Coleg Trefeca Olegistered Charity Number 258456) Annual Report For the year ended 31 December 2024 Coleg Trefeca Annual report for the year ended 31 December 2024 Contents Report of the trustee Statementof trustees'responsibilities det*ndent auditOTS' rep)rt io Balan￿ sheet 11-16 Coleg Trefeca Ixgal and administrative information Constitution ColegTrefeca fthe college￿ is anuDin(04Kiratedowi8ation andaregistered cbarity (No 258456}. The Rwurces DepartIwt & Pro￿tlE$ &)ard of the Presbyterian ofWa1￿ is the cusiodi trllS￿ of Coleg Trfec& The a¢Jmini8trdtiOll of the adiviti& oftbe College has Iw delegated by the custodian tswtee to the member8 oftheTrefeea Departtnent ('manasing tnIst￿? of the Presbiteria ChuTch ofwaleswbo rep)rt to the General A%semblythrnugbthe Resour￿$ Depaitrnent &P￿￿rtIeS Board ODAn annU￿bASiS. The nwjw trust￿ who serv￿ duTing the yegr and up to the date of appTovAI of the financial Co-OPteaTrustee Moderator. Presbyterian c]￿reh of Wales RevNcrys Tudor RevNan Powell-Davies of Wales Dr Rhidian Griffiths Mrs JoannaThoTnas-Wrigbt Mr Glynog Davies MrIaD Ha)wan] MTS Sian FAwards A6wiation Luthe Sollth, PresbytsLian thllrch ofWa]es ASS￿1￿tion1￿theE&Sl,Plrsbyttt1Xnchurch ofwaiesl SeoTtary CiTropted / Joint Manager thlegy Bala Awiationinthe Nortb, Presb￿ Churchofwalesl Chair Underthes¢herne governing thecolkge, thebrmly of manA8in8tntstees sh8llo)nst5tkn LX)mplete of 8 ex officio trustee5, 6 nomin&ted tri￿ and not more than 4 (Y)-optsI tmtew. The nominat￿1 trustees willbe appointeA asfollow5: o￿bythe QeneralAss¢mElyofthe allttcb; Onebythe H￿tory D¢partllLent of the Chutth., Onebythe cbuLth's PresbyteryofBwn and Radn0ra￿l Hereford and its siic£&ssor8; And The CO￿pt￿l tntstees WLI be appointed by the manaw tsustees at a SFeual mttting cal]ed under Clause 17 of thegovernillg s￿￿￿e. Coleg Trefeea Legal and administrative information Prlncipal address Solicltor ColegTref CollegeIAne Gei¢knds Lt 4 Capital Quarter Tyndall StreL* C8rdiff C￿0 4BZ Brewn Powys IJ)3 OPP Independent auditor8 BBrclays BankPIc 1-5 St Davidsway. 28 Worlung Street, St Davidscentre, Cardiffi 2DP Ty Derw Coleg Trefeea Report of the trustee for the year ended 31 December 2024 The trustee is pleas&1 to PLTsent its annual Teport and audited financial statements for the year end￿ 31 De￿rnber 2024. The inforniationvrith resFertto trustees. officeTSandadT￿wJrS setout on pages i and 2fonnpartofthis re￿rt.Th￿fi￿8￿ela1 ststements havebeen prepArd on agoing concern b&sis in tompliancewith the applicable accountiDg standaT¢ts ID the United KiDgdom ineludiDg the Siatemenl of Recoll￿￿eDded Praetiee (SORPJ: Aceollntlng and Reporting by ¢]wities its preparing their financial statements in accordanee with the Financia] Re￿Ing Standard (FL8) applicable in the UK and Republic of Itelalld (E￿ 102). Statu8 and objectives The College is the lay training ceDtre of The Pro8byterian Cburch of Wales, T&ben￿Cle Chapel 81 Merthyr Roa& Whitthweh, Cardiffj CFJ4 IDD. Its objective is to promote and provide tr8inillg for preachers and W0￿bIp leaders, elders and eonnexional lay staff. Coleg Trefeca is also the historical centre of the Connexion. The College is administered aB sepaTately Te8iStered chtirity. A new Charitable Ino)rporatf>J Organisation (Associ&tion) for Coleg Trefeea WES registered with the Cljarity Commission on 22nd May 2024 ID 8etting the College obiective. aJd p]anning it8 8etEvities. the twstee bas given eonsideration to the Charity COMMI￿10n.$ general guidance on publicbenefit. Connected charity The College recelv&l ats anmth] grant fromthe Pr¢sbyterIan Church of Wales to asstst sa1￿￿e$, running eosts and eapital expenditur& The ceased at the end of 2022. The College reports lo the General A8sembly of the PresbyteriaD Church of Wales throu8b its Resources Department and Properties BoArd. Developmenty activities and achieveDients D￿1￿18 theyear* the College e4)tttinuedto promoiel8ytraining in the Prtsbyteriaii Church ofWale8. Following extensiFe water damage to the &￿mM(￿l&tion b1￿ at QTrleg Trefeca in 2023. the site was fully operational agxin by 2Q¥. The current charitys bewouJMI down following the estsblishment of a new Ch￿l￿b]e Incorporated Organisation forcoleg Trefeeawhich was regtstered with the CharityCommissioD on 22wJ May 2024. For 2024, both sets of trustees have workoj togetherto administer the College. with the CIOleading on thework moFingforward. Ag L￿rrellt trustees. wehave fDcussed o handover of the finan¢io1 and administrative tAsk8. The L8sets of the eollege willbe transferred to the newcharitable Incorporated Organis&tioniti 2025 afterwhich the current ¢haritywill be fOrm￿wOundllp. HerltageAssets In accordance with the proivioDS of FRS 102 (p&rn 34SO -34s6). the value of the Howell Harris Museum together with artefacts transferred from the Nationa] Iabrdry ofWa1￿ Aberystwyth in 2014> I(￿￿tea at the C(Jllege has been induded within fixed assets at a value of £280,514 (2023: £2280.54). The ￿lUation uscd an t￿ll￿nCevalUe and the trllstce 11ege's ob5￿tives. The net outgoing unr&qtricted resources for the year awlounted to £140,3u (2023: £701392). This was ¢xounted for by the d￿rease in inLYme alm offsetknng a de(rn8e in expendituTr from £268,(M¥ in 2023 to £169,322 in 2024. Going Coneern At the time of approving the financial statement thetrustee8 have agreed to trmsfer the aetivities. awts and liabi]ities of the cbarityto the Charitable Incorporated Organisation Coleg Trefec4' ChaTity Registration number 1208362 incor￿ratsd on 22vJ IvIay 2024. The transfer of the assets and liabilitLes Is expected to take place in 2025. On this basis the trnstees COD8ideT the Charit￿&finan￿al ststements should be pTrp8red on a basis otheTthan going concern.Adopting ab&sis other t]￿1 going concern has not had auy impact on the recognition and measurement of the chariws assets orliabilities it 31 December 20¥. The financial 5tatement5 do not iticlude anyprovisions for fvture c(ksts of tenniDating the busine&8. The ￿n￿strIctedfiuthare*v#II8bleforUSebytbe College. The tsitsteeh&s de1erM￿edthat unrestrict nds should ￿ at a leve] to rell￿t approxtmatejy oDe yearfs worth of eq￿ditllre to ensure the continued iriabi]ity of the Collw in the event of unforwn circun￿￿5. At 31 Dwnlxr 204 the The trllstee is satisfi&l that the flnancial position and reserve5 atthe year-eDd are adequate to meet the Ongoing reqllire￿ents of the College. Funding from the P￿sbYterlan Church of Wales ￿aSed at the end of 2022. Investment power) policy and perfornwice The tsi￿tee tN)wersofTrnv&stmeDt is governedbythe TruS￿Act 2000. The eurrent po]iLyi8 to invest in fixeA interest S￿￿ritIeS and Short terni cash detx)sits. These investments held in the name (rfthe Thetrusteeis undert8kingx reviewofthecurrentriskrw8ter, and uphting it to refitttthemaiorTiBk8 to whidj the College is exwwd al￿ its Tisk management and internal o)ntroi proC￿lureS in order to ensurethat Sy5tew 8Tr l[LP]￿kn mitigatethese risks. Governance of the College During 2024, the liustee met as required. On a day to day bLsi8, the College is administered by the 8taff at the College who liaise closelywith the trustee when significant ll￿tter$ arise. Public Benefit plamDing and reviewing its a¢ttvities tbe c￿llege h&$ ￿￿sIdera1 the Charity Commi&¥ion's guidanee on public }￿llefit alld in pthlcu1￿the sFec]fic￿idanCe for cbaritiesforthe advancement ofreligion. Date.. ￿ Octoiw2025 Coleg Trefeca Statement of trustees, responsibilities The t￿SteeS a￿ resp)tssibleforpTeparingthe Trustees, Annual Report andthe finan(llo1 Ststements in accordanee with applicable lawand United ￿gdorn Accounting Stsndards Iunited Kingdom GeDerallyAc(xptedAccounting Praetice). The lawapplicable to elwities in £n￿nd and Wale8 requires the trustees to Prepare fiuaDei¥J statements for eaehfinaneial year which give a true and fairviewof the state of affairs of the charityand of the incoming r&8ources and application of resources of the charityfor that peTi¢XI. In preparing these fllwicial ￿teMents. the trustees are r4uired to". select suitable aeeounthg po]ieies and then app]ythan consi8tently. ob8erYe the methods aud principles h) the Charities SOIiP. makeJUd￿ents and estimates that are reasouable pri￿ent. statewhether applieable aecounting staudgn]s. comprisiDg FRS 102, have folloMEd, sllbjert to any matelial departures disclosed and explained in the financial statements. and prepaTr the fillancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue ID business. The trustees are responsible forkeepingproper accounting records that disclose with rea80uable accuracy at anytime the fiDllDcial ￿sItiOn ofthe eharityand eDable them to ensure that the financial ststements complywith the Charities Act 2011. the Charity (ALYounts and Reports) Re￿￿atiOnS 2008. They are also re8poDsible for safesu8rdTrngthe assets ofthe clwity and hence fort¥knng reasonable steps for the prevention and detertion of fraud and other irregularities. Dale.. ￿ 0(*0￿r 2025 Coleg Trefeca Independent auditors, report to the trustees of Coleg TrEfeea We haNE audited thefinanL?al statements of ColegTrefecaforthe year ended 31# December 20¥ which comprise the Statement of FI]jan(￿alACtt￿ryties, Balall(￿ Sheet, and notes to the financial 5tstemeDts, ineluthns sigllficant aCLX)untiDg policies. The reporbng fra]neworkthathasken a phed m therpreparatmm ￿ app]￿ab]elaW8lla UDited Kmgdom AC￿unting standa￿ incfuding Finan(1￿ Re[￿)rting Standard 102 TheFInal￿￿lReportlng StandardappiiL¥thle in the UKomlRepublicoflreland (United IQnsdomGeTherallyAccep￿I Inour opinionthefinanaal staten￿. give at￿￿ andfairviewof thestateof the dwiws aff3irs &8 at3ibl De￿ber ?0¥, and ofthe ehantys m￿mmg r￿A)ll￿ and aPpl￿at￿ ofresourw mdudmg its meome 8nd e4￿nd￿l￿, fortheyear Ihenelld￿. havel￿ PTepar￿1]ll a￿on￿}y1th Ihe reqUi￿ellts ofthe aJaTities Act 2011. Basis foropinion We conducted ouraudit in alr0rdan￿withIllternatioDa1 Stsn(lanb onAudAtsng (UK) (ISAS (UK)) and a plicablelaw. Our res ilitiesunderthose standar(L8 arefurtherd0qCn￿ in theAudito s resy>wibiliti&8 fr>r re audit of the financial statements ￿10￿ of our rt.we are independent of the chwity in a(W[dan￿Withthe ethical requiremellts that are re evantto ollr au¢bt (rfthe finanaalstatements Ln the UK mc1ud￿gthe FRCS Ethid SIAndart and we have fidfilled ourothexethieal I￿￿￿ltIeS ID a(wrdan(*wth th&se requirell￿Its. We be]ievethatthe audit eNUden￿lve obtsined is sufficientalld appropriate to provide a bLgi4 forouropinio fo ouropillion on thefinaneial statements whithis notmodifi&t we drawattentiOD to note I to e financial statementswhich d￿en￿ thetr￿St￿ re8￿0￿ MI￿the fiDano81 statementslMVeb￿pw9Tr1on abgsis otherthangoiDg Lvncyrn thanthefinancial statements and our auditorfs rttherwrn The trustees are r￿)rL￿ThIefOT the otherinforn)ation(x)ntsined ￿tbill tbe aDll reFK)rL OUT o inion on thefinancial State￿ellts does notLxwerthe otherRDfonnation an& exwtto e extent othenfyise expliatly stated in our we do not expre&s anyfonnof assurance condusionthereon. Our ibi]ityis to read the other inforrnatioll an4 ill doingso, ￿nsider whethertbe otber rllthtion ismateLiallyino)nsistent with thefinaneial stratements or ourknowledge obtsined in the o)urseofthe audit or otherwise appe8Th toEe materi8Jy misstateiL Ifwe identify such material inconsistencies orapparent mateiial misgtatementy we are LEqUiTed to determine whetherthis w rise to amaterial]ni*atemellt in thefinancial statements then￿]veS. If. ba￿1 onthe workwehavewfonned we condude thatthere is amaterial missthtement of this other lnf0nnatio￿ aTe ￿qu￿reat0 repOrtti￿faCL Wehave nothiDSto re[￿)rt inthi8 regard. Coleg Trefeea Independent auditors, report to the trustees of Coleg TrÉfeca Wehave nothing to reTM)rt in reSP￿Of the followingmatters in re]ationto whIchtheCh￿1tsdS (A(£ounts and RetM)rts) Re￿￿￿0￿8 2008 r4ullEUS to re￿￿ toyou rf, in our Op￿On. with the trustets report. or sufficient a(rountsng ￿X)r￿9 have notbeenkepL' or wehave nOtre￿IVed4￿the Inforn￿tI(￿ andeKp]anatiOA8 we requireforour audiL A8explainednwrefullyin thetr￿, ibllities Statem￿tset0llt0￿p&ge 5 the tr￿teeS E ￿Spo￿le forthe PTeparation ofthTcial statements andfOr￿]ngSatr$fjed thatthey give a true andfairview. and forsucb intern8J controlasthe ttustees detern￿￿ LS ll￿t0 enabletbe preparationof financial StateM￿tsth&t arefreefrom rnaten￿ mJsstatemenL whetber dueto fraud orerror. abKty' tt) (x)ntinue &8 a going Conce￿ di￿1051￿& &8 app]ieable, matters relat the chall￿8 to going ulncern and usingthe going tx>ncernb&8is of ac(y)untingunle5sthetrusteeseitherintend toliquidate the clwityorto ￿aSeOper8tiot￿￿ orhave no realistic alternatt￿butto do so. Wehavebeen ap inted as auditOru￿1er￿l10n 45 of theClwitiesAet 2011 and reportin ac(x)rdanLYwith leAct and re1evantregulatio￿9 made orhaviDg effezlthereunder. Ourobjectives are to obtsin ￿sOnable a8suran￿ alm)Ut￿etherthef1￿&nCl&1 statements as a Mthole are freefrom material mi&8tatemenL whetherthieto fraud orerror. andto L￿e 8 auditor's reportthdt includes Ouropinio￿ Reasonable as5uran(* i8 ahigh Level of assuran butis llot aguordntee that an audit(x)rMluct￿l in ac(YJrdancewith ISAS (UK) will ah￿yS de￿ a Mat￿la1 mi&statementwhen itexists. Mi￿laternents (Xll arise from fraud orem)r *￿e )nsideTed materi81 At individuallyorinthe ag8re8at&th￿ (mld reasonablybe expected to illfiuet￿ the e(xJnomic deciskons of usas taken onthebasis of th￿efinanCIal statements. Afurther ducriptK)n of ourresp)nsibflities is avallableonthe Fmancial cou￿11,S weljsite at.. hatl )s.Ilwww.fre.orLTr uk Our-IYI)rk -4udit Audit-and-&*%urdnee iiidance StaTidarils-and- Juidanee-foi'_a Auditors-res oIu%ibiLities-for- audit'l)&scri tion-of-auditors-res nsibilitie5-for-a ' dwLiptiollforn￿part ofour auditorfs rew)rL inc]uilingfraud ities. includingfran¢ are insta￿ of non-comp]ian(rwith laws and re￿latiOns.We design Pr(K*d￿ inline wtthour reSpOn￿bilIties0lldin￿l aEK)ve andonthe F￿alle￿I We obtsin and update our undertajth of the entity, its acttvitie% its LX)nttoI emiTh)nmert and like futU￿deveLop￿1eIAt4 includiDg inre]atioDtothele8al and atoryframework applicab atdhowtheentityis L on this understandin weidentify 8J]d asse%8the risks of mate ' Mi￿￿ten￿ntofthe fina￿1￿ staternents,V￿ether due to hud or error. designandwfornl auditproceduTes reSp)n￿t0 those rislL8, and obtain auditeVidet￿ that ig Slrfficient and appropriatetoprovide ab8sisforouropinioTh This indudes o)nsideration of theii8kof a(*sbythe etttstythatW￿e contraryto appbd)le]aws al tion5, induthng t￿tOther1Sk0f iryknAtiL8 and nOn-(t)mp]ia￿wIth]awS andrryulation iitsgation and claims &swell&s actuaL andalleggjfraud. Coleg Trefeca Independent auditors, report to the trustees of Coleg Trefeea .Aqwing the extentof compliance witbthelaws andregulations LY)nsideredtohave a dI[￿t n￿tena1 effertonthe finall(dstateM￿ orthe oFel￿o￿80fthe entitythTougb enquwy and (Y)mp]iance with app]iCAble laws andTe￿latiO1]s. •Perfonning audItI￿)rkIJVe[the risk of n￿laSernent bias and override ofeonth)Is including ttstingofjournalentriesand other adiusttnents for ropriateness, evaluatingthe busine&8 rationale of significant tr8Jwctions outside the no accountingestimat&s foriThIicato￿ of Frf)tentigJ bi8S. Beca￿ of the inherent lillJitatioD5 ofall audil thereis a riskthatwe will ￿taet￿t all irregulariti￿, includingthctseleadiDEto a materi￿rni￿8temelltjnthefi￿anC1&1 statements or nOn-(x)mphan￿￿th regLllation. Tl)LS risk increases themorethat (x> knce with alawor regulation is removedfitjm theevents andtraDSartiOA8refithl intheLanCl￿ stateu]ents. as wewllbe le&% ]Wtol￿Ome awa￿Of InStsTh￿ of Thon-(xJmplian(r. Tbe ri8kof not detecting a material misstatement r&8ultingfr0nL￿lld ishigbertlw forone r￿ltingfrOrn ermr, & frdud may involve Lyjllusw fotgery, itttentionaI omis8ion4 misrepresentatioJ)s. or the override of internal control. Use of ourTew)rt This reportis Made S￿le1Yt0 thechariws tswtees, as abody, irAa(Yx)n]anceivitbPart 4 ofthe r) Regulatio￿% 2008. Ouraudit work!]&sTr*en undertakenso thatwe mightstste to the 'tys tsILStwthose matters we arerequwed to state to them in an auditoEs re￿jrta￿df0r llo ot}￿pUrpOSe. To thefi￿&Siextentpern)ittedby1aw, ive do not acceptor assume rwonMI)llityto anyone other thanthe ch ' andtheChari￿S trustee5 as a b(xty, forouraudit worK fortbis teporLorforthe OPiDiODS we fornied. IyDe Cardiff Gate Busine&s Park CF23 8AB QI O£to￿ 2025 Azets Allditseryi￿s isejigible to act as aDauditorin terms of seztion 1212 of the Companies Act 2006. Coleg Trefeca Statement of financial activities for the year ended 31 December 2024 2023 Incojne from: Course and residentia] fees Donations BaDk Int￿St Insuranee elaim rtteiwdble Other 18&25 074 9•293 18,525 1,074 9493 3s69 810 6.166 A87,569 98 116 116 291008 295008 198.212 Cour 169*322 169a22 268,604 169a22 x699322 268,604 Net ineome/(expeDdlture) (Moax4) (1409314) (70J392) Unreali$LyJ g8insoD heritage 8&gets ia96 (A40?3M) (WJA4) {68,996) Retontaliation offund8: Total fimd$brought fonYArd 441,322 280￿¥ 721*836 790,832 Totalfunds Ca￿led forward 301.008 28oAM 584522 724836 All r￿O￿liSed gains and ILwe8haTrT Eeen includ￿1 intbestatement of Tr1nanCl￿ActsV1tie8 and the amollrjtsinclud￿ are daived from the L))ntinuingoiRrationsof the College. LY>St equivalents. The notes on pagesto li to 16form part of these financial statement& Coleg Trefeca Balance sheet as at 31 DeL*mber 2024 2024 Fixed &qsets TaThgbleassets Heritageassets 184995 280￿ 21&433 280& 465)509 498,947 Debto Cash atbank and in hand Short Terni DeFosits 65*702 (121) 309•771 0,620 6,181 309.77L y75,352 4kn72 Owed tothe Presbiterkn chll￿h of Wai 259a39 233.683 259J39 233,683 222.889 $81,522 7￿,836 Unrestricted R￿tileted fithd- Howell Harrismuseum and 301,008 28oy514 44L322 280,514 581552 721,836 Thefillanaa] StaternentswwEappTov￿IbytheTh￿teeso￿2locl0ber2025anasllgug10n itsbehalfby: The on py to uto 16fornipArtofthasefiDancial ststements. io Coleg Trefeca Notes to the financial statements for the year ended 31 December 2024 The fina￿claI statements Iwve been prepar&1 on a going (x)nceTn basi& under the historicaj cost conveDtiOfy wlth the eKception ofI￿Rtage Mthieh are indUd￿l on A Tnarket va]ue b#5is, aDd aLTordance the app]ie4ble afxwting SLgndaTts in the Unit￿1 IQngdom, the Statement of Rqy)mrnendd Pra(*ice (SORP) °Aco)unting aDd Rewiting by Clwitioq" (effective i January 2019), FKS 102 and in acu>rdxrhowith the ClwititsAct 20￿ using consi8tentlyapplieda(tountiDgpo]icie& The financial statements are prephred in sterli]Tr& which is the functiODa] eurreney of the c]Jarity. MonetBryamounts in th8se financTral statements aTe rounded to nearest £. AtthetimeofapprovlngtbefJnan¢T￿8tateMeDtthetntshaVea￿e￿ItOtransfrrtheaCtlv1ts￿ a&sets and liabiliti&8 of the eharity to the Charitable Tn(x>rp)Tat￿I OLEanisation Coleg Trefeca. Charity Rewtioll number 1208362incorporated on 22ty] May20¥ Thetrnnsferof the assets and lialmlities is ex￿t￿l to take pla¢e in 2025. On tl)isbasistbe tt￿SteescOnsldertheehanW$fin0DCLOlst4ternetsts sh0uldbeprtpar￿]0ll￿basi$other thall going wncern. Adopting a basis other going u>ncern has not had any impart on the reewlltion and measu￿￿ellt of the assets or liabihties at 31 Decemter 20¥. The financial statements do not includeanypLY)visions forfuture costs of termI￿tIO8theb￿s1De Income poliry Iu{x)ULefrowdonationsat￿Ieg*uesIs re¢x)gllisdonareiEivabkbasiswhenthere is sufficientcertainty of receipt and the value of the incoming LEsour(e can be measured with sufficient re]iability. Grants receivablefiY)m the PLBSbytffian Chunhof Wales oJElncludedas in(%)me in theyearof receipL FiKed g￿etF￿￿ha8es undeTthevalue of 4000 (2020: £3,000) are not eapits]ised. Depr￿lation is charg8lbyusing thestsaight line ￿eth￿1t0 wrttedownthe ¢ostofthea&*ts oNvtheir 5%pa 10%-20%p& Furniture, fittings and equipmeDt The ￿n0[nIc ￿e[u1 livts and residualvalue of a&8dsgre reVIeh￿ atthe elldof ea¢h riod. hasiwL no cILaugetn the e5timatedusefuI e(onomie lives during theyear. Heritage Assets Heritage assets are induded in the financi￿StateD￿lS0n avaluation bosis. The Howell Harris Museumshows aswts of the]ifeofHowell Harris whose IT35 thnverslonl￿Ito the foulldingofwelsh MetlKMlism" aLwthecommunityTeuluTreFera'. whith he e8tabli8hed atthe College in 1751 Thedisplay8 indude a &8 it mighthaveTr*en in Harris. time, an outdoor Coleg Trfeca PTeadring siw and pa￿]ste7]inghlS Story. Aeoll&*iollo(32religious Ix)okn, mostofwhithwe printedbythe Trevecka prESS' ID thelate eigljteenth ctnturyare displayed inTOtation ID the museum along with artefaets and furniturEfrom Harris'speriod at the College. Notes to the financlal statements for the year ended 31 December 2024 Principal aecounting po]icies (continued) Heritsge A&4ets ArtefActs indudingfurniturfy sllveLJYar¢ and0therlten￿ of historieA1si￿]fie#ll￿8re also held at the The YTh￿tees coDsiderthatthe eontents ofthemuS￿M are Heritage A88rts withiJ the nwning of FRS 102 aDdhawbeen Includ￿ intbe financial statements at tFLeir insuran￿valUation contairLed within y LyK%tstomaintainthe museum OT its artefact8are Ch￿￿ltOthe Statement of Fina0c￿A￿iVItieS eherged. The museum 18 rnan￿d by the truth and. on a day to day bBsi4 by the Head of Oper&tioDs and Growth. DetAlls ofthe 4lltef&cts are kept ai the Colleg& Addilion8 to the MU￿uM e8n ￿ made by way of donation. Any PUTchases or disp)saJs (in &%rytiODaJ circu￿￿￿) requite the appTrval of the trustee 81)d the aLurch through the General knembly The museum and artefarts are generally acceSs￿lIe Mondayto Friday1*t￿ ioamand4prtL Stock St(￿ls stated at thelower of u)st and net r￿]iS￿ble￿a1Ue. All funts hddlrythe Colleg4withtheLWt￿0f the Hohrll Harrismuseum and artefacts co]JeL*KTrn. 2reutir￿tr￿and (￿beuSedinaeCt1rdalleewLththeeharItab1eobJeCtsatthe¢ji￿cretlonOfthetr￿Sttt. Cftsh flow statement The Cx)Ilegehastaken advaDtageof the exetnption undeTFRS io¥ Wa￿ph iJ2(b). frompreparinga stLtemettt of i*sh flows on the basi8 that it is a qua]ifyryn8 eDtity and its ultimate p8Trnt. pres￿￿74n Churehof Wth. lnc]utstheCollege'8￿h fiowsin its own (x>llsolidated finallc1￿ statemen The CharitypaTtscipates in ader￿e￿ benefit pension schen￿Op￿8teabY itsparentcharity, The Presbyterian Church Ofwales. The schemeis accounted for ID theparentcJwiW$ actounts, The Ix)ntnbutioDspaid bytheC]Mrityare a(xoutttd for L8 if the scheme were adefined LY)lltLthution scheme as thecharityis uDabletO 5eparatdyideDtifyits share of the undeAyinga&setsor liabilkties inthestheme. Taxation TheC0llegei5a￿JSteredch￿itysI￿ &8sucbiseThtiti￿tot*rthln￿Xlxempti0nS0lllDo)rneandprOfjt8 from investments, andsurpluseson any trading artiViti￿ LWTiedout ID the furtheThm of thecollege's prillwobjective4 if thesewofits alldsurplwes ore app3igJ soldyforelwitsble Coleg Trefeca Notes to the finanaal statements for the year eI￿ed 31 December 2024 Analysls of expenditure Other 2024 2023 Coutses Shop 25.656 52382 91,284 169322 268,604 25.656 52*382 91,284 169a22 268,604 Auditfees are paid bythe PTrAbyterian Church of Wales. Support coslB *0 2023 Offiee and maintenanee costs l£gAI and professiona] fees Depreciation and ioss on dis 17*753 J,191 33A38 66,783 J,162 68.266 S2•382 136,211 Bgsis of allocation Support costs are alloeAt&l on the basi8 of the eslknated percentage 8llocation of staff spent on the charitable activity of the College. 3 Staff costs 2024 2023 wag￿ and s3lari&s Ao6 2.250 26fj59 21396 25y656 28?955 The num7Rr (rfemployees during the yearwas: No employee r￿lVedrem￿￿eratÈoti of nLore t]wi £60,000 (2023.. Nil). No (2023: one) tn]stee had ext*])ses paid or hpre reimbursedfor expenses in the year. 13 CA)leg Trefeca Notes to the financxal statements for the year ended 31 December 2024 4 Tangible a￿ets Vebide8 ImpnThTmeAth EquipmeDt At i January 2024 Additions At 31 December 204 1&794 716.￿2 317A67 1,110,443 16.794 776,L82 317A67 LIIOA43 Accumul*t&l Depreclatlon At i January 2024 cha￿ foryear At 31 Dewnber 2024 14.294 631,397 246,319 L6 262.674 892,010 16.794 645.980 925A48 At 31 Deirmber 2024 At 31 DeLemiYr2023 2SOO 144>785 7LI48 218,433 5 Heritage Assets Heritsge assets Are included At tkn insurance valuatio Therewere no ￿dItiOnS or disposals in 2024 and the estimated increase ID the value of heritage L%sets of £nil (2023: £ia96) hasbeen credit￿] as an unrealistyj gain on v81uation of HeritsgeA88et. 2024 2023 At i January %80￿14 279JL8 Unrealisd gain for theyear 1396 At 31 December 280)5 280&4 Coleg Trefeca Notes to the fmancial statements for the year ended 31 December 2024 Debtors 2024 2023 9A43 iJT7 All￿llnts OW￿ from the Presbyterian Church of Wo144 6&702 65,702 140,620 Movement OD funds Total Balknee January ID¢oming resotsrcag 31 December 2024 Unrestricted Restricted 441￿22 280￿ 29.008 (169322) 3￿.008 280,s 721.836 29,008 (169J22) 581,522 Restrirted bmds relatr to the heritage asrtsheldbythe clwity. Pen81on ¢08ts All employees at the College were eliyTrle to beLX)m¢ members oftbe Pre￿b￿rI￿n Chwch ofwales fitd salary pensiott scheme. The scheme Wds elosed to fu￿re aecrnal OD 30 September 2022. All employe&8 are e]igLble to i)in the PLEsbyterian Chllreh of Wales defined contribution scbeme administered by Cu5hon. The fJna] salary sebeme provid&8 I￿efits based on fiDal pensiongble pay> contributions beiDg chaL¥d to the statement of financial activities so as to spread the cost of pensions over employees. working lives with the College/Presbyterian Church of WAl&8. Full detalls of the assumptions and valuatlOD of the scheme are shown in the financial statements of the Presbyterian Cburth of Wales. Gintn￿utions to the 8chemeby the College fortheyw amounted to £1)]] (2023: £nll).Allemployer peDsion contriknktioDs have paidby the Pr85byterian c]w￿h of Wales. Coleg Trefeca Notes to the financial statements for the year ended 31 Deeember 2024 Related party tran8action8 The College is the lay tsaining centsr of the PresbyteTi8n C]wrch of Wales, Trbernkde chapel, 81 Merthyr RoaiL Wbitchurch. CFM IDD. The Intst¢es have CODsidered the disd&sure requirements of the Statement of Recommend￿ PrAdi(E for ChaTiti&s and Co￿lder that the transactions ruwiring (i) the Presb)rterl8n churth of Wales has awarded a grant of £nll (2023: £nil) to as8isL with salaLie8, nllmiThg ¢osts and Capital expenditure duTingtheyear. (u) The (¥&llege £60.0(K> (20￿. £nll) to the newTIef￿a CIO so it Could u)mmen cbaritable activities. Ciii) the College hAS a cr&litor ba]an(% of £259a39 (%>23: £233,683) at the yeAf-end in relation to stsff which the P￿Sbyterlan churcb of Wales admintsters on its Etbolf and amounts paidbythe PresWerianthuLrh of Wales in Telation tothe upgradingofthe aca)mmotstion blc (iv) the collegeha8a¢]d)torbAlan(*with O)legyBa]aof £9wJ (2023.. £tiil) inre]ationtOiDtere51 rryxivable onthe Properties Board dep)sit. (v) the College h&$ a debtor bolance of £56AO9 (2023.. Ewi77) at the ye¥r-end in ￿]ation to illLy)n￿ TeL*ived by the P￿byter]ati Churth of Wale5 in Lrlation to hosting reAJgees from Ukraineless any re]atg1 ex[￿di￿￿Ep￿ldbythe Prdrytffian Church of Wales. (vi) No trL]Stee (2023" none) of the College has an outstsnding ear loan frorn the Presb>rterian Church of Wales of £nll (2Q23: £tiil) at the )wr eDd Totsl interest of £nll (2023: £n]1) ' payable to the Church in re]ation to th￿ebalanc￿ duriDgtheyear. The maximum w kmn avallable is £6￿00 (£8￿00 fr)r the wtbase of on el￿trIC C4T) repayable over a m￿ll[luM period of 5 years. at an inter￿t rate of 3%. The 12r loan5 a UDsewral loans. The Tll8xinm mortg8ge Avallabie is £200,tM)O Tepayable ¢)vera Tnaximu periodof 30 year4&tan interest rateof 3%. Thereare(rrtaineXceptionstothesetern￿Withi￿ the morigage rules setby the Church and each CO￿81dered on an itidividualba%i& The mortgage iss&uredby a firstcbarge agaiDst the pr￿rty.