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← Mountain Training Trust

2025-03-31-accounts

Registered number: 03250981 Charity number: 1064023

MOUNTAIN TRAINING TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 12
Independent auditors' report on the financial statements 13 - 16
Consolidated statement of financial activities 17
Consolidated balance sheet 18 - 19
Charity balance sheet 20 - 21
Consolidated statement of cash flows 22
Notes to the financial statements 23 - 44

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Soraya Abdel-Hadi
Lee Barnett(resigned 20 February2025)
Ben Coates
Lisa Dickinson
AnthonyHalliwell(appointed 10 June 2025)
Michael Rosser
Fiona Sanders
PhilipSmith(resigned 29 July2024)
Peter Stacey (resigned 10 June 2025)
Matthew Tennant
EmilyThompson(appointed 21 May2024)
Frances Anderson(appointed 6 January2025)
William Whatley (appointed 15 October 2024)
Stephen Saddler(resigned 21 May2024)
Company registered
number
03250981
Charity registered
number
1064023
Registered office
Plas Y Brenin
National Outdoor Centre
Capel Curig
Betws Y Coed
Conwy
LL24 0ET
Independent auditors
WR Partners
Chartered Accountants
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Senior Management
Team
P Kennedy - Chief Executive Officer
P Atherton - HR Director
P Catterall - Head of Instruction
T Parker - Head of Hospitality EHS and Facilities (appointed 1 September 2024)
L Beverley- Sales & Marketing Director (appointed 01/10/2024)
A Jarvis - Interim Finance Director (appointed 6/1/2025)
L Smith - Governance Officer

Page 1

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the period from 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The Charity was incorporated without share capital and is limited by guarantee (to a maximum of £1) from each of its founding members, The British Mountaineering Council (BMC), Mountain Training UK and Ireland (MTUKI) and Mountain Training England (MTE).

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The objects of the Group and Charity are specifically restricted to the following:

  1. The advancement for the public benefit of education and training (in conjunction where appropriate with other bodies or persons) in skills:

a) or the conduct of safe walking, running, canoeing, climbing, orienteering, mountaineering, skiing, mountain biking and other recreational activities generally practised in the outdoors or in sea, hill, cliff, and mountain environments; and/or

b) for the conduct of safe activity in the outdoors or in sea, hill, cliff, and mountain environments.

  1. The promotion of the provision of facilities:

a) for recreation or other leisure;

b) for the benefit of the general public in the interests of social welfare and with the object of improving their conditions of life; and/or

c) to deliver the first object of the Charity.

  1. Such other objects as shall be exclusively charitable under the law of England and Wales as the Directors shall decide.

Main activities of the charity April 2024 - March 2025:

Page 2

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

• On behalf of Sport England, be the custodian of the Plas y Brenin facility, ensuring it remains 'the home of the outdoors'.

b. Strategies for achieving objectives

The Charity is best known for providing the instruction associated with the iconic and world-renowned Plas y Brenin, Sport England's National Outdoor Centre. Plas y Brenin is regarded by many as the spiritual home of British mountaineering and is frequently acknowledged as the 'gold standard' provider in training, developing, and assessing leaders, coaches, and instructors in adventure sport. The charity has managed the National Centre on behalf of its owners, the Sports Council Trust Company (a subsidiary of Sport England), since the late 1990s. Although Plas y Brenin is in Snowdonia, off-site delivery is done across the UK, the Alps and further afield, ensuring a range of terrains are used to meet course requirements.

c. Activities undertaken to achieve objectives

Training and skills development through the provision of a range of instructional services in outdoor activities is at the core of the Charity’s work; our strategic plan outlines our approach. This plan, approved by Sport England, documents how the Charity and its Subsidiary will:

During April 2024 to March 2025, approximately 100 skills and NGB courses were delivered, including:

• Paddlesport (British Canoeing) Advanced and intermediate leadership training, coach awards, safety courses, navigation and tidal planning, and introductory sessions (e.g., sea kayaking, white water kayaking, rolling techniques).

• Mountaineering & Climbing (Mountain Training & BMC) Mountain Leader and International Mountain Leader training/assessments, scrambling and winter skills, climbing instructor courses, performance climbing, and specialist workshops (e.g., self-rescue, alpine preparation).

Leadership training and assessments (Levels 2 & 3), fundamentals, e-bike sessions, and performance camps.

Outdoor and mountain first aid, rope rescue, safe working at height, and outdoor risk management.

Summer camps for Paddlesport, climbing, and biking; navigation skills; family adventure programmes.

Page 3

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

d. Social investment policies

This year we have implemented a number of events and programmes and built on last year's pilot of the Mountain Adventure Fund (aimed at school children). We have initiated projects with the Muslim Sport Foundation and an Alzheimer's charity, the later utilising donation funding. We continue to provide conferences and events such as the ‘She paddles,’ ‘Climb Out’ and more recently, BMC Trad Climbing and The National Trust’s ‘Walking Together.’ We have also improved the use of the facilities as a sector hub for clubs and membership organisations for conferences and AGMs alongside traditional training activities. These include Austrian Alpine Club, the Climbers’ Club, and the local canoe club, who now utilise our recently developed canoe launch pad.

e. Grant-making policies

Mountain Training Trust administers the James Brownhill Memorial Fund.This year our Mountain Adventure Fund (MAF) continued to grow, and we have set up a committee focused on supporting the MAF implementation.

f. Volunteers

Representatives from our Founding Member organisations (BMC, MTE, MTUK&I) are volunteers from their National Governing Body organisations, and the MTT Non-Executive Trustee Board are all volunteers. We have also begun utilising volunteers as part of the delivery of our MAF programme.

g. Main activities undertaken to further the Charity's purposes for the public benefit

The Trustees can confirm that they have independently reviewed the activities of the Charity to ensure they meet the Charity Commissioners’ guidance of public benefit. This public benefit test considered:

The activities and facilities provided are for the purpose of getting more people active outdoors, regardless of their demographic, for the benefit of their physical and mental health, as well as to develop a range of transferable skills from team building to problem solving and confidence building. The activities and facilities are available to those seeking introductory experiences in a range of outdoor activities, to the training of instructors. This training aims to enhance public access to positive and educational experiences, encouraging more people to get active outdoors.

Page 4

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

h. Factors relevant to achieve objectives

During the year 2024/25 negotiations with Sport England over the possible five year extension of the Sport England management contract for Plas Y Brenin took considerable time, requiring an update of our strategic plan, the setting up of a task and finish group of Trustees, Directors of the subsidiary and senior leadership team members to secure agreement from Sport England for the extension. Three months after the end of our financial year we got confirmation from the Sports Council Trust Company and Sport England of their intention in principle to extend the management contract. Detailed negotiations in regard to the proposed extension are now underway.

We also recruited a new director of marketing, a person who has already had a significant impact and supported the Chief Executive Officer in closing a range of partnerships and large contracts, with bodies such as the Muslim Sport Foundation. The board agreed that such contracts could provide the organisation with greater financial stability and regular work for instructors. Designed and programmed appropriately these activities could dovetail with the more traditional NGB and skills based programmes. This initial work is likely to start bearing fruit in the year 2025/26. However, the business development income line is already showing growth as a result.

Fire rectification work across the buildings at Plas Y Brenin continues, in close liaison with Sport England. The work has enabled us to revamp the courtyard block, and this now provides dedicated space for our school programmes and more affordable accommodation. The use of fire wardens has continued, with an associated financial burden. We negotiated with Sport England to support Cost of Living increases for staff pay, but many of our other costs such as oil, electricity and food/beverages impacted our ability to deliver our margins.

We have started to activate our sponsor partnership arrangements and have benefited in the year - for example - Ellis Brigham’s support in respect of the courtyard block. The non-instructional teams underwent some restructuring and cost efficiency programmes in order to reduce the costs of overheads to the organisation.

Work on the board continued with an extensive review of the skills required to support the delivery of the strategic plan and to meet Sport England’s governance Tier 3 standard. Recruitment will start in the first quarter of 2025/26. Further board evaluation was carried out, and any further adjustments will be more future focused. These will be initiated as soon as the Sport England contract renewal is agreed. It was also noted that closer board level knowledge and understanding of our member organisations and their activities is important, and that time should be allocated to understanding their strategic direction.

Page 5

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

i. Fundraising activities and income generation

The income for the Charity and its Subsidiary is generated from the provision of courses and the operation of facilities at the Plas Y Brenin centre. Traditional courses continue to be under pressure; however, a number of new initiatives, such as the long term partnership with Muslim Sport Foundation, will provide a series of events and courses throughout next year. We continued our specialised programmes such as ‘She paddles’ and EMBARK. These tend not only to provide income in their own right but also generate further purchases in regard to our core programmes. Several strong partnerships such as the National Trust walking programme, and risk management programmes are also beginning to build. The top line total revenue for the year was ahead of budget, apart from corporate income which was slightly down. Facilities and course income were ahead of budget, and offset that shortfall.

We wish to build our charitable fundraising capability. In this financial year the focus was on building a bigger funding base and setting out the appropriate policies and procedures for the MAF programme. We will broaden our range of fundraising objectives in future years and intend to hire our first professional fundraiser in the 2025/26 year.

The charity is regulated by the Fundraising Regulator and is compliant with the Charities (Protection and Social Investment) Act 2016.

No complaints have been received by the charity about fundraising activities

Page 6

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

j. Investment policy and performance

Sport England pays a management fee to support the provision and management of the facilities, allowing MTT to deliver its core objectives and contribute to its educational values. As part of the process of negotiation in regard to the Sport England contract extension, we provided Sport England with a detailed business plan which sets out our financial ambition over the next 5 years The intention is to deliver profitable growth and build the reserves over the next 5 years.

Our restricted funds are kept in our bank account.

Financial review

a. A year in review

2024/25

Building on the work done in 2023/24, developing a greater understanding of the cost base and pricing structures around both our hospitality and course programmes, we have focused on restructuring and cost management in the hospitality / facilities team. In our skills programmes our risk and safety category continues to increase, alongside our small but growing MAF programme. We continue to be concerned about the level of income generation from our core programmes and will focus our attention on these areas in 2025/26. The data tracking information on course optimisation and budgetary variations has provided the organisation with concerns that need to be addressed in the coming years. Course programme was flat year on year. Course optimisation is low and needs a revamp/condensed course programme to match instruction supply and market demand. Diversifying the income streams as per the business plan will be essential to achieve financial sustainability.

Engagement with a new IT partner is enabling us to monitor and measure more effectively and improve areas of activity, including data security, site security and retention of personal information alongside us offering a more efficient customer journey.

Exploring further outsourcing opportunities to achieve value for money and improvement in services is a focus of the plan going forward.

Financial management and control

The Charity and its Subsidiary operate robust internal financial controls in line with guidance issued by the Charity Commission. Primarily, financial management is delegated to executive staff at Plas y Brenin to manage and administer. Financial oversight is delegated to the Audit, Risk and Finance (ARF) committee, a sub-committee of the Charity board. The ARF meets 4 times a year to provide detailed scrutiny and oversight of the management accounts, the results from the annual audit and preparation of annual audited accounts. The ARF also has responsibility for the oversight of the conflict of interests register, organisation wide risk register and the procurement of services. Throughout the year Trustees have had access to clear, accurate and up-to-date financial information, with comparable data against budget and previous year. This included having access to the following:

Page 6

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial performance

Overall income rose from £3,756k in 2023/24 to £4,337k in 2024/25 an overall increase of 15%. Most areas of income showed a rise in the year, although training revenue decreased from £1,552k in 2023/24 to £1,395k in 2024/25, a fall of 10%. Trading income grew from £576k in 2023/24 to £675k in 2024/25, an increase of 17% and we also saw a 14% increase in donations. Additional grants from Sport England were made to assist with the fire remedial costs and cost of living payments. The grants include £187k from Sport England for the building fire rectification works project which carried over to the year 2025/26. Donations include £134k relating specifically to our Mountain Adventure Fund.

Whilst income increased by 15%, the increase in expenditure was at a lower rate of 11%. Our expenditure increased from £4,138k in 2023/24 to £4,579k in 2024/25. The main reason for this increase was an increase in purchases from £424k in 2023/24 to £863k in 2024/25. This was mainly to do with the fire safety project and was matched with additional funding from Sport England.

Overall, the Charity experienced a loss of £242k in the financial year, a 37% improvement on the £383k loss in the preceding year (which in turn was an improvement on the £535k loss in 2022/23). Although the financial position is improving (annual losses are reducing), the overall deficit at the beginning of the year of £46k has increased to £289k. There is a (positive) balance of £335k of restricted funds, a large part of which relates to the Mountain Adventure Fund and a deficit on the unrestricted funds of £623k. The implementation of the 5 year business plan agreed with Sport England is designed to address our reserves position.

In terms of the Balance Sheet, there was a £243k fall in Total Net assets from (£46k) in 2023/24 to (£289k) in 2024/25. Clearly, the main cause of this reduction in net assets was the losses made in the financial year.

Tangible assets have increased to £167k from £141k, whilst current assets fell from £1,154k in 2023/24 to £734k in 2024/25 mainly caused by a reduction in debtors. This was offset in part by a reduction in creditors from £1,343k to £1,148k. Cash and cash equivalents increased by £99k from £364k to £463k.

In terms of cash flow, net cash flow from operating activities in the year was a positive £135k resulting in an increase in cash and cash equivalents. Whilst there is a continual need to monitor cash flow, the oversight and management of the cash flow position have been improved.

Although we are seeing signs of improvement in the trading position, with a much more positive backdrop in terms of the proposed renewal of the Sport England contract, we still need to move from a reduced loss position into a positive profitable position.

The strategic 5 year plan is intended to significantly increase our income, bring us back into profitability, replenish our cash, and build our reserves. As a first stage, we plan a close-to-break-even position for 2025/26. We are being supported by continued investment in the infrastructure by Sport England in a phased and focused manner. This will lead to a significant development of the site and an increase in its usage.

Page 7

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.

The current financial position creates a material uncertainty in relation to the group's ability to continue as a going concern, but the trustees are confident that the going concern risk is mitigated by the continued support from Sport England.

For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in note 2.3 to the accounts.

c. Reserves policy

The Charity’s board manages financial risk by appointing a robust management team and by agreeing on a detailed financial plan in advance of each financial year. The board has appointed an ARF Committee to review the financial performance and position of the Charity on a quarterly basis, and this Committee reports to the Charity board. The board ensures that the Charity protects its assets and manages risk by monitoring quarterly management accounts which report income and expenditure and the balance sheet position.

Reserves are accounted for as Unrestricted or Restricted funds, and Unrestricted funds are further analysed between Designated and General Funds.

The reserves held at year end were in deficit (£289k) comprising (£624k) of Unrestricted Funds and £335k of Restricted funds. There were no Designated funds within the Unrestricted funds.

In the previous year, the total reserves were in deficit (£46k), comprising (£152k) of Unrestricted Funds and £106k of Restricted Funds.

The 2024/25 free reserves balance is (£791k), compared to (£294k) in 2023/24.

The trend over the last 3 years of reducing losses is forecast to continue such that the 2025/26 position should begin to enable us to stabilise and then improve our reserves and cash position. Plans to put in place an extension of the contract with Sport England, combined with a robust 5 year Business Plan, provide the foundations to reduce the deficit and rebuild our reserves position.

d. Material investments policy

The Subsidiary is a wholly owned trading subsidiary of the Charity; this continues to be the Charity’s only material investment.

Page 8

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

e. Principal risks and uncertainties

When reviewing principal risks and uncertainties, the Trustees considered the specific resources, assets and relationships that are most at risk and the mitigating steps being taken to protect them.

The main risks/uncertainties remain: our present levels of reserves and reliance on Sport England to provide supportive funding both to tackle the additional costs associated with the ongoing work regarding the fire risk remedial project and the increasing cost of living implications for the business.

Revenue continues to be further impacted by the fire risk remedial work as site availability, and the ability to reduce the cost base or increase sales has been tempered. Furthermore, the incompatibility of the various IT/ database systems could also impact our ability to deliver consistent improvements in sales and cost base reduction. We anticipate that in the next couple of years with our new Partner improvement will be made.

We are also concerned about the levels of utilisation of instructors and the breadth and depth of expertise to ensure that all our programmes are adequately delivered as part of the business plan. We wish to address these concerns in 2025/26.

The Trustees and senior leadership team are working closely together, alongside Sport England, to understand further actions required to mitigate these principal risks and to instigate work programmes that ensure minimal impact on the utilisation of the site. Further restructuring in 2025/26 may be required as the organisation gears up for the start of the Sport England contract extension period, and the requirements associated with that extension.

The ARF Committee has been requested to instigate a new system of risk management and reporting across the business to ensure the Trustees and senior management team are able swiftly to mitigate any high-risk areas identified during the year.

f. Financial risk management objectives and policies

Risk management is a fundamental element of the charity’s business practice on all levels and is embedded into the objectives, strategy, planning and controlling processes. Material risks are monitored and regularly discussed within the ARF Committee.

The ARF Committee reviews the annual draft budget, the risk registers, and changes to financial policies and procedures quarterly. This continuous dialogue and engagement ensure effective financial risk management and maintenance of all relevant policies. The risk register is reviewed regularly, and critically analysed to ensure continuous development of the risk management system. Key department managers are invited to provide their opinions on what they view as the key risks within their department which creates transparency for the committee and Trustees on practical operational matters which affect the fundamental success of the business.

The Trustees have assessed the major risks to the Charity, particularly those related to its operations and finances and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. They have reviewed detailed business plans and budgets covering the next three years and are satisfied with the financial risk management objectives and policies.

g. Principal funding

Sport England provide a total management fee to support the course provision and management of the facilities, allowing the Charity to deliver its core objectives and contribute to its educational values.

Page 9

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

a. Constitution

The Charity is registered as a charitable company limited by guarantee and was established with Articles of Association.

b. Methods of appointment or election of Trustees

An open advertisement is used to attract new Trustees with applicants selected against skills needed via skills matrix to deliver the Charity's strategic plan. Those shortlisted for interview are prioritised for demonstration of work in the Charity passion of the outdoors. The Governance & Nominations Committee make recommendations to the Charity board on Trustee and co-option appointments.

c. Organisational structure and decision-making policies

The Charity Board meets quarterly. The meetings include the Trustees, the CEO and Head of Finance. There is currently provision for the Board to request attendance by advisors who can provide technical input. Senior Managers of the Charity attend as required. The Charity Board also delegates responsibilities to several sub-committees. Minutes and actions taken are reported to the main Charity Board. The Trustees of the Charity are currently conducting a review of the governance and sub-committees to ensure sector-best practices are at the heart of the governance arrangements. The Board recognises that good governance is critical to ongoing success and sustainability and are fully committed to working towards Tier 3 of 'A Code for Sports Governance'. The Chief Executive operated within an agreed scheme of delegation and is assisted by a Senior Leadership Team.

d. Policies adopted for the induction and training of Trustees

As part of their induction, new Trustees are provided with a comprehensive governance manual plus the Memorandum and Articles of Association and information from the Charity Commission and Companies House regarding the duties and responsibilities of Trustees and Directors. The induction is undertaken by the Chair of the Board and the Governance Officer. The Charity Trustees undertook a governance review and are working to deliver the actions required to ensure that we are Sport England Tier 3 compliant. Much of the work required such as updating Terms of Reference for committees, updating policies related to governance and employing a Governance officer to oversee this work, and provide Trustee support has been undertaken..

e. Pay policy for key management personnel

The Charity’s sub-committee with the specific remit of HR and Remuneration has considered all senior staff remuneration over the year. Pay for key management personnel has been market tested and is appropriate to the role, experience, qualifications, and geography of the recruitment..

f. Related party relationships

The Charity operates a commercial wholly owned subsidiary, Mountain Training Limited (MTL). All the profit generated by this subsidiary is gifted back to the charity at the end of the financial period. The results of the subsidiary are reflected in these accounts.

Page 10

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

g. Trustees' indemnities

There is a Trustee indemnity policy in place.

Plans for future periods

The year 2025/26 is a pivotal year in our discussions with Sport England. While agreement in principle with regard to the extension of the management contract has been reached, the details of the contract extension and associated sub-contracting of some back office services still remain to be agreed. The signing of the contract extension is likely to occur prior to the end of the financial year.

We will continue to develop a broad range of partnerships to support us in our work, and to increase our charity fundraising capability. This will reduce our dependence on Sport England and help us deliver further our charitable objectives. We will also continue to roll out the use of shared services partners where they can provide high levels of expertise or business security.

We will also improve our financial performance by focusing on increasing our income through key larger partnerships such as a pioneering apprenticeship scheme programmes, as well as more focused marketing activities around our core programmes in order that as many people as possible can get the benefit of our 100+ skills courses and NGB programmes. The new youth group accommodation and facilities will also see a ‘sales drive’ to fill this capacity. We will revisit our organisational structure moving forward, introducing better operational and instructional support layers so that we are in the right shape for the future.

We are working on our future capital investment plans, balancing vital long-term electrical improvements by upgrading the facility to improve both instructional delivery and commercial income. We want to improve the facility to appeal to as many people as possible, for example with the building of a multi-faith prayer room which is to be completed in partnership with MSF funding.

Page 11

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

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

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Fiona Sanders

Chair of the Board of Trustees

Date: 5 December 2025

Page 12

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTAIN TRAINING TRUST

Opinion

We have audited the financial statements of Mountain Training Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to Note 2.3 in the financial statements, which indicates that the charitable group had a deficit of £242,247 in the year to 31 March 2025, net current liabilities at that date of £414,202 and net liabilities of £288,564. As stated in Note 2.3, these events or conditions, along with other matters as set forth in Note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the charitable group's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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

Page 13

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTAIN TRAINING TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

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

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

Page 14

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTAIN TRAINING TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charity awareness to carry out our work to the required standard.

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and the parent charitable company and determined that the most significant are those which relate to the reporting framework (The Charity SORP 2019), the relevant tax compliance regulations and the General Data Protection Regulation (GDPR).

We understood how the Group and the parent charitable company complies with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non-compliance that might have a material impact on the financial statements.

We reviewed the susceptibility of the Group and the parent charitable company’s financial statements to material misstatement including how fraud may occur by meeting with key management to understand where they considered there was a susceptibly to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant estimates used in preparing the financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Page 15

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUNTAIN TRAINING TRUST (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

WR Partners

Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Date: 9 December 2025

WR Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net (expenditure)/income
Transfers between funds
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
1,263,725
1,395,367
674,865
20,653
660,487		 Restricted
funds
2025
£

321,414

-

-

-

-		 Total
funds
2025
£

1,585,139

1,395,367

674,865

20,653

660,487		 Total
funds
2024
£

1,386,410

1,552,286

576,177

18,265

222,388


3,755,526

1,641,684

2,496,701


4,138,385

(382,859)

-


(382,859)

336,542

(382,859)


(46,317)
4,015,097
321,414
4,336,511

2,151,342
2,410,206


-

17,210


2,151,342

2,427,416
4,561,548
17,210
4,578,758

(546,451)

74,880


304,204

(74,880)


(242,247)

-
(471,571)
229,324
(242,247)

(151,971)
(471,571)


105,654

229,324


(46,317)

(242,247)
(623,542)
334,978
(288,564)

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 44 form part of these financial statements.

Page 17

MOUNTAIN TRAINING TRUST

(A company limited by guarantee) REGISTERED NUMBER: 03250981

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
19
Net current liabilities
Creditors: amounts falling due after more
than one year
20
Net liabilities
Total net liabilities		 25,793
245,136
462,816		 2025
£
167,258
167,258

29,608

761,642

363,590

1,154,840

(1,342,961)
(414,202)
(41,620)
(288,564)
(288,564)		 2024
£
141,804

141,804





(188,121)
-

(46,317)

(46,317)
733,745
(1,147,947)

Page 18

(A company limited by guarantee) REGISTERED NUMBER: 03250981

MOUNTAIN TRAINING TRUST

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

2025 2024
Note £ £
Charity funds
Restricted funds 21 334,978 105,654
Unrestricted funds 21 (623,542) (151,971)
Total funds (288,564) (46,317)

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

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

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Fiona Sanders

Chair of the Board of Trustees Date: 5 December 2025

The notes on pages 23 to 44 form part of these financial statements.

Page 19

MOUNTAIN TRAINING TRUST

(A company limited by guarantee) REGISTERED NUMBER: 03250981

CHARITY BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
19
Net current liabilities
Creditors: amounts falling due after more
than one year
20
Net liabilities
Total net liabilities		 14,218
163,928
438,246		 2025
£
103,606
1
103,607

18,762

491,960

315,867

826,589

(945,973)
(538,387)
(41,620)
(476,400)
(476,400)		 2024
£
73,066
1

73,067





(119,384)
-

(46,317)

(46,317)
616,392
(1,154,779)

Page 20

(A company limited by guarantee) REGISTERED NUMBER: 03250981

MOUNTAIN TRAINING TRUST

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

2025 2024
Note £ £
Charity funds
Restricted funds 21 147,142 105,654
Unrestricted funds 21 (623,542) (151,971)
Total funds (476,400) (46,317)

The Charity's net movement in funds for the year was £ (430,083) (2024 - £(382,859)) .

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

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

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Fiona Sanders

Chair of the Board of Trustees

Date: 5 December 2025

The notes on pages 23 to 44 form part of these financial statements.

Page 21

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash used in operating activities
23
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
New finance leases
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
24
The notes on pages 23 to 44 form part of these financial statements		 2025
£
135,397		 2024
£

(511,522)


18,566

-

(41,836)


(23,270)


-

(534,792)

898,382


363,590
-
9,006
(94,371)
(85,365)
49,194
99,226
363,590
462,816

Page 22

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

Mountain Training Trust is a charitable company, limited by guarantee, registered in England and Wales. The charitable company's registered office is at Plas Y Brenin, The National Mountain Sports Centre, Capel Curig, Betws Y Coed, Conwy, LL24 0ET.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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 second edition Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Mountain Training Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Basis of consolidation

The financial statements consolidate the accounts of Mountain Training Trust and all of its subsidiary undertakings ('subsidiaries').

The Charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own income and expenditure account.

Page 23

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Going concern

The financial statements have been prepared on the going concern basis.

The Group reports a total deficit of £242,247 (2024: deficit of £382,859) for the year. The underlying balance sheet position has reduced, with net current liabilities of £414,202 (2024: net current liabilities of £188,121) and net liabilities of £288,564 (2024: net liabilties of £46,317). A key factor supporting the going concern basis is the on-going Sport England contractual and transformation funding. In particular, Sport England have approved a 5 year extension to their contract which will run to March 2031.

Whilst the financial position creates a material uncertainty the trustees are satisfied that the going concern risk is mitigated by the continuing support from Sport England.

Cash flow forecasts to 30 November 2026 have been produced and agreed by the Board of Trustees. The cash flow forecasts provide assurance that the charitable group can meet it's obligations as they fall due and can continue as a going concern for the foreseeable future.

Page 24

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the Consolidated 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 funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

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

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 25

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Plant and machinery - 20% and 25% - straight line
Motor vehicles - 20% - reducing balance
Fixtures and fittings - Room - 12.5% - straight line
furniture
Office equipment - 25%, 33 and 50% - straight line
Electric bikes - 33% straight line
Property improvements - 10% straight line

Expenditure on equipment such as non electric bikes and kayaks are not capitalised as due to the amount of wear and tear, the estimated useful life is less than a year.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Page 26

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.9 Debtors

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

2.10 Cash at bank and in hand

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

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

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

2.13 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 27

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.14 Pensions

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

2.15 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 28

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Income from donations and legacies

Donations
Grants
Total 2025		 Unrestricted
funds
2025
£
42
1,263,683		 Restricted
funds
2025
£

133,578

187,836		 Total
funds
2025
£

133,620

1,451,519		 Total
funds
2024
£

62,968

1,323,442


1,386,410
1,263,725
321,414
1,585,139

5. Income from charitable activities

Provision of education and training in general outdoor
recreation
Total 2025		 Unrestricted
funds
2025
£
1,395,367		 Total
funds
2025
£

1,395,367		 Total
funds
2024
£

1,552,286


1,552,286
1,395,367
1,395,367

Page 29

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Income from other trading activities

Income from non charitable trading activities

Sales
Trading income
Total 2025
7.
Investment income
Investment income
Total 2025
8.
Other incoming resources
Other operating income
Other income
Total 2025		 Unrestricted
funds
2025
£
415,100
259,765		 Total
funds
2025
£

415,100

259,765		 Total
funds
2024
£

256,762

319,415


576,177
Total
funds
2024
£

18,265


18,265
Total
funds
2024
£

-

222,388

222,388
674,865
674,865

Unrestricted
funds
2025
£
20,653

Total
funds
2025
£

20,653
20,653
20,653

Unrestricted
funds
2025
£
23,102
637,385

Total
funds
2025
£

23,102

637,385
660,487
660,487

Page 30

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Expenditure on raising funds

Other trading expenses

Purchases
Depreciation
Cost of sales
Administration expenses
Cost of sales staff costs
Administration staff costs
Total 2025		 Unrestricted
funds
2025
£
862,711
21,329
22,681
538,731
250,910
454,980		 Total
funds
2025
£

862,711

21,329

22,681

538,731

250,910

454,980		 Total
funds
2024
£

424,225

12,949

21,701

469,516

322,258

391,035


1,641,684
2,151,342
2,151,342

10. Analysis of expenditure on charitable activities Summary by fund type

Provision of education and training in general
outdoor recreation
Total 2025		 Unrestricted
funds
2025
£
2,410,206		 Restricted
funds
2025
£

17,210		 Total
2025
£

2,427,416		 Total
2024
£

2,496,701


2,496,701
2,410,206
17,210
2,427,416

Page 31

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Analysis of expenditure by activities

Provision of education and training in general
outdoor recreation
Total 2025
Analysis of direct costs
Staff costs
Sub-contractor fees
Catering purchases
Course expenditure
Access agreements
Staff training
Total 2025		 Activities
undertaken
directly
2025
£
1,343,826		 Support
costs
2025
£

1,083,590		 Total
funds
2025
£

2,427,416		 Total
funds
2024
£

2,496,701


2,496,701
Total
funds
2024
£

1,018,237

122,809

238,496

17,579

7,209

2,824


1,407,154
1,343,826
1,083,590
2,427,416


Provision of
education
2025
£
920,204
168,866
221,271
25,832
7,102
551

Total
funds
2025
£

920,204

168,866

221,271

25,832

7,102

551
1,343,826
1,343,826

Page 32

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Analysis of expenditure by activities (continued) Analysis of support costs

Staff costs
Depreciation
Outsourced staff costs
Course expenditure
IT costs
Staff training
Bad debts
Staff Uniforms
Rates and water
Light and heat
Telephone
Postage and stationery
Advertising and marketing
Sundries
Rent
Repairs and Maintenance
Subscriptions
Non-reclaimable input VAT
Motor
Bank Charges
Travel and accommodation
Profit/(loss) on disposal of assets
Governance costs
Total 2025		 Provision of
education
2025
£
599,280
40,930
275
11,137
38,882
7,077
-
117
40,109
36,004
1,614
126
46,127
10,443
16,816
37,252
90
(12,938)
15,473
16,984
157,663
2,353
17,776		 Total
funds
2025
£

599,280

40,930

275

11,137

38,882

7,077
-

117

40,109

36,004

1,614

126

46,127

10,443

16,816

37,252

90

(12,938)

15,473

16,984

157,663

2,353

17,776		 Total
funds
2024
£

441,991

31,624

290

-

46,857

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
1,083,590
1,083,590
1,089,547

Page 33

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Auditors' remuneration

Fees payable to the Group's auditor for the audit of the Charity's annual
accounts
Fees payable to the Group's auditor in respect of:
All non-audit services not included above
Staff costs
Group
Group
2025
2024
£
£
Wages and salaries
2,020,341
2,013,921
Social security costs
171,023
123,957
Other pension costs
34,010
35,643
2,225,374
2,173,521		 Fees payable to the Group's auditor for the audit of the Charity's annual
accounts
Fees payable to the Group's auditor in respect of:
All non-audit services not included above
Staff costs
Group
Group
2025
2024
£
£
Wages and salaries
2,020,341
2,013,921
Social security costs
171,023
123,957
Other pension costs
34,010
35,643
2,225,374
2,173,521		 Fees payable to the Group's auditor for the audit of the Charity's annual
accounts
Fees payable to the Group's auditor in respect of:
All non-audit services not included above
Staff costs
Group
Group
2025
2024
£
£
Wages and salaries
2,020,341
2,013,921
Social security costs
171,023
123,957
Other pension costs
34,010
35,643
2,225,374
2,173,521		 2025
£
17,150
3,000		 2024
£

15,850

2,650
Charity
2024
£

1,349,330

90,734

20,164


1,460,228

Charity
2025
£

1,359,268

140,409

19,807
2,225,374
2,173,521
1,519,484

13. Staff costs

During the year, redundancy payments totalling £nil (2024: £52,245) were paid to 0 (2024: 2) staff members.

The average number of persons employed by the Charity during the year was as follows:

Group
2025
No.
80		 Group
2024
No.

83
The number of employees whose employee benefits (excluding employer pension costs) The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
Group Group
2025 2024
No. No.
In the band £70,001 - £80,000 2 1
In the band £90,001 - £100,000 - 1

Remuneration and benefits received by key management personnel for the Group totalled £578,659 (2024: £424,326).

Page 34

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL-) .

During the year ended 31 March 2025, expenses totalling £ NIL were reimbursed or paid directly to Trustee (2024 - £3,830 to 7 Trustees) . These expenses relate to travel and subsistence for meetings held during the year.

15. Tangible fixed assets

Grou

Cost or valuation
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Property
improvements
£
41,434
-
-
Plant
and
machinery
£

220,305

6,654

-

Motor
vehicles
£

139,819

60,545

(48,935)		 Fixtures
and
fittings
£

40,542

9,591

-

Office
equipment
£

86,753

17,581

-		 Total
£

528,853

94,371

(48,935)


574,289


387,049

62,264

(42,282)


407,031


167,258

141,804
41,434
226,959
151,429
50,133
104,334
10,772
4,075
-
162,564

35,948

-
105,972

15,190

(42,282)
24,159

4,643

-
83,582

2,408

-
14,847
198,512
78,880
28,802
85,990
26,587
28,447
72,549
21,331
18,344

30,662


57,741


33,847


16,383


3,171

Page 35

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Plant and
machinery
£
103,550
-
-
 Motor
vehicles
£

139,819

60,545

(48,935)		 Fixtures and
fittings
£

13,862

-

-		 Office
equipment
£

86,753

17,581

-		 Total
£

343,984

78,126

(48,935)


373,175


270,918

40,933

(42,282)


269,569


103,606

73,066
103,550
151,429
13,862
104,334
74,965
22,329
-
105,972

15,190

(42,282)
6,399

1,006

-
83,582

2,408

-
97,294
78,880
7,405
85,990
6,256 72,549
6,457
18,344

28,585
33,847


7,463


3,171

The net book value of assets held under hire purchase agreements is £51,463 (2024: £nil).

Page 36

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Fixed asset investments

Charity
Cost or valuation
At 1 April 2024
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Investments
in
subsidiary
company
£
1

1
1

1

Page 37

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Class of Holding
number place of business shares
Mountain Training Limited 03284963 Plas y Brenin, Capel Curig, LL24 Ordinary 100%
0ET

The financial results of the subsidiary for the year were:

Name
Mountain Training Limited

17.
Stocks
Finished goods and goods for resale
18.
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Income
£
Expenditure
£
2,523,036
2,151,342
Group
Group
2025
2024
£
£
25,793
29,608
Group
Group
2025
2024
£
£
155,494
604,483
-
-
62,576
-
27,066
157,159
245,136
761,642		 Income
£
Expenditure
£
2,523,036
2,151,342
Group
Group
2025
2024
£
£
25,793
29,608
Group
Group
2025
2024
£
£
155,494
604,483
-
-
62,576
-
27,066
157,159
245,136
761,642		 Profit/
(Loss) for
the year
£
371,694
Charity
2025
£

14,218		 Net assets
£

1
Charity
2024
£

18,762
Charity
2024
£

214,959

234,674

-

42,327


491,960

Group
2025
£
155,494
-
62,576
27,066

Group
2024
£

604,483

-

-

157,159

Charity
2025
£

110,717

-

44,918

8,293
245,136
761,642
163,928

Page 38

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Creditors: Amounts falling due within one year

Group
2025
£
Trade creditors
345,034
Amounts owed to group undertakings
-
Other taxation and social security
76,485
Obligations under finance lease and hire
purchase contracts
7,574
Other creditors
8,926
Accruals and deferred income
709,928
1,147,947
Group
2025
£
Deferred income at 1 April 2024
712,621
Resources deferred during the year
645,920
Amounts released from previous periods
(712,621)
645,920
20.
Creditors: Amounts falling due after more than one year
Group
2025
£
Net obligations under finance lease and hire
purchase contracts
41,620		 Group
2025
£
345,034
-
76,485
7,574
8,926
709,928		 Group
2024
£

343,325

-

198,560

-

18,571

782,505		 Charity
2025
£

39,762

469,436

41,450

7,574

1,156

595,401		 Charity
2024
£

132,367

-

156,834

-

2,253

654,519


945,97
1,147,947
1,342,961
1,154,779

Group
2025
£
712,621
645,920
(712,621)

Group
2024
£

658,675

712,621

(658,675)

Charity
2025
£

637,282

572,804

(637,282)

Charity
2024
£

618,598

637,282

(618,598)


637,28
645,920
712,621
572,804


Group
2024
£

-

Charity
2025
£
41,620

Charity
2024
£

_- _

Page 39

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
James Brownhill
Bass Legacy
Wrexham County Borough
Fund
Boat sale
Mountain Adventure Fund
Sport England Fire Safety Fund
Total of funds		 Balance at 1
April 2024
£
(151,971)		 Income
£
4,015,097		 Expenditure
£

(4,561,548)		 Transfers
in/out
£

74,880		 Balance at
31 March
2025
£

(623,542)

5,727

75,000

-

10,472

55,943

187,836


334,978


(288,564)

10,527
75,000
1,000
10,472
8,655

-

-

-

-

-

133,578

187,836


(4,800)

-

(1,000)

-

(11,410)

-


-

-

-

-

(74,880)

-
105,654
321,414
(17,210)
(74,880)
(46,317) 4,336,511
(4,578,758)
-

Restricted funds

James Brownhill - this is a bursary scheme.

SE Fire Safety Fund - this is funding from Sport England for fire and safety work.

Bass Legacy - represents legacy income received in the year which is to be spent to enable dementia sufferers and their carers to be active outdoors.

Boat sale - represents income received in the prior year which is to be utilised by John Moores University.

Mountain Adventure Fund - Mountain Adventure Fund's aim is to give every inner-city child the opportunity to be inspired and motivated by the rugged outdoors and the challenges mountain environments have to offer.

Page 40

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Boat auction proceeds
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
James Brownhill
Bass Legacy
Wrexham County Borough Fund
Boat sale
Mountain Adventure Fund		 Balance at
1 April 2023
£
8,702		 Income
£

-		 Expenditure
£
(8,702)		 Balance at
31 March
2024
£

-

(151,971)

(151,971)


10,527

75,000

1,000

10,472

8,655


105,654

226,841

3,693,891

(4,072,703)

235,543


3,693,891


(4,081,405)
14,527
75,000
1,000
10,472
-
-

-

-

-

61,635
(4,000)

-

-

-

(52,980)
100,999
61,635
(56,980)

Total of funds

336,542 3,755,526 (4,138,385)

(46,317)

Page 41

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
167,258
398,767
(1,147,947)
(41,620)		 Restricted
funds
2025
£

-

334,978

-

-		 Total
funds
2025
£

167,258

733,745

(1,147,947)

(41,620)


(288,564)
Total
funds
2024
£

141,804

1,154,840

(1,342,961)


(46,317)
(623,542)
334,978

Unrestricted
funds
2024
£
141,804
1,049,186
(1,342,961)

Restricted
funds
2024
£

-

105,654

-
(151,971)
105,654

Page 42

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
25.
Analysis of changes in net debt
At 1 April 2024
Cash flows
£
£
Cash at bank and in hand
363,590
99,226
Finance leases
-
-
363,590
99,226		 Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
25.
Analysis of changes in net debt
At 1 April 2024
Cash flows
£
£
Cash at bank and in hand
363,590
99,226
Finance leases
-
-
363,590
99,226		 Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
25.
Analysis of changes in net debt
At 1 April 2024
Cash flows
£
£
Cash at bank and in hand
363,590
99,226
Finance leases
-
-
363,590
99,226		 Group
2025
£
(242,247)
62,264
-
(2,353)
3,815
516,506
(202,588)		 Group
2024
£

(382,859)

44,571

(18,566)

-

(18,140)

(257,100)

120,572


(511,522)
Group
2024
£

363,590


363,590
At 31 March
2025
£

462,816

(49,194)


413,622
135,397

Group
2025
£
462,816
462,816

New finance
leases
£

-

(49,194)
363,590
99,226
(49,194)

Page 43

MOUNTAIN TRAINING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

26. Pension commitments

Prudential

The company operates a defined contributions pension scheme with Prudential for employees joining since 2000. The assets of the scheme are held separately from those of the company in an independently administered fund.

NEST

Since auto enrolment new employees are entered onto the Government scheme.

The pension cost charge represents contributions payable by the company to both schemes and amounted to £34,010 (2024: £35,643). There were £7,002 (2024: £8,307) of contributions outstanding at the balance sheet date.

27. Operating lease commitments

At 31 March 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2025
£
27,713
29,032
29,098		 Group
2024
£

27,713

45,844

36,224


109,781
85,843

28. Related party transactions

In accordance with FRS 102, transactions with Mountain Training Limited have not been disclosed here since it is a wholly owned subsidiary of Mountain Training Trust.

During the year The Mountain Training Trust paid course fees of £2,151 (2024: £2,261) to Mountain Training England, a company which Peter Stacey is a director. Included in creditors at year-end was £112 (2024: £nil).

During the year Mountain Training Trust paid £95,983 and Mountain Training Linited paid £12,347 to Harlech Food Services Limited. The partner of T Parker, one of the members of the senior management team is the daughter of the Chairman of Harlech Food Services Ltd.

Page 44