(A company limited by guarantee)
BLACKWELL ADVENTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 £11,480 (2020: £10,650).
21. Operating lease commitments
At 31 December 2021 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Amounts payable: | ||
| Within 1 year | 6,000 | - |
22. Related party transactions
Blackwell Adventure invoiced The Scout Association - County of Birmingham a total of £400 (2020: £8,143) during the year.
During the year a Sport England Back to Play grant was awarded to pay for a replacement roof at the Sports Hall. The legal ownership of the Sports Hall is held by the Scout Association County of Birmingham and so the grant was paid to them who then paid the monies to Blackwell Adventure.
23. Controlling party
Blackwell Adventure 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.
Page 35