REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD (REGISTERED NUMBER: 04594179) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Chairman's Annual Report | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Orbit Business Centre |
Rhydycar Business Park |
Merthyr Tydfil |
CF48 1DL |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD (REGISTERED NUMBER: 04594179) |
CHAIRMAN'S ANNUAL REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
A Year of Resilience and Achievement |
2023/24 has been an outstanding year for NTFW. We have faced numerous challenges, achieved significant milestones, and solidified our role as leaders in work-based learning in Wales. I want to express my deep gratitude to Lisa Mytton, Karen Smith, and all NTFW Board members for their steadfast dedication and invaluable contributions. |
Financial Position |
NTFW has improved its financial position during the year reducing losses by nearly £27,000 from £30,510 in 2022/23 to £3,235 in 2023/24 and maintaining healthy cash reserves. |
The organisation has undergone extensive work to reduce costs and focus resources on the key strategic priorities: |
- Work collaboratively with Welsh Government to influence future Welsh Government |
policy and thinking, Ensuring parity for WBL providers and its learners |
- Represent NTFW membership with stakeholders throughout Wales and the UK |
challenging, influencing and shaping policy on skills and apprenticeships |
- Drive the need for fair and transparent funding rates for all apprenticeship |
programmes that reflect the real cost of delivery |
- Influence and help to shape Welsh Government's new Commission for Tertiary |
Education and Research (CTER), building on the strengths of the work-based learning |
sector to meet the challenges and opportunities ahead. |
Key Highlights of 2024 |
Reflecting on our accomplishments, I am proud to share some of this year's key achievements: |
- Advocacy and Budget Adjustments: Despite unprecedented cuts to the apprenticeship budget, NTFW |
effectively lobbied Government to reduce the initial proposed reduction by over 10%, safeguarding critical |
opportunities for learners and providers |
- Outstanding Events: Our annual NTFW conference, "Apprenticeships, Skills for Economic Growth in Wales," |
and the breakfast seminar, "Investing in Apprenticeships - Securing Our Future," were tremendous successes. |
These events brought together stakeholders to collaboratively explore strategic solutions. |
- Strategic Collaborations: Working with other Work based learning providers and stakeholders we presented |
a united front to the Welsh Government for post-16 learning. This included establishing the Cross-Party Group on |
Apprenticeships to amplify our collective voice. |
- Strengthening Partnerships: We have developed and cultivated a strong, respectful and professional |
working relationship with the Medr team, leveraging the strengths and experiences of the work-based learning |
sector to address future challenges and opportunities effectively. |
- Engaging Key Decision-Makers: Regular discussions with members of the Senedd and senior civil servants focused on network-wide objectives, targets, and barriers, further cementing our role as trusted advisors. |
- Research and Reporting: Commissioning the Cebr report highlighted the profound impact of budget cuts, |
particularly in sectors like Health and Social Care and Construction. The report was widely distributed, drawing |
attention to these critical challenges. |
- Political Engagement: Strengthened political relations were evident in our presence at the Plaid Cymru |
conference, where we hosted a well-received fringe event. |
- Contributing to Policy Development: We provided informed responses and evidence to several key |
consultations and government committee reviews, including: |
o Education and Welsh Language |
o Equality and Employment |
o Medr's Strategic Plan |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD (REGISTERED NUMBER: 04594179) |
CHAIRMAN'S ANNUAL REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
o CBI's Apprenticeship System Review |
A Strategic Voice Across Wales |
NTFW has maintained an active role in critical forums such as Regional Skills Partnerships, various stakeholder meetings e.g. the Post-16 Strategic Board. These platforms have increased our strategic influence and cemented our reputation as a leading voice in skills development. |
Our communication efforts-through newsletters, member bulletins, and social media updates-have ensured our network remains well-informed and engaged with our work. |
Despite challenging times, we have made significant progress in lobbying against the Welsh Government's draft budget. Intensive work across cross-party discussions, social media, events, press releases, and media engagement has strengthened our message. |
I am immensely grateful to every team member for their energy, commitment, and relentless focus on our shared goals. |
Looking Ahead to 2025 |
Building on our success, we are committed to pursuing the following activities in the coming year: |
- Continue to lobby Welsh Government and Medr to increase investment in apprenticeships and restore capacity |
recently lost through inflation and previous budget cuts. |
- Hosting our annual NTFW Conference. |
- Continuing to advocate for investment in apprenticeships and opposing further budget cuts. |
- Driving the work of the Welsh Government Cross-Party Apprenticeship Group. |
- Strengthening collaboration with Medr and other stakeholders. |
- Promoting the value of apprenticeships across our network and beyond. |
- Leading Commissioned Contract Holder meetings with Medr. |
- Spearheading our presence at the Senedd during Apprenticeship Week. |
In Conclusion |
In collaboration with our members, colleagues and stakeholders, we've broken barriers and laid a strong foundation for the future. I look forward to continuing this journey with you all in 2025, driving progress, innovation, and growth and parity for the work-based learning sector in Wales. |
Warm regards, |
John Nash |
Chairman, NTFW |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD (REGISTERED NUMBER: 04594179) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
The financial statements were approved by the Board of Directors and authorised for issue on |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD (REGISTERED NUMBER: 04594179) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
National Training Federation for Wales Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD (REGISTERED NUMBER: 04594179) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
NATIONAL TRAINING FEDERATION FOR |
WALES LTD (REGISTERED NUMBER: 04594179) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
8. | RELATED PARTY DISCLOSURES |
Due to the nature of the company's activities, and the composition of its board of directors, it is inevitable |
that in the course of its normal business activities, the company will undertake transactions with other |
entities, of which certain NTfW directors are also directors, or exercise significant influence, or have some other relationship. |
All transaction involving entities in which a member of either board of directors may have an interest, |
are conducted at arms length, and in accordance with the company's normal financial procedures. |
The directors of NTfW during the year, and their relationship with the related entities were as follows: |
Director | Related Party | Relationship |
J Nash | TSW Training Ltd | Director |
S John | Acorn Learning Solutions Ltd | Director |
S John | Apprenticeship Learning Solutions Ltd | Director |
G Matthews | Rhyl City Strategy CIC | Director |
G Matthews | Itec Training Solutions Ltd | Director |
C Murphy | Itec Training Solutions Ltd | Managing Director |
M Santos | Educ8 Training Group Ltd | Director |
J Holloway | Educ8 Training Group Ltd | Managing Director |
D A Watkins | Cambrian Training | Director |
F O'Brien | Cambrian Training | Director |
A Maguire-Lewis | Cambrian Training | Director of Governance |
R Spear | ACT Ltd | Director |
Income invoiced to related party during the year |
Subscriptions | Other | Total | O/s at 31/07/24 |
£ | £ | £ | £ |
Cambrian Training | 14,016 | 1,171 | 15,187 | 0 |
Educ8 Training Group Ltd | 21,475 | 538 | 22,013 | 0 |
TSW Training Ltd | 1,925 | 2,239 | 4,164 | 0 |
Itec Training Solutions Ltd | 13,227 | 211 | 13,438 | 0 |
ACT Ltd | 45,717 | 1.170 | 46,887 | 0 |
Totals | 96,360 | 5,329 | 101,689 | 0 |
Payments made to related party during the year |
Delivery Costs | Other | Total | O/s at 31/07/24 |
£ | £ | £ | £ |
Cambrian Training | 0 | 0 | 0 | 0 |
Educ8 Training Group Ltd | 0 | 0 | 0 | 0 |
TSW Training Ltd | 0 | 0 | 0 | 0 |
Itec Training Solutions Ltd | 0 | 0 | 0 | 0 |
ACT Ltd | 0 | 0 | 0 | 0 |
Totals | 0 | 0 | 0 | 0 |