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← Wastesavers Charitable Trust Limited

2025-03-31-accounts

Company no. 05326617 Charity no. 1116150

Wastesavers Charitable Trust Limited Report and Audited Financial Statements 31 March 2025

Wastesavers Charitable Trust Limited

Reference and administrative details

For theyear ended 31 March 2025
Company number 05326617
Charity number 1116150
Registered office and Wastesavers Resource Centre
operational address Esperanto Way
Lliswerry
Newport
NP19 0RD
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Nicola Peake Chair of WCTL from 17 October 2024
Caroline Wynn Chair of WL from 17 October 2024
David Mayer Chair until 17 October 2024
Roger Ayres Vice Chair
Mark Esposito Treasurer from 17 October 2024
William Langsford Treasurer, resigned 17 October 2024
Len Casley
Robert Lynbeck appointed 20 August 2024
Daryl Morgan resigned 22 April 2024
Sue Price
Company secretary Janet Jones
Key management Penelope Goodwin Chief Executive Officer
personnel Alun Harries Charity Manager
Janet Jones Strategic Finance Manager
Rafia Qureshi Operational Finance Manager
Ian Syms Head of Operations
Bankers Lloyds TSB Bank
42 Commercial Street
Newport
NP20 1WS
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Wastesavers Charitable Trust Limited

Report of the trustees

For the year ended 31 March 2025

The trustees present their report and the audited financial statements for the year ended 31 March 2025. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 7 January 2005 and registered as a charity on 20 September 2006.

The organisation was established under a memorandum of association that established the objects and powers of the organisation and is governed under its articles of association.

The organisation looks to recruit trustees with suitable expertise and diverse experience who are able to support the objectives of the organisation. It does this by direct approach, targeted advertising and general social media posts. Wastesavers has recently revamped its recruitment policy and instigated a rigorous selection process to more closely, where possible, align itself to its increased geographic footprint and produce a more diverse board. We have added to our board by one this financial year, and we have had two resignations, leaving our board with eight Trustees.

Training is available for trustees through WCVA, GAVO and ACEVO who provide a variety of courses for trustees throughout the year which are topical and informative. All trustees are encouraged to engage with at least one training session per year. In addition, at least one Trustee is supported with a place at the annual Reuse Conference to deepen their understanding of the industry and their counterparts across the environmental landscape.

The Trustees and Executive Officers of the Company are listed on Page 1.

The Company comprises of Eight Trustees who are responsible for managing the affairs of the Company. Trustees are drawn from diverse professional backgrounds and many have significant board experience and extensive local and regional experience. The Trustees meet 10+ times a year and consider risk management, development policy and strategy, the annual budget and the business plan and approve the annual financial statements. Trustees delegate the day-to-day management and implementation of the Company strategy and policy framework to the Officers of the Company via the Chief Executive Officer.

No Trustees are remunerated over and above travel expenses. Wastesavers Charitable Trust owns the whole of Wastesavers Limited's share capital; 100 ordinary £1 shares.

The CEO is appointed by the Board of Trustees and is answerable to the Board on a monthly basis. Day to day organisational decision making is carried out by the CEO who also formulates strategic objectives in consultation with, and approved by, the Board of Trustees.

Wastesavers Charitable Trust looks to minimise risk to the organisation at all times. However, it is recognised that sometimes certain levels of risk are necessary for the organisation to progress. At all times risks are calculated before action is made, taking into account the organisation's vulnerability, consequences of inaction and potential benefits. All decisions on risk assessments are made at Board level. This is recorded in the Company�s risk register and reviewed at 6 monthly intervals or sooner if situation demands.

2

Wastesavers Charitable Trust Limited

Report of the trustees

For the year ended 31 March 2025

The Trustees are ultimately responsible for the Company�s system of internal financial control, which is designed to provide reasonable, but not absolute assurance regarding the safeguarding of assets, the maintenance of proper accounting records, the reliability of financial information and the management of risk.

The following mechanisms are used for effective internal financial control:

Wastesavers Charitable Trust is a member of CIWM, Reuse Network, ACEVO and WCVA all of whom provide advice and guidance on the effective management of the charity and its operational undertakings.

Remuneration of key management personnel is brought to the attention of, and approved by, the Remuneration Committee which is made up of key members of the Board including the treasurer and chairman. When setting pay structures the local government NJC scales are considered along with industry benchmarking to ensure remuneration is appropriate and fair.

Objectives and activities

  1. The relief of poverty by the provision of renovated furniture and other household accessories for residents in necessitous circumstances in the South East Wales area.

  2. The advancement of education in respect of the environmental aspects of, and need for, recycling.

  3. The advancement of education in respect of vocational skills, numeracy and literacy skills and practical skills of benefit to the community (to the extent that such objects are exclusively charitable).

Wastesavers Charitable Trust operates projects in three broad areas that work to further the objectives of the Charity:

  1. Reuse. Our flagship Reuse Centre in Maindee, Newport, and Reuse Shops at HWRCs in Newport, Llantrisant, Treherbert, Aberdare, Pentrebach, Roseheyworth, Cardiff, New Inn and Caerphilly.. These projects take a variety of household items donated by the general public and business including furniture, IT, electrical items and general bric and brac and makes them available to the general public at affordable prices. We deliver social programmes to reduce social isolation, increase digital awareness and improve employability as well as delivering a comprehensive volunteering programme to support people in gaining additional skills and experiences and to facilitate social interaction.

3

Wastesavers Charitable Trust Limited

Report of the trustees

For the year ended 31 March 2025

We also run the first Nappy Library in Wales with a paid staff member, ensuring we prioritise reuse over disposal and repair cafes in Newport and Pontypool.

  1. Education Project. Using a purpose-built education room at Wastesavers Resource Centre, Wastesavers works to educate primary school children about the importance of �reduce, reuse and recycle�. The lessons are planned to ensure all children are not only enthused by the project but are aware of its environmental benefits. The education project typically hosts between 6 and 12 visits per term from schools across South Wales but primarily from Newport.

  2. PEAK. Alternative education provision. Wastesavers works with schools, pupil referral units, the youth offending team, social services, and local authorities in South East Wales, specifically Newport and Torfaen, to take young people who are finding it difficult in mainstream education. The young people then work towards gaining basic/essential skills including plumbing, carpentry, bike repair, cookery, photography and Art and Design. This project employs 3 staff members and typically works with up to 12 young people per day delivering its objectives.

The charity also runs a trading arm, Wastesavers Limited. Wastesavers Limited delivers three key services which generates an income for the charity and furthering its aims and objectives. They occupy a building owned by the charity and pay it rent to cover the use of this space. From this location they deliver waste and recycling collection services to divert as much material from landfill as possible.

  1. Kerbside Recycling services for the city of Newport. They hold a contract to deliver the kerbside recycling service including collection and reprocessing source segregated recyclate from all 74,000 houses and flats in Newport. This contract expires on 31 March 2026.

  2. Commercial Recycling Services for Newport, Cardiff, Monmouthshire and Torfaen, collecting source segregated recycling from businesses using wheeled bins and reusable sacks.

  3. Commercial Reprocessing Services �providing reprocessing services to local authorities and businesses in the local area on an ad hoc basis.

Last year this equated to 19,884 tonnes of recyclables collected at the kerbside and an additional 2,287 tonnes of material brought in from commercial businesses and reprocessing commercially on site.

Wastesavers Limited employs 94 members of staff, 11 more than in 2023-24 and represent the largest proportion of income and expenditure for the group.

The charity measures its success by the collection and analysis of Key Performance Indicators at its Management Review Meetings, Board Meetings and contract meetings. These key indicators include tonnages diverted from landfill, number of students trained, the number of schools who visit the education room and the number of volunteer hours contributed. Health and safety and environmental performance are also monitored and reported against.

On an annual basis the charity also reviews the additional value that reusing furniture and IT gives to society and the numbers of low-income families helped with the provision of low-cost furniture.

4

Wastesavers Charitable Trust Limited

Report of the trustees

For the year ended 31 March 2025

The charity is aware of and has reviewed the Charity Commission guidance on public benefit, in particular the legal requirements of charities working to relieve poverty and has taken it into account when reporting on the work the charity has done in the last 12 months. This is covered throughout this report.

Achievements and performance

The organisation has been maintained as an incorporated charity with shareholdings in Wastesavers Limited.

Last year we planned a year of growth with the completion of a number of new projects. Specifically we planned to:

We completed four of these projects with two ongoing, specifically the Education Room and the next phase of our contract for kerbside recycling collection. We have targeted completion of these in 202526.

Financial Review

This year marked significant growth for the business recycling department with the introduction of new legislation from Welsh Government mandating source segregated collections from commercial businesses. Significant time and resources were placed into expanding this part of our business during the first 6 months of the year. In addition to this we took receipt of a new commercial vehicle, launched our website, continued work on our education room, installed solar panels and began work to celebrate our 40th birthday. We also maintained our ISO 9001, 14001 and 45001 standards which are embedded within the organisations activities and are subject to continuous improvement.

Reuse

Focus for 2024-25 was on improving the quality and performance of all shops to ensure all our high standards were met. We employed an average of 52 staff which represented a drop of 4 people from 2023-24 figures. This was due to the end of some projects and the rationalisation of some positions following resignation. We also worked with 170 volunteers who contributed 31,393 hours at a labour value of £359k at living wage (£11.44/hr). This helped us to reuse and recycle furniture, IT, electrical equipment and household bric-a-brac and to divert 1,131 tonnes of reusable items from landfill (1,379T 2023-24). The drop between 2023-24 and 2024-25 is as a result of our change in data reporting.

We saw an overall 13% increase in income from £1,382k to £1,570k. This was made up of £120k additional income generated by the Tip Shops and £23k generated by the Reuse Centre, however this was offset by a reduction in income from IT of £20K. This will be a focus on work during the next 12 months. Funding drew to a close in Aberdare which restricted income and forced the group to make some staff changes to balance the books. This will also be subject to work in 2025-26.

5

Wastesavers Charitable Trust Limited

Report of the trustees

For the year ended 31 March 2025

We continued our nappy library provision, and during the last 12 months we have spoken to over 400 families about making the switch to reusables and we hired out 30 nappy kits, converting 24 families to cloth. We worked with 6 baby banks, food banks and other charities on an ongoing basis, providing free nappies, as well as ensuring libraries in Newport, Caerphilly, Torfaen, Blaenau Gwent and Cardiff had reusable nappies available for free. Through the libraries project we gave out more than 400 nappies free of charge to families who needed them. We also provided community kits to local families in necessitous circumstances, from families with children with disabilities to those who provide foster placements. Since our library began that�s over 1000 cloth nappies given away into the community for free. Something we are very proud of.

PEAK and Education

PEAK had a great year, working with 32 pupils and achieved 87 certificates, The staff worked hard delivering new creative lessons for students, keeping student focussed wellbeing at the heart of their delivery. Student income from PEAK dropped to £81k from £84k in 2023-24 representing the change in financial situations within the schools, however the quality of teaching remained high with new courses on offer. We note here that our education projects are supported by our other charitable works and accept that they could see a yearend loss.

The education room is in its final stages of development with coding almost complete. New videos have been written and produced with Ali our new education room host taking centre stage. Once testing has completed we hope to launch this room in Autumn 2025.

Kerbside and Commercial Recycling

In April 2024, the Welsh Government introduced new legislation mandating recycling from nondomestic premises to be segregated at source. The purpose was to increase the quality of recyclable materials that was being collected from businesses for recycling and to increase the volumes of waste being recycled in Wales. Wastesavers were well placed to capitalise on this new legislation as we have been operated source segregated collections since our inception. We negotiated two new contracts with Local Authorities and increased the number of direct clients we held. Within 6 months we saw our client numbers rise from 250 to 1,200. As a result we saw additional spend on vehicles and people in order to serve new customers. Income increased from £216k to £830k and tonnages rise from 950T in 2023-24 to 2,287T in 2024-25. A 284% increase in value.

Kerbside Recycling

During the year, our kerbside recycling service diverted 19,884 tonnes of recyclable material from disposal. This was 2.27% higher than 2023-24 due to the full year effect of three weekly refuse collections. Material prices were strong during the year with an increase of £343k on that received during 2023-24 (£1,645k in 2024-25 compared to £1,301k in 2023-24) mainly due to the strong value of plastic and the improved quality of cardboard due to the rollout of the blue bag the previous year.

Income from Newport City Council was also higher at £3,164k against last years�£3,106k due to the rise in salary costs, however we maintained our position as a �living wage�employer. At the same time our agency costs remained broadly the same (£861k in 2023-24 compared to £865k in 2024-25) reflecting the stability of the workforce and our focus on direct employment over casual staff.

Money spent on purchasing kerbside containers dropped to £227K from the previous year�s spend as no significant service changes were introduced, however the value of held stock for commercial bins increased to £45k due to the purchase of containers ahead of our service expansion.

6

Wastesavers Charitable Trust Limited

Report of the trustees

For the year ended 31 March 2025

Income from the Kerbside Recycling service delivered for Newport residents and from selling collected recycled material from its kerbside and commercial recycling departments, make up the largest proportion of overall income for the group. However, the Kerbside project is run at cost price and therefore no profit is generated from this contract with Newport City Council. The limited company does engage in profit making activities through its commercial recycling department and from commercial reprocessing. This year the projects together made a profit of £37k against the loss of £25k in 2023-24 as the commercial recycling activities began to generate income. As in previous years, the rent paid to the charity for the building occupied by Wastesavers Limited and the management fees paid by the commercial project generated an income of £105k for the charity, an increase of 56% on last year.

Overall

At the end of the reporting period 2024-25 the Gross results for the group were a deficit of £237k after consolidation adjustments. As standalone entities, the charity made a surplus of £39k, and the limited company's accounts show a profit of £37k.

Other points to note are as follows:

Fixed assets

In total the group�s tangible fixed assets stand at £2,699k (£2,862k 2023-24) with £938k (£930k 202324) liabilities due within 12 months. During this time our finance lease commitments increased by 18% to £342k due to the purchase of the two electric recycling trucks and in line with our commitment to reduce our carbon production, and Wales commitment to Net Zero by 2050.

Our cash and cash equivalents were £988k at the end of 2024-25 (£1,126k 2023-24) a reduction of £138K on the prior period due the additional spend on expanding our commercial recycling services, including upfront revenue costs and capital purchases.

Debt

Creditors have increased slightly from £1,103k (2023-24) to £1,178k this year with debtors also up to £813k from £720k an increase of 13%.

Reserves policy

It is our policy to put aside the equivalent of three months�wages for the group. This is currently set at £1,410k and is to cover costs associated with a cease of contract or problems with a restriction in cashflow. At year end there was a balance of £913k (£858k 2023-24) held in unrestricted net current assets an increase of £54k.

Fundraising

Wastesavers does not carry out any fundraising activities and does not have any contracts with professional fundraisers.

Wastesavers is not a member of any voluntary fundraising schemes.

There are no fundraising activities to be monitored.

Wastesavers has had no complaints about fundraising as no fundraising activities were undertaken. There is however, a formal complaints procedure as part of its accredited and audited management system, which is regularly reviewed by the senior management team.

7

Wastesavers Charitable Trust Limited

Report of the trustees

For the year ended 31 March 2025

Wastesavers does not carry out any fundraising activities that would contravene GDPR regulations or would cause unreasonable intrusion into a person�s privacy, particularly those that are vulnerable. It does not use unreasonably persistent approaches or undue pressure to give as it does not carry out any fundraising activities.

Plans for future periods

2024-25 was a year of growth in our commercial recycling department. Our plans for 2025-26 focus on continued expansion for our commercial services, carefully consolidation for the charity as it deals with the impact of the National Insurance rises scheduled for employers and the end of the current kerbside recycling contract. Specifically we will:

Conduct a review to update and improve the current governance arrangements.

Going concern statement

The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons: The charity holds unrestricted net current assets of £912k;

The company has a contract for is kerbside recycling service in place until 31st March 2026. This is currently going through review. Wastesavers are confident it will secure the contract for the delivery of this service for the next period, due to its position in Newport, its history, and the capital assets it already holds, which were designed for collection of Newport�s kerbside material. If it is not successful then the charity will continue as it currently stands and has sufficient reserves in place to cover any shortfall generated by the loss of the kerbside contract.

The trustees therefore consider it appropriate to adopt the going concern basis for the preparation of the accounts, as detailed in note 1(c) to the financial statements.

8

Wastesavers Charitable Trust Limited

Report of the trustees

For the year ended 31 March 2025

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 16 October 2025 and signed on their behalf by

Mark Esposito, Treasurer

9

Independent auditors' report

To the members of

Wastesavers Charitable Trust Limited

Opinion

We have audited the financial statements of Wastesavers Charitable Trust Limited (the 'parent charity') and its subsidiary (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, consolidated and parent's balance sheets, consolidated statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor�s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC�s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 9 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees�use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor�s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

10

Independent auditors' report

To the members of

Wastesavers Charitable Trust Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the directors� report included within the trustees�report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees�responsibilities statement set out in the trustees�report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

11

Independent auditors' report

To the members of

Wastesavers Charitable Trust Limited

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor�s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity�s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

12

Independent auditors' report

To the members of

Wastesavers Charitable Trust Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council�s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor�s report.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 17 October 2025

William Guy Blake ACA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

13

Wastesavers Charitable Trust Limited

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

Note
Income from:
Donations and legacies
3
Charitable activities
Reuse
4
Recycling
5
Education
6
Investments
Total income
Expenditure on:
Charitable activities
Reuse
Recycling
Education
Total expenditure
8
9
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure) and net
movement in funds		 Restricted Unrestricted
£
£
-
18,286
32,854
1,537,487
-
5,913,889
-
81,480
-
11,714
32,854
7,562,856
125,482
1,278,022
312,105
5,986,006
-
130,863
437,587
7,394,891
(404,733)
167,965
2,338,383
1,274,648
1,933,650
1,442,613		 2025
Total
£
18,286
1,570,341
5,913,889
81,480
11,714
7,595,710
1,403,504
6,298,111
130,863
7,832,478
(236,768)
3,613,031
3,376,263		 2024
Total
£
20,909
1,382,266
6,127,179
84,285
5,722
7,620,361
1,329,678
5,779,764
111,817
7,221,259
399,102
3,213,929
3,613,031

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 20 to the accounts.

14

Wastesavers Charitable Trust Limited

Consolidated balance sheets

As at 31 March 2025

==> picture [454 x 473] intentionally omitted <==

----- Start of picture text -----
The group The group The charity The charity
2025 2024 2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 11 2,698,747 2,861,659 934,169 1,000,291
Investments 12 - - 100 100
2,698,747 2,861,659 934,269 1,000,391
Current assets
Stocks 14 54,134 8,695 8,695 8,695
Debtors 15 813,470 720,032 84,330 41,519
Current asset investments - 400,000 - 400,000
Cash at bank and in hand 987,769 725,658 674,425 302,435
1,855,373 1,854,385 767,450 752,649
Liabilities
Creditors: amounts falling due within 1 year 16 (938,492) (929,660) (172,526) (262,365)
Net current assets 916,881 924,725 594,924 490,284
Total assets less current liabilities 3,615,628 3,786,384 1,529,193 1,490,675
Creditors: amounts falling due after more
than 1 year 17 (239,365) (173,353) - -
Net assets 19 3,376,263 3,613,031 1,529,193 1,490,675
Funds 20
Restricted funds 1,933,650 2,338,383 745,640 838,268
Unrestricted funds 1,442,613 1,274,648 783,553 652,407
Total charity funds 3,376,263 3,613,031 1,529,193 1,490,675
----- End of picture text -----

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 16 October 2025 and signed on their behalf by

Mark Esposito - Treasurer

15

Wastesavers Charitable Trust Limited

Consolidated statement of cash flows

For the year ended 31 March 2025

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation
Profit on the sale of fixed assets
Interest received
Interest paid
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Interest received
Proceeds from the sale of property, plant and equipment
Payments for plant, property and equipment
Net cash used in investing activities
Cash flows from financing activities:
Payment of finance lease liabilities
Net cash used in financing activities
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash and cash equivalents comprise:
Current asset investments
Cash at bank and in hand
Decrease in cash and cash equivalents in the year		 2025
£
(236,768)
411,327
(1,033)
(11,714)
15,478
(45,439)
(93,438)
52,877
91,290
11,714
1,033
(110,231)
(97,484)
(131,695)
(131,695)
(137,889)
1,125,658
987,769
-
987,769
987,769		 2024
£
399,102
385,738
-
(5,722)
17,159
23,603
413,960
(184,036)
1,049,804
5,722
-
(848,196)
(842,474)
(224,096)
(224,096)
(16,766)
1,142,424
1,125,658
400,000
725,658
1,125,658

16

Wastesavers Charitable Trust Limited

Consolidated statement of cash flows

For the year ended 31 March 2025

Analysis of changes in net debt:

Cash
Obligations under finance
leases after 1 year
Obligations under finance
leases within 1 year		 £
1,125,658
(116,192)
(173,353)
836,113
Brought
forward		 £
(137,889)
131,695
-
(6,194)
Cash
flows		 £
-
(56,636)
(112,254)
(168,890)
New
leases		 £
-
(61,720)
46,242
(15,478)
Non-cash
movements		 £
987,769
(102,853)
(239,365)
645,551
Carried
forward

17

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies

a) Basis of preparation

Wastesavers Charitable Trust Limited is a charitable company limited by guarantee registered in England and Wales. The registered office address is Wastesavers Resource Centre, Esperanto Way, Lliswerry, Newport, NP19 0RD.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Wastesavers Charitable Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Group accounts

These financial statements consolidate the results of the charitable company and its whollyowned (controlled) subsidiary, Wastesavers Limited, on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity and group are able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. The charity's subsidiary, Wastesavers Limited, has a contract for kerbside recycling in place until 31 March 2026, which is currently going through review. As set out in the trustees' report on page 8, the trustees consider that the group and charity has sufficient reserves to continue in operation in the event of the loss of the kerbside contract. There are considered to be no material uncertainties about the charity and group's ability to continue as a going concern.

d) Income

Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income generated from the supply of goods or services is included in the statement of financial activities in the period in which the supply is made. Income received in advance of provision of reuse or training services is deferred until criteria for income recognition are met.

18

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

e) Donated goods for resale

Donated goods for resale are recognised as income at their fair value upon receipt, which is deemed to be the expected proceeds from sale less the expected costs of sale. Any difference in the resale value is charged or credited to the statement of financial activities during the year.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank.

g) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charitable company. Designated funds are unrestricted funds of the charitable company which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charitable company's work or for specific projects being undertaken by the charitable company.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity�s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis:

vities on the following basis:
2025 2024
Reuse 20.5% 22.3%
Recycling 77.3% 75.6%
Education 2.2% 2.1%

19

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

j) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Land and buildings 25 years straight line Motor vehicles 5 and 7 years straight line Plant and machinery 7 years straight line Computer and office equipment 4 years straight line Leasehold land improvements 5 years straight line

Leasehold land is not depreciated.

Items of equipment are capitalised where the purchase price exceeds £10,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

k) Investment in subsidiary undertakings

The charitable company has one wholly owned subsidiary, Wastesavers Limited, (registered company number 03842840). The subsidiary is used for non-primary purpose trading activities. The subsidiary undertaking is valued at cost less any cumulative impairment losses in the charitable company's accounts.

l) Stock

Purchased stock is included at the lower of cost or net realisable value. Donated items of stock for resale are recognised at fair value which is the expected proceeds from sale less any expected costs of sale. A value for IT stock is brought into the accounts once the item is ready for sale in the Reuse shop. Tip shop stock is not included as stock at the year end as it is not practicable to value it until the point of sale.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Current asset investments

Current asset investments consist of cash held on deposit in interest bearing accounts with a maturity of 90 days or more after the year end. Such investments are measured at their fair value.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

20

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

p) Creditors

Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Financial instruments

The group and charitable company only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently recognised at amortised cost using the effective interest method.

r) Redundancy payments

Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified.

s) Pension costs

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

t) Finance leases

Assets purchased under finance leases are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charge. Finance charges are written off to the statement of financial activities over the period of the lease so as to produce a constant periodic rate of charge on the remaining balance of the liability.

u) Critical accounting judgements and key sources of estimation or uncertainty

In the application of the group's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation or uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1j to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

21

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Reuse
Recycling
Education
Investments
Total income
Expenditure on:
Charitable activities
Reuse
Recycling
Education
Total expenditure
Transfers between funds
Net movement in funds
3.
Donations and legacies
Donations and gift aid
Prior year comparative
Donations and gift aid
Grants
Net income / (expenditure)		 Restricted
£
£
5,000
15,909
36,107
1,346,159
746,880
5,380,299
-
84,285
-
5,722
787,987
6,832,374
155,456
1,174,222
245,061
5,534,703
-
95,092
400,517
6,820,742
387,470
11,632
(14,677)
14,677
372,793
26,309
Restricted
Unrestricted
£
£
-
18,286
-
18,286
Restricted
Unrestricted
£
£
5,000
13,909
-
2,000
5,000
15,909
Unrestricted		 2024
Total
£
20,909
1,382,266
6,127,179
84,285
5,722
7,620,361
1,329,678
5,779,764
111,817
7,221,259
399,102
-
399,102
2025
Total
£
18,286
18,286
2024
Total
£
18,909
2,000
20,909

22

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

4. Reuse

Grants - revenue
Computer recycling
Furniture shop
Tip shops
Prior period comparative
Grants - revenue
Computer recycling
Furniture shop
Tip shops
Other income
Recycling
Material sales
Newport City Council Kerbside:
Recycling payment
Flats recycling
Commercial recycling income
Other income
Profit on disposal
Reimbursement for recycling
consumables		 Unrestricted
£
£
32,854
77,450
-
45,503
-
138,880
-
1,275,654
32,854
1,537,487
Unrestricted
£
£
36,107
-
-
65,848
-
116,235
-
1,155,674
-
8,402
36,107
1,346,159
Restricted
Unrestricted
£
£
-
1,670,334
-
3,169,173
-
227,270
-
13,308
-
830,096
-
2,675
-
1,033
-
5,913,889
Restricted
Restricted		 2025
Total
£
110,304
45,503
138,880
1,275,654
1,570,341
2024
Total
£
36,107
65,848
116,235
1,155,674
8,402
1,382,266
2025
Total
£
1,670,334
3,169,173
227,270
13,308
830,096
2,675
1,033
5,913,889

5. Recycling

23

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

5. Recycling (continued) Prior period comparative

Prior period comparative
Material sales
Newport City Council Kerbside:
Recycling payment
Grants - capital
Flats recycling
Commercial recycling income
Other income
6.
Education
Student income
Reimbursement for recycling
consumables		 Restricted
Unrestricted
£
£
-
1,301,529
-
3,105,974
-
715,168
746,880
-
-
40,056
-
216,389
-
1,183
746,880
5,380,299
2025
Total
£
81,480		 2024
Total
£
1,301,529
3,105,974
715,168
746,880
40,056
216,389
1,183
6,127,179
2024
Total
£
84,285

All income from education in the current and prior year was unrestricted.

7. Government grants

The charitable company receives government grants, defined as grant funding from the Welsh Government Shared Prosperity Fund, to fund charitable activities. The total value of such grants in the period ending 31 March 2025 was £99,477 (2024: £10,827). There are no unfulfilled conditions or contingencies attaching to these grants.

24

==> picture [344 x 657] intentionally omitted <==

----- Start of picture text -----
2025 Total £ 5,094,284 139,307 1,561,976 59,697 186,670 112,952 211,813 24,039 767 29,646 411,327 7,832,478 - 7,832,478
Support and governance £ 140,174 6,851 361 36,909 - 3,516 830 10,895 - - 77,461 276,997 (276,997) -
Education £ 108,920 1,180 3,283 615 5,161 3,825 1,789 - - - - 124,773 6,090 130,863
Recycling £ 3,829,486 81,777 1,429,970 9,591 125,954 63,084 182,398 11,661 767 15,440 333,866 6,083,994 214,117 6,298,111
Reuse £ 1,015,704 49,499 128,362 12,582 55,555 42,527 26,796 1,483 - 14,206 - 1,346,714 56,790 1,403,504
Total expenditure Staff costs (note 10) Other staff costs Service delivery costs Development and consultancy Premises costs Administrative costs Insurance Audit and accountancy Bad debts Interest and charges Depreciation Sub-total Allocation of support and governance costs Total expenditure Total governance costs were £17,400.
Notes to the financial statements For the year ended 31 March 2025 8.
----- End of picture text -----

==> picture [344 x 656] intentionally omitted <==

----- Start of picture text -----
2024 Total £ 4,456,002 149,670 1,624,316 70,963 192,764 97,407 195,588 18,305 221 30,285 385,738 7,221,259 - 7,221,259
Support and governance £ 126,420 9,469 296 33,550 - 3,283 577 8,720 - - 77,461 259,776 (259,776) -
Education £ 90,531 5,830 2,687 1,118 360 4,365 1,368 126 - - - 106,385 5,432 111,817
Recycling £ 3,273,837 77,919 1,505,275 29,067 148,534 41,226 172,654 9,164 221 17,159 308,277 5,583,333 196,431 5,779,764
Reuse £ 965,214 56,452 116,058 7,228 43,870 48,533 20,989 295 - 13,126 - 1,271,765 57,913 1,329,678
Notes to the financial statements For the year ended 31 March 2025 Total expenditure (continued)8. Prior period comparative Staff costs (note 10) Other staff costs Service delivery costs Development and consultancy Premises costs Administrative costs Insurance Audit and accountancy Bad debts Interest and charges Depreciation Sub-total Allocation of support and governance costs Total expenditure Total governance costs were £16,900.
----- End of picture text -----

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

9. Net movement in funds

This is stated after charging / (crediting):

==> picture [427 x 169] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Interest payable|29,646|30,285| |Depreciation| |Owned assets|349,733|315,933| |Leased assets|61,594|69,805| |Operating lease payments|46,536|19,944| |Profit on the sale of fixed assets|(1,033)|-| |Trustees' remuneration|Nil|Nil| |Trustees' reimbursed expenses|Nil|Nil| |Auditors' remuneration (excluding VAT):| |Statutory audit|17,400|16,900| |Other services|700|700|

----- End of picture text -----

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorities.

10. Staff costs and numbers

Staff costs for the group were as follows:

==> picture [429 x 108] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Salaries and wages|3,657,277|3,143,795| |Social security costs|319,608|259,340| |Pension contributions|251,880|191,442| |Agency staff|865,519|861,425| |5,094,284|4,456,002|

----- End of picture text -----

No employee earned more than £60,000 during the current or prior year.

The key management personnel of the group comprise the Chief Executive Officer, Strategic Finance Manager, Head of Operations, and Operational Finance Manager who are employed by Wastesavers Limited, and the Charity Manager who is employed by Wastesavers Charitable Trust Limited. The total employee benefits of the key management personnel of the group, including employers' national insurance, were £272,575 (2024: £231,840).

==> picture [429 x 49] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |No.|No.| |Average head count|146|132|

----- End of picture text -----

27

==> picture [324 x 696] intentionally omitted <==

----- Start of picture text -----
Total £ 8,669,109 248,415 (47,510) 8,870,014 5,807,450 411,327 (47,510) 6,171,267 2,698,747 2,861,659
Leasehold £ 603,941 - - 603,941 190,854 23,856 - 214,710 389,231 413,087
improvements
Office equipment £ 27,564 - - 27,564 27,564 - - 27,564 - -
Motor vehicles £ 4,545,332 237,076 (47,510) 4,734,898 3,313,082 270,446 (47,510) 3,536,018 1,198,880 1,232,250
£ 885,911 - - 885,911 776,175 46,608 - 822,783 63,128 109,736
Plant and machinery
land £ 121,281 - - 121,281 - - - - 121,281 121,281
Leasehold
Land and buildings £ - - 70,417 - 803,999 874,416
2,374,191 2,374,191 1,499,775 1,570,192
Assets under construction £ 110,889 11,339 - 122,228 - - - - 122,228 110,889
Tangible fixed assets The group Cost At 1 April 2024 Additions in year Disposals in year At 31 March 2025 Depreciation At 1 April 2024 Charge for the year Disposals in year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024
Notes to the financial statements For the year ended 31 March 2025 11.
----- End of picture text -----

Wastesavers Charitable Trust Limited
Notes to the financial statements
For the year ended 31 March 2025		 11. Tangible fixed assets (continued)
The charity
Land and
buildings
Plant and
machinery
Motor
vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
110,890
2,374,191
1,898
49,310
2,536,289
Additions in year
11,339
-
-
-
11,339
At 31 March 2025
122,229
2,374,191
1,898
49,310
2,547,628
Depreciation
At 1 April 2024
-
1,499,775
1,898
34,325
1,535,998
Charge for the year
-
70,417
-
7,044
77,461
At 31 March 2025
-
1,570,192
1,898
41,369
1,613,459
Net book value
At 31 March 2025
122,229
803,999
-
7,941
934,169
At 31 March 2024
110,890
874,416
-
14,985
1,000,291
Assets under
construction

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

12. Subsidiary undertakings

Wastesavers Limited

The charitable company owns the whole of the issued share capital (100 ordinary £1 shares) of Wastesavers Limited, a company registered in England and Wales. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are donated to the charitable company. A summary of the results of the subsidiary is shown below:

Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Profit on disposal
Interest payable
Profit on ordinary activities
Corporation tax
Profit for financial year
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2025
£
6,224,961
(327,384)
5,897,577
(5,846,351)
51,226
1,033
(15,440)
36,819
-
36,819
2025
£
2,875,437
(2,216,276)
659,161		 2024
£
5,625,359
(787,808)
4,837,551
(4,845,756)
(8,205)
-
(17,159)
(25,364)
-
(25,364)
2024
£
3,082,467
(2,460,125)
622,342

13. Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Gross income
Results for the year		 2025
£
1,787,004
38,518		 2024
£
1,560,572
(77,353)

30

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

14. Stock

2025
2024
£
£
Donated goods for resale
8,695
8,695
Bins for commercial recycling
45,439
-
Total stock
54,134
8,695
Debtors
2025
2024
£
£
Debtors: amounts due within 1 year:
Trade debtors
413,244
339,187
Prepayments
64,063
78,749
Accrued income
336,163
289,873
Amounts owed from subsidiary
-
-
VAT
-
-
813,470
707,809
Debtors: amounts due after 1 year:
Prepayments
-
12,223
Total debtors
813,470
720,032
The group
The group		 2025
2024
£
£
8,695
8,695
-
-
8,695
8,695
2025
2024
£
£
44,461
7,012
15,149
18,429
1,786
2,459
12,755
-
10,179
13,619
84,330
41,519
-
-
84,330
41,519
The charity
The charity

15. Debtors

16. Creditors: amounts due within 1 year

Trade creditors
Other taxation and social security
Accruals
Other creditors
Amounts owed to subsidiary
Deferred income (see note 21)
Obligations under finance leases		 2025
2024
£
£
175,692
219,623
233,877
216,385
215,478
203,226
69,382
48,658
-
-
141,210
125,576
102,853
116,192
938,492
929,660
The group		 2025
2024
£
£
22,749
32,322
15,222
15,762
125,955
101,331
8,600
7,206
-
105,744
-
-
-
-
172,526
262,365
The charity

31

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

17. Creditors: amounts due after 1 year

Obligations under finance leases 2025
2024
£
£
239,365
173,353
The group		 2025
2024
£
£
-
-
The charity

18. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charitable company's trading subsidiary, Wastesavers Limited, donates available profits to the charitable company. Any taxable profits retained in the subsidiary company are chargeable to corporation tax.

19. Analysis of net assets between funds

Tangible fixed assets
Current assets
Creditors: amounts falling due within 1 year
Net assets at 31 March 2025
Prior period comparative
Tangible fixed assets
Current assets
Creditors: amounts falling due within 1 year
Net assets at 31 March 2024
Creditors: amounts falling due after more than 1
year
Creditors: amounts falling due after more than 1
year		 £
1,929,319
4,331
-
-
1,933,650
£
2,271,940
66,443
-
-
2,338,383
Restricted
funds
Restricted
funds		 £
769,428
1,851,042
(938,492)
(239,365)
1,442,613
£
589,719
1,787,942
(929,660)
(173,353)
1,274,648
Unrestricted
funds
Unrestricted
funds		 Total funds
2025
£
2,698,747
1,855,373
(938,492)
(239,365)
3,376,263
Total funds
2024
£
2,861,659
1,854,385
(929,660)
(173,353)
3,613,031

32

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

20. Movements in funds

Restricted funds
WEFO (EDRF Obj 2)
Welsh Assembly
Newport City Council
Rhondda Cynon Taf Council
Leasehold land (NCC)
NCC flats recycling
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
WCVA: Volunteering Wales
Main Grant
Wastesavers Ltd capital
fund
Torfaen CBC		 At 1 April
2024
£
85,018
113,470
613,956
14,997
-
10,827
121,281
40,619
1,338,215
2,338,383
1,274,648
1,274,648
3,613,031		 Income
£
-
-
-
-
22,027
10,827
-
-
-
32,854
7,562,856
7,562,856
7,595,710		 £
(21,513)
(18,638)
(30,984)
(14,997)
(22,027)
(17,323)
-
(40,619)
(271,486)
(437,587)
(7,394,891)
(7,394,891)
(7,832,478)
Expenditure		 £
£
-
63,505
-
94,832
-
582,972
-
-
-
-
-
4,331
-
121,281
-
-
-
-
1,066,729
-
1,933,650
-
1,442,613
-
1,442,613
-
3,376,263
At 31 March
2025
Transfers
between
funds

Purposes of restricted funds WEFO and Welsh Assembly funds

The WEFO and Welsh Assembly funds are capital restricted funds representing the Wastesavers Resource Centre. The funds will be reduced each year by the annual depreciation charge of the related fixed assets, along with any impairment losses incurred.

Newport City Council

An award of funding in relation to improving reuse infrastructure in Newport.

Rhondda Cynon Taf Council

Rhondda Cynon Taf received funding of £110,000 from Welsh Government towards setting up a new Reuse site at Aberdare. The site was set up in 2022/23 and funding is being used to support the running of the site.

33

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

20. Movements in funds (continued) Purposes of restricted funds (continued) Torfaen CBC

Funding to support salary costs and consumables for Torfaen Repair Café.

WCVA: Volunteering Wales Main Grant

Salary support for employment of additional volunteer co-ordinator.

Education Suite

Donations to fund the refurbishment of the education suite at Head Office. The refurbishment work is underway and expected to be completed by September 2025.

NCC flats recycling

Funding to provide flats�recycling facilities across Newport, working in partnership with Newport City Council and Newport City Homes. This is an ongoing project.

Wastesavers Ltd capital fund

The Wastesavers Ltd capital fund represents assets purchased and to be purchased with capital grants in the subsidiary company. The fund will be reduced each year by the annual depreciation charge of the related fixed assets. In the financial statement of Wastesavers Limited, these capital grants have been treated as deferred capital income. Adjustments were made on consolidation to bring the accounting treatment for capital grants into line with Wastesavers Charitable Trust Limited's accounting policies.

Landfill Disposal Tax Community Scheme

Funding was received to support the setting up of 2 new projects, The Nappy Library and Reuse Repair Café.

Leasehold land

A grant was received from the Welsh Government to enable Wastesavers Ltd to purchase a plot of leasehold land adjoining the current property.

Transfers between funds

Transfers between funds in the prior year represent the purchase of capital items of expenditure for the Education Suite.

34

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

20. Movements in funds (continued)

Prior year comparative:
Restricted funds
WEFO (EDRF Obj 2)
Welsh Assembly
Cardiff City Council
Newport City Council
Rhondda Cynon Taf Council
Education Suite
Leasehold land (NCC)
NCC flats recycling
Total restricted funds
General funds
Total unrestricted funds
Total funds
Torfaen CBC
WCVA: Volunteering Wales
Main Grant
Landfill Disposal Tax
Wastesavers Ltd capital
fund
Unrestricted funds		 At 1 April
2023
£
106,531
132,108
-
644,939
69,993
-
-
4,046
9,677
121,281
46,806
830,209
1,965,590
1,248,339
1,248,339
3,213,929		 Income
£
-
-
-
-
-
15,453
10,827
9,827
5,000
-
-
746,880
787,987
6,832,374
6,832,374
7,620,361		 £
(21,513)
(18,638)
-
(30,983)
(54,996)
(15,453)
-
(13,873)
-
-
(6,187)
(238,874)
(400,517)
(6,820,742)
(6,820,742)
(7,221,259)
Expenditure		 £
£
-
85,018
-
113,470
-
-
-
613,956
-
14,997
-
-
-
10,827
-
-
(14,677)
-
-
121,281
-
40,619
-
1,338,215
(14,677)
2,338,383
14,677
1,274,648
14,677
1,274,648
-
3,613,031
Transfers
between
funds
At 31 March
2024

35

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

21. Deferred income

At 1 April 2024
Amounts deferred during the year
Amounts released during the year
At 31 March 2025		 2025
2024
£
£
125,576
91,707
141,210
125,576
(125,576)
(91,707)
141,210
125,576
The group		 2025
2024
£
£
-
-
-
-
-
-
-
-
The charity

The Commercial Recycling Service invoices in advance of service delivery. As the group is not entitled to the income until the services are delivered, the income is deferred within the group accounts.

22. Related party transactions

Wastesavers Limited

Wastesavers Limited is a wholly owned subsidiary of Wastesavers Charitable Trust Limited. During the year Wastesavers Limited paid the following amounts to Wastesavers Charitable Trust Limited:

Rent
Management fee		 2025
£
48,168
57,014
105,182		 2024
£
48,168
19,222
67,390

Newport City Council

David Mayer, a trustee of Wastesavers Charitable Trust Limited, is also a Councillor of Newport City Council. During the year Wastesavers Limited purchased materials totalling £227,270 (2024: £715,451) on behalf of Newport City Council and received a total of £3,736,744 (2024: £3,821,425). This included the following amounts:

Kerbside Recycling payment
Recycling consumables
Business Recycling payment		 2025
£
3,163,585
227,270
345,889
3,736,744		 2024
£
3,105,974
715,451
-
3,821,425

A-Print and Design Limited

Roger Ayres, a trustee of Wastesavers Charitable Trust Limited, is also director of a printing company called A-Print and Design Limited. During the year Wastesavers Charitable Trust Limited (group) purchased printing supplies totalling £Nil (2024: £726) from A-Print and Design Limited. The outstanding balance at 31 March 2025 was £Nil (2024: £Nil).

36

Wastesavers Charitable Trust Limited

Notes to the financial statements

For the year ended 31 March 2025

23. Finance lease commitments

At 31 March 2025 the group had finance leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2025
£
120,397
265,411
385,808		 2024
£
131,776
195,599
327,375

24. Operating lease commitments

At 31 March 2025 the company had operating leases at the year end with total future minimum lease payments as follows:

Amounts falling due:
Within 1 year
Within 1 - 5 years		 2025
£
26,592
70,912
97,504		 2024
£
26,592
97,504
124,096

37