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2025-03-31-accounts

Small Woods Association

Trustees’ Report and Audited Financial Statements

For the year ended 31 March 2025

Charity Registration Number: 1081874 Company Registration Number: 03919849

Small Woods Association

Year Ended 31 March 2025

Trustees’ Report and Financial Statements

Contents Page number
Reference and administrative information 1
Trustees’ Report 2
Independent auditor’s report to the members of Small Woods Association 7
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Financial Statements 14-28

Small Woods Association

Reference and Administrative Information Year ended 31 March 2025

Trustees John Blessington
Christopher Duncan
Alyson May
Beverly Tyley
Philip Tidey
Gary Battell (resigned 4thOctober 2024)
Liz Newton
Adam Gillingham (resigned 12thSeptember 2024)
Ben Howard (appointed 22ndMarch 2024)
Michael Innes (appointed 22ndMarch 2024)
Company Registered Number 03919849
Charity Registration Number 1081874
Registered Office Station Road
Coalbrookdale
Telford
Shropshire
TF8 7DR
CEO Simon James
Company Secretary Christopher Duncan
Independent Auditor James Holyoak & Parker Limited
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
SY1 3GA
Bankers Lloyds Bank plc
113 The Border
Overdale
Telford
TF3 4AE

1

Small Woods Association

Year Ended 31 March 2025

Trustees’ Report

The trustees, who are also the directors of Small Woods Association (Small Woods) for the purposes of company law, present their annual report and the audited financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 3 to the financial statements and comply with the charity's governing documents, the Companies Act 2006 and "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).

Objectives and Activities

The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The charity’s object is to advance the conservation of small woodlands. The principal activities are raising awareness about the needs and implications of small woodland management; undertaking projects that promote their sustainability and use; using woodlands for the promotion of human health and wellbeing and the promotion of traditional woodland crafts. This is done through a number of channels: practical projects (often grant funded), training and educational courses, apprenticeships, seminars, events, an annual conference, provision of information, advice and guidance.

Achievements and performance

The charity has continued to undertake a wide range of activities and done so with the support of a committed membership, trustees and staff. The charity delivered 35 projects across the UK during the year, funded by a £1.65m turnover, which is a 10% decrease on the previous year. From April 2024 to March 2025, Small Woods membership remained strong, with 1,796 active members collectively representing over 30,000 hectares of woodland across the UK. Our members continue to play a vital role in championing sustainable woodland management and community engagement. Throughout the year, members benefited from access to a wide range of resources via the Members’ Area on our website, including technical guidance, policy updates, and best practice materials. In addition, our wellregarded quarterly magazine provided news, insights, and stories from across the woodland sector, helping to keep members informed, inspired, and connected.

Coed Lleol Small Woods Wales – Delivery of the Shared Prosperity Fund

During the 2024–25 financial year, we successfully delivered programmes funded by the UK Government’s Shared Prosperity Fund (SPF), working in partnership with multiple local authorities across Wales. This funding supported the expansion of our community-based nature and wellbeing programmes, enabling the continuation and growth of vital services that improve physical and mental wellbeing through woodland and outdoor engagement. Through the SPF, we delivered structured health and wellbeing activities in targeted communities, prioritising individuals facing social isolation, unemployment, long-term health conditions, and mental health challenges. The programme focused on promoting inclusive access to green spaces, building personal confidence, and providing pathways to volunteering, training, and employment.

Key outcomes achieved through SPF delivery included:

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Small Woods Association

Trustees’ Report

Year Ended 31 March 2025

The SPF has allowed us to extend our reach and align with broader regional priorities around health equity, community resilience, and sustainable development. This funding continues to play a key role in delivering longterm benefits for individuals and communities across Wales.

WIMFIF Biochar and Resilient Network Project

During the 2024–25 financial year, Small Woods played a leading role in the delivery of the Woods into Management Forestry Innovation Fund (WIMFIF) Biochar and Resilient Network Project, an innovative initiative aimed at promoting woodland resilience, sustainable land use, and climate-positive practices through collaboration with landowners, community groups, and sector partners.

Funded through the Forestry Commission, the WIMFIF project focused on two key strands:

Small Woods supported research, training, and demonstration on the production and application of biochar, a carbon-rich by-product of sustainable woodland management. By engaging woodland owners and managers, the project raised awareness of biochar’s potential to improve soil health, enhance biodiversity, and sequester carbon. On-the-ground workshops and knowledge-sharing events were held across England. Technical guidance was produced to inform and support adoption of small-scale biochar systems.

In parallel, Small Woods worked with partners to establish a Resilient Woodland Network, a collaborative platform for peer learning and best practice exchange among woodland managers, foresters, and community woodland groups. The network facilitated cross-sector engagement to address barriers to woodland management. Pilot clusters were established to test new approaches to woodland resilience, including adaptive management strategies and regenerative practices. Through the WIMFIF project, Small Woods has further strengthened its role as a sector convener and innovator, enabling practical solutions that support climate resilience, biodiversity, and the sustainable growth of the woodland economy.

This work complements the charity’s broader aim of bringing more woodlands into active, sustainable management, while supporting the skills and confidence of woodland owners and practitioners to take positive action for nature and climate.

Training and Courses

During the 2024–25 financial year, Small Woods and Coed Lleol continued to deliver a diverse range of highquality training courses across the UK, supporting individuals, communities, and professionals to develop skills in sustainable woodland management, traditional crafts, and nature-based health and wellbeing. These courses are a vital part of the charity’s mission to build capacity within the woodland sector and promote sustainable practices at the community level.

Key Highlights :

Courses offered at the Green Wood Centre and other training sites included coppicing, green woodworking, charcoal making, and tool sharpening. These hands-on workshops preserved traditional rural skills while supporting participants’ practical confidence and engagement with woodland management.

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Small Woods Association

Trustees’ Report

Year Ended 31 March 2025

• Nature and Wellbeing Practitioner Training

Coed Lleol delivered accredited and introductory training for Nature and Wellbeing Facilitators across Wales, equipping individuals to safely and effectively lead outdoor wellbeing sessions. These courses were particularly impactful in supporting workforce development in health, social care, and community development settings.

•

Professional Development

Targeted courses for woodland owners, managers, and forestry professionals included sustainable woodland planning, biochar production, and woodland ecology. This supported better woodland outcomes and encouraged the uptake of sustainable management approaches aligned with national policy goals.

Coed Lleol also supported informal, community-based learning, offering short courses and taster sessions to increase access to nature and build local capacity for woodland engagement and volunteering.

Impact:

Income generated through course fees also contributed to the charity’s financial sustainability and enabled reinvestment into core programmes and charitable objectives.

Financial review

It is the aim of the charity that unrestricted funds, which have not been designated for a specific use, should be maintained at a level defined in the Reserves Policy. The Trustees consider that once reserves at this level have been achieved this will ensure that, in the event of a significant drop in funding, the charity will be able to continue its activities, while consideration is given to ways in which additional funds may be raised. The level of reserves required has been approved by the board to cover 3 months of operating expenditure and closure costs. The charity will be working hard to achieve those levels of reserves over the next 3 to 5 years.

Income decreased in the year to £1,654,277 (2024: £1,841,902) and there was a larger decrease in expenditure, however the charity incurred a deficit of £134,271 for the year. This, combined with losses made over the previous 3 years continue to weigh on the charity and the level of reserves has been further depleted. The charity is facing inflationary pressures on costs and pay, and the cost of living affects our membership retention and learning pathways take up. There is also uncertainty by funders due to recent change in government, downward pressure on levels of management fees chargeable and the tendency of funders to move to short term grants available at short notice.

However, following a re-structuring at the end of the year, the current year budget is showing a break-even position for the year and the trustees are confident that this can be achieved. Negotiations with Charity Bank have concluded and the existing bank loan will now be repaid over 6 years.

Small Woods unrestricted funds on the 31[st] March 2025 amounted to £438,184 (2024: £515,832). Small Woods free reserves on the 31[st] March 2025 were £57,174 (2024: £83,792). The trustee’s aim is to increase those reserves over the coming years to achieve the target set in the Reserves Policy.

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Small Woods Association

Trustees’ Report

Year Ended 31 March 2025

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 those risks.

Plans for future periods

Small Woods is dedicated to promoting the sustainable management of small woodlands for environmental, economic, and social benefits, we are seeking strategic changes to our goals and initiatives for the next five years to enhance woodland stewardship, increase member engagement, and promote sustainable forestry practices for resilience and well-being. This will enable further stability diverting risk away from public funds to embrace the corporate market for investment in woodlands for management, health and wellbeing activities.

Structure, Governance and Management

Governing Documents

Small Woods is a company limited by guarantee, governed by its memorandum and articles of association, incorporated on the 4[th] February 2000 and registered with the Charity Commission on the 7[th] August 2000. 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.

Method of Appointment of Trustees

Potential new trustees are identified by the board and approached as and when required. New trustees are briefed on the operational of the organisation at trustee meetings. An open invitation to the membership of Small Woods has been issued to recruit new members from the membership.

Induction and Training of Trustees

New trustees are provided with appropriate information, induction and training, taking into account their previous experience in the charity sector and the nature of Small Woods.

Organisational Structure and Decision Making

The Board of Trustees administers Small Woods, meets quarterly and is responsible for the strategic direction and policy of the charity. A minimum of three trustees is required for a meeting to be quorate. At present there are ten trustees from a variety of professional backgrounds.

The Board appoints the CEO who manages the day to day operations of Small Woods.

Statement of Trustees' Responsibilities in respect of the Financial Statements

The Trustees, who are the directors of Small Woods for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice).

Company and charity law require the trustees to prepare financial statements for each financial year that give a true and fair view of Small Wood’s state of affairs and of its incoming and outgoing resources, including the income and expenditure for that period. In preparing these financial statements, the trustees are required to:

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Small Woods Association

Year Ended 32 March 2025

;

Trustees’ Report

;

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time, Small Wood's financial position and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding Smail Wood's assets and hence for taking steps for the prevention and detection of fraud and other irregularities.

Provision of Information to the Auditor

The Trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are aware:

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

Auditor

The auditor is James Holyoak & Parker Limited.

Approval

The Trustees have prepared this report in accordance with the provisions applicable to companies subject to the small companies regime. This report was approved by the Trustees on 12 September 2025 and signed on their ———behalf by.

John Blessington

Trustee

6

Small Woods Association

Independent Auditors Report to the Trustees of Small Woods Association

Opinion

We have audited the financial statements of Small Woods Association (the ‘charitable company”) for the year ended 31[st] March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and notes to the financial statements, including 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).

Basis for opinion

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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Emphasis of matter- Going concern

We draw attention to Note 27 in the financial statements, which indicates that the charity underwent a downsizing exercise during the year ended 31 March 2025. Forecasts show that the charity will be in a breakeven position for the next financial year and future funding applications are anticipated to be successful. As stated in Note 27, these events or conditions, along with other matters as set forth in Note 27, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit Matters

Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.

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Small Woods Association

Independent Auditors Report to the Trustees of Small Woods Association

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 course of 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 this gives rise to 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which 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 4, 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 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 intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Small Woods Association

Independent Auditors Report to the Trustees of Small Woods Association

Auditor 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).

We understood how the company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was a susceptibility to fraud. Based on our understanding, our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/descriptionof-the-auditor%E2%80%99s-responsibilities-for

This description forms part of our auditor’s report.

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.

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Small Woods Association

Independent Auditors Report to the Trustees of Small Woods Association

Mr Robert Humphreys BEng FCA (Senior Statutory Auditor)

for and on behalf of James Holyoak & Parker Limited Date: …22/09/2025

Chartered Accountants

Statutory Auditor

1 Knights Court Archers Way Battlefield Enterprise Park Shrewsbury SY1 3GA

James Holyoak & Parker Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Small Woods Association

Statement of Financial Activities

Year ended 31 March 2025

(Incorporating an Income and Expenditure Account)

Note Unrestricted
Funds
£
Income from:
Membership, donations & legacies
4
117,536
Charitable activities
5
99,628
Investment Income
6
154
Total Income
217,318
Expenditure on:
Charitable activities
8
261,034
Loss on disposal of fixed assets
11
-
Total Expenditure
261,034
Net Income / (Expenditure) for the year
(43,716)
Transfer In / (Out) of Funds
18
(33,932)
Net Movement in Funds
(77,648)
Reconciliation of Funds
Funds brought forward at 01 April 2024
515,832
Funds Carried Forward at 31 March 2025
438,184		 Note Unrestricted
Funds
£
Income from:
Membership, donations & legacies
4
117,536
Charitable activities
5
99,628
Investment Income
6
154
Total Income
217,318
Expenditure on:
Charitable activities
8
261,034
Loss on disposal of fixed assets
11
-
Total Expenditure
261,034
Net Income / (Expenditure) for the year
(43,716)
Transfer In / (Out) of Funds
18
(33,932)
Net Movement in Funds
(77,648)
Reconciliation of Funds
Funds brought forward at 01 April 2024
515,832
Funds Carried Forward at 31 March 2025
438,184		 Restricted
Funds
£
-
1,436,959
-		 Total
Funds
2025
£
117,536
1,536,587
154
1,654,277
1,788,548
-
1,788,548
(134,271)
-
(134,271)
583,019
448,748		 Unrestricted
Funds
£
154,304
93,959
1,428		 Restricted
Funds
£
20
1,592,191
-		 Total
Funds
2024
£
154,324
1,686,150
1,428
217,318 1,436,959 249,691 1,592,211 1,841,902
261,034
-		 1,527,514
-		 313,411
1,780		 1,669,698
-		 1,983,109
1,780
261,034 1,527,514 315,191 1,669,698 1,984,889
(43,716)
(33,932)		 (90,555)
33,932		 (65,500)
(50,379)		 (77,487)
50,379		 (142,987)
-
(77,648) (56,623) (115,879) (27,108) (142,987)
515,832 67,187 631,711 94,295 726,006
438,184 10,564 515,832 67,187 583,019

The statement of financial activities shows all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 13 to 27 form part of these financial statements.

11

Small Woods Assaciation

Companies House Registered Number 03915849

Balance Sheet

As at 34 March 2025

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----- Start of picture text -----
Note 20625 2024
£ £
Fixed Assets
Tangible assets 13 373,777 371,370
Investments 12 , 100_ ____ 100
373,877 371,470
Current Assets
Debtors 214 223,104 363,966
Stock 7 - 1,975
Cash at bank & in hand 24 105,873 45,390
328,977 411,331
Current Liabitities
Creditors: Amounts falling
due within one year 415 (165,372) (299,782)
Net Current Assets 163,685 211,549
Creditors: Amounts failing
_ due after one year 15 (88,734) -
Net Assets 448,748 ~~"583,019
Funds of the Charity
Unrestricted funds 20 45,174 58,792
Designated funds 17 423,010 438,184 457,040 515,832
Restricted funds 18 10,564 67,187
Total Charity funds 448,748 583,019
----- End of picture text -----

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities.

The notes on pages 13 to 2Z-form part of these accounts. The financial statements were approved and authorised for issue by the Board of Friistegs on 12 September 2025 and were signed on its behalf by:

==> picture [220 x 13] intentionally omitted <==

----- Start of picture text -----
2
John Blessingto'
----- End of picture text -----

;

Trustee

12

Small Woods Association

Cash Flow Statement

For the year ended 31 March 2025

Note 2025 2024
£ £
Net cash inflow / (outflow) from operating activities 24 29,929 (106,339)
Investing activities
Returns on investments and servicing of finance
Interest received 6 154 1,428
Income from disposal of fixed assets 11 - 2,650
Payments to acquire fixed assets 13 (18,830) (3,579)
Net cash outflow from investing activities (18,676) 499
Financing activities
Bank loan 27 49,230 49,980
Net cash inflow from financing activities 49,230 49,980
Increase in cash and cash equivalents 60,483 (55,860)
Cash or cash equivalents brought forward 45,390 101,250
Cash or cash equivalents carried forward 105,873 45,390

The notes on pages 13 to 27 form part of these financial statements.

13

Small Woods Association

Notes to the Financial Statements

Year ended 31 March 2025

1 General Information

The company was formed on the 4th February 2000 is limited by guarantee (No 03919849) and is a registered charity (No 1081874). The company is registered in England and Wales and the registered office is Station Road, Coalbrookdale, Telford, Shropshire, TF8 7DR

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2 Critical accounting estimates and judgements

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

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

3 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation in the financial statements are as follows.

a Basis of Accounting

The financial statements have been prepared in accordance with;

The charity constitutes a public benefit entity as defined by FRS 102.

b Charitable funds

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

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

c Stock

Stock for resale is valued at the lower of cost or net realisable value. Stock is sold on a first in first out basis, so the cost value is the cost of the most recent stock.

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Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3 Principal Accounting Policies (continued)

d Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

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

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

e Expenditure

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

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 and support costs which are not attributable to a single activity are apportioned to activities on a basis consistent with the use of the resource. Central staff costs are allocated on the basis of the time spent and depreciation charges are allocated based on the use of the asset.

f Tangible Fixed Assets

Tangible fixed assets are stated at cost less accumulated depreciation. As a general guide expenditure of less than £1,000 is not capitalised.

Depreciation is provided at rates to write off the cost of the asset over its estimated useful lives, as follows:

Leasehold land and buildings 2% on a straight line basis Plant and equipment 10% on a reducing balance basis Motor vehicles 20% on a straight line basis

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

g Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income or expenditure for the year. Transaction costs are expensed when incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the subsidiary so as to obtain benefits from its activities.

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Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3 Principal Accounting Policies (continued)

h Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered any impairment or loss. If any such indication exists, the value of the asset is estimated to determine the extent of the impairment or loss, if any.

i Financial Instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all 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 assets and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which includes 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

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 from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

j Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.

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Notes to the Financial Statements (continued)

Year ended 31 March 2025

Small Woods Association

3 Principal Accounting Policies (continued)

k Retirement benefits

Payments to the defined contribution retirement benefit schemes are charged as an expense as they fall due.

l Employee benefits

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

Employees are expected to take holiday and use TOIL in the financial year. In exceptional circumstances balances can be carried forward and used within a month of the next financial year. In such circumstances, the Business Manager will approve an extended period of time within which the holiday and TOIL is to be used. This would be managed on a case by case basis.

m Taxation

The company is a registered charity and as such is exempt from taxation on its income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

17

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

4 Membership, donations & legacies

Donations and gifts
Gift Aid
Membership fees
5 Charitable activity
Income 2025
Grants from funders
Training courses
Other income
Income 2024
Grants from funders
Training courses
Other income
6 Investment income
Interest receivable
7 Stock
Gift shop stock		 Unrestricted
Funds
2025
£
48,734
8,679
60,123
117,536		 Restricted
Funds
2025
£
-
-
-
-
Unrestricted
Income
£
33,850
27,836
37,942
99,628
Unrestricted
Income
£
62,079
20,309
11,571
93,959		 Total
Funds
2025
£
48,734
8,679
60,123
117,536
Restricted
Funds
£
1,320,767
3,062
113,130
1,436,959
Restricted
Funds
£
1,506,103
-
86,088
1,592,191
Unrestricted
Funds
2025
£
154
154
2025
£
-
-		 Total
Funds
2024
£
71,560
11,791
70,973
154,324
Total
2025
£
1,354,617
30,898
151,072
1,536,587
Total
2024
£
1,568,182
20,309
97,659
1,686,150
Unrestricted
Funds
2024
£
1,428
1,428
2024
£
1,975
1,975

18

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

Expenditure 2025
Staff costs
Project costs & associated training
Magazine costs
Staff, volunteer & apprentice costs
Advertising
Bank charges
Printing, stationery & postage
Legal, professional & accountancy
Telephone
Rent, power & insurance
Repairs & maintenance
IT support
Irrecoverable VAT
Sundries
Depreciation
Management fees
Expenditure 2024 ( Restated )
Staff costs
Project costs & associated training
Magazine costs
Staff, volunteer & apprentice costs
Advertising
Bank charges
Printing, stationery & postage
Legal, professional & accountancy
Telephone
Rent, power & insurance
Repairs & maintenance
IT support
Irrecoverable VAT
Sundries
Depreciation
Management fees		 Unrestricted
Funds
£
188,691
28,356
14,886
7,407
1,372
10,727
5,234
20,277
1,040
35,677
11,113
4,668
13,824
17,195
16,423
(115,856)
261,034
Unrestricted
Funds
£
211,321
18,199
16,812
17,813
3,119
7,597
7,123
28,982
1,130
39,845
18,339
5,743
16,901
16,619
16,491
(112,623)
313,411		 Restricted
Funds
£
964,644
327,527
-
69,151
3,929
-
2,546
-
1,807
4,094
3,744
7,424
19,581
7,211
-
115,856
1,527,514
Restricted
Funds
£
918,826
476,273
-
60,131
8,587
-
1,275
19,596
1,456
3,550
-
33,528
30,426
3,427
-
112,623
1,669,698		 Total
2025
£
1,153,335
355,883
14,886
76,558
5,301
10,727
7,780
20,277
2,847
39,771
14,857
12,092
33,405
24,406
16,423
-
1,788,548
Total
2024
£
1,130,147
494,472
16,812
77,944
11,706
7,597
8,398
48,578
2,586
43,395
18,339
39,271
47,327
20,046
16,491
-
1,983,109

19

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

9 Analysis of Staff Costs

Staff costs were as follows:

Salaries and wages
National insurance costs
Pension costs		 2025
£
1,061,612
71,487
20,236
1,153,335		 2024
£
1,044,121
66,806
19,220
1,130,147

There were no employees whose remuneration was more than £60,000, in this or the previous year. The total salary costs of the key employees in the year was £112,415 (2024 - £176,222).

The average number of employees during the year was as follows:

Average full time equivalent
Average head count
10 Net Income for the Year
This is stated after charging:
Depreciation
Auditor's fees for audit
Auditor's fees for non-audit services
11 Disposal of fixed assets
Cost of assets
Depreciation to date
Income from disposal
Loss on disposal of fixed assets
12 Fixed asset investments
Cost or valuation
As at 01 April 2024 & 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
Other investments comprise
Investments in subsidiaries ( Note 25)		 2025
Nos
37
56
2025
£
16,423
10,500
4,407
2025
£
-
-
-
-
2025
£
100		 2024
Nos
41
59
2024
£
16,491
14,000
6,691
2024
£
7,726
(3,296)
2,650
1,780
Other
Investments
£
100
100
100
2024
£
100

20

Notes to the Financial Statements (continued)

Year ended 31 March 2025

Small Woods Association

13 Tangible Fixed Assets
Leasehold
land & buildings
Cost
£
Brought forward
470,451
Additions
-
Disposals
-
At 31 March 2025
470,451
Depreciation
Brought forward
147,699
Charge for year
9,409
Disposals
-
At 31 March 2025
157,108
Net book value
At 31 March 2025
313,343
At 31 March 2024
322,752		 Plant &
Equipment
£
184,958
18,830
-
203,788
139,520
5,424
-
144,944
58,844
45,438		 Motor
vehicles
£
7,950
-
-
7,950
4,770
1,590
-
6,360
1,590
3,180		 Total
£
663,359
18,830
-
682,189
291,989
16,423
-
308,412
373,777
371,370

Leasehold land and buildings were valued on an open market basis by Wiggins Lockett Thompson Limited Chartered Surveyors (regulated by RICS) at a value of £290,000 as at 17 August 2017. The trustees consider that this is materially in line with the reported net book value on a historic cost basis.

14 Debtors
Trade debtors
Other debtors
15 Creditors: Amounts falling due within one year
Social security and other taxes
Trade creditors
Amount owed to subsidiary undertakings
Accruals
Government grants & deferred income
Bank loan
Creditors: Amounts falling due after one year
Bank loan		 2025
£
203,890
19,214
223,104
2025
£
80,272
11,805
1,758
13,758
47,303
10,476
165,372
88,734
88,734		 2024
£
296,725
67,241
363,966
2024
£
24,428
42,549
1,758
15,889
65,178
49,980
199,782
-
-

21

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

16 Government grants

Deferred income is included in the financial statements as follows:

red income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Deferred income at 1 April 2024
Released from previous periods in the year
Resources deferred in the year
Balance as at 31 March 2025		 2025
£
47,303
65,178
(65,178)
47,303
47,303		 2024
£
65,178
440,987
(440,987)
65,178
65,178

Deferred income comprises income received under a contract which relates to work to be completed in future accounting periods and initial up front payments, where the work has yet to be performed or completed. The charity has no entitlement to these funds at the year end and they have therefore been deferred.

17 Designated Funds

The unrestricted funds of the charity include the following designated funds which have been set aside by the trustees for specific purposes.

Capital fund
Wind up fund
Learning Pathways
Mountain Warehouse
Social Forestry Commercial
Veterans (AFC)
Wesleyan
Capital fund
Wind up fund
Apprenticeship
Coppice Restoration
Learning Pathways
Lost Woods
Mountain Warehouse
Social Forestry Commercial
Veterans (AFC)
Wesleyan		 At 1 April
2024
£
371,370
25,000
-
6,678
6,972
3,338
43,682
457,040
At 1 April
2023
£
299,803
27,191
36,931
665
(21,738)
911
-
-
3,097
18,731
365,591		 Income
£
-
-
26,630
17,522
7,245
-
-
51,397
Income
£
-
-
-
-
9,518
-
17,203
9,536
500
28,353
65,110		 Expenditure
£
-
-
(41,725)
(17,675)
(6,984)
-
-
(66,384)
Expenditure
£
-
-
-
-
(32,661)
-
(10,525)
(2,564)
(259)
(3,402)
(49,411)		 Transfer
£
2,407
17,000
15,095
(6,525)
-
(3,338)
(43,682)
(19,043)
Transfer
£
71,567
(2,191)
(36,931)
(665)
44,881
(911)
-
-
-
-
75,750		 At 31 March
2025
£
373,777
42,000
-
-
7,233
-
-
423,010
At 31 March
2024
£
371,370
25,000
-
-
-
-
6,678
6,972
3,338
43,682
457,040

22

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

17 Designated Funds (continued)

Capital fund: - To match the value of the net book value of the fixed assets.

Wind up Fund: - To maintain a fund to enable the payment of redundancy and associated costs if required. Mountain Warehouse: - Fund no longer required.

Social Forestry Commercial: - Activity to continue around delivering various courses and programs. Veterans (AFC): - Fund no longer required.

Wesleyan: - Fund no longer required.

18 Analysis of Movements in Restricted Funds

Analysis of Movements in Restricted Funds - Current Year

Amser RCT
Anglesey AONB
Anglesey SPF
Apprenticeships
Arts Council Wales
BLG RIF
Blaenau Gwent SPF
CAVO
Carms SPF (UWTSD)
Carms Twig Pentremawr
Carms Twig Ynys Dewela
Conwy
FSC
Local Places for Nature Swansea
Lost Peatlands
Lost Woods
Mercian Biodiversity Project
NPT SPF
National Forest NPT
National Forest Wales
PAVO
Pembrokeshire SPF
Powys SPF Feasibility Study
Reaching Communities
Swansea SPF
Taliesin Woodland Hubs
Veterans Foundation
WIMFIF Biochar FC
WIMFIF Resillient Networks FC
West Glamorgan Neurodiversity RIF
West Glamorgan RIF
Wye Valley
Willey Estate
Sub-total Restricted Funds		 At 1 April
2024
£
-
-
6,564
2,999
-
-
375
-
2,681
-
-
-
-
-
2,534
9,714
-
-
-
-
-
-
-
10,000
-
-
-
23,015
2,059
-
-
-
7,246
67,187		 Income
£
10,668
12,778
180,435
17,000
22,733
6,543
47,278
10,000
50,822
1,600
13,980
51,834
13,880
8,744
47,896
40,238
93,755
222,130
3,948
16,350
6,711
240,379
2,495
84,826
30,362
684
17,501
48,464
79,810
8,280
38,147
6,688
-
1,436,959		 Expenditure
£
(9,422)
(16,223)
(189,534)
(32,394)
(21,976)
(6,288)
(46,251)
(9,686)
(53,680)
(1,505)
(12,096)
(53,193)
(14,372)
(9,038)
(47,207)
(55,221)
(110,798)
(223,603)
(1,414)
(16,244)
(6,960)
(245,960)
(2,236)
(94,826)
(29,358)
(459)
(17,501)
(70,062)
(79,493)
(6,290)
(38,307)
(5,917)
-
(1,527,514)		 Transfers
Funds
£
(1,246)
3,445
2,535
12,395
(757)
(255)
(1,402)
(314)
177
-
(1,884)
1,359
492
294
-
5,269
17,043
1,473
(2,534)
(106)
249
5,581
(259)
-
(1,004)
(225)
-
(1,417)
(2,376)
(1,990)
160
(771)
-
33,932		 At 31 March
2025
£
-
-
-
-
-
-
-
-
-
95
-
-
-
-
3,223
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,246
10,564

23

Notes to the Financial Statements (continued)

Year ended 31 March 2025

Small Woods Association

18 Analysis of Movements in Restricted Funds - Previous Year

Amser Carers Fund
Anglesey AONB
Anglesey SPF
Apprenticeships
Arts Council Wales
BBO
Blaenau Gwent SPF
Breaking Barriers
Carms SPF (UWTSD)
Energize
ENRaW Green Infrastructure (GI)
ENRaW OH/HAF
FSC
Local Places for Nature Swansea
Lost Peatlands
Lost Woods
Mercian Biodiversity Project
NEIRF EA Carbon Sequestration
NHS Shropshire Young Children
NPT SPF
NPT Third Sector
NRW
Pembrokeshire SPF
Powys SPF Feasibility Study
Reaching Communities
Safer, Stronger Community (T&W)
Social Enterprise
Social Forestry
Swansea Coast
Swansea SPF
T&W Holiday Fund
Veterans Foundation
West Glamorgan RIF
WIMFIF Biochar FC
WIMFIF Resillient Networks FC
Wye Valley AONB
Willey Estate		 At 1 April
2023
£
-
-
-
-
-
(1,700)
-
-
-
-
-
50,942
(317)
-
-
-
25,161
(3,360)
3,057
-
-
9,967
-
-
(3,571)
-
-
1,360
-
-
(313)
-
(171)
2,533
3,461
-
7,246
94,295		 Income
£
9,952
11,429
69,113
5,000
1,261
3,236
30,053
44,354
14,772
6,500
82,370
485,478
4,500
9,502
39,773
41,106
78,824
50,013
-
53,396
25,000
163,460
30,090
46,105
78,365
2,764
-
800
6,556
2,138
-
8,799
37,294
61,677
67,580
20,951
-
1,592,211		 Expenditure
£
(9,914)
(11,427)
(62,549)
(38,932)
(1,261)
(1,264)
(29,679)
(43,220)
(12,091)
(5,967)
(74,776)
(550,354)
(4,286)
(9,082)
(37,238)
(32,303)
(114,207)
(49,731)
(4,387)
(54,070)
(24,144)
(168,658)
(31,900)
(47,272)
(64,794)
(371)
(544)
(151)
(6,136)
(2,138)
(62)
(8,799)
(37,123)
(41,195)
(68,982)
(20,691)
-
(1,669,698)		 Transfers
£
(38)
(2)
-
36,931
-
(272)
-
(1,134)
-
(533)
(7,594)
13,934
103
(420)
-
911
10,222
3,078
1,330
674
(856)
(4,769)
1,810
1,167
-
(2,393)
544
(2,009)
(420)
-
375
-
-
-
-
(260)
-
50,379		 At 31 March
2024
£
-
-
6,564
2,999
-
-
374
-
2,681
-
-
-
-
-
2,535
9,714
-
-
-
-
-
-
-
-
10,000
-
-
-
-
-
-
-
-
23,015
2,059
-
7,246
67,187

Purpose of Restricted Funds

Core:

Apprenticeships: - Funds received to run apprenticeship schemes in the charity.

Woodland Management:

FSC: - Provision of an advisory service to small woodland owners in England and Wales.

Lost Woods: - To transform woods in the Weald by community engagement, woodland management promotion and training.

24

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

18 Analysis of Movements in Restricted Funds (continued)

Woodland Management (continued) Mercian Biodiversity: - Woodland biodiversity development program in Severn and Trent catchment areas. NEIRF: - Research into potential financial benefits from woodland management. Willey Estate: - Proposal to establish a tree nursery. WIMFIF Biochar FC: - Research into making and using biochar. WIMFIF Resilient Networks FC: - Research into establishing better links between owners of woodlands and users of woods via networks. Wye Valley AONB: - Project aimed at one off engagement sessions to promote AONB and support wellbeing of participants. Social Forestry: Anglesey SPF & AONB: - Project to focus on improving skills, community resilience and wellbeing for those furthest from the employment market. Arts Council Wales: - Partnership project with Swansea Health Board (Arts in Nature Coordinator), Swansea Print Workshop and Race Council Cymru ‘Arts in Nature on Prescription’. Breaking Barriers - To explore access by people from diverse backgrounds to nature based activities in South Wales. Blaenau Gwent SPF: - 6-week green crafts / woodland skills programme and one off engagement sessions. Carms SPF (UWTSD): - Wellbeing projects and monthly engagement sessions to support the development and improvement of the Green Health Hub at Cynefin. Carms TWIG: - Provision of nature engagement activity days in Carmarthenshire. ENRaW Green Infrastructure: - Third party to deliver wellbeing programs. ENRAW OH/HAF - Social forestry project across Wales, supporting health and wellbeing programs, promotion of woodland management and the establishment of woodland hubs. Local Places for Nature Swansea: - Working with Swansea Council to encourage community participation and engagement to enable people to experience and value nature, leading to wider initiatives. Lost Peatlands - Social forestry associated with a peatland restoration project in South Wales. National Forest NPT: - Provision of woodland engagement sessions in NPT in conjunction with NPT Council. National Forest Wales: - This ambitious project aims to bring benefit to local communities while improving nature and wildlife habitat in woodlands across the Dyfi Biosphere Reserve in mid Wales. NPT Third Sector Fund: - Wellbeing project targeting adults with mental health support needs and neuro diversity. NPT SPF: - Wellbeing programmes, offering a series of engagement and volunteering activity days and woodland infrastructure and improvements. NRW - Social forestry development program, including infrastructure to support its wider adoption. Pembrokeshire SPF: - Project to improve skills, community resilience and wellbeing for those furthest from the employment market. Powys SPF Feasibility Study: - A feasibility study project that asks - 'How can the new community hospital and wellbeing centre in Machynlleth act as a springboard for outdoor activities for community health and wellbeing. Reaching Communities - Social forestry project focused on mental health improvement through green wood craft. Swansea SPF: - Wellbeing projects targeting adults with mental health support needs. Veterans Foundation - Project supporting veterans engagement in social forestry. West Glamorgan RIF - Young people's project, working with marginalised groups and those not in mainstream education.

Transfers

Funds have been moved from the general reserves where a project has shown a deficit in the year and there is no expectation of receiving any further funding to cover those costs.

Where a project has been completed, the funders objectives achieved and there is no expectation of further cost or repayment, the surplus funds are moved into the general reserves.

25

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

19 Analysis of Net Assets Between Funds

Fund balances at 31 March 2025

Tangible assets
Investments
Current assets / (liabilities)
Net assets at 31 March 2025
Fund balances at 31 March 2024
Tangible assets
Investments
Current assets / (liabilities)
Net assets at 31 March 2024		 General
£
-
100
15,074
15,174
General
£
-
100
58,692
58,792		 Designated
£
-
-
49,233
49,233
Designated
£
-
-
85,670
85,670		 Restricted
£
-
-
10,564
10,564
Restricted
£
-
-
67,187
67,187		 Capital
£
373,777
-
-
373,777
Capital
£
371,370
-
-
371,370		 Total
£
373,777
100
74,871
448,748
Total
£
371,370
100
211,549
583,019

20 Unrestricted Funds

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

Capital fund
Other designated funds
General funds
Capital fund
Other designated funds
General funds		 At 1 April
2024
£
371,370
85,670
58,792
515,832
At 1 April
2023
£
299,803
65,788
266,120
631,711		 Income
£
-
51,397
165,921
217,318
Income
£
-
65,110
184,581
249,691		 Expenditure
£
-
(66,384)
(194,650)
(261,034)
Expenditure
£
-
(49,411)
(265,780)
(315,191)		 Transfers
£
2,407
(21,450)
(14,889)
(33,932)
Transfers
£
71,567
4,183
(126,129)
(50,379)		 At 31 March
2025
£
373,777
49,233
15,174
438,184
At 31 March
2024
£
371,370
85,670
58,792
515,832

26

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

21 Operating Lease Commitments

As at the 31 March 2025 the charity had the following total minimum lease payments committed under operating leases.

Operating leases which expire:
Within one year
Within two to five years		 Equipment
2025
£
236
529
765		 2024
£
236
765
1,001

The lease is a 5 year contract for the use of a multifunctional printer.

22 Related Parties

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity in this year or in the previous one.

23 Pension Commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charge represents contributions payable by the charity to the fund and amounted to £20,236 (2024: £19,220). There was a liability at the end of the year of £3,149 (2024: £3,962).

24 Trustees' Remuneration

No remuneration or benefits have been paid to the trustees of the charity in the year under review or in the prior year. Travel expenses were paid to one trustee of £Nil (2024 £275).

25 Reconciliation of Surplus for the year to Net Operating Cash Flows

Surplus / (Deficit) for the year
Depreciation charges
loss on disposal of fixed assets
Less interest received
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Increase/(Decrease) in Gov Grant deferred income
Decrease/(Increase) in stock
Net Operating Cash Flows
Analysis of cash and bank deposits
Cash in hand
Bank deposits		 2025
£
(134,271)
16,423
-
(154)
140,862
22,969
(17,875)
1,975
29,929
2025
£
748
105,125
105,873		 2024
£
(142,987)
16,491
1,780
(1,428)
380,704
16,885
(375,809)
(1,975)
(106,339)
2024
£
384
45,006
45,390

27

Small Woods Association

Notes to the Financial Statements (continued)

Year ended 31 March 2025

26 Subsidiaries

These financial statements are separate financial statements for the Small Woods Association. Details of the charity's subsidiary at 31 March 2025 are as follows;

Name of undertaking Registered Nature of Class of % Held Office business Shares Heartwoods Limited England & Wales Dormant Ordinary 100.00 Company Number 04407512

The aggregate capital and reserves and the result for the year of the subsidiary excluded from consolidation was as follows:

Name of undertaking Profit / (Loss) Capital & Reserves £ £ Heartwoods Limited - 358

27 Going Concern

The charity underwent a downsizing exercise at the end of the year, as a number of projects came to an end. The charity has and continues to apply for funding for projects and anticipates that further applications will be successful.

The budget for the current year shows a breakeven position. Therefore the charity is confident that it will be able to meet financial obligations as they fall due.

28 Bank Loan

The charity took out an additional bank loan of £49,230 during the year, making a total bank loan of £99,210.

The loan was originally due to be repaid in March 2025. Subsequently the terms have been renegotiated and the loan is now being repaid by equal monthly installments over 6 years.

28