**REGISTERED COMPANY NUMBER: 02455713 (England and Wales) REGISTERED CHARITY NUMBER: 702443**
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Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
Coed Cymru Cyf
DRAFT
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**Unaudited Financial Statements for the Year Ended 31 March 2024**
Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown Powys SY16 2NY
**Coed Cymru Cyf**
**Contents of the Financial Statements for the Year Ended 31 March 2024**
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Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 16
Detailed Statement of Financial Activities 17
DRAFT
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**Coed Cymru Cyf**
**Reference and Administrative Details for the Year Ended 31 March 2024**
## **TRUSTEES**
Mr P D Jayne Mr R J Cooper Mr D R Thomas Dr C M Cahalan
**REGISTERED OFFICE**
**REGISTERED OFFICE** Unit 1 Dyfi Eco Parc Machynlleth Powys SY20 8AX **REGISTERED COMPANY** 02455713 (England and Wales) **NUMBER REGISTERED CHARITY** 702443 **NUMBER INDEPENDENT EXAMINER** Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown Powys SY16 2NY **BANKERS** Barclays Bank plc 3 Cross Buildings Newtown POWYS SY16 2AJ **SENIOR MANAGEMENT** Mr G Davies ('Director')
Page 1
**Coed Cymru Cyf Report of the Trustees for the Year Ended 31 March 2024**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).
Page 2
**Coed Cymru Cyf**
**Report of the Trustees for the Year Ended 31 March 2024**
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning the closure pf the charity. In particular, the Trustees considered how the contribution to the charitable objects could be maximised during this winding-up process.
This, from the Objects Clause of the Company's Memorandum of Association, is:
'To promote for the benefit of the public the preservation and conservation of broadleaved woods and trees in Wales by encouraging better methods of management and the production of timber and wood using species native or traditional to the sites, by methods which do not reduce the scientific, scenic or historic interest present; To advance the education of the public about the ecology, history and silviculture of broadleaved trees and woods'.
In implementing its charitable objectives, Coed Cymru has focused on any additional contribution that could be made during the charity's closure to the following activities: **1. Woodland Management** Bringing neglected woodlands into management and restoration of conifer plantations within ancient woodland sites to more natural states, by offering advice and ongoing support to woodland owners throughout Wales. Assisting in harvesting and marketing of timber and re-planting. Restoring natural woodland condition and improving the economic value of woodlands by improving timber quality. Inputting into government policy. **2. Woodland Creation** Developing woodland creation schemes at appropriate scales across regions in Wales. Integrating woodland into farm businesses and expanding opportunities for people in Wales to access woodland and forestry creation. Promoting woodland and forestry design enhancing biodiversity, landscape and archaeological features. Developing forestry options based on carbon and ecosystem services as well as timber. During 2020 the Charity separated the delivery of all chargeable work into a wholly-controlled trading subsidiary, Grwp Coed Cymru. This has continued to operate independently of the charity on commercial terms with its clients, while remaining within the overall ethos of the Charity. **3. Woodlands and People** Recreation and public access form an important part of woodland management and increasing access to economic benefits from woodlands is an important driver for regular thinning and improvement. The Charity has historically directed effort towards improving the linkages between timber products using Welsh timber and woodland management and supply, as well as involving a wide range of people in its contractor
Recreation and public access form an important part of woodland management and increasing access to economic benefits from woodlands is an important driver for regular thinning and improvement. The Charity has historically directed effort towards improving the linkages between timber products using Welsh timber and woodland management and supply, as well as involving a wide range of people in its contractor base, where this is practical to do so.
## **4. Education and Public Information**
Coed Cymru was restricted during the year to exhibiting only at the RWAS, where Information was provided about the ecology and history of woodlands and appropriate management methods for Wales.
The Charity completed delivery at the start of the accounting period of all its projects under the Rural Communities Development Plan for Wales 2014-2023 comprising:
## **Integrated Welsh Woodlands**
We have introduced delivery mechanisms into areas supported by the project to ensure that: (a) the condition of Wales' woodland is maintained and enhanced and (b) that woodlands and trees fully realise their potential within the landscape of Wales, providing multiple outcomes across social, environmental and economic priorities.
Page 3
**Coed Cymru Cyf Report of the Trustees for the Year Ended 31 March 2024**
## **Barrog Project (North Wales)**
Working with a group of local farmers comprising the Nant Barrog catchment in North Wales, the project looked at changes in land management practices within the catchment to increase attenuation and improve downstream flood risk, through the targeted planting of trees and hedges. The project invested in tree and hedge planting, riparian fencing and woody debris dams and monitor where practical changes to flow, ecology and the resulting improvements to social and economic well-being of the local residents.
## **grwpcoed.cymru**
We piloted innovative collaborative actions to increase economic value from woodlands and landscapes containing trees that provide high ecosystem benefits. This generated income streams that support the sustainable management of natural resources (SMNR) achieving true resilience, economically, environmentally and socially.
**Increasing Resilience in Iconic Welsh Woodlands** The project provided a capital budget for landscape scale investment in Wales' high nature value woodlands to support increased environmental, economic and social resilience by applying the principles of the Sustainable Management of Natural Resources. The project scoped out investment in tracks, fencing and other works necessary to manage on a more economic basis a cluster of woodlands that have high environmental value, to provide longer term sustainable management. There has also been limited involvement in Welsh Government policy work. **ACHIEVEMENT AND PERFORMANCE Charitable activities** The Charity's objectives are 'to promote for the benefit of the public the preservation and conservation of broad leaved woods and trees in Wales by encouraging better methods of management and the production of timber and wood using species native or traditional to the sites, by methods which do not reduce the scientific, scenic or historic interest present'. We have concluded our work on woodland creation and management through the RDP-funded projects and in facilitating increased access for farmers and landowners with smaller mixed woodlands to Welsh Governments grant schemes. In addition to the completed 4 main RDP projects, there has been winding-up activity on the: - **Provision of woodland creation plans** , where there is a high proportion of native broadleaved woodland particularly where these woodlands fit into wider landscapes, working with adjacent farmers and landowners to deliver projects that provide wide public benefit, including carbon, flood risk, habitat and biodiversity with an economic return t o the landowner/local economy.
**- Conversion of woodland** from plantation to a more natural state, and assisting landowners with the marketing of their ti mber, tracks and access.
**- Preparation of felling licences** for woodland and small forestry parcel on farms, where these fit into wider landscape projects.
- **Development of woodland carbon code** group scheme and other ecosystems services schemes for generating value.
Page 4
**Coed Cymru Cyf**
**Report of the Trustees for the Year Ended 31 March 2024**
## **FINANCIAL REVIEW**
## **Principal funding sources**
The Charity's financial policy has been to seek a diversity of sources of funding for key activities. Longer-term financial stability has been managed as a key risk , with the core and project funding stream reviewed on a regular basis to ensure compatibility with long term objectives.
The majority of funding has been in the form of grants, with a small but increasing income from chargeable activities. The Trustees concluded that, though earning chargeable fees and investment income were likely to increase, the pressure on government spending had resulted in this source of funding diminishing to an extent that meant the charity's viability could not be guaranteed. Whilst a separate legal structure had been established to ensure maintenance of appropriate accountability for trading and investment income, the Trustees could not envisage this trading subsidiary generating a sufficient surplus to finance the continuation of charitable activities .
- Development Communities Fund in 2023, coupled with for agriculture, led the Trustees to commission a review from this review nevertheless was heavily has not been forthcoming, the Trustees took the of association, the Charity has the power to make
- of the Charity are available and adequate to meet as the level of unrestricted funds held which are
- Company. 'Unrestricted' means those funds which
- furtherance of the Charity's objects and are not subject
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For the year ended 31st March 2024 the charity had no significant income.
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## **Investment policy and objectives**
Under the memorandum and articles of association, the Charity has the power to make any investment which the trustees see fit. The assets of the Charity are available and adequate to meet its obligations in the coming year.
## **Reserves policy**
Reserves are defined in this policy as the level of unrestricted funds held which are readily available for use in the activities of the Charitable Company. 'Unrestricted' means those funds which can be spent at the discretion of the trustees in furtherance of the Charity's objects and are not subject to restriction by the grantor.
## **Policy for the holding of and the level of reserves:**
The level of reserves required should be assessed in relation to the ability of the Charity: (1) To operate effectively with regard to forecast costs and income.
(2) To continue to deliver activities for between 3 months and one year in the event of a fall in income.
(3) To make adequate provision to cover all liabilities arising in the event of the winding up of the Company.
## **Reserves at 31st March 2024**
The Statement of Financial Activities shows a net deficit for the year of £137,428, and reserves (all unrestricted) stand at £76,878.
## **FUTURE PLANS**
Having recognised that greater uncertainty, both in in availability of current funding sources and increased competition for funds, pointed to a future that required new ways of working, a review of charitable and commercial activities, supported by Social Business Wales and an external consultancy, was commissioned. However, of the three potential models for operation only one was considered feasible and even this proved impracticable to implement in the funding scenario in which the sector now operates.
Trustees therefore concluded that the charity had served its purpose, creating and managing the of expansion native woodlands and identifying innovative uses for native timbers, with many other organisations then stepping in to take this work forward.
The substantial interest in woodland creation and management we have reported over the last years has continued, catalysed by the increasing awareness of climate change and the continuing buoyancy of timber markets. This nevertheless has not yet translated into opportunities, but we remain confident that these will be forthcoming in future years and that the organisations exist in Wales to take this work forward.
The end of the current Rural Development Communities Fund in 2023, coupled with the lack of clarity over the future support mechanisms for agriculture, led the Trustees to commission a review of the charity's future. The preferred future direction from this review nevertheless was heavily dependent on future Welsh Government funding and, as this has not been forthcoming, the Trustees took the difficult decision to close the charity.
Page 5
**Coed Cymru Cyf**
**Report of the Trustees for the Year Ended 31 March 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity is a company limited by guarantee. It was incorporated on 28th December 1989 and was registered as a charity on 15th January 1990. Its governing document is the Memorandum and Articles of Association. In the event of the winding up of the company, its members are required to contribute £1.
For the last 30 years the Charity has delivered a range of successful woodland and forestry projects funded largely from public sources, where these were compatible with the Charity's objectives.
As described in 'Future Plans' above, the Charity has now delivered its purposes and the Trustees are proud of the legacy it leaves. We pay particular tribute to our founding director, the late David Jenkins MBE, whose initial vision, innovation and boundless energy drove the charity forward for many years.
- also means that our trading subsidiary, Grwp hope to transfer the work of our subsidiary
- Committee has 4 current directors. The Committee the orderly closure of the Charity and its
- and work undertaken by individual directors on
- and the transfer to appropriate bodies of those assets in this work by our contracted administrator, Sarah the Charity's objectives the Charity is guided by local Woodland Management in Wales is guided by the
- Environment Act and Wellbeing of Future Generations have directors with an understanding of and working a funding source or a recipient of services this is
- reviewed the risks to which the Charity has been to provide reasonable assurance against fraud and
## **Organisational structure**
Coed Cymru cyf's Executive Committee has 4 current directors. The Committee met on eight occasions during the last year in progressing the orderly closure of the Charity and its subsidiary. There were additionally many other meetings and work undertaken by individual directors on creditor and debtor issues, together with the sale of assets and the transfer to appropriate bodies of those assets which could not be sold under the terms of the grants via which they were financed. We have been greatly assisted in this work by our contracted administrator, Sarah Chapman, to who we owe an enormous debt of gratitude.
## **Related parties**
As far as it is complimentary to the Charity's objectives the Charity is guided by local and national policy. The primary geographical area is Wales. Woodland Management in Wales is guided by the Welsh Government's Wales Woodland Strategy, Environment Act and Wellbeing of Future Generations Act which collectively provide high level guidance to Coed Cymru.
It is of benefit to the Charity to have directors with an understanding of and working role in its objectives. Where a director has a link to a funding source or a recipient of services this is properly declared and disclosed in the accounts as a related party transaction.
## **Risk management**
The trustees have identified and reviewed the risks to which the Charity has been exposed and have ensured appropriate controls were in place to provide reasonable assurance against fraud and error. Major risks have been mitigated through the introduction of appropriate systems of management.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 9 December 2024 and signed on its behalf by:
Mr D R Thomas - Trustee
The closure of the Charity inevitably also means that our trading subsidiary, Grwp Coed Cymru, will also cease to operate. We do, however, hope to transfer the work of our subsidiary to a new commercial enterprise.
Page 6
**Independent Examiner's Report to the Trustees of Coed Cymru Cyf**
## **Independent examiner's report to the trustees of Coed Cymru Cyf ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
- I confirm that no matters have come to my attention
- not kept in respect of the Company as required by with the accounting requirements of Section 396
- the accounts give a true and fair view which is not a prepared in accordance with the methods and
- for accounting and reporting by charities (applicable with the Financial Reporting Standard applicable
- come across no other matters in connection with the
- this report in order to enable a proper understanding
## **Independent examiner's statement**
- I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Thomas Landers BA FCA
Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown Powys SY16 2NY
9 December 2024
Page 7
## **Coed Cymru Cyf**
## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024**
|DR
Notes
**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
3
Woodland development
Investment income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Woodland development
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
14
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|A
Unrestricted
funds
£
**27,500**
**2**
**27,502**
**164,930**
**(137,428)**
**169,895**
**32,467**
**44,411**
**76,878**|FT
Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**(169,895)**
**(169,895)**
**169,895**
**-**|**31.3.24**
**Total**
**funds**
**£**
**27,500**
**2**
**27,502**
**164,930**
**(137,428)**
**-**
**(137,428)**
**214,306**
**76,878**|31.3.23
Total
funds
£
275,559
191
275,750
367,986
(92,236)
-
(92,236)
306,542
214,306|
|---|---|---|---|---|
The notes form part of these financial statements
Page 8
## **Coed Cymru Cyf**
## **Balance Sheet 31 March 2024**
|**31.3.24**|31.3.23|
|---|---|
|Notes
**£**|£|
|**FIXED ASSETS**||
|Tangible assets
10
**-**|44,493|
|**CURRENT ASSETS**||
|Debtors
11
**29,952**|400,077|
|Cash at bank and in hand
**143,241**|40,578|
|**173,193**|440,655|
|**CREDITORS**||
|Amounts falling due within one year
12
**(96,315)**|(270,842)|
|DRAFT
**NET CURRENT ASSETS**
**76,878**
169,813
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**76,878**
214,306
**NET ASSETS/(LIABILITIES)**
**76,878**
214,306
**FUNDS**
14
Unrestricted funds
**76,878**
44,411
Restricted funds
**-**
169,895
**TOTAL FUNDS**
**76,878**
214,306
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for
the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended
31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a)
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387
of the Companies Act 2006 and
(b)
preparingfinancialstatementswhichgiveatrueandfairviewofthestateofaffairsofthecharitable||
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 9 December 2024 and were signed on its behalf by:
Mr D R Thomas - Trustee
The notes form part of these financial statements
Page 9
**Coed Cymru Cyf**
**Notes to the Financial Statements for the Year Ended 31 March 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Preparation of consolidated financial statements**
The financial statements contain information about Coed Cymru Cyf as an individual company and do
- financial information as the parent of a group. The
- Companies Act 2006 from the requirements to prepare in the Statement of Financial Activities once the charity as expenditure as soon as there is a legal or
- that expenditure, it is probable that a transfer of
- and the amount of the obligation can be measured basis and has been classified under headings
- Where costs cannot be directly attributed to particular at the following annual rates in order to write off each - 20% on cost and 10% on cost - 25% on cost
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 20% on cost and 10% on cost Motor vehicles - 25% on cost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Page 10
continued...
**Coed Cymru Cyf**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
|DRA
**2.**
**INVESTMENT INCOME**
Deposit account interest
**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Woodland creation
Woodland development
Grants
Woodland development
Grants received, included in the above, are as follows:
Welsh Government
**4.**
**CHARITABLE ACTIVITIES COSTS**
Woodland development
**5.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Rent, rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Stand & Tent Hire
Salaries & Superannuation
Administration
Motor Expenses & Travel
Office Equipment Hire
Subscriptions
Professional services
Repairs & Renewals
Woodland creation
Depreciation
Loss on sale of assets|FT
Direct
Costs (see
note 5)
£
**161,198**|**31.3.24**
**£**
**2**
**31.3.24**
**£**
**27,500**
**-**
**27,500**
**31.3.24**
**£**
**-**
Support
costs
£
**3,732**
**31.3.24**
**£**
**12,649**
**3,329**
**40**
**900**
**1,882**
**4,475**
**-**
**39,952**
**4,653**
**13,365**
**-**
**-**
**51,704**
**775**
**-**
**-**
**27,474**
**161,198**|31.3.23
£
191
31.3.23
£
21,018
254,541|
|---|---|---|---|
||||275,559|
||||31.3.23
£
254,541|
||||Totals
£
**164,930**|
||||31.3.23
£
10,635
4,532
56
1,210
1,545
3,094
4,787
170,550
-
13,817
95
209
132,909
-
4,076
9,455
-|
||||356,970|
Page 11
continued...
**Coed Cymru Cyf**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
## **6. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||**31.3.24**|31.3.23|
|---|---|---|
||**£**|£|
|Depreciation - owned assets|**-**|9,456|
|Deficit on disposal of fixed assets|**27,474**|-|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
|**8.**
**9.**|DRAFT
year ended 31 March 2023.
**Trustees' expenses**
There were no
trustees' expenses paid for the year ended 31 March 2024 nor for the year ended
31 March 2023.
**STAFF COSTS**
**31.03.24**
31.03.23
**£**
£
Salaries
**34,467**
143,782
Social Security
**2,244**
6,743
Superannuation
**3,241**
20,025
**39,952**
170,550
The average number of employees during the year was one (2023: seven)
The charity considers its key management personnel comprise the senior management listed on page
1. The
total
employment
benefits
paid including
employer
pension
contributions
of the
key
management personnel for the year ended 31 March 2024 were £12,500 ( 2023: £30,000).
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
Total
funds
funds
funds|DRAFT
year ended 31 March 2023.
**Trustees' expenses**
There were no
trustees' expenses paid for the year ended 31 March 2024 nor for the year ended
31 March 2023.
**STAFF COSTS**
**31.03.24**
31.03.23
**£**
£
Salaries
**34,467**
143,782
Social Security
**2,244**
6,743
Superannuation
**3,241**
20,025
**39,952**
170,550
The average number of employees during the year was one (2023: seven)
The charity considers its key management personnel comprise the senior management listed on page
1. The
total
employment
benefits
paid including
employer
pension
contributions
of the
key
management personnel for the year ended 31 March 2024 were £12,500 ( 2023: £30,000).
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
Total
funds
funds
funds|DRAFT
year ended 31 March 2023.
**Trustees' expenses**
There were no
trustees' expenses paid for the year ended 31 March 2024 nor for the year ended
31 March 2023.
**STAFF COSTS**
**31.03.24**
31.03.23
**£**
£
Salaries
**34,467**
143,782
Social Security
**2,244**
6,743
Superannuation
**3,241**
20,025
**39,952**
170,550
The average number of employees during the year was one (2023: seven)
The charity considers its key management personnel comprise the senior management listed on page
1. The
total
employment
benefits
paid including
employer
pension
contributions
of the
key
management personnel for the year ended 31 March 2024 were £12,500 ( 2023: £30,000).
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
Total
funds
funds
funds|DRAFT
year ended 31 March 2023.
**Trustees' expenses**
There were no
trustees' expenses paid for the year ended 31 March 2024 nor for the year ended
31 March 2023.
**STAFF COSTS**
**31.03.24**
31.03.23
**£**
£
Salaries
**34,467**
143,782
Social Security
**2,244**
6,743
Superannuation
**3,241**
20,025
**39,952**
170,550
The average number of employees during the year was one (2023: seven)
The charity considers its key management personnel comprise the senior management listed on page
1. The
total
employment
benefits
paid including
employer
pension
contributions
of the
key
management personnel for the year ended 31 March 2024 were £12,500 ( 2023: £30,000).
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
Total
funds
funds
funds|
|---|---|---|---|---|
||£
£||£||
||**INCOME AND ENDOWMENTS FROM**||||
||**Charitable activities**||||
||Woodland development
21,018
254,541||275,559||
||Investment income
191
-||191||
||**Total**
21,209
254,541||275,750||
||**EXPENDITURE ON**||||
||**Charitable activities**||||
||Woodland development
113,445
254,541||367,986||
||**NET INCOME/(EXPENDITURE)**
(92,236)
-||(92,236)||
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. **Trustees' expenses**
Page 12
continued...
**Coed Cymru Cyf**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
|DRAFT
**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
funds
funds
£
£
**RECONCILIATION OF FUNDS**
Total funds brought forward
136,647
169,895
**TOTAL FUNDS CARRIED FORWARD**
44,411
169,895
**10.**
**TANGIBLE FIXED ASSETS**
Improvements
to
Plant and
property
machinery
£
£
**COST**
At 1 April 2023
**11,594**
**533,524**
Disposals
**(11,594)**
**(533,524)**
At 31 March 2024
**-**
**-**
**DEPRECIATION**
At 1 April 2023
**11,594**
**491,623**
Eliminated on disposal
**(11,594)**
**(491,623)**
At 31 March 2024
**-**
**-**
**NET BOOK VALUE**
At 31 March 2024
**-**
**-**
At 31 March 2023
-
41,901
Motor
Computer
vehicles
equipment
£
£
**COST**
At 1 April 2023
**3,080**
**26,196**
Disposals
**(3,080)**
**(26,196)**
At 31 March 2024
**-**
**-**
**DEPRECIATION**
At 1 April 2023
**3,080**
**23,604**
Eliminated on disposal
**(3,080)**
**(23,604)**
At 31 March 2024
**-**
**-**
**NET BOOK VALUE**
At 31 March 2024
**-**
**-**
At 31 March 2023
-
2,592||Total
funds
£
306,542|
|---|---|---|
|||214,306|
||||
||||
||||
||||
||||
Page 13
continued...
**Coed Cymru Cyf**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**31.3.24** 31.3.23 **£** £ Debtors **13,643** 346,543 Inter-company **14,908** 52,003 Prepayments and accrued income **1,401** 1,531 **29,952** 400,077 **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24** 31.3.23 **£** £ Social security and other taxes **917** 17,747 Accrued expenses **95,398** 253,095 **96,315** 270,842 **13. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24** 31.3.23 Unrestricted Restricted Total Total funds funds funds funds £ £ **£** £ Fixed assets **-** 44,493 Current assets **173,193 - 173,193** 440,655 Current liabilities **(96,315) - (96,315)** (270,842) **76,878 76,878** 214,306 **14. MOVEMENT IN FUNDS** Net Transfers movement between At At 1.4.23 in funds funds 31.3.24 £ £ £ £ **Unrestricted funds** General fund **44,411 (137,428) 169,895 76,878 Restricted funds** Woodland Officers **169,895 - (169,895) - TOTAL FUNDS 214,306 (137,428) - 76,878**
Page 14
continued...
**Coed Cymru Cyf**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
## **14. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|DRAFT
Incoming
resources
£
**Unrestricted funds**
General fund
**27,502**
**TOTAL FUNDS**
**27,502**
**Comparatives for movement in funds**
At 1.4.22
£
**Unrestricted funds**
General fund
136,647
**Restricted funds**
Woodland Officers
169,895
**TOTAL FUNDS**
306,542
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
21,209
**Restricted funds**
Rural Development Programme
254,541
**TOTAL FUNDS**
275,750
**Transfers between funds**|Resources
expended
£
**(164,930)**
**(164,930)**
Net
movement
in funds
£
(92,236)
-
(92,236)
Resources
expended
£
(113,445)
(254,541)
(367,986)|Movement
in funds
£
**(137,428)**
**(137,428)**
At
31.3.23
£
44,411
169,895
214,306
Movement
in funds
£
(92,236)
-
(92,236)|
|---|---|---|
The "Woodland Officers" fund was incorrectly classified as a restricted fund in previous years with the presentation now corrected in the current year.
Page 15
continued...
**Coed Cymru Cyf**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
## **15. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2024.
## **16. SUBSIDIARY COMPANY**
The charitable company is the sole member of trading subsidiary Grwp Coed Cymru Cyf (Company limited by guarantee, Registered number: 12934526, Registered office: Unit 1 Dyfi Eco Parc, Machynlleth, United Kingdom, SY20 8AX).
For the trading period ending 31.10.23, the subsidiary recorded turnover of £301,493 (2022: £334,153) and a net profit of £27,512 (2022: £12,239).
##
Page 16
**Coed Cymru Cyf**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2024**
|DRAFT
31.3.24
£
**INCOME AND ENDOWMENTS**
**Investment income**
Deposit account interest
**2**
**Charitable activities**
Woodland creation
**27,500**
Grants
**-**
**27,500**
**Total incoming resources**
**27,502**
**EXPENDITURE**
**Charitable activities**
Rent, rates and water
**12,649**
Insurance
**3,329**
Light and heat
**40**
Telephone
**900**
Postage and stationery
**1,882**
Sundries
**4,475**
Stand & Tent Hire
**-**
Salaries & Superannuation
**39,952**
Administration
**4,653**
Motor Expenses & Travel
**13,365**
Office Equipment Hire
**-**
Subscriptions
**-**
Professional services
**51,704**
Repairs & Renewals
**775**
Woodland creation
**-**
Plant and machinery
**-**
Computer equipment
**-**
Loss on sale of tangible fixed assets
**27,474**
**161,198**
**Support costs**
**Governance costs**
Bank charges
**-**
Independent examination fee
**3,732**
Accountancy fees
**-**
**3,732**
Total resources expended
**164,930**
**Net expenditure**
**(137,428)**|31.3.23
£
191
21,018
254,541
275,559
275,750
10,635
4,532
56
1,210
1,545
3,094
4,787
170,550
-
13,817
95
209
132,909
-
4,076
8,159
1,296
-
356,970
96
3,000
7,920
11,016
367,986
(92,236)|
|---|---|
This page does not form part of the statutory financial statements
Page 17