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REGISTERED NUMBER: 04594179 (England and Wales)















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: Ms F O'Brien
D J E Nash
Ms S John
G Matthews
M G Santos
R M Spear
Ms J M Holloway
Ms A M Maguire-Lewis
Ms C J Murphy





REGISTERED OFFICE: c/o Baker Knoyle
Orbit Business Centre
Rhydycar Business Park
Merthyr Tydfil
CF48 1DL





REGISTERED NUMBER: 04594179 (England and Wales)





AUDITORS: Baker Knoyle Audit Limited
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 1,690 2,255

CURRENT ASSETS
Debtors 5 7,332 16,720
Cash at bank 194,188 215,420
201,520 232,140
CREDITORS
Amounts falling due within one year 6 14,070 42,020
NET CURRENT ASSETS 187,450 190,120
TOTAL ASSETS LESS CURRENT
LIABILITIES

189,140

192,375

RESERVES
Income and expenditure account 189,140 192,375
189,140 192,375

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





D J E Nash - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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 2 (2023 - 3 ) .

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 4,635
DEPRECIATION
At 1 August 2023 2,380
Charge for year 565
At 31 July 2024 2,945
NET BOOK VALUE
At 31 July 2024 1,690
At 31 July 2023 2,255

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,521 14,280
Other debtors 5,811 2,440
7,332 16,720

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 720 789
Taxation and social security 54 17
Other creditors 13,296 41,214
14,070 42,020

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Phillips FCCA (Senior Statutory Auditor)
for and on behalf of Baker Knoyle Audit Limited

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