REGISTERED COMPANY NUMBER: 10887667 (England and Wales) REGISTERED CHARITY NUMBER: 1174048 Report of the Trustees and Unaudited Financlal Statements for the Year Ended 31 August 2025 for The Nell Bank Charitable Trust Kirk Newsholme Chartered Accountants 4315 Park Approach Thorpe Park Leeds West Yorkshire LS15 8GB The Nell Bank Charitable Trust Contents of the Financlal Statements for the Year Ended 31 August 2025 Page Rèport of tho Trustées Independent Examinerfs Report statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 18 The Nell Bank Charltable Trust Report of the Trustees for the Year Ended 31 August 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2025. The trustees have adopted the provisions of Accountlng 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) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES The Charity's objective is to make safe, high-quality outdoor learning accessible to all children and young People for the long term, enriching their love and understanding of the natural world. The Nell Bank Outdoor Education Centre. run by the Nell Bank Charitable Trust. provides day and residential outdoor learning experiences for schools, families and community groups. Additionally, the trust specialises in outdoor learning provision for special schools and families with SEND children (Special Educational Needs and Disabilit18sI. The twst has also developed a programme of popular fundraising events for local families which are then replicated free of charge for famllles from deprlved communities. Children and young people are at the heart of what Nell Bank does. Success is measured through the exp8rience of visitors to Nell Bank. After every visit, children are asked to complete a survey and school staff are asked to provide feedback. The feedback is highly valued and used to inform future activities, Improvements and changes to the centre. As a volunteer led organisation. volunteers are integral to the Centre's achievements. Volunteers help with a wide variety of areas including organising and assisting with fundraising ev8nts, writing grant applications, assisting with maintenance of the site, and providing professional expertise lo support charity activities. Their phenomenal commitment has been recognSsed by The KSngs Award for Voluntary Service, which was received in November 2024. When reviewing our objectives and aims and when planning our future activities, the Trustee Directors have paid due regard to guidance issued by the Charity Commission on Public Benefit in deciding what activities the Charity should undertake. ACHIEVEMENTS AND PERFORMANCE Charitable activities A visit to Nell Bank has a profoundly posltlve impact on the wellbeing of children from a social, emotional, and educational aspect. Spending time at Nell Bank increases children's understanding and appreciation of nature and the environment, coupled with the inherent benefits of green open spaces on their physical and mental wellbeing. The Centre has delivered outdoor learning experiences to 25,000 visitors, including children and young people, over the past 12 months. The programmes have been offered to both mainstream and special schools. community groups and families with an emphasis on inclusion and ensuring accessibility for all. Children from deprived areas of Nell Bank's community often have very limited access to green open space or opportunities to explore the countryside. The chance to experience these spaces can make a huge difference to a child's mental and physical health. Nell Bank have continued to support the more disadvantaged children and families in our district, this is done through both targeting our provision and through the use of our Assisted Places Scheme which has subsidised visits for 2,865 of the most deprived children in our community. Fundraising activities Fund ralsing actlvltles and extemal grants are critical to the running of th8 Centre, to either reduce the cost of visits or maintain and improve the quality of the Cenlre's educational offer and infrastructure. The charity raises funds via ticketed events on its own land and premises, on privale sites {including market-style events) where access to the public is invited by the owner of the related land or premises, online events such a5 quizzes or via stsnding order or direct debit agreed with an individual during such events or invited through social media articles. Page 1 The Nell Bank Charltable Trust Report of the Trustses for the Year Ended 31 August 2025 FINANCIAL REVIEW The prevailing inflationary environment and increasing costs associated with employing staff continues to be a significant challenge for Nell Bank. Consistent with 2024, the charity's expenditure has come under continued upward pressure. On the income side, although price rises have been implemenled, there is a natural limit on the fees that can be charged to schools. as any increase is largely passed onto parents. Ensuring affordability for families remains a key consideration in pricing decisions. Ongoing inflationary pressures and limited growth in operating income meant that the charity expenditure exceeded income in the year by £45k {2024.' income exceeded expenditure by £123k). During the year, total income including gifts and donations amounted to £665k12024- £784k>. This includes restricted donations recognised in the year of £101k (2024.. £223k). The decrease from the prior year is primarily due to Ihe recognition in 2024 of £131k of restricted funds, a combination of grants. donations and gifts. which partly funded the Early Years building. the Paul Hockney Room. As we move into the next financial year, In light of rising costs and a commitment to keeping programmes affordable for schools and families, the charity is increasingly dependent on fundraising and voluntary donations. Continued support from funders and donors is crTrtical to sustaining and expanding our work. It remains the policy of the Charity that unrestricted funds, which have not been designated for a specific use, should be maintained at a defined level, which broadly equat8S to three months of expected expenditure for the Nell Bank Centre. The pandemic has shown the need to maintain sufficient reserves to allow for the temporary Glosure of the Centre and the Trustee Directors consider thal reserves at this level are prudent and appropriate, During the year, general unrestricted funds increased to £315k {2024., £302k), which is within Ihe reserves policy limits. Nell Bank's activities are seasonal in nature. Through the December and January period, Gosts remain largely fixed but our income is significantly lower. Our ￿$h reserves position therefore varies materially depending on the time of year, with August being one of the highest cash points in the year. At 31 January 2025, our unrestricted cash balance was £213k compared to £301k at 31 August 2025. The financial policies of the Charity determine that Ihe cash reseNes should be held with investment￿rade rated financial institutions, and the cash held with any institution is capped at the FSCS limit. This approach of estsblishing and maintaining a defined level of general unrestricted funds allows the Trustee Directors to have confidence thal NBCT remains a going concern. The Trustee Directors have assessed the major risks to which the Charity is exposed and are satisfied that syslems are in place to mitigate exposure to these risks. FUTURE PLANS Nell Bank plans to continue in its mission to provide safe, high-quality outdoor learning accessible to all children and young people for the long lenn, enriching their love and understanding of the natural worfd. The core provision of outdoor leaming experiences will be continually reviewed and adapted based on visitor feedback received. As we enter the next financial year. increased costs and our dedication to keeping programmes affordable mean the charity is becoming more reliant on fundraising and voluntary contributions. Continued backing from funders and donors is crucial for maintaining and expanding our impact. STRUCTURE. GOVERNANCE AND MANAGEMENT The Charity is a company limited by guarantee, company number 10887667 incorporated on 27 July 2017 and registered as a charity, number 1174048. on 31 July 2017 in England and Wales. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 10887667 (England and Wales) Page 2 The Nell Bank Charltable Trust Report of the Trustees for the Year Ended 31 August 2025 Registered Charity number 1174048 Registered office Denton Road Ilkley West Yorkshire LS29 ODE Trustees R C Bourdon (resigned 31.12.251 AMDClark N J Hewitt M Hogan DJHorn A D Merrick (resigned 14.5.25) A Fowler M J Atack {appointed 10.12.24) R Giles (appointed 1.1.261 New Trustee Directors are appointed by the existing Trustee Directors by Board resolution and retire for the purpose of member re-election at the first AGM following iheir 8ppointment. Indemnity insurance costing £634 <2024: £773) was purchased during the year on behalf of the Trustees Directors. Company Secretary A L Moralee Independent Examiner Kirk Newsholme Chartered Accountants 4315 Park Approach Thorpe Park Leeds West Yorkshire LS15 8GB Approved by order of the board of trustees on 16 January 2026 and signed on its behalf by: A Fowl8r- Trustee Page 3 Indep6nd8nt Examiner's Report to the Trustees of The Nell Bank Charitsble Trust Independent examiner's report to the trustees of The Nell Bank Charitable Trust Ilhe Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025. Responsibilities and basis of report As the chariws trustees of the Company (and also its directors for the purposes of company law) you are responsibl8 for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (Ihe 2006 Acf). Having satisfied myself Ihat the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. l ￿POrt in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 (Ihe 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commisslon under Sectlon 145(5) (b) of the 2011 Act. Independent examlner's statement Since your charivs gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l arn qualified to undertake the examination b8cause l am a memb8r of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving me cause to believe". accounting records were not kept in respect of the Company as required by Section 386 of the 2006 the accounts do not accord with those records. or the accounts do not comply wilh the accounting requirements of Section 396 of the 2006 Act other than any requirement that Ihe accounts give a true and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)>. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jill Wright BA FCA The Institute of Chartered Accountants in England and Wales Kirf< Newsholme Chartered Accounlants 4315 Park Approach Thorpe Park Leeds West Yotl(shire LS15 8GB Date..￿ January 2026 Page 4 The Nell Bank Charltable Trust Statement of Financial Activities for the Year Ended 31 August 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 17,813 101.133 118,946 241,882 Charitable activities Charitable activities 531,180 531,180 526,323 Investment income 15,071 15.071 16,246 Total 564.064 101,133 665.197 784.451 EXPENDITURE ON Raislng funds 613 40,452 41,065 41,497 Charitable activities Charitable activities Governance costs 606,060 6,251 56,449 662,509 6,251 614,515 5.271 Total 612,924 96,901 709,825 661,283 Net gains on investments 6,000 NET INCOMEI(EXPENDITURE> Transfers between funds (48,860) 56.647 4,232 (56,647) {44.628) 129,168 14 Net movement in funds 7,787 (52,415} 144,828) 129.168 RECONCILIATION OF FUNDS Total funds brought forward 387.197 1,177,687 1.564,884 1.435.716 TOTAL FUNDS CARRIED FORWARD 394.984 1,125,272 1,520,256 1,564,884 The notes fomi part of these financial statements Page 5 The Nell Bank Charitable Trust Balance Sheet 31 August 2025 2025 Total funds 2024 Total funds Unrestricted Restricted funds fund Notes FIXED ASSETS Tangible assets 11 80.158 1.125.272 1.205.430 1,262.899 CURRENT ASSETS Debtors Cash at bank 12 75,583 300.600 4,590 43,742 80,173 344,342 64,298 318,989 376,183 48,332 424,515 383,287 CREDITORS Amounts falling due within one year 13 (61,357) (48,332) (109,689) {81,302) NET CURRENT ASSETS 314.826 314.826 301.985 TOTAL ASSETS LESS CURRENT UABILITIES 394,984 1,125,272 1,520,256 1,564,884 NET ASSETS 394,984 1,125.272 1,520.256 1,564,884 FUNDS Unrestricted funds Restricted funds 14 394,984 1.125,272 387,197 1,177,687 TOTAL FUNDS 1.520,256 1,564,884 The charitable Gompany is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements whioh give a true and fair view of Ihe state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companie5 Act 2006 relating to financial statements, so far as applicable to the charitable cornpany, (b) The notes fom part of these financial statements Page 6 continued. The Nell Bank Charitable Trust Balance Sheet - continued 31 August 2025 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 16 January 2026 and were signed on its behalf by: A Fowler- Trustee A M D Clark - Truste The notes form part of these financial statements Page 7 The Nell Bank Charitable Trust Notes to the Financlal Statements for the Year Ended 31 August 2025 ACCOUNTING POLICIES Basis of preparing the financial ststements The financial statements of the charitable company, which is a public benefit ents'ty under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounling 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) (effective 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Flnanclal reporting standard 102 - reduced disclosure exemplions The charilable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting St8ndard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. the requirement of paragraph 3.17(d)', the requirements of paragraphs 11.42, 11.44. 11.45. 11.47, 11.48{a)(iii), 11.48(a)(iv}, 11.48 8,000 The amounts included in the balance sheet arising from the Charity's obligations in respect of defined benefit plans are as follows: 202S Fair value of plan assets Present value of defined benefit obligations 1,056,000 (747,000) Funded status Unrecognised assel 309.000 (309.000) AssetJ(liability) recognised on the balan￿ sheet Movements in the p￿sent value of defined benefit obligations: Liabilities at 1 September 2024 Currenl service cost Interest expense Contributions from scheme members Actuarial gains and Ioss8S 905,000 49.000 45.000 18.000 (270.000> At 31 August 2025 747,000 Page 17 continued... Tho Nell Bank Charitable Trust Notes to the Financial Statements - Continued for the Year Ended 31 August 2025 16. RETIREMENT BENEFIT SCHEMES - Continued The defined benefit obligations arise from plans funded as follows: 2025 Wholly unfunded obligations Wholly or partly funded obligations (747,000) {747,000) Movements in the fair value of plan assets- Fair value of assets at 1 September 2024 Interest income Remeasurement gainsl{losses) on assets Contributions by the employer Contributions by scheme members 960.000 49,000 (27,000) 56,000 18,000 At 31 August 2025 1,056.000 The fair value of plan assets at the reporting period end was as follows: 2025 Equity instruments Property Govemment bonds Corporate bonds Cash other 834.000 29.000 107.000 41,000 19,000 26,000 1,056,000 17. CAPITAL The company is limited by guarantee and has no share capital. The liability of the trustee directors in the evenl of a winding up is limited to £1 per Member. Page 18