Regi5ter&d number.. 08333361 Charity number.. 1156272 THE THORPE WOODLANDS ADVENTURE CENTRE TRUST (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarnntgel CONTENTS Page Reference and administrative details of the company, its Trustees and advisers Trustee5' report Independent examinerfs report 9-10 Statement of financial activities 8alance sheet 12 Statement of cash flows 13 Notes to the financial statements 14-28
(A company limited by guarantee)
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | A Ballantyne, Chair |
|---|---|
| I Bartholomew | |
| A Clarke | |
| A Myatt | |
| A Richmond | |
| R Rogers | |
| S Catton (appointed 10 March 2023) | |
| T Thorp (resigned 9 June 2023) | |
| Company registered number 08333361 Charity registered number 1156272 Registered office The Thorpe Woodlands Adventure Centre Trust Shadwell Thetford Norfolk IP24 2RX Accountants Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Bankers HSBC Bank Plc Head of Centre T Edmonds |
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THE THORPE WOODLANDS ADVENTURE CENTRE TRUST {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together wlh the financi81 slalements of the company for the 1 January 2023 to 31 December 2023. The Annual report seNes the pufposes of both a Trustees, report and a directors, report under company law. The Trustees confim that the Annual report and financial statements of the charitable company comply wlh the currenl stalutory qUIrements, the reqLJirements of the charitable company's goveming document and the piovisions ol the Statement ol Recommended Praclice ISQRPI applicable lo charities preparing their accounts in accordance wth the Finanual Reporting Standard applicable In the UK arKJ Republic of Ireland IFRS1021 (effective l January 20191. Since the company qualifies as small under 5&tion 382 of Ihe ccpanieS Act 2006, the Strategic report required of medium and large companies under the Companies Acl 21 Islralegic ReFort and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Pollcles and objgdives The objectives of The Thorpe Woodlands Adventure Centre Trust are", To advance the education of members of the community by empowering them lo learn and lo develop Ihrough participation in educational. wreational or leisure &livilies. To relieve the poverty of young people by the Provion of affordable opportunities to enable them lo participate in healthy recreational activities. To provide facilities in the interests of so¢ial welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of thar youth. age. infirmity or disability, financial hardship or social circumstances wilh the object of improving theif conditions of life. To help young people, especially but not exclusively through recreational and leisure time activities, 50 as lo develop their capabilities that they may lo full maturily as individuals and members of society. b. Activities undertaken to achieve objectives The Charity achieves it aims by. Promoting a safe. heallhy and elCoM1g environment. Providing a high quality outdoor leaming experience %thich is indusNe. holistic and affordable. Offering a broad range of challenging. advenlurous ouldLX)r tIVItIeS. The charity's objectives are aKhieved from a mcxjem purpose built outdoor centre which il uses lo provide accommodation lindoor and outdoorl, together with facilities for a de ran9e of outdoor adventure activities on or close to the sile. The charity gains support from a de rarvje of beneficiaries including local %hools who attend the centre. Page 2
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guardnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENOEO 31 DECEMBER 2023 Objectives and activities Icontinuedl c. Main activltigs undertaken to further the company's purposes for the public benefil The Board of Trustees are avrare of their duties to ensure activities of the Charrty are carried out in the furtherance of its objectives. All the activities are given careful consideration by the Trustees against Ihe Charity Commission's guidance on public benefrt. Some commerci81 income is raised. for example. from Fore$l Holidays la holiday company based in East Harling Forestl and renting out the MpIng pods. All such income is used to supplement and support our charilable activities. Achievements and perforniance a. Key pertorniance indicators The financial performance over the year 1 January 223 10 31 December 2023 has bn affected lo a far lesser dege by the pandemic and The Thorpe WooNJland5 Adventure Centre Trust continues to thrive. Income from centre a1vIlle$ and bookings amounted to £698.30412022." £558,714}. Ccmmercial income was £20,75312022'. £31,419). The nel income of the charity for the year ende(131 December 2023 amounted to a surplus of £131,91812022.' £103,848), representing a surplus on general funds of £166.012 arKI a deficit of £34,094 on restricted luThJs. b. Review of activities Since ils inception this artivily centre has sought lo have a rKJwtive effect on the personal development. sell- confidence and seK-esleem of the children and adults who attend. Such effects are difficult to quantify numerically. Instead, we have lo rely on a variety of meth(xls to en9Jre our continuing effectiveness In no particular order". We place a greal of deal of importance on trx)th adult and child customer feedback. This is used to monitor and amend pra¢11 as we seek to address any issue that arises. As an example of this positive feedback, we Ceive many letters such as this one from the headteacher of Great Yarmouth Primary School." "De8rSl8ff al Th0e W(xxJ8nds AentUre CenlTr. I would like to thank you for the Trsidenfial visit gwen lo Great Yamioulh Primary Academy. This was an eXcep1nalty generous offer and one which our children l*nefited In)m iminensely. For Ihe majority ol Child this was a once in a lrfelime opportunity and one whKh supwted them 1 leafflww aboul Ihemselves, others and the wohd abound them. Your generosity and outstanding mmitment lo pY#llg the best &XP8rien¢e lor the children was phenomenal and one whh ensured Ihe Inp was one Ihal rp wilh them lrfelLvFg. As a Sch(K our detemiinalion to make SU that each child is able to experience the same opportunilies Ihal children in other SCh(lS experien is relentless and the sIdential Inp has wnlribuled lo our OVerahIng vision 8nd v&lues and so is even MO apprecialed. As a team you We fanlaslK and allY underslLThI the needs of the chiklrefi making sure Ihey We able lo push Ihemselves lo wmplete aclNilies Ihey didn't think possible. Extract from a letter of thanks from Mrs G.Guy, Great YanrN)ulh PrimaryAcademy" Page 3
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance (continued) We are members of the Association of He1$ of OutdLx)r Edat1n Centres where current outdoor activity centre issues are raise(l and posilive suggestions made on to improve the outdoor education experience of our clients". We follow all health and safety measures recommended by extemal assessors and guidance from our Lead Trustee sponsible for Activity Provision and Activity Health arxj Safety as far as equipment and key operating procedures are conr[. We take pride in the fact that we achieve the Gold Standard in Ihis area. Current staff re¢ognise and nthY apFx)inted staff will be (rained lo recognise the need lo raise any issue of concem or incident from our prxtice and amend as necessary", Health and Safety of the premises is also monitored carefully by the He* of Centre and the Lead Trustee respongble for Premises and Health and Safety. As is the Cent'S usual practice. Head ol Centre and staff have ContinLd to monitor and mainlain the condition of the Centre and all equipmenl throughout 2023 ready for 2024. As our Lead Trusiee for this aiea retired in 2023 we have appointed an exlemal assessor to continue Mih this work. Working wth children especially Ihose who are disadvantaged means we also ensure we have a very clear safeguarding procedure in place. Again, this aiea is carefully rnonitored by the Lead Tiuslee responsible for Safeguardin9 and the Head of Centre. We continue lo benefit from a strong customer base Ihe majority of whKh continue to relum on a regular basis. We seek lo relain and lo employ any staff who are committed lo our aims and ethos and who actively seek to help all our clients. All the ak)ove bullet points are significant factors in the Centre's success but one ol our most significant positive developments began in 2019. The Cenlre was in such a healthy financial position we could open lo carefully chosen groups who would not be in a finanal position to a¢ce&8 this facility and to gain from wh81 we offer Trustees designated a body ol money fiom our commercial income to be used by the Head of Centre lo offer our facility lo su¢h groups. The Great Yamioulh Primary Academy vistt was an example of ihi5 work. C. Investment policy and perfomiance The Trustees have the power lo invest surplus cash 35 they see fil lor the day-to-day use of Ihe Charity. Given prevailing interest rates, the ongoing pandemic 8nd the operational needs of the Charity the Trustees had decided in 2020-2021 to hold all reserve balances with ils appointed bankers in a combination of current and short-term deposit accounts. This policy was reviewed in 2022 and the Trust made the decision lo use some of our reserves lo develop some instructor ac¢ommodalion. To this end, the Trust purchased 1. Thorpe Fam Cotlage with the aim ol developing rt as instructor accommodation. A budget was sel and work on the sile was begun in 2023 and wll ¢ontinue into 2024. Al this lime, we predid the wimmcxjalion wll be completed in spring 2024 and instructors wll be ae to move in. Page 4
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA eornpany limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review a. Going concem After making appropriate eTh]uiries. the Trustees have a reasonable expectalion that the company has adequate resources lo continue in operational existence for the fo[eseeabe lulure. For this reason. they continue to adopt the going concern basis in preparing the financaal statements. Further details regarding the adoption of the going concem bass can be found in Ihe accounting policies. b. Reserves policy The Trustee Boaid has examined the requirements of The Thorpe Wwdlands Adventure Centre Trust and in the light of the main risks has agreed that the Chawity 11 continue lo maintain suff Icienl reserves lo enable il to continue ils objectives for the foSeeable future. The Trustees In 2021 detemined that a surplus ol unreslricled funds would continue to be accumtjlated to enable the Charity to respond quickly to both potential development opportunities and unforeseen events. It was agreed that a minimum level ol free reserves should be maintained of £2(XJ.OW. Al 31 December 2023. the charity had total reserves of £2.223.844 12022.. £2.091,9261 of which £1,032,852 related to restricted reserves held as tangible fixed assets12022.' £1.Of£.2561 and £1.190.992 were unre51rieled 12022. £1,025,670). Free reserves at the yearend amounted lo £387.113 12022.. £423.1391 of which il is expected £123,155 wll be spent on Ihe development ol the new instructor accommodation al 1 Thorpe Fam Collages. e. Principal rfsks and uncertainties The Trustees have assessed the majoi risks to which the company is exposed. in particu&1 those related lo the operations and finances of the company. and are satisfied that systems and predureS are in place lo miligale our exposure to the major risks. In the recent past we relied quite heavily on the grants from customer grpS such as Activities Unlimited. We remain ¢ommilled lo such groups. We were able lo offer a slightly diffenI aclivily-based visit lo the families of these children which was mosl successful and h(4)e lo repeal this experience in 2024. We a an Activity cent and understand the importance of assessing for all kinds of risk. We have a comprehensive Risk Register that is regularty updated. This register inditeS potential factors in all the areas covered by the Lead Trustees and the pr(edureS to be foll0vd if a problem (ul$. Page 5
THE THORPE WOODL4NDS ADVENTURE CENTRE TRUST IA company limited by guarnnteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. governance and management Constitution The Thorpe Wwdlands Adventure Centre Trust is cegistered as a chantable company limited by guarantee and was sel up by a Memorandum of Association on 17 December 2012. b. Methods of appointment or election of Trnstees The management of the charity is the s[%)nsIbIlity of Ihe Trustees vA)o are elected and co-opted under the terms of the Articles of Association. The board recognises the need of Trustees to reflect a wide and diverse range of skills and inleresls, logelher with an appropriate latIOnShIp lo the The W<J)dLgnds Advenluie Centre Trusl. The Trustees keep under review the Comp110 of the Board, itlentifying the need for recruitment processes lo take place. The majority of Trustees are identified Ihiough ol mouth and knowledge of the Charity. Trustees will review any potential candidate to ensure that they complement the Charity and the Board. Details of potential candidates are discussed at board meetings prK)r to inviting any polentsal member lo join. A resolution is held lo elect any new Trustees. Newly nominated trustees are briefed by the Chaimian and recwve bad(ground infomalion on the charily. including copies of the governin9 documenl. annual accounts and minutes of recent meetings. c. Oryanisational structure and dls1on-Maklng policies The Charity is administered by the Trustees, Head of cent and staff at the Trust. Our system of Govemance is based on Lead Truslees who are spOnble lor particular aspects of the Centre's management. Each Lead Trustee has expertise in their area. Thus have a Lea1 Trustee responsible in conjunction with the Head of Centre for Ihe lollowng areas-. Health and Safely of the Premises and Safeguarding, Health and Safely Activity Provision. Key Operating Procedures and Centre equipment. This p0511ion is currently covered by an exleinal assessor. Personnel Customer Relations Premises and maintenare We also have a Finance and Risk Committee ol three Trustees plus the Head of Centre who monitor the financial heallh of the Centre. Trustees can call upon the whole Board for further thice il needed or we use outside expertise in areas such as HR where we are aware of the need lo lully access the latest legislation. Page 6
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company Ilmited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Icontinuedl d. Pay policy for key management personnel The trustees consKler the board of trustees as compllsing the management personnel of the charity in charge of directing and monitoring the charity while the Head of Centre 15 responsible for the running and operation of the eharity on a day-to-day basis. All trustees gwe their time freely and no trustee remuneration was paid in the year. Details of trustee expenses are disclosed in note 10 to the accounts. Plans for future periods The Trustees will ensure that the Charity will conlinue to meet lis charitable objectives for the foreseeable future. ensuring that a wide range ol beneficiaries wll continue lo benefit from the Trust. The Trust has developed arKI implemented a Slrategic Plan which will guide futu development. One of the strengths of Th01 Woodlands is the commitment of staff and Head ol Cenlre. As such they are always seeking to improve our site, develop the activities and the quality of ihe experiences we offer. Examples of such developments include the camping p(*Js, ne44 shcmer blcKk, refurfDished shower block. new instructor facilities. a new administralors, office and meeting rts)m. We also seek lo develop the challenges we offer our visitors and an activity called the Treelop Drcp has been added lo the sile. We do not undertake such developments casually. Frcyn new activrties lo the instructor accommodation, all are carefully costed and monitored. New trustees and trustee retirements In 2023 we weleomed Sarah Smith as a new trustee vA)o has a skill sel that wll prove useful lo our Trust. Teresa Thorp, Lead Tfustee lor A¢tiviiy Provi0 and Adivity lated Health and Safety retired from the Board of Trustees during 2023. Page 7
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST {A company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2023 Statement of Trustees, responsibilities The Trustees (who are also the directors of the company for the purposes of company lawl are responble lor preparing the Trustees, report and the financial slalements in acc¢Ndance wlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢ticel. Company law requires the Trustees lo prepare financial statements for eath financial year. Under company law, the Trustees must not approve the financial statemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the company and of its incoming resources and application of resources, including its income and expenditure. for that period. In prepaiing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them cOnstentIy,. observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting eslimales that a 8$Onable and prudent-, stale whether applicable UK Accounting Star)dards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the company wll continue in buwness. The Trustees are responsible for keeping adequate accounting fecords that are sufficient to show and explain the company's transactions and dI105e with reasonable accuY at any time the financial position of the company and enable them lo ensure that the finan¢01 slalemenls compty with the C(xnpanies Act 20(E. They are also responsible for safeguarding the assels of the company arKI hen fof taking reasonable steps for the prevention and deteclion of fraud and 01h irregularits"es. Approved by order of the members of the board of Trustees and signed on their tehalf by.. A Ballantyn& (Chair of Trusleesl Dale." 15 March 2024 Page 8
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee} INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's report to thg TTustee5 of The Thorpe Woodlands Adventure Centr& Trust I'the company'l I report to the charity Trustees on my examin81ion of the accounts of the company for the year ended 31 December 2023. Responsibilities and basis of report As the Trustees of the u)mpany land ils d1CtOrS lor the purposes of company lawl you are responsible lor the preparation of the accounts in accordance wth the requirements ol the Ccthpanies Act 2006 Ilhe 20C6 Act'l. Having satisfied myself that the ac¢oun:s of Ihe company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in spect of my examination of the company's counts carried out urKleT section 145 of the Charities Act 2011 Ilhe 2011 Act'l. In carrying out my examination I have fdlowed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Since the company's gross income exceeded f250,CIK) your examiner must be a member of a body lisled in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examinion because l am a member of the Institute of Charted Accounianls in EnglaThJ aTh1 Was. whuh is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attenlion in connection wlh the examinalion giving me eause lo believe.. accounting rerdS were not kept in respect of the ccnpany as required by se¢lhon 386 of the 2006 Act.. the accounts do not accord wth those re¢ords'. or the accounts do not comply with the accounting requirements of section 3 of the 2006 Act other than any requirement th81 the accounts give a 'lrue and fairf view wthich is not a maller considered 8s part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principles of the Slalement of Recommended Practice for accounting and reporting by ¢haritie5 applicable lo charities preparing their accounts in &cordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection wth Ihe examination lo which attention should be drawn in this rewrt in order to enable a proper understanding of the a¢counls lo be reached. Page 9
THE THORPE WOOOLANDS AOVENTURE CENTRE TRUST {A Company limited by guarantee) INDEPENDENT EXAMINER'S REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 This report is made solely lo the company's Trust*s. as a body, in accordance with Part 4 of the Charities IAc¢ounts and Reports) Regulations 2008. My work has been undertaken so that I might state lo the company's Trustees those matters l am requireé lo slate lo them in an Independent examinerfs report and lor no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body. for my work or for this report. d 1,1. /, 115 Daied.. 3 May 2024 Christopher Yeates FCA DChA Larking Gow?n LLP Chartered Accounlanls Norwich Page1Q
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST {A company limited by guarnntee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unr¢$tricted funds 2023 Restricted funds 2023 Total funds 2023 Total lunds 2022 Note Income from: Gran15 Charitable activities Other trading activities Inveslmenls 2.000 698,304 20,753 9.394 7.945 2.000 728.394 20.753 9.394 7.945 7,0(X) 585, 939 31,419 448 2,666 30.090 Other income Total income 738,396 30.090 768.486 627.472 Expenditure on: Charitable activities 574,884 61,684 636,568 523, 624 Totsl expendtture 574.884 61.684 636,568 523,624 Net incomellexpendlturel Transfers between funds 163,512 131,5941 12.5001 131,918 103.848 15 Net movement in funds 166.012 134.0941 131,918 703, 848 Reconciliation of funds: Total funds brought forward Net movement in funds 1.025,670 166.012 1,066,256 134,0941 2,091,926 131,918 1.988.078 103,848 Total funds carried forward 1,191.682 1.032.162 2,223,844 2,091, 926 The Slalemenl of financial aclivilies irbcludes all gains and losses recognised in the year. The notes on pages 14 to 28 form part of these financial slalements. Page 11
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee) REGISTERED NUMBER: 08333361 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets 11 1,836.731 1,668, 787 1,836.731 7,668. 787 Currgnt as$ets Debtors Investments Cash al bank and in hand 12 13 23.273 19,837 225,(X)O 212,191 386.535 409.808 457,028 Creditors.. amounts falling due within one year 14 122.6951 (33.889) Net currènt assets 387.113 423, 739 Total net assets 2.223.844 2,091, 926 Charity funds Reslricled funds Unrestricted funds 15 15 1,032.162 1,191,682 1, 066,256 1, 025.670 Total funds 2,223,844 2, 091.926 The company was entitled lo exemption from audit Yler section 477 of the Companies Act 20L. The members have not requir the company to obtain an audit for the year in question in accordance wlh section 476 01 Companies Act 20(. The Trustees a¢knoedge their re5pon5ibililies foi complying wlh the cequirements of the Act with resp1 to accounting CordS and preparation of financial stalemenls. The linancial statements have been prepared in accordance with the provi&ons applicable lo entities subject lo the small companies regime. The linancrdl slalemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. A Ballantyne (Chair ol Trusleesl Date.. 15 March 2024 The notes on pages 14 10 28 fomi part of these linancial stalemenls. Page 12
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Nel cash used in operating activities 194,081 176,363 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 1,275 1246,0121 225.000 8. 567 (398, 974) (225, 000) Net cash used in investing al¥ltIeS 119,7371 1615,4071 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of Ihe year 174.344 1439.0441 651.235 212,191 Cash and cash equivalents at the end ofthe year 386,535 272, 191 The notes on pages 14 to 28 forni part of these financial statements Page13
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 DECEMBER 2023 General inforniation The Charily is a company limited by guaranlee. The rneMrs of the company are the TrLJStees named on page 1. In the event ol the company being Und up. the liability in respect of the guarantee Is limited to £1 per member of the company. Accounting pollcies 2.1 Basis of preparation of financial statements The linan¢ial statements have been ppared in accordance wth the Charities SORP IFRS 1021- Accounting and Reporting by Charrties." Slalemenl of Reccffimended Practice applicable lo charrties preparing their accounts in accordan with the Financial Repc>rting Standaid applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1(r21 and Ihe Companies Act 20(E. The financial statements are presented in slerting vthich is the functional currency of the company and rounded to the nearest £. The Thorpe Woodlands Adventure Cenlre Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are intiially recognised 31 historical cost or transaction value unless olheN4ise sialed in the relevant acccwnling policy. 2.2 Income All income is recognised once the ccffipany has entitlement lo the income, it is probable th81 Ihe income TrMII be received and the amount of income receN8ble can be measured feliably. Grants are included in the Ststement ol financial acb"vities on a weivable basis. The balance of income received foi 5pe¢ific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is ieceived in advance of enlillement of receipt, ils reCJnitIOn is deferred and included in creditors as defeThed income. Where enlillement occurs before income is received. the income is accrued. Income lax recoverable in relation to donations received under Gift Aid oi deeds of covenant is recognised al the time of the donation. Olhei income is recognised in the peri(Kl in which it is receivable and to the exlenl the goods have been provided or on completion of the service_ 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo Iransler economic benefit to a third party, it Is prc4)able that a transfer of ewnomic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs ol each activity a made up of the total of direct costs and shared cosls, including support costs involved in uThlertaking each activity. Direct costs allributable lo a single activity a allocated directly to that aclivily. Shared cosis whieh contribute lo more than one activity and support costs vknich are not attributable lo a sir¥Jle activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis ol time spent, and depreciation charges allocated on the portion of the asset's use. Page 14
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST {A company limited by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (continu) 2.3 Expenditure Icontinuedl Expenditure on charitable aclivrties is inCUrd on direcuy undertaking the activities ¥thich further the company's obje¢tives, as well as any associated support costs. 2.4 Interest receivable Interest on funds held deposit is inclLKled when e1Vable and the amount can be measured reliably by the company.. this is nomially upon notification of the interesl paid or payable by Ihe iristilulion wlh whcffi the funds are dep05iled. 2.5 Tangible fixed assets and depreciation Any single item costsng more Ihan £1,000 or specific groups of items costing over £5,000 that are condered to have a life longw than the financral year they We purchased in are capilalised. Tangible fixed assets are initially T09nIsed al cosl. After recognition, under the cost model. tsngible fixed assets a measufed al cost less accumulated depreciation and any a¢cumulaled impairment losses. All cost5 incurred lo bring a tangible fixed asset into ils intended working condition shcyjld be included in the measurement ol cost. Al each reporting dale the company assesses whether there is any indication of impairmenl. If such indication exists. the recoverable amount of the asset is determined lo be Ihe higher of ils fair value less costs lo sell and its value in use. An impairment loss is reccgnised where the carrying 8mount exceed5 the recoverable amount. Depreciation is Charged so as lo all(Kate the cosl of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the followng bases." Land and buil¢Jings Temporary buildings and InfraStrcture Plant and machinery Fumiture. fixtures, fittings and equipmenl Computer equipment and software Assets under construolion 20h Straight line 5.10120 yrsl Sliaighl line wlh nil residual value 20%15yfsl Straight line with nil residual value 330A13yisl Slrai9hl line wilh nil residual value 33%13yrsl Straight line wth nil residual value These are not deprèciated until the asset is brought inlo use 2.6 Debtors Trade and other debtors are recognised al the settlement arnnI after any trade discount offered. PpaymentS are valued al the amount prepaid nel of any trade dis¢ounts due Page 15
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontinuod) 2.7 Cash at bank and in hand Cash al bank and in hand indudes cash and short4emi highly liquid investments wth a short malurily of three months or less from the date of aUlSi110n or opening of the dewsit or similar acctxjnt. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan¢e sheet dale as a result of a past event. it is probable that a transfer of economic benefit will be required in seltlemenl. and Ihe amount of the settlement can be estimated reliably. Lrabilities are recognised al the amount that Ihe compaThy anticipates it will pay lo settle the debt or the amount il has received as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounls required lo 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 rale that reflects the risks specific lo the liability. The unwnding of the disiy)unl is recognised in the Statement of financial activities as a finance cost. 2.9 Financial instruments The company only has financial assets and financial liabilities of a kind that qualify as ba51¢ financial instruments. Basic financial instrumenls are initially rec(NJnised at trans8¢tion value and subsequently measured al their settlement value with the exception of bank loans which are subsequenlly measur&J al amortised cost using the effective Interest methlxl. 2.10 Pensions The company operates a defined contribution pension heme and the pension char9e represents the amounts payable by the crxnpany to the fund in re* of the year. 2.11 Fund accounting General funds are unrestricted funds which are available for use al the discrelion ol the Truslees in furtherance of the general obj'ectives of the company and Ithich have not been designated for other purposes. Restricted funds are funds which are to be used in COrdanCe with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs ol raising and administering such funds are charged against the specilic lund. The aim and use of each reslricled fund is sel out in the notes lo the financial statements. Investment inctyne, gains and losses are allocated to the appropriate fund. Page 16
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from grants and donatlons Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Covid-19 business grants Apprenticeship grant Donations 2.000 2,000 2.000 2,000 Income from charitable activities Unrestricted Restricted funds funds 2023 2023 Total fund5 2023 Cenlre activities & bookings Activities Unlimited grant inccne Activities Unlimited income Govemmenl gr8nls Other grants 698,304 698,304 12,870 100 13,340 3,780 12,870 13,340 3,780 Total 2023 698,304 30.090 728,394 UnresliFcled funds 2022 Restricled funds 2022 Total funds 2022 Centre activities & LyyJking5 Activities Unlimited grant income Activities Unlimited income 558. 714 558, 714 19,500 7, 725 19,5th9 7, 725 Total 2022 558, 714 27,225 585, 939 Page 17
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from other trading activities Unrestricted funds 2023 Total funds 2023 Total funds 2022 CcAmmercial income 20,753 20,753 31,419 In the previous year, all income from other trading activities *?s unrestricted. Investment Income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Bank interest 9,394 9,394 448 In the previous year, all inveslment income was unrestricted. Page 18
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of expenditure on charitable activities Centre activities and bookings 2023 Totsl funds 2023 Tolal funds 2022 Direct costs- Unrestricted Direct costs- Restricted 602,474 34,094 602,474 34.094 462, 754 60,870 636.568 636.$68 523, 624 Analysis of direct costs Total funds 2023 Total funds 2022 Staff costs Depwialion Small grant expenditure Activity equipment and repairs Catering Rales 375.899 TT,722 320, 120 70,454 449 27,062 51,709 3,825 23,993 808 4,569 2,100 23,542 8,861 13,854 14,062 2,089 3,195 19291 936 2,785 10.982 36,054 2,707 15, 670 530 3,815 2,679 28,251 5,255 14, 258 11,897 1, 938 3,365 (8, 567) 1,237 2,530 Light and heat Printing, postage and slalionery Telephone IT equipment and support Repairs and maintenanc* Cleaning Staff devel¢)pmenl and training Insurance Subscriptions and licences Professional fees IProfill on disposal of equipment Bank charges Independent Examinerfs and accountancy fees 636,568 523,624 Page 19
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on Charitable activities Icontinuedl Analysis of direct costs (continued} Independent examiner's remuneration 2023 2022 Fees payable lo Ihe company's independent examiner for the independent examination of the c(panS annual accounls 2.785 2.530 Staff costs 2023 2022 Wages and sakiies Social security costs Other pension costs 342,527 16.791 16,581 291,459 13,571 15,090 375,899 320. 120 The average numbei of persons employed by the company during the year was as follows". 2023 No. 2022 No. 17 18 No employee receNed remuneration amounting lo mole th £60.OCKI in either year. Total employee benefrts of key management personnel were £67.610 {2022'. £62,583). 10. Trustee$. remuneration and expenses During the year, no Trustee5 reIVed any iemuneralion or other benefits (2022- £NIL). During the year ended 31 December 2023, no Tnjslee expenses have been incurred (2022- £NIL). Pa9e 20
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THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Debtors 2023 2022 Due within one year Trade deblors Other debtors Prepayments and accrued income Grants receivable 15,988 5,890 1.395 12, 794 2, 168 4,875 23,273 19,837 13. Current asset investments 2023 2022 Cash on deposit 225.000 14. Creditors: Amounts falling due within one year 2023 2022 Trade creditors Other laxalion and social security Other creditor5 Aecru81s and deferred inccffie 4.732 10,003 3,649 4,311 8,825 15,321 2,953 6, 790 22.695 33,889 Page 22
THE THORPE WOODLANt)S ADVENTURE CENTRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 S. Statement of funds Statement of funds - current year Balanc9 at 31 December 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure Unrestricted funds General Fund 1.025,670 738,396 1574.8841 2.500 1,191.682 Restricted funds Activities Unlimi(ed Property fund Fixed asset fund HAF Programme Fund UK Youth Fund Frank Jackson Found*ion Fund Pre-Sch(K)l Fund 12,970 112,9701 121,9691 112,1251 16,2401 14.6001 839,479 226,777 817,510 214,652 4,600 3,780 13,7801 12,500 1,066.256 30,090 {61.684} 12,5001 1,032,162 Total of funds 2,091.926 768.486 1636,5681 2,223.844 Page 23
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statement of funds Icontinuedl The Activities Unlimited Fund is for the purpose of providing redential bwks in conjunction with Activities Unlimited for families and disabled children arvj young persons. Tho Property Fund rgpresenl$ the use of the Centre by the Charity. The Fixed Asset Fund represents the fixed assets vthich were transferred from Suffolk County Council lo the Charity for future use. The HAF Programme Fund is for the purposes of providiThJ free or subsidised holiday club places lor children who the local aulhority believe could benefit. The UK Youth Fund is for the purpose of providing oUtdr leaning residential experiences for disadvantaged young people. The Frank Jacks¢)n Foundation Fund is funded by the Suffolk Community Foundalion through the Frank Jackson Foundation Fund and is for the purpose of providing outdoor education activity residential pa¢kages aimed at engaging Care-experienced young people Iransilioning from care lo independent living. The Pr&Sch¢JoI Fund is for the purposes of creating a Forest PresLhool and Toddler Group. The transfer repiesents the amount spent on fixed assets in the year_ Page 24
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statement of funds Icontinued} Statement of funds - prior year Balance al 31 December 2022 Balance at l January 2022 IncL%ne Expenditure Unrostrictod funds General Fund 887, 728 6CQ.247 (462.305J 1,025,670 Restricted funds Activities Unlimited Property fund Fixed asset fund 27,225 (27,225) (21,969) (12, 125) 861.448 238,902 839,479 226, 777 I. ICQ,350 27.225 (61,319) 1,066,256 Total of funds 1.988,078 62T,472 (523.624) 2,091, 926 16. Analysis of net a$$ets behyeen funds Analysls of net assets between funds- current year Unrestrlcted Restricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due w(thin one year 804,569 409,808 122,6951 1.032,162 1.836,731 409,808 {22.6951 Total 1,191.682 1,U32,162 2,223.844 Page 25
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior year Unreslriclgd funds 2022 Reslricled funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due wilhin one year 602,531 457,028 (33.889J 1.066,256 1,668. 787 457,028 (33, 889? Total 1.025.670 1,066,256 2,091, 926 17. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Net income for the year las per Statement of Financial Activiliesl 131.918 103,848 Adjustments for: Depreciation charges Profit on the sale of fixed assets Decreasellincrease} in debtors Increaselldecrease) in creditors 77,722 19291 13,4361 111,1941 70,455 (8, 567) 2,804 7,823 Net cash provided by operating activities 194,081 176, 363 18. Analysis of cash and cash equivalents 2023 2022 Cash in hand 386.535 212,191 Total Cash and ¢a$h equivalents 386.535 212,191 Page 26
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Anaty$i$ of ¢hanges in net debt At1 January 2023 Cash flows At31 December 2023 Cash al bank and in h&)d Cash deposits 212,191 225,000 174,344 1225,0001 386,53S 437,191 150,6561 386,535 20. Capital commitments 2023 2022 Contracted for but not provided in these financial statements Acquislion of tangible lixed assets 123,155 21. Pension commitments The Trust participales in the Suffolk Lal Government Pensions Scheme Ilhe 'LGPS'I for a number of its staff. The pension charge for the year includes contribulions payable lo the scheme of £9,52612022.' £8,851). Employees whose contracts of ernploymenl wpre Iransfetred lo the trust from Suffolk County Council are covered by the Local Govemmenl Pension Schewne, administered by Suffolk County Counul. The Local Government Pension Scheme is a furHled defined benelrt pension scheme Under the lerms of the contract transferring the employees to the trust the employees pen&on enlillements were deemed lo be fully funded as al the dale of transfer and wll cemain so. provKJed that a predetermined percentage of the employee's salary is paid lo the Lttal Govemmenl Pension Scheme on an ongoing basis. As a result the scheme is accounted for as if it were a defined nInbutIOn scheme and the c051 tsf parti¢ipaling in the scheme is taken as equal to Ihe Contributions payable lo the scheme for the accounting period. The charity also operates a sepa¥ate defined contribuiion pension scheme and employees who have joined the company since 1 November 2014 have been able to join this scheme. Contributions are charged to the Statement of Financial Activities in the year in byhich they are payable and amounted lo £7,05512022.. £6.239}. Page 27
THE THORPE WOODLANDS ADVENTURE CENTRE TRUST IA company limited by guarantÈe} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Operating lease commitments Al 31 December 2023 the company had commitments to make future minimum lease payments under nOn-CanlIable operaling leases as follows.. 2023 2022 later than 1 year Later than 1 year and not later than 5 years 1,980 5,940 7,920 The following lease payments have been reccNJnised as an expense in the Statement of financial aclivilies.. 2023 2022 Operating lease rentals 660 23. Relatod party transactions During the year. purchases of £Nil 12022.. £1.104) were m&Je from RCR Servi$ IUKI Ltd. a company of which R Rogers, a trustee, is a direclor and sharehokder. During the year, purchases of £11.404 {2022." £10.7901 were rnade from Cannon Clarke Architects, a company of which A Clarke, a trustee. is a direclor arKI shareholder. During the year, purchases of £314 {2022." £Nill frw T Thorp, a trusiee. P8ge 28