2022-12-31-accounts - Agored Cymru

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Trustees' annual report (incorporating		the	director's	report)
Independent auditor's report to	the members
Statement offinancial activities	(including		income and
expenditure account)					12
Statement offinancial position					13
Statement ofcash flows					14
Notes to the financial statements					15

Reference	and adm	inistrative	inistrative	details	details
Registered	charity	name		Agored Cymru
Chadty registration		number		1105070
Company	registration		number	5133651
Principal office and		registered		4 Llys Onnen
office				Ffordd Y Llyn
				Pare Menai
				Bangor
				Gwynedd
				LL57 4DF
The trustees
				EV Barrett
				K Burns
				M Davies
				P Martin			(Resigned 26 January 2022)
				C D Mather
				SRehman	Khan
				A Smith
				C Swain
				H Swayne
				KWorkman
Auditor				Walter Hunter 8 Co Limited
				Chartered	accountants	&statutory	auditor
				24 Bridge Street
				Newport
				South Wales
				NP20 4SF

					2022	2022	2021
					Unrestricted
					funds	Total funds	Total funds
				Note	6	E	6
Income and	endowments
Charitable activities				5	1,622,834	1,622,834	1,677,750
Investment	income			6	1,734	1,734	96
Total income					1,624,568	1,624,568	1,677,846
Expenditure
Expenditure	on charitable	activities		7,8	1,620,905	1,620,905	1,451,543
Total expenditure					1,620,905	1,620,905	1,451,543
Net gains on investments				11	299,000	299,000	95,000
Net income	and net movement		in funds		302,663	302,663	321,303
Reconciliation offunds
Total funds	brought forward				1,381,162	1,381,162	1,059,859
Total funds	carried forward				1,683,825	1,683,825	1,381,162

31 Decemb	er	20	22
							2022	2021
						Note		F
Fixed assets
Tangible fixed assets						15	27,992	44,438
Current assets
Stocks						16	15,690	25,079
Debtors						17	260,268	305,279
Cash at bank	and	in	hand				1,249,505	1,281,696
							1,525,463	1,612,054
Creditors: amounts			falling	due	within one year	18	139,630	246,330
Net current assets							1,385,833	1,365,724
Total assets	less	current		liabilities			1,413,825	1,410,162
Pensions and other			retirement		benefits	19	(270,000)	29,000
Net assets							1,683,825	1,381,162
Funds ofthe charity
Unrestricted	funds						1,683,825	1,381,162
Total charity	funds					21	1,683,825	1,381,162

Year ended 31 Decemb	er 2022
			2022	2021
			6
Cash flows from operating	activities
Net income			302,663	321,303
Adjustments for:
Depreciation oftangible fixed	assets		16,446	16,091
Net gains on investments			(299,000)	(95,000)
Other interest receivable and	similar income		(1,734)	(96)
Accrued (income)/expenses			(91,985)	150,721
Changestn:
Stocks			9,389	(5,502)
Trade and other debtors			45,011	41,724
Trade and other creditors			(14,715)	(1,427)
Cash generated from operations			(33,925)	427,814
Interest received			1,734	96
Net cash (used in)/from operating activities			(32,191)	427,910
Cash flows from investing	activities
Purchase oftangible assets				(1,765)
Net cash used in investing activities				(1,765)
Net (decrease)/increase in	cash and cash	equivalents	(32,191)	426,145
Cash and cash equivalents	at beginning	ofyear	1,281,696	855,551
Cash and cash equivalents	at end ofyear		1,249,505	1,281,696

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds f	2022 F	Funds F	2021 F
Centre	fees	162,669	162,669	166,154	166,154
Accreditation		1,355,998	1,355,998	1,352,543	1,352,543
Training	&projects	87,130	87,130	142,961	142,961
Other income		17,037	17,037	16,092	16,092
		1,622,834	1,622,834	1,677,750	1,677,750

Investment i	ncome
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2022	Funds	2021
			6	6	6	6
Bank interest	receivable		1,734	1,734	96	96
Expenditure	on charitable	activities	by fund type
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds 6	2022 6	Funds 6	2021 f
Accreditation	services		1,620,905	1,620,905	1,451,543	1,451,543

8.	Expenditure	on	cha	ritable	activities by ac	tivity type
						Activities
						undertaken	Total funds	Total fund
						directly	2022	2021
						E	6
	Accreditation	services				1,620,905	1,620,905	1,451,543
9.	Analysis of	support		costs
						Accreditation
						services	Total 2022	Total2021
						F	E
	Staff costs					1,125,098	1,125,098	984,184
	Communications		and	IT		105,270	105,270	93,654
	Rent, Storage 8		Utilities			121,027	121,027	124,007
	Certification	costs				51,660	51,660	64,569
	External Verification			&Training		64,194	64,194	47,502
	Development	costs				9,314	9,314	2,281
	Marketing					33,212	33,212	37,851
	Office Expenses		&Other costs			26,922	26,922	21,586
	Audit, Legal	& Membership			Fees	59,879	59,879	59,094
	Travel &Subsistence					7,883	7,883	724
	Depreciation					16,446	16,446	16,091
						1,620,905	1,620,905	1,451,543

Net income i	s stated aft	er charging/(crediting):
			2022	2021
			E
Depreciation	oftangible	fixed assets	16,446	16,091
Fees paid to	the auditor:
For the audit	ofthe financial statements		6,180	5,712
For non-audit	services		20,120	23,309

Staffcos	ts
The total	staff costs	and employee		benefits for		the reporting	period are analysed as		follows:
								2022			2021
								F			6
Wages and salaries								1,125,098		984,185
The average head count			of employees		during	the year was	25 (2021:	25).The average		number
offull-time	equivalent	employees		during	the year is analysed		as follows:
								2022			2021
								No.		No.
Provision	ofaccreditation		services					24			20
The number ofemployees			whose	remuneration		for the year	fell within the following		bands,		were:
								2022			2021
								No.		No.
260,000to F69,999								1			1

15.	Tangible fixed	asset	s
					Leasehold
				Fixtures and	Property
				fittings f	Improvements E	Total F
	Cost
	At 1 January	2022 and 31 December 2022		177,148	131,043	308,191
	Depreciation
	At 1 January 2022			165,472	98,281	263,753
	Charge for the	year		5,525	10,921	16,446
	At 31 December 2022			170,997	109,202	280,199
	Carrying amount
	At 31 December 2022			6,151	21,841	27,992
	At 31 December 2021			11,676	32,762	44,438
16.	Stocks
					2022	2021
					6
	Certificate stock				15,690	25,079
17.	Debtors
					2022 f	2021
	Trade debtors				163,865	206,850
	Prepayments and accrued income				96,403	98,429
					260,268	305,279
18.	Creditors: amounts		falling due within one year
					2022	2021
					6	E
	Trade creditors				3,077	21,896
	Accruals and deferred		income		85,866	177,851
	Social security	and other taxes			40,824	37,271
	Other creditors				9,863	9,312
					139,630	246,330

Duration of liabilities	- 3	0.8	year	s
Key assumptions
												2022			2021
												0/
Discount rate												4.50			1.90
CPl inflation												2.50			2 50
Pension increases												2.50			2.50
Pension accounts revaluation rate												2.50			2.50
Salary increases												3.75			3.75
Mortality assumptions
The mortality assumptions			are	based on actual mortality				experience		of members within				the Fund
based on analysis	carried		out	as	part of the 2019		Actuarial Valuation,					and allow	for	expected
future mortality improvements.				Sample life		expectancies			at age	65 in		normal health		resulting
from these mortality	assumptions				are shown	below.	At	this accounting			date the assumed				rates
of future mortality have		been increased to reflect a					slightly		more negative			outlook	as	a result of
the Covid-1 9 pandemic.
												2022			2021
Males
Members aged 65at accounting				date								21.6			21.8
Members aged 45 at accounting				date								22.6			22.8
Females
Member aged 65 at	accounting			date								23.9			24 1
Member aged 45 at	accounting			date								25.4			25.6
Reconciliation offunded status			lo Statement ofFinancial Position
												2022			2021
Fair value ofassets												708,000		813,000
Present value offunded		defined		benefit obligation							(438,000)			(842,000)
Funded status												270,000		(29,000)
The split ofthe liabilities		at	the	last	valuation	between	various categories				of members		is:
												2022			2021
Active members												85			85
Deferred pensioners												15			15

Year ended 31 Dece	mb	e	r	2022
Defined benefit schemes
Rhondda Cynon Taf County			Borough Council Pension Fund				(RCT) (continued)
Asset allocation
					0/	2022	E	2021	f
Equities						68.1	482,000	67.4	548,000
Property						7.8	55,000	7.3	59,000
Government bonds						10.5	74,000	12.0	98,000
Corporate bonds						12.4	88,000	12.9	105,000
Cash						0.7	5,000	0.4	3,000
Other						0.5	4,000	0.0
						100	708,000	100	813,000
Amounts recognised in	the	Statement orFinancial Activities
								2022	2021
Operating cost
Current service cost								26,000	42,000
Interest on net defined			benefit liability/(asset)						2,000
Pension expense recognised				in the Statement	of	Financial	Activities	26,000	44,000
Amounts recognisedin	other		comprehensiveincome
								2022	2021
								E	E
Asset (losses)/gains	arising			during the period				(141,000)	55,000
Actuarial gains/(losses)		due		to changes in financial assumptions				495,000
Actuarial gains/(losses) assumptions		due		to changes in demographic				4,000
Actuarial gains/(losses) due to liability experience Liability gains/(losses) arising during the period								(50,000)	59,000
Total amount recognised			in	other comprehensive		income		308,000	114,000

Changes to the present value ofthe	defined benefit obligation	defined benefit obligation	defined benefit obligation
				2022 f	2021
Opening defined benefit obligation				842,000	843,000
Current service cost				26,000	42,000
Interest expense on defined benefit obligation				16,000	12,000
Contributions by participants				3,000	5,000
Actuarial gains/(losses) due to	changes	in financial	assumptions	(495,000)	(59,000)
Actuarial gains/(losses) due to	changes	in demographic
assumptions				(4,000)
Actuarial gains/(losses) due to	liability experience			50,000
Net benefits paid out					(1,000)
Closing defined benefit obligation				438,000	842,000
Changes to the fair value ofasset
				2022 f	2021 F.
Opening fair value ofassets				813,000	719,000
Interest income on assets				16,000	10,000
Remeasurement (losses)/gains	on assets			(141,000)	55,000
Contributions by the employer				17,000	25,000
Contributions by the participants				3,000	5,000
Net benefits paid out					(1,000)
Closing fair value ofassets				708,000	813,000
Actual return on asset
				2022 F	2021 f
Interest income on assets				16,000	10,000
Gains/(loss) on assets				(141,000)	55,000
Actual return on assets				(125,000)	65,000

Unrestri	cted funds
							At
		At	1 January			Gains and 31 December
			2022 f	Income f	Expenditure	losses f	2022 F
General	funds		1,381,162	1,624,568	(1,620,905)	299,000	1,683,825
							At
		At	1 January			Gains and 31 December
			2021 f	Income f	Expenditure	losses F	2021 f
General	funds		1,059,859	1,677,846	(1,451,543)	95,000	1,381,162

Analysis of net as	sets between funds
		Unrestricted	Total Funds
		Funds f	2022 6
Tangible fixed assets		27,992	27,992
Current assets		1,520,231	1,520,231
Creditors less than	1 year	(134,398)	(134,398)
Defined benefit pension asset		270,000	270,000
Net assets		1,683,825	1,683,825

			Unrestricted	Total Funds
			Funds	2021
				E
Tangible fixed assets			44,438	44,438
Current assets			1,612,054	1,612,054
Creditors less than	1 year		(246,330)	(246,330)
Defined benefit pension		liability	(29,000)	(29,000)
Net assets			1,381,162	1,381,162

23.	Analysis	ofc	han	ges in	net debt
											At
							At 1 Jan	2022	Cash	flows	31 Dec 2022
										E	8
	Cash at bank and			in hand			1,281,696		(32,191)		1,249,505
24.	Operating	lease		commitments
	The total future		minimum		lease payments	under	non-cancellable	operating		leases are as follows:
										2022	2021
											E
	Not later than		1 year							615	1,475
	Later than	1 year		and not	later than 5years				126,401		175,610
									127,016		177,085