COMPANY REGISTRATION NUMBER: 02239398 CHARITY REGISTRATION NUMBER: 1062140 Wales Quality Centre Company Limited by Guarantee Unaudited Financial Statements 30 June 2024 CARSTON ETL Chartered accountanls 1 st Floor, Tudor House 16 Cathedral Road Cardiff CF119LJ
Wales Quality Centre Company Limited by Guarantee Flnancial Statements Year ended 30 June 2024 Page Trustees, annual report (incorporating the director's report) Independent examinerfs report to the trustees statement of financial activities (including income and expenditure account) Stalement of financial position Notes to the financial statements
Wales Quality Centre Company Limited by Guarantea Trustees. Annual Report (Incorporating the Director's Raport) Year ended 30 June 2024 The twstees, who are also the directors for the purposes of company law. present their report and the unaudited financial statements of the charity for the year ended 30 June 2024. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered charlty namg Wales Quality Centre Charlty reglstratlon number 1062140 Company rogistratlon number 2239398 Prlnclpal offlce and registered Waterton Centre offlco Waterton Industrial Estate Bridgend Rhondda Cynon Taff CF313wr The trustees D A Phillips Pyip P Miers J Daniels J Bowen C Quinn C Thompson R O'Neill H John Resigned 28 February 2024 Resigned 16 October 2024 Appointed 14 May 2024 Independent examlner FaRana Ahmed FCCA Carslon ETL 1 st Floor, Tudor House 16 Cathedral Road Cardrff CF119LJ OBJECTIVES AND ACTIVITIES The trustees confirm that they have referred to the guidance contained in the Charity Commi88ion's general guidance on public benefit when reviewing the Wales Quality Centre aims and objectives and in planning future activities. The charity's declared objectlve is to promote and improve th8 cause of qualbty management, innovation and organisational competence in Wales. The policy remains to provide advice to member and other org8nisations in Wales on qualty and other related matters, to provide appropriate training seNices, to act as a focus for the spreading of best practice. The Centre's mission has been exiended to promote and nurture a culture of innovative competitiveness which will give Wales a world class private and public sector.
Wales Quallty Centre Company Limited by Guarants8 Trustees. Annual Report (Incorporating the Director's Report) (conbnuedj Year ended 30 June 2024 ACHIEVEMENTS AND PERFORMANCE Wales Quality Centre maintsined its position for providing first dass training and business improvement support and advisory services, focusing on innovative thinking, to organisations throughout Wales. This supported by the high level of positive customer feedback available for scrutiny by appropriate parties. We have continued to expand the portfolio of flexible, quality and organisational developmenl services available to member organisations and the wider market. Our market spans a wide field of economic activity including manufacturing. service sector, health, education, local government, and public authoriti8S. The year under review, 12 months to June 2024, continued to be a difficult year for Welsh businesses, there continues to be high levels of attrition and employee movement across all sectors, r8sulting in skills and experiential challenge for businesses Demand for our services has been high. We continue to support through implementation support, advice and training and have seen increased interest in particular for our 6 Sigma 8ffici8ncy 8avings programm8, real projects undertaken by organisations as part of our tralnln9 programmè continues to realis8 achleved savings for organisation of £millions. The importance of Wales Quality Centre's role to Wales PIC continues to be as relevant now as to any previous lime. We have expanded our portfolio to meet changing needs and have worked flexibly to provide support in difficult times. Our portfolio of training continues to expand along with membership events and partnership working with organisations. FINANCIAL REVIEW We have continued to bulld on tradlng from the previous year and are encouraged by the resilience and innovation of Welsh Business. It Is reassurfng to see Such a high demand for our services, reflecting our Members planning and upskilling for future growth. It is testament to the mindset and culture of organisations who engage with the centre. Our financial position 18 sound, as 18 future demand for our 8ervices, and we look forward to furth•r supporting our customers through the coming year, it truly makes us proud to be Welsh. R•vlew of the flnanclal p081tlon at tho end of the accountlng perlod Total income durlng the year was £225,609 (2023.. £297,875). Total expenditure amounted to £249.465 (2023: £323,358). Overall a deficit of £23,858 (2023.. £25,483) during the year, detailed breakdown of the income and expenditure fomis part of the notes to the accounts. Summary of Resorves At the year-end unre51ricted reseNes were £292,659 {2023'. £316,515). The level of free reserves available was £290,926 (2023.. £315,026). Reserves Policy The minimum reserves policy continues unchanged from the previous year, wlth thls in mind, the govefflor5 have agreed to continue with the following policy.. The Board's policy is to maintain reserves at a level which would fund at least three months. expenditure in salaries and ovetheads wf(houl income. When expenditure levels reach and remain at a level which threatens that policy, action is tsken, through restructuring and downsizing the organisation, to reduce expenditure accordingly.
Wales Quality Centre Company Llmited by Guarantee Trustses, Annual Report (Incorporating the Director's Report) (ceIlnUed) Year ended 30 June 2024 We have increased our reserve levels in recent years to provide operational flexibility in uncertain times, and to provide free services to support our members. We have now utilised some of this surplus to improve our Member experience, to develop our website and dlta1 operations and intend to deliver a high profile keynote Member event later in the year. We have no issues with our reserve levels at present, these have remained sufficient and stabje. Vle 8nticipated a reduction in our resenies of around £30.000 last year and our performance was in linewith our projections. For the 2024 to 2025 year our intention is to further utilise our reserves for further improvements and events. We anticipate a trading loss of around £50,000 to achieve this. Rl8k Management It is the govemors, responsibility to be conscious of and identify the major risks to which Wales Qualty Centre is exposed and to review the 8yStem8 and intemal controls that have been established to mitigate those ri8k8. They are satisfied that the necessary systems and internal controls are put in place together with mechanisms to ensure that Ihey continue to operate satisfactorily. All Board and s8nior management meeting agenda8 have been drawn up to ensure that strategic and operational rl$ks In relation to the Business Plan are assessed and mitigating strategies put in place where necessary. Wales Quality Centre continually looks to strengthen its intemal structure and senior management team to facilitate more strategic and risk-ba8ed approach to planning, decision-making and operational delivery. We contlnue to digftlse and upgrade our operatlons for business continulty planning. Plans for future perlod8 The outlook remains uncertain for Welsh business and remains volatile for the coming year.. Accordingly, we base our position for the coming year on maintaining a stable financial po8ltion, whilst investing in our Member experience. The organisation will continue to fo¢us on further development and sustainability within the context set out in its operational plan. The core capabilrties and capacity of the organisation will continue to be broadened to meet customer demand, and opportunities for new proj8cts will be explored and developed. Resources will continue to be managed carefully and further consideration will be given to positioning the organisation to enable it to meet challenges and opportunities. Going ft)pNard, the Wales Qualty Centre will continue to develop Strategic alliances with other complimentary service providers in Wales. The objective is to share knowledge to promote recent concepts behind business improvement and innovation, and raise awareness and competence acros5 our customer base. STRUCTURE. GOVERNANCE AND MANAGEMENT Wal&s Quality Centre is a company limrted by guarantee, governed by ils Memorandum and Articles of Association which were adopted 29 June 1989 and amended 1 December 1994. The company became a registered charily on 29 April 1997. The Board of Governors is responsible for the overall governance of the charity. Goverr)ors, who can be invited to stand for election by the Chairman and, with the approval of the members, are elected to the Board. Invitations are also s8nt to member organisations to propose a representative to stand for election to the Board.
Wales Quality Centre Company Llmlted by Guarantee Trustees. Annual Raport (Incorporatlng the Directorfs Report) Year ended 30 June 2024 The govemors are fam1118rryth the work of the Wales Qualty Centre, having been Invofved as mernb8r8. customers and assoclates prlor to Joining th8 Board. New govemors ere requlred to attend a training 8e&8bn o)verlng the following: the management of the Centre, Includlng the obllgattons of the ¥emIng Board and Memorandum and Articla$ which Set out th8 oper81ional framework; the adminlstratlon of the Centre indudlng resources, mèmborshlp support and servlce do11ery. current flnancial p031tlon a8 set out In the publlshed IFnand81 statomonts the future plan8 and 8trategy Gov8mors m88t on a regular b8818 att8ndlng a mlnlmum of four 808rd maètlngs a year. The 808rd's Ex8culve Sub Commltt88. comprl8lng thè Chalr and VIC8 Chalr, vAth the Chlef Execufjve. rn88ts to monltor the perfonn8nc8 of the Centre on a regular basls. At the8e meetlng8, the Board revlews strategy and operatk>nal pgrfom8n¢o and sets operallng plan¥ and budgets. The Board delegatss the exe1$8 of certain powers regarding th8 management and admlnistration c the tharity as 8et out below. This 18 controll8d by reporting to the Board so that all declsions made und8r d818gat8d pow8rs can be ratlfi8d by the Board In due course. Ex•cullve Commltt•• The Execulive Committee c4Jmprises Ihe Chalr 8fKI WIC8 Chair, wtth the Chief Execut6ve. The comrnittee m88ts periodically. It is charged wtth r8viewlng th8 8tr8tegy, pollcy and management of the (l)aWs finance and resourc88 and advlslng the Boa1 accordlngly. The commlttea ensures propar procedures ar& In place to manage financlal resourc88 prudendy and 8nsur8s that HR policies and pro¢eduMs aro In Ilna vAth (rrntIag1SIatIOn arnj good praGtItXJ. Chlef Ex•eutlv• The Chlef Executlve18 responslble for the d8y-to-day management of th8 ¢harltls aff81rs and where aprmpriata. proposlng and Impl8mentlng policl8s agreed by the Board of Governors. Small company provl•lon• Thls report has b8en prepared kn accord8nce wlth the provlsions appllcable to companles entlUe(I to the small comp8nl88 examplon. The tru8te86' annual r8POrt was approved on .... truste88 by: 2L•.¥and SIgn on behalf of the board of Twslee Name
Wales Quality Centre Company Limited by Guarantee Independent Examinerfs Report to the Trustees of Wales Quality Centre Year ended 30 June 2024 I report to the trustees on my examination of the financial statements of Wales Qualty Centre ('the charity) for the year ended 30 June 2024. Responslbllltles and basls of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 18 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carying out my examination I have followed th8 Dir8Ctions giv8n by the Charity Commission under section 145(5)(b) of the 2011 Act. Indopend•nt oxamlngr's statement I have completed my examination. I confim that no matters have come to my attention in connectlon with the examination giving me cause to believe: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2008 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent exarnination; or th• financial $tst•m•nt$ have not been prepared in accordance with the methods and prlncipl88 of tho Statement of Recommended Practice for accounting and reporting by charrties applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be ached. orL Farzana Ahmed FCCA Independent Examiner Carston ETL 1st Floor, Tudor House 16 Cathedral Road Cardiff CF119LJ Date: ityloilitsz
Wales Quality Centre Company Llmlted by Guarantsé Statement of Financial Activities (including income and expenditure account) Year ended 30 June 2024 2024 Unrestricted funds Total fund8 Total funds 2023 Income and endowments Donations and legacies Charitable activities Investment income 21,240 200,021 4,348 21,240 200,021 4,348 18,152 279,566 2,157 Total Income 225,609 226,609 297,875 Expendlturn Expenditure on charitable activities Total •xpandltur• 249,465 249,465 323,358 323,358 249,465 249,466 Net eXndItUr• and n•t movèm•nt In funds (23,856) (23,856) {25,483) R8eon¢illatlon of funds Total funds brought fOard Total funds carrled fonNard 316,515 292,659 316,616 292,659 341,998 316.515 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 16 fonn part of these financial statements.
Wales Quality Centre Company Llmlted by Guarante• Statement of Flnanclal Posltlon 30 June 2024 2024 2023 Flxed a880ts Tanglble flxed assets 16 1,733 1.489 Curront a860ts Debtor8 Cash at bank and in hand 16 22.724 315.960 338.884 49,388 322.998 372,384 Crndltor8: amounts falllng du• wlthln onè yoar Not currant as80ts 17 47,758 57.358 315,026 316,515 316.515 290,926 292.659 292.659 Total a88ot8 lèb• currant Ilabllltles N•t a•80ts Fund8 of tho charfty Unre8trfcted funds 292.659 318,616 316,516 Total charlty funds 19 292,659 For Ihe year ending 30 June 2024 lh8 charlty w88 entiued to exemption from audit under sectlon 477 of th8 Companles Act 2006 relatSng to 8mall coNpgnles. Diractors, rnsponslbllitios: The memb8rs have not required the crxnpany to obtaln an audlt of Its flnanclal statements for tho year In questlon In accordance wth Sectlon 476: Tha dlroctors a¢knowl8dge ihalr respon311•sforCOmptylng with the requlrements of tha Act wlth respect to accounting CordS and the preparatlon of flnandal ststemerts. These fflnanclal stat8m8nt8 have b88n prepared In 8ccord8nce wth the provlslons 8pplicable to companies subject to th8 small companies, r8gkn8. Thes8 financlal Statements wer8 approved by the Ix>ard of trustees and aulhorised for issue on 11,10 112 0% February 2025. and are signed on behalf of the t10al by.. Trustee Company registtatton number: 02239398 The nolos on pagos 8 to 15 forni partof th0$0 flnanol•l statam•nt8.
Wales Quality Centre Company Llmlted by Guarantee Notss to the Financial Statemants Year ended 30 June 2024 General informatlon The charty is a public benefrt entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Waterton Centre, Waterton Industrial Estate, Bridgend. Rhondda Cynon Taff, CF313wr. Statsmont of compllance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Compani8s Act 2006. Accountlng poli¢i•s B•$l$ of proparatlon The financial statements have been pr8pared on the historical cost basis, The financial statements are prepared in sterling, which 18 the functional currency of the entty. Golng concern There are no material uneertainti6s about the charitls ability to continue. Judgements and key sources ot estlmatlon uncertalnty The preparation of the financial atatèmants requlres management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectstions of future events that ar8 believed to be reasonable under the circumstances. There are no judgements or 80urces of estimation uncertainty that have a material effect on tha80 account6. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure dedared by the donor or through the terms of an appeal, and fall into one of trNO sub-classes: restricted income funds or endowment funds.
Wales Quality Centre Company Limited by Guarantee Notes to the FlnancSal Statements (¢ontlnuedJ Year ended 30 June 2024 Accounting pollcles (contlnu•d) Incomlng re$our¢es All incoming resources are included in the statement of financial activities when entitlement has passed to the charty,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specffic policies ar8 applied to particular calegories of income.. income from donations or grants is recognised when th8r8 IS 8vid8nce of entitlement to the gfft, receipt is probable and ils amount rAn be measured reliably. legacy income is recognised when receipt is probable and entitlement 18 88t8blished. income from donated goods is measured at the falr value of the goods unless this Is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteer$. income from contracts for the supply of swvices is recogni8ed with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to b8 spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources oxpondod Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the ststement of financial activit188 to which it relates- expenditure on raising funds includes the costs of all fundraising activities, evantg, non- charitable trading activities, and the sale of donated goods. expenditu on charitable activities includes all costs incurred by a charity in undertaking activitie5 that further ils ch8rrtable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charrtable activities. other expenditure includes all expenditure that is neither relatad to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Dir8Ct costs attributable to a single activity are allocaled directly to that activity. Shared costs are apportioned btheen the activities they contribute to on a reasonable, justifiable and consistent basis. Operatlng leases Lease payments are recognised as an expense over the lease tenn on a 5traighl-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Wales Quality Centre Company Llmltsd by Guarantee Notes to the Financlal Statements (contlnuodj Year ended 30 June 2024 Accounllng pollcigs fconUnu•d) Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair valu8 at th8 date of rev81uation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless St reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A d8crease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any prevlous revaluation gain, in which case the loss 1$ shown within other recognised gains and losse5 on the statement of financial activities. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an a88et, less its residual value. over the useful economic life of that asset as follows: Fixtur88 & fittings Computer Equipment 250A straFght line 250A straight line Flnan¢lal Instruments A financial asset or a financial liability is recognised only when the entity becomes a p8ty to the contractual provisions of the instrument. Baslc financial instruments are initially recognised at the amount receivable or payable including any related transactlon costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments dSscounted at a market rate of interest for a similar debt instrument. Current asset5 and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Deflned contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Limit6d by guarantoo Each member of the Board of Twste•s has undertaken to guarantee the Charty'g debts to the sum of £1 each. qo
Wales Quality Centre Company Limited by Guarantse Notes to the Financial Statements (contlnuedj Year ended 30 June 2024 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sub8crlptlons Subscriptions 21,240 21,240 16,152 16,152 Charltabl• activltl8s Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Training and business advisory seNices 200,021 200,021 279,566 279,586 Inv68tmont income Unrestricted Total Funds Unrestricted Total Fund8 Funds 2024 Funds 2023 Bank Int8r6st r8calved 4,348 2,157 2,157 Expondlture on charltable actlvltles by fund typ• Unrestricted Total Fund$ Unreslricted Total Funds Funds 2024 Fund8 2023 Training and business advisory seNices Support C06ts 203,467 45,998 249,465 203,467 45,998 249.466 278,245 45,113 323,358 278,245 45,113 323,358 Expendlture on charitsblo actlvltles by activ5ty type Activiti88 undertaken directly Support Total funds costs 2024 Total fund 2023 Training and business advisory services Govem8nce costs 203,468 42,857 3,140 246,326 3,140 320,657 2,701 203,468 45,997 249,465 323,358 11
Wales Quality Centre Company Limited by Guarantee Notes to the Financial Ststements {continuedJ Year ended 30 June 2024 10. Analysls of support Costs Analysis of support costs Total 2024 Total 2023 staff costs Governance costs 42,858 3.140 42,858 3,140 45.998 42.412 2,701 45,998 45.113 11. Net expondlturo Net expenditure is stated after chargingl{crediting>'. 2024 2023 Depreciation of tangible fixed assets 672 1,412 12. Independent examlnatlon fees 2024 2023 Fees payable to the independent examiner for- Independent examination of the financial statements 2,900 2,700 13. Staff costs The total staff costs and employee benefits for th• r•porting perlod are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 129,651 4.273 3,267 137.191 146,937 4,496 3,440 154,873 The average head count of empbyees durlng the year was 3 {2023: 4). The average number of full-time equivalent employees during the year 1$ anatysed as follows: 2024 No. 2023 No. Number of administration & charitable staff The number of employees whose remuneration for the year fell within the following bands, were.. 2024 2023 No. £60,000 to £69,999 £70.000 to £79,999 Key Management Personnel Key management personnel include all persons that have authority and responsibilty for planning, directing and controlling the activities of the charty. The total compensation paid to key management personnel for ser4ices provided to the charity was £86.282 (2023:£84,434). 12
Wales Quality Centre Company Limited by Guarantee Notes to the Financial Statements (contknuedj Year ended 30 June 2024 14. Trustee r•muneratlon and expenses D A Phillips (existing twstee) was appointed as Chief Executive from the 1 stAugust 2018 and also Continues her position as a trustee. The total remuneration receiv8d by D A Phillips in her capa¢ty as Chief Executives of the company amounted to £86,282 (2023: £84,434). No remuneration was received for any services provided as trustee. No remuneration or other benefft8 from employment with the charty or a related entty were received by the other trustees. No trustee expenses have been incurred. 16. Tanglblo flxéd a$s•ts Fixtures and flttings Equipment Total Cost At 1 Juty 2023 Addiiion8 6,196 17,994 916 24,190 916 At 30 June 2024 6,196 18,910 26,106 Depreclatlon At 1 July 2023 Charge for the year At 30 June 2024 6,196 16,505 672 22,701 672 6,196 17,177 23.373 Carylng amount At 30 June 2024 1,733 1,489 1,733 1,489 At 30 June 2023 16. Debtors 2024 2023 Trade debtors Prepayments and accrued income other debtors 19.600 3.124 46,778 1,457 1,153 22,724 49,388 17. Crodltor8: amounts falllng due wlthln one yoar 2024 2023 Trade creditors Accruals and deferred income Soci81 security snd other taxes Other creditors 8,265 31,489 7,147 857 23.841 29,738 2,540 1,239 47,758 57,358 13
Wales Quality Centre Company Llmlted by Guarantee Notes to the Financial Ststements (contlnu•d) Year ended 30 June 2024 18. Pension8 and other post-retlrement benèfits Deflned contrlbutlon plans The amount recognised in income or expenditure a8 an expense in relation to defined contribution plans was £3,267 <2023.. £3,440). 19. Analysls of charltable funds Unrestrlcted funds At 1 Juty 2023 At30 Income Expenditure June 2024 General funds 316,515 225,609 (249,465) 292,659 At 1 July 2022 At30 June 2023 Income Expenditure General funds 341,998 297,875 1323,358) 316.515 20. Analysls of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 y&8r Net assets 1,733 338,684 147,758) 292,659 1,733 338,684 (47,758) 292,659 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 y88r Not assets 1,489 372,384 (57,358) 316,515 1,489 372,384 157,358) 316,515 14
Wales Quality Centre Company Limited by Guarantee Notes to thè Flnanclal Ststements (conthiued) Year ended 30 June 2024 21. Operatlng lease commitments The totsl future minlmum lease payments under non-cancellable operating leases are as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 756 4,536 5,292 793 793 22. Related partlos D A Phillips (existing trustee) was appointed as Chief Executive from the 1stAugust 2018 and also continues her position as a trustee. The total remuneration received by D A Phillips in her capacity as Chief Executives of the company amunted to £86,282 (2023.. £84,434). No remuneration was received for any ser¥ices provid•d as trustee. Members get 25% discount on consultancy and tralning. 15