REGIsfERED CHARrrY NUMBER: 309672 TRusfEES' REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 FOR WEsfMINsfER COLLEGE OXFORD TRUSr shdown Hurrey Auditors Mited ststutory Auditor 20 Havelock Road Hasting5 East Sussex TN34 IBP
WESThIINsfER COLLEGE OXFORD TRusr coKrENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 Page Reference and Admlnlstrative Details Trustees, Report 2 to 5 ststement of Trustees, Re$pon51bllitles Report of the Independent Audltors 7 to 9 ststement of Financial Artivitles io ststement of Financial Position li Statement of Cash Flows 12 Notes to the Statement of Cash Flows 13 Notes to the Flnancial Statements 14 to 25
WEsfMINsfER COLLEGE OXFORD TRusr REFERENCE AND ADMINIsfRATIVE DEfAILS FOR THE YEAR ENDED 31 AUGusf 2024 TRusfEE Westminster Cdlege Oxford Trust Umht8J cusroDIAN TRU5fEES Tru&ees for Methodist thurch PurrKxqes DIREcfoRS OF TRUEE COMPANY Rewj Canon Sr R Waller (thairrrHn) Mrs A Bolton Ms A l Gowman Revd Dr l R Hustler Mrs C M Unes Professor D R Matthews Dr C Norris PRINCIPAL ADDRESS do 20 Havelod( Road F135ting5 East Sussex TN34 IBP REG]sfERED CHARifY NUMBER 309S12 AUDrroRS AshthMD Hurrey AudliDrs rnited ststutory Auditor 20 H3ve]ock Road Hastings 7st Su55ex IN34 IBP Paje I
WEsfMINSfER COLLEGE OXFORD TRusr TRusfEES' REPORT FOR THE YEAR ENDED 31 AUGU5f 2024 The Trustee presents Its report with the financial siatements of the Charity for the year ended 31 August 2024. The Trustee has adopted the prov151ons of the Ststement of Recommended prattl (SORP) 'Accounting and Reporting by Charitles, whlch 15 also in accordance with Financial Reportlng Stsndards applicable in the UK and Republlc of Ireland (FRS 102) (efftive l January 2019). OBJEcmiES AND ACllVtTIES Objectives and artivities of the trust The Charlty's trust deed requlres that the trust property shall be used and occupSed for the PUrpe5 of promotlng and advanclng education and In particular but not ty way of limltauon the trainSng of teachers and the advancement of further and higher education. Since April 2000, the objects of the Charity have been achieved through a lea* and other agreements wlth Oxford Brookes University. Under these agreements, the Charlws main charitsble asset, the Harcourt Hlll Esiate, was used by Oxford Brookes Universlty for educational purposes in retum for a peppercom rent and an undertaknng by the Universlty to resource and malntsln spedfied Church-related and educauonal attlvities. These Included the provlslon of chaplaincy and the management of various collecilons owned by the tharity or other partles. On 26 Juty 2017 a new 99-year lease for the Harcourt Hlll Estate was signed wlth the Univer5fty. Under this lease, the a)arity received an Inltlal premium of £3,750,000 and annual rentsl income of at least £420,000 (currendy £495,218) whlch is avallable to fund educatlonal activities either at (hford Brooke5 Unlver51ty or elsewhere. The maln acbvity of the Charlty Is to make grdnts which promote or advance educatlon and to monltor the purposes for which those grants are used. The Chartty also holds endowment funds for the benefrt of students. Public bener The Trustee has Ikid regard to the Charlty Commlssion's guldance on public nefIt. The educatlonal activitfes advanced by the Charity represent a sub51ontyal public benefit. Thls Is achleved through academlc acknvities such as theological research, development of thcologlcal thinking and the promotion and dlssemlnation of its results. All Oxford Brcoke5 Students may enjoy the open spaces of the Harcourt Hlll Estste, and the Lelsure Centre and Sport5 Faclliues are accessible to local schools and organlsatlons and to the general publlc, through a membershlp scheme. The swlmmlng pool15 no longer avallable to the publlc, due to economlc factors. The spedallst archives and art collectlons a open to the publlc by appointrnent. Page 2
WEsfMINsfER COLLEGE OXFORD TRusr TRusfEES' REPORT FOR THE YEAR ENDED 31 AUGusf 2024 OBJEcfIvES AND AcrivrrIES Management and governance arrnngements The Charity Is govemed by its Trust Deed drawn up and dated 7 March 1955 as amendoj, most recenty on 5 November 20DI. The Trustse is Westhlnster College Oxford TN5t Llmited, which Is governed by Articles of A550ciation as amended on 2 (kiober 2013. The dIrrS are appointed by the Methodist Church, nomially for an initial term of three year5 With the possibilty of rtrappointment for a further three years, and beyond that in exttptlDnal circumstances. The directors may also Crfjpt further Member5 of the Board. Directors do not recelve any formal training but are selected based on thelr relevBnt experien and knowledge. New directors retrive an Infomal InduLtton through meetings with existing Board members and the provision of appropriate background information. The arity has no employees and all key dedslons are made by the Board. Board member5 are In regular electsDnic contsct and there are at least three formal Board mtttings each year, for whlch detailed paper5 are prepared and distributed in advance. The are annual reports from the senior 5tsff of the Oxford Centre for Methodlsm and.Church HisLuryi whose work is currenuy supported by fundlng from the Trust. The Board continues to engage wlth the University In Its ongoing use and possible development of the campus. The Trustee prOdeS an annual governance report to the Methodist Councll. It has retslned operational link5 with the Churth throughout the year through the presence of the Secretary of the Methodtst conferen who is an exthao member of the Board of Directors. The Board of Directors (the Trustee) use5 the seNlces member of the Connexional Team at Methodist Church House to convene and service meetIngs of the director5, and to conduct buslness as direrted by the Trustee between meetings. Page 3
WEsfMINsfER COLLEGE OXFORD TRusr TRusfEES' REPORT FOR THE YEAR ENDED 31 AUGusf 2024 ACHIEVEMENT AND PERFORMANCE Achievements and perfOrn?an of the trust and plans for future periods Oxford Brookes Is undergoing a period of change, and has announced Its Intention to rationali5e its activities in the Headington area of Oxford. In the short te, the Harcourt Hill site will be used mainly as halls of residen, wtth the ce55ation of teaching on campus. With this in mind, the Directors served notice to Oxford Brwkes that they wlll no longer fund the Oxford Centre for Methodlst alurch History and its associated staff from the end of the 2023124 academic year. Thi5 has therefore been a pericd of great change for all involved wlth WCOT as it starts a new and exciting chapter of its life. During the year ended 31 August 2024, the Charity: made short and mediurn-term grants to the university for the contlnulng provlslon of charitable acknvilies seNed noti that the charitsble activities will no longer take pla on the Harcourt Hill campu5 from the end of the 2023124 academlc year set up an agreement with Wesley Memorial Church Oxford to have long term use of a large room (now lled the G5bbs Room) to house a section of the WleY Historical Soc*'s library - vacated the Ilbrdry at Harcourt Hill and put all the books and artefacts Into storage - set up and funded two Senlor Research Fellowships effettive from 1st September 2024 to cary out theologlcal research of relevan to the contemporary Methodist Church, with educational benefits to all concerned. These will be funded for three - set up and funded two Rerch Fellowships to work in the same area, of one yearfs duratlon, stsrtlng on 1st August 2024. - Continu work on a long-temi vlslon for the work of the Charity In the fleld of education engaged with other Methodist bodies operattng In the field of edutIOn to offer more coordinated and sustainable 5UPPOrt for the church's edutstional mi55ion ade grants to tharitsble organisations who required funds to achieve their aims, ensuriftg that these fitted wlth Westmlnster College Oxford Trust's objecilves. The key activiti supported by the Charlty at Oxford Brookes Universlty In the year ended 31 August 2024 were.. The Centre for Methodism and Church History which promoted scholarly research into Methodism and related subjects, together with academic co116boration and exchange, nationally and intemationally. - The provlsion of Chaplalncy seN[. The a)ariVs plan5 for futu periods include: - set up a thriving resource ntre in the Gibbs Room at Wesley Memorial Methodist Church - ensure all who wish to Use the resources have easy access - conttnue to fund Research Fellowshlps under the auspices OF an Oxford College - establlsh a scholars, communlty and SUPPOTt ular meetings of the members continued engagement with the univeIty as to the development of its estate strategy and Its Implications for the Westminster campus. - provrsion Df a Methodlst chaplainry seNice to the University - strateglc conslderatlon of the heritage aspects of the trust in the longer term In di5tharging its re5pon5ibility to administer the endowment fund5 of the former Westminster College, the Charity ha5 continued to seek to ensure that the fuTKls are invested well and that the bur5arie5 are awarded where there 15 real need and merit in accordance with the wishes of those who made the orlglnal scholarshlp bequests. FINANCIAL REWIEW Financial review For the year under review, incoming resour related to investment Income and rent (including the lease of an element of the lease premium reiVed). Investment values fluctuated sllghtly, largely due to world events outside the Charitys control. Thls did not hinder the pjllcy of grant-giving, and during the year significant sum5 were donated to educational and Methodist tharitie5. Various ontroff costs have been, or are about to be incurred, associated with the closure of the Harcourt Hill site and the Setting up of the new Gibbs RODM. Page 4
WEsfMINsfER COLLEGE OXFORD TRusr TRusfEES' REPORT FOR THE YEAR ENDED 31 AUGusf 2024 FINANCIAL REVIEW Investment policy and objectives Followng the strateglc rem of invesknent poli1 the overdll allocation for the general funds is currently as follows: EquSty Fixed Interest Property Cash 60-80% 5-25 5-25% o-i0% The Thjstee continues to monftor investmert cl its endowment and resbict8J funds and kNests in equty funds that element of restricted income which tt does not expett to be spent within the next one to iwo yea. Reserves pollcy The arity has sought to malntsin such a level of re5eTve5 SO as to ensure its fu eXIsten and meet its administrative expenses out of the Investment income. Ufjer the new lease. the ntaI pmyments are Sufficient to meet eypenses and to make grants and the Charity has also rred a signifiont sum in the ft)mJ of the lea premlum. The Trusvs pollLy is to retain in reserves suffioent funds to meet its obllgatlons for any three mtsnths of the year. In the year ended 31 August 2024. reserves comfortabiy exceeded this level. The Trust 15 conftdent that the current level of reserves Is adequate and at a hlgher level than will be retaned in the lOnr terffl. The free reserves position at the yearnd is £349,485, Kthlch represents the unrestfiLtsJ net current assetslliabilities. In addition, the Charity ha5 access noti of than one month to its uryetsictal Investments of £4,061,704. SrRUCTuR GOVERNANCE AND MANAGEMErir Govern4ng documert The charity is controlled by its goveming documenL a deed (* trust and consbtrtes an unlncorporatel charity. 1/3.]£......... Approved by order of the b)ard of trustees on ..... and signed on its behalf by: Trustee Page 5
wEMINsfER COLLEGE OXFORD TRusr srATEMENT OF TRUSTEES, RESPONSIBILtriES FOR THE YEAR ENDED 31 AUGusf 2024 The trustees are responsible for pparIng the Trustees, Report and the finanual ststements In accordan with applicable law and Unlted Kingdom Accounting Standards (Unlted Kingdom Generally ACpted Accounting Prattl) induding Financlal Reporting Stsndard 102 'The Financial Reporting Stslldard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Repjrts) Regulation5 200B and the provisions of the tNst d*d requlres the tnjsiees to prepare financial trdtements for each financial year which give a true and falr vtew of the stote of affair5 of the charity and of the incoming resources and appliGation of resources, including the income and expenditure, of the charity for that period. In preparing those financlal statements, the trustees a required to selert suitsble accounting FK)lictes and then apply them consi•; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent. stste whether appllcable accounting standards have been followed. subject to any materlal departures disd05ed and explalned In the finandal ststements. prepare the financial statements on the golng concern basis unle55 it is inappropriate to presume that the charity wlll continue in bu5ine55. The trustees are responsible for keeplng proper accountlng records whlch disclose with reasonable accuracy at any time the financlal posiljon of the charity and to enable them to ensure that the financlal statements comply with the Choritie5 Att 2011, the Charity (Accounts and Reports) Regulation5 2008 and the provisions of the trust deed. They are a150 responsible for &ifeguarding the assets of the charity and he for tsking reasonable steps for the prevention and detectton of fraud and other irregularities. Page 6
REPORT OF THE INDEPENDEwf AUDtroRS TO THE TRusfEES OF WEsfMINsfER COLLEGE OXFORD TRusr Opinion We have audited the finanaal statements of Westmlnster College Oxford Tnjst (the 'charty') for the year ended 31 August 2024 whith comwise the Ststement of Flnanclal Acbvitles, the Ststement of Financial pOtIon, the Statement of Cash Flows and notes to the financial ststements, including a summary of signfficant accounting policies. The financial reporting frdmework that has been applled in their preparation is applicable law and United Klngdom Accounting Standards (United Kingdom Generdlly Accepted AUnting Practi), including Finanaal Reporting Stsndard 102 The Hnandal Reporting Stsndard applicable in the UK and Republlc of Treland,. In our opinlon the financial statements: give a tnje and fair view of the stste of the charlty's affairs as at 31 August 2024 and of its incomlng resour and applicatton of resources, for the year then ended; have been properly prepared in accordan with Unlted Kingdom Generally Accepted Accounting PraLli, including Flnancial Reporting Stsndard 102 The Financial Reporting Standard appllcable In the UK and Republic of Ireland and have been prepared In accordance with the requirements of the Charities Act 2011. Basls for opinion We condu(led our audit In accordance with International Stsndard5 on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further desrnbed in the Auditorg responsibilities for the audlt of the financial staternents section of our reporL We are Independent of the charity In accordance with the ethical requirements that are relevant to our audit of the financlal statements in the UK, Includlng the FRC'S Ethical Stsndard, and we have fulfilled our other Èthical responsibilities in accordance with these requlrements, We believe that the audlt evidence we have obtained Is sufflclent and appropriate to provlde a basis for our opinion. Conclusions relating to golng concern In auditing the financial siatements, we have conduded that the trust' use of the golng COnM basls of accounting in the prepardtlon of the financtal statements is appropriate. Bad on the work we have performed, we have not IdentTfied any material uncertsinties relabng to events or conditions that, individually or collectivelyp may cast signlficant doubt on the charity's abllity to contlnue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our resp)nslbllities and the responsibllitles of the twstees with respett to going concern are describoj in the relevant section5 of thi5 reFQrt. Other Inforniation The trustees are responsible for the other Infomation. The other information comprises the information included Sn the Annual RepoiL other than the financlal statements and our Report of the Independent Auditors thereon. Our op1nn on the fln3ncial statements does not cover the other Information and, except tc the extent otherwi* pIta stated In our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the ftnandal statements, our resFonslbility is to read the other Information and, in doing 50, consider whether the other information is materially Inconslstent with the financlal statements or our knowledge obtsined in the audlt or otheiSe appears to be materially rni55tated. If we identify such mterlal Inconsisienaes or apparent materlal mlsstatements, we are required to detemlne whether this gives rise to a material misstatement in the financial stakments them5elve5. If, based on the work we have perforni1, we conclude that there 15 a material mi55tatemenl of this other Information, we are required to report that fatt. We have nothing to report In thls regard. matte on which we are requlred to report by exception We have nothlng to report In respett of the follDwlng matters in relation iD whith the Charities (Accounts and Reports) Regulations 2008 require us to rep)rt to you if. In our oplnlon.. - the infomialion glven In the trusteaq, report is inconsistent in any material respert with the financial statements. or - sufficient accounting records have not been kept; or - the financial statements are not in agreement wlth the accounting record5; or - we have not retrwed all the Infomiation and explanatlons we required for our audit. Page 7
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRusfEE5 OF wEMINsfER COLLEGE OXFORD TRusr Responsibilities of trustees As explained more fully In the Ststement of Tru5tees' Re5pon5ibilities, the trustees are re5PDnsible for the preparatton of the financial Statements which give a true and fair vrew, and for such intemal control as the trustees determlne Is necessary to eneble the prepardtion of financial statements that are free from material mlsststemen¥ whether due to frBud or error. In preparln9 the finanoal statements, the trustees are responsible ft)r assessing the thariws ability to continue as a going concern, disclosingi as applicable, tnatters related to going concern and using the golng conrn basls of accounting unless the trustees either intend to Irquidate the tharlty or to cease operatlons, or have no realistic alternative but to do so. Our responsibllltles for the audit of the financlal ststements We have been appointed as auditors under Section 144 of the Charitie5 Act 2011 and report in accordance with the Att and relevant regulations made or having effect thereunder. Our obJectives are to obtaln reasonable assuran atjout whether the financial Statements a5 a whole are free from material misStatemenL whether due to fraud or error, and to issue a Report of the Independent Auditors that indudes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit condurted in accordan with ISAS (UK) wlll always detect a material mlsstatement when it exlsts. Misststements can ariso from fraud or error and a consldered materfal if, Indfvtdually or In the aggregate, they could reasonabty be exFeCted to Infiuence the economic decisions of Use taken on the basls of these finanaal statements. The extent to whlch our procedures are capable of detecting irregularitses, includlng fraud is detsiled below: Irregularftles, Includlng fraud, are Instances of non-complian with laws and regulations. We design procedures in Ilne wlth our responsibilitie5, ouuined above, to detett material mi55tatements in respect of irregularitie5, including fraud. The extent to which our procedure5 are capable of detecting Irregularities, Including fraud is detailed below.. Durlng the plannlng stage of thls audit we oJnsldered the likellhood of irregularities around laws and regulations relwdnt to the charity, including enquiry of manogemerst and tho* tharged with govemance. These were also discussed during the audrt planning meeting held by the team. We reviewed the tharitvs 5yStem5 and contro[5 in pla, and fomied an assessment as to their operational effertiveness. We obtained an understandlng of the legal and regulatory frameworks that are appllcable to the enty and determlned that the most significant are those that relate to: -The financial reporting Standard. FRS102 Landlord and Tenant Att 1985 Methodlst Church requIrnents Based on the results of our risk asse55ment we designed our audit procedure5 to identify non-compliance with 5uth law5 and regulatlons Identified above. During the course of thls audlt the team dlscussed thls area Wkth trustees of the charfty and also carried out a revtew of legal expenses for eviden of any issues. We consldered the rfsk of fraud through management overrlde and, In response, we Incorpordted testing of manual journal entrtes into our audit approach. We are therefoTe of the opinion that given the risk level identified, our procedures planned and undertaken, are adequate for detecting Irregularities. A further descripyion of our responsibilities for the audit of the finanaal statements is located on the Financlal Reporbng Council's website at .frC.or9.Uklaudlt0rsreSponSlb1lltles. Thls descriptlon forms part of our Repart of the Independent Auditors. Page 8
REPORT OFThE INDEPENDENT AUDrroRS TO ThE TRusfEES OF WEsfMINSfER COLLEGE OXFORD TRU Use of our pOrt This rep)rt is made lelY to the charityes trust&s. as a bcmfy, in accordan wlth Part 4 of the Charlties (Accounts and Reports) Regulation5 2008. Our audit work has been undertaken so that we might state to the tharivs trustees those matters we are required to state tD them in an auditorg reFQrt and for no other purpose. To the fullest extent permitt8J by law, we do not accept or assume responsibility to anyone other than the charity and the tharis trustees as a kK)dy, for our audr( work, for this or for the opinions we have formed. /Lauf/J JY Pthdown Hurrey Auditors Llmlted stBtutory Auditor 20 Haveloc* Road Hastlngs East Su55ex TN34 IBP Pe9
WEsfMINsfER COLLEGE OXFORD TRusr srATEMENT OF FINANCIAL ACTllfrrIES FOR THE YEAR ENDED 31 AUGusf 2024 31.8.24 Totsl funds 31.8.23 Total funds Unrestritted fund Restrirted fiJnds Endowment fund Note5 INCOME AND ENDOWMENTS FROM Donations and legaoes Investment and ntaI income 656,370 9,581 655,951 646,671 Total 656,370 9,581 665,951 646,671 EXPENDrruRE ON Raising funds Investment management costs 48,015 894 48,909 13,547 48,015 894 48,909 13,547 Charitable activlties Grants to Individuals Grants to insbtutions 2,000 2,000 627,521 4,113 632,093 627,521 Other 56,119 56,119 12,308 Totsl 731,655 2,894 734,549 662,061 Net gainsl(10sses) on investments (9,570) (9,570) (119,482) INCOMEI(EXPENDrruRE) Transfer5 between funds Other recognlsed gainsl(losses) Gains1(fosses) on revaluation of fed assets (84,855) (2,000) 6,687 2,000 (78,168) (134,872) 16 1,152,779 5,638 32,723 1,191,140 <75,982) Net movement in funds 1,065,924 14,325 31723 1,112,972 (210,854) RECONCIUATION OF FUNDS Totol funds brought fOard 12,376,452 67,745 256,967 12,701,164 12,912,018 TOTAL FUNDS CARRIED FORWARD 13,442,376 82,070 289,690 13,814,136 12,701,164 The note5 fom part of these financial siatements Page 10
WEsfMINSTER COLLEGE OXFORD TRusr STATEMENT OF FINANCIAL posrtION 31 AUGusf 2024 31.8.24 Total funds 31.8.23 Totsl funds Unrestricted fund Restrictsa Endowment funds fund Note5 FIXED ASSErs Investments Investments Investment property li 12 4,061,704 12,475,000 49,9D8 289,690 4,401,302 12,475,000 4,485,409 11,750.000 16,536,704 49,908 289,690 16,876,302 16,235,409 CURRENT ASSErs Debtors Cash at bank 13 6,268 437,669 6,268 499,808 6.894 410,177 62,139 443,937 61139 506,076 417,071 CREDrroRS Amounts falling due wlthin one 14 (94,452) (29,977) (124,429) (469,626) NEf CURRENT ASSErs 349,485 32,162 381,647 (52,555) TOTAL ASSEfs LESS CURRErir LIABILrtlES 16,886,189 82,070 289,690 17,257,949 16.182,854 ACCRUALS AND DEFERRED INCOME 15 (3,443,813) (3,443,813) (3,481,690) NEf ASSErs 13,442276 82,070 289,690 13,814,136 12,701,164 FUNDS Unrestricted funds Restricted funds: t)obs)n Theology Fund Speight Undergraduate Fund Postgraduate Bursary Fund 16 13,442?76 12,376,452 2,130 35,830 44,110 29.804 37,261 82,070 67,745 Endowrnent funds 289,690 256.967 TOTAL FUNDS 13,814.136 12,701,164 Tre financial statements were approvoj by the Board of Trustees and authorised for tssue on and were signed on Its behalf by: Trustee The notes form part of these finandal statements Page 11
WEsfMINsfER COLLEGE OXFORD TRusr ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGusf 2024 31.8.24 31.8.23 Note5 Cash flows from operating artivities Cash generated from operations (1,116,997) (393.743) Net cash used In operdting aLtNittes (1,116,997) (393,743) Cash flows from Investing artivities Purchase of red asset Investments Sale of fixed asset Investments Rents re]Ved Inte5t refved Dividend5 recelved (3,942,012) 4,482,689 533,097 10,005 122,849 (4,770,498) 4,664,497 533,097 8,557 114,066 Net cash provlded by Invesbng activitie5 1,206,628 549,719 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginnlng of the reportlng perlod 89,631 155.976 410,177 254,201 Cash and Gish equivalents at the end of the reporting period 499,808 410,177 The note5 form part of these financial statements Page 12
WEsfMINsfER COLLEGE OXFORD TRusr NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUSf 2024 RECONCILIATION OF EXPENDrruRE TO NEf CASH FLOW FROM OPERATING ACnVTfIES 31.8.24 31.8.23 Net expenditure for the reportin9 perlod (as perthe Ststement of Financial Activities) Adjustments for: Losses on investsnents Interest received Dividends received Rents received Decrease In debtors Decrease In creditors (78,168) {134,872) 9,570 (10,005) (122,849) {533,097) 626 (383,074) 119,482 (8,557) (114,066) (533,097) 320391 (43,024) Net cash used in operations (1,116,997) (393,743) ANALYSIS OF CHANGES IN NEf FUNDS At 1.9.23 Cash flow At 31.8.24 Net cash Cash at bank 410,177 89,631 499,808 410,177 89,631 499,808 Totsl 410,177 89,631 499,808 The notes form part of the* financlal statements Page 13
WEsfMINsfER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL sfATEMEMrs FOR THE YEAR ENDED 31 AUGusf 2024 srATUTORY INFORMATION Westrnlnster College Oxford Tnjst Is an unincorporated charity, registered in England & Wales. The charitys reglstered number and registered Offi addre55 can be found in the Report of the Trustees. ACCOUNTING POLICIES Basis of preparing the financial Statements The financial statements of the charity, which 15 a public benefit entity under FRS 102, have been ppared In accordan with the Charities SORP (FRS 102) Accounting and Reporknng by Charibes: Statement of RecDmmended Practi applicAble to charltles preparing their accounts in accordan with the Finanaal Reporting Standard appllt3ble In the UK and Republic of Ireland (FRS 102) (effective l January 2D19)', nnal Reporbng Stsndard 102 The Flnandal Reporting Standard applicable in the UK and Republic of Ireland. and the Charltfes Att 2011. The financial ststements have been prepared under the historical cnst conventlon, with the exception of Investrnents which are induded at market value, as modified ty the revaluation of certaln assets. In preparing the financlal statements, the trustees are required to make an d55es5rnent of the ability of the charity to continue as a going concem. The trustees have prepared a cash flow forecast for the charity which covers the 12 month period from the date of signing these finandal ststements. On the basi5 of these forecasts and the fart that the charity has substanttal net a55ets, the trustees are confident that the charity has adequate resources to conttnue in operational existen and to meet its liabilitses as they fall due for the foreseeable future. As a result of the above, the trustees have conduded that It remains appropriate to adopt a going con basis of preparab'on in these financlal ststements. Income All Income Is recognised in the Statement of Financial Adivities once the charity has enement to the funds, it Is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilitie5 are rec¢)Jnlsed as expenditure as soon as there [5 a legal or constnjrtrve obligation committln9 the charity to that expenditure, it is probable that a bansfer of economlc benefits will be required In setdement and the amount of the obligation can be measured reliably. Eypenditure is aco)unted for on an accruals ba515 and has been da55ified under headings that aggate all cost related to the category. Where costs cannot be direcuy attributed to particular headings they have been allocated to artivftie5 on a basis con5i5tent with the use of resources. Grants affered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Investments Invethents In managed fund5 are valued at the yearend bId-pri value. Investments In works of art are valued at market values, detemined on the basis of pertodic external luatiOnS. In the Intervenlng years betheen valuations, the Trustee a55e55es whether the basis for the valuation remains reasonable. Investment property Investment property Is shown at most recent valuatlon on the basis of open market value. Any gains1105ses arising from changes in market value are recognIS on the Statement of Financial Activities. A full external valuation is perfomied at least every five years. The Trustee considers the reasonableness OF this valuation in the intetvening yea. No depreclatlon Is provlded in respect of fteehold land and bulldlngs held for investment purposes. Taxation The trust Is a registered tharity and is therefore exempt from income tax and corporatlon tsx on rnt of its attnrities. The charity reiVeS no similar exemption in respect of value added tsx. Paoe 14 continued...
WEsfMXNsfER COLLEGE OXFORD TRUST NOTES TO THE FINANCIAL sfATEMENTS- conts'nued FOR THE YEAR ENDED 31 AUGusf 2024 ACCOUNTING POLICIES - continued Fund accounting Unrestritted fund5 can be used in accordan with the charitable objectives at the dIretion of the trustees. Restricted funds cAn only be used for partlcular restslcted purpose5 Within the objects of the charity. Restrictions ari when specified by the donor or when fund5 are ralsgj for particular restricted purposes. Endowment Funds Deposts and managed fund invesbnents represenung the funds that have been invested through the charity have een allocated the appropriate portion of the interest and other Investment income eamed by the charity. The income recelved on these endowments is considered restricted funds for expenditure, in line with the original donor's wishes. Use of restrlcted funds An appropriate proportion of the administration costs based on the proportion of the 5ecretarfs time spent admini#erfng these funds Is charged to restricted fund5. Hlre purchase and leasing commitments Rentals pald under operadng leases are chorged trj the Statement of Finanaal Advities on a straight line basts over the period of the lease. Recognition of income All Income from depo&ts, sale of assets and other sources Is credited to the Statement of Financial Actlvities on an accruals basis. Dstrfbutlons from pooled investment vehldes are recognised when received. Rents receivable from assets leased under operating leases is recognised on a stralght-line basis over the temi of the lease. Lease prerniums received on the grant of operatlng leases are recognised on a 5trdight -Ilne basis over the lease term. Grdnt income is recognised In the finandal ststements when there is eviden of entitlement to the grant, receipt is probable and its amount can be measured rellably. Judgements and estimates In categorising lease as finan leases or operating lease5, the Trustee makes Judgements as to whether significant rlsks and rewar(ts of ownership have transfeLTrJ to the lessee, where the Group 15 the lessor. This is relevant to the lease between The Trust and Oxford Brookes Universlty (OBU) as shown in Note 21, which has been dasslfied as an operaling lease. The key judgement in the accounts relates to the Wdluation of the inve5bnent property whlch Is the subject of the lease with OBU. Details are providoj In Note 14. INVESTMENT AND RENTAL INCOME 31.8.24 Totsl funds 31.8.23 Total funds Unrestrirted ReiLted funds funds Endowment funds Rents rfved Income receivable from Investments in managed funds DeFost account Interest 533,093 533,097 524,048 116,162 7,111 6,687 2,894 122,PA9 10,005 114,066 8,557 656,370 9,581 665,951 646,671 Page IS continued...
WEsfMINsfER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 Aufju 2024 INVEsfMENT MANAGEMENT cosrs 31.8.24 Totsl funds 31.8.23 Total fijnds UnrestriLted funds Restricted funds End0wmt funds Support costs 48,015 894 13,547 CHARrrABLE AcrIvrrIES COSTS GTrnt funding of acbvities (see note 6) Grants to indNtdua15 Grants to institutions 2.000 627.521 629,521 Grdnts offered subjett to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. GRANTS PAYABLE 31.8.24 31.8.23 Grants to Indmduals Grants io in5titution5 2,000 627,521 4,113 632,093 629,521 636,206 SUPPORT cosrs Goveman costs nan Other Tots15 Investment management costs other resources oxpended 48,909 48,909 56,119 49 56,070 48,909 49 56,070 105,028 The sole Trustee of the charity, Westsninsier College Oxford Trust MI, was Involced a management charge by the charity of £(407) (2023: £1,474). Page 16 continued...
WEsfMINsfER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL sfATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGU 2024 SUPPORT cosrs . contlnued Support Costs, included kn the abov4 are as follow 31.8.24 31.8.23 Invesbnent management costs other resources expenda Total acbvities Total actsvib Bank charges Trustees, remuneration etc Auditors, MuneratiOn Audor5, remunerabon for non aud work other operating leases Management fees 48.909 48,909 49 7,362 3,960 45,155 (407) 13,547 820 8,214 1,800 7.362 3,960 45,155 (407) 1,474 48.909 56,119 105,028 25,855 AUDrroRY REMUNERATION 31.8.24 31.8.23 Fees payable to the charivs auditors for the audit of the charty's financial ststements Auditors. rernuneratlon fLr non autht work 7J62 3,960 8,214 1,800 TRusfEES' REMUNERATION AND BENEFirs There were no trusteg remuneraiKin or other benefits ft)r the year ended 31 August 2024 nor for the year ended 31 August 2023. Trusteeg wenses pald for the year ended 31 August 2024 was £49 (2023: £820). These expenses constitthed trdvdling expenses redaimed by Trustees attending botrd meetings for the TrusL FQ51age and meet5ng expense5. During the year, four dlrectors of the Trustee company redathld expen IQ. COMPARATfilES FOR THE sfATEMENT OF FINANCIAL AcrivrtIES UnrestrtLtsJ Restricted fund funds Endowment fund Totsl funds INCOME AND ENDOWMENTS FROM Investment and rentsl Yicome 637,309 9,362 646,671 EXPENDMIRE ON Raising funds Investment management costs 12,678 869 13,547 12,678 869 13.547 Charitsble activities Grnnts to individuals Grdnts to lnstltuts.ons 2WOO 632,093 2,113 4,113 632,093 Other 10,834 1.474 12,308 Total 657.605 4,456 662,061 Page 17 continued...
WEsfMINsfER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 io. COMPARATIVES FOR THE sfATEMENT OF FINANCIAL AcrIvrrIES- continued Unrestrtcted Restrirted fund funds Endowment fund Totsl funds Net gainsl(10sses) on investments (119.482) (119,482) NEf INCOMEI(EXPENDtruRE) OtheT recognT5ed gains/(losses) Gainsl(losses) on revaluatlon of fixed assets (139,778) 4.906 (134,872) (82,470) 954 5,534 (75,982) Net movement in fund5 (222,248) 5,860 5,534 (210,854) RECONCILIATION OF FUNDS Totsl funds brought fomard 12,598,700 61,885 251,433 12,912,018 TOTAL FUNDS CARRIED FORWARD 12,376,452 67,745 256,967 12,701,164 ii. FIXED ASSEf INVEsfMENTS Analysts of fixed assets investments are as follows:. UNREsfRIcfED FUNDS Total VALUATION At I September 2023 Additions in year Dlsposals In year Net gainlloss on revalvation or disposal 4,184,171 3,951,582 (4,482,689) 408,640 At 31 August 2024 4,061,704 Valuation at 31.8.2024 UNREsfRIcfED FUNDS Epworth Climate Stwdshp Inc Epworth Global Equity Epworth UK Equity Fund FP Foreslght Global Real Infra L&G UK Property Feeder Inc Royal London Short Term Royal Mint Rathbone Ethical Bond Fund Rathborne Green Bank Spark Change Threadneedle UK Social Bond Vanguard UK Gov Bond Vanguard US Gov Bond 368,322 2,226,239 368,053 298,362 62,920 47,993 31,878 85,672 159,757 93,911 42,429 147,653 126,505 Totsl 4,061,704 Spelght Undergraduate Postgraduate DobsonTheol Fund BursaryFund GgyFund ENDOWMENT FUNDS Totsl Page 18 contlnued...
WEsfMINsfER COLLEGE OXFORD TRUS[ NOTES TO THE FINANCIAL sfATEMENfs - thntinued FOR THE YEAR ENDED 31 AUGUSf 2024 11. FIXED ASSEf INVEsfMEltrs- continued Investment- Equity Fund5 VAWATION At I September 2023 Additions in year Disposals In year Net gainlloss on revaluation or dposal 123,905 101289 30,773 256.967 15.779 13,025 3,919 32,723 At 31 August 2024 139,684 115,314 34,692 389,690 Speight UndergraduateF P05tgaduateBu tknbsonTheol und rsaryFund c#Jy Fund REsfRIcfED FUNDS Investrnent- Equity Funds VALUATION At I September 2023 Additions in year Disw5als in year Net gainlloss on revaluation or disposal Totsl 16,297 24,977 2,997 +1,271 275 3,181 381 5,637 At 31 August 2024 18?72 28,158 378 49,908 Cash less current Ilabilities At 31 August 2024 17.458 15,952 (1,248) 31162 Totsl Restricted Funds 35.830 44,110 2.130 82,070 IZ INvESfMEf PROPERTY FAIR VALUE At I September 2023 Revaluation 11,750,000 725,000 At 31 August 2024 12,475,000 NEf BOOK VALUE At 31 August 2024 12,475,000 At 31 August 2023 11,750,000 The historic cost of the rvialued freehold assets Is £508,031. The Trustee for Methodlst a)urch Pwes as custodian holds the land and bull dings in trust for the prlmary purpose of training teatheTS. The Trustee for Methodist Church Purposes resen rights over transaciions rdating to trust property. Following a merger that took pla on 6 April 2000, the maJoiity of the assets Wre transferred to Oxford Brookes Universty and a lease was granted between oxfo Brooke5 Universty and the Trustee for Meth¢xlist Church Purrtses in respett of the land and buildings. A professional valuatton was perfomied as at February 2025. The revetsionwy interest wa5 valued by Andrew Lockhart FtUCS Ma Arb at £11475,000 on the basis of open market val Page 19 continued...
WESn4INsfER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUSf 2024 12. INVEsfMENT PROPERTY- continued On 26 July 2017, a full repairing lease with an effettlve date of l August 2017 was grantèj to f0rd Brookes Universty in respett of land and buildings. A lease premium of £3,750,000 was received by Wethin5ter College Oxford Trust on 26 July 2017. The premlum has been deferred and wlll be recogni5ed over the life of the ledse. Fair alue at 31 August 2024 15 represented by: Valuation in 2009 Valuation in 2016 Valuatton in 2017 Valuation in 2020 Valuakion in 2024 2,391,969 I,IOD,000 7,000,000 750,000 725,000 508,031 12,475.000 13. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 31.8.24 31.8.23 Trade debtors Other debtors 6,268 6,268 626 6,268 CREDrroRS.. AMOUNTS FALLING DUE wmiiN ONE YEAR 31.8.24 31.8.23 Trade creditors Amounts owed tr) connected body corporate Deferr&d Income Accrwed expenses 35,IH 479 79,147 9,659 298,373 1.379 79,147 90,727 124,429 469,626 15. ACCRUAL5 AND DEFERRED INCOME 31.8.23 31.8.23 Deferred income relating to lease premlum: 2-5 years Accrued expenses: 2-5 years 151,515 151,515 151,515 151,515 Deferd income relating to the lease premium.. more than 5 years 3,292,300 3,330.177 3,443,815 3,481,692 Poge 20 continued...
WESTMINsfER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 16. MOVEMENT IN FUNDS Net movement In funds Transfers beeen funds At 31.8.24 At 1.9.23 Unrestrlcted funds Unrestiicted Funds 12,376,452 1,067,924 C2,)0) 13.442?76 Restrtrted funds [b$On TheolcrfJy Fund Speight Undergrdduate Fund Postgraduate Bursary Fund 679 29,804 37,262 1,451 4,026 6,848 2.130 35,830 44,110 2,000 67,745 12,325 2,000 82,070 Endowment funds Endowment funds 256,967 32,723 289,690 TOTAL FUNDS 12,701,IfA 1,112,972 13,814,136 Net movement in funds, included in the above are as fo51ows: Incoming reSoUS Re50ur expended Galns and 1055e5 Movement In funds Unrestricted funds UnrestrlLtsd Funds 656,370 (731,655) 1,143.209 1,067,924 Restricted fund5 Dobson Theology Fund Spelght Undergraduate Fund PostgTrduate Bursary Fund 1.169 4,370 4,042 (ioo) (2,419) (375) 382 2,075 3,181 1,451 4,026 9.581 (2,894) 5,638 12,325 Endowment funds Endowment funds 32,723 32.723 TOTAL FUNDS 665,951 (734,549) 1,181,570 1,111972 Page 21 contlnued...
WESTMINSTER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 AUGusf 2024 16. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement In fijnds At 31.8.23 At 1.9.22 Unrestrfcted funds unStrirted Funds 12,598,700 [222,248) 12.376.452 Restricted funds Dobson Theology Fund Speight Undergraduate Fund Postgraduate Bur5dry Fund 2.455 26,292 33,138 (1,775) 3,512 4,123 29,804 37,261 61.885 5,860 67,745 Endowment funds Endowment fund5 251,433 5,534 256,967 TOTAL FUNDS 12,912,018 (210,854) 12,701,164 Comparauve net movement In fund4 Included In the above are as follows: Incoming resource5 ReSoUrS expended Gain5 and 1055es Movement in funds Unrestricted funds Unrestrltted Funds 637,309 (657,605) (201,952) (222,248) RestriLted funds Dobson Theology Fund Spelght Undergraduate Fund Postgraduate Bursary Fund 1,105 4,307 3,950 (2,945) (1,146) (365) 65 351 538 (1.775) 3,512 4,123 9,362 (4,456) 954 5.860 Endowment funds Endowment funds 5,534 5,534 TOTAL FUNDS 646,671 (662,061) (195,464) (210,854) Page 22 ontinued.,.
WEsfMINsfER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 AUGusf 2024 16. MOVEME IN FUNDS- continued A current year 12 months prtcf 12 fftonths comblneA position is as follows: Net Transfers between fun(ts At 31.8.24 At 1.9.22 in funds Unrestricted funds Unrestricted Funds 12,598.700 845,676 (2,000) 13,442.376 Restrlcted funds Dobson Theology Fund Speight Undergraduate FLmd Postgraduate Bursary Fund 2,455 26,292 33,138 (324) 7.538 10,971 2,131 35,830 44,109 2,000 6185 18,185 2,000 81070 Endowment funds Endowment funds 251,433 38,257 289,69D TOTAL FUNDS 12,911018 902,118 13,814,136 A current year 12 months ar]d prior ar 12 month5 combined net movement in funds. included In the aknve are as follows: Incomlng ReqoUr5 )ended Gains and losses M¢)vement in funds Unrestiicted funds Unrestricted Funds 1.293,679 (1,389,260) 941,257 845,676 Restricted funds Dob9)n Theology Fund Speight Undergraduate Fund pradua* Bursary Fund 2,274 8,677 7,992 (3,1N5) (3.565) (740) 447 2,426 3,719 (324) 7,538 10,971 1&943 (7,350) 6,592 18,185 Endowment fvnds Endowment funds 38,257 38,257 TOTAL FUNDS I12,622 (1.396,610) 986,106 902,118 Page 23 continued...
WEsfMINsfER COLLEGE OXFORD TRusr NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 AUGusf 2024 16. MOVEMEKf IN FUNDS- continued Description of Restricted Funds Dobson Theology Fund: Legary receivLYI frorn Dr Clfford Briggs tknbson deceased for the School of Theolcgy with the request that the money is used to pride a bursary for a good student on the Christlan Studies Distance Learning Programme who wishes to pursue his or her studies further. Speight Underyrdduate Fund: Bequest for providing assistan to one or ffre deserving students who In consequence of arcumstsnces frir whlth he or she is in no way resFrsnslble would otherwise be unable for financial sons to tske up or continue his or her course of study. Also to be utilised for an annual prize for the student presenting the test paper in the final examinations ftir the rtificate awarded by the College subject to condltEons. Postgrdduate Bursary Fund: Abrdrd to be made anwally to one or more postgraduats or post.experience students registered for a validated course of Oxford Brookes Untversty (Faculty of Humanldes and Social Saences). Endowmert Fund: Made up of the three funds summari5ed above. 17. RELATED PARTY DISCLOSURES The Charity has one corForate Trust and Is therefore ulbmotely controlloj by Westminster College Oxford Trust Limited. At the balan sheet date, the balan oVd by the Charity to tts corp)rate Trustee, We5tmin5ter College Oxford Trust wa5 £479 (2023 £1.379). This amount is nduded in other creditor5 and relates to unre5triLted funds onty. The loan Is interest free and repayable on demaThJ. 18. GRANTS PAID DURING THE YEAR The following grants were pald to indmduas during the year: REsfRIcfED FUNDS 31.8.24 31.8.23 Speight Undergraduate Fund DObn Theolojy Fund 2,000 2,000 2.113 2,000 4,113 The followlng grants were issued to in5tstution5 during year: uRERICfED FUNDS 31.8.24 31.8.23 Oxford Brookes UnNeTSty - Oxford Centre for Methodism and Church Hist Epworth Old Rettory Wesley Memorial Methodist Church Oxfrird Wesley House Cambridge aiff College The Queens Foundation MAST grant Kalisher Trust Methodist ChaplainLV at Oxford Brod(es Unrversity The Fannington Trust 318.396 19,343 60,000 127,750 loo,000 50,000 50,000 loo,000 loo,000 25,000 loo,000 25.000 200,000 643?96 632,093 REsfRICTED FUNDS Postgraduate Bursary Fund: Oxford Brookes Univergty- Academr Staff Sabbaticals Page 24 continued...
WEsfMINsfER COLLEGE OXFORD TRusr NOTES TO THE FINANcfAL sfATEMENfs - continued FOR THE YEAR ENDED 31 AUGiisf 2024 18. GRANTS PAID DUIUNG THE YEAR- continued 643296 636,206 19. LEASE TO OXFORD BROOKES UNLVERsirY On 26 July 2017, a full repairing lea with an effedNe date of l August 2017 was grdnted to Oxford Brookes UnNetsty In Fect of land and buildings. A lea premium of £3.750,000 was received by Westhlnster Q)Ilege Oxford Trust on 26 July 2017. The premium has been deferred and wlll be recognised over the life of the lease. An annual market rent ts to iE received from Oxford Brooke5 Universty of £495218 per annum. This is to be revlewed every 5 years under an upwards only rent review. The future minlrnum lease payments receivable under thls rnnfjnolkble operating lea for eath of the following periods are: 31.8.24 31.8.23 Less than l year withln 2-5 years More than 5 years 495,218 1,980,872 42,846,748 495,218 1,980,872 43?44,966 45W7,838 45,836,056 Page 25