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 Contin￿ed 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 (Conf￿n￿ed}
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