OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Cheshunt College (Cambridge)

2025-06-30-accounts

CHARITY REGISTRATION NUMBER: 311447

The Cheshunt Foundation Unaudited Financial Statements For the year ended

30 June 2025

The Cheshunt Foundation

Financial Statements

Year ended 30 June 2025

Pages
Governors’ annual report 1to7
Independent examiner's report to the trustees 8
Statement of financial activities 9
Balance sheet 10
Notestothefinancialstatements 11to21

a

The Cheshunt Foundation

Governors’ Annual Report (continuea

Year ended 30 June 2025

The Governors (who are the Trustees for Charity Law purposes) present their report and the unaudited financial statements of the charity for the year ended 30 June 2025.

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
Appointed by: Governor:
United Reformed Church Revd S Ansa-Addo
Westminster College MrJ G Ellis
Countess of Huntingdon Revd B B Burrage (Resigned 28 January 2025)
Connexion
Countess ofHuntingdon Revd Dr B Quant*
Connexion
Subscribers’ Rep Revd D Tatem
Old Student Revd Dr C Ball
Old Student RevdW F Bowman* (Convener)
Council ofWorld Mission MrW McVey*
Cheshunt Director Revd Dr J E Soyars*
Countess ofHuntingdon
Connexion		 MrG Squibbs (Appointed 29January 2025)

Additionally the following attended Governors’ meetings during the year: Ms M Sennitt Finance Officer (until 13 September 2024 and then vacant) Mrs H Weller Archivist Ms A Perrow Student representative Independent examiner Shane Tharby FCA For and on behalf of Streets Chartered Accountants 3 Wellbrook Court Girton Cambridge CB3 ONA

"="

-1-

The Cheshunt Foundation Governors’ Annual Report (continued)

Year ended 30 June 2025

Structure, governance and management

The Governors set the general policy of the Foundation. The Investment Sub-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 necessary, with the Convener and other Governors.

All the appointing authorities are responsible for appointing one or more Governors to the Board and define the time they are to serve. The constitution defines the appointing authority and the number of Governors they are entitled to appoint as shown in the reference and administration section. The Governors ensure that new appointees receive the appropriate training and guidance.

Risk Management

The Governors have examined the major strategic, business and operational risks to which the Foundation is exposed and systems have been established to mitigate those risks.

Objectives and activities

The Foundation continues the work of Cheshunt College, founded in 1768 by Selina, Countess of Huntingdon, for the training of Christian ministers. In 1967 Cheshunt began to share work and premises with Westminster College, Cambridge. With the coming into being of the United Reformed Church in 1972 Cheshunt gradually ceased to operate as a separate College but retains official representation on the Governing Bodies of Westminster 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 Reformed Church. Cheshunt also provides housing for one member of Westminster's 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 of the services received 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 20% of the unrestricted income at the disposal of the Trustees of the Countess of Huntingdon Connexion, who are represented on the Governing Body, for theological education for ministry. The Foundation also maintains an archive relating to Selina, Countess of Huntingdon, and to Cheshunt College and contributes proportionately to the costs of the archivist at Westminster College.

The Governors budget an annual sum for the in-service 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 Reformed Church, those from member churches of the Council for World Mission, Congregational Churches and those nominated by the Countess of Huntingdon Connexion. Smaller sums are spent on other aspects of lay training work.

Public Benefit Statement

In setting our objectives and planning our activities the Governors have given consideration to the Charity Commission's general guidance on public benefit specifically with regard to the advancement of theological education.

a

-2-

The Cheshunt Foundation Governors’ Annual Report (continuea) Year ended 30 June 2025

Achievements and performance

The Foundation's provision for theological education continued expanding in 2024/25, chiefly through its long-standing partnership with Westminster College, Cambridge.

During the year, the Foundation financially supported several public conferences, workshops, book launches, and lectures at Westminster or in connection with the College. Several of these events were streamed online. Ail drew strong attendance from students across collegiate Cambridge, including Westminster and the Cambridge Theological Federation, and the wider public.

The Foundation awarded a grant to support the 2024 Summer Institute of the Cambridge Centre for Christianity Worldwide, which is located at Westminster. The Summer Institute took 'Poverty and the Church’ as its theme and was attended by scholars and students from Westminster and elsewhere. Additionally, the Foundation subsidised costs related to the Federation's annual Research Day, which was co-sponsored by Westminster, Westcott House, and Wesley House and hosted by the College. The Research Day provided a forum for College and Federation students and staff to present and receive peer feedback on their theological research related to the theme of 'Embodying Theology’; the keynote lecture was delivered by Dr Medi Volpe (Wesley House) on ‘Embodiment as poetry’. In collaboration with Westminster, Westcott House, and Girton College, Cambridge, the Foundation cosponsored a Federation workshop on 'Recognising race, film, and religion’ that was led by Professor Anthony Reddie (Oxford University) and Professor Greg Garrett (Baylor University). With the Together Free Foundation, which is a registered charity led by a member of Westminster's academic staff, Cheshunt sponsored an online workshop for ministry practitioners on combatting modern slavery and human trafficking in their communities. The Foundation also partnered with the Progressive Christianity Network Britian in co-hosting a public launch of Revd Brian D. McLaren's latest book, Life After Doom: Wisdom and Courage for a World Falling Apart (Hodder & Stoughton, 2024), at Westminster, which included a lecture and reading by the author.

The Foundation co-sponsored a symposium at the College with Professor Jamie Pitts (Anabaptist Mennonite Biblical Seminary, USA) on his recent monograph, Organizing Spirit: Pneumatology, Institutions, and Global Imagination (T&T Clark, 2025), in partnership with Wesley House’s Centre for Faith in Public Life. Responses to the book were given by Revd Dr Helen Dawes (Westcott House) and Revd Dr Stephen Plant (Trinity Hall, Cambridge). The Foundation also convened a Cheshunt Lecture entitled 'Cretans are always liars’: Ethnicity, prejudice, and the burdens of contemporary New Testament interpretation’ that was delivered by Professor Matthijs den Dulk (Radboud University, Nijmegen, The Netherlands and Netherlands School for Advanced Studies in Theology and Religion). The Cheshunt Lecture's respondent was Dr Julia Snyder (Westcott House). The Foundation awarded bursaries to five Westminster students in Theology, Ministry, and Mission (4 undergraduate, 1 postgraduate). Partial bursaries were also awarded to participants in the College's Ancient and Biblical Languages Winter School. This ground-breaking initiative was launched by Westminster in January 2025 and enables students at beginning and intermediate levels from the College, Federation, and beyond to study biblical Hebrew, koine Greek, Coptic, Syriac, and Christian Arabic texts. Several small course-related grants were also awarded to ordained and lay ministers to participate in other academic programmes at Westminster.

Neneeeeeee eee ee eee ee -3-

The Cheshunt Foundation Governors’ Annual Report (continueg)

Year ended 30 June 2025

Achievements and performance (continued)

The Foundation's legacy sabbatical programme at Westminster hosted two term-time sabbatical guests from India (one in Michaelmas Term, one in Easter Term). Both scholars coniributed to the College's educational curriculum by offering public workshops related to their specific areas of expertise. Several other theological educators, including one from South Korea and one from New Zealand, undertook short periods of research at the College sponsored by the Foundation. It is anticipated that the Foundation will welcome several sabbatical guests to Cambridge from around the world in 2025/26.

The Foundation provided small grants to support the research, publication, and other scholarly activities of Westminster's academic staff. It also paid honoraria to theological educators who delivered guest lectures in Westminster modules throughout the year.

The process of formally consolidating the Foundation's educational activities at Westminster under the strategic umbrella of the Cheshunt Centre for Theology in Ministry, which began several years ago, has unfortunately been repeatedly delayed due to ongoing discussions in the United Reformed Church around its future ministry training. A formal URC review is now underway, which could alter the shape of, or even curtail, the provision of theological education for ordained ministry at Westminster. Given the potentially shifting institutional landscape and the possibility that the Foundation's activities at the College could be materially affected, the planned public launch of the Cheshunt Centre has been postponed. However, Governors remain committed to developing the Centre and have continued to fund educational programming outwith it during the delay.

The Foundation's annual grant to the Countess of Huntingdon's Connexion was as usual divided by it between work in Sierra Leone 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 was also allocated by the Connexion to the general support of ministry in the UK and continuing ministerial education.

The Foundation owns several paintings and the Countess of Huntingdon’s personal library, which form part of the archives of the Foundation. During 2024/25, the Foundation loaned archival material from that collection to a prominent British museum for inclusion in an exhibition on legacies of slavery, which has been returned.

The Foundation continues to own the property situated at 4 Thornton Close, Girton. Because the house was not needed by a member of Westminster College's teaching staff, during 2024/25 the Foundation temporarily rented it to private tenants through a letting agent. Net income from this arrangement is passed to Westminster because the College currently provides housing for the Cheshunt Director.

re

-4-

The Cheshunt Foundation Governors’ Annual Report (continuea)

Year ended 30 June 2025

Achievements and performance (continued)

Statement of acknowledgement, regret and commitment to reparative justice

The Cheshunt Foundation is the working name of a charitable 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 men for ministry and was funded by her. As a wealthy and privileged member of the British aristocracy, the Countess was keenly interested in religion and a key figure in the Evangelical Revival. In 1783 she also formed the Countess of Huntingdon's Connexion, a religious denomination independent of the Church of England with 63 chapels in England and Wales founded during her lifetime, 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 bequeathed 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 out 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 internal investigation and scrutiny of the Foundation's past, as its Governors we now recognise that, in common with many British peers of the time, the Countess profited from the slave trade. We recognise the harm one and the misery caused by enslavement. And we recognise the enduring effects of slavery on today's society. We deeply regret these realities, and we commit to using the Foundation's resources to help create a more humane world. 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.

a

-5-

The Cheshunt Foundation Governors’ Annual Report (continuea) Year ended 30 June 2025

Financial review

The results show a deficit of £818 for the year, before the net gain on investments as compared to a surplus of £13,442 for 2024. There was a gain on investments in the year of £125,013 (2024: £209,643) so overall there was a surplus of £124,195 (2024: £223,085). The trustees intend to use that surplus more effectively to deliver and support programmes of theological education for ministry in future years.

Should the occasion arise, the Governors will act on terms of the estate of the late Helen Harris and provide a grant from the capital of £5,002 for a Westminster ordinand to pursue a degree through the University of Cambridge. Any grant would offset university and college fees otherwise paid by the URC Education and Learning Committee budget; the terms 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 stated below.

The principal funding source is the investment income arising from the 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 Foundation 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 reserves, should equate to between three and six months of the unrestricted expenditure. The Governors believe that this level of reserves is sufficient given that the Foundation's investments generate the majority of the annual income and the Foundation only invests in low and moderate risk areas.

Investment Policy

The Foundation's policy is to protect its investment for the long term in order to secure an annual income sufficient to maintain the Foundation's spending power in real terms at the present level. The Foundation adopted in 1997 a guideline on ethical investment of "not to invest in any company in which turnover in excess of 30% relates to armaments, 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 invested funds are defined as following an ethical portfolio, it is impractical to fully 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 Westminster College. The policy of the Governors is to review the regular grants annually in light of the support given to the Foundation by Westminster College staff and in response to any specific requests for financial help from the College. This policy is in accordance with clause 5.(1)(d) of the Scheme of 1968 appended to the Trust Deed of 1793.

Plans for future periods

The Governors intend to manage the Foundation in the foreseeable future as in previous years.

DeEE -6-

The Cheshunt Foundation

Governors’ Annual Report (continueg)

Year ended 30 June 2025

The Governors' annual report was approved on aal we AMML290a°2b, 4 signed on behalf of the board of trustees by: MWAimBGermam lhl, Revd'W F Bowman Revi Dr J E Soyars Trustee Trustee

ee

-7-

9 April 2026

The Cheshunt Foundation

Statement of Financial Activities

Year ended 30 June 2025

2025 2025 2024
Unrestricted Restricted Endowment
funds funds funds Totalfunds Total funds
Note £ £ £ £ £
Income and endowments
Donations and legacies 4 20 - - 20 20
Other trading activities 5 24,750 - - 24,750 25,320
Investment income 6 151,730 - 10,208 161,938 151,278
Total income 176,500 - 10,208 186,708 176,618
Expenditure
Expenditure on
charitable activities 7,8 171,503 - 10,208 181,711 157,526
Other expenditure 11 5,815 — - 5,815 5,650
Total expenditure 177,318 - 10,208 187,526 163,176
Net gains on
investments 12 118,707 - 6,306 125,013 209,643
7
Net income and net
movement in funds 117,889 - 6,306 124,195 223,085
Reconciliation offunds
Total funds broughtforward 2,843,921 5,002 170,151 3,019,074 2,795,989
Totalfundscarriedforward 2,961,810 5,002 176,457 3,143,269 3,019,074

The statement of financial activities includes all gains and losses recognised in the year. Allincome and expenditure derive from continuing activities.

The notes on pages 11 to 21 form part of these financial statements. reeee ont ee eee ements

-9-

The Cheshunt Foundation

Balance Sheet

30 June 2025

2025 2024
Note £ £ £ £
Fixed assets
Tangible fixed assets 17 26,459 27,558
Investments 19 2,986,260 2,871,514
3,012,719 2,899,072
Current assets
Debtors 20 16,711 244
Cash at bank and in hand 192,417 125,854
209,128 126,098
Creditors: amounts falling due
within oneyear 21 78,578 6,096
Netcurrentassets 130,550 120,002
Total assets less current liabilities 3,143,269 3,019,074
Netassets 3,143,269 3,019,074
Funds ofthe charity
Endowment funds 176,457 170,151
Restricted funds 5,002 5,002
Unrestricted funds 2,961,810 2,843,921
Totalcharityfunds 22 3,143,269 3,019,074

Use financial statements were approved by the board of trustees and authorised for issue on ACA BYUDOL | and are signed on behalf of the board by: is \d Revd WF Bowman Revd Dr J E Soyars Trustee Trustee

The notes on pages 11 to 21 form part of these financial statements.

se

The Cheshunt Foundation

Notes to the Financial Statements

Year ended 30 June 2025

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Westminster College, Madingley Road, Cambridge, CB3 OAA.

  1. 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 Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

  1. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of listed investments measured at fair value through the Statement of Financial Activities.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources 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 funds are unrestricted funds earmarked by the Governors 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 two sub-classes: restricted income funds or endowment funds.

income arising on endowment funds can be used in accordance with the objects of the charity and is included in unrestricted income. Any gains or losses arising on the investments in the endowment fund are part of the endowment fund. investment management charges and legal advice relating to the fund are charged against the fund.

Spr

-W1-

The Cheshunt Foundation Notes to the Financial Statements (continueq) Year ended 30 June 2025

  1. Accounting policies (continued)

Incoming resources

All income is included 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 flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between 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 recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

NOON -12-

The Cheshunt Foundation

Notes to the Financial Statements (continue)

Year ended 30 June 2025

  1. 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 - 2% straight line Computer Equipment - 25% straight line Furniture - 10% 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 mostly of the records of Cheshunt College and the personal library, artifacts and papers of Selina, Countess of Huntingdon. It is preserved for its educational value and through reasonable public access to them, as a contribution to the nation's culture, education and social history. Most of the archive holdings are irreplaceable originals to which no reliable value can be attributed and therefore these assets are not included in the accounts.

Investments

Investments are recognised initially at fair value which is normally the transaction price less transaction costs. Subsequently they are measured at fair value with changes in fair value being recognised in net gains/net losses on investments in the Statement of Financial Activities if the investments are publicly traded or their fair value can otherwise be measured.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

eee

The Cheshunt Foundation

Notes to the Financial Statements (continue)

Year ended 30 June 2025

  1. Accounting policies (continued)

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 including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in the Statement of Financial Activities. All other such investments are subsequently measured at cost less impairment.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment 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.

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Donations
Miscellaneous donations 20 20 20 20
5. Othertrading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
Letting £
24,750		 £
24,750		 £
25,320		 £
25,320

-14-

The Cheshunt Foundation

Notes to the Financial Statements (continued)

Year ended 30 June 2025

6. Investment income

Unrestricted Endowment Total Funds
Funds Funds 2025
£ £ £
Income from investments 148,933 10,208 159,141
Bank interest receivable 2,797 - 2,797
151,730 10,208 161,938
Unrestricted Endowment Total Funds
Funds Funds 2024
£ £ £
Income from investments 138,650 9,704 148,354
Bank interest receivable 2,924 - 2,924
141,574 9,704 151,278
Expenditure on charitable activities byfund fund type
Unrestricted Endowment Total Funds
Funds Funds 2025
£ £ £
Grants and other expenditure 159,457 10,208 169,665
Support costs 12,046 - 12,046
171,503 10,208 181,711
Unresiricted Endowment Total Funds
Funds Funds 2024
£ £ £
Grants and other expenditure 136,251 9,704 145,955
Support costs 11,571 - 11,571
147,822 9,704 157,526
Expenditure on charitable activities by activity type
Activities
undertaken Grant funding Support Total funds Total funds
directly _ ofactivities costs 2025 2024
£ £ £ £ £
Grants and other
expenditure 6,399 163,266 90 169,755 145,985
Governance costs - ~ 11,956 11,956 11,541
6,399 163,266 12,046 181,711 157,526

7. Expenditure on charitable activities by fund type

8. Expenditure on charitable activities by activity type

ll

The Cheshunt Foundation

Notes to the Financial Statements (continue)

Year ended 30 June 2025

9. Analysis of support costs

==> picture [397 x 90] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Total|2025|Total|2024| |£|£| |Courses|4,140|4,000| |Accountancy|and|independent|examination|fees|6,300|6,096| |Miscellaneous|564|370| |Bank|charges|90|30| |Governors'|Meetings|952|1,075| |12,046|11,571|

----- End of picture text -----

Included in support costs above are governance costs totalling £11,956 (2024: £11,541).

  1. Analysis of grants

==> picture [419 x 373] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Grants|to|institutions| |Grant|to|Westminster|College|98,532|87,987| |Grant|to COH|Connexion|26,701|25,153| |Support|for CCCW event|4,000|4,000| |129,233|117,140| |Grants|to|individuals| |In-Service|Training|of|Ministers|32,158|18,780| |Bursaries|1,875|5,253| |34,033|24,033| |Total|grants|163,266|141,173| |11.|Other expenditure| |Unrestricted|Total|Funds|Unrestricted|Total|Funds| |Funds|2025|Funds|2024| |£|£|£|£| |Letting|expenses|5,815|5,815|5,650|5,650| |12.|Net|gains|on|investments| |Unrestricted|Endowment|Total|Funds| |Funds|Funds|2025| |£|£|£| |Gains/(losses)|on|listed|investments|118,707|6,306|125,013| |Unrestricted|Endowment|Total|Funds| |Funds|Funds|2024| |£|£|£| |Gains/(losses)|on|listed|investments|197,126|12,517|209,643|

----- End of picture text -----

a

16 -

The Cheshunt Foundation

Notes to the Financial Statements (continueg)

Year ended 30 June 2025

13. Net income
Net income is stated after charging/(crediting):
2025 2024
£ £
Depreciation oftangible fixed assets 1,099 1,099
14. Independentexamination fees
2025 2024
£ £
Fees payable to the independent examiner for:
Independent examination ofthe financial statements 2,575 2,496
Otherfinancial services 3,725 3,600
6,300 6,096

15. Staff costs

The Foundation does not have any employees.

16. Governor remuneration and expenses

No other Governor or any persons connected with them have received any remuneration in the year (2024: £nil).

The Governors’ meeting expenses of £952 (2024: £1,075) relate to reimbursement of travelling expenses, and the provision of accommodation and appropriate refreshments.

17. Tangible fixed assets

Freehold
land and Computer
buildings equipment Furniture Total
£ £ £ £
Cost
At 1 July 2024and 30June 2025 54,954 1,340 394
_		 56,688
Depreciation
At 1 July2024
Charge forthe year		 27,396
1,099		 1,340
-		 394
_		 29,130
1,099
At30June 2025 28,495 1,340 394 30,229
-
Carrying amount
At30June 2025 26,459 ~ ~ 26,459
At30June2024 27,558 - = 27,558

=n

-17-

.

The Cheshunt Foundation

Notes to the Financial Statements (continueg

Year ended 30 June 2025

17. Tangible fixed assets (continued)

Freehold land and buildings represent the cost from 1969 plus additions to date of a property located at 4 Thornton Close, Girton. The property is primarily 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 of the property is approximately £750,000 (2024: £750,000).

18. Heritage assets

As noted fully within the accounting policies, the Foundation holds a number of Heritage assets, however these are not included on the balance sheet as the Governors consider it not practicable to fair value such assets as the cost to do so would outweigh any benefits.

19. Investments

Listed
investments
£
Cost or valuation
At 1 July 2024 2,871,514
Additions _
Disposals (10,365)
Fairvalue movements 125,111
At30 June 2025 2,986,260
Impairment
At 1 July 2024and 30 June 2025
Carrying amount
At30 June 2025 2,986,260
At30June2024 2,871,514

All investments shown above are held at valuation.

aC

The Cheshunt Foundation

Notes to the Financial Statements (continueg

Year ended 30 June 2025

19. Investments (continued) Investments (continued)
HoldingInvestment Investment Cost menovaleae I
1025		 I 024
EndowmentFund £ £ £ £
11,218.000 M & G Charifund units 38,729 176,457 10,208 9,704
UnrestrictedFund
General
120,967.251 M &G Charifund Units 769,062 1,902,790 110,080 104,638
104,375pram’ pram’BarInvestmentTrust 11,600 332,904 15,656 10,020
161,231.537 Charities Property Fund 156,479 194,639 11,463 12,484
65,923.140 COIF Charities Ethical Fund 76,033 195,593 5,795 5,722
0.00 M & G Charibond units 492 407
1,013,174 2,625,926 143,486 133,271
UnrestrictedFund
Designated
61,973.950 COIF Charities Ethical Fund 98,648 183,877 5,448 5,379
1,150,551 2,986,260 159,142 148,354
20. Debtors
2025 2024
£ £
Prepayments and accrued income 16,711 244
21. Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors 72,278 -
Accruals and deferred income 6,300 6,096
78,578 6,096

As noted in the Governors’ Report, up to 20% of the unrestricted income each year is provided to the Trustees of the Countess of Huntingdon Connexion, who are represented on the Governing Body, for theological education for ministry. 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.

eee

The Cheshunt Foundation

Notes to the Financial Statements (continuea)

Year ended 30 June 2025

22. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At Gains and At 30 June
1 July 2024 Income Expenditure losses 2025
£ £ £ £ £
General funds 2,622,118 176,500 (177,318) 126,633 2,747,933
Director of the
Foundation - Support
Fund 191,803 - - (7,926) 183,877
Cheshunt Centre 30,000 - - - 30,000
2,843,921 176,500 (177,318) 118,707 2,961,810
At Gains and At 30 June
1 July 2023 Income Expenditure losses 2024
£ £ £ £ £
General funds
Director of the		 2,427,961 166,914 (153,472) 180,715 2,622,118
Foundation - Support
Fund 175,392 - - 16,411 191,803
Cheshunt Centre 30,000 - - - 30,000
2,633,353 166,914 (153,472) 197,126 2,843,921
DirectoroftheFoundation - SupportFund
The proceeds from furniture sales in previous years has been invested and the fund designated
by the Governors with the income from the designated fund to be used to support the cost ofthe
Director ofthe Foundation in future years. The investments have been revalued at market value at
the end ofthe yearand thefund value atthe balance sheet datewas£183,877 (2024: £191,803).
Cheshunt Centre
During the Governors' Board meeting on 4 May 2023 it was agreed to set aside £30,000 in a
designated fund forthe start-up costs and initial programmes ofCheshunt Centre.
Restricted funds
At Gains and At 30 June
1 July 2024 income Expenditure losses 2025
£ £ £ £ £
Helen Harris Fund §,002 - - - 5,002
At
1 July 2023		 Income Expenditure Gainsand =At30June
losses
2024
£ £ £ £ £
HelenHarrisFund 5,002 - - - 5,002

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 the designated fund to be used to support the cost of the Director of the Foundation in future years. The investments have been revalued at market value at the end of the year and the fund value at the balance sheet date was £183,877 (2024: £191,803).

Cheshunt Centre

During the Governors' Board meeting on 4 May 2023 it was agreed to set aside £30,000 in a designated fund for the start-up costs and initial programmes of Cheshunt Centre.

Restricted funds

Helen Harris Fund This legacy is to be used to provide bursaries to Westminster Ordinands who are pursuing a degree through the University of Cambridge and priority should be given to a student who is keen to study NT Greek.

ee

The Cheshunt Foundation

Notes to the Financial Statements (continued)

Year ended 30 June 2025

22. Analysis of charitable funds (continued)

==> picture [398 x 350] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Endowment|funds| |At|Gains|and|At30|June| |1|July|2024|Income|Expenditure|losses|2025| |£|£|£|£|£| |Permanent|Endowment| |Fund|170,151|10,208|(10,208)|6,306|176,457| |At|Gains|and|At|30|June| |1|July|2023|Income|Expenditure|losses|2024| |£|£|£|£|£| |Permanent|Endowment| |Fund|157,634|9,704|(9,704)|12,517|170,151| |Analysis|of net assets assets|between|funds| |Unrestricted|Restricted|Endowment|Total|Funds| |Funds|Funds|Funds|2025| |£|£|£|£| |Tangible|fixed|assets|26,459|-|-|26,459| |Investments|2,809,803|-|176,457|2,986,260| |Net|current|assets|125,548|5,002|-|130,550| |Net assets|2,961,810|5,002|176,457|3,143,269| |Unrestricted|Restricted|Endowment|Total|Funds| |Funds|Funds|Funds|2024| |£|£|£|£| |Tangible|fixed|assets|27,558|-|-|27,558| |Investments|2,701,363|-|170,151|2,871,514| |Net|current|assets|115,000|5,002|-|120,002| |Net assets|2,843,921|5,002|170,151|3,019,074|

----- End of picture text -----

  1. Analysis of net assets assets between funds

24. Related parties

During the year the Foundation made grants and other reimbursed expenses of £152,968 (2024: £113,541) to other charities connected to the Foundation via common Trustees. There was a balance outstanding of £72,277 (2024: £Nil) owed to the charities at year end.

Se Tne ee ee ee ee eee ee

ee

-21-