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 Cu￿encY 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 COn￿rn. 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 re￿iVed 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 ex￿ptIOn 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) eX￿eded
£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