OpenCharities

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

2025-02-28-accounts

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

We are YHA.

We believe in the power of travel and adventure to connect people to each other, nature and heritage. These connections do wonders for wellbeing.

Since 1930, YHA has operated a unique network of hostels throughout England and Wales — a community of shared spaces, open to all and for the benefit of everybody.

We provide inclusive adventures, in extraordinary buildings, in amazing places — yet we offer much more than accommodation.

YHA is a sector-leading education residential provider, a champion of access to the outdoors for all — especially young people, and an Investors in People Gold employer.

We are a large social enterprise leading the way in social tourism and nurturing partnerships that deliver impact across multiple sectors and at every level — in our communities, in our regions, and nationally.

95 years on from our pioneering beginnings, our founding principles and determination to achieve social good remain at the heart of what we do.

With our course set for long-term sustainability, we stride out on the road to our centenary with a refreshed strategy to enable everyone to access adventure, for the first time and a lifetime.

We are YHA.

Because where you go changes who you become.

Public benefit statement

Our Trustees give careful consideration to the Charity Commission’s general guidance on public benefit during our planning processes and delivery of our work.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

Contents

2-5 Welcome

6-95 Strategic report

Report of the Trustees incorporating the Strategic Report

96-100 Independent auditor’s report

102-104 Financial statements

105-135 Notes to the financial statements

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

4

Foreword

Welcome to YHA’s annual report for 2024/25.

We are proud to report a strong year, both in terms of income and — most importantly — social impact. Against a backdrop of continued challenge in the wider economy, we’ve not only delivered on the ambitious objectives we set out, but in many areas, we’ve surpassed them.

Over 810,000 guests stayed with us this year. Behind that number are hundreds of thousands of people’s stories of discovery, exploration, connection and growth — unforgettable experiences taking place in inspiring landscapes throughout England and Wales.

Central to our impact has been our work with young people, the very core of YHA’s mission. This year, through initiatives like Generation Green 2 and No Child Left Behind, we exceeded our target for stays by young people with challenging lives by an incredible 34%. Much more than a mere statistic, these are real opportunities created for those who need them most — the same young people who most often miss out.

This year, the YHA Festival of Walking continued to go from strength to strength, welcoming new audiences and reinforcing our belief in access to the outdoors as a route to better health, improved wellbeing and stronger connections between people, heritage and nature. Alongside this, our Outdoor Citizens community has continued to grow and develop. Working with grassroots groups tackling inequities, YHA is better equipped to support access for all and increase opportunities for under-served communities.

Financially, we’ve continued our careful stewardship of the charity. Despite external pressures, we ended the year better than budget, with a reduced deficit of just under £3 million. This marks the successful delivery of year two of our three-year Recovery Plan, but remains a significant deficit.

A major enabler of this year’s success has been the evolving shape of our hostel network. The transition of several hostels out of YHA ownership and into the hands of committed partners and local entrepreneurs is an important part of our long-term approach. It supports a broader and more resilient network, while allowing us to focus resources on deepening our impact.

And our refreshed strategy focuses on just that — strengthening our foundations to deliver greater impact. Taking forward the achievements and lessons of the last five years, and being realistic about the resources available to us, we have shaped a compelling and targeted plan to take us to 2030. Built on a robust theory of change, it sets out with clarity the difference we aim to make in the world and how we’ll do it. It’s a confident, forwardlooking blueprint that positions YHA not just to recover, but to thrive — with eyes firmly on our centenary and beyond.

Our refreshed strategy is underpinned by an ambitious budget for year three of our Recovery Plan. In an environment of continuing economic and political volatility at both national and global levels, we do not underestimate the uncertainties we will face but, across the organisation, we are united in our wholehearted commitment to achieving the very best possible position in relation to both impact and finance.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

5

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Thank you to all who have supported us in 2024/25 — our customers, members, volunteers, donors and partners — and of course to our exceptionally able and committed staff and Trustees. Together, we are unlocking access to the outdoors for all — but especially young people and those experiencing adventure for the very first time.

Here’s to the journey ahead.

Margaret Hart, Chair

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

6

Our year in numbers

Guest figures

812,086

300,834

people stayed overnight

young people stayed overnight

That’s 2.1% above target for the year

That’s 37% of all guests

This is also up from 35% in 2023/24

17,338

young people with challenging lives stayed overnight

That’s 5.8% of young guests

Customer satisfaction score of

This is also up from 4.6% in 2023/24 and more than 3.5 times the number in 2019/20

Children and young people with challenging lives are those who, due to disadvantage, adversity, or personal circumstances such as care experience, health conditions, SEND, bereavement, displacement, or caring responsibilities, face barriers to opportunities.

86.5% That’s against a target of 88%

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

7

Report of the Trustees incorporating the Strategic Report

Our major impact programmes

Through Generation Green 2

4,073

YHA Breaks ~~Programme~~ funded residentials for

young people

1,237

connected to nature on a residential trip with YHA.

young people

and

In total, the Access Unlimited coalition brought over 26,000 young people from the most disadvantaged areas into the heart of nature.

392

No Child Left Behind funded

residentials for

adult family members

7,176

pupils

These trips are targeted at groups of young people and families who are least likely to access time away from home.

from schools in areas of high social deprivation who would’ve otherwise missed out.

Through Outdoor Citizens

During the YHA Festival of ~~Walking~~

2,059

3,375

people participated

People joined guided social events or used YHA hostels as their base for walking.

people

served by member groups have benefited from funded opportunities to be active and/or learn new skills to be active in the outdoors.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

8

Commentary

Overall, we are pleased to report a good performance for the year — with our top level impact and income targets met or exceeded.

Overnights and guest targets

We’re delighted to have welcomed over 810,000 guests through our doors in 2024/25. We surpassed our target by 17,000 people. As anticipated, this figure is smaller than last year’s total — due to the transition out of YHA ownership and management of hostels as part of a network strategy that’s integral to our continued recovery.

Our impact with young people is what drives the charity. It’s fantastic to be able to report that not only did we meet our target for the overall number of young people staying, but we exceeded our target for stays by young people with challenging lives by 34%. This is thanks to the Government-funded Generation Green 2 programme (which you can read all about on p. 18) and the delivery of bursaryfunded school residentials supported by our No Child Left Behind appeal (p. 25).

Financial performance

We hit and slightly bettered our budget for the 2024/25 financial year. We ended the year with a trading cash deficit of just under £3m — around a quarter of a million pounds better than budget.

This was the second year of our Recovery Plan, agreed in May 2023, to tackle the challenges of the COVID pandemic, inflation and cost pressures, and get us back to a break-even position by 2026.

In terms of trading overall, we have seen the continued impact of the cost-of-living crisis and inflationary pressures on people’s finances. With families and individuals, the trend continued for ever-more last-minute bookings and we were troubled by poor weather that dampened demand in spring over the key periods of Easter and the half term holidays. Group stays remain integral to YHA’s ability to achieve impact and income and our groups business was solid over the summer with volumes ahead of the same period the prior year.

We recovered well in quarter two and had a good second half of the year. This was supported by guests arriving for our third annual YHA Festival of Walking (p. 36), National Citizens Service (NCS) residentials and Generation Green 2. The latter helped us extend the main season is some hostels, with the delivery of funded stays for over 4,000 young people from the most disadvantaged schools in the country.

In 2024/25 we have continued to closely manage overnight prices, food and beverage margins and labour efficiency. The timing of hostel sales, completed as part of our network strategy, has also helped to deliver our overall financial target this year.

By bettering our budget in 2024/25, we’ve built a stable base for our next steps and the final year of our Recovery Plan.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

9

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Customer satisfaction

Our customer satisfaction scores have been relatively consistent all year and remain at levels similar to those recorded over the last five years. Guests continue to praise the overall stay experience, hostel cleanliness and our staff teams.

There are always areas for improvement and we ended the year 1.5% below target with a score of 86.5% against a target of 88%. Planned investment in hostel standards and investigations into a new hospitality management system in 2025/26 are expected to help address some of the causes for below-target satisfaction in the immediate future.

We are proud to remain a world-leader for customer satisfaction when benchmarked against other similar scale not-for-profit hostelling organisations — all of whom have experienced dips in scores since the COVID pandemic.

Our newly refreshed strategy (p. 10) has operational standards and customer satisfaction baked into the very foundations of the organisation’s strategic priorities for the five years to YHA’s centenary. A return to surplus and growth of our reserves will support longer-term investment in our unique and wonderful places.

You can find the full table of KPIs on p. 67, showing our year-on-year performances.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

10

Our 10-year strategy, refreshed

Over 2024/25 we refreshed of our 10-year strategy, Adventure. For the first time and a lifetime . which had been published in 2020.

Responding to a changed financial picture, we reviewed the successes and the lessons learned from the last five years to produce a refreshed strategy that focuses YHA’s finite resources on the activities we know make the biggest difference to our beneficiaries.

Previously, we had 10 strategic priorities linked to broad objectives to improve health, wellbeing and life skills. We now have a more focussed set of five (p. 14) that are linked clearly to the specific areas of wellbeing we know we enhance through our work: confidence, connection and belonging. The difference we make as a charity is articulated in our new theory of change (p. 12).

This strategy refresh sets the priorities and framework for all our work until 2030, the year of our centenary.

Dive into the detail of the strategy at yha.org.uk/about-yha/strategy

In the next few pages, we’ve outlined our refreshed approach followed by details of the programmes that informed the development of our strategy — and through which we turn our theory of change into practice.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

11

April F E A T U R E 30 2025

Parliamentary launch

n 30 April 2025, we launched YHA’s refreshed strategy at the Houses of Parliament — bringing together partners, policymakers, young people and supporters to share our mission to connect people with each other, the outdoors, nature and heritage, and improve confidence, connection and sense of belonging with every hostel stay.

We’re grateful to Lord John Mann for hosting us in Westminster and to our speakers who helped frame the importance of this work.

Baroness Hayman, Defra Minister for access to nature, spoke about the need for access to special places and adventures away from home — describing the opportunity as genuinely life-changing for young people as it exposes them to things they have never experienced before.

Helena Brothwell, joined by students from Bobby Moore Academy, reminded us why this matters — through the voices of young people themselves. Khalid, Thomas and Jayden spoke with humour and heart about their residential experience post-COVID and explained how those moments shaped their reconnection with their peers and the wider world.

In their speeches Margaret Hart and James Blake explained that, through this refreshed strategy, YHA will focus its activities to deepen its impact — responding to the needs of society and building on successful programmes like Generation Green, Outdoor Citizens and No Child Left Behind to target support to disadvantaged young people and those accessing adventure for the first time.

Nisbah Hussain, founder of Equalinks and the Muslim Youth Alliance, reflected on her first night under the stars on a school trip, and the moment that sparked her drive to break down barriers to inclusion in outdoor spaces.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

12

Our new theory of change

Need

There are disparities in access to experiences that connect people to nature and heritage. We know that connection with others and adventures away from home involving nature, heritage, and physical activity builds key skills and attributes that contribute towards improved wellbeing.

Vision

Everyone has access to the benefits of adventure, for the first time and a lifetime.

Mission

Enabling everyone, especially young people, to connect with people, nature and heritage through hostels in amazing places.

Impact

Improved access to experiences in nature and heritage contributes towards enhanced wellbeing.*

Outcomes

Improved confidence to try something new

Improved connection with people, nature and heritage

Improved sense of belonging at YHA

Mental Health Foundation 2021, Historic England 2018

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

13

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

14

Our five strategic priorities

In refreshing our strategy, we refined our strategic priorities to a focussed set of five.

Two enabling priorities form the bedrock of our strategy, the foundations and infrastructure through which we will deliver on our purpose.

Three audience-based impact priorities sit on top.

In delivering our refreshed strategy, we will concentrate first on our enabling priorities to set YHA on a firm footing for the future.

When our Recovery Plan is complete and the charity is back to surplus, we can focus more heavily on our impact priorities to deliver more of the brilliant programmes that have achieved significant impact in 2024/25.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

15

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

----- Start of picture text -----
Subsidised
stays for
young people
Increasing
First-time stays
impact
Access for all
Viable network of hostels
Strong base of support
----- End of picture text -----

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

16

Measuring impact

The ambition to more clearly show the difference YHA makes in people’s lives and in society was a key driver of our strategy refresh. By setting clear, meaningful goals and tracking our progress, we can focus our energy and resources where they have the biggest impact.

This year, YHA has taken a big step forward in understanding our impact. We’ve introduced a new way of measuring guest feedback that goes well beyond customer satisfaction — capturing how a YHA stay builds confidence, creates connection, and fosters belonging.

These three elements of wellbeing are now at the heart of our guest survey, with carefully worded questions designed to reflect the outcomes of our theory of change. We’ve taken time to create a survey that works for everyone — from 12-year-olds to 80-year-olds. We now have a strong pilot framework that we’ll continue to refine as we gather more data.

Since summer 2024, over 9,000 guests have completed our new surveys, with responses feeding directly into a central dashboard. Even at this early stage, the insights are encouraging and useful.

For example, 97% of first-time group guests said their stay gave them the chance to meet new people, and 67% felt more confident to try new things. Of those surveyed, 32% of guests said they used YHA to connect to nature and 25% said the purpose of their visit was to explore heritage. These are powerful indicators that we’re delivering on our mission.

We’re also strengthening our survey to understand more about who is staying with us. This will help ensure we diversify our reach to serve the communities previously under-represented in our user base who stand to benefit most from YHA experiences.

We’re laying the foundations for a more sophisticated, insight-based approach to impact — one that will allow us to track progress over time, identify where we can do more for people, and confidently demonstrate the social value of a stay with YHA.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025Report of the Trustees incorporating the Strategic Report 17

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

18

Delivering impact

In the next pages, we celebrate the major initiatives through which YHA is delivering impact for young people and people of all ages from under-served communities. These are the programmes which helped inform the development of our refreshed strategy.

We begin with the headline achievement of 2024/25: the delivery of Generation Green 2 as part of a strategic partnership leading the way in connecting young people with nature.

Generation Green 2

Between September 2024 and March 2025, Generation Green 2 brought over 26,000 young people from the most disadvantaged areas into the heart of nature. Once again funded by Defra, this second programme continued the mission of opening up access for young people who face barriers to getting outdoors. Building on the success of the first landmark Generation Green programme, the Access Unlimited coalition delivered multi-day residentials, farm visits, day trips, and camping under the stars — memorable experiences that build deeper understanding, connection and love for nature.

Through visits to National Parks, National Landscapes, and Sites of Special Scientific Interest, activities sparked curiosity, built confidence, and nurtured stronger bonds with nature — providing opportunities for young people to explore natural and rural environments that they wouldn’t otherwise experience.

Young people participating in Generation Green 2 came from geographic locations in England falling into the Index of Multiple Deprivation scale (1-3) and schools where at least 30% of pupils are eligible for Pupil Premium funding. Nearly half of all participating groups surveyed had a higher-than-average proportion of young people from ethnic minority backgrounds (over 20%).

Examples of activities

Scenic hikes Nighttime wildlife walks Conservation Rock climbing Exploring the night sky Campfires Canyoning Team games

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

19

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Overall

26,663

young people participated in a nature connection experience

80%

of participants were unlikely or very unlikely to have an experience like this without support from Generation Green 2

38%

of participants hadn’t visited the countryside before

57%

had never had an overnight stay in the countryside before

87%

of participants want to visit a protected landscape again

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

20

I really enjoy the activities outdoors and working together as a team!

Participant

Preliminary research results

A study conducted by the University of Derby demonstrates that, as a result of their Generation Green 2 experience, participants:

This was an amazing experience; we got to go to one of England’s beautiful national parks and take in the wonderful nature that we sometimes overlook.

Teacher

Learning in nature came alive for participants

Many participants valued the sensory experience of connecting with nature — expressing the importance of sight, sound, smell, taste and touch to appreciate the natural world in ways they hadn’t before. They valued the chance to learn new skills in the course of developing their understanding.

Young people pushed their limits, tackled physical challenges, braved the weather, and stepped far outside their comfort zones on Generation Green 2.

The excitement on their faces, and hearing them talk about their experiences… it’s so satisfying to know we’re making a difference to young people.

YHA activity staff member

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

21

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

Report of the Trustees incorporating the Strategic Report

More immersive nature experiences for young people

Generation Green 2 focused on offering residential experiences as a means to experience protected landscapes — targeting deeper connections and longer-lasting impact.

Through Generation Green 2

4,073

young people had a residential trip with YHA

This was the best residential we have ever done!

Teacher

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

22

Access Unlimited is a coalition of not-for-profit youth organisations, school residential providers and organisations managing protected landscapes led by YHA (England & Wales) that includes The Outward Bound Trust, Scouts, Girlguiding, Field Studies Council, and the National Parks and National Landscapes of England.

Defra Minister welcomed to Malham

It was our great pleasure to host a celebration of the 75th anniversary of National Parks and 70th anniversary of the Yorkshire Dales National Park at YHA Malham in November 2024.

Colleagues from across the access, countryside, outdoor education and protected landscape movement came together to honour the enduring legacy of John Dower that lives on through organisations such as the National Parks and YHA.

The event gave Baroness Hayman the chance to see Generation Green 2 in action too. A group of pupils from Liverpool were visiting the National Park for the first time and participating in connecting to nature activities — thanks to the Defra-funded programme.

Increasing access to the outdoors for children from deprived communities is incredibly important. Getting into nature when you’re young means it becomes part of you. If you don’t ever get to experience the outdoors, then you don’t know what you are missing. The work YHA are doing, and projects like Generation Green 2, are great initiatives to help enable access to National Parks and protected spaces for young people.

Baroness Hayman of Ullock, Defra Minister for access to nature

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

23

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

Report of the Trustees incorporating the Strategic Report

Most of these children wouldn’t normally see green space. This is their opportunity to get outdoors and into nature and it’s brilliant to share it with children who spend all their time in cities.

YHA activity staff member

Turning first-time into further adventures

School, community and funded group visits play a vital role in welcoming young people to YHA — often for the very first time.

Through targeted support we create opportunities for young people to take their first step into the outdoors, nature and heritage. And as a result we open the door to a lifetime of YHA adventures.

The success of Generation Green shows how powerful the first visit can be.

While it is disappointing that Defra’s funding of Generation Green has not been continued, the programme’s impact is proven. The Access Unlimited coalition continues to work together to find new opportunities to take forward Generation Green. And as you will see from the next section, we have used Generation Green to inform our groups packages.

We are also using the connections we’ve made through Generation Green to build relationships with these new-to-YHA schools — supporting them to access further residentials.

Over 1,000

It provided a unique opportunity for students to immerse themselves in a natural environment, which is a stark contrast to their everyday urban surroundings. This experience fosters a sense of adventure and curiosity about the natural world.

young people

Teacher

from schools who took part in Generation Green 2 have already booked a YHA residential in 2025/26.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

24

Supporting sectorleading school residentials

A school residential is often a young person’s first night away from home and the first taste of adventure. They’re developmentally important, bringing benefits that last beyond the trip and complement learning back in the classroom.

A high quality residential can help to close the attainment gap, boost motivation and communication, build confidence, and strengthen young people’s connections with their peers and teachers.

In 2023/24 we hosted

217,806

overnights in school bookings

In 2024/25 we hosted

213,400

overnights in school bookings

YHA is a sector leader and the UK’s largest provider of Learning Outside the Classroom (LOtC) accredited sites — with 62.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

25

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

No Child Left Behind

We champion the right of every child to access nature, connect with heritage, and try activities that grow confidence and curiosity. Yet schools are struggling to resource school trips in this financial climate.

The Sutton Trust report School Funding and Pupil Premium 2025 revealed that 53% of senior leaders report having to cut spending on trips and outings this year (up from 50% last year). This is the highest level since the question was first asked in 2017.

Knowing how these formative experiences make childhoods richer and teach valuable life skills, we’re determined to support more schools to access residentials — especially those in the most socially disadvantaged areas.

Our No Child Left Behind appeal to raise funds for bursaries to support struggling schools was first launched in 2021 and has raised over £400,000 to date. We heartily thank all those who have donated. We continue to fundraise towards our £1 million target.

A lot of our children live in streets with multiple deprivation factors and over 60% of our children are eligible for free school meals. Without the bursary, there is no way the trip could have gone ahead. The children were given the opportunity to experience an environment they had never seen before and take part in some fantastic activities that they would not have the opportunity to do in the classroom. For many of the children it was their first time away from home and it was great to see the independence, confidence and resilience grow whilst they were there.

Kingsthorne Primary, following a trip to YHA Ravenstor

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

26

Thank you so much for an amazing school residential. The children and staff have had the best time and are heading home with memories to cherish. A beautiful setting with truly amazing staff who go the extra mile to ensure our stay was truly outstanding and magical.

Teacher, St Luke’s School, following a trip to YHA Whitby

In 2024/25, ~~ee~~ bursaries supported residentials for

204

schools

and

It’s great to play even a small part in the work YHA does, ensuring that children get to have new experiences. For many it’s the first trip to the countryside or first holiday away from home, which will help shape their future and hopefully set them on the path to success.

7,176

pupils

A significant increase from the 4,961 young people supported in 2023/24.

Charlie, group reservations team

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

27

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

We had a wonderful time and this would not have been possible without your team’s tremendous effort. The activities that you had set up for us were informative and filled with a variety of different facts about the Vikings. Your magnificent team has made us feel extremely welcome and comfortable.

Newport School, following a trip to YHA York

I love seeing how children respond to the beauty and wonder of the natural environment and the incredible history of Whitby. As a former teacher, I know that school residentials are one of the highlights of their time at school and making them really special is such a privilege.

Catherine, activity manager

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

28

Give a child the chance to discover nature and discover themselves

A YHA residential means putting down the screens and staring up at the stars.

The sad truth is that the children who need a trip away the most are often those who miss out. With more families living on the breadline and increasing demands on shrinking school budgets, school trips are often cancelled or not even planned. We’re determined to change that — but we need your support.

Give the gift of the great outdoors at yha.org.uk/child

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

29

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

Report of the Trustees incorporating the Strategic Report

I love making a difference to young people’s lives. It gives a huge amount of fulfilment to see kids experience the outdoors for the first time, and the excitement it sparks.

Tom, activity team leader

Working with schools to create new opportunities

We continue to innovate and introduce new ways for young people to connect with nature and heritage through residentials in inspiring places.

As a legacy of Generation Green, we now offer a Connecting to Nature residential package as part of our core offer for schools. With a focus on the restorative benefits of observing and being immersed in nature, pupils participate in activities such as nature art, shelter building, and searching for different species on mini-beast hunts.

Our nature-based activities are proving incredibly popular and, following feedback, our next steps are to deliver bespoke schools and group walking resources — developing our national curriculum-linked packages (Geography and History) and integrating nature and heritage walks into our schools offer.

As you will read in our round-up of the annual YHA Festival of Walking, YHA hostels are located in the most amazing places for exploring protected landscapes. They make ideal bases for groups and schools to use for walking too. Our expert teams are looking forward to extending more opportunities for young people to experience the benefits of walking along iconic routes and trails.

Learn with us

Make YHA your residential provider of choice and bring learning to life in the great outdoors.

We’re experts in delivering hands-on experiences in the most breathtaking locations across England and Wales. Whatever your subject or school’s needs, YHA offers safe, memorable, and meaningful learning opportunities that go far beyond the classroom.

- Visit yha.org.uk/group bookings

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

30

YHA Breaks Programme

This programme is designed to support groups of young people and groups of families facing challenges that make travel and adventure hard to access.

The YHA Breaks Programme gives young people and their families the chance to spend meaningful time away together in inspiring surroundings taking part in tailored activities that build memorable, shared experiences.

Applications often come via partner charities and community organisations who offer additional care and support during these wonderful respite and activity trips.

In 2023/24

the YHA Breaks Programme supported

1,533

young people

360

adult family members

In 2024/25

the YHA Breaks Programme supported

1,237

young people

392

adult family members

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

31

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Basecamp Adventure Trust

Basecamp Adventure Trust is a charity that provides outdoor adventure and social and emotional coaching to 11 to 14-year-olds experiencing difficulties and disadvantage. Through activities and coaching over a two-year period, the trust teaches the importance of self-belief, resilience and the power of passion and purpose.

With shared values and aligned aims, YHA and Basecamp Adventure Trust have established an ongoing partnership for impact. In 2024/25, the charity brought six groups on YHA trips — with YHA Breaks Programme funding supporting 30% of the costs.

We’ve just delivered the first of our back-to-back programmes, working with an additional 30 children from two new schools. The children were absolutely shrieking with delight when they first saw Gordale Scar and Malham Cove. They couldn’t believe that they were in an entirely new place and that they were an hour-and-a-half away from home, spending the entire trip running around like little kids doing roly-polys down the hill!

Emily, our Head of Programmes and Development, said she felt like some of the kids had really had their eyes opens to a world they just didn’t know about and some of the conversations they were having with our coaches were amazing, it really feels like our model is starting to work.

Mark, Basecamp Adventure Trust, following a trip to YHA Malham in October 2024

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

32

Community Foundation Birmingham

The grassroots, voluntary not-for-profit works with low-income families and young people facing hardships across Birmingham.

In November 2024, the foundation took a group to YHA Edale Activity Centre for a funded two-night break with a full timetable of adventurous activities.

Many of the group (aged 14 to 25 years) had rarely left Birmingham and the trip to the Peak District was an amazing experience.

My favourite part was doing all the activities. The staff were really nice and they were very fun. The activities helped me face my fears.

Member of the group

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

33

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

St Andrew’s Youth Club

The community-based youth club provides a sense of belonging, fun and informal education to young people — helping them develop self-confidence, respect and abilities that empower them to contribute to society as good citizens.

In April 2024, the youth club took 32 young people (aged nine to 12 years) to YHA St Briavels Castle for a three-night trip with two days of activities, with time split between history and water sports. This was all thanks to funding from the Merrell Foundation.

This was an amazing experience. We had such a wonderful stay filled with learning about the history of the castle, bread-making, storming the castle, archery lessons and more. The staff team did everything to make us feel welcome and comfortable, and fed us with tasty food throughout our stay. This did wonders for our group’s personal development, enhanced their social skills and team-working skills too, as well as gave them great memories to reflect on.

St Andrews Youth Club leader

While I was here I had a lot of fun. I also “made up” with people that I disliked, by being in a room with them. I tried a lot of new things and became a lot more physically active – I enjoyed it a lot!

Young participant

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

34

Blackpool Carers Centre

Blackpool Carers Centre supports young carers, adult carers and families. They provide specialist support, respite and outings for unpaid carers from the age of five and their families. Carers are supported to create friendships, feel less isolated, strengthen their resilience and make happy memories.

In July 2024, the charity took a group of 10 young carers to YHA Buttermere for four nights to experience a full itinerary of adventurous activities with our partner provider Carnegie Great Outdoors.

These young carers look after someone at home with either terminal illness, substance misuse, mental health [issues], a disability… so having these breaks away is giving them the chance to be just a young person. A lot of the young people we work with have never been outside Blackpool so this is a major learning curve for them. They get to discover what they like, what they don’t like, it challenges them to conquer their own fears and try things they’ve never done before.

From abseiling to ghyll scrambling and canoeing to exploring waterfalls, the group had a fantastic time.

Don’t just take our word for it though. Scan the QR code to watch the video.

Group leader

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

35

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

National Citizens Service (NCS)

In this, our last year of delivering NCS programmes,

2,735

In partnership with Ingeus, YHA delivered one week NCS residential experiences across England. Young people participated in projectbased learning activities over a five day stay away from home.

By taking part in adventurous activities, learning new skills for life, and meeting new people from different backgrounds, young people are encouraged to learn about themselves, develop confidence, and grow into their potential.

young people

joined us for

10,940

overnights

MoD summer camps

YHA and the Ministry of Defence have a long running partnership. For over 10 years, we have run bespoke summer camps for children from service families. Each year, we work together to devise a four night, five day programme of adventurous activities to suit the particular needs of attendees aged eight to 16.

In summer 2024

400

Returning to summer camp gives these young people the opportunity to reconnect with friends — friends they may not have seen since moving base — and spend time with peers who understand the challenges that come with being a child of a service man or woman.

young people

from the Ministry of Defence attended a bespoke summer camps programme.

Summer camps are funded by the Army Benevolent Fund and Army Central Fund.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

36

Report of the Trustees incorporating the Strategic Report

Festival of Walking 2024

YHA guest surveys consistently show that walking is the most popular activity for people staying in our hostels — with 43% of guests stating it as the purpose of their visit.

Building on that, the YHA Festival of Walking has become a powerful way to deliver our mission — and the 2024 festival was our most impactful yet.

Running from 13 September to 13 October, the third edition of the annual festival encouraged more people than ever to get out and join in. Around 40% of those who took part in 2024 were completely new to YHA — a clear indication that it’s helping us increase our reach and grow our community.

The Festival of Walking plays a significant role in delivering YHA’s strategic priorities. It’s designed to intentionally engage first-time guests and under-represented groups. The programme of guided walks is boosting people’s confidence, and connecting participants with nature and heritage through enjoyable and sociable physical activity.

Though it is first-and-foremost an impact programme, it’s really encouraging to be able to report growth in income too. This year’s festival brought in more trading income and overnight stays than previous years. It’s helping us grow awareness of YHA’s offer and increasing our profile as a provider with new audiences.

Aimed at beginners, the festival’s success lies in how it’s inspiring more people to get outside, explore landscapes, connect with others, and experience YHA for the first time — as a welcoming gateway to adventure and a safe and supportive environment.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

37

A four week festival

3,375 people

joined a Festival of Walking event or used YHA as an overnight base for their self-led adventure.

40

Three core themes

social walks

joined by

Wellbeing

Healthy walks for everyone.

623

participants

Confidence

Opportunities to learn new walking skills.

Connections

97%

said it increased their confidence to walk more often

91%

said it had positively affected their mental health and wellbeing

Opportunities to discover heritage, nature and the outdoors.

16,796

route map downloads

Circular self-led adventures from the hostel door, with options for all levels and abilities.

93%

said they wanted more walking activities from hostels

45 community groups

used YHA as their base to run safe and inclusive walks.

71%

said they were more likely to stay with YHA in the future

These grassroots groups received support to enable under-represented people from their communities to access a first-time experience in the outdoors — thanks to funding from Sport England, Pilgrim Trust and Cotswold Outdoor. For more on this vital area of work, see the Outdoor Citizens section of this report (p. 40).

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

38

It was a beautiful walk on a beautiful day. It was well-organised, with helpful, welcoming and informative walk leaders. It was a super re-introduction to YHA, having not set foot in one since teenage years, many years ago. It was great to see how it has changed, without losing its philosophy.

Social walk participant

Expanding opportunities through powerful partnerships

Many third party organisations leading social walks said the festival aligns with their own strategic objectives — from improving health and wellbeing to increasing access the outdoors. This alignment is particularly significant with key sector bodies and funders such as Sport England, who are focused on broadening participation and boosting physical activity levels across under-served communities. The festival has proven to be a natural fit with these aims — offering an inclusive, inspiring, and scalable model for getting more people moving.

As a result, we’re eager to do more in partnership — and respond to third party appetite to co-design a walking offer in spring and winter too, creating new routes to impact and supporting deeper engagement with under-represented audiences.

A really lovely experience. Dawn was a really positive and inspiring guide and I feel I have continued to benefit from the experience in the days since. I go forward with some great memories of the day and feeling significantly more centred and spiritually nurtured. I’ll definitely be back to do another one!

Map and navigation social walk participant

I’ve never attended anything like this before. [I] was made to feel very welcome by everyone. I met some amazing people and enjoyed a lovely walk in a beautiful area without the fear of getting lost or having to overcome obstacles on my own. I also learnt what Nordic walking is and the basics, along with other beginners, and we all know how learning a new skill is amazing for your mental health.

Nordic walking social walk participant

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

39

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

Report of the Trustees incorporating the Strategic Report

I think the walking festival is a great idea getting new people introduced to the wonders of YHA and people already acquainted to re-evaluate YHA as it is now, an asset for all. I loved the day. Everything about it was great.

Map and navigation social walk participant

YHA Festival of Walking 2024 was largely funded by Sport England and Pilgrim Trust. A small number of core partners provided financial and in-kind support: Ordnance Survey, British Mountaineering Council (BMC), Ramblers and Cotswold Outdoor.

In 2023 we established new festival partnerships to deliver social walks: National Parks and National Trails; map and navigation instructors; British Nordic Walking; The British Pilgrimage Trust and accessibility walks organisers.

For the 2024 festival, we continued to develop these relationships — with social walks involving new National Trails (including the North Downs Way), and a new National Park (Pembrokeshire Coast). A new partnership was established with the Canal & River Trust who delivered two social walks (from YHA Liverpool Albert Dock and YHA Manchester).

I went on the mindfulness nature walk from YHA London Lee Valley. The whole thing, from being greeted so warmly and actually being guided in mindfulness activities as we walked, was absolutely excellent. I would do it once a month if something similar was offered.

Mindfulness social walk participant

This was my first walk through YHA… it offered the opportunity to meet other people from all walks of life and this specific element helped cover the distance quicker than I had envisaged.

Social walk participant

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

40

Outdoor Citizens

Outdoor Citizens is a membership network set up to resource, support and connect community groups and organisations who are working to make the outdoors more accessible and more representative of our diverse society.

It was founded in the wake of the pandemic; a time that marked a huge growth in outdoor activity participation but also spotlighted and exacerbated inequalities in access to nature and the outdoors.

Outdoor Citizens plays a key role in delivering YHA’s strategic priority to create first-time experiences and open up access to the outdoors for people from under-served communities.

In 2024/25

2,059

people

served by Outdoor Citizens member groups have benefited from funded opportunities to be active and/or learn new skills to be active in the outdoors.

Since inception in 2022

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

41

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

Report of the Trustees incorporating the Strategic Report

7 partners support Outdoor Citizens year-round with funding, expertise and other resources:

The Outdoor Citizens network is made up primarily of not-for-profit volunteer-led groups and organisations who are working at a grassroots level to address the lack of diversity in the UK outdoors. These group support and bring representation from:

Outdoor Citizens is about supporting and strengthening the work of its members so that they can continue to offer meaningful and accessible opportunities for the communities they serve.

It’s also about fostering new connections and partnerships that can help to bring about lasting change to the picture of diversity in the UK outdoors.

Throughout the year YHA works with resource partners and the Outdoor Citizens community to co-design and co-deliver needs-led online and face-to-face support events; actively seeks out and facilitates cross-sector partnership opportunities; and works year-round to secure funding to directly support not-for-profit members in their work.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

42

Impact of Outdoor Citizens support in 2024/25

The process was incredibly straight forward and [the team] made it very easy for us — we can’t thank them enough. It makes so much difference to our capacity to apply for funding and in turn provide opportunities for our community members that can be truly transformational. This feedback process is brilliant, and the funding application form also works really well.

Leader of an Outdoor Citizens member organisation

The impact on participants

Creating opportunities like this is essential to ensure all people especially those that are underrepresented in the outdoor space are included, welcomed and are given autonomy to take up that space themselves, thank you for making it a possibility.

Participant feedback following a funded hostel experience led by an Outdoor Citizens member organisation

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

43

Assisters UK

Assisters UK is a women’s led community group committed to empowering women and under-represented groups to overcome social, economic and cultural barriers.

A group joined us at YHA Chester Trafford Hall in February 2025 for two nights.

As the weekend comes to a close, I just wanted to take a moment to express my heartfelt gratitude for the incredible opportunity to be part of this weekend residential. It has been an unforgettable experience, packed with outdoor adventures and enriching activities that have truly made an impact.

Your dedication and support have ensured that the aim of reaching women from BAME backgrounds has been met, creating a space where we could challenge ourselves, connect with nature, and build lasting memories. The encouragement and warmth from the YHA team have made all the difference, and we are deeply appreciative of your efforts.

Thank you once again for making this experience so special. I look forward to staying connected and hopefully being part of more inspiring opportunities in the future.

Nilma, Assisters UK

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

44

TawakCool Adventures

TawakCool Adventures is a community-driven organisation dedicated to enriching lives through meaningful outdoor experiences.

Through a wide range of inclusive activities — such as women’s hikes, family adventures, and children’s outdoor sessions — they create safe, inspiring spaces and empower the community to thrive — physically, emotionally, and spiritually — through the beauty and challenge of the natural world.

A group joined us for a four-night residential at YHA Conwy in December 2024.

On behalf of TawakCool Adventures, I would like to extend our deepest gratitude for your generous support of our recent Wales residential. Thanks to your contribution, we were able to offer a truly enriching experience for participants of all ages, fostering a deep connection with nature and creating lasting memories.

The benefits of this residential were felt across all age groups. For the children, it was an opportunity to embrace the great outdoors through fun, challenging activities, helping to build confidence and teamwork skills. For the families, it provided a much-needed break, offering a chance to bond while engaging in activities that promoted physical wellbeing and emotional rejuvenation.

Your support has made a significant impact, and we cannot thank you enough for making this experience possible.

Sylvia, TawakCool Adventures

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

45

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Equitable and sustainable growth in YHA’s user base

While Outdoor Citizens members aren’t required to use hostels, over 60% of funded projects choose to — whether it’s stopping at a YHA café during a day walk, using a meeting room, or staying overnight. Hostels are actively helping new audiences get outdoors and explore new places, thanks to their locations and the infrastructure they provide. There’s a clear link between hosting Outdoor Citizens and growing YHA’s customer base fairly and sustainably, both now and in the future.

In 2024/25, we hosted 2,464 individual stays and experiences for Outdoor Citizen groups and their communities.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

46

Supporter engagement

The first of our refreshed strategic priorities is to build on YHA’s already strong base of support — through deeper engagement that makes people feel more connected to YHA and inspired by our mission.

In 2024/25, we combined our membership, fundraising, and volunteering efforts into one unified supporter engagement plan. And thanks to our improved Customer Relationship Management (CRM) tools, we are connecting with our supporters in smarter, more meaningful ways.

Customers

Thank you to our 812,086 guests

We strive to make a difference with every stay and we are very grateful for your support over the last 12 months. It’s gratifying to see the impact YHA makes on people’s access to physical activity and precious places — and how important this is to wellbeing.

A better booking experience

We’re always looking at ways to improve user experience. Our biggest and most visible digital transformation project this year has made it easier for customers and members to book online. Each hostel’s page now has a clearer calendar showing when beds or rooms are available.

We’ve added simple explanations to help people understand why a hostel might not be open for certain dates. For example, at some hostels we hold dates for groups who tend to book further in advance, and then open bookings up to families and individuals 90 days before the stay date. This is now clearly shown. Alternatively, if a hostel can only be booked by hiring the whole place (YHA Exclusive Hire), the calendar will now explain that.

Before, it might have looked like a hostel was fully booked when it wasn’t. Now, you’ll more easily be able to see when you can book dorm beds, private rooms, or camping spots.

It’s easier than ever to plan a trip on yha.org.uk.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

47

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

It has been uplifting to stay here, a ray of sunshine after a long grey winter! Lovely breakfast, met friendly people and thank you for reserving a bottom bunk in a comfy room with a lovely view!

Guest

Had an amazing walk from Boggle Hole YHA to here. My mum’s feet hurt so we got matching flip flops (#supercool). Would highly recommend the walk as we saw two pods of dolphins, a golden pheasant and a beautiful sunset. Thank you!

Young guest

Thank you for a lovely break. Well worth what you pay. Near the beach too. Very friendly and helpful staff.

Guest

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

48

Members

Thank you to our 122,714 members

Membership has remained strong throughout the year with renewal rates at 94.8%. And we’re pleased to welcome the 15,567 new members who joined us in 2024/25.

In 2024, we launched a biannual member newsletter which is delivered by post to members who haven’t signed up to receive emails from us, and therefore miss out on a lot of information. This is helping to keep our membership community better informed about the latest developments within YHA.

In autumn 2024, we also conducted a member survey which provided valuable insights to help us shape and evolve YHA membership for the future.

Another development in 2024/25 was the reintroduction of youth membership (for people aged 16 to 25), which is now available to purchase via our contact centre for £10.

Looking ahead, we are working on the introduction of a digital variant of both adult and youth membership in autumn 2025.

I took YHA life membership out when I was 19 at the cost of a week’s wage. That was nearly 50 years ago and it has been a fantastic way to explore the UK and abroad with friends and family and sometimes solo. Thank you so very much for providing the safe base from which we’ve had some truly epic adventures.

Life member

YHA hostels are friendly, welcoming places to stay in some beautiful locations. They also offer good bases for city exploration and stays. Good member benefits and good rates.

Member

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

49

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Become a member for life

Life membership with YHA is more than just a title — it’s a lasting commitment to the spirit of exploration, community, and giving back. By joining as a life member, you’ll help open the doors to travel, the outdoors, and the magic of nature and heritage for future generations. And, of course, the benefits of being a YHA member are yours to enjoy for life.

To find out more, visit yha.org.uk/membership.

I joined YHA as a single mum of two girls to enable me to treat my girls to holidays, adventure and meeting amazing people, which otherwise we could not have afforded. I forever thank you! X

Member

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

50

Donors

Thanks to the generosity of our supporters, in 2024/25 we raised £365,000 from individual donors and regular givers.

Highlights of the fundraising year include our No Child Left Behind appeal to raise money to fund school residentials for children at risk of missing out. The Christmas appeal alone raised over £100,000 — up from £67,000 the year before.

It’s been a busy year of events too. It was great to welcome 111 donors, long-time supporters, and life members to our six supporter events held at hostels throughout England and Wales in 2024/25. These events give us the opportunity to bring supporters together with senior leaders at YHA to talk about the importance and impact of our work, the way ahead and the activities through which we raise vital funds to support this unique charity.

Finally, we want to say a massive thank you to the 15 runners who completed the London Marathon for YHA and raised £16,494.

There are so many individuals, partners, trusts, foundations, and supportive bodies to thank this year. On page 72 we recognise their contribution.

Help us connect people to each other, the outdoors, nature and heritage for years to come

With your support, we can keep building on our founders’ vision for the next generation of explorers.

To find out more about YHA’s latest appeals, make a donation or set up a regular gift to fund the area of work that means the most to you, please visit yha.org.uk/give.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

51

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Volunteers

We are grateful to our amazing volunteers for all they’ve contributed to the charity in 2024/25.

c. 1,920

active volunteers

£1.1m

equivalent value

The value of the work done by YHA volunteers exceeded £1m again this year, with 77,500 hours contributed to YHA.

839

working party volunteers

From painting and decorating to gardening and grounds work, working party volunteers have been improving hostels all over England and Wales.

This is up from 701 last year.

In 2024/25, we had 720 more active volunteers than in 2023/24 — a 60% increase. Young people make up 47% of active volunteers. Our volunteer base is diverse, with 21% identified as from Black, Asian and Minority Ethnic backgrounds and 12% identified as having Special Educational Needs and Disabilities.

40,500 +

hours given via hostel placements

In our second full year back offering hostel placements, 514 volunteers worked alongside hostel teams to deliver great customer service to our users and beneficiaries. This is an increase from 313 volunteers the previous year.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

52

DofE Gold residentials

YHA is the largest provider of cost-neutral Duke of Edinburgh (DofE) Gold Award residentials. Young people work their magic inside and outside hostels, repainting corridors, pruning pathways, suppressing weeds, repainting fence panels and smartening up grounds. In the evenings, volunteers cook and eat together before taking the opportunity to explore their surroundings.

Working party volunteers are part of the family

Never underestimate the power of volunteers! Our team grafted away internally and externally to paint and clean 10 rooms over just a few days and crack on with plenty of outdoor jobs in preparation for the new season. Our volunteers are now part of the Manorbier family. They’ve been a delight and we cannot wait to host again.

Alex, hostel manager at YHA Manorbier, following a winter working party

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

53

Working together to improve landscapes

In 2024/25, volunteers and staff continued their collaboration with landscape bodies to restore and protect nature locally.

Seed planting on the South Downs

Our volunteers joined forces with the South Downs National Park (SDNP) to seed the land behind YHA South Downs.

This ongoing work is part of SDNP’s renature project aiming to ensure park habitats are equipped for different species. Aside from planting seeds, our volunteers also removed ragwort and built a hibernaculum for reptiles on the lower meadow.

The day was a big success, and we were rewarded by spotting a common lizard basking on a log pile at the meadow edge.

Tom, South Downs National Park ranger

Restoring wildlife corridors in Lakeland

Our hostel teams around the Lake District have been working with the Hardknott Forest Restoration Team to develop an area of Hardknott woodland in upper Eskdale.

The team have assisted with biodiversity surveys in the area, managed invasive species, built a leaky dam, and planted over 200 native trees and plenty of wildflowers to create perfect conditions for other native trees, plants and animals to colonise.

The overall vision of the partnership is to connect the small patches of woodland in upper Eskdale and the Duddon Valley, creating wildlife corridors which will eventually wrap around all sides of Harter Fell.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

54

Our Youth Voice Panel

Starting in August 2024, YHA’s Youth Voice Panel provides a unique opportunity for young people aged 18 to 25 to help steer YHA’s decision-making and influence key workstreams whilst connecting with other young people.

Our Youth Voice Panel is made up of eight young people from across the country — some existing volunteers, some new to YHA and others members of staff — who play a vital role in testing and improving our offer and services. This group of young people come together regularly to provide their perspectives on YHA plans and initiatives and steer them to help ensure they address the needs and interests of young people at all stages.

So far, they have consulted and influenced decisions in areas such as our strategy refresh, digital and social media approach, membership scheme, and recruitment of staff and Trustees — participating in hands-on workshops and interviews.

By joining the Youth Voice Panel, I feel I can gain valuable experience to enhance my skills for future employment prospects by expanding my horizons in a different sector. Growing up I had memorable experiences attending residential trips staying in YHA hostels so to be able to contribute to the charity was a perfect fit.

Alexandros

I joined YHA’s Youth Voice Panel to help more young people access transformational outdoor experiences at a time when it’s needed more than ever. I work for a national youth charity with experience of programme design, delivery and on-the-ground facilitation. I am determined to drive systemic change through impactful youth provision.

Annie

Being part of the Youth Voice Panel gives me the opportunity to advocate for making youth hostels more inclusive for disabled people whilst developing my own independence.

Pavan

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

55

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

A huge thank you

Our thanks to every person who has given their time and energy to support YHA and its communities this year.

If you would like to learn more about our volunteering opportunities, please visit yha.org.uk/volunteer.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

56

Progress against the Recovery Plan

In May 2023, we set out a three-year recovery and transformation plan which targeted a return to surplus.

Our position at the end of 2024/25, the second year of the plan:

Growth

Target: 30% growth in trading contribution of the strategic network

— a core network of YHA-owned hostels.

27%

Savings

Target: 20% savings in central costs

— facilitated by a smaller network, efficiencies, and a revised central staff structure.

16%

Network strategy

Hostels moved out of direct YHA management and, where possible, into franchise.

12

10

1

Converted to franchise

Left the network

On the market

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

57

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Progress with our network strategy

Welcoming new franchise partners

Our new franchise model, launched in 2023, has brought innovative entrepreneurs on board and vital investment into hostel properties. These partners bring a wealth of hospitality experience and a quality offer aligned to our purpose while strengthening hostelling’s presence across England and Wales.

In April 2024, YHA Port Eynon became the first property to fall under the new partner agreement.

Over summer 2024, YHA Boswinger, YHA Clun Mill, YHA Dalby Forest, YHA Rowen, YHA Holmbury St Mary and YHA Mankinholes became partner properties.

Through autumn, YHA Haworth, YHA Lands End, YHA Eyam, YHA Cheddar and YHA Hathersage became partner sites.

Since joining the YHA Partner scheme in autumn, Mendip Adventure have thoroughly enjoyed our first six months operating YHA Cheddar. As an independent outdoor activity provider, our vision moving forward is to deliver more group bookings with full activity packages making the most of Somerset’s winding rivers, undulating landscape and steep cliffs and caves.

We are excited to be working with a national charity with the reputation and grandeur of YHA. Everyone that we’ve dealt with so far has been supportive and positive, helping us to drive bookings and overcome challenges.

Mendip Adventure — owners of YHA Cheddar (Partner)

YHA on the BBC

In August 2024, BBC Breakfast visited us at YHA Clun Mill to follow up on the success of the franchise scheme — a year on from the announcement of the sale of hostels. It was a pleasure to welcome them and publicise the opportunities available with YHA as well as the love people have for the charity.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

58

Hostels leaving the network

Unfortunately it has not been possible to acquire partners for all sites and these hostels have left the network:

YHA Kington, YHA Wells-next-the-Sea, YHA Patterdale, YHA Dufton, YHA Poppit Sands, YHA Llanddeusant and YHA Coverack.

It is, of course, regrettable that many of the hostels leaving the network are small hostels to which many long-standing hostellers have strong attachments. Yet commercial realities mean that hostels large enough to accommodate school groups as well as families and individuals are generally much more financially sustainable.

It’s encouraging that half of the hostels leaving the network will continue to provide accommodation in one way or another; three have become independent hostels and one, Patterdale, was acquired by a multi-academy trust for use as a facility for young people.

Since the end of the financial year, YHA Minehead has been converted to a private dwelling and YHA Blaxhall has been acquired for use as a school.

At the end of the summer 2024 season, we ceased trading at YHA Eden Project. The pop-up site we had there was, unfortunately, no longer viable. We continue to work closely with the Eden Project to monitor for future opportunities.

City sites

As part of our city rationalisation programme, in August 2024, we completed the sale of YHA Brighton. It has stayed in use as a hostel, having been acquired by A&O hostels.

The sale of YHA London Oxford Street was completed in July 2025. It was acquired by another hostel provider, Sisulu Group Ltd.

Progress with leasehold properties

Now the majority of the freehold sites have completed, our focus has turned to those leasehold sites which are no longer viable for YHA to run directly. A number of these sites had leases which were expiring so we vacated. With others, we continue to discuss the potential for franchise partners to take on the running of these sites and we expect to make progress in 2025/26.

In July 2024, YHA Newport’s lease expired and it was handed back to the landlord.

In March 2025, we decided not to renew the lease at YHA Perranporth and the building was handed back to the parish council. The new operator intends to continue to offer affordable accommodation.

YHA Eastbourne’s lease was also surrendered in March 2025.

Sadly, the storms before Christmas 2024 inflicted major damage to YHA Wye Valley. We had initially temporarily closed the hostel until the end of February 2025 whilst we assessed works required. This assessment showed that the costs to repair the site and make it safe were unaffordable. With the lease due to expire in February 2026, we made the decision to permanently close the site.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

59

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

In the case of YHA Slaidburn, YHA’s lease was due to expire in July 2025. Due to significant water damage to the property, this hostel also had to be permanently closed in February 2025. As we don’t own the site it wasn’t viable for YHA to bear the cost for repair.

In April 2025, the lease expired at YHA Lulworth Cove and the property was handed back.

Investment in our places

With limited funds available, we have to prioritise investment where it will make the biggest difference to customer experience and a hostel’s trading performance. In 2024/25, our focus was on opportunities to convert accommodation and create extra capacity.

In 2024/25, YHA Manchester underwent a £450k investment resulting in 17 additional en-suite bedrooms, a fantastic new bar and welcoming reception area, and inviting social spaces complete with a pool table and shuffleboard. The number of guests visiting the hostel has increased by 10,000 since 2023/24, with customers delighted by the improvements to the site.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

60

A televised transformation at Windermere

On 10 April 2025, YHA Windermere featured on the popular BBC One makeover show Interior Design Masters with Alan Carr. The first episode of the new series saw 10 budding interior designers transform 10 bunk rooms with their own signature styles.

Filming had taken place in 2024 and the brief was to celebrate the unique Lake District setting by bringing the outdoors in. While styling the rooms of the 90-year-old hostel, designers utilised materials from the hostel grounds and woodland to create decorations, slate bookends and fabric stencils.

This was a fantastic opportunity to introduce the charity to a whole new audience and showcase the special qualities of a YHA stay in inspiring surroundings. The hostel location looked sensational on the small screen and the interest from viewers gave our marketing and trading a boost for the 2025/26 main season.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

61

Environmental sustainability

Energy efficiency

In 2024/25, YHA made significant strides in enhancing energy efficiency and sustainability across our operations. We successfully met the compliance requirements for Phase 3 of the Energy Savings Opportunity Scheme (ESOS), which included a comprehensive audit of our energy consumption and the identification of actionable energy-saving opportunities. In alignment with the updated ESOS regulations, we developed and submitted a detailed ESOS Management Action Plan, outlining specific initiatives to reduce energy usage over the next four years. This plan was submitted ahead of the extended deadline of 5 March 2025.

Our total energy use decreased by 3.4% compared to the previous year and this is consistent with running a smaller hostel network.

YHA continued to fulfil our obligations under the Streamlined Energy and Carbon Reporting (SECR) framework. Our latest SECR disclosures provide transparent reporting on our energy consumption, greenhouse gas emissions, and the measures we are implementing to improve energy efficiency. These efforts underscore our commitment to environmental stewardship and our proactive approach to achieving net-zero emissions.

Looking ahead, we will submit our first annual progress update on the ESOS Action Plan by 5 December 2025, detailing the implementation status of our energy-saving initiatives and the measurable outcomes achieved. YHA remains dedicated to continuous improvement in energy management, aligning with national sustainability goals and enhancing our operational resilience. Thanks to funding from the National Lottery Heritage Fund, we are working with partners to deliver sustainability messaging to our teams and customers in certain sites, which if successful will be rolled out to the wider network. This includes working with our own energy champions to help spread the message.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

62

Delivering our people strategy

The challenges of the last few years have led to difficult but necessary choices with the charity’s resources. Continuing cost pressures, higher inflation and interest payments, and constrained demand through the cost-of-living crisis have led to significant changes in our teams as we work towards creating a sustainable YHA.

As a result of restructures in our national office teams, these are now 24% smaller than at the start of our Recovery Plan. Network and central teams continue to look for ways to improve efficiency, reduce waste and eliminate duplication.

It is testament to our people and teams that we have delivered on our impact and income targets for 2024/25. As we lift our gaze to the future and to the delivery of our refreshed strategy, we look forward to further empowering, supporting and recognising people’s contributions — embedding passion and engagement as a pillar of our plans.

Investors In People

Despite the challenging environment, we were very proud to retain the Investors in People (IIP) gold award this year. We were ahead of IIP averages in seven out of the nine indicators for assessment. We improved in six out of 27 themes since our 2021 assessment. We also increased response rates by 3%.

This is an external accreditation benchmarked against other organisations and demonstrates the impact of our ongoing focus on leading, supporting and improving through our people frameworks.

Employee engagement

We have achieved a solid performance with our main employee engagement survey again this year — with a 73% engagement score. Though a shortfall on our 75% target for the year, this was a 4% increase on last year’s main survey result.

The dip test survey, taken at the end of the financial year, delivered a 72% engagement score.

We will use the insights to deliver improvements where needed and action plans are in place.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

63

Gender pay gap

Overall, after several years of positive movement, we saw a slight backward movement in the gender pay gap figures for this year. The report is based on a headcount of 906, a slight decrease of 4.6% versus last year.

There is good gender balance across all pay quartiles. However, the main reason for the movement in 2024 is a small increase in the proportion of females at the lowest two pay quartiles. While the percentage of females in the upper quartile has increased to 49%, the higher numbers of employees in the two lower pay quartiles means these small changes have a higher impact on the overall gender pay ratio.

We remain committed to eliminating the gender pay gap entirely. Our recruitment policy is focused on recruiting a diverse workforce and based on assessment of competence, and on personal flexible choices candidates and our people make around work patterns and work-life balance, not on gender.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

64

We continue to grow and develop our talent from within, wherever possible based on individuals’ drive and needs. All roles are subject to pay benchmarking using independent tools and pay is adjusted in line with our pay principles: affordability, simplicity, equality, flexibility, and transparency.

----- Start of picture text -----
5 April 2024 5 April 2023
Mean Median Mean Median
5.74% 6.39% 3.61% 4.41%
906 employees ** 949 employees
----- End of picture text -----

Workforce diversity

At YHA, building an inclusive culture is part of who we are and speaks to the very core of our charitable objects and values.

We actively monitor our progress in workforce diversity and 93% of employees have shared their equity, diversity and inclusion (EDI) data with us — which helps us make smarter, more informed decisions in recruitment, training and supporting our people.

The attraction of talent from every background and lived experience is really important. We’ve grown applications from ethnic minority candidates from just 6% in 2021 to 51% in 2024, well beyond our 35% target. At the end of the 2024/25 financial year, 22% of staff are from ethnic minority backgrounds — up 2% from the prior year.

Applications from disabled candidates have reached 6%, aligning with national benchmarks. And 6.5% of our workforce identify as having a disability.

In this challenging financial environment, our small specialist team uses their limited resources in meaningful ways to drive change and build a more inclusive workplace for all. For example, the team has developed bitesize EDI training for all staff, an EDI Intranet page, and a recognition and awareness calendar to mark key cultural dates. All managers have completed Inclusive Leadership training, and cascade learning through team talks. In 2023/24, we earned an Autism Friendly Award for improvements made to YHA London Thameside and continue to share the lessons of this work across our network. We take part in RACE reporting and continue to build transparency through employee surveys, onboarding, and exit interviews. We are in the process of setting up EDI staff networks to bring lived experience into decision-making, and we’re embedding equality impact assessments to ensure inclusion is built into every step we take.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

65

The wider sector

The unexpected rises to employer National Insurance contributions and the National Living Wage announced in the new Government’s first budget present the charity with new challenges and add to existing pressures on us and the wider sector.

In November 2024, the Department for Culture, Media & Sport (DCMS) announced that the Government will wind down National Citizens Service (NCS) and close the Trust in March 2025. The decision has rocked the sector and the loss of NCS is a significant blow to YHA — the scheme was worth up to £1m annually and very helpful in 2024/25 in bolstering autumn/winter trading.

In January 2025, we were sorry to read the news that Kingswood Learning and Leisure Group Ltd had gone into administration with the immediate closure of activity centres across the UK.

It’s difficult to see this result for a fellow residential activity provider — just as the role that outdoor residentials play in supporting wellbeing becomes even clearer.

If we want every young person to access life-changing residentials in future, we will need to pull together as a sector as never before and continue to make the case for support.

We are engaging with Government Departments to feed into their strategy development processes — with DCMS for their National Youth Strategy, with Defra for their Access to Nature strategy and with the Department for Education on their strategy for the national curriculum — to advise them of the impactful value of programmes which provide residential stays for young people. This includes working with our Access Unlimited partners and other stakeholders to share insights and influence, and to collaborate on advocacy of solutions.

Hostelling International

This year, YHA deepened its work with Hostelling International (HI), playing an active role in shaping the way we quantify social impact globally — as leaders of a strategic working group uniting the world’s leading national not-for-profit hostelling associations.

In September 2024, James Blake and Margaret Hart joined CEOs, chairs and presidents of hostelling associations from 40 countries at the biennial HI conference in Berlin. Discussions were varied and wide-ranging, on topics that included membership; inclusivity; brand and marketing; appealing to Generation Z; the use of AI and digital transformation; and progress in developing common global measures on social value and impact. What came through strongly was the common bond of hostelling that Richard Schirrmann, its founder, had envisaged. After the main conference, the German national association DJH facilitated a study tour for a few delegates that included a visit to Altena Castle to see the very first youth hostel that Schirrmann had established in 1912. After this, there was the chance to meet Richard Schirrmann’s daughter and grandson which was a real privilege.

Also over the course of 2024/25, representatives from YHA attended Hostelling International conferences and workshops in Portugal, Switzerland and Belgium to share best practice and learn from others in our turn.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

66

Summary and look ahead

As we wrap up 2024/25, there’s a lot to be proud of — especially given the continued challenges and mixed trading conditions experienced at the start of the year.

Thanks to the hard work of teams, we ended strongly and laid solid foundations for 2025/26. We have refreshed our strategy, budgeting, and planning processes to better support change and growth as we move towards longer-term transformation and sustainability.

Aiming for a break-even budget for 2025/26, we’ve narrowed our focus to five strategic priorities based on our revised theory of change. We also launched Five to Drive, a new internal approach that’s helping us plan and deliver with greater focus and speed.

Five to Drive is doing more than streamlining our work — it’s helping shape a stronger, more aligned culture. It brings better coordination, clearer decision-making, and a more efficient way of managing performance.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

67

Key Performance Indicators (KPIs)

KPI Delivering
YHA’s charitable
objects		 Actual
2019/20		 Actual
2020/21		 Actual
2021/22		 Actual
2022/23		 Actual
2023/24		 Target
2024/25		 Actual
2024/25
Number of people
staying at YHA
overnight		 1,024,964 N/A 455,515 817,220 857,922 795,000 812,086
Those who stay
with us, benefiting
from our provision
and support, our
employees and
volunteers, reflect
the demographics of
England and Wales.
Percentage of job
applications from
people from ethnic
minority backgrounds.		 To help all N/A N/A N/A 43% 54% 35% 51%
Number of young
people staying at
YHA overnight		 Eill 412,652 N/A 114,879 265,207 302,483 295,000 300,834
Young people as a %
of the total number
of people staying at
YHA overnight		 specay
young people		 40% N/A 25% 32% 35% 37% 37%
Number of young
people with
challenging lives
staying at YHA
overnight		 Of limited 4,875 N/A 3,346 8,382 13,973 13,000 17,338
Young people with
challenging lives as
% of young people
staying at YHA
overnight		 means 1.2% N/A 2.9% 3.2% 4.6% 4.4% 5.8%
Number of young
people with
challenging lives
staying overnight,
adjusted to include a
proportion of young
people who come
as part of a school
residential		 To help all N/A N/A N/A N/A 21,205 19,500 28,189

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

68

KPI Delivering
YHA’s charitable
objects		 Actual
2019/20		 Actual
2020/21		 Actual
2021/22		 Actual
2022/23		 Actual
2023/24		 Target
2024/25		 Actual
2024/25
Young people with
challenging lives,
adjusted to include a
proportion of young
people who come
as part of a school
residential, as a
percentage of young
people staying at
YHA overnight		 To help all N/A N/A N/A N/A 7.0% 6.6% 9.4%
Customer
satisfaction score		 Particularly by
providing youth
hostels or other
accommodation
for them in their
travels		 89% N/A 93% 87% 87% 88% 86.5%
Financial
performance —
annual trading
cash surplus/
(deficit) (excluding
depreciation,
impairment costs,
capital grants and
profit on asset
disposals)*		 £1.5m (£11.0m) (£6.3m) (£6.1m) (£5.5m) (£3.2m) (£3.0m)
Financial
performance —
annual net income/
(expenditure) —
as per financial
statements**		 (£1.3m) (£14.3m) (£9.3m) (£2.6m) (£3.0m) £5.1m £0.6m

*We use the trading cash deficit position as the key financial measure to monitor our financial performance.

**Our overall financial performance differs against the target due to the varying timescale of our hostel disposal programme and therefore the gains realised in year.

In addition to the above KPIs, the Board and its committees received regular reports covering:

Impact KPIs are not available for 2020/21 because the hostel network was closed during the majority of the year due to COVID-19 restrictions.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

69

Financial performance review

review
Revenue from operating youth hostels
Commercial trading income
Donations, grants and legacies
Membership income
Other income including gains on hostel disposals
Total income
Operating costs from operating youth hostels
Direct operating costs
Maintenance costs
Central costs
Interest costs
Depreciation and impairment costs
Total operating costs from operating youth hostels
Commercial trading costs
Direct operating costs
Central costs
Total commercial trading costs
Fundraising costs
Governance costs
Total expenditure
Gains from investments
Net income/(expenditure)
Net expenditure is shown before other actuarial gains and losses in respect
Restricted Funds
Unrestricted Funds
Total charity funds		 2025
2024
2023
2022
£ million
£ million
£ million
£ million
46.9
47.1
40.8
21.3
6.4
6.1
5.1
3.7
4.6
1.3
2.5
9.2
1.2
1.1
1.0
1.0
7.0
5.6
7.5
0.4
66.1
61.2
56.9
35.6
(37.8)
(35.1)
(32.0)
(21.7)
(4.2)
(3.7)
(4.4)
(3.8)
(10.0)
(11.2)
(9.9)
(8.6)
(3.8)
(4.4)
(3.1)
(1.7)
(4.5)
(4.3)
(5.5)
(5.5)
(60.3)
(58.7)
(54.9)
(41.3)
(3.9)
(4.2)
(3.5)
(2.6)
(0.8)
(0.6)
(0.6)
(0.5)
(4.7)
(4.8)
(4.1)
(3.1)
(0.4)
(0.4)
(0.4)
(0.4)
(0.2)
(0.3)
(0.1)
(0.1)
(65.6)
(64.2)
(59.5)
(44.9)
0.1
—
—
—
0.6
(3.0)
(2.6)
(9.3)
of our pension schemes.
4.9
5.0
5.2
5.4
7.1
7.3
11.2
14.4
12.0
12.3
16.4
19.8

We close out 2024/25 having successfully beaten our budget and delivered Year 2 of our Recovery Plan.

Revenues from operating our hostels at £46.9m were relatively flat on those reported in 2023/24 despite the sale of 19 hostels. Once again YHA Camping & Cabins products — cabins, tents, tipis, Landpods, Airstreams and pitch-up camping — proved very popular so too were stays in hostels sold on an Exclusive Hire basis.

In year we reported £7.0m of other income and gains on hostel disposals and this is largely associated with the gain on disposal of the 19 hostels sold as part of our city rationalisation and network

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

70

transition programme and this has really helped to improve our overall income levels in year. The carrying value of these assets was £7.9m.

Donations, grants and legacies continue to play a key part in our in-year performance and our fundraising team worked hard to take advantage of the funding opportunities available. Grants in the year were £3.5m, with monies being received from the Department for Environment, Food and Rural Affairs in respect of the Generation Green programme, Sport England, the UK Youth Fund, Heritage Fund and Pilgrims Trust.

We received £0.35m of legacies during the year and this was supplemented by £0.45m of other donations and gifts. Legacy gifts were significantly down against budget but this is an area of fundraising that’s hard to predict.

We work hard to maintain a wide membership base and this helped boost our income levels by £1.1m in the year.

Overall, our total income for the year was £66.1m, £4.9m or 8% above the previous year.

Like other hospitality and charity organisations, 2024/25 has continued to be very challenging from an operating cost perspective although we have made every effort to reduce our operating costs wherever we could.

We carefully managed the maintenance programme but needed to spend £4.2m at our hostels which was £0.5m above the previous year.

We repaid £5.8m of the HSBC loan during the year when we sold the hostels and this along with a 0.75% reduction in interest rates helped to reduce interest payments to £3.8m, £0.6m below those incurred in 2023/24.

Total expenditure from operating our hostels for the year was £60.3m, up £1.6m on the previous year.

Fundraising and governance costs were £0.1m below the previous year.

Our central costs cover a plethora of central and management activities ranging from overseeing our hostel teams and buildings to ensuring we have the infrastructure and systems in place to help to ensure the hostel network runs smoothly. These include our central sales and business development teams, the traditional back office teams, including finance, IT, and people and other costs that deliver our volunteering programme and special projects. Our overall central costs inclusive of both the charity and trading arm came in at £10.8m, and this included some £0.6m of one-off and other costs including redundancy costs associated with the transition programme. Overall this is £1m below the previous year.

Total expenditure amounted to £65.6m, which was a £1.4m increase on the previous year.

The net income position for the year came in at £0.6m, which is £3.6m higher than the previous year but has been flattered by the £7.0m of gains on hostel disposals.

Our restricted funds, including our endowment investments, other funds of a restricted nature, for example our Breaks Programme, No Child Left Behind campaigns and small hostel investment fund have seen a small, £0.1m, reduction in the year. Further information on these restricted funds can be found in note 25 on page 130.

The balance of our unrestricted funds has reduced by £0.2m with the impact of the challenging financial environment being compensated by the sale of the hostels.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

71

Going concern

Despite the challenging market conditions encountered during the year, our cashflows have remained strong throughout the period, significantly helped by the progress made on our hostel transition programme specifically with the sale of 19 hostels.

Back in May 2023 the Trustees approved our three-year Recovery Plan. This included a concentrated focus on a smaller number of strategic hostels which would also help us to reduce our central overheads.

As part of this plan, we identified a number of hostels that would move away from being directly operated by YHA by being transferred to an alternative model operated by a franchise operator, or other independent party or be sold. Significant progress has been made on delivering this plan during the period with 19 hostels being sold.

Since the end of the financial year a further three hostels have been sold — YHA London Oxford Street, YHA Minehead and YHA Blaxhall. The sales proceeds from all the hostel sales have been used to repay some of our outstanding loans with HSBC with the remaining balances bolstering our cash reserves.

HSBC has continued to support YHA over the last year and we have now put in place a longer-term arrangement that takes us to 31 August 2027.

The Trustees have reviewed our reserves policy and agreed that given the current market conditions and to ensure there are sufficient cash balances to meet our ongoing liabilities and unforeseen financial difficulties that the charity would endeavour to maintain cash reserves of between £6.75m and £7.5m during the year.

The Trustees have also assessed our ability to continue as a going concern. The Trustees have considered several factors when forming their conclusion including a review of updated forecasts to 31 October 2026, a consideration of key risks, including the appropriateness of the hostel disposal programme, the ability to secure the required reductions in our central services cost base and the impact of changing economic factors such as inflation and interest rates that could impact the charity and the latest management information available. This included a number of downside financial sensitivities, incorporating reduced trading, incremental costs, and delays to the hostel transition programme. A more extreme worse case scenario, sometimes referred to as a reverse stress test, was also produced, and this removed some of the higher value hostel sales proceeds from the cash forecasts and assumed no reductions in interest rates over the forecast period.

The Trustees have concluded that the charity will be able to meet its liabilities for a period of at least 12 months as they fall due and have plans and resources to manage its business risks successfully and consider it is appropriate for the financial statements to be prepared using a going concern basis.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

72

Thank you

We would like to thank Natural England, Sport England, Pilgrim Trust and Cotswold Outdoor for funding the work of Outdoor Citizens to date; All The Elements as our valued design and delivery partner; and all the Outdoor Citizens members for their work in removing barriers to the outdoors in their local communities and for their role and expertise in making Outdoor Citizens a vibrant and impactful force for change.

Department for Digital, Culture, Media & Sport

Department for Digital, Culture, Media & Sport

Adventures Away from Home administered by UK Youth

Sport England

South Downs National Park Trust

ReNature project

Natural England

Department for Environment, Food & Rural Affairs

Department for Environment, Food & Rural Affairs

Funding awarded to deliver Generation Green 2

National Lottery Heritage Fund

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

73

Trusts and foundations

Charles Brotherton Trust

Friends of the South Downs

The Privy Purse Charitable Trust

Fisherbeck Trust

Joseph Strong Frazer Trust

The Percy Hedley 1990 Charitable Trust

The Muriel and Gershon Coren Charitable Foundation

Churchhouse Family Charitable Trust

Warwickshire County Council

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

74

Gifts in wills and in memory donations

Donald Perriam

Patricia Hutton

Aidan Jones

Marjorie Lewis

Marian Millington

Diane Nightingale MBE

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

75

Risk review

YHA seeks to embed risk management into day-to-day working practices. Leading this is the identification and treatment of the key organisational risks, which comes to the Board for formal review once a year and is tabled at each meeting of the Audit and Risk Committee. More detailed risk registers are also prepared for more specific risks facing individual departments or in respect of significant projects.

The key organisational risks are reported to the February Board meeting. This year, the report identified a total of 13 key risks. Post mitigation, there are three very high risks, one high risk, eight medium risks and one low risks.

Very high risk

1.

YHA becomes liable for significant increased pension liabilities affecting the financial position of the charity.

2.

Financial challenges lead to an inability to fund long-term capital needs.

3.

YHA is unable to return to a cash surplus position due to reduced trading levels and increasing cost pressures.

High risks

4.

Major external disruption or material global shock (e.g. pandemic, natural/climate disaster, geopolitical event) severely impacts our ability to trade and financial viability.

Medium risks

5.

Recruitment, engagement and retention challenges affect our ability to service customers, provide central support and deliver YHA’s objectives.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

76

6.

Failure to deliver network transformation and unable to realise sales, terminate leases and transition hostels to franchise in a timely manner.

7.

Lack of investment in the hostel network impacts on ability to operate, generate revenue, secure repeat business and customer satisfaction levels.

8.

Failure to prevent, respond to, or recover from a major cyber security attack.

9.

Regulatory breach and reputational damage due to inadequate data protection and poor data governance practice.

10.

The pace of IT and Digital Transformation is insufficient to meet the needs of the organisation.

11.

Risk of inappropriate use or governance of emerging technologies leads to regulatory non-compliance, copyright infringement or bias.

12.

Inadequate or ineffective safeguarding policy or practice resulting in (or contributing to) serious harm to a child or adult at risk.

Low risks

13.

Failure to meet Health and Safety, Food Safety and Hygiene, Building Safety and other related regulations.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

77

Streamlined energy and carbon reporting (‘SECR’)

We are committed to developing policies and initiatives to support the reduction of greenhouse gas emissions. Energy efficiency and environmental sustainability are considered in all our activities and sustainability is a key part of our 10-year strategy. We have a specific project in the 2025-26 Business Plan to develop our work in this area.

We have set out our commitment and progress towards environmental sustainability on page 61.

We have also published our carbon reduction plan which confirms our commitment to achieving Net Zero emissions by 2050 at the latest and sets out some of the measures that we hope to implement in the future.

We have set up a cross organisational energy management group, which meets on a monthly basis, with the key focus on reducing our energy consumption levels across the network. We will work closely with our energy consultants to implement behavioural focus techniques and processes to reduce our consumption levels. We also have an energy consumption KPI in our key KPIs reported to Board.

Read our renewed commitment to sustainability document at yha.org.uk/environment-policy.

Methodology

This report (including the Scope 1, 2 and 3 consumption and CO2e emissions data) have been developed and calculated using the GHG Protocol — A Corporate Accounting and Reporting Standard (World Business Council for Sustainable Development and World Resources Institute, 2004); Greenhouse Gas Protocol – Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019a); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019).

Government Emissions Factor Database 2022 version 1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for reporting period 01/03/2024– 28/02/2025.

The figures below detail the regulated SECR energy and emission sources from the current reporting period as compared to the previous year.

We have seen a 3.4% decrease in the total KWh consumed but this in part reflects the reduction in size of the hostel network following the sale of a number of hostels in the year.

Overall we have reported a 4% reduction in the intensity ratio reflecting the lower consumption levels and slightly higher turnover year on year.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

78

Scope 1
Gaseous and other fuels
Transportation
Total scope 1
Scope 2
Grid-supplied electricity
Scope 3
Transportation
Total energy and SECR emissions
Intensity ratio: tCO2e per £m of income from charitable and
trading activities		 2025
2025
2024
2024
energy
emissions
emissions
emissions
kWh
tCO2
kWh
tCO2
17,031,702
3,534
17,617,470
3,662
215,535
51
231,923
55
17,247,237
3,585
17,849,393
3,717
6,931,504
1,436
7,236,241
1,498
538,778
120
467,259
113
24,717,519
5,141
25,552,893
5,328
94
98

Scope 1 consumption and emissions include direct combustion of natural gas, and fuels utilised for transportation operations, for example, company vehicle fleets.

Scope 2 consumption and emissions refer to indirect emissions related to the consumption of purchased electricity in day-to-day business operations.

Scope 3 consumption and emissions cover emissions resulting from sources not directly owned by us. This relates to grey fleet (business travel undertaken in employee-owned vehicles) only.

Energy efficiency improvements

We are committed to year-on-year improvements in our operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.

Measures undertaken in 2024-25

Heating controls upgrade

We have upgraded the heating control at YHA Stratford-upon-Avon, this has significantly improved the site’s energy efficiency optimisation and how heat is delivered.

Measures to be addressed in 2025-26

Energy champions

We are planning to appoint an energy champion at each site. These individuals will promote energy awareness across their respective locations, thereby supporting efforts to improve overall energy efficiency.

Thermostatic radiator valves

We will install TRVs (thermostatic radiator valves) at five sites within the portfolio. This will allow control over individual radiators and, therefore, increase energy efficiency at those sites.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

79

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Circuit-level monitoring

We plan to install CLM (circuit-level monitoring) at five sites. A CLM will capture real-time energy data for each meter. This is a cost-effective approach to monitoring consumption, reducing energy waste, and improving operational efficiency.

Governance and administration

Board of Trustees

Organisation

The Board of Trustees has overall responsibility for the work of YHA, setting strategy, direction and targets. All Trustees are responsible for the decisions of the Board.

The YHA Articles of Association, the governing document, govern the Board’s conduct.

During 2024/25 the Board met eight times. The Board has appointed a number of committees consisting of certain Trustees. As at the date of this report, the following are the principal committees: the Audit and Risk Committee (“ARC”); the Finance Committee (“FC”); the People, Remuneration, Impact and Engagement Committee (“PrieCo”); and, the Board Recruitment Committee (“BRC”). The responsibilities of a task and finish Network Transition Committee, established to oversee the implementation of the agreed hostel network and capital strategy, had been assumed by ARC.

The Board delegates day-to-day management to the chief executive and executive team.

The Board of Trustees has up to 15 members and may co-opt a further two. None of the executive, including the chief executive, is a member of the Board. The tenure on the Board is a maximum of two, four-year terms. This may be extended if taking up a National Officer position. All the Trustees are unpaid volunteers recruited from the wider YHA membership.

Simon Reeve was appointed as Vice Chair with effect from the conclusion of the AGM on 9 November 2024.

The vote for the election of the Trustees was held online in advance of the 2024 AGM with the result announced at the meeting.

Clare Fordham was re-elected to the Board for a further term and Sarah Brewin and James Redfearn were appointed as Trustees for an initial term of four years at the AGM on 9 November 2024. Philip Henderson and Barbara Kasumu stood down as members of the Board and Marcus Holburn stood down as a member of the Board and Vice Chair at the end of the 2024 AGM.

Rej Bhumbra was co-opted as a member of the Board from the conclusion of the 2024 AGM for a term of one year.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

80

Principles of governance

With regard to governance, YHA supports the principles of good governance set out in the Charity Governance Code for larger charities and the continuous improvement model that it promotes. During 2024/25, YHA continued to progress actions to enhance compliance with the provisions of the Code. In addition, Russell-Cooke Solicitors undertook an external governance review in 2021 which focused on two key sections of the Code for larger charities: Integrity; and, Equality, Diversity and Inclusion. The results of the review were positive, and action is ongoing in those areas identified for improvement.

The Charity Governance Code recommends that a governance review is undertaken every three years. In view of the YHA strategy refresh 2025, and an impending review of the Code, the next governance review had been deferred until after the publication of the updated Code which is expected to be available in autumn 2025.

During the year the Chair and the Vice Chair held annual Trustee reviews to discuss the Board’s own performance and that of individual Trustees. The Vice-Chair held a performance review of the Chair.

Training

All new Trustees attend an appropriate virtual induction course. The training is based on the guidelines set down by the National Council for Voluntary Organisations (NCVO) and covers:

In addition, Board workshops are held after Board meetings focusing on key themes to support Trustees in their role, as well as study visits to a range of hostels. The key workshop in 2024/25 focused on finance.

Elections to the Board

Candidates to fill vacancies on the Board in 2024 were proposed by the Board Recruitment Committee (BRC) — previously known as the Nominations Committee.

The Board advised the BRC of the skills, knowledge and experience desirable among new Trustees in order to achieve a balance of skills and experience in the Board of Trustees.

The BRC was tasked with advertising for and interviewing potential Trustees with the requirement to draft a shortlist of suitable individuals to be included in a vote bearing in mind the skill gaps identified by the Board.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

81

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

There were three Board Trustee vacancies in 2024. Fifty nine people applied to become Trustees in 2024 from whom the Nominations Committee nominated five candidates, including two existing Trustees.

Members of the Board of Trustees at 28 February 2025

Margaret Hart, Chair

Margaret first went hostelling in the Lake District as a girl guide, aged 13. That laid the foundations for a lifetime love of mountains and hillwalking, enhanced by conversations and shared experiences with others staying in the hostel network around the UK and, later in life, in New Zealand. With her husband, a school teacher, she regularly took her own children hostelling and introduced groups of young people to hostelling and the outdoors.

Margaret studied geography at university, then went on to become a social worker, a manager in the voluntary sector and a university professional. This diversity of roles, combined with involvement in a range of local community organisations, was underpinned by a commitment to creating opportunities for young people, especially those from disadvantaged backgrounds — in education and in relation to their health, wellbeing and life skills more widely. Her career progressed to director-level roles, both in national children’s charities and higher education, bringing experience in strategic leadership and the full range of organisational responsibilities.

Following her retirement from full-time work, Margaret became a Trustee of YHA in 2016, attracted by the opportunity to combine her professional experience with her lifetime passion, to support and guide an organisation which had done so much to shape her own life as a young person, and which continues to offer life-changing experiences for young people today.

Margaret was elected as Vice Chair in 2017 and as Chair in 2019. She feels privileged to lead a highly professional organisation and national charity which is also exceptionally friendly and committed to becoming ever more inclusive and accessible. Alongside contributing her professional experience from a long and varied career, and her life experience as a parent and grandparent, she continues to learn from her talented and able colleagues and finds this both stimulating and enriching.

Simon Reeve, Vice Chair

Simon is a father of three young adults in their twenties. As a family, they have always spent weekends and holidays in the great outdoors, exploring all corners of the UK and further afield. Simon especially enjoys cycling, hill-walking, canoeing, sailing and surfing, frequently staying in youth hostels as part of these activities. He is a certified kayak coach with Paddle UK and a committee member of his local canoe club. Throughout his life he has been an active supporter of a wide range of youth and community organisations including leading team fundraising events.

In business, Simon has significant international experience leading teams and driving change, in technology-related industries and in charities. He now works as an independent director advising businesses of all sizes, especially in the fields of technology, environment and sustainability. Current roles include chairing the advisory board of a robotics start-up in Edinburgh, and being a non-exec director for CEFAS, the UK government’s Centre for Environment, Fisheries and Aquaculture Science.

Simon gets a real buzz working with the YHA team, supporting its mission to equip young people with new skills and experiences to develop their confidence and transform their opportunities within our diverse and exciting world.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

82

Graham Turnock, Treasurer

Graham has been a member of the Board since 2015 and the Treasurer from the end of 2019. He has been member of YHA since childhood, continues to enjoy hostelling in the UK and Europe, and is active in spreading the hostelling bug to others most directly through the leadership of youth hostelling weekends for members of his cycling club.

Graham is an experienced senior leader in the public sector. He currently works for the European Space Agency having previously served as Chief Executive of the UK Space Agency, a role for which he was awarded the Royal Aeronautical Society’s Geoffrey Pardoe Award in 2021, and as a career civil servant for almost 30 years across a wide range of UK Government departments beginning his career at HM Treasury and including a period as Finance Director at the Department of Culture Media and Sport.

He is a keen cyclist, having occupied at various times the positions of membership, road racing secretary and road racing and time trials event organiser in his club. In 2021 he was silver medallist in the British Masters National Criterium Championship.

Darren Barker

Darren trained in Business Management and then qualified as a chartered management accountant, spending the early years of his career in finance roles specialising in decision support and investment appraisal. He has broad sector knowledge spanning retail, telecoms and travel. He is currently working as a commercial consultant across those sectors.

Prior to that, Darren spent 12 years in the hospitality and travel industry in general management roles and served for six years as CEO of the charity ‘Hostelling International’, working closely with member YHAs from all around the globe which gave him an excellent understanding of non-profit governance best practice.

Darren loves travel and hostelled both at home in the UK and internationally. He is passionate about young people having previously served as a Scout leader and worked in partnership with the likes of the International Duke of Edinburgh Award and World Association of Girl Guides. Darren is partially sighted and also serves as a Trustee for Fight for Sight.

Rej Bhumbra

Rej has been involved in the outdoors since school, with both the Scouts and the Combined Cadet Force and continues to enjoy hiking and camping with his family and friends both in the UK and overseas.

Professionally Rej has been working as an NHS Consultant Orthopaedic and Trauma Surgeon in London since 2012. He trained at St. Mary’s Hospital medical school (now Imperial College) and has undergone orthopaedic surgical training both domestically and abroad. He has authored multiple papers and books in the field of Global Health, Orthopaedics and Trauma. He also represents the Greater London Lieutenancy as a Deputy Lieutenant.

He has completed an MA in International Relations and Affairs and is passionate about philanthropy and education. From a leadership perspective he has previously worked as the Orthopaedic Clinical Network Director in the Northeast London Region and is the Chair of Governors at an independent school in East London.

As well as hiking, Rej also enjoys road cycling, golf and skiing.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

83

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Sarah Brewin

Born in the North East, Sarah went to school in Oxford, before attending Durham University to study Geography. Not really fancying a ‘9 to 5’ job, she then joined the Royal Air Force.

A chartered management accountant and certified project and programme manager, she has primarily worked in facilities management, project management and capital investment roles, across the UK and internationally, including Ascension Island in the South Atlantic and all across the Broader Middle East.

Most recently, she ran the Royal Air Force’s property and infrastructure management team, responsible for supporting over 29 sites and 35 runways. She now commands Royal Air Force Lossiemouth, one of the Royal Air Force’s busiest and largest main operating bases, which is responsible for securing the seas and the skies of the United Kingdom and partners.

Outside of work, Sarah is a keen mountaineer having spent over 15 years as part of the Royal Air Force’s Mountain Rescue Service and is also fond of fell and trail running, wild swimming and general travelling. So much so, that she has relocated to the Lake District, so that she’s never more than 30 mins from the fells! Nieces and nephews keep her on her toes, and she’s lucky that her partner is equally into the great outdoors.

Clare Fordham

YHA has been central to some of the great experiences of Clare’s life. She’s stayed in the cities and the country, in dorms, family rooms, pods and camping. She’s hired whole hostels or bunked in with everyone else. She’s had moments of wonder at YHA Black Sail and moments of embarrassment at YHA National Forest when she set off the smoke alarm with a pizza and the whole place had to evacuate.

Clare is married with three almost-grown-up daughters. She’s a keen walker, and a slow but enthusiastic trail runner. She is often to be found on the moors near her home in Ramsbottom, failing to focus her binoculars in time, and missing yet another bird.

Clare has worked in both television and radio news for over 25 years, enjoying time in both commercial and BBC newsrooms. She spent eight years travelling across Britain, Northern Ireland and further afield at ITV News, before moving across to the BBC. After many years at BBC Radio 5 Live, she now makes documentaries and podcasts for BBC Radio 4, BBC Sounds and BBC World Service.

Clare is passionate about finding and celebrating unheard voices and hearing untold stories. She takes great pride in her involvement with efforts to reach diverse audiences and bring a far broader range of perspectives to programmes.

Cathryn Hayhurst

Cathryn is a qualified chartered accountant and insolvency practitioner with a BSc in Environmental Sciences. She is head of finance for sustainability and property at the Co-op. She leads the financial planning across retail and life services for our c4,000 properties; alongside developing a common currency for sustainability to embed in decision making frameworks.

She has worked at the National Trust where she was commercial lead for the Renewable Energy Programme to generate 50% of energy from renewable sources including hydro schemes. She developed her finance skills at KPMG and funding strategy at Barclays.

Cathryn loves staying at our diversity of hostels with her family; especially appreciating the uniqueness

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

84

of our shared spaces. When she was younger YHA gave her the opportunity of travelling across the UK and to European cities and she wants to ensure amazing opportunities are available for young people today and future generations.

Sarah Lusty

Time in nature is where Sarah finds peace and purpose. Sarah is passionate about removing the barriers which prevent everyone from experiencing the joy of adventures in the outdoors.

Whether it was her first residential or first solo hike, adventures in nature are the reason Sarah now believes she can do hard things — like being the youngest Trustee in YHA’s history! Sarah cares deeply about empowering the voices of young people, particularly those who are more likely to be marginalised and less likely to be listened to. She advocates for inclusion and has extensive voluntary experience with a diverse range of communities, including people with disabilities, young people, sex workers, and isolated older people.

Sarah’s belief in positive change is why she is a civil servant. To date, she has had a short, but busy, Civil Service career, gaining experience in Welsh Government Social Care Policy, Protected Landscapes Policy, and intergenerational communities work; she currently works for the Ministry for Housing Communities and Local Government.

Paula Newton

Paula stayed at her first YHA hostel at the tender age of nine years old, enjoying a life-changing experience that has shaped her travels ever since. She has hostelled extensively in both the UK and abroad to support her hiking adventures. More recently she has led groups of hikers on weekend trips staying at YHA hostels, opening up countless others to the benefits of the YHA experience.

Paula’s early career included stints at the BBC and BSkyB in operations management and leadership roles. She was part of the team that first brought interactive television to the world in 1999. She was awarded her Master of Business Administration in 2005. She lived abroad for the best part of 10 years, first in Ecuador as an operations director/editor-in-chief for a small start-up publishing company and later pioneering a digital nomad lifestyle running her own businesses. She travelled South America, Australia and South East Asia while serving her clients online.

An entrepreneur by nature, Paula has built her successful business advisory firms that provide specialised tax consulting services to established SMEs, and business plan development and writing for businesses of all shapes and sizes.

Paula has served on Boards and committees of several membership organisations, including Chairing South Downs Leisure Trust and serving as a co-opted NED for Brighton Energy Ltd. She brings a range of non-executive and Trustee experience to YHA including strategic oversight, commercial and financial acumen, and risk management capabilities.

In her spare time you’ll find generally find her outdoors either hiking or cycling.

Clare Parsons

An experienced environmental manager, Clare works as a lead specialist advisor for Natural Resources Wales. She has worked in protected landscapes and environmental NGOs in Wales for over 20 years. And has extensive rural development and sustainable tourism experience in Wales, including chairing the Powys LEADER local action group, and as senior management lead for Bannau Brycheiniog

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

85

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

National Park Authority’s sustainable development, inclusion, economic and social wellbeing work.

Working in partnership with YHA has been part of this, enabling a wider range of people to access nature, landscapes and heritage.

Clare contributed to Welsh Government workstreams developing the Well-being of Future Generations (Wales) Act and has wide experience of embedding wellbeing and the Sustainable Management of Natural Resources (SMNR) in policy and developing programmes.

Whilst now working largely from home, earlier in her career Clare commuted by boat to warden jobs on Blakeney Point National Nature Reserve, and an island on the Norfolk Broads.

Living in the Bannau Brycheiniog National Park, Clare enjoys walking, wild swimming and running (slowly) in the stunning landscape.

James Redfearn

James has worked in the outdoor education industry for nearly 12 years including for a small social enterprise connecting universities’ environmental education to schools plus delivering training and supervising Duke of Edinburgh’s Award expeditions. He currently manages an Outdoor Activity Centre in the New Forest which caters for around 20,000 young people annually. James also volunteers with the Scouts, taking young people for often their first experiences of hill walking and mountaineering.

With experience working within Higher Education and as a Governor of a Primary School, James is passionate about the power of education in all its forms to transform lives for the better. In particular, James has seen first-hand the benefits of outdoor education as one of the most transformative and impactful forms of education possible and believes that every young person should benefit from at least one residential outdoor education experience in their early lives.

Hostelling with YHA and internationally gave James affordable access to some of his early travels, in particular to the Lake District and Eryri (Snowdonia), enabling growth in his passion for hill walking, mountaineering and travel. He is passionate about working with YHA to widen access to the outdoors for all, in particular young people.

Robert Varley

Robert has been a keen hosteller since his youth. He has a passion for the outdoors and loves exploring Britain’s wild country and coastline on foot. A family man, a dad and a grandad, he has been volunteering in children’s and youth work for over 50 years. He has a passion for everything YHA stands for and is keen to see it make a real difference to even more young lives in the years ahead. “Because where you go changes who you become.”

A meteorologist by profession, Robert worked for 35 years at the Met Office. He has served on numerous Boards and Councils at national and international level — as chief executive of the Met Office, non-executive Director of Ordnance Survey, president of Eumetnet, vice president of the Royal Met Society and vice president of the World Meteorological Organisation.

In 2012 Robert was named as the Institute of Directors’ Director of the Year (Public/Third Sectors), and in 2016 he was awarded an honorary degree of Doctor of Science from the University of East Anglia. He now works as a strategic consultant to leaders of weather services around the world.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

86

Anna Welsh

Anna is a qualified children’s social worker currently working for Bolton Council. They have a BSc in Mathematics from Manchester Metropolitan University and an MSc in Advanced Relationship Based Social Work Practice with Children and Families at Lancaster University. Anna discovered that whilst they had an affinity with numbers, their real passion was to work with others and help young people who might be struggling or in need.

Anna was a student officer at The Union MMU. They were the first ever societies and development officer for the period 2018/19 and then went on to be the president in 2019/20. As part of their role, they were a voice for students and brought their views and opinions to high level meetings, such as Academic Board, Board of Governors and the Union’s Trustee Board. In their childhood, Anna was a keen member of the Air Cadets and spent much of their weekends and school holidays away with them. This gave Anna a taste for the outdoors and the adventures possible there. They completed the Duke of Edinburgh’s Award and achieved their gold level badge for doing so. Using this as their driving force, Anna hopes that their time with YHA will engage more young people to have the opportunity to explore away from home and give them memories that will last a lifetime.

Board meetings attended Term of ofice
Darren Barker 6 of 8 Ends 2025*
Sarah Brewin 1 of 1 Ends 2028
Rej Bhumbra 1 of 1 Ends 2025
Clare Fordham 8 of 8 Ends 2028
Margaret Hart 8 of 8 Ends 2026
Cathryn Hayhurst 4 of 8 Ends 2025
Philip Henderson 6 of 7 Ended 2024
Marcus Holburn 5 of 7 Ended 2024
Barbara Kasumu 2 of 7 Ended 2024
Sarah Lusty 8 of 8 Ends 2026
Paula Newton 8 of 8 Ends 2027
Clare Parsons 8 of 8 Ends 2027
James Redfearn 0 of 1 Ends 2028
Simon Reeve 6 of 8 Ends 2029
Caleb Stevens 6 of 8 Resigned 12th May 2025
Graham Turnock 8 of 8 Ends 2028
Robert Varley 8 of 8 Ends 2027
Anna Welsh 5 of 8 Ends 2025*

*Eligible for re-election for a four-year term

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

87

Disclosures of interest

No Trustee had, during or at the end of the year, any interest in contracts that are significant in relation to YHA’s business other than as disclosed above or in note 10 of the financial statements. For the purposes of company law, the Trustees listed above are also the Directors of YHA.

Executive team

Chief Executive

James Blake

Other senior executives

Julie Lane

Finance Director

James MacColl

(appointed on 29/07/2024)

Director of External Affairs

Louise Platt

Executive Director of Resources and Transformation

Jane Price

Executive Director of Income, Impact, Operations and People

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

88

Employees

YHA is an Investors in People Gold organisation and is committed to employment policies which follow best practice based on equal opportunities for all employees irrespective of age, sex, sexual orientation, race, colour, disability, marital status, religion or belief.

Employees are kept informed of plans, receive regular updates on performance against the plans, and are encouraged to attend or feed into regular listening groups.

Other means to engage with our staff team include regular all staff emails from the chief executive and monthly all staff webinars led by the chief executive and the executive team.

Committees

Audit and Risk Committee (“ARC”)

The ARC is a committee of the Board of Trustees. The committee met four times during the year and is currently composed of:

The committee agrees the programme for internal and external audits; considers reports from the auditors; considers the annual financial statements before submission to the Board; reviews the performance of the internal and external auditors; advises the Board regarding the adequacy of its risk register, policy, and management of risk; reviews the full risk register on an annual basis and every quarter reviews the high level significant risks and any changes to the full risk register; and, devises and tests key measures against which the performance of the organisation can be judged.

The committee is also responsible for the oversight of the disposal of the Transition network disposals.

Finance Committee (“FC”)

The FC is a committee of the Board of Trustees. The committee met five times during the year and is currently composed of:

The committee supports the Board in ensuring the effective financial management of the Company; provides opinion on the financial sustainability of YHA’s strategic plans; advises on funding strategies and risks; provides appropriate scrutiny of finance related strategic KPls; ensures effective financial planning, budgeting and treasury management; reviews and is consulted regarding capital and other investments; and, works with the Audit and Risk Committee regarding financial risk management.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

89

Report of the Trustees incorporating the Strategic Report

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

People, Remuneration, Impact and Engagement Committee (“PrieCo”)

PrieCo is a committee of the Board of Trustees. The committee met four times during the year and is currently composed of:

The committee agrees the remuneration policy, determines the remuneration of the executive directors, and the remuneration of the chief executive in consultation with the Chair; determines the terms and conditions of employment of the executive directors; and, determines the terms and conditions of employment of the chief executive in consultation with the Chair.

In setting the organisations remuneration policy, the committee makes such external consultations and comparisons as may be necessary to ensure that the pay and emoluments of YHA staff are fair in value to those having similar responsibilities and circumstances in organisations within the not-for-profit and commercial sectors (excluding financial).

The committee also consider strategic HR matters which impact on our financial position or our position as an employer, e.g. pensions, performance management. This year that has included oversight of the people strategy and oversight of YHA’s gender pay reporting which is available on our website. The committee is also responsible for people risk.

In addition, PrieCo supports the Board in maximising the impact and effectiveness of YHA’s work as a charity, and its member and stakeholder engagement, through ensuring effective management of these areas. This includes oversight of impact related KPls; the design, delivery and evaluation of youth, education and activity programmes; and, YHA’s engagement strategy with members, volunteers, donors and partners.

Board Recruitment Committee (“BRC”)

BRC is a committee of the Board of Trustees. The committee met four times last year and is currently composed of:

The committee acts in an advisory capacity in assisting in identifying a diverse range of candidates with suitable skills and experience to become Trustees.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

90

Financial control and risk management

Trustee responsibilities statement

The Trustees (who are also directors of YHA (England & Wales) for the purposes of company law) are responsible for preparing the Report of the Trustees incorporating the Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of YHA and the group and of the incoming resources and application of resources, including the income and expenditure of YHA and the group for that year.

In preparing these financial statements, the Trustees are required to:

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

The Trustees confirm that:

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

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

91

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Section 172(1) Statement

Section 172 of the Companies Act 2006 requires a Director of a company to 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. In doing this, section 172 requires a Director to have regard, among other matters, to: the likely consequences of any decision in the long term; the interests of the company’s employees; the need to foster the company’s business relationships with suppliers, customers and others; the impact of the company’s operations on the community and the environment; the desirability of the company maintaining a reputation for high standards of business conduct; and the need to act fairly with members of the company.

YHA is a leading national charity which depends on the trust and confidence of its members and beneficiaries to operate sustainably in the long term. YHA seeks to put its beneficiaries’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable surpluses to be reinvested into the charity.

The Trustees have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, having regard to the matters set out in section 172(1) of the Companies Act 2006.

The Board recognises that building strong relationships with our members and beneficiaries will help us deliver our strategy in line with our long-term values and operate the business in a sustainable way.

Reserves policy

As a charity, YHA is obliged by the Charity Commission to set a policy on reserves which establishes a level appropriate for YHA.

YHA’s reserves policy is set to manage unforeseen financial difficulties, and not to fund its future capital strategy. The level of reserves is set based on forecast income and expenditure and the likelihood of material risks crystallising which would not be covered by future income or insurance.

The reserves policy is set with regard to the:

YHA has implemented an active reserve monitoring process managed by the Audit & Risk Committee (ARC) and governed by the Trustees. The ARC assesses the impact and likelihood of uninsured risks to create an expected value, which is reduced by the assessment of mitigating controls to set the appropriate level of short-term reserves to be held. This value is formally reviewed on an annual basis with opportunity for any material changes to be picked up within YHA’s quarterly risk review process.

The ARC will report if these reserves have been used and the consequent impact on the long-term strategy. In the event of a movement beyond the reserves limit the ARC would report immediately to the Board with recommendations for action.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

92

The Trustees have recently reviewed the reserves policy and have agreed, that given the current market conditions and to ensure that there is sufficient cash balances to meet our ongoing liabilities and unforeseen or uninsured financial losses that the charity would endeavour to maintain minimum cash reserves of between £6.75m and £7.5m for the foreseeable future. The charity’s cash reserves at 28 February 2025 amounted to £12.0m which, helped by the sales proceeds from the hostel sales, was above the agreed reserves level.

The executive and Board continue to monitor the cash flow forecasts to ensure that there is sufficient headroom in the cash reserves to ensure commitments can be met when due and identifying assets which could be disposed of to provide enough scope to match the impact of any further unseen risk.

Fundraising policy

It is always our aim to provide the best possible donor experience and deliver the highest possible standards of donor care. We are registered with the Fundraising Regulator to demonstrate our commitment to achieving the highest standards in fundraising and we strive at all times to comply with the Fundraising Regulator’s Code of Fundraising Practice.

We are committed to undertake our fundraising in a legal, open, honest and respectful manner by following the standards for fundraising set out in the Fundraising Regulator’s Fundraising Promise. We therefore use the Fundraising Regulator logo on our fundraising materials to show that we are following these standards.

We are always committed to uphold the highest standards of practice in our fundraising and will:

Protecting vulnerable people

We recognise that some people we engage with through our fundraising activity may not have the capacity, at the point of the interaction, to fully understand the nature of the donation they are being asked to give, or the consequences of making that donation. People in vulnerable circumstances may need further support before deciding whether or not to make a donation.

Whenever we suspect that someone we engage with is lacking capacity or is in vulnerable circumstances, we will take steps to terminate the contact in a way which seeks to protect that person while protecting their dignity and any desire they have expressed to support YHA.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

93

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Despite our efforts to protect those in vulnerable circumstances, YHA may receive a donation where there may be a question over the donor’s mental capacity to make that donation. In this circumstance, YHA may return the donation to the donor or — under certain circumstances — to a family member or designated person.

Fundraising complaints policy

We welcome all comments and feedback about the way we work. We invite anyone with a complaint or problem about our fundraising activity to report it via our customer care team, who will deal with it in a personal, fair and confidential way. We aim to resolve all complaints as efficiently as possible — committing to acknowledgement in two working days and providing feedback within 15 working days.

In 2024/25 YHA received zero complaints about fundraising activity.

Investment policy

Investments acquired in accordance with the powers of the Trustees, primarily in respect of endowment funds, total £1.1 million at the end of this financial year. TrinityBridge and Rathbone Investment Management manage the assets on YHA’s behalf, with an investment strategy aimed at maximising income at an acceptable level of risk including growth of asset values.

Borrowing and financial instruments policy

YHA uses financial instruments, comprising borrowings secured against property. The main purpose of these financial instruments is to finance the working capital cycle of YHA and to finance longer-term capital needs.

The policies for managing the risks open to YHA are summarised below:

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

94

Legal and administrative details

Bankers

HSBC Bank plc

Level 6 71 Queen Victoria Street LONDON EC4V 4AY

Solicitors

Browne-Jacobson

3rd Floor, No 1 Spinningfields 1 Hardman Square Spinningfields MANCHESTER M3 3EB

Russell Cooke

2 Putney Hill LONDON SW15 6AB

Pinsent Masons LLP

55 Colmore Row BIRMINGHAM B3 2FG

Auditor

Grant Thornton UK LLP

Grant Thornton UK LLP Chartered Accountants Statutory Auditor 1 Holly Street Sheffield S1 2GT

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

95

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Report of the Trustees incorporating the Strategic Report

Investment fund managers

TrinityBridge

10 Crown Place Clifton Street LONDON EC2A 4FT

Rathbones Investment Management

George House 50 George Square GLASGOW G2 1EH

Internal auditors

KPMG are the internal auditors for YHA and act as an assurance function to provide an independent and objective opinion to YHA on the design and operation of the internal control environment.

External auditors

Pursuant to Section 487(2) of the Companies Act 2006, the Auditors will be deemed reappointed and therefore Grant Thornton will continue in office.

In approving the Report of the Trustees, the Trustees are also approving the Strategic Report in their capacity as company directors.

ON BEHALF OF THE TRUSTEES

Margaret Hart Chair 5th October 2025

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Independent auditor’s report to the members of YHA (England and Wales)

96

Independent auditor’s report to the members of YHA (England and Wales)

Opinion

We have audited the financial statements of YHA (England and Wales) (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 28 February 2025, which comprise the Consolidated Statement of Financial Activities, Group and Parent Charitable Company balance sheets, 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 have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 and parent charitable company 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.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

97

Independent auditor’s report to the members of YHA (England and Wales)

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s and the parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the group’s and parent charitable company’s business model including effects arising from macroeconomic uncertainties such as cost of living and interest rates, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the group’s and parent charitable company’s financial resources or ability to continue operations over the going concern period.

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 and parent charity’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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual 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.

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 themselves. 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.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Independent auditor’s report to the members of YHA (England and Wales)

98

Opinion on other matters prescribed by the Companies Act 2006

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

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Report of the Trustees.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 90, 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 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

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

99

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

Independent auditor’s report to the members of YHA (England and Wales)

intend to liquidate the group or 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Independent auditor’s report to the members of YHA (England and Wales)

100

Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

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. 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.

Gillian Hobbs BA FCCA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Sheffield 5th October 2025

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

101

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Independent auditor’s report to the members of YHA (England and Wales)

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

102

Consolidated statement of financial activities

(incorporating the consolidated income and expenditure account)

Unrestricted Restricted Endowment Total Total
funds funds funds 2025 2024
Note £’000 £’000 £’000 £’000 £’000
Income
Income from charitable activities 6 48,106 — — 48,106 48,189
Income from trading activities (YHA Trading Limited) 14 6,400 — — 6,400 6,063
Donations, gifts and legacies 730 402 — 1,132 796
Grants receivable 5 — 3,468 — 3,468 463
Investment and similar income 7 151 19 — 170 163
Total income before net gain on disposal of tangible fixed assets 55,387 3,889 — 59,276 55,674
Net gain on disposal of tangible fixed assets 6,833 — — 6,833 5,512
Total income 62,220 3,889 — 66,109 61,186
Expenditure
Costs of charitable activities 9 56,267 3,994 — 60,261 58,728
Costs of trading activities (YHA Trading Limited) 9 4,740 — — 4,740 4,814
Fundraising 9 404 — — 404 412
Governance 9 207 — — 207 269
Total expenditure 61,618 3,994 — 65,612 64,223
Unrealised gains/(losses) on investments 24 — — 17 17 (18)
Realised gains in investments 24 — — 50 50 34
Net income/(expenditure) before tax and refinancing costs 602 (105) 67 564 (3,021)
Transfer between funds 25 4 (4) — — —
Net income/(expenditure) after transfers* 606 (109) 67 564 (3,021)
Other recognised losses
Actuarial loss on defined benefit pension scheme 23 (568) — — (568) (1,054)
Actuarial loss on multi-employer pension scheme 23 (267) — — (267) —
Net movement in funds (229) (109) 67 (271) (4,075)
Fund balances brought forward at 1 March 2024 7,323 3,923 1,036 12,282 16,357
Fund balances carried forward at 28 February 2025 26 7,094 3,814 1,103 12,011 12,282

All income was from continuing operations.

*Information up to and including net income/expenditure represents the information required by the Companies Act 2006. The accompanying accounting policies and notes form an integral part of these financial statements.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

103

Balance sheets

Group Company
2025 2024 2025 2024
Note £’000 £’000 £’000 £’000
Fixed assets
Tangible assets 12 61,403 71,271 61,403 71,271
Intangible fixed assets 13 692 545 692 545
Investments 14 1,103 1,036 1,104 1,037
63,198 72,852 63,199 72,853
Current assets
Stocks 15 293 293 293 293
Debtors 16 3,250 3,124 3,249 3,124
Cash at bank and in hand 28 11,973 9,108 11,973 9,108
15,516 12,525 15,515 15,525
Creditors: amounts falling due within one year 17 (60,125) (66,788) (61,573) (67,854)
Net current liabilities (44,609) (54,263) (46,058) (55,329)
Total assets less current liabilities 18,589 18,589 17,141 17,524
Creditors: amounts falling due after more than one year 19 (710) (929) (710) (929)
Provisions for liabilities 20 (1,676) (1,554) (1,676) (1,554)
Net assets excluding pension liability 16,203 16,106 14,755 15,041
Multi-employer pension scheme liability 23 (268) (120) (268) (120)
Defined benefit pension scheme liability 23 (3,924) (3,704) (3,924) (3,704)
Net assets/liabilities including pension liabilities 12,011 12,282 10,563 11,217
Funds
Endowments 24 1,103 1,036 1,104 1,037
Restricted funds 25 3,814 3,923 3,814 3,923
4,917 4,959 4,918 4,960
Unrestricted funds
Unrestricted funds excluding pension liability (7,165) (9,644) (8,614) (10,710)
Revaluation reserve 18,451 20,791 18,451 20,791
Pension reserve (4,192) (3,824) (4,192) (3,824)
Total unrestricted funds 7,094 7,323 5,645 6,257
Total charity funds 26 12,011 12,282 10,563 11,217

The financial statements were approved by the Board of Trustees on 5th October 2025.

Trustees

Company registration number: 00282555.

The accompanying accounting policies and notes form an integral part of these financial statements.

G Turnock

M Hart

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

104

Consolidated statement of cash flows

of cash flows
2025 2024
Note £’000 £’000
Cash flows from operating activities
Net cash provided by operating activities 27 98 648
Cash flows from investing activities
Investment income (including interest received) 7 170 163
Proceeds from sale of tangible fixed assets 14,778 16,903
Purchase of tangible fixed assets 12 (2,354) (4,877)
Purchase of intangible fixed assets 13 (354) (195)
Net cash provided by investing activities 12,240 11,994
Cash flows from financing activities
Repayment of borrowings (5,832) (10,632)
Capital element of finance lease rentals 30 — (130)
Interest paid 8 (3,641) (4,210)
Net cash used by financing activities (9,473) (14,972)
Change in cash and cash equivalents in the reporting period 2,865 (2,330)
Cash and cash equivalents at the beginning of the reporting period 9,108 11,438
Cash and cash equivalents at the end of the reporting period 28 11,973 9,108

The accompanying accounting policies and notes form an integral part of these financial statements.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

105

Notes to the financial statements

1. Company information

YHA is a company limited by Guarantee (company number 00282555). The registered office is Trevelyan House, Dimple Road, Matlock, Derbyshire DE4 3YH.

2. Basis of preparation

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards including 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) (effective 1 January 2019) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

YHA (England and Wales) meets the definition of a public benefit entity under FRS 102 and applied the sections in FRS 102 as applicable.

The financial statements are presented in Sterling £’000.

Going concern

Despite the challenging market conditions encountered during the year, our cashflows have remained strong throughout the period, significantly helped by the progress made on our hostel transition programme specifically with the sale of 19 hostels.

Back in May 2023 the Trustees approved our three-year Recovery Plan. This involves a concentrated focus on a smaller number of strategic hostels which will also help us to reduce our central overheads.

As part of this plan, we identified a number of hostels that would move away from being directly operated by YHA by being transferred to an alternative model operated by a franchise operator, or other independent party or be sold. Significant progress has been made on delivering this plan during the period with 19 hostels being sold.

Since the end of the financial year a further three hostels have been sold — YHA London Oxford Street, YHA Minehead and YHA Blaxhall. The sales proceeds from all the hostel sales have been used to repay some of our outstanding loans with HSBC with the remaining balances bolstering our cash reserves.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

106

2. Basis of preparation (continued)

Going concern (continued)

HSBC has continued to support YHA over the last year and we have now put in place a further extension to the loan that takes us to 31 August 2027.

The Trustees have reviewed our reserves policy and agreed that given the current market conditions and to ensure there are sufficient cash balances to meet our ongoing liabilities and unforeseen financial difficulties that the charity would endeavour to maintain cash reserves of between £6.75m and £7.5m during the year.

The Trustees have also assessed our ability to continue as a going concern. The Trustees have considered several factors when forming their conclusion including a review of updated forecasts to 31 October 2026, a consideration of key risks, including the appropriateness of the hostel disposal programme, the ability to secure the required reductions in our central services cost base and the impact of changing economic factors such as inflation and interest rates that could impact the charity and the latest management information available. This included a number of downside financial sensitivities, incorporating reduced trading, incremental costs, and delays to the hostel transition programme. A more extreme worse case scenario, sometimes referred to as a reverse stress test, was also produced, and this removed some of the higher value hostel sales proceeds from the cash forecasts and assumed no reductions in interest rates over the forecast period.

The Trustees have concluded that the charity will be able to meet its liabilities for a period of at least 12 months as they fall due and have plans and resources to manage its business risks successfully and consider it is appropriate for the financial statements to be prepared using a going concern basis.

Basis of consolidation

The group financial statements consolidate those of YHA and of its subsidiary undertaking (see note 14). Subsidiaries are defined as entities where the parent charity has control and derives financial benefit and are consolidated on a line-by-line basis.

3. Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts 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. Items in the financial statements where these judgements, estimates and assumptions have been made include:

Retirement benefit schemes

The determination of the pension cost and defined benefit obligation of the Group’s defined benefit pension schemes depends on the selection of certain assumptions which include the discount rate, inflation rate, salary growth and mortality. Differences arising from actual experience or future changes in assumptions will be reflected in subsequent periods.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

107

Notes to the financial statements

3. Significant judgements and estimates (continued)

Retirement benefit schemes (continued)

Note 23 provides information on the assumptions used in these financial statements.

The Group also participates in a multi-employer defined benefit scheme, which is accounted for as a defined contribution scheme, administered by The Pensions Trust, who are responsible for the above assumptions in relation to determining the total liability of the overall scheme. As a participating employer, the YHA’s share and contribution to the liabilities of the scheme is reviewed and agreed by the Trustees every three years. Under the provisions of FRS 102 this liability is included in these statements on a discounted net present value basis. Further details on the accounting policies relating to the multi-employer defined benefit scheme are provided in notes 4 and 23.

Provisions

These financial statements include provisions for liabilities as at 28 February 2025 that have arisen as a result of a past event, and that are judged probable to materialise at a future date. Where precise factual valuations of the liability are not available, judgement has been used to estimate the size and probability of the liability. Specifically, these provisions include estimates of dilapidation liabilities under property leasehold contracts and are stated on a net present value basis.

Assets under construction

These represent spend and work-in-progress on partially complete assets that are not in productive use in the business. This will principally be (but not exclusively) major refurbishment and development projects in YHA’s estate portfolio and business systems/ IT infrastructure projects. Where projects stretch over more than one year the values are reviewed to ensure that the spend still represents a tangible or intangible asset.

Grants

The recognition of grants and capital contributions in these financial statements involves judgements as to whether performance or other relevant entitlement conditions have been met. The recognition of grants in restricted funds involves a judgement as to the Useful Economic Life of the asset to which it relates.

4. Principal accounting policies

Income

Income generated from the operation of youth hostels represents the fair value of the amount receivable by YHA for goods supplied and services provided, excluding value added tax and net of trade discounts. Consequently, the income due from a particular guest is recognised when that guest stays with YHA. Payment received from guests in advance of their stay is recorded as deferred income (see note 18).

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

108

4. Principal accounting policies (continued)

Income (continued)

Membership income is recognised over the life of the membership.

Where hostels have been leased to organisations to provide accommodation for charitable purpose these amounts have been recognised as income.

Income from YHA Trading Limited represents commercial goods supplied and services provided by that YHA company to its customers and income is recognised when the goods or services are delivered. Donations, gifts and legacies are recognised in the statement of financial activities when it is probable that the income will be received, and all entitlement conditions will be met.

The Charity carries out work for government bodies and income under these contracts is recognised once milestones attached to income have been met. Incoming resources on government contracts are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.

In accordance with the Charities SORP (FRS 102), the value of services provided by volunteers is not recognised within these accounts. Information about the valued contribution made by volunteers to the organisation is provided elsewhere in the annual report.

Grants

Revenue grants are credited as incoming resources when they are receivable provided conditions for receipt have been complied with, unless they relate to a specified future period, in which case they are deferred.

Grants for the purchase of fixed assets are credited to restricted incoming resources when receivable.

Income from investments

Investment income is recognised when receivable.

Endowments

Endowment income is credited to the income and expenditure account on a receivable basis. Income from restricted endowments not expended in accordance with the restrictions of the endowment, is transferred from the income and expenditure account to restricted endowments. Any realised gains and losses are retained within the endowment in the balance sheet.

Restricted permanent endowment

This relates to funds where the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

109

Notes to the financial statements

4. Principal accounting policies (continued)

Endowments (continued)

Restricted expendable endowment

This relates to funds which were permanent endowments but given the small scale of the specific individual funds, agreement was received from the Charities Commission that these could be spent in line with the original objective of each fund.

Fund accounting

Restricted funds are those for which specified purposes were laid down by the donor or grantgiving body. Expenditure for those purposes is charged to the appropriate fund.

Unrestricted funds are donations and other income received or generated for expenditure on the general objectives of YHA.

When grants and donations are received for a specific purpose involving capital investment, the cash will be recorded against a restricted fund. When the investment has been made, the relevant capital asset will be recorded against the relevant fund, and depreciation of the asset charged against the fund. Once any restrictions on the use of the asset have expired, the asset will be transferred from the restricted fund to YHA’s unrestricted funds.

Tangible and intangible fixed assets

Fixed asset accounting policy

Tangible and intangible fixed assets are stated at cost, net of depreciation. No depreciation is charged during the period of development or construction.

Depreciation is calculated to write down the cost or estimated residual value of all tangible fixed assets over their expected useful lives. All depreciation is on a straight-line basis, and assets are amortised as follows:

Freehold properties : land not amortised Freehold properties : buildings superstructure up to 50 years Freehold properties : buildings sub-structure / other between 10 and 30 years Leasehold properties : long term leases: market value over length of lease Leasehold properties : building shorter of economic life or length of lease Fixtures & Fittings : between 3 and 15 years Intangible assets : up to 4 years

Assets under construction represent spend and work-in-progress on partially complete assets that are not in productive use in the business. This will principally be (but not exclusively) major refurbishment and development projects in YHA’s estate portfolio and business systems/ IT infrastructure projects.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

110

4. Principal accounting policies (continued)

Tangible and intangible fixed assets (continued)

Fixed asset accounting policy (continued)

Assets under construction are carried at cost and are not depreciated until they come into use and are capitalised in the asset register. Where the date of capitalisation is later than the date of productive use, a retrospective depreciation adjustment is made to correct Net Book Value (NBV).

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.

Investment in subsidiaries

The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Investments

Assets held for investment purposes are measured at fair value. Changes in fair value are recognised in the income and expenditure accounts. Fair value is estimated using value at the balance sheet date.

Net gains and losses on revaluations and disposals during the year are included in the statement of financial activities.

Expenditure

Expenditure, which is charged on an accruals basis, is allocated between:

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

111

Notes to the financial statements

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

4. Principal accounting policies (continued)

Staff costs

A range of benefits are provided to employees, including paid holiday arrangements and defined benefit and or defined contribution pension plans. Short term benefits including holiday pay and other similar costs are recognised as an expense in the period in which the service is received.

Redundancy and termination payments

All redundancy and termination payments, including ex-gratia payments and amounts in lieu of notice are charged or accrued as incurred.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Provisions for liabilities

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the SOFA in the period it arises.

The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employers are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

112

4. Principal accounting policies (continued)

Financial instruments

Financial liabilities are classified according to the substance of their governing contractual arrangements.

Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the statement of financial activities. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Financial liabilities are initially recognised at fair value then subsequently at amortised cost using the effective interest method.

Stocks

Stocks are stated at the lower of cost using the first in, first out method and net realisable value.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring income and expenditure. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Rentals payable under operating leases are charged to the SOFA on a straight-line basis over the lease term, unless the rental payments are structure to increase in line with expected general inflation, in which case the group recognises annual rent expense equal to amounts owed to the lessor.

The aggregate benefit of lease incentives is recognised as a reduction to the expense recognised over the lease term on a straight-line basis.

Retirement benefits

Defined contribution group personal pension schemes

Contributions payable to the schemes in respect of each accounting period are included in the statement of financial activities in that period.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

113

Notes to the financial statements

4. Principal accounting policies (continued)

Retirement benefits (continued)

Defined benefit pension scheme (closed)

The scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the attained age method on the basis of triennial valuations and are discounted at appropriate high-quality corporate bond rates. The net surplus or deficit is presented separately from other net assets on the balance sheet. A net surplus would only be recognised to the extent that it is recoverable by the group.

The current service cost and costs from settlements and curtailments are included in the statement of financial activities. Past service costs are spread over the period until the benefit increases vest. The difference between interest on the scheme liabilities and the expected return on scheme assets is included in interest payable or investment income as appropriate. Actuarial gains and losses are reported in the consolidated statement of financial activities.

Multi-employer defined benefit scheme

YHA participates in a multi-employer scheme, administered by The Pensions Trust, which provides benefits for 650 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for YHA to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, YHA accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a “last person” standing arrangement. Therefore, the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

Where the scheme is in deficit and where YHA has agreed to a deficit funding arrangement, YHA recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Gift aid payment to parent charity

The trading company pays all its taxable profits for the year to its parent charity under the gift aid scheme. These gift aid payments are recognised as distributions to owners in equity within retained earnings.

At the reporting date the Board had indicated its intention to pay the taxable profits to the parent charity in respect of the reporting period. The payment is expected to be made within nine months of the end of the reporting date.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

114

5. Grants and contracts

Grants and contracts
Other grants
Grants receivable in the year		 2025
2025
restricted
restricted
funds
funds
Total
Total
(capital)
(other)
2025
2024
£’000
£’000
£’000
£’000
159
3,309
3,468
972
159
3,309
3,468
972

All grants receivable in the year related to restricted funds (see note 25).

Other grants totalling £3,308,619 were received from a range of organisations including the Department for Environment, Food and Rural Affairs for the Generation Green programme (£2,984,363), Sport England (£138,160), the UK Youth Fund (£42,977), Heritage Fund (£41,862) and Pilgrims Trust (£35,674).

6. Charitable income

Charitable income
Income from operating youth hostels
Membership income received directly by the group
Total income from operating youth hostels		 2025
2024
£’000
£’000
46,890
47,119
1,216
1,070
48,106
48,189

7. Investment income

Investment income
Listed stocks and shares
Cash and deposits		 2025
2024
£’000
£’000
19
25
151
138
170
163

8. Interest and financing costs

Interest and financing costs
Net pension cost
On bank loans, overdrafts and other loans
Financing costs amortised		 2025
2024
£’000
£’000
179
142
3,641
4,111
—
99
3,820
4,352

Interest payable is included within other direct costs (see note 9).

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

115

9. Total expenditure

Due to the structure of YHA it is considered that any allocation of support costs from costs of operating youth hostels would be immaterial.

Direct Other
staf direct Total Total
costs costs Depreciation 2025 2024
£’000 £’000 £’000 £’000 £’000
Costs of operating youth hostels 24,923 30,854 4,484 60,261 58,728
Costs of operating YHA Trading Ltd 2,703 2,037 — 4,740 4,814
Other fundraising costs 379 25 — 404 412
Other costs — governance costs — 207 — 207 269
Total expenditure 28,005 33,123 4,484 65,612 64,223
Total Total
2025 2024
£’000 £’000
Depreciation comprises:
Depreciation on owned tangible assets 3,951 4,056
Depreciation on owned intangible assets 207 218
Depreciation on tangible assets held under finance lease — 15
Impairment on owned tangible assets 326 —
4,484 4,289
Other direct costs comprise:
Repairs and maintenance of buildings — ongoing 4,061 3,680
Repairs and maintenance of buildings — dilapidation provision 92 64
Fuel, heat and light 3,344 4,122
Food and beverage costs 5,443 5,633
Activity and transport providers 770 769
Restructuring costs (including redundancy) 286 257
Travel 658 723
Communication costs 502 528
Cleaning and laundry 2,899 3,070
Interest payable 3,820 4,352
Marketing and publications 784 645
Insurance 740 691
Auditors’ remuneration — audit for the year 104 110
Auditors’ remuneration — audit for prior year recognised in the current year 8 31
Auditors’ remuneration — non-audit services taxation (inc.IXBRL) 8 8
Auditors’ remuneration — non-audit services grant assurance work 9 —
Operating lease rentals — land and buildings 2,420 2,280
Operating lease rentals — fixtures & fittings 899 1,123
Other direct costs 6,275 4,340
33,122 32,426

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

116

10. Trustees and employees

All Directors are Trustees and all Trustees are Directors.

Staf costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Redundancy costs		 Group
2025
2024
£’000
£’000
24,161
23,551
1,861
1,774
858
840
126
266
27,006
26,431

The average number of employees of YHA during the year was 1,110 (2024: 1,164). The full-time equivalent number of employees was 636 (2024: 669).

The annual salary of the Chief Executive in 2024/25 was £134,918 per annum (2024: £133,397). The Chief Executive is not a Trustee of the charity. The Chief Executive used payroll giving to make charitable donations to YHA totalling £5,658 in the year.

The Board of Trustees neither received nor waived any emoluments during the year (2024: £nil).

Total redundancy and termination payments during the year were recognised as an expense. Included in the redundancy costs are compensation payments of £52,388 (2024: £92,860) made to six employees. Where redundancy, termination and compensation payments were made they were managed in line with policy and authorised appropriately.

The number of other staff whose total emoluments, including termination payments, for the year exceeded £60,000 was as follows:

2025 2024
£60,000 – £69,999 11 10
£70,000 – £79,999 3 4
£80,000 – £89,999 2 4
£90,000 – £99,999 — 1
£100,000 – £109,999 1 —
£110,000 – £119,999 1 2
£120,000 – £129,999 — —
£130,000 – £139,999 1 1
£140,000 – £149,999 — —
£150,000 – £159,999 — —
£160,000 – £169,999 — —
£170,000 – £179,999 — 1

During the year YHA awarded a pay review to staff of 3%. Overall, the size of the Executive and the senior leadership team reduced in the year as part of wider changes.

YHA made payments totalling £320,027 (2024: £46,730) into defined contribution schemes for 17 (2024: 17) of these employees.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

117

10. Trustees and employees (continued)

The key management personnel of the parent charity, the Trust, comprised the Trustees, the Chief Executive, two Executive Directors and the Finance Director. The total earnings, including benefits and employer pension contributions, of these key management personnel of YHA were £513,146 (2024: £633,688).

Out of pocket expenses were reimbursed to Trustees as follows:

2025 2024 2025 2024
number number £’000 £’000
Travel and attendance at meetings 23 13 2 2

During the year no goods were purchased from companies in which Trustees held an interest. No amounts were owing to such companies at the end of the financial year.

The remuneration of the key management personal is determined by the Board’s Remunerations Committee. In determining this, the Committee makes use of external consultations and comparisons to ensure that the pay and emoluments of YHA staff are fair in value to those having similar responsibilities and circumstances in organisations in the not for profit and commercial sectors. Salaries are set at the lower quartile of recognised industry wide benchmark surveys.

11. Charitable company results

The charitable company has taken advantage of Section 408 of the Companies Act 2006 and has not included its own income and expenditure account in these financial statements. The results of YHA are summarised below:

results of YHA are summarised below:
Total income
Total expenditure:
Net (expenditure)
Net investments gains
Net (expenditure)		 2025
2024
£’000
£’000
59,709
55,123
(60,871)
(59,409)
(1,162)
(4,286)
67
16
(1,095)
(4,270)

During the year the charitable company received a gift aid donation amounting to £1,276,961 (2024: £1,010,000) from its trading subsidiary.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

118

12. Tangible fixed assets (group and company)

Cost
At 1 March 2024
Transfers
Additions
Disposals
At 28 February 2025
Depreciation
At 1 March 2024
Transfers
Provided in the year
Impairment
Disposals
At 28 February 2025
Net book amount
At 28 February 2025
At 29 February 2024		 Long
Short
Fixtures,
Assets
Freehold
leasehold
leasehold
fitting &
under
L&B
L&B
L&B
equipment
construction
Total
£’000
£’000
£’000
£’000
£’000
£’000
77,100
22,405
22,575
19,735
1,021
142,836
662
—
22
103
(787)
—
1,511
244
248
178
173
2,354
(7,331)
(5,225)
(413)
(7,231)
—
(20,200)
71,942
17,424
22,432
12,785
407
124,990
28,644
9,244
16,372
17,305
—
71,565
(4)
4
—
—
—
—
2,032
640
675
604
—
3,951
—
144
153
29
—
326
(3,916)
(899)
(411)
(7,029)
—
(12,255)
26,756
9,133
16,789
10,909
—
63,587
45,186
8,291
5,643
1,876
407
61,403
48,456
13,161
6,203
2,430
1,021
71,271

All tangible fixed assets were used for charitable purposes.

Tangible fixed assets with a carrying value of £52,050,000 (2024: £59,726,000) (corresponding to freehold land and buildings) are charged as security for the charity’s bank loan.

The net book amounts stated above include freehold property held under finance leases and similar hire purchase contracts of £925,000 (2024: £925,000).

Depreciation of assets held under finance leases and similar hire purchase contracts was £nil (2024: £15,000) on freehold property.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

119

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

Notes to the financial statements

13. Intangible fixed assets (group and company)

Cost
At 1 March 2024
Transfer
Additions
At 28 February 2025
Depreciation
At 1 March 2024
Provided in the year
At 28 February 2025
Net book amount
At 28 February 2025
At 29 February 2024		 Assets
Software
under
Total
£’000
construction
£’000
1,863
90
1,953
90
(90)
—
309
45
354
2,262
45
2,307
1,408
—
1,408
207
—
207
1,615
—
1,615
647
45
692
455
90
545

The depreciation for the above is reported under depreciation on owned intangible assets under note 9.

14. Fixed asset investments

Total fixed asset investments comprise:

Interest in group undertakings
Other fixed asset investments
Market value		 Group
Company
2025
2024
2025
2024
£’000
£’000
£’000
£’000
—
—
1
1
1,103
1,036
1,103
1,036
1,103
1,036
1,104
1,037

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

120

14. Fixed asset investments (continued)

Interests in group undertaking

At 28 February 2025 the charitable company held 100% of the allotted share capital of the following:

following:
Result
for the
Country of Class of share Company Capital and financial
incorporation capital held number reserves period
£ £
England and Ordinary
YHA Trading Limited Wales shares 05373368 100 1,276,961
£’000
YHA Trading Limited
Turnover 6,400
Expenditure (4,740)
Result for the period before tax 1,660

Other fixed asset investments

Group and company

Market value as at 1 March 2024
Additions
Disposals
Realised loss
Unrealised gain
Market value at 28 February 2025		 £’000
1,036
271
(295)
16
75
1,103

At 28 February 2025 the other fixed asset investments were held as follows:

Listed stocks and shares
Cash
Market value at 28 February 2025		 2025
2024
£’000
£’000
1,085
1,030
18
6
1,103
1,036

There were no specific investments that represented more than 5% of the portfolio by market value.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

121

15. Stocks

Group and company

Group and company
Goods for resale 2025
2024
£’000
£’000
293
293

16. Debtors

Group and company

Group and company
Trade debtors
Prepayments and accrued income
Other debtors		 2025
2024
£’000
£’000
658
441
974
1,327
1,618
1,356
3,250
3,124

17. Creditors: amounts falling due within one year

Bank loans
Trade creditors
Amounts due to group undertakings
Social security and other taxes
Other creditors
Accruals
Deferred income (note 18)		 Group
Company
2025
2024
2025
2024
£’000
£’000
£’000
£’000
42,737
48,569
42,737
48,569
1,752
2,153
1,752
2,153
—
—
1,449
1,066
1,938
2,100
1,938
2,100
238
209
238
717
2,708
2,780
2,707
2,780
10,752
10,977
10,752
10,469
60,125
66,788
61,573
67,854

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

122

18. Deferred income

Group and company

Group and company
At 1 March 2024
Released during year
Deferred during year
At 28 February 2025
The deferred income consists of:
Advance bookings
Un-allocated cash receipts
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year		 2025
2024
£’000
£’000
11,848
10,120
(11,848)
(10,120)
11,408
11,848
11,408
11,848
11,364
11,630
44
218
11,408
11,848
10,752
10,977
656
871
11,408
11,848

19. Creditors: amounts falling due after more than one year

Group and company

Group and company
Deferred income
Other amounts		 2025
2024
£’000
£’000
656
871
54
58
710
929

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

123

Notes to the financial statements

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

20. Provision for liabilities

Balance at 1 March 2024
Released during the year
Arising in the year
Balance at 28 February 2025		 General
Dilapidation
Total
provisions
provision
provisions
£’000
£’000
£’000
49
1,505
1,554
(49)
—
(49)
79
92
171
79
1,597
1,676

The general provision includes the holiday balances accrued as a result of services rendered in the current period and which employees are entitled to carry forward.

The dilapidations provision represents obligations for rented properties, assessed at the time of the lease in accordance with FRS 102 and reviewed by the director of property to determine whether there should be an increase to the provision for each lease each year.

21. Bank loans

Bank loans are repayable as follows:

Group and company 2025
Bank loans
Other loans
Finance leases
Total borrowing		 After one
After two
year and
years and
Within one
within two
within five
After five
year
years
years
years
Total
£’000
£’000
£’000
£’000
£’000
42,737
—
—
—
42,737
—
—
—
—
—
—
—
—
—
—
42,737
—
—
—
42,737

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

124

21. Bank loans (continued)

Group and company 2025

Bank loans
Other loans
Finance leases
Total borrowing		 After one
After two
year and
years and
Within one
within two
within five
After five
year
years
years
years
Total
£’000
£’000
£’000
£’000
£’000
48,569
—
—
—
48,569
—
—
—
—
—
—
—
—
—
—
48,569
—
—
—
48,569

The bank loans are secured by fixed charges over certain properties of YHA and a floating charge over all the assets of YHA. Interest (excluding margin) is charged at variable rates.

The loan with HSBC matures on 31 December 2025.

22. Financial instruments

Financial instruments
Group
Financial assets measured at amortised cost
Trade debtors
Other debtors
Cash
Financial liabilities measured at amortised cost
Bank loans
Trade creditors
Accruals		 2025
2024
£’000
£’000
658
441
1,618
1,356
11,973
9,108
14,249
10,905
2025
2024
£’000
£’000
42,737
48,569
1,752
2,153
2,707
2,780
47,196
53,502

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

125

Notes to the financial statements

23. Retirement benefits

Group and company

Historically YHA has operated a number of different Pensions Schemes:

A final salary defined benefit scheme administered by the Pensions Trust. This scheme is now closed but the residual liabilities of this scheme are disclosed within our accounts in line with FRS 102 Section 28 definitions.

YHA employees also had the opportunity to join the Pensions Trust Growth Plan. This is a multi-employer scheme which has progressed through four versions (or Series).

Although set up as defined contribution schemes, because of the guaranteed benefits they offered, Series 1 & 2 have subsequently been deemed to be defined benefit schemes. Series 3 which carried a guarantee that the value of investments would not fall, has also now be re-classified as a defined benefit scheme. Only Series 4 can be classified as a defined contribution scheme. Although Series 1 to 3 are defined benefit schemes as defined within FRS 102 Section 28, YHA is unable to identify its share of the underlying assets and liabilities of the schemes. Accordingly, the contributions have been accounted for as if they were defined contribution schemes.

YHA operates a defined contribution scheme administered by Scottish Widows as well as the auto enrolment pension scheme for all new employees (and for those existing employees who were not members of either the Growth Plan or the defined contribution scheme). All auto enrolment contributions are paid into the People’s Pension administered by People’s Partnership.

Defined benefit pension scheme

YHA operated a defined benefit pension scheme for the benefit of staff. The assets of the scheme are administered by Trustees in funds independent from those of YHA and its subsidiary undertaking.

Pension costs are assessed, on a triennial basis and in accordance with the advice of a qualified actuary using the projected unit method. The assumptions, which have had the most significant effect on the results of this year’s valuation are those relating to the assumed discount rate used to value the scheme’s liabilities, the rate of return on investments and the rates of increase in salaries and pensions.

In order to minimise future liabilities, the scheme was closed to new entrants at 31 December 2002, and to future accrual from 31 December 2011.

A full actuarial valuation was carried out at September 2023, which showed that the value of those assets was sufficient to cover 75% of the benefits that had accrued to members, after allowing for expected future increases in earnings.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

126

23. Retirement benefits (continued)

Pension cost

The charge for the year was as follows:

The charge for the year was as follows:
Defined benefit scheme — expenses
Defined contribution pension schemes
Multi-employer defined benefit scheme
Net (expenditure)		 2025
2024
£’000
£’000
88
88
561
548
297
292
946
928

Included within the multi-employer defined benefit scheme contributions above are amounts of £601,774 (2024: £576,087) relating to additional contributions as part of the recovery plan agreed with the Pension Trust.

The above charge is exclusive of top up contributions for the final salary pension scheme of £291,060 (2024: £286,466).

In accordance with FRS 102 the net pension liability of the defined benefit scheme is included on the balance sheet of YHA. The most recent actuarial valuation of the scheme has been updated by an independent qualified actuary, taking account of the requirements of FRS 102 to assess the liabilities of the scheme at 28 February 2025. Scheme assets are stated at their market value.

The principal assumptions used by the actuary were:

The principal assumptions used by the actuary were:
2025 2024 2023 2022
Inflation CPI 2.8% 2.8% 2.9% 3.3%
Rate of increase in salaries 3.0% 4.0% 5.0% 3.6%
Rate of increase of pensions 2.7% 2.7% 2.8% 3.1%
Rate of increase for deferred pensions 3.1% 3.2% 3.2% 3.6%
Discount rate 5.5% 5.2% 5.1% 2.6%

The post-retirement mortality assumptions used to value the liability at 28 February 2025 is based on the SAPS table S3PXA (all pensioners – Pensions Amounts) with a scaling factor of 0% (pre-retirement) and 116% (post-retirement) projected using CMI-2023 improvements with a 1.5% pa long term improvement rate for males and a 1.25% long term improvement rate for females.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

127

Notes to the financial statements

23. Retirement benefits (continued)

The split of assets in the scheme and the expected long-term rates of return were:

Equities
Bonds
Property
LDI
Other
Total market value of assets
Present value of scheme liabilities
Net pension liability		 2025
2024
2023
2022
value
value
value
value
£’000
£’000
£’000
£’000
474
1,232
456
2,656
5,583
1,673
1,730
4,945
766
1,426
1,683
1,977
4,476
6,852
6,615
8,312
3,994
4,788
5,835
7,170
15,293
15,971
16,319
25,060
(19,217)
(19,675)
(19,378)
(28,166)
(3,924)
(3,704)
(3,059)
(3,106)

The movement in the deficit in the year, included in the financial statements, was as follows:

Contributions
Additional contributions
Net contributions less expenses of the scheme
Expected return on pension scheme assets
Interest on pension scheme liability
Actuarial loss (see below)
Deficit in scheme at beginning of year
Deficit in scheme at end of year
Actual return less expected return on pension scheme assets
Experience gains and losses arising on the scheme liabilities
Changes in the assumptions underlying the present value of the scheme liabilities
Actuarial (losses)/gains		 2025
2024
£’000
£’000
88
88
602
576
690
664
(164)
(113)
822
827
(1,001)
(969)
347
409
(568)
(1,054)
(221)
(645)
(3,704)
(3,059)
(3,924)
(3,704)
(1,165)
(1,001)
(41)
(982)
638
929
(568)
(1,054)

The net of the expected returns on pension scheme assets and interest on pension scheme liabilities of £179,000 (2024: £142,000) is shown in interest payable. Changes in the present value of the defined benefit obligation are as follows:

value of the defined benefit obligation are as follows:
Opening defined benefit obligation at 1 March
Interest cost
Actuarial (gains)/losses
Benefits paid
Closing defined benefit obligation at 28 February		 2025
2024
£’000
£’000
19,675
19,378
1,001
969
(597)
53
(862)
(725)
19,217
19,675

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

128

23. Retirement benefits (continued)

Changes in the fair value of plan assets are as follows:

2025 2024
£’000 £’000
Opening fair value of scheme assets at 1 March 15,971 16,319
Expected return 822 827
Expenses (164) (113)
Actuarial losses (1,165) (1,001)
Employer contributions 690 664
Benefits paid (862) (725)
Closing fair value of scheme assets at 28 February 15,292 15,971
2025 2024 2023 2022
£’000 £’000 £’000 £’000
Fair value of scheme assets at 28 February 15,292 15,971 16,319 25,060
Present value of defined benefit obligation at 28 February (19,217) (19,675) (19,378) (28,166)
Deficit in the scheme (3,924) (3,704) (3,059) (3,106)
Experience adjustments on scheme assets (1,165) (1,001) (9,310) 1,641
Experience adjustments on scheme liabilities (41) (982) (1,504) (150)

Multi-employer defined benefit scheme

Under the definition set out in FRS 102, the Pensions Trust Growth Plan Series 1, 2 and 3 are multi-employer pension schemes. YHA is unable to identify its share of the underlying assets and liabilities of the schemes. Accordingly, the contributions have been accounted for as if they were defined contribution schemes.

Schemes 1 and 2 closed to new members in 2001, members of scheme 3 have the opportunity to remain in the scheme or join the Scottish Widows defined contribution scheme. The last actuarial valuation concluded and published by the Pensions Trust was at 30 September 2023. The assets and liabilities and comparison to the previous triennial valuation in September 2020 were as follows:

2020 were as follows:
30 September 30 September
2023 2020
£ million £ million
Assets 515.0 800.3
Present value of liabilities (531.0) (831.9)
Deficit (16.0) (31.6)

As part of the 2023 valuation, the Pension Trustee agreed a change to the scheme’s investment strategy. The expected investment return is based on Gilt yields plus 1.35% per annum, up from Gilt yields plus 1.05%.

The liabilities of £531.0m include an amount of £19.0m to fund a reserve for future scheme expenses.

The deficit of £16.0 million represents a funding level of 97%.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

129

23. Retirement benefits (continued)

Multi-employer defined benefit scheme (continued)

As part of the 2023 valuation a new recovery plan has been agreed to remove the scheme’s deficit of £16.0m. This will take effect from 1 April 2025 and the new recovery plan end date is 31 March 2028.

Multi-employer Pension Scheme movements

Multi-employer Pension Scheme movements
Balance at 1 March
Paid in the year
Interest expense
Decrease in liability
Balance at 28 February		 2025
2024
£’000
£’000
120
244
(122)
(133)
3
9
267
—
268
120

In May 2022 we were notified by the Trustee of our Schemes that it has performed a review of the changes made to the benefits of both the defined benefit and multi-employer defined benefit schemes over the years and the result is that there is uncertainty surrounding some of these changes. The Trustee has been advised to seek clarification from the Court on these items. This process is ongoing, and the matter is unlikely to be resolved before late 2025 at the earliest. It is recognised that this could potentially impact the value of Scheme’s liabilities, but until Court directions are received, it is not possible to calculate the impact of this issue with any accuracy at this time. No adjustment has been made in these financial statements in respect of this potential issue.

24. Endowments

Permanent endowments

Group

Wilderhope Funds
Richards Bequest
Peter Grant Fund
Peter Grant Endowment Fund
Merseyside YH Golden Jubilee Trust
Expendable endowments		 At 28
At 1 March
Realised
Unrealised
February
2024
gain
gain
2025
£’000
£’000
£’000
£’000
138
2
8
148
427
8
24
459
84
2
4
90
106
2
5
113
136
—
1
137
891
14
42
947
145
3
8
156
1,036
17
50
1,103

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

130

24. Endowments (continued)

Permanent endowments (continued)

The Wilderhope Manor Fund and the Wilderhope Fund were created to provide financial support for the continuing use of Wilderhope Manor as a youth hostel.

The Richards Bequest generates income to pay for providing “various equipment for inside and outside sports & games, and material for handicrafts”.

The Peter Grant funds were given to generate income for the maintenance of our hostels, (the endowment fund) and to give disadvantaged youngsters the opportunity to experience YHA.

The Merseyside Youth Hostel Golden Jubilee Trust endowment provides assistance, financial or otherwise to “enable needy or disabled young persons to enjoy the benefits of youth hostelling activities”.

Also included in the company are investments in YHA Trading Limited of £100.

25. Restricted funds

Group and company

Group and company
Breaks 4 Kids/No Child Left Behind
Small hostels fund
Capital grants and donations
Revenue grants and donations
Other
Restricted funds (capital)
Restricted funds (other)		 Transfers
to/from
At 28
At 1 March
Incoming
unrestricted
February
2024
resources
Expenditure
fund
2025
£’000
£’000
£’000
£’000
£’000
293
396
(466)
—
223
387
6
(50)
—
343
3,065
159
(118)
—
3,106
15
3,309
(3,310)
—
14
163
20
(50)
(4)
128
3,923
3,889
(3,994)
(4)
3,814
2025
2024
£’000
£’000
3,106
3,065
708
858
3,814
3,923

The Breaks fund has been a long-standing fundraising appeal designed to give financial support to groups of disadvantaged youngsters and provide the opportunity of a stay with YHA. Over the last few years we extended this project for our No Child Left Behind appeal.

The Small Hostels Fund is supplemented by donations and legacies from people wishing to support the maintenance and development of YHA’s small rural hostels. Donations of £6,000 (2024: £67,000) were gratefully received in the year with £50,000 being spent from the fund this year to support the refurbishment of a number of hostels throughout the network.

During the year capital grants of £159,000 (2024: £102,000) were received.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

131

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

Notes to the financial statements

26. Analysis of net assets between funds

Group

Tangible fixed assets
Intangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Pension liability — Defined benefit
— Multi-employer		 Unrestricted
Realised
Endowment
funds
funds
funds
Total
£’000
£’000
£’000
£’000
58,297
3,106
—
61,403
692
—
—
692
—
—
1,103
1,103
14,808
708
—
15,516
(60,125)
—
—
(60,125)
(2,386)
—
—
(2,386)
(3,924)
—
—
(3,924)
(268)
—
—
(268)
7,094
3,814
1,103
12,011
Company
Tangible fixed assets
Intangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Pension liability — Defined benefit
— Multi-employer		 Unrestricted
Realised
Endowment
funds
funds
funds
Total
£’000
£’000
£’000
£’000
58,297
3,106
—
61,403
692
—
—
692
—
—
1,104
1,104
14,808
708
—
15,515
(61,573)
—
—
(61,573)
(2,386)
—
—
(2,386)
(3,924)
—
—
(3,924)
(268)
—
—
(268)
5,646
3,814
1,104
10,563

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

132

27. Reconciliation of net income/(expenditure) to net cash flow from operating activities

cash flow from operating activities
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)
Adjustments for:
Depreciation
Impairment losses
Pension contributions to reduce liabilities
Pension cost expenses non cash
Pension net interest non cash
Borrowings — non cash items (amortisation)
Gains on investments
Gains on sale of tangible fixed assets
Interest charge
Investment income — cash element
Increase in stock
Increase in debtors
(Decrease)/increase in creditors
Increase in provisions
Net cash provided by operating activities		 2025
2024
£’000
£’000
565
(3,021)
4,158
4,289
326
—
(892)
—
164
113
179
142
—
99
(67)
(16)
(6,833)
(5,512)
3,641
4,210
(170)
(163)
—
(13)
(125)
(485)
(970)
984
122
21
98
648

28. Analysis of cash and cash equivalents

Cash in hand

2025 2024
£’000 £’000
11,973 9,108

29. Reconciliation of net cash outflow to movement in net debt

Increase/(decrease) in cash
Cash inflow from movement in debt and lease financing
Change in net debt resulting from cashflows
Non cash changes
Movement in net debt
Net debt at 1 March
Net debt at 28 February		 Group
2025
2024
£’000
£’000
2,865
(2,330)
5,832
10,663
8,697
8,333
—
—
8,697
8,333
(39,461)
(47,794)
(30,764)
(39,461)

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

133

Notes to the financial statements

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

30. Analysis of changes in net debt

Cash in hand and at bank
Debt due within one year
Debt after more than one year
Finance leases
Cash in hand and at bank
Total borrowing & finance leases		 At 28
At 1 March
Non-cash
February
2024
Cash flows
changes
2025
£’000
£’000
£’000
£’000
9,108
2,865
—
11,973
(48,569)
5,832
—
(42,737)
—
—
—
—
—
—
—
—
(39,461)
8,697
—
(30,764)
9,108
2,865
—
11,973
(48,569)
5,832
—
(42,737)
(39,461)
8,697
—
(30,764)

31. Capital commitments

Capital commitments
2025 2024
£’000 £’000
Contracted for but not provided for in these financial statements 149 251

Capital commitments are included for any remaining expenditure required to complete major projects. This is intended to reflect YHA’s commercial intent and any material commitments to full completion of these projects and may be in excess of the contractually binding liability as at 28 February 2025.

32. Leasing commitments

Operating lease and rental payments fall due as follows:

Group and company

Group and company

In one year or less
Between one and five years
Between five and twenty-five years
Twenty-five years or more		 2025
2024
Land and
Land and
buildings
Other
buildings
Other
£’000
£’000
£’000
£’000
2,277
102
2,367
816
9,464
175
9,502
121
58,352
—
58,363
—
96,874
—
100,881
—
166,967
277
171,113
937

YHA holds leases on 7 properties beyond 25 years giving rise to a £167m FRS 102 calculated commitment.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025 Notes to the financial statements

134

33. Transactions with Trustees and other related parties

There were no transactions with Trustees other than those disclosed in note 10.

As YHA Trading Limited is a wholly owned subsidiary of YHA, YHA is exempt from the requirements of FRS 102 Section 33 to disclose transactions with this company.

34. Post balance sheet events

Since the year end, and as part of the plan to focus efforts on a smaller number of core strategic hostels, we have completed the sale of three hostels to third parties.

The combined sales value of these transactions was £6.0m, with an associated net asset value including disposal costs of £1.3m. Upon completion of the sales, £3.5m of the HSBC loan was repaid.

A further 6 hostels remain on the market with a potential sales value of around £3.0m.

On 9 September 2025 a loan extension to 31 August 2027 was put in place with HSBC, this included a term loan of £34.4m and a Revolving Credit Facility of £5m.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England and Wales) — Financial statements for the year ended 28 February 2025

135

Notes to the financial statements

35. Consolidated statement of financial activities for the year ended 29 February 2024

Unrestricted Restricted Endowment Total Total
funds funds funds 2024 2023
Note £’000 £’000 £’000 £’000 £’000
Income
Income from charitable activities 6 48,189 — — 48,189 41,746
Income from trading activities (YHA Trading Limited) 14 6,063 — — 6,063 5,068
Donations, gifts and legacies 453 343 — 796 1,512
Grants receivable 5 — 463 — 463 972
Investment and similar income 7 138 25 — 163 33
Total income before net gain on disposal of tangible fixed assets 54,843 831 — 55,674 49,331
Net gain on disposal of tangible fixed assets 5,512 — — 5,512 7,555
Total income 60,355 831 — 61,186 56,886
Expenditure
Costs of charitable activities 9 57,969 1,028 — 58,997 55,069
Costs of trading activities (YHA Trading Limited) 9 4,814 — — 4,814 4,058
Fundraising 9 412 — — 412 353
Total expenditure 63,195 1,208 — 64,223 59,480
Unrealised (losses)/gains on investments 24 — — (18) (18) 26
Realised gains/(losses) in investments 24 — — 34 34 (81)
Net (expenditure)/income before tax and refinancing costs (2,840) (197) 16 (3,021) (2,649)
Transfer between funds 25 7 (7) — — —
Net (expenditure)/income after transfers* (2,833) (204) 16 (3,021) (2,649)
Other recognised gains and losses
Actuarial loss on defined benefit pension scheme 23 (1,054) — — (1,054) (386)
Actuarial gain on multi-employer pension scheme 23 — — — — 7
Net movement in funds (3,887) (204) 16 (4,075) (3,028)
Fund balances brought forward at 1 March 2023 11,210 4,127 1,020 16,357 19,385
Fund balances carried forward at 29 February 2024 26 7,323 3,923 1,036 12,282 16,357

All income was from continuing operations.

*Information up to and including net income/expenditure represents the information required by the Companies Act 2006. The accompanying accounting policies and notes form an integral part of these financial statements.

Docusign Envelope ID: 8B315DF0-B5B4-4F44-A502-193EC919D8C0

YHA (England & Wales), Trevelyan House, Dimple Road, Matlock, Derbyshire DE4 3YH

Company No. 00282555

Reg. Charity No. 306122