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||||Page|Page|
|---|---|---|---|---|
|Annual<br>Report|||||
|Report ofthe Independent|Auditors|||19|
|Consolidated<br>Statement|of Financial|Activities||23|
|Consolidated<br>Balance Sheet||||24|
|Company<br>Balance Sheet||||25|
|Cash Flow Statements||||26|
|Note to the Financial Statements||||28|
|Income and Expenditure|Account||Appendix|1|





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|REFERENCE AND ADMINISTRATIVE|REFERENCE AND ADMINISTRATIVE|REFERENCE AND ADMINISTRATIVE|INFORMATION||||
|---|---|---|---|---|---|---|
|Company|Number:|||2832103|||
|Registered|Charity Number:|||1060182|||
|Registered|Office and operational|address:||Unit 7|||
|||||Cae Gwyrdd|||
|||||Greenmeadow|Springs||
|||||Tongwynlais|||
|||||Cardiff|||
|||||CF157AB|||
|Auditors:||||Bevan Buckland|LLP||
|||||Cardigan<br>House|||
|||||Castle Court|||
|||||Swansea<br>Enterprise||Park|
|||||Swansea|||
|||||SA7 9LA|||
|Solicitors:||||Capital Law|||
|||||Capital<br>Building|||
|||||Tyndall Street|||
|||||Cardiff|||
|||||CF104AZ|||
|Bankers:||||Barclays Bank pic|||
|||||PO Box69|||
|||||Cardiff|||
|||||CF1 1SG|||





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|||Note|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|fundsf|2021|2020<br>F|
|INCOME AND ENDOWMENTS||FROM|||||
|Charitable<br>activities:|||||||
|Annual<br>subscriptions|||660,844||660,844|632,161|
|Advancement<br>ofeducation|for the||||||
|benefit ofthe general<br>public|||82,795|896,868|979,663|1,258,792|
|Other trading activities:|||||||
|Commercial<br>trading operations|||81,470||81,470|78,787|
|Investments|||10,517||10,517|15,232|
|Total income|||835,626|896,868|1,732,494|1,984,972|
|EXPENDITURE ON|||||||
|Charitable<br>activities|||||||
|Advancement<br>ofeducation|for the||||||
|benefit ofthe general<br>public|||848,161|909,158|1,757,319|2,051,490|
|Other trading activities:|||||||
|Commercial<br>trading operations|||84,817||84,817|79,001|
|Total expenditure|||932,978|909,158|1,842,136|2,130,491|
|NET INCOME I(EXPENDITURE)|||(97,352)|(12,290)|(109,642)|(145,519)|
|Transfers between funds|||(12,290)|12,290|||
|OTHER RECOGNISED GAINS I(LOSSES)|||||||
|Fair Value Adjustment||||||22,932|
|Actuarial<br>gain / (loss) on defined|||||||
|benefit scheme|||591,000||591,000|(357,000)|
|Net movement<br>in funds<br>in|year||481,358||481,358|(479,587)|
|RECONCILIATION<br>OF FUNDS|||||||
|Total funds brou<br>ht forward||15|443,860||443,860|923,447|
|TOTAL FUNDS CARRIED||15|925,218||925,218|443,860|
|FORWARD|||||||





## 

## 

## 

|||||2021||2020||
|---|---|---|---|---|---|---|---|
||||Note|||||
|FIXEDASSETS||||||||
|Tangible assets|||10||409,726||437,384|
|Investment<br>Property|||11||115,000||115,000|
||||||524,726||552,384|
|CURRENT ASSETS||||||||
|Debtors|||13|194,202||235,778||
|Cash at bank and|in hand|||1,771,947||1,767,041||
|||||1,966,149||2,002,819||
|CREDITORS: amounts||falling due||||||
|within one<br>ear|||14|(1,303,657)||(1,371,343)||
|NET CURRENT ASSETS|||||662,492||631,476|
|TOTAL ASSETS|LESS|CURRENT|LIABILIT|ES|1,187,218||1,183,860|
|Defined pension|scheme liabili||20||(262,000)||(740,000)|
|TOTAL ASSETS|||||925,218||443,860|
|Represented<br>by:||||||||
|FUNDS||||||||
|Unrestricted<br>funds|||15||925,218||443,860|
|Restricted funds|||15|||||
||||||925,218||443,860|





## 

|||||2021||2020||
|---|---|---|---|---|---|---|---|
||||Note|||||
|FIXEDASSETS||||||||
|Tangible assets|||9||406,896||432,549|
|Investment<br>Property|||11||115,000||115,000|
|Investments|||12||100||100|
||||||521,996||547,649|
|CURRENT ASSETS||||||||
|Debtors|||13|194,763||315,919||
|Cash at bank and|in hand|||1,750,410||1,664,711||
|||||1,945,173||1,980,530||
|CREDITORS: amounts||falling due||||||
|within one<br>ear|||14|(1,291,978)||(1,359,774)||
|NET CURRENT ASSETS|||||653,195||620,856|
|TOTAL ASSETS|LESS|CURRENT|LIABILIT|ES|1,175,191||1,158,505|
|Defined pension|scheme|||||||
|(liabili<br>) /asset|||20||(262,000)||(740,000)|
|TOTAL ASSETS|||||913,191||428,505|
|Represented<br>by:||||||||
|FUNDS||||||||
|Unrestricted<br>funds|||15||925,010||428,505|
|Restricted funds|||15|||||
||||||925,010||428,505|





## 

|||||||Note|2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||||6|E|
|Net cash inflow I(ouNow)||from operating||activities:|||6,357|(21,899)|
|Cash flows from investing||activities:|||||||
|Interest received|||||||247|4,060|
|Capital expenditure|||||||(1,698)|(24,568)|
|Net cash usedin investing|activities||||||(1,451)|(20,508)|
|Change<br>in cash and cash||equivalents|in|the|||4,906|(42,407)|
|re ortin<br>cried|||||||||
|Cash and cash equivalents||atthe beginning|||ofthe||1,767,041|1,809,448|
|re ortin<br>cried|||||||||
|Cash and cash equivalents||atthe end|of|the|reporting||1,771,947|1,767,041|
|period|||||||||





|1<br>Reconciliation<br>ofnet consolidated|1<br>Reconciliation<br>ofnet consolidated|incoming|resources for the year to net|resources for the year to net||
|---|---|---|---|---|---|
|cash inflow from operating|activities|||2021|2020|
|||||8|F|
|Net income for the year before taxation||||(109,642)|(145,519)|
|Depreciation<br>charge||||29,356|23,451|
|(Increase)<br>/ Decrease<br>in debtors||||41,576|113,938|
|(Decrease)<br>/ Increase<br>in creditors||||(67,686)|(55,709)|
|Interest received||||(247)|(4,060)|
|Defined benefit pension scheme|contributions|||(146,000)|(131,000)|
|Defined benefit pension scheme|operating cost|||249,000|172,000|
|Net finance expenses<br>from the pension scheme||||10,000|5,000|
|Net cash inflow /(oufflow)<br>from operating||activities||6,357|(21,899)|
|2<br>Analysis ofchanges<br>in net|fund||At 31July|Cash|At 31July|
||||2020|Flows|2021|
||||E|E|8|
|Cash at bank and<br>in hand|||1,767,041|4,906|1,771,947|





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## 

|2|Charitable<br>Activities:|Charitable<br>Activities:||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|2021|2020|
||||||||F|
|Annual<br>subscriptions:||||||||
||General subscri ptions|||546,818||546,818|521,165|
||EUIInternationat<br>subscription|||57,518||57,518|54,996|
||Sports subscription|||56,508||56,508|56,000|
|Advancement<br>ofeducation|||for the|||||
|benefit ofthe general||public:||||||
||Representational<br>Activities|||63,347||63,347|27,303|
||Researchjproj ect Activities|||19,448|896,868|916,316|1,231,489|
||Training Activities|||||||
|||||743,639|896,868|1,640,507|1,890,953|
|3|Investments|||Unrestricted|Restricted|Total|Total|
|||||funds|funds|2021|2020|
|Bank Interest||||247||247|4,060|
|Rental Income||||10,270||10,270|11,172|
|||||10,517||10,517|15,232|



## 

|compa|ny's<br>gr|oss incom|e and deficit|for t|he year|are as follows:-|||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
|Gross|Income||||||1,652,002|1,903,981|
|Deficit|before|actuarial|gains/(losses)|on|pension|scheme|(105,315)|(40,566)|





## 

## 

|The trading<br>results are shown|The trading<br>results are shown|The trading<br>results are shown|below:|2021|2020|
|---|---|---|---|---|---|
|||||5|F|
|Turnover||||81,470|78,787|
|Cost ofsales||||(74,431)|(68,152)|
|Gross profit||||7,039|10,635|
|Administrative|expenses|||(10,386)|(10,849)|
|Operating<br>profit||||(3,347)|(214)|
|Interest receivable and similar|||income|21|24,026|
|(Loss) / Profit|on ordinary|activities||(3,326)|23,812|
|Tax on profit|on ordinary|activities||||
|(Loss) / Profit|for the financial||year|(3,326)|23,812|
|Retained<br>earnings<br>at beginning|||ofyear|15,357|13,367|
|Dividends|||||(21,822)|
|Retained<br>earnings<br>at end||ofyear||12,031|15,357|





## 

## 

||||||Research &|Management|||
|---|---|---|---|---|---|---|---|---|
||||Basis of|Representation|Dev, inc|&|||
||||Allocation|&Su<br>ort|Pro'acts|Governance|2021|2020|
|Costs Directly||Allocated to Activities|||||||
|Educational|Advancement||Direct|9,924|659,274||669,198|1,037,764|
|Staff costs|||Direct|439,215|435,721|34,414|909,350|797,752|
|Travel|||Direct|204|232|882|1,318|18,391|
|Support costs||Allocated to Activities|||||||
|Accommodation|||Staff time|7,109|8,147|750|16,006|21,620|
|Administration||& Bank Charges Staff time||20,495|20,117|1,852|42,464|49,505|
|Fees and charges|||Staff time|32,358|37,083|10,379|79,820|64,352|
|Public affairs|and other costs||Staff time|12,012|||12,012|40,124|
|Depredation|||Staff time|12,059|13,820|1,272|27,151|21,982|
|Total Resources Expended||||533,376|1,174,394|49,549|1,757,319|2,051,490|





## 

|Staff costs for the above|consisted of:|consisted of:||2021|2020|
|---|---|---|---|---|---|
||||||F|
|Wages and salaries||||292,520|298,115|
|Salaries, Social Security &|Pension|costs allocated to projects||298,506|263,296|
|Pension actuary adjustment||||113,000|46,000|
|Pension costs||||148,361|125,558|
|Social security costs||||56,961|53,413|
|Recruitment<br>costs|||||11,370|
|||||909,348|797,752|
|Emoluments<br>of<br>higher|paid|employees|(excluding|2021|2020|
|pension contributions):||||||
|F100,000to F110,000||||||



|The average<br>number<br>of e<br>as follows:|mployees<br>during<br>the year, calc|ulated<br>on the basis of|full time eq|
|---|---|---|---|
|||2021|2020|
|Representation<br>&Support||||
|Research &Development,|inc. Projects|||
|Governance||||
|||14|14|
|8<br>Net incoming<br>l (outgoing) resources||||
|||2021<br>F|2020f|
|Net incoming I(outgoing)|resources are stated|||
|after charging I(crediting)|the following:|||
|Depreciation<br>on owned tangible fixed assets||29,356|23,451|
|Operating lease rental:||||
|Land and buildings||44,250|47,658|
|Auditors' remuneration:||||
|Audit work (group &companies)||6,750|6,650|
|Non-audit<br>work||6,167|4,566|
|Legal and professional<br>fees||12,334|12,841|





## 

|||2021f|2020<br>F|
|---|---|---|---|
|Current service char e||249,000|172,000|
|Total operating<br>charge to|Statement of Financial Activities|249,000|172,000|
|||2021|2020|
|||6|F|
|Interest income on scheme|assets|(42,000)|(62,000)|
|Interest expense on defined|benefit obligation|52,000|67,000|
|Interest charged to Statement ofFinancial Activities||10,000|5,000|
|Net cost to Statement of Financial Activities||259,000|177,000|



|10<br>Tangible fixed asset|s - Group|||||
|---|---|---|---|---|---|
||Freehold|Office|Fixtures &|Computer||
||Property|equipmentf|Fittings|equipment|Total|
|Cost||||||
|At 1 August 2020|686,513|75,625|94,285|80,304|936,727|
|Additions||155||1,543|1,698|
|Disposals||||||
|Reclassification||||||
|At 31July 2021|686,513|75,780|94,285|81,847|938,425|
|Depreciation||||||
|At 1 August 2020|294,592|60,019|87,597|57,135|499,343|
|Charge for the year|10,314|8,720|1,093|9,229|29,356|
|Disposals||||||
|Reclassification||||||
|At 31July 2021|304,906|68,739|88,690|66,364|528,699|
|Net book value||||||
|At 31 July 2021|381,607|7,041|5,595|15,483|409,726|
|At 31 July 2020|391,921|15,606|6,688|23,169|437,384|





## 

|10<br>Tangible fixed assets|10<br>Tangible fixed assets|- Company|||||
|---|---|---|---|---|---|---|
|||Freehold|Office|Fixtures &|Computer||
|||Property<br>F|equipment<br>F|Fittingsf|equipment<br>F|Total<br>F|
|Cost|||||||
|At 1 August 2020||686,513|58,891|63,051|65,011|873,466|
|Additions|||134||1,364|1,498|
|Disposals|||||||
|Reclassification|||||||
|At 31July 2021||686,513|59,025|63,051|66,375|874,964|
|Depreciation|||||||
|At 1 August 2020||294,592|45,275|56,462|44,586|440,915|
|Charge for the year||10,314|7,618|1,072|8,149|27,153|
|Disposals|||||||
|Reclassification|||||||
|At 31July 2021||304,906|52,893|57,534|52,735|468,068|
|Net book value|||||||
|At 31 July 2021||381,607|6,132|5,517|13,640|406,896|
|At 31 July 2020||391,921|13,616|6,589|20,425|432,551|
|11 Investment|Property||||2021|2020|
||||||F||
|FAIR VALUE|||||||
|At 1 August 2020|||||115,000||
|Reclassification||||||92,068|
|Fair value adjustment||||||22,932|
|At 31July 2021|||||115,000|115,000|



## 



## 

## 

||||||
|---|---|---|---|---|
|12|Fixed|asset investments|Company|Company|
||||2021|2020|
|||||F|
|Investment||in subsidiary|100|100|



|13<br>Debtors|13<br>Debtors||Group|Company|Group|Company|
|---|---|---|---|---|---|---|
||||2021|2021|2020|2020|
||||||F|F|
|Amounts|falling due within one year||||||
|Trade debtors|||2,542|2,542|2,460|2,256|
|Accrued|income||163,960|156,119|214,930|201,913|
|Amounts|due from subsidiary|undertaking||15,595||100,519|
|Prepayments|||27,700|20,507|18,388|11,231|
||||194,202|194,763|235,778|315,919|



|14<br>Creditors: amounts|falling due|||||
|---|---|---|---|---|---|
|within one year||Group|Company|Group|Company|
|||2021<br>F|2021f|2020<br>5|2020|
|Trade creditors||53,438|52,794|61,806|59,654|
|Accruals||160,674|154,445|244,913|241,638|
|Deferred income||1,071,785|1,065,022|1,039,986|1,033,223|
|Other taxation and social|security|17,760|19,717|24,638|25,259|
|||1,303,657|1,291,978|1,371,343|1,359,774|





|15<br>Funds - Group|15<br>Funds - Group||||Transfer|Actuarial||
|---|---|---|---|---|---|---|---|
|||At 01.08.20|Incoming|Resources|between|Gain on|At 31.07.21|
|Unrestricted<br>funds||6|resources|expended|fund|pension|8|
|General<br>Fund||98,397|835,626|(903,622)|(520,909)|591,000|100,492|
|Capital Asset Reserve||45,463||(29,356)|508,619|-|524,726|
|Critical / Closure|costs|240,000|||||240,000|
|Strategic reserve||40,000|||||40,000|
|Capital Spend Reserve||20,000|||||20,000|
|||443,860|835,626|(932,978)|(12,290)|591,000|925,218|
|Restricted funds||||||||
|Research/Project|Activities||896,868|(909,158)|12,290|||
|TOTAL FUNDS||443,860|1,732,494|(1,842,136)||591,000|925,218|



|The restr|ict|ed<br>fun|ds recei|ved during th|e year were|as follows:||||
|---|---|---|---|---|---|---|---|---|---|
||||||||Transfer|from||
|||||Opening|||unrestricted||Closing|
|||||balance|Income|Expenditure|funds||balance|
|||||6|8|8|8||8|
|Erasmus|+ Migrant||Sport||5,719|||(5,719)||
|VocTech|||||9,625|9,625||||
|EQAVET|Restncted||Call 3||38,809|44,818||6,009||
|Erasmus|+ Staff 2019|||||109||109||
|ILS|||||12,840|13,103||263||
|ARAD|||||2,156|2,156||||
|ALN Advisor|||||144,778|144,947||169||
|Construction|||||219|219||||
|Sport|||||148,840|148,840||||
|Erasmus|+ Staff 18||||76|933||857||
|Welsh|||||373,300|373,300||||
|Flexible Adult Learning|||||83,717|85,534||1,817||
|Transitions||(TIP)|||1,067|1,067||||
|Erasmus|+ Learner||18||4,946|3,789||(1,157)||
|HSC|||||1,470|1,470||||
|ECVET|||||2,757|2,929||172||
|KA2|||||2,545|2,545||||
|Erasmus|+ Learner||2019|||525||525||
|Workload|||||32,546|32,546||||
|EQF Workplan|||||31,458|40,703||9,245||
||||||896,868|909,158||12,290||





|||||||Transfer|Actuarial||
|---|---|---|---|---|---|---|---|---|
||||At 01.08.20|Incoming|Resources|between|Gain on|At 31.07.21|
|Unrestricted<br>funds||||resources|expended|fund|pension|E|
|General|Fund||87,877|754,135|(809,187)|(520,711)|591,000|103,114|
|Capital|Asset Reserve||40,628||(27,153)|508,421||521,896|
|Critical|/ Closure|costs|240,000|||||240,000|
|Strategic reserve|||40,000|||||40,000|
|Future|Capital Reserve||20,000|||||20,000|
||||428,505|754,135|(836,340)|(12,290)|591,000|925,010|
|Restricted funds|||||||||
|Research/Project||Activities|-|896,868|(909,158)|12,290|||
|TOTAL|FUNDS||428,505|1,651,003|(1,745,498)||591,000|925,010|



|The restrict|ed fund|s receiv|ed during t|he year were|as follows:||||
|---|---|---|---|---|---|---|---|---|
|||||||Transfer to|/ from||
||||Opening|||unrestricted||Closing|
||||balance|Income|Expenditure|funds||balance|
|||||E|E|E|||
|Erasmus +|Migrant|Sport||5,719|||(5,719)||
|VocTech||||9,625|9,625||||
|EQAVET Restricted||Call 3||38,809|44,818||6,009||
|Erasmus+|Staff 2019||||109||109||
|ILS||||12,840|13,103||263||
|ARAD||||2,156|2,156||||
|ALN Advisor||||144,778|144,947||169||
|Construction||||219|219||||
|Sport||||148,840|148,840||||
|Erasmus+|Staff 18|||76|933||857||
|Welsh||||373,300|373,300||||
|Flexible Adult Learning||||83,717|85,534||1,817||
|Transitions|(TIP)|||1,067|1,067||||
|Erasmus+|Learner|18||4,946|3,789||(1,157)||
|HSC||||1,470|1,470||||
|ECVET||||2,757|2,929||172||
|KA2||||2,545|2,545||||
|Erasmus +|Learner|2019|||525||525||
|Workload||||32,546|32,546||||
|Erasmus+|Staff 20||||||||
|EQF Workplan||||31,458|40,703||9,245||
|||||896,868|909,158||12,290||





## 

## 

|Compar|atives<br>|for move|ment<br>in fun|ds|||||
|---|---|---|---|---|---|---|---|---|
||||||||Actuarial||
|||||||Transfer|Gain/(Loss)||
||||At 01.08.19|Incoming|Resources|between|on|At 31.07.20|
|Unrestricted<br>funds|||5|resources|expended|fund|pension|5|
|General|Fund||35,110|777,642|(866,578)|509,223|(357,000)|98,397|
|Capital|Asset Reserve||528,337||(23,451)|(459,423)||45,463|
|Critical|/ Closure|costs||||(22,932)|22,932||
|Strategic reserve|||240,000|||||240,000|
|Capital|Spend Reserve||40,000|||||40,000|
|International<br>Curriculum|||80,000|||(60,000)||20,000|
|Develo|ment||||||||
||||923,447|777,642|(890,029)|(33,132)|(334,068)|443,860|
|Restricted funds|||||||||
|Research/Project||Activitie'.|-|1,207,330|(1,240,462)|33,132|||
|TOTAL|FUNDS||923,447|1,984,972|2,130,491||334,068|443,860|



|The restrict|ed fund|s receiv|ed during|the year were|as follows:||||
|---|---|---|---|---|---|---|---|---|
|||||||Transfer|from||
||||Opening|||unrestricted||Closing|
||||balance|Income|Expenditure|funds||balance|
||||5||F|5|||
|VocTech||||15,375|15,375||||
|EQAVET Restricted||Call 3||20,460|22,495||2,035||
|Erasmus+|Staff 2019||||1,129||1,129||
|ALN - both||||30,673|30,673||||
|ARAD||||3,364|3,364||||
|ALN - Advisor||||135,260|135,260||||
|Construction||||27,355|27,355||||
|Sport||||115,360|115,360||||
|Erasmus+|Staff 18|||15,950|18,901||2,951||
|Cymraeg<br>Gwaith||||398,001|398,001||||
|Flexible Adult Learning||||225,765|225,765||||
|Erasmus+|Staff 2017|||(452)|758||1,210||
|Erasmus +|Learner|18||148,722|148,722||||
|ECVET||||1,950|1,950||||
|KA2||||3,951|3,951||||
|Erasmus +|Learner|2017||(5,978)|12,138|18,116|||
|Erasmus +|Learner|2019||22,624|26,808||4,184||
|Erasmus+|Migrant|Sport||17,828|17,828||||
|EQF Workplan||||14,249|17,756||3,507||
|Mental<br>Health||||16,873|16,873||||
|||||1,207,330|1,240,462|33,132|||





## 

## 

## 

|A curr|ent year|12mont|hs<br>and prior|year 12m|onths<br>combin|ed<br>position i|s as follows|:|
|---|---|---|---|---|---|---|---|---|
||||||||Actuarial||
|||||||Transfer|Gain/(Loss)||
||||At 01.08.19|Incoming|Resources|between|on|At 31.07.21|
|Unrestricted<br>funds|||6|resources|expended|fund|pension|6|
|General|Fund||35,110|1,613,268|(1,770,200)|(11,686)|234,000|100,492|
|Capital|Asset Reserve||528,337||(52,807)|49,196||524,726|
|Investment<br>property||||||(22,932)|22,932||
|Critical|/ Closure costs||240,000|||||240,000|
|Strategic Reserve|||40,000|||||40,000|
|Ca<br>ital|S end Reserve||80,000|||60,000||20,000|
||||923,447|1,613,268|(1,823,007)|(45,422)|256,932|925,218|
|Restricted funds|||||||||
|Research/Project||Activities||2,104,198|(2,149,620)|45,422|||
|TOTAL|FUNDS||923,447|3,717,466|(3,972,627)||256,932|925,218|





## 

## 



## 

## 



## 

## 

|General|Fund|100,492 This represents<br>general<br>unrestricted<br>funds|for use within the|for use within the|
|---|---|---|---|---|
|||charity|||
|Existing|Capital Reserve|524,726 This represents<br>funds<br>designated<br>for the|net book value of||
|||capital assets held within the Charity at the|year end.||
|Critical IClosure costs||240,000 To meet the potential<br>closure costs which|would be incurred||
|||should the charity cease.|||
|Strategic reserve||40,000 To meet the costs of strategic<br>expenditure|identified|within|
|||the designated<br>reserves<br>which<br>are funded|through|income|
|||and expenditure<br>account.|||
|Future Capital Reserve||20,000 This represents<br>future plans for capital spend|||



## 

## 


## 




## 

## 

|||Note|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
||||funds|fundsf|2020|
|INCOME AND ENDOWMENTS||FROM||||
|Donations<br>and legacies||||||
|Charitable<br>activities:||||||
|Annual<br>subscriptions|||632,161||632,161|
|Advancement<br>ofeducation|for the|||||
|benefit ofthe general<br>public|||51,462|1,207,330|1,258,792|
|Other trading activities:||||||
|Commercial<br>trading operations|||78,787||78,787|
|Investments|||15,232||15,232|
|Total income|||777,642|1,207,330|1,984,972|
|EXPENDITURE ON||||||
|Charitable<br>activities||||||
|Advancement<br>ofeducation|for the|||||
|benefit ofthe general<br>public|||811,028|1,240,462|2,051,490|
|Other trading activities:||||||
|Commercial<br>trading operations|||79,001||79,001|
|Total expenditure|||890,029|1,240,462|2,130,491|
|NET INCOME I(EXPENDITURE)|||(112,387)|(33,132)|(145,519)|
|Transfers<br>between funds|||(33,132)|33,132||
|OTHER RECOGNISED GAINS I(LOSSES)||||||
|Fair Value Adjustment|||22,932||22,932|
|Actuarial<br>gain on defined<br>benefit||||||
|scheme|||(357,000)||(244,000)|
|Net movement<br>in funds<br>in|year||(479,587)||(479,587)|
|RECONCILIATION<br>OF FUNDS||||||
|Total funds brou<br>ht forward|||923,447||923,447|
|TOTAL FUNDS CARRIED|||443,860||443,860|
|FORWARD||||||





## 

## 

## 

## 


## 

## 




## 

## 

## 

||||Value at|Value at|
|---|---|---|---|---|
||||31July 2021|31 July 2020|
||||(KM)|(FM)|
|Equities|||66.5%|81.1%|
|Property|||6.6%|8.2%|
|Government||bonds|10.1%|12.0%|
|Corporate|bonds||15.2%|17.1%|
|Cash|||1.6%|1.4%|
|Other|||0.0%|0.2%|
|Total|||100 0'/|1PP P%|



## 

|||||Value at|Value at|
|---|---|---|---|---|---|
|||||31July 2021|31 July 2020|
|||||(KM)|(FM)|
|Fair value offund assets||||3.652|2.981|
|Present|value of liabilities|||(3.914)|(3.721)|
|Funded|status|||(0.262)|(0.740)|
|Unrecognised<br>asset||||0.000|0.000|
|Pension|asset/(liability)|recognised|on|||
|the Balance Sheet||||||
|||||(0.262)|(0.740)|





## 

## 

|Amounts|reocgnised|in Income Statement|Year ending|Year ending|
|---|---|---|---|---|
||||31July 2021|31 July 2020|
||||(KM)|(FM)|
|Operating|Cost||||
|Current service costs|||0.249|0.172|
|Past service costs|||0.000|0.000|
|Curtailment|cost||0.000|0.000|
|Settlement|cost||0.000|0.000|
|Financing|Cost||||
|Interest costs|||0.010|0.005|
|Expense|recognised|in Profit and Loss|0.259|0.177|



|Changes to|the present<br>value of liabilities|the present<br>value of liabilities|during|the|||
|---|---|---|---|---|---|---|
|year|||||Year ending|Year ending|
||||||31July 2021|31 July 2020|
||||||(F.M)|(FM)|
|Opening<br>present value||of liabilities|||3.721|3.229|
|Current service cost|||||0.249|0.172|
|Interest cost|||||0.052|0.067|
|Contributions<br>by participants<br>Actuarial<br>(gains)/losses<br>on liabilities *<br>Net benefits<br>paid out¹|||||0.039<br>(0.060)<br>(0.087)|0.035<br>0.295<br>(0.077)|
|Past service|cost||||0.000|0.000|
|Net increase|in liabilities|from disposals|||||
|and acquisitions|||||0.000|0.000|
|Curtailments|||||0.000|0.000|
|Settlements|||||0.000|0.000|
|Closing present value||ofliabilities|||3.914|3.721|





## 

|Changes to|the fair value of|assets during the year|Year ending|Year ending|
|---|---|---|---|---|
||||31July 2021|31 July 2020|
||||(KM)|(FM)|
|Opening<br>fair|value ofassets||2.981|2.892|
|Interet income on assets|||0.042|0.062|
|Remeasurement<br>gains/(losses)||on assets|0.531|(0.062)|
|Contribution|by the employer||0.146|0.131|
|Contribution<br>Net benefits|by participants<br>paid out¹||0.039<br>(0.087)|0.035<br>(0.077)|
|Net increase|in assets from disposals||||
|and acquisitions|||0.000|0.000|
|Settlements|||0.000|0.000|
|Closing fair|value ofassets||3.652|2.981|



|Actual return|on assets|Year ending|Year ending|
|---|---|---|---|
|||31July 2021|31 July 2020|
|||(EM)|(EM)|
|Interest income on assets||0.042|0.062|
|Gain/(Loss)<br>on|assets|0.531|(0.062)|
|Actual return|on assets|0.573|0.000|



|Analysis|ofamount|recognised|recognised|in Other Comprehensive|Year ending|Year ending|
|---|---|---|---|---|---|---|
|Income|||||31July 2021|31 July 2020|
||||||(EM)|(EM)|
|Asset gains/(losses)||arising|during|the period|0.531|(0.062)|
|Liabili|ains/(losses)|arisin|durin<br>the period||0.060|(0.295)|
|Total (loss) in OCI|||||0.591|(0.357)|





## 

## 

|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||6|E|
|(Deficit) before pension||adjustment||||3,358|(99,519)|
|Pension adjustment|Included||in|the Income &expense account||||
|Employers<br>contributions||transferred||against|liability|(146,000)|(131,000)|
|Pension adjustment||||||249,000|172,000|
|Finance cost||||||10,000|5,000|
|(Deficit) per accounts||||||(109,642)|(145,519)|





## 

|Director||College||||Relationship|
|---|---|---|---|---|---|---|
|Guy Lacey (appointed<br>01/07/18) Chair||CEO/Principal,|Coleg Gwent|||Trustee|
|Simon Pirotte (appointed<br>04/01/21)||CEO/Principal,|Bridgend|College||Trustee|
|Paul Croke (appointed<br>1/8/19, resigned|31/10/21)|Chair, Bridgend|College|||Trustee|
|Louise Casella (appointed<br>1/8/19)||Director, The Open University|||in Wales|Trustee|
|Jeffrey Greenidge<br>(appointed<br>1/8/19)||Owner, Ariege|Consultancy,||Chair Bridgend|College Trustee|
|Paul Smart (appointed<br>4/1/21)||Retired||||Trustee|
|Rhiannon<br>Evans (appointed<br>24/11/21)||Senior Lecturer,|Cardiff|University||Director|
|Suzy Davies (appointed<br>24/11/21)||Senedd Member||||Director|
|lestyn<br>Morris (Resigned 31/12/20)||Partner,<br>Capital|Law|||Trustee|



|Director||College||||Relationship|
|---|---|---|---|---|---|---|
|Guy Lacey (appointed<br>01/07/18) Chair||CEO/Principal,|Coleg Gwent|||Director|
|Simon Pirotte (appointed<br>04/01/21)||CEO/Principal,|Bridgend<br>College|||Director|
|Paul Croke (appointed<br>1/8/19, resigned|31/10/21)|Chair, Bridgend|College|||Director|
|Louise Casella (appointed<br>4/1/21)||Director, The Open University|||in Wales|Director|
|Jeffrey Greenidge<br>(appointed<br>4/1/21)||Owner, Ariege|Consultancy,|Chair Bridgend||College Director|
|Paul Smart (appointed<br>4/1/21)||Retired||||Director|
|Rhiannon<br>Evans (appointed<br>24/11/21)||Senior Lecturer,|Cardiff University|||Director|
|Suzy Davies (appointed<br>24/11/21)||Senedd Member||||Director|
|Mike James (Resigned 31/12/20)||CEO/Principal,|Cardiff and Vale College|||Director|
|Dafydd Evans (Resigned 31/12/20)||CEO/Principal,|Grwp Llandrillo||Menai|Director|





## 

|Income invoiced to Colleges||||||||
|---|---|---|---|---|---|---|---|
|during the year||||||||
||Subs|Sport|EU/Int|Dev|Projects|Other|Total|
|Bridgend<br>College|41,344|5,138|4,709||920|280|52,391|
|Cardiff and Vale College|43,307|5,138|4,709|11,303|1,500|280|66,237|
|Coleg Sir Gar and Coleg Ceredigion|43,307|5,138|4,709||920|280|54,354|
|Coleg Gwent|43,307|5,138|4,709||920|280|54,354|
|Coleg y Cymoedd|43,307|5,138|4,709|||280|53,434|
|Coleg Cambria|43,307|5,138|4,709|11,303|920||65,377|
|Gower College Swansea|43,307|5,138|4,709|11,303||304|64,761|
|Grwp Llandrillo<br>Menai|43,307|5,138|4,709|11,303|920|280|65,657|
|The College Merthyr<br>Tydffl Ltd.|26,369|5,138|4,709|||280|36,496|
|NPTC Group ofColleges|43,307|5,138|4,709|11,303|920|280|65,657|
|Pembrokeshire<br>College|29,144|5,138|4,709|11,303||280|50,574|
|Adult Learning Wales<br>St David's Catholic College *|14,653<br>15,763|-<br>1,000|4,709||||19,362<br>16,763|
|Total|473,729|57,518|56,508|67,818|7,020|2,824|665,417|



|Payments to Colleges<br>during the year||||||
|---|---|---|---|---|---|
||Catering/|Other|Projects|Other|Total|
||Accom.|||||
||E||E||8|
|Bridgend<br>College|||57,083||57,083|
|Cardiff and Vale College|||68,000||68,000|
|Coleg Sir Gar and Coleg Ceredigion|||105,795||105,795|
|Coleg Gwent|||45,100||45,100|
|Coleg y Cymoedd|||30,000||30,000|
|Coleg Cambria|||66,600||66,600|
|Gower College Swansea|||59,000||59,000|
|Grwp Llandrillo<br>Menai|||60,000||60,000|
|The College Merthyr<br>Tydffl Ltd.|||15,000||15,000|
|NPTC Group ofColleges|||51,600||51,600|
|Pembrokeshire<br>College<br>St David's Catholic Sixth Form College *|||40,600<br>600||40,600<br>600|
|Adult Learning Wales||||1,710|1,710|
|Total|||599,378|1,710|601,088|





## 

## 

|Cardiff|and Vale College|1,347|
|---|---|---|
|Coleg Gwent||280|
|Gower|College Swansea|540|
|Merthyr|Tydffl College|375|
|Total||2,542|



|The following<br>amounts<br>were due to|Colleges|
|---|---|
||E|
|Cardiff &Vale College|14,000|
|Coleg Gwent|2,500|
|Coleg SirGar and Coleg Ceredigion|14,001|
|Coleg Cambria|4,000|
|Llandrillo<br>College|4,000|
|Merthyr<br>Tydffl College|3,000|
|Total|41,501|





## 

||||Year ended|Year ended|Year ended|Year ended|
|---|---|---|---|---|---|---|
||||31July|2021|31July|2020|
||||F|F|5||
|INCOME|||||||
|College subscriptions|||660,844||632,161||
|Grants receivable|||767,476||1,116,129||
|Sports Grant income|||148,840||115,360||
|Other income|||63,347||27,303||
|Bank interest|||247||4,060||
|Rents received|||10,270||11,172||
|Staff development<br>activities|||36,220||32,986||
|Lease rental income|||45,250||45,801||
|||||1,732,494||1,984,972|
|LESS:|||||||
|COST OF SALES|||||||
|Other operating<br>leases|||44,250||47,658||
|Staff development<br>expenditure|||30,182||20,494||
|||||74,432||68,152|
|EXPENDITURE|||||||
|Conferences|||||840||
|Public affairs and representation|||9,574||7,852||
|Website development|||370||18,152||
|Projects &advisory|groups||671,267||1,090,317||
|Accomodation<br>costs|||16,561||22,520||
|Staff costs|||909,348||797,752||
|Office administration|||45,723||53,266||
|Travel &expenses|||1,315||19,127||
|Legal & professional||fees|12,334||12,841||
|Auditors<br>remuneration|||6,750||6,550||
|Auditors<br>remuneration||- non audit fees|6,167||4,566||
|Bank charges|||1,208||1,234||
|Bad Debts|||||(370)||
|Exchange<br>rate loss|||57,732||4,240||
|Depreciation:|||||||
|Freehold<br>property|||10,314||10,314||
|Fixtures 8 fittings|||9,812||9,964||
|Computer<br>equipment|||9,229||3,174||
|||||1,767,704||2,062,339|
|DEFICIT FOR THE|YEAR|||(109,642)||(145,519)|