Description of the contract
ColegauCymru is a national educational charity that represents all of Wales’ further education (FE) colleges and designated FE institutions (FEIs). The company was originally incorporated in 1993 as Fforwm Limited and on 1 June 2009 changed its name to Colleges Wales / ColegauCymru Limited and was branded as ‘ColegauCymru / CollegesWales’. Fforwm Services Limited was established in 1995 and is a wholly owned trading subsidiary of Colleges Wales / ColegauCymru Limited.
ColegauCymru/CollegesWales prepare consolidated financial statements each year. Fforwm Services Ltd, the charity’s subsidiary company, undertakes an annual dividend/Deed of Covenant payment to the charity and prepares separate financial statements which are then consolidated into the charity financial statements. The external auditors will be required to complete a corporation tax return for Fforwm Services Ltd. The main areas of income for the charity are subscriptions from members and grant/project funds.
The financial systems used by charity and the subsidiary company are Sage 50 Accounts Professional and Sage 50 Payroll Professional.
The appointed firm shall be required to undertake:
All such work as is deemed necessary to enable the auditors to complete their annual audits and report thereon:
(a) To the Board of ColegauCymru/CollegesWales and Fforwm Services Ltd.
(b) To the Audit Committee of the charity via management letter
Other specialised audit work as required from time to time which will include the Corporation Tax return for Fforwm Services Ltd.
The following financial statements, all with the year ended 31st July are to be included:
Financial statements for both ColegauCymru/CollegesWales and the subsidiary company Fforwm Services Ltd. These will include consolidated financial statements for the group.
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