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2025-08-31-accounts

REGISTERED CHARITY NUMBER: 309672

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

WESTMINSTER COLLEGE OXFORD TRUST

Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

WESTMINSTER COLLEGE OXFORD TRUST

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page
Reference and Administrative Details 1
Trustees' Report 2 to 4
Statement of Trustees' Responsibilities 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Statement of Financial Position 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13 to 24 
WESTMINSTER COLLEGE OXFORD TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2025

TRUSTEE Westminster College Oxford Trust Limited
CUSTODIAN
TRUSTEES Trustees for Methodist Church Purposes
DIRECTORS
OF TRUSTEE
COMPANY Revd Canon Sir R Waller (Chairman)
Mr R Alexander
Ms A J Gowman
Revd Dr J R Hustler
Mrs C M Lines
Professor D R Matthews
Dr C Norris
PRINCIPAL ADDRESS c/o 20 Havelock Road
Hastings
East Sussex
TN34 1BP
REGISTERED CHARITY NUMBER
309672
AUDITORS Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP 
Page 1

WESTMINSTER COLLEGE OXFORD TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustee presents its report with the financial statements of the Charity for the year ended 31 August 2025.

TheTrusteehasadoptedtheprovisionsoftheStatementofRecommendedPractice(SORP)'Accountingand Reporting
byCharities'whichisalsoinaccordancewithFinancialReportingStandardsapplicableintheUKandRepublicof Ireland
(FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and activities of the trust

TheCharity'strustdeedrequiresthatthetrustpropertyshallbeusedandoccupiedforthepurposesofpromoting and
advancingeducationandinparticularbutnotbywayoflimitationthetrainingofteachersandtheadvancement of
further and higher education.

SinceApril2000,theobjectsoftheCharityhavebeenachievedthroughaleaseandotheragreementswith Oxford
BrookesUniversity.Undertheseagreements,theCharity'smaincharitableasset,theHarcourtHillEstate,wasused by
OxfordBrookesUniversityforeducationalpurposesinreturnforapeppercornrentandanundertakingbythe University
toresourceandmaintainspecifiedChurch-relatedandeducationalactivities.Theseincludedtheprovisionof chaplaincy
and the management of various collections owned by the Charity or other parties.

On26July2017anew99-yearleasefortheHarcourtHillEstatewassignedwiththeUniversity.Underthislease, the
Charityreceivedaninitialpremiumof£3,750,000andannualrentalincomeofatleast£420,000(currently £495,218)
which is available to fund educational activities.

ThemainactivityoftheCharityistomakegrantswhichpromoteoradvanceeducationandtomonitorthepurposes for
which those grants are used.

The Charity also holds endowment funds for the benefit of students.

Public benefit

The Trustee has had regard to the Charity Commission's guidance on public benefit.

Theeducationalactivitiesadvancedbythecharityrepresentasubstantialpublicbenefit.Thisisachieved through
academicactivitiessuchastheologicalresearch,developmentoftheologicalthinking,andthepromotion and
disseminationofitsresults.Inparticularwehavefundedtworesearchfellowshipsinthisarea.AllOxford Brookes
studentsmayenjoytheopenspacesoftheHarcourtHillEstate,andtheleisureandsportsfacilitiesareaccessibleto local
schools and during the time covered by this report to the general public through a membership scheme.

The specialist archives and art collections are open to the public by appointment.

Management and governance arrangements

TheCharityisgovernedbyitsTrustDeeddrawnupanddated7March1955asamended,mostrecentlyon5 November
2001.TheTrusteeisWestminsterCollegeOxfordTrustLimited,whichisgovernedbyArticlesofAssociationas amended
on2October2013.ThedirectorsareappointedbytheMethodistChurch,normallyforaninitialtermofthreeyears with
thepossibilityofre-appointmentforafurtherthreeyears,andbeyondthatinexceptionalcircumstances.The directors
mayalsoco-optfurthermembersoftheBoard.Directorsdonotreceiveanyformaltrainingbutareselectedbased on
theirrelevantexperienceandknowledge.Newdirectorsreceiveaninformalinductionthroughmeetingswith existing
Board members and the provision of appropriate background information.

TheCharityhasnoemployeesbutdoesfundthreeResearchFellowshipthroughtheFarmingtonTrust.Allkey decisions
aremadebytheBoard.Boardmembersareinregularelectroniccontactandthereareatleastthreeformal Board
meetings each year, for which detailed papers are prepared and distributed in advance.

TheTrusteeprovidesanannualgovernancereporttotheMethodistCouncil.Ithasretainedoperationallinkswith the
ChurchthroughoutthepresenceoftheSecretaryoftheMethodistConferencewhoisanex-officiomemberofthe Board
of Directors.

TheBoardofDirectors(theTrustee)usestheservicesmemberoftheConnexionalTeamatMethodistChurchHouse to
convene and service meetings of the directors, and to conduct business as directed by the Trustee between meetings.

Page 2

WESTMINSTER COLLEGE OXFORD TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS AND PERFORMANCE Achievements and performance of the trust and plans for future periods

OxfordBrooksUniversityisundergoingaperiodofchange,andhasannounceditsintentiontorationaliseitsactivities in
theHeadingtonareaofOxford.Intheshortterm,theHarcourtHillsitewillbeusedmainlyashallsofresidence, since
teachingonthecampushascometoanend.Withthisinmind,theDirectorsservednoticetoOxfordBrookesthat they
willnolongerfundtheOxfordCentreforMethodistChurchhistoryanditsassociatedstafffromtheendofthe 2023-24
academicyear.Thishasthereforebeenaperiodofgreatchangeforallinvolved,withtheWestminsterCollege Oxford
Trust starting a new and exciting chapter of its life.

During the year ended 31 August 2025, the Charity:

* made short and medium term grants to the university for the continuing provision of charitable activities.

*setupanagreementwithWesleyMemorialChurchOxfordtohavealong-termuseofalargerroom(nowcalled the
Gibbs Library) to house a section of The Wesley Historical Society library.

* vacated the library at Harcourt Hill and put all the books and artifacts into the Gibbs Library or into accessible storage

*setupandfundedtwoSeniorResearchFellowshipsfromthe1stofSeptember2024tocarryouttheological research
relevant to contemporary Methodism, with educational benefits to all concerned. These are funded for three years.

*setupandfundedtwoResearchFellowshipstoworkinthesamearea,foroneyeardurationstartingonthe1st of
August 2024.

*continuedworkingonalong-termvisionfortheactivitiesofthecharityinthefieldofeducationandworking in
consultation with Institutes of higher education and the Methodist Church.

*engagedwithotherMethodistorganisationsoperatinginthefieldofeducationtooffermorecoordinated and
sustainable support for the Church's educational mission.

*madegrantstocharitableorganisationswhorequiredfundstoachievetheiraims,ensuringthatthesefittedwith the
Westminster College Oxford Trust's objectives.

The Charity's plans for future periods include:

* setting up a thriving resource centre in the Gibbs Library at Wesley Memorial Church, Oxford

* ensuring all scholars who wish to use the resources have easy access.

* continue to fund two Research Fellowships, attached to Harris Manchester College Oxford

*continuedengagementwithOxfordBrookesastothedevelopmentofitsestatestrategyanditsimplicationsfor the
Westminster campus.

*provisionoffundingforaMethodistchaplaincyservicetoOxfordBrookesUniversityandOxfordUniversitythrough the
Oxford Methodist Circuit.

IndischargingitsresponsibilitytoadministertheendowmentfundsoftheformerWestminsterCollege,theCharity has
continuedtoseektoensurethatthefundsareinvestedwellandthatthebursariesareawardedwherethereisreal need
and merit in accordance with the wishes of those who made the original scholarship bequests.

FINANCIAL REVIEW

Financial review

Fortheyearunderreview,incomingresourcesrelatedtoinvestmentincomeandrent(includingthereleaseof an
element of the lease premium received).

Investmentvaluesfluctuatedslightly,largelyduetoworldeventsoutsidetheCharity'scontrol.Thisdidnothinder the
policy of grant-giving, and during the year significant sums were donated to educational and Methodist charities.

Variousoneoff-costshavebeen,orareabouttobeincurred,associatedwiththechangeofuseoftheHarcourtHill site
and the setting up of the new Gibbs Library.

Page 3

WESTMINSTER COLLEGE OXFORD TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW

Investment policy and objectives

Following the strategic review of investment policy, the overall allocation for the general funds is currently as follows:
Suggested range
Equity 60 - 80%
Fixed Interest 5 - 25%
Property 5 - 25%
Cash 0 - 10% 
TheTrusteecontinuestomonitorinvestmentofitsendowmentandrestrictedfundsandinvestsinequityfunds that
element of restricted income which it does not expect to be spent within the next one to two years.

Reserves policy

TheCharityhassoughttomaintainsuchalevelofreservessoastoensureitsfutureexistenceandmeet its
administrativeexpensesoutoftheinvestmentincome.Underthenewlease,therentalpaymentsaresufficientto meet
expensesandtomakegrantsandtheCharityhasalsoreceivedasignificantsumintheformoftheleasepremium. The
Trust'spolicyistoretaininreservessufficientfundstomeetitsobligationsforanythreemonthsoftheyear.Inthe year
ended31August2025,reservescomfortablyexceededthislevel.TheTrusteeisconfidentthatthecurrentlevel of
reserves is adequate and at a higher level than will be retained in the longer term.

Thefreereservespositionattheyear-endis£438,397,whichrepresentstheunrestrictednetcurrentassets/liabilities. In
addition, the Charity has access on notice of more than one month to its unrestricted investments of £4,160,814.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Approved by order of the board of trustees on 27 May 2026 and signed on its behalf by:

Trustee

Page 4

WESTMINSTER COLLEGE OXFORD TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025

ThetrusteesareresponsibleforpreparingtheTrustees'Reportandthefinancialstatementsinaccordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccounting Practice)
includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland".

Charitylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyear.Underthatlaw,the trustees
haveelectedtopreparethefinancialstatementsinaccordancewithUnitedKingdomGenerallyAccepted Accounting
Practice (United Kingdom Accounting Standards and applicable law).

Undercharitylawthetrusteesmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthattheygivea true
andfairviewofthestateofaffairsofthecharityandoftheincomingresourcesandapplicationofresources, including
theincomeandexpenditure,ofthecharityforthatperiod.Inpreparingthosefinancialstatements,thetrustees are
required to

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatany time
thefinancialpositionofthecharityandtoenablethemtoensurethatthefinancialstatementscomplywiththe Charities
Act2011andTheCharity(AccountsandReports)Regulations2008.Theyarealsoresponsibleforsafeguarding the
assetsofthecharityandhencefortakingreasonablestepsforthepreventionanddetectionoffraudand other
irregularities.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
WESTMINSTER COLLEGE OXFORD TRUST

Opinion

WehaveauditedthefinancialstatementsofWestminsterCollegeOxfordTrust(the'charity')fortheyear ended
31August2025whichcomprisetheStatementofFinancialActivities,theStatementofFinancialPosition,the Statement
ofCashFlowsandnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.The financial
reportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdom Accounting
Standards(UnitedKingdomGenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial
statementssectionofourreport.Weareindependentofthecharityinaccordancewiththeethicalrequirementsthat are
relevanttoourauditofthefinancialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilled our
otherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccounting in
the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsor conditions
that,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasagoingconcernfor a
period of at least twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedin the
Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,in doing
so,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorour knowledge
obtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistencies or
apparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementin the
financialstatementsthemselves.If,basedontheworkwehaveperformed,weconcludethatthereisa material
misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.

Matters on which we are required to report by exception

WehavenothingtoreportinrespectofthefollowingmattersinrelationtowhichtheCharities(Accountsand Reports)
Regulations 2008 require us to report to you if, in our opinion:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
WESTMINSTER COLLEGE OXFORD TRUST

Responsibilities of trustees

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsibleforthepreparation of
thefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherdue to
fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueas a
goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhavenorealistic alternative
but to do so.

Our responsibilities for the audit of the financial statements

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewiththe Act
and relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefrom fraud
orerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedto influence
the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignproceduresin line
withourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities,includingfraud. The
extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Duringtheplanningstageofthisauditweconsideredthelikelihoodofirregularitiesaroundlawsandregulations relevant
tothecharity,includingenquiryofmanagementandthosechargedwithgovernance.Thesewerealsodiscussed during
theauditplanningmeetingheldbytheteam.Wereviewedthecharity'ssystemsandcontrolsinplace,andformed an
assessment as to their operational effectiveness.

Weobtainedanunderstandingofthelegalandregulatoryframeworksthatareapplicabletotheentityand determined
that the most significant are those that relate to:

-The financial reporting standard; FRS102

- Landlord and Tenant Act 1985
- Methodist Church requirements

Basedontheresultsofourriskassessmentwedesignedourauditprocedurestoidentifynon-compliancewithsuch laws
and regulations identified above.

Duringthecourseofthisaudittheteamdiscussedthisareawithtrusteesofthecharityandalsocarriedoutareview of
legal expenses for evidence of any issues.

Weconsideredtheriskoffraudthroughmanagementoverrideand,inresponse,weincorporatedtestingof manual
journal entries into our audit approach.

Wearethereforeoftheopinionthatgiventherisklevelidentified,ourproceduresplannedandundertaken,are adequate
for detecting irregularities.

AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancial Reporting
Council'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReportofthe Independent
Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF WESTMINSTER COLLEGE OXFORD TRUST

Use of our report

Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4oftheCharities(Accounts and
Reports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstatetothecharity'strustees those
matterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullestextent permitted
bylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthecharity'strusteesasa body,
for our audit work, for this report, or for the opinions we have formed.

Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

27 May 2026

Page 8

WESTMINSTER COLLEGE OXFORD TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
-
Investment and rental income
3
634,777
Other income
1,031
Total
635,808
EXPENDITURE ON
Raising funds
Other trading activities
4
1,263
Investment management costs
5
42,896
44,159
Charitable activities
6
Grants to individuals
-
Grants to institutions
281,578
Other
69,548
Total
395,285
Net gains/(losses) on
investments
2,474
NET
INCOME/(EXPENDITURE)
242,997
Transfers between funds
18
(32,339)
Other recognised
gains/(losses)
Gains on revaluation of fixed
assets
127,395
Net movement in funds
338,053
RECONCILIATION OF FUNDS
Total funds brought forward
13,442,376
TOTAL FUNDS CARRIED
FORWARD
13,780,429		 Restricted
funds
£
-
8,733
-
8,733
-
1,144
1,144
-
2,362
-
3,506
-
5,227
32,339
1,288
38,854
82,070
120,924		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,479
7,479
289,690
297,169		 31.8.25
Total
funds
£
-
643,510
1,031
644,541
1,263
44,040
45,303
-
283,940
69,548
398,791
2,474
248,224
-
136,162
384,386
13,814,136
14,198,522		 31.8.24
Total
funds
£
-
665,951
-
665,951
-
48,909
48,909
2,000
627,521
56,119
734,549
(9,570)
(78,168)
-
1,191,140
1,112,972
12,701,164
13,814,136		 
The notes form part of these financial statements

Page 9

WESTMINSTER COLLEGE OXFORD TRUST

STATEMENT OF FINANCIAL POSITION 31 AUGUST 2025

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
12
112,152
Investments
Investments
13
4,160,814
Investment property
14
12,475,000
16,747,966
CURRENT ASSETS
Debtors
15
35
Cash at bank
528,526
528,561
CREDITORS
Amounts falling due within one
year
16
(90,164)
NET CURRENT ASSETS
438,397
TOTAL ASSETS LESS
CURRENT LIABILITIES
17,186,363
ACCRUALS AND DEFERRED
INCOME
17
(3,405,934)
NET ASSETS
13,780,429
FUNDS
18
Unrestricted funds
Restricted funds:
Dobson Theology Fund
Speight Undergraduate Fund
Postgraduate Bursary Fund
Endowment funds
TOTAL FUNDS		 Restricted
funds
£
-
51,196
-
51,196
-
69,728
69,728
-
69,728
120,924
-
120,924		 Endowment
fund
£
-
297,169
-
297,169
-
-
-
-
-
297,169
-
297,169		 31.8.25
Total
funds
£
112,152
4,509,179
12,475,000
17,096,331
35
598,254
598,289
(90,164)
508,125
17,604,456
(3,405,934)
14,198,522
13,780,429
13,164
49,537
58,223
120,924
297,169
14,198,522		 31.8.24
Total
funds
£
-
4,401,302
12,475,000
16,876,302
6,268
499,808
506,076
(124,429)
381,647
17,257,949
(3,443,813)
13,814,136
13,442,376
2,130
35,830
44,110
82,070
289,690
13,814,136		 
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon27May2026and were
signed on its behalf by:

Trustee

The notes form part of these financial statements

Page 10

WESTMINSTER COLLEGE OXFORD TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

31.8.25 31.8.24
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (451,211) (1,116,997)
Net cash used in operating activities (451,211) (1,116,997)
Cash flows from investing activities
Purchase of tangible fixed assets (124,613) -
Purchase of fixed asset investments (643,454) (3,942,012)
Sale of fixed asset investments 674,214 4,482,689
Rents received 526,829 533,097
Interest received 16,720 10,005
Dividends received 99,961 122,849
Net cash provided by investing activities 549,657 1,206,628
Change in cash and cash equivalents in
the reporting period 98,446 89,631
Cash and cash equivalents at the
beginning of the reporting period 499,808 410,177
Cash and cash equivalents at the end of
the reporting period 598,254 499,808 
The notes form part of these financial statements

Page 11

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gain)/losses on investments
Interest received
Dividends received
Rents received
Decrease in debtors
Decrease in creditors
Net cash used in operations		 31.8.25
£
248,224
12,461
(2,474)
(16,720)
(99,961)
(526,829)
6,233
(72,145)
(451,211)		 31.8.24
£
(78,168)
-
9,570
(10,005)
(122,849)
(533,097)
626
(383,074)
(1,116,997)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24 Cash flow At 31.8.25
£ £ £
Net cash
Cash at bank 499,808 98,446 598,254
499,808 98,446 598,254
Total 499,808 98,446 598,254 
The notes form part of these financial statements

Page 12

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. STATUTORY INFORMATION

WestminsterCollegeOxfordTrustisanunincorporatedcharity,registeredinEngland&Wales.The charity's
registered number and registered office address can be found in the Report of the Trustees.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Charities
Act2011.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,withthe exception
of investments which are included at market value, as modified by the revaluation of certain assets.

Inpreparingthefinancialstatements,thetrusteesarerequiredtomakeanassessmentoftheabilityof the
charitytocontinueasagoingconcern.Thetrusteeshavepreparedacashflowforecastforthecharity which
covers the 12 month period from the date of signing these financial statements.

Onthebasisoftheseforecastsandthefactthatthecharityhassubstantialnetassets,thetrusteesare confident
thatthecharityhasadequateresourcestocontinueinoperationalexistenceandtomeetitsliabilitiesasthey fall
duefortheforeseeablefuture.Asaresultoftheabove,thetrusteeshaveconcludedthatitremains appropriate
to adopt a going concern basis of preparation in these financial statements.

Income

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.

Fixed assets

Investments in managed funds are valued at the year-end bid-price value.

Investmentsinworksofartarevaluedatmarketvalues,determinedonthebasisofperiodicexternal valuations.
Intheinterveningyearsbetweenvaluations,theTrusteeassesseswhetherthebasisforthevaluation remains
reasonable.

Fixtures and Fittings are depreciated at 10% per annum.

Investment property

Investmentpropertyisshownatmostrecentvaluationonthebasisofopenmarketvalue.Any gains/losses
arising from changes in market value are recognised on the Statement of Financial Activities.

Afullexternalvaluationisperformedatleasteveryfiveyears.TheTrusteeconsidersthereasonablenessof this
valuation in the intervening years.

No depreciation is provided in respect of freehold land and buildings held for investment purposes.

Taxation

Thetrustisaregisteredcharityandisthereforeexemptfromincometaxandcorporationtaxonmostof its
activities.  The charity receives no similar exemption in respect of value added tax.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

Page 13

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

2. ACCOUNTING POLICIES - continued

Fund accounting

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment Funds

Depositsandmanagedfundinvestmentsrepresentingthefundsthathavebeeninvestedthroughthecharity have
beenallocatedtheappropriateportionoftheinterestandotherinvestmentincomeearnedbythecharity. The
incomereceivedontheseendowmentsisconsideredrestrictedfundsforexpenditure,inlinewiththe original
donor's wishes.

Use of restricted funds

Anappropriateproportionoftheadministrationcostsbasedontheproportionofthesecretary'stime spent
administering these funds is charged to restricted funds.

Hire purchase and leasing commitments

RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesonastraightline basis
over the period of the lease.

Recognition of income

Allincomefromdeposits,saleofassetsandothersourcesiscreditedtotheStatementofFinancialActivities on
an accruals basis. Distributions from pooled investment vehicles are recognised when received.

Rentsreceivablefromassetsleasedunderoperatingleasesisrecognisedonastraight-linebasisovertheterm of
thelease.Leasepremiumsreceivedonthegrantofoperatingleasesarerecognisedonastraight-linebasis over
the lease term.

Grantincomeisrecognisedinthefinancialstatementswhenthereisevidenceofentitlementtothegrant, receipt
is probable and its amount can be measured reliably.

Judgements and estimates

Incategorisingleaseasfinanceleasesoroperatingleases,theTrusteemakesjudgementsasto whether
significantrisksandrewardsofownershiphavetransferredtothelessee,wheretheGroupisthelessor.This is
relevanttotheleasebetweenTheTrustandOxfordBrookesUniversity(OBU)asshowninNote21,which has
been classified as an operating lease.

Thekeyjudgementintheaccountsrelatestothevaluationoftheinvestmentpropertywhichisthesubjectof the
lease with OBU. Details are provided in Note 14.

3. INVESTMENT AND RENTAL INCOME

Unrestricted
funds
£
Rents received
526,829
Income receivable from
investments in managed
funds
94,392
Deposit account interest
13,556
634,777		 Restricted
Endowment
funds
funds
£
£
-
-
5,569
-
3,164
-
8,733
-		 31.8.25
Total
funds
£
526,829
99,961
16,720
643,510		 31.8.24
Total
funds
£
533,097
122,849
10,005
665,951 
continued...

Page 14

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

4. OTHER TRADING ACTIVITIES

31.8.25 31.8.24
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
£ £ £ £ £
Trustees' expenses 1,263 - - 1,263 -
INVESTMENT MANAGEMENT COSTS
31.8.25 31.8.24
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
£ £ £ £ £
Administrative expenses 1,311 - - 1,311 -
Support costs 41,585 1,144 - 42,729 48,909
42,896 1,144 - 44,040 48,909

5. INVESTMENT MANAGEMENT COSTS

6. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
7)
£
Grants to institutions 283,940 
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.

7. GRANTS PAYABLE

GRANTS PAYABLE
Grants to individuals
Grants to institutions		 31.8.25
£
-
283,940
283,940		 31.8.24
£
2,000
627,521
629,521

8. SUPPORT COSTS

SUPPORT COSTS
Management
£
Investment management costs
-
Other resources expended
41,280
41,280		 Governance
Finance
costs
£
£
42,729
-
-
28,268
42,729
28,268		 Totals
£
42,729
69,548
112,277 
continued...

Page 15

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

8. SUPPORT COSTS - continued

ThesoleTrusteeofthecharity,WestminsterCollegeOxfordTrustLimited,wasinvoicedamanagementcharge by
the charity of nil (2024 £(407)).

Support costs, included in the above, are as follows:

9.

Investment
Other
management
resources
costs
expended
£
£
Other operating leases - Rent
-
18,000
Storage and insurance costs
-
23,280
Bank charges
42,729
-
Trustees' remuneration etc
-
-
Auditors' remuneration
-
8,013
Auditors' remuneration for non audit work
-
2,994
Management fees
-
-
Legal and professional fees
-
4,800
Depreciation of tangible fixed assets
-
12,461
42,729
69,548
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's financial
statements
Auditors' remuneration for non audit work		 31.8.25
Total
activities
£
18,000
23,280
42,729
-
8,013
2,994
-
4,800
12,461
112,277
31.8.25
£
8,013
2,994		 31.8.24
Total
activities
£
-
45,155
48,909
49
7,362
3,960
(407)
-
-
105,028
31.8.24
£
7,362
3,960

10. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2025norfortheyear ended
31 August 2024.

Trustees' expenses

Trustees'expensespaidfortheyearended31August2025was£4,129(2024:£49).Theseexpenses constituted
travellingexpensesreclaimedbyTrusteesattendingboardmeetingsfortheTrust,postageand meeting
expenses.

During the year, four directors of the Trustee company reclaimed expenses.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment and rental income
Total
EXPENDITURE ON
Raising funds
Investment management costs		 Unrestricted
fund
£
-
656,370
656,370
48,015
48,015		 Restricted
funds
£
-
9,581
9,581
894
894		 Endowment
fund
£
-
-
-
-
-		 Total
funds
£
-
665,951
665,951
48,909
48,909 
continued...

Page 16

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
fund
funds
fund
£
£
£
Charitable activities
Grants to individuals
-
2,000
-
Grants to institutions
627,521
-
-
Other
56,119
-
-
Total
731,655
2,894
-
Net gains/(losses) on investments
(9,570)
-
-
NET INCOME/(EXPENDITURE)
(84,855)
6,687
-
Transfers between funds
(2,000)
2,000
-
Other recognised gains/(losses)
Gains on revaluation of fixed assets
1,152,779
5,638
32,723
Net movement in funds
1,065,924
14,325
32,723
RECONCILIATION OF FUNDS
Total funds brought forward
12,376,452
67,745
256,967
TOTAL FUNDS CARRIED FORWARD
13,442,376
82,070
289,690
12.
TANGIBLE FIXED ASSETS
COST
Additions
DEPRECIATION
Charge for year
NET BOOK VALUE
At 31 August 2025
At 31 August 2024		 Total
funds
£
2,000
627,521
56,119
734,549
(9,570)
(78,168)
-
1,191,140
1,112,972
12,701,164
13,814,136
Fixtures
and
fittings
£
124,613
12,461
112,152
-		 
Thecharitycontinuestoownanumberofworksofartdonatedovertheyears.Theseareonpermanentloan to
OxfordBrookesUniversity.AvaluationbyMallams,dated16July2018,valuedtheseassetsat£51,300. The
Trusteesconsideredthevaluationanddeemedthattheartworkwasvaluedatnilfrom31August2023. The
opinionoftheboardisthatthereisnomonetaryvaluelefttotheartworksandthisshouldbereflectedin the
financial statements.

No proceeds for works of art were received during the financial year.

continued...

Page 17

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

13. FIXED ASSET INVESTMENTS

Analysis of fixed assets investments are as follows:-
UNRESTRICTED
FUNDS		 Total
£
4,061,704
599,835
(631,228)
130,503
4,160,814		 Total
£
4,061,704
599,835
(631,228)
130,503
4,160,814
VALUATION
At 1 September 2024
Additions in year
Disposals in year
Net gain/loss on
revaluation or disposal
At 31 August 2024
UNRESTRICTED FUNDS Valuation at
31.8.2025
£
Epworth Climate Stwdshp Inc 346,842
Epworth Global Equity 2,299,367
Epworth UK Equity Fund 345,745
FP Foresight Global Real Infra 277,575
L&G UK Property Feeder Inc 156,244
Royal London Short Term 175,905
Royal Mint 79,468
Rathbone Ethical Bond Fund 39,317
Rathborne Green Bank 78,004
Spark Change 132,564
Threadneedle UK Social Bond 38,730
Vanguard UK Gov Bond 152,197
Vanguard US Gov Bond 38,856
Total 4,160,814
ENDOWMENT FUNDS Speight
Undergraduate
Fund		 Postgraduate
BursaryFund		 DobsonTheol
ogyFund		 Total
Investment - Equity Funds £ £ £ £
VALUATION
At 1 September 2024 139,684 115,314 34,692 289,690
Additions in year - - - -
Disposals in year - - - -
Net gain/loss on
revaluation or disposal		 3,606 2,977 896 7,480
At 31 August 2025 143,290 118,291 35,588 297,170
RESTRICTED FUNDS Speight
UndergraduateF
und		 PostgraduateB
ursaryFund		 DobsonTheol
ogy Fund		 Total
Investment - Equity Funds £ £ £ £
VALUATION
At 1 September 2024 18,372 28,158 3,378 49,907
Additions in year - - - -
Disposals in year - - - -
Net gain/loss on
revaluation or disposal		 474 727 87 1,289
At 31 August 2025 18,846 28,885 3,465 51,196 
continued...

Page 18

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

13. FIXED ASSET INVESTMENTS - continued

14. Cash less current liabilities
At 31 August 2025 30,691 29,338 9,699 69,728
Total Restricted Funds 49,537 58,223 13,164 120,924
INVESTMENT PROPERTY
FAIR VALUE
At 1 September 2024
and 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024
The historic cost of the re-valued freehold assets is £508,031.		 £
12,475,000
12,475,000
12,475,000		 
TheTrusteeforMethodistChurchPurposesascustodianholdsthelandandbuildingsintrustforthe primary
purposeoftrainingteachers.TheTrusteeforMethodistChurchPurposesreservesrightsover transactions
relating to trust property.

Followingamergerthattookplaceon6April2000,themajorityoftheassetsweretransferredtoOxford Brookes
UniversityandaleasewasgrantedbetweenOxfordBrookesUniversityandtheTrusteeforMethodist Church
Purposes in respect of the land and buildings.

AprofessionalvaluationwasperformedasatFebruary2025.Thereversionaryinterestwasvaluedby Andrew
Lockhart FRICS MCI Arb at £12,475,000 on the basis of open market value.

On26July2017,afullrepairingleasewithaneffectivedateof1August2017wasgrantedtoOxford Brookes
Universityinrespectoflandandbuildings.Aleasepremiumof£3,750,000wasreceivedbyWestminster College
Oxford Trust on 26 July 2017. The premium has been deferred and will be recognised over the life of the lease.
Fair value at 31 August 2025 is represented by:
Valuation in 2009
Valuation in 2016
Valuation in 2017
Valuation in 2020
Valuation in 2024
Cost		 £
2,391,969
1,100,000
7,000,000
750,000
725,000
508,031
12,475,000 
continued...

Page 19

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amount owed from connected body corporate
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to connected body corporate
Deferred income
Accrued expenses
17.
ACCRUALS AND DEFERRED INCOME
Deferred income relating to lease premium: 2-5 years
Accrued expenses: 2-5 years
Deferred income relating to the lease premium: more than 5 years
18.
MOVEMENT IN FUNDS
Net
movement
At 1.9.24
in funds
£
£
Unrestricted funds
Unrestricted Funds
13,442,376
370,392
Restricted funds
Dobson Theology Fund
2,130
(1,342)
Speight Undergraduate Fund
35,830
3,928
Postgraduate Bursary Fund
44,110
3,929
82,070
6,515
Endowment funds
Endowment funds
289,690
7,479
TOTAL FUNDS
13,814,136
384,386		 15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amount owed from connected body corporate
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to connected body corporate
Deferred income
Accrued expenses
17.
ACCRUALS AND DEFERRED INCOME
Deferred income relating to lease premium: 2-5 years
Accrued expenses: 2-5 years
Deferred income relating to the lease premium: more than 5 years
18.
MOVEMENT IN FUNDS
Net
movement
At 1.9.24
in funds
£
£
Unrestricted funds
Unrestricted Funds
13,442,376
370,392
Restricted funds
Dobson Theology Fund
2,130
(1,342)
Speight Undergraduate Fund
35,830
3,928
Postgraduate Bursary Fund
44,110
3,929
82,070
6,515
Endowment funds
Endowment funds
289,690
7,479
TOTAL FUNDS
13,814,136
384,386		 15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amount owed from connected body corporate
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to connected body corporate
Deferred income
Accrued expenses
17.
ACCRUALS AND DEFERRED INCOME
Deferred income relating to lease premium: 2-5 years
Accrued expenses: 2-5 years
Deferred income relating to the lease premium: more than 5 years
18.
MOVEMENT IN FUNDS
Net
movement
At 1.9.24
in funds
£
£
Unrestricted funds
Unrestricted Funds
13,442,376
370,392
Restricted funds
Dobson Theology Fund
2,130
(1,342)
Speight Undergraduate Fund
35,830
3,928
Postgraduate Bursary Fund
44,110
3,929
82,070
6,515
Endowment funds
Endowment funds
289,690
7,479
TOTAL FUNDS
13,814,136
384,386		 31.8.25
£
-
35
35
31.8.25
£
1,048
-
79,147
9,969
90,164		 31.8.24
£
6,268
-
6,268
31.8.24
£
35,144
479
79,147
9,659
124,429
31.8.25 31.8.24
£ £
151,515 151,515
- -
151,515 151,515
more than 5 years 3,254,419 3,292,300
3,405,934 3,443,815
At 1.9.24
£
13,442,376
2,130
35,830
44,110
82,070
289,690
13,814,136		 Net
movement
in funds
£
370,392
(1,342)
3,928
3,929
6,515
7,479
384,386		 Transfers
between
funds
£
(32,339)
12,376
9,779
10,184
32,339
-
-		 At
31.8.25
£
13,780,429
13,164
49,537
58,223
120,924
297,169
14,198,522		 
continued...

Page 20

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:
Unrestricted funds
Unrestricted Funds
Restricted funds
Dobson Theology Fund
Speight Undergraduate Fund
Postgraduate Bursary Fund
Endowment funds
Endowment funds
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
Unrestricted Funds
Restricted funds
Dobson Theology Fund
Speight Undergraduate Fund
Postgraduate Bursary Fund
Endowment funds
Endowment funds
TOTAL FUNDS		 Incoming
resources
£
635,808
1,058
3,992
3,683
8,733
-
644,541
At 1.9.23
£
12,376,452
679
29,804
37,262
67,745
256,967
12,701,164		 Resources
expended
£
(395,285)
(2,487)
(538)
(481)
(3,506)
-
(398,791)
Net
movement
in funds
£
1,067,924
1,451
4,026
6,848
12,325
32,723
1,112,972		 Gains and
losses
£
129,869
87
474
727
1,288
7,479
138,636
Transfers
between
funds
£
(2,000)
-
2,000
-
2,000
-
-		 Movement
in funds
£
370,392
(1,342)
3,928
3,929
6,515
7,479
384,386
At
31.8.24
£
13,442,376
2,130
35,830
44,110
82,070
289,690
13,814,136		 
continued...

Page 21

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

18. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
Unrestricted Funds
Restricted funds
Dobson Theology Fund
Speight Undergraduate Fund
Postgraduate Bursary Fund
Endowment funds
Endowment funds
TOTAL FUNDS		 Incoming
resources
£
656,370
1,169
4,370
4,042
9,581
-
665,951		 Resources
expended
£
(731,655)
(100)
(2,419)
(375)
(2,894)
-
(734,549)		 Gains and
losses
£
1,143,209
382
2,075
3,181
5,638
32,723
1,181,570		 Movement
in funds
£
1,067,924
1,451
4,026
6,848
12,325
32,723
1,112,972 
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
Unrestricted Funds
Restricted funds
Dobson Theology Fund
Speight Undergraduate Fund
Postgraduate Bursary Fund
Endowment funds
Endowment funds
TOTAL FUNDS		 At 1.9.23
£
12,376,452
679
29,804
37,262
67,745
256,967
12,701,164		 Net
movement
in funds
£
1,438,316
109
7,954
10,777
18,840
40,202
1,497,358		 Transfers
between
funds
£
(34,339)
12,376
11,779
10,184
34,339
-
-		 At
31.8.25
£
13,780,429
13,164
49,537
58,223
120,924
297,169
14,198,522 
continued...

Page 22

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

18. MOVEMENT IN FUNDS - continued

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheabove are
as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
Unrestricted Funds 1,292,178 (1,126,940) 1,273,078 1,438,316
Restricted funds
Dobson Theology Fund 2,227 (2,587) 469 109
Speight Undergraduate Fund 8,362 (2,957) 2,549 7,954
Postgraduate Bursary Fund 7,725 (856) 3,908 10,777
18,314 (6,400) 6,926 18,840
Endowment funds
Endowment funds - - 40,202 40,202
TOTAL FUNDS 1,310,492 (1,133,340) 1,320,206 1,497,358

Description of Restricted Funds

DobsonTheologyFund:LegacyreceivedfromDrCliffordBriggsDobsondeceasedfortheSchoolof Theology
withtherequestthatthemoneyisusedtoprovideabursaryforagoodstudentontheChristianStudies Distance
Learning Programme w ho wishes to pursue his or her studies further.

SpeightUndergraduateFund:Bequestforprovidingassistancetooneormoredeservingstudentswho in
consequenceofcircumstancesforwhichheorsheisinnowayresponsiblewouldotherwisebeunable for
financialreasonstotakeuporcontinuehisorhercourseofstudy.Alsotobeutilisedforanannualprizefor the
studentpresentingthebestpaperinthefinalexaminationsforthecertificateawardedbytheCollegesubject to
conditions.

PostgraduateBursaryFund:Awardtobemadeannuallytooneormorepostgraduateor post-experience
studentsregisteredforavalidatedcourseofOxfordBrookesUniversity(FacultyofHumanitiesand Social
Sciences).

Endowment Fund: Made up of the three funds summarised above.

19. RELATED PARTY DISCLOSURES

TheCharityhasonecorporateTrusteeandisthereforeultimatelycontrolledbyWestminsterCollegeOxford Trust
Limited.

Atthebalancesheetdate,thebalanceowedtotheCharitybyitscorporateTrustee,WestminsterCollege Oxford
TrustLimitedwas£35(2024owedfromcharity£479).Thisamountisincludedinotherdebtorsandrelates to
unrestricted funds only. The loan is interest free and repayable on demand.

continued...

Page 23

WESTMINSTER COLLEGE OXFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

20. GRANTS PAID DURING THE YEAR

The following grants were paid to individuals during the year:-
RESTRICTED FUNDS 31.8.25 31.8.24
£ £
Speight Undergraduate Fund - 2,000
- 2,000
The following grants were issued to institutions during the year:-
UNRESTRICTED FUNDS 31.8.25 31.8.24
£ £
Oxford Brookes University - Oxford Centre for Methodism and Church History 2,362 302,521
The Queens Foundation - 100,000
Methodist Chaplaincy at Oxford Brookes University 25,000 25,000
The Farmington Trust 216,036 200,000
Methodist Church 4,000 -
-
-
Wesley Historical Society 10,000
Little Walsingham Methodist 24,000
281,398 627,521
RESTRICTED FUNDS
Postgraduate Bursary Fund: Oxford Brookes University - Academic Staff Sabbaticals - -
- -
281,398 629,521

21. LEASE TO OXFORD BROOKES UNIVERSITY

On26July2017,afullrepairingleasewithaneffectivedateof1August2017wasgrantedtoOxford Brookes
Universityinrespectoflandandbuildings.Aleasepremiumof£3,750,000wasreceivedbyWestminster College
Oxford Trust on 26 July 2017. The premium has been deferred and will be recognised over the life of the lease.

AnannualmarketrentistobereceivedfromOxfordBrookesUniversityof£495,218perannum.Thisisto be
reviewed every 5 years under an upwards only rent review.

Thefutureminimumleasepaymentsreceivableunderthisnon-cancellableoperatingleaseforeachof the
following periods are:
31.8.25 31.8.24
£ £
Less than 1 year 495,218 495,218
Within 2-5 years 1,980,872 1,980,872
More than 5 years 42,351,530 42,846,748
44,842,620 45,337,838 
Page 24

WESTMINSTER COLLEGE OXFORD TRUST

AREAS WHICH SHOULD BE REVIEWED ON AUDITORS' REPORT

FOR THE YEAR ENDED 31 AUGUST 2025