CONPANY REGISTRATION NUMBER.. 03918116 CHARITY REGISTRATION NUMBER: 1115229 Tir Coed Company Limited by Guarantee Unaudited Financial Statements 31 October 2025 TIR COED 23 College Street Lampeter SA48 7DY
Tir Coed Company Limited by Guarantee Financial Statements Year ended 31 October 2025 Pag8 Contents page Trustees, annual report (incorporating the director's repartl Independent exami ner's report to the trustees 10 Statement of financial activities lincluding income and expenditure 8ccountl Statement of financial position 12 Statement of cash flows 13 Notes to the f inancial st8tements 14-25
Tir Coed Company Limited by Guarantee Trustees, Annual Report Ilncorporatingthe Dlrector's Report) Year ended 31 October 2025 The TrusEees. who are also dirèttors of charityforthe purposes of the Companies AQ presenttheir annual report with the flnancial statements of the Iharityfor the year ended 31 October 2025. ThèTru5tees have adopted the provisions of the Statement of Recommended Practice ISQRPI'Accounting znd Reporting by chariti, issued March 2005 in preparing the annual report and flnanclal sratements cf the charity. Reference and Administrat*ve Datalls Charity Namè= rir Coed Cs¢ Charity Numbar: 1115229 Company Number= 03918116 Registered Office & Opcration2l addrÈs$= Unit 6$. Science Park Cefn Llan Llanbad8rn F8wr Abery5twyth Cerpdigion SY23 3AH Directors and TTUStees: Anna Prytherch-Joint Chair Leila Sh8rland-Joint Chair Guy Evans (resigned on 10" September 20251 Meleri Ev8ns (resigned on 26"Janu8ry 20261 Kerri& Gemrnill Sue Ginley- Deputy Chair Ja¢quelin¢ Marcus Ire$&gned on 25, M2fch 20251 RogerThoma8 H8nn8h Wilcox Brooke- Deputychair ompany S¢¢raiary: elen Gethin-Co-CEOIHe8d of Finance Independent Examlner PJE Accountants &Adw$ors 23 College sireei Lampeter SA48 7DY Bankers- HSBC Gr¢at Darkg8te Street Abery8twyth Cere(Jigion SY23 1 DH Senior ManagemÈni. ColEOteam: H. Gethin, C. Seymour.
Tir Coed Company Limited by Guarantee Trustees, Annual Report (Incorporatingthe Director's Report) (coniinuedl Year ended 31 October 2025 Achlevements 8nd Pertormance In this year, Tir CDed Gontinued to focus on the delivery ol outdoor engagement 2nd learning activ5tles to imprDve people's skills, wèllbeing and employability outcomes, empowering Indlviduals 10 unlocktheir potentigl and equipping ihem with e8senti81 skills for 8 brighter, greener future. Activity Contined to be focused across th8 lour mid, west Wales counties ol Carmarth9nshirè, Ceredigion, PembrDkeshire and Powys. Participant5 who took pait in the various prograrnmes ot work reported.. Increased con*identtè and selt-t)eliel.. Ihey gained a gre8tei Confidence in their abilities, became belter able to trust their instincts and decision-making and felt mentally stronger and more resilient. Improved mental health and wellbeing.. £s well as better mental he8lth. optimism and outlook, participants reported improve(f sleep, stamin2. and physical health,. these outcomes led to them feeling better able to face challenge5 rather than avoid them. Developed skills and practical le3rning.' people gdiried learning in the use of tools le.g. axes, saws. carving toolsl, workingwith wood and making tangible objects, identifyingtrees and plallts and understanding sustainablè woodland manggement. Enriched opportunities re future p3thways and purpose.. the disctsvery of new career or volunteering opportunities,. an incredbed belief in havirig something to offer,- confidence in returning to work or Changing direction., a re¢ognltion that l¢arning Can happen outside tormal classrooms. Feeling wore connected to woodl8ncfs and local pla¢es and a new or deepened appreciation for nature, as well as an increased awareness ol sustainability and ecologic81 practices. Enhanced social connection and belonging.. participants made friends and felt less isolated., they improved social skills and confidence around others, felt accepted and made connections with people from diverse backgrounds. The projecr funded by the UK Governmer)I's Shared Prosperity Funcf IUKSPFI increased Ihe focus of Tir Coed's delivery on its accredited training courses, which target unemployed. underemployed. isolated and marginalised individuals, providin8 them with work-specilic skills 2nd qu£lili¢ations, as well as improved confidence and soft skills. This focus on training led to a reduction in the output of wider èngagèment and wèllbeing atttivity. The Main achievement of the year was, theretore, È deeper level of engagement with fewer participants, le8ding to strong 8nd long-lastillg outCOm8S. Across all ol our projecis Ihis year, we delivered 310 sesslons for learning and wellbeing and engaged with 487 individu815 in 11.047 hours of aciivlty. 78% of trainees gained aceredit2tion 83% of trainees mentored progressed onio employment. self-employmeni, Iraining or volunteering
Tir Coed Company Limited by Guarantee Trustees, Annual Report Ilncorporatingthe Director's Report) (continued) Year ended 31 October 2025 Learning Impacts We engaged with 174tr8inees who partiClP2ted in over 8,634 hours of learning. The majority of trainees used electronic tablets to clcicument evidence of their learning in the digit81 workbooks. Learning is assessed byTutors and the Accreditation te2m. with Agored Cymru certification followingforthose successfully reaching learningtargets. Trainees expressed a sense of pride in their ¢ompleted workbooks. actively taking ownership of their learning and reflecting on their accomplishments. Wellbeing We delivered 105 wellbeing sessions to 313 people who enjoyed engagingwith nature and trying their h8nd at something new. Wellbeing is delivered via a range of interesting and innovative activities such as forest bathing. whittiingworkshops, willowweaving, tree planting. making homes for wildlife. outdoor cooking, foraging, forest adventure. outdoor carpentry. ecological surveys 8nd or¢h8rd skills. Green Space Improvement This year, we planted 1000 trees and managed 8 different sites to benefit wildlife and people. We also continued to build 8 range of18rge 8nd ancillary structures. includinÉ roundhouses. steps. paths and seating benches, enhancing facilities and accessibility. Our efforts have improved the health of woodlands and other outdoor spaces for the benefit people, communities, n8ture, wildlife and the environment. 93% of tr8iNees reported feeling more connected to nature as 3 result of our courses. Nore information and testimonials from participants Can be found in our online blog and on our Facebook page ITir 1. AnTir Project This was the third year of our full AnTir project across ourfour counties. The final two months of a full progr8mme of activity funded bythe UK Government's Shared Prosperity Fund IUKSPFI vi2 Carmarthenshire. Ceredigion. Pembrokeshire and Powys County Councils, and matched by 8 sm811 number of additional grants, Was completed in November and December 2024. This was followed in January to April 2025 by a 12-week Sustainable Woodland Nanagement training ourse in all 4 ¢ounties, funded by a range of grants plus Tir Coed unrestricted reserves. Participants of the Sustainable Wood12nd Management course gain practic81 knowledge on how to support a wide r8nge of species, enhance biodiversity and improve h8bitats through effective woodland managernent practices to make a positive imp2Ct on nature in local communitie8. In Carmarthenshire 8nd Pembrokeshire. follow-on transition-year UKSPF grants were awarded for a programme of work from Mayto December 2025. Due to the ¢omp8Cted timetable for delivery, the training activityfocused on woodland skills only. there beinE no time for the broader range of land-based initiatives that AnTir w8s designed to in¢lLJde. such as establishing food-growing sites. employing regenerative growing practices and techniques, offering horti¢ultLJf21 courses and engaging with 8 more diverse audience to enhance green spaces for both wildlife the commLJnity.
Tir Coed Company Llmlted by Guarantee Trustees, Annual Report {Incorporatingthe Director's Report) IGgritinuedJ Year ended 31 October 2025 Tir Coed Ér8tefully recognises the funding fortraining 8Ctivity duringihe year ieGeived from UKSPF as well as from Ihe following funders.. Ashley Family Foundation Dewi Davies Fund D'oyly Carte Trusi Dwrcymiu Enhancing Pembrok¢shire Grant Iwhich forms part of Pémbrokeshire County Council's regeneration programmel Garfield Wesron Foundation Open Newtown, Po Port of Milford H3ven Comrnunily Fund 2. Community Projects Ceredigion Tir Coed s&eured Ic>ttery fundingvia Awards lor All to deliver a programme of high quality, outdoor, nature- based learning and wellbeillg activities in p8rtnÉrship with veterans, charitywoody's Lodge at their Penlan F3rm site in Ceredigion. The project will develop the site ès a hub for community engagement and support, In particular bringing positive cFiange to the lives of mJrgin81ised individuals and redu¢lnd rural isolation in the area. Powys A grant was secured from the Gwendoline and Margaret D¥vies Chsrity to undertake ¥ Treè to Bènch project to connect disadvantaged and vulnerable people from Powys with nature and each other through heritage Graft. PartiGipants worked together to design and build a rustic bench that was donated to a local community org2nis2tion. Through learning new skills and making social and work connections, the trainees grew in confldence and setf-worlh and were signposied io opportunities lor progression beyond the ¢ourse. A grant was received from the Simon Gibson Charitable TrLJSt lor a similar project, which was prepared at the end of this period to be delivered at the beginninE of the following financial year. Funding was received from Natur am 8ythl via NRW to deliver 6 activity sessions to 10 marginalised individuals in Powys. Workingwith Natur ¥m Bythl and slte managers, a¢tlviries In¢orpc>r8ted educatlon about the natural benefits of the site in the Rock Park and in the wider 8re8 around Llandrindocl W8115, cresting a deep connection with the site and its plant species. Parti¢ipants also dfjvglopod Garpentry skills while producing a beautiful hand-crofted greenwood item of furniture.
Tir Coed Company Limited by Guarantee Trustees, Annual Report (Incorporatingthe Director's Report) (continuedj Year ended 31 October 2025 Tir Coecj gratefully recognises the funding received for community projects trom.. The National Lottery Community Fund Awards for All The Gwendoline and Margaret Davie$ Charity The Simon Gibson Charitable Trust Natur am bythl Idèlivered via a partnership of N8tur81 Resources Walés INRWI plus g environmental charitl8sI 3. Primary PurposeTrading This year, we have grown our Primary Fljrpose Trading 8¢tTvity that reaches beyond OLJr grant- funded work by delivering projects to organisatlons, community groups and schools. Thi$ exp8nsion allows us to share our passion and èxpèrtise with a wider audience, create lasting and meaningful cannections and to secure greater financial sustainability lorfir Coed in 8 ¢h8llenginggrant fund-raising Climate. Tir Coed was delighted fo begin to deliver andlor complète 8 range of projects with fantastic outcomes at the invi18tion of the following.. Carmarthen8hire Council Local Places for NatLJre Ceredigion Youth Service Eco Hub Aber Futureworks, Pembrokeshire Llanelli and Mynedd Mawr Railway Newydd Housing Association Pembrokeshire Coast National Park St David's C8thedr81 4. Wise WoodsWaLes: Tir Coed's social enterprise At the 2015 AGM the decision was made by the board o*Trustees to make the Company dormant. This remains the case.
Tir Coed Company Limited by Guarantee Trustees, Annual Report Ilncorporatingthe Director's Report) (continued) Year ended 31 October 2025 Gov8rning Document Tir Coed 15 a Gotnpany limited by guarantee. incorptsiated on the 2. of February 2000. Tir Coed was registered as a charity on the 11, of july 2006. In the event of the company being v40und up members are required to ¢ontiibure an amount not exceeding £10. Recruitment and Appointment of Trusiees The directors of the company arè also Charity Yrustees for the purposes ol charity law and und&r the company's Articles are known as"Trustees-. New frustees are appointed by the Board of Trustees on the basis ol their skills and experience in relation to the charity's objeciives. These appointments 8re ratified by members at the AGN. The 802rd has the power io appoint addition81 Trustees Ès it considers fit to do so. Under the reouirements ol the Memorandutn and Articles of Association one third of the members of the Trustees are required to retire in roiation at every AGM. Duetothe nature of thè charity's work-promoting theprovision of wooclland-relatecl learning3n6 wellbeing EJCtivitl&S and facilities in the interests of health and social wellare, for the educarion of individu*ls in rurgl Wèles Trustees have been sought from a broad range of organisations, representing the land-based, health and social sectors. Sn orderto bring a varlety ol experTise to the tabl8. In the event of ¥ particular skill being losr dLJe ro retirements, individuals are approgched to Dffer themselves lor election to the Board of Trustees. In this w2y the professional needs of the organisation and tme charitable objects are achieved. Trustee's Inductian and Training New Trustees are given the following inlorm3tion= Memorandutn & Articles of Association ot Tir Coed., CC3 Responsibilities of CharityTiustees', Minutes ot previous AGM; Minutes ot previous Trustees, m&etings', Latest progress reports, including financial reports., Trustee induction pack AEre6m8nt to volunteer at least 12 hours to the ch8rity quarterly Risk Management The major risks to which the charity is exposed, as identified by the Trustees, are being considered and a Risk Register has been established to mitigate against those risks. Internal control risks are minimlsed by the implementation of procedures tor authorisarion of all transactions and projects. Procedures are in place to ensure compliance with health and safety of st8ff, volunte61s and members orthe public.
Tir Coed Company Limited byGuarantee Trustees, Annual Report {Incorporatingthe Director's Report) {continuedJ Year ended 31 October 2025 Organisational Structure The Board ofTrust¢es has 6-12 members who mèet on a 3-monthLy basis, OT at more frequent inteNaLs as deemed necessary. At present the Board has 6 members trom 8 variety of professional backgrounds relevantto the work otthe charity. Staff Overthe course of the year. fir Coed employed 28 individuals in 25 organlsation81 roles, all on a part-time bgsis. In October 2025, staff time represented 10.83 FfE roles. The roles were: a Co-chief Executive Officer team of 2, Heads of Communications, Developrnent, Finance. Learning and Oper8tions, 8 Tr8ining arid Accreditation Coordin8tor. 4 x Cciunty Coordinators. a Finan¢e Coordinator, 4 x County Nelltors, 8 x CountyTutc>rs/Activity Leaders, a Marketing 2nd Admin Officer 2nd 8n AccrÈdit8tion Officer. The charity ¢oniinued to review $8lary levels to ensure that developing skills and long-term commitment oan be rew8rded 8nd that entry level salaries reflect industry standards. Senior staff members have responsibilityfor the day-to-day running of Tir Coed. 2s well 2S the monitoring of all grant *treams, in consultation with and under the supervision of the Chairs of Trustees. The Chief Executive Officers ère responsibte fL)rthe line management of Tir Coed's project and departmental leads, who in turn line manage steff. as well as ensurlngthatthe team continues to develop its skills 8nd worklng practices in line with good practice. Trustees are updated vl8 written and verbal progress reports at quarterly meetings. Funders are updated via written reports during 8ndlor at the end of projects and on occasion via online or in-person meetings. Trustees extend their gratitude to all the staff for their ener8y and commitment and for developing a strong team ethos that has enablèd grè8t progrèss to be m8dè in fulfilling the objèctivés of Tir Coed. St8ff line m8n8gement meetings are carried out at 3-month inteN81s, or more frequèntly if required. with full perfoTmance reviews hgld annually. Objectives and Activities Tir Coed has referred to the guidance contained in the Charity Commission's general guidance on public benefitwhen reviewing our Sims and obje¢tives 2nd in planning our future activities. In p8rticuiar, 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-r¢lated skills. and io develop, promote and encouraÉe the provision of woodland-rel¥ted facilities, in the interests of health and social welfare, forthe education and recreation of individu3ls in rural Wales who have need of such facilities by reason ol theiryouth. age. mental or physical disability, fin8n¢ial hardship or social eireumst8n¢es. with the objeGt of improving their Conditions of life.
Tir Coed Company Limited by Guarantee Trustees, Annual Report {Incorporatingthe Director's Report) Iconfinued) Year ended 31 October 2025 Financial Review The charity's funds have all been applied in accordance with it8 objectives. The charity's assets are all being maintained in thè furtherance of thes8 objectives. Reserves POLICY The Trustees h3ve considered the requirements of thg SORP in view of a reserves pollcy. A Reserves Fund has been esiablished, which equ£tes to the tot31 core cost of Tlr Coed over three months, as well as thé cost of administering a Members. VolLJntary Liouidaticsn. Th9 réquirèments tor the Reserves Fund bas8d on prole¢ted cosis is £48,000 Unrestricted cash reserves at 31 October 2025 stands at £98,782 The Tir Coed Reserves Policy is reviewed half yearly at the Board of Trustees meeting. Princip81 Funding Souicès From th¢ 1. ot November 2022 Tir Coed has been delivering the AnTir project with multiple funding stre8ms. as lisred above. They form a restricted cash-flow where money is rèstricted to those purposes approvad by th8 funding organisations. The Ch2rity's limited unrestricted funds include interest. Investment Policy and Objectives Under Ihe memorandum and articles of association. the charity h85 the power to mak6 any investments which the TrLJStees see fit. Aside from retaining a prudent amount in reserves each year, the charity's fun¢5 are 811 spent in the short term. There ale nc> funds available for long term investment. Small company provision5 This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report W2s approved and signed on behalf ol the bc>ard of trustees by.. A L PrytherGh- lo Trustee Date.. haiiperson
Tir Coed Company Limited by Guarantee Independent Examiner's Reporttothe Trustees of Tir Coed Year ended 31 October 2025 I report to the trustees on my examination of the fin2n¢ial statements of Tir Coed I'the ch8rity'l for the year enlfed 31 October 2025. Responsibilities and basis of report As tlie trust¢es of the oornpany land also it$ directors forthe purpDses of company lawl you are responsible for the preparation of the tin8nci81 statements in 3¢cc>rclJnGe with the requirements of the Comp8nies Act 20061.thè 2006 Acl'l. Having satisfied myself that the accounts of the company are not required io be audited under Part 16 of the 2006 Act And are eligible for independent examination, I report in respect of my examination of the charity's a¢oounts as carried out under section 145 of the Charities Act 2011 1.the 2011 Act'l. In carrying out my examination I have followed the Directors given bythe Ch8Tity Cornmission under section 14515llbl of the 2011 Act. Independentexaminer'sstatement Since the charity's gross income exceecled £250,000 your examiner must be a member of 2 body listed in section 145 of the 2011 Act. I confirm that l am qualified to Ljndertake the examinalion bec8us¢18rn 8 member of the Association of Chartered Cerrified Accouni8nts IACCAI, which is one of the listed bodies. I h8ve completed my examination. I confirm that no matters have Come to my attentic>n in connection with the examination glvlng cause to belleve.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act- 01 the financial sratements do not ac¢ord with those records.. or the financial statements do not complywith the accounting requirements of section 396 of the 2006 Act other than any requirernents thatthe accounts give a'true and fair, view which is not a matter considered as part tst an independent examin8tion', or the fin8ncial st8tement have not been prepared In a¢¢ordan¢e with the methods 8nd principles of the Statement of Recommended Practice for 8¢¢c>unting and reporting by ¢harities 8ppIic8ble to charities preparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 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 orderto enab18 a proper underst8nding of the accounts to be reached. Hsidi Hopkins FCCA Independent Examiner 23 College Street. Larnpeter, SA48 7nY 10
Tir Coed Company Limited by Guarantee Statement of Financial Activities (includingincome &nd expenditure acGountl Year ended 31 October 2025 2025 2024 Unrestricted Restricted lunds funds Total Total funds funds Notè Income and endowments Donations and legacies Charit2ble activities 663 663 900 65.387 2,351 248.988 314,375 2,351 1,634 550,592 190 Other irading activities Investment income 1,634 1,734 Total Income 70.035 248,988 319,023 553,416 Expendituro Expenditure on charitable activities 9,10 148.148 222,794 370,942 539,707 Total Expenditur8 148,148 222,794 370,942 539.707 Net lexpenditurol/Éfteome and net movement in lunds 178,1131 26,194 151,9191 13.709 Reconciliotion of funds Total funds brought forward 163.205 15,810 179.015 165,306 Total funds Carried forward 85,092 42,004 127,096 179,015 The statement of fin8nGial activities IllGludes gains and losses recognisecl in the year. All Income and expenditure derive from coniinuing activities Tho notes on page 14 to 25 form part of these financial st8tements.
Tir Coed Company Llmlted by Gu8rantee Statement of Financial Posltion Year ended 31 October 2025 2025 2024 Note Fixed assets Tangible fixed assets 16 160 160 Current assets Debtors C2sh 8t b8nk snd in hand 47,945 82,532 130,476 112,729 73,154 185,883 Creditors: amounts falling due within one year Net current assets 18 3,540 128,936 7,028 178,855 Total assets less eurr8rrt liabibtj8S 127,096 179.015 Net assets 127,096 179,015 Fund5 of th8 charity Restricted funds Unrestricted funds Total charatyfunds 42.004 85,092 127,096 15,810 162,205 179,015 20 For the year ending 31 October 2025. the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to sm811 comp8nies. Dire¢tors' responsibilities= The members have not required the companyto obtain an audit of its fin8nci£l statements forthe year in questions in aGGordan¢e with section 476- The directors acknowledge their responsibilities for complyingwith the requirements of the Act with respect to accounting reGords and the preparation of financial statements. These financial statements have been prepared in 8c¢ordance with the provisions app11cable to companies subject to the small companies, regirne. These financial statements were approved bythè board of trustees 2nd authorised for issue and signed onbe alf ofl board by-. A L Prytherch- Joi Trustee Date.. hairperson 12
Tir Coed Company Limlted by Guarantee Statement of Cash Flows Year ended 31 October 2025 2025 2024 Cash ILows from operating actlvities Net lexpenditurellincomé 151,9191 13.709 Adjustments for.. Oiher interest receivable and similar income 11,6341 64,778 11,7341 135.5471 Aecrued expenses/lincomel Changes in.. Trade and other debtors 20,185 18,7741 112,1601 Tr2de 2nd other creditors 13,4881 7,744 Int&rest received 1,634 1,734 110.4261 9,378 Net decrease in cash and cash equivalents Cash 8nd cash 8quivalèntS at beginning of year C85h and c8sh ÈquivaLÈnt8 at Énd of yé8r 9,378 73,154 110,4261 83,580 82.532 73,154 The cash flow reflects the moverllent In ¢8sh/bJnk b¥lancs overthe course of the year. Cash in bank has incre£sed L)yjusi under £10,000 from the end of 2024 to the end of 2025. mainly due to the reduction in aGGrued income b8lanGe of £64,77815hown in note 161 being mole than the net expenditure position of £51,919 at the ye8[ end. with the b818nce being the chango in debtors and creditors as shown In note 17 and18. Tbe notes on paga 14 to 25 form part otth¢s¢ finan¢ial statements.
Tir Coed Company Llmlted by Guarantee Notes to the Financlal Statements Year ended 31 October 2025 1. General information The charity is a public benefit entity and 8 private company limited by guarantee. registered in England 8ncl Wales and a registered charity in England and Wales. The address ot the regist&rad office is Unit 8g. Science P8rk, Cefn Llan, Llanbadarn Fawr, Aberysbvrth, SY23 3AH. 2. Statement of compliance These lin8nci¥l statements have been prepared in compliance with FRS 102,'The Financi21 Reporring Standard applicable in the UK 8nd the Republic of Ireland,. the St2tement of Re¢ommended PractlGe 8ppLic8ble to charities preparing their accounts in accordance with the Fin8nci81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities CORP IFRS10211 and the Companies Act 2006. 3. Accounting policies Basis of preparation The fin8nGial statements have been prepared on the historical cost basis, as modified bythe revaluation of certain financial assets and liabilities and investment propertles measured 8tfair value through income and expenditure. The fin8nci81 watements are prep8red in sterling, which is the functional currency of the entity- Going concern There are no rnaterial uncertainties about the charity's abilityto continue. Judgements and key sources of estimation uncertainty The prèpar8tion of the lin8ncial statements requires Management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgetnents are ¢ontinually reviewed ancl are based on experience and other tactors. including expectations of future events that are believed to be re8son8ble under the circumstances. Fund accounting Unrestrictèd funds are 2V2i12ble for use at the discretion otthe trustees to furrher any Df the charity's purposes. Restricted funds are 5ubjeGt to restrictions on their expenditure declared by the clonor or through the terms of an 8ppeaL and fall into one of sub-classes= restricted income funds or endowment funds. 14
Tir Coed Company Limited by Guarantee Notes to the Financial Statements Icontinu8dl Year ended 31 October 2025 Incoming resources Atl inctsming resoLJrces are included in the statement of finanGial activities when entitlement h8S passed to the eharity.. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reli8bly measured. The following specifi¢ polieies are Èpplied to particular categories of income.. income for donaiions or grants is recognisad when there is evidence ol entitlement to the gift, receipt is probable, 8nd its amount can be measured r¢liably. legacy income is recognised when ie¢eipt is probable and entitlement Is estatilished. income from donated goods is me2sLJred at the fair v8lue of the goods unless this is irnpractical to me2sure ieliBbly, in which oase the value is derived from the cost to the donor orthe esrimaied resale vglue. Donated facilities and services are recognised in the accounts when received if the V31ue can be reLiably m¢8sured. Nc> amoLJntS are included for the contribution of general volunieers. in¢ome tor contracts for the supply of servic&s is retognisèd with the deliver of the contracted service. The is classified as unrestricted funds unlesg there is a contractual requirement for it to be spent on a p8rticu12r purpose and returned if unspeni, in which case it may be regarded as iestricted. Resources expended Expenditure is r6cognised on an £ccruèls basis as a liability is incurred. Expenditure includes anyVAT which cannot be fully recovered, and is classified Ljnder heacSings of thè statement of financi21 a¢tivities io which it relates.. expendituie on raising funds includes the costs ot all fundraising activities. events, non- charitable trading activities, and the s31e of donated goods. expendituie on charitable activities includes costs incurred by a charity in undertaking activities that further its charitable aims for the benèfit of its beneficiariès, ineludingthose support costs 2nd costs relating to the governance of the chariiy apportioned io charitable aciivities. other expencliture includes all expenditure that is neither related to 1815ing funds foi the charity noi pait Df its èxpencliture on charit2ble activities. All ¢ost$ arè alloe8tad to expenditure categories reflecting the use of the resource. Direct costs attributable to a 5illgle aGtivity are allocated diieGtly to that activity. Shared ¢osts are appc>rtioned between the activities they contribute to on a reasonable, justifi8ble 8nd consistent basis. Opersting leases Lease payments are IBcogni5ec$ 8s Én expense over the lease term on a straight-line basis. The aggregate benefit ol lease incentives is recognised as a redLJ¢ti(In to expense over the lease ierm, on a straight-line basis. 15
Tir Coed Company Limited by Guarantee Notes tothe Financial Statements {continuedl Year ended 31 October 2025 Tangible assets Tangible assets 8re initially recorded at cost. and subsequently stated at ¢ost less any accumulated eprec18tion and impairmènt losses. Anytangible assets carried 8t rèv81ued 8mounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount ot an asset 8$ 8 rosult of a revaluation. is recognised in other reeognised gains and losses. unless it reverses a charge for impairmentthat has previously been recognised as expendituré within the statement of financial activities. A decrease in the carrying amount of sn asset 88 a result of revaluation, is recognised in othèr recognised gains and losses. except to which it offsets any previou$ revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreci8tlon Depreciation is calculated so as to write off the cost orv8luation of sn asset, less its residu8[ v8Eue, over the useful economic life of that asset as follows: Plant and machinery Fixtures 8nd fittings Equipment 25% straight line 25% straight line 25% straight line Impairmèrrt of fixed assets A review for indicators of impairment IS G8rried out al each reporting date, the recoverable 8rnount being estimated where such indicators exist. Where the Carrying value exceeds the recoverable amount, the asset is impsired accordingly. Prior impairments 8re 8ts0 reviewed for possible reversal at each reporting date. For the purposes of impairment testing. when it is not possible to estimate the recoverable amount ol Én individual asset, 8n estimate is made ol the reGovBrable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the $mallest identiyi8ble group of assets that includes the asset and genér8tes c£sh inflows that largely independent of the Gash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acqulr¢d In a buslness combination is, frorn the acquisition date. 211ocated to each of the c8sh-genèr8ting units that are expected to benefit from the 8ynergi8s of the ¢ombination. irrespective of whether other assets or LiabiiÉties ol the charity are assigned to those units. Financial in$trument$ A financial asset or a financial liability is r8cognised onlywhen the charity becoTnes a p8rtyto the contractual provision of the instrument. 16
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2025 B3si¢ financi21 instruments are initially recognised at thè amount receivable or payable including related transaction costs. Current assets and Gurrent liabilities are subsequently measured ai the cash or other Eonsideration expected to be paid or received and not discounted. Debt instrurnents are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherw15e be measured reliably, thè investment is subseouently measured a5 lair value with changes in lair value recognised in income and expencfiture. All othei such investrnents are subsequently mé2sured 8t cost less impairrnent. Other financial instruments, including derivatives, are initially recognised 8t 18iT value, unloss payment lor an asset is deferred beyond norm81 business terms or linan¢ed at 8 r8ie of interest that Is not a market rate. in which case the asset is measured at the present valu8 of the future p8yments dis¢ounted at a m8rket rate of interest lor a similar debt instrument. Other financial instruments are subsequently m22sured at fair value, with any changecl recognised in the statement otfln8n¢i81 activities, with the exception ol hedging instruments in a designated hedging relationship. Financlal assets that are measured ar cost or amortised cosi are reviewed lor objective evidence ol impairment at the end of each reporting date. If there is objective evidgnce of impairment, an Impairment loss is recognisèd under the 8ppropri8te heading in the statement ot financial activities in which the initial gain was reGognised. For all equity instruments regardless of significance, and other financial assets ihat are individually significant, these are assessed individually foi irnp8irrnent. Other fin8nC12I asS8ts 8re either assessed individually or grouped on the basis of similar credit risk characleristics. Any reversals of impairment are recognised irnrnedi8tely, to thé extent that the revers3l does not result in a cariying amount of the financial assèt that exceeds what the carrying amount would have been had the impairment not previously been recognised. 4. Limited byguarantee The liability of the members is limited. Every member of the charity undertakes to contribute such amount as may be required (not exceeding £101 to the charity's assets it it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for paymeni of the charity's dgbts and liabilities ¢ontracted béfore he or she cÈasÈs to be a m8mbsr. ¥nd of thè costs. charges and expenses or windin£ up, and for the 3djustment of the rights of the contributors among themsèlves.
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2025 5. Donations & legacies Unrestricted Totalfunds Unrestricted Tot8Lfunds funds 2025 funds 2024 Donations Donations 663 663 900 900 6. Charitable activities Unrestricted Restricted Tot8ifunds funds funds 2025 Elan Links Project AnTir Fawr Woody's Lodge Natur am Byth Gwendoline & Margaret Davies Ch8rity- Tree to Bench Simon Gibson Charity- Tree to Bench The Big Give Gener81 Primary Purpose Funding Enhancing Pembrokeshire PRYD 45,866 207,911 19.926 4,920 5,000 9.988 1,243 253.777 19.926 4.920 5,000 9.988 1,243 19.521 19,521 Cat8lyst Cymru 65,387 248.988 S14.375 Unrestricted Restricted Total funds funds funds 2024 Elan Links Project AnTir Fawr Woody's Lodge Natur 8m Byth Gwendoline & Margaret Davies Charity- Tree to Bench Simon Gibson Charity- Treeto Bench The Big GIVB Gener21 Primary Purpose Funding Enhancing Pembrokeshire PRYD 53.652 480,208 53.652 460.2Q8 18,391 18,391 12.144 4,331 1,866 550,592 12,144 4.331 1.866 532.201 Catalyst Cymru 18,391 18
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (Confned} Year ended 31 October 2025 7. Other trading activities Unrestricted funds Restricted Total funds luNd8 2025 R61mbursed cost and mi5G income 2.351 2,351 Unrestricted funds Restricted Total funds funds 2024 Rgimbursed cost and misc income 190 190 8, Investment inGome Unrestricted Total funds Unrestricted Total funds funds 2025 funds 2024 Bank interest receivable 1.634 1,634 1.734 1,734 9. Expenditure on charitable activities by fund lype Unrestrictèd Restricted Total funds funds 2025 fundg Charitable 2Ctivity Support costg 45,199 266,396 59,347 325,743 311.595 59,347 370.942 45,199 Unrestricted Restricted Total funds funds funds 2024 Charitable activity Support cosis 8,353 459,270 72,084 531.354 467.623 72,084 539.707 8.353
Tir Coed Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 October 2025 10. Expenditure on charitable activities by activity type Activities undertaken directly Support Totalfunds Costs 2025 Totsi funds 2024 Charitable activity Governance costs 311,595 53.502 5.845 59,347 36S,097 5,845 370,942 533,558 6,149 539.707 311,595 11. Analysis ofsupport costs Activities of support costs Total Total 2025 2024 Charitable 8¢tivity Cost of raising funds Governance costs 43,978 9.524 5.845 59,347 43,978 9,524 5.845 59,347 53,727 12,2Q8 6.149 72.084 12. Independent examination fees 2025 2024 Fees payable to the independent examinerfor= Independent examination otthe financial statements 4,598 4,482 13. Staff ¢osts The tot81 staff costs and employee benefits forthe reporting period are 2nalysed as follows.. 2025 2024 Wages & salaries 305.176 421.824 The average head count of employees during the yearwas 3012024- 301. The 8verage number of full-time equivalent employees during the yÈ8r is ¥n81ysed as follows.. 2025 2024 No. Numbei of staff 28 30 No employee received employee benèfits of more than £60,000 duringthe year12024= Nill. 20
Tir Coed Company Limited by Guarantee Notes tothe Financial Statements (continued) Year ended 31 October 2025 14. Trustee remuneratlon 8nd expenses The charity trustees were not paid or received 8ny other benefits from ernployment with the Trust or its subsidiary in the year to 31 October 2025 (October 2024= Nill. No expenses were reimbursed to trustees duringthe year to 31 October 2025 Iocttsber 2024.. Nill. 15. Tangible fixed assets Plant8nd machlnery Fixtures and fittings EqLJipment Total Cost At 1 Novembei2024and 31 October 2025 7248 5,191 25,441 37,880 Depreciation At l Novembe¥2024and 31 October 2025 7088 5,191 25.441 37.720 Carrying amount At 31 October 2025 160 160 At 31 October 2024 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 countie8 of operation. During the project year November 2024 to October 2025 we had agreements to use the following sites- In Carmarthenshire we have an agreement that allows us to carry out sensitive woodland management 2nd undertake activity at sites In Mynydd Mawr Woodlan(J Park, Tumble, which comprises of 73 acres of mixed woodl8Rd and grassland on fortner colliery land owned by Cartnarthenshire CTrunGil. In Ceredigion we have a long standing agreement to carry out sensitive woodland management and use of the sit8 for 8Ctivity 8t C08d Tyllwyd, Ll£nfarian, mixèd woodl£nd of 53 8crès owned by Natural Resouices W31e5. A rnore recent but sitnilar agreement exist5 at Llanina Woods, New Quay. 3 50-3cre wooojland site owned by Dwr Cyrnru. Additionally, we have an agreement to use hall an acre of pasture ownèd tiy a local farmer that has been converted by Tir 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 2025 Pembrokeshire has two main sites: Seolton Woods, Haverfordwest. is a 10-acre mixèd woodland site. owned privately, for which we have a long standlng 8greement to c2rry out sensitive woodland management and use sites for activity and courses. In Powys, 8fter completingthe Elan Links project in the Elan Valley, we established a relationship with Powys Council and méde an agreement thai 811owed ongoing activity at the ¢ounGil-owned, public Rock Park in Llandrindod Wells town Centre. We have constructed a range of timberframed woodland strLJ¢ture3 in many of the sites, including compost 100$ 8nd other useful installations that Improve public access. 16. Debtors 2025 2024 Trade debtors Prepayment and accrued income 66 47,879 47.945 72 112,657 112.729 Accrued incorne of £47.879 reflects the income not yet r¢¢eived from the SPF (Shared Prosperity Fund- regtrictédl and the contribution to overhe8ds lunrestrictedl 8$ at 31 O¢tober 2025. In the previous year the £112.657 reflected the income due in from the SPF Ishared Prosperity Fund). 17. Creditors: amounts fallingduewithin oneyear 2025 2024 Trade creditors Accruals and deferred income Other creditois 320 6,708 3,540 3,540 7,028 18. Deferred income 2025 2024 At 31 October 2025 3,716 22
Tir Coed Company Limited by Guarantee Notes to the Financial Statements {continuedJ Year ended 31 October 2025 19. Analysis of charitable funds - Unrestricted Ai l November 2024 Al 31 October 2025 Income Expenditure General funds 163.205 70,035 1148,1481 85.Q92 At 1 November At 31 October 2023 Income Expènditure 2024 General funds 165,306 21,215 123.3171 163,205 20. Analysis of charitable funds - Restricted At1 November At31 October Transfers 2024 Income Expenditure in/out 2025 Anfir Fawr 2,710 207,911 19,926 4,920 5,000 9,988 1,243 1219,8691 13,0651 14,9201 14,7431 12,8351 14631 19,2471 16,861 Comrnunity Lotteiy Awards tor All Natur am Bythl Gwendoline & Margarei Davies Charity Simon Gibson Charity The Big Give IWW equipment sale 257 7.153 781 13.100 113,1001 113,1001 15.810 248,988 1235,8941 15,804 At1 Novernber At31 October Transfers 2023 Income Expenditure inlout 2024 Elan Links Project AnTir Fawr 37,472 53,652 158,3221 460,208 46 153,2561 1454,6881 137,8681 55,512 1461 19,5921 2,710 Dysgu Digidol RankTime 10 Shine 9,592 13,100 201 IIVWW equlpment sale Other Catalyst Cymru Pryd Ceredigion Enhancing Pembrokeshire 13.100 12011 1651 11.6781 11,4451 7,507 1,866 4.331 12.0891 12,144 0 532,201 11,8011 12,6531 111,5001 1523,8981 15,810 23
Tir Coed Company Limited by Guarantee Notes to the Financial Statements [continued} Year ended 31 October 2025 AnTir A development of the LEAF project to support and enable disadvantaged people in Mid ancl West Wales to take pra¢tlGal steps to improve their health and welfare outcomes through land-based training, while benefiting local Gommunities, habitats and sptscies 8nd developing c2pa¢ityforfood production. 21. Analysis of net assets betweenfunds Unrestrlcted funds Rèstrictèd funds Totalfunds 2025 Tangible fixed assets Current assets Creclitors less than 1 year 160 82,597 13,5401 79,217 160 47.879 130,476 IS.5401 127.095 47,879 Unrestricted funds Restricted funds Total funds 2024 Tangible fixed assets Current assets Creditors less than 1 year 160 73.226 160 185,883 17.0281 179,015 112,e57 17.0281 105,629 73.386 22. Related parties The charitytrustees were not paid or received any other benefitfTom employment with the Trust or its 8ubsidi8ry in the yearto S1 October 2025 (October 2024: Nill. The amount reimbtjrsed to trustees during the year to 31 October 2025 was £0 Ioctober 2024= £01. 24