Adventure BF Adventure (A COMPANY LIMITED BY GUARANTEE) Charity number: 1071862 Company number: 3546772 TRUSTEES. REPORT AND CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
Adventure BF NAveniure Annual Rew)rt 2024-25 Company NumIr 3546772 Contents Heading Page ReferwKe and admini5trNe w)formati Trust, rerK Audltors reKx)rt to the tr 16 Statement of finanaal activitr.es 21 Balance *et ststement of cash fkJw5 25 Notes to the financial statements 26
Adventure BF Adventure Annual Reix)rt 2024-25 Company NUrntr 3546772 Reference and Administrative Information Charity number 1071862 Company registration number 3546772 Business address Goodygrane Activity Centre Halvasso Longdowns PENRYN TRIO 9BX Registered offi Goodygrane Activity Centre Halvasso Longdowns PENRYN TRIO 9BX Trustees (on date report approved) David Wingham (Chair) Deborah Osborne (VI Chair) Hilary Beechey Laurence Osborne Henry Maples Simon Tregoning Heidi GnIster Sarah Corbridge Jason Phillips lonathan Angilley (App)inted 3010412025) Secretary Mr A Richards Chief Executive Mr A RIdrdS
Adventure BF AdVttlre Annual RerK)rt 2024-25 Company Number 3546772 Auditors TC Group Vwian House Newham Road Truro TRI 2DP Bankers Barclays Bank PLC 14 ng Street TRURO TRI 2RB Solicitors Murrell Associates LLP 14 High Cross TRURO TRI 2AJ
Adventure BF Adventure Annual Reprt 2024-25 Company Nurnr 3546772 Chair's Re ort The demand for our seNces continues to grow, with the charity supporting more than 5.(Kxl children and young people over the past year. Amng them. over 800 face mults.ple disadvantages and have benefited from our specsalist, longer-term supFrt)rt. This supp)rt helps them navigate challenges suth as learning arKJ Fthyscal disabilitses, behawoural diffi0jIe5, mental heath issues, and the wJer inwarts of adverse childhood experien. Comwall CcNJncil has set out o vision of makiThJ C¢ynwall -a brilliant place to a child and grow up." For many, this reflects realty. The county offers Stunning coasdines, moorknd, and wcthland, providing families OppjnIkn.es to enjoy out0r act"vitie5 and quality time t(yJether. However, those working dOlY with familie5 in rwj are acutely aware of a stark imbalance beneath this pirture. Around 30% of children in Comwall Irve in poverty, and 70% of these chikJren are in housthlds whtre parents are bwJfkJ"ng. Comwall ranks among the most dyived county counol areas in England, with 17 neighbourhoods falling wthin the most deprived nationalty. Dwi(e this, it recetves £17 million less in funding than the national average. For many families, the counvs natural assets remain out of reath due to barriers wch as cost, transFMYt. time, and limited resources. Poverty has a profound effect on children's well"ng and astHrations. Dats from NHS mentsl health suNeys indicates that more than a quarter of chiklren experienong mental health difficults'es live in households unable to afford extracurricular tiVitIes, compared to one in ten mong their peers without such thalleThJes. whi every child has a fundamental right to health and wellbeing, this ts rt yet a reality for many in Comwall. Against this backdrop, we remain focused on strengthening the reath and impact of our work. Despite risng costs and an Increasing d)allenging fundiw environment, this has been a pr(Kturtive arKi rewarding year. (Xjr team expanded to a record 55 staff members during the summer, allowing us to SUPPOrt even rrore children and young Feople through transfomiative outdoor experiences. We have also extended our reach into the east of the county, securing ac5 io Cornwall Scouts, Nine Ashes Artivity Centre. This has enabled us to engage with and sUprt Young people from areas we have rK)t prLMoLLsty ten able to reach. All of this undetrlines t#)th the ccrtinued for (wr seNKes and the financial prureS facing the settor. We remain deep apyeciab.ve of the dedication and support of our staff. trustees, volunteers, and partners. Wh( collethve efforts conb.nue to make a meaningful difference in the 5ives of so many young pwle. David Wingham - BF Pthenture Chair of Trustees.
Adventure BF Adventure Annual Re[ 2024-25 Company Number 3546772 Ob-ectives and Mission 'Inspinng, challenging and molivatingpeople, especiallyyoungpeople, to develop their life skills to bnng aboutKvsitive change- Background: BF Advertture a Comwall-based tharity dedicated to improMThJ the qualty of hfe and engogement in sc(iety for young people and adults through the medium of behavioural and motivational supwrt, focus5ed youth w. measured Outco and OLrtd¢y)r artiwty. The charity was estsblished in 1989 by a group of individuals who reccrfjnised the pY)tential of using the outdoor envIrrnent to FK)gb"vety Influen the physcal and mentsl wellbeing of children and young peop. BFA works wrch statutory trthies. voluntsry arKI vate sertor organisabons COncend wth the well- being of young peoF4e. parb"cularW those disadvantaged through 9)oal deprivation, physical and mentsl disability. and behavi(wJral arMJ l or rnIng difficultie5. While this core charitsble work reprerts 75% of BFA'S throughput. the actiwty centre is also popular wh school groups workn"r¥J mulb.ple kTrl (x)IS arKI academie5 and with youth gmups such as the GuS and uts In Juty 2020 the charty L4unthed its dedicated trting ami - Via Ferrats Comwall C.l.C. Offering a unique Wia Ferrata ae(ivity and a range of other te-baSed activib'es to families and individuals Iboth locals and visitorsltourists), external groups, and businesses (for corporate team building activities). The profits generated fr this non-charity work syill be used to support the Charitsble OFeratiorkS a1 development of BF Advttlre. Activities offered by BFA include basic woblem sofviThJ, cancing, abseiling, climbing, swimming, snorkelling, kayaking, archery, orienteering. bushcraft and suNval skills, (amping, expedit¢on planning, zip w, raft iklng. nature trail and independent living sknlls {budgetr'ng, ccx)king, planning, job search skills. , basic numer3cy and literacy). Where pOlble and appropriate these titieS are embedded into acuedited programmes at GCSE / GCSE level. While, as a priorty, maximLJm use is made of the outd(x)r classr(x)m, ind(x)r artivity and prd)1em-%)"rrfJ space is utilised tx)th during wr weather and in(rea%ngly to address wider educational, key arKI other"soft" skills. and ements of carr guidance.
Adventure BF Adventure Annual RetK)rt 2024-25 cpanY Numter 3546772 Charitable objects: "Topromote 3ndadVan the education ofyoungpeople who thmugh thr500?/ andeconomK circumstantss arein needof the pmvision of training faalitiesand recreatsonal actiwties wib? a view to improving theirc0nditnS oflife so that they nwy develop theirphysical ntalandsP1na/¢apaOt andgrow to full "To pmvide commUn¢tyfaalitln the internsts ofsoaal welfare for treation and letsure time occupation th obiertofimpmving tharconditionsof life.- When reviewing our rn$ and ObJecb"s. and in planning cwjr future 1v"e5 the Trustees have referred to the Infom)ation contsined in the Charity commissior general guidan on public benefit aThJ that contained within the Charity f)vemance Ccrfle.
Adventure BF Adventure Annual RetKWt 2024-25 Company Numt*r 3546772 Achievements and Performance Our Core Pr rammes We have further and devebped our core charitable prraMrnes this year trK)th at our home base G(xxlygrane Quarry, Penryn and at a new site in partnership with Comwall Scouts at Nine Ashes activity centre, P(MJmin. We are hugely grateful to all of our parthers, suptK)rters, funders and stakeholders for enabling us to conb.nue to suptx)rt young wple throughout this challenging pericKI. ParenVGuardian feedback: "Since attending BF Adventure my daughter has tsuty bbs9)mLYl in 9) many ways. She's become more independent, knrnt how to work ak)ngsi(Je adults and interart with other children. She has leamt to listen to instructions and put into place what is asked of her whith hasnt been easy for her in the past. She really kK)ks forward to all the ath"vities BF provide for her and rLS happy and safe wtth the staff that are alkKated to her." Under the Skills for Life banner wr'core, programmes primarily support children and young people who fa challenges in engaging in full-time mainstream educabon. Most of the children and young people we work wth ore referred through statutory setvice5 although we also receive requests for help from other professionals and families direcdy. The majority of the children and young people we support have a range of complex needs, often exacerbated by txiverty. Some hove exterienced significant trauma through abuse, others have disabilities that make it difficult for them to understand the complexities of society, and many have significant mental health concerns that prevent them from fvlly engaging with their education setting, families and peers. Many of these (hildren and young people struggle to regulate their emotions and this can manifest in presenting behaviours that can challenge. During adolescence, this dysregulation can generate further risk as they trecome vulnerable to further mentsl ill health, increased levels of exploitation and may engage in risk-tsking behaviours. At BF we treat the person as a person, start where they are at and invOe them at every Step. Knowing their stories helps us to understand them, but it doesn't define them. Our Journey of Change helps us to supp)rt children, young people and families to understsnd how they are feeling, what their barri to change might be arKI how our provi%on can help them overcome those barriers. We use it as a guide to our conversations, to enab us to listen carefully and design a programme that meets thr needs. We have devek)ped an approach that draws on youth work theory, trauma informed prartice and outdwr educatyon to guide children, young people and families on their personal journey5. All jourrws have a beginning, a middle and an end and we sthve hard to ensure that each part of the journey at BF is valuable and effeth.ve
Adventure BF AdVtUre Annual ReF#Yt 2024-25 Company Numter 3546772 During the 2024125 Ka(Jemic year we delivered over 3,500 Skills for Life sessions across a range of prc#Jrams. Through these sessions we V•X)rked with over 1000 individtjals. Our Scoal Impact ReFA)rt is prCUCed yearly to r(d in (Jetail the differertt that our provision makes. Skills for Life - Learn Differently Our Skills for 'fe Learn Differenty prcMJramme is at the core of our delivery, providing non- formal educative placements for d)ildren and young people (ages 5-16) who fa challenges in mainstream educational settings. We )Ik dosdy with our referrers in education and sIKial core to ensure that the provision we offer children, and ywng Fwple meets their individual needs. our promsion includes participation in the wider educational and social needs of the child, attendance at wofessionalslfamily meetings, Personal Education Plans and rewrts towards assessments. (ljr skilled instnKtors use our artivities and facilitab've conversations with young people to buikl professional, trust-based relationships. From this base Foint young people are encouraged to identify thar aims for sessions, how they want to devek)p and grow. Instructors write sessional retKirts that are shared with referrers and fèmilies and prowde evidence of individual prre$s. We have a strong safeguarding ethic and work closely with refeTrers and families to keep (hildren and young rtople safe. In 2024125 we worked with over 100 d)ildren and young people through our Leam Differendy prc¥Jramme, providing nearfy 10,000 hours of support. Skills for Life - Access to Adventure Indusivity is essential to tsJr work at BF hAlventure, and we continue to dek)p the s"e to ensure that peY)ple wf(h physical ar1 arnIng disabiltknes can parb"apate in all aspects of our provision. This year we hove continued to prowde our Access to Adventure group provision and l.. I support and were able to draw fuThJing from the aare Milne Trust to suptx)rt 17 Family Activity Days thrwghout the summer holidays suwJrb"ng 100 family ITr5. Skills for Life - Head Out -T has expressed to me how much he Joyed these sessions and would like to retum. I feel these sessions rK)t On provided T with supwrt in rektion to his s(Kial and emob.onal well- being but also helped in building his confidence and self-esteem. Both family an(1 professionals supporting him saw a F#Jsitive dIfferer when he was attending Ij sessions." ior Fami Worker These mentsl he0h and wdl-beirmj programme5 run on a half-temity basis at tx)th our Penryn and Bodmin based sites and indude I:1 outreach and transitn phases alongsde group work on site. During 2024125 we have delivered 9 Head Out prcmjrdmmes, fijnded through Cornwall Community Foundation, The Nab"onal Lottery clMunity Fund arbd a private donor and supported 54 young peop to improve their self-esteem and to devek)p improved coping strategies to manage their mentsl well-being.
Adventure BF Adventure Annual Rewrt 2024-25 Compary Number 3546772 Skills for Life - Adventure Days (Jjr Adventrjre Days are fully funded fun-filled owortuntti.es for young people attending youth provision across Cornwall. We wotk wth organisations o(TOSS the voluntary sertor to plan the rErfert day - the groups can chcx)se from a Trnge of our actties. tailored to rnt their 'For some, these adventures are one of the few opporttjnities they have to leave Pulmin....not only are they hawng a great time, they're a150 leamiThJ and growing in confidence. The BF team are Incredib skilled and compassionate. Many of our yp were extreme anxious at first...the BF team helped them feel safe, Youth Worker, ei)dmin During 2024125 we delivered 25 Adventure Days. workirwj with 14 different youth organisations. Skills for Life - YEP! (funded through fvnment fvnding, Cornwall C(NJ11. cj11 of the Is5 of So"Ily aTrJ the Gw Grovrth Fund) The Yepl Programme is an excittng initiative across Cornwall designed to support young Feople aged 16-24 across a partnership of organTSètions. It was aimed at those out of employment, education, or trainin9. as well as young people struggling in their education after the age of 16. BF PJventure becaffle part of the offer to work specifically with young people who were displaying offending hav1)ur weye at risk of future offending. In February 2025 we ran Iw) unique programmes for a small group of ycNJng people at both our G)odygrane and Nine Ashes gte. The programme ran for two days a week over 8 weeks. We took a holistic and collaboratyve approach to 1P youThJ people build confiden. resilience, and competence while encouraging sew reflection on their life experiences and IhaviourS to help address aThVor protect them from geitiThJ invofved in crime. Throtjgh engaging in adventurous oUtdr artiv[tS and buSaft, participants gaine(J valuable skills in a hands-on enwronment. The content of the programme was co4e5igned th the young people themsdve5, ensuring it aligned wth their goals, interests and experIenS. They aly) completed a unrt from the Level I Sknlls for Living and Work Qualificats"on, as well as receiving tsih)red l.. I SUPFK)rt including pre-pr(yJramme engagement sessions and follow up contart. We also held meth'ngs other profesgonals working with the young people to ensure effective collabordticw) and the best FK)ssibk (yjtcomes after the programme.
Adventure BF Adventure Annual Rep)rt 2024-25 Company NLtmtr 3546772 Alongside our Core charItab PYCNJranNnes. the (harty offers a wide rarvje of SeOnS f(x a whole variety of groups and organisabons. Due to our stsff's skills and our induswe equipment, we specialise in educational artivity days other charttable organi&3tions. We can provide activities to improve communication. confidence, life skills or just provide an Unforgettab experience. Most of our acttwties are fulty &cessible, making us a popular choice for groups wrth s{e additional Tre15. We provKle residential camps and artivity days for many Comish thls. This year we tr¥Jsted 89 sch1 and yth groups ddivering 27 residential visits and 62 day visits with 2.823 young people experisKing &venture based activities on ste. Volunteering During 2024125 we receNed supp)rt frcth over 50 irklividuals, with around 5 active invow in delivery and maintenarKe in ary given week. Most individuals pkK)rt for one day per week and volunteer working suprx)rt one off ftjndraising and Maintenan events. We remain a popular th)1 WO eXw7ere placements wth Ictsl sd1 students. This year FQSt Covid restrictic$ we wEre able to again suptx)rt year 15 stLdents wth their early steps into the wkl of work. Apprenticeships We were able to continue to devew (wr Level 3 Out0 InstnJctor apprenkn"ceship with 5 individuals successfully COmpting the fijll pr¢yJramme with recnJitment completed for a further 6 indivitduals.
Adventure BF Adventsjre Annual RetK)rt 2024-25 Company NumLEr 3546772 Site and Strate ic Develo ments Whilst financial constraints limited capital investment in the site, we were able to complete the following works through 2024 and into 2025.. UwJrading site infrastwrture and refurbishment of artivity areas Further developing orA"0nS in parknership wlth Comwall knjts and usage of their 25-acre w(M)dland activFty center based near PAxlmin, to faolitate the developmenvexpansion of chartty pr(NJramme provision in East Cornwall Completin9 the deVek)Fent of a large undergmur)d adventure tunnelling complex utilising donated materials that were surplus from the A30 dueling project Fully reviewing Business Plan to further deveknp a comprehensive 5 year pkHn to take the charity forwards. Key f(Kus upon the expansion OPFXJtunf(ies to devek)p seNices to meet a growing need for prowsion across Cornwall and to mitigate the pri shock risk of the rising cost of our utilities Ma further devek)pment of energy efficienLy measures and renewable generats". All of our recent develowients are an essential part of delrvering our future wsion and aims as outlined below. Our Aims: BF Athenture will have the following characterisb(s: l. Ensuring the safety and wellbeing of all thildren and young people we support is our top priority, wrth safeguarding embedded within the culture at BF Adventure and equally wthin external partners wtrK) are involved in the delivery of our services. 2. Making a positive differen to all whom access r services 3. Being a leading provider of IncluVe, adventurous artivities and gJpport to children, yOLJng tjeople and famil$ who face disadvantages in life. to meet their identified needs. 4. Operaknng with a highly skilled and motivated team 5. ALtng as a thding provider of quality Youth Work and Outdoor Adventure training 6. Prowding a sustainable (4)eration delivering lasting change and making a positive environmental impact 7. Operating across the southwest from its home base at Goodygrane offering market leading activi(ies, accommodation, training facilitjes and appropriate sUPtK)rt infrastructure 8. Strong relationships and presence across the public and voluntsry sertor 9. A recognised and leading prowdw of indiwdual, family and group OUtd(r attivities ' *Operating under our trading am Ferrats Comwall C.l.C. - generating a profit to further gJPPJrt the WO of the charity BF AdvenbJre io
Adventure BF Adventure Annual RepK)rt 2024-25 Company NuMr 3546772 Plans for 2025126: To consolKlate the growth achieved in the Core 0rity team seeking to continue to develc4) Servi across both sites and the impact uwn those supp)rted. To 9enerate additional unrestrirted irKome by loc&ing to prorTK)te arKI rnaximise the Via Ferrats commeroal offering and new UndergrwrKI Adventure activity. To capitalise upon a large proFeity donabon receved in tember of 2026 to inf(iate a large scale match fundraigng campaign cfhe &Jild Projert) towards raising the funds and SUPtX)rt to replace the dilapidated main charity faulities with a purpose-built, fijlly accessib centre designed Specifical to SUPkN)rt vulnerable young people and to optimise energy efficiency and renewab energy generatr'on opportunities. Financial Review Current Free Unrestricted assets os at 31" August 2025 for the charity are £85k (last year £86k), However as a grcwjp there are no current free unrestritted assets. This represents a ratio of 1.5 nnthS of our average monthly expenditure and our reseryes EM)licy sets out to inuease this level rosS the next few years This year we recorded an unrestTiCted deficrt of £54k after charging £48k depreciabon. £18k was invested from our reseNes into unre5tiirted fix&Y assets Resthcted reserves show a surplus of £22k after d)arging g24k depreoation. Of our £243k restricteo reSee$, £154k wll drawn down in depreoation of assets over the next few years. £89k is cath held pending cCry1th of funded revenue pro1. 2024125 Review The year to 31 Auglt 2025 was very 5CeSsfUl, despite an enormous number of thallenges. Our Core seryices were able to succesthjlly cperate and furthw expand to a new ste to support clients in the East of Comwall and provided SentIal suptx)rt to more highly vulnerable young despite the ongoing post pandemic challenges arxl financiallcost of living crisis. We were gjpported by a large numt*r of grants, private donors and furKlraising ath'vities to ensure the continuty and groth of services li
Adventure BF hAlventure Annual Rewrt 2024-25 Company Number 3546772 2025126 Expectations 2025126 should see arther tr¥Jsy year for l)oth Core setvIS and Adventure centre delivery deSpe the challenging finala1 dimate syÉth further rigng costs exFrted. We will conts'nue to invest in our site facilities and further invest in wr team and expand our delivery across east Comwall. Addits'onal fCuS will be placed utK)n seoJring the funding required for the &g Build development to ensure that support faalities and fit for wrpose and suppjrt the development nd delivery of our services. Investment powersi policy and perforniance: The Trustees, investment FK)licy is governed by the TnJst Investment Art 2000. Current investments are spread ttheen COIF 0rI"eS Investsnent Fund and COIF charib.es Fixed Interest Fund. Surplus fijnds are dewsited with &3rclays Bank, Santander Plc. and Bank of Scotland to achieve maximum spd of risk. Our investments we revIeed in 2013114; we chose not to commit any further funds to long terni irwe5tments and to ersure reserves remain available to supp)rt site infrastnjcture improvements where essential. Our aim across the next 3-5 yeors is to increase the level of cash inve5trnents hekj On rffJewes have recovered to a safe level. Our investment objectives Vre to safely invest, with an expertation of a small addthnal irKome for the organizats"on. This objective has en meL A Going Concern? With 2024125 deliveriNJ a rpluS Wore deprenab"on. aThJ a pth"ve thkn.ng w)sibon in 2025126 the trustees are g to see the resilien of the organisab.on irnproving. The position of the charty a5 a going COrM has been considered and the trustees bdieve that the current delwery mc*Jel provides a F#)srtive plaifomi for future. Reserves Policy The organisation's unrestrirted reserve5 are rK)w £274k. The organisation will seek to increase reserves over future years though rec(KJnise the to continue to Inv in the site, the team and the sustainability of the ste. The organisakn.on will wc¥k to reach free unrestrirted reserves of 3 months of unrestrirted annual eXndItUre {which this year would be £197kl. Resetves above this level wll considered for addih.onal investment in the site, with a f(Kus on renewable energy sut4)fy, and investment in the team through working to Ome a .ng Wage employer. 12
Adventure BF Adventure Annual Repc*t 2024-25 Company NumIr 3546772 IA Governancei governing documents and constitution: The organisation is a chartsble ctxnpany limited by guarantee. incorpjrated on 16 April 1998 and registered as a chanty on 7 Ortolw 1998. (The Bishops Forum was inthalty inaugurat1 on 1° February 1988 a1 consts"tuted as a Charitab tnjst on 22 September 1989.} The company was estsbli5hed under a MemoTrTrYum of Asl0tion that estsblished the objects and p)wers of charitable company arKI is governed under its Artides of Asviation. The original Memorandum of ASS[lation was aMded with the addition of a second chartsble object on 14 May 2LN)7. The C(wnpany Wds renamed BF Adventure on 16 October 2008. The charitable objects Yre then derd on 17 Augusi 201?. The registered offKe is &xKlwJrane A(tMty Certh. Hafvasso. Longdowns, Penryn, Comwall, TRIO 9BX. Recruitment and appointment of Trustees: Under the A¢tides of Awciation. the Trustees are aprA)inted by ordinary resolub.on or by the Trustees. Only a person recommended by the TrLStees or a person nominated by a meml giving 14 to 35 days. tice may be aptK)inted as a Trustee. A three-year stsggered retiremenvrotation pericml (with fKJ maximum numb& of terms served) was intrc#Juced from March 2013. Trustee induction and training: All trustees are selerted ts the skills experience they can offer. They are forn1 indurted into the Organisati by t 0 and management team. The are OptxirtunieS for trustees to suprK)rt on SOn, or suptK)rt srte devek)pment as wdl as Snding time wth the team. We recognise the need for ong(Mng trnstee training a1 suptx)rt and the governance committee has intr(MJuc&l a training txc4ramme to enhance tTUStee knowledge around governance and safeguarding. 13
Adventure BF Adventure Annual Report 2024-25 Compary Numtr*r 3546772 Oryanisational strurture: The day to day running of the chartty is oVern by ihe 0 supwrted by an experienced Senior Management Team consisting of; Charity Btjsiness Manager, Activity Centre Manager and Finance Supwjrt. There is significant variance in stsffing levels aligned with the sea)nalIty of demand for services; last summer there were 25 staff employed on a fijll-time basis, there are 23 supwrt and instrurtional staff with part-time contracLs. some On work during the summer tkri(xl. Pay policy for senior staff: The organisation has implemental a Staffing Matrix. ¥thich defines the level of responsibility and salary banding for each role a(TOSS the organization. The matrix pay levels will be reviewed annually by a Remuneration Committ led by the trustees. Pay for senior staff is incorporated within this and no separate polKy is in place. Risk management: The BF Adventure Risk Register is reviewed regular ty txjth the Senior Management Team and the Board. Whilst this [eri has seen a marked improvement in oijr financial resilience this remains the main area of risk, and we wll conts'nue to build resilience over the next few years. The trustees also rognISe the knl of risk a5Ciated with tx)th safeguarding and heatih and safety due to the nature of our ddivery and artivib"es. These risks are regularty monitored and reviewed to ensure we always folk)w best praLtice. Safeguarding partioJl3rly of the Children and young people whom we support is of primary importance and is the key driver throughout all our fijture planning and dLrision making. 14
Adventure BF Adventtjre Annual Ret)rt 2024-25 CanY Number 3546772 Statement of Trustees. responsibilities The Trustees (who are also directors of BF Advenlure for the pury)ose of company law) are responsible for pparing the Trustees. Annuol ReFQrt and the financial ststements in accordan with applicable and United Kingdom GeneTally Accepted Accounting prath". Company law requires the Trustees to prepare finanoal ststemerts for each financial year which give a and fair view of the state of affairs of the charitsbk company and of the incoming resources and applicatr.on of resources, including the income and expenditure, of the charitsble company for that FVKMJ. In weparing these finanaal statements, the trustees are required to: Select Sultsb accountir#J kTh)1•es and kn appty them consistendy Observe the meth(xls arKI prinaples in the antieS SORP. Make judgments and estimates that are reasonable aThJ prudent,. stste whethLY applKable UK Accounting Stsndards have been followed, subjett to any material departures di}5ed arKI explained in the finanoal ststements; and Prepare the financial statements on the gn9 concern bass unless it is inappropriate to presume that the charitable company wll continue in operation. The Trusiees are res[$b fc keeping prorw accounting records which dilOse with reanab accuracy at any time the financial [K)sitic of the charitable company and to enable them to ensure that the finanaal statements comply with the Companies Art 2(X)6. They are also respongbk for safeguarding the assets of the charitsble company and hence for taking reasonab steps for the prelentson and detedj.on of fraud and other irregularities. The Trustees are re4e for the Maintenan and integrity of the corporate and financial infomiation included on the charity's webgte. Legislats"on in the United Kingd(xn governing the preparabon and disseminats"¢M of finan¢ial statements may differ from legislation in other jurisdirtions. Small company provisions This rewrt has been prepar&J in (ordanCe with the spechil provisions f( small companies under Part 15 of the ConvanS Att 2¢6. On behalf of the board Wingham Director 231.,la4 . 15
Adventure BF Adventure Annual RetKKt 2024-25 Company Number 3546n2 fBF Opinion We have audited the financial ststements of BF Adventure (the 'parent charitable company,) for the year ended 31 August 2025 ¥yhich comprise the Group Ststement of Finanoal ACtVities, the Group and Parent Charitsb, Company Baknce Sheet, the Group Cash Flow statement and notes to the financial statements, including a summary of significant accounting wliaes. The ftnancial reFQrtiry fvamework that has trEen aPF4be(l in their preparats.on is applicable United Kingdom Acc(xJnting Stsndards (United knngdom Generally Accepted AccountiThJ Prath'ce), indudirwJ Financial RetK)rb"ng Stsndard 102 The Financial Reporb"ng Standard applicable in the UK and Repubiic of Ireland,. In our opinion the financial 5tstements: give a true and fair view of the stsle of the thantable companls affairs as al 31 August 2025 and of its incoming resour and application of rescwrces. including ils income and expenditure, for Ihe year then ended., have been propedy Pfepared in aco)rdance wth United Kingdom Generalty ACpted Accounting Practice,. and have been ppared in accordance with the requirements of the Cornpan Act Ba515 for opinion We COlUCted our audrt in accordance Intemational Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our resbIll.es under those stsndards are further described in the auditor reswnsibilrties for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are retevant to our audit of the finonckil statements in the UK, including the FRC'S Ethical Standard, and we have ftjlfilled our other ethical respsibIlItieS in accordance with these requirements. We lIeVe that the alKI evidence we have obtain&l is sufficient and ppropriate to prOVe a b"S our opinion. Conclusions relating to going concern In auditing the financial ststements, we have concluded that the trustees. use of the goiThJ concern basis of accounting in the preparats'on of the finanaal statements is appropriate. 16
Adventure BF Adventure Annual Report 2024-25 C(npanY Number 3546772 Based on the work we have perfomied, we hève not identified any maten'al urttrtainties relating to events or conditlons that, individually or Co1)ve1y, may cast significant doubt on the charitsble company's abilty to continue as o gcAng concem for a period of at least twelve months fr(Nn when the financial staternents are authorised for issue. Our responsibiifcies arKI the rSIbilitieS of the bustees wth respett to going concern are described in the rdevant sections of rep)rt. Other infomiation The other Infomiation comprises the information induded in the trustees. annual retx)rt, other than the financh31 ststements a1 our audrtorfs repK)rt thereon. The trustees are reS[x)nsib for the ither information. Our otmnion on the finanaal statements does not cover the other information alld. except to the extent otherwise explicitly ststed in our report, we do mt express any form of assurance conclusion therwn. Our respOnbIlty is to read the other information and, in doing so, consider whether the other information is maten.ally incon%stent wrth the financial statements or our knowledge obtsined in the course of the audit or otherwse appears to be matefialfy misstated. If we identify suth material inconsistencies or apparent material misststements, we are required to determine whether this gives rise to a material misstatement in the finanoal ststements themselves. If. based on the work we have performed, we conclude that there is a material misststement of this (ther informkn"on. we are rUired to reFOrt that fact. We have nothing to reiKMt in this regwd. Opinions on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audrt". the inf0mOn gNen in the trustees, rert, whtth inclules the directo. rewt prepared for the pur[ of company law, for the financial year for which the financial statements are prepared is consistenl with the financial statements; and the directors. report IndudÈMI wthin the trustees, retKIrt has been prepared in accordance with applicable kgal requirements. Matters on which we are requlred to report by exception In the light of the knowwge arKI understandirKJ of the dwfitsble company and environment obtained in the course of the audit, v* have not idenb.fied material mlsstatnts in the directC$. ret Induded within the trustees. report. 17
Adventure BF Adventure Annual Report 2024-25 Company Number 3546772 We have nothing to ret in respect of the folk)wing matters in rektion to which the Companies Art 2006 requires us to rewrt to you if, in our (Win1(.. adequate accounting records have not kept, or return5 adequate for our audit have not been received from branches not visited by us; or the financial *atements are not in agreement with the accounting records and returns: or certain disclosures of trustee5' remunerab'on specified by law are not made; or we have not received all the infom)ation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities ststernent set out on page 15, the trustees (who are also the directors of the charitable company for the purtx)se5 of compary law) are responsible for the preparabon of the financial statements and for being satisfied that they give a trne and frdir view, and for such intemal control as the trustee5 deterrFiine is necessary to enable the preparation of finar131 statements that are free from rnaterial misstatement, whether due to fraud or error. In preparing the finanoal ststements. the tru5t&s ale responsible for assessing the charitable company's abi11ty to contsnue as a going Conrn, disclosing, as applicable, matters related to going concern and using the going (x)ncern basis of accounting unless the trustees either Inte to liquidate the charitsble company or to ase operab"ons, or have no realistic alternative bui to do g). Auditor responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assuran aut wwer the financial statements as a whole are fr& from material misstatement. whether dLbe to fraud or error, and to wue an auditor's repwjrt that includes our opinion. Reasonabk assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it exsts. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial ststements. Irregularities. including fraud, are instances of ncn-compliance with laws and regulations. We design procedures in line with our re9N)nsibilities. outlined atK)ve, to detect material misstatements in respect of irregularities, including fraud. The extent to which our pr(Kedures are capable of deterting irreguL3rities, inclL4Iing fraud is detailed below.. 18
Adventure BF VentUre Annual Report 2024-25 Company Number 3546772 Extent to which the audit was considered capable of detertiTrg irregularities. including fraud The objertives of our audit, in respect to fraud, are.. to Idenbfy as%ss the risks of material misstatement of the financial statements due to fraud- to obtain sufficient ppropriate audit ewdence regarding the assessed risks of material misstatement due to fraud, thrcHJgh designing implementing oppr(priate re5FKwse5: arKI to re5F01 ppropriately to fraud or susperted fraud identsfied durirrtj the audrt. However, the primary responsibility for the prevention and detection of fraud rests th L¥)th those tharged with governance of the entity and its management. Our approach was as fol5. We identified aieas of laws arxl regulatK)ns that could reasonably be experted to have a material effect on the financial ststements from our general commeraal and settor experien, arbd through disojssion with the direttors and other management (as required by auditing standards), and dIu5$e the dirertors other management the pollcies and pr(Kedures regarding (Cwnplian with laws and regulations; We considered the legal and regulatory frameworks direct applicable to the financial statements rewwting framework {FRS 102 and the Companies Art 20061 and the relevant tox Complian regulations in the UK. We considered the nature of the industry, the ccffttrol environment and trwjsness rrformance, including the key drivers for management's Munera"0n,' We communicated identified Liws and regulatK)ns thrcAJghout our team arKJ remained alert to any indications of r-coMplI8e throughout the audit; We congdered the w(xedures controls that the company has established to ad¢Jress risks identified. or that otherwise prevent, deter and detect fraud. arKI how senior ManageMt monitors those programmes and controls. Based on this understanding we deggned our audit prdureS to identify non-compliance with such kiws and regukb"ons. Where the risk was considered to be higher, we Frform&l audit prtKedures to address each MIent[fd fraud risk. These proureS irude. tests.ng manual journals; reviewng the finanoal statement discb9Jres and testing to supporting documentsbon; perfomiing analytical predUres. and enquiring of management, and were designed to provide reasonable assurdrKe that the finan(ial statements were free from fraud or err¢x. Chwng to the inherent limitstions of an audr(, thue is an unavoidabk risk that we may not have detected )me material mis5fatements in the finanaal statements, even though we have proper planned and perforrrbed our alIt in accordance with audib.rsg standards. For example, the further renM)ved noTrcompliance wrth laws and regulations lirr8Jularities) is from the events and transactions reflerted In the financial ststements, the less likely the inherently limited procedures required by auditing stsndards woukl identify it. The risk is 19
Adventure BF Adventure Annual Report 2024-25 Company NumEw 3546772 also greater regarding irregularities rring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusi(w), omission or misrepresentation. We are not responsible for preventing non-c0rnpl1an and cannot expected to detect non- compliance wth all laws and regulations. A fvrther descriptton of our resrK)nsibiliknes for ihe audit of the finanoal statements is located on the Financial Remi'ng Council's website at www.frc.org.uVauditorsrestK)nsibile5. This desCriPtk)n fOS part of our Report of the Independent Auditor& We communicate wrth those charged WTth govemance iegarding, anN)rrfJ other matters, the planned scope and timing of the audit and Signift audit findirrfjs. including any signrfKant deficiencies in internal control that we identify during our aud. Other matters The financial statements for the year end&J 31 August 2024 were not audited as the charity met the requirements for an audit fi)r the first time for the year ended 31 August 2025. Use of our report This report Is made solety to the chaTitsble c(fftpany s mem1, as a ts)dy, in accordan with Chapter 3 of Part 16 of the Companies Aci 2tK16. Our audit has been undertaken so that we might state to the charitsble comrkany's members those matters we are required to state to them in an auditor's repK*t and for no other purpose. To the fullest extent permitted by law, we do not accept or assume resrrf)nsbiltty to anyone other than the chèritsble compary and the charttable company s members as a tK)dy, for our 3udit work, for this report, or for the opinK)ns we have fom)ed. <GGfv lames Pearce FC4 (Senior Ststutory AlrtOr) 2510612026 for and on behalf of TC Group statutory Auditors Vivian House Newham Road Truro Comwall TRI 2DP 20
Adventure BF Adventure Annual Rept 2024-25 Company Numtr 3546772 Consolidated Statement of Financial Activi Unrestricted Restric Total Funds Prior Peri Funds Fur¥Js 2025 Funds 2024 Note Income and Endowments from Ek)nattrons and Legac O)antable Activities other trading athbes Income frcffl in%stments 14,146 852,147 154,458 14,146 i.(K)1,339 154,458 28,408 869,626 246,282 149.192 Total 1,043.481 149.192 1.192,673 1,145,883 Resources Expended Expenditure on: Raising funds Charitable Actswbes 174.055 923 209 174,055 1049 915 186,958 718 Totsl 1,097,264 126,706 1,223,970 1,126,218 Net gainsl{kB8es) C*b investments Net incomel(expenditure) before transfers {53.783) 22,486 (31.297) 18,251 Transfers beiween funds Total fuwKls brought forward 327 290 529 721 Totzl funds carrfied foNard 273,507 516 675 21
Adventure BF Adventure Annual Rert 2024-25 Company Number 3546772 Consolidated Statement of Financial Activi to 3151 August 2024 Unrestricted Restsirted Totsl Funds Funds Funds 2024 Income and Endowments from Lkjnations and Legaoes charitab kovities Other trading av"e5 Income from Investments 28.408 670,792 246,282 28,408 869,626 246,282 198,834 Total 947.049 198,834 1,145,883 Resources Expended expenditure on: Rai&ng funds charitab Activities 186,958 761810 186.958 177 450 Total 948,768 177.450 1,126,218 Net gains/{k) w investments Net incomel(expenditure) before transfers {3,133) 21,384 18,251 Transfers between fvnds Totsl funds br(MNJht forward 330 423 199 298 529 721 Trtal funds carried for4¥anl 327,290
Adventure BF Adventure Annual Report 2024-25 Company Number 3546772 Consolidated Balance Sheet Note Totsl Funds 2025 Prior Peritsd Funds 2024 Fixed Assets: Tangible Assets Intangible Assets 15 15 438,832 491,503 612 Totsl Fixed Assets 438,832 492,115 Current Assets: Debtors 19 Investsments 16 Cash at bank and in 27 54.759 145,497 43,076 33,445 158 875 Total current assets 213,634 222,018 Liabilities: Creditors: amounts fallirvj 20 due wthin 12 mont Creditors: amounts fallirrfj 21 due after 12 months (135.791) (68,115) (98,046) Total liabilities 135 791 166 161 Net current as%ts Total net assets 516,675 547,972 The funds of the charity Flestritted income funds Unrestritted funds 25 24 243,168 220,682 327 290 Total charity funds 516,675 547,972 The finarKial statements were approved ty the iM)ard cffi.. 2310612026 And signed on its beha by David Wingham Oirertor 23
Adventure BF Adverttvre Annual Report 2024-25 Ccffipany Number 3546772 Chari Balance Sheet Note Totsl Funds 2025 PrK)r Peri(xY Fund5 2024 Fixed Assets: Tangible Assets 15 328 433 Total Fixed Assets 296,242 328,433 Debtors Investments Loan to Via Fenzts Cornwall CIC Cash at bank and in harKI 18 16 17 46,588 100,879 43,076 127,555 205.706 Total current assets 268,876 277,172 Liabilities: Creditors.. amounts falliry 19 due wthin 12 months Creditors.. amounts falliThJ 20 due after 12 month5 (95,308) (40,616) {96,371) Total liabilities 136 987 140 185 Net current assets Total net assets 469,810 468,618 The funds of the charity Restricted income funds Unrestricted funds 24 23 243,168 220.682 247,936 Total charity funds 469,810 468,618 The finala1 #atements were approved ty the b(rd on: 2310612026 And signed on its tehaif by David Wingham Dirertor 24
Adventure BF Adventure Annual Report 202<25 Company NumLw 3546772 Consolidated Statement of Cashflows Note Totsl Fijnds 2025 Prior Peric Funds 2024 Cash flows from operating activities: Net cash provided by (used in) operating activities 26 77.413 28.705 Cash flows from investing activities Dividends, interest arKI rents from investments Proceeds from sale of property, plant and equipment Purchase of property, ptsnt and equipment 50,625 153 15,181 (17.788} (45,556) Net cash provlded by (used in) investing artivities 48,018 (45,403) Cash flows from financing activities Repayment of tx)rrowings (43.077) {54,2421 Net cash provided by {used in) financing activtties (43,077) (54,242) Change in cash and cash equivalents Fn the reporting period: 82,354 {70,9401 Cash and cash equlvalents at the beginning of the reporting period 27 76.521 147,461 Cash and cash equivalents at the end of 27 the reporting period 158.875 76,521 25
Adventure BF Adventure Annual Re)rt 2024-25 Company NumÈw 3546772 Notes to the Financial Statements l. Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting awied in the prepa¥atits) of these finarrial statements are set OLrt below. Fdicies have been congstently aOied to all the years prented, unless otheiSe stated. statement of compliance The finanoal statements have been p¥epared in accwdanTr with kcojntsng and Rep)fa"ng by Charities.. Statement of Recommended Practice ap1[ab to d)aribes preparing their accounts in accordance wtth the Finanaal Rewting StsThJard applicabk In the UK and Republic of Irekind IFRS 102} leffertwe l January 20151- (Qrie5 SORP {FRS 1021). the nanCIal Reporting Stsndard applicab in the UK aThJ Rewtlic of Ireland (FRS 1021 and the cpanieS Act 2006. The trustees (firM exp[tlY arKI rese"on that the chanty is a puNic IH)efit entity. Basis of preparation BF Adventure meets the defin of a public benefit entity urbder FRS 102. Assets and liabilities are initially Tecognised at historical c(tst value unkn otlknvise 5trted in the rethrt a(cnting policy notes. Basis of con501idation These finanoal statements c(M)soli¢Yate the re$j$ of the Chartty and its wholty subg"dkiry. Via Ferrats Ccffjnwall C.l.C, a line iry line basis. MI intra4rwp balances, transactiorts, income and expenses are eliminated on consdidation. The conldataj acc(nts are prepared ugtYJ unifomi accrjunting policies. Going concern The financial starements have been prepared on a goiThJ ccncem bays. The trustees assess whether the use of goirrfJ Coern is appropriate i.e. whetlv there are any rnaterhal urKertainties reL4tal to events or conditions that may ca# ggnificant doubt cfft the ability of the Charity to continue as a ng concern. The trustees make thi£ assewnent in respect of a nt?j of one year from the date of approval of the finarKial statements. Income and endowments All incorning resources are induded In the statement of financial atbvrt5 when r( is probable the d)arity will be entrtjed to the I[re and the amjnt can te quants'fied wrth reasonab accuracy. Income from Instruction Fees IrKome frcffj instrLKbon fee5 15 rectynised in the t*riLxI of ddivery. 26
Adventure BF Adventure AnL1 Report 2024-25 Corrpany NLtrmt 3546772 Donations and legacies tk)n3tlOll5 are recogn15ed when the Charity has been nottfted in wribng c the amount and settlement date. In the event that a donakn.on is 9Jbject to cmdibons that require a level of tErformallce by the Charrty before the Chanty entitled to the fijnds, the Income is deferred and not re£(55ed until either th(se conditiors are fvlty rnet, cy fulfilment of th(Ise c(mditions is wholly within the control of the thanty rt is WObab that cwlioons wll be fulfild in the retK>rting PEnixJ. Grants recelvable Grants are recogni5ed when the charity has an w)tiVement to funds and any coThJibons linked to the grants have been met. Where perfcwmance ccJ"0nS are aitached tr) rhe grant and are yet to met, the inciyne is recognised as a ItH""ty èrKI induded Im the bakirKe sheet as deferred income to be releawj. Expenditure Expenditure is rtfCNJnised on an accJual basts as a Ikibility is iTKurred. EXnditure indudes any VAT which cannot be fulty recovwed aThJ ts remed as part of the expendf(ure to which it relates. Raising funds These are cists inajrral in attratting wDkJntary income, managernent of investm$ and those incurred in trading acbwties that raise fund& Charitable activities charitab expenditure comwlses th(tse costs incurred by the Urity in the delivery of Its athvitles and ser for its beneficiaries. It includes tM)th costs that can be alk(ated direttty to suth athwties and those cots of an indirert nabJre necssary trj them. Creditors The charity aims to pay all yjppliers cther credTtors in accordan wlth agreed terms and within statutory wuiremernts. kve maintsin apwopriate aUth[Lsa[Xl controls for ordering and invoice approva5, and we Fm(ess payments thrgh xhedused payment runs to supp(rt tiffle setuement. Where quewies ari. we work prornptty wr(h pIe$ to resolve tlwn a1 avryd delays. Cashflow is actively rnonitored to ensure commitments can be met as they fall due. The charity nrt intenb'onally enter inlo arrangaments that wcwld lead to per9sl Late payment. Debtors The charity aims to i55ue invoKes ar¥J f(Didiro daims aryl to colkn amounts due in line th agreed tems. Debtor balances are rLwiewed regularly. wrth folk)w-up procedures in place for overdue atcwnts, includin9 rerninders arKI es(atstion Wre necessary. We seek to resolve disputes quickty and maintain clear records to sU)rt colthion. Where recovery 15 uncertain, we consider appropriate pro75$ w w'rit0[[5 in lire wrth cMJr accountiry w11c. We also Monit( credrt rtsk and, where appropriate, may request alfvae payments or staged billing. 27
Adventure BF Adventu Annual Report 2024-25 Company Number 3546772 Tangible fixed assets Individual fixe<l assets costing £5(K) more are in"allY record8J at cost. kn any subsequent a(u13ted deprechion and 9Jbwuent accurnutsted impairment k. Depreciation and amortisation Depreaation is provided on tsngible fixed assets so as to write off the cost or valuation. kn any esbmated residual Wdlue, o¥er their exed usefiJl econcmic lrfe as follows: Awt class DewKiation methc¥J arKI rate Land aThJ buildings 5- 30 year5 Stravjht Line Plant and rnachinery 2- 10 years Stsaight ne Notor vehlc 5 years Stsaight ne Computer x)ftware 2- 4 years &ravJht Line Investments Investments hehl as fixed aets are walued at mid-market value at the balarKe sheet date and the gain or bss taken to the statement of finarKial actrwties Leasing Rentsls payable under otsng leèses are charged against inccme on a straight line bags over the tease terrn. Fund structure Unrestricted income fiJnd5 are general funds that a available for use at the trustee's diScti in furtheran of the obJectives of Charity. Restricted income furKls are those (knated f( use in a particular area { for S1ft purposes, the use of which is restricted to that area or purFty)se. 28
Adventure BF Adventure Annual ReFKWt 2024-25 Company NumlH 3546772 2. Income from Donations and Legacies Unre5trirted Restric 2025 Total 2024 Total Donations 14,146 Total 14,146 14,146 28.408 3. Other trading activities Unrestricted Restrictsj 2025 Totsl 2024 Totsl Commeraal Group Delivery Via Ferrata Activity Other Operating IrKome Total 1.089 153,069 31YJ 1,089 153.069 40.220 195.157 154.458 154,458 246,282 4. Investment Income Unrestrictal Restrictexl 2025 Total 2024 Totsl Income fvom UK Listed investsments Bank interest received Profrt from sale of fixed assets 7,089 1,015 552 Total 22,730 22,730 1,567 5. Income from Charitable Activities Unresbirted Re&ricted 2025 Total 2024 Total Skills for Life {inc. Head Out and Access to Adventure) Educational Group Active5 Grdnt Fundeyl Devd0pnt Total 654,733 132,365 787,098 673,950 197.414 198,194 16,047 184,616 16,047 852,147 149,192 1,(Xll,339 869,626 29
'Adventure BF Adventure Annual Rept 2024-25 Company NmL 3546772 6. Cost of Raising Funds Unrestricted Restric 2025 Total 2024 Total Costs of Borrowing Delivery Costs-via Ferrata staff Costs- Management staff Costs- Admin Costs of Fundraising Events Equipment Repairs & Renewals Audit & Accountsncy Costs Advertlsir#J & Marf(ebng Bank Fees Depreciation Other Office Costs Legal Expenses Motor Vehicle Expenses Postage Freight & Couri Printing & StatK)nery Rubtmsh & Recycling Travel 970 59,288 53.839 1,458 970 59,288 53.839 1.458 8,796 83,841 54,465 1.034 4,891 3.526 2.711 2.5CQ 20.492 4,036 24,929 1,250 345 2,711 2,51J) 20,492 4,036 24,929 1,250 345 25,346 3,083 25.279 35 221 12 1,915 221 12 1.915 3.117 Total 174,055 174,055 186,958
Adventure BF Adventure Annual Rewt 202+25 Company NumLw 3546772 7. Cost of Charitable Activities Unrestricted Restri(ted 2025 Totsl 2024 Total Delivery- Group Delivery- SkilLs for Life Staff Costs- Management Stsff Costs- Admin Acueditation Equipment Repairs & Renewals Audit & P£countsncy Costs Bank Fees Cleaning Materia Consumables Depreciation Insurance rr Software & Consumables Legal ExFenses Motor Vehicle Expenses Payroll, DBS & ReCnJitTrt Phone & Broadband Postage Freight & Couri Printing & Ststionery Rent Repairs & MointenarKe Rubbish & Recycling Uniform utilitie5 Staff Training Staff Welfare 166,498 450,496 115,386 35.928 166,498 564,806 115,386 35,928 2,609 2,745 11.803 1.596 3,078 3.626 46,142 16,717 6,853 612 7,017 (8,952} 4.694 691 3,171 5.576 19,341 3.139 828 25,673 8.940 1,398 108,490 481,217 121,981 38,548 2,601 4,093 9,293 1.332 104,210 2,745 11,803 1,596 3,078 3,626 2,651 46,785 13,618 6.968 875 7,840 (2,1801 4.576 22,496 16.717 6,853 612 7.017 {8,9521 4,694 691 3.171 5.576 19.341 3.139 828 25.673 3,088 4.525 18,102 4.157 1,430 42,957 11.765 992 1.398 Total 923.2Tr3 126,706 1,049,915 939,260 31
Adventure BF Adventure Annual Report 2024-25 Company Number 3546772 8. Analysis of Support and Governance Costs Unrestricw 2025 Total 2024 Total Audrtllndependent examination Management Accounting &Jr4K)rt Staff Costs Repairs and Maintenance Legal and Professional Fees Depreciab"on and impairment Other overhead costs 13.500 5,100 6,593 18.952) (2.180) 870 510 612 875 2,496 2,495 {8,952) 870 612 2.099 397 Total 25,896 397 26,293 27,991 9. Net outgoing resources for the period Net outgoiThJ resour is ststed after charging 2025 Total 2024 Total Depreaation arKI other amounts off tangible fixed assets IrKIeperent audrtors remuneration And after crediting Net profft of disposal tsngible fixed assets 70,460 13,5(XJ 72,062 5,100 15,181 35 10. Independent AuditorslExaminers Remuneration 2025 Totsl 2024 Total IThJepdent Audit of the Finanaal Ststnents Ilepdent examination of the Financial Statements 13,5( 5,100 32
Adventure BF Adventure Annual ReFKJt 2024-25 Company Number 3546772 11. Employees Employment costs 2025 Total 2024 Total Wages and salaries Social Security c(6ts Empk)yers contribution to defined contribution penwn scheme 862,386 68,089 839,195 51,358 944,481 904,633 Employment costs are alhxated dirttty to the relevant department, or app)rtioneé via overheads. Where a salary is diredy furKJed through grant funds the empk)yment cost is allcKated to re5trirted funds. No empk)yee received n01ments of more than £60.OLXJ (2024.. 0). Number of employees The average monthly number of empbyees during the [, calculated on the bays of counL was as follows: 2025 Total 2024 Totsl Chief Executs"ve Officer Administration Instructors li 27 13 Key Management Personnel The organisatFons Senior Management Team mects fortnightly through the year. Members feed into tx)ard aTrJ cCnmIttee n]ngs. The team consisLs of.. Adrian Richards, 0 Tony Baker, Centre Managei El WatTen, Charty Bu9ness Manager Simon Bkharn, Finance Manager The totsl remuneration paid to key mwwement pUne1 during the year amounted to £131,554 {2024, £136.4). 12. Trustee Expenses No trustee expenses have teen inoJrr&J. 33
Adventure BF Adventure Annual Repcrtt 2024-25 Company Number 3546772 13. Related Parties tk)nations totslling £30 {2024: £683) have been received from the tnjstees. 14. Taxation The charity's ath"Mb"es f611 within the exemptions afforded by the provis5 of the Income and CorFK)ration Taxes Act 1988. PLcordingty, there is no tsXat charge in these accounts. 15. Fixed Assets Group Freehold Land and Buiklings Plant an(J Motor Machinery Vehides Intsngibles Total Cost At I Septembff 2024 AdonS Diswsals Transfers At 31 August 2025 831.962 474,144 13.124 99.432 3.671 1,41)9.209 17,788 836,626 487,268 99,432 3,671 1426,997 Depreciation At I September 2024 Provided in Year On DisFM)sais At 31 August 2025 545,669 30,498 284.353 33,69L 84,013 6.270 3,059 612 917,094 71,071 576,167 90,283 988,165 Net book value at 31 August 2025 2Ed),459 169,224 9,149 438,832 Net book value at I Septernber 2024 286.293 189.791 15,419 612 492,115
Adventure BF Adventure Annual Rept 2024-25 Company NumLw 3546772 Charity Freehokl Land aTh Buildings Plant and Motor Mathinery Vehicles Totsl Cost At I September 2024 Addih"ons Disposals Transfers 779,891 2.470 29),285 11,481 99,432 1,169,608 13,951 At 31 August 2025 99 432 1 183 559 Depreciation At I September 2024 Provided in Year On Oisposais At 31 August 2025 534,095 25.307 223,067 14.565 84,013 6.270 841,175 46,142 237 632 Net b(M)k walue at 31 August 2025 222,959 64,134 9.149 296,242 Net I)k value at i September 2024 245.796 67.218 15,419 328,433 The twstees believe that the market VBlue of the freehold propety may %gnificantly higher than the carryirrfj value. They (k) not hOWer f*1 able to suggest a reliable esknmate of the market value * this ts"me. 35
Adventure BF Adventure Annual Retth 2024-25 CnpanY NumtH 3546772 16. Investments Group 2025 Charity 2025 Group 2024 Charity 2024 Valuation At I Septemt*r Sale of Units Revaluab'lS At 31 August 43,076 43,076 {49,659) (49.659) 44,490 44,490 17. Loan from Resonance Group 2025 a)arty Grotjp 2025 2024 arity 2024 Loan Value Total 21404 21404 21,404 21404 86,371 Unsecured loan fund of £150,tKX) estsblished in February 2020 to faciliLite the development of Wia Ferrata Comwall CIC course. Final repayment Is due February 2026. IntLYest is charged at 5.5Wo pa wrf(h monitoring paym15 charged at 2.5¥0 plus VAT pa. 36
Adventure BF Adventure Annual RewKt 2024-25 C(Nnpany NurntH 3546772 18. Loan to Wia Ferrata Cornwall CIC Charity 2025 Charity 2024 Loan Value Totsl 127 555 127 555 205 706 Loan fund established to subsidiary cnpanY Wia Fettats C£wnwall CIC, c(Mnpany number 12471065 (VFC). An initkil of £150,&XI was made in February 2020, with subsequent balances refiecting toth capf(al repayTnents and interest plus the balan of intercompanv transactions. Interest is charged at 8Wo With the loan due to be repaid by August 2027. The loan fund has established a Via Ferrats Course the BF Adventu site. VFC wll trade commercially as an advwture artivty aNI 311 COMr(la1 unoertakings of BF Adventure transferred to the subsidiary in 2024. It is expected that VFC will generate a Sufficient surplus nK>ving forward whith will donated b&k to BF Adventure after tskn.ng into account plann&J repayments of the knn. The loan value in 2025 was higher than previous Feris due to Payffnt timing. with a payment of £90k from VFC to BFA clearing on 1st Septber 2025, reduang the balan owed to £115,706. The trustees conswjer the shcrt temi loan fund to VFC essential to the sustainable future of the group and are confi¢Jent the trading FN)Sition of VFC wll facilitste full repayment a(ross the next 24 years. 37
Adventure BF Adventure nnual Rew>rt 2024-25 Company Numlw 3546772 19. Debtors Group 2025 Charity 2025 Group 2024 Charity 2024 Trade Debtors Other Debtors Prepayments and Accrtd IrKome Total 33.862 33,862 13,212 5,042 32,920 84,249 31,188 41,363 54 759 46 588 145 497 100 879 20. Creditors: amounts falling due within one year Group Chanty Group 2025 2025 2024 Char'rty 2024 Trade Creditors Other taxes and s(Kial sUrty Other Creditors Accrued Expenses Deferred income Loans 9,080 5,634 36,224 14,497 15,368 58 13,420 13.420 23,733 25,772 3,424 3,512 1,674 10,000 68,115 10,061 11,945 3,424 3,512 1,674 61,019 61,019 135,791 95,308 21. Creditors: amounts falling due between two and five years Group Charity Group Charity 2025 2025 2024 2024 RnaTrce srrR Loan Barclays Bounce W Loan Other Credf(ors 86,371 10,000 1,675 98,046 86,371 10,000 96.371 38
Adventure BF Adventure Annual Repct 2024-25 Company Number 3546772 22. Accruals and Deferred Income GrcP Chartty 2025 2025 Group 2024 Charity 2024 Deferred Income At I September 2024 IncreaseI(dreasej in FEricJ 1,674 1,674 8,4&8 8,468 2354 2354 Released in triod At 31 August 2025 1,674 Deferred income rdates to adwdnce payments made to secure future trxx)knrwJs. They are non-refundable, but relate to del¥very in ftjture peri(Ys. 23. Analysis of net assets between funds Unrestricted Restricted Funds Funds Totsl Funds Fund baknces as at 31 NguSt 2025 as represwted by.. Tangible Fixed Assets Current Assets Long Term Liabilities Current Liabil"e5 and provisioi Total 284,536 124,762 154,296 88,872 438,832 213,634 135 791 273 507 516 675 Unrestrirted Restricted Funds Funds Total Funds Fund bak4nces as at 31 August 2024 as represented by.. Tangible Fixed Assets Current Assets Long Term Liabilities Current Liabilities ané wovisions Total 325,959 167,492 (125,545) 410,616 166.156 492,115 54,526 222,018 0 {125,5451 40,616 547 972 327 290 220 862
Adventure BF Adventure Annual Rep(Kt 2024-25 C(ynpany NUrntr 3546772 24. Unrestricted Funds Atl Incoming Septernr Re9)urces 2024 Outgoing Re5wrces Transfers Gains At31 and August Losses 2025 BF Adventure via Ferrats Cornwall CIC General Fund 327.290 247,936 79,354 918,012 153,369 (939,306) {185.858) 226,642 46,865 1,071.381 {1,125,164) 0 273,507 Atl Incoming September Resources 2023 Outgoing Reg)urce5 Transfers Gains and At 31 August 2024 BF Adventure Via Ferrnt3 Cornwall Ctc General Fund 330,423 251,069 79,354 788,887 206,062 (790,fA)61 (206,062) {1,4141 247,936 79,354 994,949 (996.668) (1,414) 327,290
Adventure BF Adventure Annual Ret 2024-25 Company N4Jmtv 3546772 Ati Incoming <)rtgoing SeptemtÉr Rer(e5 Res(yJfces 2024 25. Restricted Funds Tran4ers At 31 August 2025 Big_ Build FuThj Resonance" BF Adventure Born Project- depreciation reSee for Adventure 89,345 6,420 82.925 CC R(K)m Réfit- caprtal gfant for sensory.room prowgon. CCC Aimirvj H¢gh- Changing Places- depreciation reserve for Accessible Changing Suite" Children in Need- depreaation reserve for Elertric Vehicie. Clothworkers- depreCIatn rwve 765 180 585 1,047 6.021 15.428 9,329 330 330 Co1F- deprlatIOn reserve for accessible changing.. DP[> depreciation reserve f 8,147 I,iii 7,036 i.(Hi 246 795 Green Hall Foundation- depreciation resetve for climbing equipment. Hedley Foundats'on- depreciation reserve for stte develowent. Inner Wheel- depreciation reserve for kayak fteet and SUPS Lloyds TSB Capital- depreciatic reseNe for site development. S¢te Development Funii- dewe(iatsc reserves for Ath"wty Quarry installation Skipton Yurt Fund- deprla"0n reseNe for Yurt nurture y.ce' The Tanner Trust- depreciation reserve for site borehole. Tanner- Office. Wooden SpK¥M- depreaation reserve for Adventure Barn climtm'ng wall* Paypal Giving Groundwork UK 1.519 300 1,219 157 903 3.298 614 3.187 472 2,715 12,539 1,858 10.681 1.577 142 1,435 9.704 817 8,887 7,050 1.800 5,250 287 69 Adventiire Ed- 16+ Educkn"on provision Albeit van den Bergh- reVeue iijnd for Head Out.provision (575) lo,) 5.675 3,750 1,469 965 2,504 41
Adventure BF Adventure Ann1 Rewrt 2024-25 Company Numb 3546772 Awards for All Head Out- Brighter Futures Gmup.. Brighter Futures S4L D'oyty Carte Head Out CCF Head Out Resonance Head Out Hedley Fafflily t)ays...... Nansledan Adventure Days Paypal Giving TOTEM- revenue ftjnd prOViOn of LGBT.Q+ activities Woryal Foundation- revenue fijnd for . p.rovision of IndivKlual acb"vrties 5,627 Brighter Futures- CCF 2,554 Cèmp. Camp ........-....................................--..---.-.. ................ Claire Milne Communty. Fund Adventure.Days............................... .......................................... . .. Garfield Weston EB Head Out Chiklren in Ne&1 7.290 621 -2751 2,585 9,000 2,180 69 2,566 729 364 365 26,805 220,682 149,192 126,706 243.168 * £154.296 of the balance at 31 A5t 2025 is a depreciati( reserve for orant fun(Sed fixed assets, £88,872 is unspent funds for revenue proietts in 2024125. 42
Adventure BF Adventure Annual Report 2024-25 Company Numiw 3546772 lrtoming Ckrtgoing Transfers At 31 September RexMIr Resources August 2023 2024 25. Restricted Funds- prior period Big_ Build FuThJ ResorTrènce' BF Adventure Barn F>roject- depreciation rrve for Adventure Barn. CC Accessibility Grant- iiepreciatson reserve for proVisn of accessible toilet facilities. CC R(x)m Refit- captsl grant for sen9)ry rwm proMg0n' CCC Aiming High- Changing Places- depreciation reseNe for Accessible Changing.Suite" Children in Nee(l- depreciatM)n reserve for Elettric Vehicle. Clothworkers- depreciatDn reSve for tsblets.. Covid-19 supw.rt" COMF- depreciation reserve for accessib changing DPD- depreciation reserve for beekeepin9 facilitEs * EDF Green Fund- depreciati reserve for 3 phase e.Cal upgrade. Green Hall FoiJndabon- deryeaats.on resetve for Climbin equipment" He(Jley Foundation- depreciatii)n reserve for site development. Inner Wheel- depreciation reserye 95.765 6,420 89,345 945 180 765 8,115 1,047 7,068 21.527 15,428 727 397 330 9,258 i.iii 8,147 1.287 246 1,041 1,752 1,752 1.819 300 1,519 1.217 157 1,060 3,912 614 3,298 Lloyd5 TSB Capitsl- depre(tIOn reserve for site development¥ Site Development Fund- depreciab(Mi resee5 for Ath'vity Quarry installation. Skipton Yurt Fund- deprlation reserve for Yurt nurture spa.ce" The Tanner Trust- depreciation reseNe for site borehole. Tanner- Offi. Woc#Jen SFX)on- depreciation reseNe for Adventure Barn climbbng wall AAFH UK Youth 3,659 472 3.187 14,397 1,858 12,539 1.782 205 1,577 10.521 817 9,704 300 8,333 1,800 7,304 7,050 43
Adventure BF Adventure Annual Report 2024-25 Company Numtw 3546772 Adventure Days Cash4Kids Adventure Ed- 16+ Education -provision Albert van den Bergh- revenue iiin(I for Head Out provisbon Awards for All Head Out- Brighter Futures Group_---- Brighter Futures S4L Claire Milne BBC Children in Need- &immer FiJiKI Cost of v1.ng...........................----- D'Oyly_ Carte Garfield Weston- revenue fttnd for organisational core costs to ddiver Skills for fe Newby Trust Head Out CCF Head Out Children in Need Head Out Resonan Head Out Hedley Family Days..-.. Nansledan Adventure Days...........................-.--...-..---- Fiaypal Giw_ng_--------.--. Resonan TOTEM- revenue fund for provisi(Jn of LGBTQ+ activities Worval Foundation- revenue fund for provision of Individual activtties 3,000 6,875 (3.71K)) 10,000 (575) 624 1,155 12,500 244 1,469 2,426 120 30.000 3,333 4,829 3,000 14,874 14,353 4,155 10,561 13,733 991 199,298 198,834 177,466 220.682 * É166,148 of the balance at 31 August 2024 was a depreoatw)n reser¥e for grant fuThJed fixed assets, £54,526 is unspent funds for revenue prOts in 2023124.
Adventure BF Adventure Annual Rewt 2024-25 Company Numbw 3546772 26. Reconciliation of net incomel(expenditure) to net cash flow from operating activities 2025 2024 Net Incomel(expendlture) for the reportlng perlod (as per the statement of financial artivities} (31.297) 18.251 Adjustments for: Depreciation Charges (Gain5llLosse5 Investments Dwidends, interest and rents investrnents Lossl{profit) tJ)e sale of fixed assets [IreaSe)Ide£rea5e in debt5 Encrease/{decrease) in ¢Jeditors 71,072 72,062 1,414 (1.567) (7.549) (15,181) 9).738 129,281) (30,370) (32,174) Net cash provided by (used in) operating adivitles 77.413 28.705 27. Analysis of cash and cash equivalents 2025 2024 Cash in hand 158,875 33,445 Bank Overdraft Notice detx)%ts {less than 3 nK)nthsl 43,076 Totsl cash and cash equiwalents 158.875 76,521 45
Adventure BF Adventure Annual RewKt 2024-25 Company Numtw 3546772 28. Analysis of changes in net debt At start of cashfloV At year end Cash in hand 33.445 125,430 158,875 Noti deposits {les5 than 3 months) 43,076 (43,076) Total cash and cash equivalents 76,521 82,354 158,875 Loans falling due vthin Or year {106,371) 45,352 {61,0191 Total borrowlngs (106.371) 45,352 (61,019) Net debt (29,850) 127,706 97,856 29. Financial Commitments At 31 August 2025 the compary had annual commrtments undef non-cancellable operating leases as follows.. 2025 2024 thje within one year 5.135 3,061 Due 2-5 years 13.677 9.856 Due after 5 years 55,457 41,888 30. Company limited by guarantee BF Aoventure is a company limited by guarantee arKJ accordingty does not have a share capital. Every member of the company undertake5 to ci)ntribute such amount as may be require, not exceeding £10, to assets of the chaTTtable company in the event of its being wound up while he or th is a member. or vrithin one year after he or she Se5 to be member.
Adventure BF Adventure Amnual Rert 2024-25 Company Numtw 35467T2 31. Subsidiaries These financial statefflents are consolida1 financkil statements for BF kiventure induding the results of Wia Ferrats Comwall C.l.C. tknils of the tharty s subgdiaries at 31 August 2025 are as follows.. Name of undertaking Via Ferrata Cornwall C.l.C Registered office , G[rae kivty Centre, l Halvasso, Penryn, England, TRIO 98X Nature of business Operats"on of sports facilities 32. Related party transactions The charitable company has taken advantage of exemption, Ufmler the terms of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland., not to disdtx related party transact15 With wholly owned subsidiaries within the group. 33. Post year end events On 19th November 2025, the drty gained ownership of a property which has been professionally valued at £60O,¢x. The pr(Keeds of sale are to be distributed with a 60% share being received by BF Adventure with the remaining 404kn distributed to a Ic(ol thority specified by the donor. 47