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2021-12-31-accounts

Company No. 2238901

Charity No. 299332

DEVELOPMENT THROUGH CHALLENGE

(A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Development Through Challenge

Contents

For the year ended 31 December 2021

Page
Legal and Administrative Details 1
Report of the Trustees 2 – 4
Independent Auditors’ Report 5 - 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash flows 11
Notes to the Financial Statements 12 – 19

Development Through Challenge

Legal and administrative details

For the year ended 31 December 2021

Status The organisation is a charitable Company limited by guarantee, is a charitable Company limited by guarantee,
incorporated on 23 March 1988 and registered as a charity on 24 May 1988.
Governing Document The Company was established under a memorandum of association, which
establishes the objects and powers of the charitable Company and is
governed under its articles of association.
Company number 2238901
Charity number 299332
Registered office and
operational address Mile End Climbing Wall
Haverfield Road
London
E3 5BE
Honorary officers Rod Leefe (Chair)
Martin Soulsby (Hon Treasurer) Resigned 27/06/22
Adam Blewett (Secretary) Appointed 22/03/21
Brenda Taggart Resigned 27/06/22
Calum Mclean
Salim Hafajee Resigned 22/03/21
Matthew Teague Resigned 22/03/21
Hiren Joshi Resigned 22/03/21
Carolina Filippini Appointed 22/03/21
Khatija Hafesji Appointed 22/03/21
Dan Hobden (New Hon Treasurer) Appointed 30/05/22
Michaela Clayton Appointed 30/05/22
Chris Beal Appointed 30/05/22
Principal Staff Andy Reid Chief Executive Officer to January 2021
Dean Straw Chief Executive Officer from 24/03/21
Bankers National Westminster Bank
PO Box 3242, Albion Yard
331/335 Whitechapel Road
London
E1 1AU
Solicitors Bates Wells
10 Queen Street Place
London
EC4R 1BE
Auditors Goldwins Limited
Chartered Accountants
75 Maygrove Road
London
NW6 2EG

1

Development Through Challenge

Report of the Trustees

For the year ended 31 December 2021

The Trustees present their report and the audited financial statements for the year ended 31 December 2021.

Legal and administrative information is set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice – Accounting and Reporting by Charities: (FRS 102).

Objects of the Charity

The aims of Development through Challenge (DTC) are to help people to develop themselves through challenging physical activity, principally climbing and mountaineering.

Its principal facility is the Mile End Indoor Climbing Wall, a centre for bouldering and climbing. Recreational climbers attend to train both for an active lifestyle within the urban environment and for climbing expeditions throughout the world. Professional instruction is provided for our own climbing courses and for schools.

The Year’s Activities

Mile End Climbing Wall remained closed until the end of March 2021 following government Covid19 measures for the sports sector. The Wall then reopened with reduced capacity to comply with distancing guidelines. We took the opportunity of this restricted footfall to upgrade our changing facilities in the first half of the year. We performed a comprehensive audit of climbing surfaces to ensure all areas were safe and of a high standard. Climbers returned to the facility with enthusiasm although, as a result of Tower Hamlets limiting pupils leaving school premises, our school activity was at reduced levels. We reopened fully in mid-July and ended the year with a strong leadership and broader team, having focussed on recruitment throughout the year. We commenced a regular programme of trustee rotation with three long-term trustees stepping down and three new trustees joining the board.

Achievements and performance

Despite uncertain trading conditions during the year, Mile End Climbing Wall delivered a small surplus. The policy of insuring against business interruption paid off, literally. As a result we ended the year in a robust financial position, having repaid our Bounce back loan in full. We continued to be supportive of our staff with the use of furlough schemes. During the year we undertook a review of our organisation and agreed on a set of mid-term objectives for both DtC and Mile End Climbing Wall, the successful implementation of which will increase our charitable impact and competitive position in an increasingly crowded market for climbing walls.

Examples of our charitable activities include providing free instructed climbing sessions to local schools, providing free-climbing to refugees, and providing free, or at cost climbing equipment and coaching to young climbers.

The Future

We start 2022 with a clear focus on these medium term objectives for Development through Challenge. Central to this is to make a greater positive impact on both our local and the broader UK climbing community. In order to achieve this we taking a number of initiatives including setting up a Stakeholder Group for Mile End Climbing Wall; exploring ways of developing stronger local partnerships, hosting more bouldering and climbing competitions; seeking ways to reduce our environmental impact and facilitating ways for more people from communities that have not historically been climbers to take

2

Development Through Challenge

Report of the Trustees For the year ended 31 December 2021

regular part in the sport and benefit. With the continued rotation of our trustees we have additional knowledge, experience and energy to support the continued development of our charity.

Governance and Staffing

A Board of Trustees who initiate, assess and review the work of DTC, its staff and resources undertake the government of the charity. The audited accounts and the annual report are reviewed and approved at a Trustee Meeting.

Reserves Policy

It is the policy of DTC to maintain, where possible, sufficient general reserves to allow DTC to maintain the climbing wall, premises and core staff and remain open while sustaining a significant temporary drop in customers and revenue. DTC also carries insurance for loss of income arising from any major disruption to the activity of the climbing wall.

Risk Statement

The Trustees of DTC, together with the auditors, conduct regular risk reviews of the activities. Apart from normal commercial risk, the principal areas requiring management are: Health and Safety, internal control and the segregation of duties, and the loss of customers to competing facilities.

A governance document is in place setting out the roles and responsibilities and financial authorities of the trustees and management. All staff have written job descriptions. Financial procedures and internal controls have been reviewed; and monthly management accounts on a full accrual basis is produced.

The Trustees consider that adequate systems exist to identify major risks and that adequate steps have been taken to mitigate those risks currently identified.

Statement of the responsibilities of the Trustees

The Trustees (who are also directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

3

Development Through Challenge

Report of the Trustees

For the year ended 31 December 2021

The Trustees are responsible for keeping proper accounting records that 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.

Auditors

Goldwins Limited have expressed their willingness to continue in office and in accordance with Section 485(2) Companies Act 2006, a resolution for their reappointment will be laid before the Annual General Meeting.

Statement as to Disclosure of Information to Auditors

The Trustees in office at the date of approval of this report have confirmed that, as far as they are aware, there is no relevant audit information of which the auditors are unaware. Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors.

Approved by the Trustees on 25[th] July 2022

And signed on their behalf by:

………………………………. Rod Leefe

4

Independent Auditor’s Report

To the members of

Development Through Challenge

Opinion

We have audited the financial statements of Development Through Challenge for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Opinion on financial statements

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

5

Independent Auditor’s Report

To the members of

Development Through Challenge

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

6

Independent Auditor’s Report To the members of Development Through Challenge

In preparing the financial statements, the trustees are responsible for assessing the Charityʼs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

7

Independent Auditor’s Report To the members of Development Through Challenge

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………….

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road London NW6 2EG

Date: ……………………………… 28 September 2022

8

DEVELOPMENT THROUGH CHALLENGE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income from:
Donations and legacies
3a.
Charitable activities:
Climbing facilities
3b.
Other trading activities:
3c.
Sub letting
Café income
Other income
3d.
Total income
Expenditure on:
Advertising and fundraising
Café
Charitable activities:
Climbing facilities
Total expenditure
4.
Net income / (expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12.		 2021
2020
Restricted Unrestricted
Total
Total

Funds
Funds
Funds
Funds
£
£
£
£
3,381
142,876
146,257
223,149
-
641,429
641,429
513,924
-
3,881
3,881
2,890
-
28,518
28,518
21,961
-
500,000
500,000
-
3,381
1,316,704
1,320,085
761,924
-
1,044
1,044
2,351
-
16,799
16,799
16,435
1,028
825,847
826,875
1,018,983
1,028
843,690
844,718
1,037,769
2,353
473,014
475,367
(275,845)
-
-
-
-
2,353
473,014
475,367
(275,845)
5,113
554,761
559,874
835,719
7,466
1,027,775
1,035,241
559,874

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above.

The attached notes form part of these financial statements.

9

DEVELOPMENT THROUGH CHALLENGE BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed Assets:
Tangible fixed assets
8.
Current Assets:
Debtors
9.
Cash at bank and in hand
Creditors: Amounts falling due within
one year:
10.
Net Current assets
Creditors: Amounts falling due in more
than one year:
11.
Total net assets
Reserves:
13.
Restricted funds
Unrestricted funds		 2021
£
£
203,218
26,456
971,027
997,483
(165,460)
832,023
-
1,035,241
1,027,775
1,035,241
7,466		 2020
£
£
174,110
12,348
523,694
536,042
(100,278)
435,764
(50,000)
385,764
554,761
559,874
5,113		 2020
£
£
174,110
12,348
523,694
536,042
(100,278)
435,764
(50,000)
385,764
554,761
559,874
5,113
997,483
(165,460)		 536,042
(100,278)
385,764
554,761
5,113
559,874

25th July 2022 Approved by the Board of Trustees on …..............................and signed on its behalf by:

……………………………………

Rod Leefe Chairman

Company registration no. 02238901

10

DEVELOPMENT THROUGH CHALLENGE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Note
2021
£
14.
Cash flows from investing activities:
Sale / (purchase) of fixed assets
(72,712)
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
15.
Net cash provided by / (used in) operating activities		 Note
2021
£
14.
Cash flows from investing activities:
Sale / (purchase) of fixed assets
(72,712)
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
15.
Net cash provided by / (used in) operating activities		 2021
2020
£
£
520,045
(65,127)
(72,712)
447,333
523,694
971,027		 2020
£
(102,606)
(65,127)
(167,733)
691,427
523,694

11

DEVELOPMENT THROUGH CHALLENGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

a) Basis of preparation

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) and the Companies Act 2006.

The charity 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 or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Fees income represents income derived from members to use facilities and is stated exclusive of value added tax. This includes a one off member charge which entitles the member to use the facilities thereafter. These membership charges are recognised when received.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Restricted funds are funds which the funder has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Designated funds are unrestricted funds set aside by the Trustees for particular purposes.

12

DEVELOPMENT THROUGH CHALLENGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. Support costs are allocated between cost of raising funds and charitable activities.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset on a straight-line basis to its estimated residual value over its expected useful life. The depreciation rates in use as follows:

Leasehold improvements Over the remaining life of the lease or shorter, as appropriate Climbing wall 10 years ˜ Climbing equipment 5 years Office equipment 5 years

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

13

DEVELOPMENT THROUGH CHALLENGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Detailed comparatives for the statement of financial activities

Income from:
Donations and grants
Charitable activities:
Climbing facilities
Other trading activities:
Sub letting
Café income
Total income
Expenditure on:
Advertising and fundraising
Café
Charitable activities:
Climbing facilities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
3a. Donations, legacies and similar income
Donations
Grants and other income
Gift aid
3b. Climbing facility income
Climbing and equipment hire fees
Membership fees
Course fees		 2020
2020
2020
Restricted Unrestricted
Total
Funds
Funds
Funds
£
£
£
1,338
221811
223,149
-
513,924
513,924
-
2,890
2,890
-
21,961
21,961
1,338 760,586 761,924
-
2,351
2,351
-
16,435
16,435
157
1,018,826
1,018,983
157 1,037,612 1,037,769
1,181
(277,026)
(275,845)
-
-
-
1,181
(277,026)
(275,845)
3,932 831,787 835,719
5,113 554,761 559,874
2021
2020
Restricted Unrestricted
Total
Total
£
£
£
£
3,381
13,064
16,445
6,468
-
106,444
106,444
214,815
-
23,368
23,368
1,866		 2020
2020
2020
Restricted Unrestricted
Total
Funds
Funds
Funds
£
£
£
1,338
221811
223,149
-
513,924
513,924
-
2,890
2,890
-
21,961
21,961
1,338 760,586 761,924
-
2,351
2,351
-
16,435
16,435
157
1,018,826
1,018,983
157 1,037,612 1,037,769
1,181
(277,026)
(275,845)
-
-
-
1,181
(277,026)
(275,845)
3,932 831,787 835,719
5,113 554,761 559,874
3,381
142,876
146,257
223,149
2021
2020
Restricted Unrestricted
Total
Total
£
£
£
£
-
493,992
493,992
413,474
-
30,532
30,532
25,910
-
116,905
116,905
74,540
-
641,429
641,429
513,924

14

DEVELOPMENT THROUGH CHALLENGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3c. Other trading activities

Other trading activities
Subletting income
Café income
Other income
Business interruption insurance claimed		 2021
2020
Restricted Unrestricted
Total
Total
£
£
£
£
-
3,881
3,881
2,890
-
28,518
28,518
21,961
-
32,399
32,399
24,851
2021
2020
Restricted Unrestricted
Total
Total
£
£
£
£
-
500,000
500,000
-
-
500,000
500,000
-

3d. Other income

4. Total Expenditure

Total Expenditure
Staff cost (Note 6)
Premises
General office cost
Insurance
Legal & professional fees
Audit fees
Training costs
Contract climbing costs
Bank charges and interest
Advertising and promotion
Climbing equipment
Maintenance Wall
General repair and maintenance
Purchase of goods for resale
Depreciation
Total
Support costs allocation
Total Expenditure 2021
Total Expenditure 2020		 2021
2020
Raising
funds
Café
Climbing
facilities
Support
costs
Total
Total
£
£
£
£
£
£
-
-
499,687
-
499,687
643,662
-
-
113,230
-
113,230
108,635
-
-
67,768
-
67,768
89,027
-
-
13,264
-
13,264
10,666
-
-
-
29,741
29,741
25,641
-
-
-
5,750
5,750
6,560
-
-
6,901
-
6,901
1,786
-
-
9,755
-
9,755
21,030
-
-
-
19,829
19,829
16,951
1,044
-
-
-
1,044
2,351
-
-
2,759
-
2,759
9,752
-
-
4,223
-
4,223
12,709
-
-
10,364
-
10,364
25,516
-
16,799
-
-
16,799
16,435
-
-
43,604
-
43,604
47,048
1,044
16,799
771,555
55,320
844,718
1,037,769
-
-
55,320
(55,320)
-
1,044
16,799
826,875
-
844,718
2,351
16,435
1,018,983
-
1,037,769

Support costs are allocated between activities on the basis of staff time spent.

Of the total expenditure £1,028 was restricted expenditure (2020: £157) and £843,690 was unrestricted expenditure (2020: £1,037,612).

15

DEVELOPMENT THROUGH CHALLENGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

5. Net income / (expenditure) for the year

This is stated after charging / (crediting):

Depreciation
Auditors remuneration		 2021
2020
£
£
43,604
47,048
5,750
6,560

6. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2021
2020
£
£
461,040
586,431
24,363
36,784
14,284
20,447
499,687
643,662

No employee earned more than £60,000 during the year.

The total employee benefits including Employer's NIC and pension contributions of the key management personnel were £56,835 (2020: £61,448).

No trustee received any remuneration during the year and no trustee was reimbursed for travel or any other expenses (2020 – Nil).

The average number of employees (head count based on number of staff employed) during the year was:

Running of the climbing facilities
Management and administration		 2021
2020
No.
No.
33
42
1
1
34
43

7. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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DEVELOPMENT THROUGH CHALLENGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Tangible fixed assets

Cost
At the start of the year
Additions in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Improvement
to premises
Climbing
wall
Climbing
equipment
Office
Equipment
Total
£
£
£
£
£
493,399
687,155
127,772
150,566
1,458,892
55,705
14,995
-
2,012
72,712
549,104
702,150
127,772
152,578
1,531,604
490,305
550,290
121,776
122,411
1,284,782
4,058
28,376
2,043
9,127
43,604
494,363
578,666
123,819
131,538
1,328,386
54,741
123,484
3,953
182,178
203,218
3,094
136,865
5,996
145,955
174,110

All of the above assets are used for charitable purposes.

9. Debtors

Trade debtors
Other debtors and prepayments
Creditors: amounts falling due within one year
Taxation and social security
Other creditors and accruals
Deferred income		 2021
2020
£
£
3,744
4,929
22,712
7,419
26,456
12,348
2021
2020
£
£
16,545
16,968
148,051
83,310
864
-
165,460
100,278

10. Creditors: amounts falling due within one year

Deferred income represents amounts received in advance for the events due to take place in next financial year

11. Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Bank loans 2021
2020
£
£
-
50,000
-
50,000

The bank loans are secured against the charity's assets.

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DEVELOPMENT THROUGH CHALLENGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12. Analysis of net assets between funds

Restricted Unrestricted Total
funds funds funds
£ £ £
Tangible fixed assets - 203,218 203,218
Net current assets 7,466 824,557 832,023
Long term liabilities - - -
Net assets at the end of the year 7,466 1,027,775 1,035,241
Restricted Unrestricted Total
Analysis of net assets between funds 2020 funds funds funds
£ £ £
Tangible fixed assets - 174,110 174,110
Net current assets 5,113 430,651 435,764
Long term liabilities - (50,000) (50,000)
Net assets at the end of the year 5,113 554,761 559,874
Movements in funds
At the start of
the year		 Income Expenses Transfers At the end
of the year
£ £ £ £ £
Restricted funds:
Squad funds 5,113 - - - 5,113
Andy Reid memorial funds - 3,381 (1,028) - 2,353
5,113 3,381 (1,028) - 7,466
General funds 554,761 1,316,704 (843,690) - 1,027,775
Total funds 559,874 1,320,085 (844,718) - 1,035,241
Movements in funds 2020
At the start of
the year		 Income Expenses Transfers At the end
of the year
£ £ £ £ £
Restricted funds:
Squad funds 3,932 1,338 (157) - 5,113
3,932 1,338 (157) - 5,113
General funds 831,787 760,586 (1,037,612) - 554,761
Total funds 835,719 761,924 (1,037,769) - 559,874

13. Movements in funds

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DEVELOPMENT THROUGH CHALLENGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the consolidated statement of financial activities)
Depreciation
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) operating activities		 2021
2020
£
£
475,367
(275,845)
43,604
47,048
(14,108)
57,718
15,182
68,473
520,045
(102,606)

15. Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 At the start
of the year
Cash flows
Other
changes
At the end
of the year
£
£
£
£
523,694
447,333
-
971,027
523,694
447,333
-
971,027

16. Related party transactions

No trustee or other person related to the Charity had any personal interest in any contract or transaction entered into by the Charity during the year (2020 – Nil).

19