Charity number.. 1189657 WESTMINSTER SEMINARY UK UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
WESTMINSTER SEMINARY UK CONTENTS Page Reference and Administrative Detsils of the Charity, its Trustees and Advisers Trustees. Report Independent Examiner's Report statement of Financial Activities Balanco Shgot Statement of Cash Flows Notes to the Flnanclal Statements 10-25
WESTMINSTER SEMINARY UK REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Trustees Rev Dr lan Hamilton, Chairman lappoinled 5 December 20241 Rev Dr Jon David Payne Rev Benjamin Wontrop Rev Paul Yeulett Rev Dr David Gilbert Rev Dr Neil Stewart Rev David Pfeiffer Rev Dr Donald John MacLean (resigned 7 December 20241 Charity registered number 1189657 Principal office Aderman Fenwick's House 98-100 Pilgrim Street Newcastle upon Tyne NE16SQ Executive Director Jonathan Winch Accountants Kinnair Associates Limited Aston House Redburn Road Newcastle upon Tyne NE5 1NB Page 1
WESTMINSTER SEMINARY UK TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Introduction The Trustees of Westminster Seminary UK present their report and accounts for the year ended 31 August 2025. These are prepared in accordance with the goveming document, applicable accounting standards and the Charities Ststemenl of Recommended Practice {SORP}. Objectives and principal activity The goveming document slates the purpose of the Seminary is 'to advance the Christl8n Faith in accordance with the Doclrin81 Basis, in particular by the provision of theologic81 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..91. 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 h8S achieved an international reach. Achievements and performance Current students We have 20 students on the Divinity programme. We have 21 students on the Divinity programme. We have four students on the Master of Arts programme. We have three students on our Masters, by thesis progomme. We had 22 students on our Diploma programme. The average grade for 2024-25 academic year was B+ Students preached extensively in local churches, nationally and Europe-wide. Fomier 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 811 our alumni are active in church ministry. Faculty Mr Andy Young was appointed this year as Adjunct Professor of Hermeneutics. We held a faculty training day in September at Westminster, and this continues lo be an annual event. Library Our library continues to grow as we add more books lo assist students in their studies. We have introduced an online library to assist distance students who do not have access lo the library. External relationships We held a Reformed Colloquium in Budapest, Hungary in April last year which was well received. We plan on making this an annual event. 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 lo us. Outreach and development Social media outreach continues to expand, and our YouTube subscription base is growng. Our Annual Conference The Council of Nicaea= Athan8sius Against The World was well attended and was ably led by both local and international speakers. Our Diploma in Biblical Studies was launched in December 2024. This qualification is for anyone involved in the para church in any way, for anyone who wishes to deepen their understanding of theology, and for anyone who feels a call to ministry bul has not had it confirmed yet. Page 2
WESTMINSTER SEMINARY UK TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Financial review During the period the Charills lolal income was £559,653 (2024 - £443,865). During the year the Charitls total expenditure £507,522 {2024 - £354,289). The Charills funds on 31 August 2025 were £387,55812024 - £335,427), of which £59,880 are reslricled12024 - £144,48318nd £47,581 are designaled12024- £nill. Reserves policy Westminster undertakes to ensure that reserves never fall below five month's operating expenses, excluding reslricled funds. Plans for future periods. Filming is almost complete for our new qualification Diploma in Biblical Studies IDipBSI. This wll 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 lo pastoral ministry but who would like lo beller equipped to serve the greater church in any capacity. A new president was appointed effective 1 January 2025. Rev Dr Donald John MacLean took up the post following an induction service on 25 October 2024. By God's providence we have a remarkable opportunity lo relocate to Oxford at the end of the 2025-26 academic year. 10. Stmcture, governance and management. The Charitable Incorporated Organisalion ICIOI was formed under a constitution dated 26 May 2020. The Charity's Trustees have the responsibility lo ensure that all legal obligations are mel in terms of the Charities Act. Faculty members report directly to the President, who is held accountable by the Board of Trustees. The daily operations of the Charity, together with the staff team, are managed by a full time Executive Director who is also accountable lo the President. All other staff at the Seminary report to the Bursar with a dotted line of accounlabilily lo the Executive Director. New Trustees are appointed by existing Trustees. The Charills Trustees have considered and follow publication "A guide to conflicts of interest for Charity Trustees" as a matter of good practice. Reference and administrative details Westminster Seminary UK (the CIO, the Charity) is a registered charty Iregislralion number 11896571. The goveming body of the Charity is the t)oard of Trustees, which currently comprises seven members. The Trustees who acted during the year and up lo the dale of this report are shown on page1. The registered office of the Charity and details of its principal advisors are shown on page 1. Page 3
WESTMINSTER SEMINARY UK TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 12. Statement of trustees. responsibilities The Trustees are required lo 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.. select suitable 8ccounling policies and then apply them consistently. make judgements and eslimales that are reasonable and prudent. stale whether applicable accounting stand8rds have been followed, subject to any material departures disclosed and explained in the accounts. prepare the accounts on the going concem basis unless il is inappropriate to assume that the Charity will continue ils activities. iv. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the accounts comply with ststulory requirements and with Charills constitution and rules. They are also resF)onsible for safeguarding the assets of the Charity and hence for tsking 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.. Rev Dr lan Hamilton Chair of Trustees Dale.. 1 April 2026 Page 4
WESTMINSTER SEMINARY UK INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Independent Examiner's Report to the Trustees of Westminster Seminary UK {'the Charit) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2025. 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 I'lhe 2011 Act'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in Carrwng out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement Since the Charills 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 l am qualified to undertake the examination because l 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferen lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul has been withdrawn. l understand that this has been done in order for the accounts lo 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. l confirm that no mallers have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf 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 lo 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 stste to the Charity's Trustees those mallers l am required to slate to them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl pemitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Page 5
WESTMINSTER SEMINARY UK INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Signed= Dated.. 1 April 2026 MaiLCMak FCA Kinnair Associates Limited Aston House Redburn Road Newcastle upon Tyne NE5 1NB Page 6
WESTMINSTER SEMINARY UK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from- Donations and legacies Charitable activities Other income 80,960 38.263 381.269 80.960 60.388 418.305 31,778 58,517 353,570 22.125 37.036 Total income 59,161 500,492 559,653 443,865 Expenditure on: Charitable activities 143.764 363.758 507.522 354,289 Total expenditure 143.764 363.758 507.522 354,289 Net movement in funds 184.6031 136.734 52.131 89,576 Reconciliation of funds.. Totsl funds brought fomard Nel movement in funds 144.483 (84.6031 190.944 136.734 335.427 52.131 245,851 89,576 Total funds carried forward 59.880 327.678 387.558 335,427 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 25 form part of these financial statements. Page 7
WESTMINSTER SEMINARY UK BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Fixed assets Tangible assets 10 8,517 10,246 8.517 10,246 Current assets Debtors Cash at bank and in hand 11 8,898 675,300 6,461 322,041 684.198 328,502 Current liabilities Creditors.. amounts falling due within one year 12 1305,1571 (3,321) Net current assets 379.041 325, 181 Total assets less current liabilities 387.558 335,427 Net assets excluding pension asset 387,558 335,427 Totsl net assets 387.558 335,427 Charity funds Restricted funds 14 59.880 327.678 f44,483 190,944 Unrestricted funds 14 Total funds 387.558 335,427 The financial statements were approved and authorised for issue by the Trustees on 01 April 2026 and signed on their behalf by.. Rev Dr lan Hamilton Chair of Trustees The notes on pages 10 to 25 form part of these financial statements. Page 8
WESTMINSTER SEMINARY UK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Cash flows from operatlng actlvltles Nel cash used in operating activities 347,880 84,567 Cash flows from Investlng actlvltles Dividends, interests and rents from investments Purchase of tangible fixed assets 6,773 (1,3941 5, 702 Net cash provlded by Investlng actlvltles 5,379 5.702 Cash flows from financing activities Net cash provided by financing activities Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 353.259 90.263 322,041 231,7T8 Cash and cash equivalents at the end of the year 675,300 322,041 The notes on pages 10 to 25 form part of these financial statements Page 9
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General information Westminster Seminary UK is a Charitsble Incorporated Organisalion governed by a constitution dated 26 May 2020. The Charity is registered in England and Wales (Charity number 11896571. The principal address is Alderman Fenwick's House, 98-100 Pilgrim Street, Newcastle upon Tyne, NE1 6SQ. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 followng the Charities SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practi 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 staled in the relevant accounting policy. The financial statements are prepared in sterling, which is the functional CuencY 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 lo events or conditions that may cast significant doubl 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 aulhorisation 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 Trusvs ability to continue as a going COnrn. Thus, they continue lo adopt the going concem 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. Al income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Page 10
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies l¢ontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl 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 direcuy undertaking the activities which further the Charity's objectives, as well as any associated support costs. 2.5 Taxation The Charity is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax 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 exlenl that such income or gains are applied exclusively to charitable purposes. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £100 or more are capilalised 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 al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils 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 followng basis.. Plant and machinery 15,/0 2.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm 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. Page11
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies l¢ontinuedl 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale 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 lo sellle the debt or the amount il has reiVed 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 qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exptIOn of bank loans which are subsequently measured al 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 unreslricled 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. Designated funds comprise unreslricled funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Restricted funds are funds which are to be used in accordan with specific reslriclions 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 lo the financial statements. Income from donations and legacies Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Donations UK gifts and donations EU gifts and donations Gift aid 43,160 16,027 21,773 43.160 16,027 21.773 Subtotal detailed disclosure 80,960 80.960 Page 12
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from donations and legacies {continuedl Restricted Unrestricted funds funds 2025 2025 Total funds 2025 80,960 80.960 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations UK gifts and donations 29,495 2,283 31,778 29,495 2,283 31,778 Subtotal detailed disclosure Income from charitable activities Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tuition fees 37,933 330 37,933 330 School of Theology Conference income 22,125 22.125 Total 2025 22,125 38,263 60,388 Page 13
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from charitable activities {continuedl Unrestricted funds 2024 Total funds 2024 Tuition fees School of Theology Conference income 43,083 1,504 13,930 43,083 1,504 13,930 Total 2024 58,517 58,517 Other incoming resources Restricted Unrestricted funds funds 2025 2025 Total funds 2025 US Donors other income 37,036 361,345 3,937 6,773 9,214 398,381 3.937 6.773 9,214 Bank interest Other incoming resources Total 2025 37,036 381,269 418.305 Restricted Unrestricted fvnds funds 2024 2024 Total fvnds 2024 US Donors f 73,840 232,881 1, 147 5, 702 346,721 1, 147 5, 702 other income Bank interest Total 2024 f 73,840 239, T30 353,5TO Page 14
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Charitsble activities 429,234 78,288 507.522 Activities undertaken directly 2024 Support osts 2024 Total funds 2024 Charitsble activities 293,072 61,277 354,289 Analysis of direct costs Total funds 2025 Total funds 2024 staff costs and internships Internships Library Seminary costs Faculty costs School of Theology Conference attendance 179,724 79,209 2,624 178,940 2,336 4,900 28,974 4,927 16,272 5,264 28,152 23,247 51.665 7,187 12,018 13,875 32,986 49,946 US fundraising conference Advertising Special project costs Total 2025 429,234 293,012 Page 15
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2025 Total funds 2024 Rent and rates Refreshments Stationery, postage and office consumables Fumiture and equipment Telephone Software licences Cleaning Insuran Other support costs Accountancy Oxford relocation costs 40,265 2,803 36, 151 1,984 636 1,049 95 8,163 1,460 695 9,811 2,400 5,605 795 281 110 7,630 t,216 641 115 2,280 IT consultsncy Consultancy fees Depreciation 1,254 5,995 2,984 1,179 3,123 Total 2025 78,288 61,277 Independent examlnerfs remuneratlon 2025 2024 Fees payable lo the Charit$ independent examiner for the independent examination of the Charity's annual accounts 2,400 2,280 Page 16
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 staff costs 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 165,531 8,986 5,207 f65,900 10,665 2,375 179,724 178,940 The average number of persons employed by the Charity during the year was as follows= 2025 No. 2024 No. Employees The number of employees whose employee benefits (excluding employer pension costs) eXeded £60,000 was.. 2025 No. 2024 No. In the band £60,001 - £70,000 Trustegs. rgmungration and gXPgn$g$ During the year two Trustees have been paid fees with respect to duties carried out in the Charity, not related to their Irusleeship. The value of Trustees. remuneration and other benefits was as follows.. 2025 2024 Rev David Pfeiffer Fees 4,495 4,516 1,598 2,497 Dr Donald John MacLean Fees During the year ended 31 August 2025, expenses relating to travel tol811ing £8,776 were reimbursed or paid directly to 5 Trustees (2024 - £3,818 to 2 Iruslees l. Page 17
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Tangible fixed assets Plant and machinery Cost or valuatlon At 1 September 2024 Additions 19.911 1,394 At 31 August 2025 21.305 Depreciation At 1 September 2024 Charge for the year 9.665 3.123 At 31 August 2025 12,788 Net book value At 31 August 2025 8.517 At31 August 2024 10,246 11. Debtors 2025 2024 Due within one year Prepayments and accrued income 8,898 6,461 8,898 6,461 12. Creditors: Amounts falling due within one year 2025 2024 Accruals and deferred income 305,157 3,321 Page 18
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13. Financial instruments 2025 2024 Financial assets Financial assets measured at fair value through income and expenditure 675,300 322,041 Financial assets measured al fair value through income and expenditure comprise transactions classed as basic financial instruments. Page 19
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. statement offunds statement of funds - current year Balance at 1 September 2024 Balance at 31 August 2025 Transfers inlout Income Expenditure Unrestricted funds Designated funds Knox Fund Tynedale Fund 10,000 71,336 10,000 37.581 133,7551 133.7551 81,336 47.581 General funds General Funds 190.944 500,492 {330.003) 181,3361 280.097 Total Unrestricted funds 190.944 500,492 {363.758) 327.678 Restricted funds Knox Scholarship Shepherd's Fund Tyndale Fund MTW Ref Col 84.660 45.300 6,097 3.633 4.793 6,086 (79.2091 16.150) 16,0971 136.8971 (15.4111 11.537 39.150 33,470 19,605 206 MTW DIP BS 8.987 144.483 59,161 (143.7641 59.880 Total of funds 335.427 559,653 {507.522) 387.558 Page 20
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. statement of funds Icontinuedl Knox Scholarship This is a fund lo 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 lo it. The Trustees have also sel up a discretionary fund with the same aim as the reslricled fund, lo assist students with living expenses and a stipend. Shepherd's Fund This fund was established by an anonymous donor lo assist students wlh tuition fees. There is a slipulalion given by the donor that this money only be available for students aspiring lo church plant in England, Wales or continental Europe, or who hope lo minister within the Evangelical Presbyterian Church in England and Wales IEPCEWI, or the International Presbyterian Church IIPCI. Tyndale Fund This fund is to assist qualifwng students, who would not qualify for funding from the Shepherd's Fund, with tuition fees. The Trustees also sel up a discretionary fund with the same aim as the restrided fund, lo assist students with tuition fees and help is granted at the discretion of a funding committee. MTW Ref Col This fund was granted by an American donor lo help wth 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 21
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. statement of funds Icontinuedl statement of funds - prior year Balance al I September 2023 Balance al 31 August 2024 Income Expenditure Unrestricted funds General Funds - all funds 166,209 300,530 (275, 795) 190,944 Balance at I September 2023 Balance al 31 Augusl 2024 Income Exp&ndilure Restricted funds Knox Scholarship Shepherd's Fund Tyndale Fund MTW Ref Col 31,500 45,300 2,842 67,960 (14,800J 84,660 45,300 6,097 3,633 4, 793 29,547 18,706 27,722 (26,292) (15,073) (22,329J MTW DIP BS 79,642 f43,335 (78,494) f44,483 Total of funds 245,851 443,865 (354,289) 335,427 Page 22
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15. Summary of funds Summary of funds- current year Balance at 1 September 2024 Balance at 31 August 2025 Transfers inlout Income Expenditure Designated funds General funds (33,7551 {330.0031 {143.764) 81,336 181,3361 47,581 280,097 59.880 190,944 144.483 500,492 59,161 Reslricled funds 335,427 559,653 {507.522) 387,558 Summary of funds- prior year Salance at I September 2023 Balance al 31 Augusl 2024 Income Expenditure General funds 166,209 79,642 300,530 143,335 (275, 795) (78,494) 190,944 144,483 Restricted funds 245,851 443,865 (354,289) 335,427 16. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year 8,517 624,318 1305,157) 8.517 684,198 {305.157) 59,880 Total 59,880 327,678 387,558 Page 23
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. Analysis of net assets between funds {continuedl Analysis of net assets between funds- prioryear Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 10,246 184,019 (3,321) 10,246 328,502 (3,321) 144,483 Total 144,483 190,944 335,427 17. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2025 2024 Nel income for the year las per Statement of Financial Acliviliesl 52,131 89,576 Adjustments for: Depreciation charges Dividends, interests and rents from investments Increase in debtors Increase in creditors 3,123 16,7731 (2.4371 301,836 2,984 (5, 702) (3,091) 794 Net cash provided by operating activities 347,880 84,561 18. Analysis of cash and cash equivalents 2025 2024 Cash in hand Notice deposits Iless than 3 months) 54,589 620,711 322,041 Total cash and cash equivalents 675,300 322,041 Page 24
WESTMINSTER SEMINARY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Analysis of changes in net debt At1 September At31 2024 Cash flows August 2025 Cash at bank and in hand 322,041 353,259 675,300 322.041 353,259 675.300 20. Operating lease commitments At 31 August 2025 the Charity had commitments lo make future minimum lease payments under non- cancellable operating leases as follows.. 2025 2024 Not later than 1 year 6,093 The following lease payments have been recognised as an expense in the Statement of Financi81 Activities.. 2025 2024 Operating lease rentsls 40,265 36, 151 Page 25