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 Offi￿r
(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 su￿COMmittee 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 re￿iVed 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 cOnferen￿S
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 eX￿rienCe
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 rese￿eS 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 ch88kn￿t Founda
he otharity) ts tt* year ended 30 June 21Y24.
Ro•pornlblllll88 and ba818 of rnport
As the Govemors of the charity you are resp￿SIble for the preparatljn of the finandal statements In
acc￿￿nCe with the raquirernents of Charities Act 2011 {'the Ad).
report In respect of rny examination of the charivs finar￿al 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 commi￿on 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 S￿li0n 130 of the
Act,. or
the financlal ststfftnonts do not acc4xd wlth th088 rec(Kd8; 1¥
the financlal sL*ements 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,C￿2
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 Un￿rtaIntieS about the charity's ability to continue.
Judgements and key SoU￿eS 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
be￿een 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
Irrepla￿able 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 cu￿ent 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 re￿iVed 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 OU￿e1gh 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