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2025-11-20-accounts

Charity registration number 1186493 (England and Wales)

CLIMB2RECOVERY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 NOVEMBER 2025

CLIMB2RECOVERY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Janzen (Appointed 10 March 2025)
B Lawson (Appointed 20 November
2025)
L Harker (Appointed 1 July 2025)
B Johnson (Appointed 10 March 2025)
N Arding (Appointed 10 March 2025)
K Smith (Appointed 10 March 2025)
W Mackay
J Sims-Hilditch
A Mackenzie
Charity registration England and Wales 1186493
Principal address 3 Coastguard Close
Gosport
Hampshire
PO12 2ND
Independent examiner Frances Wilde FCCA DChA
Warner Wilde Limited
Chartered Certified Accountants
4 Marigold Drive
Bisley
Surrey
GU24 9SF

CLIMB2RECOVERY

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 14

CLIMB2RECOVERY

TRUSTEES' REPORT

FOR THE YEAR ENDED 20 NOVEMBER 2025

The trustees present their annual report and financial statements for the year ended 20 November 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The charity's objects as stated in its constitution are "The advancement of health and promotion of the efficiency of the armed forces of the Crown, by enabling serving personnel and veterans, who have been injured in or as a result of service, to participate in adventurous training, primarily, but not exclusively in the UK."

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

Climb 2 Recovery continues to demonstrate that recovery is not an event, a course, or a statistic, but a human process rooted in trust, community, and shared purpose. The numbers in this report tell an impressive story of growth, delivery, and impact — but the deeper truth lives in the way our veterans support one another.

We are immensely proud of the loyalty, courage and dedication shown by our members, instructors and staff. I never cease to be amazed by what C2R achieves and how it achieves it: with humility, authenticity, an awareness of and sensitivity to the research of trauma and recovery, and an unwavering commitment to every member.

As a Board, our responsibility is to protect the integrity of what makes C2R uniquely effective and begins with governance and oversight. This year we strengthened our team structures ready for membership growth in 2026, developed our safeguarding processes, built resilience in the Board and enhanced its specialist support and advice to the C2R team.

On behalf of the Board, thank you to everyone who makes this community what it is. We remain fully committed to you and to safeguarding it, strengthening it, and ensuring it continues to offer hope, purpose, connection and transformation for years to come.

The Board also prioritises close connection with the programme, the courses and the remarkable people it serves. We spend time with members on courses and at crags, we share belays, climbs, meals and time. These moments keep us grounded and in touch with the impact of C2R. They allow us to build and share in its unique culture, the peer-led ethos, and the sense of belonging that so many veterans tell us has changed, and in some cases saved, their lives.

Financial review

The charity has had a successful year, with income increasing from £186,534 to £227,136 and costs increasing from £123,720 to £166,938 resulting in a surplus of £60,198. At the end of the year the charity had restricted funds of £12,000 and free reserves of £145,480.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is a Charitable Incorporated Organisation registered 21 November 2019.

CLIMB2RECOVERY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

The trustees who served during the year and up to the date of signature of the financial statements were: A Janzen (Appointed 10 March 2025) B Lawson (Appointed 20 November 2025) L Harker (Appointed 1 July 2025) B Johnson (Appointed 10 March 2025) N Arding (Appointed 10 March 2025) K Smith (Appointed 10 March 2025) W Mackay J Sims-Hilditch A Mackenzie

Recruitment and appointment of trustees

The recruitment of trustees is undertaken by the Board of Trustees. they will recruit a person who is willing to act as a trustee and has an interest in the activities, beneficiaries, and ultimately the success of the charity.

Organisational structure

The day to day running of the charity is delegated to the CEO.

The trustees' report was approved by the Board of Trustees.

Alex Janzen (Aug 19, 2026 19:04:06 GMT+1)

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

A Janzen

Trustee

19/08/2026 Date: .............................................

CLIMB2RECOVERY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CLIMB2RECOVERY

I report to the trustees on my examination of the financial statements of Climb2Recovery (the charity) for the year ended 20 November 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns 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 financial statements to be reached.

Frances Wilde FCCA DChA

Warner Wilde Limited Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF Date: ............................25/08/2026

CLIMB2RECOVERY

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 20 NOVEMBER 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
60,431
166,705
Total income
60,431
166,705
Expenditure on:
Charitable activities
4
12,233
154,705
Total expenditure
12,233
154,705
Net income and movement in funds
48,198
12,000
Reconciliation of funds:
Fund balances at 21 November 2024
97,281
-
Fund balances at 20 November 2025
145,479
12,000
Total
Unrestricted
funds
2025
2024
£
£
227,136
186,534
227,136
186,534
166,938
123,720
166,938
123,720
60,198
62,814
97,281
34,467
157,479
97,281
Total
Unrestricted
funds
2025
2024
£
£
227,136
186,534
227,136
186,534
166,938
123,720
166,938
123,720
60,198
62,814
97,281
34,467
157,479
97,281
186,534
123,720
123,720
62,814
34,467
97,281

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CLIMB2RECOVERY

BALANCE SHEET

AS AT 20 NOVEMBER 2025

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
14
Unrestricted funds
15
2025
£
31,980
157,770
189,750
(33,540)
£
1,269
156,210
157,479
12,000
145,479
157,479
2024
£
678
97,085
97,763
(482)
£
-
97,281
97,281
-
97,281
97,281

19/08/2026

The financial statements were approved by the trustees on .........................

Alex Janzen (Aug 19, 2026 19:04:06 GMT+1)

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

A Janzen

Trustee

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 NOVEMBER 2025

1 Accounting policies

Charity information

Climb2Recovery is a Charitable Incorporated Organisation.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

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

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers

25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
60,431
53,065
Grants
-
113,640
60,431
166,705
Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
113,496
64,849
-
113,640
121,685
-
227,136
186,534
-
Total
2024
£
64,849
121,685
186,534

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

4 Expenditure on charitable activities

Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Staff costs 42,047 29,795
Activity costs UK 52,056 64,668
Accomodation 15,700 -
Sustenance 3,448 2,254
Subscriptions 2,240 1,575
Promotion 4,070 -
Equipment inc hire 2,330 2,247
Special Projects 11,939 -
Contractor Wages 24,924 -
158,754 100,539
Share of support and governance costs (see note 5)
Support 6,504 22,505
Governance 1,680 676
166,938 123,720
Analysis by fund
Unrestricted funds 12,233 123,720
Restricted funds 154,705 -
166,938 123,720
5 Support costs allocated to activities
2025 2024
£ £
3,102 1,410
3,402 21,095
Governance costs 1,680 676
8,184 23,181
Analysed between:
Charitable activities 8,184 23,181

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

6 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 1,680 676

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2025 2024
Number Number
1 -
Employment costs 2025 2024
£ £
Wages and salaries 42,047 29,795
There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 42,047 -

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

10
Tangible fixed assets
Cost
Additions
At 20 November 2025
Carrying amount
At 20 November 2025
11
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
12
Creditors: amounts falling due within one year
Notes
Deferred income
13
Trade creditors
Other creditors
Accruals
13
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Computers
£
1,269
1,269
1,269
2025
2024
£
£
-
678
31,980
-
31,980
678
2025
2024
£
£
31,860
-
-
400
-
82
1,680
-
33,540
482
2025
2024
£
£
31,860
-
2025
2024
£
£
31,860
-
Computers
£
1,269
1,269
1,269
2025
2024
£
£
-
678
31,980
-
31,980
678
2025
2024
£
£
31,860
-
-
400
-
82
1,680
-
33,540
482
2025
2024
£
£
31,860
-
2025
2024
£
£
31,860
-
1,269
1,269
2024
£
678
-
678
2024
£
-
400
82
-
482
2024
£
-
2024
£
-

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

13
Deferred income
Movements in the year:
Deferred income at 21 November 2024
Released from previous periods
Resources deferred in the year
Deferred income at 20 November 2025
(Continued)
2025
2024
£
£
-
-
14,500
-
17,360
-
31,860
-
(Continued)
2025
2024
£
£
-
-
14,500
-
17,360
-
31,860
-
-

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 21 Incoming Resources At 20
November resources expended November
2024 2025
£ £ £ £
Covenant Trust Fund - 16,500 (16,500) -
Greenwich Hospital - 21,667 (21,667) -
Army Benevolent Fund - 25,000 (25,000) -
Team forces - 8,000 (8,000) -
Invictus Games Foundation - 4,000 (4,000) -
Invictus Games Foundation (women) - 28,473 (28,473) -
Veterans Foundation - 6,000 (6,000) -
Thales Community Fund - 4,000 (4,000) -
Invictus Games Foundation (Project to
Aconagua) - 18,065 (6,065) 12,000
Flawless holdings (Project to Aconagua) - 25,000 (25,000) -
- 10,000 (10,000) -
- 166,705 (154,705) 12,000

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

14 Restricted funds

(Continued)

Thales Community Fund - general funding for in-year activity and enabling activity

Covenant Trust Fund - general funding for in-year activity and enabling activity Greenwich Hospital - general funding for in-year activity and enabling activity

Army Benevolent Fund - general funding for in-year activity and enabling activity

Veterans Foundation - general funding for in-year activity and enabling activity

Teams Forces - general funding for in-year activity and enabling activity

Invictus Games Foundation - women specific activity and enabling activity

Invictus Games Foundation - Aconcagua special project

Flawless Holdings - Aconcagua special project

Team Forces - Aconcagua special project

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 21 Incoming Resources Transfers At 20
November resources expended November
2024 2025
£ £ £ £ £
Protected Reserve - - - 65,000 65,000
General funds 97,281 60,431 (12,233) (65,000) 80,479
97,281 60,431 (12,233) - 145,479
Previous year: At 21 Incoming Resources Transfers At 20
November resources expended November
2023 2024
£ £ £ £ £
General funds 34,467 186,534 (123,720) - 97,281

CLIMB2RECOVERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 NOVEMBER 2025

16 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 20 November 2025:
Tangible assets
1,269
-
Current assets/(liabilities)
144,210
12,000
145,479
12,000
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 20 November 2024:
Current assets/(liabilities)
97,281
-
97,281
-
Total
2025
£
1,269
156,210
157,479
Total
2024
£
97,281
97,281

17 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).