CHARITY REGISTRATION NUMBER: 311447 The Cheshunt Foundation Unaudited Financial Statements For the year ended 30 June 2024
The Cheshunt Foundation Financial Statements Year ended 30 June 2024 Pages Governors, annual report 1to6 Independent examinerfs report to the Governors Statement of financial activities Balance sheet Notes to the financial statements 10t021
The Cheshunt Foundation Governors. Annual Report Year ended 30 June 2024 The Governors (who are the Trustees for Charity Lgw purposes) present their report and the unaudited financial statements of the charity for the year ended 30 June 2024. Reference and administrative details Registered charity name Cheshunt College (Cambridge) Working name The Cheshunt Foundation Charity registration number 311447 Principal office Westminster College Madingley Road Cambridge CB3 OAA The Governors Governor: Revd S Ansa-Addo Vacant Mr J G Ellis Revd B B Burrage (resigned 28 January 2025) Mr G Squibbs (appointed 29 January 2025) United Reformed Church United Reformed Chur¢h Westminster College Countess of Huntingdon Connexion Countess of Huntingdon Connexion Countess of Huntingdon Connexion Countess of Huntingdon Connexion Subscribers, Rep Subscribers, Rep Subscribers, Rep Old Student Old Studenl University of Cambridge University of Cambridge Council of World Mission Council of World Mission Cheshunt Director Revd B Quant" Vacant Revd D Tatem Vacant Vacant Revd Dr C Ball Revd W F Bowman. {Convener) Vacant Vacant Mr W Mcve Vacant Revd Dr J E Soyars. . Investment sub-committee Addilionall the followin attended Governors, meetin s durin the ear-. Ms M Sennitt Finance Offir (until 13 September 2024 and then vacant) Mrs H Weller Archivist Ms A Perrow Student representative Independent examinor Shane Tharby FCA For and on behalf of Streets Chartered Accountants 3 Wellbrook Court Girton Cambridge CB3 ONA
The Cheshunt Foundation Governors. Annual Report l¢onllnuedJ Year ended 30 June 2024 Structure, governance and management The Governors set the general policy of the Foundation. The Investment suCOMmittee gives advice on financial matters. The Cheshunt Director is responsible for the day-to-day management of the Foundation supported by the Finance Officer in consultation, where ne$sary, with the Convener of the Governors and officers. All the appointing authorities are responsible for the appointing one or more Govemors to the Board and define the time they are to serve. The constitution defines the appointing authority and the number of governors they are entiued to appoint as shown in the reference and administration section action. The Govemors ensure that new appointees receive the appropriate training and guidan. Risk Management The Governors have examined the major strategic, business and operational risks to which the Foundation is exposed and systems have been estsblished to mitigate those risks. Objectives and activities The Foundation continues Ihe work of Cheshunt Collége, founded in 1768 by Selina, Countess of Huntingdon. for the training of Christian ministers. In 1967 Cheshunt began to share work and premises with Weslminster College, Cambridge. Wth the coming into being of the United Reformed Church in 1972 Cheshunt gradually aSed to operate as a separate College but retsins official representation on the Goveming Bodies of Weslminster College. The title of The Cheshunt Foundation was adopted at that time. The Cheshunt Foundation is an independent trust existing to support theological education for ministry. Most of the income is devoted to the support of Westminster College and the training of ministers there, normally but not exclusively, for the United Refomied Church. Cheshunt also provides housing for one member of Westminsterfs teaching staff. In addition the Foundation makes an annual grant to Westminster College as well as making a contribution to the secretarial and administrative expenses of the College in recognition ofthe services reiVed from the office staff. Some bursary funds are awarded and smaller discretionary grants are made from time to time to support students of the college. In addition the Governors have placed up to 200/0 of the unrestri¢ted in¢ome at the disposal of the Trustees of the Countess of Huntingdon Connexion, who are represented on the Governing Body, for theological edu¢ation for ministry. The Foundation also maintains an archive relating to Selina, Countess of Huntingdon, and to Cheshunt College and contribLrtes proportionately to the salary of the archivist at Westminster College. The Governors, budget an annual sum for the iTrservice training of ministers, the bulk of this being provided by means of sabbatical terms at Westminster College free of any charges for recipients. The offer of such terms is open to ministers and lay people of the United Refomied Church, those from mémber churches of the Council for World Mission, Congregational Churchès and those nominated by the Countess of Huntingdon Connexion. Smaller sums are spent on other aspects of lay training work. Public Benefit Statwnent In setting our objectives and planning our activities the Govemors have given consideration to the Charity Commission's general guidance on public benefit specifically with regard to the advan¢ement of theological edu¢ation.
The Cheshunt Foundation Governors. Annual Report (continued) Year ended 30 June 2024 Achievements and performance Educational activity at the Foundation accelerated in 2023124 in collaboration with Westminster College, Cambridge. The legacy sabbatical programme hosted five sabbatical guests from New Zealand, Australia, the USA, India, and South Korea. Several other theological educators undertook short periods of research at Ihe College sponsored by the Foundation. Revisions to the sabbatical offer are underway with a view to advertising opportunities in 2025126 later this year. The Foundation awarded bursaries to three Westminster students. All were enrolled in the postgraduate programme in Theology, Ministry, and Mission (1 PGDip. 2 MA). Cheshunt has received fewer requests for bursary funds in rècent years, but il is anticipated that such requests will increase in the years ahead. Several small course-related grants wére also awarded to ordained and lay ministers to participate in academic programmes at Weslminsler. Expansion of the Foundation's provision for theological education beyond the sabbatical programme ontinued throughout the year. Over the summer, the Foundation financially supported two cOnferenS at the College. The first nference was the 2023 Summer Institute of the Cambridge Centre for Christianity Worldwide, which is l¢xated at Westminster. The Summer Institute took The Biblè.. Everywhere in everyday life, as its theme and was attended by scholars and students from Westminster and elsewhere. The second conference was a colloquium on 'New theologies of justice. that was onvened by one of the College's associate tutors. The various papers presented at both conferentss will be published in due course. Michaelmas Temi witnessed a well-attended Cheshunt Lecture by Revd Dr Tessa Henry-Robinson {then Moderator, United Reformed Church's General Assembly) at Weslminsler as part of the Cambridge Theological Federation's 'Celebration of Black and Womanist Theologians,. The Foundation also o>sponsored with the Cambridge Faculty of Divinity a lecture by Revd Prof Kelly Brown Douglas {Episcopal DNinity School at Union Theological Seminary, USA) on 'Resurrection hope and addressing racism,. In Easter Term, the Cheshunt Lecture was delivered by Revd Prof David Joy (Kerala United Theological Seminary, India) on A theological vision for Christian engagement with refugees and migrants,. It too drew strong attendance from across Cambridge and, like the Michaelmas Cheshunt Lecture, was streamed freely online. The process of strategically planning the Foundation's future that began during the 2022123 year is approaching its conclusion. Following consuttation with key stakeholders, Govemors have taken the decision to create and fund a Cheshunt Centre for Theology in Ministry at Westminster, inspired by the success of the frjrmer Cheshunt Institute for Refomied Studies there. Both Westminstels Management Committee and ils Board of Governors have formally endorsed the initiative as an exciting development in the ongoing partnership between Cheshunt and the College. The new Cheshunt Centre will respond directly to a pressing need in British theological education by offering a forum in which the cutting-edge insights of theological research and the realities of congregational life and Christian lived eXrienCe are brought into constructive conversation. Governors anticipate a formal public launch of the Cheshunt Centre in 2025, following approval of a strategic plan that outlines goals, objectives, and associated programmes anticipated later this year. This strategic refocusing of the Foundation's activty at Westminster will not reduce the Foundation's lon*standing financial support of theological education in the Countess of Huntingdon's Connexion, which will continue alongside the Cheshunt Centre. The Foundation's annual grant to the ConnéxN)n was as usual divided by it between work in Sierra L60ne and in the UK. Support was given to theological studies in Sierra Leone. Multiple students in the UK received support towards higher education theological programmes and conference attendance. A portion of the grant W8s also allocated by the Connexion to the general support of ministry in the UK and continuing ministerial education.
The Cheshunt Foundation Governors, Annual Report (¢ontinu•d) Year ended 30 June 2024 Achievements and perforniance fcondnued) The Foundation continues to own the propety situated at 4 Thornton Close, Girton. Because the house was nol needed by a member of Westminster College's teaching stsff, during 2023-24 the Foundation temporarily rented li to private tenants through a letting agent. Additionally, the Foundation owns several paintings and the Countess of Huntingdon's personal library, which form part of the archives of the Foundation. Duting the year, the Foundation agreed to expand its loan of archival material to a prominent British museum for inclusion in an upcoming exhibit on legacies of slavery. Relatedly, Governors conduded their exploration of possible historic connections between the Foundation's predecessor institution. Cheshunt College, and the transatlantic slave trade. Their investigation mirrored those undertaken at many institutions associated with the Foundation (e.g.. the Connexion. the United Reformed Church, the Council for World Mission, the Universty of Cambridge, etc.}. A statement of acknowlédgement, regret, and commitment to reparative justice flowing from Govemors. investigation is presented lOw, which will also be circulated to stskeholders and published on the Foundation's website. Statement of acknowledgement. regret, and commitment to reparative justice The Cheshunt Foundation is the working name of a ¢haritable trust that was established in 1793, following the death of Selina Hastings, Countess of Huntingdon (1707-1791). The trust aimed to support the ongoing work of a theological college at Trevecca, Wales. which had been founded in 1768 by the Countess to train young mèn for minislry and was funded by her. As a weatthy and privileged member of the British aristocracy, the Count6ss was keenty interested in religion and a key figur6 in the Evangelical Revival. In 1783 she also formed the Countess of Huntingdon's Connexion, a religious denominatton independent of the Church of England with 63 chapels in England and Wales founded during her lrfetime, which today includes 21 congregations. The Countess's significant wealth came from her position as a peeress. However, when her friend and minister George Whitefield died in 1770, he bequéathed to the Countess an estate in the former colony of Georgia, whose stated concern was the care and education of orphans. The estate was run using the stolen time, labour, and lives of enslaved people. The Countess owned the estate for 20 years until it passed OLrt of her control in 1790, and during this period she continued to enslave people there. The archives of the Foundation contain extensive evidence of that enslavement, which has been the subject of scholarly enquiry since at least the 1970s. Following an intemal investigation and scrutiny of the Foundation's past. as its Governors we now recognise that, in common with many British peers of the lime, the Countess proffted from the slave trade. We recognise the harm done and the misery caus6d by enslavement. And we recognise the enduring effects of slavery on today's society. We deepty regret these realities, and we commit to using the Foundation's resources to help create a more humane worfd. We further commit to pursuing restorative justice by revising our programmes to ensure that they are accessible and relevant to those persons and communities who have been significantly impacted by slavery as we pursue our charitable mission to support theological education for ministry.
The Cheshunt Foundation Governors, Annual Report (¢ontInu) Year ended 30 June 2024 Financial review The results show a surplus of £13,442 for the year, before net gainsl(losses) on investments as compared to a deficit for 2023 of £14.425. The trustees are actively pursuing more ways of creating shorter programmes and using technology to deliver these. In addition to this. should ihe occasion arise, the Governors will act on terms of the estate of the late Helen Harris and provide a grant from thé capital of £5,002 for a Westminster ordinand to pursue a degree through the University of Cambridge. Any grant would offset universty and college fees otherwise paid by the URC Education and Learning Committee budget. the temis of the estate propose that priority should be given to a student who is keen to study New Testament Greek. The Governors have actively managed the resources to ensure that maximum charitable benefit was achieved. The free reserves remain in accordance with the policy ststed below. The principal funding source is the investment income arising from thé Foundation's capital reserves. This income has been used to achieve the Foundation's objectives as set out above. Reserves Policy It is the policy of the Foundalion that the unrestricted funds not committed or invested in tangible fixed assets or held as long term investment generating income or capital growth, that is the free reseN6s, should equate to bétsve8n three and six months of the unrestricted expenditure. The Governors believe that this level of reseeS is sufficient given that the Foundation's investments generate the majority of the annual incomé and the Foundation only invests in low and mt)derate risk areas. Investment Pollcy The Foundation's wlicy is to protect its investment for the long term in orderto secure an annual income sufficient to maintain the Foundation's spending P¢)wer in real terms at the present level. The Foundation adopted in 1997 a guideline on ethical investmenl of "not to invest in any company in which tumover in excess of 300/0 relates lo amiaments, tobacco. gambling or alcohol" and does not invest in any individual company that could be considered to breach this guideline. However, the Foundation has moved towards investments in unit trusts, and although the invest6d fvnds are defined as following an ethical portfolio, it is impractical to review the underlying investment against the ethical guideline. Grants Policy In addition to the grants awarded to students on approved courses of education in preparation for Christian ministry, the Foundation makes regular grants towards the work of Westminsler Collegè. The policy of the Governors is to review the regular grants annually in light of the support given to the Foundation by Westminster College stsff and in response to any specific requests for ffinanGial help from the College. This policy is in accordance wilh Clause 5.(1)(d) of the Scheme of 1968 appended to the Trust Deed of 1793. Plans for future periods The Govemors intend to manage the Foundation in the foreseeable future as in previous years.
The Cheshunt Foundation Governors. Annual Report (¢onlinuedJ Year ended 30 June 2024 The Governors. annual report was approved on of Govemors by: J¥w oPftiblOJ igned on behalf of the board Revd W F Bowman Governor Rev Gove Dr J E Soyars or
The Cheshunt Foundation Independent Examinerfs Report to the Governors of The Cheshunt Foundatlon Year ended 30 June 2024 I rew)rt to the Govemors on my examinaticffi of the fironoal statements of The ch88knt Founda he otharity) ts tt year ended 30 June 21Y24. Ro•pornlblllll88 and ba818 of rnport As the Govemors of the charity you are respSIble for the preparatljn of the finandal statements In accnCe with the raquirernents of Charities Act 2011 {'the Ad). report In respect of rny examination of the charivs finaral statenwits 12fTied Olrt under section 145 of the 2011 Act arKI in CarryW out my èxaminatK)n I have followed all the applicable Direcb'ons glven by the Charity commion under Se¢th 14515}(b) of tr A Independent examlnerf• Slatwnont I have completed my examination. I confimi that no materlal matters have come to my attenlic•n in ¢%nnection with the examination gmng Me cause to bets8ve thal in any material respect.. accountlng recNts were nol kept In respert of th8 as requred ty Sli0n 130 of the Act,. or the financlal ststfftnonts do not acc4xd wlth th088 rec(Kd8; 1¥ the financlal sLements do not comply with the applicabl8 requirements (x)ncemlng the fom) and content ol aGcounts set out In the Charities (Accounts arKI Report8) Regulatlon$ 2LX)8 other than any requirement that accounts give a lrne and faif vttrl whKb is not a matter ¢y)nsldered as part ol an n(pendent exarrinatKfft. I have no CLV)¢ems and tA¥e c(xne across no other mattw3 In connedion with the exanination to which attention Should be drwwn In repcxt in der to enable a kyoper und8r8tanding o11tho accounts to be Shane Tharby FCA For and on behall of Streets Chwtsred ActJ)urtsr Independenl Examir 3 well1xo( Court Girton CamtirTrdge CB3 ONA l* Aer'.1 tvLr
The Cheshunt Foundation ststement of Financial Activities Year ended 30 June 2024 2023 (restated) 2024 Restricted Endowment funds funds Total funds Total funds Unrestricted funds Income and endowments Donations and legacies Other trading activities Investment income 20 25,320 141,574 20 25,320 151,278 20 24,600 142,133 9,704 Total income 166,914 9,704 176,618 166,753 Expenditure Expenditure on charitable activities Other expenditure 147,822 5,650 9,704 157.526 5,650 176,509 4.669 Totsl expendituro 153.472 9,704 163,176 181,178 Net gainsl(Ioss8s> on investments 12 197,126 12,517 209,643 (134,388) Net incomel(expenditure) 210,568 12,517 223,085 (148,813) Net movement in funds 210,568 12,517 223,085 (148,813) Reconciliation of funds Total funds brought forward Total funds eArried forward 2.633,353 5,002 157,634 2.795,989 2,944,802 2,843,921 5,002 170,151 3,019,074 2,795,989 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 21 fomi part of these financial ststements.
The Cheshunt Foundation Balance Sheet 30 June 2024 2023 (restated) 2024 Note Fixed assets Tangible fixed assets Investments 17 19 27,558 2,871,514 28,657 2,661,871 2,899,072 2,690,528 Current assets Debtors Cash at bank and in hand 244 125,854 201 109,220 126.098 109,421 Credltors: amounts falling due within one year Not current assets 21 6,096 3,*0 120.002 105,461 Total assets less current Ilabilities 3.019,074 3,019,074 2,795,989 Net assets 2,795,989 Funds of the charlty Endowment funds Restricted funds Unrestricted funds 170,151 5,002 2,843,921 157.634 5,C2 2.633.353 Total chaiity funds 22 3.019,074 2,795,989 se fi'nancial stslements were approved by the board of trustees and authorised for issue on , and are signed on behalf of the board by: Revd W F Bowman Trustee Revd Trust Soyars The notes on pages 10 to 21 form part of theso financial ststements.
The Cheshunt Foundation Notes to the Financial Statements Year ended 30 June 2024 General Infomiation The charity is a public benefit entty and a registered charity in England and Wales and is unincorporated. The address of the principal Offi is Westminster College, Madingley Road, Cambridge, CB3 OAA. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practi applicable to charities preparing their accounts in a¢COrdan with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as m(MJified by the revaluation of listed investments measured at fair value through the Statement of Financial Activities. Going concern There are no material UnrtaIntieS about the charity's ability to continue. Judgements and key SoUeS of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Foundation has not made any significant judgements and the only accounting estimates are in relation to the depreciation rates on the tangible fixed assets. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated fvnds are unrestricted funds earmarked by the Govemors for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of Iwo sutrpclasses.. restricted income funds or endowment nds. In¢ome arising on endowment funds can be used in accordance with the objects of the charty and is included in unrestricted income. Any gains or losses arising on the investments in the 6ndowment fund are part of the endowment fund. Investment management charges and legal advice relating to the fund are charged against the fund. 10
The Cheshunt Foundation Notes to the Financial Statements (e<)ntinu•d) Year ended 30 June 2024 Accounting policies {eontinutdJ Incoming resources All income is induded in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will fl¢)w to the charity and the amount can be reliably measured. The following specific policies are appliéd to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to thé gift. receipt is probable and its am¢Junt can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. ere tt is not pra¢ti¢ably to identify investment management costs incurred within a scheme with reasonably accuracy the investrnent income is reported net of these Sts. It is induded when the amount can be measured reltably. Interest income is recognised using the efféctive interest method and dividend and rental income is recognised as the charity's right to receive payment is established. Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the Statement of Financial Activities to which it relates- expenditure on Gharitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. induding those support costs and costs relating to the g0Veman of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the harity nor part of its expenditure on charitable activities. All cosls are allocated to expenditure categories refflecting the use of the resource. Dire costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, these are accrued as soon as the récipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are condiiional relating to performance then the grant is only accrued when any unfuffilled conditions are outside of the control of the charty. Tangible assets Tangible assels are initially recorded at cost, and subsequentty stated at cost less any accumulated depréciation and impaimient losses. 11
The Cheshunt Foundation Notes to the Financial Ststements (eontinu•d) Year ended 30 June 2024 Accounting policies (continued) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold land and buildings Computer Equipment Furniture 20/0 Straight line 25 % straight line 10010 straight line Heritage assets In addition to tangible assets the Foundation owns various paintings and an archive collection of books and manuscripts. The archive is a historical collection consisting mostty of the remrds of Cheshunt College and the personal library, artrfacts and papers of Selina, Countess of Huntingdon. It is preseNed for its educational value and through reasonable public access lo them, as a contribution to the nation's culture, education and social history. Most of the archive hoklings are Irreplaable originals to which no reliable value can be attributed and therefore these assets are not included in the accounts. Investments Investrnents are recognised initially at fair value which is normally the transaction pri less transaction costs. Subsequently they are measured at fair value with changes in fair value being recognised in net gainslnet losses on investments in the Statement of Financial Activities if the investments are publicty traded or their fair value can otheThvise be measured. Impalrmont of fixed assets A review for indicators of impaimient is carried out at each r8POrting date, with the recoverable amount being estimated where such indicators exist. ere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal at each reporting date. 12
The Cheshunt Foundation Notes to the Financial Ststements fcondnuedj Year ended 30 June 2024 Accounllng pollcles (¢ondnued) Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable induding any related transaction costs. unless the arrangement constitutes a financing iransadion. where it is rewgnised at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Current assets and cuent liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Where investments in shares or preferen shares are publicly traded or their fair value can othemise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in the Statement of Financial A¢tivilies. All other such investments are subsequently measured at cost less impaimient. Financial assels Ihal are measured at cost or amortised cost are reviewed for obje¢tive evidence of impairment at the end of each reporting date. If there is objeclive evidence of impairment, an impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 of Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Donations and legacies Total Funds 2023 (rnstated) Unrestricted Total Funds Unrestricted Funds 2024 Funds Donations Miscellaneous donations 20 20 20 Other trading activities Total Funds 2023 (reststed) Unfestrided Total Funds Unrestricted Funds 2024 Funds Letting 25.320 25,320 24,600 24.600 Investment income Totsl Funds 2024 Unrestricted Endowment Funds Funds Income from investments (see note 19) Bank interest receivable 138,650 2.924 9.704 148.354 2,954 141,574 9,704 151,278 13
The Cheshunt Foundation Notes to the Financial Ststements (¢Onlinu) Year ended 30 June 2024 Investment income {¢orttinued) Total Funds 2023 (r•stated) Unrestrictéd Endowment Funds Funds Inwme from investments (see note 19) Bank interest receivable 131,099 1.611 9,423 140,522 1,611 132,710 9,423 142,133 Expendlture on charltable actlvltl88 Unrestricted Endowmènt Total Funds Funds Funds 2024 Grants and other expenditure Support costs 136,251 11,571 9,704 145,955 11,571 147,822 9,704 157,526 Total Funds 2023 (restated) Unrèstricted Endowment Funds Funds Grants and other expenditure Support St8 155,196 11.890 9,423 164,619 11,860 167,086 9,423 176,509 Expenditure on charftable a¢tivities by activlty type Activities undertaken Grant funding directly of aclivrties Total fund 2023 (reststsd) Support Total fund$ costs 2024 Grants and other expendituré G0Veman costs 4,782 141,173 145,985 11,541 164,649 11,830 11.541 4,782 141,173 11,571 157,526 176,509 14
The Cheshunt Foundation Notes to the Financial Statements (continued) Year ended 30 June 2024 Analysis of support costs 2024 2023 (restated) 467 6,800 Govérnors, Meetings Courses Audit, Accountancy and Independenl Examination fees Miscellaneous Bank charges 1,075 4,000 6,096 370 30 3,0 633 30 11,571 11,890 Included in support costs above are governan costs totalling £11,541 12023= £11,8P)O). 10. Analysis of grants 2024 2023 (restated) Grants to institutlons Grant to Westminster College Grant to COH Connexion Support for CCCW event 87,987 25,153 4,000 112,494 23,084 117,140 135,578 Grants to individuals In-Servi¢e Training of Ministers Book Grants Bursaries 18,780 20,388 221 2,682 5,253 24,033 23,291 Total grants 141,173 158,869 11. Other expendfture Total Funds 2023 (reststed) Unrestricted Total Funds Unrestricted Funds 2024 Funds Letting expenses 5,650 5,650 4,669 4.669 12. Net gainsl(losses} on investments Unrestricted Endowment Total Funds Funds Funds 2024 Gainsl(losses) on listed investments 197,126 12,517 209,643 15
The Cheshunt Foundation Notes to the Financial Statements (continuedj Year ended 30 June 2024 12. Net gainsl(lossesl on investments (continued) Total Funds 2023 (restated) Unrestricted End¢wiment Funds Funds Gainsl{losses) on listed investments (125,415) {8,973) (134,388) 13. Net incomel(expenditure) Net incomel(expenditure) is slated after charginty{crediting)'. 2024 2023 (restated) 1,099 Depreciation of tangible fixed assets 1,099 14. Indepondent examlnatlon fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements (Xher financial services 2,496 3,600 6,096 Last year the Foundation paid £2,100 in audit fees to a different person than the independent examin6r this year. 15. Staff costs The Foundation does not have any employees. 16. Governor remuneratlon and expenses No Governor or any persons connected with them have reiVed any remuneration in the year {2023: £nil). The Governors, meeting expenses of £1,075 (2023: £467) relate to reimbursement of travelling expenses, and the provision of accommodation and appropriate refreshments. 16
The Cheshunt Foundation Notes to the Financial Statements (conllnuedj Year ended 30 June 2024 17. Tangible fixed assets Freehold land and buildings CompLrter Equipment Furniture Totsl Cost At 1 July 2023 and 30 June 2024 Depreciation At 1 July 2023 Charge for the year At 30 June 2024 54,954 1.340 394 56.688 26,297 1,099 1,340 394 28.031 1,099 27,396 1,340 29.130 Carrying amount At 30 June 2024 27,558 27.558 At 30 June 2023 28,657 28,657 Freehold land and buildings represent the cost from 1969 plus additions to date of a propety located at 4 Thornton Closé. Girton. The propety is primarity retained by the Foundation for its charitable purposes but is currently not required for such purpose and therefore is commercially let. The Governors are of the view that the property should not be accounted for as an investment property and therefore is accounted for at depreciated cost. In the opinion of the Governors the current market value ofthe propèrty is approximately £750,000 {2023'. £700,0). 18. Heritage assets As noted more fully within the accounting policies the Foundation holds a number of Heritage assets. however these are not included on the balan sheet as the Governors consider it not practicable to fair value such assets as the cost to do so would OUe1gh any beneffts. 19. Investrnents Listed investments Cost or valuation At 1 July 2023 Additions Fair value movements 2.661.871 209,643 At 30 June 2024 2.871,514 Impainnent At 1 July 2023 and 30 June 2024 Carrying amount At 30 June 2024 2,871.514 At 30 June 2023 2,661,871 All investments sht)wn above are held at valuation. 17
The Cheshunt Foundation Notes to the Financial Statements {con1inu) Year ended 30 June 2024 19. Investments (Gontinued) Holding Invostment Market Value at Income Cost 30 June 2024 2024 Income 2023 Endowment Fund 11,218.000 M & G Charifund units 38.729 170.151 9.704 9,423 Unrestricted Fund General 120,967.251 M & G Charifvnd Units 104.375 Temple Bar Investment Trust PLC 161,231.537 Charities Property Fund 65,923.140 COIF Charities Ethical Fund 9,472.242 M & G Charibond units 769,062 11,61XJ 1,834,795 104.638 101,612 270,331 10,020 9,759 156,479 76,033 10.336 190,044 204,026 10,365 12,484 5,722 407 8.423 5,676 293 1,023.510 2.509,561 133,271 125,763 Unrestricted Fund . Designated 61,973.950 COIF Charitiès Ethical Fund 98,648 191,803 5,379 5,336 1,160,887 2.871,515 148,354 140,552 20. Debtors 2024 2023 (restated) 201 Prepayments and accrued income 244 21. Creditors: amounts falling due within one year 2024 2023 Accruals and deférred income (restated) 3,960 6.096 As noted in the Governors. Report, up to 20Yo of the unrestricted income each year is provided to the Trustees of the Countess of Huntingdon Connexion, who are represented on the Goveming B¢xly, for theological education for ministy. However the Governors have not recognised any liability in relation to these funding commitments as they are reliant on the Foundation receiving income each year from which the grants are payable. 18
The Cheshunt Foundation Notes to the Financial Statements (eontInu) Year ended 30 June 2024 22. Analysis of charitsble funds Unrestricted funds At 1 July 2023 Gains and Transfer losses At 30 June 2024 Income Expénditure General funds Director of the Foundation - Support Fund Cheshunt Centre 2,427.961 166,914 (153,472) 180,715 2,622.118 175,392 16,411 191,803 30,000 30,Crf)O 2,633.353 166,914 (153,472) 197,126 2,843,921 At 1 Juty 2022 Gains and Transfer losses At 30 June 2023 Income Expenditure General funds Diréctor of the Foundation - Support Fund Cheshunt Centre 2,601,767 132,730 {147,155) (129,381) (30,000) 2,427,961 171.426 3,966 175.392 30,000 30,000 2,773.193 132,730 (147.155) (125,415> 2,633,353 Director of the Foundation - Support Fund The proceeds from furniture sales in previous years has been invested and the fund designated by the Governors with the income from Ihe designated fund to be used to support the cost of the Director of the Foundation in future years. The investments have been r6valuéd at market value al the end of the year and the fund value at the balance sheet date was £191,803 (2023.. £175,392). Cheshunt Centre During the Govemors, Board meeling on 4 May 2023 it was agreed to set aside £30,000 in designated fvnd for the start-up costs and initial programmes of Cheshunl Centre. Restricted funds At 1 Juty 2023 Gains and At 30 June losses 2024 Income Expenditure Helen Harris Fund 5,002 5.002 At 1 July 2022 Gains and At 30 June losses 2023 Income Expenditure Helen Harri$ Fund 5,002 5,002 Helen Harris Fund This legacy is to be used to provide bursaries to Westminsler Ordinards who are pursuing a degree through the University of Cambridge and priority should be given to a student who is keen to study N T Greek. 19
The Cheshunt Foundation Notes to the Financial Statements (continued) Year ended 30 June 2024 22. Analysis of charitsble funds (continued) Endowment funds At 1 Juty 2023 Gains and At 30 June losses 2024 Income Expenditure Pennanent Endowment Fund 157,634 9,704 (9,704) 12,517 170,151 At 1 July 2022 Gains and At 30 June losses 2023 Income Expenditure Permanent Endowment Fund 166,607 9.423 (9,423) (8,973) 157,634 23. Analysls of net assets between funds Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Investments Net current assets 27,558 2,701,363 115,000 27,558 2,871,514 120,002 170,151 5,002 Not assets 2,843.921 5,002 170,151 3,019,074 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Tangible fixed assets Investments Net current assets 28.657 2,504,237 100,459 2,633,353 28.657 2,661,871 105,461 157.634 5,002 Net assets 5,002 157,634 2,795,989 24. Rèlated parties During the year the Foundation made grants of £113,541 (2023: £130,344) to other Charities connected to the Foundation via common Trustees. 20
The Cheshunt Foundation Notes to the Financial Ststements feondnu•d) Year ended 30 June 2024 25. Prior Year Adjustment During the course of preparing the financial ststements for the year ended 30 June 2024 a review of the classification of income and expenses was undertaken which resulted in the following changes: Other trading activities income of £24,600 has been recognised (previously reported £nil)', As a resull ofthe above, total income now reported is £166,753 (as compared to previously reported of £142,153) Expenditure on charitable activities now reported is £176,509 (previously reported £156,578) Other expenditure recognised of £4,669 {previously reported £nil) As a result of the above total expenditure now reported is £181,178 (previously reported £156,578) Grants payable now reported are £158,869 (previously reported £125.994) Support costs now reported £11,890 {previously reported £29,485) Allocated against charitable activities now reported £30 (previously reported £11,252) o Allocated against gov&man now reported £11,860 (previously reported £18,233) There has been no overall impact on the net incomingl(outgoing) resources reported for the year ended 30 June 2023. 21