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 2024
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 6|
|Statement of Trustees' Responsibilities|7|
|Independent Examiner's Report|8 to 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Notes to the Financial Statements|12 to 22|
## **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 2024**
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 July 2024, in compliance with s414C of the Companies Act 2006.
The strategic report was approved by the trustees of the charity on 29 April 2025 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 2024.
## **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**_
During this financial year we continue to deliver our core leisure activities both inside and outside the centre. The demographic of users has stayed pretty much the same as previous years, but with an increase in BMX riders during the year thanks to a collaboration with British Cycling and the formation of our 'Elevate BMX Club'. This brought a string of old and new riders to the park on a regular basis, and we see week on week an increase in participation from this user group. Scooter riders make up the majority of the user group still.
During the year we continued to deliver the HAF (Holiday Activities Fund) activities through the Christmas, Easter and Summer Holidays, and this has been a huge success, with a 99% attendance figure. We delivered free activity sessions to over 800 children that were entitled to free school meals.
Retained membership within the skatepark has been steady, with 2669 people joining or rejoining during 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. Several funding bids were sadly unsuccessful during the year, but we continue to explore new avenues of funding 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 seen 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.
During the year the wooden surface within the rhythm section of the park was flipped to provide a cleaner smoother surface. Areas around the bowl complex are now in need of replacement, and funding for this refit is also in the pipeline.
Our skatepark instructor took on Pipeline VERT sessions in a joint venture with Skateboard GB, offering instructors vert ramp sessions. As one of the country's few remaining half pipes the sessions were fully booked and received great feedback from participants. This is a short term agreement with Skateboard GB and is unlikely to proceed into the next financial year.
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 main quarter (complete reskin) and jump boxes. The trustees donated their time to make these repairs.
One of the big financial burdens on the charity during the year was the re-negotiation of the electricity contract. We had been fortunate to be locked into an extensive deal during the electricity hikes of 2021 and 2022, but our contract ended during the year and a new contract was taken out. Whilst seeking the best deal, the change in the market has resulted in the terms of the new contract being considerably worse than before, and this has meant much higher electricity costs. Our solar panel array helps keep costs down during the quieter summer months.
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. 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 298 one to one coaching sessions to children and adults. Many of these now continue to use the centre on a regular basis.
A collaboration with British Cycling saw us take on a fleet of 12 new BMX bikes, along with safety helmets and pads. As part of a £15,000 grant our new Elevate BMX club was setup, and offers tuition on Friday's to club members. Club members can also hire out BMX bikes from us on Friday's, which are now reserved for BMX only. The formation of the club has resulted in increased participation and interest in the sport from users. We have also engaged in external activities with club members at other parks around the country.
We held our first nightime UV event, a workld first for indoor skateparks. This was a great success and offered another unique experience for our users. With big name sponsors of the event it garnered considerable social media interest
We gave away 33 one to one sessions as prizes for fundraising requests during the year, and 14 week passes to users as prizes during events in the year.
No further external fundraising activities took place during the year.
During the year, the trustees donated over 370 hours of their time to the charity, saving approximately £5,500 of labour costs, and continue to invest their time on a regular basis when and where required.
## _**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.
## **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.
Page 5
## **Creation Adventure Sports Ltd**
## **Trustees' Report**
## _**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.
The annual report was approved by the trustees of the charity on 29 April 2025 and signed on its behalf by:
......................................... Mr Michael Barry Kerby Trustee
Page 6
## **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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 29 April 2025 and signed on its behalf by:
......................................... Mr Michael Barry Kerby Trustee
Page 7
## **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 2024 which are set out on pages 10 to 22.
## **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:
1. accounting records were not kept in respect of Creation Adventure Sports Ltd as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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 8
## **Creation Adventure Sports Ltd**
## **Independent Examiner's Report to the trustees of Creation Adventure Sports Ltd**
29 April 2025
Page 9
## **Creation Adventure Sports Ltd**
## **Statement of Financial Activities for the Year Ended 31 July 2024 (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 expenditure
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 income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
18|**Unrestricted**
**funds**
**£**
61,926
362,788
424,714
(417,932)
(8,524)
(426,456)
(1,742)
(1,742)
38,268
36,526
**Unrestricted**
**funds**
**£**
48,796
322,485
371,281
(357,403)
(8,116)
(365,519)
5,762
5,762
32,507
38,269|**Unrestricted**
**funds**
**£**
61,926
362,788||**Total**
**2024**
**£**
61,926
362,788|
|---|---|---|---|---|
|||424,714||424,714|
|||(417,932)
(8,524)||(417,932)
(8,524)|
|||(426,456)||(426,456)|
|||(1,742)||(1,742)|
|||(1,742)
38,268||(1,742)
38,268|
|||36,526||36,526|
|||||**Total**
**2023**
**£**
48,796
322,485|
|||||371,281|
|||||(357,403)
(8,116)|
|||||(365,519)|
|||||5,762|
|||||5,762
32,507|
|||||38,269|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 18.
Page 10
## **Creation Adventure Sports Ltd**
## **(Registration number: 06910443) Balance Sheet as at 31 July 2024**
|**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|**2024**
**£**
15,857
1,855
11,098
19,059
32,012
(3,379)
28,633
44,490
(7,964)
36,526
36,526
36,526|**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|
For the financial year ending 31 July 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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
- 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 10 to 22 were approved by the trustees, and authorised for issue on 29 April 2025 and signed on their behalf by:
......................................... Mr Michael Barry Kerby Trustee
Page 11
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## **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 29 April 2025.
## **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 12
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## _**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 13
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## **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 14
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## _**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 15
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## _**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 16
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## _**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**
**£**
61,926
61,926|**Total**
**2024**
**£**
61,926
61,926|**Total**
**2023**
**£**
48,796|
|---|---|---|---|
||||48,796|
Page 17
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## **4 Income from charitable activities**
|Skatepark admissions|**Unrestricted**
**funds**
**General**
**£**
362,788|**Total**
**2024**
**£**
362,788|**Total**
**2023**
**£**
322,485|
|---|---|---|---|
## **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**
**£**
50,723
171,857
222,580|**Total**
**2024**
**£**
50,723
171,857
222,580|**Total**
**2023**
**£**
45,482
123,584|
|---|---|---|---|
||||169,066|
## **b) Investment management costs**
|**Unrestricted**
**funds**
**Note**
**General**
**£**
Allocated support costs
7
8,743
8,743
**6**
**Expenditure on charitable activities**
**Unrestricted**
**funds**
**Note**
**General**
**£**
Governance costs
7
8,524
Page 18|**Total**
**2024**
**£**
8,743
8,743
**Total**
**2024**
**£**
8,524|**Total**
**2023**
**£**
8,459|
|---|---|---|
|||8,459|
|||**Total**
**2024**
**£**
**Total**
**2023**
**£**
8,116|
||||
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## **7 Analysis of governance and support costs**
## **Governance costs**
|Depreciation, amortisation and other similar costs
Other governance costs|**Unrestricted**
**funds**
**General**
**£**
5,386
3,138
8,524|**Total**
**2024**
**£**
5,386
3,138
8,524|**Total**
**2023**
**£**
5,456
2,660|
|---|---|---|---|
||||8,116|
## **8 Net incoming/outgoing resources** Net (outgoing)/incoming resources for the year include:
|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|**2024**
**£**
5,386
**2024**
**£**
180,577
6,032
186,609|**2023**
**£**
5,456|
|---|---|---|
|||**2023**
**£**
174,383
5,495|
|||179,878|
No employee received emoluments of more than £60,000 during the year.
Page 19
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## **10 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **11 Tangible fixed assets**
|**Cost**
At 1 August 2023
Additions
At 31 July 2024
**Depreciation**
At 1 August 2023
Charge for the year
At 31 July 2024
**Net book value**
At 31 July 2024
At 31 July 2023|**Land and**
**buildings**
**£**
75,637
1,958
77,595
66,354
2,810
69,164
8,431
9,283|**Furniture**
**and**
**equipment**
**£**
20,541
3,219
23,760
13,758
2,576
16,334
7,426
6,783|**Total**
**£**
96,178
5,177|
|---|---|---|---|
||||101,355|
||||80,112
5,386|
||||85,498|
||||15,857|
||||16,066|
Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £8,431 (2023 - £9,283) in respect of leaseholds.
## **12 Stock**
|**12 Stock**|||
|---|---|---|
|Stocks
**13 Debtors**
Prepayments
**14 Cash and cash equivalents**
Cash at bank|**2024**
**£**
1,855
**2024**
**£**
11,098
**2024**
**£**
19,059|**2023**
**£**
1,454|
|||**2023**
**£**
4,525|
|||**2023**
**£**
32,470|
Page 20
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
## **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|**2024**
**£**
256
1,723
1,400
3,379
**2024**
**£**
7,964|**2023**
**£**
1,864
613
1,800|
|---|---|---|
|||4,277|
|||**2023**
**£**
11,969|
## **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 (2023 - £Nil).
## **18 Funds**
|**18 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
General
**Unrestricted funds**
General|**Balance at 1**
**August 2023**
**£**
38,268
**Balance at 1**
**August 2022**
**£**
32,507|**Incoming**
**resources**
**£**
424,714
**Incoming**
**resources**
**£**
371,281|**Resources**
**expended**
**£**
(426,456)
**Resources**
**expended**
**£**
(365,519)|**Balance at**
**31 July 2024**
**£**
36,526|
|||||**Balance at**
**31 July 2023**
**£**
38,269|
## **19 Analysis of net assets between funds**
Page 21
## **Creation Adventure Sports Ltd**
## **Notes to the Financial Statements for the Year Ended 31 July 2024**
|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**
**2023**
**£**
32,470
32,470
**At 1 August**
**2022**
**£**
31,532
31,532||**Unrestricted**
**funds**
**General**
**£**
15,857
32,012
(3,379)
(7,964)
36,526
**Unrestricted**
**funds**
**General**
**£**
16,066
38,449
(4,277)
(11,969)
38,269
**Financing**
**cash flows**
**£**
(32,470)
(32,470)
**Financing**
**cash flows**
**£**
(31,532)
(31,532)|**Total funds**
**£**
15,857
32,012
(3,379)
(7,964)|
|---|---|---|---|---|
|||||36,526|
|||||**Total funds**
**£**
16,066
38,449
(4,277)
(11,969)|
|||||38,269|
|||||**At 31 July**
**2024**
**£**
-|
|||||-|
|||||**At 31 July**
**2023**
**£**
-|
|||||-|
Page 22
## **Creation Adventure Sports Ltd**
## **Detailed Statement of Financial Activities for the Year Ended 31 July 2024**
|**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 (expenditure)/income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**2024**
**Unrestricted**
**funds**
**General**
**£**
61,926
362,788
424,714
(417,932)
(8,524)
(426,456)
(1,742)
(1,742)
38,268
36,526|**2024**
**Total**
**£**
61,926
362,788
424,714
(417,932)
(8,524)
(426,456)
(1,742)
(1,742)
38,268
36,526|**Total**
**2023**
**£**
48,796
322,485|
|---|---|---|---|
||||371,281|
||||(357,403)
(8,116)|
||||(365,519)|
||||5,762|
||||5,762
32,507|
||||38,269|
Page 23
## **Creation Adventure Sports Ltd**
## **Detailed Statement of Financial Activities for the Year Ended 31 July 2024**
|**_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
Advertising
Staff entertaining (allowable for tax)
Accountancy fees|**2024**
**Unrestricted**
**funds**
**General**
**£**
61,926
61,926
**2024**
**Unrestricted**
**funds**
**General**
**£**
362,788
362,788
**2024**
**Unrestricted**
**funds**
**General**
**£**
(47,477)
(180,577)
(6,032)
(2,789)
(457)
(148,000)
(2,531)
(8,047)
(10,783)
(2,496)
(1,903)
(1,746)
-
(1,740)|**2024**
**Total**
**£**
61,926
61,926
**2024**
**Total**
**£**
362,788
362,788
**2024**
**Total**
**£**
(47,477)
(180,577)
(6,032)
(2,789)
(457)
(148,000)
(2,531)
(8,047)
(10,783)
(2,496)
(1,903)
(1,746)
-
(1,740)|**Total**
**2023**
**£**
48,796|
|---|---|---|---|
||||48,796|
||||**Total**
**2023**
**£**
322,485|
||||322,485|
||||**Total**
**2023**
**£**
(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)
(800)|
Page 24
## **Creation Adventure Sports Ltd**
## **Detailed Statement of Financial Activities for the Year Ended 31 July 2024**
|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|**2024**
**Unrestricted**
**funds**
**General**
**£**
(3,099)
(255)
(417,932)
**2024**
**Unrestricted**
**funds**
**General**
**£**
(447)
(2,040)
(651)
(2,810)
(2,576)
(8,524)|**2024**
**Total**
**£**
(3,099)
(255)
(417,932)
**2024**
**Total**
**£**
(447)
(2,040)
(651)
(2,810)
(2,576)
(8,524)|**Total**
**2023**
**£**
(2,742)
(352)|
|---|---|---|---|
||||(357,403)|
||||**Total**
**2023**
**£**
(636)
(1,800)
(224)
(3,094)
(2,362)|
||||(8,116)|
Page 25