2021-07-31-accounts

				Page
Reference and administrative	details ofthe charity,	its trustees	and advisers
Trustees' report (including the	Strategic Report)			2-11
Independent auditor's report				12-15
Statement offinancial activities
Balance sheet				17
Statement ofcash flows				18
Notes to the financial statements				19-31

The Association of Graduate Careers Advisory Services (A company limited by guarantee) Independent Audllors, Report to the Tn￿teeS of The Associatlon of Graduate Careers Advlsory Services There are inherent limitslions in the audit procedures described above and the more removed nonp compliance with laws and rgJulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of IL Aso, the risk of not detecting a material misstatement due to fraud is higher than the risk of nol detecting one resulting from error, as fraud may involve deliberate COn￿alment by. for example. forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is aVaila￿e on the Financial Reporting Council's website at: https'.IAwW.frc.org.uklOur-WorklAudiUAudit-and-assurancelStandards-and￿uIdance1sIandards- and-guidance-for-auditorslAuditors-responsibilities-for-audiVDescription-of-auditors-responsibilities- for-audit.aspx. This description foffns part of our auditorfs report. We communicate wtth those charged with govemance regarding. amorvJ other matters. the planned scope and timing of the audit and signfficant audfi findirvJs, induding any significant deficiencies in internal control that we identify during our audiL Use of our report This report is made solely to the charitable CoMpan￿S members, as a b(MJy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts {Scotsand) Regulations 2006. Our audit work has been undertaken so that we mNJht state to the charilable company's members those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charttable company. the charitable compan￿$ membets as a body and the charitable company's trustees as a bcty, for our audit work. for this report. or for the opinions V￿ have fomed. Simon Bladen, Senior Statutory Auditor for and on behaw of Hawsons Chartered Accounlants. Statutory Auditors Pegasus H¢)use 463a Glossop Road Sheffield S10 2QD 11 O _L. lol Pa(p 15

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2021	2021	2021	2020
			Note				(note 18)f
Income
Charitable activities				852,910		852,910	1,108,110
Investments				50		50	1,697
Total income				852,960		852,960	1,109,807
Expenditure
Charitable activities				712,715		712,715	1,090,544
Total expenditure				712,715		712,715	1,090,544
Net income				140,245		140,245	19,263
Transfer between	funds
Other recognised	gains
Actuarial gain on defined benefit scheme				15,314		15,314	90,633
Net movement in funds				155,559		155,559	109,896
Total funds brought		forward		368,133		368,133	258,237
Total funds carried		forward		523,692		523,692	368,133

											2021	2020
									Note			E
Fixed assets
Intangible assets												8,937
Tangible assets											3,967	4662
											3,967	13,599
Current assets
Debtors											1&,222	144,004
Cash at bank	and in	hand									873,833	663,476
											1,019,055	807,480
Creditors: amounts		falling	due within	one	year						(337,379)	(275,681)
Net current	assets										681,676	531,799
Total assets	less current		liabilities								685,643	545,398
Defined benefit pension			liability						11		(161,951)	(177,265)
Net assets											523,692	368,133
Charity funds
Unrestricted	funds										523,692	368,133
Total funds											523,692	368,133
							'
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Year ended 31July 202	1
		Note	2021	2020
Cash flow from operating	activities		212,242	110,743
Cash flow from investing	activities:
Interest receivable			50	1,697
Payments to acquire tangible fixed assets			(1,935)	(1,870)
Net cash flow from investing activities			(1,885)	(173)
Net increase in cash and cash equivalents			210,357	110,570
Cash and cash equivalents	brought forward		663,476	552,906
Cash snd cash equivalents	carried forward	15	873,M3	663,476

Income from	cha	ritable	act	ivities
					Unrestricted	Restricted	Total	Total
					funds	funds	funds	funds
					2021	2021	2021	2020
					2	2	2
Grants —Graduate		Placement		Programme				18,168
Coronavirus job retention			scheme grants		16,109		16,109	23,773
Conferences	and	training			246,774		246,774	372,993
Graduate fairs					37,050		37,050	204,005
Service Level	Agreement		income		100,034		'I00,034	106,830
Subscriptions					381,674		381,674	346,035
Sponsorship	&Advertising		Income		65,225		65,225	11,400
Research					6,044		6,044	8,333
Other income								16,573
					852,910		852,910	1,10&,110

		2021 2	2020f
Depreciation		2,630	5,038
Amortisation		8,937	15,319
Auditor's remuneration		8,100	8,750
Operating lease rentals		7,529	8,873
Irrecoverable	VAT	2,833	8,464

Analysis of	expendit	ure
				Direct Staff
			Direct	Costs and		Support
			Costs		Dep'n	costs	Total	Total
			2021 f		2021 f	2021 f	2021f	2020f
Graduate Placement
Programme								18,168
Conferences	and training		66,355		91,144	127,934	285,433	402,456
Governance			11,100		11,984	5,331	28,415	36,916
Graduate fairs			31,403		3,792		35,195	198,011
Service Level	Agreements		1,300		80,011	34,649	115,960	134,232
Subscriptions					89,668	50,640	140,308	152,966
Publications					14,487	10,661	25,148	40,476
Research					47,773	10,681	58,434	76,932
Other					7 757	22 665	23822	33387
Total			110,158	340,016		262,541	712,715	1,090,544
Support Costs						Staff	Other
						Costsf	Cos'tsf	Totalf
Charitable activities						200,682	61,859	262,541
Support Costs are attributed			proportionally	based on cost centre activity.
Staff costs
The average	monthly	number	ofemployees	during	the year was as follows:
							2021	2020
							No.	No.
							13	15

2021	2020
No.	No.

employer's Staff costs	pension contributions. during the year were as follows:
		2021	2020
		8
Wages and	salaries	392,672	456,038
Social security costs		35,636	40,409
Pension costs		84,161	87,808
Movement	on USS provision	(15,314)	(90,633)
Redundancy		12,065
Total		509,220	493,622

Cost
At 1 August 2020 and 31July 2021	45965
Amortisation
At 1 August 2020	37,023
Charge forthe year	8,937
At 31 July 2021	45,960
Net book value
At 31July 2021
At 31 July 2020	8,937

Tangible fixed assets
		Office and
	Fixtures	computer
	and fittings	equipment	Total
			g
Cost
At 1 August 2020	790	16,279	17,069
Additions		1,935	1,935
At 31 July 2021	790	18,214	19,004
Depreciation
At 1 August 2020	209	12,198	12,407
Charge for the year	79	2,551	2,630
At 31 July 2021	288	14,749	15,037
Net book value
At 31 July 2021	502	3,465	3,967
At 31 July 2020	581	4,081	4,662

Debtors
		2021f	2020f
Trade debtors		127,697	107,402
Prepayments	and accrued income	16,182	34,461
Other debtors		1,343	2,141
		145,222	144,004

	2021f	2020f
Trade creditors	2,265	13,412
Other taxation and social security	31,001	7,358
Accruals and other creditors	57,869	125,148
Deferred income	246,244	129,763
	337,379	275,681

		2021f	2020f
At 1 August		129,763	138,484
Released	in year	(129,763)	(138,484)
Deferred	in year	246,244	129,763
Balance	at 31July	246,244	129,763

2021f	2020f
161,951	177,265

			Balance at		Expenditure		Balance at
			1 August		including		31 July
			2020f	Income f	gain/(loss) f	Transfer f	2021 f
Unrestricted
Designated	-	Graduate
fairs			36,159				36,159
General			331,974	856,960	(701,401)		487,533
Total unrestricted		funds	368,133	856,960	(701,401)		523,692
Total funds			368,133	856,960	(701,401)		523,692
			Balance at		Expenditure		Balance at
			1 August		including		31 July
			2019	Income f	gain/(loss) f	Transferf	2020
Restricted
ScotGrad Project				18,168	(18,168)
Unrestricted
Designated	-	Graduate
fairs			36,159				36,159
General			222,078	1,091,639	(981,743)		331,974
Total unrestricted		funds	258,237	1,091,639	(981,743)		368,133
Total funds			258,237	1,109,807	(999,911)		368,133

Analysis	ofnet assets	between funds
			Unrestricted	Restricted	2021
			funds	funds f	Total f
Intangible	fixed assets
Tangible	fixed assets		3,967		3,967
Current assets			1,019,055		1,019,055
Creditors due within one Defined benefit pension		year liability	(337,379) ~767,$57		(337,379) ~767,951
			523,692		523,692
			Unrestricted	Restricted	2020
			funds f	funds	Total f
intangible	fixed assets		8,937		8,937
Tangible	fixed assets		4,662		4,662
Current assets			807,480		807,480
Creditors due within one Defined benefit pension		year liability	(275,681) ~177,265		(275,681) ~177.265
			368,133		368,133

Reconciliation ofnet income/(	expenditure) to net cas	h flow from operating ac	tivities
		2021f	2020f
Net income for the year		140,245	19,263
Adjustment for:
Amoitisation ofintangible fixed	assets	8.937	15,319
Depreciation oftangible fixed assets		2,630	5,038
Interest receivable (Increase)/decrease in debtors Increase/(decrease) in creditors		(50) (1,218) 61,69$	(1,697) 96,7&9 ~23,969
Net cash flow from operating	activities	212,242	110,743
Analysis ofcash and cash equivalents
		2021f	2020f
Cash at bank and in hand		873,833	663,476

			2021 6	2020 f
Future minimum	lease payments	due:
Not later than one	year			1,000

The current life expectan	cie	s on retirement at age 65are:
			2021		2020
Males currently aged 65	(years)		24.6		24.4
Females currently aged	65	(years)	26.1		25.9
Males currently aged 45	(years)		26.6		26.3
Females currently aged	45	(years)	27.9		27.7
A new deficit recovery plan	was put in place as part ofthe 2018valuation,		which requires	payment of2%
ofsaladies over the period	1 October 2019to 30September 2021 at which		point the rate	will increase to
6%.The 2021 deficit recovery		liability reflects this plan. The liability figures	have been produced		using
the following assumptions:
			2021		2020
Discount rate			1.05%		2.59%
Pensionable salary growth			4.20%		4.20%

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2020	2020	2020	2019
		2	g	2	E
Income
Charitable activities		1,089,942	18,168	1,108,110	1,302 283
Investments		1,697		1,697	2,065
Total income		1,091,639	18,168	1,109,807	1,304,348
Expenditure
Charitable activities		1,072,376	18,168	1,090,544	1,263,089
Total expenditure		1,072,376	18,168	1,090,544	1,263,089
Net Income		19,263		19,263	41.259
Transfer between	funds
Other recognised	gains /(losses)
Actuarial gain / (loss) on defined
benefit scheme		90,633		90,633	(178,232)
Net movement in funds		109,896		109,896	(136,973)
Total funds bought	forward	258,237		258,237	395,210
Total funds carried	forward	368,133		368,133	258,237