Charily registration number.. 1200802 Adsurf Annual RppDrt and Financial Statements for the period from 24 October 2022 to 31 March 2024 WESTCOTTS CNA*TEAÉD ACCOUNTANTS I &USINE55 4DVISER5
Adsurf Content5 Icontinuedl Reference and Administrative Details Tru5tees' Repori 2to5 Independent Examiner's Reoort Stalemenl of Financial Activltias Balance Sheet Notes to th8 Fin8ncial Statemen15 91016
Adsurf Roference and Administrative Delails Chalr Mrs Gilli3n Cox Secretary Mrs Zoe Ga5Goyne Trustees: Mr Pete Smith lappoinled 24 October 20221 Mrs Kelly Reeves lappointed 1 June 20231 Mrs Gillian Cox lappoinled 24 Octobèr 2U22} MISS klisabelh Smlth lappolnted 1 June 20231 Mr John Sting lapFointed 1 June 20231 Mrs Zoe Gascoyne (appointed 24 October 2022) Charity Registration Number 1200802 Prfnclpal Offlce The Flat 1 Mopwenna Terrace Bude Comwall EX23 88U Independent Examlner Weslcolls (SWI LLP 47 Boulport Strèet Barnslaple Devon EX31 1SQ Page 1
Adsurf Trustees. Report Thc trustees present tho annual report together th the financi21 statements of the charity for the period ended 31 Maich 2024. AdSurf$ Purpose, a8 set out in ourGovernlng Document The provisicn of fèciliti&s for recTeation and other leisure Ilme iycctjpations in the intere51 of social wellare and the object of improvlng the corll10nS of Ilfe for the perg)ns for whom they are intended by woviding incluqlvp and adaptive surfing to people with disabilitie& with mental health condillon8 or people who are neuro divers ObSective8 and Activities To make surfing essIo1e to all and to improve the welkbelng of those taklng part by providing adaptwe surf lessons or experienees to people wth disabi1ilies. mental health condition5 or people who are neurodiverse. To remDve cost as a barrier, by providing fieelsubsidised sessions to unfunded participants. To run bèlw8an 30- 50 1-.1 se55ions during QLir first se.a$nn To establish recognised trainlng lor volunteers and a palhwdy lo achieve qualifications and gain experience to become an Adsurf coach. To fundraise lo purchase necessary kit and equipment lo run session5 for a5 fflany people wth disabilities as possible. When planning our activities, the trustees h3ve considered the Charity Commission's guidance on public benefit. Achievements and Performance Registered in October 2022, we ran our f1rsl session In June 2023 and ran 98 sessions up lo October 2023, exceedin9 all expectations Due lo the weather and conditions, we expected to cease sessions for the wnter al the end of October, however. we re able to run 11 more sessions for local participants and increased this number lo 109 by 31.03.24. We have managed, through extenVe fundr318ing and grants, to secure all of our basiG equlpment fcf 2023-2024 and 8re now able to faalitate nearty all participants, th?18pproach us for sessions. We asso raised 3 significant amount of funds through grant5. donations and Adsurf events lo covw the majoiity of the sesslon costs, allowing sub5idi5Ed sgbsions loi all unfunded partlGipanls. We ran our fir51 training course lor our surf Session volunteets and coaches, and have established 8 pathway for interested voluntee. Into adaptive coa¢hing, for. and supported by Adsurf. One c* our volunteers has already started Ihryr training lo become an Adsurf Adaptive Coach for the ccffling season We have a group 0117 trained local volunteers, Mqth more on the list for the next training course. ar)d large group of general followers who support us at events elc A fundraising group has been set up to help organise our local events schedLJIe. Page 2
Adsurf Trusteos. Roport {continued) Financial Review al 31.03.24 Receipts from unreslricled in DDiatior, from a ch?rity ceasing lo be.. £6,972.65 Donalions.- £8.377.50 Fundraising.. £5,974.20 Inrne from paid sessions for funded partlGipan15'. £1,740 Sales of merchandise.. £272 other.. £1.98 Total- £23,338.33 Receipts Iron) FEslricled income-. CCF - Claire Milne Trust- £2,500 Cornwall Council Cornmunily Chest- £1,000 South West Water- £2,000 Co-op Local Community Fund - £887.65 CCF- Jane Hartly Trust- £2,43 Bude 8 Siratlon Town Council - £2,000 Green (ing - £4,000 Ba15don Trust- £990 Mencap- £5.000 Total £20.807.65 01 which restricted funds of £4,921.49 were r8mainlng 31.03 24 The bank balanco carried foryvard on 31.03.24 tolalled £2182S.71 £4,921.49 - Rèstricted funds and reserves £16,904.22 - unrestricted funds The m051 significant expense, al this point, Is the cost of in51ruclor fees. 01 the romgining roslricted funds, E3,045 Is spocifically lor thi5 purpose and it is estimale(J that this will cover th8 majority of fees for th& CDmin9 803son. Page 3
Adsurf Trustops. Report Icontinuedl Rè$eTVÈS Policy 11 Is the current policy DI Adsurf to maintain a balance in the reserves account which equates lo the amount of unspent reslricled funds phJ5 an 8mounl of £3000 to cover the c0510l r8placing our mosl expènsive piece of equipment plus £300 (inflation allowance). This will be reviewed annually, and particularly, to allow fof monthly outgoings, such as instructors lees, should the incoffle or balance ol the unrestricted funds redu¢É significantly and thor8 are no restricted funds allocatèd to these outg05ngs Volunteers Wè Would like to thank the volunteers lor their time, help and support they havÈ givén over 2023124. This has allowed Adsurf to establish and expand beyond expec18tions during our fiist 18 months ol registration. We would particularly like ID thank the volunteers vino help9cJ wilh Ihe surf sessions and those that helped and sUPPOrted all ol the Adsurf fundi aising events. Structurè Govornanep and Managernent Adsurfs Governing Document set out the rules regarding Trustees. There were thre& Trustees added following the Trustees Meeting IAGMI on 23.05.23, making a Gurrenl board of six Iruslees There is one non-voling member, Cyril Cox. who attends. The Trustees a responsible for making decisions Dn all matters ol general concern and Importance. including deciding how funds should b2 spent. These decisions are discussed and made at Trustee meetings. and where appropriate t>ver the Iruslee5 WhalsApp group if 3 meeting cannot be arranged in lime Dr 18 deemed unnecessary. All Trustees are members of the group and contribute or vote on any de$lOnS made. The Tmsteès met eight time9 ben January 2J22 and January 2023. Two meetings were hel pre-regislralion ad six meetings p05t-registralion. including tha first AGM on 23.05.23. A srnall informal Fundraising Group wa5 sel up in March lo help organise Adsurf events. A nominated TtU51ee will aim lo be at any meetings and the group will b? formerfy set up later in the year. Page 4
Adsurf Trustees, Report (continued) statement of Tru5tee5' Respon5ibllitie5 The trustees are respon5',ble for prepaiing the trustees, report and the financial stalemenls in accordance with the United Kingdom Accounlinq Standards (United Kingdom Generally Accepted Accounting Practice) and applicxble law and regu181ions. The law applicable lo charities requir&s the trustees lo prepafe financial Statements for e8¢h financial period which give a true and fair vlew of the state of 31fairs of the charity and of thÈ incoming resources and application of resources of the charity for th period. In prèparing Ihese financial spatements. the irustees are required to." select suitable acEc)unting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP-, ake judgements and es1im8tès Ihal are reasonable and prudent., state whether applicable aruting standards have been followed. subject to any material departur96 disGI088d and axplain•d in the financial sta18m&nls', and prp.parp. thp. fir,anr.iAI 8tatpmp.nl8 nn Ihp. gr)ino rr>nr.prn haqi% iJnl(s% it is inappropriate lo presume that the chariiy will continue in business. The Iruslees are responsiblE for keeping pioper accounting records that disclose with reasonable aGcuracy al any lime Ihe financial posrtion ol Ihe charity and enable them to ensure that the finanGwl statements comply with the Charities Ad 2011, the Charities {Accounts and Reports) Regulations 2008, and the provisiDlI s of the constitution. The trustees are also resptsrtsible for safeguarding the assèts of the charity and honce for takins Teasonable steps lor the pievention and delectKsn of fraud and other irregularilie5. The Iru51ees are responsible lor the maintenance and integrity of the corporate and financial information included on the Ghaiitable ¢ompanVs website. Legislation governing the pparatIon and dissemination of financial stalemenls may differ Irorn legislation in other jurisdictions. The annual report was approved by the trustees ol the charity on behalf by. and signed on ils Mrs Gillian Cox Chair and Trustee Page 5
Adsurf Independent Examiner's Report to the trustees of Adsurf I report to the trustees on my examinalion of the accounts ol Adsurf for the year ended 31 March 2024. Rosponsibililles and ba$ls of report As the charity Iruslee5 of Adsurt you are responsible for the preparation of the account5 in accordance with thé requirements of the Charrties Act 2011 I'lhe Act'l. I report in respect of my examination of the Adsurfs account$ Carried out und8r section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable DirecliL)ns given by thè Charity Commission under sectlon 14515llbl of the Act. Independent examlner's statement I have cornpleted my examination. I confirm Ihat no rnalerial mallers have come lo my attention in Gonneclion the examination giving me cause lo believe that in any materizl respect.. 1. accounting records were not kepl iii respeil ol Adsuil d¥ I¥yIJiIVLI by seLliuii 130 uf the Act", or 2. the accounlr do not QCCDrd with those recgrd8,' or 3. the account5 do not comply with the acGounling requirements concerning the fom and ¢onlent of accounts set out in the Charitie5 IAccounts and Reports) Règulations 2008 other than any requirement that the accounts give a 'true and '.aii view, which is not a matter considered as part of an independent ex8mination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in Ihls rèport in order lo enable a prop&r undorstanding of the ccounts lo b• r&achF*d. atherine Williams FCA DChA Independent Examiner Westcotts ISVVI LLP 47 Boutport Street Barnslaple Devon EX31 1SQ Page 6
Adsurt Statement of Financial Activitias for thg Pariod from 24 October 2Q22 to 31 March 2024 Unrestricted funds Re5tri¢ted funds Total 2024 Notè Incomè and Endowments from: Donations and legacies Charitable activitses Other tradiiig Éiclivilies 15.352 1,740 6,246 20,808 36,16G 1,740 6,246 Total income 23.338 20,808 44,146 Expondlture on: Raising funds Chariiable activitias 14041 19,279 14041 10,224) 945 To121 oxpendilure Ncl incomc GrDSS transfers between funds 19,683} 1945 11n,6?8 13,65S 14,941 19,863 114,9411 33,518 Net movernenl In funos 28,596 4.922 33,518 Recorteiliation of funds Total fund5 carried foTW8rd 17 28,596 4,922 33.518 All of the charity's activitie5 derive from continuing operations during the above period. The notes on pages 9 to 16 form an integral part of these financial stalemenl5. Pago 7
Adsurf (Registration number- 1200802) Balance Sheet as at 31 March 2024 2024 Note Fixed assets Tangible assets 11,018 Currtt assets D8btors Cash at bank and in hand 14 23.236 23,500 11,000) 22,500 Credltors.. Arnounts falling due wlthln one year 18 Net current assets N¥l assets 33,518 Funds of the charity: Restricted income fund$ Restricted funds 4,922 Unrèstricted Income ftjnds Unrestricted funds 28,596 33,518 Total funds 17 The financial stslemenls on pages 7 to 16 were approved by the trustee5, and authorised for issue on nd Signed on their behalf by.. Mrs Gillian Cox Chair and Trustee The note5 on pages 9 to 16 fonn an inlEgral part of these financial stslements. Page 8
Ad5urf Notes to tho Financial Statements for the Period from 24 October 2022 to 31 March 2024 l Accounting policies Statement of compliance "rhe finanrial siatemenis have been prepared in accordance wlth the second edhtlon ol Ihe Charities Statement ol RecomTnended Practice i55ued in October 2019. the Financial Reportinq Standard applicable In the United Kingdom and Republic ol Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation Adsurf meets the definition DI a public benefit entity under FRS 102. The account5 (financial slalementsl have been prepared under the historical cost convention with items recognised at cost or Iran5aclion value unless olheTWi5e stated in the relevant nololsl lo these a¢counls. The accounts are prepared in stcrling which is the functional currency ol the entity. Exemption from preparlng a cash flow statem8llt The charity is clsssed as a sm811 charity under the Charrty SORP IFRS 1021 and has therefore taken the exemptlDll from preparing a cashllow statement. Going concern Thè tiustccs consider Inal there arc no material unrtaInl$ about the charity's ability to Continue as going concern. Income and endowments VoSuntary income including donations, gifts, kgacies and grants that provide core funding or are of geieral nature is reco9nised when the charity has entitlement to the incorne, il is probable that the income will be received and the arnount can be measured with sufficient reliability. Donations and legacies Donations and legacies are recognised on a reGeivable basis whèn receipt is probable and the amOLnl can be liablY measured. Grants receivable Gran15 are recognised when the charity has dn ents"Ilement to the funds and any conditions linked Ic> Ihe giants have beeii mel. Where perforwanGe GonditK)n5 a attached lo the grant and are yel lo be mel +he income is recognised as a liability and included on the balance Sheet as deferred inGome to be released. Expenditure All expenditLJre is recognised once there is a legal or constructive obligation to that expenditure, il is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the aoplicable expenditure heading that aggregate similar costs lo that catègory. Wh6rè costs cannot be directly attribul8d lo particular headings they have been a11ocaled on a basis consislanl 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 Sre allocated based on (he spread of staff cost5. Page 9
Notes to the Financial Statements for the Period from 24 October 2022 to 31 March 2024 Icontinuedl Raising funds These are c051s incurred in allraGling voluntary income, the management of investments and Ihose incurred in Ir8diY9 activities that raise fund5. Charitabl¥ activitios Ch3ritable expendiliire Gofflpriqes those costs Inciirred by the charity in the dèlivery ol ils activities and services for ils beneficiaries. 11 includes both costs that can be allocated directly :o such activities nd those costs of an indirect nalute necessary to support them. Support costs Support W51s include central functions and have beetTr allocated lo activity c051 categories on a basi5 consistent with the us8 01 resources, lor example, allocating property costs by flDor areas, or par capila, Btaff costs by the lime sp8nt and other GOB16 by Ih9ir UEage. Taxation The charity is considered lo pess the lest5 Sel ovl in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition ol a charitable company for UK corporation tax purposes. Accordingly, thg charity is potentially exempl from laxalion in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of Ihe Corporation Tax Act 2010 or Section 256 01 the Taxation of Chargeable Gains Act 1992, to the extent that Such income or gains are applied exclusively lo charitable PLJrposes. Tangiblè fixèd assèts Indlvlduai flxed assets Cosling £IOO or more are inltlally recorded at cost, less any surisèquent accumulalecl depreciation and subsequènt accumulated impairment losses. Depreclatlon and amortlsation DeprèciatlDn is provided on tangible fixed 88sels so as lo writè off the cost or valLJation, ',ess any estimated residual value. over their expected useful economic lire as follows.. A5S?t class Surf Bo8rds Wetsuits Surf Ac¢essori$s Advertisirig Assets DepciatIOn method and rate Slraighl line over 3 years Slraighl line over 3 years Straight line over 3 years 1 SY. Straight line ash and cash equSvalents Cash and cash eouivalenls comprlse cash on hand and call deposits, and other short-leiffl highly liquid investmeils that a readily convertible lo a known atnounl of cash and ale 5UDjecl lo an insignificant risk of change in value. Fund structure UnstriCted income funds are general funds that are available lor use al the trustee5 discretion in furtherance of the objeclives of the charity. Reslricled income funds are those donated for usa in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Page 10
Adsurf Notes to the Financial Statèments for the Period from 24 October 2022 to 31 March 2024 (Gontinued> Financial instruments Classrfication Finaricial assets and financial Iiabilf(ie8 are recognised when the charity becomes a party lo the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according lo Ihe substanea of the contraciual arrangements ent8r8d into. An equity ingtmment is any contract that evidences a residual Interest in the assets ol the charity after deducting all of ils liabilities. REcognition and measurernent All financial assets and liabilities are initially measured al tian52clion price lincluding transactk)n ts)$tsl, except for those financial assets classified as at lair value through profil or los$, which ar iniliolty measured at lair valuè (which is nomally the transaction price exduding transaction costs), unsS thè arrangomenl constitLJlQS a Ilnanclng Ir8nsactlon. 11 an arrangement conslilule¥ a fiiidllLiriy Irans3Ction, the financial asset or financi81 liability Is measured at the present value of the future payTnents discounted at a rnarkei rale of interest for a sirr,ilar debt Inslrumenl. Financial assets and liabilities are only offset in the slalement of financi81 position when. and on when lTrere exists a legally enforceable right to set off the recognised amounts and the charity intends either to settlo on a nel basis, or to roalise the asset and settle the liability simultaneously. Financial 85sels are deCOgniSed when and only when al the contraclual rights lo the cash flows from ltye financial asset expirè or are settled, bl the charity Iransfers to another party substanliaity 811 of the risks and rewards of ownership ol the financial asset, or cl the charrty, despite having ietained 5DrHe, but not a15, significant risks and rewards ol owneiship, has Iransfeired Control of the asset lo another partw. Finanaal liabilities a derecognised onty 4¥hen the obligation spocified in the contract is dis¢haryèd, cancelled or expires. PaGe 11
Adsurt Notes to the Financial Statements for the Period from 24 October 2022 to 31 March 2024 {continuod) 2 Income from donations and legaGie5 Unrestrictèd funds Restricted funds Total 2024 Donatlons Donations Grants Grants receivable 15.352 15,352 20,808 20,808 15,352 20,808 36,160 J Income from charltable actltIeS Unrestricted funds Total 2024 Adaptive 5e55ion5 1,740 1,740 4 Income from other trading activities Unr•stricled funds Total 2024 Sale of produd incom• Fundraising Pr¢ceeds 272 5,974 272 5.974 6,246 6,246 5 Expènditure on raislng funds al Costs of tradlng 8¢tivitie3 UnrestrScted funds Total 2024 Fundr3i5ing Merchandis& 317 87 317 87 404 Page 12
Adsurt Not95 to the Financial Statoments for the Perlod from 24 Octob8r 2022 to 31 March 2024 (continued) 6 Expenditurg on charitablè Jctivities UnTestricted funds Gèneral Restricted funds Total 2024 Chartablè activities locatèd support C0518 7,458 1,821 945 8,403 1,821 9.279 945 10,224 7 Analysis of sUPPOrt GOSts Support costs allocated to charitable actlvltles Support osts Total 2024 Independent examination fees Accountancy feeg Telephone and fax Computer sofvrfare and maintenance costs 1,000 48D 185 176 1,000 480 165 176 1,821 1.821 Page 13
Adsurf Note9 to the Financial Stat•mènts for the Period frorn 24 October 2022 to 31 March 2024 Icontlnuedl 8 Net incomingloutgolng resourGes Net incomingloulgoing re50urc¢s for Ih&'Period include.. 2024 Depreciation of fixad assets 5,421 9 Trust•os romuneratlon and expense5 No trustees, nor any person5 conneded with tham, have received any r&mun&ratlon Irom the charity during the year. No trustees havo received any reimbursed expenses from the Gharty during the year. 10 Staff Costs Dunng the period the chaTSly had no employees. 11 Independent Èxaminer's remuneration 2024 Independant ex2minalion fees Page 14
Adsurf Notes to tho Financial Statoments for the Period from 24 October 2022 to 31 March 2024 Icontinuedl 12 Taxation The charity is a règistered charity and is therefore exempt from taxation 13 Tanglble fixed assets Surf AcGessorio$ Advertising Assets Surf Boards Wetsuits Total Cost AddiLiDns 8,640 1,033 436 6,330 16,439 At 31 March 2024 8,640 1.033 436 S,330 16,439 Depreriatinn Charge lor the year 2.87g 345 87 2.110 5,421 At 31 March 2024 2,879 345 87 2,110 5,421 Net book value At 31 March 2024 5.761 688 349 4,220 11,018 14 Debtors 2024 Pr¢péymenls 264 15 Cash and cash equlvalents 2024 Cash al bank 23.236 16 Credilor5'. amounts falling due wlthln one year 2024 Accruals 1,000 Page 15
Adsurt Notes to the Financial Statements for the Period from 24 Octobor 2022 to 31 March 2024 {continued} 17 Fund5 Balance at 31 March 2024 Incoming r¢source$ Resources xpènd Transf4rs Unrestricted funds Gèneral Funds 23,338 19,6831 14,941 28,596 Restricted funds Claire Milne Trust Cornwall Council Gommunity Chest South INest Watèr Co-op local community Jane Hartly Fund Bude & Stratton Town Council Graan King Balson Trust Mencap Fund 2,500 12,4961 1,000 2,000 888 2.430 2.000 4.000 990 5.000 12,0001 888 12,4301 {9151 1,085 1,000 960 985 13.0001 1301 14.0151 20,808 19451 14,9411 4.922 Total funds 44,146 110,6281 33,518 Ouring the period. funds have been transferred from reslricled lo unrestricted funds once the funding ha8 been ulilised by the purchase of fixed assets and as a result Ihe restrictions on the funds have been fulfilled. 18 Analysis of net assèts between funds Total funds at 31 March 2024 Unrestrlctèd funds Restricted funds Tangible fixed assets Current as5els Current113bilrtie5 11.018 18,578 11,0001 28,596 11,018 23,500 11,0001 33,518 4,922 Total nel asse15 4,922 19 Related party trans8Ctions The were no related p8ty transactions in the period. Page16