Company registration number 08365361 (England and Wales)
Charity registration number 1156453 (England and Wales)
GREEN MAN TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
GREEN MAN TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Ms F Stewart, Chair
Mr I Fielder, Treasurer
Ms N Hale, Trustee
Ms J Owen, Trustee
Mr D Langford, Trustee
Secretary
Ms J Rodrigues
Country of incorporation
United Kingdom
08365361
(England and Wales)
Charity registration
England and Wales
1156453
Registered office
Old Bank House
Beaufort Street
CRICKHOWELL
Powys
NP8 1AD
Independent examiner
Old Mill Accountancy Limited
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
SN15 1BN
Bankers
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
WEST MAILING
Kent
ME19 4JQ
Solicitors
Anthony Jayes LLP
68 Parkway
CAMDEN TOWN
London
NW1 7AH
GREEN MAN TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 16
Independent examiner's report
17
Statement of financial activities
18
Balance sheet
19
Statement of cash flows
20
Notes to the financial statements
21 - 33
GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The trustees present their report and financial statements for the year ended 31 December 2025. The report also serves as a Directors' Report required under Section 491(2) of the Companies Act 2006.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's governing document, the Companies Act 2006 and “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 201 9).

Objectives and activities

The principal object of the Green Man Trust is to further such charitable purposes for the public benefit that fall within the descriptions of charitable purposes set out in Section 3 of the Charities Act 2011 in particular but not limited to:

- The prevention of relief of poverty

- The advancement of education

- The advancement of citizenship or community development

- The advancement of the arts, culture, heritage or science

- The relief of those in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantages.

Charitable funds are raised for the Trust through grant applications to statutory organisations and to trusts and foundations. Grant funding comes with restrictions as well as strict monitoring guidelines and reporting structures that are met by the Trust. These guidelines will dictate the way in which funding is allocated. We ensure the aims and objectives of any grant funding are monitored and evaluated and reported on accordingly.

The Trust also raises donations from individuals and private donations which support its core work. Plantpot Ltd, Green Man festival’s parent company, donates generous resources for the day-to-day operation of the charity (office space and utilities), as well as in-kind production support (festival tickets, site fees, infrastructure and staff time) to support the delivery of the Trust’s charitable programmes. This relationship means that the Trust is able to channel the majority of its income directly towards its beneficiaries. This close relationship gives the Trust’s activities an excellent platform and the artists involved a significant showcase opportunity as well as giving them the chance to reach large and varied audiences to widen the impact and legacy of the projects. Plantpot Ltd will also donate funds from time to time. In addition, the relationship with Plantpot Ltd (Green Man Festival) also allows the Trust to raise funds from audiences buying tickets (via a suggested, opt-in ticket top-up donations) and attending the festival (via donation collection systems at the event).

A proportion of the Trust’s unrestricted funds is allocated to support local organisations and community groups. Decisions about the beneficiaries are made by the Board of Trustees and in accordance with the charity's aims.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. In setting the objectives and planning the activities, the Trustees have also given careful consideration to the Charity Commission’s general guidance on public benefit.

V olunteers

Green Man Trust does not ordinarily rely on volunteers in the delivery of its projects, with activities typically undertaken by employed staff and contracted practitioners.

During the year ended December 2025, there was one exception to this approach. A volunteer supported the Refugee Integration Project in the capacity of Project Assistant. The role was undertaken on a short-term basis over a period of seven days, equating to approximately 0.2 full-time equivalent.

The Trustees are grateful for this contribution, which provided additional short-term capacity to the project during a period of delivery activity.

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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Achievements and performance

Now in its 24th year, Green Man is Wales’ largest music, science and contemporary cultural festival, attracting 25k visitors a day from across the world to the breathtaking Bannau Brycheiniog (forme r ly, Brecon Beacons National Park). One of the biggest employers in Mid Wales, Green Man generates £28.9 million into the Welsh economy each year and over 4,000 people receive income directly from the festival.

Proudly Welsh, Green Man refuses sponsorship so that independent Welsh food and beverage producers can generate income, showcase and sell their produce to new customers, and to retain curational freedom across all stages.

Green Man experience includes music, comedy, literature, film, performance art, arts installation, wellness, science and an area for children and another separate area for teens.

Green Man is one of three remaining large independent festivals in the UK and has an international media reach of 499 million. It is the only large UK festival where a woman has controlling ownership and was awarded Gold Charter by Attitude is Everything, a charity that improves accessibility for people with disabilities across the events industry.

In Mid Wales, communities are at risk of disappearing. Young people are moving away in search of work. A quarter of local workers earn below the living wage. The ageing population is above the UK average, putting pressure on care and services that are already stretched thin. Shops, schools and bus routes are closing. Isolation and inequality are deepening year on year. At the same time, climate change is hitting rural Wales hard as floods, rising costs and changing weather threaten homes, farms and livelihoods. 74% of adults in Wales say they’re concerned about the climate, but too often lack the tools, networks or opportunities to make a difference. Meanwhile, arts and culture, some of our greatest strengths, are underfunded and undervalued. Wales ranks among the lowest in Europe for public investment in culture. Emerging artists struggle to find space, support or visibility. And yet creativity is one of the most powerful forces to bring hope, connection and change.

As Wales faces this perfect storm - a rural crisis, a climate crisis, and a crisis of opportunity - the work of Green Man Trust has become more vital than ever. The Trust is Green Man’s charitable arm but is a separate organisation working from a position of strong values to address poverty and support disadvantaged communities in Wales; support arts development; invest in science and climate crisis projects; and create training opportunities for young people and vulnerable adults.

13,256+ people have been supported by Green Man Trust and £2,465,000+ has been raised for its projects.

Charitable aims:

- COMMUNITY ACTION - Addressing Inequality in Wales

- ARTS DEVELOPMENT - Supporting emerging Music, Performing & Visual Artists

- TRAINING - Young & vulnerable people, refugees & asylum seekers

- SCIENCE & CLIMATE - Engaging people with the climate crisis, science & health

Since 2014:

- £2,465,000+ raised for charitable projects

- 13,256+ people supported

- 5,837+ Artists nurtured

- 2,060+ Training placements completed

- 319+ Science & Climate Projects delivered

- £228,500+ donated to Community Projects

FUNDED ACTIVITIES

2025 was recognised as a landmark year for Green Man. The Times called it 'Wales’ de facto national festival', while The Guardian described it as 'progressive, independent and more sonically diverse than ever'. Rolling Stone hailed Green Man as 'the UK’s best independent festival'.

2025 was also Green Man Trust’s best year to date, with the highest total raised which went straight into funding community projects, supporting musicians and performance artists, training refugees, asylum seekers and young people, and tackling the climate emergency head-on. 703 people/projects directly benefited from the Trust’s charitable programmes:

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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- 472 artists and creatives supported across music and performing arts

- 22 international outdoor art performers and promoters from Belgium, Ireland, Scotland and England took part in Green Man Global Exchange - Green Man Trust’s international exchange programme;

- 7 young people from Cardiff University completed paid work placements;

- 12 Media Production students from the University of South Wales took part in an intensive media training programme;

- 15 refugees & asylum seekers did training on Green Man’s Stewards team;

- 158 artists, speakers and researchers and 17 universities/faculties (53 Welsh or Wales-based) delivered 69 science and climate projects in Einstein’s Garden;

- 17 community projects were funded through the Community Grants Fund

1. COMMUNITY ACTION

Community support is in the DNA of Green Man. Green Man Trust works in partnership with the festival to tackle poverty and social inequalities created by Wales’ growing wealth and age gap, raising funds for those hit by natural disasters, backing local schools and social hubs, and building inclusive, resilient communities.

In 2023, Green Man Trust launched a new Community Grants Fund and, since then, has distribruted over £87,000+.

In 2025, the Fund distributed £17,58 4 to 17 Powys-based community projects within Brecon, Crickhowell, Glangrwyney, Llangattock, Llangorse and Talgarth:

- Brecon & District Mind - grant for outdoor-based activities to reconnect people with nature and improve mental health

- Brecon Pride - towards the overall costs of the event

- Brecon Volunteer Bureau - to launch a community kitchen in Brecon, providing 30 people with a pay-what-you-want meal each week

- Brecon Youth Club - towards a summer activity day at a Brecon centre for young people from low-income backgrounds

- Crickhowell Bowling Club - towards improvements to the Bowling Green

- Crickhowell Community Primary School - to create an inclusive outdoor play area in the school grounds

- Crickhowell Top Park - towards the cost of replacing the old, unsafe goals in the community park

- Glangrwyney Cricket Club - towards buying junior kit bags that help break down financial barriers for children from low-income backgrounds

- Little Brecon Theatre - towards a workshop for students from the Pupil Referral Unit to design, create and construct set pieces that will be used in a future community production

- Llangattock Community Council - towards the restoration of a grassland area with native flowers and fungi

- Llangattock Village Society - to cover the full cost of a new boules pitch on the village green

- Llangorse Community Toilets CIO - towards operational costs

- Mid Powys Youth Theatre (MPYT) - towards a touring theatre outreach project that involves marginalised communities

- Re-engage - to establish and enhance support services for people aged 75+ in Powys

- Schools Service Powys County Council - towards launching an Intergenerational Roast Dinner Club at Priory School, Brecon

- The Honeypot - towards Residential Respite Breaks for young carers aged 5-12 in the Brecon area

- Wild Child - towards a Community Wellbeing Walks project in and around Talgarth

‘We are so grateful to the Green Man Trust for the support they are giving our community in such tangible ways, as it would have taken us years to raise the funds to afford projects like these that have a true impact and lasting legacy on our children and their families.’

Claire Pugh, Headteacher Priory CIW Primary, Brecon

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2. TRAINING & DEVELOPMENT PROGRAMMES

The various training programmes offered through the Green Man Trust at Green Man festival aim to develop a broad range of professional and soft skills. Green Man offers a safe and nurturing environment where a diverse group of people can confidently grow professionally and personally. Our programmes of education, training and outreach are delivered at Green Man HQ and at the festival, and involve partnerships with universities, local colleges and community support organisations.

Each programme is tailored to respond to the specific needs of each target group, aiming to equip beneficiaries with professional and soft skills, self-belief and resilience to face challenges such as social integration, recovery from addiction, finding and entering employment and, lack of aspirations for the future. Participants are involved in short- and medium-term placements across areas within the core team and at the festival including Operations, Marketing, Ticketing, Finance & Administration, Logistics, Development, Stewarding and Recycling & Waste Management.

34 training placements were offered by Green Man Trust at Green Man, including 15 refugees and asylum seekers from across Wales, seven paid placements for Cardiff University students at Green Man HQ, and 12 media production placements for University of South Wales students.

2.1 REFUGEE INTEGRATION PROGRAMME

Green Man Trust’s Refugee Integration project in partnership with Green Man festival aims to bring people together across diverse communities in Wales, creating a safe and supportive environment where refugees and asylum seekers can develop professional skills, confidence, friendships and a sense of belonging.

Wales has a proud record of welcoming and supporting refugees and asylum seekers. Building on this tradition, our project responds to the ongoing challenges that refugees and asylum seekers face in overcoming isolation and rebuilding their lives. It was co-designed with participants and local partners to foster inclusion and community.

Aims and objectives:

- To build confidence, wellbeing and belonging for refugees and asylum seekers

- To create meaningful relationships between communities

- To develop language, professional and interpersonal skills

- To promote inclusion, equality and mutual understanding

Now in its fifth year, the project is a proven and unique model for integration, connecting participants with new cultural experiences that they would be unlikely to access otherwise. For many, it’s their first time leaving their host cities since arriving in the UK and their first experience of a music festival.

With the support of The National Lottery Community Fund, the project expanded in 2025. With newly created project manager and project assistant roles, the project now works in partnership with more organisations across Wales, including Oasis Cardiff, The Gap in Newport and Powys County Council.

15 refugees and asylum seekers from seven different nationalities (Sudanese, Ukrainian, Nigerian, Afghan, Pakistani, Libyan and Egyptian) completed a week-long training placement at Green Man, receiving comprehensive training and working on the festival’s Stewarding team. Participants gained hands-on experience in customer service, health & safety, crowd management, fire evacuation and environmental best practice for which Green Man is widely recognised. This immersive experience builds confidence, teamwork, independence, and community and peer connection, supporting participants’ professional development and overall wellbeing. As part of the placement, participants completed five training sessions: Welsh Language, Fire Evacuation, Health & Safety, Safeguarding, Stewarding at Green Man - Responsibilities & What to Expect.

Participants highlighted the following as the most important outcomes for them and skills developed as a result of the project:

- Increased confidence and belonging, feeling accepted, valued and free to be themselves.

- Stronger community connections, as they worked side by side with people from all walks of life, creating understanding and unity.

- Feeling valued, a sense of purpose and sharing a common goal

- Finding resilience and feeling able to face new challenges and embark on new experiences

- Experiencing freedom

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- Feeling safe and supported not only at the festival but by the wider community

- Improving their English and Welsh language knowledge and communication skills

- Feeling welcome and able to tell their stories to people they have never met, and finding common ground in unexpected encounters with the festival audience

- Developing new professional skills that support their volunteering activities and, in some cases, employment once their residency status has been granted

- Having fun in a way that is completely new to them and improving their general wellbeing

‘I was really supported and when we came here, everything was catered for and I knew I could rely on the people here for whatever we needed. Being given food and all our stuff like all our meals were provided, and we had nothing, I mean, nothing to worry about (...) I feel like it’s been the friendliest environment, I’ve not come across anything to be nervous about. Like everyone - customers were great, and I never felt like sidelined in any way. It was really diverse and friendly.’

Angelica, participant 2025

‘For me, it was a new experience. I have never been to a festival and I have never done camping. So it was a lot of new experiences, which was really good. But the thing which was important for me was how this festival connects all of us just to these kinds of hobbies and activities, because I didn’t know that they existed. Like I’ve known these on TV, radio, or I saw these, but it feels detached from this that you never have the motivation to try them and like risk that.’

Joey, participant 2025

2.2 MEDIA TRAINING PROGRAMME

With the support of Ymddiried and the Ashley Family Foundation, and in partnership with Green Man and the University of South Wales’ (USW) Creative Industries Faculty, Green Man Trust delivers a Media Training Programme that provides aspiring film and media production students with an unparalleled opportunity to step inside an award-winning festival and gain hands-on experience in live production. The project is designed to bridge the gap between higher education and industry, equipping students with the confidence, skills, and networks to thrive in a competitive sector.

At its core, the programme is an intensive, week-long training placement where students become part of the Green Man Audio-Visual team, filming and editing the live feed for the festival’s second-largest stage, working alongside top AV professionals. The programme is structured to simulate the realities of working in the creative industries, from navigating job applications and professional interviews to meeting deadlines and managing responsibilities in a high-pressure environment, ensuring students leave with both technical mastery and essential transferable skills.

Professionally, we support students to:

- Learn to write a stand-out CV and to perform in interviews

- Work as a camera operator on one of the main stages in front of thousands of people

- Direct the live camera operators through the talkback system

- Edit live the screen feeds using Vision Mixer

- Organise team rotas

- Work alongside top industry professionals, including lighting technicians, sound engineers, stage crew and world-renowned artists

- Produce a feature film in response to a client brief – filmed, edited and screened onsite in the 1,000-capacity cinema tent

In 2025, eight 2nd-year students from the USW Media Production degree joined Green Man Festival for a seven-day immersive placement with the festival’s Audio-Visual team. This intensive work experience placed them at the heart of the action, with responsibility for filming and editing the live feed of the Far Out stage, with a 6,000-strong capacity audience.

The students were supported by four returning mentors, all of whom had taken part in the programme in 2024. Their presence strengthened the technical training on offer and gave participants the benefit of a soundboard, peer guidance and leadership examples. This mentoring structure has proven vital in helping new participants settle into the fast-paced, high-pressure environment of the placement.

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FOR THE YEAR ENDED 31 DECEMBER 2025
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Across the week, the group collectively logged more than 30 hours of live footage, working an average of 40 hours each. They rotated through three key roles: operating cameras on stage, capturing performances from the pit, and vision mixing backstage while directing their peers via the talkback system.

The artists they filmed represented a rich mix of genres, from punk and indie to progressive rock, and included headline performances from acclaimed acts such as Kneecap, Greentea Peng, Mercury Prize winners English Teacher, fellow Mercury Prize nominees KOKOROKO, and Welsh Music Prize nominees Melin Melyn.

A standout element of the programme is the feature film, produced in response to a client brief set by the Green Man Trust. While pre-production began in advance, all filming was carried out on-site during the festival, alongside students’ live camera shifts. This year’s brief asked them to showcase the Trust’s Refugee Integration Project, and the group delivered an original and powerful film that combined their own footage with material shot by refugees on their phones. The result was an intimate, first-person perspective that captured both the energy of Green Man and the human stories of refugees finding connection and belonging. It was a bold creative choice, unlike anything we’ve seen from students before. The film premiered in the festival’s cinema tent, followed by a Q&A with Jason Solomons. Jason is the Cinedrome curator and is a renowned British film critic whose credits include BBC News, Sky News and BBC Radio and is the former Chairman of the London Film Critics' Circle. The film was their project for the Client Brief – Professional Practice module. On top of developing technical skills that directly fed into their professional training, students learned a wealth of vocational skills. The placement feeds into students’ 3rd-year assessment.

The programme’s impact extends well beyond the placement. Students are not only learning, but also contributing meaningfully to the cultural life of Wales through their work. Their feature film exploring the Refugee Integration Project gave voice to community stories and social issues. For the University of South Wales, the partnership provides a flagship example of industry collaboration. Feedback from academic staff highlights the programme’s success in supporting course learning outcomes around professional practice, employability and creative collaboration.

‘The support of Green Man isn’t just about this year, and this project. I remember feeling worried about how I was going to break into the industry. Being part of the media team has been an amazing opportunity. They’ve really given me that foot in the door with the industry knowledge, and everyone was willing to share and help. I’ve really grown as a professional. I think for how many talented individuals there are in Wales, we can be a bit neglected, so to see this project bring us all together, introduce us to professionals, nurture our talent, it’s going to have such a huge impact wherever we go! We might not stay in Wales, but we can bring our Welshness to wherever we go, and make the world a bit more Welsh!’

Amelia Adlam, participant 2025

2.3 CARDIFF UNIVERSITY TRAINING PROGRAMME

The Work Placement Programme in partnership with Cardiff University launched in 2018. Since then, the placements have led to improved employability outcomes for trainees:

- 10 participants have been offered further employment with Green Man

- 5 have gone on to start careers in the events industry

- 2 have used their experience at Green Man to set up their own businesses

- 1 gained full-time employment in the PR industry, working for Green Man’s Welsh PR company

The programme is funded by Cardiff University’s Vice-Chancellor's Office and, in 2025, we offered seven paid work placements at Green Man across Operations, Logistics, Ticketing, Marketing, Waste & Recycling Management and Fundraising with the Green Man Trust and added a new role in Finance & Administration.

Students and recent graduates from across all disciplines and academic schools are eligible to apply – from Finance in the Cardiff Business School to English Literature and Creative Writing to Media, Journalism and Culture. Five placements start at Green Man HQ to prepare for the festival while the remaining two start their placement at the festival site.

Students are immersed not only in the Green Man team and their respective roles, but also in the community and the heart of the festival.

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Placements are intensive short-term learning experiences that give young people professional insight into running a successful, sustainable and ethical large-scale operation, bridging the gap between higher education and employment. Students improve a number of professional and personal skills including independent problem solving; proactivity and organisation; adaptability; commercial awareness; effective decision making; effective communication; collaboration/teamwork; ethical, social and environmental awareness; resilience; independent and critical thinking; procurement; marketing; proof-reading; customer service; writing press reports; research and data analysis among others.

The programme highlights shared strategic goals between Cardiff University, Green Man Trust and Green Man, including co-creating opportunities for young people to develop professional skills and driving sustainable, community-led change. Cardiff University students have benefited in the long-term from taking part, with quality experiences launching their careers in a competitive graduate jobs market.

Diolch yn fawr - It’s been an amazing experience to work so closely with a tight team, across various sectors, to see the hard work that goes into putting together such an extraordinary festival. I’ve felt very welcomed and included. I felt that everyone was very interested in what we planned to do next and to guide us beyond the placement, and into the world of work and beyond. It has inspired me so much, professionally and personally, and I will keep Green Man in my heart!

Angela Griffiths, work placement 2025

3. ARTS DEVELOPMENT

3.1 MUSIC DEVELOPMENT PROGRAMME

The landscape for emerging artists is increasingly fragile. “The grassroots music sector is in the middle of a full-blown crisis… with fewer research and development opportunities to support the next wave of British talent.” - Mark Davyd, CEO Music Venue Trust. Independent venues and festivals are going under at alarming rates, limiting performance and touring opportunities and eroding the live music culture that sustains artists and communities.

Green Man is the flagship festival in the UK for discovering new music talent. The festival ‘champions up-and-comers alongside its biggest stars’ (INews), ‘has always been good at representing shifting trends’ (The Times) and ‘has established a reputation for developing music talent, and its history of creating headliners gives it significant influence internationally’ (Emma Banks, CAA).

As the grassroots ecosystem is under threat, Green Man Trust’s Music Development programme occupies a unique and much-needed space. As one of the few national, non-commercial talent development platforms embedded within an independent award-winning festival, it provides a free, fair and accessible pathway for new artists to develop sustainable careers, and reinforces Green Man’s independence and its long-term commitment to nurturing grassroots creativity. We’ve seen supported acts go on to receive nominations for the Mercury Prize, Best Album of the Year, features in Rolling Stone, recordings in KEXP and Maida Vale Studios for the BBC; and sign to Domino Records, Rough Trade and ATC Live.

There are three complementary strands to the Music Development programme:

1. Green Man Rising emerging band competition

2. Curation & all-Welsh showcase of Green Man’s Settlement stages

3. UK-wide emerging talent showcase on the Rising stage

With the support of Green Man, Arts Council England and the Arts Council of Wales, the Music Development programme supported a total of 307 music creators and presented 39 live gigs across its three strands.

The Green Man Rising competition had its most successful year to date. The programme is a unique opportunity in grassroots music that offers a comprehensive, free-access and unsponsored wrap-around support package that is truly unique in the UK. It gives the most promising new acts the tools, platform, and exposure they need to break through and become the headliners of tomorrow.

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What sets Rising apart is the ability to connect new talent with large, engaged audiences and the industry powerhouses that shape careers. Artists perform the biggest gig of their lives, record a professional session, receive mentoring from top industry figures, and tap into a network of key influencers who can push their work forward. All of this happens under the umbrella of Green Man with the opportunity to open its iconic 12,000-cap Mountain Stage.

The competition attracted 4,002 entries in one month (the most ever). Submissions came from all over the UK and beyond: 35% South East, 21% North England, 17% South West, 10% Wales, 9% Midlands, 4% Scotland and Northern Ireland, 2% Ireland, 2% international, attesting to the programme’s reputation as a gateway in the industry. The programme remains free to enter and is open to all to support a more inclusive and diverse grassroots music ecology. Submitted music genres in 2025 included: 41% Alternative, 20% Indie, 9% Rock, 6% Singer/Songwriter, 5% Folk, 4% Dance/Electronica, 4% Jazz, 3.5% Pop, 2% Funk & Soul, 1.5% Hip Hop and R&B, 4% Other.

Artists were predominantly young and emerging (42% aged 18–25, 40% aged 26–35) and represented a wide range of lived experiences: 27% neurodivergent, 6% D/deaf or disabled, 36% Global Majority backgrounds.

The three-stage selection process ensured only the most exciting new voices made it through. The Green Man team handpicked a longlist of 20 artists, promoted via a public playlist on Green Man’s SoundCloud, reaching thousands of listeners. That longlist was then sent to a panel of top music tastemakers inc: Clash, DIY, NME, The Quietus, So Young, Fred Perry, Radar, Hard of Hearing, God Is In The TV and Vocal Girls.

Their scores determined the five finalists 2025:

- A Lesser Version (Liverpool)

- Lots of Hands (Newcastle)

- Shale (Wales)

- Sarah Meth (London)

- Wing! (London) - WINNERS

The final returned to a sold-out 300-cap Clwb Ifor Bach in Cardiff and was hosted by BBC’s Huw Stephens, with a panel of leading industry judges:

- Adam Williams, Head of Music Clwb Ifor Bach / SWN

- Betsy Harley, Programme Manager KOKO Music

- Eve Thomas, Promoter / Concert Co-ordinator Communion One

- Georgie Stott, Porridge Radio & SUEP

- India Shaw, European Project Manager Fat Possum

- Ivano Maggiulli, Director Brace Yourself

- Owain Evans, Agent Free Trade Agency

- Thom Pike, Owner / Managing Director TJP Tours

- Ben Coleman, Director Green Man, Booker Glastonbury

The true impact of Rising is shared by this year’s artists:

‘Green Man Rising came at a really important time for me, where I was fully independent and navigating my career on my own in the industry for the first time (...) I have since got a new manager. Being able to meet fellow musicians, get professional technical support, meet music industry professionals and having a live session filmed after our rising show meant a great deal. Being platformed through Green Man is really important for independent artists such as myself working without a label or live agent. Having Green Man’s support has not only helped create a community for me but a platform too.’

Sarah Meth, Green Man Rising finalist 2025

'[Rising was] completely life changing. Just the experience of getting to play on a stage like the Mountain Stage, the confidence that winning the competition has given us… I will always remember the competition as one of the best moments in my life.'

Wing!, winner Green Man Rising 2025

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[The Rising final was] wonderful! A packed room filled with friendly faces. I think it was well run, a great opportunity with no drawbacks. New contacts, a chance to give out merch to new people (industry + fans), and new bookings. We’ve been approached by many new promoters and contacts which has allowed us to start booking a tour for April 2026. Lots of eyes on us and our music that previously wouldn’t have been, from an audience that appreciates other acts in our circles.’

A Lesser Version, Green Man Rising finalist 2025

Much of Green Man’s reputation as the go-to for discovering new talent was built on the Rising Stage. As the line-up grows in profile, it attracts ever larger crowds. Now 2,500-cap stage, the line-up featured 20 bands from all over the UK.

The 2025 line up included all the Green Man Rising runners-up plus: Adult DVD, KEO, Silver Gore, Oreglo, Alphabet, Yuuf, Black Fondue, Honesty, Westside Cowboy, Pem, RIP Magic, Truthpaste, Morn, Cruel SIster, Ella Ion, Astles, Aga Ujma, Natalie Wildgoose and Muriel.

Of Green Man’s 25,000 audience members, 78% (19,450) saw a gig on the Rising stage

Of those who visited the Rising Stage:

- 88% (17,116) agreed they were introduced to new music

- 99.5% (16,965) agree the Rising stage is a good way to support new music

- 79% (15,365) rated the programme 8/10 or above

- 77% (14,976) intend to follow the bands they discovered

Since introducing the Acoustic Stage which runs alongside the Settlement Stage at Green Man, the programme now platforms 18 of the best up-and-coming Welsh bands. This year, the programme was curated by Sain (Recordiau) Cyf and Klust. The Monday of the three-day programme was made up of the best Welsh bands that made the Green Man Rising longlist but weren’t selected for the final.

3.2 PERFORMING ARTS DEVELOPMENT PROGRAMME

Green Man Trust’s Performing Arts Development programme is a flagship platform for Welsh outdoor arts, using Green Man Festival as a high-profile springboard. The programme supports artists to present bold new work, build audiences, and develop their careers. The programme is a key fixture in the national summer touring calendar and plays a pivotal role in developing the Welsh outdoor arts sector. Green Man Trust offers commisions, test-space for new ideas, and hands-on support, backing everything from emerging circus companies to renowned names like National Theatre Wales and Hijinx Theatre as they experiment with form and reach. Through long-term artist relationships, the programme provides rare access to production infrastructure, technical support, mentoring, touring networks, and peer exchange - all under one umbrella.

With a growing international strategy, the Trust is opening new touring markets for Welsh artists and presenting global outdoor work never before seen in Wales.

In 2025 the Trust made significant strides in fulfilling its long-term vision: to bridge Wales’ artistic output with the world, foster sector-wide collaboration, and support artists at all stages of their creative journey. The programme remains committed to nurturing artists from smaller-scale work to large-scale work, with a strong focus on long-term development, representation and inclusion, across ethnicity, gender, sexual orientation, age and geography.

Thanks to Green Man and the Arts Council of Wales, Green Man Trust Performing Arts supported 165 performers and creatives, including 153 Welsh or Wales-based artists, who brought 23 captivating shows to Green Man, presenting an eclectic mix of circus, contemporary dance, physical theatre, comedy, and interactive roaming performances. These works were experienced by large, diverse, and international audiences, offering artists not only exposure but access to significant press, media, and touring opportunities, both within Wales and beyond.

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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Osian Meilir created their most ambitious work to date, blending dance, circus, music and Welsh seasonal traditions - Mari Hwyr!. This new Green Man Trust commission was the main evening show for Green Man’s Back of Beyond stage and marked Meilir’s first collaboration with circus artists, and the creation of an original score with a Welsh composer. The production also brought together an all-Welsh creative team, supporting skills development and cross-disciplinary collaboration within the national performing arts sector. Premiering at Green Man 2025, it showcased a contemporary take on Welsh culture on an international stage, engaging global delegates and festival audiences while supporting a wide network of local artists, performers, and creatives from across Wales. The production will tour to the Eisteddfod in 2026, ensuring a legacy for both the artist and Welsh-language contemporary folk dance.

‘The relationship I’ve built with Green Man has been ongoing and meaningful. The level of artistic freedom and support is incredibly rare and valuable. Their support has opened doors, created lasting connections, and helped me better understand who I am as an artist’

Osian Meilir

Ballet Cymru and Krystal Lowe presented ballet in a Green Man first, a ground-breaking multilingual work (Welsh, English, BSL) that expanded the company’s work into new contexts and pushed forward inclusive practice. Hijinx scaled up Enter the Robots with 20+ learning-disabled performers, strengthening representation and skill development. Kitsch & Sync reimagined Last Chance Romance for international touring, growing their capacity to work beyond Wales. Mid Powys Youth Theatre developed Arian & The Weavers, their first outdoor festival piece, nurturing the next generation of creatives in rural Wales.

With the support of Arts Council Wales, Green Man Trust took on the role of Welsh commissioning partner of the 4 Nations Bursary Programme, delivered in partnership with Surge Festival (Scotland), Spraoi (Ireland), and Bradford 2025 (England), and in collaboration with Articulation, ISACS and Outdoor Arts UK. The programme is a vital artist development initiative supporting the creation and touring of new outdoor performance work. Each nation commissions a new piece of work by an emerging company/artist, which then tours across all four partner festivals, offering artists a rare opportunity to present their work in diverse, high-profile events. This collaborative model provides comprehensive support - from mentoring and production guidance to touring logistics, helping artists develop their practice, build industry connections, and engage with a range of audiences. For Welsh artists, it’s an invaluable pathway to grow their confidence, refine their work in response to live feedback, and access UK- and Ireland-wide touring networks that are often hard to reach early in a career. The selected Welsh commission was Baby Gareth by Ruby Brown and Constança Canavarro. In addition, there were four shows from Ireland, England and Scotland: Menter by Robbie Thomson, Exposed: From Clubs to Open Air by Dorine Mugisha, Now & Then by Pitched Productions and Charlotte Brontë: Senseless Trash by Fran Bundey.

‘The Four Nations initiative is one of the most exciting, joined-up models we’ve seen, and Green Man Trust’s energy and vision have been part of its success. They’re not only supporting emerging artists in Wales to make great work, but making sure that work is visible and valued across borders.’

Lucy Medlycott, Director, ISACS Network

3.3 INTERNATIONAL EXCHANGE PROGRAMME

Green Man Trust puts talented Welsh artists on the world stage. In 2022, we took our vision for arts development one step further and piloted Green Man Trust’s International Exchange programme with the aim of creating pathways for Welsh emerging artists with international ambitions.

With the support of Wales Arts International and the British Council Wales, and using Green Man’s unique international positioning, the project has been supporting artists in Wales to explore new territories, develop new strategic and sustainable connections, collaborate and showcase work beyond the border.

Programme aims:

- Bridge Wales’ artistic output with the world, helping to redefine our relationship, particularly with Europe and promoting the profile of Wales internationally, especially in the field of outdoor arts;

- Showcase Welsh work, create opportunities for collaboration and encourage the programming of Welsh work overseas while diversifying the artistic offer of our programme;

- Support artists to develop/strengthen new creative connections/networks, enhance artistic practice and build the capacity to create and tour new work;

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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- Offer a platform for artist-led peer learning, sharing expertise and knowledge and structured networking and mentoring.

The programme has welcomed arts organisations and practitioners to Wales with a particular focus on EU countries and/or places/artists that share Wales’ indigenous language heritage and are deeply connected to our nation. It has taken us only three years to see our international strategy start to build a strong legacy in the sector in Wales. Off the back of our international programme and being a partner in the 4 Nations consortium, we are seeing artists getting noticed and programmed abroad, creating a strong synergy with the four UK nations, Ireland, Basque Country, Catalonia and France.

The strategy took shape like never before in 2025, marking a major leap forward for its long-term ambition to establish co-commissioning and touring parternships for Welsh artists and, in turn, diversify the new work presented in Wales, positioning Green Man as a leading festival for International Outdoor Arts in Wales.

Green Man Trust welcomed 22 international delegates which included performers, artist managers, bookers, festivals and professional networks from Belgium, Ireland and across the four nations.

Green Man Trust’s Performing Arts Producer visited Flanders with the support of the Agile Cymru Fund to build connections with senior arts contacts, festival organisers, and outdoor arts networks that align with the programme aims.

‘Green Man is a fantastic festival, well programmed across many artforms, that can introduce you to challenging new work whilst being a welcoming and laid back overall experience. Green Man Trust’s Arts Development offer for artists is outstanding and seeing it progress to where it is now, the benefit for artists is tangible.’

Alan Richardson, Director Surge Festival (Scotland)

4. SCIENCE & CLIMATE ENGAGEMENT

Green Man Trust engages thousands of people with climate issues and science, tackling life’s big questions with the latest research and laying bare everyday injustices, scientific and societal challenges, and offering solutions for a better world.

As a recognised catalyst for positive change, Green Man is uniquely positioned to help the Trust widen engagement. For over ten years, the festival has offered the Trust a platform to engage 25,000+ people from all walks of life each year with science in Einstein’s Garden - the first of its kind in the UK.

Einstein’s Garden is revolutionising science engagement offering a space for inquisitive minds to explore our relationship with the natural world. It’s not a place to sit down and be lectured. It is a space where science meets arts, comedy, circus and theatre. It offers a programme of installations, experiments, talks and workshops to delve deep into relevant issues, both big and small, which affect our everyday lives now and into the future.

Einstein’s Garden makes STEM accessible to people who might never attend a traditional science event. It helps researchers develop new ways of communicating their work and inspires audiences to feel a genuine sense of ownership and connection to the scientific ideas that shape our world.

In 2025, 158 artists, speakers and researchers and 17 universities/faculties (53 Welsh or Wales-based) delivered 69 science and climate projects across the Garden’s solar-powered and hydrogen-powered stages. The programme covered themes as diverse as Ocean conservation, the Ethics of AI, the history of oil, fertility and understanding the nervous system, food poverty and universal basic income.

The Trust also launched a bold new Science & Climate programme in 2025: Pandemonium, in partnership with Cardiff University. Named after Milton’s imagined capital of Hell, where many think we are now, Pandemonium presents the world’s biggest challenges and offers solutions based on research by some of the world’s biggest minds and leading organisations. It defies tradition, welcoming content that is subversive, interactive and bold to offer a vital experience for anyone ready to engage deeply with the conversation.

Above all, Pandemonium is an inclusive space that unites the science, research and academic communities, diverse local groups and radical thinkers to explore challenges that are globally connected but locally experienced. It aims to create a grassroots movement where people talk with each other instead of to each other.

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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“Green Man occupies a unique space in public engagement. Its reputation for creativity and quality makes it an ideal partner to showcase how collaboration between the arts and academia can spark radical solutions. At Cardiff University, ground-breaking research and forward-thinking ideas are being developed every day, and through Green Man, that work reaches diverse and global audiences. This creative partnership positions Wales as a leader in public engagement, challenging our researchers to develop new skills and rethink how they present their work to connect and inspire people from all walks of life.

Wendy Larner, Vice-Chancellor, Cardiff University

FUNDRAISING

1. ACTIVITIES

Fundraising activity during the year focused on a combination of restricted grant funding, individual giving, patron support and festival-related donations.

Overall income increased compared to the previous year, reflecting the continued strengthening of the Trust’s fundraising performance across several income streams. Restricted grant income has grown year-on-year, supporting delivery across all four strands of the Trust’s charitable activity.

Income from Patrons and individual donations increased significantly, reflecting enhanced engagement with supporters and the success of targeted campaigns and continued development of this strategic supporter base. Festival donations and donations from organisations both showed positive growth compared to the prior year.

Ticket top-up income decreased compared to the previous year. Trustees have reviewed this trend as part of ongoing monitoring of unrestricted income streams and broader fundraising strategy.

During the year, a successful crowdfunding campaign increased the resources available for the Community Grants programme, enabling the Trust to support a greater number of community-led projects than originally planned.

The Trustees maintain oversight of fundraising activity through regular financial reporting and board review.

The Trustees are satisfied that fundraising performance during the year in review has strengthened the Trust’s financial resilience and capacity to deliver its charitable aims.

2. FUNDRAISING APPROACH

During the year in review, the Trust undertook its fundraising activities directly through its staff member and Trustees. Income is generated through grant applications, individual giving campaigns, patron support, donations collected from the Green Man festival audience, crowdfunding initiatives and donations from organisations.

The Trust did not engage professional fundraisers or commercial participators to carry out fundraising activities on its behalf during the 2025 financial year. The Trustees considered the development of corporate fundraising capacity, including the offer of pro-bono advisory support, while emphasising the importance of safeguarding the Trust’s independence and ensuring that any partnerships align with its charitable objectives and ethical position. This support will only take effect in 2026.

3. STANDARDS & REGULATION

Fundraising activity is overseen by the Board of Trustees through regular financial reporting and strategic review, ensuring alignment with the charity’s objects, values and ethical position.

The Trust is committed to ensuring that fundraising activity is conducted in an open, transparent and responsible manner. The charity seeks to adhere to recognised good practice in fundraising and the principles set out in the Code of Fundraising Practice.

No external professional fundraiser or commercial participator carried out fundraising activities on behalf of the Trust during the year. Accordingly, no third party was required to subscribe to a fundraising regulatory scheme in relation to activities undertaken for the Trust.

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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4. COMPLIANCE WITH FUNDRAISING STANDARDS

The Trustees are not aware of any failure by the charity, or by any person acting on its behalf, to comply with fundraising standards or applicable regulatory requirements during the year.

5. MONITORING OF FUNDRAISING ACTIVITIES

As fundraising activities are delivered directly by the Trust, oversight is exercised through internal management controls, Trustee review of fundraising plans and performance, and regular reporting to the Board. Any external advisory support is subject to Trustee scrutiny and agreement to ensure alignment with the charity’s ethical framework and objectives.

6. COMPLAINTS

The Trust received no complaints during the year in relation to its fundraising activities.

Financial review

Trustees monitor and review the charity reserves policy annually as part of ongoing budgetary processes. The charity reserves policy ensures the charity can keep in operation should income level fall below expected. The charity reserves policy is to hold sufficient reserves to cover salaries and operational costs equivalent to at least £5 0,000. At 31 December 2025 the charity had total reserves of £93,179 (2024: £48,441). Of these reserves £nil are restricted funds (2024: £nil). The designated funds are £nil (2024: £nil) and the free reserves of the charity are £92,638 (2024: £47,617).

Going concern

After making an appropriate analysis and taking into account unrestricted funding secured during the year in review, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Plans for the future

The primary long-term aim of the Trust is to establish a permanent home from where it can further the activity within its four main strategic strands: Arts Development, Training and Development, Community Support and Science & Climate Engagement.

Arts Development

To continue to support artists, particularly those at the start of their careers with showcase opportunities, networking prospects and career development. The Visual Arts programme has been paused to allow resources to focus on widening the opportunities for showcasing and professional development beyond the festival and developing partnerships for international touring and collaborations.

Training and Development:

Green Man Trust is passionate about offering training and development opportunities to young people and early-career starters. Across a number of opportunities, we offer professional and career development as well as technical training in a number of areas and disciplines e.g. Production, event management, programme curation and many more.

Future developments for this strand include seeking formal accreditation in order to become a recognised awarding organisation, enabling the Trust to certify its own training programmes.

Community Support:

Green Man Trust is committed to enhancing the support for local causes and continually reviews its own grant-making systems and charitable activities. Future developments for community support will include expanding our relationships with local schools, colleges, community groups and universities as a way of developing opportunities for future generations in the local area. This work will include strategic and responsive initiatives to combat poverty, loneliness and inequality caused by the increasing wealth and age gap in rural Wales.

Science Engagement:

Future plans include the strategic development of links with science organisations and sources of funding to support successful science engagement. Following the successful launch of Pandemonium in 2025, plans include developing partnerships with leading organisations, activists and community groups to expand the impact and reach of the programme.

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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Structure, governance and management

Constitution

The Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 17 January 2013, replaced by new Articles of Association 20 March 2014.

The Trust is constituted under a Memorandum of Association dated 17 January 2013, replaced by new Articles of Association 20 March 2014, and is a registered charity number 1156453.

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:

Ms F Stewart, Chair
Mr I Fielder, Treasurer
Ms N Hale, Trustee
Ms J Owen, Trustee
Mr D Langford, Trustee

Method of appointment or election of Trustees

The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Policies adopted for the induction of Training Trustees

The charity has a programme of training for newly appointed trustees.

Organisational structure and decision making

Trustees: The Trustees serve on the governing body of the Green Man Trust and this is where the decision making lies for the trust. Our trustees are responsible for the general control and management of the administration of the charity. They accept ultimate responsibility for directing the affairs of the charity, and ensure that it is solvent, well-run, and delivering the charitable outcomes for the benefit of the public for which it has been set up.

Chair: The Chair is required to lead the board of trustees regarding strategy and targets, to represent the Green Man Trust to external bodies and organisations and with support from the Board to sustain current and develop new forms of income or support for the charity. The Chair of the Green Man Trust is Fiona Stewart.

The Treasurer: The Treasurer will interpret and explain accounting requirements, ensuring that the board receives financial reports and guide any other professional advisers or administrators they have appointed including the Company Secretary. The Treasurer for the Green Man Trust is Ian Fielder.

The Company Secretary: The role of the Secretary is to support the chairperson in ensuring the smooth functioning of the governing body, organisation, updating and recording of the administration and financial affairs of the Green Man Trust. The Company Secretary for Green Man Trust is Joana Rodrigues.

One member of staff is employed by the charity to carry out the role of Secretary and Development Manager.

The day-to-day management of the charity is delegated to Joana Rodrigues in their role as Development Manager.

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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P rotection of the public and vulnerable people

The Trustees recognise their responsibility to ensure that fundraising activities are conducted in a manner that is respectful, transparent and does not place undue pressure on members of the public.

The Trust does not undertake door-to-door, telephone or face-to-face solicitation of donations. Fundraising activity is primarily conducted through grant applications, digital communications, supporter engagement and festival-related giving opportunities. The Trustees are committed to ensuring that fundraising communications:

- do not constitute unreasonable intrusion on a person’s privacy;

- are not unreasonably persistent; and

- do not place undue pressure on individuals to donate.

Supporters are provided with clear information about how to give, and any requests for support are proportionate and transparent. Individuals are able to opt out of communications at any time.

The charity takes the privacy and wellbeing of members of the public very seriously. In accordance with the General Data Protection Regulation (GDPR), we ensure that all personal data collected is:

- Lawfully, fairly, and transparently processed;

- Collected for specified, explicit, and legitimate purposes;

- Limited to what is necessary for those purposes;

- Accurate and kept up to date;
  Stored securely and retained only as long as necessary;

- Processed with respect for individuals’ rights, including the right to access, correct, or remove personal data.

All approaches to the public are carefully monitored to ensure they are respectful, proportionate, and fully compliant with GDPR and other relevant regulations.

The Trustees keep fundraising practices under review and would take appropriate action should any concern be raised regarding the conduct of fundraising activity.

Statement of trustees' responsibilities

The trustees, who are also the directors of Green Man Trust Limited 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 Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GREEN MAN TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
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The trustees' r eport was approved by the Board of Trustees.

Ms F Stewart, Chair
Mr I Fielder, Treasurer
Dated: 5 June 2026
Dated:5 June 2026
GREEN MAN TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GREEN MAN TRUST LIMITED
- 17 -

I report to the trustees on my examination of the financial statements of Green Man Trust Limited (the Trust) for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of the Trust (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the Trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 that in any material respect:

1

accounting records were not kept in respect of the Trust as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements 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 financial statements 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 financial statements to be reached.

Rachel Wills FCA
Old Mill Accountancy Limited
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
SN15 1BN
Dated: 5 June 2026
GREEN MAN TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
Unrestricted
Restricted
Total
Total
funds
funds
2025
2025
2025
2024
Notes
£
£
£
£
Income from:
Donations and legacies
3
451,338
201,441
652,779
478,503

Investment s

4
1,769
-
1,769
2,758
Total income
453,107
201,441
654,548
481,261
Expenditure on:

R aising funds

5
23,779
-
23,779
33,465
Charitable activities

Charitable activities

6
384,590
201,441
586,031
519,331
Total charitable expenditure
384,590
201,441
586,031
519,331
Total resources expended
408,369
201,441
609,810
552,796
Net income/(expenditure) for the year/
Net movement in funds
44,738
-
44,738
(71,535)
Fund balances at 1 January 2025
48,441
-
48,441
119,976
Fund balances at 31 December 2025
93,179
-
93,179
48,441
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
GREEN MAN TRUST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 19 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
541
824
Current assets
Debtors
13
10,929
13,053
Cash at bank and in hand
100,202
66,595
111,131
79,648
Creditors: amounts falling due within one year
14
(18,493)
(32,031)
Net current assets
92,638
47,617
Total assets less current liabilities
93,179
48,441
Income funds
Total unrestricted funds
93,179
48,441
93,179
48,441

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 5 June 2026
Ms F Stewart, Chair
Mr I Fielder, Treasurer
Trustee
Trustee
Company Registration No. 08365361
GREEN MAN TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
20
31,838
(70,647)
Investing activities
Purchase of tangible fixed assets
-
(848)
Investment income received
1,769
2,758
Net cash generated from investing activities
1,769
1,910
Net cash generated from financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
33,607
(68,737)
Cash and cash equivalents at beginning of year
66,595
135,332
Cash and cash equivalents at end of year
100,202
66,595
GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
1
Accounting policies
Charity information

Green Man Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Old Bank House, Beaufort Street, CRICKHOWELL, Powys, NP8 1AD.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Trust's governing document, the Companies Act 2006 and “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). The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary a mounts 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 Trust 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.

Designated funds have been chosen by the trustees to be used for grant applications which will be paid away in the next financial year.

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
Incoming resources
Income is recognised when the Trust 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 Trust 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 Trust 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.

Donated goods are included in income at a valuation which is an estimate of the financial cost borne by the donor where such cost is quantifiable and measurable.

GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.5
Resources expended

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

- C osts of raising funds comprise the costs of commercial trading including the bar and coffee lounge and their associated support costs.

- Expenditure on charitable activities includes the costs of performances, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs.

- Other expenditure represents those items not falling into any other heading.

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

1.6
Tangible fixed assets

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

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

IT equipment
3 years 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 Trust 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.

1.9
Financial instruments

The Trust 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 Trust's balance sheet when the Trust 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.

GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 23 -
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 p aymen ts 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 Trust’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 Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Government Grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Critical accounting estimates and judgements

In the application of the Trust’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.

GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Critical accounting estimates and judgements
(Continued)
- 24 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows:

Estimated useful lives of tangible fixed assets

In determining the estimated useful life the charity considers the expected physical wear and tear of the asset that could lead to obsolescence of the asset. Each year the charity reviews the above to establish if there is any change in the expected useful life of tangible assets.

3
Donations and legacies
Unrestricted
Restricted
Total
Total
funds
funds
2025
2025
2025
2024
£
£
£
£
Donations and gifts
451,338
75,837
527,175
359,561

Grants receivable for core activities

-
125,604
125,604
118,942
451,338
201,441
652,779
478,503
For the year ended 31 December 2024
298,477
180,026
478,503
4

Investment s

Unrestricted
Total
funds
2025
2024
£
£
Interest receivable
1,769
2,758
5

R aising funds

Unrestricted
Total
funds
2025
2024
£
£
Fundraising and publicity
Seeking donations, grants and legacies
1,188
2,181
Staff costs
22,591
31,284
Fundraising and publicity
23,779
33,465
GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
6
Charitable activities

Charitable activities

Charitable activities

2025
2024
£
£
Staff costs
20,000
17,000
Depreciation and impairment
283
24

Visual Arts Programme

6,161
52,620

Fundraising Activities

278,061
162,970

Performing Arts Programme

88,729
87,220

IT Software and Consumables

3,200
2,338

Music Development Programme

66,101
57,283

Advertising and Marketing

20,117
10,731
Telephone and internet
236
-

Bank fees

66
60

Accountancy

3,252
2,640

Professional fees

34
763

Training Programme

62,434
50,411

Science Engagement

15,946
18,233
Other charitable expenditure
2,063
1,288
566,683
463,581
Grant funding of activities (see note 7)
17,584
54,070
Share of governance costs (see note 8)
1,764
1,680
586,031
519,331
Analysis by fund
Unrestricted funds
384,590
320,808
Restricted funds
201,441
198,523
586,031
519,331
GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
7
Grants payable
2025
2024
£
£
Grants to institutions:
Arts Connection
-
2,000
Brecon & District Mind
1,000
-
Brecon Community Swap Shop
-
31,695
Brecon Pride
500
2,000
Brecon Volunteer Bureau
1,000
-
Brecon Youth Club
990
-
Crickhowell Bowling Club
1,000
-
Crickhowell Community Primary School
2,000
3,300
Crickhowell RFC
-
500
Crickhowell Top Park
1,000
-
Crickhowell Volunteer Bureau
-
2,000
Glangrwyney Cricket Club
500
500
Little Brecon Theatre
1,944
-
Llangattock Community Council
500
-
Llangattock Community Woodlands
-
1,000
Llangattock Primary School
-
2,000
Llangattock Village Society
500
-
Llangors Community Centre
-
1,885
Llangorse Community Toilets CIO
500
500
Llangyndir Primary School
-
2,000
Mid Powys Youth Theatre (MPYT)
1,250
-
Re-engage
2,000
-
Schools Service Powys County Council
900
-
Senses Cymru
-
2,000
Talgarth District Regeneration Group
-
1,440
The Honeypot
1,000
1,250
Wild Child
1,000
-
17,584
54,070
GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
8
Support costs
Support costs
Governance costs
2025
2024
£
£
£
£
Independent Examiners' fees
-
1,764
1,764
1,680
-
1,764
1,764
1,680
Analysed between
Charitable activities
-
1,764
1,764
1,680

In addition to the Independent examiner fees shown above, included within charitable activities expenditure are fees payable to the Independent examiner in respect of accountancy and other services of £3,252 (2024:£2,640).

9
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
10
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
2
2
Employment costs
2025
2024
£
£
Wages and salaries
41,241
46,994
Other pension costs
1,350
1,290
42,591
48,284
There were no employees whose annual remuneration was more than £60,000.
11
Taxation

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

GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
12
Tangible fixed assets
IT equipment
£
Cost
At 1 January 2025
848
At 31 December 2025
848
Depreciation and impairment
At 1 January 2025
24
Depreciation charged in the year
283
At 31 December 2025
307
Carrying amount
At 31 December 2025
541
At 31 December 2024
824
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
5,698
-
Other debtors
5,231
-
Prepayments and accrued income
-
13,053
10,929
13,053
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other taxation and social security
-
1,071
Deferred income
15
-
10,000
Trade creditors
13,477
420
Accruals
5,016
20,540
18,493
32,031
GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
15
Deferred income
2025
2024
£
£
Arising from 2025 Programmes
-
10,000
Movement in the year
2025
2024
£
£
At 1 January 2025
10,000
27,000
Amount released to income earned from charitable activities
(10,000)
(27,000)
Amount deferred in the year
-
10,000
At 31 December 2025
-
10,000

Deferred income relates to income received in the year specifically relating to future programmes.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,350
1,290

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.

As at 31 December 2025, there was a pension payable liability of £nil (2024: £nil).

GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
17
Restricted funds

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

Movement in funds
Balance at 1 January 2025
Incoming resources
Resources expended
Balance at 31 December 2025
£
£
£
£
Music Development
-
58,332
(58,332)
-
Training & Development Programmes Fund
-
52,320
(52,320)
-
Einstein's Garden Fund
-
16,200
(16,200)
-
Performing Arts
-
74,589
(74,589)
-
-
201,441
(201,441)
-
Prior Year
Movement in funds
Balance at 1 January 2024
Incoming resources
Resources expended
Balance at 31 December 2024
£
£
£
£
Visual Arts
-
43,885
(43,885)
-
Music Development
-
40,676
(40,676)
-
Training & Development Programmes Fund
3,771
46,000
(49,771)
-
Einstein's Garden Fund
14,726
3,500
(18,226)
-
Performing Arts
-
45,965
(45,965)
-
18,497
180,026
(198,523)
-

Restricted funds totalled £201,441 in 202 5.

Arts Council of Wales Lottery Project Grants

£79,429 towards Arts Development projects, allocated as follows:

- £19,466 towards the Music Development programme

- £59,963 towards the Performing Arts Development programme

Wales Arts International (part of Arts Council of Wales)

£7,309 towards the International Exchange programme (Performing Arts)

Arts Council England - Grassroots Music Fund

£38,866 towards the Music Development programme

British Council Wales (new)

£3,000 towards the International Exchange programme (Performing Arts)

Agile Cymru Fund (new)

£1,317 towards the International Exchange programme (Performing Arts)

Ashley Family Foundation (via Community Foundation Wales)

£10,000 towards the Media Training & Development

GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Restricted funds
(Continued)
- 31 -

Welsh Broadcasting Trust

£10,000 towards the Media Training & Development programme

National Lottery Community Fund Wales (new)

£9,320 towards the Refugee Integration programme

Oakdale Trust (new)

£3,000 towards the Performing Arts Development programme

Cardiff University

£20,000 towards the Training & Development Placements programme

Cardiff University (new)

£12,700 towards the Science & Climate Engagement programme

University of South Wales

£3,000 was awarded towards the Media Training & Development programme

Miller Research

£3,500 towards the Science & Climate Engagement programme

Restricted Funds 2024

Restricted funds totalled £180,026 in 2024.

Arts Council of Wales Lottery Project Grants

£85,401 towards Arts Development projects, allocated as follows:

- £13,500 towards the Music Development programme

- £32,301 towards the Visual Arts Development programme

- £39,600 towards the Performing Arts Development programme

Wales Arts International (part of Arts Council of Wales)

£6,365 towards the International Exchange programme (Performing Arts)

Arts Council England - Grassroots Music Fund

£27,176 towards the Music Development programme

Colwinston Charitable Trust

£11,584 towards the Visual Arts Development programme

Ashley Family Foundation (via Community Foundation Wales)

£10,000 towards the Media Training & Development

Welsh Broadcasting Trust

£10,000 towards the Media Training & Development programme

Cardiff University

£17,000 towards the Training & Development Placements programme

University of South Wales

£3,000 was awarded towards the Media Training & Development programme

GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Restricted funds
(Continued)
- 32 -

BOF

£6,000 towards the Refugee Integration Training programme

Miller Research

£3,500 towards the Science Engagement programme

18
Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at 1 January 2025
Incoming resources
Resources expended
Transfers
Balance at 31 December 2025
£
£
£
£
£
Community Grants Fund
-
-
(17,584)
17,584
-
General funds
48,441
453,107
(390,785)
(17,584)
93,179
48,441
453,107
(408,369)
-
93,179
Prior Year
Balance at 1 January 2024
Incoming resources
Resources expended
Transfers
Balance at 31 December 2024
£
£
£
£
£
Community Grants Fund
20,000
-
(20,000)
-
-
General funds
81,479
301,235
(334,273)
-
48,441
101,479
301,235
(354,273)
-
48,441

Community Grants Fund - T he trustees designated these funds to be used for grant applications. These were all paid away in the current financial year.

GREEN MAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
19
Related party transactions

During the year there were expenses incurred from Plantpot Limited of £567 (2024:£150). At the year end £3,139 (2024:£13,053) was due from Plantpot Limited. Plantpot Limited is connected by a trustee of Green Man Trust Limited who is the ultimate controlling party of Plantpot Limited. There were no specific terms and conditions attached to this balance.

During the year donations of £44,119 (2024: £42,929) were received from Plantpot Limited, as well as donated tickets worth £273,787 (2024: £162,970), who is connected by a trustee of Green Man Trust Limited who is the ultimate controlling part of Plantpot Limited.

The £44,119 donations received were donations collected by Plantpot, from individuals at festival boxes, and then donated to the charity. The £44,119 is made up as follows:

- Settlement Box Office £4,096

- General Box Office £9,587

- Bus Gate Box Office £4,980

- Artist Box Office £9,103

- Raffle Tickets £,4,453

- Ticket donations £11,900

20
Cash generated from/(absorbed by) operations
2025
2024
£
£
Surplus/(deficit) for the year
44,738
(71,535)
Adjustments for:
Investment income recognised in statement of financial activities
(1,769)
(2,758)
Depreciation and impairment of tangible fixed assets
283
24
Movements in working capital:
Decrease in debtors
2,124
3,947
(Decrease)/increase in creditors
(3,538)
16,675
(Decrease) in deferred income
(10,000)
(17,000)
Cash generated from/(absorbed by) operations
31,838
(70,647)
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