Company registration number: 06910443 Charity registration number: 1131084
Creation Adventure Sports Ltd
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 July 2023
Simon Harris & Co Chartered Certified Accountants Royston Chambers 90 Worcester Road Hagley Stourbridge West Midlands DY9 0NJ
Creation Adventure Sports Ltd
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Strategic Report | 2 |
| Trustees' Report | 3 to 7 |
| Statement of Trustees' Responsibilities | 8 |
| Independent Examiner's Report | 9 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 to 23 |
Creation Adventure Sports Ltd
Reference and Administrative Details
Trustees Mr Michael Barry Kerby Mr Ian Matthew Gee Mr David Stewart Senior Management Team Mr Michael Kerby, Chairman Principal Office 582 Moseley Road Moseley Birmingham B12 9AA Company Registration Number 06910443 Charity Registration Number 1131084 Independent Examiner Simon Harris & Co Chartered Certified Accountants Royston Chambers 90 Worcester Road Hagley Stourbridge West Midlands DY9 0NJ Accountants Simon Harris & Co Chartered Certified Accountants Royston Chambers 90 Worcester Road Hagley Stourbridge West Midlands DY9 0NJ
Page 1
Creation Adventure Sports Ltd
Strategic Report for the Year Ended 31 July 2023
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 July 2023, in compliance with s414C of the Companies Act 2006.
The strategic report was approved by the trustees of the charity on 26 April 2024 and signed on its behalf by:
......................................... Mr Michael Barry Kerby Trustee
Page 2
Creation Adventure Sports Ltd
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 July 2023.
Objectives and activities
Objects and aims
To promote, for the benefit of the inhabitants of Birmingham and the surrounding area, the provision off facilities for recreation or other leisure time occupation.
Page 3
Creation Adventure Sports Ltd
Trustees' Report
Objectives, strategies and activities
We continue to deliver our core activities of skateboarding, BMX, scooter and inline blading, both inside and outside the centre. We have seen an increased trend in skateboarding use over the year, and scooter riders also make up the majority use of the park.
We have seen a huge decline in BMX riders and will be working on several new projects to try to revitalise the sport and provide a learning pathway for newcomers in the future.
Inline blading is the minority sport, with less than 2% use.
We have seem a steady use of the facility during the year, and summer which is usually our quietest period has also been quite busy this year. Membership has grown further, and renewed and new memberships stand at 3,445 users for the year.
No new ramps or features were built during the year, as we try to reduce expenditure due to increased overheads of rent and staff wages, however we have several fundraising bids in the pipeline for a redesign of the rhythm and flow sections of the park, but news on the success of these bids is not due until the next financial year.
We continue to maintain the aging roof of the building, which has seem several new minor leaks pop up during the year. But progress has been made in repairing the leaks. The trustees donated their time with the repairs and maintenance of this ongoing issue.
Although minimal, the parks repairs and upkeep is an ongoing task. Admission receipts are used to pay for the continuing maintenance of the facility. Working with the directors and trustees, we will ensure that our health and safety commitments are adhered to and that the park infrastructure is kept and maintained to an excellent standard. During the year repairs have been made to the jump box, driveway and bowl complex.
Our lease with Creation Climbing Centre Ltd came to an end last year and negotiations continue with the head landlord Modius Ltd for control of the lease on a new ten-year basis.
In 2022 we installed 45 new solar panels and in the last year they have generated over 3,000kW of electricity, which has significantly reduced our electricity use. The invasion of Ukraine pushed electricity prices to a record high during the year, however we were conveniently locked into an extended contract and so we did not feel the impact of this.
We continue to install motion sensors in areas where lights are not needed all day, and employ other cost saving measures to further reduce our use. In the next year we plan to install more solar on the roof to drive down this ever-increasing cost as our contract comes up for renewal.
We changed the legal name of our charity from Creation Skatepark to Creation Adventure Sports, as we look at additional extreme sporting activities to offer. This new name more accurately reflects the brand of the charity and its goals as we look to the future. However, Creation Skatepark continues to be a trading name of the charity.
Page 4
Creation Adventure Sports Ltd
Trustees' Report
Fundraising disclosures
During this financial year we once again ran the HAF (Holiday Activity Fund) provided by Streetgames, we successfully bid for and received grant funding to deliver Easter, Summer and Christmas free sessions for school children entitled to school meals. The project was once again a huge success and we delivered activity sessions for over 2300 children during the school holidays. In addition to this we delivered outdoor activity sessions for Sandwell Metropolitan Borough Council, where we took hire equipment and instructors to deliver further free sessions during the six-week summer holidays.
Our internal scooter and skateboard instructional sessions have proved very successful during the year, and we have delivered 433 one to one coaching sessions to children and adults. Many of these now continue to use the centre on a regular basis. This increased instruction has meant we have have insreased our instructor pool, providing more jobs.
The trustees decided to cancel all future all-nighter events due to lack of interest by the membership.
We gave away 23 one to one sessions as prizes for fundraising requests during the year.
No further external fundraising activities took place during the year.
Our cafe facility continues to be a key part of the charity. It offers a comfy waiting area for parents and carers, whilst providing hot and cold food for users at very reasonable prices. This year saw a major revamp of the menu offering and it has been warmly welcomed.
Whilst not a massive source of revenue it provides three part time employment opportunities and is a welcome addition to the centre for hungry perticipants and waiting parents. The cost-of-living crisis has meant there has been a significant increase in the purchase of food, and so we have had to increase pricies accordingly. It has been met with understanding by the users and they continue to support our cafe facility.
During the year, the trustees donated over 300 hours of their time to the charity, saving approximately £4,500 of labour costs, and continue to invest their time on a regular basis when and where required.
We welcomed on board a new trustee, Mr David Stewart during the year. Mr Stewart has years of experience working with children in need and fundraising, and he is committed to help push the park forward in the coming years. We also look to increase the board of trustees further in 2024 with two new appointments.
Public benefit
The organisation work with other charities, schools and non profit organisations to offer tuition at discounted rates, making the sport more widely available to people who because of their youth, infirmity, disablement, financial, social and economic circumstances would not have the opportunity to use the facilities.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 5
Creation Adventure Sports Ltd
Trustees' Report
Structure, governance and management
Nature of governing document
The Charity was established by way of a Memorandum of Association, which defines the objectives and powers of the charitable company. The Company is limited by Guarantee as defined by the Companies Act 2006
Recruitment and appointment of trustees
New trustees are voted for and recommended by its members at the AGM. A new trustee was voted in during this year.
Organisational structure
The charity has a director committee who have overall control and responsibility for policy and all major decisions. All members of this committee are directors and trustees. Should they lack any specific expertise requirements they utilise the service of Business Link Birmingham.
Additional trustees with relevant industry experience are being sought for the future as we look to expand and diversify our offerings.
Relationships with related parties
Mr M B Kerby
Mr Kerby is the managing director and is also a director of Creation Climbing Centre Limited. This company shares the building and supports the charity.
Mr I M Gee
Mr Gee is a director of the Charity and Creation Climbing Centre Limited. The company shares the building and supports the charity.
Financial instruments
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Page 6
Creation Adventure Sports Ltd
Trustees' Report
The annual report was approved by the trustees of the charity on 26 April 2024 and signed on its behalf by:
......................................... Mr Michael Barry Kerby Trustee
Page 7
Creation Adventure Sports Ltd
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Creation Adventure Sports Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 26 April 2024 and signed on its behalf by:
......................................... Mr Michael Barry Kerby Trustee
Page 8
Creation Adventure Sports Ltd
Independent Examiner's Report to the trustees of Creation Adventure Sports Ltd
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 July 2023 which are set out on pages 11 to 23.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Creation Adventure Sports Ltd (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Creation Adventure Sports Ltd are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Since Creation Adventure Sports Ltd's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of Creation Adventure Sports Ltd as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Simon Harris Chartered Certified Accountants ACCA Royston Chambers 90 Worcester Road Hagley Stourbridge West Midlands DY9 0NJ
Page 9
Creation Adventure Sports Ltd
Independent Examiner's Report to the trustees of Creation Adventure Sports Ltd
26 April 2024
Page 10
Creation Adventure Sports Ltd
Statement of Financial Activities for the Year Ended 31 July 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 48,796 322,485 371,281 (357,403) (8,116) (365,519) 5,762 5,762 32,507 38,269 Unrestricted funds £ 6,000 291,551 297,551 (301,380) (7,579) (308,959) (11,408) (11,408) 43,915 32,507 |
Unrestricted funds £ 48,796 322,485 |
Total 2023 £ 48,796 322,485 |
|
|---|---|---|---|---|
| 371,281 | 371,281 | |||
| (357,403) (8,116) |
(357,403) (8,116) |
|||
| (365,519) | (365,519) | |||
| 5,762 | 5,762 | |||
| 5,762 32,507 |
5,762 32,507 |
|||
| 38,269 | 38,269 | |||
| Total 2022 £ 6,000 291,551 |
||||
| 297,551 | ||||
| (301,380) (7,579) |
||||
| (308,959) | ||||
| (11,408) | ||||
| (11,408) 43,915 |
||||
| 32,507 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 18.
Page 11
Creation Adventure Sports Ltd
(Registration number: 06910443) Balance Sheet as at 31 July 2023
| Note Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand 14 Creditors: Amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 16 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 18 |
2023 £ 16,066 1,454 4,525 32,470 38,449 (4,277) 34,172 50,238 (11,969) 38,269 38,269 38,269 |
2022 £ 19,767 934 4,512 31,532 |
|---|---|---|
| 36,978 (8,362) |
||
| 28,616 | ||
| 48,383 (15,876) |
||
| 32,507 | ||
| 32,507 | ||
| 32,507 |
For the financial year ending 31 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 11 to 23 were approved by the trustees, and authorised for issue on 26 April 2024 and signed on their behalf by:
......................................... Mr Michael Barry Kerby Trustee
Page 12
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
1 Charity status
The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The address of its registered office is: 582 Moseley Road Moseley Birmingham West Midlands B12 9AA
These financial statements were authorised for issue by the trustees on 26 April 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Creation Adventure Sports Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 13
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity 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 charity 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.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 14
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 15
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 16
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 17
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Grants, including capital grants; Government grants |
Unrestricted funds General £ 48,796 48,796 |
Total 2023 £ 48,796 48,796 |
Total 2022 £ 6,000 |
|---|---|---|---|
| 6,000 |
Page 18
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
4 Income from charitable activities
Skatepark admissions
| Unrestricted | ||
|---|---|---|
| funds | ||
| Total | Total | |
| General | 2023 | 2022 |
| £ | £ | £ |
| 322,485 | 322,485 | 291,551 |
5 Expenditure on raising funds
a) Costs of trading activities
| Note Costs of goods sold Other direct costs of activities for generating funds |
Unrestricted funds General £ 45,482 123,584 169,066 |
Total 2023 £ 45,482 123,584 169,066 |
Total 2022 £ 38,318 121,017 |
|---|---|---|---|
| 159,335 |
b) Investment management costs
| Unrestricted funds Note General £ Allocated support costs 7 8,459 8,459 6 Expenditure on charitable activities Unrestricted funds Note General £ Governance costs 7 8,116 Page 19 |
Total 2023 £ 8,459 8,459 Total 2023 £ 8,116 |
Total 2022 £ 5,997 |
|---|---|---|
| 5,997 | ||
| Total 2023 £ Total 2022 £ 7,579 |
||
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
7 Analysis of governance and support costs
Governance costs
| Unrestricted funds General £ Depreciation, amortisation and other similar costs 5,456 Other governance costs 2,660 8,116 8 Net incoming/outgoing resources Net incoming/(outgoing) resources for the year include: |
Total 2023 £ 5,456 2,660 8,116 |
Total 2022 £ 6,689 890 |
|---|---|---|
| 7,579 | ||
| Depreciation of fixed assets 9 Staff costs The aggregate payroll costs were as follows: Staff costs during the year were: Wages and salaries Social security costs |
2023 £ 5,456 2023 £ 174,383 5,495 179,878 |
2022 £ 6,689 |
|---|---|---|
| 2022 £ 135,584 464 |
||
| 136,048 |
No employee received emoluments of more than £60,000 during the year.
Page 20
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Tangible fixed assets
| Cost At 1 August 2022 Additions At 31 July 2023 Depreciation At 1 August 2022 Charge for the year At 31 July 2023 Net book value At 31 July 2023 At 31 July 2022 |
Land and buildings £ 75,637 - 75,637 63,259 3,095 66,354 9,283 12,378 |
Furniture and equipment £ 18,786 1,755 20,541 11,397 2,361 13,758 6,783 7,389 |
Total £ 94,423 1,755 |
|---|---|---|---|
| 96,178 | |||
| 74,656 5,456 |
|||
| 80,112 | |||
| 16,066 | |||
| 19,767 |
Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £9,283 (2022 - £12,377) in respect of leaseholds.
12 Stock
| 12 Stock | ||
|---|---|---|
| Stocks 13 Debtors Prepayments 14 Cash and cash equivalents Cash at bank |
2023 £ 1,454 2023 £ 4,525 2023 £ 32,470 |
2022 £ 934 |
| 2022 £ 4,512 |
||
| 2022 £ 31,532 |
Page 21
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
15 Creditors: amounts falling due within one year
| Other taxation and social security Other creditors Accruals 16 Creditors: amounts falling due after one year Bank loans |
2023 £ 1,864 613 1,800 4,277 2023 £ 11,969 |
2022 £ 5,758 584 2,020 |
|---|---|---|
| 8,362 | ||
| 2022 £ 15,876 |
17 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £Nil (2022 - £Nil).
18 Funds
| 18 Funds | ||||
|---|---|---|---|---|
| Unrestricted funds General Unrestricted funds General |
Balance at 1 August 2022 £ 32,507 Balance at 1 August 2021 £ 43,915 |
Incoming resources £ 371,281 Incoming resources £ 297,551 |
Resources expended £ (365,519) Resources expended £ (308,959) |
Balance at 31 July 2023 £ 38,269 |
| Balance at 31 July 2022 £ 32,507 |
19 Analysis of net assets between funds
Page 22
Creation Adventure Sports Ltd
Notes to the Financial Statements for the Year Ended 31 July 2023
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 20 Analysis of net funds Cash at bank and in hand Net debt Cash at bank and in hand Net debt |
At 1 August 2022 £ 31,532 31,532 At 1 August 2021 £ 48,913 48,913 |
Unrestricted funds General £ 16,066 38,449 (4,277) (11,969) 38,269 Unrestricted funds General £ 19,767 36,978 (8,362) (15,876) 32,507 Financing cash flows £ (31,532) (31,532) Financing cash flows £ (48,913) (48,913) |
Total funds £ 16,066 38,449 (4,277) (11,969) |
|
|---|---|---|---|---|
| 38,269 | ||||
| Total funds £ 19,767 36,978 (8,362) (15,876) |
||||
| 32,507 | ||||
| At 31 July 2023 £ - |
||||
| - | ||||
| At 31 July 2022 £ - |
||||
| - |
Page 23
Creation Adventure Sports Ltd
Detailed Statement of Financial Activities for the Year Ended 31 July 2023
| Income and Endowments from: Donations and legacies (analysed below) Charitable activities (analysed below) Total income Expenditure on: Raising funds (analysed below) Charitable activities (analysed below) Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
2023 Unrestricted funds General £ 48,796 322,485 371,281 (357,403) (8,116) (365,519) 5,762 5,762 32,507 38,269 |
2023 Total £ 48,796 322,485 371,281 (357,403) (8,116) (365,519) 5,762 5,762 32,507 38,269 |
Total 2022 £ 6,000 291,551 |
|---|---|---|---|
| 297,551 | |||
| (301,380) (7,579) |
|||
| (308,959) | |||
| (11,408) | |||
| (11,408) 43,915 |
|||
| 32,507 |
Page 24
Creation Adventure Sports Ltd
Detailed Statement of Financial Activities for the Year Ended 31 July 2023
| Donations and legacies UK Government grants Charitable activities Primary purpose trading Raising funds Purchases Wages and salaries Staff NIC (Employers) Staff pensions (Defined contribution) - pension scheme 1 Subcontract cost Rent Rates Light, heat and power Insurance Repairs and maintenance Computer software and maintenance costs Travel and subsistence Advertising Staff entertaining (allowable for tax) |
2023 Unrestricted funds General £ 48,796 48,796 2023 Unrestricted funds General £ 322,485 322,485 2023 Unrestricted funds General £ (41,068) (174,383) (5,495) (2,468) (1,946) (102,000) (3,016) (11,441) (5,402) (1,725) (1,958) - (2,114) (493) |
2023 Total £ 48,796 48,796 2023 Total £ 322,485 322,485 2023 Total £ (41,068) (174,383) (5,495) (2,468) (1,946) (102,000) (3,016) (11,441) (5,402) (1,725) (1,958) - (2,114) (493) |
Total 2022 £ 6,000 |
|---|---|---|---|
| 6,000 | |||
| Total 2022 £ 291,551 |
|||
| 291,551 | |||
| Total 2022 £ (34,746) (135,584) (464) (196) (3,376) (102,000) (1,300) (8,760) (8,065) (892) (856) (1,341) (1,954) (285) |
Page 25
Creation Adventure Sports Ltd
Detailed Statement of Financial Activities for the Year Ended 31 July 2023
| Accountancy fees Legal and professional fees Bank charges Loan interest Charitable activities Trade subscriptions Hire of plant and machinery (Operating leases) Sundry expenses Depreciation of long leasehold property Depreciation of fixtures and fittings |
2023 Unrestricted funds General £ (800) - (2,742) (352) (357,403) 2023 Unrestricted funds General £ (636) (1,800) (224) (3,094) (2,362) (8,116) |
2023 Total £ (800) - (2,742) (352) (357,403) 2023 Total £ (636) (1,800) (224) (3,094) (2,362) (8,116) |
Total 2022 £ (800) (52) (219) (490) |
|---|---|---|---|
| (301,380) | |||
| Total 2022 £ (845) - (45) (4,126) (2,563) |
|||
| (7,579) |
Page 26