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|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|
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The Association of Graduate Careers Advisory Services
(A company limited by guarantee)
Independent Audllors, Report to the TnteeS 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 COnalment by. for example. forgery or intentional misrepresentations, or
through collusion.
A further description of our responsibilities is aVailae on the Financial Reporting Council's website
at: https'.IAwW.frc.org.uklOur-WorklAudiUAudit-and-assurancelStandards-anduIdance1sIandards-
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 CoMpanS 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|
||||||||'||||||
|Th
tt
t
t|t t|t|app|d|p|th||drprt|auth|Trust|p$i|lgpppt.|
##
|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|
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|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.|
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|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|
##
##
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|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|
##
##
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##
|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|