Company registration number 04391072 (England and Wales)
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
COMPANY INFORMATION
Directors
Dr M Biddulph
Mr J James
Ms C Kwiatkowski
Ms J Rees
Mr D E Jones
(Appointed 1 May 2024)
Secretary
C A Davies
Company number
04391072
Registered office
Cambrian Buildings
4th Floor
Mount Stuart Square
Cardiff
United Kingdom
CF10 5FL
Auditor
Azets Audit Services
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
Review of Business
Overview of Chair
These audited financial reports for the year ending 31st March 2024 cover a year of increased activity in key areas promoting high quality design in transport, regeneration and placemaking, the completion of national guidance on renewable energy and effective pattern of hybrid working, enabling us to pursue core strategic objectives.
We continue to value our constructive relationship with the Welsh Government which facilitates our work as we respond to the framework they set us in addition to our company objects. The working relationship we share with colleagues in the Planning Directorate and in the transport regeneration, homes and places teams, is productive and the whole benefits from the drive and ambition of Julie James MS, Cabinet Secretary for Housing, Local Government and Planning, her cabinet colleagues and officials. These factors support us as we pursue our company objects and remit. As Directors of a limited company, this context is a supportive one, which help us as we execute our duties and responsibilities in governance and strategic direction. We are also fortunate to have a strong staff team and Commissioners on the Board to whom I extend my thanks and appreciation for all their commitment, expertise and enthusiasm.
Our financial reports reflect the accrued impact of IFRS accounting policy toward our leasing arrangements, the impact annual actuarial calculations related to the Local Government Pension Scheme to which we are an admitted body, and any changes to revenue and capital funding, as well as usual movement reflecting our work programmes. These items are closely monitored by the Board of Directors. Our continuing work, major projects and our strategic relationships are noted in our Framework Letter and Funding Agreement for the Term of Government 2021-2025 which is in place along with our annual remit letter which accompanies them. These have been considered by Directors and our auditors in relation to assessment of going concern and basis of opinion.
The Design Commission pursues its core purpose to promote good design across the built environment, viewing it as a critical factor in addressing climate and nature imperatives, securing efficient land and resource use, and in creating an environment that offers people quality and choice in their neighbourhoods, transport, healthcare and well-being.
Our already substantial role in several nationally strategic initiatives continues to include our specialist support and input into the place-led planning policy agenda - which identifies the critical role of good design in sound place-making. We continue to work toward the objectives of the Wellbeing of Future Generations Act alongside responding to decarbonisation and climate change imperatives.
Some highlights from the year include:
Significant contributions to the Ministerial Town Centre Task Force, then chaired by Lee Waters MS Deputy Minister for Climate Change, and to the Transforming Towns Agenda through which we attracted new, additional revenue funds attached to a direct programme of expert support and input to regeneration and strengthening the Town Centre First Principle, focusing on Placemaking.
Authoring and publishing new design guidance on Designing for Renewable Energy in Wales, on behalf of Welsh Government, as well as new guidance on best practice with Placemaking Plans.
Providing specialist strategic review and client support to the team delivering the £500m Velindre International Cancer Centre Project, Cardiff.
Providing strategic design review support to local authorities and other stakeholders across Wales, in particular to the City and County of Swansea Council working on its ambitious city wide regeneration programme, and to a range of statutory consultees engaged in large scale renewable energy projects in north Wales.
Providing specialist input to local authorities engaged in local development plan and strategic sites
Our Chief Executive’s continued chairing of the Welsh School of Architecture External Advisory Board.
Supporting key officials at senior levels in the Welsh Government
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
We continue to focus on outcomes that lead to greater public value and to strengthen our collaboration and influence with decision makers across national and local government. Regeneration and renewal depends upon excellence in built environment design, and development especially for good quality homes, well-connected places and more walkable, greener neighbourhoods.
As incoming Chair I am aware of challenges ahead through which we will need to steer the Commission on a steady course and upward trajectory. For now I am pleased to work with Commissioners, staff and the team of dedicated inter-disciplinary design, development and construction professionals who give voluntarily of their time and expertise to support our nationwide services. I am especially grateful to my predecessor Gayna Jones for her commitment and the huge contribution she made during her tenure as chair.
The Design Commission continues to pursue a commitment to quality and the importance of design, which must be made explicit and must be accelerated. The policy and legislative tools have been refined over 20 years of devolution and have been used to clearly express considerable ambition. We will continue to exercise leadership in our field, and to build capability and a culture of quality in practice and across sectors, that attends excellence, every day.
D E Jones
Chair
Design Commision for Wales
14 August 2024
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
We present our annual financial statements and this report for the financial year 1 April 2023-31 March 2024.
Principal activities
The principal activity of the company continued to be that of Design Commission for Wales, a national organisation established by the Welsh Government to promote good design across sectors, for better buildings, spaces and places.
About us
We present our annual financial statements in this report for the financial year 1 April 2023-31 March 2024 during which our activities directly address the requirements of our Welsh Government Funding and Framework letter, in the context of our company Objects and Powers. They are aligned to our commitment to promoting design excellence for enhanced, high quality environments throughout Wales.
We continue to advocate high quality design, for better outcomes and greater long-term public value from significant public investments now and for future generations, working closely with senior officials of the Welsh Government, the Welsh Treasury and the office of the Chief Operating Officer to embed strategic design-led thinking and the positive practical difference it can make, to ambitions for service improvement, investment decisions, decarbonisation of the public estate and routes to net zero.
This year and in the year ahead our team and Board of Directors are aware of a constrained public finance context, negatively effecting many bodies in Wales. Whilst we are sensitive to this context we also know that increasing demand for our service, and expectations upon us, reflected in our annual remit letter, point to the need for increased resources to be made available to the Commission. Fixed overheads have a major impact on our resources and our capacity to meet the demands of our remit is coming under increasing pressure.
We look forward to further collaboration with our colleagues in the Welsh Government to ensure we do not lose ground at a time when climate, nature and socio-economic factors coalesce to create a challenging operating environment. We are committed to navigating our way through this and to working closely with our partners, colleagues and stakeholders, across sectors and professions, with the common purpose and collective responsibility we all share to help promote well-designed, healthy and sustainable places everywhere, for everyone.
Results and dividends
The results for the year are set out on page 9.
The company's financial statements currently show that the company has reserves of £586,441 (2023: £424,695).
Whilst the Statement of Financial Position shows a net assets position as at 31st March 2024 and 31st March 2023, the main driver of the positive reserves figure is the gains on the defined benefit pension scheme in the last 2 years. The closing surplus on the defined benefit pension scheme has increased £597,000 since 31 March 2022. Without these gains, the company is operating at a loss and would be showing a net liability position.
Performance (internally and externally) against the framework is monitored by Welsh Government, the company assists in the monitoring process. The company is required to manage its financial performance within the budget that has been agreed with the Welsh Government, further details of this are set out in the annual framework agreement.
The company continues to use the going concern basis of preparation for its financial statements. The directors are satisfied that, with the continued support of Welsh Government, it will continue to trade for the foreseeable future. The company has a strong cash position due to the timing of the funds that it receives. The company acknowledges that in real terms, whilst the funding has not increased for some considerable years, with the effect of inflation, it has taken a considerable reduction to its funding. This has resulted in the balance sheet being in a net liability position after stripping out the pension fund. The directors monitor the performance on a regular basis and currently has the resources available for the next 12 months from the date of signing.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms G Jones (Chair)
(Resigned 30 April 2024)
Dr M Biddulph
Mr I Carter
(Resigned 31 March 2024)
Mrs E Gray-Williams
(Resigned 31 March 2024)
Mr J James
Ms C Kwiatkowski
Ms F Nixon
(Resigned 31 March 2024)
Ms J Rees
Mr D E Jones
(Appointed 1 May 2024)
Auditor
In accordance with the company's articles, a resolution proposing that the Board of Directors will consider Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
By order of the board
C A Davies
Mr D E Jones
Secretary
Director
14 August 2024
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DCFW LIMITED
- 6 -
Opinion
We have audited the financial statements of DCFW Limited (the 'company') for the year ended 31 March 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with UK adopted international accounting standards; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 directors' 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 company'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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DCFW LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the 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.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DCFW LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.
This report is made solely to the 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 company’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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Craig Yearsley FCCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
15 August 2024
Chartered Accountants
Statutory Auditor
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Revenue
3
394,220
393,955
Gross profit
394,220
393,955
Administrative expenses
(397,864)
(432,466)
Operating loss
4
(3,644)
(38,511)
Investment revenues
7
24,586
1,504
Finance costs
8
(13,196)
(314)
Profit/(loss) before taxation
7,746
(37,321)
Income tax expense
9
-
-
Profit/(loss) for the year
18
7,746
(37,321)
The income statement has been prepared on the basis that all operations are continuing operations.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Profit/(loss) for the year
7,746
(37,321)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Actuarial gain on defined benefit pension schemes
154,000
389,589
Total comprehensive income for the year
161,746
352,268
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
11
166,445
9,003
Retirement benefit surplus
17
608,000
393,000
774,445
402,003
Current assets
Trade and other receivables
12
17,612
17,823
Cash and cash equivalents
182,895
215,528
200,507
233,351
Current liabilities
Trade and other payables
13
20,329
13,161
Lease liabilities
14
12,934
Provisions
15
10,000
35,000
Deferred revenue
16
191,985
162,498
235,248
210,659
Net current (liabilities)/assets
(34,741)
22,692
Non-current liabilities
Lease liabilities
14
153,263
Net assets
586,441
424,695
Equity
Called up share capital
Retained earnings
18
586,441
424,695
Total equity
586,441
424,695
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr D E Jones
Director
Company registration number 04391072
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2022
-
72,427
72,427
Year ended 31 March 2023:
Loss for the year
-
(37,321)
(37,321)
Other comprehensive income:
Actuarial gains on pensions scheme
-
389,589
389,589
Total comprehensive income for the year
-
352,268
352,268
Balance at 31 March 2023
424,695
424,695
Year ended 31 March 2024:
Profit for the year
-
7,746
7,746
Other comprehensive income:
Actuarial gains on pensions scheme
-
154,000
154,000
Total comprehensive income for the year
-
161,746
161,746
Balance at 31 March 2024
586,441
586,441
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(9,821)
118,831
Interest paid
(13,196)
(314)
Net cash (outflow)/inflow from operating activities
(23,017)
118,517
Investing activities
Purchase of property, plant and equipment
(179,399)
(8,930)
Interest received
3,586
504
Net cash used in investing activities
(175,813)
(8,426)
Financing activities
Payment of lease liabilities
166,197
(19,061)
Net cash generated from/(used in) financing activities
166,197
(19,061)
Net (decrease)/increase in cash and cash equivalents
(32,633)
91,030
Cash and cash equivalents at beginning of year
215,528
124,498
Cash and cash equivalents at end of year
182,895
215,528
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
DCFW Limited is a private company limited by guarantee incorporated in England and Wales. The company is a wholly owned subsidiary of the Welsh Government. The registered office is Cambrian Buildings, 4th Floor, Mount Stuart Square, Cardiff, United Kingdom, CF10 5FL.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union, IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Whilst the Statement of Financial Position shows a net assets position as at 31st March 2024 and 31st March 2023, the main driver of the positive reserves figure is the gains on the defined benefit pension scheme in the last 2 years. The closing surplus on the defined benefit pension scheme has increased £597,000 since 31 March 2022. Without these gains, the company is operating at a loss and would be showing a net liability position.true
Performance (internally and externally) against the framework is monitored by Welsh Government, the company assists in the monitoring process. The company is required to manage its financial performance within the budget that has been agreed with the Welsh Government, further details of this are set out in the annual framework agreement.
The company continues to use the going concern basis of preparation for its financial statements. The directors are satisfied that, with the continued support of Welsh Government, it will continue to trade for the foreseeable future. The company has a strong cash position due to the timing of the funds that it receives. The company acknowledges that in real terms, whilst the funding has not increased for some considerable years, with the effect of inflation, it has taken a considerable reduction to its funding. This has resulted in the balance sheet being in a net liability position after stripping out the pension fund. The directors monitor the performance on a regular basis and currently has the resources available for the next 12 months from the date of signing.
The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources and ongoing support of Welsh Government to continue in operational existence for the foreseeable future.
1.3
Revenue
The income disclosed in the Income Statement represents grants and ancillary project income receivable in the year, under the following headings:
Core Grant Income - Grant income is received from the Welsh Government
Project grant Funding - Project specific grant funding is receivable from the Welsh Government
Project Income - Income generated by project attendance, including delegate fees.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Government grants
Grants receivable from the Welsh Government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the company will comply with the conditions attached thereto.
Government grants and project related income relating to costs yet to be incurred are deferred and recognised in the Income Statement over the period necessary to match them with the costs for which they are intended to compensate.
Grants received for the purchase of capital equipment are credited to a deferred income account and released to the Income Statement over the expected useful lives of the assets concerned.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Duration of lease
Fixtures and fittings
Straight line between 3 and 10 years
Computer equipment
Straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
1.5
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
1.9
Employee benefits
Retirement benefits of the employees of the company are provided by the Cardiff and Vale of Glamorgan Pension Fund. This is a defined benefit pension schemes which is externally funded and contracted out of the State Earnings Related Pension Scheme.
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the statement of financial position for defined benefit schemes is the present value of schemes'' liabilities less the fair value of schemes'' assets. The operating and financing costs of defined benefit schemes are recognised separately in the income statement. Operating costs comprise the current service cost, any gains or losses on settlement or curtailments, and past service costs where benefits have vested. Net interest income and expense on net defined benefit assets and liabilities is determined by applying discount rates used to measure defined benefit obligations at the beginning of the year to net defined benefit assets and liabilities at the beginning of th year and is included in finance income and costs. Remeasurements arising from defined benefit plan comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (is any, excluding interest). The company recognises them immediately in Other Comprehensive Income and all other expenses related to defined benefit expenses in the income statement.
1.10
Leases
Rentals payable under operating leases, less any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
1.11
Grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.12
Use of estimates and judgements
The preparation of the financial statements requires DCFW to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.
Information about significant areas of estimation and critical judgement in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes:-
Note 12 - Measurement of defined benefit contributions depends on the selection of certain assumptions which include the discount rate, inflation rate, salary growth, rate of increase in deferred pensions and expected return on scheme assets.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Key sources of estimation uncertainty
(i) Defined benefit pension scheme
Measurement of defined benefit contributions depends on the selection of certain assumptions which include the discount rate, inflation rate, salary growth, rate of increase in deferred pensions and expected return on scheme assets.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
3
Revenue
An analysis of the company's revenue is as follows:
2024
2023
£
£
Revenue analysed by class of business
Welsh Government - Core grant funding
360,000
360,000
Project income
300
1,518
Other income
33,920
32,437
394,220
393,955
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,080
7,080
Depreciation of property, plant and equipment
21,957
18,549
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,080
7,080
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administrative
4
4
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
213,498
188,310
Social security costs
23,812
24,129
Pension costs
40,213
87,034
277,523
299,473
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
(Continued)
- 19 -
7
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
3,586
504
Financial instruments not measured at amortised cost:
Net interest on defined benefit asset
21,000
1,000
Total interest revenue
24,586
1,504
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
2024
2023
£
£
Interest on lease liabilities
13,196
314
9
Income tax expense
2024
2023
£
£
The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:
2024
2023
£
£
Profit/(loss) before taxation
7,746
(37,321)
Expected tax charge/(credit) based on a corporation tax rate of 19.00% (2023: 19.00%)
1,472
(7,091)
Effect of expenses not deductible in determining taxable profit
71,422
7,091
Income not taxable
(72,260)
Effect of change in UK corporation tax rate
(634)
Taxation charge for the year
-
-
As income tax is only charged on interest receivable and minimal trading income there is no material tax effect arising from the adjustments for the defined benefit pension scheme adjustments.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
10
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
£
£
In respect of:
Property, plant and equipment
1,396
Recognised in:
Administrative expenses
-
1,396
11
Property, plant and equipment
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022
145,154
20,836
22,177
188,167
Additions
8,930
8,930
At 31 March 2023
145,154
20,836
31,107
197,097
Additions
177,749
1,650
179,399
Disposals
(145,154)
(145,154)
At 31 March 2024
177,749
20,836
32,757
231,342
Accumulated depreciation and impairment
At 1 April 2022
130,637
15,844
21,668
168,149
Charge for the year
14,517
1,950
2,082
18,549
Impairment loss (profit or loss)
1,396
1,396
At 31 March 2023
145,154
17,794
25,146
188,094
Charge for the year
17,829
1,133
2,995
21,957
Eliminated on disposal
(145,154)
(145,154)
At 31 March 2024
17,829
18,927
28,141
64,897
Carrying amount
At 31 March 2024
159,920
1,909
4,616
166,445
At 31 March 2023
-
3,042
5,961
9,003
More information on impairment movements in the year is given in note 10.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
12
Trade and other receivables
2024
2023
£
£
Trade receivables
1,500
Prepayments
17,612
16,323
17,612
17,823
13
Trade and other payables
2024
2023
£
£
Trade payables
16
Accruals
14,740
7,547
Social security and other taxation
5,520
5,509
Other payables
69
89
20,329
13,161
14
Lease liabilities
2024
2023
Maturity analysis
£
£
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2024
2023
£
£
Current liabilities
12,934
Non-current liabilities
153,263
166,197
-
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
13,196
314
Other leasing information is included in note .
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
15
Provisions for liabilities
2024
2023
£
£
Dilapidation
10,000
35,000
All provisions are expected to be settled within 12 months from the reporting date.
Movements on provisions:
Dilapidation
£
At 1 April 2023
35,000
Reversal of provision
(25,000)
At 31 March 2024
10,000
The company has provided £10,000 (2023: £35,000) in respect of dilapidation costs for the year ended 31 March 2024. The provision will crystallise in the event that the company vacates the premises.
16
Deferred revenue
2024
2023
£
£
Arising from government grants
191,985
162,498
All deferred revenues are expected to be settled within 12 months from the reporting date.
17
Retirement benefit schemes
Defined contribution schemes
The company contributes into Cardiff and Vale of Glamorgan Pension Fund which is part of the Local Government Pension Scheme ("LGPS"). The LGPS is a funded defined benefit pension plan with benefits up to 31 March 2014 being linked to final salary. Benefits after 31 March 2015 are based on a Career Average Revalued Earnings scheme. Details of the benefits to be paid for the period covered by this disclosure are set out in the LGPS (Benefits, Membership and Contributions) Regulations 2007. The assets of the scheme are held separately from those of the company.
The contributions are determined by a qualified actuary on the basis of triennial valuations. The most recent valuation was at 31 March 2024. Liabilities have been estimated by the independent qualified actuary on an actuarial basis using the projected unit credit method.
The employer's regular contributions to the fund for the annual accounting period to 31 March 2024 are estimated to be £81,000 (2023: £62,000). Additional contributions may also become due in respect of any employer discretions to enhance members' benefits in the Fund over the next accounting period.
The Board of Directors continue to monitor the risks associated with the pension scheme. However they understand that should the company be wound up the pension liability will revert to the Welsh Government and therefore the associated risks are minimised.
Defined benefit scheme
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Retirement benefit schemes
(Continued)
- 23 -
2024
2023
Key assumptions
%
%
Discount rate
4.8
4.7
Pension growth rate
2.6
2.7
Salary growth rate
3.6
2.7
Pension accounts revaluations rate
2.6
2.7
CPI inflation
2.6
2.7
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
22.1
22.6
- Females
24.3
24.7
Retiring in 20 years
- Males
22.7
23.2
- Females
25.3
25.8
The total expenses for the year of £21,000 is included in investment income.
2024
2023
Amounts recognised in other comprehensive income
£
£
Actuarial changes arising from changes in demographic assumptions
Actuarial changes arising from changes in financial assumptions
(44,000)
(479,000)
Actuarial changes arising from experience adjustments
-
Past service costs not yet recognised
(110,000)
73,000
Total costs/(income)
(154,000)
(406,000)
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Retirement benefit schemes
(Continued)
- 24 -
The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:
2024
2023
£
£
Present value of defined benefit obligations
1,283,000
1,216,000
Fair value of plan assets
(1,781,000)
(1,682,000)
Surplus in scheme
(498,000)
(466,000)
Past service costs not yet recognised
(110,000)
73,000
Liability recognised in statement of financial position
(608,000)
(393,000)
2024
2023
Movements in the present value of defined benefit obligations
£
£
At 1 April 2023
1,216,000
1,555,000
Current service cost
41,000
87,000
Past service cost
Benefits paid
(5,000)
(5,000)
Contributions from scheme members
18,000
16,000
Actuarial gains and losses
(44,000)
(479,000)
Interest cost
57,000
42,000
At 31 March 2024
1,283,000
1,216,000
2024
2023
Movements in the fair value of plan assets:
£
£
At 1 April 2023
1,609,000
1,566,000
Benefits paid
(5,000)
(5,000)
Contributions by the employer
81,000
62,000
Contributions by scheme members
18,000
16,000
Remeasurement gain on assets
110,000
(73,000)
Other
78,000
43,000
At 31 March 2024
1,891,000
1,609,000
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Retirement benefit schemes
(Continued)
- 25 -
The major categories of scheme assets as a percentage of total scheme assets are as follows:
2024
2023
%
%
Equities
70
68
Government bonds
8
9
Corporate bonds
7
8
Property
6
7
Cash/other
9
8
100%
100%
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Retirement benefit schemes
(Continued)
- 26 -
Sensitivity Analysis
The sensitivity below consider the impact of the single change shown, with the other assumptions
remaning unchanged
2024
2023
Discount rate assumption
Adjustment to discount rate
+0.1%
+0.1%
Present value of total obligation (£M's)
1,259
1.193
% change in present value of obligation
(1.9%)
(1.9%)
Projected service cost (£M's)
0.037
0.040
Approximate % change in projected service cost
(4.0%)
(3.8%)
Rate of general increase in salaries
Adjustment to salary increase rate
+0.1%
+0.1%
Present value of total obligation (£M's)
1,287
1.220
% change in present value of obligation
0.3%
0.3%
Projected service cost (£M's)
0.039
0.042
Approximate % change in projected service cost
0.0%
0.0%
Rate of increase to pensions in payment and deferred pensions
assumptions, and rate of revaluation of pension accounts
assumption
Adjustment to pension increase rate
+0.1%
+0.1%
Present value of total obligation (£M's)
1,304
1.235
% change in present value of obligation
1.6%
1.6%
Projected service cost (£M's)
0.041
0.044
Approximate % change in projected service cost
4.2%
3.9%
Post retirement mortality assumption
Adjustment to mortality age rating assumption
-1 year
-1 year
Present value of total obligation (£M's)
1,316
1.249
% change in present value of obligation
2.6%
2.7%
Projected service cost (£M's)
0.041
0.044
Approximate % change in projected service cost
4.0%
3.8%
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Retained earnings
2024
2023
£
£
At the beginning of the year
424,695
72,427
Profit/(loss) for the year
7,746
(37,321)
Actuarial differences recognised in other comprehensive income
154,000
389,589
At the end of the year
586,441
424,695
19
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
Other information
Key management personnel during the year received emoluments of £121,956 (2023: £118,485) including £29,234 (2023: £25,270) of post-employment benefits.
The Welsh Government is a related party as DCFW Limited is a wholly owned subsidiary of the Welsh Government. During the year the company received £360,000 (2023: £360,000) of core grant funding from the Welsh Government and recognised £0 (2023: £1,379) of Capital Grant, £0 (2023: £31,058) of Project Grant Funding, £33,921 (2022: £0) of Revenue Funding, £300 (2022: £0) of Recharge Income and £0 (2023: £1,518) of Project Income. At the year end, of the grants received in the current and preceding years £191,985 (2023: £162,488) was deferred at the year-end.
20
Controlling party
The company is a wholly owned subsidiary of the Welsh Government. The company's results are not consolidated into the financial statements of the Welsh Government.
21
Share capital
The company was incorporated as being limited by guarantee and has no share capital. The liability of the members is limited to £1 each.
22
Financial risk factors
The company is satisfied that it has sufficient liquid resources, in the form of cash and cash equivalents and agreed funding for 2023/24 to meet all current contractual commitments. The company considers that other than the risk of grant clawback, which is actively managed, it is not exposed to significant liquidity, credit or cashflow risks.
DCFW LIMITED
(A COMPANY LIMITED BY GUARANTEE) TRADING AS DESIGN COMMISSION FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
23
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit/(loss) for the year before income tax
7,746
(37,321)
Adjustments for:
Finance costs
13,196
314
Investment income
(24,586)
(1,504)
Depreciation and impairment of property, plant and equipment
21,957
19,945
Pension scheme non-cash movement
(40,000)
8,589
Decrease in provisions
(25,000)
(10,000)
Movements in working capital:
Decrease/(increase) in trade and other receivables
211
(13,224)
Increase/(decrease) in trade and other payables
7,168
(9,087)
Increase in deferred revenue outstanding
29,487
161,119
Cash (absorbed by)/generated from operations
(9,821)
118,831
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100Ms G Jones (Chair)Dr M BiddulphMr I CarterMrs E Gray-WilliamsMr J JamesMs C KwiatkowskiMs F NixonMs J ReesMr D E JonesC A Davies043910722023-04-012024-03-3104391072bus:Director22023-04-012024-03-3104391072bus:Director52023-04-012024-03-3104391072bus:Director62023-04-012024-03-3104391072bus:Director82023-04-012024-03-3104391072bus:Director92023-04-012024-03-3104391072bus:Director12023-04-012024-03-3104391072bus:Director32023-04-012024-03-3104391072bus:Director42023-04-012024-03-3104391072bus:Director72023-04-012024-03-3104391072bus:CompanySecretary12023-04-012024-03-3104391072bus:RegisteredOffice2023-04-012024-03-31043910722024-03-3104391072bus:CompanySecretaryDirector12023-04-012024-03-3104391072core:ContinuingOperations2023-04-012024-03-31043910722022-04-012023-03-3104391072core:ContinuingOperations2022-04-012023-03-3104391072core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3104391072core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31043910722023-03-3104391072core:CurrentFinancialInstruments2024-03-3104391072core:CurrentFinancialInstruments2023-03-31043910722023-03-31043910722022-03-3104391072core:Non-currentFinancialInstruments2024-03-3104391072core:Non-currentFinancialInstruments2023-03-3104391072core:ShareCapital2024-03-3104391072core:ShareCapital2023-03-3104391072core:RetainedEarningsAccumulatedLosses2024-03-3104391072core:RetainedEarningsAccumulatedLosses2023-03-3104391072core:OtherMiscellaneousReserve2022-03-3104391072core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3104391072core:FurnitureFittings2022-03-3104391072core:ComputerEquipment2022-03-3104391072core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3104391072core:FurnitureFittings2023-03-3104391072core:ComputerEquipment2023-03-3104391072core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3104391072core:FurnitureFittings2024-03-3104391072core:ComputerEquipment2024-03-3104391072core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3104391072core:FurnitureFittings2022-04-012023-03-3104391072core:ComputerEquipment2022-04-012023-03-3104391072core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3104391072core:FurnitureFittings2023-04-012024-03-3104391072core:ComputerEquipment2023-04-012024-03-310439107212023-04-012024-03-310439107212022-04-012023-03-3104391072bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104391072bus:Audited2023-04-012024-03-3104391072bus:FullIFRS2023-04-012024-03-3104391072bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP