**REGISTERED COMPANY NUMBER 05502449** **REGISTERED CHARITY NUMBER 1114282** # **GATEWAY QUALIFICATIONS LIMITED (A company limited by guarantee)** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **31 JULY 2025** **GATEWAY QUALIFICATIONS LIMITED** ## **CONTENTS** ||**Pages**|**Pages**| |---|---|---| |Legal and administrative information|1 -|2| |Strategic Report (including the Directors’ Report)|3 -|11| |Report of the auditors|12 -|15| |Statement of financial activities||| |(including income and expenditure account)|16 -|17| |Balance Sheet|18|| |Statement of cash flows and analysis of changes in net debt|19|| |Notes to the financial statements|20 -|27| _____________________________________ ## **GATEWAY QUALIFICATIONS LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **Trustees** **Chair** David Ruddy (Resigned 31 July 2025) Independent **Vice Chair** Anthea Hockly Independent ## **Other Trustees** Anne Thompson Independent Alison Davies (Resigned 25 September 2024) Chelmsford College Paul Whitehead Harlow College Gail May University of East London Margaret Joojo-Richards Independent Anne Wright Workpays Ltd Claire Gill Independent Mark Hilton BusinessLDN Leon Annett University of Greenwich Sammy Shumo London South Bank University Andrew Horton (Appointed 16 July 2025) British Council Camilla McCloskey (Appointed 16 July 2025) Morgan Stanley Richard Brennan (Appointed 16 July 2025) Kidderminster College Clare Chaffe (Appointed 16 July 2025) Hull College Simon Willmore (Appointed 16 July 2025) BMT Group Ltd Paul Huggett (Appointed 24 September 2025) Hellios Information Ltd - 1 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Company Secretary** Lorraine Wreford **Chief Executive Officer** Carol Snape (Resigned 31 October 2024) Fabienne Bailey (Appointed 31 October 2024) **Registered Company number** 05502449 **Registered Charity number** 1114282 **Address** Gateway House 6 Tollgate Business Park Tollgate West Colchester CO3 8AB **Auditors** Sumer Auditco Limited Statutory Auditor 820 The Crescent Colchester Business Park Colchester CO4 9YQ **Bankers** Barclays PLC 1 Churchill Place Canary Wharf London E14 5HP - 2 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** The Board of Trustees, who are also Directors for the purposes of the Companies Act, present their annual report and the financial statements of Gateway Qualifications Limited for the year ended 31 July 2025. The Trustees have adopted the provisions of the FRS 102 Charities SORP and have followed UK generally accepted accounting principles in preparing the Annual Report and Financial Statements of the charity. Gateway Qualifications Limited was incorporated on 7 July 2005. Open College Network North and East London and Hertfordshire and Open College Network Anglia merged on 1 August 2005 from which date their activities were carried on by Open College Network Eastern Region. The company rebranded to Gateway Qualifications Limited in April 2013 and formally changed the company name to Gateway Qualifications Limited by means of Special Resolution approved by the Members on 5 February 2015. ## **Legal and Administrative Information** The Board of Trustees set out below have held office during the whole of the period to the date of this report, unless otherwise stated: ## **Chair** David Ruddy (Resigned 31 July 2025) Independent **Vice Chair** Anthea Hockly Independent ## **Other Trustees** Anne Thompson Independent Alison Davies (Resigned 25 September 2024) Chelmsford College Paul Whitehead Harlow College Gail May University of East London Margaret Joojo-Richards London Borough of Hounslow Adult and Community Education Anne Wright Workpays Ltd Claire Gill Independent Mark Hilton BusinessLDN Leon Annett University of Greenwich - 3 - **GATEWAY QUALIFICATIONS LIMITED** **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** **Other Trustees (continued)** Sammy Shumo London South Bank University Clare Chaffe (appointed July 2025) Hull College Group Richard Brennam (appointed July 2025) Kidderminster College Simon Willmore (appointed July 2025) BMT Engineering Andrew Horton (appointed July 2025) British Council Camilla McCloskey (appointed July 2025) Morgan Stanley The appointment to the Board of Trustees is by election at a Board Meeting. **Senior Leadership Team** Carol Snape (until 14/10/2024) Fabienne Bailey (from 14/10/2024) Lorraine Wreford Paul Saunders Philippa Farrell The Board of Trustees will establish the salary level of the Chief Executive Officer (CEO) at appointment and will review on an annual basis. SLT salaries are paid on a fixed (spot) point salary taking responsibility and market rates into account for new appointments. Any increases are based on performance and are approved by the Board of Trustees on the recommendation of the CEO. A review of the Director salaries was undertaken in July 2025 and increases to match market rates for 2025/26 were approved. Professional Indemnity Insurance was in place throughout the year for the Trustees. ## **Objectives and Organisation Structure** Gateway Qualifications Limited is a company limited by guarantee and a registered charity. The charity’s governing document is its Articles of Association, originating from its inauguration and updated by Special Resolution on 16 October 2019. The Objects of the charity are reported below under Objectives and Activities. The charity drew its initial Trustees from the inaugural members of the company as the signatories to the Articles of Association. Subsequent Trustees are recruited through a search process instigated by the Board of Trustees. Any appointments made to the Board of Trustees are required to be ratified at the next Board Meeting. In May 2025, the company appointed a sector recruitment agency to support its search for new Trustees. The process was successful in securing 5 new Trustees who whose nominations were approved at the July 2025 Board meeting. - 4 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** The Board of Trustees has established four committees, a Finance and General Purposes Committee, a Quality and Standards Committee, an Access to Higher Education Committee and a Governance Committee. The remit and terms of reference for these committees are clearly set out and included in the charity’s Governance Manual. Any decisions made by these committees are either made with the delegated authority of the Board of Trustees, or are referred to the Board of Trustees for ratification. All four committees have a Chair and Vice Chair who are Trustees, and any members of the committees who are not Trustees need to be approved by the Board of Trustees. Performance of the Trustees is conducted via a process of individual self-evaluation linked to an annual skills audit and performance review conducted by the Chair of the Board, and an established Governance Committee reviews and updates continuing professional development on an on-going basis. The regulatory requirement for on-going self-evaluation further informs the process. In setting Gateway Qualifications’ strategic aims and objectives, the Board of Trustees has given careful consideration to the Charity Commission’s general guidance on public benefit. In doing so, the Board of Trustees has complied with its duties in this area as set out in section 4 of the Charities Act 2006. ## **Regulators** During the year ended July 2025, Gateway Qualifications was approved to operate as an awarding organisation in England and Wales through Ofqual and Qualifications Wales, and as an Access Validating Agency, licensed by the Quality Assurance Agency for Higher Education (QAA) to validate Access to Higher Education programmes and to issue Access to HE certificates to learners. 2024/25 was also the first full year for Gateway Qualifications in its operation as an End Point Assessment Organisation developing apprenticeship standards and awarding apprenticeship qualifications, also regulated by Ofqual. ## **Membership** In January 2019, based on legal advice, the Board of Trustees approved that the company assume a “foundation structure”. The “foundation structure” was adopted by special resolution by the Members in September 2019. By adoption of the Foundation Structure, Membership of the Charity is automatically held by the Trustees of the Charity. Should a Trustee resign from their position as a Trustee, they will be automatically removed from the Membership of the Charity. ## **Risks and Reserves** Gateway Qualifications Limited Board of Trustees has three layers of reserves requirements. The Operational Reserve is set to cover the peaks and troughs in the business cycle, the Opportunistic Reserve enabling the company to invest in opportunities without the need to compromise the Operational Reserve, and the longer-term reserve which is intended to reduce the impact upon the company of large changes within the external environment. Gateway Qualifications Limited Board of Trustees is pleased to report that for the year ended July 2025, the reserve requirements have been fully achieved. The operational reserve, being seven months of budgeted cost was £3,229,762, the opportunistic reserve is £500,000 and the long term reserve has reached £3,644,120 exceeding the target of £1,000,000. The total reserves figure of £7,373,882 at the end of the financial year places the company in a favourable financial position for the forthcoming years. - 5 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** ## **Risk Management** The Board of Trustees continues to oversee work to mitigate risk to the company by the adoption of a risk-based approach to all of the company’s work, and the tight tracking of the level of risk both at strategic and operational level. Risk identification is proportionately aligned to the strategic and operating plans of Gateway Qualifications Limited and monitored and managed at monthly review meetings. In 2024/25, the Senior Leadership Team worked with the Board of Trustees to carry out a full review of the strategic risk register, which resulted in a more streamlined approach providing greater clarity, focus, and usability, which has improved decisionmaking and board-level oversight. The Risk and Issue Management Policy ensures that risk identification happens at operational as well as strategic levels, with each team and project operating their own risk register linking into an identified escalation process. Team meetings continue to act as a means of identifying potential risk areas. In addition: - All Board and management meetings have risk and issue management as a standard agenda item. - A risk-based monitoring approach to managing Centres is embedded. - Quality improvement continues to be a focus for all provision. The major risks to which the charity is exposed are reviewed and set out in the Business Continuity Plan, together with the systems established to mitigate those risks. The strategic risks facing the charity throughout the year were identified as follows: - Inability to maintain business resilience - Internal and external resources are not available or sufficient to carry on the business of the Awarding Organisation - Inability to respond to technical advances - Failure to maintain regulatory Compliance - Lack of clarity from Government on Policy changes affecting ability to respond Controls used to mitigate these risks include: - Annual and longer-term resource and development planning to ensure sufficient capacity and skills of staff - Digital Transformation is a Strategic Aim within the new 5-year strategic plan and developments will be project managed through the new Strategic Implementation Plan (SIP30) - Constant review and reporting of regulatory compliance through internal Committees, the Board of Trustees and to the regulators - A key focus on sector body engagement to keep abreast of all current and upcoming policy developments impacting Gateway Qualifications - 6 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** ## **Objectives and Activities** ## **Charitable Objects and Public Benefit** The objects (“the Objects”) for which the Charity is established are the advancement of learning and education of the public by in particular, but not exclusively, one or more of the following ways:- by promoting and widening participation in education and training, particularly by those who have benefited least from existing provision; by improving the quality and flexibility of education and training provision for the public benefit, particularly for those learners who have previously been excluded from educational opportunities; by improving the educational welfare and access to learning opportunities and facilitating progression to further learning, employment and higher education particularly through regulated qualifications; by complying with the various regulators or the appropriate agency acting on behalf of the Department for Education or relevant government departments or bodies; improving access to higher education by establishing, operating as an Access Validating Agency under licence from The Quality Assurance Agency for Higher Education according to the principles of the diploma specification; and by encouraging and assisting organisations to provide a wider range of quality assured accredited learning opportunities. In order to achieve these objectives Gateway Qualifications Limited develops and awards regulated qualifications including Access to HE Diplomas. This offer ranges primarily from Entry Level to Level Six for which Gateway Qualifications Limited undertakes quality assurance and awarding activities to certificate learners who achieve qualifications, and where applicable, units. In 2025, as part of its strategic implementation programme, the Charity launched a pilot to develop 2 new products to support its charitable objectives i.e. Tailored Qualifications from Entry Level to Level 7 and the Quality Mark (non-assessed and non-levelled). Both new products are non-regulated and aim to meet the learning needs of individuals supported by organisations not requiring regulated qualifications. Gateway Qualifications Limited has had regard to the Charity Commission’s guidance on public benefit. The principles, and the relevance of the activities of Gateway Qualifications Limited to these principles, are set out below: ## _Principle 1: there must be an identifiable benefit or benefits_ Gateway Qualifications Limited works to achieve widening participation and educational opportunities in further and higher education and in other education providers by improving the quality and flexibility of education and training provision. ## _Principle 2: Benefit must be to the public or section of the public_ Gateway Qualifications Limited focuses on the public in England and Wales, especially those learners who have previously not had the full benefit of educational opportunities. - 7 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** ## **Charitable Objects and Public Benefit – (continued)** Gateway Qualifications’ Strategic Aims for 2025/26 are: 1. Innovation in Product 2. Digital Transformation 3. Quality Management System and a Customer Focussed Culture Gateway Qualifications’ goals and milestones for achieving these objectives are detailed in its 2025 to 2030 Strategic Plan and its 2025/26 Operating Plan. ## **Achievement and Performance** The change of government in June 2024, created further policy change to the education and skills sector. The most significant changes in the year were the introduction of Skills England and the changes to apprenticeships policy. Gateway Qualifications will need to wait further into 2025/26 to understand the outcomes of the Curriculum and Assessment Review, any further changes to Post 16 technical education and changes resulting from Apprenticeship Reform. The high level of uncertainty in the sector has made it challenging to develop across the year but despite these challenges, Gateway Qualifications Limited achieved a year end income figure of £6.2m ## **Achievements 2024/25** - Income of £6.2 million being £0.9 million higher than 2023/24 - Achieved more than 118,000 qualification registrations in one year for the first time - Successfully closed six projects as part of the Strategic Implementation Programme 2025 - Went live as an End Point Assessment Organisation and had a successful first year becoming approved for seven standards - Went live with 21 redeveloped Access to HE Diplomas - Pilot of non-regulated product offer launched with 25 products being made live - Went live with five bespoke regulated qualifications - Award winners at the Federation of Awarding Bodies Conference 2024 for three categories: Qualification of the Year, Provider Relationship of the Year, Individual of the Year - Award winners at the E-Assessment Association Annual Awards for our Equity in Prisons project - Recruitment of 12 additional staff - Significant presence and success at conferences, particularly through sponsorship and breakout sessions at AoC and AELP - Extension of the MoJ contract to run ESOL Skills for Life in prisons - 63 webinars run, 3,059 registrants, 1,346 attended live (44% attendance rate), with an additional 1,095 on-demand views - Successful first internship for Marketing to support work auditing and updating our website content - Successful rollout of enhanced account management service - • Successful transition from outgoing CEO to new CEO from October 2024 - Five new Trustees recruited - Contributed to a range of government consultations highlighting the need for tailored flexible provision - Designed and launched an updated certificate design - 8 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** ## **Achievements 2024/25 - continued** - Working in collaboration with organisations with shared values including Youth Employment UK, FutureDotNow, Institute of Employability Professionals, and the Social Recruitment Advocacy Group ## **Review of Financial Position** The company achieved income of £6.2 million which is a 16.8% increase compared with the previous year. The increase was derived from new business with new customers as well as growing business with existing customers. Total expenditure for the year was £5.3 million, which was £2.0 million more than 2023/24. However, the primary reason for additional costs related to the prior year full release of the £1.4 million Pension Provision. Underlying costs were £0.6 million higher than the previous year primarily as a result of higher staff costs, moderation costs and certification costs to service additional business. Temporary and freelance people costs went down as these costs were transferred to permanent staffing. Legal costs were reduced in the year due to less requirements for reviews of contracts or other advice. The overall outturn is a surplus of £0.9 million, which is £1.1 million less than the previous year, but is £0.3 million more with the exclusion of the pension provision adjustment. Reserves at year end are £7.4 million and equate to 156% of the total reserve policy having been achieved. As in the previous year, throughout 2024/25 the charity has worked to raise its profile with the intention of ensuring that as many learning providers and learners as possible are aware of the services and benefits available from Gateway Qualifications. Particular activities which have taken place in this respect are: - Chief Executive Officer meetings with Principals and Vice Principals of FE Colleges and other providers - Charitable support to learners and learning providers by sponsorship and other means - • Expansion of the company’ footprint, bringing the opportunity of Gateway Qualifications provision to all parts of England and Wales - Significant programme of webinars, many of which were thought leadership, sharing with centres and others not yet working with Gateway Qualifications e.g. guiding through the complexities of education funding - Increased presence at exhibitions and conferences, including running workshops and seminars, supporting the use of Gateway Qualifications product offer - Engagement with online events, whether they be with regulators, funders or other key stakeholders, in support of maintaining, and in some cases, defending, the funded provision for our centres and learners who benefit from our charitable purpose - Sponsorship of a number of key activities and initiatives designed to support disadvantaged learners to achieve their learning ambitions - 9 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** ## **Review of Financial Position - continued** The charity continues to advance education for the general public through the development and provision of regulated qualifications and units, which, provided acceptable quality standards are demonstrated, are offered to all members of the public. Gateway Qualifications Limited continues to demonstrate its objective of widening participation in education by working with groups and communities for which traditional or formal education is not appropriate, for example learners at lower educational levels, learners with few formal qualifications, young learners not in employment, education or training, learners at risk of offending or learners based in offender institutions and adult learners looking for an appropriate route into higher education. ## **Board of Trustees’ responsibilities for the financial statements** The trustees (who are also directors of Gateway Qualifications Limited for the purposes of company law) are responsible for preparing the Annual Report (including the Strategic report) and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the charitable company's auditor is unaware; and - 10 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STRATEGIC REPORT (INCLUDING THE DIRECTORS’ REPORT) YEAR ENDED 31 JULY 2025** ## **Board of Trustees’ responsibilities for the financial statements – continued** - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. ## **Auditor** The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. ## **Approval** Anthea Hockley Chair to the Board at the Board of Trustees meeting dated > Approved by the Board of Trustees on and signed on their behalf by 10-Dec-2025 Anthea Hockly Anthea Hockly (Dec 11, 2025 09:30:37 GMT) ## **A Hockly** - 11 - ## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GATEWAY QUALIFICATIONS LIMITED** ## **Opinion** We have audited the financial statements of Gateway Qualifications Limited (the charitable company) for the year ended 31 July 2025 which comprise the Statement of Financial Activities (including the Income and Expenditure Account), the Balance Sheet and the Statement of Cash Flows and analysis of changes in net debt and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. In our opinion the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity'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. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. - 12 - **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GATEWAY QUALIFICATIONS LIMITED** ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 inconsistencies or apparent material misstatements, we are required to determine 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 directors’ report and the strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report and the strategic report have 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 charitable company 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 if, in our opinion **:** - adequate accounting records have not been kept, or returns 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 information and explanations we require for our audit. - 13 - ## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GATEWAY QUALIFICATIONS LIMITED** ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on pages 10 and 11 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Director of Finance (as required by auditing standards) and senior management, inspection of the Charity’s regulatory and legal correspondence and discussed with the Director of Finance the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: compliance with the requirements of OFQUAL, The Charity Commission, Qualification Wales, QAA, health and safety, corporate governance including safeguarding and wellbeing, human rights and employment law, anti-bribery and corruption and UK GDPR. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of those charged with governance and other management and inspection of regulatory and legal correspondence, if any. - 14 - ## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GATEWAY QUALIFICATIONS LIMITED** ## **Auditor’s responsibilities for the audit of the financial statements (continued)** Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Charity complies with such regulations, enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charitable company’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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. ## **Piers Harrison** Senior Statutory Auditor For and on behalf of Sumer Auditco Limited Statutory Auditor 820 The Crescent Colchester Business Park Colchester CO4 9YQ - 15 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 JULY 2025** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**Total**|**Total**| ||**£**|**£**| |**Donations**||| |Donations received – intangible income|**110**|1,170| ||=================|=================| |**Income from charitable activities**||| |Annual centre approval fees|**367,268**|345,867| |Learner registration|**5,586,026**|4,767,577| |Replacement certificate fees|**8,752**|11,197| |Sundry income|**148,667**|109,380| |Bank interest|**117,804**|97,987| ||--------------------------------------------------|--------------------------------------------------| ||**6,228,517**|5,332,008| ||--------------------------------------------------|--------------------------------------------------| ||---------------------------------------------------|---------------------------------------------------| |**Total Income**|**6,228,627**|5,333,178| ||=================|=================| |**Expenditure on charitable activities**||| |Rent and rates|**67,262**|65,585| |Staff costs|**3,283,453**|2,677,789| |USS pension provision release|**-**|(1,418,908)| |Temporary staff costs|**3,746**|33,108| |Moderation and quality assurance fees|**438,120**|366,082| |Moderation and quality assurance travel and expenses|**14,958**|33,851| |Certificates|**171,629**|84,056| |Travel and subsistence|**80,325**|43,457| |Printing, postage and stationery|**5,782**|32,699| |Recruitment|**52,313**|111,799| |Staff related costs|**82,540**|56,983| |Payroll and pension administration charges|**2,280**|2,280| |Bad debts|**(1,742)**|(2,768)| |Depreciation|**43,585**|41,357| |Insurance|**12,647**|11,010| ||-------------------------------------------------|-------------------------------------------------| |**Expenditure**- carried forward|**4,256,898**|2,138,380| - 16 – ## **GATEWAY QUALIFICATIONS LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 JULY 2025** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**Total**|**Total**| ||**£**|**£**| |**Expenditure**- brought forward|**4,256,898**|2,138,380| |**Expenditure on charitable activities – (continued)**||| |Legal and professional|**8,330**|62,936| |Professional subscriptions|**5,999**|713| |ICT costs|**480,433**|412,988| |Office equipment|**26,238**|47,393| |Marketing and publicity|**257,904**|266,779| |Equipment rental|**2,202**|954| |Bank charges|**933**|1,012| |Interest payable|**-**|31,901| |Awarding organisation status costs|**21,097**|15,367| |Qualification and assessment development costs|**145,915**|139,535| |Consultancy|**58,400**|170,822| |QAA|**25,099**|22,798| |Auditors’ remuneration|**12,420**|11,274| |Hospitality|**5,921**|6,751| |Loss on disposals|**1,032**|-| ||--------------------------------------------------|--------------------------------------------------| |**Total expenditure**|**5,308,821**|3,329,603| ||--------------------------------------------------|--------------------------------------------------| |**Net income for the year**|**919,806**|2,003,575| |**Balance brought forward at 1 August 2024**|**6,454,076**|4,450,501| ||--------------------------------------------------|--------------------------------------------------| |**Balance carried forward at 31 July 2025**|**7,373,882**|6,454,076| ||=================|_=================_| The statement above includes all gains and losses recognised in each of the above two years. There was no other comprehensive income in either of the above two years. All activities relate to continuing operations. - 17 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **BALANCE SHEET AS AT 31 JULY 2025** ||**Notes**||| |---|---|---|---| |||**2025**|**2024**| |||**£**|**£**| |**Fixed assets**|||| |Tangible assets|5|**52,528**|71,420| |||--------------------------------------------------|--------------------------------------------------| |**Current assets**|||| |Debtors|6|**803,164**|739,453| |Cash at bank and in hand||**7,430,795**|6,357,440| |||**--------------------------------------------------**|--------------------------------------------------| |||**8,233,959**|7,096,893| |**Creditors: amounts falling due**|||| |**within one year**|7|**912,605**|714,237| |||**--------------------------------------------------**|--------------------------------------------------| |**Net current assets**||**7,321,354**|6,382,656| |||**--------------------------------------------------**|--------------------------------------------------| |**Total assets less current liabilities**||**7,373,882**|6,454,076| |**Provisions**|8|**-**|-| |||**--------------------------------------------------**|--------------------------------------------------| |**Net assets**||**£7,373,882**|£6,454,076| |||**================**|================| |**Funds**|||| |Unrestricted funds||**£7,373,882**|£6,454,076| |||================|_================_| Approved by the Board of Trustees on and signed on its behalf by 10-Dec-2025 Anthea Hockly Anthea Hockly (Dec 11, 2025 09:30:37 GMT) **A Hockly** Company Number: 05502449 Charity Number: 1114282 - 18 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **STATEMENT OF CASH FLOWS YEAR ENDED 31 JULY 2025** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |**Net income**|**919,806**|2,003,575| |Add Depreciation|**43,585**|41,357| |Loss on disposal of fixed assets|**1,032**|-| |Less interest received|**(117,804)**|(97,987)| |Add interest paid|**-**|31,901| |(Increase) in debtors|**(63,711)**|(181,202)| |Increase in creditors|**198,368**|139,482| |(Decrease) in provisions|**-**|(1,387,006)| ||--------------------------------------------------|--------------------------------------------------| |**Cash generated from operating activities**|**981,276**|550,120| ||--------------------------------------------------|--------------------------------------------------| |**Cash flows from investing activities**||| |Interest received|**117,804**|97,987| |Purchase of tangible fixed assets|**(27,739)**|(30,042)| |Proceeds from sale of fixed assets|**2,014**|-| ||--------------------------------------------------|--------------------------------------------------| |**Cash generated from investing activities**|**92,079**|67,945| ||--------------------------------------------------|--------------------------------------------------| |**Cash flows from financing activities**||| |Interest paid|**-**|(31,901)| ||--------------------------------------------------|--------------------------------------------------| |**Cash expended on financing activities**|**-**|(31,901)| ||--------------------------------------------------|--------------------------------------------------| |**Increase in cash and cash equivalents**|**1,073,355**|586,164| |**during the year**||| |**Cash and cash equivalents at the beginning**||| |**of the year**|**6,357,440**|5,771,276| ||--------------------------------------------------|--------------------------------------------------| |**Cash and cash equivalents at the end of the year**|**£7,430,795**|£6,357,440| ||===================|===================| |**Analysis of changes in net debt**||| |Cash at bank and in hand:||| |At 1 August|**6,357,440**|5,771,276| |Cashflows|**1,073,355**|586,164| |At 31 July|**-------------------------------------------------**
**£7,430,795**|-------------------------------------------------
£6,357,440| ||**=================**|=================| - 19 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025** ## **1 GENERAL INFORMATION** Gateway Qualifications Limited is a charitable company limited by guarantee, incorporated in England and Wales, registered company number 05502449 and registered charity number 1114282. The address of the registered office is Gateway House, 6 Tollgate Business Park, Tollgate West, Colchester, CO3 8AB. ## **2 ACCOUNTING POLICIES** ## _**Basis of accounting**_ The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charitable company constitutes a public benefit entity as defined by FRS 102. The following principal accounting policies have been applied: ## _**Going concern**_ Having considered the charitable company’s forecasts and projections the Trustees are satisfied that the charitable company has adequate resources to continue in operational existence for the foreseeable future, and for a period of at least 12 months from the date of approving these financial statements. The Trustees also consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern. ## _**Income and expenditure**_ Turnover is recognised to the extent that it is probable that the economic benefits will flow to the charitable company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and rebates. Income and expenditure are accounted for on an accruals basis. Income and expenditure are allocated in the Statement of Financial Activities on a basis which is considered to best reflect the day to day operations of the charitable company. ## _**Leasing**_ Rentals paid under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to expenses on a straight line basis over the period of the lease. - 20 - ## **GATEWAY QUALIFICATIONS LIMITED** **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025** ## **2 ACCOUNTING POLICIES – (continued)** ## _**Taxation**_ The company is a charitable company within the meaning of Part 11, Corporation Tax Act 2010. Accordingly it is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3, Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. ## _**Tangible fixed assets**_ Gateway Qualifications Limited has adopted a policy of capitalisation of fixed assets costing over £1,000. Tangible Fixed Assets are recorded in the financial statements at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |Fixtures and fittings|-|4 years straight line| |---|---|---| |Equipment|-|3 years straight line| |Leasehold improvements|-|10 years straight line| ## _**Pensions**_ The charitable company participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The charitable company is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the charitable company therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The charitable company recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. - 21 - **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025** ## **GATEWAY QUALIFICATIONS LIMITED** ## **2 ACCOUNTING POLICIES – (continued)** ## _**Cash and cash equivalents**_ Cash equivalents are recognised as such and included with other cash balances where they represent short term, highly liquid investments that are readily convertible to known amounts of cash without being subject to a significant change in value. ## _**Financial instruments**_ Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities: - short term debtors (financial assets) are measured at the transaction price - short term creditors (financial liabilities) are measured at the transaction price. ## _**Significant judgements and estimates**_ FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with the resulting expense charged through the profit or loss account in accordance with section 28 of FRS 102. The directors are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and had therefore previously recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving the 31 July 2023 financial statements. In the year ended 31 July 2024, the recognition of the liability was not required as the scheme was no longer in a deficit and the provision was fully released. Estimates were made over the discount rate, staff changes and wage inflation in relation to the USS pension provision. ## **3 NET EXPENDITURE FOR THE YEAR** The net expenditure is stated after charging: |The net expenditure is stated after charging:||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Depreciation of tangible fixed assets|**43,585**|41,357| |Auditors’ remuneration in respect of audit services|**12,420**|11,274| |Operating lease payments|**55,313**|53,983| ||================|================| - 22 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025** ## **4 STAFF COSTS** **----- Start of picture text -----**
|||| |---|---|---| |2025 2024| |£|£| |Wages and salaries|2,650,676|2,177,050| |Social security costs|322,259|228,687| |Pension costs (note 10)|310,518|(1,146,856)| |----------------------------------------------------|----------------------------------------------------| |3,283,453|1,258,881| |==================|==================| |The monthly number of employees, calculated on a full time| |basis, during the year was made up as follows :| |Management, administration and service provision|60|51| |=================|=================| |The monthly number of employees, calculated on an actual| |basis, during the year was made up as follows :| |Management, administration and service provision|61|53| |=================|=================| |Higher paid employees| |£60,000 to £69,999|2|2| |£70,000 to £79,999|1|2| |£80,000 to £89,999|3|-| |£90,000 to £99,999|-|1| |£100,000 to £109,999|-|1| |£110,000 to £119,999|1|1| |----------------------------------------------------|----------------------------------------------------| |7|7| |==================|==================| **----- End of picture text -----**
The total employer pension contribution for the higher paid employees above totalled £72,757 (2024 : £66,704). Senior management team remuneration totalled £459,868 (2024 : £463,928). No members of the Board of Trustees received remuneration for their role as trustees. A total of £395 was reimbursed to some trustees during the year (2024: £280) in relation to travel costs. Indemnity insurance is maintained covering members of the Board in their capacity as trustees and directors. - 23 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025** ## **5 TANGIBLE FIXED ASSETS** ||||**Fixtures**||| |---|---|---|---|---|---| |||**Leasehold**|**and**||| |||**Improvements**|**fittings**|**Equipment**|**Total**| |||**£**|**£**|**£**|**£**| ||**Cost**||||| ||At 1 August 2024|**7,258**|**29,914**|**147,405**|**184,577**| ||Additions|**-**|**-**|**27,739**|**27,739**| ||Disposals|**-**|**-**|**(14,398)**|**(14,398)**| |||--------------------------------------------------|--------------------------------------------------|---------------------------------------------------|--------------------------------------------------| ||At 31 July 2025|**7,258**|**29,914**|**160,746**|**197,918**| |||--------------------------------------------------|--------------------------------------------------|---------------------------------------------------|--------------------------------------------------| ||**Depreciation**||||| ||At 1 August 2024|**1,720**|**17,205**|**94,232**|**113,157**| ||Charge for year|**726**|**6,916**|**35,943**|**43,585**| ||Disposals|**-**|**-**|**(11,352)**|**(11,352)**| |||--------------------------------------------------|--------------------------------------------------|---------------------------------------------------|--------------------------------------------------| ||At 31 July 2025|**2,446**|**24,121**|**118,823**|**145,390**| |||--------------------------------------------------|--------------------------------------------------|---------------------------------------------------|--------------------------------------------------| ||**Net book value**||||| ||At 31 July 2025|**4,812**|**5,793**|**41,923**|**52,528**| |||================|================|================|================| ||At 31 July 2024|5,538|12,709|53,173|71,420| |||================|================|================|================| |**6**|**DEBTORS**||||| |||||**2025**|**2024**| |||||**£**|**£**| ||Prepayments and other debtors|||**306,078**|205,169| ||Fees receivable|||**467,004**|521,268| ||Accrued Income|||**30,082**|13,016| |||||-------------------------------------------------------|-------------------------------------------------------| |||||**803,164**|739,453| |||||====================|_====================_| - 24 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025** ## **7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** **----- Start of picture text -----**
|||| |---|---|---| |2025 2024| |£|£| |Trade creditors|306,110|139,692| |Accruals|172,094|169,996| |Deferred income|361,600|350,400| |Taxation and social security|72,801|53,901| |Other creditors|-|248| |---------------------------------------------------|---------------------------------------------------| |912,605|714,237| |=============|==| **----- End of picture text -----**
All deferred income relates to amounts deferred in the current year. ## **8 PROVISIONS** **----- Start of picture text -----**
|||| |---|---|---| |2025 2024| |£|£| |USS pension scheme funding plan| |Balance brought forward|-|1,387,006| |Movement in year|-|(1,387,006)| |-------------------------------------------------------|---------------------------------------------------------| |-|-| |================ ==|===================| **----- End of picture text -----**
The USS pension scheme was in a deficit in 2023 and a funding plan had been agreed which covered the period to 31 March 2038. In 2024 this scheme was in a surplus on a technical provision basis. The charitable company was no longer required to make deficit recovery contributions from 1 January 2024 and the provision was released to the statement of financial activities. ## **9 RELATED PARTY TRANSACTIONS** Due to the nature of the charitable company’s operations and the composition of the Board members (being drawn from member organisations) it is possible that transactions will take place with Colleges in which members of the Board may have interests, by reason only of being employed by such Colleges. - 25 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025** ## **10 COMMITMENTS** ## **Lease commitments – operating leases** At 31 July 2025 the charitable company had future minimum lease payments under noncancellable operating leases as follows: ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Not later than 1 year|**42,840**|45,234| |Later than 1 year and not later than 5 years|**171,360**|171,360| |Later than 5 years|**70,539**|113,379| ||**---------------------------------------------------**|---------------------------------------------------| ||**284,739**|329,973| ||================|================| ## **Pension commitments** The charitable company had a principal pension scheme for employees in the year. This was the University Superannuation Scheme (USS). USS is a defined benefit scheme, made up of a defined benefit pension called the Retirement Income Builder and a defined contribution pension called the Investment Builder, which is externally funded and valued every three years using the projected unit method. The scheme was contracted out of the State Earnings-Related Pension Scheme. ## **Universities Superannuation Scheme** The total cost/(credit charged/(released) to the income and expenditure account is £310,518 (2024 : (£1,146,856)) as included in note 4. This is made up of the FRS 102 pension provision adjustment of Nil (2024: (£1,418,908)) and pension contributions of £310,518 (2024: £272,052). A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. As set out in Note 8, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The charitable company was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account in the prior year. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method. Since the charitable company cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%. - 26 - ## **GATEWAY QUALIFICATIONS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025** ## **10 COMMITMENTS – continued** ## **Universities Superannuation Scheme – (continued)** The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles (uss.co.uk/about-us/valuation-andfunding/statement-of-funding-principles). |Price
inflation
–
Consumer Prices Index
(CPI)
RPI/CPI gap|3.0% p.a. (based on a long term-average expected level of CPI,
broadly consistent with long-term market expectations)
1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030| |---|---| |Pension
increases
(subject to a floor of 0%)|Benefits with no cap:
CPI assumption plus 3bps
Benefits subject to a “soft cap” of 5% (providing inflationary increases
up to 5%, and half of any excess inflation over 5% up to a maximum
of 10%):
CPI assumption minus 3bps| |Discount rate (forward
rates)|Fixed interest gilt yield curve plus:
Pre-retirement: 2.5% p.a.
Post retirement: 0.9% p.a.| ||| The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows: ## **2023 valuation** Mortality base table: 101% of S2PMA “light” for males and 95% of S3PFA for females to mortality 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females The current life expectancies on retirement at age 65 are ||**2025**|**2024**| |---|---|---| |Males currently aged 65 (years)|**23.8**|23.7| |Females currently aged 65 (years)|**25.5**|25.4| |Males currently aged 45 (years)|**25.7**|25.6| |Females currently aged 45 (years)|**27.2**|27.2| - 27 - ## Gateway Financial Statements FYE25 for ## signing ## Final Audit Report 2025-12-11 Created: 2025-12-11 By: Lorraine Wreford (lorraine.wreford@gatewayqualifications.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAUAjJEyz40Qp8khWRcfLamsHN1AS54whC ## "Gateway Financial Statements FYE25 for signing" History Document created by Lorraine Wreford (lorraine.wreford@gatewayqualifications.org.uk) 2025-12-11 - 8:37:35 AM GMT Document emailed to Anthea (anthea.hockly@btinternet.com) for signature 2025-12-11 - 8:37:42 AM GMT Email viewed by Anthea (anthea.hockly@btinternet.com) - 2025-12-11 - 9:26:04 AM GMT Signer Anthea (anthea.hockly@btinternet.com) entered name at signing as Anthea Hockly 2025-12-11 - 9:30:35 AM GMT Document e-signed by Anthea Hockly (anthea.hockly@btinternet.com) Signature Date: 2025-12-11 - 9:30:37 AM GMT - Time Source: server Agreement completed. 2025-12-11 - 9:30:37 AM GMT