Reglster•d number: 03250981 Charlty nUm￿r. 1064023 MOUNTAIN TRAINING TRUST TRUSTEES. REPORT AND HNANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WR Partners Protscting your future. MOUNTAIN TRAINING TRUST (A company 11rn1t￿ by guarantee) CONTENTS Refernn¢e and admlnislralivg detalls of the Charfty. Its Trusts05 and advlsers Trust￿￿. report Indop•ndent audltors. report on th• ffinan¢lal stal•fflorrt8 Consolldated statement of flnanclal actlvllles 2-11 12-15 16 Consolldated balance 8heet 17-18 Charity balanc• Sheet Consolidatsd statement of cash flows 19-20 21 Notos to the flnanclal stat•m•nts 22-43 MOUNTAIN TRAINING TRUST IA company Ilmltod ty guarantog) REFERENCE AND ADMINISTRATIVE DEfAIL8 OF THE CHARITY. IT8 TRUSTEES AND ADVISERS FOR THE YEAR ENDeD 31 MARCH 2024 Sowa Abth￿Hadi Lee Bameil (appdnted 27 February 2024) Ben Coates Ll8a Dlckln8on Anthony Hallrwell (resigned 29 Seplémb6r 2023) Mlchael Ros8er stephen Saddler {reSI￿￿d 21 Aprl 2024) Fbna Sanders (appointed 25 August 2023) Phlllp Smith (appolnted 27 Febwary 2024) Potor Stacgy (appointed 29 S*mber 2023) Matthew Tennant Emlly Thompson lappointed 21 May 2024) Cornpany reglstèrèd nUM￿r 03250981 Charity rngist•rad numbèr 1064023 R•0l8tsr•d offi¢0 Plas Y Brenin Nalk>n81 Outdoor Centra Capel Curlg Betws Y Coed LL24 OET CompAry s•cr•tary Ruth Hall (resJgned 30 Jun8 2023) Indepond6mt audltorn WR Partners Chartered Acenunlants Belmont House Shrewsbury Business Parf ShrewSt￿ry Shrcwhlre SY2 6LG 8enlor Management T•am P Kennedy- Chiaf Ex8culiv8 off￿8r (appointed 1910412023) H Bamard - Chlef InstNckK (reslgned 1610612023) P Atherton - HR DhYJclor {appolnted 0110812023> P Catterall- Hèad of Instruction R Roberts- Hosplality Managex S Carter- MarketirvJ Dlredor lappointed 0110612023) C Thomlon- Operations Director (appointed 0110812023) S Styles- Head of Finance {appolnted 14108r2023) Llssle Smtth - GovemwKe Offl¢er Page 1 MOUNTAIN TRAINING TRUST IA company Ilmlted by guaYanl•e) TRUSTEES. REPOI FOR THE YEAR ENDED 31 MARCH 2024 The Twslees present Iheir amual reporl together wlth the audtted financlal statements of the Charity for the period from 1 Aprfl 2023 to 31 March 2024. The Annual report seNes the purposes of both a Trustsos. report and a directors, report under Company law. The Trustees confim that the Annual report and flnanclal statements of th8 charitable company comply wlth the current statutcwy requirements. the requlrements of the charltable company6 govemlng document and the provl$ions of the Statsment of Recommend8d Practlc8 {SORP) appllcable to charttles preparing thelr accounts in accordance wilh the Financial Reporting Stsndard applicable in th8 UK and Republlc of Ireland {FRS102) (effecllve l JaN8ry 2019). Since the group and the Chariiy qualify 88 small under section 383 of the Companles Act 2006, the Group stratsgiG report required of medium and large companles under Ihe Companles Act 2fA)6 (Strategic Report and Dlrectors, Rep)rt) Reg￿ationS 2013 has been omitied. Obj•¢tiv•s and a¢tlvlti&s a. Pollcles and obJ•ctlves In setting objedNes and plannlng for actmties. the TTUSt8os have given due cons6deratlon to general guld publlshed by the Charbty Commission relating to publlc benef( Sncluding the guidance 'Put41c b8n8fit: running 8 charfty {PB2)'. The objects of the Group and Chaflty are specificalty restricted to the following: 1. The advancement for Ihe public b8nefrt of edu¢8tlon ar￿ tralnlng (In CA)nJunction where appropriate with other bodies or persons) in skills: a) or Ihe conduLa of safe walklng, running, canoeing, cllmbing, orlenleemg, mountsineeTing, skmng, muntaln blklro and other recreational activities generally practised in the outdoors or in sei hill, cliff, and mountain envlronments: andlor b) for the conduct of safe actlvlty in the outdoors or In sea. hlll, cliff, arKI mountain environments. 2. The promotlon of the provision of facllltles: a) for recr8ation or other lelsure; b) for the benefrt of the general public In the Interests of social welfare and wilh the obj8Ct of improving their ¢ondltlons of life. ¥Jdlor c) to dellver the first object of the Company. 3. Such other objects as shall be éx¢lusiv81y charitsble under the law of England ar￿ Wales as the Directors shall decide. Main activilies of the tharlty Aprth 2023 - March 2024: Continue to be a lead provider of natlonwide NGB quallfications to the outdoors 2nd Mountaln community Contlnue to break do￿￿ barriers to Outdo￿ participation through an actlve engagement program of outdoDr 8¢tivity for under 18s Continue to deliver a world le8dlng skills and developrnent program, ranging from introduGllon to outdoor pursults, through to high-performance sport Continue to develop outstarKllng partnershlps wlth Ioc81. national, and Interntional organlsallons d61Svering outdoor courses Pago 2 MOUNTAIN TRAININO TRUST (A ¢OMpary Ilmltsd by guaraith•> TRUSTEES. REPORT (COIITINUED) FOR THE YEAR ENDED 31 MARCH 2024 ObJ•Gllvu and •Gllvlllo8 (contlnu•d) b. Strategle5 for achlevlng Ob￿clIveS l¥frr is best kmwn for providing the inBtruction a88ociated y￿th the konlc ar￿ w0rfd￿ned Plas y Brwdn, Sport England'6 Nallonal Outdoor Centre. Plas y Bmln Is regarded by many as the spmtual home of British mounlaineerirwJ arKI is frequ￿ aclmowledged as the gold standard provider in traliing. developirvJ. and essesslng18ader5. co&*es, arKI instrudors in a￿Ven￿re sport. The charity has rnanaged 1ho National Centre on behalf of Its I￿¥ne[s, the Sp￿ts Coundl Trust Company (a subsldlary of Sport England). svKe the late 1990& Allhough Plas y Brenin is in Sn(hYdonia. off-siie delivery is done a(¥oss lh8 UK. ts Alps and further afiBld. ensuring a rang8 of terrakns are used lo meet course req￿reMents. The tharlty ￿ Incorporatad withfxrt sh8r8 Capital 8nd18 fimlted by gu8r8nt88 to a maxlmum of £1 from oach of Its foundlng members. the BMC. kffUK&I and MTE. Athltl•8 Undertak￿ to aGhlev• Ob￿￿5 Th8 core actlvhy 18 wovldng 8 range of In8tructlonal 8ervlces In ould¢xr actlvltles. Trai￿ry and 8klll8 development Is at the core of the charl￿6 work, whith is Gaptured annually in th8 form of a 'Sport Developme Plan, Thls Plan, approved by Sport England. do(yJments how Nfrr wlll: Contlnue to b& a lead provlder of nallonwlde NGB quallficatlon to the ¢￿t￿o01$ and Mountaln cornmunty: Continuè to dNn barrfers lo outdoor pathlpatlon through an engagement program of outthor actlvlty for under 18's," and Contlnue to dellver a world leadlng skllls arKI development program, ranglng from Introduction to outdoor pursults, tlyouqh the ￿g￿perf0￿r4n￿ SWL Durlng Aprll 2023 to March 2024, the follthvlng sklls & NGB courses were dellvered: . Hlll and MoorfaThl Leader TralnlJvJ & Assessrnent . Mourtsin Leador Training & A8sessm•nt . Mountaln Lead8r Summer Refr05hor . Winter Mouniaw) LeaderAssessm8nt . Intematlonal Mourttain Leader SummerTralning & Assessment . Intemallonal Mountain Leader Wlnter Tralnlng & Assessment . MounlAineering & Climbing Instru¢tor Training & Assessment . Wlnt8r Mounlalne8rlng & CllmblrKJ Instructor TrainlThJ & A8sessment . BMC FUNdamentals of Clin*ing 1&2 . British Canoeing Paddleswt Leader Training . British Canoeing Paddlesport Instnthr . British CanoeirHJ White Water Award . 3ritlsh Can￿ary Whlte WAl£r Safety & Reso . Brilish Canoelng Whlie Water Kayak Trnlnlng & Assessment . Brltlsh Canoelng Sea Kayak Leader Assassrnenl . Biiti'sh Canoeing Open Watsr Canoe Leader Tra￿Ing . Brfti8h Cyclwig Mountain Bike Loadernhip Level 2 & 3 Training and Asse￿Ment . Leam to Rock Climb . Improve Your Rock CIiTnbll¥ . Classic Rock . Perf0m1￿ce Rock Clinblng . Load Climb Coathing . Alpine Climtr*r Prep . Introductlon to Sèa Kayaking . Sea Kayaklng Improver . North Wd•s Gutded Sea Kayak Cla88iCS MOUNTAIN TRAINING TRUST (A ¢ompany Ilmlted by gw4rantee) TRUSTEES. REPORT (coirfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 ObJoCtlv•s and actlvltles (cononued . Llghthousas. Cliffs & Caves . Coastal Navigallon & TKlal Planning ftr Sea Kayakers . Discover Kayaking . Introduclton to While Watsr Kayaking . White Water Kayaking Improver . Advanced White Watsr Kayaking . Intron￿dIatr White Water Kayaking . Canoe Whits Water Skllls . Advanced Canoeing . Introduction to Scrambling Advanced Scrambling . N8vig8tion Skills for Hlll & Mountain Walkers . Cc>mplets NavigatKJn Skills Hill Skills . Completo Mountain Skllls . Snowdonla Fffteen Peaks Challeng8 . The Big Christmas Walk . Introducllon to Rolling - Kayak or Sea Kayak . The Bombproof Roll RolllrKJ R8corrstruction . Introductlon to Mountain Bikin9 . Welsh & Scottlsh Winter Pffjgramm88 . SuTnmer Camp Programmes . Fast Trad( and Embark Programmos d. Soclal Inveslment pollcles This year we have implornented a number of events and programmes to address Dur requlrement to deliver on S￿la1 investrnent. This indudes a pilot programrne run under our Mountain Adventure Fund {MAF). vthlch usès donations to provwje under¥resour¢ed youth with &cess to ouidwr adventUTe thrO￿5h Targeted community initiatiV88 Such as 'She p8ddlas' and working in cdlal)oration with Climb Out have been particularly successfvl. Further, opening our bar and café for longer h￿r$ vthilst Ihere is a lack of provision in the local area has been very well re￿Ived. We continue to enable tha public to use the faciliti@8 8u¢h as the climbing wal. Also, the buildirvJ hss become a hub for dub5 and membership orgarisatlons for conferences and AGMS alongside the tradilional training aclivty. •. Orant-maklng pollcles Mountain Trainlng Trust admlnlsters the Jamgs Brownhill Memorlal Flmd. This year we have added our own Mountaln knenture Fund. and we have developed a partsiership and fvndtai8ing policy to ensure that furKJing bodies meet the ethos and values of Mrr f. Volunteer8 Repre80ntative8 from our Foundlr¥J Member organlsations (BMC, MTE, MTUK&I) are volunteers from their National Goveming Body Organ￿allOng, and Ihe Non-Executive Trustee Board are all volLml8ors. We have also begun uknlising volunteers as part of Ihe dellvery of our MAF programme. Page 4 MOUNTAIN TRAINING TRUST (A Comyny 11m1t￿ by guarnnte•) TRU8TEE8' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 21f24 ObpcllvM and actMtl•8 {conlinuod) IAaln actlvltle$ undertaken to further th• Charws PU￿Se5 for tho publlc benefit The Trustees can confirm that they have Independonty r8vlffived th8 acllvltles of the charlty to en5urB they meet tho Charity Comm1661oners' guldance of publlc benefft. Thi6 public benefft test considetBd: Ihe benelll to the wb]Ic (or a *uffKienf section of the publlc); arKI the klenlSflable t*nefrt to the 8Ctlvlty (as opp088d to a d￿N￿ent). The actlvlltes facllltles prnld*J ar8 for the FWO8e of gelting more peo* 8dive outdoor4 regardJ88s r their demograplNc, for Iho benofft of their physKal and mental haallh, a8 well a8 to develop a range of transferable skills from team Ixjilding to problem sofvlw and conlld8n£8 building. The actMU8s and facilities are avalable lo those seeklng IntroduL*ory experknces In a rar¥e of wtdoor acflvlties, to the training of Instrucbrs. This training aims to enhance public 8(YXS to poslove and educallonal experfences, er￿(x￿a9lng paople to get adve ¢xrtdoors. h. Factors r•lovant to achleve obl•¢dves Durfng 2&ff24 the orgathllon has faced several lacllity related issues. in particular the need to tak8 Immedlate adlon In reJatKin to the re8ufts of the Ftre-safety revtew to meet the post Grenfell fire starKl8rds. A Itre Safety consultant was ampkjyed. and Swi England wa6 dosely Involved In the dèvebpment of appropriat8 plan8 over the next 5 yeers to cary out work aknngside general Upgradff￿ of the bulldlngs. The use of fire wardens al7￿ ts propety also impacted our need for £dditthal slaff and training. Furthemiore, the Impe￿ of the COVID period on the financial rnserves comblned wlth the Cost￿4￿n9 fflsis in tNs financial year ha6 Impact•d the financial Strength of the organlsallon. This lod lo and Introduction of SUbstsn￿8l oost rJJlbng exercise linked to thanges lo the (xganisation structure. We nego￿ated wlth Sport England to SUPPOrt Cost of Lmng Increases for Staff pay. bul many of our othèr o)sts s￿h as oll, electrlclty and f(x)dlbevorages impaclad on our ability to deliver our marrJins. As ￿ move towards negotialton ￿1h SKX>rt Eryland over the extenslon of pArrs contracl. inltlal conversations are undeTway. The present CEO has rx)w been In plac8 a year and has made inroads Into bultfmg stronger parther8hips ac¥oss the outdoor 8ector and wthin Sport England. A 5trBn￿en1n9 of tho board by appolntlng a Chair who undetstands and wovldes networks In the sector. supportéd ty recwlknent of further exwllsa in delivering commwcial and charitsble strattyi8s has byn lo enable the organisation lo articulate a business plan apprwiate to engage England. Page 5 MOUNTAIN TRAINING TRUST (A company Ilmlt•d by guarante•) TRUSTEES, REPORT ICONnNUED) FOR THE YEAR ENDED 31 MARCH 2024 ObJoctlv•s and a¢tivlties (contlnued) l. Fundralslng activltles and inGOrne generatlon Llmlted fundralslng wa5 ufKlertaken In the yea.r. On&funded bursary programme$ is stlll actlve. The MAF programme d81ivered £62K and cov8r8d the initlal pllot programme. Income is ￿nerated from the provision of courses and the operation of facillues at the centre. Th8 traditional courses contlnu8 to b8 under pr8s5ure however a number of new initiatives have been delivered such & the EMBARK programme and spe￿alised focus pr(yJrammes such as 'Shè paddles.. These tend to not only provide Income in their own right but tend to generate further purchases in our core programmes. Several strong partnershlps such as the National Trust walking programme and Risk man8gemenl programmes are also beginning to build. This year much of our other income streams rèmained close to budget. Tho rostructure and refocus of the hospltalty team has begun to have a po$lUve fln8ncial impact alongside th8 restNcturlng of th8 events and conferences team. l. Inveslment pollcy and performanGo Srffjrt England pays a m8n8gement fe8 to support the provlslon and management of the facilities. allowing Mrr to deliver its core objectiV88 and COTrtribute to Èis educallonal values. They also provlded slgnrficanl transfomiational income support to help thek busine8$ reostablish itself post COWD and cost of Ilvlng Increase$ for staff. Flnanclal review A year In revlgw 23124 sew an uptum in Plas y Brenin's events programrne and ils new initiatlves suckn as Embark, 8nd a modul8r Fast Treck hav8 made contributiorbs lo financial stability as high value programmes. Furthermore in 23124 we saw the pilot of our first MAF programme. and this has enabled us to begin buildlng a tlow of donations that will brfng this programme in a stable Income stream over the next 5 years. The core courselprogramme review led to 8 more effective programme but more work in thls Brea will b8 required. The devdopment of a risk and safety calegory has been klentified as a major opportunity to capitalise on a growlng market segment. Thera has been SIgn￿l￿nt work In 23124 lo understand the cost base and priclng structures of our progrdmmes and hospitallty Income streams. The results of this inltlalty began wilh a restructure and (x)st-saving exercise wllh its ImpaGt appearing in the 24125 budget. The cost4)f4iving crikis in thls year was acute for staff arKI Ihe lyjslness alike and Sport England supported a cost of living pay increase for st8ff whilst the buslness worked hard to reduce Ihe Impact of it on the business. Unfortunately, we saw 8 10% over budget incThas8 in total The Senior Leadershlp Team. alongside Truslees. worked hard In building seGlor wide partnerships and this has resulted in Many conf8rencÉs, symposiums and other community events thal demonstrate the centre as a hub for ihe outd¢)or community whilst generating funds for the organtsation. A number of finandal reporting mechanlsms were implemented during the year that provld8s more up to date tracklng Informatlon on murse optlmlsatlon requlremants and budgetary variaflons. This continu8S to prove trfcky due to syst8m issu8s and often requir8S w and clo8lry bank b*ric89 Flnancial porfom)anc• Ov•rall income roge from £3,459k In 2022123 to £3,756k kn 2023124 an over811 Inryease of 9%. Most grea8 of Incorrp 4lKJMd a rise li the year. Tralnlw revenue Increased in thls ose from £1,432k in 2022r23 to £1,552k In 2023r24, a rise of 8%. Whlst tradlng Inome also gre¥V from £502k in 2022r23 to £576k in 2023124. A skjn1fi￿t growth occurred In donatlons and In grants frDm Sport E￿J18nd to a8slst wlth the flre remedlal costs and cost of Ilvlng payments. However. *thllst income knueased by 9% expenditure elso increaBed from £3.995k In 2022123 to £4,138k in 2023r24. 0 4•A increase. The main reascm for this Increase was an overall irKTrase in staff costs from £1,837k in 2022123 to £2,174k in 2023124. In detall, vthilst Tradkng expendlture rernain8d 8tatrAe at £1.7m. 8xpen(Slure on Charliable activitses rosa from £2.287k in 2022123 to £2.497k kn 2023r24. Consequenty. MTT expertenced an oveTall bss of £383k In the financial year, a 28% Improvemènl on the £535k JDSS in the precedwy year. A8 a resuIL has a gjmall neg81fvé ￿ndS ¢arrted f￿ward at yèar and. In terms of the Balance Sheet there was a £382k fall in tolal net assets from £337k in 2022r23 to 1£46k} in 2023124. Clearty the maln cause of this reduction In net assets was the loss made in the financlal year. T&ylblp assets remain8d st8ady al £142K ￿lISt current assets fell from £1.414k In 2022r23 to £1,155k in 2023r24. Thls Wds contra'd by 8 £257k Increase In debtors in the Jpar. Agaln, the main cause of the f811 in rrent assets In the year was the financial loss in the year which red￿ed cash and cash equlvalents by £534k from £898k to £364k. Cr8ditor6 increased slightly from £1.222k tn 2020123 to £1.342k in 2023r24. Thls vms caused mainly by an inryease ki trade creditiJr8. acwal$ and deferrèd Income. In temis of caBh flow. net (xh flow frrffi oper8tlng aGts¥ib8s In th8 year was a negalive £511k resulting In the large fall in Gash at bank and hand. Oversighl of Ihe ¢asMow F#)sibon has been instigated and WIO be regularty reviewed. 2023124 was a dIfThc￿1 trading year for Mrr. Th¢ slgnlficant Infiatlonary pr8ssure8 caused by the Co$t•of-Li¥ing sis were sllll Impading ￿ Ihe perfomwice of the TrusL Pago 7 MouKfAIN TRAINING TRUST IA company Ilmlted by quarant•o) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Futurn financial perforniance We plan a break-even POS￿10n for 2024r25 and have rnade signIfi&￿t ch8nges wlthln the rnanagemenl of the TNst to achieve this targ8t. We have also developed a detailed business plan which increases tralnlng and trading activity and other sourc8B of income over the coming 5 years supported by continued investment Trn the infrastru(Xure by Sport England. Thls wlll lead to a significant development of the site and an increase in tis usage. As a result, revenue is planned to increase significandy, and this will result in a retum to profitability for the TNst and the repleni8hm8nl of our reserrfes and wh. b. Golng COn￿M After maklng appropriate enqulrfes, the Trustges have a reaS￿able expertation that the Charity has adequate r8sourc88 to conlnu8 In operational 8xlstence for the forese8abl8 future. For thls reason, Ih6y conllnua to adopt the golng t￿ncern bBsls In prtparlng tha flnanclal statements. Further detsi18 regarding the adoption of the going concern basis can be found in th8 accounting polici8S. c. Reserves pollcy R8serve8 are aC￿Unted for as Unrostricled or R88trKted funds and Unrestricted funds ar8 further analy6ed between Designated and Genaral Funds. The Boanl manages financial rtsk by appoirting a robust management team arKI by agreeing a d8tsil8d financial plan in advance of each financial year. The Board appointed en independent ARF Commitlee to review the finanrAal performance and position of the charity quarterly, and this committee reports to the Board. The Board ensures that the charity protect5 its re5erve5 and manages risk by monitoring quarterly rnanag￿￿nl accounts whlch report income and expendlture and the balance sheet posilion. The Re8erve8 held at year end of (£46.3171 comprise (£151.971) of Unrestricted funds and £105.654 of Restrfcled funds. Unrestricted funds Induded £nll of Deslgnated funds. Frèe reseNes amounted to (£293,775). 2023: £82.302. In the previous year, the total reserves weEE £336.542. comprising £235.543 of Unrestricted funds and £100,999 of Restricted fvnds. Unrestricted funds include(1 £8,702 of Designated Funds. d. Materlal Investments pollcy Mountaln Tralnlng Trust has 8 fully owned tradlng subsidlary Mountsln Tralnlng Llmlted, and tt)is 18 and conthues to be Its only materfal Snvestrnent. Page 8 MouKfAIN TRAINING TRUST (A Company Ilmlted by guamntee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 . Prlnclpal rl8k• and uncortalntl•s When r8vlewlng ￿1ndpa1 risks and uncertalntles, the Trustees ¢M8kJered the spedfflc resource8. a880ts arNI relath)nsNps Ihat are most al rfsk and the mlthjatlng steps telng taken kn protect them. The main riskJurKertaSnfjes remaln, the O￿orne of wollaflon wlth Sport England ovgr an extenslon lo contract. Ihe Impa¢1 of undertakkng the fire rfsk remedlal work to revernle and site avallablllty and the ablllty lo reduco ts cost base arKI lTrxease sales. Furthermo￿ the Incompatibility of thg varkn8 rri databasè sy8tem8 uld a180 impact our d)illty to dellver consI81errt Improvements In 8ale8 and co8t base reductlon. Th? Tnrnlees and SMK)r leadership Team (SLT) are do8ely together, Sport EnglarKI to undetstand furiher acllorts requlred lo m￿at8 Ihese principal rmks and to instigate programmes 1tr0t able minimal ffnp8Gt on the utilisation of Ihe slte. Furlher reslwcturing of tho sales and marketing team to enable oversight and fwJ8ed sales affort WIN bg Introduced In the early part of 2024125 and the ARF ha8 been ￿queSted to instigate a new system of risk management arKI reporting across fv buskness lo ensure the Trnstee8 ar#J SLT are able to swiftly mtt&ats any hIg￿rIsk are88 Identlfied durlr¥ the year. f. Flnanclal rl•k managom•nt obJ•ctlv•s and pollcl•• Risk management is o furKfamentsi o16ment of the charfty's lyjslness practlce ￿ all levels and Is embedded Into the obje¢tiv6s, strat9gy, planning and ¢ontrolllng processes. Material risks are monltored and regularly d58￿86ed wlthln the ARF Commitleo. The ARF Commiilee revigAS the 4Mual draft Lwdge( the fisk r8gisters, and changes to finandal policies and procedures quarterty. This ¢ontinuou8 dialogue and ongagemenl ensure eff8CtIv8 financial rfsk management and malntenance of all relevant PL4icies. The tsk register is revlewed regularly, and critically to ensure conlhuous devdopment of the rlsk management System. Key dQparfff￿nt managerts are Invlted lo pnwlde thelr oplnlons on what they vlew as the key rf8ks wlthln their deportment whlth cyeatss transparency for the commlttee and Trustses on pradtcal operallonal matters vthlch affect the fundamental success of the buslness. The Tru81068 hav6 a88e888d th• major risks to the ￿mpaThy. partlcularfy those related to tho operattons and financ88 of Ihe company and aré satlsfied that systems and proc8dur8s ar8 In place to mitwe exp08ur8 to the major risks. They have revlew&J detalled bu￿ne&S pbns and buthJets coverfng Ihe next thre• years and are sa*sfled wlth the financlal r￿< management objectives and polldes. g. Prlnclpal fundlng Sport England provldè a total managen*nl fee to support the course FY(wlslon wd management of the fa(alllles, allo￿ng Mrr to delfver Its core Object￿ arKI contrlbute to Its educatlonal valu8S. Page 9 MOUNTAIN TRAINING TRUST IA company limlted by guarantse) TRUSTEES, REPORT (coNfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 St￿￿ur•. goveman¢e and management . Conslltullon Mrr Is reglstered as a charitable company Ilmlted by guarantee and was estsbllshed with Articles of As8o¢lat￿. b. Methods of appolntm•nt or •l•cllon ol Trustees An open advertisemènt is us8d to attr£cl new Trustses with applicants selected agalTrst a skllls need and shorulsted for inteFvlew. The Goveman¢e & Nominations Committee will make a recommendatlon to the main MTT Board on TnAStee and COwOPted appointments. OTganls•tlonal structur• and docl8lonBmaklng poll¢les The Board meets quarterly. The meetlngs Indude the Trustees. the CEO and Head of Finan1￿. Thère is currenty provision for the Board to Tequest attendance by advisors who can provide teGhnlcal input, Senlor Managers of Mrr aliend as requlred. Th8 Mrr Board al80 delegates responstillities to several o)mmltt68s. Minutes and actlons taken are reported to the rnain MTT Board. The Trust8es of wrr are currenlly rmluding a review of the governance and subpcommittees lo ensure sector-b88t practlce¥ are at tho heart of the governanc8 8rrarrfdements. Th8 Board recognises thal good governan￿ Is critical to ongoing success and Sustaina￿lty and are fully commltted to worklng towards Tler 3 of 'A Code for Sports Govemanca,. Tha Chief Executive Oper￿ed wlthln an agreed scheme of delegallon and Is asslsted by a Senlor Leader8hlp Team. d. Pollcles adopted for tho IT￿￿¢110n and Iralnlng of Tn￿t•89 As part of thelr Inductlon, new Trustees ar6 provlded wtth a compreh8nslve govemnce manual plus the Memorandum and Artldes of Association and infomiatlon from Ihe Charity Commlsslon and Companle8 House regardlng the dutles and responsibilities of Truste6s and Dlrectcn. The irKluction Is underlaken by the Chlef Executive alongsldfr the Chair of the Board. The pKrr TTUStees undertook a govemance r8vi8w and ar8 working to deliver Ihe actions required to ensure that we are Sp)rt England Tler 3 compllant. We have completed much of the work Suth as updating Tem]s of R8fer8ncè for committees, updatlng polldes relatad to 9)vernance and employlng a Governance officer to oversee the committee and Trustee support. a. Pay pollcy for key managem•nt parsonMI Pay for key managemant peTronnel is approprlate to Ihe role, experlen¢e. qualifications, and geography of the I￿ul1m8nt. The Board has establlshed a new sub-commlttee wlth the spedfic remlt of HR arKI Remuneratlon. This now Committee will ensure thè pay and worklng condrt6ons at Plas y Brenln are atsr8Ctlve to meet both thé recruitment needs of Ihe buslness and retaln the exlsJng staff team. f. R•lat¢d party relatlomhlps The Charity operates a commercial wtr￿lY owned 6ub8i(Ilary. Mountaln Training Lirnited (MTL}. All the profit genérated by this subsidiary Is glft8d back to Iho tharity at lh6 end of th8 Ilnanclal period. The resulls of the subsldiary are refiected in thes& accounts. g. Truste••' ind•mnlti Ther8 Is a TTh￿tee indemnSty pollcy In plac8. Page 10 MOUNTAIN TRAINING TRUST (A ¢ompany Ilmlted by guarnnt••) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plan5 for futuro perlods 24125 Is 2 plvotal year in our discussions with Sport England in terms of an extension to our conlr8Ct In 2026. A detaibd buslness case and further expbration of sharad SeTViCag OPPOrtunitios will be undertaken. We Iwe alrgaty progressed a numb8r of conv8rsatlons with potenod partners. these WHI continue on a prlorftised basig. We intsnd to improve our gross margins through kntrodwlng a more focused prfclng Struc￿re and occupancy vo18. We are tsrgeting an increase In c(xporate arbd everts to impact our revenue1gvelB. This year we wlll contlrwo to evolve ow sales arKI marketing actsvities so that we are able to aGhieve a sales led IxJ8iness plan that focu8es on maximising the utilisatlon of our stte. Tho sal68 and marketlng actlvltles will target new con$urner groups Such 88 paddlirvJ, women and the am)8d forces. We rKM have In place an Investment parinership strategy that will be actlvated in 24r25 In ord&T to kncrease furKllng for our ￿urse programme arKI facllllSes. We also Intend lo conllnue bulkllng our Mountaln Adventure Fund. Furlher fodlltFes upgr8des ￿11 contlnua to 8nsur8 our fir8 safety standards ar8 achleved.wl)Ist increasing flexlbllty and capaclty by reconfigurfng the stte Into: A maln bulldlng for skllls, NGB, other tralnlng ¢OUr￿ arKI B&B: Bryn Engan for Corporate retreat8: An educatlon t4o¢k for S¢hool$. large group$ and MIF. Dlsclosure of Infommllon to audltors Each of the persons who are Trustees al the Ilme when this TNstees' report Is approved has o)nfinnpd that: so far as that Trustee is av¥8re, there is no relavant audit inforniation of which the charitable group's auditors are unaware, and Ihat Twslee has taken all the steps that ought to have been taken as a Trustee In OTder to be aware of 8ny relevant 8udlt Informatlon arKI to establlsh that the charltable group's aUd￿or6 are aware of that infomialion. Approved by order of the memb8r8 of the board of Tr￿tee8 Wbd 8lgned on thelr behalf by. alr of the Board of Trustse$ Page 11 IAOUNTAIN TRAINING TRUST (A company Ilmltsd by guaran1••) INDEPENDENT AUDfroRS' REPORT TO THE MEMBERS OF MOUNTAIN TRAINING TRUST Oplnlon We have audlted the financial ststemenls of Mountain Training Twsl (the 'par8nt charitsble compan￿) and its subsidiari88 (th8 'group') for Ihe year ended 31 March 2024 wfilch comprfse Ihe Consolidatad statement of finandal acllvities. the Consolldated balance sheet, the Charlty balance sheet, the Corbsolidated statemenl of cash flows and the related notes, Indudlng a summary of significant accounting policies. The financlal reporting framework that has been applied in their preparation is appllcable law United Kingdom AccountiNJ Standards, indudlng Financial Reportlng Standard 102 The Fin8n¢lal Reportlng Standard applicable in the UK and R8publlc of Ireland, (United Kingdom Generally Accepted Accounting Praclice). In our oplnlon the financlal ststements: glve a true and falr vlew of the slate of the Group's and of the par8nt charitable company's affairs a8 at 31 March 2024 and of the Group's Incomlng resources and appllcatlon of r8sourc88, induding it8 incom8 and expendrture for the yearthen 6nded; have been Fyoperfy prepered In accordance with Unlled Klngdom Generally Actspted Accounting Practlce; and have b88n prepared in 8CcK)rdan￿ wilh requirements of the Charttles Act 2011. Basls for oplnlon We ts>nducted our audit In accordance with Intem8tlonal St*)dards on Audltlng (UK) {ISAs (UK)} and applicable law. Our re6pon$ibilities under Iho8e 8t8ndards are further descrlbed In the Auditors, responsibllitie8 for the audit of the finan¢Sal statements sectlon of our reporL We are independent of the Group in awordance with the ethlcal requirements that ar8 relevant to our audit of the financlal ststements In the United Kingdom, Includlng the Flnanclal Reporting Councifs Ethl¢al Stsndard, and we have fulfilled our other ethical re8ponslbllltles In accordancè with Ihese requlrements. We believe that the audit evidenc8 wg have obtain8d 18 $uffi¢5ent and appropriate to provide a basts for our opinion. Materlal uncertalnty r¢lat•d to golng concern We draw att8ntion to Note 2.3 in the finan(431 $18tements, whlch Indlcates that the charhtabfe group had a deficlt of £382,859 In the year to 31 March 2024. nat curr8nt liabilities at th8t dale of £188,121 and nel liabllities of £46,317. As ststed Sn Note 2.3. these events or conditknns. along wlth other matters as set forth in Note 2.3. Indicate that a materi81 uncertainty exists that may cast slgnfficanl doubt on the charitablg group's ability to tinue as a goirwJ concern. Our opinlon Is not modified in r&$pèct of thls matter. Our responsibllitie6 and th8 r8sp0nslk￿ilt18S of the Trustees with resped to going COn￿M are descrlbed In the relevant sectlons of thls re￿rt. Page 12 MouTrifAIN TrAININQ TRUST (A company Ilmlt•d by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MOUNTAIN TRAINING TRUST (CONTINUED) Ollw Infornialion The other Irrformation c¥]mpr￿￿ the information induded in the Annuel report ott￿r than the flnancial ststements and our Auditors, report th8r8on. Th8 Truste8s are r8sponslblo for the other inf0m￿tion (x)ntained wilhin the Annual report. Our opinion on the financial stalements doe8 not cover the other Inforn￿tion and. except to the extent otheMise expliciuy slated in our ￿POrt, we (k) rnt express any fomi of &88ur8nce condusion thereon. Our responsibifity is to read the other InfOrn￿lIOn and, In dolng so. consider whether the other information is materially inuJnsis*nt whh the financial statenEnts or our kn￿ledge obtalned In the course of the audlt. or otheThilse appeaTS to b8 materfally mlsstated. It Id8nUfy such rnalerial Inconslstencies or apparent material mlsstatements, are rewired to detennlne whether glv68 rfse to a materlal mtsstatement In th8 finarKI81 statements Ihem8elves. If. based on the w(¥k V￿ have Perf￿med. V*E condude that there is a materfal misstatement of Ihis olher infom)ation. are required to rewrt that fact. We have nothiNJ lo report in this regard. Matters on whlch w• orn roqulr•d to rnport by •x¢eptlon We have nothlng to report in respect of the following matters vthere the Charities (Accounts and Reports) Regulatlons 2Q08 reqLrfres us to report to you If, In our oplnion: the information glven in the Tru81ee* re￿￿ is inconsistent in any matertal respect wlth the financial statements: or the parent iknble cornpany has not kept suffl¢lent accounting records; or the parent charitable company finondgl statements are not In agreemerrt with thp acGountlng recA)rds arKI retums: or V•E have not recetved all the Infonnatlon and explanatlons requlre for our audlt. Re8ponslbllltl88 of trust￿8 s explakned more fully In the Trustees, resrffislbllltles ststemenc the Trustees (who are also the director5 of the tharitable (x>￿VanY ft)r the purposes of company law> are responsible for the pr8paratk)n of the financial statements ar￿ for being sausfied that they glve a tNe and falr vlew, and for suth internal control &8 tr Trustees detern)ine is necessary to enable the prnparation of financial Statements that are free from matsrial mtsststemenL whether due to fraud or error. In preparing the financial ststements, the Trustees are responsible for assessing the Group's and the parent charltable companys ability to ￿ntInu6 8S 8 golry concem, dlsdosing. as appllcabb, matters related to going con(￿rn and ugirvJ the golng GX)ncem basls of accountlng unless lh8 Tnthes either intend to liquidate the Group or the parent charlt8b18 CAynpany or to cease operallons. or have no roallsb¢ attemative but to do so. Paga 13 MOUNTAIN TRAINING TRUST (A company Ilmltad by guarantee> INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MOUNTAIM TRAINIHG TRU8T {CONTINUED) Audlfors. rosponslbilili•8 for the audlt of the flnanclal statgmonts We have been appoinled as auditor under section 151 of the Charities Acl 2011 and report in accordan￿ wlth the Act and relevont T￿]lationS made or having 8ffect thereunder. Our objectives are to obtain reasonable assuran￿ ab(￿ whether the ffinanctal statements as a wknle are free from material mEsststement, whelher to fraud or error. and to Issue an Auditors, report that Indudes our oplnlon. Reasonable a88urance 1$ a hlgh level of assurdnce. but is rKA a guarantee that an audit ¢ondu(Xed In acwdancÈ wlth ISA5 (UK) wlll a￿ayS detect a material ffli&3tatemenl when it exists. Mis61atements can arise from fraud or etTor arKI are considered material If. Indlvklually ￿ In the aggregate. thay could reasonably be expected to influence the e￿nomIC d8Lasions of users tsken on the basls of these financial slatements. Irregulariti8s, induding fraud. are instsrtts of nonwlX)rnpliance with laws 8nd regulatrons. We deslgn prccedures in line with our responsibiltties. outlined above, to detect material mis8tat8ments in respe(* of Irregularities, including fraud. The extent to our txocedures are capable of detecting IrregL￿arIlie8, including fraud Is detailed below: The engagement team rnnslsted of 8 team that Ihe engagement partner believes Is equlpped with the relevant level of technlcal and chaiity awareness to carry out our work to the ￿qUIred standard. The audlt team obtslned an understandlng of the 189al and regulalory framevMrk3 that are app1[￿ble to Ihe Grwp and the parent charftable company and determlned that the most significant are those whlch relate to the reporting framewo￿ (Th8 Charity SORP 2019), the rdevent tax compllance regulat￿8 and the General Dats Protection Regu18tlon (GDPR). We understood how th8 and the parent charitable company complles wth these framewoTks by makSng enqulries of management and Ihose r&sponsible for leg81 and complian¢e procedures. We also feviewed board minutes to Idenlify any recorded instances of Irregularity or nonffl¢ompliance that might have 8 matèrfal Impact on tha financial ststements. We revlewed the susceptibilty of the Group and the prnt charitab18 companrfs financial ststemenls to material mlsstat8ment Includlng how fraud may occur by meeting with key management lo uThJersl8nd where they considered there was a suseepubly to fraud. Based on t>ur urnlerstanding our procedure5 involved enqulrfes of management and those charged with governan￿. m8nu81 ioumal enty testlng. cashbook TevlpwE for large and unusual items and the challenge of slgnlficant esllmates used in preparing the finaneial statements. Because of Ihe inh8r8nt limltation8 of an audit. there is a r55k that we will not detect all irregularilies. including Ihose leading to a malerlal mLsststement in the financial statements or non•¢ompllance with regulation. This risk li￿￿8$eS the rnore that compliance with a law N regulation is remDved from the events and transactions refiected in the financial ststements as we will be less likely lo become aware of Instances of rK>n-compliance. The risk is also greaier regarding irregularities oCCu￿1ng due to fra￿1 ralher than error, as fraud involves intentional concealment, forgery, collusion, omissYJn or mlsrepresentatkjn. A further description of our responslbilities for the audil of the finanual statement5 is localed on the Finencial Repc*tfvvJ Councif6 website at". Thi$ descriptlon forni8 part of our Auditors, report. Page 14 hiouKrAIN TRAINING TRUST (A cLYnpany limlt•d by 9uarnntee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MOUNTAIN TRAINING TRUST (CONTINUED Use of our rnport Thrs report Is made 8olety to the dwltable coryanys trustees. as 8 body. In accordan￿ with Part 4 of Ihe Charltlas (Aecounts and Reports> Regulations 2(K)8. Our audit worf( has been undertaken so that ￿ mighl 8tst8 to the thAritable COM￿￿$ trustees those matters are required to state to them in an Auditors, rel￿ and for no other purpose. To the fullest extent pennitted by law, do not accept or assume responsibility to anyone other Ihan tha ¢haritablg ¢ompany and its mpmbers, as a body, for our audlt work, for th1$ rgport. or for the opinions ￿ have for￿￿. YVR Partnern Chartered Acccxjntants Ststtrtory Auditors Belmont House Shrewsbury Buslness Park Shrewsbury Shropshlre 8Y2 6LG WR Parlners are elglblo to act as audltorn In t8￿ of 8ectlon 1212 of the Compan185 Act 2006. Page 15 MouKfAIN TrAINING TRUST (A company Ilmited by guarnnter¢) CONSOLIDATED STATEMENT OF FINANCIAL ACTivrriES {WCORPORATING INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlc1￿ R•strl¢tad funds fvnd$ 2024 2024 Total funds 2024 Total funds 2023 In￿rne from: Don8tK)ns arKI legades Charitable adivities Other trading activltles Investments Other Inoome 1.3¥775 1.551286 57Q177 1Q265 222,388 61.635 1,386.410 1,552.286 576.177 18,265 222,388 799.555 1.432,456 502. 140 13,852 711,330 Total incomg 3.693,891 61,635 3,755.526 3,459,333 Exp•ndfture on: Ralslng funds Charftable actNilies 1.041.684 2A39.721 1,641,684 2,496,701 1, 708,092 2,286,663 10 Totsl expendlture 4,081A05 56.980 4138,385 3.994.755 Net mvemont in funds {387,514) 4,655 {382,859> (535,422) Rectsnclllatlon of funds: Total funds brought forward Nel movement in funds 235.543 1387,514) 100999 4M55 33fj,542 {382.8591 871,964 (535,422) Total funds ¢arrfed foThvard 1151,971) 105,654 (4fj31n 336.542 The Consolldated Statemenl of Financlal Actlvlles kndudes all gains and losses recognised In the year. The notss on pag88 22 to 43 fonn part of these fi￿n￿al statements. Page 16 MOUNTAIN TRAINING TRUST (A company Ilmltod by guarantso) REGISTERED NUMBER: 03250981 CONSOLIDATED BALANCE SHEET AS AT 31 hlARCH 2024 2024 2023 Flx•d us•ts TaThJfolo assets 15 141.804 144,539 141.8Q4 144,539 17 18 29.608 761M42 11,468 504.542 894382 Cash at bank ar￿ in hand 1.IM840 1.414.3Y2 CrBditor5: amounts falling due within one 19 (1W.961) (1.222.389J Net current Ilabllhles l assets (181121) 192.003 Total not assats (46,31n Pagg 17 MOUNTAIN TRAINING TRUST (A Company Ilmlted by guarantee) REGISTERED NUMBER: 03250981 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 2024 2023 Charfty fvnds Reslrlcted funds Unreslrfcted fvnds 105,654 (151,971) 100,999 235,543 Totsl funds (46,317) 336,542 The Charlty was entilled to axemptlon from audit under Section 477 of thè C¢mponle$ Aet 2008. The members have not raqulrgd the entty to obtsin an oudtt for the year In quesyon In accordanGe wSth 60Gtion 476 of the Companiès Art 20￿. Ho*wer. an audit is requir8d in accordance wlth seclion 151 of the Charltles Act 2011. The Trustees acknowledge thelr responslbllltles for comF4ying *lth the r8qulr8ments of the Acl with respect to accounting recard8 and preparation of flnandal statefflents. The flnancial statement5 have been prepared In accorilance wlth the prov181on8 applicable to entities subject to th6 small companies reglmè. Th• flnanclal statements were approved and authorfsed for Issue by the Truste88 and 8lgned on their behalf by: Flona Sand•rs Chair of the Board of Trustees The notes on pages 22 to 43 fonn part of these financlal statements. Page 18 MOUNTAIN TRAINING TRUST (A Company Ilmlled by guarante8) CHARrrY BALANCE SHEET AS AT31 MARCH 2024 2023 Flx•d ass•ts T8nglble a88ets Investnients 15 16 73.066 93.645 73M67 Stocks Dabtors Cash at bank and In hand 17 18 18,762 491860 315067 1256 274467 889.220 826,589 1,16&943 Cradltors: amounts falllng du8 ￿￿thIn one (945,9n) (92a047) Net current Ilabllttles l u•gts (119.384) 242,896 Total net auetglnet Ilabllltlg8 (4Q317) 336,542 Pap 19 MOUNTAIN TRAINING TRUST (A company Ilmlted by guarantee) REGISTERED NUMBER: 03250981 CHARITY BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2024 2024 Noi• Ch•rity fund8 Restrlcted funds Unrestrlthd funds 20 20 105,654 (151.971) 100,999 235,543 Total funds (46A1n 33&542 The Chaiivs net rnovement In funds for Ihe year was 4382.859) (2023- 4535,422)). The Charfty was 8ntit18d to exemption from audit under section 477 of the Companles Act 2006. Thè members have not r•quired the entity to obtaln an audtt for year In question in aco)rdance with sectlc 476 of the Companies Act 2006. H(Mever, an audtt18 requlred In aCcordar￿a with sectlon 1 $1 of the Charilles Act 2011. The TN8te88 acknowledge their responslbilibes for complylng with the requlrements of the Act wlth resp•# to acr%)unting recor(Is and preparation of fjnan¢ial statements. The tlnancial statements have been prepared In ac(x)rdanc* vAth the provlslons applleable lo gntilies subject to Ihe Small companles regim6. The financial ststements were approved Énd 8Uthori8ed for issu8 ty Ihe Trustees and slgnod on thair behalf by: Flona Sandern Chair of the Board of T￿￿tee5 Dats: i8 0th)bé< g0£* The nots4 on page? 22 to 43 fonn part of these financlal statements. Page 20 MOUNTAIN TRAINING TRUST (A Gompany limitod by guarantse) CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR EIIDED 31 MARCH 2024 2023 Cash flows fn>m oporating a￿vItIeS Net ca6h used in operdting activlties 22 (611,522> (12a900) CaBh flow8 from Investlng actlvltlo8 DNidends, interests and rents frarn investments Purchase of tangbi le fixed assets 18,686 141,836) 14, 131 r16,632J Nrt cash used In Investlng aGtlvlll 123,270 161501) Chango in cash and cash 8quivalonts in th• ymr C88h and cash equivalents at tha beginning of th8 year 1634792) (191 A011 898,382 1,089, T83 Cth and Gagh gqulvalents at the end of the year 23 363,f•90 89a&r2 The notes on page8 22 to 43 fomi part of the8e finpthclal Statements P￿8 21 MOUNTAIN TrAINING TRUST (A company limited by guardntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Infomiatlon Mountain Training Trust is a charitable company. limited by gu8rantee, registered in England and Wates. The charitablè company's regi8tered office 18 at P18s Y Brènin. Th8 NatiOn81 Mountain Sports Centre, Capei Curig. Betws Y Coed. Corbwy, LL24 OET. A￿OUntIng pollcl 2.1 Basis of preparation of financlal statements The financial statements have been prepared in acGordan¢e with the Charities SORP (FRS 102) - A￿Unting and Reporting by Charities: Statement of Recomended Practi￿ applicable to charities preparing their accounts in accordan￿ with the second edition Financial RepOrtN￿ StsrKlard applicable in the UK arKI Republic of Ireland (FRS 102) (effective 1 January 2D19), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Mountain Training Twst meets the definition of a public benefit entily ￿der FRS 102. Assets and abilities a￿ initially recognised 8t historical eo¥t or Iran$adion value unle55 Qtherwise st8ted in the relevant accounting policy. The Consolidated Statement of Financial Activitles (SOFA) and Consolidated Balance SP onsolKlaie the fina￿la1 ststements of tfrE Group and its subsidiary underlakiro. The results of the Subsidiary are con80lidat8d on a lin8 by lin8 basis. The Group has taken advantage of the exemption alb)wed under section 408 of the Companies Act 20￿ and has not presenled its own Statement of financi81 activities in these financial statern8nts. 2.2 Basls ol ¢onsolldatlon Thè financial statèments consolidate the accounts of Mountain Trainin9 Trust arKI all of its subsidiary undertakings ('subsidiariès'). The Charity ha6 taken advantage of the exemption contained within section 408 of the Companies Act 20C6 not to present its income and expenditure account. 2.3 Going concem The financial statements have been prepared on the going con￿rn basis. The Group reports a total deficit of £382,859 (2023- defi¢ii of £535,422) for the year. The undetlyiNJ ba￿n￿ sheet position has reduced, with net current liabilities of £188,121 (2023.. net curreTrt assets of £192,003) and net liabiliiies of £46.317 {2023: net assets of £336,542). The key factor 8UPPOrting the going concern basis includes the on-golng Sport England contractual a￿4 transfomiation funding. Whilst the condit*Jns create a material uncertainty the trustees are satisfied that this is mitigated through the Conlinuiro support from Sport England and because ￿r long-tenn p18nning indicates a break￿en posilion for 2024125 and then a return ts profit In the following y￿r$. Cash flow for8casts to 30 November 2025 have beon produced and agreed by the Board of Trustees. The cash flow forecasts provKle 8&8urance thal the charitable group can meet il's obligatlons as they fell due and can continue as a goSNJ concern for the foreseeable fvture. Page 22 IKIUNTAIN TRAINING TRUST (A COMp￿Y lIn￿t•d by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 Aeeountlng polkl•s (¢ontlnu•d) 2A Incom• All Income Is reCOgn￿ed On￿ the Charty has enlltlement to the Income. It 18 probat48 that Iha incom• will be recelved and tho amounl of inwme recelvable ean be measured rallably. The recowltlon of income from le9a(x8s Is dependent on eStab￿Shing enlltlement, the probability of receipt and the abillty to esllmate wlth 8thient acojrw the amount receiyable. EVIden￿ OF enthlement to a legacy gxlsts the Chartty has suffldent evldence Ihat a gfft has been left to them 2.8 Stock8 Stocks are Va￿ed at the l(Aver of c¢sl and net rea118able value after making dua allowance for obsolete and slow-mvlng stocks. 2.9 Dobtors Trad8 and other debtors are recognis8d al th8 s8tll8m8nt amount after any trade dlscount offergd. Prepayments ar6 valu6d at the amounl prepaid net of any trada discounts due. Z10 Cash at bank and In hand Cash at bank and in h8nd Includes fA8h and short-temi hlghly liquld investments with a short maturity of three months or198s from the date of acquisition or o￿nIng of the d8posit or similar 2.11 LlabllItl￿ and provl8lon8 Liabifrti85 are recogni5ed when there Is an obllgatl¢Jn at the Balanc8 sheel date as a result of a past event, 11 15 probpble that a transfer of ecorv)rnic benefit will be requlred in Settlement, aTrJ the amount of th• uttloment can b• 8Btlmat•d rellably. Llob115tle* re¢ognls8d at the amount that the Charity anticipat¢$ It wlll pay to settle the debt or the amount It has recelved as advanced paytrffjnts forth8 good8 or sgrvlGgs It must provkle. Provlslons are measured at the best esllrnale of ts arnunts roqulrnd to 88tt1a the oblgation. Whore the 8ff8ct of the tlme v8lue of morw is material, the provlslon Is based on the pre¥enl value of Ihog0 amounts, dIsownt￿ at tha pr&tax discount rats that r8fiects the rf6k8 speclfic to the Ilabilty. The un￿rtd7ng of the discount Is recognised in the Consolidated gtalemant of finandal actlvlUa8 as a finance cost. 2.12 Flnanolal Instruments The Group only has financial assets and flnanclal liablltties of a klnd that qualify 88 baslc finanGlal instrum8nt8. B88ic financial instrurnents are initialty reGY)gni8ed at transaction va￿e arn subsequenty measured at thelr setU8ment value wlih the exception of bank k)ans byhich are subsequentty measured at arnorlised ￿)St Using th8 effective interest m8lhod. 2.13 PenslDnB Th8 Group operates 2 d8flned contrtbuuon penslon sej￿rne and thè penslon ch8rg8 represents the amounts payab18 by the Group to th8 fund in respect of th8 year. Paga 25 MOUNTAIN TRAINING TRUST (A c¢mpany Ilmlted by guarantse) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policios (contlnued) 2.14 Fund accounting General funds are unrestrKtsd funds availaNe for use at Ihe dIstr￿On of Ihe Trustees in furthemce of the ggneral objecllves of the Group and wlich have not been designated for oth pu￿$e& Designated furKIs ¢onylse ur*esI￿t8d furn1$ Ihat have been set aside by the Trustees for particular purposes. Th8 akn and use of each deslgnated fund Is set out In the noto¥ to the financial ststements. Restricted fvnds are funds which are to be usèd In accordance wlth sp8cMG reslridions imposed by donors ￿ whlch have been ralsed ty th8 Group for particular purpose& The costs of ralslng an(J adnlnlslerfry such funds are charged agair*t tha spoclfic fund. The aim and use of each restrlcted fund is aol out in tha notes to the financial statements. Critical accouAtlng 88tlmates and 3rna$ of jud￿Ment Estimates and judgernents are continualty eVal￿d and are based on histrxital experlence and other factors. Including 8xpe(*ations of future erfents that are belleved to b8 reasonable under the clrGumstsrKes. Critical accountlng esomates and a8sunwtions: The CharSty mak8S 8StlrnatO8 and a85umplions conceming the fulure. The resulting a¢cwntlng estlmates and assumptlons wlll, by defin5tion. Seldom equal Ihe related actual res(dts. There are no estimates and assumF*¥Jns that have a slgnlficant rfsk of Gauslng a materlal 8dlustment to the carying anounts of assets and Ilabllitiès within the next financial yèar. Page 26 MOUNTAIN TrAWINO TRUST (A company 11m1t￿ by guarantee) NOTES TO THE FINANCIAL STATEIIIENTS FOR THE YEAR ENDED 31 MARCH 2024 Incom• from d¢xMtlons and l•gxkns unr06trkt￿ RKtrfGtod funds fund8 2024 Total funds 2024 2023 Donations 1,333 1,323,442 61,635 62,968 1,323,442 799,365 Total 2024 1.324,775 61.635 1.386,410 799,555 Tot812023 799.505 Incom• from charftable aciMtI•s Unrestrfet•d funds Total funds 2023 Provlslon of educatlon and tralnlng In genarnl outdoor recreation 1.552.286 1,552.286 1.432,458 Total 2024 1.552286 1,551286 1,432,456 Totsl 2tr23 1,432,456 1,43Z456 Paga 27 MOUNTAIN TRAINING TRUST (A company Ilmlt•d by gu•rante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other tradlng activi￿$ InGom• from non tharltable tradlng actlvltl UnrMtrlet•d funds 2024 Total fund$ 2024 funds Sales Tradlng Income 256,762 319.415 256,762 319A15 293.415 208.725 Total 2024 576,177 576,177 502,140 Total 2023 502,140 502,140 Inveslment Income Unr•strlctgd funds 2024 Total funds 2024 Total funds 2023 Inv8Stment in¢ome 18,265 18,266 13.852 Total 2024 18,265 18.265 13.852 Tot812023 13.852 13,852 Page 28 MOUNTAIN TRAINING TRUST (A company1Smlfed by guarant•e) NOTES TO THE FINANCIAL STATEMEr FOR THE YEAR ENDED 31 MARCH 2024 Other InGomlng re6ourGes Unr•strlct•d Total funds 2024 Total 2023 0th8r Inco 222.388 222,388 T11,330 Totsl 2024 222.388 222W8 711.330 Tdaj 2023 711.330 711.330 Expendi￿re on ralslng fund5 Oth•r tradlng •xpenses Total funds Totsl funds 2024 2023 Purchases Depreciation Cost of sales AdminIslra￿n expanses CoBt of sales staff costs Administration slaff cx)sts 424,225 12,949 21,701 469,516 322258 391,035 198.973 10.095 14,842 838.952 27Q387 374.643 12.949 21.701 4W.516 322.258 391,035 Totsl 2024 1,641.684 1.641.684 1.708.092 TO￿ 2023 1.708.092 1,708,092 Pag6 29 MOUNTAIN TRAINING TRUST (A cornpany Ilmlted by guarnntèel IIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Anal￿18 of •xpondltur• on ¢harftabh acllvltlès Summary by fund typo Unr•*trl¢t•d Rèslrfcted funds funds 2024 2024 Total 2024 Total 2023 Provlsion of education and training In general outdoor recreation 2A39,721 56,980 2,496,701 2,286,663 Total 2024 2.439,721 56,980 2A96.701 2,286.663 Total 2023 2,282,663 4,000 2,286,663 11. Anaty$l• of •xp•ndltura by actfvltles Aetlvltles undèrtaken dlréctly Support Totsl fvnds 2024 2024 2023 Provlsion of education and training in g8n8fdl outdoor recreation 1,407,154 1,089,547 2,496,701 2,286,663 Total 2024 1,407,154 1,089,547 2,496,701 1286,663 ToE812023 1,257,299 1,029,364 2,286,663 Page 30 MOUNTAIN TRAIIING TRUST (A company lknltad by guarant••) NOTES TO THE FINANCIAL STATEIIIEKrs FOR THE YEAR ENDED 31 MARCH 2024 11. An•￿ts of •xp•ndltur• by a¢tlvltlgs (contlnu•d) Anal￿18 of dlr•¢t ¢Mts Prov181on of •ducatlon 2024 Total fund8 2024 Total 2023 Stsff costs SuI￿OnI1a￿or f898 Caterfng wrcha8es Course expendtture AGress agreements Slaff training 1,018.237 122,809 238,496 17.579 7,209 2,824 1.018,237 122,809 238A96 17.579 7.209 IT7,517 201.350 21.996 8,087 6.148 Totsl 2024 1.407,154 1N07.154 1.257.299 Totsl 2023 1,257,299 1.257,299 Page 31 MOUNTAIN TRAINING TRUST (A company Ilm6tèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Analysls of oxpnthre by a¢ti¥ftlos (eontlnued) Analys1* of support costs Provision of •ducatlon 2024 Total funds 2024 Tot81 Staff c06ts Deprwaation Outsourced staff costs IT costs Consultancy fees staff training Bad debts Staff Unifoms Rate8 and water Ught and heat Telephone Postsg8 and stationery Advertising and marketing Sundrie8 Rent Repars and Maintenance Svbscriptlons Non-reclaimable input VAT Motor Bank Ch8rges Travel and accommodation Govemance costs 441,991 31,624 290 46,857 441,991 31,624 290 46,857 350,063 27.817 5,325 50,377 1.928 1.946 11,667 5.297 (7,613) 301 105.066 68,978 4.177 186 60,086 9,122 16,113 48,812 355 32.038 13.670 14.871 182.720 14,606 5.297 (7,613) 301 105,066 68,978 4,177 186 60,086 9,122 16.113 48.812 355 32,038 13.670 14.871 182,720 14,608 128,862 153,716 3,197 232 40,409 6,283 14,700 47.433 1.712 39,193 4,928 13,405 109,181 16.990 Total 2024 1.089,547 1,089.547 1.029.364 Total 2023 1,029,364 1.029,364 Pag8 32 MOUNTAIN TRAINING TRUST (A company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Auditors, remuneration 2024 2023 Fees payable to the Group's auditor forthe audit of Ihe Charity's annual accounts 15,850 15,000 Fees payable to the Group's auditor in respect of.. All non-audit ServI￿S not included above 2,650 13. Staff costs Group 2024 Gmup 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs other pension costs 2.013.921 123.957 35,643 1,685,614 123,507 28,373 1,349,330 90,734 20,164 1.092.817 80,869 18,578 2,173,521 1,837,494 1,460,228 1, 192,264 During the year, redundancy payments totslling £52.245 {2023: £39,457) were paid to 2 (2023: 1) staff members. The average number of persons employed by th8 Charity during the year wa5 as follows: Group 2024 No. Group 2023 75 The number of employ888 whos8 8mploy8e benefits {excluding employ8r pension costs) exceeded £60,000 was: Group 2024 No. Group 2023 No. In the band £70.001- £80,000 In the band £90,W1- £100,000 In the band £100,001- £110,000 Remuneration and banefrts received by key management personnel for the Group totalled £424,326 (2023: £292,503). Page 33 MOUNTAIN TRAINING TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Trustees. remuneratlon and expenses During the year. no Trustees received any remuneration or other benefrts (2023- £NIL). During the year ended 31 March 2024, e4)enses totalling f3,830 y￿re ￿1mbUr8ed or paid directly to 7 Trustees (2023 - £4.09110 8 Trustees). These expenses relate to travel and subsistence for meetings held during the year. 15. Tanglble flxed assets Group Property Plant and Improvements machinery Motor Fixtures Office vehicles and fitting8 equipment Total Cost or valuatlon At 1 April 2023 Additions 41,434 191,818 28A87 182,101 30,880 9,662 83,066 3,687 529,299 41,836 At 31 March 2024 41,434 220,305 182,101 40,542 86.753 571,136 Dopreciation At 1 April 2023 Charge forthe year 8,286 2,486 132,867 29,697 139,793 8,461 20.748 3,411 83,066 516 384,760 44,571 At 31 March 2024 10,772 162,664 148.254 24.159 83,582 429,331 Net book value At 31 March 2024 30,662 57.741 33,847 16,383 3,171 141,804 At 31 Ma￿h 2023 33, 148 58,951 42,308 10, 132 144.539 Page 34 MOUNTAIN TRAINING TRUST (A company Ilmfted by gu*rant•• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2024 15. Tanglbl• Ilx•d •ss•ts (¢ontJnu•d) Ch•rity Plant and machlnery Motor Flxturo¥ and hlclos fStitng8 •qulpm•nt Cost or valuatton At 1 April 2023 A(￿llIonS 103.550 182.101 506 7,356 375.223 11.043 3.687 At 31 March 2024 103.550 182,101 13.862 86,763 Depreclatlon At 1 April 2023 Charge for the year 52,636 22,32 139.793 8A61 6.083 316 83.066 516 281,5T8 31.622 At 31 March 2024 74P65 148,254 6,399 83.582 313,200 Net book value At 31 March 2024 24585 33,847 3,171 73,066 At 31 March 2023 5Q914 42,308 423 93,645 Pago 35 MOUNTAIN TrAININO TRUST (A company 11m1t￿ by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21)24 16. Flxed asset Investments Investments subsldlary company Charity Cost or valuatlon At 1 Aprfl 2023 At 31 March 2024 N•t book valu• At 31 March 2024 At 31 March 2023 Page 36 MouKrAIN TrAININO TRU8T (A ¢on4>arty 11m1t￿ by guwont¢e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 1& Flxed asset Inv•stmgnts (contlnuodl Prlnclpal 8ub8ldlarles The fdlLwing w?s 8 subsldlary undertaklng of th8 Charty. Company ￿gIStered offlc• or prlnclpal Clam of Holding numbor Pla￿ of l)usln•s$ sharos Mountaln Tralnlng Llmltsd 03284963 Pbs y Brenln, Capel Curlg, LL24 Ordlnary OEr The th8ndal results of the 8ub8ldAry for the year were: Name Incomg Expondltur• Profftl (Loss) for th• y•ar Ngt a8s•ts mo￿taIn Tralning Limiied 1.681,870 1.641,684 40,186 17. Stod(s Group Group 2023 Charlty 2024 2023 Finished goods and goods for resale 29.608 11,468 18.762 2,256 18. Debtors Group Group 2023 Charfty 2024 Charfty 2023 Due wlthln one year Trade debtors Amounts owe(I by group undertaklng8 Other debtcffs Prepayments and accrued Income 604483 325,686 214.9 24674 162.513 12.751 63.247 It5,609 167.15 42.327 109,203 761,642 504,542 491￿60 274,467 Pago 37 MOUNTAIN TRAINING TRUST (A ¢ompany lknlted by guarantm) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Cr•dltors: Amounts falling due wlthln one year Group 2024 Group 2023 Charlty 2024 Chanyy 2028 Tr8d8 credit NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Statsment of fund6 (Continued) Stat•m•nt of funds . prior year Balance at 31 Mar 2023 Balance at 1 Apnl 2022 TransfwE Income Expenditurn Unr•strl¢ted funds Deslgnated funds Boat auction proceeds 8.7Q2 8,702 G•narnl fund• General Funds- all funds 744, 777 1459.283 ￿990. 755) 13.536 226,841 Totsl Unrostrlctsd fund4 753,479 1459.283 ￿990, 755) 13,536 235,543 Restrlctsd funds Jarns Brownhll SE Repairs & Maintenance Fund Bass Legacy Wrexham County Borough Fund Boat sale 18,477 (4,OOOJ 14,527 13,536 75,000 (13,536) 75,000 1,000 10,472 10,472 118,485 (4.000) (13, 536) It￿,999 Total of funds 871,964 3,459,333 (3,994,755) 336,542 Page 40 MOUNTAIN TRAININO TRU8T IA cornpaThy lknlted by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Analysls of net assots be￿￿eTr funds Analy•l• of n•t a￿ts b•tsv•on funds • ￿rrant p•rfod Unrnstrlcted R•strfct fund• fvnds 2024 2024 Total funds Tanglble f￿1 a88ets Current assets Credltors due bmthin One year 141,804 1,049,186 (1,342,961) 141W4 1,154,84(1 11A42.961) 105.654 Total (151,971) 105.654 (46.317) Analysls of not assots botwoon lund$ - prior poriod Unrnstrfcted R•strfcted funds 2023 2023 2Q23 Tanglble fixed 888•ts Current 88sets Credltors due wlthln one year 144,539 1.311393 (1.222,389) 144,539 1,414,392 (1,222,389) 100.999 Total 235,543 100.999 336,542 Page 41 MOUNTAIN TRAINING TRUST (A company Ilmlted by guarankn) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21ll4 Reconclllatlon of net movemont in funds to nèt cash Ilow from op•ratlng aGtlvltl Group 2W Gmup 2023 Net expenditure for the period (as per &atement of Financial Activities) {382,859) (535,422) Adjuslmonts lor D8preLaation charges Dividends, interests and rents from irwestments IncRase In stocks DeGreasel(inLYea8e) In dèbtors In(xea88 in creditors 44,571 (18,566) {18.140) <257,100) 120,572 37.910 (14.131) (9.143) 96.841 295.045 Net cash us•d In oporating actlvltlos (511,522) f128,9tXI) Analy¥is of co8h and cash equlvalents Group 2024 Group 2023 Cash in hand 363,690 898,382 Total cash and cash oqulvalents 363,590 898.382 Analy$ls of changes In n•t d•bt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and In hand 898,382 (534.792) 363,590 898,382 {534,792) 363,590 Pagg 42 IAOUNTAIN TRAINING TRU8T IA Company Ilmlt•d by guarant••) NOTES TO THE FINANCIAL STATEM￿8 FOR THE YEAR ENDED 31 MARCH 2024 2& Penslon commltmu Prudenlial The compary operale8 a defined contributions pension Schomo wlth Prudenttal for arnploy888 Jolnl slnc£ 2000. The assets of thè sth8m8 ara held Soparately from th086 of the company in an independenty admlnlstered fund. NEST Since auto enrolment new amployees arn enterad onto the Govemm8nt scheme. Th8 p￿slOn o)st chargg repre8ent¥ contriLxrt1o￿ payable by the ¢ompany to both 8ch8mas and amounted to £53.303 (2023.. £28,373). Thorn were £&307 (2023: £11,425) of Gontrlbudons outstarKling at the balanGe sheet dal8. 26. Oporatlng l•a8• commlbnents Al 31 March 2024 th8 Group and the Charlty had cOmnStr￿rts ID make fuiure mlnlmum lea8 payments und8r non