COMPANY REGISTRATION NUMBER: 5133651 CHARITY REGISTRATION NUMBER: 1105070 Agored Cymru Company Limited by Guarantee Financial Statements 31 December 2024 WALTER HUNTER & CO LIMITED Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF
Agored Cymru Company Limited by Guarantee Financlal Ststements Year ended 31 December 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 13 Statement of financial position 14 Statement of cash flows 15 Notes to the financial statements 16
Agored Cymru Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 December 2024 The trustees, who are also the diwtors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2024. Reference and administrative details Registered charity name Agored Cymru Charity registration number 1105070 Company registratjon number 5133651 Prlncipal office and registered 4 Llys Onnen office Ffordd Y Llyn Parc Menai Bangor Gwynedd LL57 4DF The trustees E V Barrett K Burns M Davies B Eakins Dr J Jones Dr C Kell S Rehman Khan C D Mather A Reardon-James C Rees H Swayne K Workman (Resigned 31 January 2024) (Served from 25 January 2025 to 28 May 2025) (Resigned 20 May 2025) (Resigned 5 March 2024) (Appointed 25 January 2025) (Resigned 24 March 2024) Auditor Walter Hunter & Co Limited Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF
Agored Cymru Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 Strncture, govemance and management Agored Cymru was registered with Companies House on 12 October 2009 as the new name for Rhydwaith Coleg Agored Cymfulopen College Network Wales. Agored Cymru is a company limited by guarantee (Company No 5133651) and a charity registered in England & Wales (Charty No 1105070). The governing document under which the company operates is its Memorandum and Articles of Association. The directors are treated as trustees for Charities Act purposes. Trustee training All trustees receive a formal induction programme and ongoing training to support the execution of their responsibilities and legal obligations. In addition, a formal strategic planning workshop is held as well as regular policy and regulatory updates. The name of the Chief Executive Officer and other senior staff members to whom day to day management of the charity is delegated by the charity trustees Chief Executive Officer Deputy Chief Executive Officer Director of ICT, MIS & Operations Commercial Transfomiation Director Darren Howells Jo Creeden Matt Stanley (Resigned 2 May 2025) Osian George Full details of all members of staff can be found on Agored Cymru's website vMw.agored.cymru.
Agored Cymru Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2024 Structure, govemance and management (¢ontsnuedJ The organisational structure of the charity and how decisions are made The Board consists of a maximum of 14 Trustees. Following an initial discussion with the Chief Executive and Chair of the Board new members follow a structured induction plan and are given ongoing support by an allocated member of the Board. The induction process provides detail on the following.. Key responsibilities Articles of Association Financial perfomiance of the charity Committee structure Overview of charity activrties The Agored Cymru Board leads the charity strategically and delegates detailed scrutiny relating to Quality and Regulation. and Finance and General Purposes (now Business, Finance and People) Commtttees. These coMmtee$ make decisions aligned to their areas of responsibility and provide recommendations to the Board so that formal decisions rf relevant. can be made. The Board and sub committees operate within their respective Terms of Reference. The Board and committees are required to meet at least twice per year, although the Board will typically schedule at least 3 meetings per year. The Terms of Reference require each meeth'ng to be quorate to either make decisions or recommendations to the Board. The Chief Executive provides the Board with updates against all agreed priorities in each meeting, and senior andlor operational managers provide reports to the committees. The day to day running of the charity is delegated to the Chief Executive who acts as lead officer to the Board. The Chief Executive and the Board appoint a Senior Management Team who ensure that the Strategic Priorities for the charity are fulfilled within the budget agreed by the Board. The organisational structure ensures that the charity has the capacty to remain fully compliant with the requirements of qualification regulators, and that the objectives of the charty are achieved. The Product Development team develop new and review existing qualifications. A team of Business Development Managers sell them to current and new education and training providers. The Quality and Regulation team is tasked with ensuring that the qualifications are effectively qualty assured with a robust focus on regulatory compliance. A wider team of coordinators and administrative staff provide the infrastructure that enables the timely issue of qualification certificates and the delivery of effective customer service.
Agored Cymru Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 Structure, govemance and management (continued) The malor risks to which the charity Is exposed and revlews and systems in place to mltlgate those risks The risk register is kept under review to record emerging risks, inform action plans to manage and mitigate all active risks and ensure risks can be reported to regulators. Key risks identified by the Board are linked to.. Customers and Products Finance External education landscape and policy Regulation Human ResourceslLeaming and Development Internal Systems and Pr¢xesses Organisational change Mass impact of SerVe Objectives and activities A summary of the objects of the Charity as set out in its governing document The key objective of Agored Cymru is to enable individuals to achieve the skills and qualifications they need to maximise their potential. enrich their lives and to contribLrte to their communities and a strong economy. This is demonstrated by creating products and services that: are developed in response to policy drivers in Wales andlor England and the needs of individuals and the wider economy- address current and future skills gaps across the regions within which we operate., are designed to embrace dNersty. inclusion and equal opportunty: enable individuals to maximise their potential and through learning develop wellbeing and the skills to drwe social and economic mobilty. A summary of the strategic aims of the charity In furtheran¢e of Ihese objectives Agored Cymru has the folknving strategic aims to: be the Awarding Organisation and Access Validating Agency of choice develop an innovative portfolio of industry leading regulalory compliant and viable qualifications. units and services promote learning, education and training as a means of progression be resilient through innovation, creativty and flexibilty
Agored Cymru Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) f¢ontlnued) Year ended 31 December 2024 Achlevements and performance Agored Cymru operates in an environment characterised by funding pressures and external factors that affecl many of its beneficiaries. These beneficiaries are typically sch¢15. colleges, training providers and a network of third sector charities that provide education and training opportunities. The financial pressure on adult learners increased in 2024. A reduction in leamer numbers in certain non-funded qualifications has been seen as personal investment in education has become less of a priority. The performance of the charity in 2024 has bn good wtth all strategic priorities for the period achieved. These have included achieving a financial surplus to ensure the continued viability of Agored Cymru. an evaluation and strengthening of organisational seThfjce standards to improve customer service, full regulatory compliance including a successful regulatory audit and a sustained growth in the number of centres including schools using Agored Cymru qualifications. Operational model Since the Covid 19 pandemic, Agored Cymru has continued lo operate a hybrid operational model to support its staff in carying out their activities and operations. Hybrid working has Continued with staff working three days in an office and two days at home. Investment has been made in our electronic certificate offer with less reliance on producing printed Certificates. Training and centre support events have continued with most activities run online. A change to the charging model where centres are invoiced on registration rather than at completion has been irY7plemented and has positivety affected cashflow and the level of financial reserves Financial review Transactions and financial position The Statement of Financial Activities shown on page 13 to the accounts discloses net incoming resources, after other recognised gains and losses, of £745.975 (2023- incoming £546.612). Total reserves at the year*nd stand at £2,976,412 (2023: £2,230.437). All reseNes of the charity are unrestricted. The principal source of funding for the charity is shown in note 5 to the accounts. Specific changes in fixed assets All movements in fixed assets are shown in note 16 to the accounts. Reserves Policy The Board has set a reserves policy that requires: Funds are to be maintained at a level that ensures core activity can continue for three months in the event of disruption of income streams. Funds are to be maintained in a readily realisable fomi. The policy allows review on an annual basis. During Ihe year the reserves policy objectives were achieved and reserves were considered adequate in the light of the defined benefit pension liabilities.
Agored Cymru Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontlnued) Year ended 31 December 2024 Financlal review (continuad) Public benefit The trustees confirm that they have refeed to the guidance contsined in the Charty Commission's general guidance on public benefft when reviewing the Charty's aims and objectives and in planning future activities. Plans for future periods A Five-year Strategic Plan was Created and agreed by the Board at the start of 2021. The organisation now has a clear focus on specific areas within which Agored Cymru will focus its product evelopment, sales and marketing on. These include the health sector, Schools, Further Education, Work Based Learning and Access to Higher Education. A Business Development Strategy agreed in 2020 underpins the Strategic Plan wrth the key aim of reaching more learners. The Business Strategy is to be reviewed and updated in Q2 2025 in line vrfth external factors and organisational demands. The charity will target a further SUTplus in 2025. Agored Cymru qualifications have previousty onty been available on a regulated basis in Wales. However, since gaining recognition as an Ofqual regulated awarding organisation there is focus on increasing leamer numbers in England. Trustees. responsibilities statement The trustees. who are also directors 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 General Accepted Accounting Practice). Company law requires the chanty trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resour5, including the income and expendrture. for that period. In preparing these financial statements. the trustees are required to." select suitable accounting policies and then apply them consistently" observe the methods and principles in the applicable Charities SORP; make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements cn the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accountin9 records that are sufficient to show and explain the chanty's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenkn'on and detection of fraud and other irregularrties.
Agored Cymru Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continuod) Year ended 31 December 2024 Audltor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware. there is no relevant audit infomiation of which the charity's audrtor is unaware: and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establi%h that the charity's auditor is aware of that information. Small company provislons This report has been prepared in accordance with the provisions applÉcable to companies entitled to the small companies exemption. The twstees, annual report was approved on 25 June 2025 and signed on behalf of the board of trustees by: K Burns Chair of the Board
Agored Cymru Company Limited by Guarantee Independent Auditor's Report to the Members of Agored Cymru Year ended 31 December 2024 Opinlon We have audited the financial ststements of Agored Cymru (the 'charty') for the year ended 31 December 2024 which comprise the statement of financial acttvities {including income and expenditure account), statement of financial posrtion. statement of cash flows and the related notes, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practu). In our opinion the financial statements- give a true and fair view of the slate of the charity's affairs as at 31 December 2024 and of its incoming resources and applicatj'on of resources, including rts income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK}l and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial ststements section of our report. We are independent of the charity 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 SLrfficient and appropriate to provFde a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustees. use of the going con¢em basis of accounting in the preparation of the financial stalements is appropriate. Based on the wort( we have performed. we have not identtfied any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. OL(r responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Agored Cymru Company Limited by Guarantee Independent Auditor's Report to the Members of Agored Cymru (contlnued) Year ended 31 December 2024 Other informatlon The other infonnation comprises the infomiation included in the annual report, other than the financial slalements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements dS not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material incon5iStencies or apparent material misstatements, we are required to detemine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the truslees. report for the financial year for which the financial statements are prepared is consistent with the financial statements: and the trustees. reporl has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf. in our opinion= adequate accounting rordS have not been kept, or retums adequate for our audit have not been received from branches not visited by us-, or the financial statements are not in agreement with the accounting records and returns," or certain disclosures of trustees. remuneration specified by law are not made. or we have not received all the infomiation and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic repott
Agored Cymru Company Lirnited by Guarantee Independent Audltorfs Report to the Members of Agored Cymru (continued) Year ended 31 December 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors 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 misststement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity'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 twstees either intend to liquidate the charity or to cease operations. or have no realistic altefflative but to do so. Auditorfs responsibilities for the audit of the financial sLitements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free fram 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 guaranlee that an audit conducted in accordance with ISAS (UK) will aayS detect a material misstatement when it exists. Mi5Statements 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, inclLEding fraud is detailed below= By enquiring with senior management and those charged with governance all area of rtsk identrfied were considered and any potential litigation or claim, rf any, were noted Ensuring by enquiry that there were no issues of non-compliance with laws and regulations relating to tax and compliance By obtaining an understanding of the company's pOIleS and procedures on compliance with laws and regulatbons, and with best accounting practice Noting issues discussed with the Board and the Senior Management Team as this relates to risks faced by the company Reviewing disclosures in the financial statements and testing lo supporting documentation to assess compliance with applicable laws and regulations Auditing the risk of management override of controls including testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of busin8SS Through these procedures, we did not become aware of adual or suspected non-compliance. 10-
Agored Cymru Company Limited by Guarantee Independent Auditor's Report to the Members of Agored Cym ru (contlnued) Year ended 31 December 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perfomi audrt procedures respons5ve to those risks, and obtsin audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of inlernal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the putpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of Ihe going concem basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's abiltty to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audilorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audÈt evidence obtained up to the date of our auditor's report. However, future events or condiiions may cause the charsty to cease to continue as a going concern. Evaluate the overall presentation, structure and contenl of the financial 513tements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 11
Agored Cymru Company Limited by Guarantee Independent Auditorfs Report to the Members ofAgored Cymru f¢onfynuedJ Year ended 31 December 2024 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify durin9 our audit. Use of our report This report is made solety to the charity's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs 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 charity and the charity's members as a body, for our audit work. for this report. or for the opinions we have formed. oe Goodw Bsc FCA (Senior Statutory Auditor) For and on behalf of Walter Hunter & Co Limited Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF 25 June 2025 12-
Agored Cymru Company Limlted by Guarantee Statement of Financial Activities (includlng income and expenditure account) Year ended 31 December 2024 2024 Unrestricted funds Total funds Totsl funds 2023 Note Income and endowments Charitable activities other trading activities Investment income 2,507,705 2,507.705 464 24.800 2,164,824 24,800 15.902 Total income 2,532,969 2,532,969 2.180,726 Expenditure Expenditure on charitable activrties Totsl expenditure 8,9 1.938.994 1,938,994 1,695,114 1,938,994 1,938,994 1,695,114 Net actuarial gain on defined benefrt pension 12 152,000 152,000 61,000 Net income and net movement in funds 745,975 745,975 546,612 Re¢on¢iliation of funds Total funds brought forward Total funds carried forniard 2.230.437 2,230.437 1,683,825 2.976,412 2,976,412 2,230,437 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 16 to 29 forni part of those financlal statements. 3-
Agored Cymru Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Noto Fixed assets Tangible fixed assets 16 32,929 37,443 Current assets Stocks Oebtors Cash at bank and in hand 17 18 2,305 453,351 2,095,588 7,373 405,371 1,534,966 2,551,244 1,947,710 Creditors: amounts falling due wlthin one year Net current assets 19 90,761 85,716 2.460,483 1,861,994 Total assets less current liabllities 2.493.412 1,899,437 Pensions and other post-retirement benefrts Net assets 20 (483,000) 2,976,412 {331,000) 2,230,437 Funds of the charrty Unrestricted funds 2.976,412 2,230,437 Total charity funds 22 2,976.412 2,230,437 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. These financial statements were approved by the board of twstees and authorised for issue on 25 June 2025, and are signed on behalf of the board by: K Bums Chair of the Board The notes on pages 16 to 29 form part of these financial statements. 14-
Agored Cymru Company Limited by Guarantee Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating activities Net income 745.975 546,612 Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Accrued income 18,264 (24,800) (871) 18,868 (15,902) (63,549) Changes in." Stocks Trade and other debtors Trade and other creditors Provisions and employee benefts Cash generated from operations 5,068 8,317 (47,980) (145,103) 5,916 9,635 {152.000) (61.000) 549.572 297,878 Interest received 24,800 15,902 Nel cash from operating actNities 574,372 313,780 Cash flows from investing activities Purchase of tangible assets Net cash used in investing activities (13,750) (13,750) (28,319) (28,319) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 560,622 1.534,966 285,461 1,249,505 2,095,588 1,534,966 The notos on pages 16 to 29 forn) part of these finan¢lal statemonts. 15-
Agored Cymru Company Limited by Guarantee Notes to the Financial Ststements Year ended 31 December 2024 General infomiation The charity is a public benefft entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 4 Ltys Onnen, Ffordd Y Uyn, Parc Menai. Bangor, Gwynedd, LL57 4DF. Statement of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entty. Going concern There are no material uncertainties about the charity's abilty to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of fLrture events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Incomlng resources Ail income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from grants is recognised when there is evidence of entitlement to the grant. receipt is probable and its amount can be measured reliably. income from contracts for the supply of seNices is recc*Jnised with the delivery of the contracted service. This is classrfied as unreslricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed rf unspent. in which case it may be regarded as restricted. 16-
Agored Cymru Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 December 2024 Accounting policies (¢ontlnued) Incoming resources (condnued) Resources expended Expenditure is recognised on an ac¢rua15 basis as a liability is ineuThed. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expendtture on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefft of its beneficiaries, including those SUPFlOrt costs and costs relating lo the governance of the charity apporttoned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charty nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Operating leases Lease payments are recognised as an expense over the lease temi on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. DepCiatIon Depreciation is calculated so as to Nvrite off the cost or valuation of an asset. less its residual value, over the useful economic lrfe of that asset as follows: Fixtures and fittings Leasehold Propety Improvements straight line over the primary temi of the lease Stocks stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of Conversion and other costs incurred in bringing the stock to its present location and condition. 17-
Agored Cymru Company Limlted by Guarantee Notes to the Financial Statements (conbnued) Year ended 31 December 2024 Accounting policies (contsnuedj Retlrement benefft plans The employees of the charity are members of one of several pension schemes as follows: Rhondda CJTron Taf CountyBomugh Councllpenslon Fund The Rhondda Cynon Taf County Borough Council Pension Fund (the Fund) is part of the Local Government Pension Scheme. The charity recognises a defined net benefit pension asset or liability in the statement of financial position as the difference between the net total of the present value of its obligations and the fair value of scheme assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high qualÈty corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Scheme Surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the scheme. The Teachors'Pension Scheme The Teachers. Pension Scheme (TPS or scheme) is a statutory. unfunded, defined benefit occupational pension scheme. The scheme is governed by statutory regulations (currently statutory instruments), these being: The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (a5 amended). ContribLrtions to the scheme are set at rates determined by the Secretsry of State. taking advice from the scheme's actuary. Conlributions received from members are used to offset payments to Current pensioners with the balance of funding provided by Parfiament. The scheme's administrative expenses are borne by scheme employers, payable as a percentage of pensionable earnings. Accordingly, the charity accounts for contributions payable to the scheme as rf the schemes were defined contribution schemes. as is required by IAS 19 Employee Benefits. Aegon S¢othsh Equitable This is a defined contribution plan. Contributions are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Provisions Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a 5iability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at Ihe best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in income or expenditure unless the provision was originalty recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation. the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period it arises, and is all(xated to the appropriate expenditure heading. 18-
Agored Cymru Company Limited by Guarantee Notes to the Financial Ststements {continuedJ Year ended 31 December 2024 Accounting F)olicies (contlnued) Flnanclal instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Limited by guarantee The charity is incorporated under the Companies Act 2006 and is limited by guarantee, each member having to contribute such amounts not exceeding £1 as may be required in the event of the company being wound up whilst they are still a member or within one year thereafter. Number of members as at 31 December 2024 is 7 (2023: 10). Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Centre fees Accreditation Training & projects other income Cymysterau Cymru Welsh Language Support Grant 182,053 2.199,272 85,683 4.980 182.053 2.199.272 85,683 4,980 174,952 1,854,220 127,820 7,832 174,952 1,854,220 127,820 7.832 35.717 35,717 2.507,705 2.507,705 2.164,824 2,164.824 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Room hire 464 19-
Agored Cymru Company Limlted by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 December 2024 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 24,800 24,800 15,902 15,902 Expenditure on charitable activities by fund type Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Accreditation seNices 1.938,994 1.938,994 1,695,114 1.695,114 Expenditure on charrtable activities by activity type Activities undertaken Total funds directty 2024 Total fund 2023 Accreditation services 1,938,994 1.938,994 1,695.114 10. Analysls of support costs Accreditation services Total 2024 Total 2023 staff costs Communications and IT Rent, Storage & Utilities Certification costs External Verification & Training Development costs Marketing Office Expenses & Other costs Audit, Legal & Membership Fees Travel & Subsistence Depreciation 1.353,853 114,895 112,800 65,340 59,412 19,532 77,599 37,085 64,636 15,578 18,264 1.353,853 114,895 112.800 65,340 59.412 19,532 T/,599 37,085 64,636 15,578 18,264 1,130,187 104,576 127,007 64,035 63,641 21.082 44,997 34,326 69,800 16,595 18,868 1.938.994 1.938,994 1.695,114 11. Taxation The charity 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 charity is potentialty exempt from taxation in respect of income or capital gains received wf(hin 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 exterrt that such income or gains are applied exclusively to charitable purposes. -20-
Agored Cymru Company Llmited by Guarantee Notes to the Financlal Statements (contsnu Year ended 31 December 2024 12. Net gains on investments Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Net actuarial gain on defined benefrt pension (see notes 20 & 21) 152,000 152.000 61,000 61,000 13. Net income Net income is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fed assets Fees paid to the auditor-. For the audit of the financtal ststements For non-audit services 18.264 18,868 6.818 20,394 6,432 20.580 14. Staff costs The total staff costs and employee benefrts for the reporting period are analysed as follows.. 2024 2023 Wages and Salaries 1,353.853 1,130,187 The average head count of employees during the year was 27 (2023: 24). The average number of fulktime equivalent employees during the year is anatysed as follows". 2024 No. 2023 Provision of accreditation services 26 23 The number of employees whose remuneration for the year fell within the following bands, were: 2024 2023 No. £80,000 to £89.999 Key Management Personnel Key management personnel include all persons that have authority and responsibility f¢X planning, directing and controlling the activtties of the charity. The total compensation paid to key management personnel for seNices provided to the charity was £302,578 (2023: £226.847). Is. Trustee remuneration and expenses Expenses totalling £257 (2023: £247. paid to one trustee) was reimbursed to one trustee during the year in relation to travelling expenses. Other than the above, no trustees or any persons connected with them have received any remuneration or expenses, either in the current year or in the prior year. 21
Agored Cymru Company Limited by Guarantee Notes to the Financial Statements (¢ondnued) Year ended 31 December 2024 16. Tangible fixed assets Leasehold Propety Fixtures and Improvement fittings Total Cost At 1 January 2024 Additions Disposals At 31 December 2024 143,455 13,750 {32,400) 124,805 129,342 272,797 13,750 {35,055) 251,492 (2.655) 126,687 Depreciation At 1 January 2024 Charge for the year Disposals At 31 December 2024 116.791 7,486 (32,400) 91.8TT 118.563 10,778 (2,655) 126.686 235,354 18.264 (35,055) 218,563 Carrying amount At 31 December 2024 32,928 32,929 At 31 Dember 2023 26,664 10,779 37,443 17. Stocks 2024 2023 Certificate stock 2,305 7.373 18. Debtors 2024 2023 Trade debtors Prepayments and accrued income 346,029 107,322 302,357 103,014 453,351 405,371 19. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Other credttors 8.438 21.446 47.629 13,248 9,695 22,317 43,485 10,219 90.761 85.716 -22-
Agored Cymru Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 20. Pensions and other post-retirement benefits Pensions and similar obligations At 1 January 2024 Net actuarial gain on defined benefrt pension (see note 21> At 31 December 2024 (331,000) (152,000> {483,000)
Agored Cymru Company Limited by Guarantee Notes to the Financial Statements {¢onllnued) Year ended 31 December 2024 21. Pensions and other post-retirement benefits During the year the charty made contributions to a number of pension schemes. including The Teachers. Pension Scheme ffPS) and the Rhondda Cynon Taf County Borough Council Pension Fund {RCT), the latter being a defined benefrt scheme. The Teachers. Pension Scherne The Teachers, Pension Scheme rrps) is a statutory. unfunded, defined beneffl scheme, governed by the Teachers, Pension Regulations 2010. and the Teachers, Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments. including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS. Aithough members may be employed by various bDJies. their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provTrded by Parliament. The TPS is an unfunded scheme and members contribute on a 'pay as you go, basis. These contributions. along with those made by employers, are credtted to the Exchequer under arrangements governed by the above Act. The Teachers, Pension Regulations 2010 require an annual account, the Teachers. Pension Budgeting and Valuation Account. to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of retum. which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return. The latest actuarial review of the TPS was carried oul as at 31 March 2020 and in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023. The valuation report was published by the Department on 26 October 2023. The key results of the valuation are-. employer contribution rates were set at 28.6'A of pensionable pay" in line with current regulations. not including the additional 0.08°A employers pay for the cost of Scheme administration- total scheme liabilities for seNice to the effective date of £2620 billion, and notional assets of £222.2 billion, giving a notional past service deficit of £39.8 billion- actL5arial assessments are undertaken in intervening years between formal valuations for financial reporting purposes, using updated membership data. The new employer contributron rate and administration levy for the TPS were implemented in April 2024. A full copy of the valuation report and supporting documentation can be found on the Teachers, Pension Scherne website at the following location: htt s'.IknN.tea¢hers nsions.co.ukllmedialdocumenlslmemberldocumenlslfartorsfvaluationrt w-2020-valuation-results-re 0rt-261023-002.ashx?rev=ce649Ead5d634cc2b8cdb8fa236a8a60 &hash-50B1DED6197AB8742CDB7115F8D74093 -24-
Agored Cymru Company Limited by Guarantee Notes to the Financial Ststements (nned) Year ended 31 December 2024 21. Pensions and other post-retlrement benefits (Continued) Defined benefrt schemes Rhondda Cynon Taf County Borough Council Pension Fund {RCn The results below relate to the funded liabiltiies with the Fund which is part of the Local Government Pension Scheme (the LGPS). The funded nature of the LGPS requires the employer and its employees to pay contribution5 into the Fund, calculated at a level intended to balance the pension liabilities with investment assets. Date of the last full valuation of the employerfs LGPS funded beneffts - 31 March 2022 Expected employer contribution next year- £14,000 Duration of liabilities - 23.7 years Keyassumptions 2024 2023 Discount rate CPI inflation Pension increases Pension accounts revaluaticfft rate Salary increases 5.50 2.50 2.50 2.50 3.75 4.40 2.40 2.40 2.40 3.65 Mortaltyassumptions The mortality assumptions are based on actual mortality experien of members within the Fund based on analysis carried out as part of the 2022 Actuarial Valuation, and allow for expected future mortality improvements. Sample life expectancies at age 65 in nom)al health resulting from these mortality assumptions are shown below. 2024 2023 Males Members aged 65 at accounting date Members aged 45 at accounting date 21 22 21 22 Females Member aged 65 at accounting date Member aged 45 at accounting date 24 25 24 25 Asset allocatlon 2024 2023 Equities Property Government bonds Corporate bonds Cash other 575,000 54.000 103.000 136,000 4,000 21,000 69.7 568,000 58,000 79,000 99,000 2,000 8,000 11.5 15.2 12.2 100 893,000 100 814,000 -25-
Agored Cymru Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 December 2024 21. Pensions and other post•retirement beneffts (Conllnued) Reconciliation of fundedstalus lo Slatement of nanCIal Posit•on 2024 2023 Fair value of assets Present value of funded defined benefft obligation Funded status 893,000 814,000 (410,000) {483,000) 483,000 331.000 The split of the liabilities at the last valuation between various categories of members is as follows.. 2024 2023 Actrve members Deferred pensioners 88 12 88 12 Amounts recognisedin the Statementof FinancialAthifres 2024 2023 Operating cost Current service cost Financing cost Interest on net defined benefrt liabilityl(asset) Pension expense recognised in the Statement of Financial Activities 8.000 8,000 (15,000) (7,000) (12,000) (4,000) Amounts recognisedin othercomprehensive income 2024 2023 Asset Ilosses)Igains arising during the period Actuarial gainsl(losses) due to Changes in financial assumptions Actuarial gainsl{losses) due to changes in demograph assumptions Actuarial gains/(losses) due to liabilty experience Total amount recognised in other comprehensive income 27,000 109,000 58,000 1.000 4.000 (8,000) 132.000 8,000 (23,000) 44,000 Changes to thgpresent value ofthe rfefinedbetobllgatIOn 2024 2023 Opening defined benefrt obligation Current service cost Interest expense on defined benefit oblKJation Contributions by participants Actuarial gains/{losses) due to changes in financial assumptions Actuarial gainsl(losses) due to changes in demographic assumptions Actuarial gainsl(losses) due to liability experience 483,000 8,000 21,000 3,000 {109,000) 438,000 8,000 20,000 3,000 {1,000) (4,000) 8,000 {8.000) 23,000 Cknsing defined benefrt obligation 410,000 483,000 -26-
Agored Cymru Company Limited by Guarantee Notes to the Financlal Ststements (contsnued) Year ended 31 December 2024 21. Pensions and other post-retirement benefrts (Condnued) Changes to Ihe fairvaluo of assets 2024 2023 Opening fair value of assets Interest income on assets Remeasurement {losses)Igains on assets Contributions by the employer Contributions by the participants Closing fair value of a55ets 814,000 36,000 27,000 13,iJOO 3,000 708,000 32,000 58,000 13,000 3,000 893,000 814,000 Actyalreturn on assets 2024 2023 Interest income on assets Gainsllloss) on assets Actual return on assets 36,000 27.000 32,000 58,000 63.000 90,000 -27-
Agored Cymru Company Limited by Guarantee Notes to the Financial Ststements {¢onttnuedJ Year ended 31 December 2024 22. Analysis of charitable funds Unrestricted funds At 1 Jan 2024 Gains and At losses 31 Dec 2024 Income Expenditute Transfers General funds Designated Fund ICT Development Costs 2,230,437 2.532,969 (1.938,994) (250,000) 152.000 2,726,412 250,000 250,000 2,230.437 2.532,%9 (1.938.994) 152.000 2,976,412 At 1 Jan 2023 Gains and At losses 31 Dec 2023 Income Expenditure Transfers General funds Designated Fund ICT Development Costs 1,683,825 2.180,726 (1.695,114) 61.000 2.230.437 1.683.825 2.180,726 (1.695.114) 61.000 2.230.437 Deslgnated Fund - ICT Development Costs During the year. the board took the decision to designate £250.000 of the charitys unrestricted general funds to support infrastructure investment projects and future ICTdevelopment costs.
Agored Cymru Company Limited by Guarantee Notes to the Financial Ststements (condnued) Year ended 31 December 2024 23. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Defined benefit pension Net assets 32,929 2,551,244 {90.761) 483,000 2.976,412 32,929 2,557,244 (90,761) 483,000 2.976,412 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Defined benefit pension Net assets 37,443 1,947,710 (85,716) 331,000 37,443 1,947,710 (85,716} 331,000 2,230,437 2,230,437 24. Analysis of changes in net debt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and in hand 1.534,966 560,622 2,095,588 25. Operating lease commitments The total future minimum lease payments under non-¢ancellable operating leases are as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 44.254 16,815 32,732 32,732 61,069 26. Limitation of auditorfs liability By way of a board resolution the company has agreed to enter into a limited liabilty agreement with its auditors whereby their exposure to legal claims is limited to £50,000 per claim. 27. Related parties No transactions related parties were undertaken such as are required to be disclosed under FRS102. -29-