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2023-03-31-accounts

Company Registration No. 808329 Charity Number: 305968

BOWLES ROCKS TRUST LIMITED (A Company Limited by Guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023

BOWLES ROCKS TRUST LIMITED

CONTENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page
Trustees' annual report 1 - 12
Notice of annual general meeting 13
Independent auditors' report 14 - 16
Consolidated statement of financial activities 17
Consolidated balance sheet 18
Balance sheet 19
Consolidated statement of cash flows 20
Notes forming part of the financial statements 21 - 31

BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Annual Report 2022/23

2022/23 was another strong year for the Bowles Rocks Trust, delivering on our aims as a charity, supporting young people to achieve their potential through high quality outdoor and experiential learning. On all relevant metrics including rebooking rates, occupancy levels and feedback scores we performed well. With respect to finances, we were able to achieve our aims whilst managing our finances effectively, delivering a small surplus to be reinvested in the work of the charity. Our safety record was once again very good as was our approach and commitment to safeguarding for young people across all our programmes.

This year was the first full year following COVID restrictions when the charity was able to return to normal and welcome back all the schools and groups which had had to amend, shorten, or cancel their residential courses. We were also delighted to welcome 18 schools new to Bowles this year.

At the end of the financial year we are in a good financial position. Trustees are proud and encouraged by how the team rode and recovered from the impact of the pandemic across all four of our sectors: Education, Youth, Learning and Development and Recreation, as well as how they managed to deliver a £45k income and expenditure surplus despite the headwinds of the cost of living crisis: inflation rising to 10%, utilities prices rising by over 100%, the knock on impact on food (up 17%) and other supplier price increases; this was in addition to the £60k hit to income due to the temporary closure as a result of water supply issues in the peak season during summer 2023, as well as a pool winter maintenance closure. Within this context we were already working to a tight budget and it is testament to some excellent work across our whole staff team that we managed to more than break even and reach the end of the financial year with reasonable levels of reserves and our COVID loans repaid.

Our 2023/24 budget, completed in a thorough and timely manner by Lesley Ancliff – Head of Finance & Facilities, targets achieving a small surplus whilst delivering at full tilt, adding value, managing assets and building on current successes. This budget already looks likely to be far exceeded in terms of the IE surplus, due to the successful retention of existing clients and the demand from new.

The Youth sector showed a modest recovery post COVID, with income up 50% for the year to £45k against a £36k budget, making up 3% of the charity’s income. A notable success this year was L&D income, which came in at £280k against a budget of £210k. The L&D sector made up 19% of income in 2022/23 and Recreation made up 14%. The remainder was mostly Education and the majority of that was residential courses for schools. Recreation also had a strong year, although not at the heady heights of the post COVID UK ‘outdoor freedom frenzy!’.

Many of the children visiting the centre in the past year were noticeably affected by the wider impacts of the COVID pandemic and this was supported by reports from visiting staff. They showed greater levels of anxiety, some showed gaps in social skills and some were markedly less resilient. Practical changes we noticed included narrower diets, more homesickness and many more children coming away from home for the first time, having missed out on visits to friends, families and sleepovers.

The school staff and our Bowles team were fantastic in the support they provided to these children. Both school staff and parents embraced the challenge of getting these children outdoors and away from home to help them recover from the effects of the pandemic through an outdoor residential course at Bowles. Bowles is a safe and nurturing environment and everyone from our administrators to the catering team work hard to make the site and the environment as welcoming, safe and supportive as possible so the children and school staff can make the most of their visit.

I am proud of our centre infrastructure, built up over decades of incremental gains, which offers a perfect platform for inspirational outdoor personal development. I am also heartened by our recent investment in sustainable energy for the swimming pool supported by European funding, both a response to our escalating energy costs and part of our efforts to mitigate our environmental impact. The £35k net investment should pay for itself in approximately 7 years, whilst cutting our carbon footprint significantly and even providing some energy security.

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

We are also delighted at how we successfully recruited, replaced and trained around half of our instructional staff team this winter. After staying during the pandemic it was time for several instructors to move onto fresh challenges, andwe are now blessed with some wonderful new teammates, who have already become a valued part of our ‘Bowles Family’ and who are receiving excellent feedback from clients. Their feedback to us about why they chose Bowles clearly demonstrates the importance of the charity’s commitment to staff wellbeing, staff training and development and to delivering high quality outdoor learning.

The ongoing and burgeoning demand for the experiences and benefits of outdoor education is perhaps the most encouraging factor in all of this; long may it continue.

Some of key reasons for the ongoing success of Bowles this year include: •Our excellent reputaJon evidenced by high rebooking rates and popularity of our courses.

•Our commitment to high quality

•The impact of our work evidenced through feedback across all our programmes.

•The importance of outdoor and residenJal adventurous acJviJes to young people, schools, families, parents, teachers, youth groups and organisations.

•Our excellent and ever developing staff team.

•The fantasJc natural resources and beauty of Bowles Outdoor Centre and Bowles Rocks.

•Our willingness and flexibility to try new things.

•Our clarity of purpose.

The challenges on the horizon have not changed much, mainly being the cost of living crisis and inflation. Current economic forecasts suggest inflation has peaked; however, the post-Brexit, postCOVID economic climate is far from recovered. We are aware that schools are keen to manage their costs. We are working hard in this context to maintain our commitment to high quality.

We have been successfully working hard to promote and maintain the numbers of schools taking part in our 5-day residential courses and resist the trend towards shorter, cheaper courses. Whilst outcomes for 3-day courses are still excellent, we believe that the outcomes and impact of longer courses merit the additional cost. We have had some notable successes in this area and will continue to make high quality choices wherever possible.

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Other achievements in the past 12 months include:

As we look forward to Bowles’ 60th Anniversary next year. This will be a great opportunity to review our successful journey so far and the strong position we are in as a secure platform for a bright future.

We are all proud and encouraged by the charity’s performance over the past year, which has demonstrated our resilience, our excellence, our impact, our reputation and the ongoing need for, and importance of our work.

Finally, as a centre for people development where resilience is an important focus, we are proud that we continue to have the leadership, Governance, people and systems in place to overcome and make the most of whatever challenges come our way. We would not be in the excellent position we enjoy today if it were not for the staff, the SMT, and especially the enthusiasm and drive from our Director, Richard Hardwick.

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

This report complies with the requirements of the Charity Commission Statement of Recommended Practice (SORP). It also forms a Directors' Report which complies with Companies Act requirements.

Bowles Rocks Trust Limited is a registered charity, registration number 305968. It is a company limited by guarantee and is registered in England and Wales, company number 808329. The governing document of the Trust is its memorandum and articles of association.

Our President, Patrons and Adviser to the Trustees do not carry responsibility as charity trustees or as company directors. Trustees are, however, both charity trustees and the company directors of the Trust. Trustees may be elected at general meetings by the members of the Trust. Trustees may also appoint a Trustee at a Trustees' meeting but, in this case, the Trustee must retire at the next annual general meeting and stand for re-election. Those who served in one of the above capacities during the year are as follows:

President The Earl De La Warr Chairman Peter Wilson Trustees Martyn Styles (Chairman - resigned 16 November 22) Mike Darbyshire Alan Gardner Helen Ogden (resigned 8th November 23) David Unwin, QC (resigned 16th November 22) Catherine Gallagher Mick Bradshaw Rosalind Stokeld Peter Wilson James Holden Neil Diddams (resigned 6th November 23) Melanie Karunaratne Kevin McDougall (appointed 12 May 23) Adviser to the Trustees Stephen Horscroft

At the Annual General Meeting in 2023, Mike Darbyshire, Alan Gardner and Catherine Gallagher, will retire by rotation in line with our Articles of Association.

Once elected, Trustees are expected to act as individuals in the interests of the Trust. However, initial nomination as advisory members will often be through one of the organisations that are relevant to our work. The following carry these organisational or special interests:

Mike Darbyshire Treasurer Stephen Horscroft Legal adviser

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Director of the Centre

Company Secretary

Richard Hardwick

Richard Hardwick

There are no specific restrictions imposed by the governing document on the way the charity can operate.

The Bowles Organisation Limited is a wholly owned subsidiary of Bowles Rocks Trust Limited. It is a private company limited by shares and is registered in England and Wales, registration number 2569701. The governing document of the company is its memorandum and articles of association. One hundred shares have been issued. It is a single member company, all shares being owned by Bowles Rocks Trust Limited. Directors are as follows:

Directors Peter Wilson (Chairman) Richard Hardwick Company Secretary Richard Hardwick

Both companies trade under the common identity "Bowles". The following details are common to both:

Principal office and Bowles registered office Sandhill Lane Eridge Green Tunbridge Wells TN3 9LW Independent auditor Kreston Reeves LLP Statutory Auditor Chartered Accountants Montague Place Quayside Chatham Maritime Kent ME4 4QU Bankers NatWest Bank 130 High Street Tonbridge Kent TN9 1DE In addition, the charity banks with: Charities Aid Foundation CAF Bank Ltd Kings Hill Kent ME19 4TA Aldermore Bank Plc 1st Floor, Block B Western House Lynch Wood Peterborough PE2 6FZ

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their Annual Report together with the audited Financial Statements of Bowles Rocks Trust Limited (the company) for the year ended 31 March 2023. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2019).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities

a. Policies and objectives

The Trust’s primary aim is to provide educational courses open to all young people, using adventurous activities to contribute towards their personal and social development. Beneficiaries of this service include pupils in mainstream primary and secondary schools, trainee teachers, youth groups and a wide variety of social organisations. Benefits for most participants involve the development of personal qualities such as selfconfidence, awareness of others and responsibility.

A secondary aim is to target that service towards young people with specific needs, including those who, without support, would not be able to afford the experience. Two categories of need have currently been identified: young people with disabilities and disadvantaged young people. Outcomes are exactly the same as on our mainstream courses but, in many cases, an increase in self-esteem will have potentially greater benefits. Many of these courses are supported by bursaries.

All young people's courses receive a subsidy from the The Bowles Organisation Ltd.

b. Main activities undertaken to further the charity's purposes for the public benefit

The objectives of the Trust are to benefit the public by contributing to the educational and social development of young people up to the age of twenty-five, particularly through the experience of adventurous activities. In order to achieve those objectives, it runs courses open to the public, involving adventurous activities, both on a residential and a non-residential basis.

The objectives of the subsidiary are to contribute to the personal development of individuals and to the effectiveness of individuals and teams in their working environment, to provide opportunities for recreational participation in adventurous activities and to carry on trading activities for the benefit of Bowles Rocks Trust Limited.

The Trustees are aware of their responsibilities to ensure that the Trust carries out its aims for the public benefit and have referred to the Charity Commission’s general guidance on this when reviewing plans and activities.

Our educational courses help participants to develop self-confidence, awareness of others and responsibility, with the knowledge that such development has a lasting impact on young people back in their everyday life. To this end, groups of young people take part in challenging outdoor activities, something which is increasingly recognised as an important part of young people's development by organisations such as OFSTED and NFER and by the Learning Outside the Classroom initiative.

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

b. Main activities undertaken to further the charity's purposes for the public benefit (continued)

Bowles' courses also benefit the public by introducing a range of healthy activities to many young people who have little or no opportunity to experience them otherwise.

To ensure that no-one is excluded from participation, all educational courses for young people are at subsidised rates. This is partly achieved through funds generated by the subsidiary’s activities of personal and team development courses for adults.

In addition, bursary supported, targeted courses for young people with disabilities or from disadvantaged backgrounds allow us to ensure that people who could otherwise not afford the experience are not excluded from the opportunity to benefit.

The statistics on the following page give an idea of the scale of the contribution that the Trust makes to public benefit in these ways.

Achievements and performance

a. Key financial performance indicators

Our key performance indicators are summarised in the table below.

Outcome **Target ** Outcome Target
2023 2023 2022 2022
Surplus as a % of Turnover 3.0% 0.0% 4.2% 0.0%
Salaries as a % of Turnover 59.2% 61.0% 56.1% 61.0%

b. Review of activities

Details of courses run during the year

Residential courses - over two days
Schools
Other groups of young people
Supervisory and management staff		 2023
2022
2023
2022
2023
2022
72
57
3,182
2,492
11,582
8,379
11
2
246
77
482
238
25
18
275
249
1,152
540
-
-
-
-
-
-
Number of
Number of
courses
students
Number of
student days
108
77
3,703
2,818
13,216
9,157

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Details of courses run during the year (continued)

Non-residential courses
Schools
Ski courses open to the public
Holiday courses open to the public
Private lessons
Birthday parties & family groups
Groups (schools, youth groups, Army etc)
Management development and team building courses
Total number of student days		 2023
2022
594
3381
593
0
1329
3133
135
138
418
512
210
478
320
111
Number of
student days
3,599
7,753
16,815
16,910

The centre reopened to residentials in June 2022 as restrictions were lifted which ran alongside family party groups and holiday courses.

Included in the above figures are the following:
Student days for disadvantaged young people 1927 2,600
Student days for young people with disabilities 556 865
Type of student
School children 92% 96%
Supervisory and management staff 8% 4%
Other adults 0%
Length of course
Longer than two days 108 51
Two days 31 -
Non-residential 142 49

c. Financial, social and environmental objectives

Total income has increased this year compared to last year , £1,552,286 (2022 - £1,371,573) and the expenditure has increased in line, totalling £1,505,682 (2022 - £1,313,577) leaving a surplus of £46,604 (2022 - £57,996) at year end. A proportion of the income was due to grants and donations throughout the year.

Social objectives were expressed partly in terms of the participant throughout reported on page 7, which have been affected increased compared to last year as the world returns to pre pandemic behaviour. It is of course impossible to communicate fully here the huge impact our outdoor and residential experiences have had on young people in developmental terms, they gained enormously in terms of selfconfidence, maturity and other personal qualities.

Following a previous energy audit that was commissioned to identify the areas across the centre that could be improved, we have started to undertake some of the suggestions that were made to gradually reduce our energy consumption which in turn will reduce costs and our impact on the environment. Solar panels and air source heat pumps have been installed post balance sheet.

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Review of the year

It is a credit to the efforts of everyone at Bowles to report a surplus of £60,326 on the unrestricted fund offset by a deficit of £13,722 on the restricted fund. The net surplus represents 3% of turnover and has resulted in a increase of reserves available for carry forward of £2,312,762 as shown on the Statement of Financial Activities.

The Government backed CBIL loan of £245,000 was paid back in full in August 2022.

Most of the assets of the charity are held in the form of land and buildings. There is no requirement to realise those assets in order to maintain the ongoing viability of the Trust.

We are very grateful to the following for donations made during the year: (1) Individual donations: Mr Mike Darbyshire Charities Trust Legal & General Eileen Welch - Marathon runner

Some of these donations were put towards bursaries for disadvantaged young people and young people with disabilities. At the year end, a balance of £1,728 of bursary funding remained, which will be spent on subsidising courses during the coming year.

b. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the Financial Statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

c. Reserves policy

The trustees aim to maintain free reserves in unrestricted funds at a level which equates to three months of salaries costs (taken as three months of the annual salaries expenditure). The balance held as unrestricted funds at 31st March 2023 was £1,615,516, of which £263,349 are regarded as free reserves, after allowing for funds tied up in tangible fixed assets. Three month salaries payments totalled £230,709 for 2023.

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

a. Governing document

Trustees have formed a Governance Committee which has produced a Governance Document and is responsible for keeping governance policy and processes under review. The Governance Document gives details of the terms of reference and accountability of committees, arrangements for recruitment and appointment of new Trustees and arrangements for induction and training of Trustees. It clarifies the boundaries between governance and management, summarises the respective roles of Trustees, Chairman and Director and lays down principles to ensure that decision making takes place at the appropriate level.

b. Method of appointment or election of Trustees

The body of Trustees reviews its make up from time to time and, if necessary, recruits new Trustees, in order to achieve a balanced range of relevant skills and experience. Potential Trustees are normally appointed by existing Trustees and then retire at the next annual general meeting, when they must seek re-election. There is a documented induction process and a commitment to support training, which would enable Trustees to carry out their role more effectively. During 2023 two Trustees resigned and one new Trustee was appointed.

c. Pay policy for senior staff

Bowles maintains a pay scale with grades, increments and with weighting for differing working patterns, this is reviewed and updated with any annual salary changes on the 1st Oct. Any changes will normally be based on: movements in market rates, Bowles’ performance and any constraints applied by the Trustees.

d. Organisational structure and decision making

There is a clear recognition that governance is the responsibility of Trustees and management is the responsibility of staff. There is a list of types of decision with an agreed statement of whether each decision should be taken by Trustees or by staff or be a shared responsibility.

In summary, policy is set by Trustees, who meet quarterly to monitor in detail the activity of the centre and its financial situation. They also meet with all the staff from time to time, particularly in the development planning context. Day to day management of the charity is delegated to the Director of the centre who implements the policy of the Trustees through the paid staff of the centre. The annual budget is approved by the Trustees at the start of each financial year.

The charity and its subsidiary are administered from the same office but at arms length as far as their activities are concerned. The subsidiary pays to the Trust an annual licence fee and, in addition, pays a proportion of the expenses of the Trust, calculated on the proportion of the staff time used. At the end of the year, the subsidiary donates, under corporate gift aid, the whole of its profit to the Trust.

e. Related party relationships

Apart from the relationship with its subsidiary, there are no related parties or other organisations with which the Trust co-operates in pursuit of its charitable objectives.

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

f. Risk management

The Trustees have carried out a review of the major risks to which the charity is exposed are satisfied with the systems in place to manage those risks.

e. Plans for future periods

Managing through the cost-of-living crisis

Following the challenges of the past few years we have experienced a strong recovery of activities and income across all Bowles sectors. Our post covid recovery was encouraging and as we hoped.

We are now in the middle of a national cost of living crisis it is unclear at this stage how deeply this will affect the charity. We expect the needs of children to increase whilst the ability of parents and families to afford the benefits of outdoor education are likely to decrease. We will be monitoring this and working hard to budget through these challenging times whilst retaining our commitment to high quality and accessibility. As things stand our core residential work with schools is almost fully booked for the year ahead and we are able to adapt residentials to day courses if required. Our work in the Youth, Recreation and Learning and Development sectors may be hit harder, and we will be working hard to manage this whilst ensuring young people continue to have access to excellent experiences at Bowles.

In addition, 2024 will see us enter our 60[th] year of excellence in outdoor learning at Bowles.

As we move forward, we retain our 3 core themes: -

1. Sustainability

2. Charity and Targeted work

3. Quality

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BOWLES ROCKS TRUST LIMITED

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Trustees' responsibilities statement

The Trustees (who are also directors of Bowles Rocks Trust Limited 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. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

This report was approved by the Trustees on 29 November 2023 and signed on their behalf by:

Peter Wilson, Chair Trustee

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BOWLES ROCKS TRUST LIMITED

NOTICE OF THE ANNUAL GENERAL MEETING

FOR THE YEAR ENDED 31 MARCH 2023

Notice is hereby given that the 55th annual general meeting will be held on 29 November 2023 for the following purposes:

On behalf of the Trustees

Richard Hardwick

Company Secretary

Registered office:

Bowles Sandhill Lane Eridge Green Tunbridge Wells TN3 9LW

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BOWLES ROCKS TRUST LIMITED

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 MARCH 2023

We have audited the financial statements of Bowles Rocks Trust Limited (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 March 2022 set out on page 17 to 31. 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).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 March 2023 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's 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

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 charitable company'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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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

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BOWLES ROCKS TRUST LIMITED

INDEPENDENT AUDITORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

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 matters prescribed by the Companies Act 2006

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

• the information given in the Trustees' report including the Group strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Trustees' report and the Group strategic report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Group strategic report.

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

• the parent charity has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charity financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charity 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 the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent charitable company's 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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BOWLES ROCKS TRUST LIMITED

INDEPENDENT AUDITORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

Auditor's 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 is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and

• Assessment of identified fraud risk factors; and

• Review of expenditure to confirm no evidence of personal benefit; and

• Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and

• Challenging assumptions and judgements made by management in its significant accounting estimates; and

• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

• Physical inspection of tangible assets susceptible to fraud or irregularity; and

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting transactions; and

• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

16

BOWLES ROCKS TRUST LIMITED

INDEPENDENT AUDITORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.

• Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

17

BOWLES ROCKS TRUST LIMITED

INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

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 charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

James Peach BSc FCA (Senior statutory auditor) for and on behalf of

Kreston Reeves LLP Chartered Accountants Statutory Auditor Chatham Maritime Date: 11 December 2023

18

BOWLES ROCKS TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including income and expenditure account)

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Income from:
Donations and legacies
Other trading activities
3
Charitable activities
3
Investments
Other
Total income
Expenditure on:
Raising funds
3, 5
Charitable activities
5
Total expenditure
Net income/(expenditure) for the year
before transfers
Gross transfers between funds
Net movement in funds
Fund balances brought forward at 1 April 2022
Fund balances carried forward
at 31 March 2023		 Unrestricted
Funds
£
4,960
496,063
1,026,803
7,258
17,202		 Restricted
Funds
£
-
-
-
-
-		 Total
2023
£
4,960
496,063
1,026,803
7,258
17,202		 Total
2022
£
90,817
374,570
817,604
434
88,148
1,552,286 - 1,552,286 1,371,573
396,542
1,095,419		 -
13,722		 396,542
1,109,141		 322,058
991,519
1,491,960 13,722 1,505,682 1,313,577
60,326
-		 (13,722)
-		 46,604
-		 57,996
-
60,326
1,555,190		 (13,722)
710,968		 46,604
2,266,158		 57,996
2,208,162
1,615,516 697,246 2,312,762 2,266,158

All activities relate to continuing operations.

The notes on pages 23 to 33 form part of these financial statements.

19

BOWLES ROCKS TRUST LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
8
Current assets
Stocks
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
Net current (liabilities)/assets
Total assets
Creditors: amounts falling due
after more than one year
14
Net assets
Funds
Unrestricted funds
Restricted funds
Total funds
16
Company Registration Number: 808329		 £
20,374
109,988
1,087,885
1,218,247
(524,171)		 £
1,618,687
694,076
2,312,763
-
2,312,763
1,615,516
697,246
2,312,762
2023		 £
16,282
123,178
1,172,580
1,312,040
(494,837)		 £
1,628,622
817,203
2022
2,445,825
(179,667)
2,266,158
1,555,190
710,968
2,266,158

The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, an audit is required in accordance with section 145 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the Trustees on 29th November 2023 and signed on their behalf,

Trustee

Peter Wilson

Trustee

Mike Darbyshire

The notes on pages 23 to 33 form part of these financial statements.

20

BOWLES ROCKS TRUST LIMITED

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
8
Investment in subsidiary
Current assets
Stocks
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
Net current (liabilities)/assets
Total assets
Creditors: amounts falling due
after more than one year
14
Net assets
Funds
Unrestricted funds
Restricted funds
Total funds		 £
20,375
1,074,381
205,452
1,300,208
(468,403)		 £
1,618,687
100
1,618,787
831,805
2,450,592
-
2,450,592
1,753,346
697,246
2,450,592
2023		 £
16,282
997,880
444,637
1,458,799
(415,154)		 £
1,628,622
100
2022
1,628,722
1,043,645
2,672,367
(179,667)
2,492,700
1,781,732
710,968
2,492,700

Company Registration Number: 808329

The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, an audit is required in accordance with section 145 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the Trustees on 29th November 2023 and signed on their behalf, by:

Trustee Peter Wilson

Trustee Mike Darbyshire

The notes on pages 23 to 33 form part of these financial statements.

21

BOWLES ROCKS TRUST LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note
Net cash used in operating activities
24
Cash flows from investing activities
Interest and dividends
Purchase of tangible fixed assets
Cash provided by (used in) investing activities
Cash flows from financing activities
Borrowing
Cash used in financing activities
Increase in cash and cash
equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year		 2023
2022
£
£
214,500
301,580
7,258
434
(77,788)
(30,582)
(70,530)
(30,148)
(228,667)
(16,333)
(228,667)
(16,333)
(84,697)
255,099
1,172,582
917,483
1,087,885
1,172,582

22

BOWLES ROCKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

1.1 Basis of preparation of financial statements

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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bowles Rocks Trust Limited 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.

1.2 Basis of consolidation

The Statement of financial activities (SOFA) and Balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the charity alone as permitted by section 408 of the Companies Act 2006.

1.3 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient, with the charity's reserves, for the charity to be able to continue as a going concern.

1.4 Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 3. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

1.5 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.6 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income is stated after discounts and net of value added tax.

1.7 Expenditure

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

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.

23

BOWLES ROCKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies ( Continued )

1.8 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property Land (Cost £21,357) Nil Buildings owned at 31 March 1979 Over the estimated residual life of 55 years from 1 April 1978 Minor buildings added since 1 April 1979 Over the estimated lifetime of 40 years from 1 April in the year of purchase Major buildings added since 1 April 1979 Over the estimated lifetime of 75 years from 1 April in the year of purchase Works carried out on the Director's house Over the estimated lifetime of 27 years from 1 April in the year of purchase Furniture, fixtures and fittings 12.5% per annum on cost Training equipment Ski slope earthworks Nil Ski slope matting 12.5% per annum on cost Other items 25% per annum on cost Motor vehicles 20% per annum on cost Plant and machinery 12.5% per annum on cost

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value.

1.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.10 Leasing and hire purchase

Assets purchased under finance leases are capitalised as fixed assets. Where material, obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charge. Finance charges are written off to the SOFA over the period of the lease so as to produce a constant periodics rate of charge.

1.11 Pension

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.12 Debtors

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

1.13 Cash at bank and in hand

Cash at bank and 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.

1.14 Creditors and provisions

Creditors and provisions are recognised where the company 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.

24

BOWLES ROCKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies ( Continued )

1.15 Financial instruments

The company 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.

2 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.

Tangible fixed assets

The charity has recognised tangible fixed assets with a carrying value of £1,618,687 at the reporting date (see note 8). These assets are stated at their cost less provision for depreciation and impairment. For material assets such as land and buildings the charity determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the Trustees consider whether there are any factors that indicate a need to reconsider the estimates used.

3 Net income from the trading activities of The Bowles Organisation Limited

The Company donates, under corporate gift aid, its taxable profit to the Trust and a summary of its trading results is shown below, together with the charity's own results for the year, to distinguish them from the group results. Audited accounts of the Company have been filed with the Registrar of Companies.

Income from activities
Charitable course fees
Corporate course fees
Recreational course fees
Other income from use of facilities
Licence fees charged by
Bowles Rocks Trust Limited
Apportioned costs recharged by
Bowles Rocks Trust Limited
Gross profit: subsidiary
Administrative expenses
Other income
Net profit for the year: subsidiary
Amount donated under corporate gift aid
to Bowles Rocks Trust Limited
Gross incoming resources: charity
Costs of generating funds
Costs of charitable activities
Net income/(expenditure)		 Subsidiary
2023
2022
£
£
285,135
157,210
158,105
156,255
52,823
61,105
(25,000)
(25,000)
(382,536)
(320,643)
88,527
28,927
(3,538)
(2,733)
3,749
63
88,739
26,256
-
-
88,739
26,256
-
-
-
-
88,739
26,256		 Subsidiary
2023
2022
£
£
285,135
157,210
158,105
156,255
52,823
61,105
(25,000)
(25,000)
(382,536)
(320,643)
88,527
28,927
(3,538)
(2,733)
3,749
63
88,739
26,256
-
-
88,739
26,256
-
-
-
-
88,739
26,256		 Charity
2023
2022
£
£
1,026,803
817,604
25,000
25,000
25,670
179,336
-
-		 Charity
2023
2022
£
£
1,026,803
817,604
25,000
25,000
25,670
179,336
-
-
88,527
(3,538)
3,749		 28,927
(2,733)
63
88,739
-		 26,256
-
88,739
-
-		 26,256
-
-		 1,077,473
(10,468)
(1,109,141)		 1,021,940
(2,507)
(991,519)
88,739 26,256 (42,135) 27,914

25

BOWLES ROCKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

**4 ** Net movement in funds - net income for the year 2023 2022
£ £
This is stated after charging:
Depreciation of tangible fixed assets 87,723 81,747
Auditors' remuneration 6,041 7,050

During the year, no Trustees received any remuneration (2022 - £Nil). During the year, no Trustees received any benefits in kind (2022 - £Nil).

The Trustees were not paid but travel expenses of £Nil (2022: £NIL) in total were reimbursed to nil (2022: NIL) Trustees.

5 Resources expended
Training salaries
L&D Salaries
Other training costs
Catering and maintenance
salaries
Other catering and
maintenance costs
Administration salaries
Other administrative costs
Irrecoverable VAT
Bad debt
Depreciation
Bursary fees
Bar salaries
Shop/bar/vending costs
Auditors' remuneration
Audit services		 Costs of
Costs of
Costs
Costs of
Total
Total
Generating
Ancillary
Incurred by
Charitable
2023
2022
Voluntary
Trading
Trading
Activities
Income
Subsidiary
£
£
£
£
£
£
-
-
82,692
297,348
380,040
353,251
-
-
92,058
-
92,058
65,658
-
-
8,332
29,596
37,928
32,480
-
-
57,359
206,255
263,614
222,030
-
-
51,692
185,880
237,572
182,828
-
-
39,729
142,861
182,590
197,528
-
-
45,784
123,134
168,918
141,365
-
-
8,428
30,308
38,736
33,528
-
-
-
-
-
-6,397
-
-
-
87,719
87,719
81,748
-
-
-
-
-
0
-
-
-
-
-
229
-
10,468
-
-
10,468
2,279
-
-
-
6,041
6,041
7,050
-
10,468
386,074
1,109,141
1,505,682
1,313,577

26

NOTES TO THE FINANCIAL STATEMENTS

BOWLES ROCKS TRUST LIMITED

FOR THE YEAR ENDED 31 MARCH 2023

6
Staff costs
Wages and salaries
Travelling expenses included in administrative expenses in note 5
Social security costs
Other pension costs		 2023
£
830,337
-
55,588
32,376
918,301		 2022
£
754,404
-
55,629
28,664
838,697

The average monthly number of employees was: 42 (2022: 38) and the average monthly number of employees during the year expressed as full time equivalents was as follows (including casual and parttime staff):

Training
- Full time
- Seasonal
- Part time
Administration
- Full time
- Part time
Learning & Development
- Full time
- Part time
Bar
- Part time
Maintenance
- Full time
- Part time
Catering
- Full time
- Part time		 2023
10.7
4.1
0.9
3.0
0.9
2.0
0.8
0.0
1.0
0.4
2.1
6.6
32.4		 2022
7.4
4.8
1.5
3.4
1.1
1.2
0.8
0.0
1.0
0.4
2.1
5.5
29.2

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £60,001 - £70,000

2023 2022
1 1

The total employment benefits including employer pension contributions of the key management personnel were £248,538 (2022: £245,161).

7
Interest payable
On bank loans and overdrafts		 2023
£
2,100		 2022
£
3,191

27

BOWLES ROCKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

8 Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net Book Value
At 31 March 2023
At 31 March 2022		 Freehold property
Restricted Unrestricted
Total
Funds
Funds
1,000,138
1,434,833
2,434,971
-
-
-
-
-
-
1,000,138
1,434,833
2,434,971
298,750
575,579
874,329
13,722
43,416
57,138
-
-
-
312,472
618,995
931,467
687,666
815,838
1,503,504
701,388
859,254
1,560,642		 Furniture, fixtures and fittings
Restricted
Unrestricted
Total
Funds
63,090
205,473
268,563
-
30,937
30,937
-
-
-
63,090
236,410
299,500
63,090
180,499
243,589
-
9,193
9,193
-
-
-
63,090
189,692
252,782
-
46,718
46,718
-
24,974
24,974		 Training equipment
Restricted Unrestricted
Total
Funds
65,875
109,559
175,434
-
14,569
14,569
-
-
-
65,875
124,128
190,003
58,021
90,438
148,459
-
9,724
9,724
-
-
-
58,021
100,162
158,183
7,854
23,966
31,820
7,854
19,121
26,975

28

BOWLES ROCKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

8 Tangible fixed assets
(Continued)
Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net Book Value
At 31 March 2023
At 31 March 2022		 Motor vehicles
Restricted Unrestricted
Total
Funds
Funds
-
59,082
59,082
-
20,199
20,199
-
(8,638)
(8,638)		 Plant and machinery
Restricted
Unrestricted
Total
Funds
137,925
166,640
304,565
-
12,083
12,083
-
-
-		 Total tangible fixed assets
Restricted
Unrestricted
Total
Funds
1,267,028
1,975,587
3,242,615
-
77,788
77,788
-
(8,638)
(8,638)
-
70,643
70,643		 137,925
178,723
316,648		 1,267,028
2,044,737
3,311,765
-
59,081
59,081
-
4,045
4,045
-
(8,638)
(8,638)		 137,925
150,610
288,535
-
7,623
7,623
-
-
-		 557,786
1,056,207
1,613,993
13,722
74,001
87,723
-
(8,638)
(8,638)
-
54,488
54,488		 137,925
158,233
296,158		 571,508
1,121,570
1,693,078
-
16,155
16,155		 -
20,490
20,490		 695,520
923,167
1,618,687
-
1
1		 -
16,030
16,030		 709,242
919,380
1,628,622

29

BOWLES ROCKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

9 Investments

The charity holds 100 Ordinary £1 shares in its wholly owned subsidiary company The Bowles Organisation Limited which in incorporated in England. The activities and results of this company are summarised in note 3.

10 Taxation

Bowles Rocks Trust Limited is a registered charity. Based on these financial statements there is no liability to corporation tax or income tax up to 31 March 2023.

11 Stocks
Goods for resale
12 Debtors
Amounts due from subsidiary
Trade debtors
Less: Bad Debt Provision
Prepayments and accrued income
13 Creditors: amounts falling due
within one year
Trade creditors
Bank loans and overdrafts (see note 15)
Tax and social security costs
Other creditors
Accruals and deferred income
Deferred income
Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 March 2023		 2023
Group
Trust
£
£
20,375
20,375
2023
Group
Trust
£
-
998,396
65,700
31,693
-
-
44,287
44,292
109,988
1,074,381
2023
Group
Trust
£
£
36,007
36,007
-
-
42,807
37,673
5,562
5,561
439,795
389,161
524,171
468,403
Group
Trust
£
£
320,787
252,542
407,482
357,576
(320,787)
(252,542)
407,482
357,576		 2022
Group
Trust
£
£
16,282
16,282
2022
Group
Trust
£
-
937,491
65,316
2,527
-
-
57,862
57,862
123,178
997,879
2022
Group
Trust
£
£
70,149
70,149
49,000
49,000
39,244
29,333
759
759
335,685
265,913
494,837
415,154		 2022
Group
Trust
£
£
16,282
16,282
2022
Group
Trust
£
-
937,491
65,316
2,527
-
-
57,862
57,862
123,178
997,879
2022
Group
Trust
£
£
70,149
70,149
49,000
49,000
39,244
29,333
759
759
335,685
265,913
494,837
415,154
415,154

Income is deferred as courses are booked and paid for in advance.

30

BOWLES ROCKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

14
Creditors: amounts falling due
after more than one year
Bank loans (see note 15)		 2023
Group
Trust
£
£
-
-
-
-		 2022
Group
Trust
£
£
179,667
179,667
179,667
179,667		 2022
Group
Trust
£
£
179,667
179,667
179,667
179,667
179,667

15 Loans

The bank loans were paid off during the year and the secured legal charge over Bowles Rocks Trust Limited and its associated assets released.

Within one year
Between two and five years
After five years		 Group
Trust
£
£
-
-
-
-
-
-
-
-
2023		 Group
Trust
£
£
49,000
49,000
143,734
143,734
35,933
35,933
228,667
228,667
2022		 Group
Trust
£
£
49,000
49,000
143,734
143,734
35,933
35,933
228,667
228,667
2022
228,667

16 Statement of funds

Statement of funds - current year

Designated Funds
Building Projects
Replacement vehicles
Deposits in advance
General funds
General fund
Restricted funds
Fixed asset fund
Bursary fund		 Brought
forward
£
350,000
20,000
320,787
690,787
864,403
1,555,190
709,240
1,728
710,968
2,266,158		 Incoming
resources
£
-
1,552,286
1,552,286
-
-
-
1,552,286		 Resources
expended
£
-
(1,491,960)
(1,491,960)
(13,722)
-
(13,722)
(1,505,682)		 Transfers
in/out
£
49,000
10,000
86,695
145,695
(145,695)
-
-
-
-
-		 Carried
forward
£
399,000
30,000
407,482
836,482
779,034
1,615,516
695,518
1,728
697,246
2,312,762

Restricted funds are comprised as follows :

The restricted fixed asset funds are mainly comprised of freehold property, and account for £687,666 of the total (2022: £701,388); these represent buildings that are owned by The Bowles Rocks Trust and were constructed or renovated using restricted donations. The remainder of the fixed asset fund is training equipment with a value of £7,852 (2022: £7,854) which represent the cost of the earthworks that were done using restricted donations to create our ski slopes.

The restricted bursary fund totalled £1,728 at the end of year, this fund is held to help Bowles target our service towards young people with specific needs, in particular young people with disabilities and disadvantaged young people, who without additional help may not be able to afford our courses. The funds are comprised of restricted donations from individuals and companies.

31

BOWLES ROCKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

16 Statement of funds (cont.)

Statement of funds - prior year

Designated Funds
Building Projects
Replacement vehicles
Deposits in advance
General funds
General fund
Restricted funds
Fixed asset fund
Bursary fund		 Brought
forward
£
450,000
30,000
160,000
640,000
843,472
1,483,472
722,962
1,728
724,690
2,208,162		 Incoming
resources
£
-
-
-
-
1,371,573
1,371,573
-
-
-
1,371,573		 Resources
expended
£
-
-
-
-
(1,299,855)
(1,299,855)
(13,722)
-
(13,722)
(1,313,577)		 Transfers
in/out
£
(100,000)
(10,000)
160,787
50,787
(50,787)
-
-
-
-
-		 Carried
forward
£
350,000
20,000
320,787
690,787
864,403
1,555,190
709,240
1,728
710,968
2,266,158

17 Analysis of group net assets between funds

Analysis of group net assets between funds - current year

Unrestricted
Fund balances at 31 March 2023
Funds
are represented by;
£
Tangible fixed assets
923,167
Cash at bank and in hand
1,086,158
Other current assets
130,362
Creditors
(524,171)
1,615,516		 Restricted
Funds
£
695,520
1,726
-
-
697,246		 Total
£
1,618,687
1,087,884
130,362
(524,171)
2,312,762

Analysis of group net assets between funds - prior year

Unrestricted
Fund balances at 31 March 2022
Funds
are represented by;
£
Tangible fixed assets
919,380
Cash at bank and in hand
1,170,854
Other current assets
139,460
Creditors
(674,504)
1,555,190		 Restricted
Funds
£
709,242
1,726
-
710,968		 Total
£
1,628,622
1,172,580
139,460
(674,504)
2,266,158

32

BOWLES ROCKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

18 Contingent liability

The company and its subsidiary are registered as a group for value added tax purposes. The company is therefore contingently liable for any unpaid value added tax liabilities of its subsidiary.

19 Capital commitments

At 31 March 2023 the charitable company had no capital commitments (2022: nil).

20 Control

The parent charitable company is controlled by its directors.

21 Auditors' ethical standards

In common with many charities of our size and nature we use our auditors to prepare and submit our returns to the tax authorities.

22 Pension commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £32,376 (2022: £26,505).

23 Related parties

Three Directors dependents were paid a total sum of £5,277 for paid work during the year (2022 - £3,385).

24 Reconciliation of net movement in funds to net cash flow from operating activities.

Net movement in funds
Add back depreciation charge
Deduct interest income shown in investing activities
Decrease (increase) in stock
Decrease (increase) in debtors
Increase (decrease) in creditors
Net cash used in operating activities		 Total
Total
funds
funds
2023
2022
£
£
46,604
57,996
87,719
81,748
(7,258)
(434)
(4,092)
8,408
13,190
(56,932)
78,337
210,794
214,500
301,580

33