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2025-07-31-accounts

Company registration number 1193702 (England and Wales) Charity registration number 1180681 (England and Wales)

BLACK MOUNTAINS COLLEGE PROJECT GROUP ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

BLACK MOUNTAINS COLLEGE PROJECT GROUP

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES Mr C Blake (Chair) Mr M Burke Mr S D Booij Mrs S Howe Mrs S Kulkarni Mr E Lybeck Mrs C Masefield Mr M Phillips Mrs R Potts Mrs J Roxburgh Mr J Tushingham COUNTRY OF INCORPORATION United Kingdom 1193702 (England and Wales) CHARITY REGISTRATION England and Wales 1180681 REGISTERED OFFICE Unit 3 New Street TALGARTH Powys LD3 0AH AUDITOR Kilsby & Williams LLP Cedar House Hazell Drive NEWPORT South Wales NP10 8FY BANKERS Barclays Bank Plc Leicester LE87 2BB

(Appointed 7 October 2025)

(Appointed 1 August 2024) (Appointed 7 October 2025) (Appointed 7 October 2025) (Appointed 1 August 2024) (Appointed 1 August 2024) (Appointed 3 March 2026)

BLACK MOUNTAINS COLLEGE PROJECT GROUP

CONTENTS

Page
Chairman's statement 1
Trustees' report 2 - 16
Independent auditor's report 17 - 21
Statement of financial activities 22
Balance sheet 23 - 24
Notes to the financial statements 27 - 45

BLACK MOUNTAINS COLLEGE PROJECT GROUP

CHAIRMAN'S STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

Black Mountains College has had a busy fourth year of teaching. The second year of our degree programme and an expanded offer of further education has widened our revenue base and also grown our personnel. We have continued to develop the model of the charity working with a training subsidiary to deliver our accredited programmes. And towards the end of the financial year we raised more social investment into our registered social enterprise to provide the working capital for growth. This report explains some of our thinking in that area.

It also looks at our impact – activities on the farm, the numbers of people trained, success rates, and some qualitative quotes from participants and graduates to give a sense of how people feel about coming to study with us. It is fair to say for a small and new organisation we are having a significant impact on a large number of people. We are changing lives.

We are also changing the local economy and culture through our highly focused place-based approach to community development in our twin locations of Talgarth and Treherbert. We are building places such as the new building in Talgarth that has transformed a derelict venue into a new thriving learning hub. And we are progressing plans for something similar in Treherbert. And we are building culture with a rich programme of talks and workshops in both venues and, increasingly, with invitations to engage farther afield.

Thank you to all our donors and funders who have helped us to make the differences outlined here.

‘ BMC is a great example of what happens when you marry purpose with place: all kinds of new possibilities emerge both for learning and for the community. It has been an exciting journey so far and I am so curious to see where this collaborative exploration leads next. '

Chris Blake, Chair of Trustees

..............................

CHAIRMAN

21 May 2026 Date: .........................

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2025

The trustees present their annual report and financial statements for the year ended 31 July 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

OBJECTIVES AND ACTIVITIES

As stated in its Articles, Black Mountains College Project (BMC) is a project for the establishment of a college of higher and further education for the public good.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities

Reflections on Our Purpose

As Black Mountains College marks four years of climate-focused education, we have reflected on our purpose over the last year. We know that helping people and communities adapt to a warming world takes more than just new skills. It calls for a deep cultural shift; a change in how we think, imagine, connect with each other, and see our place in nature. The climate transition depends on both technical skills and cultural change. Most institutions focus on one or the other. Black Mountains College stands out because we do both.

As the charity side of Black Mountains College, our job is to help shape the culture, civic life, and imagination needed for real change. The social enterprise works with us by giving people practical, accredited skills for the green transition. Together, we offer a model that tackles the climate and ecological emergency at many levels of society.

Our public education programs, international partnerships, systems change festivals, and community activities help build a culture where new ideas and practices can take root. At the same time, the social enterprise trains people to restore land, rebuild ecosystems, strengthen food systems, and create climatefriendly jobs.

By bringing together practical skills, systems thinking, civic imagination, community engagement, and educational innovation, we can work at the individual, community, and systems levels all at once.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

This approach lets BMC:

As the charity, we are responsible for ensuring that the transformation is not only technical but also democratic, creative, and socially just.

We believe this innovative model with a charity and a social enterprise subsidiary, makes Black Mountains College a leader in climate-focused education and a force for lasting, positive change. It helps us respond to the climate emergency with a whole-systems approach that matches the size and complexity of the challenge, rather than with isolated efforts.

“We don't just need new thinking and new jobs to deliver a viable future in the face of huge geological change. We need new models of organisation and new kinds of economies. Tertiary education institutions are struggling, charities are struggling. By combining the strengths of both: with one foot in the public sector and one foot in the third sector, BMC is modelling resilience so that it can adapt to changing circumstances and uncertain times.” - Ben Rawlence, co-founder and CEO.

Building a Movement

This year, we brought people together to learn, reflect, and take practical steps toward a more sustainable future. Our programmes helped people build skills in accessible, hands-on ways, while also encouraging imagination and deeper thinking about the world we want to create. By involving communities directly in activities such as workshops, festivals, partnerships, and creative projects, we have built local confidence and increased participation in considering the required changes ahead.

Together, these efforts are shaping a grounded and inclusive movement for change. This movement is rooted in local communities, open to everyone, and focused on meaningful, practical action.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Beth Nawr? (Now What?) Festival

In 2025, we launched our first Beth Nawr? Festival, a new event focused on systems change and held throughout Talgarth. The day brought together activists, farmers, artists, food-system leaders, and policymakers for themed workshops, conversations, local food, live music, and a Sunday walk to our farm campus. Sessions explored topics like ecological futures, community power, land stewardship, food systems, and new ideas for governance.

We welcomed 80 people to Beth Nawr? Festival in 2025.

‘Lovely encounters with beautiful, committed people. Great to see a diversity by age and experience.'

‘Loved and appreciated the warm and relaxed welcome at the BMC site - eating dahl at dusk, walking down through the river to the woods together. The session on education for systems change by BMC was brilliant in the way it embodied its message through enabling different modes of communication and learning, and honoured and made space for the knowledge and wisdom in the room. The festival was super well-organised and communication from the BMC team was great.'

Ecological Futures Camp (Eco Futures Camp)

Working with Material Cultures, we held the 2025 Ecological Futures Camp, a five-day residential program for 16 to 25-year-olds on our 120-acre hill farm. Participants teamed up with designers, makers, and activists to tackle practical challenges in extractive construction, bio-based materials, and regenerative building methods. The camp blended creative exploration with hands-on problem-solving, helping young people gain valuable skills and a clearer sense of direction.

We hosted 22 young people at Ecological Futures Camp in 2025.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

‘The teaching style is immaculate. I absolutely loved the way all the sessions went. I'm someone who doesn't focus very well in class, this BMC approach allows for time to absorb, reflect and practice. It was bite sized and tailored very well.'

‘Loved all the facilitators and their approach to activities and their care and love towards us. They had a variety of experience which was very relevant.'

‘Thank you for getting together such a diverse range of people and encouraging us all to be open minded towards each other'

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

ACHIEVEMENTS AND PERFORMANCE

Climate Adaptation for Creatives (British Council Partnership)

We reached an international audience with Climate Adaptation for Creatives, a 20-week online program run with the British Council. This program helps creative practitioners from the UK and wider Europe build climate literacy and explore how their art can support environmental action. Participants learn through peer exchange, scenario-based activities, and practical projects, applying new ideas in their own cultures and communities.

See for a full reflection on the first edition of the course by tutor and course designer Dr Natalia Eernstman on the charity website.

‘From the bottom of my heart, thank you and all your team for this incredible programme! Climate Adaptation for Creatives has been more than just a learning programme—it has been a space for meaningful discussions, new discoveries, and deep inspiration. Your professionalism, thoughtfully curated materials, and supportive atmosphere made this experience truly valuable. A special thank you for creating opportunities to learn from experts and from each other, for your attention to every participant, and for fostering a community where sharing ideas and finding like-minded people felt so natural. I deeply appreciate your hard work, enthusiasm, and dedication to sustainability. ‘ — Mariya Tyuryuchsheva (Climate Adaptation for Creatives 2025 Alumni)

Anonymous testimonials:

‘I've found it wonderful to know that across Europe there are allies - others thoughtful about such matters and serious about their practice. That feels deeply reassuring. That sense of community. Iit connected me with like-minded individuals, fostering discussions that were both inspiring and thought-provoking.'

‘It gave me new perspectives on the role I play as an individual, in my community, in my professional practice, and within global systems.'

‘The programme deepened my understanding of climate change's real-world impacts, especially how it affects my home in Kvariati. I learned how creative approaches—like art, storytelling, and community engagement— can drive awareness and action. The programme also inspired me to see climate resilience as something deeply personal and communal, not just a global issue.'

Shaping Place

Across both Talgarth and Treherbert, our placemaking approach combines:

We work with local people and organisations to help create places that support learning, bring communities together, and build climate resilience. This way, residents can help build a fairer and more sustainable future.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Talgarth: Conversation, Learning and Regeneration

Talgarth Talks is now a regular part of the town's cultural life. Each month, writers, activists, scientists, and community leaders meet with residents and students to discuss topics like ecological futures, imagination, local food systems, community resilience, and the systems that shape our world. These talks encourage open conversation and help make climate-focused discussions part of daily community life.

BMC has led this placemaking work and invested heavily in the town's buildings. The Victorian Old School was renovated with £1.8 million from UK government and reopened in February 2026 as a community and education hub in partnership with Talgarth and District Regeneration Group. The building includes classrooms, offices, co-working and community spaces, outdoor learning areas, and a research library focused on sustainability.

By working together, we are making Talgarth a stronger place for civic learning, cultural exchange, and climate-friendly renewal.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Treherbert: Creative Community Action and Skills for the Future

In Treherbert, we work closely with Welcome to Our Woods as part of the larger Rhondda Skyline vision for community-led land care and sustainable futures. Our activities this year included:

These sessions help people feel better, connect with others, and make it easier to keep learning. They also strengthen our partnership with Welcome to Our Woods and help residents build confidence and skills for climate resilience.

We have also secured a long-term lease for the Treherbert Training & Education Centre (TEC) through a community asset transfer from Rhondda Cynon Taff Council. We plan to turn the TEC into a green skills hub, with design work starting in 2026. We are consulting with the community to ensure the building meets local needs and goals.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Troed-yr-Harn: A Working Landscape

Troed-yr-Harn is the heart of BMC's practical learning. This 120-acre hill farm gives students hands-on experience in land management, food production, and ecological restoration. Here, students learn from the land, try out new ideas, and see what regenerative practice means in daily work.

The farm is already seeing positive results. It has provided hay and vegetables for the college, planted about 9,500 trees, and recorded more wildlife, including over 200 plant species, 115 invertebrates, and many types of bats and birds. These changes are part of a steady move toward farming that puts nature first.

Troed-yr-Harn is also becoming a place for enterprise. The market garden sells produce to local businesses, and the tree nursery helps restore woodlands while teaching students about growing and producing plants on a small scale. Both areas give students useful skills and let them try out ideas that could become future businesses.

The farm has a key role as a low-impact, regenerative learning site where students can grow food, learn more about ecology, and gain confidence through real work.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

In the future, Troed-yr-Harn will keep offering chances for hands-on learning, small business projects, and trying out new ecological ideas. This supports BMC's mission in the landscape that benefits both people and nature.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Our Social Enterprise: Delivering Climate Education

The BMC social enterprise offers practical, accredited learning that puts our mission into practice. We help people find clear paths into meaningful work, giving them the skills, experience, and confidence to support a low-carbon, nature-friendly future. In 2025, we used social investment to grow our work, increase capacity, and improve infrastructure, making our programs more accessible.

Infographic: Our Student Body 2024/25

Further Education

Our Further Education programs offer hands-on, vocational training in skills needed for ecological restoration and sustainable land management. Students learn in small groups with experienced tutors and work toward Level 2 qualifications in the following areas:

These programs mix practical activities like soil assessment, woodland management, tool use, and food growing with easy-to-understand theory and guided reflection.

In 24/25, we experienced the following success rates:

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Total pass rate for all above Level 2 courses combined – 95%.

These figures show the percentage of students who passed their course in its entirety and successfully obtained their qualification.

Higher Education

Our BA (Hons) in Sustainable Futures: Arts, Ecology and Systems Change builds on our practical learning by exploring systems, ideas, and culture in more depth. We deliver this program with Cardiff Metropolitan University and have now finished our second year. Students study ecological ideas, climate science, artsbased research, and the social aspects of change. They learn in the Bannau Brycheiniog landscape, in studios, community spaces, and on the farm, connecting theory to real-life experience.

The degree helps students think critically, work together, and find solutions to complex challenges both locally and globally. In their third year, many plan to take placements with community groups, farms, campaign organizations, or creative professionals, gaining experience for future jobs or further study. The program's mix of systems thinking, creativity, and hands-on work makes it unique and prepares graduates to bring new ideas to the climate transition.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Alumni Outcomes

We are already seeing BMC graduates move into a wide range of climate-related careers:

These career paths show how the college helps create local jobs, build skills, and support the green transition in Wales and the UK.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Annual Statement of Fundraising

This statement covers the requirement charities must follow as set out in the Charities (Protection and Social Investment) Act 2016.

Black Mountains is registered with the Fundraising Regulator and is committed to the Fundraising Promise and adherence of the Code of Fundraising Practice. Our Development Director is a full member of the Chartered Institute to Fundraising.

Our fundraising effort involves encouraging donations through grant applications and community fundraising activity. All fundraising activity has been carried out in-house, and we have no immediate plans to engage third party professional fundraisers. Policies and procedures are in place covering all aspects of fundraising, including donations from vulnerable people and dealing with complaints. We have had no complaints in this accounting period.

In 2024/25, it cost us £1,643,080 to deliver our charitable purposes. Over the last 12 months we have been successful in accessing funding from statutory and trusts and foundations for future service delivery, including capital funding. We have also accessed seed funding through social investment to develop and deliver our academic programme.

Reserves Policy

As at 31 July 2025, Black Mountains College Project held unrestricted reserves of £272,373 (2024: £518,526) and restricted reserves of £86,885 (2024: £74,509). The trustees recognise that the unrestricted reserve is lower than the 3-month reserves policy. A Finance and Audit Committee has been tasked with continuous monitoring of the situation. Moving forward, the charity is actively fundraising for unrestricted reserves and identifying wider income streams.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Black Mountains College Project, trading as BMC, is a company limited by guarantee, registered with Companies House in England and Wales with the number 11193702.

Registered office address is Unit 3 Great House Barns, New Street, Talgarth, Brecon, Wales, LD3 0AH. Incorporated on 7 February 2018.

Company type is listed as 'Private Limited Company by guarantee without share capital use of 'Limited' exemption'.

The nature of BMC Business (SIC) is listed as: 85410 - Post-secondary non-tertiary education 85421 - First-degree level higher education 85600 - Educational support services

BMC is registered with The Charity Commission with the number 118068, and registration was approved on 14 November 2018.

The charity is governed by the Memorandum and Articles of Association lodged with Companies House and dated 7 February 2018.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr C Blake (Chair) Mr M Burke Mr S D Booij (Appointed 7 October 2025) Mrs S Howe Mrs S Kulkarni Mr E Lybeck (Appointed 1 August 2024) Mrs C Masefield (Appointed 7 October 2025) Mr M Phillips (Appointed 7 October 2025) Mrs R Potts (Appointed 1 August 2024) Mrs J Roxburgh (Appointed 1 August 2024) Mr J Tushingham (Appointed 3 March 2026) Mrs A Taherzadeh (Resigned 5 July 2025) Mr K Wills (Resigned 7 October 2025)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees, who are also the directors of Black Mountains College Project Group for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

In preparing these financial statements, the trustees are required to:

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

AUDITOR

In accordance with the company's articles, a resolution proposing that Kilsby & Williams LLP be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

.............................. Mr C Blake (Chair)

TRUSTEE

21 May 2026 Date: .............................................

BLACK MOUNTAINS COLLEGE PROJECT GROUP

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF BLACK MOUNTAINS COLLEGE PROJECT GROUP

Opinion

We have audited the financial statements of Black Mountains College Project Group (the ‘charity') for the year ended 31 July 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 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 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 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.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BLACK MOUNTAINS COLLEGE PROJECT GROUP

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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF BLACK MOUNTAINS COLLEGE PROJECT GROUP

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

BLACK MOUNTAINS COLLEGE PROJECT GROUP

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF BLACK MOUNTAINS COLLEGE PROJECT GROUP

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// 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 trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF BLACK MOUNTAINS COLLEGE PROJECT GROUP

Simon Tee Senior Statutory Auditor

Kilsby & Williams LLP

Chartered accountants & statutory auditor Cedar House Hazell Drive NEWPORT South Wales NP10 8FY 21 May 2026 Date: .........................

Kilsby & Williams LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
INCOME AND ENDOWMENTS FROM:
Donations and
legacies
3
72,301
20,000
Charitable activities
4
855,107
344,065
Investments
5
20,860
-
Other income
6
26,578
-
TOTAL INCOME
974,846
364,065
EXPENDITURE ON:
Charitable activities
7
1,291,143
351,938
TOTAL EXPENDITURE
1,291,143
351,938
NET
INCOME/(EXPENDITURE)
(316,297)
12,127
Transfers between
funds
(248)
248
NET MOVEMENT IN
FUNDS
9
(316,545)
12,375
Net Income Attributable To:
Group
(246,153)
12,375
Non-controlling interest
(70,392)
RECONCILIATION OF FUNDS:
Fund balances at 1 August
2024
518,526
74,509
FUND BALANCES AT 31 JULY
2025
272,373
86,884		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
92,301
9,951
-
1,199,172
571,655
355,773
20,860
7,571
-
26,578
13,189
-
1,338,911
602,366
355,773
1,643,081
966,019
396,876
1,643,081
966,019
396,876
(304,170)
(363,653)
(41,103)
-
(5,508)
5,508
(304,170)
(369,161)
(35,595)
(233,778)
(302,869)
(35,595)
(70,392)
(66,473)
593,035
821,215
110,104
359,257
518,526
74,509		 Total
2024
£
9,951
927,428
7,571
13,189
958,139
1,362,895
1,362,895
(404,756)
-
(404,756)
(338,284)
(66,473)
931,319
593,035

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2025

2025
Notes
£
FIXED ASSETS
Tangible assets
16
1,380,772
CURRENT ASSETS
Debtors
18
167,207
Cash at bank and in hand
778,600
945,807
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
20
(108,576)
NET CURRENT ASSETS
837,231
TOTAL ASSETS LESS CURRENT LIABILITIES
2,218,003
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
21
(178,704)
Deferred income
(1,600,768)
NET ASSETS
438,531
THE FUNDS OF THE CHARITY
Restricted income funds
22
86,884
Unrestricted funds - general
272,373
Non-controlling interest
79,274
438,531		 2024
£
171,567
208,595
967,161
1,175,756
(62,451)
1,113,305
1,284,872
(182,251)
(359,920)
742,701
74,509
518,526
149,666
742,701

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2025

21 May 2026

The financial statements were approved by the trustees on ......................... .............................. Mr C Blake (Chair) Trustee

Company registration number 1193702 (England and Wales)

BLACK MOUNTAINS COLLEGE PROJECT GROUP

CHARITY BALANCE SHEET

AS AT 31 JULY 2025

2025
Notes
£
FIXED ASSETS
Tangible assets
16
1,359,583
Investments
36,000
1,395,583
CURRENT ASSETS
Debtors
18
49,875
Cash at bank and in hand
537,445
587,320
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
20
(93,160)
NET CURRENT ASSETS
494,160
TOTAL ASSETS LESS CURRENT LIABILITIES
1,889,743
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
21
(178,704)
Deferred income
(1,600,768)
NET ASSETS
110,271
THE FUNDS OF THE CHARITY
Restricted income funds
22
86,885
Unrestricted funds
23,386
110,271		 2024
£
144,511
36,000
180,511
116,142
424,591
540,733
(99,833)
440,900
621,411
(182,251)
(359,920)
79,240
74,509
4,731
79,240

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

CHARITY BALANCE SHEET

AS AT 31 JULY 2025

21 May 2026

The financial statements were approved by the trustees on .........................

.............................. Mr C Blake (Chair) Trustee

Company registration number 1193702 (England and Wales)

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1 ACCOUNTING POLICIES

Charity information

Black Mountains College Project Group is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Unit 3 New Street, TALGARTH, Powys, LD3 0AH.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

1 ACCOUNTING POLICIES

(Continued)

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.5 Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 10% straight line Fixtures and fittings 25% straight line Motor vehicles 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

1 ACCOUNTING POLICIES

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

1 ACCOUNTING POLICIES

(Continued)

1.11 Basis of Consolidation

The consolidated statements of the Group incorporate the Financial Statements of Black Mountains College Project and its Subsidiary undertaking, which is made up to 31st July 2025. No separate Statement of Financial Activities (SOFA) has been prepared for the Charity as permitted by section 408 of the Companies Act 2006 and paragraph 24.37 of the SORP. The consolidation is in accordance with FRS102 section 9 and the Charities SORP.

The Charity has a Subsidiary, Black Mountains College Operations Limited (company number 14552378), a company which is incorporated in the UK and based at the same registered office as its Parent. Black Mountains College Project holds 79% of the issued share capital in Black Mountains College Operations Limited and has control over the subsidiary by virtue of its shareholding and its ability to appoint the majority of the members of its Board of Directors. The remaining 21% of the share capital is held by noncontrolling interests.

Accounting policies consistent with those of the parent charitable company are used and all intra-group transactions, balances, income and expenditure are eliminated in full on consolidation. The subsidiary consolidated into these financial statements have produced their financial statements to 31 July 2025.

The results of Black Mountains College Operations Limited for the year end 31 July 2025 were turnover of £802,651, expenditure of £1,137,852, giving a loss for the year of £335,201. The loss attributable to noncontrolling interests was £70,392, with the remaining being attributable to the Charity.

1.12 Non-controlling interest

Non-controlling interests represent the portion of net assets and results of subsidiary undertakings attributable to equity interests not owned, directly or indirectly, by the parent charity. Non-controlling interests are initially measured at the non-controlling interest's proportionate share of the acquiree's identifiable net assets at the acquisition date.

Subsequently, non-controlling interests are presented within net assets in the consolidated statement of financial position, separately from funds attributable to the parent charity. The share of total comprehensive income or expenditure attributable to non-controlling interests is presented separately in the consolidated statement of financial activities.

2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and
gifts 72,301 20,000 92,301 9,951 - 9,951

4 INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Course fees
650,600
-
Student accomodation
119,831
-
Grants
84,676
344,065
855,107
344,065		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
650,600
396,305
-
119,831
84,328
-
428,741
91,022
355,773
1,199,172
571,655
355,773		 Total
2024
£
396,305
84,328
446,795
927,428

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

(Continued)

PERFORMANCE RELATED GRANTS ANALYSIS

Unrestricted
Restricted
2025
2025
£
£
National Lottery
Community Fund
-
103,385
Carnelian Trust
30,000
-
Welcome To Our
Woods
2,400
66,587
WCVA - Landfill Grant
-
-
The Roddick
Foundation - Welsh
Farming Cluster
25,778
The Roddick
Foundation
50,000
-
British Council
-
-
Esmee Fairbairn
-
-
Joseph Rowntree
Housing Trust
-
4,200
Open Society
University
-
-
Ashden Climate
-
-
Powys County Council
UKSPF
-
17,333
Collective Imagination
Practice Collective
Fund
-
-
Perennial Green
Manures Project
-
-
Rhondda Cynon Taf
-
67,735
The A Team
-
23,500
Welsh Government
2,276
7,340
Garfield Weston
-
28,207
84,676
344,065		 TotalUnrestricted
Restricted
2025
2024
2024
£
£
£
103,385
-
104,064
30,000
30,000
-
68,987
-
133,174
-
-
6,179
25,778
-
50,000
50,000
-
14,500
-
27,500
-
20,000
4,200
-
30,000
-
789
9,185
-
1,000
-
17,333
-
6,266
-
-
1,905
-
-
500
67,735
-
-
23,500
-
-
9,616
-
-
28,207
-
-
428,741
79,289
355,773		 Total
2024
£
104,064
30,000
133,174
6,179
50,000
14,500
27,500
20,000
30,000
9,974
1,000
6,266
1,905
500
-
-
-
-
435,062

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

5 INCOME FROM INVESTMENTS

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 20,860 7,571
6 OTHER INCOME
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 26,578 13,189

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

7 EXPENDITURE ON CHARITABLE ACTIVITIES

Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Staff costs 858,525 716,616
Depreciation and impairment 59,098 39,108
Direct costs 527,788 369,505
Marketing 41,246 32,912
1,486,657 1,158,141
Share of support and governance costs (see note 8)
Support 134,308 193,585
Governance 22,116 11,169
1,643,081 1,362,895
Analysis by fund
Unrestricted funds 1,291,143 966,019
Restricted funds 351,938 396,876
1,643,081 1,362,895
8 SUPPORT COSTS ALLOCATED TO ACTIVITIES
2025 2024
£ £
Premises costs 21,357 15,543
Other costs 30,782 19,494
Legal & professional 65,372 141,932
Office costs 16,797 16,616
Governance costs 22,116 11,169
156,424 204,754
Analysed between:
Charitable activities 156,424 204,754

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

9
NET MOVEMENT IN FUNDS
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
Depreciation of tangibles: Total SOFA charge differs from BS notes by:		 2025
£
51,726
(7,372)		 2024
£
39,108
-

10 TRUSTEES

No trustees received remuneration during the year (2024: £nil).

One trustee received reimbursement of expenses incurred in the course of their duties totalling £200 (2024: £nil).

11 EMPLOYEES

The average monthly number of employees during the year was:

Average number of employees
Employment costs
Wages and salaries
The number of employees whose annual remuneration was more than
£60,000 is as follows:
£60,000 - £69,999
£70,000 - £79,999		 2025
Number
42
2025
£
858,525
2025
Number
1
1		 2024
Number
34
2024
£
716,616
2024
Number
1
-

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

11 EMPLOYEES

(Continued)

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 242,416 178,216

12 TAXATION

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 SUBSIDIARIES

Details of the charity's subsidiaries at 31 July 2025 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office **shares held ** Direct Indirect
Black Mountains College Unit 3 Great Providing higher and further Ordinary 79.00 21.00
Operations Limited House Barns, education services
New Street,
Talgarth, Powys,
LD3 0AH

The parent charity has a subsidiary undertaking which was established to support the delivery of the Group's charitable activities and to facilitate social investment arrangements. The subsidiary operates as an operational entity through which certain charitable activities are carried out on behalf of the Group. The results of the subsidiary are consolidated within the Group financial statements.

14 NON-CONTROLLING INTEREST

During the year, the Group held a 79% controlling interest in its subsidiary undertaking, with the remaining 21% attributable to non-controlling interests.

The movement in non-controlling interests during the year is as follows:

Opening balances = £149,666 Share of surplus/(deficit) for the year = (£70,392) Closing Balance = £79,274

The non-controlling interest at the reporting date represents its share of net assets of the subsidiary, calculated after making appropriate consolidation adjustments.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

15 INVESTMENT IN SUBSIDIARY

The charity holds a fixed asset investment in its subsidiary undertaking. This investment comprises 36,000 ordinary shares of £1 each, held at a total cost of £36,000, representing the nominal value of the shares. The investment is eliminated on consolidation in the Group financial statements.

16
TANGIBLE FIXED ASSETS
GROUP
Leasehold
improvements
Assets under
construction
Fixtures and
fittings
£
£
£
Cost
At 1 August 2024
120,585
-
72,446
Additions
7,175
1,191,461
69,667
At 31 July 2025
127,760
1,191,461
142,113
Depreciation and impairment
At 1 August 2024
12,058
-
22,152
Depreciation charged in the year
12,357
-
40,367
At 31 July 2025
24,415
-
62,519
Carrying amount
At 31 July 2025
103,345
1,191,461
79,594
At 31 July 2024
108,527
-
50,294		 Motor
vehicles
£
25,495
-
25,495
12,749
6,374
19,123
6,372
12,746		 Total
£
218,526
1,268,303
1,486,829
46,959
59,098
106,057
1,380,772
171,567

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

16
TANGIBLE FIXED ASSETS
CHARITY
Leasehold
improvements
Assets under
construction
Fixtures and
fittings
£
£
£
Cost
At 1 August 2024
120,585
-
43,084
Additions
7,175
1,191,461
54,579
At 31 July 2025
127,760
1,191,461
97,663
Depreciation and impairment
At 1 August 2024
12,058
-
19,846
Depreciation charged in the year
12,357
-
19,412
At 31 July 2025
24,415
-
39,258
Carrying amount
At 31 July 2025
103,345
1,191,461
58,405
At 31 July 2024
108,527
-
23,238
18
DEBTORS
Group
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
102,889
-
Prepayments and accrued income
64,318
208,595
167,207
208,595
19
LOANS AND OVERDRAFTS
GROUP & CHARITY
Bank loans
Payable within one year
Payable after one year		 Motor
vehicles
£
25,495
-
25,495
12,749
6,374
19,123
6,372
12,746
Charity
2025
£
13,975
35,900
49,875
2025
£
194,605
15,901
178,704		 Total
£
189,164
1,253,215
1,442,379
44,653
38,143
82,796
1,359,583
144,511
2024
£
-
116,142
116,142
2024
£
209,306
27,055
182,251

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

20 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2025
2024
£
£
Bank loans
15,901
27,055
Other taxation and social security
20,463
13,828
Trade creditors
26,190
7,373
Amounts owed to subsidiary undertakings
-
-
Other creditors
3,068
2,378
Accruals and deferred income
42,954
11,817
108,576
62,451
21
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
GROUP & CHARITY
Notes
Bank loans
19
Deferred income		 Charity
2025
£
15,901
1,173
22,068
45,363
-
8,655
93,160
2025
£
178,704
1,600,768
1,779,472		 2024
£
27,055
367
31,326
36,000
-
5,085
99,833
2024
£
182,251
359,920
542,171

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

22 RESTRICTED FUNDS

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 August Incoming Resources Transfers At 31 July
2024 resources expended 2025
£ £ £ £ £
Welcome To Our Woods 33,294 66,587 (99,882) - -
National Lottery Circular
Economy Building 24,618 103,385 (95,276) - 32,727
The A Team Foundation 24-25 - 23,000 (23,000) - -
The Roddick Foundation -
Welsh Farming Cluster 2,944 25,778 (24,112) - 4,610
RCTCBC Community Grant
SPF - 36,497 (36,497) - -
RCTCBC Community Multiply - 10,825 (10,825) - -
NPTC - UKSPF Preparing for
Sustainable Futures - 17,334 (17,334) - -
The A Team Jog25 - 500 (500) - -
Joseph Rowntree Housing
Trust 11,747 - (11,747) - -
JRF (HARVEST SUPPER) - 4,200 (4,001) (199) -
Collective Imagination
Practive Community 1,905 - (1,905) - -
RCT 24-25 (TREHERBERT TEC) - 10,414 (10,414) - -
RCTCBC UKG SPF - 10,000 (1,444) - 8,556
Welsh Government -
Landscape and Pollinators - 5,512 (5,512) - -
Welsh Government Habitat
Wales Scheme - 1,826 (2,274) 448 -
Garfield Weston - 28,207 (7,216) - 20,991
Agro Camp Donation 20,000 - - 20,000
74,509 364,065 (351,938) 248 86,884

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

22 RESTRICTED FUNDS (Continued)
Previous year: At 1 August Incoming Resources Transfers At 31 July
2023 resources expended 2024
£ £ £ £ £
Welcome To Our Woods 46,659 133,175 (146,540) - 33,294
National Lottery Circular
Economy Building 18,563 104,064 (98,009) - 24,618
Welsh Water 3,114 - (3,203) 89 -
Ashley Family Foundation 2,736 - (8,155) 5,419 -
The A Team Foundation 24,821 - (24,821) - -
Wales Council for Voluntary
Action 601 6,179 (6,780) - -
The Roddick Foundation -
Welsh Farming Cluster 13,610 14,500 (25,166) - 2,944
Collective Imagination
Practice Community - 1,905 - - 1,905
Joseph Rowntree Housing
Trust - 30,000 (18,252) - 11,748
Open Society University
Network - 9,184 (9,184) - -
Perennial Green Manures
Project - 500 (500) - -
The Roddick Foundation - 50,000 (50,000) - -
Powys County Council -
UKSPF - 6,266 (6,266) - -
110,104 355,773 (396,876) 5,508 74,509

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

22 RESTRICTED FUNDS

(Continued)

Welcome to our Woods fund provides a unique opportunity to transform the relationship between the community and their natural landscape to better meet social, economic and environmental needs.

The National Lottery Community Fund relates to monies received that are restricted for three roles over a five-year period, with the aim of supporting the development and delivery of BMC's circular economy model.

The A Team Foundation represents grant funding received towards the Chief Operating Officers salary.

The Roddick Foundation Welsh Farming Cluster is funding towards a Facilitator to coordinate the Welsh Farming Cluster project.

Rhondda Cynon Taf Community Grant is capital funding for an additional log cabin as a student space and place for student support sessions in Treherbert.

Rhondda Cynon Taf Community Multiply Grant to provide workshops focused on the environment that also supports numeracy outcomes.

NPTC UKSPF is funding for the delivery of two level 4 qualifications.

The A Team Foundation Jog25 relates to the funding towards costs of D1 license (Minibus Driver) training for Black Mountain College student society member.

The Joseph Rowntree Foundation provides funding for a one-year program to bring together the leading educators, futurists, imagination and creative activists and climate specialists to model how an institute like BMC can act as an anchor institution for ecological imagination in the UK and internationally.

JRF (Harvest Supper) is funding to cover costs to host a harvest supper for the framing community and facilitate discussion around regenerative future of agriculture and food systems.

The Collective Imagination Practice Community fund is to cover costs of a one-day R&D workshop, exploring how collective imagination practices are used as part of BMC course delivery, and design a series of exercises. The group will include 3 academics, 3 BMC staff and 3 practitioners from the CIP community. The funding will pay for travel costs, venue hire, catering and practitioners' fees.

Rhondda Cynon Taf Community Grant is funding towards workshops, consultation, and engagement events as part of the initial development of the TEC in Treherbert.

Rhondda Cynon Taf Community Grant for the purchase of a log cabin as a woodland teaching space in Treherbert.

Welsh Government small grants – Landscape and Pollinators 2024 is funding to install post and wire fencing to an agreed area at Troed Yr Harn Farm and the planting of new hedges for pollinators.

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

22 RESTRICTED FUNDS

(Continued)

Welsh Government Habitat Wales Scheme is funding to maintain existing and additional habitat land to contribute to the sustainable land management objectives.

Garfield Weston is to fund capital campaigns of Black Mountains College.

Agro Camp Donation to fund the running of the Agroecological camp.

Welsh Water - this represents a one-off sponsorship for the young people's camp.

Ashley Family Foundation relates to grant funding received for the Ecological Future Camp Short course and development costs.

The Open University funding provides funding for a faculty training event; a 'Last Discussion Feast' for people from the local community; and funding for Heather Lynn Clausen's participation in CLASP/Fellow Programme.

The Perennial Green Manures project funding is to support growers to plant ‘bio-service' areas of perennial plants to use as a nutrient source and soil amendment for their crops.

23 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 July 2025:
Tangible assets
189,311
1,191,461
Current assets/(liabilities)
341,040
(1,104,577)
Long term liabilities
(178,704)
-
351,647
86,884		 Total
2025
£
1,380,772
(763,537)
(178,704)
438,531

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

23 ANALYSIS OF NET ASSETS BETWEEN FUNDS

(Continued)

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 July 2024:
Tangible assets
171,567
-
Current assets/(liabilities)
678,876
74,509
Long term liabilities
(182,251)
-
668,192
74,509		 Total
2024
£
171,567
753,385
(182,251)
742,701

24 OPERATING LEASE COMMITMENTS

Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2025
£
82,308
141,124
154,860
378,292		 2024
£
39,977
3,579
42
43,598

25 RELATED PARTY TRANSACTIONS

One trustee received reimbursement of expenses incurred in the course of their duties totalling £200 (2024: £nil).

The subsidiary undertaking did not make any Gift Aid distributions to the parent charity during the year ended 31 July 2025 (2024: £nil).

BLACK MOUNTAINS COLLEGE PROJECT GROUP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

26 NON-ADJUSTING EVENTS

Works on the Old School Building, Talgarth, included within assets under construction at the year end with a carrying value of £1,191,461, were completed on 17 November 2025.

Subsequent to the year end, the parent charity transferred shares in the company to certain individuals to whom the parent charity owed loans totalling £160,000 at the balance sheet date. As part of this arrangement, the outstanding loan balances were settled in full. This transaction has been treated as a non-adjusting post balance sheet event and therefore the balances remain included within creditors at the reporting date.

Subsequent to the year end, the subsidiary company completed a round of social investment funding through the issue of new ordinary shares to external social investors, raising gross proceeds of approximately £700,000. The funding will support the ongoing activities of the college and its future plans.

SIGNATURE CERTIFICATE

Document

Name BMCP - Consolidated Accounts 2025.pdf Creator Alex Spencer (alex.spencer@kilsbywilliams.com) Date 21 May 2026 9:34:43 UTC Identifier 37c8a3ce-9f56-4fc6-be39-019376b2db8f

Signers

Simon Tee

E-mail simon.tee@kilsbywilliams.com Signed 21 May 2026 12:17:35 UTC IP address 62.64.210.58

cwmfarm@gmail.com

E-mail cwmfarm@gmail.com Signed 21 May 2026 16:40:23 UTC IP address 86.143.78.16