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 coMm￿tee$ 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 SerV￿e
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 b￿n 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 refe￿ed 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 resour￿5, 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 d￿S 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 r￿ordS 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 a￿ayS 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 pOI￿leS 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.
Dep￿CiatIon
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 f￿ed 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 De￿mber 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 (￿n￿n￿ed)
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 rfefinedbe￿￿tobllgatIOn
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-