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COMPANY REGISTRATION NUMBER:
08151292
CHARITY REGISTRATION NUMBER:
1149946-2
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Coleg Llanymddyfri (Cymru) |
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Company Limited by Guarantee |
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Coleg Llanymddyfri (Cymru) |
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Company Limited by Guarantee |
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Year ended 31 August 2024
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Trustees' annual report (incorporating the directors' report & strategic report) |
1 |
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Independent auditor's report to the members |
12 |
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Statement of financial activities (including income and expenditure account) |
16 |
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Statement of financial position |
17 |
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Statement of cash flows |
18 |
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Notes to the financial statements |
19 |
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Coleg Llanymddyfri (Cymru) |
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Company Limited by Guarantee |
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Trustees' Annual Report (Incorporating the Directors' Report & Strategic Report) |
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Year ended 31 August 2024
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended
31 August 2024
.
Reference and administrative details
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Registered charity name |
Coleg Llanymddyfri (Cymru) |
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Charity registration number |
1149946-2 |
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Company registration number |
08151292 |
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Principal office and registered |
The Bursary |
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office |
Llandovery College |
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Llandovery |
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Carmarthenshire |
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SA20 0EE |
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The trustees
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Mr G Price |
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Mrs K Towns |
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Mrs D Jenkins |
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Mr G Stoker |
(Appointed
20 September 2023) |
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Mr H Ormson |
(Resigned
31 August 2024) |
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Mr J Davies |
(Resigned
31 January 2024) |
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Mr M Morgan |
(Resigned
31 August 2024) |
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Mr S P Woodhead |
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Auditor |
James & Uzzell Ltd |
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Chartered Certified Accountants & Statutory Auditor |
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Axis 15, Axis Court |
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Riverside Business Park, Swansea |
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SA7 0AJ |
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Structure, governance and management
The Trustees present their report and the audited financial statements of the charity for the year / period ended insert date. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
The trustees are referred to as Governors in their roles at the College. For the purpose of these financial statements, Trustees and Governors are the same.
Governing Document
Coleg Llanymddyfri (Cymru)
is a registered charity. It was entered on the Register of Charities on September 2012.
Coleg Llanymddyfri (Cymru) is a registered company limited by guarantee. The Articles of Association is the governing document of the charity.
Governing Bodies
The College is managed by a Board of Governors. Those serving in the year ending 31 August 2024 are:
Mr S Woodhead
Mr M Morgan
(Resigned 31st August 2024)
Mr H Ormson
(Resigned 31st August 2024)
Mr J Davies
(Resigned 31st January 2024)
Mr G Stoker
(Appointed 20th September 2023)
Mrs K Towns
Mr G Price
Mrs D Jenkins
Mrs M Healey (Associate Governor)(Resigned 20th November 2023)
Mr H Roberts (Associate Governor)
Mr R Hughes-Pickering (Associate Governor)(Appointed 20th September 2023)
Recruitment and Training of Governors
The Articles of Association specify that there will be a minimum of two with no maximum number of Governors. At each Annual General Meeting one third will retire but may be reappointed. No Governor can serve more than three terms of office, each no longer than three years.
Prospective Governors are initially reviewed by the Remuneration & Governance sub-committee and presented to the Board for election. Each Governor is given guidelines on the roles and responsibilities of being a Governor.
Management
The Governors delegate the management of the College to the Warden. The Board of Governors also operate several sub-committees consisting of Governors with specific responsibilities for Finance, Education, Estates and Remuneration & Governance. The Warden works closely with the Board of Governors and has a senior team to assist in the operational management of the College.
Group Structure and Relationships
Coleg Llanymddyfri (Cymru)
is established as a company limited by guarantee. Its sole member is Coleg Llanymddyfri being the charity (in its capacity as corporate trustee of the Trust) holding the assets of the College. These assets are leased to Coleg Llanymddyfri (Cymru)
which is responsible for the operation of the College. Coleg Llanymddyfri (Menter) Ltd, a company limited by shares, is the commercial arm of the College responsible for the operation of the College shop, functions and the Legends Gymnasium. Coleg Llanymddyfri is the sole shareholder of this company.
Coleg Llanymddyfri (Eiddo) was a company solely established for the ownership of a small parcel of land adjacent to the College playing fields; this is a company limited by shares with Coleg Llanymddyfri as the sole shareholder. The land within Coleg Llanymddyfri (Eiddo) was transferred to Coleg Llanymddyfri on 10th January 2024. Coleg Llanymddyfri (Eiddo) was dissolved on 9th April 2024.
Llandovery Nursery School Limited was a company solely established for the operation of a nursery school; this was a company limited by shares with Coleg Llanymddyfri as the sole shareholder. This company was dissolved on 26th March 2024.
Principal Risks and Uncertainties
The Governors consider the economic circumstances and affordability as the main risk facing the School. The College, the independent sector as a whole and of course all businesses face considerable challenges in the current economic climate. The Governors are aware that these challenges impact disproportionately on families that decide to embrace independent education, and at no time more than now do we need to offer value for money. Whilst fees have remained stable for some years, inflationary pressures demand close attention to this main source of income.
The College still represents good value for money and careful management of its fee base, balanced against tightly controlled costs, mitigates against general financial risk.
Health & Safety is a main area of operational risk. Trips and excursions are well-monitored and all risk assessment is thorough. Fire safety is to be maintained against a rolling programme of refurbishment and training that is ongoing and guided by Annual inspections from an external consultant. Consideration of Health & Safety risk has been delegated to a H&S Officer (Ests Manager) who will monitor progress through externally provided audits and ensure programmes of compliance are in place and executed in a timely and cost-effective manner.
The generic systems in place to minimise risk includes:
- Thorough budgeting and planning
- Clear management structure and lines of reporting
- Comprehensive policy reviews
- Safeguarding training and vetting procedures
Objectives and activities
The objects of the charity are:
1. The advancement of education by the conduct of Llandovery College or of such other schools in Wales as the trustees shall decide and by other ancillary activities for the benefit of the community.
2. The advancement of education for the provision of instruction In the Welsh Language, Heritage, Culture and Arts.
3. The advancement of religion for the provision of instruction in accordance with the principles and doctrines of the Church in Wales
Public Benefit Statement
The Governors have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission. Specifically, the College continues to offer a wide array of fee assistance to families from a wide range of backgrounds. Fee assistance includes scholarships which reward the potential of the pupil and bursaries which reflect the financial circumstances of the family home. All bursaries are strictly means tested to ensure they are awarded to those with the greatest financial need. The Colleges concession rate for the year is reported at 29% (2023: 27.4%).
In addition to the above the College continues to develop close links with its surrounding Communities and Local Authorities. Such links Include but are not limited to:
-Ongoing membership of the Local Sports Association for the town of Llandovery.
-A strong association with Llandovery RFC
-A partnership with UWTSD for its leaving Year 13 students
-Volunteer work eg. Visiting local primary schools, Care homes with senior pupils
-Support for the Towns Youth Association
-All Drama/Musical productions are open to the towns people at a reduced rate
-Local Netball club that is hosted in College
Fund-raising Standards Information
All fundraising activity is undertaken by the College, no fundraising activities are carried out using professional fundraisers or commercial organisations. The trustees recognise the importance of maintaining the highest standards or practice and care in relation to fundraising activities. The College is GDPR compliant and has robust systems for data maintenance and record keeping. No complaints relating to fundraising activities have been received or raised through regulators.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Llandovery College seeks to provide a truly transforming experience in which intellectual, artistic, sporting, spiritual and sociaI development is at the heart. Llandoverians and their parents join a caring community that recognises and nurtures the innate ability in every individual. The College aims to produce grounded young men and women capable of tackling life's challenges with confidence, determination and cheerfulness.
A Llandovery education stands apart In the values and attitudes of its young men and women. Compassion, tolerance, kindness, integrity, generosity of spirit and a commitment to service over self, underpin a dedication to academic excellence. Llandoverians are nurtured by a sensitive rigour in which they are expected to take the risk of being more than what they may think they are, to pick themselves, and others, up when things do not go their way and in so doing to learn the true nature, joy and responsibility of success. Preparing pupils to take their places in a challenging and rapidly evolving world with confidence and courage and gifting them the skills, in the words of John Donne, to be 'involved in Mankind' is our duty.
Gwell Dysg Na Golud - Our Education is Our Wealth
Academic Roll
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2024 |
2023 |
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£ |
£ |
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Senior |
191 |
193 |
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Prep |
64 |
71 |
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Boarders |
101 |
105 |
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Day |
154 |
159 |
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Total on Roll |
255 |
264 |
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Staffing
The College now has a more sustainable ratio of pupil to full-time academic teaching staff.
Year
Pupil to FT
teacher ratio
2023-24
4.6 : 1
2022-23
4.4 : 1
Development of staff is a priority and retention of quality staff is much improved.
Staff Development
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Detailed work on creating a sustainable staffing structure that supports the delivery of a high-quality education within the wider strategic vision
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Alteration in the College week allowed for weekly whole staff training on Friday 3.30pm - 4.30pm covering numerous topics such as Dyslexia, Stretch and Challenge, Assessment, Fire training, Safeguarding etc
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Appointment of quality, well qualified staff into key Academic subjects eg. 1/C English, Maths.
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Programme of in-house training and wider use of professional bodies for training e.g. ACAS, Society of Heads, BSA
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Staff encouraged to attend courses by examination bodies
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New Faculty structure allowing oversight and leadership across individual subjects.
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Sustainability and Forest School training ongoing
Teaching & Learning
The core objective of College development continues to be the improvement of teaching & learning, to raise standards, to promote independent learning, to develop a whole school and inclusive Learning Support programme, to stretch the most able and develop recruitment, sport and facilities.
The 2019-22 SDP has been completed, and a brand-new SDP for 23-25 is now in place. This plan has taken SLT self-evaluation actions, the results of surveys, the outcomes and recommendations from the last Estyn Inspection to build a comprehensive plan for the future.
Academic Results - cumulative % of grades
GCSE RESULTS
A*/A% = 28%(23%}
A*/C%= 78%(73%)
Our GCSE results continue to surpass the Welsh average, with 84% of pupils gaining the Level 2 threshold including English and Mathematics, compared with 53.6% nationally.
A LEVEL RESULTS
A*/A% = 24%(28%)
A*/C% = 64%(71%)
A*/E% = 97%(98%)
The above grades are compared to those in brackets gained in 2019 pre-covid exams as guided by the Welsh Government. This years results were subject to downgrading by the WJEC to attempt to address the of easier grades during the covid period. This is the final time such actions will be taken.
Regional Rugby Partnerships
The Rugby programme designed to develop the opportunity for quality rugby players aged 16+ to join the College and engage in a quality balanced programme aimed at moving players through to the Welsh Regions whilst fulfilling their academic potential has developed further this year. Scarlets, Ospreys and the Dragons now have a growing number of players at the College, which this year numbers 25.
This year saw the beginning of the Welsh U18 Girls College League competition, which has seen the College be part of a 6 team competition which has helped grow the girls 6th form recruitment.
WRU Exiles Programme
The College has continued to engage closely with the WRU to target, in the first instance, Welsh qualified talented Rugby boys aged 16 to join the College and potentially progress into our 4 Regional pathways. This year 7 Exiles have joined the College, all as Boarders, and many of them have already been engaged by the 4 Welsh Regional partners. It is hoped that this will develop in the future into a similar programme for girls.
The WRU have announced a complete redevelopment of the WRU Exile and potential scholarship programme that last existed in the 1990s. The new Chair to the WRU and CEO have highlighted future scholarships funded by the WRU will begin in 25/26, for both boys and girls.
Co-Curricular Activity
Sport and wider enrichment opportunities remain of central importance in the life of the College and the education of our pupils. The College is fully committed to providing opportunity, development and enjoyment for all across the sporting and non-sporting co-curricular Programme and this commitment is in our DNA.
The College via its Development Plan has targeted a drive to move the Performing Arts via the beginning of a Yr 9-11 performing Arts Academy. This has allowed those students with an aspiration or talent in the Arts to engage in quality coaching, mentoring and finally performance.
The College students and staff have this year performed across all age groups in shows such as Frozen and The Jungle book, all of which received huge accolades by parents and guests who attended the events.
With the development of the new PAC (Theatre) the plan going forward is to host external plays at the College as well as be the host of the Towns weekly cinema.
CCF and D of E has flourished this year with nearly 15 students taking the Bronze award, some of whom have moved onto their Silver award this year. The CCF have flourished this year becoming Welsh CCF shooting champions as well as qualifying for the UK Patrol competition as the Welsh representatives. This year also saw 3 camps, one each term going out to varying destinations giving the cadets invaluable experiences.
Prep School (up to year 6) play a limited fixture list. The MAT girls are often invited to play for the U13 netball and hockey teams. A number of prep school sports festival days take place throughout the academic year involving local schools. The festivals are led by the BTEC Sport Science Pupils and are always a huge success. The College hosts the Urdd Primary School Netball Tournament. This year and into next Prep staff, supported by the College PE staff have offered more sports/team opportunities in Rugby, Hockey and Netball, which has seen the development of a number of the students across the sports. Prep swimming returned this year, using the local town pool, and led by the College's own swimming staff
Teams in Major Sports
Rugby is and has been our major boys sport at the College. This year we have seen both the boys and girls' teams produce many outstanding performances across all age groups. From U13/15/16 and senior 6th form sides the majority of fixtures were won, and as a result many of our students were selected for District and Regional age group teams. We were delighted to see 3 Welsh caps awarded at U18 level this year, with the highlight of the season being the Boys U18 team winning the College League Cup Final for the first time in the College history. Finally to top this incredible achievement the U18 Boys 7s Squad won the National Rosslyn Park 7s competition, the first Welsh team ever to do so. Such an achievement has raised the College profile both locally, Nationally and across the Rugby world.
The Girls Hockey squads despite training on grass have won 80% of their fixtures this year, again reaching regional finals in two age groups. The development of the brand new Hockey Astro pitch completed in May 2024 will add to the opportunities all age group students will have to train and play on a modern quality facility. Following the completion of the Astro pitch the College has linked with hockey Wales to hold training camps and talent ID days which will again raise the College profile locally.
The College senior girls Netball squad gained top position in their Regional competition and won 11/12 matches played in their fixture list this year.
Pupils at Llandovery College take a keen interest in their own health and fitness and willingly participate in physical activity at least 3 times a week; the vast majority do a lot more meeting the government guidelines of 5 x 60 minutes worth of activity per week.
Financial review
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2024 |
2023 |
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£ |
£ |
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Academic Roll |
255 |
264 |
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Average Net Fee Income |
17,748 |
16,099 |
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*Unrestricted cash earnings before interest, tax, depreciation and amortisation and excluding non recurring legacy income.
The College's financial performance has improved despite a challenging sector and broader economic climate. This volatility is a reflection of the economic pressures faced by the parent body served across the sector. The management team and the board remain committed to stringent control of costs to ensure the College remains resilient during a challenging time for the sector.
The average net fee per student increased in the academic year.
The College has received financial support through the parent charity.
Investment Policy
The Governors review the investment policy on an annual basis, and in the short term any surpluses generated will be kept as liquid as possible to aid caseload.
Reserves policy
The Governors recognise the need to hold reserves to help run the principal objects of the group, should funding fall. Financial controls and monitoring that have been put in place will enable the charity to build reserves for the future. The Governors have reviewed the circumstances of the charity and the group and consider that adequate resources will be available to fund the activities for the foreseeable future. The Governors are of the view that the charity is a going concern.
Key Management Personnel
The Governors and the senior management team, led by the Warden of
Coleg Llanymddyfri (Cymru)
, are the key management personnel of the charity in charge of directing and controlling, running and operating the charity. All Governors give their time freely and no Governor received remuneration in the year. Details of Governor's expenses, key management personnel and related party transactions are disclosed in the notes to the accounts. Senior management pay and staff pay is set by the board of Governors and is reviewed in line with other independent schools in the area.
Plans for Future Periods
The College has continued to develop across all areas, its House competition adds to the wider whole school areas, strengthening loyalty and a strong sense of belonging. Parents remain hugely supportive of the College, its ethos and provision. The facility development built off the 175 Trustee campaign has enhanced the College offering in all areas including the Science Dept, Performing Arts with the refurbishment of the Theatre, Boarding and Sports with the all weather astro pitch. The College therefore continues to offer one of the most diverse and fulfilling school programmes in the UK.
Impact of potential VAT
Following the labour party being elected in July 2024 the issue of VAT on school fees has become an area of focus. Such news has already had an impact on joiners for September 2024, with signed up students pulling out and potential students now delaying their decision to join.
The Governors have revised budgets to incorporate the impact of the VAT decision. Revised budgets have shown a drop in roll numbers as a consequence, but does include figures for a reclaim of VAT for input VAT prior to VAT registration. This has created a buffer against the loss in income as a result of the VAT registration.
The College does not have a foundation fund which can cover this increase so the full 20% will be applied to fees.
Such a move will make the College more expensive, but the College is seeing enquiries from parents who would normally enquire of more expensive schools as a consequence.
The College Governors have been in constant communication with parents to ensure they are fully briefed of this Government decision.
Financial instruments
The company's principal financial instruments comprise hire purchase agreements, cash and cash equivalents. Other financial assets and liabilities such as trade debtors and trade creditors arise directly from operating activities.
Qualifying indemnity provision
The Articles of Association of the Company contain an indemnity in favour of all the Directors of the Company that, subject to law, indemnifies the Directors, out of the assets of the Company, from any liability incurred by them in defending any proceedings in which judgement is given in their favour (or otherwise disposed of without any finding or admission of any material breach of duty on their part).
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to the auditors
Each of the persons who is a trustee at the date of approval of this report confirms that: - so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and - they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The trustees' annual report (incorporating the directors' report & strategic report) and the strategic report were approved on
23 May 2025
and signed on behalf of the board of trustees by:
Mr S P Woodhead
Trustee/Director
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Coleg Llanymddyfri (Cymru) |
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Company Limited by Guarantee |
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Independent Auditor's Report to the Members of
Coleg Llanymddyfri (Cymru) |
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Year ended 31 August 2024
Opinion
We have audited the financial statements of Coleg Llanymddyfri (Cymru) (the 'charity') for the year ended 31 August 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 August 2024 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; - 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you 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.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal regulatory frameworks that are applicable to the charity and determined that the most significant of those relate to the reporting framework (United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)) and the relevant tax compliance regulations, principally relating to those issued by HMRC. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being the General Data Protection Regulation, and those laws and regulations relating to health and safety and employee matters. Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations. Our procedures involved, journal entry testing, with a focus on manual journals or unusual transactions based on our understanding of the business. We also reviewed minutes of meetings of those charged with governance for non compliance. We understood how the charity is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through discussion with the trustees and governors and by understanding the entity level controls implemented by those charged with governance. We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered where the significant estimates and judgements are in the financial statements. We assessed the programmes and controls that the charity has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures including testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
|
Alison Jayne Uzzell |
|
(Senior Statutory Auditor) |
|
|
For and on behalf of |
|
James & Uzzell Ltd |
|
Chartered Certified Accountants & Statutory Auditor |
|
Axis 15, Axis Court |
|
Riverside Business Park, Swansea |
|
SA7 0AJ |
|
23 May 2025
|
Coleg Llanymddyfri (Cymru) |
|
|
Company Limited by Guarantee |
|
|
Statement of Financial Activities |
|
(including income and expenditure account) |
|
Year ended 31 August 2024
|
2024 |
2023 |
|
Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
|
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Income and endowments
|
Donations and legacies |
4 |
81,273 |
– |
81,273 |
106,953 |
|
Charitable activities |
5 |
4,865,183 |
– |
4,865,183 |
4,557,540 |
|
Investment income |
6 |
699 |
– |
699 |
1,254 |
|
Other income |
7 |
70,753 |
– |
70,753 |
116,882 |
|
------------ |
---- |
------------ |
------------ |
|
Total income |
5,017,908 |
– |
5,017,908 |
4,782,629 |
|
------------ |
---- |
------------ |
------------ |
|
|
|
|
|
|
Expenditure
|
Expenditure on charitable activities |
8,9 |
5,017,240 |
5,212 |
5,022,452 |
4,587,939 |
|
------------ |
------- |
------------ |
------------ |
|
Total expenditure |
5,017,240 |
5,212 |
5,022,452 |
4,587,939 |
|
------------ |
------- |
------------ |
------------ |
|
|
|
|
|
|
|
------------ |
------- |
------------ |
------------ |
|
Net (expenditure)/income and net movement in funds |
668 |
(
5,212) |
(
4,544) |
194,690 |
|
------------ |
------- |
------------ |
------------ |
|
|
|
|
|
Reconciliation of funds
|
Total funds brought forward |
(
2,241,642) |
249,868 |
(
1,991,774) |
(
2,186,464) |
|
------------ |
--------- |
------------ |
------------ |
|
Total funds carried forward |
(
2,240,974) |
244,656 |
(
1,996,318) |
(
1,991,774) |
|
------------ |
--------- |
------------ |
------------ |
|
|
|
|
|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
|
Coleg Llanymddyfri (Cymru) |
|
|
Company Limited by Guarantee |
|
|
Statement of Financial Position |
|
31 August 2024
Fixed assets
|
Tangible fixed assets |
15 |
2,456,157 |
1,476,322 |
|
|
|
|
Current assets
|
Stocks |
16 |
5,558 |
5,558 |
|
Debtors |
17 |
390,402 |
1,659,930 |
|
Cash at bank and in hand |
572,334 |
638,858 |
|
--------- |
------------ |
|
968,294 |
2,304,346 |
|
|
|
|
|
Creditors: amounts falling due within one year |
19 |
2,684,082 |
2,875,518 |
|
------------ |
------------ |
|
Net current liabilities |
1,715,788 |
571,172 |
|
------------ |
------------ |
|
Total assets less current liabilities |
740,369 |
905,150 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
20 |
2,736,687 |
2,896,924 |
|
------------ |
------------ |
|
Net liabilities |
(
1,996,318) |
(
1,991,774) |
|
------------ |
------------ |
|
|
|
|
Funds of the charity
|
Restricted funds |
244,656 |
249,868 |
|
Unrestricted funds |
(
2,240,974) |
(
2,241,642) |
|
|
------------ |
------------ |
|
Total charity funds |
23 |
(
1,996,318) |
(
1,991,774) |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of trustees
and authorised for issue on
23 May 2025
, and are signed on behalf of the board by:
|
Coleg Llanymddyfri (Cymru) |
|
|
Company Limited by Guarantee |
|
Year ended 31 August 2024
Cash flows from operating activities
|
Net (expenditure)/income |
(4,544) |
194,690 |
|
|
|
|
Adjustments for: |
|
|
|
Depreciation of tangible fixed assets |
85,022 |
83,252 |
|
Other interest receivable and similar income |
(
699) |
(
1,254) |
|
Interest payable and similar charges |
87,390 |
17,498 |
|
Gains on disposal of tangible fixed assets |
(
11,775) |
– |
|
|
|
|
Changes in: |
|
|
|
Trade and other debtors |
1,269,528 |
(
1,413,465) |
|
Trade and other creditors |
(
406,463) |
766,640 |
|
------------ |
------------ |
|
Cash generated from operations |
1,018,459 |
(
352,639) |
|
|
|
|
Interest paid |
(
87,390) |
(
17,498) |
|
Interest received |
699 |
1,254 |
|
------------ |
--------- |
|
Net cash from/(used in) operating activities |
931,768 |
(
368,883) |
|
------------ |
--------- |
|
|
|
Cash flows from investing activities
|
Purchase of tangible assets |
(
1,089,092) |
(
140,413) |
|
Proceeds from sale of tangible assets |
36,014 |
– |
|
------------ |
--------- |
|
Net cash used in investing activities |
(
1,053,078) |
(
140,413) |
|
------------ |
--------- |
|
|
|
Cash flows from financing activities
|
Proceeds from borrowings |
(
91,639) |
692,960 |
|
Proceeds from loans from group undertakings |
144,290 |
(
78,571) |
|
Payments of finance lease liabilities |
(
15,473) |
(
15,663) |
|
------------ |
--------- |
|
Net cash from financing activities |
37,178 |
598,726 |
|
------------ |
--------- |
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
(
84,132) |
89,430 |
|
Cash and cash equivalents at beginning of year |
638,724 |
549,294 |
|
|
--------- |
--------- |
|
Cash and cash equivalents at end of year |
18 |
554,592 |
638,724 |
|
|
--------- |
--------- |
|
|
|
|
|
Coleg Llanymddyfri (Cymru) |
|
|
Company Limited by Guarantee |
|
|
Notes to the Financial Statements |
|
Year ended 31 August 2024
1.
General information
The charity is a public benefit entity and an incorporated charitable company which is limited by guarantee, registered in England and Wales and a registered charity in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is The Bursary, Llandovery College, Llandovery, Carmarthenshire, SA20 0EE. The principal activity of the company is that of a College.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure The financial statements are prepared in sterling, which is the functional currency of the entity. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 August 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The Charity had a reduced number of pupils in the year which impacted on the profitability, in addition to increased costs for services. The College is managing and monitoring these costs closely and also has seen an increased interest for potential new students. Based on the College's continuing focus on increasing pupil numbers and improving financial performance, the Governors consider that the College has sufficient assets to support its operations for the foreseeable future. Specifically, they note that whilst the balance sheet reflects net current liabilities this is only due to the fact that the balance sheet reflects significant deferred income liabilities, and is not indicative of an inability to settle its liabilities. In addition, the parent company has provided a letter of support confirming its continued commitment to financially supporting the College and that it will not seek settlement of its debts. The Governors are of the view that on this basis the charity is a going concern and there are no material uncertainties to continue as a going concern
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Pensions
The charity operates a defined contribution pension scheme for certain members of staff. The assets of the scheme are held separately from those of the charity. The contributions are charged to the income and expenditure account and allocated between unrestricted and restricted funds where applicable.
The College contributes to the Teacher's Pension Scheme (a defined benefit scheme operated by the Department of Education and Skills) at rates set by the Scheme Actuary and advised to the College by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the school. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme.
Loans & borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Judgements and key sources of estimation uncertainty
In the application of charity's accounting policies, the trustees 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: (a) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets. (b) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See notes for the net carrying amount of the debtors and associated impairment provision. (c)Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes (d) Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard (e)Stock Provisioning The company operates a school canteen. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. (f)Accrued Income & Deferred Income It is necessary to calculate a provision for fees received in advance. These estimates are made by reference to the date fees are received for in respect of dates for contractual terms under which the work is being performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorization.
Income tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: (i) income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. (ii) legacy income is recognised when receipt is probable and entitlement is established. (iii) income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. (iv)income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. (v) Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.
Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of raising funds are those costs incurred in attracting income and those incurred in trading activities that raise funds.
- Expenditure on charitable activities includes expenditure associated with the running of the school and include both the direct costs and support costs relating to those activities.
- Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated to the costs associated with the running and upkeep of the school premises and other overheads have been allocated on the basis that they do not fall into any other category. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
The analysis of these costs is included in note 10.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
2% straight line |
|
Plant and machinery |
- |
20% straight line |
|
Fixtures and fittings |
- |
20% straight line |
|
Motor vehicles |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Donations and legacies
|
|
Unrestricted Funds |
Total Funds 2024 |
Unrestricted Funds |
Total Funds 2023 |
|
|
£ |
£ |
£ |
£ |
|
|
|
|
|
|
Donations
|
Donations |
81,273 |
81,273 |
75,597 |
75,597 |
|
|
|
|
|
|
Legacies
|
Legacies |
– |
– |
31,356 |
31,356 |
|
|
-------- |
-------- |
--------- |
--------- |
|
|
81,273 |
81,273 |
106,953 |
106,953 |
|
|
-------- |
-------- |
--------- |
--------- |
|
|
|
|
|
|
5.
Charitable activities
Fees receivable consist of:
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Gross Fees |
6,606,841 |
6,139,850 |
|
Less:Total sponsorship, bursaries & remissions |
(1,741,658) |
(1,582,310) |
|
|
------------ |
------------ |
|
Net Fees |
4,865,183 |
4,557,540 |
|
|
------------ |
------------ |
|
|
|
|
Gross Fees receivable may be analysed by the following:
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Boarders |
3,235,532 |
2,999,276 |
|
Day Pupils |
2,782,918 |
2,652,785 |
|
Music and drama tuition |
30,592 |
37,956 |
|
Other Fee Income |
557,799 |
449,833 |
|
|
------------ |
------------ |
|
|
6,606,841 |
6,139,850 |
|
|
------------ |
------------ |
|
|
|
|
All fee income relates to unrestricted income.
6.
Investment income
|
|
Unrestricted Funds |
Total Funds 2024 |
Unrestricted Funds |
Total Funds 2023 |
|
|
£ |
£ |
£ |
£ |
|
Bank interest receivable |
699 |
699 |
1,254 |
1,254 |
|
|
---- |
---- |
------- |
------- |
|
|
|
|
|
|
7.
Other income
|
|
Unrestricted Funds |
Total Funds 2024 |
Unrestricted Funds |
Total Funds 2023 |
|
|
£ |
£ |
£ |
£ |
|
Gain on disposal of tangible fixed assets held for charity's own use |
11,775 |
11,775 |
– |
– |
|
Insurance claims |
– |
– |
116,882 |
116,882 |
|
Recovery of intercompany account previously written off |
58,978 |
58,978 |
– |
– |
|
|
-------- |
-------- |
--------- |
--------- |
|
|
70,753 |
70,753 |
116,882 |
116,882 |
|
|
-------- |
-------- |
--------- |
--------- |
|
|
|
|
|
|
8.
Expenditure on charitable activities by fund type
|
|
Unrestricted Funds |
Restricted Funds |
Total Funds 2024 |
|
|
£ |
£ |
£ |
|
Teaching |
2,146,476 |
– |
2,146,476 |
|
Welfare |
791,511 |
– |
791,511 |
|
Premises |
474,822 |
– |
474,822 |
|
Support costs |
1,604,431 |
5,212 |
1,609,643 |
|
|
------------ |
------- |
------------ |
|
|
5,017,240 |
5,212 |
5,022,452 |
|
|
------------ |
------- |
------------ |
|
|
|
|
|
|
|
Unrestricted Funds |
Restricted Funds |
Total Funds 2023 |
|
|
£ |
£ |
£ |
|
Teaching |
2,018,901 |
– |
2,018,901 |
|
Welfare |
767,677 |
– |
767,677 |
|
Premises |
416,224 |
– |
416,224 |
|
Support costs |
1,372,576 |
12,561 |
1,385,137 |
|
|
------------ |
-------- |
------------ |
|
|
4,575,378 |
12,561 |
4,587,939 |
|
|
------------ |
-------- |
------------ |
|
|
|
|
|
9.
Expenditure on charitable activities by activity type
|
Activities undertaken directly |
Support costs |
Total funds 2024 |
Total fund 2023 |
|
£ |
£ |
£ |
£ |
|
Teaching |
2,146,476 |
1,540,701 |
3,687,177 |
3,383,320 |
|
Welfare |
791,511 |
– |
791,511 |
767,677 |
|
Premises |
474,822 |
– |
474,822 |
416,224 |
|
Governance costs |
– |
68,942 |
68,942 |
20,718 |
|
|
------------ |
------------ |
------------ |
------------ |
|
|
3,412,809 |
1,609,643 |
5,022,452 |
4,587,939 |
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
10.
Analysis of support costs
|
Support Costs |
Total 2024 |
Total 2023 |
|
£ |
£ |
£ |
|
Staff costs |
942,304 |
942,304 |
825,835 |
|
Communications and IT |
28,932 |
28,932 |
16,768 |
|
General office |
2,302 |
2,302 |
1,293 |
|
Finance costs |
89,261 |
89,261 |
17,498 |
|
Marketing |
6,162 |
6,162 |
1,081 |
|
Licences & Insurance |
152,104 |
152,104 |
130,876 |
|
Printing & Office |
101,083 |
101,083 |
94,487 |
|
Bad debts |
81,391 |
81,391 |
147,317 |
|
Professional Fees |
52,140 |
52,140 |
40,242 |
|
Depreciation |
85,022 |
85,022 |
83,252 |
|
Penalties & Surcharges |
– |
– |
5,770 |
|
|
------------ |
------------ |
------------ |
|
|
1,540,701 |
1,540,701 |
1,364,419 |
|
|
------------ |
------------ |
------------ |
|
|
|
|
|
Governance costs comprise auditors fees.
11.
Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible fixed assets |
85,022 |
83,252 |
|
Gains on disposal of tangible fixed assets |
(11,775) |
– |
|
-------- |
-------- |
|
|
|
12.
Auditors remuneration
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Auditors fees |
13,740 |
12,840 |
|
Other audit related services |
55,202 |
7,878 |
|
|
-------- |
-------- |
|
|
68,942 |
20,718 |
|
|
-------- |
-------- |
|
|
|
|
13.
Teaching staff support staff
The total staff costs and employee benefits for the reporting period are analysed as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
2,466,794 |
2,296,957 |
|
Social security costs |
221,741 |
202,508 |
|
Other employee benefits |
369,832 |
313,767 |
|
------------ |
------------ |
|
3,058,367 |
2,813,232 |
|
------------ |
------------ |
|
|
|
The average head count of employees during the year was
95
(2023:
94
). The average number of full-time equivalent employees during the year is analysed as follows:
|
2024 |
2023 |
|
No. |
No. |
|
Teaching staff |
49 |
48 |
|
Support staff |
46 |
46 |
|
---- |
---- |
|
95 |
94 |
|
---- |
---- |
|
|
|
The number of employees whose remuneration for the year fell within the following bands, were:
|
2024 |
2023 |
|
No. |
No. |
|
£60,000 to £69,999 |
5 |
2 |
|
£70,000 to £79,999 |
– |
2 |
|
£80,000 to £89,999 |
1 |
– |
|
£120,000 to £129,999 |
– |
1 |
|
£130,000 to £139,999 |
1 |
– |
|
---- |
---- |
|
7 |
5 |
|
---- |
---- |
|
|
|
14.
Trustee remuneration and expenses
No Governors received remuneration or were reimbursed for expenses during the year.
Key Management Personnel
The total amount paid to the key management personnel for their services to the charity during the year totalled £130,183 (2023: £124,180).
15.
Tangible fixed assets
|
Property Improvements |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
At 1 September 2023 |
1,360,973 |
250,792 |
675,147 |
36,990 |
2,323,902 |
|
Additions |
981,112 |
1,200 |
106,780 |
– |
1,089,092 |
|
Disposals |
– |
(
162,170) |
(
459,217) |
(
36,990) |
(
658,377) |
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
At 31 August 2024 |
2,342,085 |
89,822 |
322,710 |
– |
2,754,617 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
Depreciation |
|
|
|
|
|
|
At 1 September 2023 |
90,284 |
189,251 |
531,055 |
36,990 |
847,580 |
|
Charge for the year |
26,624 |
20,243 |
38,155 |
– |
85,022 |
|
Disposals |
– |
(
137,935) |
(
459,217) |
(
36,990) |
(
634,142) |
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
At 31 August 2024 |
116,908 |
71,559 |
109,993 |
– |
298,460 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
Carrying amount |
|
|
|
|
|
|
At 31 August 2024 |
2,225,177 |
18,263 |
212,717 |
– |
2,456,157 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
At 31 August 2023 |
1,270,689 |
61,541 |
144,092 |
– |
1,476,322 |
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible fixed assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery |
|
£ |
|
At 31 August 2024 |
12,103 |
|
-------- |
|
At 31 August 2023 |
22,045 |
|
-------- |
|
|
16.
Stocks
|
2024 |
2023 |
|
£ |
£ |
|
Raw materials and consumables |
5,558 |
5,558 |
|
------- |
------- |
|
|
|
All stock held is in relation to the operation of canteen services.
17.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
216,063 |
1,353,143 |
|
Amounts owed by group undertakings |
62,872 |
239,774 |
|
Prepayments and accrued income |
51,712 |
54,557 |
|
Other debtors |
59,755 |
12,456 |
|
--------- |
------------ |
|
390,402 |
1,659,930 |
|
--------- |
------------ |
|
|
|
18.
Cash and cash equivalents
Cash and cash equivalents comprise the following:
|
2024 |
2023 |
|
£ |
£ |
|
Cash at bank and in hand |
572,334 |
638,858 |
|
Bank overdrafts |
(
17,742) |
(
134) |
|
--------- |
--------- |
|
554,592 |
638,724 |
|
--------- |
--------- |
|
|
|
19.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
123,680 |
57,841 |
|
Trade creditors |
321,489 |
415,976 |
|
Accruals and deferred income |
62,473 |
92,335 |
|
Social security and other taxes |
109,342 |
88,961 |
|
Obligations under finance leases and hire purchase contracts |
9,994 |
10,810 |
|
Other creditors |
2,057,104 |
2,209,595 |
|
------------ |
------------ |
|
2,684,082 |
2,875,518 |
|
------------ |
------------ |
|
|
|
On 27th June 2023 and 10th October 2024 the company entered into two separate financial arrangements with its bank. The bank has registered a fixed and floating charge over the company's assets
20.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
834,687 |
830,267 |
|
Amounts owed to group undertakings |
1,902,000 |
2,052,000 |
|
Obligations under finance leases and hire purchase contracts |
– |
14,657 |
|
------------ |
------------ |
|
2,736,687 |
2,896,924 |
|
------------ |
------------ |
|
|
|
Creditors due after one year includes a balance of £644,320 (2023: £284,096) in respect of bank borrowings which fall due after five years and which are payable by instalments. The loan is over a period of 180 months and is at an interest rate of 5.25%. On 27th June 2023 and 10th October 2024 the company entered into two separate financial arrangement with its bank. The bank has registered a fixed and floating charge over the company's assets.
21.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
9,994 |
25,467 |
|
------- |
-------- |
|
|
|
22.
Pensions and other post retirement benefits
Contributions totalling £369,255 (2023: £313,767) were made to the Teacher's Pension Scheme during the year, which is a defined benefit scheme for the above staff members. The above emoluments include the residential emoluments.
The balance outstanding at the year end was £139,812. (2023: £167,392).
Pension Commitments
The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers' Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers In schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in in some establishments of further and higher education may be eligible for membership.
Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers In part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.
The Teachers' Pension Budgeting and Valuation Account
Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a 'pay as you go 'basis- contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.
The Teachers' Pensions Regulations 2022 (as amended) require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.
Valuation of the Teacher's Pension Scheme
As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.4% to 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses. A valuation was undertaken in October 2023. The outcome confirms a need to increase the employer contributions rate by 5 percentage points from 1st April 2024 to ensure that the scheme continues to meet present and future obligations.
23.
Analysis of charitable funds
Unrestricted funds
|
At 1 September 2023 |
Income |
Expenditure |
At 31 August 2024 |
|
£ |
£ |
£ |
£ |
|
General funds |
(2,241,642) |
5,017,908 |
(5,017,240) |
(2,240,974) |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
At 31 August 2022 |
Income |
Expenditure |
At 31 August 2023 |
|
£ |
£ |
£ |
£ |
|
General funds |
(2,448,893) |
4,782,629 |
(4,575,378) |
(2,241,642) |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
Restricted funds
|
At 1 September 2023 |
Income |
Expenditure |
At 31 August 2024 |
|
£ |
£ |
£ |
£ |
|
Restricted Fund |
249,868 |
– |
(5,212) |
244,656 |
|
--------- |
---- |
------- |
--------- |
|
|
|
|
|
|
At 31 August 2022 |
Income |
Expenditure |
At 31 August 2023 |
|
£ |
£ |
£ |
£ |
|
Restricted Fund |
262,429 |
– |
(12,561) |
249,868 |
|
--------- |
---- |
-------- |
--------- |
|
|
|
|
|
Car park
- Donation was received to restore the car park. Fund is released in line with depreciation.
24.
Analysis of net assets between funds
|
Unrestricted Funds |
Restricted Funds |
Total Funds 2024 |
|
£ |
£ |
£ |
|
Tangible fixed assets |
2,211,501 |
244,656 |
2,456,157 |
|
Current assets |
968,294 |
– |
968,294 |
|
Creditors less than 1 year |
(2,684,082) |
– |
(2,684,082) |
|
Creditors greater than 1 year |
(2,736,687) |
– |
(2,736,687) |
|
|
------------ |
--------- |
------------ |
|
Net liabilities |
(2,240,974) |
244,656 |
(1,996,318) |
|
|
------------ |
--------- |
------------ |
|
|
|
|
|
|
Unrestricted Funds |
Restricted Funds |
Total Funds 2023 |
|
£ |
£ |
£ |
|
Tangible fixed assets |
1,226,454 |
249,868 |
1,476,322 |
|
Current assets |
2,304,346 |
– |
2,304,346 |
|
Creditors less than 1 year |
(2,875,519) |
– |
(2,875,519) |
|
Creditors greater than 1 year |
(2,896,924) |
– |
(2,896,924) |
|
|
------------ |
--------- |
------------ |
|
Net liabilities |
(2,241,643) |
249,868 |
(1,991,775) |
|
|
------------ |
--------- |
------------ |
|
|
|
|
|
25.
Analysis of changes in net debt
|
At 1 Sep 2023 |
Cash flows |
At 31 Aug 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
638,858 |
(66,524) |
572,334 |
|
Bank overdrafts |
(134) |
(17,608) |
(17,742) |
|
Debt due within one year |
(68,517) |
(47,415) |
(115,932) |
|
Debt due after one year |
(2,896,924) |
160,237 |
(2,736,687) |
|
------------ |
--------- |
------------ |
|
(
2,326,717) |
28,690 |
(
2,298,027) |
|
------------ |
--------- |
------------ |
|
|
|
|
26.
Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
63,570 |
63,570 |
|
Later than 1 year and not later than 5 years |
9,818 |
13,388 |
|
-------- |
-------- |
|
73,388 |
76,958 |
|
-------- |
-------- |
|
|
|
|
Coleg Llanymddyfri (Cymru) |
|
|
Company Limited by Guarantee |
|
|
Notes to the Financial Statements (continued) |
|
Year ended 31 August 2024
27.
Related parties
During the year £12,000 (2023: £12,000) was donated to
Coleg Llanymddyfri (Cymru)
by Coleg Llanymddyfri. The charity was also charged licence fees by Coleg Llanymddyfri totalling £12,000 (2023: £12,000) during the period ended 31 August 2024. Coleg Llanymddyfri as corporate trustee of The Llandovery College (Thomas Phillips Foundation) Trust charged rent of £60,001 (2023: £60,000) to Coleg Llanymddyfri (Cymru)
during the year. The Trust also donated £60,001 to Coleg Llanymddyfri (Cymru)
(2023: £60,000) during the period ended 31 August 2024. Coleg Llanymddyfri also provided long term loans during the year to Coleg Llanymddyfri (Cymru)
. At the year end £1,902,000 (2023: £2,052,000) was due to Coleg Llanymddyfri. Llandovery College Nursery School Limited was owed £nil by Coleg Llanymddyfri (Cymru)
. (2023: £566 Dr) at 31 August 2024. During the year there was an intercompany recovery in respect of a balance owing to Llandovery College Nursery School Limited of £58,978 (2023: £Nil). Total wages costs of £0 were recharged to Llandovery College Nursery School Limited during the year (2023: £783). Llandovery College Nursery School Limited was dissolved on 9th April 2024. Coleg Llanymddyfri (Menter) Limited and Coleg Llanymddyfri (Eiddo) Limited are also companies within the same group as Coleg Llanymddyfri (Cymru)
. Coleg Llanymddyfri (Eiddo) Limited was dissolved on 26th March 2024. Coleg Llanymddyfrl (Cymru) Limited was owed £62,872 by Coleg Llanymddyfri (Menter) Limited at the year end (2023: £239,208) for costs incurred on behalf of the company. Total wages costs of £21,367 were recharged to Coleg Llanymddyfri (Menter) Limited during the year (2023: £17,201). Coleg Llanymddyfrl (Eiddo) Limited charged Coleg Llanymddyfri (Cymru)
£Nil for rent of premises during the year (2023: £1).
28.
Controlling party
The charity is a linked charity of Coleg Llanymddyfri, a registered charity, registration number 1149946 and company limited by guarantee. In the opinion of the governors, Coleg Llanymddyfri is the ultimate controlling party. Copies of the consolidated accounts can be obtained from the Bursary, Llandovery College, Llandovery, Carmarthenshire SA20 0EE.