Calvinistic Methodist or Pres'byterian Church of "Wales Candidates and Training Department Fund (Registered Charity Nu7nber 1118759) Annual Report For the year ended 31 December 2023 Calvinistic Methodist or Presbyterian Church of Wales Candidates and Training Department Fund Annual Report for the year ended 31 December 2023 Contents Pages gal and adl1StratsVe infonnation Report of the trus'tees Statement (rftrllSte, PonSibl]Iti8 Independenl aiiditors, report Statement offillancial artiiities Balanr£ 8hert Notes to the fillancial 5tatetnents 10-14 Legal and administrative information for the year ended 31 December 2023 cOnstition The CahTinistie ethodist or PresbJteriaTr Chureh ol lireS adidaS alld TrainiDg Departtnenl Fllnd nhc CharitK) an unineorporatcd argani4atinn and a repi5tered chaTity (lio.. ill759). The Charity was registered on li Apiil 2007, Truslecs The trustci%who seNed dllrii)g theypard?lld up to the date of2pprovg1 ofthe findncial statements were.. T)r F.ryl I)aeS MT.8 Dilys Hiigbe.s Miss Glynis Owen Ir lknis O Ilughes Pateh I,Jwyn IiiLhanls Pare.h Nan Powell-i)avics Mrcliff Williams Under the Schell governitig the Cbarity, thL' trtee£ all members of Ibe Calldidates and Training l)epartment of the Pre6Wer]#n Church of Wales. There ore a of 4 ex n]Tiei¢i tnlee$ and 3 nominated trllgttcs. 'Il]e. nominBted inistee.% appoillted bv the Candidates and 'lEJining Departsnent Ex officio trusttts are.. The Gener8& Seeretary of thc PreBI)ylL'riin C.hiirc.h of Wdes The Cliairpet¥on ol Ihe &IiilidJtes dTraIning Department ]e Secretarv ofthe Landid aaT Depaellt ltse.'I're.a8nrcr ofthc Candidates and'ihining Departmenl Principal address Independent Auditors e/0 The Pre5byteriwL Churokn ofW81&8 Tabernaele Chapel 81 Mtrth)ry Road 11.tUrcb Caidktf CTr-u IDD Aze.L% Audit SeTriLes Ty Derw Lime Tree Court Cardiff Gate BusiDess Park Cardiff CF23 8AB Solicitors Bankers Geldards L 4 CapiLdl Quarter 1SmdaU Street Cardiff CFIO 4BZ B2rc]a)T Battk plc 85 High Strcct BlaLkwotMI Report of the trustees for the year ended 31 December 2023 'I'h¥ irub'tees are pleasea to pr¢seDt their report and the audited financial statements for the year ended 31 December 2023. 'Ihe (:harity was re&stered on li April 2007 and was formed froni the fornierAberysttffjh Theologir] Collpge and Stholarship Fllnds. 'riie information with respeLt to tStee5, Office aDd ddYi5ors set uut un pdKe i fom part of this rew)rt. The finalleidl stdtenlents have been prepaTed oTrJJ d goius COJLcern basis in eomplianee the applicable aLeoulltiri¥ standards ID the United Killgao inLluditig the Statement of ReeommeIided PraLLie£ ISOPTr)- AccountinE Reportin% by Lharilies in preparing their filldncial ststeuLents in 41LL(pidance the u¢ll Report% Standard (FRS) applieable in the UK dnd Keyublic of Ireland (FLS 102). Status and objeclives 'Ile Lharity is the Cal11$t1c methOdt or Presb)terian Cburcb of Wales Candidates aiid TrainiDg De.PTrc rtJnent b'uDd. i*e Charity reports to the Presbyterian Lhurch of Wales Gettcral Assc]nbly through the Chure.h'$ Ministiie.s Departnie.nt. The object of the L'harity" is to proNide traininK for ministry fortbe Presbyterian church of Wales. Connected charity The Charity is the Can(Lidat¥8 and Traiiun8 Departmenl nf the Presbyterian C'hurth of Walcs, Tabernacle Chapel, 81 mert Road, IlLte.hrCh, C'ardiff, CP-14 IDD. The Chdrity rec.eii'es J allnllal grant from the Presb}teriaD Church o( Wales to a&sist with salaries, cour4e and running e(1s1&.. Thi5 grant &mountLQ to £32,6.52 (2022.. £.75.5.52). Developments, activities uLhievemenLs The main activity of thc Charity is tv provide training for the ministry of the Pre.sbyterian LhurLh of Ivales. The Jepdrtjnent is fundin& m'erseeing and supporting the tt2itting of one candidate fr>r the ministy and filer training for six other minister5 and workers, together hith developing ill Ser training fnr MinistS, wtsrke and those on the Mi&sion Pr(Igramme', in 2028 thc InterdenomTnationa] Train5ng For41m was pstahli8hpd betwee.n the. Presbitterian C,hi1h of Wales, the Welsh Independent*, the Baptists and ill the autumn of 2023 £r.000 wd% traL£fenEd to the J3aptist College, Cardiff tt) prote trdining pr£1515 tbrough the rnedium of Wplsh; and The Cbarity eontinues to promote the Cjap YeaT Student proxriqmme At Loleg y Bala and provided a grant of £20,000 in 2023. Results During the year the. fiinds nf thc Charity have becn uqed to further thc Chariti s objcctives. The tket defiLlt fur the ycar was £62,886 (2022.. deficit £118,014}. The reAuctitsn in dv.fic.it is maini}' Ilributable to aIL I]]ITedlised g8iIi iuvLftments in 2023 of £14,467 {2n22-10.ss nl L46,t53). Report of the trustees, for the year ended 31 December 2023 Expenditure on eharitable activity increased fro £117,083 in 2022 to £118,836 in 2023, homever the.re 'aS a deLrease in illcoe frr)Tr L45,222 ill 2022 to £41033 in 2023. The results for the year are shown in the statement uf fstlancial activtties on page 8. The trustees arc satisfied thdt thc finaneial pnsitinn at the perioa e.nd is adequate to meet the on- Qing requuements oc the Charity with the Lontinued support of The Presb}ter&an Church of Wales. Reserves policy e trustees po]iLry is to n]aintain the. Am()unl of toiul reserve8 at a winirllum of one ye2r.8' Worth of expendittwe. Reserve.8 eurremtly exeo.ed this level 7th anniial LndItre eurrelltly appix)ximately £120,000 per arthum. At thi¥ Ici'el thc tDLstcas believe tlio would he able. to continup the fUellt actiNTties of the Lbarty iu the evelll of d drop in income. The trustees aeknowle.dge the continuing supp(Jrt of il)e. Pre&beiIn Chun,.b of Walu is esseottai for its long ter viability. Investment powcrs. policy and perforniance The inV&stents. dttributable to tbe ChaTity are held as part of the investmenl portfolio of the Presbyteiian Church of Wales. All investments are administered by Rathbtsnes {lllvestec Wealth and Invcstment) in aeeordance. with the gllidelines set out by the ProDertie.s Board olthe Presbyteriall ChurLh Nkxles. The perforrnancc is regularly moDltored by means Df detsaed quarterly rcporLs and a minimum of one eetIng per artnum with tlLe invthlnlenl tn41naxer. Risk managenient 'n)e trnstees undertakng a review of the euThllt register, and uwiating it to reflect the major riskq to wbÉeh the Charity ig exposed and its risk management and iDternal eontml procedures in order to enbure that 8yste.ms are in place to mitsgate these rislLS. Governance of the Charity During 2023 the trustee5 met h*iee via an nnline platforni. On a da}r to day basis the Charity was administered by the Academic Director Rev Br Williams, and the cp.ntna ufGLe of the Presbyterian Lhurch ol Wthles. All liaise dosely i%ryth the tneeS whell significant matters arise. Public Bencfit In planning and reiiei*ing its activities the Cburch has c.onsidered the Charity Commissiojj's idance on public benefit and ID particular the. speeifir. guidanc.e. on Charities for the advanceJneDt (Jf religion By order of the trytee5 Trlee." Datr... J8 October 2024 Date.. J8 O(th Statement of trustees, responsibilities Thc trusle.e4 ure rebponsible for preparing the. Trllstees, Annllal Report and the fittanr.ia 5tatemeFtL$ accorclance with applicable law and UniLed Kinsdom AL'counting Standards (Lllited Kingdom GeneraJ]y Accepted A¢countsJ)g Praetice). The law applicablc to charities in Einglaud aud Wales requires the trnste.es to PTepare financial statements lor each fillancial year which giie. a true and f49ir view uf thL' State of affairs of the charity and uf the incoming TesourLes and application ol'resoiireeb of the charity for ihat period. In preparing these fillancial statements, the trustees are rcquiTcd to.. select suitable accounting polie.ie8 and ihen applythetn con4Lfe.nI]y' obberve the meib(xL% and principles in the Charities SORP,. make judgmenLq and estimates that are re28onable and prudent., state whether 2pp11CAblt, 2r.r.rJunting standards, enmpri.4ing b KS 102, have beell followed, sbJert to any material dep2rture.s di8tr.l(Ke.d and e.xplained in the financial stJtements' and prepare the financial statements oll the going conecrn basis unless it is inappropriatc to presume that the charity ]ll coJtinue ill business. The tnistees are re8pnnsible for keepins proper actounting re¢.oxxls that disclose reasottttble ac£uracy at any time thc finallcial po8ltion of the charity. and p.nable tbem to ensure that the fuianeial staLementt4 L()mpl}' with the Chariti(% Act 2011, the. Chgrity (AecounLs and Re.ports) Re8ulations 2008. They are als() responsible for salegllarding the assets of the. chkrity and heDce for taking reasonable steps for the. prevention aod detectiou of fraud and other irregularities. lty order of the trst$ I'rllstee.". Trustee: . Dale.. 18 October 21J24 Dale". October 2024 CalvinistiL Methodist or Presbyterian Church of Wales Candidates and Training Department Fund Independent auditors, report to the tteeS of Calvinistic Methodist or Presbyterion Church of Wales Candidates and Training Department T4und Opinion WehAip. aijditedthe fmallci31 bttaternents ofcalv1uic Meth(Mlistor Church of Wal& Carididdlets aDdTraiJing Pepaltiuent Fuud fortbeyear endLd 3i•lDcber 2U23 which CoPrise the Si&tLmLntof Financial BalatLce.8hee.t, and not(stritbc fitt3neiAI stste.ments, including ifie2nt aecoullttn PLrparation iq a p]ica Stsndard J02 am and United King(iom AiuiiiJ)tin¥ qLILj5, indudinb, FiDanLial Rewjrtiiig eOad[Reporti9 Stondardapplibleirt the bW(mdRgpublofI1ad (Untted KiDxdullL GenedIyAcptOjACO)Unt1llg Prdctice). In ouropLi0n the financialstaternents: gtira ttue and fairiiewof the. stateofthe cbanws thir5&% at31tt Dettmber 2028, of the chariws illCOllliDg 0[1 and applicatioll OfU, including its iD(x)me expenditurn, fortheyedrthen endfX3- hAven pn)perl5' prepared in accojanCe s%ryth United GenerdltyAcp£pted Ac'counting PrnctI(. and bavc been prepadin the mwire.Inp.nts of Ihe.CJJarttie5Act 2011. foi" opinion Ive conducted our aDlit in a(LThd.dD(*mth JnteTnational Stsnc]ards nn Audn% (UK) (ISL4 (UK)) and appliLAble Idw. retspunsibllitiets. UDdLrthosL stalldar&% are filltheidwibttl in theAuditoVs re3PODS)Thi]itses fortbe auilrtof thcfinancial statrn]ents sertion of wr rep)rt. We are ]Rdedcnt of the harity in a(YtJrdan1th the ethiLzI JEquirements tkntaT¥ leY[It to ouraudit of thefinaneittl sLitsmentsin the UK indudmg the FRL-b Ethi£ai standa and we ljave ftllfilled nurothe.r ethieal )llbaltieS in a¢[danCeth theseTequireTnents. Webdlertbatthc audit evide.ni*. we have obthined is andappmpri&te to pJvvide a h&sis foroiiT opinion. CA)nclwsions relating to goingcoDCern Jn auditingthe. finanrrial qL?tements, webavc eOneludthatthetnjStec£. useof the goinx (x)n basisof aLrountWinthe prepardtiollof thtlinatieial statements is dl)propriate. Ildbe(I thework we havv pvrfvtllLeQ have nut identifjed anymatcrial uneertaintios Tr.lating to events iiriunaith)n5diat, iudividuauy orcollLY.y, inay cagt 8ignJfieantdoubt on the cbariWs dbllity lo lltinue as a going lleern fora penod ol"atle&si twe]ve niontkns. frum when the finanoial statements are authorised For issue. i)ur restK>Tr7slbltttl&s and the rpOnS1r)uI[leS of the [ee$ iEspeLttn goiX are deSerKi1 the LElevanl seetionsof thi% teport. The otherinfnunatitsD C.Drnprnwthe inforntiOn iDeluded in tht Ste¢s. annual report, other tllan thc financial state.me.nL8 iintlrnir auditor's Te. iDforrnatiDD iyjntained Mrythin the anlla ort thereon.ThetrtOX arc W$rA)rL1ef0rthe. other repc)rf. Our opillion (Trn thefiDancialststeInents diJe& not eover the other ]DhrUtIoll an(1 ex(Epttothe extellt otherwise exyheittystated]ll ollr report, Tr%Edonot expr }' fi)rm of assurance condu&Dn tberLrn. Ourrespnsibai doing so, considermthethcr the other infonnation i8 materi 'L8to read Ihv. ntherinfomatioii aijd, iu inconsiste.iil wilh the fin2Cial ststements orourloiowledge obtsinal Étj the wurse olthe auditurotheTh%use appcaLS tobL Iater]ty Wilated. If we. identify S?) iiial('.tid] iiiwnsitstt.'1ICA nr aii]MrL'llt matp.rial rnisstatcrncnts, wearp required to (kteI]nie whetherthis givc5 ri't0 a material l$steellt in the financ.ial %tatements thee1v¥. If ba8Ld on the wvri( webai'L Orni¢, we LY)ndud¢ thatthere is a n)aieriai MiaLeMent[rfth1S otherinionLatioJJ, we rfxiuiredto rep)rt that et. Wp. have nothin% to pOrt in this gard. MatteTh on which we are requitted report byexnthl as t1letrustc detennine is n&Saryt0 enable the preparntion of fjnaneiAI 5tateJnents thatatr free frotn ateria] misthtcmenL whetherdue to fraud or emjr. In preparillg thcfuwieial statcmcnts,tht truste& are. T&SW)nsihle. fi)rLw£sing the charlg ability, t() ntinue a goingcoueern, distJ]tig, a5 applicablE ll]atte relat io going (x)nrn ld usingthe going coneern basts of ai'tountingunirss the tnLStep8 eitheTintend toliquidate thE eharity orto c 0perdti0, or have no realistie ternatiVebllt tt) d() . Auditorfs respoT&SlblJities forthe auditof the financial slatemcnts Ive hait beell a the Art arL winted auditur und¥r sectioll ¥.5 of theChariti?_q Art 2011 and rrport iD a(xx)Tdae evantregU]atLo made orhaTrin% EfftttthtM]lldLr. OuTohiertive£ are to obtaiD nxsoiiable assuralll% dlx)utwhether thefin8ncialstatements as a ithole are Irpe. frg)m mateN] misstatemvnt. wthrtherclii(' lo ft7ud or error, andto i&gue3n audi% report that illdud& uurvpillwll. lilb]ca&SurfLlL is levd t)f &ri1[lI..tr, l)ut is not a gUaralltIllltan auditwnductcd ill a(ll)rdancc (UKJ always dctect a llterial misstatementmhfn it ex7sts. Mi4gtater]ents arise Irom lrnud oFer[a CUDsidered teLlaR it, 5lldiNidually oi. lli ihe cfjuld &nablY1)e. ewEyJ toinfluenLe.the txxinomic decisiorLsof wetaken onthe A furtherd&8L'ription of ourMW]1Tr}IIlts i4 available un the FinaDckd Reporbng Councils website at. ii1Thiw.&r.oi'.kF.iik Our-NUrl(JAudilJtludit-and-uJ"iStalldardS-lla- ,iliCliiri(*lStLUiLlcird%- an(! &iiid.Ince.-Inr-Illiait()5,1Alidit0ry-[tSjjIiS]ETrIlitICS-fo1'.aIIdIll_DQcrIirtIoll-f-Ull]tUIN te% ior-alldit.A%ii_¥. Ibisd&8criptionfnnu part ofouraudilorfs pOrt. E¥icnttosvl)ich the auditwas ry)Thgidered cAp&blc of detectingirregu]arities, ineluding fralld Irregularitic4 inLludingfrdU(L illstsne£% (If llon-(fjmp](WUthIMSalld resu]alion5. We desigtL pn)eedur(S ID ]inewith Ollr respDnsibfiiti4 outliudl 8ndonthe Fkneial Rert]rtg C4)unLll'5 welx8ile, lo detect Indter] mi%%tAte.ments" in of irreguknes, includin%frauiL We Dbtiin and llpdatc ourunderstsndllw of theentit , ILS aciiirytith, its (x)ntrul ¥IJvitUJUKJent, a]ikelY ture dtYel()pment4 incllldin£inre.lati(JD ttiihe. iJand regulatoryframcworkapplicablc ana how the entity'i% CnTnplying with that fraTFLeliork Hasea thi¥ Unde(lIng. we. ide.ntify' and a&ses5 the kS or n1&tla1 lSState[DellI olthv fiDdnLiJJ statelliellts, wbether due to fraudor crn)r, d&igts aud peTfonn Th)LEdures Fcsw)nsivetutht6c risks, obtrill aiidit de.n¢tthat is sufficient and a pD)vile abaw for ovropinion. This iDdud(¥ coJsideiatinii olthe risk olacts.bythe elllity propriatp to tknEre CDntraryto) applicablclaw3 aDdTr.wiations, iDcliidinK fraud. IJ) iUgPOll8C LO the Tisk of irregu]aritif% and non-(X)Mplian with lamty and rewlation5, induoing frau(L we de.lned pr(xrdures which inoluded.. .Enquiry of nLanagement andthose cbargedwith g0¥,eriLtr ctUal and p)tenli8J liti8alK)n CL11n as a],.lS[Wted and allegd fraud. .Rvitl[LX millutfsuf meetin&£ ofth(Isecharsedwith goveniauce,. the eAent of eornpliance with the laws alld regulatio Lonsideredto hae a dirert nteI]zI e finaDcidl st4lttmviilb ur tht. uperdtionb uf the CUtitythUg cnqi)iryand inspection,, *Re%ieMing financial statement thelc6urtsandt&rtingt(J 8upp()rting a.Me.tatiOn to a&se&% eornplianc with tipplicab1e]a and regdations; 4Peil()rEiung aiidit wurkuvL'f IibkiTrf manageEnentbias and override of contm]s, snduding t@8ting nf ioumal entries and othcr adjustnt8 forapDmDriatLne*s. evdliiAtinAthe bLiS]ne&s rationa]e o1sigTJifiiiI tran£105 outside the norJ]]dl (llrSe of busiue&8 ld rthryewkuga(xuulltins &tillteS for indiL£Itr)rs of potentialbiLq. e.fferton t Calvinistic Methodist or Presbyterian Church of Wales Candidates and Training Department Fund Independent auditors, report to the trustees of Coluinistic Methodist or Presbyterian Chureh of Wales Candidates and Training Department Fund B&ause of the iitheTent limitatio5 of an audiLthere is a riskthat wewlllnotdet**t all irregulariiies, ]ncliidingthoseleAd]ngto a Matlai miggtatementin thefinw]eid statemcnts or nnll-MplY&llee 7th regu]Atson. This risk incr&(Sthe morethateompliance alawor wtion is from thc events and ttaDS'dctiui telll in the findnLid] sLiteweiits', & Weml be lÉ>slike]ytobttomc aw of iL8tanees Dluon.compliance. The Eiskof not dctcctinsa mtsterial mi&8tate.ment resulting fraud is hishertbattfor one resultin8from ern)r. &8fraiRd MAY inwlve LX)llwsio4 forgery, intelltiollal omi&sionB, 1iiLsrepTr5enta1io% orthe ovcnidc olilltern8J eontsxA. Use of OuTrqrt This IEwrt is made ]dY lo the charity8 tnisteff, as atxjdy, inaccordan Part 4 of the ChaTitiÉ (ACllnts and Rcports) Regukntiolls 2008. OuTaiiditwork has been Undertaken tbatwe inigFIt Btdteto theLh¢lllts tre¢()se atte[b ME e required to state to the Juditorfs rt and for no other purpl. To the fLQ](¥t eXtlt bylakn,, wedD nut a than theCh1dthe chatiW£ tr]stees &s a tK)dy, fi)ruurau or1UMe rcsi)nnsi lity to IYOle other we bavefornied. AT£tsAudit Services LTrartcredAcu)untattts & StstutoryAuditor Ty DeTrY liMeT CourL Qirdiff Cate BusinESS Park cri23 8AJI Date: 18 Octoberoo¥ knts Audit Serricds is eligible to aet as an auditor iu t¥rnits uf section 1212 of the Companies Aet 2006. Calvinistic Methodist or Presbyterian Church of Wales Candidates and Training Department Fund Statement of financial activities for the year ended 31 December 2023 ote 2023 2022 Ineome froni: Jnvestment income GTant from Prebbiterian ChurdL ofWJJes Donation5 2nd other income 8,881 32,652 9,670 35,552 Totsl 41,533 45,222 chltable activities 118,836 ij8,836 117,(18.3 117,083 Totsl Net Expenditurc (77,303) (71,861) Other recogDwd %ains and loss£q: Net Oosses) I gains on inVest[ents 14*467 (46,153) Net movemeTrl in rd (62,836} (118,014) Rceonciliation of fimds: Total fiIDds brought fonlara 622?397 740,411 Totsl Thds tarried forward 559,56J 622,397 All rguised gaiLs andlosses have kvn inclllded in the St&tement ol Financia] Activities the amounts iDeluded are deTived from the continuing operdtions of the CTharity. The notes oj pages to io to ¥ forni part of these financial statements. Calvinistic Methodist or Presbyterian Church of Wales Candidates and Training Department Fund Balance sheet as at 31 December 2023 2023 2022 Note InvestmellL 334,547 J20,iJ80 Current S&4ets Debtors and pre.payment8 Cash di bdDk in hdnd 451410 53,056 219>040 299.97.5 264,450 353.031 LTr¢ditor5: amounts fallins due within one year (39y436) (5017L4) Net current gssets 2*5*OJ4 302,317 Totsd abt6ets le net ¢urrent liabilitl 559,561 559y561 622,397 Approved by the Board tsf Trustees L)n 18 (Xtuber 2024 and signed on its behajf by: Trllstee tee The notes at pag&8 io tn 14 fonn part olthLge financial slatemenL8. Calvinistic Methodist or Presbyter.ian Church of Wales Candidates and Training Department Fund Notes to the financial statements for the year eDded 31 December 2023 Principal accounting policies Basis of preparation The financiJJ statements have been prepared on a going concern basis, under the htsturical ca)st CVentiOn. and in aceordanee the applicable accouDting stalldants in the unli Kin8don], the Statement of KtYA)]nmeiided Practice (Sol) 'A¢counting aud Reporting by CharitifT' (effective x JalluAry 2ai9). FRS 102 and in accnrdanc? the Cbwiiies AL't 2DlJ, usins 1)sLtelly applied accounting policies. The financial statements are prcpcued in sterlingi whie.h i8 the nctiOnal eurreney of the chaTity. Monetaryamounts ID these financial statements are rounded to ncarest £. Income poAiLy Ineonie from donatio and legaeieb ib reeogtii8ed un 41 tYLeiv4ible basi5 when diere is Sufficient certainty of re.(T,iPt And nf thc value nf the incx)mir)g Te_$nurre <2n be measured Mrytb 5uffi¢ient reliability. Grants receivable from the Pr&8bytcrian Chure.h of wal i?re inelud(d as inc.ome intht year of weipL Recognition of exi)enditure Expe.nditttrp. is accounted for ()n An ar.mials bA8iS. Fed as.%L*t invosiments. Itea inveètTr¢nts Vd]utd at bid ]Ket IUe. Profits aJ)d 10&seb of investh]ellts are caladated by rcfcrcnce to the owninR can)ryng amoiint. Both pmfits and 1055es on disposals and linrealla surpluse5 or deficits artsing on rellatiOll of investments aTr reported in the. Slatement of FilitLIalAL1iVlti. Retirement benefits The Charitv participate5 in a defined bencfitpension scheme (Jperdted by its pareDt charity, The Presbyte.rian Ckniirch Of MTalo8. The scheme is aCninted lor in the. parent ebarit)es aollts, Ihe i.'(hntnl)iiti()n% PiiiA bj. thp Chtirity oifv. aLL()UDted fur as if the schen)e. were a defined Lontribution scheme as the Charity i8 unable to sEparatelyidentify its share of the UDderlyittg sets. or liabilities ID the scheme. All fullds held by the CILarity are unrestriLted and ean be iD accordaiice '1th thL Lh4Lritable objects at the ¢rtion of the trustees. Cash flom. statement The Charity has taken advantage of the exernptinn unde.r WRS J02? pardsraph 1.12(b), from prep£?riTrg a statetnent uf LASh flows on the that it is a quaiitiqng etttity and its uLtimate pallt, Pr&sl)vterian Church of Wales, sndudes the charitsls cash flDWS in its own consolated fiuanLL statements.. Taxation The Candidates & Trainin£ Department Fund is a registered charity aiid a8.8iie.h ig etiliilttl to certain tax exemptions on ineome and profits from investments, and surplllses on any trading activities Csrried out in thc bjrtherance of the CharitS primary objeetiv¥s. if ththe pr()fits and surpluses are applied solely for Lharitable purpose 10 Calvinistic Methodist or Presbyterian Church of Wales Candidates and Training Department Fund Notes to the financial statements for the year ended 31 December 2023 Charitable aCtitieS Staff co$i Support costs Other 2023 2022 TraininR 32,675 8iJ535 118,8.36 117.083 Audit fees are paid by the Fresbyterian Chllrch ofwales. Support u)sts 2023 2022 Office tx)sts 7,677 Staff costs 2023 2022 Wages aud salaries &xMI security costs 30,232 37,343 2,926 40,269 32,675 Thc average nurnber of ellLployees during tbe period was.. No trnstec rc¢¢ived any rernuneration for th¢ s¢rvi¢es ih¢y provid¢d as trustcc in either No12022'. 2) trustees had expenses paid or were reimbursea for expenses in the year whii'.h tolalled £lljl (2022= £4921. Costs met by the Presbiterian Cburcb of M'"ales and for travel and subs1¥ncE È*FLd totalled LDII (2022.. £nil). Calvirristic Methodist or Presbyterian Church of Wales Candidates and Training Department Fund Notes to the financial statements for the year ended 31 December 2023 Investments 2023 2022 Quotcd invL4tmcttts Market i'bjue at i.TaTLuary Net (It)sse8)/ gal 0llillvestellts. MarketN'alue at31 December Custat 31 DceeD)ber 320,080 14>467 366,233 (46,8) 320.080 334,547 304,194 UK investments Presb5oeriall Chur¢b of Walt¥ Segregated Fund 334>547 0,080 Tnr.luded in ne.t gains/{losses) on investments are rp.aliqpcl gain8 nf Inil (2022.. £nil) vn ilispusd] of investments. The following represent invcsttncllts lu1 at greater than .5% of the totsl market valuc c>f quoted investments.. 2023 loo% 2022 loo% Presbirteri8n Chulrh ofwales Segregated Trund 2023 Imieslmentincome Pr2sWeTian CbuTch of W'aleE segted Fimd 8,881 9,670 All ini'estments 4ue bCIdund the coutrol ufthe Presb3rterian Church ofWxlÈs, Tabernacle Chattl, 81 Merthyr Rliad, W'hitthurch, (ardiff, CFu and are managed by Rathbones (Invisttt Wealth 2nd Ini'&stmvnt), tA)ndvn. Debtors 2023 2U22 Otber dcbtors alld prepasTllellts An)ounts owed by the Ilresb}terian Church of Wales 7,833 45,223 41?533 45AIO 53,n56 12 Calvinistic Methodist or Presbyterian Church of Wales Candidates and TrnIng Department Fund Notes to the finanLYal statements for the year ended 31 December 2023 Creditors - amounts fa]ling due within one year 2023 2022 Amounts owedto P4beriau Churth ofwales Suijdry Creditors 37)869 1,567 39,436 43.297 7A17 50,74 Movement on fiinds Balkncc Tutsl incoming January regnurees 2023 Total resources expended Balance 31 December 2023 Unrestrieted 622a97 56,000 (118,836) 559?561 PLnsion costs All employees di ihe chaiily were elisible t(J hecome member% tsf The Presb)terian Chureh of Wales fillal salary pensioll scheme. Thc sthcme wn£ el()sedtu future accrual OEJ 30 September 2022. All eKuployees are c11b1e to join thc Pre.8bJterian ChurLh of Illalc5 defitLed Lontribution bLheme adminifte.re.d by Cushon. The final salary scheme provides benefits ha.* final wyyslonable pay, c'ontributions bein charged to ihe. ststement of finanLial ULtiNryties so ag to spread the wst of ptllsions over emploJ'ees' working lives Miih the charity/Presb)terian Chuteb af Wales. Full del8il8 o>f the asslltllption% and I1n of the scheme are shoMT in the financial statements ofThe PresbWcTian Chiirch of wal. All employcr contributions are paid bs the Pre&byrian Church ofwalcs. L()ntiibutions to thp. sehcme bythe charity for the yedi. amowited io Lnil (2022.. £nil). Related Party Transaction 'lThe eh2rity is Candidates Training DepÉtrtment of the Presb}terian Church vf W'ales, 'rabernacle Cliapel, 81 Merthyr Roa& WhitLhureh, Lardiff, cfil4 IDI). Ilie. trustees haire considtrttd the disclosure requirements of the Statement of Re.rnmended Practice for Charities and consider Ihat the tfdDsactions requiring disd08ure are as follows.. (i) the Presbyt¥tis)11 Chureh of WaLeg has &warde.d a of L.22,652 (2022: £&5,552) to assist th coutse rnnning costs diiringtheyear. the. Charity hn% a debtor bAIuDEe of £41,53.3 (2022.. £45,22.3) at the year-end in relation to illicstment incutne dnd ¥rants allocatyl by the Prtsb>rterian Lffiurch of Walcs for 2023 whicb were rkui trans(ekTd tothe Charity i)ntil 2oo4,' (iii) the Charity hjs a Creditor balance of £37,869 [2022: £43,297) at the ye.ar-end in relatiDn t() 13 Calvinistic Methodist or Presbyterian Church of Wales Candidates and Training Department Fund salaries paid tkrougb the Presbyterian Chureh of Wal&$ payroll and not traS'ferred by the Charity llntiL 2U24' (iv) The Charrty has pn)vided A grant of E25,000 (2022 ..£)000} to Coles Y Bala to support the GapYeaT student i)rogramJJ]e and the soul crpurse. and (vl None of the trustees, (2022: none) of the Lharity have nuLftanding mortgag&4 and ear loans from the PresbstCTian Chureh of Wales of £nii (2022: £nal at year end. Total inteTCSt of £nll (2022.. LElll) yayable to the Church in relatioDto these bajallces duriug theveaT. The Maximu car Ivan avddable is £6500 {£8,5on for the purchase of an elertrie car) re.payable. (Trver a makiu period of 5 years, al lllter&st rate of 3%. 'itse ear InaTL8 are uSe]red loaTLS. lThe maximuni m()rtgage a]Iable is £200,000 repayable over a maximun) peri of 30 year8, at an interets-t r&te nf 3%. TheLT are certaiD exLeptioDs to these terms MTthiD the mortgage nLles set by tILe Churth and eaLh (xby wlll be considered on aD irkdiyiduaj ba8is. 'itse mortgage is secured by a first chae aKain5t the PT(pperty. At tlie Gp.TJerdl A$8e.ml)lJ iii .luly 2024 the Enort8a8e sChee was suspcnded (exeept. fnr exceptional circum.stallc&8) untll the Ministriis Department con8tdered the nccd for the seheme. 14