Charity registration number 1082058 Company registration number 04011164 (England and Wales) KEEP WALES TIDY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
KEEP WALES TIDY CONTENTS Page Trustees, report Independent auditorfs report 9-11 Slatement of financial activities 12 Balance sheet 13-14 Statement of cash flows 15 Notes to the financial statements 16-30
KEEP WALES TIDY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and 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 1 to the financial statements and comply with the company's goveming document, 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 1021" {effective 1 January 2019). Objectives and activities Keep Wales Tidy exists to protect. preseNe, and enhan the environment of Wales for the benefit of current and future generalions. Our mission is supported by education, advocacy, and community action helping people across Wales understand the importance of their natural environment and empowering them lo take practical steps to protect it. Our work is underpinned by our values- Passionate Together Bold Inspiring Responsible We remain committed to our 2022-2030. strategy 'Beautiful Wales, {https.'Ifimpact.keepwalestidy.cymrulbeautiful- walesl}, which sets out our long-term ambition to.. Eradicate litter and waste Empower young people Create and restore green spaS Set standards for environmental eXllenCe Public Benefrt The Trustees confimi that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. The work of Keep Wales Tidy contributes lo improved community health and wellbeing, greater access to nature, biodiversity recovery, and reduced environmental degradation. Our work is open and indusive, with targeted support for communities most in need.
KEEP WALES TIDY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance A Year of Impact 2024125 was another year of growth and impact for Keep Wales Tidy. Despite continued pressures on public funding, we expanded delivery, reached new communities. and scaled up our Influen across policy and practi. Highlights include.. 652 new community gardens created through our Local PlaS for Nature programme 28,000+ volunteers supported across Wales 90010+ of schools engaged in the Eco-schools programme. making Wales the first country to meet UNESCO'S Green Education Parlnership target A record number of Green Flag Awards for community-run parl(s and open spaces Al-driven behavioural campaigns targeting roadside litter in urban areas These achievements are set out in more detail in our full Impact Report thal can be found here impacl.keepwalestidy.cymrufimpact-reportfimpact-report-2024-2025. https=Il Financial Health and Sustainability We ended the year in a healthy financial position, delivering a modest surplus and maintaining strong cash flow and reseNes. We remain mindful, however, of the wider financial climate. Our reliance on short-tenn. often project- specific government grants continues to pose a risk to long-temi sustainability - particularly given ongoing pressures on public seGlor budgets in Wales. We have taken proactive steps to address this challenge. including: Growing our unrestricted income through commercial activity and contract ServIS Reviewing internal cost structures to improve efficiency Developing measurement of our impact and SROI We are also playing our part in arguing for more realistic recognition of necessary overheads and multi-year programmes that are necessary for the long-term sustainability of the Third Sector.
KEEP WALES TIDY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Looking Ahead Our priorities for the coming year include: Deepening our influence on litter. reuse and circular economy policy in Wales Driving forward commercial opportunities in line with our objectives Strengthening our core infrastructure, especially around data, digital, and impact measurement Continuing to build new partnerships across public, private and third sectors We remain ambitious about our ability to deliver transfomiative environmental change. and confident in our ability to do so in a financially responsible and mission-driven way. Conclusion We are proud of the work undertaken by Keep Wales Tidy in 2024125 - not only the scale of what was achieved, but the spirit in which il was done. In an increasingly complex operating environmenl, the organisation has shown agility, creativity, and resilience. We extend our sincere thanks to our staff, volunteers, trustees, partners and funders and look forward to building on these achievements in the year ahead. Financial review Our total income of £6.49m was relatively well-diversified, Ihough predominantly restricled to our key speGifiG programmes such as Local Places for Nature, LEQ and Policy and Eco-Sch(K)Is. In addition to this Welsh Govemment funding. we were successful in securing significant other new grant funding during the year, including from the UK Govemment Shared Prosperity Fund which enabled us to work at a local level in some authorities across Wales. In addition to contributions from the funding described above. we also secured income from trusts and foundations, including the Swire Charitable Trust (received in 23124) and Garfield Weston Foundation which allowed us to work at a grass rools level wilh communities across Wales, and we saw a growth in our trading and contract services 94 /0 of which was unrestricted income. Our unrestricted funds increased by over £264,000 during the year and our total charitable activities income grew by over 40 %. We increased our employee headcount to enable delivery of all of our key programmes. The diversity in funding has helped build organisational resilience and provides greater flexibility for strategic investment in our future priorities. It is a strong and stable plaffomi on which we can build in future years. Key developments: A modest surplus was achieved We recorded a modest investment gain during the year. driven by the growth of the fund we invest with and the reinvestment of dividend income We continue to operate from a position of strength, with net assets growing and still exceeding £2 million at year end Reserves Policy Our policy remains to hold unrestricted reserves sufficient to cover at least three months, core operating costs. As of 31 March 2025.. The designated reserve for working capital stood at £750,000 A further £300,000 is held as a strategic development reserve to invest in revenue-generating and diversification activity The Audit and Risk Committee, supported by the Treasurer and a task and finish group, has been reviewing our reserves and investment policy to ensure it remains aligned with organisational needs and market conditions. A recommendation will be brought to the Board at the first meeting of the new financial year.
KEEP WALES TIDY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management Governing document Keep Wales Tidy is incorporated as a private company limited by guarantee and governed by Articles of Association last amended by a special resolution of the Board of Trustees on 21 st February 2024. From 1972 to 31 May 2000, the organisation operated as part of the Keep Britain Tidy Campaign. From 1 April 2000 to 23 September 2007. il operated under the name of Environmental Campaigns Cymru. A special resolution changed the name to Keep Wales Tidy on 24 September 2007. Recruitmenl and appointment of new trustees The Articles of Association provide for between 3 and 14 Trustees, who are the Directors of the Company. Trustees serve for a maximum temi of three years but may be appointed to serve further terms of not more than three years each. Appointment is by election at the Annual General Meeting during September each year. Before inviting nominations. the Trustees review their skills to try to attract members with relevant experience and other skills to the Board. The Chair and Executive Officers are appointed by the Trustees from among their number. Each newly appointed Trustee completes a declaration of interest Ihat is reviewed annually thereafter. Induction and training of new trustees An induction pack is issued to new trustees which includes the Memorandum and Articles of Association, Charity Commission leaflet CC3 (The Essential Trustee), a detailed description of the Structure, Organisation and Siaffing of the Company, and details of the Company's Professional Advisors. Trustees are encouraged lo attend relevant training courses to develop their skills and trustee training is provided by professional advisors. Key management personnel The pay of key management personnel is reviewed annually alongside a general review of all staff salaries. Salaries are benchmarked against comparable size charities who operate in the region. Policies and the risk register are reviewed regulady and to a schedule. Organisational structure The Board convenes at least four times each year and holds an additional strategic planningltraining day. The Trustees have delegated management of the organisation lo the Chief Executive, who reports on performance against Strategic and Operational initiatives approved by the Trustees. The Board oversees performance Ihrough a range of committees, including Audit, Policy, Remuneration, and Commercial. Trustees also participate in regular "deep dive" sessions into key areas of the charity's work, helping to infomi strategic direction and risk oversight. There are also several staff-led operational committees, Ihat trustees are invited to attend and Gonlribute. These include Keep Wales fidy's Net Zero Group, EDI, Staff Consultation and Wellbeing Groups. The Chief Executive has responsibility for planning, developing, and implementing the services and strategies for Keep Wales Tidy within clear policies and protocols set by the Trustees. He ensures that the appropriate staff team is recruited and supported to provide the skills and expertise needed to run a successful organisation and that the values of Keep Wales Tidy are obseNed. The Business Services Director, who is also the Company Secretary. has operational responsibility for Finance and Human Resources and reports via the Treasurer and Audit Committee on the financial position of the organisation. Management reports are prepared quarterfy for the Board and the management team.
KEEP WALES TIDY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Risk Management The Board maintains a comprehensive risk register, reviewed biannually. Key risks in the cuent period include.. Post-2025 Funding Uncertainty: There is a lack of clarity around core funding beyond the current government grant cycle. posing a risk to long-temi planning and sustainability. Transition to New Operating Model: The charity is changing how it delivers its work, placing grealer reliance on third-party partners to deliver short-tem) projects that exceed intemal staff capacity. There is a risk that the new model may not deliver the intended impact or efficiencies if it is not fully embedded, adequately resourced, or supported by delivery partners and internal teams. Income Diversification Challenge: The organisation is pursuing an ambitious strategy to grow unrestricted income through private and commercial SoUrs. There is a risk that this approach may not generate sufficient revenue at the pace required to offset reductions in public funding. Mitigations are in pla for all identified risks. with regular oversight by the Audit and Risk Committee. Where appropriate, the charity also invests in internal systems. insurance, and expert advice to ensure risks are proportionately managed.
KEEP WALES TIDY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reference and administrative details Registered Company number 04011164 (England and Wales) Registered Charity number 1082058 Registered office Spark Maindy Road Cardiff Wales CF24 4HQ Trustees and Directors Mr. Andrew Stumpf - Chair Ms. Lesley Babb Mr. Essex Havard Ms. Gwenan Jenkins-Jones- resigned 28 May 2025 Mr. Mike Leeson Ms. Rebekah Stone Mr. Stephen Wiliams Ms.Kay Zdzieblo Ms Ceri Davies Mr Lloyd Harris Mr David King MBE Ms Luisa Pastore Ms Alana Wyn Smith Company Secretary Mrs. Philipa McGrath Auditors Azets Audit Services Ty Derw, Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Bankers Cooperative Bank PIC PO Box 101 1 Balloon Street Manchester M60 4EP Monmouthshire Building Society John Frost Square Newport NP20 1PX Nalionwide 47148 Regent Street Swindon SN1 1JS Nat West 250 Bishopsgate London EC2M 4AA
KEEP WALES TIDY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Solicitors Geldards LLP 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ Investmenl Managers Edentree Investment Management 24 Monument Street London EC3R 8AJ Key Management Personnel: Senior ManagementTeam Chief Executive Owen Derbyshire Business Services Director Philippa McGrath Deputy Chief Executive Louise Tambini Marketing Director Joanna Golley
KEEP WALES TIDY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of trustees. responsibilities The trustees, who are also the directors of Keep Wales Tidy for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming reSoUrS and application of resources. including the income and expenditure, of the charitable company for that year. In preparing these financial ststemenls, the trustees are required to= select suitable accounting policies and then apply them consistently. - observe the methods and principles in the Charilies SORP" make judgements and estimates that are reasonable and prudent. and prepare the financial ststements on the going concem basis unless it is inappropriale to presume thal the company will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy at any time the financial position of Ihe company and enable them to ensure that the financial stalemenls comply wilh Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial ststements may differ from legislation in other jurisdiclions. Auditor In accordance with the company's articles. a resolution proposing that A2ets Audit Services be reappointed as auditor of the company will be put at a General Meeting. The trustees, report was approved by the Board of Trustees. A Stumpf Trustee Date.. 23rd September 2025
KEEP WALES TIDY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KEEP WALES TIDY Opinion We have audited the financial statements of Keep Wales Tidy (the 'company') for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes lo 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). In our opinion, the financial statements- give a true and fair view of the state of the charilable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We Gonducled our audit in accordance with Intemational Slandards on Auditing (UK} {ISAs {UK}) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the elhical requirements that are relevant to our audit of the financial stalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have perfomied. we have not idenlified any material uncertainties relaling lo events or conditions that, individually or collectively, may cast significant doubt on the company s ability lo 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 responsibililies of the trustees wilh respect to going concern are described in Ihe relevant sections of this report. other infonnation The other infom)ation comprises the information included in the annual report other than the financial statements and our auditols report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other infomation and 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 infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othernise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslatement of this other information, we are required to report thal 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 Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report- or sufficient accounting records have not been kepl" or the financial statements are not in agreement with the accounting records., or we have not reiVed all the infomiation and explanations we require for our audit.
KEEP WALES TIDY INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF KEEP WALES TIDY Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities. the trustees, who are also the directors of the company for the purpose 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 Irustees are responsible for assessing the company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going Goncern basis of accounting unless the trustees eilher intend to liquidate the charitable Company or lo cease operations, or have no realistic allemative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audilor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducled 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. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditorfs reporl. Extenl lo which the audit was considered Gapable of detecting irregularities, including fraud Irregularities, including fraud. are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misststements in respect of irregularities, including fraud. We obtain and update our understanding of the entity. its activities, its control environment. and likely future developments. including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit prOdureS responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included= Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud- Reviewing minutes of meetings of those charged with governan. Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations- Performing audit work over the risk of management bias and override of conlrols. including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of intemal control. 10-
KEEP WALES TIDY INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF KEEP WALES TIDY Use of our report This report is made solely to the charity's trustees. as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs 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 charity and the charity s trustees as a body, for our audit work. for this report. or for the opinions we have formed. A(2V haF Azets Audit Services 26.09.2025 Chartered Accountants Statutory Auditor TyDe Lime Tree Court Cardiff Gate Business Park Cardiff South Glamorgan United Kingdom CF23 8AB Azets Audit Services is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 11
KEEP WALES TIDY STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted fvnds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Charitable activities other trading activilies Investments 2,090 327.543 2,090 6.403.038 17,136 395.526 17,136 4,466.060 6.075.495 4,070.534 16,249 70,036 1.080 17,329 70,036 15,500 84,742 15,500 84,742 Total income 415,918 6,076,575 6.492,493 512,904 4,070,534 4,583,438 enditure on: Charitable activities 186,039 6,273.658 6,459,697 367,749 4,827,206 5,194,955 Net gainsl(losses) on investments 12 34,373 34,373 (13,340) 113,3401 Net movement in funds 264.252 (197.083) 67,169 131.815 (756.6721 (624,857) Fund balances at 1 April 2024 1,486,991 522,283 2.009,274 1,355,176 1,278,955 2,634,131 Fund balances at 31 March 2025 1.751,243 325,2CM) 2,076,443 1,486,991 522,283 2,009,274 The ststement of financial activities indudes all gains and losses recognised in the year. l income and expenditure derive from continuing activities. The ststement of financial activities also complies with Ihe requirements for an income and expenditure account under the Companies Act 2006. 12-
KEEP WALES TIDY BALANCE SHEET AS A T 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 13 14 1,140 1,410,399 2,280 1,317,068 1,411.539 1,319,348 Current assets Debtors Cash at bank and in hand 15 294.951 692.871 345.072 685,962 987,822 1,031,034 Creditors: amounts falling due within one year 16 (322,918) (341,108) Net current assets 664,904 689,926 Total assets less current liabilities 2,076,443 2,009,274 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted fvnds 18 325.200 522,283 17 1.050.OChJ 701,243 1.050,000 436,991 1,751.243 1,486,991 2,076.443 2,009,274 The company is entiued to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025, although an audit has been carried out under section 144 of the Charities Act2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial ststements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by Ihe Trustees on 23 September 2025 13-
KEEP WALES TIDY A Stumpf Trustee Company registration number 04011164 14-
KEEP WALES TIDY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Cash absorbed by operations (4.169) (559,786) Investing activities Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income reiVed (3,420) (1,293,243) 1,209,577 84,742 (58,9581 70,036 Net cash generated froml{used in) investing activities 11.078 {2,3441 Net cash used in financing activities Net increasel{deGrease) in Cash and cash equivalents 6,9 (562,1301 Cash and cash equivalents at beginning of year 685,962 1,248,092 Cash and cash equivalents at end of year 692,871 685,962 15-
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Keep Wales Tidy is a private company limited by guarantee incorporated in England and Wales. The registered office is Spark, Maindy Road, Cardiff, CF24 4HQ, Wales. 1.1 Accounting convention The financial statements have been prepared in accordance with the company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland- {"FRS 102") 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 Slandard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. The company is a Public Benefit Entity as defined by FRS 102. The financial slatements are prepared in sterfing. which is the functional GUenCY of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial ststements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus Ihe trustees continue to adopt the going concem basis of ac(x)unting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity.. the fund comprises the accumulated surpluses and deficits of unrestricted income and expenditure. Designated funds are unrestricted funds of the charity which have been set aside to fund particular future activities of the charity. RestriGted funds are those where the donor has imposed restrictions on the use of the funds that are binding. Income arising on restricted funds and expenditure incurred in respect of these funds are reflected through the Statement of Financial Activities. Funds are transferred from restricted to unrestricted when the initial restrictions no longer apply. If any restricted fund falls into deficit, transfers are made from unrestricted reserves to cover the additional expenditure. Further explanation of the nature and purFM)se of each fund is included in the noles to the financial statements. 1.4 Income Income is recognised when the company is legally entitled to it after any perfomiance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless perfomiance 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. 16-
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) In the case of perfomiance related grants, income must only be recognised to the extent Ihat the Gharily has provided the specified goods or services as entidement to the grant and only occurs when the performance related conditions are met. Capital grants are credited to the statement of financial activities as and when receivable and depreciation charged is offset against the grant income, in a restricted fund. Earned income and project income is recognised when the service is provided. Sponsorship income is recognised in the period to which the sponsorship takes place. Any amounts received in advance are deferred. Interest on funds is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid by the bank. Dividend income is recognised in the period lo which it relates. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support Gosls which are not attribulable to a single activity are apportioned between Ihose 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. Resources expended are included in the Statement of Financial Acknvities on an accruals basis, inclusive of any VAT which cannot be recovered. Certain expenditure is directly attributable to the specific activities and has been included in those cost categories. Certain other costs. which are attributable to more than one activity, are apportioned across cost categories on the basis of head count on each activity. Governance costs Governance costs include the extemal audit costs and costs associated with the board meetings of the company. including trustees. expenses. 17-
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Capital expenditure will be defined as= Any single ple of equipment. costing £2.500 or more (exc. VAT) that has an estimated economic l operational life of more than 3 years. Any fixtures and fillings costing £2,500 or more (exc. VAT) thal have an estimated eGonomiG I operational life of more than 3 years. Expenditure of a capitsl nalure will be recorded on Ihe Asset Register. If an item is purchased via grant funding and depreciation would preclude claiming the item. then the item will not be capitalised. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Fixtures and fittings Computer equipment Other equipment Office Equipment Straight line over 3 years Straight line over 3 years Straight line over 3 years Straight line over 3 years The gain or loss arising on the disposal of an assel is detemiined as the difference belween the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction pri excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditure) for the year. Transaction costs are expensed as incued. 1.8 Impairment of fixed assets At each reporting end date. the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss {if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown wilhin borrowings in current liabililies. 1.10 Financial instruments The Gompany has elected to apply the provisions of Section 11 'Basic Financial Inslruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the companVs balance sheet when the company 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. 18-
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently Caled 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. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity. or if some significant risks and rewards of ownership are retained but Gonlrol of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 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 Greditors are obligations to pay for goods or ServIS that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf 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 company's contractual obligations expire or are discharged or cancelled. 1.11 Taxation As a registered charity, Keep Wales Tidy is entitled to the exemption from taxation in respect of income and capital gains received with sections 478489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only. 1.12 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense. unless those costs are required to be recognised as part of the cost of stock or fixed assets. The Gost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably Gommitted to temiinate the employment of an employee or to provide terminalion benefits. 1.13 Retirement benefits Paymenls lo defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.14 Leases Rentals payable under operating leases. including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. 19-
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the company'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 Ihe revision and future periods where Ihe revision affeGls bolh current and future periods. There is nothing to report in this regard. Donations and legacies Unrestricted Unrestricted funds funds 2025 2024 Donations and gifts 2,090 17,136 Other trading activities Unrestricted Restricted funds funds Total Unrestricted funds 2025 2025 2025 2024 Sponsorship 16,249 1,080 17.329 15,500
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities 2025 2024 Project income Earned inGome Single use carrier bag Grants received Sundry income 26,434 30.517 545,296 609,814 70,004 62,065 5,761,304 3,759,491 4.173 6,403.038 4,466,060 Analysis by fund Unrestricted funds Restricted funds 327,543 395,526 6,075,495 4,070,534 6,403,038 4,466,060 Grants Create Your Space Duffryn Welsh Govemment - Eco Schools Welsh Govemment- Caru Cymru Welsh Govemment- Local Places for Nature WG Core Grant - LEQ and Policy Development Welsh Govemment- Green Flag for Parks Garfield Weslon Foundation UK Govemment- North Wales SPF Pobl Camiarthenshire CC Pembs CC Powys CC Swansea CC Vale CC Swire Charilable Trust Euroclad - Planet Passionate Fund Blaenau Gwent CC SPF Cardiff CC- Cardiff SPF Herilage Lottery Fund - Urban Long Forest Lottery Community Fund 14,599 440,000 25,348 430,000 {4551 2,211,850 729,139 58,224 75,000 38,150 3,212 32,294 17,195 47,115 25,890 12.529 50.000 4,000 3,513,368 650,000 84,065 75,000 339,928 111,846 71,719 63,182 76,916 54,634 74,733 71,948 96,366 23.000 5,761.304 3,759.491 21
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investments Unrestricted Unrestricted funds funds 2025 2024 Dividends received Interest received 58,958 11.078 70,055 14.687 70,036 84.742 Charitable activities Charitable Charitable Expenditure Expenditure 202$ 2024 Staff costs Depreciation and impairment General project management Publicity and promotion Group support Establishment costs Meeting and conference Training and other staff costs Travel and subsisten ICT costs Legal and professional 2.890,341 1,14C 2,418,95C 158,72C 2.177,658 1,140 1,940,988 123,617 19,747 9,031 10,927 66,049 85,597 21,278 36,254 11,200 15,47E 91,23: 117.716 32,17: 5,751,80=, 4,492,286 Share of support costs {see note 8) Share of govemance Gosts (see note 8) 691,25C 688,349 14,320 6,459,697 5,194,955 Analysis by fund Unrestricted funds Reslricted funds 186,03C 6,273,65E 367,749 4,827,206 6,459,697 5,194,955
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance Gosts osts 2025 Support Governance Gosts costs 2024 Staff costs General project management Publicity and promotion Establishment costs Meeting and conference Training and otherstaff cosls Travel and subsisten Legal and professional Irrecoverable VAT ICT Costs 468,250 468,250 440,004 440,004 334 4.799 28,676 6,741 334 4.799 28.676 6,741 721 10.170 60,205 8,286 721 10.170 60,205 8,286 2.322 6.693 42.482 27.333 103,629 2.322 6.693 42.482 27.333 103,629 2.080 7.546 36.714 29.927 92,696 2.080 7.546 36.714 29.927 92,696 Audit fees 16,635 16.635 14,320 14,320 691,259 16,635 707,894 688,349 14,320 702,669 Analysed between Charitable activities 691,259 16,635 707,894 688,349 14,320 702,669 Governance costs includes payments to the auditors of £15.635 {2024= £14,320) for audit fees. Amounts totalling £1.000 (2024: £nil) were paid to the auditors in respect of non-audit services provided. Trustees During the year 1 {2024: 2) trustee(s) were reimbursed a total of £59 (2023: £462) for travel and subsistence costs. 10 Employees The average monthly number of employees during the year was: 2025 Number 2024 Number Direct charitable Govemance Administration 72 56 Totsl 83 67
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees (Continued) Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 2,764.280 270,255 324,056 2,155.994 207,538 254,130 3,358,591 2,617,662 Key management personnel During the year the total remuneration (including gross salary. employerfs national insurance contributions and employerfs pension contributions) totslled £329,503 (2024- £317,305) for 4 employees (2024.. 4 employees). The number of employees whose annual remuneration was more than £60,000 is as follows.. 2025 Number 2024 Number Between £60,000 and £70,000 Belween £80,001 and £90,000 Contributions totaling £31.003 {2024= £17,380) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60.000. 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 12 Net gainsl{losses) on investments Unrestricted Unrestricted funds funds 2025 2024 Revaluation of investments 34,373 (13.340) .24-
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Tangible fixed assets Fixtures and ffttlng$ Computer equlpment Other equlpment Office Equlpment Total Cost At 1 April 2024 2,198 65.395 5,982 35,276 108,851 At 31 March 2025 2,198 65.395 5,982 35,276 108,851 Depreciation and impaimient At 1 April 2024 Depreciation charged in the year 2,198 65,395 3,702 1,140 35,276 106,571 1,140 At 31 March 2025 2,198 65,395 4,842 35,276 107,711 Carrying amount At 31 March 2025 1,140 1,140 At 31 March 2024 2,280 2,280 14 Fixed asset investments Listed investments Cost or valuation At 1 April 2024 Additions Valuation changes 1,317,068 58.958 34,373 At 31 March 2025 1,410,399 Carrying amount At 31 March 2025 1,410,399 At 31 March 2024 1,317,068 15 Debtors 2025 2024 Amounts falling due within one year: Trade debtors other debtors Prepayments and accrued income 80,572 187,389 26,990 157,265 160,461 27,346 294,951 345,072
KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Creditors: amounts falling due within one year 2025 2024 Other taxation and social security Trade creditors Other Gredilors Accruals and deferred income 88,802 71,970 2,870 159,276 96,253 93,916 8,595 142,344 322,918 341,108 17 Designated funds The income funds of Ihe charity include Ihe following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Movement in funds Balance ai Incoming 1 April 2023 resources Movement in funds Incoming Balance at resources 31 March 2025 Balance at 1 April 2024 Working capital reserves Strategic development fund 750,1XiO 300.(MJO 750,000 300.000 750,000 300.000 1.050.000 1,050.000 1,050.000 The designated working capital reserves fund has been set up to ensure the charity always has access to Ihree months working capital. A strategic business development fund has been put in place to enable the charity to develop and make the most of new opportunities. .26.
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KEEP WALES TIDY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Operating lease commitments At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases. which fall due as follows: 2025 2024 Within one year Between two and five years 12,343 13,472 330 12,343 13,802 21 Pension schemes The company operates a defined contribution pension scheme with Scottish Widows. During the year contributions were made amounting to £324,056 (2024: £254,130). There were no amounts outstanding at the current or previous year end. 22 Related party transactions There were no related party transactions during the year (2024 - none} other than those disclosed elsewhere in the financial statements. 23 Cash generated from operations 2025 2024 Surplusl{deficit) for the year 67,169 1624,857) Adjustments for. Investment inGome recognised in ststemenl of financial aclivities Fair value gains and losses on investments Depreciation and impaimienl of tangible fixed assets {70,036} {34,373} 1,140 (84,7421 13,340 1,140 Movements in working capital: Decrease in debtors {DeGrease)linGrease in credilors 50,121 {18,190} 114,199 21.134 Cash absorbed by operations (4,169) (559,786) 24 Analysis of changes in net funds The company had no debt during the year.