COMPANY REGISTRATION NUMBER.- 039q8116 CHARITY REGISTRATION NUMBER.. 1115229 Tir Coed Company Limited by Guarantee Unaudited Financial Statements 31 October 2023 PJE ACCOUNTANTS & ADVISORS Chartered accountants 23 CoSlege Steet Lampeter SA48 7DY
Tlr Coed Company Llmited by Guarantee Flnanclal Statements Year ended 31 Oclober 2023 Page Trustees, annual report (incorporallng Ihe dlreclor's report} Independent examiner's report to the trustees statement of financial activities (including income and expenditure acGount) statement of financlal poslllon 10 11 statement of cash flows 13 Notes to Ihe financial statements 14
Tlr Coed Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector's Report) Year ended 31 October 2023 Tho trustees, who arè also Iho dlreclor8 for Ihg purposes ol company law. presont th¢lr report and thè naudltEd flnanclal stalements ol the Ghailty for the year Ended 31 Octobei 2023. Reference and administrativ8 d8tai15 Reglstered charlty name Tir Coed Charity reglstratlon nurnbor If15229 Company reglslratlon number 03918116 Principal oflica and regi5t8r8d Unit 6G offl¢e Science Park C8fn Lla Llanbadarn Fawr Aberystwylh SY23 3AH The truslees L Sharland- Deputy Chalrperson (Jolnt Chalr from 25110120231 A L Prylherch- D8puly Chairp8rson lJolnl Chair from 25110120231 AWells- ChaiFp8rson R L15ter T Binding K M GBMmill M E Evan5 S A Glnley H L Wllcox Brooke G H Evans R D Thomas Resign8d 25 Octobei 20231 (Reslgned 25 O¢lob8r 20231 (Resigned g January 2023} (Appointed 11 July 20231 (Appolnled 7 June 20231 Company secretary Helen G81hln - Co-CEOIH8ad of Flnance Ind6p&ndent •xamln8r Heidi Hughes ACCA 23 College Steel L8mpetèr SA48 7DY
Tir Coed Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Roport) Year ended 31 October 2023 stru¢ture. governance and marhagement Governlng Dtscumant Tir Coed is a company limited by gu8rante8. Incorporated on the 2nd ol February. 2000. Tlr Coed was reg15teied 8s a charity on the 11th ol July. 2006. In the event of the Company being wound up members are required to ¢ontribule an arnount nol exceeding £10. R8cru5trn8nt and Appolntment of TrustO•S The dlrectors ol the company are also Charity Trustees for Ihe purpos&s ol charily law and under the companys Articles are known as"Trustee5 New Trustees are Appolnted by the Board ol Trustees on the basis of Iheii skills and experlence in relatlon to the ¢harily's objectives. These appoinlm8nts are ratified by memb8rs al Ihe AGM. The Board has the power lo appoint addltional Trustees as It considers fil lo do so. Under the requ1remenls of the Memorandum and Articles of Association on8 Ihlrd ol the members ol the Trustees are required lo retire in rotation at ev8ry AGM. Due to the nature of the chaTIIy's work - promotlng the provlslon of woodland-relaled 183rning and wellbeing aclivitles and facilllies In Ihe interests ol health and social w8lfar8. for the education of individual8 in rural Wa188 Truste8s have b8en sought from a bioad rangè of organlsallons. representing the lllnd-based, health and social sectors, in order to bring a variety ol oxpertise to th lable. In the event of a partlcular sklll being losl due to retlremenls, individuals ar9 approached lo offer Ihemsglves lor ele¢lion lo th8 Board of Trustees. In this way the professional needs of the organisation and the chaiilable oblecls are achleved. Trustee's Induc¢lon and Tralnlng New Trustees are glven the followlng inloimallon.. Memorandum & Ariic188 of Associ8tion of Tlr Coed.. CC3 Responsibilities of Gharlly Trustees: Mlnutes ol previous AGM., Minutes of previous Tru5tees' tneellngs", Latest progress reporis, Including financlal reports., Tru$te8 indu¢lion pack Agre8ment to volunteei at least 12 hours lo the charity quarterly Rlsk Managemen¢ The malor risks lo whSch the ¢harily is exposed, as identif18d by th8 Trustees. are being con5ideied and a RSsk Register has b88n established to mitig818 against Ihose risks. Internal Gonlrol rlsks a minimi5ed by Ihe Itnplementallon ol procedures for authorisalion of all transactions and projects. Procedures are In place to ensure compliance wilh health and safety of staff, volunteers and members of the public. Organlsatlonal Structure The Board of Trustees has 6-12 members who meet on a 3-monthly basis. or at mor8 Irequ8nt Intervals as deemed ne¢8ssary. At presenl the Board has 7 rnernber5 from a variety ol prolesslonal backgrounds r818vant to the work of the ¢harlly. Staff
Tir Coed Company Llmited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (G¢11t Year ended 31 October 2023 Over the ¢our88 ol th8 ygar. Tlr Cogd ernployed 42 individuals in 30 organlsailonal roles, all 8xcept one part-time.. a CO-CEO leatn. Heads ol ComtnunlGallon5 & Development, Finan¢e and Opèralions, an A¢creditalion and Learning ManageT, a Trainin9 and Accredllalion Coordln8lor, 8 x Pro19county Coordinator8, 8 VoluDte8r Coordinator. a Finance Coordinator. a Markeling and Admln Officer, 4 x Prolecvcounly Mentors, A Ilull tlmel Rank Time lo Shlne Intem, 9 x Aclivily Leaders and a number of Short-term carpentry traittges who unéertook Iralneeships in Elan Valley. Senior staff metnbers have iespoTrsiblllty for the day-to-day runnlng of Tlr Coed. as well as the monltoring of a11 grant slreams, in ¢onsultalion with and und8r lh8 sup8rvision of Iho Chairperson. Th8 Chief Executive Otrieers are fosporTrsiblc for the line management of Tir Coed's project and d8partTnenlal lead5, who In turn Ilne manage staff, as well as ensurlng Ihal the team continues lo d8velop ils skills and working practices in lin9 wllh good pracll¢8. Tru5teps and lunders are sent quarterly piogres5 reports. in thg foim ol new51ollors, vla e-mall. Trustees exl¥nd their gratitude to all tho staff for the%r energy and cornmitment and for developing a strong t8atn 61hos whlch has enabled graal progress to be made In lulfilllng the obleclives of fir Coed. Llne management meetings are tarried out at 3-rnonlh tnlerv81s. QT more frgqil8nlly if rooulrgd, wilh full perfoTmance reviews held annually. ObjgCtIV85 and actlvltl85 Tir Coed has referred lo the guidance contalned th8 Ch81ily Corntnlssion's geneial guidance on public b8nefit whèn Fevi6Mng our aims and ot4ectlves and In plannlng our future aclivltles. In particular. the Truslees consider how planned activities wlll contribute lo lh8 aim8 and objo¢bves Ihey have s81. ThB Chaiiws 0bJ'ec15 are the advancempnt ol Bdu¢alltsn In woodland-related $kl$- and to develop, promole and encourdge th8 provision of woodland-rela18d facllili@s, in the IntBresls of heBllh Bnd SOCi81 weware. for thB education and recreallon of IndIdual5 rural Wales whn have need of such facilitles by reason of their youth, age, menlal or physi¢al disabllity, financlal h8rdshlp or social clrcum81gnce5. With the object of improving Iheir conditions of lrfe.
Tir Coed Company Llmlted by Guarantee Trustees. Annual R¢port Iln¢orporatlng the Director's Report) {tontlnutd) Year ended 31 October 2023 Achlav¢mpnt5 and porforman¢è 2023 was a Iranslormalivg year for Tir C08d. marked by a Ih8tne of r88ili8nce, innovation and Impact. Reflecllng on the year, the narfallve unlolds as one ol growih, suc¢ess and a dedi¢aled ¢ommilm8nt to embedding learning in to the heart ol our operations. The seeds of our efforts have blossotned into thriving landscape of accomplishment5 spann1ng four counties as we rolled out our AnTlr projecl across Carmarthenshire, Ceredigion, Pembrokeshir& and Powys. Tho Ihome of growih not only defines our traje¢lory bul also shap&s our ViSK)n to me8l the 8volving social and 8nvironmental needs of the present and future as we conllnue to connect people wilh land and woods In a meaningful and purposeful way. Acioss all of our projects this year. we have deliVed 930 sesslons for learnlng and wellbein9 and have engaged with 2,188 Indlvldual$ In 20,511 hours of actlvity. We hav8 connected rnore people with a wid8r rang8 of gre8n spaces and I8aTning opptsrtunlilas than Over before. 77Vo ol Iralnees galned accredllallon 80Y4 01 Iralnees mentored progressed onlo employment. self-ernployment. training or volunteeTing Learnlng Impact5 A lolal 01521 individuals allendgd cours8s and gained a Tlr Coed certificate and of those 105 achieved accredilalion via Agored Cytnru. The majority ol tralnees used electroni¢ tablets lo document evldence ol their learning in our digital workbooks. Trainees expressed a sense of pride in thelr rnp18t8d workbooks, aclively taking ownership ol thelr learnlng and reflectin9 on theSr 8ccomp1ishments. T¥alnees have developed skills and gaingd knowledge whilg parti¢ipatin9 in over 14,373 hour$ of learning. Wellbelng We delivered 198 wallb8ing s8ssions to 1,667 people who enjoyed 6,138 hours eng8ging wilh nature and trying their hand al somelhlng new. We also dellvered a range ol interesting and innovative actlvilies, such as foresl bathing. whittling workshops, willow weaving, tr8e planting, making home5 foT w¢ldlif8, Outdoor cooking. foraging. forest advenluie. outdoor carpentry. ecological surveys and orchard skllls. Green Space Improvement Throughout our ouldooi loeatlons, a total of 55 slru¢tvres were built, encompassing a mix of subslanllal and supplementary inslallalions aimed at improving facilitie5 and acces5ibilily. These included rebullding a roun(Shouse and conslru¢ling seating benches, pi¢nic tables. $hav8 horsfys, pole lathes and raised beds. Additionally, we managed 14 acres of land and woodland for the benefit of wildli18 and people. rnaintained or established 170 meters of pathways and planted 3.315 trees. More Informatlon and lestlmonlals from pat11cSpanls Can b8 found in our di9ital Imp8Ct R8POrt hltpsJladobe.ly14f7bpZP 11 AnTlr Project With substantial support Irom Natur81 Rasource5 Wales INRWI fundlng, we suc$$fullY dellvered the first full year ol our AnTir Projecl in Pembrokeshire and Carmarth8nshir8 INRW South West Walesl as well as in C8r&digion and Powys INRW Mid Wales) this yeai. The AnTlr project represents an expansion beyond our woodland-focused acllvlty to Include wider land-based a¢livity that includes setling up siles lor food growing. using reg8r18raliv8 pracllces and technlques, dellverlng hortloullural course5 and engaglng wSth a more diverse audlence to enhance gre8n Spaces for the b8nefil of wildlife and the community. Our project pul a slrong focus on the wellbelng benefits of spendlng Ilme in and connecting with nature. We collAborated with communllies to enhance their resilion¢e, ollering
Tlr Coed Company Limited by Guarantee Trustees. Annual Report {In¢orporatlng the Dlroctor's Roport) (conllnuddl Year ended 31 October 2023 Irainino cours8s aimed at honlng the skllls and employabllity ol local people. Thls strategic approach alms to brlng local people closer lo employm8nl opporlunilies that ¢onlribule m98ningfully to the rural economy. We have listened and responded to our community about offerino a wider rangg of land-ba5ed Courses. With a clear n8ed and detnand lor food growno 8nd Tegeneralive land management practices. we rolled out our own Sustainable Horticulture course ac¢rediled by Agored Cymru al18V81 2. lollowlng suceesslul pllols over the past 2 yoars. Deliverin9 this 20-week wurse across 811 four ¢OUT)lies lor the first lim8 enab18d us to 5ueeessfully engage with a b¥oader range ol partlcipants (han ever before. Working on partner communlty growing sltes. we helped to develop both the consetrvatlon and soclal values of thelr gardens by Improvlng areas lor biodiversily, installin9 ponds, creating wildlow8r ar88s. constructlng acoesslble seating, palhways and additional rai88d beds. Tir Coed is thankful to the followlng funders who granted funds for AnTir Year 1.. Natural Rgsourc8s Wales- Soulh West Wales Natural Resourc8s Wal8s- Mid Wa185 291h May 1961 Charitable Trust Ashley Family Foundation Carm8rthenshiie Fund - CAVO CLA Charitabl8 Trust Dewl Davies Fund - Dwr Cymru G0511ng FoLFndatlon Hedley Foundatlon - PAVS Rank Foundation Royal Countryside Fund Sleele Charitable Trusl Wesleyarn Fund - Woodroff8 Bornton Foundation 21 Elan Llnks Project D•c•mb•r 2017-2023 Elan Links wa5 a £3 million Landscape Partntrishlp Project between Elan Valley Trust, Dwr Cymru, CARAD and Tir Coed aiming lo safeguard the unique and special heritage of the Elan V811ey whlle increasing enjoyment, 8du¢ation, training and recreational oppoilunities for the benefit ol all. Extended by one year to December 2023 due lo the Covid-19 pandemic, Tir C08d has now deliv8r8d the majority of its activity for th8 project that b8gaTr in November 2017. Over the course ol slx year5 Tir Coed ha5 delivered.. 11 x 24-day training courses Ihat had a positive irnpact on 86 people'5 Ilves.- 100 bespoke activity 8es510nS to 1.378 harder-lo-reach individuals frotn the local Community. enabllng people to spend lime outdoors, engage with the area and its natural heritage and gain a nEW appreclalion of thls special landscape. Imainly pre-CoMd-191 Delivered ietieat packages to enable 335 people from harder lo ach groups from the Birmingham area lo connect with the Elan Valley. bre8klng down barriers to getting into the outd0015. Specifically supporting groups ol people who May not normally visit the counlry51de but who have links to Elan Valley Ihrough the supply of their w8ter. we provided lile-changing and life-8nhancing opportunities for people to spend Ilme In nature. 40 nlghts and 52 days weTe spent in the Elan Valley by 23 different groups.
Tlr Coed Company Limited by Guarantee Trustees. Annual Report Ilncorporatlng the Dlre¢tor's Report) fconllnued) Year ended 31 October 2023 Tir Coed warmly welcomed Herilage Lottery Fund funding through the Elan Llnks projgct. which was match-lunded by the Elan Va118y Trust. 31 Enhanclng P8mbrok•shlre A grant from the 'EnhancirJg P8mbrok8shire' lund in P8mbroke5hire allowed us to offer a new programme of eng2gement and training activilies In the county. Beginning in sprin9 2023, we dellvered a range ol short oourses, volunteering days and bespoke activity session5 to engage local people and improve the well-being of our cotnTnunity, offsetting the negative impucts of second home ownership in the county. Engaglng wllh local and young people. we provided them wilh relevant skills aHd tiainlng ltsr local lobs. rosponding to need in PgmbrokeshI for creating $8lf-suslained and vibianl cornmunilies. To dale we have delivgred 7 x 1-week courses. 9 days of volunteering and 7 x bespoke actlvlly Sgssions, gngaging with 422 local people. Tlr Coed gralelully recognises the funding rec8ived via Th8 Enhancing P8mbrok8shlre Grant, whlch forms part ol Pembroke8hir8 County Council 5 regener8tion progr8tnme. 41 Pryd Cerediglon Tir Coed worked in partn8r8hip with Penparcau Communlty Hub to dellver & food. growing, learning and volunteering project. Our Volunteer Co-ordinator led efforts to enhance the Hub's community garden, bringing the community together and gD¢ouraging peop18 to volunteer outdoors to create green spa¢9$ lor everyone 10 8TijOy. The local communlly has been key lo the success of this PTOj8Ct, with volktnt8er8 lending thelr hunds for varied tasks throughout the local area. Including grounds, maintenance at a local care home for resldenls wlth dementia. whlch contributed lo Ihem being awarded a Gr8en Flag. Tir Coed acknow18dg&s the lundlng from the Natlonal Lollery Communlty Fund's Awards for All that enabled this PTojecl to happen. 51 Prlmary Purpose Tradlng Thls year we have conllnued to reach b8yond our funded WOTk by delivering activity through our primary purpose Ir8ding to organi5alions, eommunlly oroups and schools. This expansion has allowed us to share our passltsn and expertise with a wider audience. creale lasting and tneanlnglul conn8clions and secure grealgr financial su5tainabillly lor Tlr Coed. 61 Wls• Woods Walos: Tlr Coed's soelal •nt•rprlse Al lh8 2015 AGM the decislon w88 m8de by Ihe board of Trustees to make ihe company dorrnanl. Th15 remains the cas8.
Tir Coed Company Llmlted by Guarantee Trustees. Annual Report {Incorporatlng the Dlrector's Report) (coJ)Ilnu Year ended 31 October 2023 Flnanclal r&vl6w Th8 charity's funds hav8 all been 8ppli8d in accordance with its obj8ctlV8s. The charity'5 8ss6ts are all belng malntained in the furlheran¢e ol these objectives. Reserves Policy Thè TruslEes have considered the requirements ol the SORP In vlew of a reserves policy. A Reseryes Fund has beett established. which equates to the lolal core cost of Tir Coed over three mcnlhs, as well as the cost ol admlnislerlng a Members, Voluntary Llquidation. The requirements lor the Reserves Fund based on projected costs is £48,000 Unreslrlcted cash reserves at the end ol Oclober, 2023 stand at £165,306 The Tir Coed Reserves Policy is r8V18wed half y9aTly al th8 Board ol Trusl888 meetittg. Prlnclpal Fundlng Sourc•s Fr()m 1st ol Nov8mb8r 2022. Tir Coed b8gan delivering th8 AnTir prol8Ct wlth multlple fundlng streams, as Ilsled above. They form a restricted ¢ash-flow where money is restricted lo those purposes approved by the funding organisations. Thg Charity's 5imiled unr88lricted fund5 Include int8rest. Invostm•nt Pollcy and Oblectlves Under the mernor8ndurn and artlcles ol association. the charily has the power to make any Investments which the Tiuslees see fit. Aside from relaining a prudent aMonI in r888rv8s each year. the charity's funds are 811 Spent in the short term. There are no funds avallable for long lerm Investment. Small company provlslons Thls report has been prepared In accordance wilh the provlsions applicable lo companies gnti11gd to th8 srnall compani88 8x8mplion. The Iruslees, annual report was approv8d on Iruslges by.. and sign8d on b8haif of the board of ke Anna L. Pryiherch IAug 0, 2024 11.'59 GMT+ll A L Pryih8Tch- Joint Chairp8r8Oll Trustee Dale.. 30 August 2024
Tir Coed Company Limlted by Guarantee Independent Examlnar's Report to th6 Trustees of Tlr Coed Year ènded 31 O¢tobgr 2023 I report to Ihe Irustees on my examination of the financial slalemenls ol Tlr Coed I'lhg charity'l for the year endgd 31 O¢lob&r 2023. Responslbllltles and basis of report As the Iruslees of company {and 8180 ils directors for (h8 PUFposes of cornpany lawl you are responslble for Ihè preparatlon of the finanelal statements in accordance with the requlremenls ol Ihe Companies Act 20061.lho 2006 Aol'l. Havlng sat15fied myself that Ihe accounts of Ihe company are not requlred to be audilecf under Part 16 of the 2006 A¢1 and are eligible for independgnt examination, 1 I8POrt in r&sp8cI of my 8xaminalion of the Gharily's 8ccounls a5 carried out under Section 145 of the Cètaiilles Act 2011 I'lhe 2011 Act'}. In cairying oul rny BxaTninatioTr I have followed thB Dlrections glven by the Charity Commlsslon under section 14515llb} ol the 2011 Act. Independent examiner's 5tatomènt Slnce the charily's gross income exceeded £250.000 your 8xamin8T musl be a membèr ol a body Ilslgd In se¢liDn 145 of the 2011 Acl. I confiitn Ihat l am qvaiified to Iindertaka the examinatlon because l am a member of the Associalion of Chartered Certified Acwuntants IACCAI. which Is one of the listed bodies. I have completed my examlnalion. I confirm that no mallers havg ¢om8 to my att8ntion in connecfio with tho examination giving m8 caus8 to b81i8V8= aceountSNJ records werg not kepl in respecl of the Charity as roquir8d by section 386 01 the 2006 Acl., QT the fInanCal stslemenls do nol acwrd with those re¢ord$', or the financial 81alements do not comply with the accounting ie4uiretnEnls 015EGlion 398 01 the 2006 Act olher than any requirement thal the accounts give a 'lrue and fairf view which is not a mattor con8id9r8d as part of an independent examlnation.. QT the financi81 slatemenls have not been prepa¥ed in accordance wilh the molhods and prlnciples ol thè Slalgmenl of Recommended Piaclice foT accounting and reportlng by chariti8S applicable to eharitles preparing their accounis in accordance with the Financial Reporting Slaiidard applicablÉ in the UK and Republic of Ir81and IFRS 1021.
Tir Coed Company Limited by Guarantee Indopgndgnt Examiner'5 Report to the Trustees of Tlr Coed i¢0nllnu4dJ Year ended 31 October 2023 I h6 no concerns and havo com8 acr08s no other matters In eonn8Ction with the eKaminalion to hlch altenllon should be drawn in t s report in order lo enable a proper understandlng ol Ihe ccount lo b ach es dependent E 23 College Steet Lampeler SA48 7DY
Tir Coed Company Lirnited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 October 2023 2023 Restrlcled funds Total funds Total lunds 2022 Unreslricted fund5 Notè Income and endowments Donations and logacios Charltabl¢ a¢livilles other trading aclivit18S Inv651menl Incomb 1,545 14,646 422 969 1,545 395.997 1,052 969 533 594,984 544 381,351 630 Total Incomè 17,582 381,981 399.563 596.115 Expendlture Expenditure on ch&rllable acllvlties Olh8r oxpendllure Total 8XP8ndlture 9,10 12 40,384 451,436 491,820 555.915 586 40,384 451A36 491,820 556,501 Net lexp8nditurellincome and net movèmènt in funds 122,8021 ie9,455} (92.2571 39.614 R8conclllatlon of funds Total funds brought ftsrward Total funds carried forward 188.108 69,455 257.563 217.949 165,306 165.306 257.563 The stalement ol financial activilies includes all gains and losses Tecognised in the year. All in¢omg and expondlture dorive from ¢onllnuing aclivilgs. Tho notes Dn pagps 14 *0 25 forffl part of these Ilnan¢lal Statements. 10
Tir Coed Company Limited by Guarantee statement of Financial Posltlon 31 October 2023 2023 2022 Notè Flxod a$s91$ Tangible fixed assets 16 16 Current as8&ts Dèbtors Cash at bank and In hand 17 97.368 83,580 180.948 101,878 180,544 282,422 Cr8dltors'. amount5 falllng dua wlthln onè yèar Not current assets 18 15,802 165.146 165,306 165,306 25,019 257,403 257,563 257,563 Total ass&ts 18ss curr8nt Ilabllltles Net a$$el$ FLFnds of tho chartfy Reslricleij funds Unr8slricted funds 69,455 188,108 257,563 165,306 165.306 Total charlty funds 20 For the year endlng 31 October 2023 the charity was entitled lo exempllon from audit under section 477 of th8 Cornp8nl8s Act 2006 T85aling to sm811 companles. Dlre¢lors' responslblllll¢s'. The members have not required the company lo obtairh an 8ud5101 its financlal 51at&mènts for Iha year in question in accoTd&nce with secbon 476., Th8 directors acknowledg& thèir responsibilit18s for complyin9 wilh th8 requlTemenls of thè Act with rè5p6cI to accounting records and the preparallon ol financlal slatements. These financial statements have been prepared in accordance with thg provisions appllcable to companies subject lo Ihe small coEnpanies' regime. The stalement of financial position continues on the following page. The notqs on pages 14to 2S form part of those flnanclal 5tal8m•nt$. 11
Tir Coed Company Llmlted by Guarantee statement of Financial Position (eon11n$ 31 October 2023 These financial slalements w8re approved by the board of trustees and authorlsed for Issue on and are si9ned on behalf of th8 board by.. *Yha L. Anna L. Prylherch (Aug 0, 2024 11..59 GMT+ii A L Prytherch- Jolnt Chalfperson Tws18e Oate.. 30 August 2024 The noles on pag8¥ 14 to 25 form part ol these fln4n¢lal statem8fbfs. 12
Tlr Coed Company Limited by Guarantee statement of Cash Flows Year ended 31 October 2023 2023 2022 Cash flows from opeTallng acllvitles Nel lexpenditureyittcome 192.2571 39.614 Adjuslm8nls lor.. Other int8T8St r8C8ivab18 and slmllar In¢ome Accrued expensesllincomol 19691 22,159 1541 {43.6981 Changgs In.. Trade and othei debtors Trade and other ¢r8dilors 115,899} 19.9671 197.9331 5,496 122.9061 {21.5461 Cash generated Irom op8ralions Interest recelved 989 54 Net cash used In operallng acllvllles 196,964} {21,4921 Net decrease In cash and ca$h equSval8nls Cash and cash equlvalents at bèginnlng of yoar Cash and Cash èqulvalènts at end of year 196.9841 180,544 83,580 121.4921 202,036 180,544 The notes on pago¥ 14 to 25 form part of thoso Ilnanclal 8tatam8nts. 13
Tir Coed Company Limited by Guarantee Notes to the Financial Slatements Year ended 31 October 2023 General informatlgn The charity Is a public benefit entity &nd a prlvatè company Ilmlled by guarantee, reglslered In England and Wales and a registeT8d charity in England and Wal88. Thè address of Ihe regislered office Is Unlt 6G, Sclence Park. Cefn Llan. Llanbadarn Fawr, Abery$yIh. SY23 3AH. stalement of complian¢e Thèse flnanolal slalemenls have been prepared In compliance wilh FRS 102, 'Thg Flnan¢ial Reportlng Standard applicablè in the UK and tha Republic of Ir81and', th8 St8t8ment of Recomn18nd8d Pracllce 8ppll¢able lo charllles prepBrlng Iheir aceounls in accordan with Ihe Financial Repoiling Standard applicable In tht) UK a¢KI Republic Df Iraland IFRS 1021 (Charities SORP IFRS 10211 and Ihe Companies Act 2006. Accountlng poll¢las Basls of preparatlon Thè financlal slalements have been prepafed on the historlcal cost basis, as modifi8d by the revalualion of ¢ertaln financial asset5 and liabllilie8 and iThVEslmenl piop£rties rneasuied al lair value through income or expendlturè. Thg financial statements aT8 prepared in sterlng, which is Ihe functional currèncy ol the entity. Golng concern Th8re 3re no malerial uncerta*nli8s about the charivs abtlity to conllnue. Judgement5 and kèy sources of estlmatlon uncertalnty Tho preparation of the financlal stalements requires m8n8g6ment lo make judgements, 6811mgtes Ènd assumptions Ihal affect the amounts reported. Tliese estimates and judgements are continually revlewed and 2r& based on 8xp8rien¢8 and olh8r faciois. induding 8Xp8c1atn8 of future ev@nls thal are belleved lo be reasonable under the circumslartr¢es. Fund accountlng Unrestricted funds are avallabte lor use al the discrelron ol the Iruslge8 to further any of the charills purposes. Reslricled funds are subjectod to restrictions on their expendlture declared by the donor or through the tèims of an appeal. and fall Inlo one of two sub.classes-. restrlcted Income funds or endowment lunds. 14
Tir Coed Company Llmlted by Guarantee Notes to the Flnanclal Statements Year ended 31 October 2023 Accounting policles {contlnued) lTrGomlng resourcgs All incoThitF9 re50urce5 arB included Sn the statem6nl ol financial activilles when enlillemenl has passed lo the Charity., il 18 probable that th8 economic benefits associated with Ihe transaction will flow to the charily and the amount can be ¥ellably measured. The following specific policies ale applied to partkular calegoiies ol income.. Incom8 Irom donatiQll5 or giants 15 Fecognised whEn Ihere Is evldence of enllllement to Ihe gift, receipt Is PTobable and Ils amount can be measured reliably. legacy Income Is recognlsed when re¢&ipt is wobable and gnlitlemenl is gstabllshed. incom8 from donaled g(x)d5 is meBsured at the fair value ol the good5 unlE5S Ihls Ss Impr8clic81 to measure rellably, In whl¢h case the value is derivecl from tho cost lo th8 donor or the eslimaled resale v8lu8. Donated facilities and services are iecognised the 8ccounts whèn recolved 11 the value can be reliably measured. No amounls aTe included for the contribution of g8neral volunlegrs. income frorn contracts for Ihe Supply Of sewl¢es is rprngnised wtlh the d&livery of the contraoled service. Thls is classified as unreslricled funds un19ss ther8 15 a conliactual requiremenl for It to be spenl a p8rtKular purpose and ieturned11 tjnspènt. In whlch case it tnay b8 Tegarded a5 reslrlcled. RÈSOU8$ expÈnded Exp6¥MlSlurè1g recognlsed on an accrual8 basis as a liabilily is inGurr8d. Exp8ndllurè indudas any VAT which cannot t)8 lully recovered, and classified under heading5 of the siateTnenl of financial acliviles to which il relales.. expenditure on Taising funds includes the ¢¢)818 ol all fundiBising aclivilies. events. non-charitable If8ding actwilies. and the sale otdonated good5. expenditure Dn ¢har51able Acllvllles Includes all costs Incurr8d by a Charity in undertaking activities Ihal furth8r its charitable airns for benefil of it5 bEnefiGiaiies, InGluding those support costs and costs relating lo Ihe governance of the charity apportioned lo charitsble aGtlvittes. othgr expendilvr8 IDclude5 all expendilure that is neithei related to ratslng funds for the charity nor part of Ils expendllure on charitable acli%ili&s. All costs are gllocated to 8xpenditure categories 18fl8Ctlng the use of the resource. Dlrecl costs allributable lo a single aclivity are allocated directly to that a¢livlly. Shared costs ai8 apportioned between IhÈ acllviliÈs IhÈy conl¥ibul& to Dn a rea8onabl8. jUStifiab5e ènd cornslstent basls. Operatlng leases Leas8 payments ai8 18cognis8d as an expens8 over the lease term on a straighl-line basis. The 8ggragate ben6fit ol lease incenlives is reco9nised as a reduction lo expenso ovcr tho loaso tgrm. on a slraight-lin8 basi$. 15
Tir Coed Company Limited by Guaranteè Notes to the Financial Statements {¢ontlnued) Year ended 31 October 2023 Accountlng pollc185 Icfrntlnu Tanglble assats Tangible a5s615 are initially recorded at cost. Ènd subsequenlly sl8ted al oost less any a¢¢umulated depreclatlon and Impalrmenl losses. Any tanglble assets ¢ariied al revalued amounts are rocorded al the fair valu9 81 Ihfj dalfj ol rov&lualion less any 8ubsequ8nl accumulated depieciallon and sub5Equent aG¢umulaled ITnpairmenl1055es. An incroaso irTr Iho Carrying amount ol an assct as a rosult of a Tovalualion, Is recognisod in olhoT recognlsed galns and lossè8, unles5 It VerSeS a charge for Impalrment that has previously been rgcognised as gxpondilurg wilhin Ihg slalemenl of linancial activities. A decrease In the ¢afrying amount of an as88t as a result of revaluation. is r8cognised in other recognised gains and losses, excepl to which 11 offsets any fxevSous revaluallon galn, In whlch case the loss Is shown wllhln other recognlsed gains and losses on the statement of financial 3Ctivlties. Depreclatlon Depreciation is calculated so as to write off the CO8t or valuation of an asset, less ils Tesidual value, over the useful economk Ilfe of that assel as follows.. Plant and machlnery Fixlure5 Bnd fittings Equipment 25Yo 51raight line 25% 8tlBight line 25.10 Straight line Impalymènt of flxed assets A revigw for Indicators ol impairrngnt cariied out al 8ach reporting date. with Ihe r8coverable arnount being estimated where such indicator5 exi51. Wheie the carrying value exceed5 the recoverable amount. the asset Impaired accordlngly. Prior impairments a also reviewed for P05sibl& reveTsal al 8ach r8porting dalg. For the purposes of Impairment testing, when 51 is not possible to esllmate the recoverable arnounl of an individual ass8t. an 8slimat8 is mad8 of lh8 r8cov8r8b18 8moLint of th8 cash-genefaling unit to which the asset belongs. The cash-generaling unil Is Ihe smallest Ident181 group Of assets Ihal includes the asset and generates cash inflows that largaly Indèpandenl ol the Cash Inflows from other ssels or groups ol assets. FOT impairmgnl lesling of goo(knill, the goodwill acquired In a buslne5$ combination Is. Irom the acquisition date, allocated lo each of the cash-generating units that are expecled to benefil from the synergies of the combination, Irrespeetlve of whether other assets or liabilities ol the charily are asslgngd lo Ihosg unlts. Flnancial ÉnstTument$ A financial asset 01 a financi81 liability is iecognised only when the charity becDrne8 8 patiy to the contradual provlsions of the Inslrumenl. Baslc financial inslrurnen15 are Initial recogDis$d 8t Ihg amount recelv8bl& or payablè Includln any relaled Iiansa¢lion Costs, 16
Tir Coed Company Limlted by Guarantee Notes to thè Flnanclal Statements (¢OnlhJufydJ Year ended 31 October 2023 Accountlng polic195 Iconllntwd) Flnanclal Instruments Current 8ssets and current Ilabllities are subsequently measured al the cash or other ¢onslderallon expected lo be paid or received and not discounted. D8bl itlslrumcnts ale subsBquenUy rne&5urad at amortlsed cost. whe Investments in Shares are pbliClY traded or Iheir fair valug ¢an olh8Trvise b8 m8asur8d reliably, the investment is subsequently measured at lalr value wllh Changes In fair value recog1115ed In InGoine And expenditure. All other such inveslmenb are subsequeiilly measured at cost less impairm9nt. other financlal Inglfuments, including derlvatives, are inillally iecognlsed at fair value, unless payment for an asset is deferred beyond noirn81 business terms or financed at a Tate ol inteiest th8t is not a market rate, In which easè the asset Is measured al Ihè presenl value ol the lulure payments discounted at a market rale of Inlergst lor a 81milar debt inslrumenl. other financtal Instrutnents ale subsequently tnea5ured al fair value, with any Changes recogn15ed in the slalement ol financlal acllvllles, wSlh the ex¢eptEon of hedglng Inslrumenis In a designated hedglng ielalionshlp. Flnanclal assets that are measured at cosl or amortised Cost are reviewed for objeclive evldencg of impairment at th8 8nd of each r8POrting date. If Ih8r8 55 objectiv8 8vid8nc8 of impairment, an Impairment loss Is recognlsed under the appropriate heading in the slalernenl of financlal activilies In which the inllial gain was recogni58d. For all equily inslrutnent5 re9ardless 01 5ignifi¢ance, and olher Ilnancial assols that a Indmdually SIgnlCan1, these &re assessed individually for impairment. Other financial assets are ellher 858&s88d individu811y or grouped orh the basis of 5itllllaT ciedil 115k cha18Cteristics. Any reversals ol impalrmenl are recognlsed Immedia18ty, to Ihe extent that th& reversal d08s not result Ill 8 carrying amount of th8 financial assèt that exceed5 what the earrylng amount would have been had the Smpalrment not prèvlously be8n recognised. Llmited by guar4nte8 The liabllity ol the members is Ilmited. Every member of the charity undortakgs to contribu18 such amount as tnay b8 18quir8d Inol 8xc88dinu £101 ltr the charity's assets if11 should be wound up whlle he 01 she Is a memb6r or within one year after he or she ceases to be a membsr, for paymenl ol the charily's debts and liablllll&s contrac18d befoie h8 OT she ceas88 to b8 a m8mb8r, and of the ¢0s18. charges and expensés Of winding up, and for Ihe adluslmènt of the rlghts of Ihe conlfibutors amon9 themselve5. Don8tlon8 and legacles UnTgStri¢18d Total Funds Unrestrict8d Total Funds Funds 2023 Funds 2022 Donatlons Donalions 1,545 1,545 533 533 17
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 October 2023 Charltablo acllvitl85 Unreslrlcled Funds Re8lrioled Total FundB Funds 2023 Brechla Forest Wesl Community Fund Leaf Proj8cI Elan Links Project AnTlr Fawr AnTir Pllot Klckstart Rank Timg lo Shine Bursary Dysgu Digidol Llechl Glo Genoral Primary PurposB Fundlng Enhanclng Pembrokeshire PRYD Calalyst Cymw 85,388 244,951 25,571 85,388 244,951 25,571 380 14.266 380 14.266 18,772 5,619 1,050 395,997 18,772 5.61g 1,050 381.351 14.846 Unreslricl8d Fund5 Rgstricled Tolal Fund5 Funds 2022 Brechfa Forest Wost Community Fund Leaf Prol8Ct Elan Links Project AnTir Fawr AnTir Pilot Kickstart Rank Time lo Shin8 8ursAry Dysgu Digldol Llechi Glo General Prirnary PurpD5e Fundng Enhancing Pembrokgshire PRYD Catalyst Cymv 1,325 221,775 123,390 32,167 114,652 6,523 23,051 566 1,325 221,775 123,390 32,167 114.652 6,523 23,051 566 11,512 60.023 11.512 59,143 880 70.655 524,329 594.984 othertradlng acflvltles UN88lri¢ted Funds Rgslrided Total Funds Funds 2023 Reimbursed cost and misc incom8 422 630 1.052 18
Tir Coed Company Llmlted by Guarantee Notes to the Flnancial Statements Year ended 31 October 2023 Other tradlng actlvltle8 (tollllnuodl Unr881rict8d Funds Reslriolèd Total Funds Fvnds 2022 Reimbursed cost and mlsc income 525 19 544 Inve8tm¢nl in¢ome Unrestricled Total Funds Unreslrlcted Total Funds Funds 2023 Funds 2022 Bank interest iecelvablts 969 54 Expenditure on charitable actSvltles by fund type Unrestricted Funds Reslflcted Total Fund5 Funds 2023 Charllable Aclivlty Support Costs 40,384 383,160 68,276 423,543 68.277 40.384 451.436 491.820 Unreslrtcted Funds Restilctgd Total Funds Funds 2022 Charllable A¢tivlty Support Costs 36,247 517.568 2.100 482.689 73.226 36,247 519,668 555.915 10. Expanditur• on charitablo activltles by actlvlty type Acllvilles under12ken directly Support costs fotRI funds 2023 Total fund 2022 Charitable Adlvlty Gov8rnaT)¢8 Costs 423,543 58.646 9.631 482,189 9,631 550,639 5.276 423,543 68,277 491,820 555,915 19
Tir Coed Company Limlted by Guarantee Notes to the Flnancial Statoments l¢ohlthutdJ Year ended 31 October 2023 11. Analy515 015UPPOrt C05t8 Analysis ol support costs Total 2023 Tolal 2022 staff costs Governance costs 58.646 2.850 61.496 58.646 2.850 61,496 67.950 8,577 76,527 12. Other expendlture Restrlcted Total Funds Funds 2023 Restrlcted Total Funds Funds 2022 Grants iepald 588 586 13. Independent 8x8mln8tlon fees 2023 2022 Fees pay8bte lo the ind2pendenl examiner for.. Independent exarnln8lion of the financial slalements 2.850 2,100 14. Staff cosis The total staff costs and employee benefits for the reportSng period are analysed as follows.. 2023 2022 Wages and salaries 370,509 438.301 The average head count of ompDY&&s during the yaar was 3012022.. 291. The average number of full-tSme equlvalenl employees during tha year is analysed as follows= 2023 No. 2022 Numbgr ol staff 29 No 8mploy8e rec81v8d etnploy8& b8nefit8 of rnDf8 Ihan £60,000 durlng the year12022'. NIII. 15. Trustee remuneratlon and expÈnsoB The charily Ituslee5 weie ntst pald 01 recelved any other benefÈts irom employmènt wlth the TNst or Its subsidiary in Ihe year lo 31 October 2023 (October 2022.. NILI. Mo èxpenses were reimbursed lo trustees during the year lo 31 October 2023 {Oclober 22.. NIL) 20
Tir Coed Company Limlted by Guarantee Notes to the Financial Statements (tontitjue Year ended 31 October 2023 16. Tanglble flxed assets Plant and Fixtures 8nd machinery Equlpment Total Cost At 1 November 2022 and 31 October 2023 7.248 5,191 25,441 37,880 Depreciatlon At 1 November 2022 and 31 October 2023 7.088 5,191 25,441 37,720 Carrying amount At 31 October 2023 160 160 At 31 Oclober 2022 160 160 Tlr Coed Slt¢s of Opgratlon and Land Manag•d und•r L•ase Tlr Coed has access agreements In place for slles used across Its lour eounties ol operatlon. During th8 projÈcl y8ar Nov8mb8r 2022 to October 2023 we had agreements to use the lollowSng sit&5'. In Carmarthenshire we have an agreemgnl that allows us lo carry oul sensitive woodland managernenl and undertake &clivity al site5 in Mynydd Mawi Woodland Park. Tumble. which comprises 73 acres of mixed woodland and grassland on former colliery land owned by Carmarthenshire Council. We also have access agreements in place for engagement and learning acllvily and the usè ol work5htsp spaces at Keepers. In 8reohfa Fortsst. owned by Natural Resources Wales and Yr Ardd Community Garden in Llandysul. In Ceredlglon we have a long standlng agreement (o carry oul sensllive woodland managemen( and use ol th& sile for activity al C09d Tyllwyd, Llanlarian, mixed woodland of 53 acres owned by N8tural Resource5 Wale5. A rnore recent bul simllar a9reement exis15 al Llanlna Woods, New Quay, a 50-acre woodland sitg owned by Dwr Cymru. AdditSonally, we have an agregmenl to use half an aera of p8Sture owned by a local farmer that has been converted by Tir Coed into an open acces5 ¢ommunlty garden for leaching purposes. Pembrok8shir8 has Iwo main sites.. Scolton Woods, Haverfordw8sI, is a 10-acr8 mix8d woodland sile, owned privalley. lor whlch we have a long standlng agreemenl to carry oul sensitive woodland management and use sites lor activity and courses,. Cilrath Acre Communlty Garden, Narb8rth, is located on a 12-8cre privat81y owned farm. Tir Coed has developed th8 gard8n and used11 for learnlng and wellbelng actlvily. In Powys wo work across a range of woodland sit8s within th8 70 square mi18s of land that is owned by Dwr Cymw and leased ¢olmanaged by Elan Valley Trust, both project parlners In the El8n Valley Links prolecl. We have conslru¢led a range of Ilmber framed woodland 8lru¢lur8$ in many ol the slles, including compost100s and olh8r us8ful ir>stall8tions thal irnprove public acc8SS. 21
Tir Coed Company Llmlted by Guarantee Notès to tho Flnanclal Slatoments (¢¢)nllnu•dJ Yearended 31 October 2023 Ir. Debtors 2023 2022 Trade debtors P18paymenls ad acciuod income 20,257 77,111 97,368 3.358 98.520 101,878 18. Cr•dltors'. amounts falling duè wlthln one year 2023 2022 Trade cred11ors Acciuals deferred Inc)& Other crédltors 1,755 14.047 288 23,943 788 15.802 25,019 19. Deferred Incom8 2023 2022 At I Nov8mbeT 2022 11.797 21.843 20. Anoly$ls of ¢h#rltabl# funds Unrestrl¢ted funds At l November 2022 At 31 October 2023 come Exp8nditur8 General funds 188.108 17,582 {40,3841 165,306 1 November 2021 31 Oetobor 2022 Income Expendilijre General (unds 152,588 71,767 136,2471 168,108 22
Tlr Coed Company Limited by Guarantee Notes to the Financial Statements {¢onthiuedJ Year ended 31 October 2023 20. Analysi8 of charllJbl• funds (COAtlnuB Rèstri¢t8d funds Al l November 2 022 At 31 Octobor 2 023 Income Expendllure Leaf Project AnTir Dysgu Digldol Rank Tlme to Shlne WWW 8qulpm9nl $810 Other Kickslart Calalysl CyTnru Pryd Ceredlyion Enhancing P8nibrokeshlre 13.991 32,525 46 9.592 13.100 201 86.021 270.519 162,5401 1361,3661 37.472 158,3221 46 9,592 13.100 201 1.050 5.619 18,772 381.981 {1,0501 15,6191 120,8611 1451.4361 12,0891 69.455 At 1 November 2 021 At 51 October 20 22 Incom9 Expendilure Leaf Project AnTlr Dysgu Digidol Rank Time lo Shin8 WWW equlpment sale other Klckslart Calalysl Cymru Pryd Ceredigio Enhancing Pembrokeshlr6 37,485 1.098 3,737 9.740 13.100 201 347.389 146.819 566 23,05fj 1370,8831 1115,3921 14,2571 123,1991 13,991 32,525 46 9,592 13.100 201 6.523 {6.5231 65.36fj 524,348 1520,2541 69.455 23
Tlr Coed Company Limited by Guarantee Notes to the Flnan¢lal Statements Year ended 31 October 2023 20. Analysls of charltablo funds (coNJtlnued) Leaf Project The LEAF project spans Mld and Wesl W&les. creallng opportuniles for groups and Indlvlduals Its a¢$$ bespoke welkbeing woodland aclivitles. tralnlng, mentorlng. work placements and to support fledgling woodland enterpr15es. AnTlr A d9velopmenl ol th8 LEAF project to support and enable disadvanlag8d p80ple in Mid and West Wales lo take practlcal steps to improve theSr health and welfare outcome5 through land-based IrainSng, whlle benefitlng local communities, habllats and speoles and developing ¢apaclly lor food production. Dysgu Dl9ldol A pilot project to test bilingual digili5ed learning in the outdoor environmanl. The alm Is to create dlgital workbDoks and resources lor two exlstirsg woodland courses and convert course learning lo a di9ital formal. Kickstart The Kickslart Scheme provid8s funding to ere8t8 new jobs for 16 10 24 year olds on Univ8r881 Credit who ar8 at risk of long term unemploymenl. Rank Tlme to Shlne A y88r-long R8S8arch & Community Le8der Inl8rn wilh a focus on th8 d8V81opment of the AnTlr project. including coordinating new research into ouldoor employment opportunities and d8v81oping accr8dited courses. VIWW 8qulpm•nt sale Proce8d$ of salg of Wisewoods Wa18S 8quipm8nt to b8 SP8rit with th8 8gr88rn8nt of the orfgin81 donor. Enhanclng Pembs A Petnbrokeshire County Councll scheme to offsel the negative Impact ol second home ownershlp. Tlr Coed dellvered outdoor sessions io engage people in nature, outdoor volunteering attd learlling to improve w811b8ing and skills whlle Improving corntnunlly spaees and blodlverslty. PRYD Working in partn8rship with Hwb Penparcaulcommunlty Forum Pryd is a food, orowing, learnlng and voluntèering project to engage local people In growing, preparing or sharing food land sloriesl and volunteerlng to support and develop local growing projects. Catalyst Cyfflru Having receSved coachlng durlng the Catalyst Cymru.. Resilient H8rilage proje¢l 2019 - 2021, Tlr Coed sllccesslully applied for a community grant lor oiganlzallonal developtnent. The grant allowed lor the engagernenl ol IT speclallsts to make improvements lo the accessibilily of Ihg websi18 and th8 purchas8 01 a virtual conference 5ysletn.
Tir Coed Company Limited by GuaTantee Notes to the Flnanclal Slat8ment5 (conllnugd) Year ended 31 Octob9r 2023 21. Analysls of net assets bètween funds UnTestri¢ied Funds Reslri¢ted Tolal Funds Funds 2023 Tangible fLxed a55ets Curr6nt assets Ciedilors108S than 1 ygaT Net assets 160 85,090 160 180.948 {15,802} 165.306 95,858 115.6021 80.056 e5,250 unstriCted Funds Restrlcted Total Funds Funds 2022 Tangible fixed 85set5 Current assets Credilois le85 than 1 yeai Net asset8 160 187,948 160 282,422 125.0191 257,563 94.474 125,0191 69,455 188,108 22. Analysls of changes In net debt At Al 1 Nov 2022 Cash liows 31 Oct 2023 Cash at bÈnk and Sn hand 361,088 198,9641 264,124 23. Oporatlng l•asg commltments The lotat future mlnlmum lease payments under non-cancellable operatinglgases ar8 as ftsllows= 2023 2022 Not later than l yèar 2.585 24. Related partles Tho charlty Irust888 wsre not pald or received any ulher b6nbflts from amployrnènt wllh lh6 Trust or Sts bubsldlary In the year lo 31 O¢lober 2023 IO¢lobgr 2022.. £NIL}. The amount relmbursgd io Irustees during the year Its 31 Ocltsbet 2023 was £243 Ioolober 2022.. £5251. 25