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2024-08-31-accounts

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

Charity number: 1189657

WESTMINSTER SEMINARY UK

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 4
Independent Examiner's Report 5 - 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 22

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

Trustees Dr Donald John MacLean, Trustee (resigned 7 December 2024)
Rev Jon David Payne, Trustee
Rev Benjamin Wontrop, Trustee
Rev Paul Yeulett, Trustee (appointed 7 December 2023)
Rev Dr David Gilbert, Trustee (appointed 7 December 2023)
Rev Dr Neil Stewart, Trustee (appointed 7 December 2023)
Rev David Pfeiffer, Trustee (appointed 7 December 2023)
Dr Ian Hamilton, Trustee (appointed 5 December 2024)
Charity registered
number
1189657
Principal office
Alderman Fenwick's House
98-100 Pilgrim Street
Newcastle upon Tyne
NE1 6SQ
Executive Director
Jonathan Winch
Accountants
Kinnair Associates Limited
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB

Page 1

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Introduction

The Trustees of Westminster Seminary UK present their report and accounts for the year ended 31 August 2024. These are prepared in accordance with the governing document, applicable accounting standards and the Charities Statement of Recommended Practice (SORP).

Objectives and principal activity

The governing document states the purpose of the Seminary is ‘to advance the Christian Faith in accordance with the Doctrinal Basis, in particular by the provision of theological and pastoral resources and training’. Trustees wish to see reformed churches planted and strengthened in the UK and Europe. To that end the mission of the Seminary is to train faithful church leaders who will exercise their ministry by holding fast the faithful word (Titus 1:9).

Public benefit

Trustees are aware of the Charity Commission guidance on public benefit and comply with this guidance. Accordingly, the Charity hosts events and develops resources for the benefit of the church and established ministers as well as for its ministerial students and has achieved an international reach.

Achievements and performance

  1. Current students

We have 20 students on the Divinity programme.

The average grade for 2023-24 academic year was B+.

Students preached extensively in local churches, nationally and Europe-wide.

One student graduated at the close of the academic year who will minister at Zurich Presbyterian Church which is part of the Evangelical Presbyterian Church in England and Wales (EPCEW).

  1. Former students

Of our nine alumni, seven of them are fulltime pastors, one is pursuing a PhD as an assistant minister, and our ThM graduate continues to serve in his church as an elder. As such we are grateful to say that all our alumni are active in church ministry.

  1. Faculty

Dr Tom Hutchings was appointed this year as Adjunct Professor of Philosophy. We held a faculty training day in September at Westminster, and this continues to be an annual event.

  1. Library

Our library continues to grow as we add more books to assist students in their studies. We have introduced an online library to assist distance students who do not have access to the library.

  1. External relationships

  2. We held a Reformed Colloquium in Budapest, Hungary in April last year which was well received. We plan on making this an annual event.

  3. Our two fundraising consultants in the US continue to assist our efforts in raising funds for the Seminary. This is a relationship that we value and has been of great benefit to us.

  4. Outreach and development

  5. Social media outreach continues to expand, and our YouTube subscription base is growing.

  6. We changed our name to Westminster Seminary UK and did a full brand refresh and appointed a Christian marketing company called Something More Creative who have been managing our communications and marketing initiatives.

  7. We introduced a Certificate in Biblical Studies as part of our monthly School of Theology. This offers delegates the opportunity to deepen their knowledge in theology by writing two, 3,000-word essays to a ‘B’ standard.

  8. Our Annual Conference Pilgrim Life in a Fallen World was well attended by both in-person and online delegates and was ably led by both local and international speakers.

Page 2

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

  1. Financial review

  2. During the period the Charity's total income was £443,865 (2023 - £385,596). During the year the Charity's total expenditure £354,289 (2023 - £339,349). The Charity's funds on 31 August 2024 were £335,427 (2023 - £245,851), of which £144,483 are restricted (2023 - £79,642).

  3. Reserves policy

Westminster undertakes to ensure that reserves never fall below £50,000 of unencumbered funds.

  1. Plans for future periods.

  2. Filming is underway for our new qualification Diploma in Biblical Studies (DipBS). This will be an asynchronous offering which will serve as a gateway to increasing enrolment onto our MDiv programme. It will also serve those who do not aspire to pastoral ministry but who would like to better equipped to serve the greater church in any capacity. We hope to launch this in December 2024.

  3. We are in the final stages of appointing a new president who will also be a fulltime theologian. This will strengthen the spiritual foundation of the Seminary and give students an opportunity to engage with him at any time for benefit of their development.

  4. We have made progress in assigning mentors to each of our students as we believe that this type of accountability and engagement will be of great benefit to them. Our intent is to have a mentor for every student.

  5. Structure, governance and management.

  6. The Charitable Incorporated Organisation (ClO) was formed under a constitution dated 26 May 2020.

  7. The Charity’s Trustees have the responsibility to ensure that all legal obligations are met in terms of the Charities Act.

  8. Faculty members report directly to the President, who is held accountable by the Board of Trustees.

  9. The daily operations of the Charity, together with the staff team, are managed by a full time Executive Director who is also accountable to the President.

  10. AII other staff at the Seminary report to the Bursar with a dotted line of accountability to the Executive Director.

  11. New Trustees are appointed by existing Trustees.

  12. The Charity's Trustees have considered and follow publication "A guide to conflicts of interest for Charity Trustees" as a matter of good practice.

  13. Reference and administrative details

  14. Westminster Seminary UK (the CIO, the Charity) is a registered charity (registration number 1189657).

  15. The governing body of the Charity is the board of Trustees, which currently comprises seven members. The Trustees who acted during the year and up to the date of this report are shown on page 1.

  16. The registered office of the Charity and details of its principal advisors are shown on page 1.

  17. Statement of trustees' responsibilities

The Trustees are required to prepare accounts for each financial year which give a true and fair view of the situation of the Charity and of the surplus or deficit for that period. In preparing those accounts, the Trustees are required to:

Page 3

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with statutory requirements and with Charity's constitution and rules. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Dr Ian Hamilton Trustee Date: 26 February 2025

Page 4

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Independent Examiner's Report to the Trustees of Westminster Seminary UK ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2024.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Page 5

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Signed: Mai L C Mak

Dated: 26 February 2025 FCA

Kinnair Associates Limited Aston House Redburn Road Newcastle upon Tyne NE5 1NB

Page 6

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other income
5
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
29,495
-
113,840
143,335
78,494
78,494
64,841
79,642
64,841
144,483		 Unrestricted
funds
2024
£
2,283
58,517
239,730
300,530
275,795
275,795
24,735
166,209
24,735
190,944		 Total
funds
2024
£
31,778
58,517
353,570
443,865
354,289
354,289
89,576
245,851
89,576
335,427		 As restated
Total
funds
2023
£
61,041
46,517
278,038
385,596
339,349
339,349
46,247
199,604
46,247
245,851

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 22 form part of these financial statements.

Page 7

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

BALANCE SHEET AS AT 31 AUGUST 2024

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 6,461
322,041
328,502
(3,321)		 2024
£
10,246
10,246
325,181
335,427
335,427
335,427
144,483
190,944
335,427		 3,370
231,778
235,148
(2,527)		 As restated
2023
£
13,230
13,230
232,621
245,851
245,851
245,851
79,642
166,209
245,851

The financial statements were approved and authorised for issue by the Trustees on 26 February 2025 and signed on their behalf by:

Dr Ian Hamilton

Trustee

The notes on pages 9 to 22 form part of these financial statements.

Page 8

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. General information

Westminster Seminary UK is a Charitable Incorporated Organisation governed by a constitution dated 26 May 2020. The Charity is registered in England and Wales (Charity number 1189657). The principal address is Alderman Fenwick's House, 98-100 Pilgrim Street, Newcastle upon Tyne, NE1 6SQ.

The Charity changed names from Westminster Presbyterian Theological Seminary to Westminster Seminary UK during the year to 31 August 2024.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Westminster Seminary UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the entity and monetary amounts are rounded to the nearest £.

2.2 Going concern

The Trustees assess whether the use of the going concern basis is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respect of a period one year from the date of authorisation of issue of the financial statements and have concluded that the Trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Trust's ability to continue as a going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

Voluntary income is recognised in the financial statements when it is received, or on an accruals basis where it can be assured with reasonable certainty and is receivable by the balance sheet date. Income tax recoverable on voluntary donations is recognised in the financial statements when it is receivable from HM Revenue and Customs.

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Page 9

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.4 Expenditure

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

Expenditure is recognised on an accruals basis, inclusive of the irrecoverable Value Added Tax.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

2.5 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation 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 11 of the Corporation Tax Act 2010 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.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £150 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery - 15%

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 10

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.12 Fund accounting

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

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. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Income from donations and legacies

Restricted Unrestricted Total
funds funds funds
2024 2024 2024
£ £ £
Donations
UK gifts and donations 29,495 2,283 31,778

Page 11

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3. Income from donations and legacies (continued)

Donations
UK gifts and donations
Stewardship
MTW USA
Shepherd's Fund
Total 2023		 Restricted
funds
2023
£
-
11,752
3,202
38,036
52,990		 Unrestricted
funds
2023
£
6,907
1,144
-
-
8,051		 Total
funds
2023
£
6,907
12,896
3,202
38,036
61,041

4. Income from charitable activities

Unrestricted
funds
2024
£
Tuition fees
43,083
School of Theology
1,504
Conference income
13,930
Total 2024
58,517
Unrestricted
funds
2023
£
Tuition fees
26,415
School of Theology
2,593
Conference income
17,509
Total 2023
46,517		 Total
funds
2024
£
43,083
1,504
13,930
58,517
Total
funds
2023
£
26,415
2,593
17,509
46,517

Page 12

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

5. Other incoming resources

US Donors
Other income
Total 2024
US Donors
Other income
CAF
Total 2023 as restated		 Restricted
funds
2024

£
113,840
-
113,840		 Unrestricted
funds
2024
£
232,881
6,849
239,730
As restated
Unrestricted
funds
2023
£
269,041
1,536
7,461
278,038		 Total
funds
2024
£
346,721
6,849
353,570
As restated
Total
funds
2023
£
269,041
1,536
7,461
278,038

6. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Activities
undertaken
directly
2024
£
293,012
Activities
undertaken
directly
2023
£
282,111		 Support
costs
2024
£
61,277
Support
costs
2023
£
57,238		 Total
funds
2024
£
354,289
Total
funds
2023
£
339,349

Page 13

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs and internships
Student Stipend
Library
Seminary costs
Faculty costs
School of Theology
Conference attendance
US fundraising conference
Advertising
Special project costs
Total 2024		 Total
funds
2024
£
178,940
-
2,336
4,900
28,974
4,927
16,272
5,264
28,152
23,247
293,012		 Total
funds
2023
£
179,193
19,384
2,208
6,357
33,437
2,972
16,241
1,625
20,694
-
282,111

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Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Rent and rates
Refreshments
Stationery, postage and office consumables
Furniture and equipment
Telephone
Software licences
Cleaning
Insurance
Training
Accountancy
IT consultancy
Consultancy fees
Depreciation
Disposal of tangible fixed assets
Total 2024
7.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts		 Total
funds
2024
£
36,151
1,984
636
281
110
7,630
1,216
641
115
2,280
1,254
5,995
2,984
-
61,277
2024
£
2,280		 Total
funds
2023
£
28,860
1,547
676
601
50
5,845
1,227
459
2,137
1,860
3,223
6,884
2,527
1,342
57,238
2023
£
1,860

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Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
165,900
10,665
2,375
178,940		 2023
£
168,379
9,302
1,512
179,193

The average number of persons employed by the Charity during the year was as follows:

2024 2023
No. No.
Employees 4 5

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 1 -

9. Trustees' remuneration and expenses

During the year two Trustees have been paid fees with respect to duties carried out in the Charity, not related to their trusteeship. The value of Trustees' remuneration and other benefits was as follows:

2024 2023
£ £
Rev David Pfeiffer Fees 1,598 -
Dr Donald John MacLean Fees 2,497 -

During the year ended 31 August 2024, expenses relating to travel totalling £ 3,818 were reimbursed or paid directly to 2 Trustees (2023 - £NIL ).

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WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
10.
Tangible fixed assets
Cost or valuation
At 1 September 2023
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023
11.
Debtors
Due within one year
Prepayments and accrued income
12.
Creditors: Amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2024
£
6,461
6,461
2024
£
-
3,321
3,321		 Plant and
machinery
£
19,911
19,911
6,681
2,984
9,665
10,246
13,230
As restated
2023
£
3,370
3,370
2023
£
667
1,860
2,527

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Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

13. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 322,041 231,778

Financial assets measured at fair value through income and expenditure comprise transactions classed as basic financial instruments.

14. Prior year adjustments

A 2023 year end debtor of £28,000 relating to a donation and associated Gift Aid was adjusted as it was not outstanding at the year end. The 2023 comparative figures have been restated reducing debtors, income and the general fund.

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WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
Knox Scholarship
Shepherd's Fund 1
Shepherd's Fund 2
Tyndale Fund
MTW Ref Col
MTW Dip BS
Total of funds		 Balance at 1
September
2023
£
166,209
31,500
22,300
23,000
2,842
-
-
79,642
245,851		 Income
£
300,530
67,960
-
-
29,547
18,706
27,122
143,335
443,865		 Expenditure
£
(275,795)
(14,800)
-
-
(26,292)
(15,073)
(22,329)
(78,494)
(354,289)		 Balance at
31 August
2024
£
190,944
84,660
22,300
23,000
6,097
3,633
4,793
144,483
335,427

Knox Scholarship

This is a fund to assist a student with living expenses and a stipend, or any combination thereof. It was granted by an American donor and there were no other stipulations attached to it.

Shepherd's Fund

This fund was established by an anonymous donor to assist students with tuition fees. There is a stipulation given by the donor that this money only be available for students aspiring to church plant in England, Wales or continental Europe, or who hope to minister within the Evangelical Presbyterian Church in England and Wales (EPCEW), or the International Presbyterian Church (IPC).

Tyndale Fund

This fund is to assist qualifying students, who would not qualify for funding from the Shepherd's Fund, with tuition fees, and is granted at the discretion of a funding committee.

MTW Ref Col

This fund was granted by an American donor to help with costs incurred for the annual Reformed Colloquium meetings.

MTW Dip BS

This fund from an American donor was for use towards running the Diploma in Biblical Studies course.

Page 19

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Restricted funds
Knox Scholarship
Shepherd's Fund 1
Shepherd's Fund 2
Tyndale Fund
Ambassador's Fund 1
Ambassador's Fund 2
Community Bible Church,
Savannah, Georgia
Holst Balance
Total of funds		 Balance at
1 September
2022
£
120,404
Balance at
1 September
2022
£
31,500
22,300
-
-
12,700
12,700
-
-
79,200
199,604		 As restated
Income
£
332,606
As restated
Income
£
-
-
23,000
5,450
-
-
24,600
1,550
54,600
387,206		 Expenditure
£
(285,191)
Expenditure
£
-
-
-
(5,768)
(12,700)
(12,700)
(24,600)
-
(55,768)
(340,959)		 Transfers
in/out
£
(1,610)
Transfers
in/out
£
-
-
-
3,160
-
-
-
(1,550)
1,610
-		 Balance at
31 August
2023
£
166,209
Balance at
31 August
2023
£
31,500
22,300
23,000
2,842
-
-
-
-
79,642
245,851

Page 20

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at
1 September
2022
£
120,404
79,200
199,604		 Balance at 1
September
2023
£
166,209
79,642
245,851
As restated
Income
£
332,606
54,600
387,206		 Income
£
300,530
143,335
443,865
Expenditure
£
(285,191)
(55,768)
(340,959)		 Expenditure
£
(275,795)
(78,494)
(354,289)
Transfers
in/out
£
(1,610)
1,610
-		 Balance at
31 August
2024
£
190,944
144,483
335,427
Balance at
31 August
2023
£
166,209
79,642
245,851
Summary of funds - prior year
General funds
Restricted funds

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
10,246
144,483
184,019
-
(3,321)
144,483
190,944		 Total
funds
2024
£
10,246
328,502
(3,321)
335,427

Page 21

Docusign Envelope ID: 59FC89A9-59E9-4EDB-826A-4DB083F5B11A

WESTMINSTER SEMINARY UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
£
-
79,642
-
79,642		 Unrestricted
funds
2023
£
13,230
155,506
(2,527)
166,209		 Total
funds
2023
£
13,230
235,148
(2,527)
245,851

18. Operating lease commitments

At 31 August 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2024 2023
£ £
Not later than 1 year 6,093 -

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2024 2023
£ £
Operating lease rentals 36,151 28,860

Page 22