The trustees present their annual report and financial statements for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
The aim of the charity is to create resources and opportunities to facilitate inclusive adventure in the UK and further afield. Including the promotion of health and wellbeing programs in the outdoors with disabled people.
Suresh Paul - Principle Advocate
Sara Paul - Volunteer
Brian Kitson - Fund Raising Support
Our volunteers:
Continue to expand the work with partners within the health sector
Develop access to Inclusive Design and Engineering Education and Inspiration Programme
Fundraise for larger grants with a strengthened board and fund raising system.
During the financial year 2025–2026, the Charity continued to develop and deliver inclusive outdoor activities, training, expeditions and community programmes. The Charity secured funding for 3 projects during the year and continued to work with partner organisations, including The Not Forgotten Association, SBH, The Ledge and Loch Insh, to increase access to outdoor activities for disabled people and other beneficiaries.
During the year, the Charity delivered inclusive climbing, paddlesports and expedition activities, and supported participants to take part in outdoor experiences that may otherwise have been difficult to access. The Charity also worked with partner organisations to develop opportunities for disabled people to participate in activities in an inclusive and supported environment.
Funding secured during the year supported the development of further programmes, including the development of inclusive climbing and paddlesports provision and continued work through the Wellcome Trust project, and enabled the Charity to plan continued delivery into the following financial year. The Charity also used feedback and practical experience from participants and delivery teams to identify improvements to activities, participant support and equipment requirements, helping to inform the planning and development of future programmes.
The total income for the year was £33,478 (2025: £86,029) of which £33,280 (2025: £82,821) were restricted grants.
Total expenditure was £37,918 (2025: £56,952 ) leaving a net deficit for the year of £4,440 (2025: surplus of £29,077).
At the year end, the total reserves held were £84,270 (2025: £88,710). This is split between unrestricted reserves and restricted reserves as follows: Unrestricted reserves were £20,489 (2025: £28,237) and restricted reserves were £63,781 (2025: £60,473). Restricted reserves are not available for general purposes. The majority of this is held in cash funds.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Funding applications in the pipeline enable further delivery. However the charity remains a clear ongoing concern with sufficient cover for its running costs in the short and medium term. and no long term threats on the distant horizon.
The Charity's plans for the following financial year include the continuation of its work through the Wellcome Trust project and the delivery of Lottery-funded inclusive climbing and paddlesports programmes.
The Charity also plans to continue its collaboration with SBH and The Not Forgotten Association, alongside the development of further partnerships and community activities. These programmes will provide opportunities for disabled people and other beneficiaries to participate in inclusive outdoor activities and develop skills, confidence and experience.
The Charity continues to review its operating costs, including the overheads associated with assets held by the Charity, with the aim of reducing ongoing costs where possible and focusing available funds on programme delivery.
As part of its longer-term financial planning, Equal Adventure Developments Ltd has informed the charity it will review the charges it makes to the Charity for services and resources provided, including the level of discount currently applied to the Charity. The purpose of this review is to ensure that the charges appropriately reflect the costs of providing these services and resources, while giving the Charity greater clarity over its actual operating costs. This will support more accurate budgeting, funding applications and longer-term financial planning.
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
New trustees are appointed by the board, and are selected based on their experience and the skills required to meet the needs of the charity.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Facilities
Equal Adventure Charity has free storage, heat, light, admin support services and use of the facilities owned by Equal Adventure Developments Ltd (EAD Ltd). EAD Ltd also provide free officer time and materials for equipment upkeep.
The trustees' report was approved by the Board of Trustees.
I report on the financial statements of the charity for the year ended 31 March 2026, which are set out on pages 5 to 13.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.
In the course of my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Equal Adventure is a private company limited by guarantee incorporated in Scotland. The registered office is The Old Dairy, Woodlands Industrial Estate, Woodlands Terrace, Grantown-On-Spey, Morayshire, PH26 3NA, Scotland.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Grants from the Government and other agencies are recognised in income when the charity has entitlement to the funds and when any performance conditions have been met.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Sales of services - provisions of guides for expeditions
Insurance
Other office costs
Administration
Project costs
None of the trustees (or any persons connected with them) received any remuneration or benefits or expenses reimbursed from the charity during the year.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
During the year Equal Adventure paid Equal Adventure Developments Ltd £27,877 for project costs (2025: £6,000 admin fees and £17,487 for project costs) (time and research). Suresh Paul is a director of Equal Adventure Developments Ltd, and Principle Advocate of Equal Adventure Charity. Suresh Paul was reimbursed expenses of £354.