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← The Association Of Graduate Careers Advisory Services

2024-07-31-accounts

Company registration number: 3884685 Charity registration numbers: 1078508 and SC038805

The Association of Graduate Careers Advisory Services

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 July 2024

The Association of Graduate Careers Advisory Services

Contents (continued)

Trustees' Report 1 to 12
Statement of Trustees' Responsibilities 13
Independent Auditors' Report 14 to 17
Statement of Financial Activities 18
Balance Sheet 19
Statement of Cash Flows 20
Notes to the Financial Statements 21 to 30

The Association of Graduate Careers Advisory Services

Trustees' Report

Reference and Administrative Details

The trustees (who are also directors of The Association of Graduate Careers Advisory Services for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.

Charity registration number : 1078508 Company Registration Number : 3884685 Trustees: Fiona Cobb (appointed 1 December 2023) Keren Coney Dr Lorna Dargan (resigned 31 July 2024) Debra Easter Katy Gordon Paul Gratrick Barrie Grey (appointed 1 January 2024) Gemma Kenyon Ailsa McLeod Aranee Manoharan Elizabeth Mortimer Registered Office : Pegasus House 463a Glossop Road Sheffield South Yorkshire S10 2QD Auditor: Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield South Yorkshire S10 2QD Bankers : Barclays Bank plc Portsdown Group PO Box 6 Portsmouth PO6 3DH

The Association of Graduate Careers Advisory Services Trustees' Report (continued)

Message from the President

The higher education sector is facing a challenging period where resources are constrained and institutions are having to make difficult decisions in the short term to balance the books, while also considering their long-term strategy to build a sustainable future and provide the best possible education for their students.

Over the last few years, careers services have become increasingly influential as measures of institutional success shift towards employability metrics and national political priorities concentrate around delivering economic growth. Ensuring that the labour market has the right mix of skills to support growth remains a key objective for governments and astute leaders in higher education will have recognised the potential for careers services to support and further evidence their institution’s civic and economic impact.

This context means that careers services must continue to drive improved employability outcomes for students and graduates, while working in more efficient ways. This is a difficult balancing act but one which underlines the value of our community. AGCAS members actively support one another by sharing resources, collaborating on new ideas and coming together to tackle the key issues facing the higher education sector.

Yet, as the needs of our members evolve, AGCAS must also change to provide sector-leading support and ensure we continue to offer value for money. We are fortunate to be doing so from a position of strength, with healthy reserves generated through prudent financial management over the last few years and a highly engaged membership. We are already working hard to deliver new initiatives for our members and this next year is shaping up to be an exciting and defining period.

Whatever changes the next few years will bring to the higher education sector, I am confident in the strength of our community to face up to challenges, innovate and emerge stronger together.

Barrie Grey AGCAS President January 2025 to present

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

Year in review

Our charitable purpose is to advance careers education, information, advice and guidance, for the public benefit which support students and graduates of higher education to make well informed transitions, and fulfil their professional and career potential.

To help us achieve these goals, we have developed a strategic plan to guide our activities, which can be summarised by the following themes:

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

We have had a busy year working in support of these goals. Our activities over the course of the year are summarised under the headings below.

Advocacy

• We released a manifesto in March 2024 in anticipation of the general election. This publication was shared widely with political stakeholders and higher education sector bodies as part of our advocacy activities.

• The International Task Group and Postgraduate Taught Task Group published guidance on changes to immigration rules for international students switching from Student to Skilled Worker Visa.

Community

• Our 16 task groups support member networking and co-creation activities covering a range of careers and employability topics. In Scotland, a further 13 special interest groups support members with resources tailored towards their national context. AGCAS Cymru continues to grow its reach in Wales, with members active in various special interest groups.

• We have started to gather user engagement information and feedback on AGCAS Connect with a view to rolling out improvements to the online platform in the course of 2025 in order to better facilitate networking across our community.

• We held our Awards for Excellence 2024 to recognise our members and partners who demonstrate outstanding commitment to furthering our profession and supporting students and graduates.

Learning and professional development

• The Placement and Work Related Learning Task Group published a paper on approaches to placement year assessment. This resource enables careers practitioners to review their own institutional practice.

• The Postgraduate Taught Task Group launched a toolkit for careers professionals working with postgraduate taught students.

• Through our Phoenix journal, we provided opportunities for our members to share their expertise through three themed editions on The Future of Work (November 2023), Social Mobility (March 2024) and The Contemporary Careers Professionals (July 2024).

• We delivered a wide range of regular member webinars to provide free learning and development opportunities, which proved to be popular among the membership.

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

Professional standards and quality

• We continued to support professional standards in the sector through our Membership Quality Standard, which now has near universal coverage across the sector.

• We rolled out the AGCAS Professional Pathways to map out career progression support across the sector, as a complementary resource sitting alongside the Membership Quality Standard.

• In response to requests from our members, in late 2023 we commissioned legal advice on how the Higher Education Freedom of Speech Act will apply to careers professionals. The guidance outlined the new law, the key requirements of the Act, what activities are covered and practical tips for careers professionals.

Research and knowledge

• We conducted our annual survey of Heads of Service to produce our Resources Report, which allows institutions to benchmark their activities and levels of resource against the wider sector.

• The latest instalment of our What Happens Next? series was released, produced by the Disability Task Group and the AGCAS Research and Insights Manager. This latest edition focused on Graduate Outcomes data from 2020 and 2021, enabling us to look at the impact of the pandemic on disabled graduates.

• We published a report on supporting student enterprise and entrepreneurship in December 2023, in partnership with the Enterprise and Entrepreneurship Task Group and Group GTI.

Other developments

One of the most significant changes to AGCAS in 2023/24 was the resignation of our Executive Director, Elaine Boyes, in November 2023. Elaine first joined AGCAS in 2016 and left her role in March 2024. We would also like to take a moment to thank Elaine for all her services to AGCAS. Following a competitive recruitment process, the Board appointed Martin Edmondson as our new Chief Executive Officer. This new role reflected the change in approach to the role that the Board wished to take and Martin took up the position in July 2024.

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

Looking ahead

Higher education is undergoing a period of significant challenge. Financial pressures are driving institutions to find efficiencies and deliver more with fewer resources. At the same time, employability metrics are becoming increasingly embedded in measures of institutional success, and more people across universities and colleges are recognising employability as part of their role. As the sector evolves, so too must AGCAS.

AGCAS was founded as an organisation for careers advisers, and while our remit has expanded considerably over the years, we recognise that there is more we can do to support the sector effectively. Careers and employability education matters more than ever before and we want to ensure we are providing the right support to all those involved.

That’s why we’ve launched The Big Conversation- a consultation with our members to explore the future of AGCAS. Nothing is off the table. We want to listen, reflect, and ensure that AGCAS remains at the forefront of supporting careers and employability professionals in higher education. While we don’t yet know the outcome of this process, our commitment is clear: we will move forward with purpose to make necessary changes.

We’ve already started this journey and will:

• Make improvements to our conferences, keeping costs down while trialling new formats and ways to maximise value for members and partners.

We know that the coming years will bring both challenges and opportunities for the sector, and AGCAS is committed to evolving alongside it. Through The Big Conversation and our ongoing initiatives, we will ensure that we remain a vital source of leadership, support, and innovation in careers and employability. 2025 is a year of change-but one that we believe will set AGCAS up for a stronger, more impactful future.

Finances

Review of financial position

This year has seen a net increase in funds of £512,520 (2023: net increase of £146,946). The association achieved a surplus in operations of £79,068 for the year which is more than budget.

Total income for the year decreased by £2,338. This was due to decreased income from conferences and training, and mitigated by increased income from subscriptions and investments.

Expenditure in the year increased by £127,118. This was due to increased staff costs and cost of conferences and graduate fairs which were delivered in person.

Total net assets at 31 July 2024 were £1,245,577 (2023: £733,057) after a gain on the defined pension provision of £433,452.

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

Investment performance

Last year the Board approved a new investment policy to improve the returns made on the reserves AGCAS holds. This will be kept under review to ensure its continued effective operation, and to remain responsive to any emerging opportunities for longer-term investment.

Going concern

The Trustees have reviewed and approved a deficit operational budget of £8,588 for the year to 31 July 2025. Together with current unrestricted funds of £1,245,577, the Trustees are confident in adopting the going concern basis in preparing the financial statements.

Reserves policy

The policy on the financial reserves of AGCAS is set by its Trustees following an annual review.

AGCAS aims to hold between £500,000 and £600,000 in reserves, to cover variations in the Universities Superannuation Scheme (USS) pension provision. This equates to six months of budgeted income in 2024/25.

This level of reserves is necessary to protect AGCAS in the event that:

Operations and governance

Structure and governance

AGCAS is a registered charity and limited company operating under the terms of our Articles of Association. In conjunction with these articles, AGCAS conducts its business within the parameters of our Regulations. The AGCAS Regulations were approved in March 2018 and are reviewed annually.

A general meeting is convened annually, the meeting is open to all full and partner members. Conduct of general meetings is defined in the Articles of Association.

AGCAS is governed by its Board of Directors, a group of volunteers responsible for AGCAS’s direction and strategy.

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

The Board of Directors

The Board of Directors (see figure 5) consists of up to 15 members who are also the trustees of the charity. They are elected by the membership. The normal term of office is three years, Board members can serve for two terms.

.

The skill mix and diversity of the Board are monitored through the Nominations Committee to ensure we keep a good balance and are representative of the wider membership. Board members are encouraged to use their specific skills and experience and chair sub committees and working parties of the Board. Training is provided throughout their service. All instances where a trustee may have a conflict of interest are recorded and dealt with in a transparent way, in accordance with established procedures.

The Board sets the strategy of the charity with the Chief Executive Officer and wider team and oversees its implementation.

The Board meets four times a year and is chaired by our President who serves up to one year as President-Elect and normally two years as President.

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

The Board of Directors is supported by:

• Independent auditors - Hawsons Chartered Accountants (Pegasus House, 463a Glossop Road, Sheffield, S10 2QD)

• Bankers - Barclays Bank plc (Portsdown Group, PO Box 6, Portsmouth, PO6 3DH)

AGCAS Trustees contribute a significant amount of their services’ time and their own time to AGCAS matters relating to their roles, over and above attending four Board meetings a year. The estimate of the collective contribution of the Board of Directors is between 100-120 days per year.

The Board is supported and advised on strategy and operations by the Advisory Council and by the Governance and Risk Committee.

Insurance effected for trustees and officers

Professional indemnity insurance has been taken out by AGCAS on behalf of its Trustees and officers.

Advisory Council

The Advisory Council is an AGCAS committee consisting of all nominated Heads of Service for each service member. As defined in the Articles of Association, the function of the Advisory Council is to advise the Board on strategy and operations and on any other issues which the Board may request it to consider and advise upon. The Advisory Council normally meets once per year (usually during the Heads of Service Conference).

Governance and Risk Committee

The Governance and Risk Committee takes an independent and objective view of operational and risk management matters for AGCAS, providing autonomous suggestions and advice to the Board of Directors, working parties and committees. The AGCAS Treasurer chairs the committee, alongside current Heads of Service and other members.

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

Committees and Working Parties

The Board of Directors is supported by member groups (including committees, working parties and task groups), each of which is chaired by an elected Director or group member (figure 6). AGCAS members contribute a huge amount of time and effort through their involvement these groups. The benefit of this work is felt by individuals in the form of professional development, by member services through the materials, networking and training delivered, and by their institutions, employers, and the sector through the quality of HE careers services.

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

Activities in Scotland

AGCAS has 18 member Universities in Scotland, and a very active Scottish network. In addition to the major AGCAS graduate fair in Scotland, organised in conjunction with the University of Strathclyde, this year saw the successful running of a collaborative Scottish Graduate Jobs Fair in June 2024.

AGCAS input into the Scottish Career Review continued. AGCAS Scotland Convener representation on the Programme Board and active member contributions to discussion and feedback at AGCAS Scotland meetings continued, aiming to maximise the opportunities presented by the review to positively impact future Higher Education careers provision in Scotland.

Management Structure

Trustees play a key role in establishing AGCAS strategy, priorities, and policies as well as making key decisions which affect the organisation, including approving the annual budget. Day-to-day operational management is delegated to the Chief Executive Officer.

AGCAS staffing structure is organised in line with the AGCAS strategic pillars. There are three teams:

The size and scale of many of the organisation’s undertakings requires a large degree of collaborative cross-team working and active volunteering by members to successfully achieve desired outcomes.

Risk Management

The Trustees recognise and accept their responsibility for ensuring that the risks the organisation is exposed to are reviewed, and steps taken to mitigate their impact through appropriate preventative controls and corrective actions.

As part of the annual business planning process, the Board identifies risks associated with each operational area. These risks are reviewed, and mitigating actions put in place by the committees responsible for each area. The Governance and Risk Committee reviews operational activities and key risks on behalf of the Board each quarter.

The key risks were identified as:

• Potential for a data protection breach resulting in AGCAS being fined by the Information Commissioner’s Office.

• A reduction in institution budgets and the total amount available to spend on careers and employability activity.

• Private sector competitors, third party suppliers and other HE agencies entering the employability space.

The Association of Graduate Careers Advisory Services

Trustees' Report (continued)

Public Benefit

The Trustees confirm that they have complied with the duty section 4(1) of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'.

Reappointment of auditor

Hawsons Chartered Accountants, having expressed willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 485 of the Companies Act 2006.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

23/04/2025

The annual report was approved by the trustees of the charitable company on .................... and signed on its behalf by:

......................................... Katy Gordon Trustee

The Association of Graduate Careers Advisory Services

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Association of Graduate Careers Advisory Services for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the trustees to prepare financial statements for each financial year. 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 its income and expenditure, of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Association of Graduate Careers Advisory Services

Independent Auditor's Report to the Members of The Association of Graduate Careers Advisory Services

Opinion

We have audited the financial statements of The Association of Graduate Careers Advisory Services (the 'charitable company') for the year ended 31 July 2024, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor’s 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 original financial statements were 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 other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 course of 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.

The Association of Graduate Careers Advisory Services

Independent Auditor's Report to the Members of The Association of Graduate Careers Advisory Services (continued)

Opinion on other matter prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our 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 and the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page 13, 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.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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 an auditor’s report 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:

The Association of Graduate Careers Advisory Services

Independent Auditor's Report to the Members of The Association of Graduate Careers Advisory Services (continued)

The charitable company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charitable company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006, Health and Safety regulations and the Charities Act 2011. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.

Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of -the-auditor’s-responsibilities-for. This description forms part of our auditor's report.

The Association of Graduate Careers Advisory Services

Independent Auditor's Report to the Members of The Association of Graduate Careers Advisory Services (continued)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditor’s 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Simon Bladen (Senior Statutory Auditor) For and on behalf of Hawsons Chartered Accountants, Statutory Auditor

Pegasus House 463a Glossop Road Sheffield South Yorkshire S10 2QD

25/04/2025

Date:.............................

The Association of Graduate Careers Advisory Services

Statement of Financial Activities for the Year Ended 31 July 2024

Note
Income
Charitable activities
2
Investments
Total income
Expenditure
Charitable activities
3
Total expenditure
Net income
Other recognised gains and losses
Actuarial gain (loss) on defined benefit pension scheme
Net movement in funds
Total funds brought forward
Total funds carried forward
13		 Unrestricted
funds
2024
£
1,135,324
43,206
1,178,530
(1,099,462)
(1,099,462)
79,068
433,452
512,520
733,057
1,245,577		 Unrestricted
funds
2023
£
1,175,612
5,256
1,180,868
(972,344)
(972,344)
208,524
(61,578)
146,946
586,111
733,057

The notes on pages 21 to 30 form an integral part of these financial statements.

The Association of Graduate Careers Advisory Services

(Registration number: 3884685) Balance Sheet as at 31 July 2024

2024 2023
Note £ £
Fixed assets
Tangible assets 7 2,370 3,047
Current assets
Current assets 8 202,721 114,724
Cash at bank and in hand 9 1,344,435 1,308,382
1,547,156 1,423,106
Creditors: Amounts falling due within one year 10 (303,949) (259,644)
Net current assets 1,243,207 1,163,462
Total assets less current liabilities 1,245,577 1,166,509
Provisions 11 - (433,452)
Net assets 1,245,577 733,057
Funds of the charitable company:
Unrestricted income funds
Unrestricted funds 1,245,577 733,057
Total funds 13 1,245,577 733,057

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 18 to 30 were approved by the trustees, and authorised for issue on .................... 23/04/2025 and signed on their behalf by:

......................................... Katy Gordon Trustee

The notes on pages 21 to 30 form an integral part of these financial statements.

The Association of Graduate Careers Advisory Services

Statement of Cash Flows for the Year Ended 31 July 2024

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
Investment income
Working capital adjustments
Increase in debtors
8
(Decrease)/increase in creditors
10
Decrease (increase) in retirement benefit obligation net of
actuarial changes
12
Increase/(decrease) in deferred income
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
Purchase of tangible fixed assets
7
Net cash flows from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 August
Cash and cash equivalents at 31 July		 2024
£
512,520
1,938
(43,206)
471,252
(87,997)
(25,086)
(433,451)
69,390
(5,892)
43,206
(1,261)
41,945
36,053
1,308,382
1,344,435		 2023
£
146,946
1,455
(5,256)
143,145
(24,311)
23,020
61,578
(13,134)
190,298
5,256
(2,435)
2,821
193,119
1,115,263
1,308,382

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 21 to 30 form an integral part of these financial statements.

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024

1 Accounting policies

The following accounting policies have been used consistently in dealing with items which are considered material to the charitable company's affairs.

Statutory information

The Association of Graduate Careers Advisory Services is a registered charity (No. 1078508) and a company limited by guarantee (No. 3884685), incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of its registered office is: Pegasus House, 463a Glossop Road, Sheffield, S10 2QD.

Basis of preparation

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Association of Graduate Careers Advisory Services meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in Sterling (£).

Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charitable company.

Fund accounting

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charitable company and which have not been designated for other purposes.

Income

Income from charitable activities are recognised on a receivable basis. As a result, income for training courses, graduate fairs, conferences and membership subscriptions which relates to future accounting years, is deferred and held on the balance sheet.

The recognition of grants in these financial statements includes judgements as to whether performance or other relevant entitlement conditions have been met.

Income is deferred on when it is invoiced or received in advance of delivery of the associated service.

Investment income is recognised in the financial statements on a receivable basis.

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

1 Accounting policies (continued)

Expenditure

Expenditure is recognised in the financial statements on an accruals basis, and is allocated between: expenditure incurred directly in the fulfilment of the charity's objectives (charitable activities), and expenditure associated with meeting the constitutional and statutory requirements of the charity (governance).

Items of expenditure involving more than one cost category are appointed on a time spent basis.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Taxation

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Intangible assets

Intangible fixed assets are stated at cost less amortisation.

Tangible fixed assets

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class Amortisation method and rate Website 3 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Fixtures and fittings 10 years straight line Office equipment 10 years straight line Computer equipment 3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Provisions

Provisions are recognised when the charitable company has an obligation at the reporting date as a result of a past event, it is probable that the charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

1 Accounting policies (continued)

Pensions and other post retirement obligations

The Association participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund.

Because of the mutual nature of the scheme, the scheme's assets are not hypothecated to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions' employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee Benefits", the Charity accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme and the deficit recovery contributions payable under the scheme's Recovery Plan.

Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 valuation), the trustees of the scheme must agree a recovery Plan that determines how each emplyer within the scheme will fund the deficit. The Charity recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses recognised through the Statement of Financial Activities. Further disclosures relating to the deficit can be found in note 12.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If the payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets and financial liabilities are recognised when the charitable company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charitable company after deducting all of its liabilities.

2 Income from other trading activities

Conferencing and training
Graduate fairs
Service Level Agreement income
Subscriptions
Sponsorship & Advertising income
Research		 2024
£
374,892
77,447
125,142
478,717
65,323
13,803
1,135,324		 2023
£
454,552
70,200
116,742
441,421
74,237
18,460
1,175,612

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

3 Analysis of expenditure

Conferences and training
Graduate fairs
Service Level Agreements
Subscriptions
Publications
Research
Governance
Other		 Direct
Costs
2023
£
213,192
65,855
8,250
-
-
-
18,917
-
306,214		 Direct Staff
Costs and
Dep'n
2023
£
132,145
-
95,949
82,667
12,892
43,095
38,058
12,668
417,474		 Support
Costs
2023
£
144,673
5,637
37,578
93,944
15,031
30,062
11,273
37,577
375,775		 2024
£
490,010
71,492
141,777
176,611
27,923
73,157
68,248
50,245
1,099,463		 2023
£
451,291
62,110
124,557
129,805
27,203
78,328
51,189
47,861
972,344

Support Costs

Support costs are attributed proportionally based on cost centre activity.

Staff Costs Other Costs Total
£ £ £
Charitable activities 262,625 113,150 375,775

Net expenditure for the year and the surplus of income over expenditure is stated after charging:

Depreciation
Auditor's remuneration
Irrecoverable VAT		 2024
£
1,938
10,258
15,042
27,238		 2023
£
1,455
10,050
9,895
21,400

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

4 Staff costs

The monthly average number of persons (including senior management) employed by the charitable company during the year expressed as full time equivalents was as follows:

2024 2023
No No
14 14

The number of employees whose emoluments fell within the following bands was:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000		 2024
No
1
2
-		 2023
No
-
-
1

The total cost of employment in relation to senior management (Executive Director, Head of Policy and Advocacy and the Head of Membership Development) was £214,916 (2023: £195,867). The total cost of employment includes: basic salary, employer's national insurance contributions and employer's pension contributions.

The aggregate payroll costs were as follows:

employer's pension contributions.
The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Movement on USS provision		 2024
£
536,318
48,449
92,804
(442,030)
235,541		 2023
£
450,074
42,250
93,531
51,723
637,578

The pension contributions are in respect of employer's contributions to the USS pension scheme and to a separate defined contribution pension scheme. During the year 14 employees (2023 - 14) participated in these schemes.

During the year aggregate expenses of £8,659 (2023: £1,131) were reimbursed to 8 Trustees in respect of the Trustees' travel and subsistence costs. The Trustees neither received nor waived any remuneration during the year (2023: £Nil).

Indemnity insurance has been taken out by AGCAS on behalf of its Trustees and officers, and represents one element in the all-encompassing insurance policy which in total amounts to £4,920 (2023: £4,815).

5 Taxation

The charitable company is a registered charity and is therefore exempt from taxation.

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

6 Intangible fixed assets

Cost
At 1 August 2023 and 31 July 2024
Amortisation
At 1 August 2023 and 31 July 2024
Net book value
At 31 July 2023 and 31 July 2024		 Website
£
45,960
45,960
-

7 Tangible fixed assets

Cost
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023
8
Debtors
Trade debtors
Prepayments and accrued income
9
Cash and cash equivalents
Cash at bank		 Furniture
and
equipment
£
790
-		 Office and
computer
equipment
£
21,349
1,261
22,610
18,646
1,594
20,240
2,370
2,703
2024
£
157,044
45,677
202,721
2024
£
1,344,435		 Office and
computer
equipment
£
21,349
1,261
22,610
18,646
1,594
20,240
2,370
2,703
2024
£
157,044
45,677
202,721
2024
£
1,344,435		 Total
£
22,139
1,261
23,400
19,092
1,938
21,030
2,370
3,047
2023
£
106,769
7,955
790 22,610
446
344		 18,646
1,594
790 20,240
- 2,370
344 2,703
2024
£
157,044
45,677
202,721
2024
£
1,344,435
114,724
2023
£
1,308,382

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

10 Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals and other creditors
Deferred income
Deferred Income
Deferred income at 1 August 2023
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end
11 Provisions
At 1 August 2023
Credited to the statement of recognised gains and losses
At 31 July 2024		 2024
£
12,787
14,952
20,885
255,325
303,949
2024
£
(185,935)
(225,750)
156,360
(255,325)		 2023
£
36,222
16,749
20,738
185,935
259,644
2023
£
(199,069)
(166,291)
179,425
(185,935)
Defined
benefit
pension
liability
£
(433,452)
433,452
-

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

12 Pension and other schemes

Defined benefit pension schemes

Deficit Recovery Liability

The total (credit) released to the Statement of Financial Acitivities is £433,452 (2023 - cost charged £61,578)

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The Charity was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the Statement of Financial Activities.

The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the Charity cannot identify its share of scheme assets and liabilities, the following disclosures reflect those relevant for the scheme as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles.(uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles). 3.0% p.a. (based on a long-term average expected Price inflation - Consumer Prices Index (CPI) level of CPI, broadly consistent with long-term market expectations)

RPI/CPI gap

Pension increases (subject to a floor of 0%)

1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030

Benefits with no cap: CPI assumption plus 3bps Benefits subject to a "soft cap" of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps

Fixed interest gilt yield curve plus: Pre-retirement: Discount rate (forward rates) 2.5% p/a/ and Post-retirement: 0.9% p.a.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

12 Pension and other schemes (continued)

2023 valuation

Mortality base table

Future improvements to mortality

101% of S2PMA "light" for males; 95% of S3PFA for females

CMI 2021 with a smoothing parameter of 7.5 an initial addition of 0.4% p.a.,10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females

The current life expectancies on retirement at age 65 are:

2024 2023
Males currently aged 65 (years) 23.7 24.0
Females currently aged 65 (years) 25.6 25.6
Males currently aged 45 (years) 25.4 26.0
Females currently aged 45 (years) 27.2 27.4

The charitable company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charitable company to the scheme and amounted to £1,229 (2023: £852).

13 Funds

Unrestricted funds
General
Total unrestricted funds
Unrestricted funds
General
Designated - Graduate
fairs
Total unrestricted funds		 Balance at
1 August
2023
£
733,057
733,057
Balance at
1 August
2022
£
549,952
36,159
586,111		 Incoming
resources
£
1,178,530
1,178,530
Incoming
resources
£
1,180,868
-
1,180,868		 Resources
expended
£
(666,010)
(666,010)
Resources
expended
£
(1,033,922)
-
(1,033,922)		 Transfers
£
-
-
Transfers
£
36,159
(36,159)
-		 Balance at
31 July
2024
£
1,245,577
1,245,577
Balance at
31 July
2023
£
733,057
-
733,057

The Association of Graduate Careers Advisory Services

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

14 Analysis of net assets between funds

14 Analysis of net assets between funds
Tangible fixed assets
Current assets
Cash at bank and in hand
Creditors due within one year
Total net assets
Tangible fixed assets
Current assets
Cash at bank and in hand
Creditors due within one year
Defined benefit pension liability
Total net assets		 2024
£
2,370
202,721
1,344,435
(303,949)
1,245,577
2023
£
3,047
114,724
1,308,382
(259,644)
(433,452)
733,057

15 Related party transactions

There were no related party transactions in the year (2023: £Nil).