ROBINSON UDALE Financial Statements The Institute for Outdoor Learning (Company Limited by Guarantee) For the year ended 30 September 2025 AF3GRB?F OYC612026 COMPANIES HOUSE k52
ROBINSON UDALE Contents Membèrs ofThe Board, Sènior Staff & ProfessionalAdvisers TrusteesAnnual Report Independent Examiners, Report Statèment of Financial Activities lincludingincome and expenditure accountl Balance Sheet Approval of Finanoal Ststernents 10 Notes to the Financial Statements 1-8 14 Notes to the Financial Statements 9- 14 16 Notes to The Financial Statements 15- 17 P4•21G
ROBINSON UDALE Members of The Board, Senior Staff & Professional Advisers The Institute for Outdoor Learning (Company Limited by Guarantee) For the year ended 30 September 2025 Cornparby regi5¢ration number. 07534418 Charity numb•r. 1149420 Scottish chaiity number. SC039561 The board oftrustees Mr B Kitson-ChairolTrustee5 Mr N O'Loughin MrDJCook Mrs L Edwards MrA W Robinson Mr S J Randles Ms H C Crawford Mr J Whittakèr Mr A Gurden- resigned l April 202S Mr M Lavington- resigned i April 2025 Mr M King- resigned l May2025 Registered office Warwick Mill Business Centre Warwick Bridg• Carlisle CA48RR Examiner Danny Ropei Robinson Udale. Chartered Accountants The Old Bank 41 KTrng Street Penrith CAII 7AY Bankers Unity Trust Bank PIC Four Brindleyplacè Birmingham BI 2JB ¥13ot16
ROBINSON UDALE Trustees Annual Report The Institute for Outdoor Learning (Company Limited by Guarantee} For the year ended 30 September 2025 The directors of thecompany are also tharitytrustee5 forthe purposes of charity law. It 15 my pleasure as Chair isto present this reportgf the charity in accorliantè with thÈArticles of Association. The trusteès who served the charity duringtheyearand sincethe year end ale as follows with their newly agreed 'Area of Focus., Chair- Brian Kitson Vice-Chair-Louise Edwards Treasurer- Steve Randles Secretary- Vacant Voice- Andy Robinson Community-vacant Workforce- Heather Crawford Standards- Dan Cook Volunteers- Nick O'Loughlin Marketing& Comm5- Jim Whitaker Fundraisithg & Projects- Vacant ObjertivesandActlv5tles The Institute for Outdoor Leamingexists to champion high quality outdoor leamin& supporting individuals and organisations to deliver Safe, inclusive and impactful experiences. Through professional recognition, trainin& resèarch and advocacy. the Institute works to ensurethatoutdoor leaming makes a full contribution to individuals, society and the environment. Strategi¢ velOPMent and Perforniance This year marks the completion ol the Institute's three-year strate.¢ Development Pian. Develope(I during a period of uncertainty. the plan setoutj clear pathwayto stsbilise and strengthen the organisation.while building capacity for future growth. Following a period of consolidation, l am pleased to report thatthe Institute has delivered ègain5tthe objettive5 set out in the plan and has relumed to a srnall surplLt5. Thi5 refiects improved financial oversight. careful management of resources and è strengthened operating model. Digital Development and Membership A significant f¢xu5 during theyear has been the continued development olthe'Ready Membership. platfomi. This has requir considerable Énvestment in both time and financial resources. reflecting the Institute's commitment to modernising its offerand improving accessibility for mernber5. The platform provides secure and efficient access to integrated seThices. includingevents. networking. website functionality and rnefflber services. The website now attracts an averageof32.OW visits per month enablingclearer Communication of the Institute's services and opportunities. The impact ofthis work is evident in improved memberengagement. Organisational membership renewal rates have strengthened, with 82% renewingearly, and the overall churn rate has reduced to 0.9%. the lowest recorded. In addition, 73% of individual members now pay via digital Oirect Debit. reflecting3 shifttowards more streamlined and sustainable processes. The Institute currently supports over500 organisational members and 800 indi¥idLral member5,With an èstimated reach of over 17.000 across the outdoor learning Sector. Supportingthe Sertor The Institute contlnues to providè a wide range of supporttothe sector. This includes an extensive prograrnme of online delivery, such a5webinars, workshops, surveys and CPD resovrces. alongside increased levels of engagement across Ouf communities alongside. lobbying and representation activity. Overthe past ar, 68 ents have been delivered. engaging more than I.5 delegates, while ovèr 71,000 newsletters have been distributed to members and stakeholders. These artivitie5 are 5UPPQrted by a broad communications approach. including quarterly publications. blogs, Social media and conlerence presentstions. The Institute's work continue5 to influence polity and practice, supportingthe development of a skilled, confident P•40f-16
ROBINSOH UDALE and deAl0rkItrCe acrossLwtdwrle•min& DuritheYe1r.thes[le ofevidente b3sed guidesto hryh qualty outdoorleaming have been addedto and aaailable0Th the public wetsiteand Ireetodovmltrad. A key highlighi oftheyeJrw•sthesLxctsslul preparation ofthelntemattonalonline ConfererKeforGlobal Outdo¢y Learning Day. Taking placeacr1>55 giobaltirnezones and connecting partPants1M eight continents,the conlerence isprv¥Tdin8 a lorcdlaboration.knoWgeexchayandshared leamlnglrom multiple Cul131 perspertive The5uccessotthise¥¢ntrenectsthe grwMyurternatKm•t mthand influenteofthelnsdtutr•nd relnfryces it5 roleas o globalconvenorfor the sertor. Publicati•n5and Rwar<h Duringtheyear.the Institute re5p)nded t0mberfeQdb3ckty rfurnbn8HoriwrsrnapzinetO FrfiDL Each quarter, ¢JverlaLXI copie5awpd15tritMrted U51TrgfvltyP0stsbkpaCkaK1nI. prowdingavalued resoue10Tthe The JourThalolAdvert Education and Outd(wLeamifigc4ntinuesto pafonnstrongiyl wrthover201MW article dovmloads recordod in theyeaf, representlng a 68 in¢wse nce 2Q21. Thls growth refleusirue•sin8 internath)nal recogn0 ofthe Instite asa pubkSrOf hl8h-qualiiy research. High alty Outdoor Learning-a guide forallwaspublished on Global Outdoor Learn1rDaYto celebrate the powerful impactof the outdo)r50n ¢11n ond per5onl de%%4opmenL l•th sIjfiCanl5QCieta1 c11[enge$ indudingilimatechange.equallty& diversityin theoutd¢y¢r& mental he41th and wdlbein& thIsl4¢sets0U1wh g[1 praaicelookslike.supportinK practlttoners and prnviders th deli¥erthe bestposgbleoutcomestotheirparticipants. Prnfqsth•n•lSt4ndard¥ The ln5tltutecantynyestDdelr wofe55iiKwI K(rediWon, with rwrty 1,500 txxtilioneraw•rdsdeli¥wed to date. Duringtheyear. •directentsy route tothe Leading PractitseT ILPIOLI award wasdeyelopedand launched in April 2015, re5pondin8to mernberfeedback andsupported tythe LPIOLCornmunityofPrartice. ThelQL Round Table continue5to bringtoy1herrepresenlsfrOM •u055thecornmunityto (offlrnunication and ensure member inputintothe Irsbtirte'sstrategic dirertion. rJowm•vK••NI f•nantIR•¥1• Thetrustees undertaken a rE¥ivATofg0n•nce arranymertsduringtheyearto eUr¢thatstrU(tureS remain rotsJs¢effectNeandfftforpufPOSe.This has included strenyheTrin8oversight.clarfyin8roie5 and enhartcingdetision-rnaknngproces5e FInala1(0ntffj1s have been a parritularfocu& Imprty4eMlfi bwJ8etin& rInItlsard finarKi•l reporting have provided greatertransparerKy3nd a(CobIllty. These mea haN contritwted direcdytothe oryanisation's improved financialpoyllofi and the retum tr0 J5. The trustees considerthatthecharityis nowwwatingon a morost•blefinancialfooiin&wlth syrttsmsin placeto support5UStainablegrrytlL t¥r• Deftts With thecompldi¢)n Of cumtstratewtpi•n and ddiveryofitsopentimal roadmap.thtln5titute iswell positioned tomove 1nt0thenextphaseofdetsPnIL Thefocuswiilboon buildirtgonthe pf¢yessmade. attendingtothedetsil ollOL core fvnctionsand extendingits offerand growthng its partnerships. The Institutels workingto ehsure its credibilty across the sectorand rtswiderinflweWheTr ad4xatln8forhi8h qualtyoutdoor Leamin& Attht hearttsf the Insiiiute's svategit pIar18 isensuringl¢)ftg-term financiaL eOnmentaland operational sustainabil- Theiwsteeswould likeioMa¢eofft record liirthonks ttsthestsff team. members.volunleer5 and pathetswh05e Conty amiitmentand sukiport undeiw.fi thesuccessofthelnstilute. Thelrenew•nd engagment romain •.deliwryofthe hu¢iiutE'50bi¢kn¥ Brian Xitsofi, ChalrofTn&ea InlttfrtdOts[LnlNg 22nd April 2026 P4•sthf16
ROBIIISON UDALE Independent Examiners, Report The Institute for Outdoor Learning (Company Limited by Guarantee) Forthe year ended 30 September 2025 INDEPENDENT EXAhllMERS' REPORTTOTHE TRUSTEES OFTHE INSTWWTE FOR OUTDOOR LEARNING CHARITABLE COMPANY I report on the accounts ofthe ¢ompany f0rtyearendtd 30 September 2025. which are set out on pages 9 to 18. RESPECTIVE RESPONSIBILITIES OFTRVSTEESAND EXAMINER The Trustees Iwho are also dirertw of the company forthe purposes ofcompany lawl are responsible for the preparation of the accounts. Thetrusteesconsiderthat an audit is not requirèd forthis period under section 144121 of the Charities Act 2011 (the 2011 Artl, that the audit requirernent of Regulation 10111 lal of the.Charities Accounts (Scotlandl Regulations 2006 does not apply, and thatan independent examination is needed. Having satisfie(I myself that the charity is not subjectto audit undercompany law and iseligiblefor independent examination, it is my responsibility to.. examine the accovnts undersection 145olthe 2011 kt and undersection 44111 {¢) ofthe Charities and Trusteès Investment IScotlandlAct 2005,. to follow the procedures laid down in the general directions given bythe Charity Commission undersKtion 14515llbl ofthe 2011Act,' and to State whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMIMER'S REPORT My examination was carfTed out in accordance with the genernl Directions 've by the Charity Commi55ion and in accordance with Regulation 11 of the Charities Accounts (Scotlandl Regulations 2006. An examination includes a review of the accounting record5 kept bythe charity and 3 comparixin of the accounts presented with those records. It also includes consideration ol any unusual iterns or disclosu$ in the accounts. and seeking explanations from you as trustees concerning anysuch matters. The procedures vndertaken do not provide all the evidence thatwould be requiretd in an audit and consequently no opinion isgiven as to whethÈrthe accounts present a.true and fairview. and the report 15 limited to those matter5 set out in the statement. INDEPENDENT EXAMINER'S STATEMENT l. which gives me reasonable cause to believe that in arw material respettthe requirÈments= to keep accounting records irtr accordance with section 386 oftheCompaniesAct 2006, section 44 Illlal of the Charities and Trustees Investment1Scotlandl Art 2)5 and Regulation 4 of the Charities Accounts Iscotlandl Regulations 2006: and to prepare accounts which accord with the aC(jntlng records, complywith thearcounting requirements of section 396 of thecompanies Aci 2006, with regulation 8 of the Charities Accounts Iscotlandl Regulations 2006 and with the methods and pfrncipais ofthe Statement of Recommended Practicè.. Accounting and Reporting by Charities. have not been met, or 2. to.which, in my opinion. attenti¢)n should be drawn in order to enable a proper understsndingolthe accounts to be reachÈd. Danny Roperj Charter¢dA<¢rtan1. R•biThson Vdale Llmited.The Old Bank. Penrith, CAII 7AY
ROBINSON UDALE Statement of Financial Activities (including income and expenditure account) The Institute for Outdoor Learning {Company Limited by Guarantee) For the year ended 30 September2025 TES umos zo Statement of financial activities Incoffle Sundrydonations In£omefromcharitable attivities Incomefrom generating fund5 activities Total income 7.451 7.451 5540 Go92 60,158 . 208.034 208.034 181,798 2763TI 276.377 247N96 enditure C05tof generatinghjnds Expenditure on charitable 117267 117,267 126.411 157,526 157,526 J83,156 Totalexpenditure 274.793 274.793 309.$66 Net Incomellexpenditurel and net movement in lund5 162.0701 Rec¢JnciliatlODof lund5 Total funds broughtforward IornIng resources Outgoing resources Total fundscarried forward 12J61 79.156 139.800 2,450 15.0851 7.176 15.0851 75.655 68.479 80,180 The statement of financial activities includesall gains and losses recognised in the year. All income and expenditure derivefrom continuingactivities. The notes on pages 10 to 16 form part ofthese financial statemen Pay7))f"J
ROBINSON UDALE Balance Sheet The Institute for Outdoor Learning (Company Limited by Guarantee) As at 30 September 2025 NO 305EPT2•24 Fixed assets rangibleassets and investments Investment5 629 1.309 13131 316 Totalfixtd wets 996 Cuent assets ebtors 30.248 21.599 81,792 103JYi Cash at bank and in hand 77,342 Totalcurrentassets 107.591 Current liabilities Creditor5 32252 32252 24,208 24.208 Total ¢¥rr•nt Ila&11t$ Net current assets 75J38 79,184 Total assets less current liabilities 75,655. 80.180 The funds of the chari Unrestricted fund5 68,479 T,176 66,894 13,286 Restricted knnds Totalcharityfvnds 75,655 80.180 The noteson pages 10 to 16 fom part ofthese finanoal ststements
ROBINSON UDALE Approval of Financial Statements The Institute for Outdoor Learning (Company Limited by Guarantee) For the year ended 30 September 2025 Forthefinancialyoarin We#the(OmPanyw1S toexérnpt urtdersecbon477 ofth CompaniesAct 2006 retstingto srnall companies. No membw5 have required thec¢mparryto obtain an 3vditolitsaccoLFntsforthe year in question in accordancevnth Sect476lhtCtsmnlesAtI2. The directors acknowledge theif sponsibiijtyforcomptyinff ththe wutreMts1theAttWIth re$tt03CCoUntinE record5 afidforthe preparation•faccourrt5. These occountsare wepartd in accorthncewththe special PW0 olpart IS oftt CompmsktM6•ndtforarculation to membetsofthecompwry. The5efinancialststementswereapprod bythe membernoftheconwnltteeon.. .. . Ifty. . yaresEned0ft MrBwVtsQft. l)irert
ROBINSON UDALE Notes to the Financial Statements 1- 8 The Institute for Outdoor Learning (Company Limited by Guarantee) For the year ended 30 September 2025 l. Accounting policies The principal accounting policies adopted.judgementsand key Sources of estimation unrtaInty in the preparation of the financial statements are as follows: a) B•sis of Prparatk•n The financial staternents have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommènded Practicè applicable to charities preparing accounts in accordancewith Financial Reporting Standard applicable in the UK ond Republic of Ireland IFRS1021 (effective l January 20151- Icharities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006. The In5titlAte Foroutdoor Leaming meets the definition ola public benefit entity under FRS 102. Assets and liabilities are initially recognised at historic costortransaction value unless otherwise stated in the relevant accounting policy note. bl Récondllatlon with Previous GenerallyceptedCQUntl Pr•¢ti¢e . In preparing the accounts. the trustees have considered whether in applying the accounting policie5 required by FRS 102 and the Charities SORP FRS 102 the re5tatementofcomparative itèms was required. cl Pr•paration oltheAc(ounts on • Going Concern B•s15 TheTnJstees are of the opin¢on that thecharity is a going concern. dl Incoming Resourc•s Income consists ofsubs(riptions and premiums. other lated income and events income. It 15 accounted foron a receivable basis. Where income is received fora specific projert or PUTPOSÈ this income is classified as restritted. Income received t¢)wards thegeneral objettsof the charity is classified as unrestrscted. el ResOue5 Expended The cost of generating funds includes any direct member5hFP costs. The charitable activities, in furtheiance of the charity's objects, included all the dl£0$ts. Thè GovÈmance costs represent profèssional fees and trustee's expenses. Expenditure 15 recognised on an accruals basis. Expenditure includes anyVAT which cannot be recovered nd is reported as part of the expenditure to which it relates. fl Fixed Assets All fixed assets used for charitable purposes. with an expected usèful life excèedingoneyear, arè tapitalized in thè balance sheet. Depreciation is provided at the following rates in ordertg write off each asset o¥er its useful economic life: Office Equipment 3 years Straight Line Fan(la1 atvnenty ThElnstitutoforCMrtdllurLtwrf{CryyiMr*dtryfAWfrtt4 ?JIll6
WOiEStotrFThno4lStsteniertsi. ROBINSON UDALE 1 Slo<ks stocks are valued at the lowerof cost and net realisablevalue. after makingdve allowance forobsolete and slow moving items. h) FundAccountinE Unrestricted funds are available atthe dixretion of theTrustees in furtherance of the charitable objectives of the charity. Restrirted funds are subjetted to restrictionson theirexpenditure imposed by the donors. il Remuneration No employee received emoluments greater than £60.OLN). FlDs RESTrICTEPFiKIgS 2. Donations and le acies Donations Sundry donations Total donations and legxi•s 7.451 7.451 5.540 7,451 7,451 UMRESTRKVED FUWVS ESTRKTEDFLifiD5 1014 3. Income from charitable funds activities Booksènd pUblitIOnS Évent rnanagement Professional accreditation 31.662 31.662 32.491 11579 8,804 12.050 12.050 17.380 Administration 5ervice5 5.602 5.602 60.892 1.484 60,158 Total incom• frorntharit•blfundsartivrties UIIRESrCED FufiD5 RESTHKfEDFUIIDS 2025 2024. 4. Income from eneratin Membership 5ubKriptions Total inrome Irofftgeneratingfvndsartivities funds artivities 208.034 208.034 208.034 181,798 181.798 208.034 r4walSt*thents . JJufyaQJS PaieLioIIG
NotostothtvinanrlsixQfft1ts 1.8 ROBINSON UDALE 20 2024 5. Costs of raisin funds and delive of ob ertives Direct costs Staff c(i5ts (note 7) Traveland other 49J19 49,119 3528 435 47,824 3528 3,881 145 Administration 435 Mernbere¥penses Eventsand workshops Depreciation Regional services Total dire(t costs 4504 4,504 4.516 8,816 8.816 17.422 476 476 591 795 67.673 795 3.616 77.995 67.673 rt costs Staff£osts (note71 DeprlatI0Th Total 5UPPOrt¢•sts. 49.119 49,119 476 49.595 4724 476 591 49.$95 48,416 Totslcostsof r•isiDgfvnds and deli¥eryolobierti¥es 117267 117267 126.411 FW&S i1ESrnCVEDFiWIDS 2•25 292 6.Ex enditure on charitsble activities Directcosts Publication costs 44.092 136 44.092 47.526 Books purchased Staff Costs Inote71 Insurance 136 53 26.570 26.570 1,332 25,933 1332 1.121 Rent and seryicecharge5 Bank charge5 Databasecost 804 1.599 4,227 39,158 20,844" 6.342 19.458 19.458 20,432 6,118 310 Prolessional accreditation 20.432 IntemÈtand telephone Subscriptions Sundry expenses Depreciation .Governance costs Inote81- 6.118. 310 724 2.977 2.977 1.070 476 476 591 6.652- .6.652 829 rt ¢05ts Staff costs Inote.7) Totalexpenditure on ch•rit•blt •¢ti¥thes 26.570 26.570 25.933 157J26 157,526 183.156 1rddIsts1Ornents I 'ThiSIvIertoth)OrlUrTlry(Cr*rliNrIItyrAIr 12kn2026 IlolA6
NOtStotreFln•al StaterntsI.J ROBINSON UDAIE Support costs Supporttosts have been calculated lor staff costs accordingto time spent and forothercoststhey have been calculèted based on purpose. C05t allocation includes an element ofjudgemenL and the Charity has to considerthe Cost benefitof detailed calculations. Therefore. the5UPPOrt costs shown are a best estimate of the costs that have been so allocated. V1£5TMICTED YMDFUIIDS 2014 7. Staff costs and emoluments Total staff costswere asfoliows: Wa8es- £hari13ble. support Wèges- chaTltable, direct Wages- 8enerating. support Wa8es- 8enefatin& direct Totsl 26570 26570 26570 49,119 49,119 151377 25,933 25.933 47,824 47,824 J47513 26,570 49.119 49.119 1.377 Tth* wa intheKcounts a5 follo staff costs undercostsolgeneraiingfunds Staff costs undercharItableIW•ties Total 98237 98,237 53.140 151.377 95,648. 51.865 147.513 53.140 . 1SlJ77 UNRESTRICTED 8. Governance costs Accountancy AGM conlerence and trustees 4.422 4,422 1,584 646 S,Ofrt) 2,343 .1.426 Trustee expenses 646 Totalgovernanrecosts 6.652 8.829 The average numberof employees duringtheyear, cakulated on the basis offiJll-tiw equivalentswas 3.7513.75 20241. No employee received remuneration of more than £60.OCK) duringtheyear12024.. Nill. Notrusteè received any remuneration cluring the year12024-. £Nill other than reimbursed expenses Ireferto Note 161. Finan¢vi15tst¢mtrits
ROBINSON UDALE Notes to the Financial Statements 9 - 14 The Institute for Outdoor Learning (Company Limited by Guarantee) For the year ended 30 September 2025 t5 9.Tan ible fixed assets Cost Brought lomèrd Additiens Cathedfotward 9325 749 8.935 390 10,074 9,325 reciation Brought lorward Charge Carried fon¥ard 8.016 6,241 1,77S 8,016 1,429 9,445 Net bookvalue Carried forward 629 1.309 2ts25 10. Inve5trnents Brought loThYard at i October2024 Carried forward at 30 September2025 13131 13131 13131 13131 The charity holijs a IOQ% shareholding in Outdoor Leaming Services Limited. The company's aggregate capitsl and reseryes amounted to £13131 atthe yearend. Outdoor Learning SeThices Limited wa5dormantforthe full accounting period covèring these èccoun 2025 2024 11. Debtors Trade debtors 14,571 15.677 30.248 11,424 10.175 21.599 Otherdebtors Tot•1 25 2ty24 12. Creditors Trade creditors 4,501 7,918 Accruals anddeferred income 27,752 32352 16,289 24208 Toial •n0415t*mthts :. P•i•14•f16
Note5IDthEF1an(t1 Statemei*s9-14 ROBINSON UDALE 2029 2DZ4 13. Unrestrirted incornefunds At l October 2024 66.894 128,964 247.496 1309.5661 66.894 IncominE resources Out80ing resources At 30 5¢pt¢mb¢r2025 276377 1274.7931 68.479 24 14. Restricted income funds Caphoe5 Northern Region Campaign forAd¥enture AFAFoundation 1,274 2.209 1,274 2,209 1,02S 30 Outdoor Learnin Broughtlorward Incorningresource5 OutgoiThgre501trces Carried forward Stskeholdws G 8.698 6,248 2.450 15.0851 3.613 8.698 Horseshoe Quarry Total 7.176 13,286 Caphoes This grant isfrom Buckrnghamshire Chilterns Universitycollege and h?5 been awarded for the purpose of funding all printing and publtshing costs of the publication-shaping ihe Outd¢)or Profession through Higher Education- Northern Region The5efunds have been restrirted to bè used forthe benefit ofthe rnember5 ofthe areas covered by the Northern Covncilfor Outdoor Education. Funds will be used in the region when rÈquired or may be mède available in the event of new regionlsl ingfO1Med, which are currently part of the Northem Region. Campaigth forAdventure This lundsadministersa grant from Adventure Forest Limited TIA Go Ape. The money is to be used to encourage a more adventurous society in thecampaign forAdventu¥e. AFA Foundation These funds are to be used to further outdoor learning for those with disabilities, or forthe benefrt of members of theAFA special intere51 group. Their use will be determined bythose IOL members whowere a part of the pre-existing organization. Adventure forAII and contributed to the establishment of the fund. Outdoor L•arningStakeholdev5 GrnupThe OutdoorAdwsory Board was fornied when the Outdoor Council merged with us in September 2023. The money wasto be ring-lenced forworkcarried out bythe Outdr)orAdvisory Board which ttsokover the work ofthe Outdoor Counctl. Hors•sho• Quarry The funds relate to an acces5 projertwhich was runjointlywith anotherorganization. FMW(i4ISt•knmenrs l aplSolLS
ROBJNSON UDALE
Notes to The Financial Statements 15 - 17
The Institute foroutdoor Leaming (Company Limited by Guarantee
Forthe yearended 30 September 2025
FUMDS
RESTIIICTEDAJIIDS
UPIASSIGt4ED
IS. Anal
Sis of net assets between funds
Tangiblefixed assets
Net