```
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
```
- `select suitable accounting policies and then apply them consistently;`
- `observe the methods and principles in the Charities SORP;`
- `make judgements and estimates that are reasonable and prudent;`
- `state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;`
- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.`
```
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'.
```
- `In our opinion the financial statements:`
- `give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources, for the year then ended;`
- `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and`
- `have been prepared in accordance with the requirements of the Charities Act 2011.`
## **`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:
```
- `the information given in the trustees' report is inconsistent in any material respect with the financial statements; or`
- `sufficient accounting records have not been kept; or`
- `the financial statements are not in agreement with the accounting records; or`
- `we have not received all the information and explanations we required for our audit.`
```
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`**
- `** The following sections of the audit report has been REPLACED completely by a data screen entry:`
- `Matters required to report by exception - charity legislation`
- `** PLEASE CHECK THAT THIS IS CORRECT - standard wording generated by IRIS WILL NOT BE USED where REPLACEMENT text has been selected.`