REGISTERED COMPANY NUMBER: |
REPORT OF THE TRUSTEES AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
REGISTERED COMPANY NUMBER: |
REPORT OF THE TRUSTEES AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
Page |
Chairman's Report | 1 |
Report of the Trustees | 2 | to | 4 |
Report of the Independent Auditors | 5 | to | 8 |
Statement of Financial Activities | 9 |
Balance Sheet | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 | to | 22 |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
CHAIRMAN'S REPORT |
for the Year Ended 31 July 2024 |
It is with great pleasure that I present the Chairman's Report for the financial year ending 31st July 2024. After a challenging 2022/2023, this year has been one of rebuilding, progress, and significant achievements. |
Financial Recovery and Stability |
While we faced substantial deficits in the previous year due to rising costs and necessary maintenance work, we have taken important steps to ensure our financial health. Through strategic partnerships, diligent fundraising, and targeted cost-saving measures, we are proud to report a notable improvement in our financial position. Support from organisations including the University of Bolton has been instrumental in maintaining stability and enabling new growth opportunities. |
Our success in securing additional grants, including £20,000 from the National Lottery and further funding from Sport England and the Canoeing Foundation, has bolstered our ability to deliver high-quality outdoor experiences. The Hansa Transfer Dock Project received £7,500 in grants, allowing us to continue offering inclusive and accessible outdoor activities. |
Key Achievements in 2023/24 |
1. Partnerships and Community Engagement |
The Anderton Centre continues to strengthen its role within the community through strategic partnerships. Our involvement with the Bolton Sports Alliance and contribution to Bolton Council's "Start Well" strategy for Active Lives demonstrates our commitment to promoting health and wellness. In collaboration with ASDA, our Summer Holiday Activities and Food Programme provided enriching experiences for children, addressing both recreational and nutritional needs. |
2. Accessibility and Inclusivity |
We are especially proud of our nomination for the Lancashire Tourism Award in Accessibility and Inclusivity. While we did not win, the feedback we received has been invaluable. We have already begun implementing improvements, including enhancing our website’s accessibility and social media presence, broadening our inclusive offerings, and expanding our focus on emotional and sensory accessibility for disabled participants. |
3. Corporate and Educational Success |
The Anderton Centre’s reputation continues to grow, attracting corporate clients such as Leyland Trucks, and securing a role as an in-kind sponsor for the prestigious BiBAs. We have also successfully expanded our corporate events programmes and hosted numerous events, including the 2024 Association of Heads of Outdoor Centres Catering Conference and the Anderton Adventure Symposium. Our Teachers Open Day was met with great enthusiasm, fostering strong relationships with educators across the North West. |
4. Youth and Leadership Development |
This year, we deepened our impact on youth development through a series of workshops and leadership opportunities. Our collaborations with Bolton Together and UK Youth have provided free, structured programmes for young people, ensuring they have access to both recreational activities and valuable work experience. |
5. Event Highlights |
The Anderton Centre's events have continued to attract widespread interest. Our Open Days drew in hundreds of families, and the overwhelming response to the Autumn Open Day, where all tickets sold out within 24 hours, exemplifies the community’s engagement. |
Looking Ahead |
Looking forward, we are excited to continue expanding our offerings. We will also focus on furthering our corporate programmes and leveraging the Anderton Centre's unique location to create memorable experiences for both businesses and individuals. |
In closing, I would like to express my deep appreciation for the unwavering dedication of our Trustees, staff, volunteers, and community partners. Together, we have navigated challenges and emerged stronger. With continued collaboration and determination, I am confident that the Lancashire Outdoor Activities Initiative will achieve even greater success in the coming year. |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE (REGISTERED NUMBER: 03539233) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 July 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The principle activites of the charity are: |
- the provision of participation and learning opportunities for those who would not |
normally take part in outdoor activities |
- the provision of a co-ordinated approach to outdoor activities through working |
with local and national organisations |
- publicising what is happening in outdoor activities in Lancashire |
- the provision of an information service about outdoor activities. |
Public benefit |
The trustees confirm they have referred to the Charity Commissions guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. On 27 March 2019, Lancashire Outdoor Activities Initiative became part of the University of Bolton Group. Following this the charity became an exempt charity on 8 September 2021. |
STRATEGIC REPORT |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Organisational structure |
On 27 March 2019 the University of Bolton became the sole member of Lancashire Outdoor Activities Initiative and in turn became part of the The University of Bolton Group. |
The appointment of trustees is in accordance with the Articles of Association. |
None of the trustees has any beneficial interest in the company. |
The trustees give their time freely and none received any remuneration or benefits during the year. The remuneration of the Chief Executive is set by the trustees and reviewed annually. |
The Chief Executive is David Germain. |
Risk management policy |
The trustees have a duty to assess the major risks to which the charity is exposed, in particular to the operations and finances of the charity and are satisfied that adequate systems are in place to mitigate our exposure to the major risks. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE (REGISTERED NUMBER: 03539233) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 July 2024 |
Registered Charity number |
Registered office |
Trustees |
Auditors |
Chartered Accountants and Statutory Auditor |
5 Crescent East |
Thornton Cleveleys |
Lancashire |
FY5 3LJ |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Lancashire Outdoor Activities Initiative for the purposes of company law) are responsible for preparing the Annual 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 those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE (REGISTERED NUMBER: 03539233) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 July 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, ma2 Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
Opinion |
We have audited the financial statements of Lancashire Outdoor Activities Initiative (the 'charitable company') for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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 charitable company'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 trustees 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 Report of the Independent Auditors 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. |
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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
Matters on which we are required to report by exception |
In the light of the 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 Report of the Trustees. |
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: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, 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 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 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 charitable company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
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 a Report of the Independent Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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.Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations is as follows: |
As part of an audit in accordance with ISA's, we exercise professional judgement and maintain professional scepticism throughout. 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 on the effectiveness of the Company's internal control. |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. |
Conclude on the appropriateness of management's 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 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 auditor's 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 auditor's report. However, future events or conditions may cause the 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. |
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. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
Thornton Cleveleys |
Lancashire |
FY5 3LJ |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
STATEMENT OF FINANCIAL ACTIVITIES |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Other income | 5 |
Total |
EXPENDITURE ON |
Raising funds |
Other trading activities | 6 | 38,098 | - | 38,098 | 22,164 |
Charitable activities | 7 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 276,792 |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE (REGISTERED NUMBER: 03539233) |
BALANCE SHEET |
31 July 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 19 |
Unrestricted funds | 259,394 |
Restricted funds: |
Restricted funds | - | 1,863 |
Restricted Asset Fund | 25,316 | 15,535 |
17,398 |
TOTAL FUNDS | 276,792 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
CASH FLOW STATEMENT |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 123,187 | 60,773 |
Interest paid | (967 | ) | (3,102 | ) |
Net cash provided by operating activities | 122,220 | 57,671 |
Cash flows from investing activities |
Purchase of tangible fixed assets | - | (16,865 | ) |
Sale of tangible fixed assets | - | 5,426 |
Interest received | 1,057 | 928 |
Net cash provided by/(used in) investing activities | 1,057 | (10,511 | ) |
Cash flows from financing activities |
Capital repayments in year | - | (11,475 | ) |
Net cash provided by/(used in) financing activities | - | (11,475 | ) |
Change in cash and cash equivalents in the reporting period |
123,277 |
35,685 |
Cash and cash equivalents at the beginning of the reporting period |
135,802 |
100,117 |
Cash and cash equivalents at the end of the reporting period |
259,079 |
135,802 |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 31 July 2024 |
1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2024 | 2023 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
73,337 |
(223,406 |
) |
Adjustments for: |
Depreciation charges | 41,330 | 50,212 |
Profit on disposal of fixed assets | - | (1,019 | ) |
Interest received | (1,057 | ) | (928 | ) |
Interest paid | 967 | 3,102 |
Increase in stocks | (575 | ) | (3,982 | ) |
Decrease in debtors | 27,956 | 125,895 |
(Decrease)/increase in creditors | (18,771 | ) | 110,899 |
Net cash provided by operations | 123,187 | 60,773 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank | 135,802 | 123,277 | 259,079 |
135,802 | 123,277 | 259,079 |
Total | 135,802 | 123,277 | 259,079 |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Preparation of consolidated financial statements |
The financial statements contain information about Lancashire Outdoor Activities Initiative as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Grants and other income |
•Grants are included in the Statement of Financial Activities on a receivable basis. The balance of |
income received for specific purposes but not expended during the period is shown in the relevant fund |
on the balance sheet. Where income received in advance of meeting any performance-related |
conditions there is not unconditional entitlement to the income and its recognition is deferred and |
included in creditors as deferred income until the performance- related conditions are met. Where |
entitlement occurs before income received, the income is accrued. |
Capital grants are recognised when there is entitlement and are not deferred over the life of the asset in |
which they are expended, Unspent amount of Capital grant are reflected in the balance sheet in the |
restricted fixed asset fund. |
Other income, is recognised in the period it is receivable and to the extent the goods have been |
provided or on completion of the service. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
1. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Financial instruments |
Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Basic financial assets, which include stocks, debtors, group borrowings, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, group borrowings and accruals, are initially recorded at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations |
Grants |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
2. | DONATIONS AND LEGACIES - continued |
Grants received, included in the above, are as follows: |
2024 | 2023 |
£ | £ |
Other grants | 5,094 | 5,723 |
National Lottery | 20,000 | 9,772 |
Donations | - | 8,538 |
AIPFF | - | 1,863 |
UK Youth | - | 13,800 |
Hansa Dock | 13,665 | - |
Bolton Council | 16,700 | - |
55,459 | 39,696 |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Activity | £ | £ |
Training courses | Training courses | 1,314,841 | 997,158 |
5. | OTHER INCOME |
2024 | 2023 |
£ | £ |
Renewable Heat Incentive | 17,506 | 8,687 |
Other income | 11,246 | 3,757 |
28,752 | 12,444 |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
6. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Other operating leases | 38,098 | 20,372 |
Bad debts | - | 1,792 |
38,098 | 22,164 |
7. | CHARITABLE ACTIVITIES COSTS |
Support |
costs (see |
note 8) |
£ |
Training courses | 327,397 |
8. | SUPPORT COSTS |
Information | Governance |
Management | Finance | technology | costs | Totals |
£ | £ | £ | £ | £ |
Training courses | 110,190 | 2,495 | 69,615 | 145,097 | 327,397 |
9. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Auditors' remuneration | 5,350 | 5,350 |
Depreciation - owned assets |
Other operating leases | 38,098 | 20,372 |
Surplus on disposal of fixed assets | ( |
) |
10. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
10. | TRUSTEES' REMUNERATION AND BENEFITS - continued |
Trustees' expenses |
No expenses were paid to the Trustees in this or the previous year. |
11. | STAFF COSTS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Other pension costs |
790,895 | 664,428 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Management | 7 | 7 |
Contracted | 26 | 33 |
Casual | 17 | 8 |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Raising funds |
Other trading activities | 22,164 | - | 22,164 |
22,164 | - |
Charitable activities |
Other |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 479,484 | 20,714 |
TOTAL FUNDS CARRIED FORWARD | 259,394 | 17,398 | 276,792 |
13. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
14. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
MARKET VALUE |
At 1 August 2023 and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 | 1 |
At 31 July 2023 | 1 |
There were no investment assets outside the UK. |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
15. | STOCKS |
2024 | 2023 |
£ | £ |
Catering stock |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Anderton Centre-LOAI Ltd |
Other debtors | 433 | - |
Prepayments |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Pension | 5,032 | 4,388 |
VAT | 21,170 | 5,541 |
Payments on account |
Accrued expenses |
18. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
19. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.8.23 | in funds | 31.7.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 259,394 | 65,419 | 324,813 |
Restricted funds |
Restricted funds | 1,863 | (1,863 | ) | - |
Restricted Asset Fund | 15,535 | 9,781 | 25,316 |
7,918 |
TOTAL FUNDS | 73,337 | 350,129 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,433,944 | (1,368,525 | ) | 65,419 |
Restricted funds |
Restricted funds | 4,000 | (5,863 | ) | (1,863 | ) |
Restricted Asset Fund | 13,665 | (3,884 | ) | 9,781 |
( |
) | 7,918 |
TOTAL FUNDS | ( |
) | 73,337 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.8.22 | in funds | 31.7.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 479,484 | (220,090 | ) | 259,394 |
Restricted funds |
Restricted funds | - | 1,863 | 1,863 |
Restricted Asset Fund | 20,714 | (5,179 | ) | 15,535 |
20,714 | (3,316 | ) | 17,398 |
TOTAL FUNDS | 500,198 | (223,406 | ) | 276,792 |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
19. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,048,363 | (1,268,453 | ) | (220,090 | ) |
Restricted funds |
Restricted funds | 1,863 | - | 1,863 |
Restricted Asset Fund | - | (5,179 | ) | (5,179 | ) |
1,863 | (5,179 | ) | (3,316 | ) |
TOTAL FUNDS | 1,050,226 | (1,273,632 | ) | (223,406 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.8.22 | in funds | 31.7.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 479,484 | (154,671 | ) | 324,813 |
Restricted funds |
Restricted Asset Fund | 20,714 | 4,602 | 25,316 |
TOTAL FUNDS | 500,198 | (150,069 | ) | 350,129 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,482,307 | (2,636,978 | ) | (154,671 | ) |
Restricted funds |
Restricted funds | 5,863 | (5,863 | ) | - |
Restricted Asset Fund | 13,665 | (9,063 | ) | 4,602 |
19,528 | (14,926 | ) | 4,602 |
TOTAL FUNDS | 2,501,835 | (2,651,904 | ) | (150,069 | ) |
LANCASHIRE OUTDOOR ACTIVITIES INITIATIVE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
20. | ULTIMATE PARENT COMPANY |
The ultimate parent undertaking is the University of Bolton, a charity with exempt status, registered in England and Wales. |
The results of Lancashire Outdoor Activities Initiative are consolidated in the group accounts of the University of Bolton. These consolidated financial statements are available from its registered office, Deane Road, Bolton. |
21. | RELATED PARTY DISCLOSURES |
The entity owns all of the share capital of Anderton Centre - LOAI Limited, a company registered in England which operates from the Anderton Centre. During the year various expenses were shared and recharged on a fair apportionment basis. Any resultant balance outstanding between the two entities is shown in the relevant debtor/creditor note. |