Coleg Llanymddyfri (Cymru) Charity Accounts

COMPANY REGISTRATION NUMBER: 08151292

CHARITY REGISTRATION NUMBER: 1149946-2

Coleg Llanymddyfri (Cymru)

Company Limited by Guarantee

Financial Statements

31 August 2025

Coleg Llanymddyfri (Cymru)

Company Limited by Guarantee

Financial Statements

Year ended 31 August 2025

	Page

Trustees' annual report (incorporating the directors' report & strategic report)	1

Independent auditor's report to the members	7

Statement of financial activities (including income and expenditure account)	12

Statement of financial position	13

Statement of cash flows	14

Notes to the financial statements	15

Coleg Llanymddyfri (Cymru)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report & Strategic Report)

Year ended 31 August 2025

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 2025 .

Reference and administrative details

Registered charity name	Coleg Llanymddyfri (Cymru)

Charity registration number	1149946-2

Company registration number	08151292

Principal office and registered	The Bursary
office	Llandovery College
	Llandovery
	Carmarthenshire
	SA20 0EE

The trustees

	Mr A Rowlands (Appointed 5th August 2026)
	Ms E F H Phillips (Appointed 24th August 2026)
	Mr G Price	(Resigned 30 June 2025)
	Mrs K Towns	(Resigned 10 November 2025)
	Mrs D Jenkins	(Resigned 7 November 2025)
	Mr G Stoker	(Resigned 3 June 2026)
	Mr S P Woodhead

Auditor	James & Uzzell Ltd
	Chartered Certified Accountants & Statutory Auditor
	Axis 15, Axis Court
	Riverside Business Park, Swansea
	SA7 0AJ

Structure, governance and management

The Trustees present their report and the audited financial statements of the charity for the year ended 31st August 2025. 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 principal activity of the company is that of a College.

Trustees of the Charity

The directors of the company are its trustees under charity law. We call them Governors. Those who served during the year were:

Mr S Woodhead

Mr G Stoker (Resigned 3rd June 2025)

Mrs K Towns (Resigned 10th November 2025)

Mr G Price (Resigned 30th June 2025)

Mrs D Jenkins (Resigned 7th November 2025)

Mr A Rowlands (Appointed 5th August 2026)

Mrs E F H Phillips (Appointed 24th August 2026)

Mr H Roberts (Associate Governor)(Resigned 1st June 2026)

Mr R Hughes-Pickering (Associate Governor)(Resigned 1st June 2026)

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

The company is limited by guarantee and a registered charity, governed by its Articles. It was entered on the Register of Charities on September 2012. Its sole member is Coleg Llanymddyfri, the parent charity, which owns the College's land and buildings and leases them to us. Coleg Llanymddyfri (Menter) Ltd, the trading arm, is a subsidiary of the parent.

The Board is responsible for the charity. Governors are elected by the Members or co-opted by the Board. Day-to-day management is delegated to the Warden.

Principal Risks and Uncertainties

1. Income against cost - Income falls with the roll; staff costs and an historic estate do not fall at the same rate.

2. Recruitment - VAT on fees and pressure on family budgets shrink the pool of families who can pay.

3. Key people - Finance leadership and governance capacity rest on too few people.

4. Compliance - Estyn inspects the school and Care Inspectorate Wales regulates boarding. The Designated Safeguarding Governor, Mr R Hughes-Pickering, oversees safeguarding for the Board. Subcommittees oversee safeguarding, estates and finance.

Objectives and activities

Our objects are:

1. education, through running Llandovery College and ancillary activity for the community;

2. education in the Welsh language, heritage, culture and arts;

3. the advancement of religion in accordance with the Church in Wales.

We pursue them by running Llandovery College as an independent day and boarding school.

Public Benefit Statement

We have had regard to the Charity Commission's public benefit guidance. We give means-tested bursaries and scholarships: 27% of gross fees (2024: 29%). Our facilities, productions and sport are open to the community, and we work with local clubs and schools.

Fund-raising Standards Information

We do our own fundraising. No professional fundraisers or commercial participators were used and no complaints were received.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

Academic Roll

The roll is what drives our income, and it fell.

	2025	2024
	£	£
Senior	167	191
Prep	54	64
Boarders	96	101
Day	125	154
Total on Roll	221	255

That is 34 fewer pupils, down 13 per cent in one year, the year VAT on fees arrived in January 2025.

At GCSE in summer 2025, 87 per cent of grades were A* to C, up from 78 per cent the year before. At A-Level in summer 2025, 59 per cent of grades were A* to C, down from 64 per cent the year before.

Financial review

Key Performance Indicators

	2025	2024
	£	£
Pupils on roll	221	255
Average Net Fee Income	18,596	17,748
Concession rate	27	29
Unrestricted reserves	(3,183,922)	(2,240,974)

Income	4,541,541	5,017,908
Expenditure	(5,489,701)	(5,022,452)
New movement in funds	(948,160)	(4,544)
Funds at year end	(2,944,478)	(1,996,318)
Restricted funds at year end	239,444	244,656

Net fee per pupil rose 5 per cent. The 13 per cent fall in the roll more than offset it, so fee income fell. The parent charity supported us during the year.

The pupils per full time teacher ratio is as follows:

2024-25 4.6:1

2023-24 5.2:1

Reserves policy

The policy is to hold free reserves enough to meet obligations as they fall due. At 31 August 2025 this was not met.

Investment Policy

No investments are held. Surplus cash is kept on short-term deposit.

Key Management Personnel

The Governors and the senior leadership team. Governors are unpaid and received no remuneration.

Going Concern

The financial statements have been prepared on a going concern basis.

The Company has experienced significant financial difficulties and has insufficient resources to meet all of its liabilities in accordance with their existing terms. Subsequent to the year end, the directors have been considering the Company's financial position and have commenced the process of proposing a Company Voluntary Arrangement ("CVA") with the Company's creditors. At the date of approval of these financial statements, the CVA proposal and supporting financial forecasts have been prepared but the proposed arrangement has not yet been approved by the Company's creditors. The directors have prepared cash flow forecasts incorporating the anticipated effects of the proposed CVA. These forecasts indicate that, provided the CVA receives the necessary creditor approval, is successfully implemented and the Company achieves the level of trading and cash generation assumed in the forecasts, the Company will have sufficient resources to continue in operational existence for the foreseeable future. There is, however, significant uncertainty as to whether the proposed CVA will receive the necessary creditor approval and be successfully implemented and whether the Company will achieve the level of trading and cash flows assumed in the forecasts. Should the CVA not be approved, the directors intend to seek a sale of the business. If a satisfactory sale cannot be achieved, the directors anticipate that the Company would enter liquidation. These circumstances represent a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern and, therefore, its ability to realise its assets and discharge its liabilities in the normal course of business. Having considered the Company's current position, the proposed CVA, the cash flow forecasts and the alternative course of action available to them, the directors consider that it remains appropriate to prepare the financial statements on a going concern basis. Accordingly, the financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.

Plans for future periods

1. Make the finances sustainable. Separate tuition and boarding fees, cap concessions and cut the cost base.

2. Strengthen governance. A larger Board and a business plan that the school improvement plan hangs from.

3. Leadership. The Warden, Mr D Findlay, was in post throughout the year.

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' Annual Report (including the Strategic 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 29 October 2026 and signed on behalf of the board of trustees by:

Mr S P Woodhead

Trustee/Director

Coleg Llanymddyfri (Cymru)

Company Limited by Guarantee

Independent Auditor's Report to the Members of Coleg Llanymddyfri (Cymru)

Year ended 31 August 2025

Opinion

We have audited the financial statements of Coleg Llanymddyfri (Cymru) (the 'charity') for the year ended 31 August 2025 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 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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.

Material uncertainty related to going concern

We draw attention to note 3 to the financial statements, which explains that the Company has experienced significant financial difficulties and that the directors are in the process of proposing a Company Voluntary Arrangement ("CVA") with the Company's creditors. At the date of approval of these financial statements, the proposed CVA has not been approved by the Company's creditors. The Company's ability to continue as a going concern is therefore dependent upon the CVA obtaining the necessary creditor approval, its successful implementation and the Company achieving the level of trading and cash flows anticipated in the directors' forecasts. In the event that the proposed CVA is not approved, the directors intend to seek a sale of the business. If a satisfactory sale cannot be achieved, the directors anticipate that the Company would enter liquidation. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this matter

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. 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. 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. 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

30 October 2026

Coleg Llanymddyfri (Cymru)

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 August 2025

	2025			2024
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	4	140,716	–	140,716	81,273
Charitable activities	5	4,392,783	–	4,392,783	4,865,183
Investment income	6	4,456	–	4,456	699
Other income	7	3,586	–	3,586	70,753
		------------	----	------------	------------
Total income		4,541,541	–	4,541,541	5,017,908
		------------	----	------------	------------

Expenditure

Expenditure on charitable activities	8,9	5,484,489	5,212	5,489,701	5,022,452
		------------	-------	------------	------------
Total expenditure		5,484,489	5,212	5,489,701	5,022,452
		------------	-------	------------	------------

	------------	-------	------------	------------
Net expenditure and net movement in funds	( 942,948)	( 5,212)	( 948,160)	( 4,544)
	------------	-------	------------	------------

Reconciliation of funds

Total funds brought forward	( 2,240,974)	244,656	( 1,996,318)	( 1,991,774)
	------------	---------	------------	------------
Total funds carried forward	( 3,183,922)	239,444	( 2,944,478)	( 1,996,318)
	------------	---------	------------	------------

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 2025

	2025	2024
Note	£	£

Fixed assets

Tangible fixed assets	15	2,319,797	2,456,157

Current assets

Stocks	16	12,803	5,558
Debtors	17	345,803	390,402
Cash at bank and in hand		335,016	572,334
		---------	---------
		693,622	968,294

Creditors: amounts falling due within one year	19	2,542,948	2,684,082
		------------	------------
Net current liabilities		1,849,326	1,715,788
		------------	------------
Total assets less current liabilities		470,471	740,369

Creditors: amounts falling due after more than one year	20	3,414,949	2,736,687
		------------	------------
Net liabilities		( 2,944,478)	( 1,996,318)
		------------	------------

Funds of the charity

Restricted funds		239,444	244,656
Unrestricted funds		( 3,183,922)	( 2,240,974)
		------------	------------
Total charity funds	23	( 2,944,478)	( 1,996,318)
		------------	------------

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 29 October 2026 , and are signed on behalf of the board by:

Mr S P Woodhead

Trustee/Director

Coleg Llanymddyfri (Cymru)

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 August 2025

	2025	2024
Note	£	£

Cash flows from operating activities

Net expenditure	(948,160)	(4,544)

Adjustments for:
Depreciation of tangible fixed assets	130,465	85,022
Other interest receivable and similar income	( 4,456)	( 699)
Interest payable and similar charges	150,801	87,390
Gains on disposal of tangible fixed assets	–	( 11,775)

Changes in:
Stocks	( 7,245)	–
Trade and other debtors	44,599	1,269,528
Trade and other creditors	( 213,321)	( 406,463)
	---------	------------
Cash generated from operations	( 847,317)	1,018,459

Interest paid	( 150,805)	( 87,390)
Interest received	4,456	699
	---------	------------
Net cash (used in)/from operating activities	( 993,666)	931,768
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	( 96,105)	( 1,089,092)
Proceeds from sale of tangible assets	102,000	36,014
	---------	------------
Net cash from/(used in) investing activities	5,895	( 1,053,078)
	---------	------------

Cash flows from financing activities

Proceeds from borrowings	1,700,000	( 91,639)
Repayments of borrowings	( 922,994)	–
Proceeds from loans from group undertakings	–	144,290
Payments of finance lease liabilities	( 8,941)	( 15,473)
	------------	------------
Net cash from financing activities	768,065	37,178
	------------	------------

Net decrease in cash and cash equivalents		( 219,706)	( 84,132)
Cash and cash equivalents at beginning of year		554,592	638,724
		---------	---------
Cash and cash equivalents at end of year	18	334,886	554,592
		---------	---------

Coleg Llanymddyfri (Cymru)

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 August 2025

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.

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 a going concern basis under 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 31 August 2025. 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 financial statements have been prepared on a going concern basis. The Company has experienced significant financial difficulties and has insufficient resources to meet all of its liabilities in accordance with their existing terms. Subsequent to the year end, the directors have been considering the Company's financial position and have commenced the process of proposing a Company Voluntary Arrangement ("CVA") with the Company's creditors. At the date of approval of these financial statements, the CVA proposal and supporting financial forecasts have been prepared but the proposed arrangement has not yet been approved by the Company's creditors. The directors have prepared cash flow forecasts incorporating the anticipated effects of the proposed CVA. These forecasts indicate that, provided the CVA receives the necessary creditor approval, is successfully implemented and the Company achieves the level of trading and cash generation assumed in the forecasts, the Company will have sufficient resources to continue in operational existence for the foreseeable future. There is, however, significant uncertainty as to whether the proposed CVA will receive the necessary creditor approval and be successfully implemented and whether the Company will achieve the level of trading and cash flows assumed in the forecasts. Should the CVA not be approved, the directors intend to seek a sale of the business. If a satisfactory sale cannot be achieved, the directors anticipate that the Company would enter liquidation. These circumstances represent a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern and, therefore, its ability to realise its assets and discharge its liabilities in the normal course of business. Having considered the Company's current position, the proposed CVA, the cash flow forecasts and the alternative course of action available to them, the directors consider that it remains appropriate to prepare the financial statements on a going concern basis. Accordingly, the financial statements do not include the adjustments that would result if the Company were unable 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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Coleg Llanymddyfri which can be obtained from the registered office. No advantage has been taken of disclosure exemptions available under paragraph 1.12 of FRS 102.

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) 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. Other non Key Estimates (b) 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. (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	-	33% 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

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. i. Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. ii. Financial liabilities Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre- payment for liquidity services and amortised over the period of the facility to which it relates. Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as interest expense. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. iii. Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4. Donations and legacies

Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
£	£	£	£

Donations

	Donations	113,222	113,222	81,273	81,273

Legacies

Legacies	27,494	27,494	–	–
	---------	---------	--------	--------
	140,716	140,716	81,273	81,273
	---------	---------	--------	--------

5. Charitable activities

Fees receivable consist of:

	2025	2024
	£	£
Gross Fees	6,015,264	6,606,841
Less:Total sponsorship, bursaries & remissions	(1,622,481)	(1,741,658)
	------------	------------
Net Fees	4,392,783	4,865,183
	------------	------------

Gross Fees receivable may be analysed by the following:

	2025	2024
	£	£
Boarders	3,188,449	3,235,532
Day Pupils	2,390,484	2,782,918
Music and drama tuition	27,623	30,592
Other Fee Income	408,708	557,799
	------------	------------
	6,015,264	6,606,841
	------------	------------

All fee income relates to unrestricted income.

6. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Bank interest receivable	4,456	4,456	699	699
	-------	-------	----	----

7. Other income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Gain on disposal of tangible fixed assets held for charity's own use	–	–	11,775	11,775
Insurance claims	3,586	3,586	–	–
Recovery of intercompany account previously written off	–	–	58,978	58,978
	-------	-------	--------	--------
	3,586	3,586	70,753	70,753
	-------	-------	--------	--------

8. Expenditure on charitable activities by fund type

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Teaching	2,249,373	–	2,249,373
Welfare	766,657	–	766,657
Premises	523,139	–	523,139
Support costs	1,945,320	5,212	1,950,532
	------------	-------	------------
	5,484,489	5,212	5,489,701
	------------	-------	------------

	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
	------------	-------	------------

9. Expenditure on charitable activities by activity type

	Activities undertaken directly	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£
Teaching	2,249,373	1,920,893	4,170,266	3,687,177
Welfare	766,657	–	766,657	791,511
Premises	523,139	–	523,139	474,822
Governance costs	–	29,639	29,639	68,942
	------------	------------	------------	------------
	3,539,169	1,950,532	5,489,701	5,022,452
	------------	------------	------------	------------

10. Analysis of support costs

	Support Costs	Total 2025	Total 2024
	£	£	£
Staff costs	1,122,582	1,122,582	942,304
Communications and IT	13,522	13,522	28,932
General office	2,665	2,665	2,302
Finance costs	153,246	153,246	89,261
Marketing	1,375	1,375	6,162
Licences & Insurance	169,420	169,420	152,104
Printing & Office	97,653	97,653	101,083
Bad debts	170,789	170,789	81,391
Professional Fees	56,352	56,352	52,140
Depreciation	130,466	130,466	85,022
Penalties & Surcharges	2,823	2,823	–
	------------	------------	------------
	1,920,893	1,920,893	1,540,701
	------------	------------	------------

Governance costs comprise auditors fees.

11. Net expenditure

Net expenditure is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible fixed assets	130,465	85,022
Gains on disposal of tangible fixed assets	–	(11,775)
	---------	--------

12. Auditors remuneration

	2025	2024
	£	£
Auditors fees	25,000	13,740
Other audit related services	4,639	55,202
	--------	--------
	29,639	68,942
	--------	--------

13. Teaching staff support staff

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2025	2024
	£	£
Wages and salaries	2,633,697	2,466,794
Social security costs	269,952	221,741
Other employee benefits	436,141	369,832
	------------	------------
	3,339,790	3,058,367
	------------	------------

The average head count of employees during the year was 91 (2024: 95 ). The average number of full-time equivalent employees during the year is analysed as follows:

	2025	2024
	No.	No.
Teaching staff	48	49
Support staff	43	46
	----	----
	91	95
	----	----

The number of employees whose remuneration for the year fell within the following bands, were:

	2025	2024
	No.	No.
£60,000 to £69,999	9	5
£70,000 to £79,999	2	–
£80,000 to £89,999	2	1
£130,000 to £139,999	1	1
	----	----
	14	7
	----	----

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 £134,932. (2024: £130,183).

15. Tangible fixed assets

	Property Improvements	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 September 2024	2,342,085	89,822	322,710	–	2,754,617
Additions	44,249	6,415	39,446	5,995	96,105
Disposals	( 96,614)	–	( 5,386)	–	( 102,000)
	------------	--------	---------	-------	------------
At 31 August 2025	2,289,720	96,237	356,770	5,995	2,748,722
	------------	--------	---------	-------	------------
Depreciation
At 1 September 2024	116,908	71,559	109,993	–	298,460
Charge for the year	67,633	15,690	45,893	1,249	130,465
	------------	--------	---------	-------	------------
At 31 August 2025	184,541	87,249	155,886	1,249	428,925
	------------	--------	---------	-------	------------
Carrying amount
At 31 August 2025	2,105,179	8,988	200,884	4,746	2,319,797
	------------	--------	---------	-------	------------
At 31 August 2024	2,225,177	18,263	212,717	–	2,456,157
	------------	--------	---------	-------	------------

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 2025	2,161
	-------
At 31 August 2024	12,103
	--------

16. Stocks

	2025	2024
	£	£
Raw materials and consumables	12,803	5,558
	--------	-------

All stock held is in relation to the operation of canteen services.

17. Debtors

	2025	2024
	£	£
Trade debtors	53,172	216,063
Amounts owed by group undertakings	58,258	62,872
Prepayments and accrued income	182,544	51,712
Other debtors	51,829	59,755
	---------	---------
	345,803	390,402
	---------	---------

18. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
	£	£
Cash at bank and in hand	335,016	572,334
Bank overdrafts	( 130)	( 17,742)
	---------	---------
	334,886	554,592
	---------	---------

19. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	96,270	123,680
Trade creditors	430,658	321,489
Accruals and deferred income	70,330	62,473
Social security and other taxes	311,703	109,342
Obligations under finance leases and hire purchase contracts	1,053	9,994
Other creditors	1,632,934	2,057,104
	------------	------------
	2,542,948	2,684,082
	------------	------------

On 10th October 2024 the company entered into a 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

	2025	2024
	£	£
Bank loans and overdrafts	1,621,361	834,687
Amounts owed to group undertakings	1,793,588	1,902,000
	------------	------------
	3,414,949	2,736,687
	------------	------------

Creditors due after one year includes a balance of £1,458,510 (2024: £644,320) in respect of bank borrowings which fall due after five years and which are payable by instalments. The loan is over a period of 300 months and is at an interest rate of 2.58% over base rate. On 10th October 2024 the company entered into a 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:

	2025	2024
	£	£
Not later than 1 year	1,053	9,994
	-------	-------

22. Pensions and other post retirement benefits

Contributions totalling £436,141 (2024: £369,255) 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 £95,538. (2024: £139,812).

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

The TPS Contribution rate for the School increased from 23.6% to 28.6% from April 2024. The school is also required to pay an administrative levy of 0.8% giving the total employer contribution of 23.68%. Teachers who have chosen to remain in TPS are required to meet ongoing costs of any future increases. There has been a review in 2024 published July 26 and contributions will be 17.6% from April 2027.

23. Analysis of charitable funds

Unrestricted funds

	At 1 September 2024	Income	Expenditure	At 31 August 2025
	£	£	£	£
General funds	(2,240,974)	4,541,541	(5,484,489)	(3,183,922)
	------------	------------	------------	------------

	At 1 September 2023	Income	Expenditure	At 31 August 2024
	£	£	£	£
General funds	(2,241,642)	5,017,908	(5,017,240)	(2,240,974)
	------------	------------	------------	------------

Restricted funds

	At 1 September 2024	Income	Expenditure	At 31 August 2025
	£	£	£	£
Restricted Fund	244,656	–	(5,212)	239,444
	---------	----	-------	---------

	At 1 September 2023	Income	Expenditure	At 31 August 2024
	£	£	£	£
Restricted Fund	249,868	–	(5,212)	244,656
	---------	----	-------	---------

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 2025
	£	£	£
Tangible fixed assets	2,080,353	239,444	2,319,797
Current assets	693,622	–	693,622
Creditors less than 1 year	(2,542,948)	–	(2,542,948)
Creditors greater than 1 year	(3,414,949)	–	(3,414,949)
	------------	---------	------------
Net liabilities	(3,183,922)	239,444	(2,944,478)
	------------	---------	------------

	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)
	------------	---------	------------

25. Analysis of changes in net debt

	At 1 Sep 2024	Cash flows	At 31 Aug 2025
	£	£	£
Cash at bank and in hand	572,334	(237,318)	335,016
Bank overdrafts	(17,742)	17,612	(130)
Debt due within one year	(115,932)	18,739	(97,193)
Debt due after one year	(2,736,687)	(678,262)	(3,414,949)
	------------	---------	------------
	( 2,298,027)	( 879,229)	( 3,177,256)
	------------	---------	------------

26. Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	63,570	63,570
Later than 1 year and not later than 5 years	6,248	9,818
	--------	--------
	69,818	73,388
	--------	--------

Coleg Llanymddyfri (Cymru)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2025

27. Related parties

During the year £12,000 (2024: £12,000) was donated to Coleg Llanymddyfri (Cymru) by Coleg Llanymddyfri. The charity was also charged licence fees by Coleg Llanymddyfri totalling £12,000 (2024: £12,000) during the period ended 31 August 2025. Coleg Llanymddyfri as corporate trustee of The Llandovery College (Thomas Phillips Foundation) Trust charged rent of £60,000 (2024: £60,001) to Coleg Llanymddyfri (Cymru) during the year. The Trust also donated £60,000 to Coleg Llanymddyfri (Cymru) (2024: £60,000) during the period ended 31 August 2025. Coleg Llanymddyfri also provided long term loans during the year to Coleg Llanymddyfri (Cymru) . At the year end £1,793,090 (2024: £1,902,000) was due to Coleg Llanymddyfri. During the year there was an intercompany recovery in respect of a balance owing to Llandovery College Nursery School Limited of £0 (2024: £58,978). Llandovery College Nursery School Limited was dissolved on 9th April 2024. Coleg Llanymddyfri (Menter) Limited is also within the same group as Coleg Llanymddyfri (Cymru) . Coleg Llanymddyfrl (Cymru) Limited was owed £58,258 by Coleg Llanymddyfri (Menter) Limited at the year end (2024: £62,872) for costs incurred on behalf of the company. Total wages costs of £20,536 were recharged to Coleg Llanymddyfri (Menter) Limited during the year (2024: £21,367).

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.