Charity Number.. 1010405 Tlie UtLiVtrsity of Westminster Prizo gnd ScholAr8tLiP Fun Report And FiDRnci*I Stattments For the year ended 31 July 2025 THE UNIVERsrtY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND REPORT AND FINANCIAL STAT[￿][￿.1.s 2025 CON'fEN'IS lJ8gt Reference and adminislT&live deiails Repori of Ihe Triislee St&tetneDI ofTwslee% TespMsibiliti£% Indepcnd¢ni Auditor's Report io the In151¥e of The University of Weskniinsier Prize 2nd Srholatsliip Fund Stat￿ne￿i of finèn¢ial aciivilies Balattee sheet N￿¢$ lothE Accounts 14 THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND REFCRINCE AND ADJTrIJNISTRA'fivE DETAILS TRUSTEK lThe UMiv¢rsiiy of we￿￿11n$trr Diitr¢iois'. Mr D Airdn (Tesigned 30 June 20251 Mr A Ajayi (resigned 31 Mar¢li 20251 Ms V C Rarloii lappoTni¢d 01 Jiily 20251 Mr J P Ball lapwiiited 01 Aptil 20251 Mi JJ C Bairamaii Ir￿1817Bd 31 Mar¢li 2025} M5 A Il¢rtanc lappoini¢d 01 April 20251 'rofc5s0r L Bctry Ptofessor P Boiifield Ms C L Brad5hHiv IAppoinled 01 April 20251 Ndr C Dhapalkar IresiBtted30 June 20251 M5 J M Figiier8s IAppoinlid 01 April 20251 Mr S J Ford (Hpwiiiied IM Oclobcr 20241 Ms v f051er Ircsign¢d 28 No*rtbcr 20241 Mr S Griffilhs M5 N Giirurani lappoiiilcd 01 April 20251 Ms S Hafecz Iresigned 03 Ociober 20241 Mr'l. K Janies lappoini¢d on 01 April 20251 Dr S Jarvis (resigned 31 July20251 M5JKh Ms C Morgan Mr A U Miisani (Bpwinled 01 July 20251 MrT c'foumazis Ms S Shabbir Ms L Phillip5 IT¢Si4n¢d 31 Augusi 20241 Miss J Robson-Ellanchaid Professor r Ross (resi￿ed 31 Mar¢li 20251 M¥ H G 8iiiiwn lappoini¢d l Aiigust 20241 Mr M X WanglFesigncd)I M8Tch 20251 University Secretary andcljief OpEiatin8 0(fieer Mr l M Wilffloll University Sc¢retary Mr D Rslubbs lappoinled 05 Marth 20251 AIII)ITOR KPMG LLP IS Callada Square Canary Wharf Lonth)n E14 5GL BANKIRS National Wttsiminster Bank Pl¢ P O BDx 3038 57 Victoria Slrctl London SWIH QHN Lloyds Rsiik PIC 25 Greshani sireel Loth EC2V 7HN PRINLII)AL OFFICE 309 Regcni Streel London WIB 2HW C.IIARITY NUITr]IIER 1010405 THE UNIVERSITY OF WESTMINSTER PRIZE APJD SCHOLARSHIP FUND RLPOIIT ofTHK TiiusrEc The Iriis1¢¢ submits ils repDrt und the audited finan¢ial siaiements for the year ¢nded 31 July 2025 for th¢ Uiiiver5ityof Weslininsi¢r Prize aiid Scholarsliip Fiiiid, a regislucd chariiyno. 1010405. STRUCTURE. GOVERNANCE AND MANAGEMEiYT llic Icgal fomi of t1￿ fuiid is thai org I'rusl Bovcrned by'lrl￿t Deed. The Finafj¢ial Stsieinents have beeii prepared in ac¢ordaii¢¢ witli llie Trusl De¢d, oiid the reqiiireill¢ni$ oftlie Stsieineiil of Rcwiiiniended Practicc'A¢¢ouiiiiiig niid Jieporting by Charilits'¢ffeetive l Jaiiu3ry 2019 and ijublislkd in O¢iobtr 2019. ThE Uniyersiiy of Wesltninslei Prii.e and Scliolarshii) fiiiid ts Irealed as a fixcd ass¢1 Iiivesti￿lII ivilhin lh¢ Uiiiversity ol Weslnii11skf, 8nd lis Yesulls for Ihis fingn¢i81 year are ¢ortsolida¢ed iiilo the Univtrsi¢y ofweslminslrr Gyoup fiiiancial Slatetnents. The Iii151c¢ is tommilld to implem¢niinB aregular, at leasi aniiual, revieiy of Ihe si8nificaiii risk5 affccling lh¢ 01￿￿tIo￿Or tIieTrU￿. The tr￿le¢ll8S consideted 51Kh risks 8nd i5 confidcnl thai adequate conlTols are in pl8ce lo mili8aie ihese risks. 'rh¢'lrust hss no emplow. Aikninislraliw fvtieiioiis are c(Midii¢lid by LI￿ Universily ofw¢siminsler on 115 b¢half. Th¢ Universiiy of westini￿ler'sSI8frSpendS only parl of11￿il li11￿ prrfoming Iliese fi￿ctionS for die Tnjsl. AUDITORS KPMG LLP iY¢r¢ appointed 85 &iidiiors forihe year in &c¢Ordan￿With the piovisions ofilie ChRrilies Aci 2011. PROVISION or INFOIIMATION TO AUI)I'I'OII.S 'I'he Irii8iee wlio held otYi¢¢ at i1￿ date of approval of tiieThsiee's Aiinual Reporl coiifirnis Iliai, so far as Ilicy arc aware, ther¢ is rto relevaiil auoil inforiiiaiioii ol'wliicli Ihc Tru￿,% auditors aic lliyarc,. and Ihetruslee has iaken all the slep5 Iliai Ihey OUBlil Iv luve iakeii s a Inisite to iiiake Ilietnselves awar¢of 8nyielevani audit inforjtvalion and 10 establisli Iliat IIK Tr￿¢.$ auditors ar¢ aivgre of lliat iiiforniaiion. OBJCCI'IVW:S ANI) AcfiviTIES Th¢ object ofthe Tnisl is I1￿ advaiicellienl ofedu¢ail￿￿ bylhe awarding of prizes scholaiships t￿ble &t the Univ¢Ysity of Wcsimirsier. ￿le Iruslcr niay make rules for th¢ awardond lenns of the priles scholarships. T1￿ a%Yards ale niade on bchaifofihe TFUSI by a tksignaled cotnmilt￿. Tr"friEI ulldertake5 111¢$¢ 2Ctivilies ill ordcT 10 ¢arry olll thc objc¢ts for public b¢nefit. Triist achi¢￿$ lis objecl by rRising in¢ome ihroiigli inve51m¢ftts attd donBlions. The wustee confms thai Ihey liave complied iyiih lh¢ dilly iii seclioii 4 of th¢ Charitie5 Arl 2011 io have Tegard 10 the Cliarity Cornniissioii's ge1￿lJI 8uidan¢¢ ()n piiblic beiiefil. Th¢'Fwsi's eharilable purpose is conillined in ils objectives aiid aclivili¢s. 5 $¢1 oiii above. and p1ibl1¢be￿ fil is realised Ihrough Ilie aivarding of prii.cs and scliolarship5 10 Sliideiil4 al th¢ unl￿[SI1Y of Weslminsler. ACIIIEVEfvIFNIS AND PERfoR￿I￿NcE ieTr1151 received £77k lolal iii¢ome diwiiig the yefir including £72kofdivi(knd5 and interest in¥om¢ ott 115 inves1￿ent lolio ivbicli the Tnisl prin¢ipally dei)ends lu fiiiid winiial graiii aFvards. Triisiee coiilinuc5 10 mE)nilor ihe Trust'$ of £1 Ik ivas 8¢ncrated thriiig Ilieycar Compared to an unrealistd gain in ilie priur y¢ar of£47k. This lo¥¢il)er ivilh a I￿1 result from charl￿ble activities, added £70k io Ilie TTU51's fiinds Ihai is availablc for grani msking. THE UNIVERS1TY OF WESTMINSTf R PRIZE ANO SCHOLARSH1P FUND REPORT ofTHL I'RUSTEE ICONTINUEDI I,-INANCIAI. IILVIEW The resiills for Ili¢ y¢ar ar¢ thowi ill the Slalemenl of FinHn¢ial A¢iivities on page 12. The nei increas¢ in fiind5 of £70k 12024.. net lil￿ease £73kl ewnii811y a result ora decrease in th¢ value of iiiveslinenls Rnd iiicrrllsed invesiineiil incoiiie received. The Trusl £705k ofgranls iii Ilie ycar canr¢ll¢d£715k including & gFalll of£359k iyhieh ivas 8%Yllrded iii Ilje ycar2022123. Inirsim¢ni iiiconic receilrd iyas £72k 12024.. £64kl. Tn the 2019no fjnaiicial ycHra rtvieivofall oflhe 5cliolDf5hip5 and PTiZ¢S was ￿nducted. iYher¢ IheT¢ had been no expenditure iii et Icasi five financial years. to identify those fiinds ivhi¢h ivere ilia￿1Ve An inlernul liidil Ilieii took place lo deiennijie ihe original inlcnlions Dfihe donars i%lio esiablislied Ihcsc 5Eholarships ind prizes. of %vhi¢li dai¢d back pi¢ 1980£. Tlie [Jni￿rSity Ihcn idcnlificd Current pmgraniines. ￿'111¢h bBSI all￿¢￿ 10 lh¢ original inientions Dfilic dotiors aiid reoiiesied Ihal Ilk Ckarity G1￿￿7155￿0n UPPTOV¢ for funds ￿ be disbursed io IhcsL pro8r4mines froin Ilie2021122 finHn¢ial year The Charity Coiillnission appioved Ilie Iruste¢'s r¢quest to slrnlegically re311ocalc £1.6m of Ihe dnrniant funds Dnd draw doiyn Ilirni 0￿[ lh¢ five fin8MciDI years 2021122 10 2025126 for current proBrDtnnies whi¢h suppori shideiil Tecruilnienl Ilie Sludeni and conimumity experience al Wesiminsier. On ihe whole, these projecls arc ioiyards iiieaiis-lesled, inlenialionHI PhD sthvlarships atid prizes, I￿1Ve￿[, ther¢ ivas also a specific reqiiesl for n donalion bcqu¢aihcd for a di&￿1, whichthe CharilyC(xnini5sion a￿¢¢& Irllslees coiild repurwsc 10 resiore gn Oldcomptoii Organ. In the currcnl financial }'¢ar. Ihe tnislee Dpprovcd addilional graiiis of £705k12024.. £40kl foT drai¥ doivn froni ihe chBril&ble account in the ye#r2024f25 10 siipport educalioiial iiiilialiv¢s and eiiliwice ihe student expeti¢nc¢ ai ￿le lJiiiversily of Westniinsler. DuEing Ihc ￿ar yyjnents of £454k ivore InHdc lo cov¢r grini ¢oniinilineiils alld gran15 of£715k were eattcelled. Tli¢ lJiiiversity of WE￿Mill51¢[ Prize gild ScliolDrship Fund h*$ signifieatti uiipAid grAnl con￿lI1hen(S of£723k ai 31 Jiily 2025 of ivhich £547k is diig 10 be paid iii ilie fIn￿7cl￿1 year 2Q25r26 wii11 Ihe reiwdin￿B £176k 10 b¢ paid IL the I￿¥1 three finaiicial years 2026127 Ihiou8h lo 2028129. Of this iolal, £547k iyill bc pay¥ble in the Yeareli￿2025I26, £76k in th¢ financial year 2026127 Bnd £50k in ¢ach of the financial years 2027128 Dnd 2028129. As ai S l Jiily 2025 the fi]nd had reserves of£930k12024.. £860kl. The Uiiiversily of WeslminslcT Prize and Scholgrsliip Fund retsitts Un[e￿TICIed fundsof £545k. This is comprised of the Prize Ènd S¢liolJrship Funds estsblislied pre I l April 19W. These are used in pursiiii of Ole cljarity's objects and 10 Co￿r M¥￿a￿enienl aiid adlliiiiislralive cosls. 11 is the inieniion oftheTrust lo spend oui ih¢ assas ill Ilie iiexl 4 year5. The T￿￿1 had £993k of cash al bDnk ul ycllr ¢Md. The invcsitncnis h¢ld by IheTnist have been in¢luded ai markei v81ue in accoidance iyilh th¢ Siatemeni of RecomiKenckd Piactic¢ IAi¢oiiniiiig by Cliariliesl. Siirpliis liqiiid ?ss¢ig ofilieTrusi are mRnaged on brhilfofilie Tyust by the UnivcTsilyof Weslmin51¢r.'lThc iiivestillent policy is approY¢dby th¢ Irusi¢¢ and revielved frotn lin* to ilme. The p)licy seEks 10 mirtimise risk ivhilsl allra¢iin8 satisfactory levels ofFelutn. The Trust has been *¢¢umulaiing reser￿5 yearon ￿*T}Vith Iheex¢¢piion ofihe year2￿12123 wh¢tt (here was a graiil coijunitmelll InadL vf£i.6I11.'n￿Tr￿￿I IKaiiilains ils rgservc5 for th¢ pur%iiit of ils objects alld lo ¢ortr &dminisirAlive 8lld Inanagemenl c051s. 'I'h¢ Inisiee has resolved that a Icvel ot-dis¢t¢iionary reserves IKld as ¢*sli or short-tenn invesimenis should be Jnamtaiiied ai a sthffi¢ieilt level to covei-ai least 12 niuiiiliy. ofaverAge scale adniiiiislialivr a¢iivily. This ivould eqiiaie io approxiinalrly £IOk. I'he Trll51 holds unreslricled of£545k 91 ihe b￿8￿ce sheet daie and Ihls is deemed lo be more thali sllfficicnl. THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND RF.foRT OF THE TRUSTEE Icontdl CHARifABLC AcfIvITJE5 This reporl describLs Ilie programines IIK Tnisl 5upporlcd duriii8 Ilie IBSI 12 months. Ividcning At¢ess lo Siiidy and Ivork AbTtra FDT Ili¢y¢Jr, t1￿ iniliativc lo exp8nd R¢¢ess 10 inicmalional exp￿ienceS conlinucd 10 ￿rrOMI slronBly. iyiih ioial programi osls aTnounling 10 £52,700. TWD key prDje¢is iY¢r¢ delivered Global Futurc5 programme iii Kwila Lumpur alld Ihc GlobAI Sustainable Expetiencg in Am51erdam. Both prograinmes saw a si8nifi¢ani in¢rcase in appliealioiis coinparLxI 10 lasi ye8Y aiid direclly SilPPDrtcd the univeisity's objeclivvi Jrouiid incliisive Inobilily, sh￿I¢l..1¢1.M iiiieri181ional exp￿-le17CCg, and SWlaliiJbility-focused leiming. In Ilie 2024125 fiiiaiieial year. Wesltniiisl¢T Workin8Ciiliiires IWWCI Intemalional utilis¢d £23,000 of the{k>￿ill doTh>r Funds lo supporl ¢55cnli*l travel for ils global prOgrain￿¢s. Willi fltglil and 8ccoinniodalion Costs ¢oniinuing lo rise yfaT-on- year. Ihase fi￿￿$ helped cov¢r expeiises in key prosramme ¢iiies siielj as Miiiiibai, Hon¥ Kon8, Singapore aNd Toronto. Janks io Ihe donnanl dunor fiiiid, WWC ivas able lo Icspond 10 sl)iftin8operBlioiial costs iviihDiiI ¢oinproniising the scale or impacl ofour inilihlivcs. Most significantly. the funds suppor￿d 113 W¥tniiii&ier sludeiits Iiave an iiiiem31ionRI experience across seveii diff¥iuld ieasonably beexpecled 10 hgve & maitrial ¢tYect oil Ihc finan¢i91 51alcincn15 fToni oiir general eominercial aiid sector expeiiuirr, and Ihroiigli di5ciission ivith nianaB¢mcnl las reooired by audili1i8 siaiidardsl. We di5i11>%ed willi inHnllBement Ilic polici￿ and proceduTeS r¢Bardin8 compli￿lee wilh laws ¥nd iegulalion5. W¢ comtnunicai¢d idciilified laws and regulalions throug1￿ll1 oiir leani #lid reniaiiicll al¢ri to any iiidicali0115 of non-coniplian¢e IlirollBhout Ihe audit. The poieniial effect ot'lliesc law5 and reBulalions ¢m the fiiianual Sthleinenls varies considerably. rirslly, th¢ ¢h8rily is subj￿1 10 laivs andTegulatioiE IhBI dirL'¢ily affecl Ilie finan¢i&l slatemeni3 including finan¢ial reportin legislaiioiFand cliarilies1¢8islaiion aiid iY¢ u%sessed the ￿l¢nI of¢oinpliaThce Iviih these la}￿ and regulations pari ofour procEdiira£ 011 Ihe relalcd fii)anei&l stsletntni ilcms. Secoiidly, Ihe ¢liarity is siibjccl 10 niany other la1￿ And regul&lioiis wliere Ilie const(Iiieiices ofnonconipliallcc could havc a material effect on amounts ot disclosur￿ finaiieial sialenieiils, for insifiiicc IhrDU8h the imposition of fines or lili8atioll. We identified 11)¢ folloiving arca5 iliose illosl lik¢ly 10 bBve such in ¢ffect'. datD proicction laiv5. Auoiting slaiidard5 limit the reqiiiicd aiidil procedure5 10 idcnlify non-wmpliaiice wilh 111¥sr laivs aiid ￿BulaIl0nS to enquiry of Ihe direclor5 a￿1 other maiiageinenl and irtspeeiion ofi¢giil#tory and legal i(Irrespoiideiicc, if iny.'fhcrcforr, ifa bre&ch of op¢ration81 ie8ulaiion$ is noi disclosed lo 115 orevidellt fFQrn r¢l¢v&nt Cott￿p0Ad¢￿e{ an audil ivill not delect Ihai breach. Conlexl ofihe ability ofihe oiidii io delecifviidor breachesoJlcilv (Y iygiilalio mi5%1aletncnis in Ihe financial siatenieiils, even Ihougli ha￿ prop¢rly pllliiiicd and perfor￿ed our audit in Bcwraance with t￿1[1178 siaiidards Forexainple, I1￿ fiirllicr i¢movcd non-compliance iviih la1￿ and regula110￿5 is froni the events and Ira￿aCil0￿s r¢flecled iii th¢ finatt¢ial slatenienis. I1￿ less I￿¥1Y Ilie lill￿reNtlY liinii¢d procedutcs r¢quircd by auditing standards Ivould idelliify it. In addiiiot4 as iyiih any alldil, Ih¢r¢ r¢inAined a lii8her risk of lion4￿cellO￿ of fraud, ￿ Ihese nw involve collu5lOrt, for8ery, i¢niioiial oiiiissions, illisrepreseiilalions. or Ilie owttid¢ of internal conirols. Ollr aiidil procediires arc (ksisned lo dctccl aierial niisslatctncni. We ate not [￿ponSible for pr¢witlll8 iioiicoinpliHn¢e ni. fraiid and ¢8nnot be eKp¢¢ied lo deiecl iion- ompliance ivith all laws aijd regiilalions. The Iru5tee is responsible for Ilic Rrpori ori1￿ Truslr¢. Oiir opiiiioii on Iht financial siiicnients th)e5 ¢overihHI [q￿Tr and, aicordingly, Ivc do not express an di￿11 opinioll 01, ¢x¢¢pt as explicitly slated beloiv, aiiy form ofassuran¢e conclusion Ihcr¢on. OUT responsibility isto read I1￿ Reportof IhE Trust¢¢ 8iid. iii doins $0, considEI iyhaher. bgsed ort our finaiicial slaltmeii15 aiidii ivork, Ihc illfomation th￿tin is materiallymissisiedor inconsisient ivilh the financial 51DlemEni$or oiir aiKlit knoiYledg¢. W¢ ar¢ re￿￿￿ed 10 repori to you Ir.. .b2sed sol¢Jy oll11181 i￿￿k, i¥c lia￿ idenlif]td mqierial mi5Staiemeiiis in IhE RBport oflheTIu51t¢'. or .IA our opinioll. Ihe infomiaiion given in tiie Reprt of Ih¢Truslee is iTL¢OD$iStenl in any inai¢rial respc¢t with the fJn3ncial We hllve nothing 10 rcport in Ih¢5¢ respects. io THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND ## **Independent auditor's report to the Trustee of The University of Westminster Prize and Scholarship Fund ( continued)** Matters on which we are required to report by exception Under the Charities Act 2011 we are required to report t_o you if, in our opinion: the charity has not kept sufficient accounting records; or - . the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. We have nothing to report in these respects. ## Trustee's responsibilities As explained more fully in their statement set out on page 8, the trustee is responsible for: the preparation of financial statements which give a true and fair view; such internal control as they detennine is necessary to enable the preparation of financial statements that are free fcontinue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis[r] om material misstatement, whether due to f[r] aud or error; assessing the charity's ability to ·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 rep01t. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with IS As (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 WW\V. frc.org. ukaudi torsresponsibil ities The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the charity's trustee 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 b·ustee those matters we are required to state to them in an auditor's report and for 110 other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and its trustee, as a body, for our audit work, for this report, or for the opinions we have fonned. ## Jessica Hargreaves for and on behalf of **KPMG LLP,** Statutory Auditor ## _Chartered Accountants_ _KPMG LLP is eligible to act as an auditor in terms of section 12·/2 of the Companies Act 2006_ 15 Canada Square, Canary Wharf, London, E14 5GL 03 December 2025 11 THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND ## **STATEMENT OF FINANCIAL ACTIVITIES** For the year ended 31 July 2025 |**Note**
**Income and endowments from:**
Donations
3
Investments
4
**Total**
**Expenditure on:**
Charitable activities:
Grants payable
5
Governance costs
6
**Total**
Net (loss)/gain on investments
7
Net increase/(decrease) in fnds before transfer
Transfers between funds
Net increase/(decrease) in fnds afer transfer
Fund balances brought forward
Fund balances carried forward
14|**Unrestricted**
**Restricted**
**Endowment**
**Total**
**Funds**
**Fnnds**
**Funds**
**2025**
**£**
**£**
**£**
**£**
5,238
**5,238**
18,415
53,697
**72,112**|**Total**
**2024**
**£**
4,738
63,575| |---|---|---| ||23,653
53,697
**77,350**
(9,935)
**(9,935)**
6,968
**6,968**|68,313
34,814
7,013| ||(2,967)
**(2,967)**
(10,677)
**(10,677)**
|41,827
46,848| ||
26,620
53,697
( I 0,677)
**69,640**
26,620
53,697
(10,677)
**69,640**
518,093
250,512
91,261
**859,866**|73,334
73,334
786,532
859,866| ||544,713
304,209
80,584
**929,506**|| The accompanying notes form part of these financial statements. 12 THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND BAI,ANCTr' 5111,: As 31 July2025 2025 2024 Note rixED A55EIS 658,803 069,480 CURRENT ASSETS D¢btOTS CB5h al bank Hnd in hand 3.076 992,872 995.948 3.004 ,376,263 ,379,267 LIABILITIES Credilor5-. ￿￿OUnt$ f811iiig duewlhin on¢)rar 1549,fy151 1433,8811 NEf CURRENT ASSETS 446,903 945,386 TOTAL AssEfs LESS CURRENT LIABILIT]ES 1.614,866 CREDITORS.. w￿￿￿tS fallingdue after more than on¢y¢pr io 1176,2001 1755,0001 NEf ASSETS 929.506 859.866 THE FUNUS OF THE CHARITY Perinaiicnl cndoivm¢ni fuiids R¢siri¢i¢d ittcome ￿ndS TOTAL RESTRIcfED & ENDOWMF.NT FLtNDS 80,584 3IN.209 384.793 250,512 341,773 UnreslTiCtcd flin 544,713 544,713 518,093 518.093 TOI"AL UNRESTRICTED FUNDS TOTAL CHAR]TY FUNDS 14 929,506 859.866 Noi¢s on pages 14-18 fur Thesr fi neial sthlen sw¢rea mve aiidsisn¢d on b¢halfofthe ITusie¢on 26 N0ve￿ber 2025. Mr I Wiltnol Unl￿[sIty 5¢¢r¢tary and Chief Operaiillgofficer University ofwesiiiiinsler ch8riiyNiimber.' 1010405 13 THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND NO'I'C8'fo TIIL ACCOVN'I'S lor the y¢4J' oijded 31 July 2025 TRusr srATUS The Trusl Trvas r¢Bl51ered as ll Cliirily on I l April 1990. ACCOUNTINC POLICIES Basi5 of P￿￿oi.￿li01) aiid A55E5smcnl or eioing Concc The a¢¢oiinl$ Ifinaiicial stDlcinEiiisl have been prepAred under the ljistoncal cosi ￿nVentiOn willi ii¢ms re¢oEiiised al cost OT Iransaciiwi value unless vlh¢-rwise sialed iii ihe rclcvanl iirjtelsl lo thc5c ac¢ounls. The financial staleinEnlS hRve becn pr¢p#red iii accordancr wilh Ili¢ Slalenient of R¢¢oniinended PrRCti¢e.' Aceouiiliiig and Reportiiig by Cliarilies pi¢paring Ihcir accounls in a¢¢ordaiice ivilh ihB FiiiHncial ReportiNg SlandHr(l applicii blc in th¢ UK and Republic ofir¢lHiid (r￿8 1021 piiblislicd in Oetober 2019 und Ihc l.'i114nciDI Reporting S18ndard applicable iii ihe Uiiilcd Kingdom and Ilewblic of ITelandlFRS 1021 and Ihe Cliariiies Act 2011. M)e tri￿1 coiisliliilcs a public bettefitenlity as defJn¢d by FRS 102. T1￿ inisiee Co1￿1￿¢￿ thai there ale no malcrial iin¢ertllinlies aboiil Ilie'l'rust's ability 10 ¢ontinue as a goiii8 ¢oiiceiii. Il1¢ iiiosl %ignificanl ai¢as of iincert8inty thai affect ihe c&rryin¥ value ofassels lield by IheTrusi are Ilic Icvel of in￿lment relutn And the ￿rfOrMi￿nCe ofiiivL51m¢iii niarkels. Ncvrrllirless. iii Ilie Jiidgcm¢ni Oft1￿ trustee, the Tnisi's level of iiiirc51rirlcd rwrves Dnd low l¢v¢l ofnon-discrelionaryexpendiiure pruvide adequ31e assuraiic¢ Iliat Ih¢lwsi is able lo continu¢ as & going concttn ov¢r at least 12 monih Income T*x A￿d CoJ'pDfRIiDn TAX 11ic ¢hAriiy 1£ considcrcd lo pass the tests sel Out in ParagrBpli I Sdigthile 6 Fi112nce Act 2010 #lid illerefo￿ il m¢¢ Ili¢ definition ofa chdriiabl¥ iftisi for UK iiiconie lax purw)ses. Accordiiigly. the chnrity 15 poi¢niially exempl ftom laxaliun iii rLspecl of illco1￿C or upital gains rccriv¢d iviihin caiegoTie% ¢ov¢red by PBrt 10 In¢oiJie Tax Act 2007 or Sc¢iion 256 of ihe Taxation ofcliargeable Gaill5 Acl 1992. lo Ilieexlgnl thai sucli incoin£ orgaii)s ayc applied exclu5iv¢ly 10 eh&Yiiable purpDS¢S. VAllle Tax The cliarity is noi regisleied forValu¢ Adikd Ta Rc5tritted. Umrestricled EiidDiyme￿* Fiin41s The endo¥Yiiieiil Iiiiid5 conipris¢ 34 prize and scholar5bip fiinds Thc PCTman¢nteiido%￿nenl fwid eonsisls olall initial #nd Subseq1￿￿t cllpiial donations and IhE dDnoT has specified il 15 peniiaiienlly invc51cd 10 8enerale an inci>m¢ 51Tedm 10 be applied lo a 5p¢¢ifie Obje￿1ve. Nie ilivcs1n￿Itis are carried on Ihe bBlance she¢t at fair v81ue.The ieslrictcd runts are athnini51citd a￿ordI17810 tiic donors. wislies. Uiirestricled fuiid5 are to be applied to Ihc promoiioii ofeducDlion al Ihc Unilwsity Of W¢slmi]￿£[ by the awarding All inroming resour￿ are accO￿￿ted for iii the period in which the ch81ity is ¢¢rtgiiJ it iyill re¢eiv¢ the fi)nds. can accuralely ￿C￿lf¢ Ihem Bnd is enlilledkn receipt. K%penditui'e All eKpendiluTe is a¢¢ounted foi on a¢cruals basis Illclusi￿ of any VAT which Can not bB recovered and h8s been Classified iiiidcr h¢a ICON'I'INUEDI for the yeRr ended JI Jiily 2025 15 EN.IOI.IIMCNTS OTr 'I'IIII.S'I'EE AND EMPI.OYEES The triislee did not reeeive gny eThioliiments or ieiinbiirse expenses12024. nill. ￿le ¢hlliity has no eniplo)res (2024.. RELATII) VARTY TRANSAcfioNS Ulliversily ofw¢5miiisier is considrrcd 10 he a rclalcd partj, ofthcTrus1, be¢awe il is Ihe 501¢ Iwsiee. T ]nui¢ri41 Ir8ns8Ctions i¥iih the University diiring Ilje yeBI anil the ba[￿l¢e5 al yiar end are Bs lolloivs.. 2025 2024 Maieiiil Iransactions Ivilh relai¢d parly diirill8 Ihc y¢ar'. 453.749 19.9351 443,814 525,070 Grants b¢crnethle&sed 525.070 Aniounls owed 10 related party dis¢los¢das aciedilor in a¢collii15 n3,060 1,186,744 Doiilllcd Services ainoiinliiig 10 £4.73812023.' £4.7381 Ivere hlso provided by 11]e Uiiiversiiy olW¢51miilSter iii Ihe forni of financial and adtninisirative sllpwrt lo th¢ Tyiisi. A co￿pondI11g Ainounl is in¢liid¢d iii Governin¢¢ Costs in Noie 6. 18