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 be￿een 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