REGISTERED COMPANY NUMBER: 03958840 (Wales)

REGISTERED CHARITY NUMBER: 1114492

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

FOR

AWEL AMAN TAWE

Page

Report of the Trustees

1

to

7

Report of the Independent Auditors

8

to

10

Statement of Financial Activities

11

Balance Sheet

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

to

30

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 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

The charitable company is a non-profit making organisation whose objectives are:

- To advance the education of the public, in particular but not exclusively in energy efficiency and renewable resources for the public benefit;

- The preservation and conservation of the environment through the promotion and use of renewable energy and energy saving measures;

- The relief of poverty;

- To conduct research and development relating to the utilisation of energy conservation practices and renewable energy technologies and to use the research for the public benefit;

- To provide or assist in the provisions of recreational facilities in the interests of social welfare with a view to advancing education and improving the conditions of life for those for whom the facilities are primarily intended;

- The relief of unemployment for the public benefit, in particular but not exclusively by the provision of advice, training and support for the unemployed;

- The relief of sickness and the preservation and protection of good health among people residing permanently or temporarily in South Wales and further afield;

- The promotion of the arts, culture and heritage; and

- Such other charitable purposes as may from time to time be determined.

The charitable company's income derives from contracts and grants from local and central government, charitable trusts, donations and trading activities.

The trustees have had regard to the Charity Commission's guidance on public benefit when setting the charity's objectives and planning its activities and are satisfied that the charity's activities provide public benefit in furtherance of its charitable purposes.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Annual Report - 2025

The overall aims of the charity are to tackle climate change in Wales and enable local regeneration in the Upper Swansea and Amman Valley. We follow an asset-based development approach. To help achieve this, we:

- Engage people in climate change action

- Tackle fuel poverty

- Develop low carbon education and arts projects

- Create jobs

These aims are delivered by Awel Aman Tawe (AAT) through key projects such as Hwb y Gors, and through the two co-ops which we have set up: Awel Co-op (community wind farm) and Egni Co-op (installs rooftop solar on schools, community buildings and businesses in Wales). AAT employs staff to manage these co-ops and develop further projects. We've included information about both co-ops here as we want readers to gain an understanding of the full scope of our work.

Hwb y Gors

We have been refurbishing the former Cwmgors Primary School since January 2021 as a low-carbon education, arts and enterprise community hub - Hwb y Gors www.hwbygors.cymru . We were delighted that the Council allowed us to partially open in September 2025 pending completion of the full extent of the carpark and the Sustainable Drainage scheme. In Autumn 2025, we had 1,109 visitors to the Hwb - and a further 3,686 since January 2026. Many Egni and Awel members have previously donated their interest towards a crowdfunding campaign for the refurbishment. This, along with the matched contribution from Aviva Insurance, raised a total of £47,680. We have engaged the community in the redevelopment through a range of community arts projects using textiles, stained glass, a local history mosaic mural and tilemaking which have now all been installed within the building. These draw on local heritage and nature.

Community Projects

495 people have been involved in a range of engagement projects. This includes the arts projects mentioned above, and also a range of other circular economy and biodiversity events and activities. We have a total of 90 volunteers involved who donated 5,963 hours of time last year. We work with the Local Area Coordinators and Social Prescribers to involve vulnerable people and those suffering from isolation, low-level mental health issues and bereavements. Groups include:

a. Repair Café: our monthly repair café has been running since February 2023, including additional schools' repair cafés with the local schools' Eco Committees to repair uniforms and toys. In 2025, a total of 182 repairs were completed by our volunteers for 126 people.

b. Gardening Club. The group built a food garden with equipment from Keep Wales Tidy and continues to meet weekly growing food and planting wild habitat areas.

c. Fortnightly Stitch Club which evolved out of the heritage textile project.

d. Our partnership with local mental health charity Shadows has continued successfully. Although their original pilot funding ended, we felt strongly that the project was providing an essential service and have continued funding sessions through income generated by our community wind farm. Demand remains strong and participants consistently report reduced isolation, improved wellbeing and increased confidence in accessing further support when needed. The project continues to demonstrate the importance of low-barrier, community-based mental health support. Several of the participants have gone on to get involved in other activities, like the Repair Cafe, Caffi Cymraeg and have said they feel a positive sense of welcome at Hwb y Gors.

e. Mess up the Mess: a local youth theatre group, and Swansea University Health Board have rented space at the Hwb for a range of their projects.

f. Klezmer Club: a new group has been established at the Hwb playing Klezmer music. They have already performed two public gigs!

g. Other very successful projects that we have piloted and are continuing with additional funding are our Academi'r Cegin project (Kitchen Academy); our Environmental Film Club and our Artist in Residence Scheme.

Our main challenge has been trying to balance affordability and accessibility with the

need to generate earned income. The expansion of the café and increasing venue use are helping toward this goal. We are still learning about how much we can charge for ticketed events to ensure accessibility for the local community while not making a loss. Our current approach is to balance free/low cost activities while experimenting with ticketing other events at a market rate.

Our clearest learning is that the greatest impact often happens between activities rather than within them. People benefit not simply from attending an individual project but from becoming part of a wider community network. Creating opportunities for relationships, volunteering, learning and informal support is proving just as important as any individual activity.

Taith Co-op - Community Transport

We work with vulnerable groups of people in SW Wales, in particular people with learning difficulties, disabilities, carers and the elderly to access services and support. In 2025, we were asked by the Community Transport Association and Swansea CVS to take over the running of Gorseinon Community Transport which was about to fold, impacting many people. We did so and this has led to a large increase in our numbers - we helped 6,259 passengers (3,253 passengers in 2024) who have made 8,253 journeys travelling a total of 51,268 miles. We have three paid staff who drive vehicles and also 4 volunteers drivers who gave 1,033 hours of their time. We’ve also worked with the Community Transport Association on a data platform to calculate the avoided costs that our service provides to the NHS:

-For missed GP appointments, the saving is £13,890

-For missed hospital appointments, the saving is £71,520

-For the reduction in GP Home Visits, the saving is £4600

Education

Our Education Programme Lead, Jen James, continues to deliver a successful programme of work including several strands for example 'We are Energy Warriors' and 'We are Food Warriors'. This engages 63 schools with Egni solar panels and those close to Awel Co-op's wind farm in a range of sustainability and carbon reduction activities. It builds on our partnership with another charity, Energy Sparks and the STEM Ambassadors programme. Energy Sparks www.energysparks.uk has an educational portal for schools which displays electricity, gas and solar generation data in an accessible way, with a range of educational materials. Jen worked with 2,888 pupils this year and undertook a range of projects with partners and arts facilitators. In total, they ran 99 workshops in schools.

Tackle fuel poverty

We have secured Redress and NGED SEAF funds to employ three fuel poverty/energy efficiency advisors, Kerry Bates, Lucy Harrison, who are managed by Fern Church. They have all passed their National Energy Action and Domestic Energy Assessor qualifications. They advised 243 households directly about energy and informed 6,318 people over the course of the year. They supported a range of homes to obtain boiler upgrades, energy efficiency grants and more informal advice on how to reduce their bills and reduce emissions. We estimate that we saved householders a total of £179,820 in energy costs. We're also able to access funding to do surveys on community buildings and have completed 17 of these in 2025.

Create Jobs

Awel Aman Tawe increased its staff from 20 in 2024 to 21 in 2025. This equated to an increase from 16 to 18 full time equivalent staff.

Co-op development and engaging people in climate action

Other projects below are delivered by Egni Co-op and Awel Co-op.

Combined, our two co-ops, Awel and Egni, generated 16,009,249 kWh in 2025 compared to 15,297,981 kWh in 2024.

We have nearly 1,500 members in our co-ops. We also have over 50 schools and community groups who are members and they own over £100k of the shares, giving them a sustainable income stream. We estimate that there are over 50,000 people in these groups which now co-own the Awel and Egni co-ops. Members include the local rugby and football clubs, over 40 schools, Merched y Wawr, the Food Bank and the Friends of Pontardawe Centre.

Windfarm - Awel Co-op: In 2025, our wind farm generated 11,269, MWh (10,996 MWh in 2024).

Solar and Battery - Haul y Gwrhyd CIC (Haul): this is a new company which is also wholly owned by Awel Co-op. As per our Awel Co-op 2025 AGM, Members approved the proposal to build a 2.69 MW ground mounted solar farm and a battery next to our turbines on the Gwrhyd. These are now legally contained within Haul y Gwrhyd CIC. The solar and battery will share the grid connection with our existing wind farm. As of the end of 2025, we had secured full funding for the solar from Triodos Bank (£1.25m loan) and a £1.5m grant from Welsh Government. We had also secured a £145k grant from Ynni Cymru for the battery.

Following a tender process on Sell to Wales, we appointed Winfield Energy as our EPC contractor. They have a local team in Port Talbot. Their civils and electrical sub-contractors are both Wales-based. We expect construction to start in September 2026. Our Technical Advisor is Greencat Ltd. We believe this will be one the first 'tribrid' projects in the UK with the three different technologies working in tandem and complementing each other in terms making most efficient use of our 4.7MW grid connection.

More wind!: we are assessing the feasibility of developing additional wind turbines on the Gwrhyd with a capacity of upto 14.1 MW. We have obtained Redress Just Transition and Welsh Government Energy Service grants to secure the grid capacity and take this project forward.

Egni Co-op: we've had a very busy year installing 599 kWp of rooftop solar on 7 sites, 32 EV chargepoints sockets at 4 schools and we're developing 7 batteries co-located with solar at schools and leisure centres.

As of December 2025, we had a total 104 solar sites across Wales with 5.8 MWp of capacity. We have a total of 16,625 panels fitted. To date, the solar sites have saved more than £1m in electricity costs for our sites. This saving is vital to many of our community buildings who are playing a key role during the cost of living crisis, providing foodbanks and other vital services.

Our sites generated 4,740,606 kWh in 2025 compared to 4,302,176 kWh in 2024. This is enough to meet the annual electricity requirements of about 1,756 households.

We continued to work on a pipeline of over 2MW of solar on community, business and school rooftop sites. This includes our contract with Pembrokeshire County Council to install solar on 16 schools and 4 leisure centres and we are continuing our work with Newport Council. We were also successful in winning a tender from Newport Council to manage and maintain the existing rooftop solar sites that the Council itself owns - the aim being to maximise solar generation. This makes a lot of practical sense as we and subcontractors are often in Newport dealing with any faults, annual inspections and cleaning (bloomin' seagulls and pigeons!!).

Our installs in 2025 were:

Date

Technology

Site

DC Capacity (kWp)

Storage Capacity (kWh)

Sockets

23/04/2025

Solar

St Dogmaels CP School, Maehyfryd

25.2

N/A

N/A

28/07/2025

Solar

Ysgol Bro Gwaun Heol Dyfed, Fishguard

78.3

N/A

N/A

06/08/2025

Solar

Gwent Crem, Tre-Herbert Rd, Cwmbran

44.5

N/A

N/A

22/04/2025

Solar

Tennis & Pool, Newport International Sports Village, Newport, Gwent

309

N/A

N/A

04/11/2025

Solar

Pennar Community School, Owen Street, Pembroke Dock, Pembrokeshire

14.5

N/A

N/A

04/11/2025

Solar

Ysgol Harri Tudur, Bush Hill, Pembroke (PHASE 1)

108

N/A

N/A

01/02/2025

Solar

Lliswerry High School

19.3

N/A

N/A

16/12/2025

Battery

Cwmgors Old School, Heol-Y-Gors,Cwmgors: Neath Port Talbot

N/A

50

N/A

10/08/2025

EVCP

The John Frost School: Newport

N/A

N/A

4

25/04/2025

EVCP

Pembroke Dock CS: PCC

N/A

N/A

4

01/07/2025

EVCP

Ysgol Harri Tudur, Bush Hill, Pembroke, PCC

N/A

N/A

8

01/02/2025

Solar Canopy - ECVP

Lliswerry High, Nash Road: Newport

N/A

N/A

16

Total:

598.8

50

32

Other renewables projects

a. We have signed MoUs with a commercial developer ESB/Coriolis for a 20% shared ownership community stake in Y Bryn windfarm near Port Talbot, but unfortunately this was refused planning mainly due to visual impact on Gower. This decision is being taken for Judicial Review in July 2026. We are working with Neath Port Talbot CVS (NPTCVS) and Bridgend Association for Voluntary Organisations (BAVO) on the shared ownership element https://www.ybryn-windfarm.cymru/

b. We have also signed MoUs with Nadara Ltd for a stake in the Mynydd Fforch Dwm project. Planning permission was secured in December 2025. This is a 20MW wind farm and 6MW of solar near the village of Tonmawr, Neath Port Talbot. We are working in partnership with NPTCVS https://mfdwindfarm.co.uk

Donors

We would like to thank all our donors and the public for their support in 2025.

FINANCIAL REVIEW

Reserves policy

Unrestricted General Charity Reserves as of 31st December 2025 are shown as £32,248 (note 22 of the accounts).

The Trustees have agreed to maintain reserves equivalent to:

- Six months of the charity's running costs, calculated using the unrestricted annual expenditure of £603,573 as reported in the accounts. This expenditure figure is stated after the deduction of exceptional items and excludes solar panel revenue of £196,189.

- A further 10% contingency reserve.

The reserves target has been calculated at £224,061.

Free reserves relate to general reserves over and above the reserves target. As reserves target exceeds general reserves of £32,248 there are no free reserves as at 31st December 2025.

While Awel Aman Tawe generated a surplus on unrestricted funds in 2025 the general reserve reduced from £182,829 to £32,248 due to impact of impairment on unrestricted funds.

Awel Aman Tawe aims to build up reserves in future years to

1) meet the reserves target; and

2) to generate free reserves enable it to continue and to expand the services it currently provides and develop new projects in the future.

Awel Aman Tawe recognise that to recover reserves levels back to reserves target will take a number of years. The 2026 budget plan surplus, budget plan review, cash balances held and planned sale of property indicates an expected improvement in general reserve by end of 2026, with further improvements in 2027 and beyond.

This policy will be reviewed annually or when significant changes occur within the organisation.

Going concern

The trustees have assessed the charity's ability to continue as a going concern and have prepared detailed budgets and cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. In undertaking this assessment, the trustees have considered forecast operating results, secured grant funding, recurring management fee income, anticipated trading activities, expected donation income and the planned sale of property held for resale.

The trustees note that unrestricted general reserves at 31 December 2025 amounted to £32,248, which is below the charity's reserves target. The reduction in general reserves during the year was primarily attributable to the impairment charge recognised in relation to Hwb y Gors.

At 31 December 2025, cash balances included £850,000 received by Awel Aman Tawe as agent on behalf of Haul y Gwrhyd CIC, which remained payable to that entity at the year end. The trustees have therefore based their going concern assessment on the charity's underlying cash resources and forecast cash flows after taking account of this timing-related balance and the associated liability.

The forecasts prepared by the trustees include ongoing donation income. In assessing the reasonableness of these forecasts, the trustees have considered the charity's strong history of donor support, including recurring donations received in previous years, together with income secured and received since the year end.

Based on this assessment, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Investments and other powers

The trustees have the power to expend the funds of the charitable company in such manner as they consider being beneficial for the achievement of the charitable company's objects. They are also empowered to invest such part of the funds as they see fit in the furtherance of the objects of the charitable company.

Financial Statements

The trustees consider that in view of the non-profit making status of the charitable company's activities, the terms "profit and loss" are not appropriate to giving a true and fair view. Accordingly, under the provisions of the Companies Act 2006, the term "profit and loss account" has been replaced by "income and expenditure account", and the words "profit" and "loss" by "surplus" and "deficit".

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The organisation was incorporated on 9th March 2000 and registered as a charity on the 1st June 2006.

Recruitment and appointment of new trustees

The directors of the charitable company are also charity trustees for the purpose of charity law. The rules regarding the number of directors and their appointment, reappointment and removal are contained in the Articles of Association to which reference should be made.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees actively review the major risks which the charitable company faces on a regular basis and we aim to maintain free reserves at sufficient levels to enable the charity to continue and expand the services they provide. The trustees have also examined other operational and business risks which we face and confirm that we have established systems to mitigate the significant risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03958840 (Wales)

Registered Charity number

1114492

Registered office

Hwb y Gors

Heol y Gors

Cwmgors

Ammanford

Neath Port Talbot

SA18 1RF

Trustees

B Jones

C McGurgan (resigned 2.12.25)

B E Edwards (resigned 8.7.25)

M Jervis

Ms H Roach

Ms K J Powis

Dr C M Maby

A W Lloyd

C B Johnes

Company Secretary

D McCallum

Auditors

Bevan Buckland Audit Ltd

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

Bankers

The Co - operative Bank

P.O. Box 250

Delf House

Southway

Skelmersdale

WN8 6WT

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Awel Aman Tawe for the purposes of company law) are responsible for preparing the Report of the Trustees 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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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;

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

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

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Bevan Buckland Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 30 September 2026 and signed on its behalf by:

A W Lloyd - Trustee

Opinion

We have audited the financial statements of Awel Aman Tawe (the 'charitable company') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

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

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

Our responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;

-

the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud.

-

obtaining an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Charity, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the operational rationale of any significant transactions that are unusual or outside the normal course of operations.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

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

Llinos Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland Audit Ltd

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

30 September 2026

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

400,628

-

400,628

413,248

Charitable activities

4

Grant Income

70,781

726,335

797,116

653,844

Other trading activities

3

625,343

-

625,343

488,678

Total

1,096,752

726,335

1,823,087

1,555,770

EXPENDITURE ON

Raising funds

5

237,985

-

237,985

202,150

Charitable activities

6

Community, energy and environmental projects

365,588

661,384

1,026,972

885,741

Other

8

445,500

-

445,500

-

Total

1,049,073

661,384

1,710,457

1,087,891

NET INCOME

47,679

64,951

112,630

467,879

Transfers between funds

21

750,499

(750,499

)

-

-

Net movement in funds

798,178

(685,548

)

112,630

467,879

RECONCILIATION OF FUNDS

Total funds brought forward

1,295,080

1,581,110

2,876,190

2,408,311

TOTAL FUNDS CARRIED FORWARD

2,093,258

895,562

2,988,820

2,876,190

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

14

3,290,966

850,156

4,141,122

3,958,508

Investments

15

1

-

1

1

3,290,967

850,156

4,141,123

3,958,509

CURRENT ASSETS

Stocks

16

161,622

-

161,622

-

Debtors

17

192,440

28,975

221,415

531,071

Cash at bank and in hand

912,763

46,858

959,621

82,979

1,266,825

75,833

1,342,658

614,050

CREDITORS

Amounts falling due within one year

18

(1,284,809

)

(30,427

)

(1,315,236

)

(433,195

)

NET CURRENT ASSETS

(17,984

)

45,406

27,422

180,855

TOTAL ASSETS LESS CURRENT LIABILITIES

3,272,983

895,562

4,168,545

4,139,364

CREDITORS

Amounts falling due after more than one year

(1,179,725

)

-

(1,179,725

)

(1,263,174

)

NET ASSETS

2,093,258

895,562

2,988,820

2,876,190

FUNDS

21

Unrestricted funds

2,093,258

1,295,080

Restricted funds

895,562

1,581,110

TOTAL FUNDS

2,988,820

2,876,190

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 30 September 2026 and were signed on its behalf by:

A W Lloyd - Trustee

Cash flows from operating activities

Cash generated from operations

1

1,972,467

682,490

Net cash provided by operating activities

1,972,467

682,490

Cash flows from investing activities

Purchase of tangible fixed assets

(894,868

)

(633,364

)

Sale of tangible fixed assets

6,461

-

Sale of fixed asset investments

-

2,000

Net cash used in investing activities

(888,407

)

(631,364

)

Cash flows from financing activities

Loan repayments in year

(86,191

)

(85,259

)

Related party loan movement

44,941

25,603

Interest paid

(166,168

)

(185,140

)

Net cash used in financing activities

(207,418

)

(244,796

)

Change in cash and cash equivalents in the reporting period

876,642

(193,670

)

Cash and cash equivalents at the beginning of the reporting period

82,979

276,649

Cash and cash equivalents at the end of the reporting period

959,621

82,979

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net income for the reporting period (as per the Statement of Financial Activities)

112,630

467,879

Adjustments for:

Depreciation charges

98,671

87,524

Interest paid

166,168

185,140

Impairment

445,500

-

(Increase)/Decrease in stocks

(161,622

)

-

Non-cash transfer to stock

161,622

-

Decrease/(increase) in debtors

298,225

(223,250

)

Increase in creditors

851,273

165,197

Net cash provided by operations

1,972,467

682,490

2.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

82,979

876,642

959,621

82,979

876,642

959,621

Debt

Debts falling due within 1 year

(85,964

)

2,742

(83,222

)

Debts falling due after 1 year

(1,263,174

)

83,449

(1,179,725

)

(1,349,138

)

86,191

(1,262,947

)

Total

(1,266,159

)

962,833

(303,326

)

3.	MAJOR NON-CASH TRANSACTIONS

During the year, land and property with a carrying value of £161,622 were transferred from tangible fixed assets to stock. This transfer is a non-cash transaction and has been excluded from the cash flow statement.

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts are prepared in sterling

The charity constitutes a public benefit entity as defined by FRS 102.

Legal status of the charity

The charity is private limited company by guarantee incorporated in England and Wales and has no share capital.

Going concern

The financial statements have been prepared on a going concern basis. In assessing the charity's ability to continue as a going concern, the trustees have reviewed the charity's financial position, budgets and cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. The assessment included consideration of secured grant funding, recurring management fee income, anticipated trading activities, expected donation income and the planned sale of property held for resale.

The trustees have also considered the charity's cash resources and forecast cash flows, including the impact of funds held as agent on behalf of third parties at the reporting date.

Based on this assessment, the trustees have concluded that the charity has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis and the trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which they are revised and in any future periods affected.

Significant management judgements

The following are the key judgements made in applying the accounting policies of the charity that have the most significant effect on the amounts recognised in the financial statements:

Impairment of property assets

The trustees exercise judgement in determining whether there are indicators of impairment and in assessing the recoverable amount of properties based on value in use.

Following completion of Hwb y Gors, management undertook an impairment review to assess the asset's recoverable amount. The valuation was based on management's estimate of the value of the asset, taking into account its intended use and expected future benefits to the charity. As a result, significant judgement was applied in determining the impairment recognised during the year.

Key sources of estimation uncertainty

The following are the key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets:

Useful economic lives of tangible fixed assets

Estimates have been made of the useful economic lives of buildings, solar panels, plant and machinery and office equipment. These estimates are based on expected usage, wear and tear and ongoing maintenance, and are reviewed annually.

Electricity generation income

The amount of electricity generation income recognised by the charity is based on an estimate of the proportion attributable to the charity from total generation income. The estimate is derived using an established allocation methodology and is therefore subject to estimation uncertainty.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds ,once any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

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

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income on consultancy and contracts is recognised on an accruals basis and recognised in the period in which it relates to.

Income from Solar Panels is recognised over the period of electricity generation on an accruals basis.

Management charge income is recognised in relation to the period which the management services apply to, on an accruals basis.

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

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 costs related to that 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.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly relate to charitable activities. Support costs include back office costs, insurance and governance costs which support the charity's activities. These costs have been allocated to expenditure on charitable activities

Depreciation

Depreciation of fixed assets is calculated to write off their cost less any residual value over their estimated useful lives as follows:

Freehold land

No depreciation

Freehold buildings

2% straight line

Solar panels

5% straight line

Plant & machinery:

Additions pre 2008

15% reducing balance

Additions 2008 onwards

25% straight line

Office equipment:

Additions pre 2008

15% reducing balance

Additions 2008 onwards

25% straight line

Motor Vehicles

25% straight line