| Page | ||
|---|---|---|
| Governors' | Annual Report | |
| Auditors' | Report | |
| Statement | ofFinancial Activities | |
| Balance Sheet | 10 | |
| Notes to the Accounts |
| Appointed | by United Reformed Church | by United Reformed Church | Rev'd L-M | Browning | (Resigned | September 2021) |
|---|---|---|---|---|---|---|
| Appointed | by United Reformed Church | Rev'd SAnsa-Addo | Until 2025 | |||
| (Appointed | May 2022) | |||||
| Appointed | by Westminster | College | Vacant | |||
| Appointed | by Countess of | Huntingdon | ||||
| Connexion | Revd BBGreen | Until 2023 | ||||
| Appointed | by Countess of | Huntingdon | ||||
| Connexion | Revd BQuant» | Until 2024 | ||||
| Appointed | by Countess of | Huntingdon | ||||
| Connexion | Vacant | |||||
| Subscribers' | rep | DrD Tatum | Until 2025 | |||
| Subscribers' | rep | Vacant | ||||
| Subscribers' | rep | Vacant | ||||
| Old Student | Revd CBall | Until 2023 | ||||
| Old Student | Revd WFBowman (Convener)» | Until 2024 | ||||
| University ofCambridge | Vacant | |||||
| University ofCambridge | Vacant | |||||
| Council for | World Mission | Mr W McVey (Treasurer)» | Until 2025 | |||
| Council for | World Mission | Vacant | ||||
| Cheshunt Director |
Revd DrJE | Soyars» | Ex-officio | |||
| Investment sub-committee |
| Endowment | Restricted | Unrestricted | Total | Total | |||
|---|---|---|---|---|---|---|---|
| Note | Funds | Funds | Funds | Funds | Funds | ||
| 2022 | 2022 | 2022 | 2022 | 2021 | |||
| f | f | ||||||
| Incoming Resources | |||||||
| Voluntary Income | |||||||
| Donations | 20 | 20 | 30 | ||||
| Other Income | |||||||
| Other income | |||||||
| Investment Income |
|||||||
| Stocks and Shares | 8,638 | 120,663 | 129,301 | 115,487 | |||
| Bank Interest | 139 | 139 | 13 | ||||
| Total Incoming Resources | 8638 | 120822 | 129 460 | 115530 | |||
| Resources Expended | |||||||
| Charitable Activities | |||||||
| Individuals | 8,638 | 4,515 | 13,153 | 10,435 | |||
| Institutions | 61,935 | 61,935 | 86,981 | ||||
| Other | 4,814 | 4,814 | 4,224 | ||||
| Staffand Support Costs | 10,551 | 10,551 | 11,572 | ||||
| Depreciation | 1,099 | 1,099 | 1,099 | ||||
| Governance Costs |
|||||||
| Staffand Support Costs | 16460 | 16460 | 16358 | ||||
| Total Resources Expended | 8638 | 99374 | 108012 | 130669 | |||
| Net Incoming/(Outgoing) | Resources | 21,448 | 21,448 | ( 15,139) | |||
| Other Recognised Gains and Losses | |||||||
| Gains and losses on investments: | |||||||
| Unrealised | |||||||
| Investments | 9 | 5227 | 36369 | 41 596 | 444456 | ||
| Net Movement in Funds |
( 5,227) | (14,921) | (20,14$) | 429/17 | |||
| Fund balances brought | forward | 171834 | 5 002 | 2788 114 | 2964,950 | 2535633 | |
| Fund balances carried | forward | 166,607 | 5 002 | 2,773193 | 2,944,802 | 2964,950 |
| 2022 | 2022 | 2021 | |||
|---|---|---|---|---|---|
| Note | |||||
| Fixed Assets | |||||
| Tangible Assets | 29,756 | 30,855 | |||
| Stocks and Shares | 2,796,259 | 2,837,855 | |||
| Antique Furniture |
|||||
| 2,826,015 | 2,868,710 | ||||
| Current Assets | |||||
| Debtors | 40 | 1 | |||
| Cash at bank and in | hand | 122,407 | 109,086 | ||
| 122,447 | 109,087 | ||||
| Creditors: Amounts | falling due within one year | ||||
| Accrued Expenses | 3,660 | 12,847 | |||
| Net Current Assets | 118787 | 96240 | |||
| Net Assets | 2,944,802 | 2,964,950 | |||
| Funds | |||||
| Endowments | 166,607 | 171,834 | |||
| Restricted Funds | 5,002 | 5,002 | |||
| Unrestricted Funds |
|||||
| General | 2,601,767 | 2,606,388 | |||
| Designated | 171426 | 181726 | |||
| 2 773 193 | 2 | 788 114 | |||
| 2,944,$02 | 29964,950 | ||||
| N BEHALF OFTHE GOVERNORS | |||||
| evd W.F.Bowman | Rev | rJ.E.Soyars | |||
| onvener | Ches | unt Director |
| Holding | Investment | Investment | Cost | Market | Income | ||
|---|---|---|---|---|---|---|---|
| Value | 2022 | 2021 | |||||
| No | |||||||
| Endowment fund | |||||||
| 11,218 | M &G Charifund | Units | 38,729 | 166,607 | 8,638 | 7,516 | |
| 38,729 | 166,607 | 8,638 | 7,516 | ||||
| Unrestricted Funds |
|||||||
| General | |||||||
| 120,967 | M &G Charifund | Units | 769,062 | 1,796,580 | 93,030 | 81,048 | |
| 104,375 | Temple Bar Investment | Trust PLC | 11,600 | 227,538 | 8,246 | 8,037 | |
| 161,232 | Charities Property | Fund | 156,479 | 241,009 | 8,244 | 7,948 | |
| 65,923 | COIF Charities Ethical | Fund | 76,033 | 182,350 | 5,577 | 5,491 | |
| 9,472 | M&G Charibond | units | 10336 | 10749 | 323 | 285 | |
| 1,023,510 | 2,458,226 | 115,420 | 102,809 | ||||
| Designated | |||||||
| 61,974 | COIF Charities Ethical | Fund | 98648 | 171426 | 5243 | 5 162 | |
| 1,122,158 | 2,629,652 | 120,663 | 107,971 | ||||
| Total all Funds | 1,160,887 | 2,796,259 | 129,301 | 115,487 | |||
| Summary ofChanges During Year | |||||||
| At 1 July 2021 | 1,160,887 | 2,837,855 | |||||
| Additions | |||||||
| Increase on revaluation | |||||||
| 1,160,887 | 2,837,855 | ||||||
| Disposals | |||||||
| Decrease in valuation | 41 596 | ||||||
| At 30June 2022 | 1,160,887 | 2 796259 |
| For the Year Ended 30June 2022 | |||||
|---|---|---|---|---|---|
| 3. Grants and Other Expenditure | Endowment | Restricted | Unrestricted | Total | Total |
| Funds | Funds | Funds | Funds | Funds | |
| 2022 | 2022 | 2022 | 2022 | 2021 | |
| f | f | ||||
| Support for Individuals | |||||
| Westminster Student Bursaries |
|||||
| Non URC - Columbia Exchange |
|||||
| In-Service Training ofMinisters | 4,088 | 4,515 | 8,603 | 3,864 | |
| Cambridge Theological Federation |
3,996 | ||||
| Discretionary Grants |
116 | 116 | 100 | ||
| Book Grants | 163 | 163 | 75 | ||
| Cheshunt Educational Fund |
4,271 | 4,271 | 1,900 | ||
| Cheshunt Student Bursaries |
500 | ||||
| 8,638 | 4,515 | 13,153 | 10,435 | ||
| Support for Institutions | |||||
| Stipend for Director ofStudies | 35,145 | 35,145 | 34,076 | ||
| Pension Contributions | 6,387 | 6,387 | 6,571 | ||
| Upkeep ofCollege House | 4437 | 4437 | 28 174 | ||
| Total Director ofStudies | 45,969 | 45,969 | 68,821 | ||
| Less 10%Charged to Support Costs | 4596 | 4 596 | 6882 | ||
| Total to Westminster College |
41,373 | 41,373 | 61,939 | ||
| Grant to COH Connexion | 20 562 | 20562 | 25 042 | ||
| 61935 | 61935 | 86981 | |||
| Other | |||||
| RCL Support | |||||
| Maintain Historical Archives |
4814 | 4814 | 4224 | ||
| 4$14 | 4$14 | 4 24 |
| For the Year Ended 30June 2022 | |||||||
|---|---|---|---|---|---|---|---|
| 4. Staff and Support Costs | Charitable | Governance | Total | Total | |||
| Activity | |||||||
| 2022 | 2022 | 2022 f |
2021f | ||||
| Director's Costs as note 4 above (10%) | 2,298 | 2,298 | 4,596 | 6,882 | |||
| Westminster College Administration |
Charges | 8,253 | 8,253 | 16,506 | 16,262 | ||
| Audit and Accountancy Fees |
3,660 | 3,660 | 3,320 | ||||
| Insurance ofCollege Contents | 1,283 | 1,283 | 1,143 | ||||
| Governors' Meetings |
730 | 730 | |||||
| Miscellaneous | 206 | 206 | 293 | ||||
| Bank Charges | 30 | 30 | 30 | ||||
| 10551 | 16460 | 27011 | 27930 | ||||
| Ofthe Office Salaries and other costs | expended | by Westminster | College, the Trustees | consider | that f8,25 | ||
| relates to Charitable Activities. |
|||||||
| 5.Auditor's Remuneration |
|||||||
| 2022 | 2021 | ||||||
| Audit fees | f1,950 | K1,800 |
| Charitable | Charitable | activities | activities | Governance | All | ||
|---|---|---|---|---|---|---|---|
| Purposes | |||||||
| Freehold | Office | Furniture | Total | Furniture | |||
| Land & | Equipment | (5&o) | Charitable | (5No) | |||
| Buildings | Activities | ||||||
| f | f | f | f | ||||
| Cost | |||||||
| At 1 July 2021 |
54,954 | 1,340 | 197 | 56,491 | 197 | 56,688 | |
| Additions | |||||||
| Disposals | |||||||
| At 30June 2022 | 54,954 | 1 | 340 | 197 | 56,491 | 197 | 56,688 |
| Depreciation | |||||||
| At I July 2021 | 24,099 | 1,340 | 197 | 25,636 | 197 | 25,833 | |
| Charge for year | 1,099 | 1,099 | 1,099 | ||||
| Eliminated on disposal |
|||||||
| At 30June 2022 | 25,198 | 1,340 | 197 | 26,735 | 197 | 26932 | |
| Net BookValue | |||||||
| At 30June 2022 | 29,756 | 29,756 | 29,756 | ||||
| At 30June 2021 | 30,855 | 30,855 | 30855 |
| For the Yea | r Ended 30J | une 2022 | |||||
|---|---|---|---|---|---|---|---|
| 9. Analysis | ofNet Assets | Between Funds | Tangible | Stocks | Net | ||
| Fixed | and | Antique | Current | ||||
| Assets | Shares | Furniture | Assets | Total | |||
| f | |||||||
| Endowment | Funds | 166,607 | 166,607 | ||||
| Restricted Funds | 5,002 | 5,002 | |||||
| Unrestricted | Designated | Funds | 171,426 | 171,426 | |||
| Unrestricted | General Funds | 29756 | 2458226 | 113785 | 2 601 767 | ||
| Total Funds | 29,756 | 2,796259 | 118,787 | 2,944,802 |
| Endowment» | Unrestricted | Funds | ||||
|---|---|---|---|---|---|---|
| Designated | General | Total | ||||
| Unrealised | gains at 1 July 2021 | 133,105 | 83,078 | 1,460,785 | 1,676,968 | |
| Gain/(losses) arising on revaluation |
in year | 5227 | 10300 | 26069 | 41 596 | |
| Unrealised | gains at30June 2022 | 127,878 | 72 778 | 1,434716 | 1,635,372 |