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2025-08-31-accounts

Charity registration number 1198671 (England and Wales)

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

CONTENTS

Page
Chairman's statement 1
Trustees report 2 - 8
Statement of trustees responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 32

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

CHAIRMAN'S STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

Chair’s Report

On behalf of the trustees of Cardiff Baptist College, I am pleased to present our annual report and financial statements for the year ended 31 August 2025.

This year has once again demonstrated the College’s faithfulness to the primary objective of formation training of women and men for ministry. Hearing stories through the year from former students who are now thriving in ministry is testament to the continuing good practice of the College.

The year was not without its challenges: there were changes in both the staff and trustees at a leadership level, but all members pulled together to enable the functioning of the College. We were pleased to formally confirm Revd Dr Ed Kaneen as sole Principal in the summer of 2025 and are grateful for his continuing diligence and passion for the College.

The uncertainty regarding the changing relationship with Cardiff University was one of the biggest challenges of the year, and securing the future of validated courses at the College has been a working priority. There have been a number of factors to take into consideration in discerning the correct way forward with this process, but ongoing conversations with denominations have been helpful, and the College continues these into the next year.

Whilst student numbers have been relatively low for the accredited courses, it has been encouraging to see the uptake for the Pathways course, and we are grateful to all tutors for their commitment to teaching theology and pastoral formation, as well as care for the students.

Staff engagement with churches and academic lectures, together with the College’s many partnerships have continued to help in raising the profile of the College – this priority will extend into the next year with the commitment to extra staffing hours for this purpose.

Completion of the transfer of the charity to a Charitable Incorporated Organisation was a great achievement during the year. We are grateful to staff and trustees for the work on that, as well as the excellent financial and building management that took place.

Our thanks go to all those who have served and continue to serve the College as Principal, Tutors, Administration and Support Staff or Volunteers.

Sarah Butt Acting Chair of Trustees October 2024 - December 2025

25 June 2026

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their report and financial statements for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

Cardiff Baptist College is a faith - based formational community that has been preparing men and women for Ministry in all spheres of life since 1807.

The Objectives of the College are:

  1. the advancement of the Christian religion in accordance with the beliefs and practices of Baptists and the interpretation of such beliefs and practices and, in particular, the training of students for ministry amongst the Baptist churches; and

  2. to provide education, training, vocational preparation and support for Christians for mission and ministry.

Public Benefit Statement

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 by having due regard to the Charity Commission’s general guidance on public benefit, “Charities and Public Benefit”. The College’s Charitable purpose is enshrined in its objectives listed above. The Charity delivers its public benefit through its work with a wide variety of public organisations.

Achievements and Performance

Completion of Transfer to Charitable Incorporated Organisation

The year commenced with the successful completion of the transfer of the College’s activities, assets and liabilities from the former unincorporated charity (registered number 525777) to the Charitable Incorporated Organisation of the same name (registered number 1198671), with effect from 1 September 2024. This transfer had been planned throughout the preceding year and was completed as intended, providing the College with a more robust governance structure.

Leadership Transition and Staffing Update

The Revd Dr Rosa Hunt stepped down as Co-Principal at the end of December 2024. Revd Dr Edward Kaneen assumed the role of Acting Principal from 1 January 2025, being confirmed as Principal in July 2025. The Trustees record their deep gratitude to Revd Dr Rosa Hunt for her significant contribution to the life and work of the College over many years, most recently as the first female Principal in the College’s history. Dr Hunt will continue to teach and lead the Welsh-speaking formation of the College, as well as building relationships with the Welsh-language denominations. The transition was carefully managed to ensure continuity of leadership and the welfare of students.

Revd Mark Thomas stepped down as Chair of the Board of Trustees at the end of September 2024, having served with great commitment and wisdom. The Trustees record their sincere appreciation for his leadership. Revd Sarah Butt took on the role of Acting Chair until a permanent replacement was identified. The Trustees are extremely grateful for her willingness to serve in this way.

During the year our Librarian & Academic Administrator, Holly Terrington, took a period of maternity leave and welcomed a baby daughter in May 2025. Mrs Carolyn Driscoll joined the staff team as Academic Administrator (maternity cover) in May and has proved a huge asset to the college.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Academic Programmes and Cardiff University Partnership

The College continued to offer its programmes validated by Cardiff University. The Bachelor of Theology (BTh) programme continued to attract students from Baptist, Presbyterian, Annibynwyr and other denominational backgrounds. The Pathways programme continued to grow during the year, with sessions launched in North Wales as well as at the College in Cardiff. This expansion incorporated teaching and discussion in Welsh for the first time. The hours of the responsible tutor, Revd Jon Davis, were increased to reflect this growth in activity.

New modules were introduced during the year, including a Science and Faith module (delivered with support from the ECLAS Science for Seminaries grant) and a new language module, both of which were well received. Science and Faith podcasts were also recorded as part of the ECLAS programme, extending the College’s public engagement in this area.

The College maintained its ECLAS Science for Seminaries grant throughout the year. The Befriend-a-Scientist placements programme, which paired students with active researchers at Cardiff University, was a notable success, providing students with direct encounter with scientific research and researchers.

Student Numbers and Ministry Placement

During the year, 7 students were welcomed into College degree programmes. 2 students completed their studies and were commended for ministry. A Commissioning Service was held on Friday 13 June 2025 at Calvary Baptist Church, Canton, Cardiff, at which the preacher was Revd Walé Hudson-Roberts.

Partnerships and Ecumenical Engagement

The College continued to develop relationships with partner denominations including the Baptist Union of Wales (BUW), the Baptist Union of Great Britain (through the South Wales Baptist Association and the North West Baptist Association), the Presbyterian Church of Wales (PCW) and the Annibynwyr (Welsh Independents). During the year the College held a conversation with the BUW about a potential Pioneering pathway for students in ministry formation.

The College also maintained its partnership with the International Baptist Theological Study Centre (IBTS), Amsterdam, formalised during the year through a Memorandum of Understanding, facilitating doctoral-level supervision through IBTS’s partnership with Vrije Universiteit Amsterdam.

Ecumenical engagement with St Padarn’s Institute (the Anglican theological training college in Wales) was strengthened during the year, including a joint Research Day. The College also provided representation to the Cross-Party Group on Faith at the Senedd, contributing to public discussion about the role of theological education and faith communities in Wales.

The College began to explore alternative validation partnerships, recognising that changes at Cardiff University may require new arrangements for the accreditation of its academic programmes in the future.

Annual Lectures and Public Engagement

Staff made a significant contribution to academic and church life during the year, presenting at a range of conferences and events including the Society for the Study of Theology, the Baptist Historical Society and the Annibynwyr Annual Lecture. The College was also represented at the Eisteddfod, continuing its commitment to engagement with Welsh language and culture. The College continued its ongoing ‘Baptist library’ project during the year.

The College continued its programme of public theological engagement through three annual lectures. The Edwin Stephen Griffiths (ESG) Lecture was held on Friday 14 March 2025, delivered by Dr Hefin Jones, Senior Lecturer in The School of Biosciences at Cardiff University and Associate Lecturer in Coleg Cymraeg Cenedlaethol. Dr Jones’s lecture, entitled ‘No good scientist believes in religion. “Really?”’, explored the engagement of Christian faith with active scientific research and discovery. This was very well attended, including students from a nearby Sixth-Form College.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The Whitley Lecture was held on Thursday 22 May 2025, delivered by Rev’d Dr Seidel Abel Boanerges of Spurgeon’s College, London. Entitled ‘Holistic Apologetics: Re-Imagining Apologetics for the 21st Century’, the day combined a public lecture with a practical workshop exploring how explaining Christianity today might draw on artistic, spiritual and action-based approaches alongside the more traditional appeals to rational argument.

The annual Rahel o Fôn Lecture was held on Thursday 9 January 2025, delivered by Revd Dr Karen E. Smith. The lecture examined the life of Sarah Ann (Evans) Edwards, wife of William Edwards, Principal of the College from 1880 to 1925 — the Principal who oversaw the move of the College from Pontypool to Cardiff in 1893. Often referred to as ‘Mrs Principal’, Sarah Edwards was a formidable figure and a Baptist leader in her own right. The lecture explored her civic involvement and her contribution to Baptist life, recovering a voice that has too often been overshadowed by the achievements of her husband.

Conclusion

Cardiff Baptist College has faced a number of significant changes during 2024-25. Some are to do with the leadership of the College, others are to do with the governance and organisation. In all this, the College has maintained its focus on its charitable objectives and core areas of work. It has continued to develop relationships with the stakeholder denominations and other key partners. Staff have maintained their commitment to students, research and public service, and there has been corresponding growth in the College's role and influence in Wales. The main challenge from the coming year is the potential change in the longstanding relationship with Cardiff University. The Trustees are planning for this possibility, with confidence in the united vision and ability of the College's staff and leadership team.

Financial review

Overall, total College expenditure during the year fell by under 1 per cent compared to the previous year. Most categories saw spending that was close to the previous year, but staffing costs and costs for professional services rose, the latter mostly arising from the professional advice provided to support the later aspects of the transfer of the unincorporated charity to charitable incorporated organisation status. The increases were offset by lower repair costs for College buildings, and by significant utility savings following the transfer to more advantageous energy supply tariffs in the previous year. In line with their pay policy for the College the Trustees followed the Baptist Union of Great Britain stipend recommendation and awarded a salary increase of 3.4 per cent for all staff from the beginning of the year.

Total income fell by 7.7 per cent compared to the previous year. The drop mostly reflected the inclusion of a significant one-off donation to the College in the previous year following the sale of a Baptist church. Rental income was reduced as occupancy rates for some of the College’s accommodation were lower than planned. Finally, the honorarium which was part of the partnership arrangement with Cardiff University was reduced as part of the temporary arrangement put in place in advance of the partnership finishing at the end of the academic year 202627. These reductions were offset by the bulk of Science for Seminaries grant from ECLAS supporting project work. Overall, the College reported an unrestricted surplus for the year of £31,501 before investment movement (2024: £79,354) and gains on its investment portfolio of £22,952 (2024: gains of £49,821).

In March 2025, the College commissioned a new valuation of its property. This valued the College’s properties on Richmond Road at £1,310,000, £100,000 higher than the previous valuation from 2017. The Trustees are satisfied that this new valuation reflects the value of the properties at both 31 August 2024 and 31 August 2025.

The Trustees will continue to manage the financial position of the College on a prudent basis, reviewing interim management accounts and the College’s financial position at every Trustees' meeting. Trustees consider the College’s activities to be on a sound financial basis, whilst acknowledging the significant contribution made by rental incomes and the regular distribution from the ES Griffiths Trust Legacy to supporting the key charitable objectives of the College.

Reserves Policy

It is the policy of the Trustees to ensure that the College maintains sufficient free reserves to fulfil its obligations to those students to whom it has made training commitments at the date of the balance sheet. Based on the budget for the financial year, this would require free reserves amounting to the order of £500,000, making allowance for expected income and for the revenue that could be generated in that period.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The College has unrestricted reserves, excluding those held as tangible fixed assets and investment properties of £1,007,450 at 31 August 2025 (2024: £971,395). This balance represents the Charity’s free reserves. The College will continue to manage the College’s financial affairs on a prudent basis, with the objective of maintaining the free reserves position.

Investment Policy

The Trustees have adopted a formal Investment Policy that defines both acceptable risk levels, and a medium term required rate of return. In 2024-25 the required rate of return was 5 per cent, whilst at least maintaining the long term purchasing power of capital against longer term inflation pressures.

The Trustees noted that investment gains, including gains on investment properties, during the period totalled £22,952 (2024: gain of £149,821) and investment portfolio income amounted to £14,255 (2024: £11,853). This resulted in an increase of £33,339 in the value of investments which totalled £567,537 (2024: £534,198).

The investments are managed within ethical guidelines set down by the Trustees. Within the investment strategy the investment managers have discretion over particular investments. Details of the investments are set out in the notes to the financial statements.

The Investment managers during this year were Brewin Dolphin.

The Charity also holds three investment properties which were revalued during the financial year in March 2025. The Trustees consider the market value at March 2025 reflects their fair value at 31 August 2025 and at 31 August 2024.

Risk Review

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The charity maintains a risk register and the Trustees regularly review the main strategic, business and operational risks which the charity faces. The Trustees have established systems and controls to mitigate against major risks to which the College is exposed. Any activity with a high residual risk is monitored and appropriate action implemented to bring within acceptable levels wherever possible. Other policies are also in place in relation to health and safety, governance and management.

Major risks

Under normal circumstances, the risks of the charity are mitigated to an acceptable level in day-to-day operations. A financial risk assessment has been made, along with an organisational risk assessment in the College’s approach to budget setting for future years. The Trustees consider their main risks are their relationship with key funders and stakeholders, maintaining healthy recruitment numbers, and managing the impact of inflation on College finances. The fixed agenda items on each Trustees’ quarterly meeting – Co-Principals’ Report, Students’ Report (prepared and delivered by a student representative), and Financial Report address these risks.

Plans for future periods

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Structure, governance and management

Constitution

The College was founded in 1807 and operates under a governing document which came into effect when the College was first registered as a Charitable Incorporated Organisation on 20 April 2022. Cardiff Baptist College is currently registered as both an unincorporated Charity and CIO with the Charity Commission. This enabled planning for an orderly transfer of all the assets of the unincorporated Charity to the Charitable Incorporated Organisation from the start of the academic year in September 2024. The details of the transfer of assets is recorded in these accounts as well as in the final accounts for the unincorporated charity.

The Board of Trustees

The Trustees exercise the powers of the charity in accordance with the Governing Document.

Key management personnel remuneration and wider pay policy

Our key management personnel are the Trustees of the charity as detailed within this Trustees’ report, and the Principal of the College Revd Edward Kaneen along with the College Manager Mrs Helen Ede.

Setting pay and other remuneration is ultimately the responsibility of the Trustees, on the advice of the Officers of the College who comprise the Chair (Revd Sarah Louise Butt), Principal (Revd Edward Kaneen), the College Manager Mrs Helen Ede and Treasurer (Caren Fullerton). The Principal does not participate either at officer or trustee level in decisions concerning their own remuneration.

Remuneration decisions are taken in the light of relevant benchmarks, including stipend levels set by the Baptist Union of Great Britain (BUGB), Cardiff University lecturer pay scales, the National Living Wage, and local conditions. For this year (as last year) the annual pay award was paid in September at the start of the academic (and financial) year. Compared to previous years this had reduced the time lag between the benchmark inflation figure used by BUGB and award date.

Organisational Structure

The College operates under the provisions of its governing document. The trustees are responsible for the overall direction of the charity, and for ensuring that it acts in accordance with the provisions of the CIO Consitution. They are supported by advisory groups addressing Finance, Buildings and Services, and Ministerial Selection.

Recruitment and Induction

Trustees are recruited with the aim of balancing the need for continuity, commitment, experience and people skills, along with a suitable blend of gender, age and geographical representation. A representative Trustee nomination group holds informal conversations with leaders of the various Baptist associations and unions which support the College. Trustees receive an induction into the work of the College by meeting the Chair and Senior Staff and being advised of their general work, as well as receiving financial statements and other relevant documentation, including relevant Charity Commission publications. Training is provided as needed by appropriately skilled external trainers.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Reference and administrative details

Name

Cardiff Baptist College

Registered number

1198671

Registered office

54 Richmond Road Cardiff CF24 3UR

Trustees

Rev Sarah Louise Butt (Acting Chair to December 2025) Rev Timothy Ian Moody (Acting Chair from January 2026) Rev Dr Edward Noble Kaneen Rev Emma Elizabeth Franks - Resigned 24 May 2026 Cedric Gregory Longville Caren Maree Fullerton Rev Denzil Ieuan John

Key management personnel

Rev Dr Edward Noble Kaneen (Principal) Helen Ede (College Manager)

Principal bankers

Lloyds Bank Plc Roath Park Branch Cardiff CF10 2AG

Investment managers

RBC Brewin Dolphin 2 Central Square Cardiff CF10 1FS

Auditors

Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB

Solicitors

Anthony Collins Huw James 134 Edmund Street Two Central Square Birmingham Cardiff B3 2ES CF10 1FS

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees report was approved by the Board of Trustees.

C Fullerton Trustee

25 June 2026

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2025

The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity's constitution. 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.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

Opinion

We have audited the financial statements of Coleg y Bedyddwyr Caerdydd/Cardiff Baptist College (the ‘charity’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

Responsibilities of trustees

As explained more fully in the statement of trustees responsibilities, the trustees 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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

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 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.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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 (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services Statutory Auditor Chartered Accountants

Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff South Glamorgan CF23 8AB

25 June 2026

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
298,960
-
Charitable activities
4
195,632
38,608
Investments
5
116,835
-
Other income
6
3,628
-
Total income
615,055
38,608
Expenditure on:
Raising funds
7
4,983
-
Charitable activities
8
578,571
36,458
Total expenditure
583,554
36,458
Net gains/(losses) on
investments
13
22,952
-
Net income and movement in
funds
54,453
2,150
Reconciliation of funds:
Fund balances at 1 September
2024
2,876,893
4,517
Fund balances at 31 August
2025
2,931,346
6,667		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
298,960
362,448
-
234,240
218,096
6,667
116,835
117,494
-
3,628
3,291
-
653,663
701,329
6,667
4,983
2,959
-
615,029
619,016
2,150
620,012
621,975
2,150
22,952
149,821
-
56,603
229,175
4,517
2,881,410
2,647,718
-
2,938,013
2,876,893
4,517		 Total
2024
£
362,448
224,763
117,494
3,291
707,996
2,959
621,166
624,125
149,821
233,692
2,647,718
2,881,410

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

BALANCE SHEET

AS AT 31 AUGUST 2025

Notes
Fixed assets
Tangible assets
15
Investment property
16
Investments
17
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
21
Unrestricted funds
Unrestricted funds - revaluation		 2025
£
£
613,896
1,310,000
567,537
2,491,433
23,811
487,443
511,254
(64,674)
446,580
2,938,013
6,667
2,484,328
447,018
2,938,013		 2024
£
£
595,498
1,310,000
534,198
2,439,696
23,987
487,154
511,141
(69,427)
441,714
2,881,410
4,517
2,418,972
457,921
2,881,410		 2024
£
£
595,498
1,310,000
534,198
2,439,696
23,987
487,154
511,141
(69,427)
441,714
2,881,410
4,517
2,418,972
457,921
2,881,410
2,439,696
441,714
2,881,410
4,517
2,418,972
457,921
2,881,410

The financial statements were approved by the trustees on 25 June 2026

C Fullerton Trustee

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
27
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Cash in investment portfolio		 2025
£
(32,577)
(55,194)
55,194
116,835		 2024
£
£
(73,582)
-
(101,983)
89,651
117,494
84,258
-
10,676
496,116
506,792
487,443
19,349		 £
(54,087)
105,162
-
51,075
445,041
496,116
487,154
8,962

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

Charity information

Coleg y Bedyddwyr Caerdydd/Cardiff Baptist College is a charitable incorporated organisation registered in England & Wales. Their registered office is 54 Richmond Road, Cardiff, CF24 3UR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

Merger accounting

The financial statements represent the combined financial position of Coleg y Bedyddwyr / Cardiff Baptist College (Charity Number 525777) and Coleg y Bedyddwyr / Cardiff Baptist College (Charity Number 1198671).

With effect from 1 September 2024 the assets, liabilities and operations of Coleg y Bedyddwyr / Cardiff Baptist College were transferred to Coleg y Bedyddwyr / Cardiff Baptist College Charitable Incorporated Organisation. In accordance with the SORP, as the conditions of this reconstruction being treated as a merger were met, the principles of merger accounting have been adopted to account for this transaction.

Previous Reporting Period

Previous Reporting Period
CBC
Charitable Trust CBC CIO Total
£ £ £
Total income 707,996 - 707,996
Total expenditure (624,125) - (624,125)
Net income/(expenditure) 83,871 - 83,871
Other gains/(losses) 149,821 - 149,821
Net movement in funds 233,692 - 233,692

Current Reporting Period

CBC
Charitable Trust **CBC CIO ** Total
£ £ £
Total income
-		 653,663 653,663
Total expenditure - (620,012) (620,012)
Net income/(expenditure) - 33,651 33,651
Other gains/(losses)
-		 22,952 22,952
Net movement in funds - 56,603 56,603

Analysis of Net Assets at the date of Merger

CBC CBC
Charitable Trust CBC CIO Total
£ £ £
Net Assets
 2,881,410 - 2,881,410
Represented by:
Restricted funds
 4,517 - 4,517
General unrestricted funds 2,418,972 - 2,418,972
Revaluation reserve
 457,921 - 457,921
Total Funds
 2,881,410 - 2,881,410

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

Investment income is recognised on a receivable basis.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes all costs relating to the furtherance of the society’s objectives as stated in the trustees report. This also includes all costs relating to compliance with constitutional and statutory requirements.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Costs of raising funds comprise the costs in relation to generating income such as fundraising activities.

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

In accordance with transitional arrangements of FRS 102, the charity have elected to use fair value as deemed cost of freehold properties on the date of transition to FRS 102.

The gain or loss arising on the disposal of an asset is dtermined as the difference between the sale proceeds and the carrying value of the assets, and is recognised in the statement of finacial activities.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings

2% on cost

Individual assets costing £1,000 or more are capitalised.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.10 Financial instruments

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is exempt from corporation tax on its charitable activities. The charity is not liable to corporation tax on income or gains falling within Sections 466 to 493 of the Corporation Tax Act 2010, or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that these are applied exclusively for charitable purposes.

1.12 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

2 Critical accounting estimates and judgements

In the application of the 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.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 294,960 361,448
Legacies receivable 4,000 1,000
298,960 362,448
Donations and gifts
Church donations 14,470 85,294
Griffiths Trust 263,450 260,804
Personal 1,895 350
Other 15,145 15,000
294,960 361,448

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Charitable activities
Partnership income
35,000
-
Grants
-
38,608
Rental income
41,443
-
Fees
119,189
-
195,632
38,608		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
35,000
50,000
-
38,608
-
6,667
41,443
66,002
-
119,189
102,094
-
234,240
218,096
6,667		 Total
2024
£
50,000
6,667
66,002
102,094
224,763

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

5 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Rental income 93,594 95,417
Dividend income 14,255 11,853
Interest receivable 8,986 10,224
116,835 117,494
6
7		 Other income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Sundry income
3,628
3,291
Raising funds
Unrestricted Unrestricted
funds
funds
2025
2024
£
£
Fundraising and publicity
Advertising
1,116
-
Investment management
3,867
2,959
4,983
2,959		 Other income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Sundry income
3,628
3,291
Raising funds
Unrestricted Unrestricted
funds
funds
2025
2024
£
£
Fundraising and publicity
Advertising
1,116
-
Investment management
3,867
2,959
4,983
2,959
2,959
2,959

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

8 Charitable activities

Staff costs
Depreciation and impairment
Catering
Books
Library
Prizes
Grant funding of activities (see note 9)
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds		 2025
£
274,446
14,179
3,698
701
8,160
600
301,784
4,000
286,805
22,440
615,029
578,571
36,458
615,029		 2024
£
257,845
14,179
4,484
845
5,025
650
283,028
8,368
314,820
14,950
621,166
619,016
2,150
621,166

9 Grants payable

Grants to individuals 2025
£
4,000
4,000		 2024
£
8,368
8,368

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

10 Support costs allocated to activities

Staff costs
Operating lease charges
Telephone
Printing & stationery
Heat, light and water
Cleaning
Insurance
Professional fees
Student Support cocts and sundry costs
Amenities & training
Travel & conference expenses
Repairs & renewals
Governance costs
Analysed between:
Charitable activities
Governance costs comprise:
Audit fees		 2025
£
113,938
1,711
3,102
3,328
56,530
4,581
17,744
25,366
7,235
-
10,805
42,465
22,440
309,245
309,245
2025
£
22,440
22,440		 2024
£
106,225
2,890
2,803
3,759
84,225
3,874
16,728
10,309
11,346
66
16,967
55,628
14,950
329,770
329,770
2024
£
14,950
14,950

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the charity during the year in respect of their roles as trustees.

12 Employees

The average monthly number of employees during the year was:

Teaching staff
Administrative staff
Total		 2025
Number
6
5
11		 2024
Number
6
5
11

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

12
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2025
2024
£
£
325,946
308,661
29,168
25,570
33,270
29,839
388,384
364,070		 (Continued)
2025
2024
£
£
325,946
308,661
29,168
25,570
33,270
29,839
388,384
364,070
364,070

Key management personnel

The key management personnel of the charity who are noted in the trustees report received benefits (consisting of gross salary, employer's national insurance contributions and employer's pension contributions) totalling £126,534 (2024: £142,349).

The full time equivalent number of staff employed throughout the year was 7.4 (2024: 5.5).

There were no employees whose annual remuneration was more than £60,000.

13 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 22,952 45,006
Sale of investments - 4,815
Revaluation of investment properties - 100,000
22,952 149,821

14 Taxation

The charity is exempt from corporation tax on its charitable activities. The charity is not liable to corporation tax on income or gains falling within Sections 466 to 493 of the Corporation Tax Act 2010, or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that these are applied exclusively for charitable purposes.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

15 Tangible fixed assets

Freehold land
and buildings
Assets under
construction
£
£
Cost
At 1 September 2024
708,930
-
Additions
-
32,577
At 31 August 2025
708,930
32,577
Depreciation and impairment
At 1 September 2024
113,432
-
Depreciation charged in the year
14,179
-
At 31 August 2025
127,611
-
Carrying amount
At 31 August 2025
581,319
32,577
At 31 August 2024
595,498
-		 Total
£
708,930
32,577
741,507
113,432
14,179
127,611
613,896
595,498

The property was valued on 17 Febraury 2025 by an independent valuation expert in accordance with RICS Valuation - Professional Standards 2014 UK.

In accordance with transitional arrangements of FRS 102, the charity have elected to use fair value as deemed cost of freehold properties on the date of transition to FRS 102.

The historical cost of the property was £144,855.

16 Investment property

Investment property
2025
£
Fair value
At 1 September 2024 and 31 August 2025 1,310,000

Land and buildings with a carrying amount of £1,310,000 were revalued on the basis of market value on 17 February 2025 / 5 March 2025 by MGY Estate Agents and Chartered Surveyors, local independent valuers not connected with the charity. The valuation was in accordance with the Royal Institution of Chartered Surveyors and conformed to the extant edition of the Appraisal Valuation Standards. The valuation did not separately value the land from the buildings.

Due to the length of time since the previous valuation the Trustees determined that the fair value at 31 August 2024 should be reflective of this valuation.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

17
Fixed asset investments
Listed
investments
Cash in
portfolio
£
Cost or valuation
At 1 September 2024
525,236
8,962
Additions
55,194
-
Valuation changes
22,952
-
Cash movement
-
10,387
Disposals
(55,194)
-
At 31 August 2025
548,188
19,349
Carrying amount
At 31 August 2025
548,188
19,349
At 31 August 2024
525,236
8,962
18
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
5,400
Prepayments and accrued income
18,411
23,811
19
Creditors: amounts falling due within one year
2025
Notes
£
Other taxation and social security
7,242
Deferred income
20
13,333
Trade creditors
396
Accruals
43,703
64,674		 Total
£
534,198
55,194
22,952
10,387
(55,194)
567,537
567,537
534,198
2024
£
-
23,987
23,987
2024
£
7,803
38,608
396
22,620
69,427

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

20 Deferred income

2025 2024
£ £
Arising from income in advance 13,333 38,608
Deferred income is included in the financial statements as follows:
2025 2024
£ £
Balance brought forward 38,608 54,573
Income received 13,333 38,608
Income released (38,608) (54,573)
Balance carried forward 13,333 38,608

Deferred income relates to grant income (2024: partnership, grant and rental income) received in advance which is to be recognised in a subsequent financial reporting period.

21 Restricted funds

At 1 Incoming Resources At 31 August
September resources expended 2025
2024
£ £ £ £
ECLAS Science for Seminaries 4,517 38,608 (36,458) 6,667
Previous year: At 1 Incoming Resources At 31 August
September resources expended 2024
2023
£ £ £ £
ECLAS Science for Seminaries - 6,667 (2,150) 4,517

ECLAS Science for Seminaries

Grant provided for time spent teaching over a period of 18 months in respect of the Science and Faith module.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

22 Revaluation reserve

The revaluation reserve relates to the charity's freehold building which was revalued on 17 March 2017.

As restated
Balance at
1 September
2023
r
£
Fixed assets
468,824
468,824		 Movement in funds
As restated
Incoming
esources
Resources
expended
Transfers
Gains and
losses
Balance at
1 September
2024
r
£
£
£
£
£
-
-
(10,903)
-
457,921
-
-
(10,903)
-
457,921		 Movement in funds
Incoming
esources
Resources
expended
Transfers
Gains and
losses
Balance at
31 August
2025
£
£
£
£
£
-
-
(10,903)
-
447,018
-
-
(10,903)
-
447,018		 Movement in funds
Incoming
esources
Resources
expended
Transfers
Gains and
losses
Balance at
31 August
2025
£
£
£
£
£
-
-
(10,903)
-
447,018
-
-
(10,903)
-
447,018
447,018

Transfer

The transfer relates to amounts transferred from the revaluation reserve to unrestricted funds consisting of the difference in the depreciation charge on the revalued property compared to if it was held at cost.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

23 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 August 2025:
Tangible assets
613,896
-
Investment properties
1,310,000
-
Investments
567,537
-
Current assets/(liabilities)
439,913
6,667
2,931,346
6,667
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 August 2024:
Tangible assets
595,498
-
Investment properties
1,310,000
-
Investments
534,198
-
Current assets/(liabilities)
437,197
4,517
2,876,893
4,517		 Total
2025
£
613,896
1,310,000
567,537
446,580
2,938,013
Total
2024
£
595,498
1,310,000
534,198
441,714
2,881,410

24 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
2,429
7,293
9,722		 2024
£
2,429
9,103
11,532

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

24 Operating lease commitments

(Continued)

Lessor

The operating leases represent leases of investment property to third parties. The rentals are fixed for 5 years.

At the reporting end date the charity had contracted with tenants for the following minimum lease payments which include fixed service charges:

Within one year
Between two and five years		 2025
£
59,145
34,353
93,498		 2024
£
59,145
93,498
152,643

25 Capital commitments

As at 31 August 2025 the Charity had entered into a contractual commitment of £18,186 (2024 - £Nil) for the acquisition of tangible fixed assets.

COLEG Y BEDYDDWYR CAERDYDD/CARDIFF BAPTIST COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

26 Related party transactions

Transactions with related parties

Revd Rosa Hunt (Co-Principal) was an employee and an ex-officio trustee. The co-principal was not remunerated for her work as a trustee, and was not involved in decisions regarding their remuneration at board level. Rosa Hunt resigned in December 2024.

Employee benefits received by the individual (gross salary, employer's NIC and employer's pension contributions) totalled £11,917 (2024: £34,537). Pension contributions for the individual totalled £996 (2024: £2,891).

The legal authority under which the payment was made relates to a provision in the governing document of the charity.

27 Cash absorbed by operations 2025 2024
£ £
Surplus for the year 56,603 233,692
Adjustments for:
Investment income recognised in statement of financial activities (116,835) (117,494)
Gain on disposal of investments - (4,815)
Fair value gains and losses on investment properties - (100,000)
Fair value gains and losses on investments (22,952) (45,006)
Depreciation and impairment of tangible fixed assets 14,179 14,179
Movements in working capital:
Decrease/(increase) in debtors 176 (10,445)
Increase/(decrease) in creditors 20,522 (8,233)
(Decrease) in deferred income (25,275) (15,965)
Cash absorbed by operations (73,582) (54,087)

28 Analysis of changes in net funds

The charity had no material debt during the year.