OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-09-30-accounts

THE OUTWARD BOUND TRUST (COMPANY LIMITED BY GUARANTEE)

Trustees’ Report and Financial Statements

for the year ended 30 September 2024

Company Number: 6748835 Registered Charity in England and Wales (1128090) and in Scotland (SC040341)

Incorporating Stafford House Trust (registered charity in England and Wales 305271)

The Outward Bound Trust is extremely grateful to the following donors and supporters for their generous support over the course of the year:

All our major donors All our dedicated challenge event participants All those involved in The Big Rappel at The Empire State Building All our generous alumni supporters All our volunteer Outward Bound Associations All supporters of our Scotland’s Next Generation project All supporters of the Mark Scott Leadership for Life Award All supporters who remembered the Trust in their wills All trusts and foundations supporters The 29th May 1961 Charitable Trust AkzoNobel UK Alderley Group The Barratt Foundation Barratt Redrow The Bawden Fund Berghaus Ltd Bulkhaul Ltd Burberry PLC The Chartley Foundation Clarion Solicitors CNOOC International The Constance Travis Charitable Trust Daisy Group UK Defra Green Recovery Fund Deltec International The Derek Raphael Charitable Trust DHL UK Foundation/DHL The DS Smith Charitable Foundation The Dulverton Trust Equip UK (RAB & Lowe Alpine) Ernest Cook Trust Esri UK The Eveson Trust Evotix Fidelity UK Foundation Forbo Flooring Systems The Gannochy Trust Gapuma Glasgow City Council The Gosling Foundation The Hands Trust The Hargreaves Foundation The Hodge Foundation Henry Schein One Hugh Fraser Foundation The Hutchinson Charitable Trust The Ingram Trust The Jo Walters Trust

The Johnnie Johnson Trust Keela Lotus Group M & J Construction Group The MacRobert Trust The Mark Scott Foundation Mattioli Woods The Mike Gooley Trailfinders Charity Miss Isabel Harvey Charitable Trust Moodie Charitable Trust Mowi Scotland The Nineveh Charitable Trust North West Young Peoples Development Trust Northwood Charitable Trust Old Hall Trust One Savings Bank P F Charitable Trust Pacific Marketing Ltd The Peter Cundill Foundation Peter Henrickson Philip Gower Foundation The Portman Foundation QA Ramble Worldwide Outdoor Trust Reliance Worldwide Corporation Renold Plc Robert Barr’s Charitable Trust Scot JCB The Scott (Eredine) Charitable Trust The Scottish Government Sigma Capital Group Limited Simon Gibson Charitable Trust The Sir James Knott Trust Sir John Priestman Charity Trust Souter Charitable Trust The Stevenson Trust Stichting West Coast Foundation The Thompson Family Charitable Trust The Tillyloss Trust TP Bennett Trendsetter Home Furnishings Ltd UK Youth Fund: Adventures Away from Home U-POL Ltd Vanquis Banking Group VF International SAGL (The North Face) The W A Cargill Fund Wax Chandlers' Charitable Trust

THE OUTWARD BOUND TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2024

CONTENTS PAGE
Reference and Administrative Details 2
Trustees’ Report (incorporating the Strategic Report) 3 – 12
Independent Auditors’ Report 13
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18-32

THE OUTWARD BOUND TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2024

REFERENCE AND ADMINISTRATIVE DETAILS

BACKGROUND and STATUS: The Outward Bound Trust was established as a charity in 1941 and incorporated as a company limited by guarantee on 27 February 1946. Following a reorganisation of the group in April 2009 the assets and liabilities of The Trust were transferred to a new company which was incorporated on 13 November 2008 and registered as a charity on 14 February 2009. At the date of the transfer the new company was renamed The Outward Bound Trust and the preceding company became Outward Bound Global. GOVERNING DOCUMENT: The Trust was established under a Memorandum and Articles of Association which includes the objects and powers of the charitable company COMPANY NUMBER: 6748835 CHARITY NUMBER: 1128090 and in Scotland SC040341 REGISTERED AND Hackthorpe Hall Website: outwardbound.org.uk OPERATING OFFICE: Hackthorpe Email: enquiries@outwardbound.org.uk Penrith Telephone: 01931 740000 Cumbria, CA10 2HX Fax: 01931 740001 DEPUTY PATRONS: The Lord Kirkham CVO Sir Chris Bonington CVO CBE TRUSTEES: Jonathan Lewis – Chair[2] Her Royal Highness Princess Beatrice of York Youlande Harrowell[2, 4] Sir David Hempleman-Adams KCVO OBE KStJ DL[2] Leo Houlding Nick Sanderson[1] Paul Voller[4] Guy Williams[3] Helen Wright[1,][2] Jo Hallas[3,][4] (appointed 19 March 2024) Lynn Rattigan[1] (appointed 19 March 2024) Mark Baker[3] (appointed 20 Sep 2024) Charles Philipps (resigned 12 Dec 2023) Julia Abel (resigned 18 June 2024) 1 Member of the Audit Committee Nicholas Gair MBE (resigned 20 Sep 2024) 2 Member of Remuneration & Nominations Committee 3 Member of Operational Risk Management Committee 4 Member of Mission Oversight Committee SENIOR EXECUTIVES: Martin Davidson Chief Executive Alan Bolchover Director of Fundraising Martin Cooper Director of Learning and Adventure Jake Chalmers Director of Partnerships and Capital Projects Natalie Harling Director of Business Development Kim Parry Director of Finance and Resources (to 31 Dec 2024) Fiona Norcross Director of Finance and Resources (from 1 Jan 2025) COMPANY SECRETARY: Kim Parry AUDITORS: HaysMac LLP BANKERS: Barclays Bank Plc Level 27 10 Queen Street Place 1 Churchill Place London London, E14 5HP EC4R 1AG

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

2

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

OBJECTIVES AND ACTIVITIES

The Trust is driven by the words of its co-founder, Kurt Hahn: “We are all better than we know. If only we can be made to realise this, we may never again be prepared to settle for anything less” . The mission, vision and values of The Outward Bound Trust are as follows:

The Outward Bound Trust mission

Our mission is to inspire young people to realise their potential through learning and adventure in the outdoors .

The Outward Bound Trust vision

Outward Bound delivers inspirational outdoor learning that enables positive, purposeful change in tens of thousands of young people every year.

The Outward Bound Trust core values

We believe…

All Outward Bound® courses share the same distinctive features which enable impactful learning and adventure for young people. We combine competent, compassionate staff with adventures in the natural environment and deliberate learning. These provide distinctive features (the three Ps, People, Process and Place) that are easy to identify in our work with young people.

Outward Bound is one of the originators of learning through outdoor adventure. We work hard to always achieve the very best outcomes for young people. Our adventures are wild – in both the level of challenge and the environments in which we operate. Our people inspire and create stretching experiences for participants at every opportunity. Our centres are high quality providing great food, a dynamic and inspiring environment and a safe space for young people to be themselves. Our courses create memories for life – personalised learning will be at the heart of every Outward Bound experience.

In recent years, Outward Bound has focused on ensuring that the impact on participants’ lives is meaningful, tangible, and significant. We empower young people to discover their unique strengths, to be able to build and sustain positive relationships with others, and to develop pro-environmental behaviours. We strive to work with a broad range of young people of school age and in the early stages of their careers, and we provide Charitable Funding where required. We have invested in research and evaluation to help inform our practice and to demonstrate to key stakeholders and supporters the value of our work for young people and society more generally. We have developed and refined the way the organisation is run and governed. We have developed effective processes and systems, a clear focus on sustainability and ensuring the organisation is financially resilient. We have sought to maximise the number of young people we work with, and our six residential centres are substantially fully utilised. We have begun a journey to ensure we are a more diverse and inclusive workplace.

Building upon our proven model, we have set ourselves the bold ambition to materially increase the number of young people we work with annually. We will be relentless in ensuring that every young person is inspired to do and be more as a result of their Outward Bound experience. We will actively collaborate with others to champion the right for young people to access transformational outdoor adventures.

® Outward Bound and the compass rose device are each registered trademarks of The Outward Bound Trust.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

3

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENT

The Governing document of The Trust is its Memorandum and Articles of Association. The Trust’s charitable objectives, as described in the Memorandum, are “to promote for the public benefit the personal development of young people by education and instruction through participation in a wide variety of activities with special emphasis on physical endeavour in the outdoors”. In 1994 the Trustees agreed with the Charity Commission that in this context young people mean those under the age of 25.

In setting our objectives and planning our activities The Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. This is borne out by our commitment to provide a first class Outward Bound experience to as wide a range of young people as possible, irrespective of their financial circumstances. Of the young people who came to our centres from schools this year, 76% were awarded Charitable Funding (bursary) that enabled them to attend.

Trustees

The current Trustees, listed in this Report, are also the directors and members of the company. The liability of members is limited, and their individual limit of guarantee is £10. There are no members of The Trust who are not Trustees.

Trustees are appointed on the recommendation of the Remuneration and Nominations Committee, which aims to ensure that the Board is well balanced and represents the breadth of work undertaken by The Trust. The Committee is responsible for reviewing the specific skills and the rotation of the Trustees and identifying what training may be required.

During the year under review Charles Philipps, Julia Abel and Nicholas Gair resigned. We thank our Trustees for their service to Outward Bound.

All new Trustees undergo an induction programme that includes a visit to one of the centres operated by The Trust and meetings with existing Trustees, senior executives and other key members of staff.

Ordinarily the Trustees meet formally four times a year and take responsibility for the strategic direction of the organisation. Day to day decision making is delegated to the Chief Executive who also advises and seeks approval of the Trustees as to overall strategy. The Chief Executive meets and briefs the Chairman on a regular basis.

One of these Board of Trustees meetings is held at a centre, preceded by an afternoon of activities and observation at the centre and an evening of informal planning and discussion. This closer engagement with the work of The Trust consolidates the working knowledge of the Trustees and helps build a better understanding between the Trustees and the staff.

The Trustees have considered The Trust’s governance practices in the light of the Charity Governance Code. The Trustees believe that governance practices at The Trust substantially conform to those best practices advocated within the Charity Governance Code. On a recurring basis, Trustees are asked to complete a Board Effectiveness Survey, with the latest survey being completed in September 2022. This survey is coordinated by the Chairman and the results are used to improve the workings of the Board.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

4

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

COMPANIES ACT, SECTION 172 STATEMENT

Director’s duties under Section 172(1) of the Companies Act require that a director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard

All Directors of the Company have acted in good faith in a manner most likely to achieve the long-term success of The Trust in achieving its charitable objectives as described in the objects, aims objectives and activities section of this report.

The Trustees have specific regard to the employees’ interests as described in the Statement of Engagement with Employees. The Board also pays close attention to the relationships that are formed with our suppliers, customers, donors and wider community stakeholders, and these are described in the Statement of Engagement with Suppliers, Customers, Donors and the Community. These two statements are provided within this Report of the Trustees.

The Directors have considered the impact of the Charity on the community in complying with public benefit requirements as described in the objectives and activities section of this report. The Directors have also considered the Charity’s impact on the environment as outlined in the Carbon and Energy Reporting Statement on page 8 of this report.

The Directors recognise the importance of acting in good faith and fairly between Directors and other stakeholders of The Trust.

STATEMENT OF ENGAGEMENT WITH SUPPLIERS, CUSTOMERS, THE COMMUNITY AND OTHERS

The Trustees are committed to building positive long-term relationships with all suppliers, customers, donors and the wider communities within which we operate. The Trust has worked hard to establish open and honest communication with all of our key stakeholder groups, building trust and mutual respect wherever possible:

STATEMENT OF ENGAGEMENT WITH EMPLOYEES

The Trustees also pay very close attention to the well-being and interests of all Trust employees, meeting regularly with the Senior Management Team and attending events at centres and offices throughout the year, when possible, to meet with staff. The Board is provided with regular updates on staff matters.

We ensure that our recruitment and selection policies and processes are regularly reviewed to ensure they comply with our equality and diversity principles, ensuring all applicants are treated solely based on their abilities and potential, regardless of race, colour, nationality, ethnic origin, religious or political belief or affiliation, age, gender, gender identity, gender reassignment, marital and civil partnership status, sexual orientation, disability, socio-economic background, or any other inappropriate distinction.”

Organisation

The Trust owns four residential centres in the United Kingdom: Aberdovey in Snowdonia and Ullswater, Howtown and Eskdale in the Lake District. In addition, The Trust leases a fifth centre at Loch Eil in the Highlands of Scotland and a sixth centre at Ogwen Cottage in Eryri (Snowdonia) which is operated in partnership with the National Trust. The Trust also operates the Mark Scott Leadership for Life Award from a base in Glasgow; this is a non-residential operation working with young people from the central belt area of Scotland.

A subsidiary company, Outward Bound Corporate Limited, delivers experiential outdoor learning and development programmes for apprentices and graduates. Profits from this company are transferred to The Trust under a gift aid payment.

The Trust’s Head Office, incorporating the offices of the Chief Executive, the financial and administrative functions, the operational management and the sales and marketing teams, is based at Hackthorpe near Penrith in Cumbria. The fundraising office is located on Waterloo Road, London. There is also a Scottish fundraising office located on Bath Street, Glasgow.

The Outward Bound Trust is also the sole trustee of the dormant charity, Stafford House Trust.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

5

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

OUR ACCESS AND CHARITABLE FUNDING POLICIES

The Outward Bound Trust is a charity which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of The Trust and at a level that is consistent with our aim of providing a first-class experience to all participants.

The Trust welcomes participants from all backgrounds. To admit a prospective participant, we need to be satisfied that The Trust will be able to engage with the young person to the best of their potential and in line with the general standards achieved by their peers. With this in mind we work closely with schools, employers and other organisations sending students on our courses. An individual’s economic status, gender, ethnicity, race or religion do not form part of our assessment processes.

The Trust is committed to safeguarding and promoting the welfare of our participants and expects all staff and volunteers to share this commitment. We provide customer feedback questionnaires at the end of all courses for completion by participants and visiting members of staff from the participants’ schools and employers. The comments received are taken very seriously and all questionnaires are reviewed centrally. We are constantly striving to make sure that our courses are linked to relevant learning outcomes and provide genuine educational benefits for participants.

We believe our participants benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our participants develop an understanding of the perspectives of other people that will be vital in their adult lives.

The Trust has an Evaluation Team dedicated to monitoring the learning outcomes achieved on our courses. We aim to produce a regular, comprehensive Social Impact Report that brings together the internal and external research related to The Trust’s effectiveness in delivering its mission.

Our Charitable Funding (bursary) policy contributes to a widening of access to the courses we offer and the facilities we enjoy. It is important to us that access to the courses we offer is not restricted only to those who can afford our full fees. The Trustees view our Charitable Funding awards as important in helping to ensure young people from families who would otherwise not be able to afford the fees can access the courses we offer. Our Charitable Funding awards are available to all who meet our requirements. These are made based on participants qualifying for free school meals, low-income families, English as a second language, special educational needs, poor educational attainment, at risk of offending, ethnic minority backgrounds and any other valid reasons for Charitable Funding assistance put forward by schools or parents.

The Charitable Funding (bursary) awards range in scale from 10% through to almost 100% remission of fees depending on the nature of the specific funding stream and the particular circumstances of the young people in question. Further details of our Charitable Funding policy and how to apply are available on our website, www.outwardbound.org.uk, and movements in our Charitable Funding balance are set out in note 13(c) to the accounts.

RELATED PARTIES AND ORGANISATIONS

Volunteer Outward Bound Associations

Volunteers, operating within the regionally based Outward Bound Associations, undertake immensely valuable work by promoting The Trust, working with young people in the local area and by raising funds to help pay for course fees. Associations work as branches under the umbrella of The Trust. The working relationship between the Outward Bound Associations and The Trust are governed by an Accreditation Agreement. These Agreements entitle the Associations to use The Trust’s trademarked name and logo and set standards for the conduct of their work. The Trust does not currently include a valuation of volunteers’ time within the financial statements.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

6

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE OVER THE YEAR

The period to 30 September 2024 has been a year of many achievements, along with planning for the future leading to the publication of a new strategic framework, ‘ The Next Horizon’ .

PLANS FOR FUTURE YEARS

Now more than ever, society needs young people who are self-aware, confident and resilient, able to thrive and respond to the fast-moving digital, and often uncertain world. We know that Outward Bound can equip young people with the skills and capabilities to realise their potential and to positively contribute to their schools, workplaces and communities. Outward Bound has a moral imperative to reach as many young people as possible.

Following a process of strategic review considering our ambition and priorities for the future we have developed and published our new strategic framework for 2024 to 2030, The Next Horizon .

The Next Horizon sets out:

Our Vision: Outward Bound delivers inspirational outdoor learning that enables positive, purposeful change in tens of thousands of young people every year.

Two strategic objectives:

Three strategic priorities:

The Board and the Senior Management Team have identified specific objectives for the next 2-3 years which we will be starting to progress in 2024/25.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

7

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL REVIEW

FINANCIAL RESULTS

The financial statements again confirm a robust position for The Trust at the balance sheet date. The organisation has continued to operate efficiently, with high levels of occupancy at our centres and with forward demand for our courses and programmes both positive and reassuring. Our donors and supporters have continued to provide invaluable support throughout the year, with our ‘Big Rappel’ on the Empire State Building a particular highlight in terms of raising our profile and a generating an outstanding financial contribution. Fundraising activity was also boosted by the sale of a property which was gifted, very generously, to The Trust during the year. Client and donor income generation has been largely positive therefore, but we are still challenged by cost pressures across our core expenditure, not least in terms of our staffing costs. We have been able to contain these cost increases this year, returning a small trading surplus in our General Fund activity before exceptional Fundraising items, but this is still being achieved with significant assistance from interest receivable income on our cash balances.

The Consolidated Statement of Financial Activities for the year ended 30 September 2024 shows a total surplus of £616,000 (2023: surplus of £1,648,000); this is made up of a surplus of £1,098,000 (2022: £1,005,000) in Unrestricted Fund activities and a deficit of £482,000 (2022: surplus of £643,000) in Restricted Fund movements. Within the Unrestricted Funds a General Fund surplus of £1,849,000 was recorded before designations, due largely to the impact of the exceptional surpluses realised from the Big Rappel in New York and on the disposal of Bryn Haf, the property in west Wales which was gifted to The Trust during the year. The underlying Unrestricted Fund performance was also slightly stronger than initially anticipated, largely due to strong demand for our courses and programmes throughout the year and assisted by total operating costs that were slightly lower than expected.

As a result of the General Fund performance during the year and given the revisions to our Reserves Policy (see below), the Trustees have agreed to make a number of Designated Fund transfers to prioritise and enable a range of strategic projects. We have transferred £2.1m from the General Fund to Designated Funds at the balance sheet date; these transfers include the allocation of £1.0m to capital growth projects, £400,000 towards the ongoing upkeep of our existing sites and facilities, £200,000 to a Special Projects Fund that will help us to deliver our new strategy and £200,000 to further the ongoing delivery and embedding of our Digital Transformation project. These reserve allocations provide funding for essential next stage investments for the Charity without reducing our General Fund reserve to an inappropriate or unsustainable position.

Net assets at 30 September were £29.1m (2023: £28.5m), with net current assets of £11.1m (2023: £11.9m); this small reduction in net current assets is due mainly to planned cash expenditure on projects which have been capitalised at year end. Cash balances stood at £10.6m at the balance sheet date (2023: £16.1m), with the reduction in the year resulting from the repayment of the Barclays medium term loan facility in April and also due to planned expenditure on a range of capital projects throughout the year.

Overall, the results for the 2023-24 financial year confirm that The Trust has a solid financial base from which to move forward and focus on our strategic priorities during 2024-25 and the medium term future. We are determined to make progress with the objectives set out in ‘The Next Horizon’ and we are ambitious to increase our operating capacity to enable more young people to benefit from a life changing Outward Bound opportunity. But we are also aware that we need to balance these aspirations against the importance of maintaining a sustainable long term financial model for the organisation; further work is required to ensure that our General Fund position remains financially robust in the medium term, and we are focussed acutely on the changing nature of the fundraising marketplace and our ability to sustain appropriate levels of Charitable Fund (bursary) and capital donor income. Our updated Reserves Policy takes full account of these priorities and the associated market factors.

RESERVES POLICY

The Reserves Policy, which is reviewed and approved by the Board on an annual basis, sets out an assessment of an appropriate level of free reserves after designations.

During the Covid pandemic the Board established and maintained an elevated reserves target of £8.5m for the duration of the ongoing restrictions, given the range of significant and ongoing financial uncertainties. This Reserves Policy was re-considered at 30 September 2022, when The Trust was returning to a more stable operating position, with the reserves target reduced to £5.5m. This target was based on an assessment of the various risks that The Trust was still confronting at that time; in particular the Board took account of the ongoing trading deficit and also of the potential negative impact upon bookings of the ongoing ‘cost of living’ and wider economic crisis. The Trustees amended the Policy further at 30 September 2023, establishing a revised General Fund reserve target of £4.0m based upon a further reduction in assessed risk levels.

At 30 September 2024 the Trustees have again reviewed the General Fund reserves policy, with reference to the updated Risk Register and taking account of the wider financial context. Given a further reduction in the assessed levels of risk around the demand for courses, in particular, Trustees have concluded that a further reduction in the General Fund reserve to £2.5m is now appropriate. In establishing this revision to the policy, Trustees have considered the Risk Register and a range of wider mitigating factors; in particular these include the positive forward booking position for 2024-25, the significant Designated Fund resources that are yet to be fully committed and the extent of the ‘Charitable Funding (bursary)’ reserves carried within our Restricted Funds.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

8

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

It should be noted that Trustees required the General Fund reserve target of £2.5m to be held in cash or cash equivalent assets, rather than the reserve relying upon less liquid asset types such as Fixed Assets. At 30 September 2024 the total General Fund reserve is £4.1m, this being made up of £1.5m of Fixed Assets and £2.6m of cash and cash equivalents; overall therefore the Reserves target of £2.5m is met and exceeded by appropriate asset types.

In addition to our General Fund reserves target of £2.5m, the Board also consider it appropriate and prudent to carry a Restricted ‘Charitable Funding (bursary)’ reserve with a target of £3.5m; this sum is equivalent to the total value of bursaries allocated in any given twelve month period. This reserve recognises that most of our client bookings for the following financial year have already been made at the balance sheet date, meaning that we have already committed significant fundraised income at that time. At 30 September 2024 we were carrying a restricted ‘Charitable Funding (bursary)’ reserve of £4.3m.

Total reserves, excluding those associated with The Trust’s properties, stood at £14.3m at 30 September; of these £4.1m are now General Funds, £5.0m are Designated Funds for ongoing and future projects and £5.2m are Restricted Funds. This is a sound financial position, well supported by cash resources, which will help to support our ambition to increase our capacity to provide courses to young people whilst ensuring that we can also sustain and invest in our ongoing centre operations.

The Trustees consider that the practices adopted by the Board, Committees and the Senior Management Team in planning and evaluating ongoing operational and financial performance are appropriate for monitoring and maintaining this revised Reserves Policy.

PAY POLICY FOR SENIOR STAFF

The Trustees consider that the Board of Trustees and the Senior Executive Team comprise the key management personnel of the charity, in charge of directing and controlling, running and operating the Charity on a day to day basis.

The pay of the Senior Executive Team and all staff is reviewed annually and normally increased in accordance with average earnings to reflect a cost of living adjustment. In view of the nature of the organisation, the Trustees benchmark against pay levels in other charities. The remuneration benchmark is in the upper quartile of the range paid for similar roles in similar charities and sizes.

All Trustees give of their time freely, and other than as specified in note 7 of the financial statements, no Trustee received remuneration in the year.

The charity undertakes fundraising activity with its supporters via direct mail, telephone and email in line with the Fundraising Code of Practice set by Fundraising Regulator. Below is our fundraising promise, this is also available on our website to reassure supporters of our approach.

FUNDRAISING APPROACH AND PERFORMANCE

When you support us, you can be sure of the following:

We have a training programme for all our fundraising staff to regularly reinforce our fundraising promise.

Charity supporters registered on the Telephone Preference Service are only called with an appeal if they have agreed to receive such calls. Callers are thoroughly trained and updated on the charity’s work and calls are regularly monitored.

No complaints about fundraising activity were received in the year.

Our fundraising activities generated funds of £4.7m from donations and legacies with a further £2.3m of net income raised from various oneoff events.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

9

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL REVIEW(CONTINUED)

CARBON & ENERGY REPORTING

2024 2023
UK energy use 3,928,838
kWh		 3,780,581
kWh		 Gas, oil, electricity and fuel
Associated greenhouse gas
emissions Tonnes CO2 equivalent		 637.0
tonnes		 636.7
tonnes
Intensity ratio Emissions per Group
Activity Day 10,377 (2023: 9,793)		 0.065 0.065 The intensity ratio measures energy usage
compared with an appropriate business metric.
Outside of scope emissions from
biogenic content of combusted fuels		 311.8
tonnes		 294.8
tonnes

ENERGY EFFICIENCY AND EMISSIONS REDUCTIONS MEASURES UNDERTAKEN IN THIS FINANCIAL YEAR

Major projects at the listed Gate House at Eskdale have improved the fabric of the building through roof repairs and replaced the former oilfired heating system with a modern bivalent ASHP and LPG system, with final commissioning now completed. This is expected to reduce emissions at this site by over 80 tCO2e across Scopes 1 and 3 in the 2024-25 financial year, although we anticipate heating energy consumption increasing as central heating coverage is greater.

Two legacy units of staff housing at Loch Eil could not be improved to acceptable energy performance standards and have been vacant with nil consumption since January 2024. The remaining five units have had insulation improved and upgraded storage heaters. These measures combined have reduced the energy consumption of staff housing at the site by 52.6 MWh, or 54% of the FY23 total. These properties have been on green electricity tariffs since September 2023, reducing associated emissions of staff housing by 19 tCO2e.

While there has been less reclaimed mileage recorded and a corresponding reduction in emissions this may be due to under-recording rather than a genuine decrease in activity. Emissions from air travel are much higher than last year, due mostly to travel for the Big Rappel event in New York, which required 20 return flights that produced 52.9 tCO2e emissions.

METHODOLOGY

We continue to develop and refine our methodology for energy and carbon accounting in preparation for a planned re-baselining in FY26 and this has led to some changes to the scope within which we report some emission sources.

Activity data is collected from supplier invoices, meter readings and expense claims. Energy consumption, where not provided directly, is calculated based on fuel net CV data or other sources. Where vehicle fuel is claimed for by cost rather than volume, the fuel price for that month from DESNZ Monthly and annual prices of road fuels and petroleum products is used to estimate the volume of fuel purchased. We only calculate greenhouse gas emissions of air travel, not related energy consumption.

The 2024 Government greenhouse gas conversion factors for company reporting from DESNZ are used to calculate emissions as tonnes of CO2 equivalent.

Group Activity Day (GAD) used in the intensity ratio is our unit of production and is one day of delivered activity to one group of participants.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

10

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

RISK MANAGEMENT

The Chief Executive, who reports directly to the Trustees, is responsible for the overall management of The Trust’s operations and activities and any associated risks.

A summary of the major risks to The Trust and their mitigating controls is held on a risk register, and this is reviewed every six months by the Board. These risks are derived from an internal exercise which is led by the Chief Executive and the senior managers across the organisation, with mitigation plans owned and managed by specific members of senior staff.

Example of key risks and their mitigation plans include the following:

Operational safety failure or accident risk

Managed through detailed scrutiny, review and reporting through the Operational Risk Management Committee.

Child protection or safeguarding failure

Mitigation plans involve Trust-wide staff induction, on-going training and briefings, and whistle-blowing policies.

Client or donor income shortfall

Three year rolling income projections are maintained and reviewed regularly. High risk clients and income streams are monitored closely and there is a focus on high quality relationship management. The reserves policy also helps address this risk.

IT system failure or cyber security risk

These risks are managed in partnership with key third party partners and suppliers, alongside a specific cyber risk register and management strategy.

In addition, The Trust has an Operational Risk Management Committee which is chaired by Mark Baker, who is also a Trustee. The Chief Executive sits on this Committee, as do a range of external experts and senior operational staff, and it considers and reviews the operational working practices of the day to day activities of the organisation, considering any reported incidents in detail. This Committee reports formally to the main Trustee Board twice a year. The Chair of the Operational Risk Management Committee also meets annually with the Chair of the Audit Committee, to help ensure that all aspects of risk to which The Trust might be exposed are being attended to.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

11

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL RISK MANAGEMENT

The following statements summarise The Trust’s position on managing identified forms of financial risk:

Price risk

The Trust manages price risk through two key mechanisms. Firstly, selling prices are reviewed annually to take account of cost changes and market conditions. Secondly, salaries, which represent the most significant cost to The Trust, are also reviewed annually to take account of inflation and other market factors. All other costs are kept under review through monthly and annual accounting and budgeting procedures.

Credit risk

Credit risk on amounts owed to The Trust by its customers is considered to be low since the standard Terms and Conditions of business require that, in the majority of cases, amounts due are settled in full prior to the commencement of the relevant course.

Liquidity risk

The availability of cash resources remains a key focus for the organisation, with cashflow projections reviewed on a regular basis.

Interest rate cash flow risk

The Trust places surplus funds on short and medium term deposits with Barclays Bank plc. Interest rate cash flow risk is considered to be insignificant.

INVESTMENT POWERS AND POLICY

There are no restrictions on the charity’s power to invest. The Trust’s investments continue to be managed by our Investment Managers, who manage our portfolios in accordance with the approved investment policy.

The cash in The Trust bank accounts is retained for its liquidity and short term capital investment needs and the level of cash held is reviewed on an ongoing basis.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

11

THE OUTWARD BOUND TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees, who are also the directors of the charitable company, are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the Charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the year then ended. In preparing the financial statements the Trustees are required to:

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

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

Each of the directors, who held office at the date of approval of this Trustees’ Report, has confirmed that there is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are made aware of such information.

AUDITORS

HaysMac LLP have expressed their willingness to continue in office as auditors. A resolution proposing that HaysMac LLP be reappointed as auditors of the charitable company for the forthcoming year will be put to members at the Annual General Meeting. The company’s auditors changed their name from Haysmacintyre LLP to HaysMac LLP on 18th November 2024.

By order of the Board

Jonathan Lewis, Trustee 9 December 2024

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

12

THE OUTWARD BOUND TRUST INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE OUTWARD BOUND TRUST

Opinion

We have audited the financial statements of The Outward Bound Trust for the year ended 30 September 2024 which comprise the Consolidated Statement of Financial Activities, the Group and charity Balance Sheet, Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) require us to report to you if, in our opinion:

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

13

THE OUTWARD BOUND TRUST INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 15, 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.

Auditor’s responsibilities for the audit of the financial statements

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

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

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Health & Safety regulations, safeguarding, fundraising regulations, GDPR, and employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and income tax, payroll tax and sales tax regulations.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

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 auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kathryn Burton (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

20/12/2024

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

14

THE OUTWARD BOUND TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the income and expenditure account) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Note
INCOME
Donations, grants and legacies
2
Income from charitable activities:
Outward Bound young people course, net
course fees
3
Income from other trading activities:
Activities for generating funds
4
Other income:
Investment income
Gain on disposal of assets held for resale
Total income
EXPENDITURE
Raising donation, grants and legacies
Expenditure on charitable activities:
Outward Bound young people courses
Expenditure on other trading activities:
Activities for generating funds
Bank interest paid
Total expenditure
5
Net income/expenditure
Other recognised gains/(losses):
Gains/losses on investment assets
9
Revaluation adjustment
8
Net movement of funds before transfers
Charitable Funding (bursary) funds transfer
3
Transfers to fixed assets
13
Transfers to Designated Funds
14
Transfers between other funds
13
Net movement of funds after allocations
Total fund balances at 1 October 2023
Total fund balances at 30 September 2024		 General
Funds
2024
£000
820
7,666
7,342
697
676		 Designated
Funds
2024
£000
-
-
-
-
-
Restricted
Funds
2024
£000

3,845

-

-

5

-
3,850

-

(2)

-

-

(2)

3,848

95

-

3,943

(3,479)

-

-

(946)

(482)

5,656

5,174		 Total
2024
£000
4,665
7,666
7,342
702
676
21,051
(2,225)
(13,841)
(4,388)
(116)
(20,570)
481
135
-
616
-
-
-
-
616
28,479
29,095		 Unrestricted
Funds
2023
£000
1,179
7,134
4,382
659
1,412
Restricted
Funds
2023
£000

4,261

-

-

4

-
Total
2023
£000

5,440

7,134

4,382

663

1,412
17,201
(2,225)
(13,839)
(4,388)
(116)		 -
-
-
-
-		 14,766
(1,998)
(12,501)
(3,181)
(188)
4,265

-

(4)

-

-
19,031

(1,998)

(12,505)

(3,181)

(188)
(20,568) - (17,868)
(4)
(17,872)
(3,367)
40
-		 -
-
-		 (3,102)
(10)
-
4,261

(25)

-
1,159

(35)

-
(3,327)
3,479
-
(2,100)
1,997		 -
-
-
2,100
(1,051)		 (3,112)
3,060
-
-
1,057
4,236

(3,060)

524

-

(1,057)
1,124

-

524

-

-
49
4,046		 1,049
18,777		 1,005
21,818
643

5,013
1,648

26,831
4,095 19,826 22,823
5,656
28,479

The notes below form part of these accounts.

All income and expenditure relates to continuing activities. There are no gains and losses other than those recognised above therefore no separate statement of total recognised gains and losses has been prepared.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

15

COMPANY REG NO: 6748835

THE OUTWARD BOUND TRUST BALANCE SHEETS AT 30 SEPTEMBER 2023

Note
FIXED ASSETS
Tangible assets
8(a)
Intangible assets
8(c)
Investments
9
CURRENT ASSETS
Asset held for resale
Stocks
10
Debtors
11
Cash at bank and in hand
Short term cash deposits
Creditors: amounts falling due within one year
12
Net current assets
NET ASSETS
UNRESTRICTED FUNDS
General Fund Reserves
Designated Project Funds
Designated Property Funds
RESTRICTED & ENDOWMENT FUNDS
RestrictedCharitable Funding (bursary)
Other Restricted Funds
Endowment Funds
TOTAL FUNDS
13		 Group
2024
£000
15,557
683
1,735
17,975
-
180
4,045
3,117
7,500
14,842
(3,722)
11,120
29,095
4,095
5,057
14,769
23,921
-
4,352
726
96
5,174
29,095		 Group
2023
£000
14,456
524
1,548
16,528
-
176
2,352
11,664
4,500
18,692
(6,741)
11,951
28,479
4,046
5,838
12,939
22,823
-
3,876
1,694
86
5,656
28,479		 Charity
2024
£000
15,548
683
1,735
17,966
-
166
4,249
2,796
7,500
14,711
(3,582)
11,129
29,095
4,095
5,057
14,769
23,921
-
4,352
726
96
5,174
29,095		 Charity
2023
£000
14,441
524
1,548
16,513
-
167
2,496
11,377
4,500
18,540
(6,574)
11,966
28,479
4,046
5,838
12,939
22,823
-
3,876
1,694
86
5,656
28,479

The surplus of the parent charity was £616,000 (2023: £1,648,000). The notes on below form part of these accounts.

The financial statements were approved and authorised for issue by the Board of the Trustees on 9 December 2024 and were signed below on its behalf by:

Jonathan Lewis, Trustee

Lynn Rattigan, Trustee

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

16

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

Note
Cash flows from operating activities
20
Cash flows from investing activities:
Interest income
Purchase of tangible fixed assets
Purchase of investments
Sale of investments
Sale of tangible fixed assets
Sale of assets held for resale
Loan (repaid)/received
(Decrease)/increase in cash and cash equivalents in the year
Cash at bank and in hand at the beginning of the year
Short term cash deposits at the beginning of the year
Total cash and cash equivalents at the beginning of the year
Cash at bank and in hand at the end of the year
Short term cash deposits at the end of the year
Total cash and cash equivalents at the end of the year		 Group
2024
£000
(2,252)
-
702
(1,751)
(417)
364
676
-
(2,869)
(5,547)
11,664
4,500
16,164
3,117
7,500
10,617		 Group
2023
£000
(1,491)
-
663
(37)
(272)
184
-
1,962
43
1,052
8,292
6,820
15,112
11,664
4,500
16,164		 Charity
2024
£000
(2,286)
-
702
(1,751)
(417)
364
676
-
(2,869)
(5,581)
11,377
4,500
15,877
2,796
7,500
10,296		 Charity
2023
£000
(1,277)
-
663
(35)
(272)
184
-
1,962
43
1,268
7,789
6,820
14,609
11,377
4,500
15,877

The notes below form part of these accounts.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

17

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition effective 1 January 2020) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Outward Bound 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 note(s).

Preparation of accounts on a going concern basis

The Trustees have given careful consideration to the Charity’s ability to continue as a going concern.

During the period the Audit Committee, on behalf of the Board, has continued to work closely with the Senior Management Team to review the trading and cashflow projections for the current and future years.

In the year to 30 September 2024 these reviews confirmed ongoing stability in the cash position and an improvement in the underlying financial sustainability, enabled by our return to full operating capacity, by strong demand from our school and corporate clients and with ongoing support from our donors and reinforced by the disposal of an out of use property. The combined effect of the property disposal and an improved General Fund performance provides the organisation with a stronger than expected balance sheet and cash position at 30 September, giving us a robust platform for the period ahead.

We currently expect to make a small General Fund deficit in 2024-25 due to the ongoing pressure of the cost increases experienced by the organisation and in spite of our return to very positive operating volumes. Having said this we are confident that we have an appropriate level of reserves and cash resources to withstand the ongoing challenge, and our revised Reserves Policy reflects a fair and thorough assessment of the potential risks that lie ahead. We are also working on a range of financial sustainability projects that we expect to deliver improvements in our General Fund resilience within the next 12 months. Given the strong balance sheet position at 30 September and having carried out a detailed analysis of a range of possible scenarios in 2024-25 and 2025-26 the Trustees are confident that the charity remains a going concern for the foreseeable future.

Group accounts

The financial statements consolidate the results of the charity and its two wholly owned subsidiaries, Outward Bound Corporate Ltd and Outward Bound Trading Ltd, on a line-by-line basis.

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

The Outward Bound Associations are branches of the charity. Their income and expenditure, assets and liabilities as reported in their latest accounts, are consolidated into the charity’s financial statements.

The Outward Bound Trust is the only trustee of Stafford House Trust (charity number 305271), which has been dormant for the current and prior year.

Critical accounting judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. 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.

Income recognition

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

Donations and legacies

Donations and legacies are included in full in the Statement of Financial Activities when there is entitlement, probability of receipt and the amount of income receivable can be measured reliably.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

18

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 ACCOUNTING POLICIES (CONTINUED)

Gifts in kind

Gifts in kind represent assets donated for distribution or use by the charity. Assets given for distribution are recognised as income only when distributed. Assets given for use by the charity are recognised when receivable. Gifts in kind are valued at the amount actually realised from the disposal of the assets or at the price the charity would otherwise have paid for the assets.

Grants

Grants are recognised in full in the statement of financial activities in the year in which the charity has entitlement to the income, the amount of income receivable can be measured reliably and there is probability of receipt.

Income from charitable activities

Income from charitable activities is recognised as earned as the related services are provided, that is the total value invoiced to customers of Outward Bound courses which have a start date falling in the financial year. This income includes the value of Charitable Funding (bursary) assistance provided by The Trust towards course fees. Income from other trading activities is recognised as earned as the related goods are provided.

Investment income

Investment income is recognised on a receivable basis once the amounts can be measured reliably.

Expenditure

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

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned based on staff time attributable to each activity.

Allocation of costs

Staff costs are allocated between direct charitable expenditure and support costs based on the time spent on these activities. Other costs are allocated directly to the relevant heading.

Operating leases

Rental charges are charged on a straight line basis over the life of the lease.

Investments

Investments are a form of basic financial instrument and are initially shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

19

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 ACCOUNTING POLICIES (CONTINUED)

Fixed assets

Fixed assets are stated at cost or deemed cost (donated valuation at estimated fair value) less accumulated depreciation and impairment losses. Assets costing more than £1,000 are capitalised.

Depreciation is calculated to write off the costs of the fixed asset by equal instalments as follows, all straight line: Freehold buildings 2% per annum Listed freehold buildings 1% per annum Capital improvements to leasehold buildings Over the remaining term of the lease Other equipment 10% to 33% per annum as appropriate Leasehold improvements Life of lease

When property is redeveloped all costs are capitalised, the property is then valued and written down to the market value at completion. The property then continues to be written down in the normal way over the life of the asset.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Stock

Stocks are valued at the lower of cost and net realisable value and are used on a first in first out basis.

Cash at bank and in hand

Cash at bank and cash 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.

Deferred income

Deferred income represents the value of courses invoiced to customers before the year end with start dates after the year end and income received prior to 30 September 2024 for fundraising events being run after the year end.

Financial instruments

The group and charity only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

Financial assets
Financial assets measured at fair value through profit or loss and debt
Cash and cash equivalents
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 Group
2024
£000
1,735
3,117
3,534
8,386
(1,258)
(1,258)		 Group
2023
£000
1,548
11,664
1,732
14,944
(4,133)
(4,133)		 Charity
2024
£000
1,735
2,795
3,236
7,766
(1,163)
(1,163)		 Charity
2023
£000
1,548
11,383
1,882
14,813
(4,051)
(4,051)

Financial assets measured at fair value through profit or loss comprise fixed asset investments

Financial assets measured at amortised cost comprise of trade debtors, other debtors and amounts due from subsidiary undertakings. Cash and cash equivalents comprise cash at bank and in hand and short term deposits.

Financial liabilities measured at amortised cost comprise trade creditors, accruals, and other creditors

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

20

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 ACCOUNTING POLICIES (CONTINUED)

Funds

Unrestricted funds are donations and other income receivable or generated for the objects of the charity. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust Endowment funds are those where the capital is held in perpetuity to generate income for bursaries.

Employee benefits

Short term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. Employee termination benefits

Termination benefits where appropriate are accounted for on an accrual basis and in line with FRS 102.

2 DONATIONS AND LEGACIES

Donations for bursaries and general expenditure
Grants for specific projects
Legacies		 2024
£000
4,097
391
177
4,665		 2023
£000
4,391
745
304
5,440

Donations for bursaries and general expenditure include intangible income of £137,000 (2023: £24,790) resulting from gifts in kind received from supporters. These gifts relate to legal and professional fees, materials for centre improvements and gifts for fundraising events.

3 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Outward Bound young people courses, gross course fees
Less:Charitable Funding (bursary)contributions from restricted funds
Outward Bound young people courses, net course fee income		 2024
£000
11,145
(3,478)
7,666		 2023
£000
10,194
(3,060)
7,134

4 ACTIVITIES FOR GENERATING FUNDS

Fundraising events
Corporate learning and development income		 2024
£000
2,323
5,019
7,342		 2023
£000
316
4,066
4,382

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

21

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

5 ANALYSIS OF GROUP EXPENDITURE

Donations & legacies
Course delivery costs
Fundraising events
Corporate learning and development
Bank interest paid		 Staff Costs
£000
1,199
8,820
-
1,975
-
11,994		 Other Costs
£000
782
3,752
1,195
751
116
6,596		 Support Costs
£000
243
814
265
167
-
1,489		 Depreciation
£000
1
455
-
35
-
491		 2024
Total
£000
2,225
13,841
1,460
2,928
116
20,570

Prior year comparatives

Prior year comparatives
2023
Staff Costs Other Costs Support Costs Depreciation Total
£000 £000 £000 £000 £000
Donations & legacies 1,314 353 110 1 1,778
Course delivery costs 8,195 3,353 730 275 12,553
Fundraising events - 152 34 - 186
Corporate learning and development 1,912 997 221 37 3,167
Bank interest paid - 188 - - 188
11,421 5,043 1,095 313 17,872

6 ANALYSIS OF SUPPORT COSTS

Management
Sales and Marketing
Finance
Resources		 Donations &
Legacies
£000
78
46
50
333
508		 Course Delivery
Costs
£000
51
138
75
551
814		 Activities for
Generating Funds
£000
14
26
24
103
167		 2024
Total
£000
143
210
149
987
1,489

Prior year comparatives

Management
Sales and Marketing
Finance
Resources		 Donations &
Legacies
£000
22
13
14
94
143		 Course Delivery
Costs
£000
46
124
67
494
730		 Activities for
Generating Funds
£000
19
34
32
136
221		 2023
Total
£000
87
171
113
724
1,095

(Resources includes costs of IT, premises and evaluation)

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

22

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

6 ANALYSIS OF SUPPORT COSTS (CONTINUED)

2024
£000
Staff costs
11,994
Auditors’ remuneration - charity
22
Auditors’ remuneration - subsidiary
10
Auditors’ remuneration - other services
15
Depreciation
491
Operating leases – equipment hire
215
Operating leases – rent payable
134
STAFF COSTS AND NUMBERS
Staff costs:
2024
£000
Wages and salaries
10,165
National Insurance costs
951
Pension costs
487
Other staff benefits and costs
391
11,994
Mean average number of employees during the year:
2024
Charitable activities
293
Corporate training and development
45
Fundraising
19
Management and administration
5
361
Employees of the charity whose emoluments (excluding pension contributions) were in excess of £60,000 per annum:
2024
£000
£ 60,001 - £ 70,000
3
£ 70,001 - £ 80,000
3
£ 80,001 - £ 90,000
1
£ 90,001 - £100,000
1
£100,001 - £110,000
2
£120,001 - £180,000
-		 2023
£000
11,421
23
9
2
313
165
128
2023
£000
9,655
830
520
416
11,421
2023
276
42
17
6
341
2023
£000
1
2
2
1
1
1

7 STAFF COSTS AND NUMBERS

The total employee benefits of the key management personnel of the Group were £664,000 (2023: £545,000). The key management personnel of The Trust are considered to be the Senior Executive Team which comprise the Chief Executive and four senior executives. Management remuneration includes a bonus paid in respect of performance during the year under review.

Pension contributions in respect of these five employees totalled £61,000 in the year (2023: five employees £53,000).

Trustee received remuneration in the year was £nil (2023: £nil). Two Trustees received expenses for travelling and accommodation of £1,122 (2023: £1,000).

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

8 FIXED ASSETS

(a) Group tangible fixed assets

Cost or valuation
At 1 October 2023
Additions – transfers to fixed assets
Disposals
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
Disposals
At 30 September 2024
Net Book Value
At 30 September 2024
At 30 September 2023
) Charity tangible fixed assets
Cost or valuation
At 1 October 2023
Additions – transfers to fixed assets
Disposals
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
Disposals
At 30 September 2024
Net Book Value
At 30 September 2024
At 30 September 2023		 Land & Buildings
£000
14,317
805
-
15,122
(1,991)
(150)
-
(2,141)
12,981
12,326
Land & Buildings
£000
14,317
805
-
15,122
(1,991)
(150)
-
(2,141)
12,981
12,326		 Short Leasehold
Improvements
£000
2,697
615
-
3,312
(902)
(88)
-
(990)
2,322
1,795
Short Leasehold
Improvements
£000
2,697
615
-
3,312
(902)
(88)
-
(990)
2,322
1,795		 Fixtures, Fittings
& Equipment
£000
2,652
1
(14)
2,639
(2,317)
(82)
14
(2,385)
254
335
Fixtures, Fittings
& Equipment
£000
2,371
1
(14)
2,358
(2,051)
(76)
14
(2,113)
245
320		 Group
Total
£000
19,666
1,421
(14)
21,073
(5,210)
(320)
14
(5,516)
15,557
14,456
Charity
Total
£000
19,385
1,421
(14)
20,792
(4,944)
(314)
14
(5,244)
15,548
14,441

(b) Charity tangible fixed assets

Software
development costs
£000
Cost or valuation
At 1 October 2023
524
Additions – transfers to fixed assets
330
Disposals
-
At 30 September 2024
854
Amortisation
At 1 October 2023
-
Charge for the year
(171)
Disposals
-
At 30 September 2024
(171)
Net Book Value
At 30 September 2024
683
At 30 September 2023
524		 Group & Charity
Total
£000
524
330
-
854
-
(171)
-
(171)
683
524

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

24

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

8 FIXED ASSETS (CONTINUED)

There is a debenture held by Barclays Bank PLC from 2009 in respect of the Eskdale property.

The Loch Eil centre is operated by The Trust under a repairing lease from The Dulverton Trust. A new lease commenced in 2020 and will expire in 2045, with an option to extend to 2070 subject to the landlord not requiring the property for redevelopment. This centre is not valued in the balance sheet other than capital improvements to the buildings which are shown at cost. The boathouse facility at Loch Eil, which has been capitalised, is disclosed within freehold land and buildings as these assets are located on a piece of freehold land which was gifted to the Trust in 2002.

The Trust’s operational properties are held in the accounts at value in use, in line with the accounting policies in Note 1.

All tangible fixed assets are held for charitable use, with the exception of land and buildings at Eskdale and also certain equipment having a net book value totalling £9,000 (2023: £15,000) which is held for operational use by The Trust’s subsidiary, Outward Bound Corporate Limited.

9 FIXED ASSET INVESTMENTS

Listed UK investments at market value:

sted UK investments at market value:
Valuation at 1 October 2023
Additions in year
Disposals in year
Increase / (Decrease) in market value
Valuation at 30 September 2024
Historical cost (or market value at date of gift) of investments		 Group and Charity
2024
£000
1,547
417
(364)
135
1,735
1,198
2023
£000
1,494
272
(184)
(35)
1,547
1,198

No individual investments make up 5% or more of the total market value of Group investments:

Note 13(d) shows the allocation of the above investments between the different types of funds.

The charity also holds investments in its two wholly owned subsidiaries, Outward Bound Trading Limited and Outward Bound Corporate Limited being two ordinary shares of £1 in each company (see also note 17).

10 STOCKS

STOCKS
Group Group Charity Charity
2024 2023 2024 2023
£000 £000 £000 £000
Catering & equipment stock 180 176 165 167

Stock recognised in cost of sales during the year as an expense was £798,000 (2023: £627,000).

An impairment loss of £nil (2023: £nil) was recognised in cost of sales against stock during the year due to slow- moving and obsolete stock.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

25

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

11 DEBTORS

DEBTORS
Trade debtors
Amounts due from subsidiary undertakings
Prepayments
Other debtors		 Group
2024
£000
2,443
-
510
1,092
4,045		 Group
2023
£000
1,479
-
621
252
2,352		 Charity
2024
£000
971
1,898
502
878
4,249		 Charity
2023
£000
573
1,057
614
252
2,496

12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Deferred income
Trade creditors
Accruals
PAYE, National Insurance and VAT
Dulverton Trust loan
Bank loan		 Group
2024
£000
2,054
612
411
500
145
-
3,722		 Group
2023
£000
2,003
587
605
532
145
2,869
6,741		 Charity
2024
£000
1,961
576
400
500
145
-
3,582		 Charity
2023
£000
1,929
505
594
532
145
2,869
6,574

A £3.0m medium term loan facility, provided by Barclays Bank plc, was drawn down in April 2021 to provide further resilience to the cash flows of The Trust. This facility had an initial one year capital repayment holiday, with repayments calculated over a 15 year term starting in June 2022 and with a final bullet repayment at the maturity date in April 2024 when this facility was repaid in full.

A £145,000 short-term loan was provided by The Dulverton Trust in August 2023 for the development of the Loch Eil Learning Village, this will be repaid in 2025.

Deferred income

Deferred New
income deferred
Balance released income Balance
1 Oct-23 2023-24 2023-24 30 Sep-24
£000 £000 £000 £000
Deferred income 2,003 (12,287) 12,338 2,054

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

26

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13 FUNDS

(a) Types of Funds

(i) Unrestricted Funds

From time to time The Trust also receives other income and donations which are subject to restrictions imposed by the donor. Funds are released to the General Fund when the original restriction on the donation has been satisfied.

(b) Movements in Unrestricted Funds:

General Fund Reserves
Designated Funds:
Infrastructure funds
Digital project
Centre maintenance
Peter Cundill Foundation bursary
Capital growth
Special projects
Fixed asset funds
Total Designated Funds
Total Unrestricted Funds		 Balance
1 Oct 2023
4,046
1,553
450
258
1,327
2,000
250
12,939
18,777
22,823		 Income
£000		 Charitable
Funding
allocation
£000
Expenditure,
gains and
losses
£000		 Amortisation
£000
 Fund
Transfers
£000

(378)

(542)

(104)

81

(1,309)

1,000

93

2,105

1,324
946		 Balance
30 Sep 2024
17,241 3,479
(20,568)		 275 4,095
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-

-

-

-

-

-

-		 -
-
-
-
-
-
(275)		 1,011
346
339
18
3,000
343
14,769
- -
-		 (275) 19,826
17,241 3,479 (20,568) - 23,921

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

27

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13 FUNDS (CONTINUED)

(c) Movements in Restricted and Endowment Funds:

Restricted Charitable Funds
Endowment Funds
Restricted Capital Funds		 Balance
1 Oct 2023
£000
3,877
86
1,693
5,656		 Income
£000
3,468
-
382		 Charitable
Funding
allocation
£000
(3,479)
-
-



Expenses,
gains and
losses
£000

(2)

-

-		 Unrealised
gains on
revaluation
£000
85
10
-		 Fund
transfers
£000
404
-
(1,350)
(946)		 Balance
30 Sep
2024
£000
4,353
96
725
3,850 (3,479) (2) 95 5,174

(d) Analysis of net assets held by Funds

Tangible fixed assets
Intangible fixed assets
Investments
Cash balances
Other net current assets / (liabilities)
Net assets		 General
Fund
£000
1,471
-
472
1,669
483
4,095		 Designated
Fixed Asset
Funds
£000
14,086
683
-
-
-
14,769		 Designated
Project Funds
£000
-
-
-
5,057
-
5,057		 Endowment &
Restricted Funds
£000
-
-
1,263
3,891
20
5,174		 Total
£000
15,557
683
1,735
10,617
503
29,095

(e) Movements in Unrestricted Funds - Prior Year:

General Fund Reserves
Designated Funds:
Infrastructure funds
Digital project
Centre maintenance
Peter Cundill Foundation bursary
Capital growth
Special projects
Fixed asset funds
Total Designated Funds		 Balance
1 Oct 2022
5,706
-
1,000
250
143
1,550
-
-
13,169
16,112
21,818		 Income
£000		 Charitable
Funding
allocation
£000
Expenditure,
gains and
losses
£000		 Amortisation
£000
 Fund
Transfers
£000

(1,838)

-

553

200

116

(223)

2,000

250

(0)

2,896
1,058		 Balance
30 Sep 2023
14,756 3,060
(17,868)		 230 4,046
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-

-

-

-

-

-

-

-		 -
-
-
-
-
-
-
(230)		 -
1,553
450
259
1,327
2,000
250
12,939
- -
-		 (230) 18,778
14,756 3,060
(17,868)		 - 22,824

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

28

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13 FUNDS (CONTINUED)

(f) Movements in Restricted and Endowment Funds - Prior Year:

Balance
1 Oct 2022
£000
Restricted Charitable Funds
4,046
Endowment Funds
88
Restricted Capital Funds
879
5,013		 Income
£000
3,535
-
731		 Charitable
Funding
allocation
£000
(3,060)
-
-
Expenses,
gains and
losses
£000

(4)

-

-		 Unrealised
gains on
revaluation
£000
(23)
(2)
-		 Fund
transfers
£000
(617)
-
(441)		 Transfer to
intangible
fixed assets
£000
-
-
524
524		 Balance
30 Sep 2023
£000
3,877
86
1,693
4,266 (3,060) (4) (25) (1,058) 5,656

Movements in the funds of the parent charity are the same as for the group, less only the profits payable under a gift aid payment by the trading subsidiary company as disclosed in note 17.

For details of transfers between funds see note 15. The detailed movements on reserves for the comparative period were contained in the prior year accounts, which are available to view on the Charity Commission website.

14 TRANSFERS BETWEEN FUNDS

During the year net transfers of £1.1m were made between Restricted & Unrestricted Funds, the main components of which are as follows:

Transfers into General Fund from Restricted Funds donated and available for these purposes:

Amount
Purpose Fund £000
Costs of fundraising Charitable Funding (bursary) 901
Costs of various other small projects Various 211
Transfers into Designated Funds from General Funds:
Amount
Purpose £000
Development of new capital projects for growth 1,000
Development and improvement of the infrastructure at our centres 400
Ongoing maintenance work at our centres 300
Digital transformation 200
Other special projects 200

15 RELATED PARTY TRANSACTIONS

During the year under review five Trustees made donations totalling £129,000 (2023: £50,763).

No other significant transactions with Trustees or companies controlled by Trustees occurred during the year.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

29

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

16 SUBSIDIARY UNDERTAKINGS

The Trust has two wholly owned subsidiary companies, both registered in England.

Outward Bound Corporate Limited, registered office Hackthorpe Hall, Hackthorpe, Penrith CA10 2HX, (Company No 2892257) delivers learning and development programmes for corporate clients. Costs of £3,736,000 (2023: £3,354,000) were charged by the parent charity to Outward Bound Corporate Limited, representing the costs incurred by The Trust in connection with the employment of all staff formerly employed through Outward Bound Corporate Limited and an allocation of the costs of running apprentice courses in young people centres and of Head Office support services.

Outward Bound Trading Limited (Company No 3596931) is now dormant.

Both companies, when appropriate, transfer profits under a gift aid payment to the parent charity. A summary of their results is shown below. Full financial statements are filed annually with the Registrar of Companies and are available from the Company Secretary at The Outward Bound Trust’s Head Office at Hackthorpe.

a) Profit and loss accounts for the year ended 30 September 2024

Turnover
Cost of sales and administration costs
Operating profit for the year
Covenanted to the parent charity
Retained in subsidiary
Average no. of employees including part-time		 Outward Bound Corporate Ltd
2024
2023
£000
£000
5,019
4,066
(4,481)
(4,064)
538
2
(538)
(2)
-
-
-
-		 Outward Bound Trading Ltd
2024
2023
£000
£000
-
-
-
-
-
-
-
-
-
-
-
-		 Outward Bound Trading Ltd
2024
2023
£000
£000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

No employees in either company received emoluments in excess of £50,000 (2023: nil Employees).

The Directors received no emoluments or expenses (2023: £ nil).

(b) Summarised balance sheets at 30 September 2024:

Tangible fixed assets
Current assets
Current liabilities
Net current liabilities
Net assets / (liabilities)
Called up share capital and profit and loss account		 Outward Bound Corporate Ltd
2024
2023
£000
£000
9
15
2,028
1,167
(2,037)
(1,182)
(9)
(15)
-
-
-
-		 Outward Bound Trading Ltd
2024
2023
£000
£000
-
-
1
1
(1)
(1)
-
-
-
-
-
-		 Outward Bound Trading Ltd
2024
2023
£000
£000
-
-
1
1
(1)
(1)
-
-
-
-
-
-
-
-
-

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

30

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

17 OPERATING LEASES

At 30 September 2024 the company was committed to make the following payments in total in respect of operating leases:

Leases which expire:
Within one year
Within two to five years		 Group
Land & Buildings
Equipment
2024
£000
2023
£000
2024
£000
2023
£000
153
94
194
69
-
-
362
91
153
94
556
160		 Charity
Land & Buildings
Equipment
2024
£000
2023
£000
2024
£000
2023
£000
153
94
190
65
-
-
362
91
153
94
552
156		 Charity
Land & Buildings
Equipment
2024
£000
2023
£000
2024
£000
2023
£000
153
94
190
65
-
-
362
91
153
94
552
156		 Charity
Land & Buildings
Equipment
2024
£000
2023
£000
2024
£000
2023
£000
153
94
190
65
-
-
362
91
153
94
552
156
153 153 552 156

18 TAXATION

The charity is exempt from corporation tax as all its income is charitable and is applied for its charitable purpose. The charity is not exempt from VAT which is included with the expenses to which it relates on the Statement of Financial Activities.

19 RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIES

Net income for the year
Add back depreciation charge
(Profit) / loss on sale of tangible fixed assets
Deduct interest income shown in investing activities
Increase in stocks
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash (outflow)/inflow from operating activities		 Group
2024
£000
481
491
(676)
(702)
(4)
(1,692)
(150)
(2,252)		 Group
2023
£000
1,159
329
(1,408)
(663)
24
(515)
(417)
(1,491)		 Charity
2024
£000
481
485
(676)
(702)
1
(1,752)
(123)
(2,286)		 Charity
2023
£000
1,159
322
(1,408)
(663)
24
(246)
(465)
(1,277)

Cash held by Outward Bound Associations is not directly available to The Trust and cannot be set off against overdrafts. Association cash balances are raised primarily by local fundraising efforts, and the balances are used by Associations to pay for Outward Bound courses booked by them on behalf of local participants.

Outward Bound Associations raise funds to support the activities of The Trust. Association income is disclosed as fundraising income and the related expenditure disclosed as expenditure of the Association and as income of The Trust for course fees.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

31

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

20 NET DEBT

NET DEBT
Cash and cash equivalents
Cash at bank and in hand
Short term cash deposits
Debt due within one year		 Group
1 Sep-23
£000
11,664
4,500
16,164
(3,014)
13,150		 Group
Cashflow
£000
(8,547)
3,000
(5,547)
2,869
(2,678)		 Group
30 Oct-24
£000
3,117
7,500
10,617
(145)
10,472		 Charity
1 Sep-23
£000
11,377
4,500
15,877
(3,014)
12,863		 Charity
Cashflow
£000
(8,581)
3,000
(5,581)
2,869
(2,712)		 Charity
30 Oct-24
£000
2,796
7,500
10,296
(145)
10,151

21 PENSIONS

The Outward Bound Trust operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately from those of The Trust in an independently administered fund. The pensions costs charged in the financial statements represent the contributions payable during the year. The majority of employees are in this scheme.

The Trust also supports membership of a small number of private pension schemes for certain individuals. Total contributions for these schemes for the year to 30 September 2024 were £42,600 (2023: £37,700). Contributions of £6,300 (2023: £5,900) were outstanding at the year end.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

32

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

HEAD OFFICE

The Outward Bound Trust Hackthorpe Hall, Hackthorpe Penrith, Cumbria CA10 2HX Tel: 01931 740000 Email: enquiries@outwardbound.org.uk Web: www.outwardbound.org.uk

THE OUTWARD BOUND TRUST IN SCOTLAND

Robertson House 152 Bath Street Glasgow, G2 4TB Email: enquiriesscotland@outwardbound.org.uk

FUNDRAISING OFFICES

Glasgow, Scotland London, England

CENTRES

Aberdovey, Snowdonia, Wales Ogwen Cottage, Snowdonia, Wales Ullswater, The Lake District, England Howtown, The Lake District, England Eskdale, The Lake District, England Loch Eil, The Highlands, Scotland

®Outward Bound is a registered trademark of The Outward Bound Trust as is its device.

The Outward Bound Trust is a registered charity in England and Wales (1128090) and in Scotland (SC040341) and a company limited by guarantee, registered in England and Wales (company number 6748835).

Registered Office: Hackthorpe Hall, Hackthorpe, Penrith, Cumbria CA10 2HX. Printed on 50% recycled paper. Printed by H&H Reeds Printers.

The Outward Bound Trust: outwardbound.org.uk | 01931 740000 | enquiries@outwardbound.org.uk

33