Registered number= 05038056 Chorlty number: 1103300 AIM Quolificotions and Assessment Group Trvstees, Report ond Financiol Stotements For the year ended 31 August 2024 dlDAINS
AUDIT
AIM Qualifications and Assessment Group (A compony limited by guorontee) Contents Po9e Reference and Administrative Details of the Chority. its Trustees and Advisers Trustees, Report Independent Auditor's Report on the Finonclal Statements 7- 11 Stotement of Financlal Activlties 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-32
AIM Quoliflcotions and Assessment Group (A company limited by guarantee) Reference ond Administrotive Detoils of the Charity, its Trustees ond Advisers For the year ended 31 August 2024 Trustees S L Ajayi L J Atkin C Borrott O E Burke IGBond D C M Dowson G Desoi (resigned 7 December 2023) T K Flowers LJGee F Grant M Horoon (resigned 7 Morch 2024) S Henson P Ailey A Hanvfi (oppointed 6 June 2024) K Penglin (appointed 6 June 2024) J Hod9es (oppointed 6 June 2024) Company registered number 05038056 Charity registered number 1103300 Registered office 3 Pride Point Drive Pride Pork Derby DE24 88X Compony secretory D Morsh (resigned 31 July 2024) Chief executive officer K Kerswell Independent avdltor Dains Audit Limited 2 Chomberloin Squore Porodise Circus Birmingham B3 3AX Bonkers Lloyd5 TSB PIC Irongole Derby DE15GA Poge 1
AIM Qualifications ond Assessment Group (A compony limited by gvorontee) Trustees, report For the year ended 31 Augvst 2024 The Trustees. present their onnual report together with the audited finoncial stotemenls of the charity for the 1 September 2023 10 31 August 2024. The Annual report serves the purposes of both a Trusiees, report ond o directors, report under company low. The Trustees con.irm thot the Annuol report ond finonciol stotements of the choritoble compony comply with the current stotutory requirements, the requirements of the chariloble company's governing document ond the provisions of the Siolement of Recommended Proctice (SOFIP) applicoble to charities preporing their account5 in occordance with the Financiol Reporting Standord opplicoble in the UK ond Flepvblic of Irelond (FR5102) (effective 1 Jonuory 2019). Objectives ond octivities o. Policies and objectives The objects for which the Chority is estoblished are the advoncement of leorning. educotion ond training of the public in the Unlted Klngdom or such other ports of the world os the trustees moy from time to time deem fit In porticulor. but not exclusively one or more of the following woys. By being estoblished os a significont high quolity End point Assessment Orgonisation (EPAO) By mointolning ond developing the international morket By being o leoding high quality Awardino Organisotion and Access Volidating Agency By mointoining ond growing oll organisotion brands ond markets By mointoining complionce with oll regulotors b. Public beneflt AIM Quolificotions and Assessment Group exists to provide an occessible and flexible occreditotion service which helps to widen occess lo education and troining for all leorners. porticulorly those who hove benefited leost in the post from avoilable provision. AIM Qualificotions ond Assessment Group seeks to promote equolity of opportunity and improve the quolity. flexibility. ond responsiveness of learning opportunities to enoble leorners to progress into. through and ocross the fromework of nationol quolificotions. Achievements and performance o. Choritable octivities In serving the oims and objectives. this yeor AIM Quolificotions ond Assessment Group hos.. Delivered Services through over 700 approved cenlres Registered 78,000 leorners Awarded 90.000 certificotes Goined opprovol to offer 9 new EPA slandords to support apprenticeships ocross Englond. ytoklng the totol of stondords offered up to over 40 Mointoined regulotory complionce Poge 2
AIM Qualificotions and Assessment Grovp (A company Ilmlted by guorantee) Trustees, report (continved) For the year ended 31 August 2024 Achievements ond performonce (continued) Throughout the yeor. the Boord and Execvtive Officers hove focused on." Ensuring thot the Charity fulfilled ils objectives ond exponded its footprint to reoch more leorners in the United Klngdom Expanding AIMS reoch internotionolly through the development of new strotegic Internotionol relotionships. Ensuring thot oppropriole resources were in ploce to fulfil the Charity's operolionol responsibillties. Ensuring the continued support ond services for the recognised centres. The heollh, safely, ond wellbeing of the stoff teom. Finoncial review a. Finance review There wos on excess of expenditure over income of £599.377 which wos largely planned os the orgonisotion invested in improving efficiency, effectiveness ond the customer experience. Assets of £NIL were also transfered in from Open College Network West Midlands re9ion (2023.. £592.072). The chority hos total unrestricted reserves ot the 31 August 2024 of £6.092,397 (2023 £6.691.774) of which £418.840 (2023. £418.840) has been desginoted This leoves £5.673.557 (2023.. £6,272.934) general reserves of which free reserves after fixed ossets. snton,'gble fixed ossets ond investments total £2,952.456 (2023. £3.530.660) b. Reserve5 policy AIM Quolificotions ond Assessment Group has sufficient reserves to fund ot a minimum six months of totol annuol expenditure to cover such things os staff solories ond redundoncy poyments, establishment expenses, outstonding accoLJnts ond ony committed funds. The actuol minimum reserve figure is colculoted onnually bosed on current financial occounts and business plons ond presented to the Boord for ogreement on on onnuol bosis This yeor, the Boord opproved designoted reserves for specificolly identified octivities. c. Princlpal f unding sovrces Recognised cenlres design their own occredited courses to suit the needs of individuol leorners or groups of leorners. there is on annual recognition fee ond chorges for quolity assuronce ond occreditotion Employers of apprentices in Englond choose an Apprenticeship Assessment Orgonisation to provide on end point ossessment for opprentices. there is o fee for eoch apprentice. d. Investment powers. policy and performonce The trustees ore permitted to invest the monies of the chority not immediotely required for its own purposes ln or upon such Investments. securities or property os moy be thought fit in accordonce with the governing document of the campony, the Memorondum and Articles of Assoc101ion. The trustees hove assessed the mojor risks to which the chority Is exposed. ond are sotisfied thot systems ore in ploce to mitigate exposure to mojor risks. Poge 3
AIM Qualifications and Assessment Grovp (A company limited by gvorantee) Trustees, report (continued) For the year ended 31 August 2024 e. Risk management The trvstees are responsible for the monogement of the risks foced by the Chority. Detoiled considerutions of risk ore delegoted to the Executive Group. Risks ore identified ond systemoticolly monitored throughout the yeor. The key controls used by the Chority include.. o strotegic risk register. formal ogendos for oll Committee ond Boord octivity.. terms of reference for oll Committees., comprehensive strategic plonning. budgeting ond manogement occounling," o review of the Finonce RegulatSons', estoblished orgonisatlonol structure and lines of reportin9 ond clear ovthorisotion ond opproval levels. Through the risk monagement processes the Board ore 50tisfied Ihot the major risks identified hove been odequotely mitigoted where necessory. It is recognised that systems can only provide re050noble but not absolute 055urance thol mojor risks hove been adequotely manoged. f. Plans for futurè periods To continuolly develop o positive stoff culture bosed on our shared volue of inclusion, integrity, respect ond empowerment underpinned t)y cleorly defined roles ond occounlobility To improve the customer experience internally and externally. This will be ochieved in part through the consolidotion ond development of systems ond procedures thot moximise orgonisotionol efficiency. To further strengthen the finonciol resilience ol the Aim Group. To continuolly strengthen regulotory complionce across oll products ond serrfice oreas. To review ond strengthen the Aim Quolificotions ond ossessment porifolio. g. Donatians Choritoble donotions were mode during the year amounting to £1.740 (2023.. £900). Structure. governance ond management o. Constitution The chority is controlled by its governing document. o Nemorondum ond Articles of Association incorporated on 9 Februory 2004. ond constitutes o limited compony. limited by gurontee. as defined by the Componies Act 2006. b. Orgonlsationol structure The boord of trustees odminigters the chority. The board meets quorterly. there are two sub committee's for Access to Higher Educotion and Finonce and Resources. A Chief Executive is oppointed bu the trustees to monoge doy to da operations of the chority. To facilitote effective operotions. the Chief Executive has delegllted outhority, within terms of delegotion opproved by the Irvsiees. for operotionol motters including finonce ond employment. Poge 4
AIM Qualifications ond Assessment Group (A ¢ompony limited by guarantee) Trustees, report (continued) For the year ended 31 August 2024 Structure. governance ond management (continued) Recruitment and appointment of new trustees The number of trustees sholl be ot leost ihree (unless otherwise determined by ordinory resolution) ond there will be no upper limit. Truslees are appointed by the boorol in occordonce with internol processes which may be omended from time lo time. d. Induction and training of new trustees New trustees receive on indvction on election," trustees ore encouraged to attend oppropriote externol troining events where these will focilitote the undertaking of their role. Training is orronged throughout the yeor on a periodic basis. e. Poy policy for key monogement personnel The trustees moke no speciol provision for senior staff or key monogement personnel. Pou ond conditlons for oll staff ore usuallu considered onnually or)d ore determined using a nvmber of factors including external funding ond the period of that f unding, vorious indices, ond ofsordabilily short ond long term. f. Wider network Membership of AIM Qualificotions ond Assessment Group is open to Higher Educolion Institutions, Providers of Acces5 to HE Provision. Stotutory providers of post 14 educotion ond troining, Locol Authorities, Learning & Skills infrostructure orgonisotions, Employers. Advococy organisotions. Education Improvement services, AIM Quolif Ications and Assessment Group stoff ond the Voluntary Sector. g. Reloted porties AIM Quolificotions and Assessment Group Is reguloted by Ofquol. CCEA. SQA. Qualifications Woles ond the Institute for Apprenticeships.. it operotes under license to the Quolity Assuronce Agency (QAA). h. Fundroising policy statement The chority does not engoge in fvndroising activities from the generol public The primary fundroising activity is derived f rom o monoged investment portfolio. This portfolio is composed of vorious asset closses. Poge S
AIM Qualifications and Assessment Group (A company limited by guarantee) Trustees, report (continued) For the year ended 31 August 2024 Stotement of Trvstees, responsibilities The Trustees. (who ore olso the directors of the chority for the purposes of compony low) are responsible for preparing the TrLJStee5' report ond the finonciol stotements in occordonce with opplicoble low ond United Kingdom Accounting Stondards (United Kingdom Generolly Accepted Accounting Practice>. Company low requires the Trustees. io prepore finoncial statements for eoch financial Under compony low. the Trustees. must not approve the financiol statements unless they ore sotisfied Ihol they give a true ond foir view of the stote of affairs of the chority ond of its incoming resources ond opplicotion of resources, including its Income ond expenditure, for thol period. In preporing these finoncial statements, the Trustees. ore required to,. select subtoble OCCOLJnling polities ond then opply them consistently.. observe the methods ond principles of the Charities SORP (FRS 102)., moke judgments and occounting estimates that o.'e reosonoble and prbdent.. stote whether applicable UK Accountlng Stondords (FRS 102) hove been followed. subject to ony moterial departures disclosed and exploined In the finoncial stotements.. prepore the finonciol stolements on the going concern bosis unless it is inoppropriate to presume thot the chority will continue in business. The Trustees. cjre responsible for keeping odequote occounting records t.0t ore sufficient to show ond exploin the chority's transoctions ond disclose wilh reosonoble occurocy ot ony time the finoncial posltion of the chority and enable them to ensure thot the finopcial statements comply with the Componies Act 2006. They are olso responsible for sofeguording the assets of the chority ond hence for toking reosonable steps for the prevention ond detection of f raud and other irregularilie5. Disclosvre of informotion to ovditor Eoch of the persons who ore Trustees. at the time when this Trustees, report is approved hos confirmed thol.. so for os thot Trustee is owore. there is no relevonl oudit informotion of which the chority's oudilor is unoware, ond that Trustee hos token oll the steps that ought to have been token os o Trustee in order to be oware of any relevont oudit informotion ond to estoblish thot the chority's ouditor is owore of thot informotion. Auditor The ouditors. Dains Audit Limited. hove indicoted their wllllngness to continue in office. The designoted Trustees will propose o motion reappointing the auditors ot a meeting of the Trustees. Approved by order of the members of the boord of Trustees. on 12 December 2024 ond signed on their beholf by". LJGee (Trustee) Poge 6
AIM Qualificotion5 and Assessment Group (A company Ilmited by guarantee) Independent Auditor's Report to the Members of AIM Quolifications and Assessment Group Opinion We have audited the finoncial stotements of AIM Qualificotions ond Assessment Group (the 'chority') for the yeor ended 31 August 2024 which comprise the Statement of nanciol octivities, the Balonce sheet, the Stotemenl of cosl flows ond the related notes. including o summory of significont occounting polic5es. The finonciol reporting framework thot hos been opplied in their preparation is opplicoble low and United Kingdom Accounting Stondords. inclvding Finonciol Reporting Stondord 102 'The Finonciol Reporting Stondord applicoble in the UK ond Flepublic of Irelond, (United Kingdom Generally Accepted Accounting Proctice), In ovr opinion the financial stotements.. give o true and fair view of the stole of the choritoble compony's affoirs as ot 31 August 2024 ond of Its incoming resources ond opplication of resources. including its income and expenditure for the year then ended.. hove been properly prepored in occordance with United Kingdom Generally Accepted Accounting Praclice.. ond hove been prepored in accordonce with the requirements of the Componies Act 2006. Basis for oplnion We conducted our ovdii in occordonce wbth Internotionol Stondords on Auditing (UK) (ISAS (UK)) ond applicoble law. Our responsibilitie5 under those slondards are further described in the Auditor's responsibililies for the oudit of the financi05 slotements section of our report. We ore independent of the choritoble compony in occordonce with the eihicol requirements that ore relevont lo our audit of the finonciol statements in the United Kingdom. including the Financiol Reporting Council's Ethical Stondord. ond we hove fu5filled our other ethical responsibilities in occordance with these requirements. We believe that the audit evidence we hove obtoined is sufficient and appropriate to provide o bosis for our opinion. Concluslons relating to going concern In auditing the financiol statements. we hove concluded thot the Trustees, use of the going concern basis of accounting in the preporotion of the financiol stotements is oppropriote. Bosed on the work we hove performed, we hove not identified ony moterial uncertainlie5 reloting to events or conditions that, individuolly or collectively. moy cost significont doubt on the choritoble compony's obility to continue os o going concern for o period of ot leost twelve months from when the finonciol Sloiements are outhorised for issue. Our responsibilities ond the responsibilities of the Trustees with respect to going concern ore described in the relevont sections of this report. Poge 7
AIM Qualifications and Assessment Group (A company limited by guarantee) Independent Auditor's Report to the Members of AIM Qualifications ond Assessment Group (continued) Other informotion The other information comprises the informotion included in the Annuol report other than the financial stotements ond our Auditor's report thereon. The Trustees are responsible for the other imformolion contoined within tle Arnnuol feport. Our opinion on the finonciol stolements does not cover the other informotion ond, except to the extent otherwise explicitly stated in our report. we do not express any form of ossuronce conclusion thereon. Our responsibility is lo reod the other informotion ond, in doing so. consider whether the other informotion is moteriolly inconsistent with the finoncial stotements or our knowledge obtained in the course of the audit. or otherwise appeors to be materiolly misstoled. If we identify such molerial inconsister)cies or opparent materiol misstatements. we ore required to determine wiether this gives rise to o muteriol missiotemen: in th.e finonciol stotements themselves. If. bosed on the work we hove performed. we conclude thot there is a moterial misstatement of this other informotion, we ore required to report thot fact. We hove nothing to report in this regord. Opinlon on other motters prescribed by the Componles Art 2006 In our opinion. bosed on the work undertoken in the course of the oudil.. the Information given in the Truslees, report for the financiol year for which the finonciol stotements are prepared is consistent with the finonciol stotements. the Trustees, report hos been prepored in accordance with applicable legol requirements. Motters on which we are required to report by exception In the light of our knowledge ond understanding of the choriloble compony ond ils environment obtoined in ihe course of the audit. we have not identified moter,'al misstotements in the Trustees, report. We have nothlng to report in respect of the following motters in relolion lo which Componies Act 2006 requires us to report to you if, in our opinion.. odequote accounting records have not been kept. or returns odequote for our oudil hove not been received from bronches not visited by us.. or the finoncial stotements are nol in ogreement with the occountino records ond returns". or certain disclosures of Trustees, remuneration specified by low are not made., or we have not received oll the information ond explonotions we require for our oudil. Poge 8
AIM ouolifications and Assessment Group (A company limited by guarontee) Independent Auditor's Report to the Members of AIM Qualifications and Assessment Group (continved) Responsibilities of trustees As explained more fully in the Trustees. responsibilities stoiement. the Trustees (who ore olso the directors of the chariloble compony for the purposes of compony low) ore responsible for the preparotion of the finonciol slotements ond for be.;r)g solisfied Ihot they give o true and fair view. ond for such internol control 05 the Trustees determine is necessary to enoble the preporolion of financial stotements that are free f rom moteriol misstolement, whether due to fraud or error. In preporing the financiol statemenls. the Trustees ore responsible for assessing the charitoble corr.pony's abilitg to continue as a going concern. disclosing. os opplicoble. motters related to going concern and using the going concern basis of accounting unless the Trustees either intend to iquidote the chorilable compony or to ceose operotions. or hove no realistic olternolive but to do SO. Auditor's respon51bllltie5 for the audlt of the flnanclol statements Our objectives ore lo obtoin reosonoble assurance obout whether the finoncial stotements as o whole are free from moteriol misstotement, whether dLJe ;o froud or error. ond to issue on ALJditor's report thol includes our opinion. Reosonable ossurance is a high level of ossuronce. bui is not o gvorontee thot on oudit conducted in accordonce with ISAS (UK) will olwoys detect o moteriol misstotement when it exist5. Misstotements con orise from froud or error ond ore considered motericFI if, individuolly or In the aggregote. they could reasonobly be expected to influence the economic decisiorTrs of users token on the basis of these financial stotemenls. IrregLJlorities, including fraud, ore instonces of non-complionce with lows ond regulotions. We design procedures in Ilne with our responsibilities. Outlined obove. to detect moteriol misstatements In respect of Irregulorilies, including froud. The extent to which our procedures are copoble of detecting irregularities. including fraud is detailed below. Our approach to identifyir)g ond ossessing the risks o,. moteriol misstotement n respect of irregularitles, including froud ond non-complionce with law5 and regulotions, wos os follows.. the senior stotulory auditor ensured thot the engogement teom collectively hod the appropriate competence. copobilities ond skills lo identify or recognise non-compliance with opplicoble lows ond regulotions.. we identified the lows ond regulolions opplicoble to the compony through discussions with directors ond other manogement, ond from our commerciol knowledge ond experience of the chority sector. we focused on specific lows and regulotions which we considered moy hove o direct moteriol effect on the finonciol statements or the operotions of the company. including the financiol reporting legislotion. Companies Act 2006, loxation legislotion. onti-bribery. employment. ond environmentol ond heolth and safety legislotion.. we ossessed the extent of complionce with the lows ond regulotions identified obove through moking enquiries of monogement ond Inspecting legol correspondence.. ond identified lows ond reoulotions were communicated within the oudit teom regulorly ond the teom remoined olert to instonces of non-complionce throughout the oudit. Page 9
AIM Qvollficotions and Assessment Group (A compony limited by guorontee) Independent Auditor's Report to the Members of AIM Qualifications ond Assessment Group (continued) We 055essed the susceptibility of the compony s . Inonciol statements to moteriol misstatement. including obtoining an understanding of how frovd might occur. by.. moking enquiries of monogement os to where they considered there wos susceptibility to froud, their knowledge of octuol, suspected ond olleged fraud." ond considering the internal controls In ploce to mitigote risks of froud ond non-complionce with lows ond regulotions. To oddress the risk of froud through manogemenl bios ond override of controls. we.. performed onolyticol procedures to identify ony unusuol or unexpected relationships.. tested journal entries to identify unusuol Iransoctions., ossessed whether judgements ond 08sumplions mode in determining the occountlng estimoles were indicolive of potential bias.. ond invesiigoted the rotionole behind significant or unusuol tronsoctions. In response to the risk of irregularities and non-complionce with lows ond regulolions. we designed procedures which included. but were not limited io.. ogreeing f inoncial slotement disclosures to underlying supporting documentotion.. reoding the minutes of meetings of those charged with governonce.. enquiring of monogement os to ocluol and potential litigation ond claims.. and reviewing correspondence with HMf4C. relevant regulotors or)d the company'5 legal odvisors. Because o ¥ the inherent limitations of an oudit, t.ere is o risk thot we will not detect oll irregulorities. including those leoding lo a material misstoiement in the finoncial stotements or non-complionce with regulation. This risk increoses the more thot compllance with o law or regulotion is removed from the events and Ironsoclions reflected In the finonciol slotemenls. os we will be less likely to become oware of inslonces of nor)-compliance. The risk is 0150 greoler regording irregulorities occurring due to fraud rather thon error, 0$ fraud involves inteniionol conceolmen;, forgery, collusion, omission or misrepresentolion. A further description of our responsibilities for the audit of the financiol statements is locoted on the Financial Reporting Council's website at.. www.frc.or ouditorsre5 s. This description forms part of our Auditor's report. Poge 10
AIM Qvollficotions arbd Assessment Group (A compony limited by guarantee) Independent Auditor's Report to the Members of AIM Quollficotions and Assessment Group (continued) Use of our report This report Is mode solely to the charity's trustees. os o body. in occordonce with Chopter 3 of Port 16 of the Componies Act 2006. Our oudil work hos been undertoken so thol we might slote to the chorily's trustees those motlers we are required to state to them in an Auditor's report ond for no other purpose. To the fullesi extent permitted by low. we do not accept or ossume responsibility to anyone other than the chcrity ond its trustees, 05 o body. for our audit work. for this report, or for the opinions we hove formed. e//ff //// // Andrew Morrls FCA (Senior Statutory Auditor) for and on behalf of Dolns Audit Limited Statutory Auditor Chorlered Accovnlonts Birminghom 12 December 2024 Poge 11
AIM Qualification5 and Assessment Group (A company Ilmited by guarantee) Statement of financial octivities {incorporoting income ond expenditure account) For the year ended 31 August 2024 Unrestricted funds 2024 Total funds 2024 Totol funds 2023 Note Income from: Donotions ond legocies 592.072 Choriloble octivities 4.486.540 4,486.540 4.081,759 Investments 72.979 72.979 31,332 Totol income 4,559.519 4.559,519 4,705,165 Expendtture on: Roising funds Charitoble oclivities 14.723 14.723 7.937 5.258.504 5,258.504 4,730.965 Totol expenditure 5.273.227 5.273,227 4.738.902 Net expendltvre before net gains on investments Nel goins on investments (713.708) 114.531 (713.708) (35,739) 114.331 3.759 Net movement in funds (599.377) (599.377) (29.980) Reconciliation of funds: Totol funds brought forword Net movement in funds 6.691.774 6.691.774 6,721.754 (599.377) (599.377) (29.980) Total funds carried forward 6.092.397 6.092,397 6.691,774 The Statement of Financial Activities includes oll gains and losses recognised in the geor. The notes on poges 15 to 32 form part of these finonciol statements. Poge 12
AIM Qualifications and Assessment Group (A company limited by guorantee) Registered nvmber.. 05038056 Balance sheet As at 31 August 2024 2024 2025 Note Flxed assets Intongible ossets Tongible ossets Investments 12 24.541 27,509 13 1,527.701 1.578,385 14 1.168.859 1,136.380 2.721.101 2.742,274 Current ossets Debtors 15 563.112 886,246 Cosh ot bank ond in hond 3.184,5H 3,415.865 3.747,656 4.302.111 Creditors.. omounts lolling due within one yeor 16 (576.360) (352,611) Net current assets 3.371.296 3.949,500 Total net assets 6.092,397 6.691.774 Chority funds Unrestricted f unds Designoted funds Generol funds 77 418.840 418.840 17 5.673.557 6.272.934 Total funds 6.092.397 6.691.774 The Trustees ocknowledge their responsibilities for complying with the requirements of the Act with respect to occounting records and preporotion of finonciol stotements. The f inanciol stotements were opproved ond outhorised for issue by the Trustees on 12 December 2024 ond signed on their beholf by. LJGee (Trustee) The notes on poges 15 to 32 form part of these finonciol stotement5. Poge 13
AIM Qualifications and Assessment Group (A company limited by guarantee) Statement of cash flows For the year ended 31 August 2024 2024 2023 Cosh flows f rom operoting actlvities Net cosh used in operoting octivities (257.48n {696,366) Cosh flows from investing octivities Dividends. interests ond renls from inveslments less of fees Purchose of intongible ossets Purchase of tongible fixed ossets 58.256 23,723 (14.700) (17.390) (32.740) (32.891) Net cosh provided by/(used In) investing octivities 26.166 (41.908) Change In cosh and cosh equlvalents in the year Cosh ond cosh equivolenls oi the beginning of the yeor Net cash ocquired on merger with OCNWM (231.321) (738.274) 3.415.865 4.054.039 100.100 Cash ond cosh equivolents ot the end of the year 3,184.544 3.415,865 The notes on poges 15 10 32 form port of these finonciol stotements Page 14
AIM Qualifications ond Assessment Group (A compony limited by guarantee) Notes to the financiol stotements For the yeor ended 31 Augvst 2024 General information AIN Quolifications ond Assessment Group is o private compony limited by guorontee incorporoled in Englond ond Woles. The registered office Is 3 Pride Point Drive, Pride Pork. Derby. Derbyshire. DE24 88X. The principol octivity of the chority is Ihot of o quolificotion owarding orgonisotion and access volidoting agency. Al the end of the yeor there were thirteen trustees, each of whom, under the terms of the Memorandum ond Articles of Associolion. hod undertoken to contribute the sum not exceeding £10 in the event of o winding up of the compony. Accounting policies 2.1 Basis of preporotion of financlal statements The finonciol stotements hove been prepored in occordonce with the Chorities SORP (FRS 102) - Accounting and Reporting by Chorities". Stotement of Recommended Proctice opplicoble to charitles preporing their occounts in occordonce with the Finonciol Reporting Stonc4ord opplicoble in the UK ond Republic of Irelond (FRS 102) (effective 1 Jonuory 2019). the Financial Reporting Stondord opplicable in the UK ond Republic of Irelond (FRS 102) ond the Companies Act 2006. The choiity hos elected to opply all omendments to FRS 102. as set out in the Finonciol Reporting Council's Iriennial review published in December 2017. old included in Update Bulletin 2 to the Charities SORP (FRS 102). prior to mandotory odoption for occounting periods Deginning on or ofter l Jonuary 2019. AIM Quolificotions ond Assessment Group meets the definition of o public benefit entity under FFIS 102 Asseis ond liobilities ore initiolly recognised at historicol cosi or tronsaction value unless otherwise stoted in the relevonl accounting policy. 2.2 Golng concern The Trvstees assess whether the use of going concern is oppropriote i.e. whether there ore any moteriol uncertainties reloted to events or condition5 that moy cast significont doubt on the obility of the Chorily to continue os o goiig concern. The Trustees moke this assessment in respect of a period of ot leosl one year from the dote of outhorisotion for issue of the finonciol 51atemenis ond hove concluded that the Chority hos odequote resources lo continue in operotionol existence for the foreseeoble future and there ore no moteriol uncertainties obovt the Chority's obility to continue os a going concern. thus they continue to odopt the going concern basis of occounting In preparing the finonciol stotements. 2.3 Fund accounting Generol funds ore unrestricted funds which ore ovalloble for use ot the discretion of the Trustees in furtherance of the generol objectives of the chorily ond which have not been designoled for other purpose5. Designoted funds comprise unrestricted fund5 thot have been set oside by the Trustees for particulor purposes The oim and use of eoch designoted f und is sel out In the notes to the finonciol stotements. Investment income, goins ond losses ore allocated to the oppropriote fund. Poge 15
AIM Quolificotions and Assessment Group (A company limited by guorontee) Notes to the f inancial statements For the year ended 31 Augvst 2024 Accounting policies (continued) 2.4 Income All income is recognised once the chority hos entitlement to the income. it is probable that the income will be received and the omount of income receivoble con be meosured reliably. All centre opproval and registration fees ore included in the stotement of finoncial activities when invoiced. Income is oeferred when it Is received in advonce of the performagce of the event lo wnich St relotes. 2.5 Expenditure Expenditure is recognised once there is o legol or constructive obligotion to tronsfer economic benefst to o third party, it is proboble thot o tronsfer of economic benefils will be required in settlement ond the omount of the obligation can be meosured relhobly. ExpenditJre is classified by octivitg. The cost5 of eoch octivity ore mode up ol the totol of direct costs ond shared costs. including support costs involved In undertaking eoch octivity. Direct costs ottributable :o o single octivity ore allocoted directly to thot activity. Shared costs which contribute to more than one octivity and support costs which ore not attribuloble to o single activity are opportioned between those aclivities on a bosis consistent with the use of resources. Centrol stoff costs ore ollocoted on Ihe bosis of lime spent, ond depreciotion chorges ollocoted on the portion of the asset's use. Expenditure on roising fund5 Include5 011 expenditure Incurred by the chority to roise funds foi Its choritoble purposes and includes costs of oll fundraising oclivilies event5 ond non-charilable trading. Governonce costs ore those incurred In connection with odministrotion of the Chority ond complionce with constilulionol ond statutory requirements. Choritable octivities ond Governonce costs ore costs incurred on the Charity's educotionol operations, including support costs ond costs reloting to the governance of the Charity opportioned to choritoble activities. All expenditure is inclusive of irrecoveroble VAT. 2.6 Intanglble assets and amortlsation Intongible assets costing £1.000 or more are copltolised ond recognised when fvture economic benefits ore proboble ond the cost or volue of the osset con be meosured reliobly. Intongible ossets ore iniliolly recognised ol cost. After recognition, Ljnder the cost model, 1nlongible ossets ore measureo ot cost less ony occumuloted omortisalion ond ony occumuloted impoirment10sses, Amortisotion is provided on intongible ossets ot roles calculoted to write off the cost of eoch osset on o slroight-line bosis over its expected usef ul life. Poge J6
AIM Qualifications ond Assessment Group (A compony limited by guorantee) Notes to the finoncial stotements For the year ended 31 August 2024 Accounting policies (contlnved) 2.6 Intongible ossets and amortisotion (continued) The estimated useful lives ore os follows.. Intellectuol property Website development Compvter sofiwore 5 years 3 yeors 3 yeors 2.7 Tangible fixed assets and depreclotlon A review for impoirment of o fixed osset is corried out if events or chonges in circumstances indicote thol the corrying volue of ony fixed osset moy Yot be recoveroble. Shortfolls between the corrying volue of fixed assets ond their recoveroble omounls ore recognised os impairments. Impoirment losses are recognised in the Stotement of finonciol activities incorporoting income ond expenditure account. Tongible fixed ossets are initiolly recognised ot cost. After recognition. under the cost model. tangible fixed assets are meosured ot cost less occumuloled depreciation ond any occumulated Impoirment losses. All costs Incurred to bring o tongible f ixed osset into its intended working condition should be included In the meosurement of cost. Depreciotion is chorged so 05 to ollocote the cost of tongible fixed ossets less their residuol volue over their estimoted useful lives using the following boses.. Depreciotion is provided on the following bases.. Freehold lond and buildings Plont ond equipment Fixtures ond fittings Office equipment Computer equipment 2QA stroight line 15% reducing balonce 10Vo slroight line 20% stroight line 33Yo Stroight line 2.8 Investments Fixed osset investments ore a form of finonciol instrument and ore iniliollLJ recognised ot their tronsoclion cost ond 5ubseqvently measbred ot foir value ot the 8olance sheet dote, unless the value cannot be meosured reliably in which cose it is meosured ot cost less impoirmenl. Investment goins ond losses, whe.her reoliged or unrealised. ore combined and presented os 'Goins/(Losses) on investments, in the Stotemenl of finonciol octivities. 2.9 Interest receivable Interest on funds held on deposit is included when receivoble ond the omount can be measured reliobly by the chority.. this is normolly upon notificotion of the Interest paid or poyoble by the institution with whom the funds ore deposited Poge 17
AIM Qualificotions and Assessment Group (A company1Smited by guorontee) Notes to the finoncial statements For the yeor ended 51 August 2024 Accounting policies (continued) 2.10 Operating leases Rentals paid under operoting leoses are chorged to the Stotement of finonciol octivities on o stroight-line basis over the leose term. 2.11 Debtors Trade and other debtors ore recognised ot the settlement omount ofter ony trode discount offered. Prepoyments ore valued ot the omount prepaid nei of ony trode discounts due. 2.12 Cash at bank and in hand Cosh ot bonk ond in hond includes cash ond short.term highly liquid investments with o short moturity of three months or less from the dole of ocquisllion or opening of the deposit or similar account. 2.13 Liabilitles ond provisions Liobilities are recognised when there is on obligotion ot the Balance sheet dote os o result of o post event, it is probable that o tronsfer of economic beneftt will be required in settlement. and the omount of the settlement con be estimoted reliobly. Liobilities are recognised al the amount ;hol the Chority onticipotes il will poy lo settle the debt or the amount it hos received os odvonced poyments for the goods or services it must provide. Provisions ore meosured ol the best estimote of the omounts required to settle the obligation. Where the effect of the time volue of money is moteriol. the provi$10n is bosed on the present volue of those omounts. discounted ol the pre-tox discount rote Ihot reflects the risks specific 10 the liobility. The unwinding of the discount is recognised within interest payable and similar chorges. 2.14 Finoncial instruments The chorily only hos finonciol ossels ond finonciol liabilities of o kind thot quolify os bosic finonciol instruments. Bosic finonciol instruments are initiolly recognised at tronsaction volve ond subsequently meosured ot thelr settlement volue with the exception of bonk loons which ore subsequently measured at omorlised cost using the effective interest method. 2.15 Toxotlon The chority is considered to poss the tests set out in Porogroph 1 Schedule 6 of the Finonce Act 2010 ond therefore il meets the definition of o charitoble compony for UK corporotion tox purposes. Accordingly. the charity is potentiolly exempt from toxotion in respect of income or capital gains received within cotegories covered by Chopter S Port 11 of the Corporolion Tox Act 2010 or Section 256 of the Toxotion of Chargeoble Gains Act 1992. to the extent thot such income or goins ore opplied exclusively to choritoble purposes. Poge 18
AIM Quolifications and Assessment Group (A company limited by guarantee) Notes to the financial statements For the yeor ended 31 Avgust 2024 Accounting policles (continued) 2.16 Pensions Retirement benefits to some of the Teoching Staff of the Charity ore provided by ihe Teochers, Pension Scheme ("TPS"). which is o defined benefit scheme. The TPS is on vnfunded scheme and contributions ore colculoted so os to spread the cost of pensions over employees. working lives with the ocademy in such o way thot ihe pension c05t Is o substontiolly level percentoge of current and future pensionoble poyroll. The contributions ore determined by the Government Acluary on the bosis of qLJodrennial voluations using o prospective unit credit method. The TPS is u multi- employer scheme ond there is Insufficient informolion ovoiloble to use defined benefit occounting. The TPS is therefore treoted as o defined contribution scheme for occouniing purposes ond the contributions recognised in the period to which they reiote. The chority also provide a defined contribution scheme. The costs orising on the defined contribution scheme ore recognised in the Income Statement In the period in which the reloted service is provided. 2.17 Termination 8enefits Termination benefits are meosured ot the best estimate of ihe expenditure required to seltle the obligotion at the reporting oote. Critlcal accounting estimates and areos of judgment Estimotes ond judgments ore continuolly evaluoted ond ore bosed on historical experience ond other factors. including expectolions of future events thot ore believed to be reasonable ur)der the circumstonces. Crilicol occounting estimotes ond ossumptions.. Depreciation and residvol values The Trustees hove reviewed the osset lives and ossocialed residual volues of oll fixed Osset closses ond hove concluded that osset lives ond residual values ore opproprioted. Fair value of investments The Trvslees hove reviewed the investment voluation reports received from the monagemeni expert and have concluded that the volue of Investments Is appropriote. Page19
AIM Qualifications and Assessment Group (A company Ilmlted by guorantee) Notes to the financial statements For the year ended 31 August 2024 Income from donations and legacies unrestricted funds 2024 Total funds 2024 Totol funds 2023 Tronsfer in of Open College Network Wesi Midlands 592,072 Income from charitable activities Unrestricted funds Total funds 2024 Total fund5 2023 2024 Reigstration ond ossessment fees 4,486.540 4.486.540 4,081.759 Investment Income Unrestrlcted funds 2024 Total funds 2024 Totol funds 2023 Rentol income 47.818 47.818 23,228 Interest receivoble 25,161 25.161 8.104 72.979 72.979 31,352 Poge 20
AIM Qualifications ond Assessrnent Group (A company limited by guarantee) Notes to the finoncial stotements For the yeor ended 51 August 2024 Investment monagement costs Unrestricted funds 2024 Total funds Totol funds 2023 2024 Investment monagement fees 14,723 14.723 7.937 Analysls of expenditvre bu activities Activities undertaken directly 2024 Totol fvnds 2024 Totol funds 2023 Reigstrotion ond ossessment fees 5.258,504 5.258,504 4,730,965 Poge 21
AIM Qvolificotions ond Assessment Group (A compony limited by guorontee) Notes to the financial statements For the yeur ended 31 August 2024 Analysis of expenditure by octivities (continued) Analysis of direct costs Totol funds 2024 Totol funds 2023 Stoff costs 3.217.666 2,937.348 Stoff development 55.544 45.714 Depreciotion Consulioncy costs 85.742 96,560 515.561 381.182 Premises costs 154.693 146.379 IT costs 415,635 413479 Subscription ond licence fees 284.138 105.531 Morketing costs n.447 62,630 Other expenses 456.078 542.342 5.258.504 4.730.965 Auditor's remvneration 2024 2023 Fees poyoble to the chority's ouditor for the oudit of the chority's onnual occounts 12,900 12,000 Fees poyoble to the charity's auditor in respect of.. All non-audil services not included obove 5.250 3.000 Poge 22
AIM Qualifications and Assessment Group (A company limlted by guarantee) Notes to the financial stotements For the yeor ended 31 Augvst 2024 10. Stoff costs 2024 2025 Wages and solories Sociol security costs Contribution lo defined contribution pension schemes 2.761,649 2.509.770 269.170 241,633 186.847 185.945 5.217.666 2.937.548 Included within staff costs are terminotion poyments totolling £69,534 (2025.. £Nil) following on internol restructure. The overoge number of persons employed by the charity during the year wos as follows.. 2024 No. 2025 No. Employees 70 69 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 wos.. 2024 No. 2023 No. In the bond £60.001 £70.000 In the bond £70,001 £80,000 In the bond £80,001 £90.000 In the bond £100.001 £110.000 In the bond £110.001- £120.000 During the ueor the key monogement personnel received totol compeysotion of £680,075 (2023.. £580.498). 11. Trustees. remuneratlon and expenses During the yeur, no Trustees received ony remunerotion or other benef its (2023 - £NIL). During the year ended 31 August 2024. expenses totolling £435 were reimbursed or poid directly to 4 Trustees (2023 - £604 to 10 Trustees). There wos no trvstees, remunerotion or other benefits for the period ended 31 August 2024. Poge 23
AIM Qvalifications ond Assessment Group (A company limited by guorontee) Notes to the finonclal statements For the year ended 31 August 2024 12. Intangible ossets Website development costs Intellectual property Computer softwore Total Cost At I September 2023 65.000 5.001 47.149 117.150 Additions 14.700 14.700 At 31 August 2024 65,000 5.001 61.849 131.850 Amortisation At 1 September 2023 Chorge for the yeor 65,000 2.400 22.241 89.641 1.667 16.001 17.668 At 51 August 2024 65,000 4,067 38.242 107.309 Net book volue At 31 August 2024 934 23.607 24.541 At 31 August 2023 2,601 24,908 27.509 Poge 24
AIM Qualifications and Assessment Grovp (A compony limited by guarontee) Notes to the financiol statements For the year ended 31 Avgust 2024 13. Tangible fixed ossets Freehold land ond buildings Plont and Fixtures and eqvipment fittings Computer equipment Total Cost or valuation At I September 2023 Additions 1.984.637 16.731 97.719 138.631 2.237.718 17.390 17.390 Al 31 August 2024 1.984,637 16.731 97.719 156.021 2,255,108 Depreciation At I September 2023 Chorge for the yeor 467.285 10.697 74.468 106.883 659.333 59.693 905 6,608 20.868 68.074 At 31 Avgu5t 2024 506,978 11.602 81.076 127.751 727.407 Net book value Al 31 August 2024 1,477.659 5.129 16,643 28.270 1.527.701 At 31 August 2023 1.517,352 6.054 23.251 31.748 1.578.585 Poge 25
AIM Quollficotions and Assessment Group (A compony limited by guarantee) Notes to the financial statements For the yeor ended 31 Augvst 2024 14. Fixed osset investments Cosh held on dep051t with fvnd Listed Investments managers Total Cost or volvotion At 1 September 2023 Additions 1.016.278 244,538 120.102 1.156,380 (244.538) 229.550 Disposals Reva1uotions (229.550) 114,331 114.351 Investment fees and other interesl (11.852) (70.000) (11.852) (70.000) Wilhdrowals At 31 August 2024 1.145.597 23.262 1.168.859 15. Debtors 2024 2023 Due wlthin one year Trode debtors 478,526 710.688 Other debtors 1,454 Prepoyments ond accrued income 84.586 174.104 563.112 886,246 Poge 26
AIM Qualifications and Assessment Group (A componu limited by guorontee) Notes to the financial stotements For the year ended 31 August 2024 16. Creditors- Amounts falling dve within one yeor 2024 2023 Trode creditors 157.943 241,720 other taxotion and social security 74.107 59.201 Other creditors 31.772 36.690 Accruols ond deferred income 112,538 15.000 576.360 552.611 Poge 27
AIM Qualificatlons and Assessment Group (A compony limited by guarontee) Notes to the finonciol statements For the year ended 31 Avgust 2024 17. Stotement of funds Statement of funds - current yeor Bolance at 1 September 2023 Gains/ Bolance ot 31 (Losses) August 2024 Income Expenditvre Unrestrlcted funds Designated funds Cessotion fund 418.840 418,840 General funds General Funds 6.272.954 4.559.519 (5,273.227) 114,331 5.673,557 Total Unrestrlcted funds 6.691.774 4.559.519 (5.273.227) 114.331 6,092.397 The Cessotion fund represents o specific reserve In relation to business continuity in the event of AVA foilure. The compensolion is based on the nurr.ber of Access to Higher Educotion leorners registered with the AIM Group ot £40 per leorner. Stotement of fvnds- prior year Balance ot I September 2022 Bolonce at 31 August 2023 Tronsfers in/out Goins/ (Losses) Income Expendilure Unrestricted funds Designated funds Cessation fund 408.800 10.040 418,840 General funds Generol Funds 6.312.954 4.705.163 (4,738.902) (10,040) 3.759 6.272.934 Total Unrestricted fund5 6,721.754 4.705.163 (4.738,902) 3,759 6,691,774 Page 28
AIM Qualifications and Assessment Group (A company limited by guorantee) Notes to the financial statements For the yeor ended 51 August 2024 18. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted fvnds 2024 Total funds 2024 Tangible fixed osset5 Intangible fixed ossets Fixed asset investments 1,527.701 1.527.701 24.541 24,541 1.168,859 1.168.859 Current ossets 3.747,656 3.747.656 (376.360) Creditors dLJe within one yeor (576,360) Totol 6,092.397 6.092.397 Anolysls of net ossets between funds - prior perlod Unrestricted funds 2023 Totol funds 2023 Tangible fixed ossets Intangible fixed osset5 Fixed osset inveslments 1.578.585 1.578.585 27.509 27,509 1.136.380 1,136.380 Current ossets 4.302,111 4,302,111 Creditors due within one yeor (352,611) (352,611) 6.691.774 6,691.774 Total Poge 29
AIM Qualificotlons ond Assessment Group (A compony Ilmited by guarantee) Notes to the financial stotements For the year ended 31 August 2024 19. Reconciliation of net movement in funds to net cosh flow from operating activities 2024 2023 Net expenditure for the period (as per Stotement of Finoncial Activities) (599.377) (29.980) Adjustments for= Depreciation charges Amortisolion chorges 68.074 67.004 17.668 29,556 Goins on investments 114.341 3.759 Dividend5. interesis and renls from investments Cosh withdrowols from investments Tronsfer from Open College Network West Midlonds Decreose/(increose) in debtors Increose/(decre05e) in creditors (72.979) (70.000) (31.352) (592,072) 323.134 (193.751) 50.450 (38.348) Net cosh used In operoting octivities (257.487) (696,366) 20. Anolysis of cosh ond cosh equivalents 2024 2023 Cosh In hond 3,184.544 5,415.865 Total cash and cash equlvalents 3.184.544 3,415,865 21. Analysis of chonges Sn net debt At1 September 2025 At 31 August 2024 Cash flows Cash ot bonk ond in hond 3.415.865 (231.321) 3.184.544 3.415.865 (231.321) 3.184,544 Poge 30
AIM Qvalificotlons ond Assessment Group (A company limited by guorantee) Notes to the financial statements For the yeor ended 31 August 2024 22. Pension Commitments Define ntributi nsch mes The chorily operotes o defined contribuliofj pension scheme for oll quolifying employees. The ossets of the scheme are held separotely from those of the chority in an independently odministered fund. The charge to profil or1055 in respect of defined contribvtion schemes wos £191.573 (2023 £121,722). Included within other creditors is £28,998 (2023 £36.690) in respect of outstonding pension contributions. Defined benefit schemes The chority contributes to o defined benefit multi-employ'er pension scheme, the Teachers Pension Scheme ('TPS'I. This is on oggregote of the pre 2015 scheme ond the 2015 scheme. Contributions to the Scheme were determined on the bosis of quadrennial octuoriol voluations carried out by the Government Actuory. The lotest actuorial voluation of the TPS wos corried out os ot 31 March 2016. This sets out the contribution rotes for the implementotion period (l April 2019 to 31 Morch 2023). Tb,e key elements of the voluotion ond subseqvent consulto:ion are.. employer coptribution rates set ot 23.68Yo of pensionable pay (including o 0.08% employer odministrotion chorge) totol scheme liobilities (pensions currently in poymeni and the eslimoied cost of future benefits) for service lo the effective dote of £218,100 million. and notional ossets (estimoted future contributions iogelher with the notionol investments held ot the voluation dote) of £196.100 million giving a norionol past service deficit of £22,000 million Ihe SCAPE rate, set by HMT. is used to determine the notionol investment return. The current SCAPE rote is 2.4Yo obove the rate of CPI. The assumed real rate of return is 2.4QA in excess of prices ond 2% in excess of eornings. The rale of reol earnings growth is ossvmed lo be 2.2/. The ossumed nominal rote of return including earnings growth is 4.45 /. The contributions during the year totalled £126.758 (2023.. £64,223). A copu of the voluation report ond supporting documentation Is on the Teacher5, Pension website. Under the definitions set out in FRS102. the TPS is on unfunded multi-employer pension scheme. The charity hos recognised contributions to the scheme as if It were o defined contributbon scheme. Poge 31
AIM Quolificotions and Assessment Group (A compony limited by guarantee) Notes to the financial statements For the yeor ended 31 Avgust 2024 23. Operating leose commitments At 31 August 2024 the chorlty hod commitments to moke future minimum lease payments under non- concelloble operating leoses os follows". 2024 2023 Not loter than 1 year Later thon 1 yeor ond noi later thon 5 yeors 3.418 3,415 2,334 6,551 5.752 9.966 24. Reloted porty transoctions The chority hos not entered into ony reloted party tronsoction during the yeor, nor ore there ony outstonding bolonces owing belwÈen reloled porties and the charity ot 31 August 2024. Page 32