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2024-07-31-accounts

TRINITY COLLEGE CARMARTHEN

Registered charity number: 0525786

Trustee’s Report and Financial Statements

For the year ended 31 July 2024

TRINITY COLLEGE CARMARTHEN

Contents

ontents
Pages
Directors and advisors 1
Trustee’s report 2 - 7
Statement of trustee’s responsibilities 8
Auditor’s report to the members of Trinity College Carmarthen 9 – 12
Statement of financial activities 13
Statement of financial position 14
Notes to the accounts 15 - 21

TRINITY COLLEGE CARMARTHEN

Legal and Administrative Information

Name of Charity Trinity College Carmarthen
Governing Instrument Charity Commission
Scheme dated 12 June 1997
Trustee of Charity Trinity University College Limited
Trustee Directors Professor M Hughes
The Venerable AJR Thomas
Mrs Maria Stedman
Prof Elwen Evans KC (Appointed 17thDecember 2024)
Charity Number 0525786
Principal Address Trinity College
College Road
Carmarthen
SA31 3EP
Auditor KPMG LLP
3 Assembly Square
Britannia Quay
Cardiff
CF10 4AX
Banker Barclays Bank plc
Harford Square
Lampeter
Ceredigion
SA48 7HF

1

TRINITY COLLEGE CARMARTHEN

Trustees’s Report

Chief Officer

Professor Elwen Evans KC

Governing Instrument

Charity Commission Scheme dated 12 June 1997

Institutional Objectives and their Achievement

The charity Trinity College was founded in 1848 by endowment. The purpose of the charity is to hold the permanent endowment, which comprise both land and buildings, together with charitable monies which have accrued to the charity, for the purpose of providing bursaries and undertake major functional improvements to the estate that is used for the provision of higher and further education.

The objectives of Trinity College are in full alignment with the overarching University, UWTSD.

Public Benefit Statement

In setting and reviewing the objectives and activities of University of Wales: Trinity Saint David, and therefore by extension, Trinity College, the University Council, as the sole trustee, has had due regard to the Charity Commission’s guidance on the reporting of public benefit and particularly to its supplementary public benefit guidance on the advancement of education.

The objects of the University are in full alignment with its Charter: “to advance learning and knowledge by teaching and research, and, by the example and influence of its bilingual corporate life and Anglican Christian tradition as well as by its academic work, to enable students to obtain the advantages of University education, and to engage in activities to promote and contribute to spiritual, cultural, social, environmental and economic development within Wales and beyond”.

University of Wales: Trinity Saint David has a distinct role to play within higher education. Its mission, educational character and academic portfolio attest to its strategic importance in furthering bilingualism and supporting the enhancement of the Welsh language and culture.

Mission Statement

Transforming Education; Transforming Lives.

The learner is central to the University and wider Group. The education it delivers, underpinned by high quality research, will be distinctive; it will develop the minds and skills of its students, and also be inclusive, professional and employment-focused.

Vision

To transform, shape and develop futures

The University’s aim is to establish a new educational ‘system’ of universities and colleges committed to educating students of all ages and backgrounds, and to stimulate economic development in the region and across South West Wales.

The University is progressing this vision by developing integrated strategic planning across the group and promoting the development of coherent educational pathways across a range of institutions.

2

TRINITY COLLEGE CARMARTHEN

Trustees’s Report (continued)

Values

The University’s core values are derived from our learner-focused mission and vision, and are articulated and advanced through the promotion of seven key planning themes:

Key deliverables

In September 2017 the University launched a new strategic plan for the next 5 years (2017 to 2022), subsequently extended for a further 1 year to 2023 and then again further to 2024 when a new Vice Chancellor will form the new strategy. There are four strategic priorities for the planning period:

  1. Putting learners first. 2. Maintaining excellence in teaching, scholarship and applied research. 3. Creation of opportunities through partnerships. 4. Maintaining a University for Wales.

Each of these four strategic priorities has specific plans, measures of success and key performance indicators attached to it.

Achievements during 2023-24

During the year the Charity continued to assist with the delivery of some of the University’s key priorities in the following areas:

Legal Structure

University of Wales: Trinity Saint David (UWTSD) is the former University of Wales Lampeter (UWL) and is the principal entity for all ‘university’ activities (including degree awarding powers). It employs all University staff. It owns the assets of the former UWL and Swansea Metropolitan University and the majority of the assets and liabilities relating to UWTSD’s ongoing activities.

UWTSD is the sole member of Trinity University College Limited who in turn controls Trinity College Carmarthen through way of its position as trustee of the charity. Trinity College Carmarthen have one trading subsidiary – Eclectica Drindod Limited.

Although UWTSD have no direct ownership link with Trinity College Carmarthen or Ecelctica Drindod Limited, they are deemed to control both the charity and trading company as highlighted in f igure 1 below:

3

TRINITY COLLEGE CARMARTHEN

Trustees’s Report (continued)

Trinity University College Limited (TUC) – before the 2010 merger, this was the former holding company of Trinity University College Carmarthen (TUCC). TUC is deemed to be controlled by UWTSD as UWTSD appoints the directors of the company and is its sole member.

Trinity College Carmarthen – prior to the merger this was the education charity which incorporated the original endowment, and the assets of both land and buildings together with any charitable monies which have accrued to the charity. This entity retains ownership of these endowments and the property assets of the former TUCC. It also continues to pay some bursaries. There is no direct ownership link between UWTSD and Trinity College. However, it is deemed to be controlled by UWTSD by virtue of the fact TUC is the sole trustee.

Eclectica Drindod Ltd – is a private

company limited by guarantee with no share capital. It was initiated to undertake a role that more effectively delivers Third Mission activity for Trinity College. There is no direct ownership link between UWTSD and Eclectica Drindod Ltd. However, it is deemed to be controlled by UWTSD by virtue of the fact it has the power to appoint directors.

ORGANISATIONAL STRUCTURE, DECISION MAKING AND STRATEGY DEVELOPMENT

The objectives and strategic planning of Trinity College Carmarthen are in full alignment with those of the University of Wales Trinity Saint David (University / UWTSD), which is also an educational charity. The management structure of the University is also applicable to the charity.

Strategic planning is the part of the strategic management process which is concerned with identifying the overarching University’s long term direction. It is a continuous, cyclical activity with the following phases: development, refinement, implementation, review and evaluation.

The internal process of strategic planning leads to a number of outputs, including:

4

TRINITY COLLEGE CARMARTHEN

Trustees’s Report (continued)

Executive Level

The integrated process of institutional planning is a holistic one, with each of the strategies being considered as part of the same institutional strategy development. As a result of the process, a set of coherent, institutional actions are set in place that are mutually supportive and contribute effectively to achievement of the overarching University mission.

----- Start of picture text -----
Council
Institutional
Strategy
Learning and Third Mission -
SMT Senate Teaching SMT Senate
Research Widneing Access,
Strategy
Fig 2: Executive Level Strategy Management
----- End of picture text -----

The overarching University has a highly formal means of decision making. Strategy is developed within the senior management team following consultation at head of school and unit level – the annual strategic plan is approved by the full University Council. Operational decision making is made by senior management according to norms established within job descriptions.

Governance of the University is undertaken by University Council, which has distinct committees engaged in finance; strategy; audit and risk management; estates; human resources; nominations and senior staff remuneration. Members of Council serve on certain University committees in an advisory and observer role.

Corporate Governance and the Council

The senior body of the University is its Council. Some UWTSD Council members also act as the board of trustees of the Trinity University College Limited, which is the trustee of the charity. UWTSD is responsible for major decisions on strategy, finance and senior appointments as well as the overall direction of the Institution itself.

Council appointments to Trinity College are made by open competition and the nomination of two members of the National Society for Promoting Religious Education. All appointments are recommended by the Nominations Committee and ratified by the Council.

The Council has continued with its programme of modernisation and development culminating in a policy that includes, amongst other things:

5

TRINITY COLLEGE CARMARTHEN

Trustees’s Report (continued)

Financial Health

The general financial health of Trinity College remains stable. The transactions in Trinity College relate mainly to receipt of rental income and depreciation of the buildings at the University’s Carmarthen campus. The balance sheet is in good health with a net assets position of £12.1m (2023: £12.5m).

Principal Funding Source

The principal funding source is rent received from the letting of a property owned by the charity. The charity expenditure is split into two groups: the payment of bursaries to students, to recognise academic achievement, and the charge for depreciation on assets owned by the charity.

Basis of Preparation of Accounts and Going Concern

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

The trustees have considered this risk in relation to the Charity and its operations. A forecast for the next two financial years has been prepared that considers a scenario where no income is received by the Charity. Even in this scenario, the Charity is holding sufficient cash reserves to meet the expected cash expenditure for this 2-year period.

This position is dependent on the company’s ultimate parent company, University of Wales Trinity St David not seeking repayment of the trading amounts currently due to the group, which at 31st July 2024 amounted to £5,604,571. University of Wales Trinity Saint David has indicated that it does not intend to seek repayment of these amounts for the period covered by the forecasts and that a decision to repay any balances in this period is at the discretion of the board of directors of the company.

Due to this, the trustees have concluded that preparation of the accounts should be on a going concern basis

Financial Review

The trustees are satisfied with the financial operations of the Charity in the year.

Rent income is received from a group company and has been received at the same level as the prior year.

The Charity does not have any funds held as investments; the interest recognised has accrued from monies deposited in its bank account.

The operating expenditure within the year is largely depreciation on the buildings owned by the Charity. The student prizes awarded of £760 are higher than those awarded in 2022/2023 of £480 and are back at pre pandemic levels.

Investment Policy

The Charity does not have a formal investment policy and holds all of its available cash on deposit within its current account.

The trustees are satisfied with this position, opting to ensure that the Charity has sufficient cash funds to meet it’s obligations rather than seeking investment gains.

6

TRINITY COLLEGE CARMARTHEN

Trustees’s Report (continued)

Reserves Policy

The trustees have reviewed the Charity's needs for reserves in line with the guidance issued by the Charity Commission. This policy is reviewed by the trustees in the context of the relationship between the Charity and its sole trustee - Trinity University College Limited.

The immediate impact of periodic fluctuations in the business of providing higher and further education services, and the responsibilities for maintaining the estate, are both borne by the overarching University. The Charity therefore finds that it is able to function with its funds entirely within general and restricted income categories, together with a small designated endowment fund set aside for specific purposes. The Charity is therefore able to operate freely with reserves for general purposes, as defined by the Charity Commission, but does seek further contributions as appropriate as unrestricted endowments. These are sought in order to provide a basis for a wider range of bursaries and scholarships, and also in order to secure major functional improvements in the estate that is used for the provision of higher and further education (rather than necessarily having to dispose of fixed assets for this purpose).

The Charity have general unrestricted reserves of £12.1m at 31[st] July 2024 (2023: £12.4m). The trustees have not set a formal monetary target for the level of unrestricted reserves, rather the requirement is for the Charity to hold reserves at a level that is sufficient to fund the Charity’s activities and provide security for its asset base. The Chairty’s reserves contain £9.8m of fixed assets which support the provision of education through the University whilst it’s cash balance of £0.1m funds student awards. At the current level of activity this level of reserves supports the cash outflow of the Charity for 42 years, with the fixed assets held depreciating over a further 28 years and supporting the provision of education within the University. The trustees are satisfied that this position is satisfactory.

Risk Management

The overarching University has established a robust risk prioritisation methodology based on risk ranking, together with the ongoing maintenance of a corporate-wide risk register. The overarching University’s system of internal control is designed to manage rather than eliminate the risk of failure in the achievement of strategic plans, aims and objectives. All academic faculties and support units maintain and review their risk registers on a regular basis, and when necessary, escalate significant risks to the institution to the corporate-wide register. Specific risk registers are developed for institutional projects, which are monitored by the overarching University’s Resources Committee via the Estates Development Committee.

The principal risks and uncertainties faced by the University, and therefore the charity, are as follows:

Prof Elwen Evans KC Trustee

Trinity College College Road Carmarthen SA31 3EP

7

TRINITY COLLEGE CARMARTHEN

STATEMENT OF TRUSTEE’S RESPONSIBILITIES IN RESPECT OF THE TRUSTEE’S ANNUAL REPORT AND THE FINANCIAL STATEMENTS

Under charity law, the trustees are responsible for preparing a Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. The trustees are required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.

In preparing these financial statements, generally accepted accounting practice entails that the trustees:

The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity’s transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

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

Signed on behalf of the Trustee

Prof Elwen Evans KC Trustee

Trinity College College Road Carmarthen SA31 3EP

8

Opinion

We have audited the financial statements of Trinity College Carmarthen (“the charity”) for the year ended 31 July 2024 which comprise the Statement of Financial Activities, Statement of Financial Position, and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 145 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charity in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charity or to cease its operations, and as they have concluded that the charity’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charity’s business model and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charity will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

9

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF TRINITY COLLEGE CARMARTHEN

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that group and component management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition due to the simplistic nature of the revenue generated and small number of transactions throughout the period.

We did not identify any additional fraud risks.

We also performed procedures including:

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the trustees (as required by auditing standards), and from inspection of the charity’s regulatory and legal correspondence and discussed with the trustees the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

The charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and charity legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the charity is subject to many other laws and regulations, we did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

10

Other information

The trustees are responsible for the other information, which comprises the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

We have nothing to report in these respects.

Matters on which we are required to report by exception

Under the Charities Act 2011 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Trustees’ responsibilities

As explained more fully in their statement set out on page [ number ], the trustees are responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

11

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charity’s trustees as a body, in accordance with section 145 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Rees Batley

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Chartered Accountants

66 Queen Square Bristol BS1 4BE

18 December 2024

12

TRINITY COLLEGE CARMARTHEN

Statement of Financial Activities for the year to 31 July 2024

Year Ended 31 July 2024
Notes
Income and endowments from:
Investments
Trading activities
-
Rents and room hire
Total
Expenditure on:
Charitable activities
2
Net movement in funds
Reconciliation of funds
Total funds at 1stAugust 2023
7-9
Total funds at 31 July 2024
7-9
Year Ended 31 July 2023
Notes
Income and endowments from:
Investments
Trading activities
-
Rents and room hire
Total
Expenditure on:
Charitable activities
2
Net movement in funds
Reconciliation of funds
Total funds at 1stAugust 2022
7-9
Total funds at 31 July 2023
7-9		 Unrestricted
Restricted
Total
General
£
Designated
£
Funds
£
Funds
£
1,669
5
-
1,674
50,000
-
-
50,000
51,669
5
-
51,674
(354,220)
(5,407)
-
(359,627)
(302,551)
(5,402)
-
(307,953)
12,129,815
325,677
-
12,455,492
11,827,264
320,275
-
12,147,539
Unrestricted
Restricted
Total
General
£
Designated
£
Funds
£
Funds
£
1,322
5
-
1,327
50,000
-
-
50,000
51,322
5
-
51,327
(353,681)
(5,357)
-
(359,038)
(302,359)
(5,352)
-
(307,711)
12,432,174
331,029
-
12,763,203
12,129,815
325,677
-
12,455,492

The notes on pages 15 to 21 form part of these accounts

13

TRINITY COLLEGE CARMARTHEN

Statement of Financial Position at 31 July 2024

Notes
Non-current assets
Tangible Fixed Assets
3
Heritage Assets
4
Total non-current assets
Current assets
Trade and other debtors (including £11,893,219 (2023:
£11,843,890) due after one year and £25,000 (2023:
£25,000) due within one year)
5
Cash and cash equivalents
Total current assets
Creditors:amounts falling due within one year
6
Net current assets
Total net assets
Funds
Restricted income funds
9
Unrestricted income funds – general
7
Unrestricted income funds – designated
8
Total funds		 31 July
2024
£
9,522,299
36,046
9,558,345
11,918,219
126,758
12,044,977
(9,455,783)
2,589,194
12,147,539
-
11,827,264
320,275
12,147,539		 31 July
2023
£
9,871,236
36,046
9,907,282
11,868,419
125,084
11,993,503
(9,445,293)
2,548,210
12,455,492
-
12,129,815
325,677
12,455,492

The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

The notes on pages 15 to 21 form part of these accounts

The financial statements were approved by the Trustee on behalf of Trinity College Carmarthen on 18 December 2024.

Prof Elwen Evans KC Trustee

14

TRINITY COLLEGE CARMARTHEN

Notes to the Financial Statements

1. Accounting policies

a) Basis of Preparation

The financial statements have been prepared in accordance with the Charities governing document, the Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities" and in accordance with applicable UK Accounting Standards and the Charities Act 2011. The particular accounting policies adopted are described below. The financial statements have been prepared on a going concern basis under the historical cost convention. The trustee considers the going concern assumption to be appropriate as the charity has a strong net assets and a net current assets positon, with a stable financial performance, and also has the security of being a subsidiary of University of Wales: Trinity Saint David.

The charity constitutes a public benefit entity as defined by FRS 102.

The charity is a subsidiary undertaking and is exempt by virtue of Section 9 of FRS 102 from the requirement to prepare group financial statements. These financial statements present information about the charity as an individual undertaking and not about the group.

b) Going Concern

The trustees have considered any legacy impacts of the Covid-19 pandemic on the finances of the charity in assessing the going concern position of the Charity.

The Charity has minimal cash outflows with just over £1,000 being defrayed as student awards over the past 2 financial years. The cash balance of £0.1m at 31 July 2023 is sufficient to fund these activities for the period to July 2024 and through to November 2024, the period for the going concern assessment.

The Charity has unrestricted reserves of £12.1m. The annual income statement expenditure of £0.35m is largely depreciation on buildings with a NBV of £9.8m. The trustees are satisfied that under the current structure in which the Charity sits no new activity will be introduced into the Charity in the foreseeable future and therefore the reserves held are adequate to support the depreciation charge on the buildings.

The Charity has £11.8m of debtors to being due after one year due the intention not to recall the debts in a 12-month period. The creditors due within one year are balances due to the Charity’s parent company .

This position is dependent on the company’s ultimate parent company, University of Wales Trinity St David not seeking repayment of the trading amounts currently due to the group, which at 31st July 2023 amounted to £5,594,611. University of Wales Trinity Saint David has indicated that it does not intend to seek repayment of these amounts for the period covered by the forecasts and that a decision to repay any balances in this period is at the discretion of the board of directors of the company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The conclusion to the review was that sufficient reserve and cash balances exist in the Charity to fund cash expenditure for a period of not less than 12 and as such the accounts have been prepared on a going concern basis

15

TRINITY COLLEGE CARMARTHEN

Notes to the Financial Statements (continued)

c) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustee for particular purposes. The Education Bursaries and the Sports Bursaries have been designated to provide students with awards at the graduation ceremony to recognise outstanding achievement. The Basil Richards Fund has been designated to fund the refurbishment of meeting rooms and learning spaces, the fund makes an annual contribution toward the cost of the refurbishment.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes.

d) Incoming and expended resources

All incoming resources are included in the SOFA when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. All expenditure is accounted for on an accruals basis.

e) Tangible fixed assets

Assets are stated at cost, cost represents expenditure incurred from 1 August 1940. Buildings acquired prior to that date have been fully depreciated in accordance with the policy stated. The cost of land acquired before this date is immaterial.

Depreciation is not provided on freehold land. On other assets it is provided on cost in equal annual instalments over the estimated life of the assets at the rate of 2% to 4% per annum on buildings, 5% on alterations and improvements and 10% - 33 1/3 % on other assets.

No assets are capitalised that cost less than £5,000.

Heritage Assets are stated at cost, which represents expenditure incurred from 1 April 1981, there was no material cost incurred prior to that date. Depreciation is not provided for on the Heritage Assets.

e) Taxation

The College is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11Corporation Tax Act 2011 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

f) Cash flow statement

No cash flow statement is included in accordance with FRS 102 Section 7as the Charity has taken advantage of the exemption granted to subsidiary entities.

g) Related Parties

The operating statements of the Charity may include transactions with related parties. In accordance with FRS 102 Section 33 'Related Party Transactions' these are disclosed where trustees disclose an interest in a body with whom the Charity undertakes transactions.

16

T RINITY COLLEGE CARMARTHEN

Notes to the Financial Statements (continued)

2. Expenditure on charitable activities

Unrestricted
General
£
Student awards
330
Audit Fees
8,360
Unrecoverable VAT
1,600
Depreciation of buildings used
for charitable purposes
343,930
Total
354,220
3. Tangible Fixed Assets
Cost
At 1 August 2023
Additions
Disposals
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the period
At 31 July 2024
Net Book Value at 31 July 2024
Net Book Value at 31 July 2023
4. Heritage Assets
Balance at 1 August and 31 July		 Unrestricted
General
£
330
8,360
1,600		 Income Fund
Designated
Restricted
Income
Funds
Total Funds
2024
Total Funds
2023
£
£
£
£
400
-
730
480
-
-
8,360
8,000
-
-
1,600
1,600
343,930 5,007
-
348,937
348,958
354,220 5,407
-
359,627
359,038
Freehold
Land
Freehold
Buildings
Equipment
Total
£
£
£
£
126,042
17,761,014
648,019
18,535,075
-
-
-
-
-
-
-
-
126,042
17,761,014
648,019
18,535,075
-
8,015,820
648,019
8,663,839
-
348,937
-
348,937
-
8,364,757
648,019
9,012,776
126,042
9,396,257
-
9,522,299
126,042
9,745,194
-
9,871,236
2024
£
2023
£
36,046
36,046

Balance at 1 August and 31 July

The Heritage assets are held at cost and consist of works of art which include paintings and etchings

17

TRINITY COLLEGE CARMARTHEN

Notes to the Financial Statements (continued)

5. Trade and other debtors
Amounts falling due within one year
Loan due from other group company
Other amounts due from other group company
Amounts due from parent undertaking
Total trade and other debtors
Due within one year
Due after more than one year		 2024
£
2,109,529
300,000
9,508,690
11,918,219
25,000
11,893,219		 2023
£
2,134,529
300,000
9,433,890
11,868,419
25,000
11,843,890

The loan was provided by the company by Eclectica Drindod Limited to finance the construction of ‘Y Llwyfan’. The loan is repayable at the rate of £25,000 per annum. The loan is interest free.

The other amounts due from group companies and the parent company are interest free and repayable on demand. The company has confirmed to the parent and group company that these will not be called in for a period of 12 months from the date of signing the accounts and the balances are considered to be due after one year accordingly.

6. Creditors
Amounts falling due within one year
Amount owed to parent undertaking – loan
Amount owed to parent undertaking – trading balance
Other Creditors
Total trade and other creditors		 2024
£
3,850,682
5,604,571
530
9,455,783		 2023
£
3,850,682
5,594,611
-
9,445,293

The loan was provided by the parent, University of Wales Trinty Saint David, during the construction of ‘Y Llwyfan’ and the trading balance is an accumulation of transactions incurred by the parent on the company’s behalf. The balances are interest free and repayable on demand.

7. Unrestricted fund - general

The unrestricted fund – general comprises the original 1848 endowment plus funds generated from the original 1848 endowment. Movements in the year were:

Balance at 1 August
Net outgoing resources
Balance at 31 July		 2024
£
12,129,815
(302,551)
**11,827,264 **		 2023
£
12,432,174
(302,359)
12,129,815

18

TRINITY COLLEGE CARMARTHEN

Notes to the Financial Statements (continued

8. Unrestricted income fund – designated

The income funds of the Charity include the following designated funds which have been set aside out of funds for specific purposes:

specific purposes:
Education Bursaries
Basil Richards Fund
Sports Bursaries		 Balances 1
August 2023
Incoming
resources
Resources
expended
and student
awards
Balances 31
July 2024
£
£
£
£
9,186
2
(350)
8,838
304,085
-
(5,007)
299,078
12,406
3
(50)
12,359
325,677
5
(5,407)
320,275

9. Restricted income funds

The restricted income fund represents the capital grants utilised in the construction of assets included in tangible assets. The resource expended is the depreciation on the tangible assets that have been funded from the grant. The funds are restricted to fund the ongoing depreciation charge.

Note
Restricted income
Legacies, bequests and
donations
10		 Balances 1
August 2023
Incoming
resources
Resources
expended
and student
awards
Balances 31
July 2024
£
£
£
£
332,230
-
-
332,230
(332,230)
-
-
(332,230)
-
-
-
-

19

TRINITY COLLEGE CARMARTHEN

Notes to the Financial Statements (continued

10. Legacies, bequests and donations

The income funds of the Charity, which are held in cash, include restricted funds comprising the following balances of legacies, bequests and donations held on trust for specific purposes:

Students’ Amenities Funds:
W J Roberts Legacy
Chancellor Elwyn Thomas Burssary
Stuart Burrows Music Scholarship
D D Rees Memorial Fund
Gwobr Tudor Bevan Fund
J E Mock Bursary Fund
A Bonner Steel Fund		 Balances 1
August 2023
Incoming
resources
Resources
expended
and student
awards
Balances 31
July 2024
£
£
£
£
1,804
-
-
1,804
1,142
-
-
1,142
208
-
(200)
8
2,103
2
(40)
2,065
745
-
(40)
705
1,719
-
(50)
1,669
26,784
7
-
**26,791 **
34,505
9
(330)
34,184

11. Contingent liabilities

In the event of Trinity College Carmarthen ceasing to be maintained as an educational establishment under the existing arrangements there is a contingent liability to the Higher Education Funding Council for Wales for the repayment of capital grants totalling £4,000,683 (2023: £4,000,683), providing always that nothing shall impose any liability on Trinity College Carmarthen in excess of the assets of Trinity College Carmarthen. The College continues to operate as an education establishment and the likelihood of the liability being realised is considered remote.

Trinity College Carmarthen has given a guarantee in favour of the United News & Media Plc and Lloyds Bank Registrars to indemnify them in respect of missing share certificates on the disposal of shares in HTV PLC. The guarantee is £24,123.

12. Controlling party and subsidiaries

For the whole of the year the Charity was under the control of its trustee, Trinity University College. The ultimate parent undertaking is University of Wales: Trinity Saint David. As detailed in the directors’ report, the Charity has one subsidiary Eclectica Drindod Ltd.

The principal purpose of the parent undertaking is the provision of higher education. Copies of the consolidated financial statements of UWTSD can be obtained from The Clerk to Council, University of Wales: Trinity Saint David; College Road, Carmarthen, SA31 3EP.

20

TRINITY COLLEGE CARMARTHEN

Notes to the Financial Statements (continued

13. Analysis of net assets between funds

Fund balances at 31 July 2024 are
represented by:
Tangible fixed assets
Works of Art
Current assets
Current liabilities
Total net assets
Fund balances at 31 July 2023 are
represented by:
Tangible fixed assets
Works of Art
Current assets
Current liabilities
Total net assets		 Unrestricted
General
Income Fund
Designated
Restricted
Income
Funds
Total
Funds
£
£
£
£
4,364,524
-
5,157,774
9,522,298
36,046
-
-
36,046
11,690,518
320,275
34,184
12,044,977
(9,455,783)
-
-
(9,455,783)
6,635,305
320,275
5,191,958
12,147,538
Unrestricted
General
Income Fund
Designated
Restricted
Income
Funds
Total
Funds
£
£
£
£
4,524,459
-
5,346,777
9,871,236
36,046
-
-
36,046
11,633,322
325,677
34,504
11,993,503
(9,445,293)
-
-
(9,445,293)
6,748,534
325,677
5,381,281
12,455,492

14. Trustees expenses

For the year, no trustees or officers of the Charity received any remuneration (2023: £nil)

15. Related Party Transactions

The Charity has taken advantage of the exemption under FRS102 Section 33.1A from the requirement to disclose transactions with related parties which are wholly owned by the same group.

16. Events after the reporting date

There have been no reportable events between the 31[st] July 2024 and the date of signing the accounts on the 18 December 2024

21