REGISTERED COMPANY NUMBER: 02455713 (England and Wales)

REGISTERED CHARITY NUMBER: 702443

Report of the Trustees and

Unaudited Financial Statements

for the Period 1 April 2024 to 30 September 2025

for

Coed Cymru Cyf

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

14

TRUSTEES

Mr P D Jayne

Mr R J Cooper

Mr D R Thomas

Dr C M Cahalan

REGISTERED OFFICE

Unit 1 Dyfi Eco Parc

Machynlleth

Powys

SY20 8AX

REGISTERED COMPANY NUMBER

02455713 (England and Wales)

REGISTERED CHARITY NUMBER

702443

BANKERS

Barclays Bank plc

3 Cross Buildings

Newtown

POWYS

SY16 2AJ

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 period 1 April 2024 to 30 September 2025. 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).

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.

The Trustees have transferred the Charity's remaining Woodland Carbon Code clients to Scottish Forestry, who will take over the administration of the carbon code projects of these clients.

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 base, where this is practical to do so.

4. Education and Public Information

The Charity reported in its last annual report the completion of the delivery of all its projects under the Rural Communities Development Plan for Wales 2014-2023.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

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 Government's grant schemes.

In addition to the completed main RDP projects, there has been winding-up activity in prior years 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 to the landowner/local economy.

- Conversion of woodland from plantation to a more natural state, and assisting landowners with the marketing of their timber, 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.

During this reporting period, the only activity has been around ensuring that the Charity's clients for Woodland Carbon Code projects have an ongoing administrative provider.

FINANCIAL REVIEW

Principal funding sources

As previously reported, the loss of the principal sources of funding for the charity led the Trustees to make the difficult decision to close the charity.

For this reporting period the charity had no significant income.

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 remaining assets of the Charity are adequate to meet the costs of closure and will leave a small surplus.

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 30th September 2025

The Statement of Financial Activities shows a net deficit for the year of £10,836, and reserves (all unrestricted) stand at £66,042.

FUTURE PLANS

Our last annual report detailed the Trustees ' consideration of the environment in which the charity was then and now operating, with the conclusion that Coed Cymru had served its purpose and should close, noting that many other organisations were and are now active in a field in which the charity had been a pioneer.

The Trustees have therefore been focused on ensuring that the charity's winding-up process conforms with the requirements of the governing document. To this end, all debts have been discharged and debtors have been pursued for payment as far as has been possible, albeit with some relatively-minor debts written-off. Assets have been monetised where possible and the remaining cash surplus has been deployed in:

(i) creating an accessible archive within the National Library of Wales so that the charity's work can be used by others active in relevant fields, in line with the long-standing policy of open access.

(ii) assisting the woodland creation and management plans of Carmarthenshire and Neath Port Talbot County Councils, which were submitted to and approved by the Trustees.

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. The closure of the Charity inevitably also means that our trading subsidiary, Grwp Coed Cymru, has also ceased to operate.

Organisational structure

Coed Cymru cyf's Executive Committee has 4 current directors. The Committee met on seven occasions during the last 16 months 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 continued to benefit greatly in this work from 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.

David Jenkins MBE

We pay particular tribute in this final report to our long-standing director, the late David Jenkins MBE, whose rare combination of vision, innovation and boundless energy drove the charity forward for many years. David has left a legacy of dedicated professionals working throughout Wales to further the work of Coed Cymru.

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 24 June 2026 and signed on its behalf by:

Mr D R Thomas - Trustee

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

Woodland development

13,832

-

13,832

27,500

Other trading activities

2

170

-

170

-

Investment income

3

4,544

-

4,544

2

Total

18,546

-

18,546

27,502

EXPENDITURE ON

Charitable activities

4

Woodland development

29,382

-

29,382

164,930

NET INCOME/(EXPENDITURE)

(10,836

)

-

(10,836

)

(137,428

)

RECONCILIATION OF FUNDS

Total funds brought forward

76,878

-

76,878

214,306

TOTAL FUNDS CARRIED FORWARD

66,042

-

66,042

76,878

30.9.25

31.3.24

Notes

£

£

CURRENT ASSETS

Debtors

10

8,891

29,952

Cash at bank and in hand

60,486

143,241

69,377

173,193

CREDITORS

Amounts falling due within one year

11

(3,335

)

(96,315

)

NET CURRENT ASSETS

66,042

76,878

TOTAL ASSETS LESS CURRENT LIABILITIES

66,042

76,878

NET ASSETS

66,042

76,878

FUNDS

13

Unrestricted funds

66,042

76,878

TOTAL FUNDS

66,042

76,878

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2025 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)

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 24 June 2026 and were signed on its behalf by:

Mr D R Thomas - Trustee

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.

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.

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.

2.	OTHER TRADING ACTIVITIES

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

£

£

Sundry income

170

-

3.	INVESTMENT INCOME

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

£

£

Deposit account interest

4,196

2

Other interest receivable

348

-

4,544

2

4.	CHARITABLE ACTIVITIES COSTS

Direct

Costs (see

Support

note 5)

costs

Totals

£

£

£

Woodland development

25,173

4,209

29,382

5.	DIRECT COSTS OF CHARITABLE ACTIVITIES

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

£

£

Rent, rates and water

-

12,649

Insurance

1,344

3,329

Light and heat

-

40

Telephone

93

900

Postage and stationery

454

1,882

Sundries

337

4,475

Salaries & Superannuation

-

39,952

Administration

2,348

4,653

Motor Expenses & Travel

-

13,365

Professional services

20,583

51,704

Repairs & Renewals

14

775

Loss on sale of assets

-

27,474

25,173

161,198

6.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

£

£

Deficit on disposal of fixed assets

-

27,474

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 30 September 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the period ended 30 September 2025 nor for the year ended 31 March 2024.

8.	STAFF COSTS

31.03.25

31.03.24

£

£

Salaries

-

34,467

Social Security

-

2,244

Superannuation

-

3,241

-

39,952

There were no employees during the period (2024: average two).

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

Woodland development

27,500

-

27,500

Investment income

2

-

2

Total

27,502

-

27,502

EXPENDITURE ON

Charitable activities

Woodland development

164,930

-

164,930

NET INCOME/(EXPENDITURE)

(137,428

)

-

(137,428

)

Transfers between funds

169,895

(169,895

)

-

Net movement in funds

32,467

(169,895

)

(137,428

)

RECONCILIATION OF FUNDS

Total funds brought forward

44,411

169,895

214,306

TOTAL FUNDS CARRIED FORWARD

76,878

-

76,878

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

31.3.24

£

£

Debtors

5,416

13,643

Inter-company

-

14,908

VAT

3,475

-

Prepayments and accrued income

-

1,401

8,891

29,952

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

31.3.24

£

£

VAT

-

917

Accrued expenses

3,335

95,398

3,335

96,315

12.	ANALYSIS OF NET ASSETS BETWEEN FUNDS

30.9.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Current assets

69,377

-

69,377

173,193

Current liabilities

(3,335

)

-

(3,335

)

(96,315

)

66,042

-

66,042

76,878

13.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.24

in funds

30.9.25

£

£

£

Unrestricted funds

General fund

76,878

(10,836

)

66,042

TOTAL FUNDS

76,878

(10,836

)

66,042

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

18,546

(29,382

)

(10,836

)

TOTAL FUNDS

18,546

(29,382

)

(10,836

)

Comparatives for 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

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

27,502

(164,930

)

(137,428

)

TOTAL FUNDS

27,502

(164,930

)

(137,428

)

14.	RELATED PARTY DISCLOSURES

There were no related party transactions for the period ended 30 September 2025.

15.	SUBSIDIARY COMPANY

The charitable company was 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).

The company ceased to trade and was dormant for the year ended 31st October 2025. It has subsequently been wound up by voluntary strike-off.