COMPANYREGISTRATION NUMBER: 03918116 CHARITY REGISTRATION NUMBER: 1115229 Tir Coed Company Limited by Guarantee Unaudited Financial Statements 31 October 2024 TIR C(6)ED ACCOUNTANT 23 College Street Lampeter SA48 7DY
Tir Coed Company Limited by Guarantee Financial Statements Year ended 31 October 2024 Page Contents page Trustees, annual report (incorporating the director's report) Independent examiner's reportto the trustees 10 Statement of financial activities (including income and expenditure account) 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financiaL statements 14-25
Tir Coed Company Limited by Guarantee Trustees. Annual Report {Incorporatingthe Director's Report) Year ended 31 October 2024 The Trustees. who are also directors of the charityfor the purposes of the Companies Act. present their annual report with the financial statements of the charityfor the ye8r ended 31 Ocrober 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI-Accounting ancj Reporting by Ch8rities" issued in March 2005 in preparingthe annual report and tinancial statements of the charty. Reference and Admlnistrative Detaits Ch8rity Name: rircoed Cyr Charity Number: 1115229 Company Numbèr.. 03918116 Registered Office & Operationaladdre$$: Unit 6G. Science Park Cefn LL8n Llsnbadarn Fawr Aberyswth Ceredigion SY23 3AH Diraetors and Truste8$: Anna Prytherch-joint Chair Leila Sh8riand-Joint Chair Guy Evans Meleri Evans Kerrie Gemmill Sue Ginley-Deputy Chair Jacqueline Marcus lapt. 11191241 RoEerThomas Hannahwilcox Brooke-Deputy Chair Company Secretsry: Helen Gethin-Co-CEOIHead of Finance Independent Examiner PJE Accountants & Advisors 23 College Street Lampeter SA48 7DY Bankers: HSBC Great Dgrkgète Street AberystrNyth Ceredigion SY23 1DH Senior Management. CO-CEO team". H. Gethin.Jenna Morris Itojan 241 C. Seymour,
Tir Coed Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 October 2024 Governing Document Tir Coed is a company limited byguarantee, incorporated on the 2 of February 2000. Tir Coed w8S registered as a charity on the 11, ofjuly 2006. In the event ofthe company beingwound up members are required to contribute an amount not exceeding £10. Recrultment and Appolntment ofTrusteès The directors ofthe company are also CharityTrustees for the purposes of charity law and under the company's Articles are known as"Trustees" NewTrustees are appointed by the Board ofTrustees on the basis of their skills and experience in relation to the charity's objectives. These appointments are ratified by mèmbers at the AGM. The Board has the powerto appoint additionalTrustees as it considers fit to do so. Under the requirements of the Memorandum and Articles ofAssociation one third ofthe members of the Trustees are required to retire in rotation at every AGM. Due to the nature of the charity's work- promoting the provision of woodland-re18ted learning 8nd wellbeing8ctivities and facilities in the interests of health and social welfare. for the education of individuals in rural Wales- Trustees have been soughtfrom a broad r8nge of organisations. representlng the18nd-based, health and social sectors. in order to bring a variety of expertise to the table. In the event of a particular sklll being lost due to retirements, individuals are appr08ched to offer thamselves for election to the Board of Trustees. In this way the professional needs of the organisation and the charitable objects are achieved. Trustee's Induction and Training New Trustees are given the following information: Memorandum & Articles of Association of Tir Coed: CC3 Responsibilities of CharityTrustees" Minut8s of previous AGM. Minutes of previous Trustees, meetings: Latest progress rèports, including financial reports; Trustee induction pack Agreement to volunteer at least 12 hours to the charity quarterly Risk Management The major risks to which the charity is exposed, as identified bythe Trustees, are being considered and a Risk ReElSter has been established to mitigate against those risks. Internal CDntrol risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff. volunteers and members of the public.
Tir Coed Company Limited by Guarantee Trustees, Annual Report (Incorporatingthe Director's Report) (continued) Year ended 31 October 2024 Organisational Structure The Board ofTrustees h£s 6-12 members who meet on a 3-monthly basis. or at more frequent intervals as deemed necessary. At present the Board ha5 7 members from a variety of professional backgrounds relevant to the work of the charity. Staff Over th8 course ofthe ye8r. fir Coed employed 42 individuals in 30 organisational roles, all except one part-time. This represents 14.5 FTE roles as at October 2024 (not including the temporary Elan Links trainees). The roles were: a Co-chief Executive Officer team. Heads Communications. Development, Finance and Operations, a Learning Manager. a newTrainingand Accreditation Coordinator, 6 x ProJectlCounty Coordinators. a Finance Coordinator, a Marketingand Admin Off icer, 4 x County Mentors, whos8 Weekly hours were able to be increased by half a day. 8 x Actlvity Leaders and 8 number of short- term carpentrytrainees who undertook tralneeships in Elan Valley. The charity reviewed salary levels at the start of the year 8nd was pleased to be able to offer uplifts across the org8nization. This 8nsur8S that developing skills and long-term commitment are r8warded and strives to ensure that entry level salari8S reflect industry stand8rds. Senior staff members have responsibility forthe day-to-day runningofTir Coed, as well as the monitoring of all grant streams. in consultation with and under the supervision of the Chairs. The Chief Executive Officers are responsible for the line management of Tir Coed's project and departmental leads, who in turn line manage staff, as well as ensuringthat the team continues to develop its skills and working practices in Line with good practice. Trustees are updated via written and verbal progress reports at quarterly meetings. Fund8rs are updated via written reports duringand/or at the end of projects and on occasion via online or In-person meetings. Trustees extend their gratitude to all the staff fortheir energy and commitment and for developing a strong team ethos that has enabled great progressto be made in fuLfiLiingthe objectives offir Coed. Staff line management meetings are carried out at 3-month intervals. or more frequently if required, with full perform8nce reviews held annuaiiy. Objectives and Activities Tir Coed has referred to the guidance contained in the Charitycommission's general guidance on public benefit when reviewing our aims and objectives and in planning our f uture activities. In particuLar, the Trustees consider how planned activities will contribute to the aims and objectives they have set. The Charity's objects are the advancement of education in woodland-related skills. and to develop, promote 8 nd encourage the provision of woodland-relatèd facilities. in the interests of heaLth and social welfare. forthe education and recreation of individuals in ruraL Wales who have need of such facilities by reason of their youth. age. mental or physical disability, financial hardship or sociaL circumstances. with the object of improving their conditions of life.
Tir Coed Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 October 2024 Achievement5 and Performance 2024 marked a milestone forTir Coed aswe celebrated 25 years of connecting people with the outdoors. The year was a testament to our commitment to fostering positive change in individuals, the environment and our local communities. With a strongfocus on people, skiLls and employability outcomes. we empowered individuals to unlock their potential, equipping them with essential skills for a brighter, greener future. A highlight of 2024 was the continued success of ourAnTir project across the counties of Carmarthenshire, Ceredigion, Pembrokeshire, and Powys. Through this proje¢t. we not only created lasti ng, positive impacts on the individuals and communities we serve but enriched natural landscapes across Mid and Westwales. Across all of our projects this year. we delivered $06 sessions for learning and wellbeing and engaged with 1.579 individuals in 17,604 hours ot activity. We connected more people with a wider range of green spaces and learning opportunitiesthan ever before. 790h of trainees gained accreditation 56% of trainees mentored progressed onto employment. self-employment. training or volunteerlng Learning Impacts Trainees participated In over 14,827 hours of learning. The majority of trainees used electronic tablets to doGum8nt evidence of their learning in the digital workbooks. Learning is assessed by Tutors and the Accred itation te8m, with Agored Cymru certif ication following for those successfully r&aching learning ta rgets. Trainees expressed a sense of pride in their completed workbooks, actively taki ng ownership of their learning and reflecting on their accomplishments. Wellbeing We delivered 109 wellbeing sessions to 1,183 people. who enjoyed engagingwith nature and tryingtheir hand at something new. Wellbeing is delivered via a range of interesting and innovative activities, such as forast bathing. whittling workshops, willow weaving. tree planting, making homes for wildlife, outdoor cooking, foraging, forest adventure. outdoor carpentry. ecological surveys and orchard skills. Green Space Improvement This year, we planted 1,140 trees and managed 17 different sites to benefit wildlife and people. We built a range of structures, including seating benches, picnic tables, shave horses, pole lathes and raised beds. enhancing facilities and accessibility. Our efforts have improved the health ofwoodlands, helping nature flourish and gardening for wildlife during our horticulture courses has boosted biodiversity. These improvements benefit people, communities. nature. wildlife and the environment. 93% of trainee5 reported feeling more connected to nature as a result of our courses. More information and testimonials from participants can be found in our digital tWQLtRw: va,sitei
Tir Coed Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (continued) Year ended 31 October 2024 1. AnTir Project This was the second year of ourfullAnTir project across allfour counties. The finaltwo months of activity funded by NRW in Mid Wales (Ceredigion-Powysl and South West Wales {Carmarthenshire- Pembrokeshire}, and matched by a range of supportinggrants. flowed into a delivery programme designed for each county and funded by the UK Government's Shared Prosperity Fund IUKSPFI via Carmarthenshire, Ceredigion, Pembrokeshire and Powys County Councils and matched by a smaLI number of additional grants. The AnTir project continued to extend beyond ourwoodland-focused activities. incorporatinga broader range of land-based initiatives. such as establishing food-growing sites. employing regenerative growing prdctices and techniques, offering horticultural courses and engagingwith a more diverse audience to enhance green $p8ces for both wildlife and the community. Activities engaged participants in accredited training and skill-building activities in sustainable land management. This initiative, a blend of woodland managemeni, conservation work and food growlng. tsrgeted unemployed. underemployed, isolated and dlsadvantaged individuals. providing them with work-speciflc skills and qualif ications for green jobs. Working in garden settings grew volunteering opportunities: some trainees who partlcipated in courses chose to stay involved, joining a volunteer group to further develop and maintain gardens throughout the year and to Ptelp prepare them for future courses. This ongoing effort not only helps to look after the garden but also strengthens the sense of community, creating a Lasting impact on both the land and the people involved. Tlr Coed is grateful to h8ve received the UKSPF funding and matchinggrants from: Garfield Weston Foundation Dwr Cymru Ashley Family Foundation Dewi Davies Fund Carmarthenshire Fund 2. Elan Links Project December 2017-2023 Elan Links was a £3 miLlion Lan(Jscape Partnership Project beeen Elan ValleyTrust, Dwr Cymru, CARAD and Tir Coed that aimed to safeguard the unique and special heritage of the Elan Valley while increasing enjoyment, education, training and recreational opportunities for the benefit of all. The Tir Coed element ot the project was extended by a furtherthree months to the end of March 2024 to allowforthe completion of the accessible ramp. work on which had had to be postponed earlier in the project. An Elan Ramp Build traineeship project suGcessfully ran over 10 weeks {2 days perweèkl under the guidance of the Powys Actlvlty Leaders. The trainees achieved an impressive outcome by constructing and installing a substantial disabled access ramp, significantly enhancing pubLi¢ access to the roundhouse site. Five trainees completèd the programme. gainingvaluable hands-on experience and earning Agored Cymru accreditation in'UsingTools and Equipment in Practical Activities,.
Tir Coed Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 October 2024 A film about the project Gan be found at: This final activity marked the completion ofTir Coed's activity forthe project that began in November 2017. Tir Coed warmlywelcomed Heritage Lottery Fund fundingthroughout the Elan Links project, which was match-funded tythe Elan ValleyTrust. 3. Enhan¢lng Pembrokeshire A grant from the'Enhancing Pembrokeshlre, fund via Pembrokeshire County Council allowed us to offer a new programme of eng8gement and training activities in the county. Runningfrom spring 2023 to early spring 2024, we delivered 8 range of short courses. volunteering days and bespoke activity sessions to engage local people and improve the well-being ofthe community. offsettingthe negative imp8Cts of second home ownership in the county. Engaging with local and young people, we provided them with relevant skills and training for local jobs. responding to need in Pembrokeshire for creating self-sustained and vibrant communities. Tir Coed gratefully recognises the funding received via The Enhancing Pembrokeshire Grant, which forms part of Pembrokeshire County Council's regeneration programme. 4. Dysgu am Natur Thanks to funding from the South Hook LNG Community Fund, we successfully delivered ten bespoke activity sessions in Pembrokeshire under our Dysgu am Natur programme, specifically designed for Children and young people. Through our unique approach. we aimed to connect participants with nature, promote wellbeing and nurture their environmental awareness. Participants engaged in educational. wellbeing and practical activities aligned with the'5 Ways to Wellbeing: Connect. Be Active. Take Notice. Learn. and Give,. Our hands-on activities provided valuable nature connections while offering environmental and community benefits. Young people contributed to their communities through volunteering tasks, creating a lasting impact on local green spaces. Additionally, we empowered teachers, support staff and youth workers, equippingthem with the skills and confidence to lead future outdoor activities to inspire the next generation of active, engaged citizens. 5. #Connect Outdoors Winter Warmers: Bringing Pembrokeshire TogetherThrough Food Thanks to fundingfrom the Pembrokeshire Loc81 Food Partnership, our #Connect Outdoors Winter Warmers project successfully bridged Pembrokeshire residents with the county's rich food-producing resources. Over six engaging days, sixty participants experienced thejoy of outdoor activity and cooking at various host sites. Our project cultivated community engagement. collaboration, and education on sustainable food production. addressing key challenges like the cost of living crisis, food poverty. and social isolation.
Tir Coed Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 October 2024 Participants enjoyed hands-on nature-based activities and cooking interventions, learningto prepare nutritious meals with locally sourced produce. The project created lasting connections. empowering individuals with newskills, enhancingtheir wellbeing and inspiring a sense of ownership and pride in localfood production. Our engagement days have left a lasting legacy of volunteering and community involvemeni. pavingthe wayfor a more sustainable food future in Pembrokeshire. 6. Primary Purpose Trading This year we have Continued to reach beyond ourfund8d work by delivering activitythrough our primary purpose trading to organisations, community groups and schools. This expansion has allowed us to share our passion and expertise with a wider audience. create lastlng and meaningful connections and secure greater financial sustainability for Tir Coed. 7. Wise Woods Wales: Tir Coed's social enterprise At the 2015AGM the decision was made by the board of Trustees to make the company dormant. This remains the case.
Tir Coed Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (continued) Year ended 31 October 2024 Financial Review The charity's funds have all been applied in accordance with its objectives. The charity's assets are all being maintained in the furtherance of these objectives. Reserves Policy TheTrustees have considered the requirements ofthe SORP in view of a reserves policy. A Reserves Fund has been established, which equates tothe total core cost ofTir Coed over three months, as well as the cost of administering a Members'voluntary Liquidation. The requirements forthe Reserves Fund based on projected costs is £48,000 Unrestricted cash reserves at 31 October 2024 Stand at £163,205. The Tir Coed Reserves Policy Is reviewed halfyearly at the Board ofTrustees meeting. Principal Funding Sources From the 1 #1 of November, 2022 Tir Coed has been delivering the AnTir project with multiple funding streams, as listed above. They form a restricted cash-flow where money is restricted to those purposes approved by the funding organisations. The Charity's limited unrestricted funds include interest. Investment Policy and Objectives Under the memorandum and articles of associ8tion, the charity has the power to make any investments which the Trustees see fit. Aside from retaining 8 prudent amount in reserves each year, Ihe charity's funds are all spent in the short term. There are no funds available for longterm investment. Small company Provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved and signed on behalf ofthe board oftrustees by: A L Prytherch-j Trustee Chairperson Date..
Tir Coed Company Limited by Guarantee Independent Examiner's Report to the Trustees of Tir Coed Year ended 31 October 2024 I report to the trustees on my examination of thefinancial statements of Tir Coed {'the charity.) forthe year ended 31 October 2024. ResponsibiLities and basis of report As the trustees ofthe company land also its directors for the purposes of company law} you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006Act'). Havlng satisfied myselfthat the accounts of the company are not required to be audited under Part 18 of the 2006 Act and ere eligiblefor independent examination. I report in respect of my examination ofthe charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Directors given bythe Charity Commission under section 14515llb) of the 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250.000 your examiner must be 8 member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants IACCAI, which is on ofthe Listed bodies. I have completed my examination. I confirm that no matters have come to my attention in conn8Ction with the examination giving cause to believe: accounting recordswere not kept in respect ofthe charity as required by section 386 of the 2006 Act. or the financial statements do not accord with those records- or the financial statements do not complywith the accounting requirem8nts of section 396 ofthe 2006 Act otherthan any requirements that the accounts give a'true and fair, view which is not a matter considered as part of an independent examination,. or 4. the financial statement have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for ac¢ouniing and reporting by charities applicable to charitiès preparing their accounts in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland {FRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ofthe accounts to be eached. Heidi HopkinsA CA Independent Examiner 23 College Street. Lampeter, SA48 7DY
Tir Coed Company Limited by Guarantee Statement of Financial Activities (includingincome andexpenditure 8ccount) Year ended 31 October 2024 2024 Unrestricted Restricted funds funds 2023 Total funds Total funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 900 18,391 190 1.734 900 550,591 190 1.734 1,545 395,997 1,052 969 532.201 Total Income 21.215 532,201 553.416 399,563 Expenditure Expenditure on charitable activities 9,10 23,317 516.390 539,707 491,820 Total Income 23.317 516,390 539,707 491,820 Net lexpendlture)Ilncome and net movement in funds 12,1011 15.811 13.709 192,2S71 Reconclllatlon of funds Tota I funds brought forward 165,306 165.306 257,563 Totalfunds carri8d forward 163,205 15,811 179.015 165,306 The statement of financial activities includes gains and losses recognised in the year. All income and expenditure derive from continuing activities The notes on page 14 to 25 forrn part of these financial statements.
Tir Coed Company Limited by Guarantee Statement of Financial Position Year ended 31 October 2024 2024 2023 Note Fixed assets Tangible fixed assets 15 160 160 Current assets Debtors Cash at bank and in hand 16 112,729 73,154 185,883 97,368 83,580 180.948 Creditors: amounts falllngduewlthin one year Net current assets 17, 18 7.028 178.855 15,802 165,146 Total assets Lèss current liabilltles 179,015 165.306 Net assets 179.015 165,306 Funds of the charity Resrricted funds Unrestricted f unds Total charity funds 20 15,811 163.205 179,015 19 16S,306 165,306 21 Forthe year ending31 October2024. the chartywas entitled to exemption from audit under section 477 of the Companies Act 2006 relatingto small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its fin8nci81 statements forthe year in questions in accordance with section 476; The directors acknowledge their responsibilities for complying with the requirements of the Act with respectto accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. These financiaL statements were approved by the board of trustees and authorised for issue and signed on behaLf ofthe board by: A L Prytherch- Trustee Date: oi Chairperson 12
Tir Coed Company Limited by Guarantee Statement of Cash Flows Year ended 31 October 2024 2024 2023 Cash flows from operating activities Net lexpenditure)/income 13,709 192,257} Adjustments for.. Other interest receivable and similar income Accrued expensesllincomel 11,7341 135,5471 19691 22,159 Ch8ng8s in.. Trade and other debtors Trade and other creditors 20,185 18.7741 {12.1601 116,899} 19,967} 197,9331 Interest received 1,734 110,4261 969 196.9641 Net decreasé In cash and cash equlvalents Cash and cash equivalents at beginning of yéar Cash and cash equivalents at end of year 110,4261 83,580 73,154 196,9641 180.544 83,580 The cash flow reflects the movement in cashlbank balance over the course of the year. There is quite a diff 8rence between 2023 and 2024, mainly due to the 2024 accounting year showing 8 net income forthe year of £13,709, compared to that of a deficit of £92.257 in the previous year. Accrued income has increased by £35.547. which is the accrued income shown on note 16- the Shared Prosperity Fund due into Tir Coed as of 31 October 2024, where the expenditure has been reflected in the accounts and the income has been paid in arrears. The changes In debtors and creditors reflects the changes as shown in note 17 and 18. The notes on page 14 to 25 form part of these financial statements. 13
Tir Coed Company Limited by Guarantee Notes to the Financial Statements Year ended 31 October 2024 1. General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Unit 6g. Science Park, Cefn Lian. Llanbadarn Fawr, Aberystwyth. SY23 3AH. 2. Statement of compliance These financial statements hav8 been prepared in compliance with FRS 102.'fhe Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the 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 IFRS 1021 (Charities CORP {FRS10211 and the Companies Act 2006. 3. Accounting policÈes Basis of preparation The financi21 statements have been prepared on the historical cost basls. as modified by the revaluatlon of certain financial assets and liabilities and investment properties measured at falr vaLue through income and expenditure. The financial stat8ments are prepared in sterling. which is the f unctional currency of the entlty. Going concern Thpre are no material uncertainties aboutthe charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation ofthe financial statements requires management to makejudgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and otherfactors. including expectations offuture events that are believed to be reasonable underthe circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Restricted funds are subjectto restrictions on their expenditure declared bythe donor or through the terms of an appeal, and fall into one of two sub-classes." restricted income funds or endowment funds. 14
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 Incoming resources All incom ing resources are included in the statement of financial activities when entitlement has passed to the charity: it 15 probable that the economic benefits associated with the trans8Ction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income for donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable, and its amount can be measured reliably. legacy income is recognised when receipt is probab18 and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income for contracts for the supply of services is recognised with the deliver of the contracted service. The is classified as unrestricted f unds unless there is a contractual requirement for it to be spent on a particu18r purpose and returned if unspent, in which case it may be regarded 85 restricted. Resources expended Expend iture is recognised on an accruals basis as a liability is incurred. Expénditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all f undraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes costs incurred by a charity in undertaking activities that further its charitable aims for the benef it of its benef iciaries, including those support costs and costs reLatingto the governance of the charity apportioned to charitable activities. other expenditure includes au expenditure that is neither related to r8ising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Operating leases Lease payments are recognised as an expense overthe lease term on a straight-line basis. The aggregate benef it of lease incentives is recognised as a reduction to expense over the lease term. on a straight-line basis. 15
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Anytangible assets carried at revalued amounts are recorded at the fairvalue at the date of revaluation less anysubsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the Loss is shown within other recognised gains and Losses on the statement of financial activities. Depreciatlon Depreciation is calculated so as to write off the Cost or valuation of an asset. less its residual value, over the usef ul economic life of that ass8t as follows: Plant and machinery Fixtures and fittings Equipment 25% straight line 25% straight line 2546 straight line Impairment of flxed assets A review for indicators of impairment is carried out at each reporting date, the recoverable emount being estimated where such indicators exist. Where the carryingvalue exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Forthe purposes of impairmenttesting, when it is not possible to estimate the recoverable amount of an individual asset. an estimate is m8de of the recoverable amount olthe cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that Largely independent of the cash inflows from other assets or groups of assets. For impairmenttesting of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocazed to each of the cash-generating uniis that are expected to benefitfrom the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments Afinancial asset ora financial liability is recognised onlywhen the charity becomes a patyto the contractual provision of the instrument. 16
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 Basic financial instruments are initially recognised at the amount receivable or payable including related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised Gost. Where investments in shares are publicly traded or their lair value can otherwise be measured reliably, the investment is subsequently measured as fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Oth6r f inancial instruments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that s not a market rate, in which case the asset is measured at the presentvalue of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value. with any changed recognised in the statem8nt of f inancial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or 8mortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually slgniflcant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment arè recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds whatthe carrying amount would have been had the impairment not previously been recognised. 4. Limited by guarantee The liability of the member5 is limited. Every member of the charity undertakes to contribute such amount as may be required Inot exceeding £10) to the charity's assets if it should be wound up while he or she is a member orwithin one year after he or she ceases to be a member, for payment of the Gharity's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expens8s orwinding up. and for the adjustmentof the rights ofthe contributors among themselves. 17
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 5. Donations & legacies Unrestricted TotaLtunds Unrestricted Totalfunds funds 2024 funds 2023 Donations Donations 900 900 1,545 1,545 6. Charitable activities Unrestricted funds Restricted Totalfunds funds 2024 Elan Links Project AnTir Fawr Anfir Pilot Llechi Glo General Primary Purpose Funding Enhancing Pembrokeshire PRYD Caialyst Cymru 53.652 460.208 53,652 460,208 18,391 18,391 12,144 4,331 1,866 550,591 12,144 4,331 1.866 532,201 18,391 Unrestricted funds Restricted Totalfunds funds 2023 Elan Links Project AnTir Fawr AnTir Pilot Llechi Glo General Primary Purpose Funding Enhancing Pembrokeshire PRYD 85,388 244,951 25.571 85,388 244,951 25.S71 380 380 14,266 14,266 18,772 5,619 1,050 395,997 18,772 5.619 1,050 381,351 Catalyst Cymru 14.646
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 7. Other trading activities Unrestricted funds Restricted TotaLfunds funds 2024 Reimbursed cost and misc income 190 190 Unrestricted funds Restricted Total funds funds 2023 Reimbursed cost and misc income 422 630 1,052 8. Investment income Unrestricted Totalfunds Unrestricted Total funds funds 2024 funds 2023 8ank interest receivable 1,734 1.734 969 969 9. Expenditure on charitable activities by fund type Unrestricted funds Restricted Total funds funds 2024 Charitable activity Support costs 8,352 459,270 72,084 531,354 467,623 72,084 539,707 8.352 Unrestricted funds Restricted Total funds funds 2023 Charitable activity Support costs 40.384 383.160 68.276 451,436 423,544 68,276 491,820 40.384 19
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 10. Expenditure on charitable activities by activitytype Activities undertaken directly Support Totalfunds Costs 2024 Totalfunds 2023 Charitable activity Governance costs 479,831 53,727 6.149 59,876 533.558 6.149 539.707 482.189 9,631 491,820 479.831 11. Analysis of support costs Activities of support costs Totat Total 2024 2023 Charitable activity Costof ralsingfunds Governance costs 53,727 12.208 6,149 72.084 53,727 12.208 6.149 72,084 58,646 2,850 61,496 12. Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 4,462 2,850 13. Staff costs The total staff costs and employee benefits forthe reporting period are analysed as follows- 2024 2023 Wages & salaries 421,824 370.509 The average head count of employees duringthe yearwas 30 (2023: 301. The average number offull-time equivalent employees duringthe year is analysed astollows- 2024 2023 No. No. Number of staff 30 30 No employee received employee benefits of morethan £60.000 duringthe year12023: Nil). 20
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 14. Trustee remuneration and expenses The charity trustees were not paid or received any other benefits from employmentwith the Trust or its subsidiary in the year to 31 October 2024 (October 2023- Nill. No expenses were reimbursed to trustees during the yearto 31 October 2024 IO¢tober 2023- Nill. 15. Tangible fixed assets Plant and Fixtures and machinery fittings Equipment Total Cost At 1 Novèmber 2023 and 31 October 2024 7248 5,191 25,441 37,880 Depreciation At 1 November 2023 and 31 October 2024 7088 5.191 25,441 37,720 Carrying amount At 31 October 2024 160 160 At 31 October 2023 160 160 Tir Coed Sites of Operation and Land Managed under Lease Tir Coed has access agreements in place for sites used across its four counties of operation. During the project year November 2023 to October 2024we had agreements to use the following sites: In Carmarthenshire we have an agreement that allows us to carry out sensitive woodland management and undertake activity at sites in Mynydd Mawrwoodland Park, Tumble, which comprises of 73 acres of mixed woodland and grassland on former colliery Land owned by C8rmarthenshlre Council. We also have access agreements in place for engagement and learning activity and the use ofworkshop spaces at Keepers, in Brechfa Forest. owned by Natural Resources Wales and YrArdd Community Garden in Llandysul. In Ceredigion we have a long standing agreement to carry out sensitive woodland management and use of the site for activity at Coed Tyllwyd. Lianfarian, mixed woodland of 53 acres owned by Natural Resources Wales. A more recent but similar agreement exist5 at Llanina Woods, New Quay, a 50-acre woodland site owned by Dwr Cymru. Additionally, we have an agreement to use half an acre of pasture owned by a local farmer that has been Gonverted byTir Coed into an open access community garden for teaching purposes. 21
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 Pembrokeshire has two main sites: Scolton Woods. Haverfordwest. is a 10-acre mixed woodland site. owned privately, forwhich we have a long standingagreementto carry out sensitivewoodland management and use sites for activity and courses- Cilrath Acre Community Garden. Narbeth, is Located on a 12-acre privately owned farm. Tir Coed has developed the garden and used it for learning and wellbeing activity. In Powys, after completingthe E13n Links project in the Elan Valley. we established a relationship with Powys Council and made an agreement that allowed ongoing activity at the counciL-owned. public Rock Park in Llandrindod Wells town centre. We have constructed a range oftimberframed woodland structures in many ofthe sites. including compost loos and other useful installations that improve public access. 16. Debtors 2024 2023 Trade debtors Prepayment and accrued income 72 112.657 112,729 20,257 77,111 97.368 Accrued income of £112,657 reflects the Income notyet received from the SPF (Shared Prosperity Fund) as at 31 October 2024. In the previous yearthe £77.111 reflected the income due in from 4 different projects being Enhancing Pembrokeshire. Elan Links, Antir Fawr and PPT. 17. Creditors: amounts falling due within one year 2024 2023 Trade cred itors Accruals and deferred income Other creditors 320 6.708 1.755 14,047 7,028 15.802 18. Deferred income 2024 2023 At 31 October 2024 3,716 11,197 22
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 19. Analysis of charitable funds- Unrestricted At 1 November 2023 At 31 October 2024 Incom8 Expenditure Generalfunds 165.306 21.215 123,3171 163,205 At 1 November 2022 At 31 October 2023 Income Expenditure General funds 188.108 17,582 140.3841 165.306 20, Analysis of charltable funds- Restricted AtINov Transfers At 31 Oct 2023 Income Expenditure inl{outl 2024 Elan Links Project AnTir Fawr 37.472 -58.322 46 53,652 460,208 -53,256 -454.688 -37,867 55.512 -46 2,710 Dysgu Digidol R8nkTim8 to Shine WWW equipment sale Other 9,592 13,100 201 -9.592 13,100 -201 Catalyst Cymru Pryd Ceredigion Enhancing Pèmbrokeshire 1,866 4.331 12.144 532.201 -1.801 -2,653 -11,500 -523,898 -65 -1.678 1 .445 7.508 -2,089 15,811 At1Nov Transfers At 31 Oct 2022 Income Expenditure inlloutl 2023 Elan Link5 Project AnTir Fawr 13.991 32.525 46 86,021 270,519 -62.540 -361,366 37,472 -58,322 46 Dysgu Digidol RankTimeto Shine WWW equipment sale Other 9,592 13,100 201 9,592 13.100 201 Catalyst Cymru Pryd Ceredigion Enhancing Pembrokeshire 1,050 5.619 18,772 381,981 -1,050 -5,619 -20,861 -2.089 69,455 -451,436 23
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 Leaf project The LEAF project spanned Mid and Westwales. creating opportunities for groups and individuals to acc8ss bespoke well-beingwoodLand activities. training. mentoring, work placements and to support fledgingwoodland enterprises. AnTir A development of the LEAF projectto support and enable disadvantaged people in Mid and WestWaLes to take practical steps to improve their health and welfare outcomes through land-based training, while benefiting local communities. habitats and species and developing capacity forfood production. Dysgu Digidol A pilot project to test bilingual digitised learning in the outdoor environment. The aim w8S to create digital workbooks and resources fortwo existingwoodland courses and covert course learningto 8 digitaL format. Rank Timeto Shine A year-long Research & Community Leader intern with a focus on the development ofthe AnTir prolect, including coordinating new research into outdoor employment opportunities and developing accredited courses. IW equlpment sale Proceeds of sale of Wisewoods Wales equipment to be spentwith the agreement ofthe original donor. Enhancing Pembrokeshire A Pembrokeshire County Council scheme to offsetthe negative impact of second home ownership. Tir Coed delivered outdoor sessions to engage people in nature, outdoorvolunteering and learningto improve wellbeing and skills while improvingcommunity spaces and biodiversity. PRYD Working in partnership with Hwb Penparcaulcommunity Forum Pryd was a food, growing, learning and volunteering project to engage local people in growing. preparing and sharing food land stories) and volunteeringto support and develop Locaigrowing projects. Catalyst Cymru Having received coaching duringthe Catalyst Cymru: Resilience Heritage project 2019-2021. Tir Coed successfully applied for 3 communitygrarit for organizational development. The grant allowed for the engagement of IT specialiststo make improvementsto the accessibility of the website and the purchase of a virtual conference system. 24
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2024 21. Analysis of net assets between funds Unrestricted funds Restricted funds Totalfunds 2024 Tangible fixed assets Current assets Creditors less than 1 year 160 73.226 160 185,883 17,0281 179.015 112.657 17.028} 105.629 73,386 Unrestricted funds Restricted funds Total funds 2023 Tangible fixed assets Current assets Creditors less than 1 year 160 85,090 160 180,948 115,8021 165,306 95,858 115,802) 80,056 85.250 22. Related parties The charity trustees were not Paid or recelved any other benefit from employment with the Trust or its subsidiary in the year to 31 October 2024 Ioctober 2023: Nill. The amount reimbursed to trustees during the year to 31 October 2024 was £0 Ioctober 2023: £2431. 25