WESTMINSTER COLLEGE CAMBRIDGE Trustees, Annual Report And Consolidated Financial Statements 2020 (Registered charity number 311449) WESTMINSTER COLLEGE CAMBRIDGE ## WESTMINSTER COLLEGE CAMBRIDGE ## **TRUSTEES’ REPORT 2020** The directors, who are also trustees of the charity, submit their report and the audited consolidated financial statements for the year ended 31 December 2020. This report fulfils the requirements of the Charities Act 2011 for a Trustees’ Annual Report. Membership lists for the Board of Governors, College Committees and College Staff cover the period January 2020 to June 2021 inclusive. The remainder of this report covers the calendar year 2020. ## Board of Governors: Revd Nigel P Uden (Convener)* (T) Revd Jan Adamson *(T) Dr Alison Ainley (appointed by Anglia Ruskin University) Mr John Ellis *(T) Dr Alison Gray Mr Andrew Grimwade *(Treasurer) Mr Mark Hayes *(T) Fr Dragos Herescu (appointed 24 April 2020) Mr William McVey (T) Revd Dr Rick Mearkle *(T) (resigned 31 August 2020) Revd Stuart Scott Revd Professor David M Thompson (resigned 26 June 2020) (T) Mrs Darnette Whitby‐Reid*(T) Revd Samantha White (College Principal, ex officio) (T) Dr Giles Walton (appointed 16 October 2020) Ms Lisa Wilson (Student representative) Mr Christopher P W Wright (Clerk)* (T) * = appointed by the General Assembly of the United Reformed Church (T) = Trustee of the Charity for all or part of the period In attendance: Mrs Magalie Cooper (Bursar) Mr Ian Hardie (Hon Treasurer of the United Reformed Church) Revd Jennifer Mills (Secretary for Education & Learning of the United Reformed Church) The Trustees are assisted by: ## Board of Studies: Revd Stuart Scott (Convenor) Revd Peter Ball Revd William Bowman Dr Alison Gray Revd Dr Rick Mearkle Mrs Val Morrison (Clerk) Revd Dr Robert Pope Revd Dr Andrew Prasad Revd Dr Jonathan Soyars Revd Nigel Uden Revd Samantha White Mr David Cumbers (Student representative) - 1 - WESTMINSTER COLLEGE CAMBRIDGE TRUSTEES, REPORT (Cont) Mana ernent Committee: Mr Mark Hayes Iconvenerl Mr Robert Buss Mrs Ma8alie Cooper (Bursar) Mr David Cumbers Mr Andrew Grimwade IHon. Treasurer) Dr Augur Pearce Revd Dr Jonathan Soyars Revd Nigel Uden Revd Samantha White Tet7chin Sto (5enotUsJ Revd Samaritha Whrte IDire¢tor of Pastoral Studles,. Dlrettor of the Cheshunt Foundation. Prlncipal frorn September 20201 Revd Dr Robert Pope (Dlrector In Church Hlstory and Doctrine- Wice-Principall Revd Peter 8all (Dirertor of Church Resource Dèvelopmentl Dr Alison Gray IDlrÈct¢r in Old Testament studiesl Revd Dr RSck Mearkle IDirector of Pastoral Studies) Revd Or Jonathan Soyars (Director In New Testament Studlesl By￿aT Mrs Ma8alie Cooper Westmlnster College was founded In 1844 as the College of the Presbyterian Church In England. 5t took its present name on mowng to Carnbrtdge in 1899. It Is rewstered with the Charlty Comrnis5ion under charlty number 311449. Princ5 al Offlce Westmlnster Colle8e. Madingley Road, Cambridge, C83 OAA Advlsers Solicitor5 Towns Needham & Co Klngs8ate12nd floor) 51-53 South Klng Street Manchester M2 6DE It]d ndentAudlto Moore Kingston Smlth LLP Devonshire House 60 Goswell Road London ECIM 7AD Bankers Lloyds TSB Bank plc 3 Sldney Street Cambrldge CB2 3HG WESTMtNSTER COLLEGE CAMBRIDGE 5TRucfuRE, GOVERNANCE AND MANAGEMENT Governing Document The Charlty Is governed by the General Assembly under tlau5e 2.6 IAI Ivll of the Structure of the United Reformed Church IURCI throu8h a body of Governors appointed by it, in accordance with the terms of the Trust Deed of 1899 as modlfled by the Unlted Reformed Church Act 1972. Goveming Body The College Governors. listed above. are appolnted accordlng to a plan approved by the Genernl Assembly of the Unlted Aeformed Church Sn 1995. They are asslsted by a Board of 51u(Iles and the Management Committee, each chaired by G(trvernor. The freehold of the land on whlch the College is built is held by the United Reformed Church Trust I'uRCTrusi'l a5 Custodlan Tru5tÈe. The Governors of Westrninster College who are eli8ible to serve as CharityTru5tees and a￿ members of the Unlted Reformed Church are the Trustee of the Charltable Funds of We5tmlnster College. The names of the Go￿rnor$ who were also Trustees, durlnB the relevant period are marked as LTI in the list of Governors. Recrultment (Jnd Tmlning of Governo Those Governors appointed by the General Assembty of the United Reformed Church are nomlnated by that Church's Nominations Committee, In consultation wlth the College Governors. These Governors serve for temis of 6 years. renewable for a further term. Other Governors are nomlnated by the University of Cambrld8e, AnElia Ruskin Unlversrty and the Cambrid8e Theologlcal Federation for appolntment by the Nominations Committee. The Principal of thè Colle8e and the Chalr lor other Governor) of the Che5hunt Foundatlon are ex officio. and the teachers and the students of the Colle8e each th005e one of thelr number to represent them. Thè Board of Governors and the Nominations Commjttee give consideratlon to the balance of skills and exPerIen￿ in the Board ofGovernors when considerlng changes in mernber5hlp. All new Govemors receive information about the College and are inducted into thelr role. Tralning is provided wa general external coursès and events where possible, and training Is glven In conjunctlon wlth quarterly meetings In specific areas of governance as need5 arise, to a55lSt In the perf0rrnan￿ of their duties as trustèès. Orgonisotionolmonogement The College Governors and Management Committee eath meet four times a year. The Management Committee re(eive5 financlal and management reports and acts on behalf ofthe Governors in matters dele8ated to it. It reports to every meeting of the College Governors. The Board of Studies meet5 at least three times a year and oversees the educational WOTk of the College: it also reports to every meeting of the ColleBe Governor5. The Board make5 formal decislons on student admissions, prograrnmes of study and the award of the College leavin8 certlflcate, on the recommendation olthe academlc staff of the ColleBe. known collertively as the Senatus. The Board a150 acts as thè body which offers quality assurance to and oversight of the Colle8e's own Living Minlstry Programme. It renects on 3nd oversees the developing role of the Colle8e as a Resource Centre for Leaming of the Unlted Reft)rmed Church and offers over5i8ht to the development of all its programmes and learnin8 events. The Board of Governors, the Management Commlttee and the Board of Studles each include a student reP￿sentative for dlscusslon of unreserved buslness. The day to day runnlng of the College is delegatèd to the Prinupal. supported by the Senatus and the Bursar. The Principal ttends all Boards and Commlttees. A representative of the Senatus Is a member of ihe Management Committee. All members of the Senatus attend the Board of Studies. The key management personnel are consldered to be the Prin¢ipal, vi(￿PrIncIpal and the Bursar. Remuneration of key management personnel Is set in the Same way as that of other equivalent staff. Those who are minister5 of the Unlted Reforrned Church receivè the same ba51c stlpend as other ministers. the level of whlch Is recommended by committee5 of the church and conflrmed by its Trustees. The pay of lay staff is set at appointment by a group deleEated from the Management Committee, havlng regard to comparable posts in Cambrtd8e,' this group also proposes annual Increments, which are endorsed by the Management Committee. WESTMtNSTER COLLBGE CAMBRIDGE Westmlnster College Trodlng Llmlted Westmlnster College Tradlng ￿rnited, a wholly owned 5ubsidlaiy company of Westmlnster College, was re8iStered on 22 January 2014 primarily to carry out the conferenclnB and a¢commodatlon buslness of Westmlnster. The Board of Directors comprlses officer5 and Members of the governing body of We5tmlnster College.. Revd Samantha White,. Mr Mark Hayes {Chalrmanl and Ms Mar8aret Sennltt lalso Company Secretary). The Board have deterrnined that all of the profits of the company be dlstrlbuted to Westmlnster College by way of gift ald to support the ongoing educational and wlder Churth resourclng work of Westmlnster. Otherrelotion5hips In 1967 Cheshunt College, Cambrldge merged Its operations with those of Westminster College Cambridge. The remalning capltal funds of Cheshunt College are administered under a Charity Commlssion Scheme of 1972, by the Trustee5 of the Cheshunt Foundatlon. The Cheshunt Foundatlon Trustees and the Westminster College Trustees opÈrate independently, but each nomlnates a Trustee to be a Trustee of the 51ster trust. A signlficant part of the income of the Cheshunt Foundation is applied by its trustees to provlde academi¢ Servi￿ at Westminster. B. Westmlnstef College Is a fully particlpatin8 member of the Cambridgè Theological Federatlon I'the Federation'l. As such, It has obll8ation5 and commitments in the provision of teachlnB and support forthe variou5common teachlng programmes of the Federatlon, Induding the Bachelor of Theolo8y degree of Cambrldge Universlty,. the Comrnon Awards IBA and MAI. valSdated by Durharn Universlty and deployed for mlnisterlal trainrng acr055 a large number of Theological Education Institutlons around the country; and the Professlonal Doctorate of AnElla Ruskln Universlty. Westmlnsterfs academlc staff are Invofved in teachinE across all these awards, and Westminsterfs fatilltles are wldely used by staff and students of the Fedeiation. The central staff of the Federation occupy one of the College Bounds houses as an administrative hub. This development was funded through a grant made from the Maurlce & Hilda Laing Charitable Trust C. The C3mbridBe Centre for Chrlstianity Worldwide Icccw; formerty the Henry Martyn Centrel Is an independent charity for the stuty of mlssion and worfd Christianlty, and an Associate Member of the Federatron. The Centre (including lts1Sbrary, *Jlrectorand support staffj is based in Westminster Collegè. and there are close Ilnks between the two bodies in term5 of teachi1￿ worship and research. D. The Woolf Institute of Abrohamic Faith5, another Assoclate Membei of the Federatlon worklng In the fleld of interfaith relations between Jews, Chrlstians and Muslims, oceuples a building on the Westminster 51te. The relationships outllned above demonstrate a Campus of theological insiitution5 at Westminster, a vlslon the College Governors and staff all embrace and continue to work towards. To ensure that relationships developed Sn fruitful ways, and to enhance thè sharing of infomiatlon and Joint plannin8, the Westminster Campus Forum of all the parties meet reBvlarly. Risk Management The Board of Governors is responslble for the rnanagement of the risks frdted by the College. The Management Comrnittee prepares a risk analysis each year, in consultation with the United Reformed Church. which we serve. The Governor5 appoinl a Flnancial Management Revlew Group io review all financial management annually. A formal revrew of the charlty's risk management prO￿$se5 15 undertaken annually. The key controls used by the charity include: Formal agendas for all Board and Committee artivity Establlshed organisational structure and lines of reportlng Fornial wrltten pollcles Clear authorisation and approval levels Vettrn8 procedures as required by law for the protectlon of the vulnerable The useof expert consulrat)ts, as necessary, to advise on speclfic areas of Tisk and to enablethe collegeto implement the approprlate responses and controls The risk management eKerci5e conducted In 2020 focu55ed in partlcular on a thorough review of the processes of the College around Students, Saf￿Y and HnanclnB Issues and Induded the COVID-19 policies and various related-rlsk assessments. Where ne￿ssary, these polldes were updated to ensure they reflected current practice, measLtres and laws. The Covld-19 pandem1¢ In 2020 posed new risks to thè College, in particular the incomè from B&B and Conference5 and Events which has been hard hit. The Governors monitored this rlsk closely and put in place measures to mitigate as much of its impact 3$ P0S5ible by taklng advantage of the Government's f(b¥lough scheme for all affected staff and put all non- essentlal expenditure on hold. Regrettably it was also felt necessaryto make 10 staff redundant. Some loans and Brants were secured from the URC related entthles whlch helped slgnificantly. The Governors continue to monitor the sltuatlon tlosèly and, wlth the prospect of some opening up in the Summèr of 2021, they remain confldent that the College will continue to be financially ￿able in the lonB term and have conduded that the College has sufflcient flnancial support to continue in operatlongl existence for the foreseeable fvture. WESTMINSTER COLLEGE CAMBRIDGE Acadernlc activities have continued throughout with lertures and turorials being conducted remotely. The Governors constantly seek to improve the management of the College. Areas of risk relating to the academlc programmes and teaching staff of the College are attended to with care through the college tea¢hing team the Board of Studies and the variou5 5trurtures of the Federatlon. Financlal ¢ontrols are robust and Include monthly reports detallin8 outturns agalnst prolertions and budgets whlch are scrutlnlsed by the Management Committee. The College works dosely wlth the Education and Learnlng Committee and the Mlnistrle5 Committee as well key Finance and Human Resources stsff of the VRC, drawing on their expertise and ensurlng that Westmin5terfs developlng work Is harmonised with denominational requiremenis and expectations. Con￿M$ about Indlvidual students are handled throu8h robust and transparent processes developed across all of the URCS tralnlng centre5. The College buildings include all relevant features in teim5 of securlty and acce$5 control alon8side fire detection and preventlon equlpment. It IS ￿¢BnISed that the systems can only provide rèasonable but not absolute assurance that malor risks have been adequatety managed. The College has a process to regularly review and. if necessary. to extend its policies and procedures. The ¢olleEe Is extremely well served by the Bursar, a committed team of administrative and support staff and a part-tSme Estates Manager who works alon85ide the Bursar to ensure that the buildlngs at Wesimlnster are properly malntalned and looked after. OWEcfivES AND ACTIVITIES The Charity'5 object. as set out In Its Trust Deed, Is to be a th￿ID81Cal college of the United Reformed Church. and thu5 to provide educatlon and to promote the Christian religion. The College prepares students to serve as ministers of Word and Sauaments, and provides for sabbaticals ènd in-service tralning for those already ordalned. In addltlon, the College a150 offers educatlonal resources to those who are preparing for or are already fulfllllng ministrles as lay preachers or Elders wlthin the churth, as well as to church members who wish to deepen falth. The College teaching staff Isenaiusl have significant and growlng role wlthln the Church as those who prowde learning In the Christiarb faith for a wide ran8e of meetlngs. conferences and groups, and who a150 resource the Church throLFgh their writing and publrcatlon5. The experlence of theCovid-19 pandemic ha5 resulted In more of this work being prepared and dellvered online. Within its object, the Charlty has alsoto malntsin the Grade 2 Ilsted bulldlngs, to admlnister and maintain various scholarship funds. and to care for a large collection of books, artefacts and hlstorlc documents. Reviewof perfomiancefvr2020 l. Continue development of the Vocatlonal Communlty scheme and prepare its implementation. Due to the effects of the Covid-19 pandemlc, and the need to focus activity on essential services for the duration of 8ovemrnent restrictlons to mitigate the spread of disease, the Governors agreed to suspend the work on progressrn8 the gap year project. This Coincided with the need for DownlnB Place United Reformed Church to mitigate thelr plans, so it wa5 declded that the College would pick up the explorations on collaboratfve opportunltles once the fuiure became dearer. Necessarlly there would be a further delay to the launch of the scheme 3nd further work wlll need to be done to seture fvndlng. The stheme rèmains an objective of the Govemofs of Wèstminster College. Ensure that lrnportant work on the college fabrlc can be prepared for and funded. The College Management Commlttee regularly assesses the college fabric and reports to the Govemors on matters of concern. In December 2020 there wa5 a major in8re5s of waterto the ColleBe Tower that necèssitated an immediate remedial repair costlng UP to £75.0(10 whi15t plans were made for a permanent repalr. Grant fundlng to cover the c￿1 of the remedial repalr wa5 sought and gratefully recelved from the Eastern Synod Provlnce Trust. In January planning for the urgent repair commenced. A schedule of work was drawn up and the work assessed to cost In the reglon of £590,￿0. Govemors agreed to the sale of 9 Arundel Close to cover part of the cost, with the remainder bein8 50u8ht throu8h grant fundin8 frorn external 50urce5, individual donations and sponsorship and the Alumni and Friend5 of Westminster and Che5hunt. 3. Create a fundralslng scheme to maintain the upkeep of the buildin& attending to work In the medlum and long terrn. RecoBnlsin8 the need for skilled fvndraisln8 the Management Commlttee has proposed that ihe Governors consldei estsblishing a fundraising team. A potential Convenor for svch a group was Identifled In January 2021 and the terms of reference for such a group were drafted. It Is en￿saged that the establlshment of this BIOUP will be an oblectlve for 2021. 4. Manage traASltions and developments as Unlted Reformed Church requlrements in learnlng and formatlon lordained and layl continue to evolve. SenatUS staff have continued to sit at the table in key committees within the United Reformed Church in 202D, which include5 'Walkin8 thewav and'Stepwis¥. The Prin£ipal ofthe RCLS have met together and wlth the Synod Moderators. Relationshlps WESTMINSTER COLLEGE CAMBRIDGE focussln8 on collaboratlve working are being forsed with the new Secretary for Education and Learnlng and Secretary for Mlnlstries. The effects of the Covid-19 lockdown meant that desl8n and dellvery of onllne academic Services, events and formational programmes, occurred by necesslty. Rather ihan travelllng io deliver teaching and re$04Tf¢in8 to Synods and local churches. teachlng staff have adapted se551ons for online engaEernent. The Education and Learnlng Comrnrttee comrnenced a ¢onsultatlon process In November 2020 whlch Is almed at explorin8 whèt modes of integration are otturrin8 nd might evolve with f14rther resourclng. The RCLS are integral tts thi5 conversation. In 2020 Westmlnsterfs student body Included the first two Model IV Non-stipendSary students ènd for the first time independent students were accepted onto the Cornrnon Award5 BA programme at Westminster. The Senatus ha5 Included an interlm Director of Pastoral Studles, Revd Dr Rlck Mearkle, whilst the permanent post is consldered. The Governors agreed that this may take tlme to appoont due to the need to be relevant to the needs in this transitional pehod. Throughout 2020 the student5 Studied onllne, so student and staff welfare was of key con￿rn. 5. Contlnue to deliver the colle8ds busines5 plan and to offer high quallty servlces to all using Westmlnster. The cornmeicial business, comprlslng Conference and Events. ha5 been severely affected by lockdown. The kRchen fadllties were closed in March 2020 and plan5 for a 8radual re-openlng, with a re-assessment of the caterin8 facilities to cover the period gf limited opening, commented in March 2021. Thls Is dependent on the government road map for easing of the lockdown in En8land. Wherever posslble events have been postponed or re4cheduled for 2021. The Bursar has remained in c105e contact with peer5. 6. To closely monitorthe effects ofthe Coviik19 pandemlcon thecollege's flnances and to make approprlate declslons to reduce the impact wherever po55ible. Expendlture has been limited to absolute essentlals while advantage has been taken of the Governmenys Job Retention Scheme IfurlouEh sthemel. Loans were SOUBht from the United Reformed Church Trust and grants were recelved from ihe Educatlon and Learnin8 Committee1£50kl, the URC Trust I£SOk to mltigate the1055 of the hospltallty buslness due to the Covid.19 restrictlon5. The Eastern Synod Prownce Trust also offered welcome support wlth two glfts1£30k and £30kl. The East Wing was made Covld-secure and prepared forself-caterlng purposes so that 20 rooms could be rented to postgraduate siudents forthe duration of the academl¢year 2020121. The Governors rnade provision for Principal Officer5 to be authorlsed to assess the staffinB fte￿s of the College in the light of reduced buslnes& Measures were then put in place to reduce expenditure and mana8e staffing costs, whl¢h included three voluntary redundancies and nine compulsory redundancies. Core stsff haveworked on 51te wlthln Covfd-secure measures to ensure the plant was maintained and essential seNices have contlnued throughout 2020. Objective5fvr2021 l. Ensure that Important work on the College fabric can be prepared for and funded. 2. Create a fundralslng scherne to malntaln the upkeep of the buildin& attÈndFn8 to work in the medium and long terrn. Mana8e transltion5 and developments as United Reformed Church requirements in learning and fomiatlon (ordained and layl continue to evolve. Continue to r&evaluate the College's bu51ness plan and to offer high quallty servlce5 ro all using Westminster. 5. To dosely monltortheeffects of the Covid-19 pandemlcon the College's finances and to make approprlate decisions to reduce the Smpact wherever possible. PUBLIC BENEFIT 5fATEMENT The College's prlmary purpose is to be a Resource Centre for Learning IRCLI within the URC. and thu5 to provide education and to promote the Christian relSgion. The Trustees of the College take account of the Charlty Commlsslon's published 8uidance in regard to public benefit in conducting the actlvltles of the College. The following are examples of the College's work duTlnB the year under revlew which have contrlbuted to the fulfilment of the charIt￿S publlc benefft obllgatlons-. The College, In consultation with the URC, prepare5 students to become Ministers of Word and Sacrarnents wlthln thè church. The full costs of such trainin8 are, where necessary, made available by the URC. The College a150 provides rninisterial educatlon for students of certain other denomlnatlons and independent churches who, from tSme to tlme. may direct student5 to It. Addltlonally, the college welcomes Independent students who wish to study for a degree In theology for ministry, and offers bursaries for those who need financial help. The Collegè plays a full part in the work of the CambridgeTheological Federatlon ICTFI, contrlbutlngteachln& teachln8 faclllties, and library access for ordlnan(Is and other students from other Chr15tlan denomlnatlons who are studylng at member institutions of the Federatlon. These setvices are provlded on an exchange basis with other member Instltutions wlthln the ￿F. WESTMINSTER COLLEGE CAMBIUDGE A5 an RCLforthe whole URC, the College Increaslngly provldes courses forthe trainlngof lay lèadèrswithin the church for example. lay preachers. Such tralnlng is provided free, with char8es being made only for accomrnodation and meals. The ColleBe's Ilbrary Is available for use, without charge. by all members of the URC and the Federation, and by other readers at the dlscretion of the Prlncipal for a modest annual membershlp fee. The College's extensive archive of hlstorical materlals Iln¢ludln8 the papers of some of the fom)er staff of the College) is similarly made available to enquirers. on a no-COSt basis but with an invitation to make a voluntary donation to defray expense5. By a Memorandum of Agreemènt with thè URC History Society IRe8lstered Charlty no.2792131 Ihe College's library and archive5 also contaln the Ilbrary and archive5 Qf the Society, which are slmilarly avallable to researchers. As an Integral part of the College's mrnlstry. the Colle8e teathing staff ac￿pt speaklng and tead)In8 en8a8ements throughout the United Kingdom, and o¢¢asionally abroad. The teachin8 stsff regularly contrlbute to a variety of reli810115 publicatlons. whlch are used wlthln and beyond the URC. The ColleBe provldes Improved facilltles for people wlth dlsability and for meeting and conference space which wè hope th* those beyond the Churth will value and want to use. The College hosted some charlty events In 2020, offerlng fa¢llltles at cost. FINANCIAL REVIEW ANO RESULTS FOR THE YEAR The results for the year are shown in the Consolidated 5tstement of Financial Activities on page 12. The College had a net decrease in funds of £220.67312019: decrease of £15,847), which comprised.. 2020 2019 Donations, grants and legaties Income from charitable activitie5 Artivitie5 for generating funds Investment Income Other Income Totolincome Expendlture on.. Raising funds O)aritable acttvities Totol expended 505,942 622,956 274,693 51,172 21,958 1,476,721 82.515 885,￿16 787,586 50,760 21,128 I￿27.895 378,603 1,418,804 1,797,407 650,533 1.439,197 2,089,730 Net loss Net galnlllossl on Investments 1320,6861 100.013 1220,6731 1261,8351 245,988 115,8471 Income We ale @rateful for donatlons and grants, In partlcular the ¢ontlnuln& regular grants from the Cheshunt Foundatlon. Income from academic services Increased by £41,000 in 2020 but intome from academic attommodatlon decreased by £304,000 due to the Cowd 19 restrictions. Similarfy, the trading activities of Westminster College Trading activities were severely restricred and intome in this area fell by £513,￿0. The decrease in these areas of income was somewhat offset by addltional grant Income from the URC and one of the URCS synods. The charily also made use of the governmenvs fvrlou8h scheme and recetved £186,000 in thi5 respect. Overall, income decreased by 19% from just under £1,828,000 to nearly £1.476.000. a dee￿ase of £351.000. Resource5 Expendedon Chorftable Artlvftles Wlth reduced activities due to the Covld 19 pandemlc, èxpèndlture fèll by £272,000 for tradlng attivitiès and by £20,LXJO for charStsble attlvltles re5ultlng In an overall fall in costs of £292.000. WESTMINSTER COLLEGE CAMBRIDGE Resernes Pollry The College's revenue budget generally supports its day~tO-day operatlons as a Resource Centre for Learnlrtg servin8 the United Reformed Church, and the trustees aim to work to a balanced budget, apart from p￿miseS Improvements. Usuallyi about half of the colle8e's unrestricted income 15 derived frorn fee5, rent5 and 8rants orfgSnatlng from the Church and from allied ¢haritie5, however In 2020 thls balan¢e shifted and thls accounted for around 77% oltotal Income due to the fall In tradlng income. At 31 De￿mber 2020. unrestrlcted general fvnds totalled £1.461.737. Of thls sum £1.483.815 was Invested In fixed assets held for College use, leaving no readily available reserves. However. the College holds nearly £300,(LKJ available in the Sale of the Nestle Library designated fund, which can be repurposed should the need arise. The trustees wlll carefully monltor the Covld 19 sltuatlon and It Is hoped that the sl8ns that these restrlctions are easlng bodes well for recoverSng, to some degree, an acceptable level of free reserves equlvalent to 3 months Income without having to make use of this deslgnated lund. Investment Pollry The College investments represent ￿rmaneftt endowment and unèxpÈnded intomè of its rèstrictèd funds, as well as othèr funds held as reserves- they are Invested In common Investment fvnds to secure Income for thelr purposes, wlth long-term capitsl growth. Investment5 a￿ held and administered by the United Reformed Church Trust a5 Cu5t¢Jdian Trustee, whose Investment commlttee monltors thelr progress. Other funds that are experted to be requlred In the short or medlum term are held on term deposit5. Cov1&19 The Covid-19 pandemic had a 518nifirant effect on the income of thp Colle8e. The 8overnors took approprlate steps to mltlgate thls r15k a5 much as posslble, includin8 taking advantage of the Government's furlough scheme for staff and P05tponin8 all non*ssential buildin8 work5 and expendtture. Several additional grants and loans from URC bodies were secured which helped to mitigate. to some degree the effect on incorne. They acknowledge that the retllfn to 'busSness as usual, will take somè time. They have consldered the Impact of covid-19 in makin8 their assessment of going contem and deemed it appropriate to adopt a going wncern basis for al least one year. Academic servlces have continued through remote lessons and tutorlal5. Golngconcem The trustee5 have considered possible events or condition5 that might Cast $18nificant doubt on the abllity of the College to continue as a Boln8 concein. The trustee5 have made their a5se55ment for a period of at least onè year from the date of the approval of these finandal statements. In particular. the Irustees have considered ihe College's forecasts and prole¢tlons and have conside￿￿ the potentlal Impact of the coronavlnjs outbreak on the viability of the charltable group, as more fvllv explalned above. After maklngenquiries, thetrustees have concluded that there is a reasonable expettatlon thatthe College has adequate rèsour¢ès to continue in operatSonal existence for the foreseeable future. The College therefore continue% to adopt the going concern basis in preparing ils financial statements. WESTMINSTER COLLEGE CAMBRIDGE Statement oyTmstees' Responslbllltles The trustees are responsible for preparin8 the Trusteeg Annual Report and the flnancial statements in accordarKe wlth applicable law and United Klngdom Accountln8 Stsndards (United Kln8dom Generally Accepted Accountin8 Pract¢cel. The law applicable to charltles In England and Wales requires the trustees to prepare financial statements for each financial vear which give a true and falr vlew of the state of affairs of the charity and of the incomlng resources and application of re50urce5 of the charlty for that perlod. In prepartng these flnanclal statements, the trustees are required to: select Suitable accountlng pollcles and then apply them consistently,. obseThe the methods and principles in the Charitie5 SORP 2015 IFRS 1021,. make ludgrnents and estlmate5 that are reasonable and prudeni: • state whether applicable accountlng standards have been followed, subject to any material departure5 disclosed and explained in the financial statements,. and prepare the flnancial statements on the golnB conorn basis unless it is inappropriate to presume that the charlty wlll conlinue in buslne5S. The trustees a￿ responslble for keepin8 proper accounting records that disclose with reasonable accuracy at any time the financlal posltion of the charity and enable thern to ensure that the flnanclal statements comply wrth the Charliles Art 2011, the Charily (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are a150 responsible for safe8uardin8 the assets of the charlty and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other ITreBularltles. Eath of the trustees conflrm5 that". So far as the tru5tee15 aware therels no Information of which the ¢hariVs auditors are not awaie,. and the trustees have taken all the steps they ought to have taken In order to rnake themselves aware of any relevant audlt infomiation and to establish that the charlws auditors are aware of that information. Approved by the Board of Governors on 22 July 2021 and signed on its behalf by- Uden Convener WESTMINSTER COLLEGE CAMBRIDGE Independent audltorfs r•port to the Trustee5 of Wertmlnst•r College Cambrfdge Oplnlon We have audlted the flnanclal statements ol Westminster Colle8e Cambridge for the year ènded 31 De¢ember 2020 whlch comprlse of the Statement of Financial Activf(ies, the Summary Ihcome and Expendlture Ac¢ount. the Balante Sheet, the Cash Flow Statement and noies to the financlal statements, induding a summary of significarbt accountin8 policie5. The financial reportlng framework that has been applled in their preparation 15 applicable law and United Krngdom Accountlng Standards, includin8 FRS 102'The Financial Reporting Standard Applicable In the UK and Republl¢of lieland, (United Ki08dom Generally Accepted Accounting Practice). In our opinlon the finandal statements.. give a true and fair view of the state of the charltys affalrs a5 at 31 December 2020, and of its incomlng resources and application of resources, for the year then ended,. have been properly prepared Sn accordance wlth Unlted Kingdom General￿ Accepted Accounting Practice,. and have been prepared in accordancè with the requirements of the Chhrltles Aci 2011. Ba￿$ for oplnlon We conducted our audlt In accordan¢e with International Standaids on Auditing IUKI IISAsluKII and appllcable law. Our responsibilities under those standards arè further described in the Audltorfs Re5Donsibilltie5 for the audSt of the flnanclal Statements settlon of our report. We are independent of the charity in accordance with the ethlcal requlrements that are relevant to our audit of the financial statements In the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responslbllltles In accordance with these requirements. We believe that the audit evidence we have obtsined is sufficlèni and appropriate to provlde a basls for our opinion. Con¢lusiofts relatlng to 8olng concern In audFtlnB the flnandal stalements. we have concluded that the chartvs use of the going concern basis of accountlng In the preparallon of the financial ststements is approprlale. Based on the work we have performed, we have not identlfied any materlal uncertalnties relating to events or conditlons that. individually or collertlvely, may cast siÉnificant doubt on the charlws abllrtyto contlnue as a going concern for a perlod of at least twelve month5 from when the financial statements are authorlsed for issue. Our responsibSlltles and the responsibilities of the trustees with respect to Boing Con￿rn are descrlbed In the relevant sections of this report. other Infomiatlon The other Informat(on comprises the information Included In the annual report. other than the financial statements and our audltor's report thereon. The trustees are iesponsible for the other informatlon. Our oplnlon on the flnanclal slatements does not cover the other informatlon and. except to the extent otherwlse explicitly stated in our repLYt, we do not expre5S any form of assurance conclusion ihereon. In connection with our avdlt of the flnan¢ial statements, our responsSbility is to read the other information and. in doinB SO, consider whether the other inforrnation is materially inconslstènt with the financial statements or our knowledge obtalned in the audit orotherwi5e appears to be rnaterlally mlsstated. If we identify such material incons15tencles or apparent materlal misstatements, we are required to determlne wheiher there 15 a material misstatement the ffinancial statements or a materlal misstatement of the other informat5on. If, based on the work we have performed. we condude that there is a m8terlal mlsstatement of this other information, we are required to report that fact. We have nothlng to report tn this re8ard. Matters on whlth we are requlred to report by exceptlon Wè have nothing to report In respect of ihe followirbB malters where the Charltles Act 2011 requires us to report to you if, in our opinion= WESTMINSTER COLLEGE CAMBRIDGE the Information given in the Trustee< Annual Report Is Inconslstent In any materlal respeu wlth the finandal statements- or the charlty has not kept adequate accounting records,. or the flnancial staternents are not In agreement with the accountin8 records and returns; or we have not received all the Information and explanations we requlred for our audlt. Respon51bll1tl￿ of trustees As explalned more fully In the trustees, responsibilltles statement set out on page 9, the trustees are responslble for the preparatlon of the financial statemènt5 and for being satlsfled that they8Sve a true and faIr￿Qw, and for suth internal control as the trustee5 determlne Is nece55ary to enable the preparotion of financlal statements thai are free from material misstatement. whether due to fraud or error. In preparong the finanaal statements, the trustees are responslble for a55essing the charivs ability to continue as a golng concern. dls¢losin& as appllcable. matters related to going concerrh and u51n8 the golnB concern basls of ac¢ountln8 unless the trustees either intend to Ilquidate the chailty or to ￿ase operation5, 01 have no reallsilc alternatlve but to do so. Audftorfs respon51bllttles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Art 2011 and report In accordan￿ wlth reBulatlon5 made under settion 154 of that Act. Our objectlves are to obtain reasonable assurance about whether the financial statèments as a whole are free from material mlsstatement. whether due to fraud or error, and to issue an audltorfs report that Include5 our oplnlon. Reasonable assurance Is a hi8h level of assurance. but is not a 8uarantee that an audit conducted in accordance with ISAS IUKI wlll always detèct a material mlsstatement when It exlsts. Misstatements can arlse trom fraud or error and are consldered materlal If, Individually or In aggregate, they could reasonably be expected to Influence the economic decisions of users tsken on the ba4s of these financial statements. Irregularities, induding fraud, are instance5 of non-compliance with laws and regulatlons. We design procedures in line with our responsibilitie5, Outlined above. to detert material misstatement5 in respect of irregularltles, Includlng fraud. The extent to which our procedures are capable of detectÉng Irregularltles. induding fraud is detailed below. Explan*ion a5 to what extent thè audit was consldered capable of detertln8 Irregularltles. Includlngfrayd The objectives of our audit In respect of fraud, are- to Identify and as5e5S the risks of materSal mlsststement of the finanaal statements due to fraud,. to obtain suffldent appropriate audit eviden￿ regardlng the assessed ri5k5 of material misstatement due to fraud, through designing and implernentin8 approprlate response5 to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identlfled during the audit. Howevei, the primary responslblllty for the prevention and detection of fraud rests with both management and those charged wlth governance of the charity. Our approach was as follows- We obtalned an understandln8 of the legal and regulatory requirements appll¢able to the charity and COAsidered that the rnost Significant are the Charfitles Att 2011, the Charitle5 SORP, and UK financial reportin8 Standards as l%ued by the Financial Reportlng Council. We obtalned an understandln8 of how the charlty complles with these requirements by discussions wlth mana6ement and those charged wth Eovernance, partlcularly in relalion to the adoption of the accountin8 policie5 considered to be most relevant to the charitys financial reportin8. We asse55ed the risk ot materlal mlsststement of the financial statements. Indudln8 the rlsk of material mlsstatement due to fraud and how it might ocojr, by holdlng discu55ion5 With management and those char8ed wlth governance. We inqulred of management and those charged wlth Bovernance as to any known Instsn￿s of non-compliance or susperted non-ttjmpliance with laws and re8ulation5. WESTMINSTER COLLEGE CAMBRIDGE Based on this understandln& wedesi8ned spedllc appropriate audit procedures to identlfy instances of non-compliancewith laws and regulations. Thls induded making enquirles of management and thosè char8ed with governance and obtaining addltional wrroboiatiye evldence as requlred As part of an audlt In accordance wtth 15As IUKI we exercise professlonal judgement and maintain professlonal sceptltism Ihroughout the audlt. We also.. Identify and assess the rlsks of material mlsstatement of the financial staternent5. whether due to fraud or error, design and perform audlt prO￿d￿re5 responslve io those rlsks. and obtain audit evidence that IS Sufficient and appropriate to provlde a basis lor our oplnlon. The risk of not detectin8 a rnaterial misstatement resultlng from fraud is higher than for one resulting from error. a5 fraud may Involve ¢olluslon, forgeiy, Intentional 0rn15slon5. misrepresentatlons. or the override of Internal control. Obtaln an understandlng of Internal control relevant to the audit In order to design audit procedures that are appropriate in the cIrcUmstan￿$, but not for the purposes of expressing an oplnlon on the effectivene55 of the eharitvs Internal control. Evaluate the appropr(ateness of accountlng polloes used and the reasonableness of accountlng estimate5 and related disclosures made by the trustees. Conclude on the approprlatene5s of the Irusrees, use of the going concern basis of accounting and, based on the audlt eYlden¢e obtained, whether a materlal uncertainty exlsts related to events or conditions that may cast slgniflcant doubt on the charltys ability to continue as a Boin8 concern. If we conclude that a materi31 uncertalnty exists, we arerequired to drawattention In our ?udltorfs report tothe ￿lated dlsclosures In thefinancial statements or, if Such dlsclosures are Inadequate, to modlfy our opinion. Our conclusions are based on the audit e￿dence obtalned upto the date of our auditorfs report. However, future events or condition5 may cause the charityto cease to contlnue as a goln8 conorn. Evaluate the overall presentation, structure and content of the financlal statements. including the dist105ure5. and whether the finandal statements ￿present the underlying transartions and events in a manner that athieve5 falr presentatlon. We communicate wlth those charged with governan￿ regardln& among other matters, the planned scope and timing ofthe audit and s18niflcant audlt flndlngs, including any 51gnlflcant defi¢lenues in internal eontrol thatwe identify during our audit. Use of our report This report 15 made solely to the thartty's trustees. as a body. In accordan￿ wlth Chapter 3 of Part 8 of the Charities Act 2011. Our audlt work has been undertaken so that we might state to the charit￿5 trustees those matters we a￿ requlred to state to them in an auditorfs ￿pOrt and for no other purpose. To the fullest extent perrnitted by law, we do not accept oi assume responsibility to any party other than the charlty and charity's trustees as a body, for our audit worl for thls report, or for the oplnlon we have formed. Ilo* k+. LLF Moore Kln8Ston Sfflith LLP Statutory auditor Dale.- 30 July 2021 Devonshire House 60 G05well Road London ECIM 7AD Moore Kingston Smith LLP Is eligible to act as audltor in temis of Section 1212 of the Companies Act 2(YJ6. 12- WESTMINSTER COLLEGE CAMBRIDGE CONSOLIDATED sfATEMENT OF FINANCIAL AcllviTIES for the yoar ended 31 December 2020 Unre5tr5cte 1)ès18nated Fund5 lieSErS¢ted Endowment Totrl Funds Totsi Funds Notes Fu￿$ Funds Fvnds 20 2019 Oonatlonsand Iw¢i¢s Donat￿5 ants reufv3ble 845 15317 2.115 78,822 94,984 4LO.958 22523 S9.992 L¢8ades 409.688 17A32 7&822 505,942 82.515 Chait¥ble actkntlEs Academk senrices Academk accommodath)n & confer¢nces 461670 1É0,287 462.670 160,287 621957 422,106 463,8￿) 885,906 622.957 othertradlngactfvhies 274.693 274.693 Investment Income L519 8,722 0,930 5L171 50,760 Other Incaffl• M•n•8ementfees 0th2rkncorr 12,870 11870 14,296 6,831 2L958 2L958 L330.815 2A154 119,752 L474721 L827,895 Expenditu￿On. RaI5kn8fllnds Tradin8 expendibjre 378.&)3 378.603 650.533 Char6tsble actmtles.. A(ademi¢ semces 71S.628 494,469 22.021 746,505 494,469 177, $9,106 633,882 166.209 Academic xcommdakn & conferences C0j￿8e De¥ebpment 177.830 L210,097 186,686 21021 1,418,804 L439,197 1588,7C 22,021 L797.407 2,1)89,730 (Lossl /Galns ITOM tradln8 and charttable 3aiwtyes 1257*851 14,650 IlfA).5321 17.213 97.731 18.417 1320.6861 J,QL3 126L8351 245.988 NetEainS/l￿> on in¥estmEnts 49.733 Netlex4enditweJthorne 1243.2351 1143,3191 116.148 45,733 1220.6731 115.8471 TTrnsfors 23.617 18,7221 114.8951 etmo¥ementirtfvrtls 1219,6181 1152,0411 lQl,Z53 49.733 1210,673 115,847) Totslfvnd5broughtfc¥ward at l January 1.68L355 4.614.928 402270 L113.833 7,811386 7A28,233 Totsl fuNlsunbJforward at al D•c•mb•r IA61.7a7 4.462m7 So3￿28 1,163,5fjfj 7.591,713 7.8J2.38ffj l amountsTrl*e to Can￿￿Ul￿ oper3tion¥ There is Do material drfFerence beLween tho net Incomlnpllotsw'th8) res0￿rees51ated abo￿ and thelr h15torfcal costs equlvalerts. All8aIn$a￿￿lOs5e$Iet08Th1￿ In theye4rhreln¢luded ththe Corjsolhlated StattrneTrtof Fhanc￿1Art￿th$. 13 WESTMINSTER COLLEGE CAMBRIDGE BALANCE SHEETS As at 310e¢ember 2020 Group 2020 Charity 2020 Group 2019 Charity 2019 Notes Flxed assets Intangible assets Tangible assets Inveslments Investment in Subsidiary 8.789 5.879.804 1,690,293 8.789 5,879,804 1,690.293 10,0 7.588.886 15,405 6,019,677 1,590,280 15,405 6.019,677 1590.280 io.ocx) 7,635.362 81al 81bl 7.578,886 7.625.362 Current a￿ets Debtor5 Cash at bank and In hand 53,663 583,770 637,433 123,207 574,085 697,292 163,626 460,329 623,955 80,378 450,499 528,87 Cred￿Or$. amounts fallin8 due within one year io 624,606 S64,541 436,931 490,906 Net current assets 12,827 132,751 187,024 39,971 Total assets less current liabilities 7.591.713 7.721.637 7,812.386 7.675.333 Unrestricted income funds General reserves Designaied funds Unrestrided funds Restricted income funds Capital fvnd5 1,461,737 4,462,887 5,924,624 503,523 1.163,566 1.591.661 4,462,887 6,054,548 503,523 1,163,566 1.681,355 4,614,928 6,296,283 402,270 1,113.833 1,544,302 4,614,928 6,159,230 402.270 1,113,833 14 TOTAL FUNDS 11&12 7,591,713 7,721,637 7,812,386 7,675,333 Approved and authorised for issue by the Board of Governors on 22 July 2021 ustee Trustee 14- WESTMtNSTER COLLEGE CAMBRIDGE Consolldated ststement of cash flows for the year ended 31 December 2020 2020 2019 Cash flows from operatlng actlvltles Net outgoln8 resource5 and movement in funds Isee pa8e 11) Adjustmènts for= Decrease/linueasel Sn debtors Increase Ildecreasel in credltors Depredatlon of fixed assets Amortization of Intanglble assets {Garnl/loss on investment assets 220.6731 I15￿47) 109,963 18,901 187.675 128,204 I￿,591 193.046 6,616 lic0,0￿) 5,370 1245,9881 Cash flows 8enerated from operatSon5 174.159 83,686 Cash flows from Investing attl￿tIeS Payments to acqulre tanBlble assets 150,7181 150,718 163,6991 163,6991 Net increaselldecreasel In cash and cash equivalents 123,441 19,987 At l January 2019 460,329 440.343 At 31 December 2019 583,770 460,329 15 WESTMINSTER COLLEGE CAMBRtDGE NOTES TO THE FINANaAL STATEMENTS for the year ended 31 December 2020 PRINapAL ACCOUNTING POUCIES 111 A¢countln8 basls b. The accounts (financial statements) have been prepar￿ to 8ive a true and fair, VFew and have departed from the Charlties IAttount5 3nd Repoitsl Regulations 2008 tsnly to the exient required to provlde a 'true and falr ￿eW,. This departure has involved following Accountln8 and Reportln8 by Charitie5 preparing theSr accounts In accordan￿ wlth the Hnandal Reportln8 Standard applicable in the UK and Republlc of Irelan¢J IFRS 1021 issued on 16 July 2014 rather than theAccountlng and Reporting by Charltles: Statement of Recommended Prartlce effectlve from l Aprll 2005 which has slno been wlthdravm. Westminster College meets the definition of a public benèfit entity under FRS 102. Assets and Ilabllltles are Inltlally recognised at hlstorlcal cost or transa¢tlon value unless otherwise stated in the relevant accountinB policy notel51. The princlpal accounting polirie5, which have been applied consistently throughout the year. are set out below. The ffinan¢ial statements are prepared In sterllng, whlch is the functlonal currency ofthe company. Monetary amounts In ihese financlal statements are rounded to the nearest pound. 11111 Consolldatlon Consolidated financial statements have been prepared in respect of Westminster College Cambridge and its wholly owned subsldlary, Westrninster Colle8e Trading knrnited. The results of We5tmln5ter College Trading Limited have been Con￿lIdated on a Ilne-by4ine basis. lfv) Classlflcatlon of funds Unrestricted income funds may be used for the general purpose5 of the College,. some of these have been designated for partlcular purposes by the Board of Governors, whlch approves transfers to and from designated funds. Details are gjven In note 14. Restrlcted Income funds are funds whose use is restrlrted to speclflc purposes accordlng to the terms on whlch funds were received. Capital funds are permanent endowments requlred to be retalned, but the Incomefrom these funds may be spent for general or restricted purposes as spetified by the original endowment. Iv) Income All Incomlng resources including voluntary income, income from actSvltles for generatlng funds, Investment Income, Is recoÉnlsed In the SOFA when there is legal entitlement to the incorne. Bny performance condltlons attathed to the Income have been met, it is probable that the income will be received and the amount can be quantified with reasonable accuracv. lal Voluntary Income Donatlons, Brants and legacies are accounted for on a receivable basis. Donation5 under Gift Aid are recognised as incorne together with the assrKiated tax recovery. Grants receivable towards specific activities are included in the perlod when those actlvltles lake pla￿. Legacies are included when there Is eVIden￿ of entitlement. it is probable that the amount will be received, and the amount involved can be quantifled Y41th measured rellably. Receipt is ¢onsldefed probable when probate has been granted, theexecutors have establlshed ihat thère aresufficièntassets In the estate to pay the Ilablltty and any conditlons attached to the legacy have been met or are wéthin the control of the charity. Ibl Tradin8 & income from kademic Service5 Tradin8 & income from Acadernlc Servlce5,1s recoBnlsed In the perlod It is receivable and to the extent the Colle8e ha5 provided the goods or Se￿Ces. Ivll Expendlture Trading expenditure represents resources expended by Westminster College Tradin8 Ltd in relation to providing accommodation, conferences and events. Resources expended directly In charltable activities are also analysed and 5UPI￿rt costs Includlng governan￿ costs are apportioned equally between them. Governance costs show expendlture related to runnlng the charlty rather than pursuing its charitable activities. Expenditure is atcounted for on an attrual basis. (vll} Taxatlon The Charlty Is a registered charlty, and as such 15 entltled to certain tax exemptions on income and profits from Investments, and Surpluses on anytrading act1￿7t1escarrled on In furtherance of the tharivs primèryobjectives, if these profits and surplLFses are applied solety for charitablè purposès. 16- WESTMtNSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (continued) Ivllll Flxed assets and depredatlon al College propertles Depredatlon Is provlded on College bulldln8s and on other resldential properties owned by thè College over their expected useful Ilfe and after taking into account the estimated residual value. Properties are maintalned in a state of sound repalr. resultinB In a long expected useful life and expected residual values noi materialty dlfferent from thelr carrying value. AccordinBly any depreciation is not material and 50 no depreciation is char8ed. The Commlttee of Management conslders annually whether any Impalrment Is necessary conslderin8 the lives of the properties and their resldual value. where ￿rtaIn Improvement5, such a5 elertrical works, have been assessed as havinB a limited Ilfe, depre¢Sation Is provlded as set out below. bl Tanwble assets and depreciation Tan8ible fixed assets having an initial cost of £250 or less are wrltten off on acquisitlon. Higher cost items arecapttalised and depreclatlon Is provided on a Stra￿ht line basis as a percentage of costs as follows.. Computer equlpment 25% pa Furniture and other equlpment IO% pa Buildin8 improvemènts wlth Ilmtted life S%pa cl Other tangSble assets Other tangible assets In regular use. prlncipalty book collections. which have been donated to the College over the period slnce Its foundation. are not indvded in the Balance Sheet, since to obtèln a rellable valuatlon is not practicable. Further details are given In note 7. dl Herltage assets The College owns ￿rtain manuscripts and artefacts that are not in regular use but are hdd for their hlstorlcal or artlsti qualities. They were largely acquired by the founders and donated to the College at or soon after its foundatlon. No formal valuations have been obtained for these asset5 as the cost of obtaining such valuations would outweigh the benefit. As a result these assets are not included on the Balance Sheet Isee note 71. Ilxl Intanglble flxed assets Software costs are capStallsed as Intanglble fixed assets and amortlsatlon15 provlded 50 a5 to write-off their costs over their èstimated usefitl Ilves and Is calculated at 25% per annum on a straight line basis. Ix) Irwestments LÈsted Investments are units In Common Investment funds and are stated at market value at the balance sheet date. The difference between market value and cost is credited or debited to the re5pertI￿ fvnd. Investment income is tredited to the appropriate fund account. (xll Penslons College teaching staff who are URC mlnlsters are member5 of the United Reformed Church Minister5, Pension Fund, a f￿nded defined benefit pension scheme for ministers receiving a Stipend from the United Reformed Church. The asset5 of the scheme are managed Independently of the church. and pension costs are assessed in accordance wlth the advice of an independent qualified actuary. Other staff are entitled to membershlp of the United Reformed Church Flnal Salarv Scheme, a multl-employer defined benefits scheme, more detalls of whlch are shown in note 16. In each casethe College is unableto Identlfy Its shafe of the underlylng assets and liabilitiesof the stheme and the￿lOre both are treated in these financial statements as define(l ¢ontrlbutions schemes,. the amount charged In respèct of pension costs Is the contribution payable in the year. whith is included wlthln thè approprlate expenditu￿ heading In the statement of Financial Actlvltles and in note 6. Ixiil Financlal Instruments The charity only has financial assets and flnanclal Ilabllltles of B kSnd that qualify as basic financial Instruments. Baslc financial instruments are initially reco8nised at tran5artion valuè and subsequently measured at thelr settlement value. 17 WESTMtNSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMETrITS for the year ended 31 D9￿mber 2020 Icontlnuedl {xlll) Golry concem The flnanclal statements are prepared on a golng concern basis which assumes that the charlty wlll contlnue In operational exlstence forthe foreseeablefuture. The tcustees have consldered posslble events or condltlons that mlght Cast 518nlflcant doubt on the ability of the College to continue as a going concern. The trustees have made their as5è53ment for a period of at least one year from the date of the approval of these financial statements. In particular the tru5tee5 have considered the Colle8e's forecasts and prolertlons and have consldered the potentlal Impact of the coronavirus Outbreak on the viability of the College and its subsldiary, as more fully explained in the Trustee5 Report. The Collegds parent undertakln& the Unlted Reformed Church Trust, has issued a loan facility of up to £200,000 so that It wlll provlde sufflclent financlal support to enable the Colle8e and its subsidiary to meet its liabilitles as they fall due durin8 the period of at least 12 months from the date of approval of these financial statements. After taking this into account and making enquiries. the trustees have concluded that there is a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. The College therefore continues to adopt the going concern basi5 in PTeparin8 5ts financlal statements. VOLUNTARY INCOME Grants receivable represent the 5UPPOrt for the College by The Cheshunt Foundation, which covers the stipend and expensas of one member of the teachlng staff, contrlbutes to the College budget, funds student bur5arles and provides flnancial 5UPPOrt for ministers taking sabbatical leave at the College. The grant for 2020 totalled £61,083 12019.. £59.9921. OTHER TRADING ACTIVITIE5 2020 2019 Income Bed and breakfast accommodation Dinners, weddings and other events 166,045 108.648 274,693 477,714 309,872 787.586 Less: Costs of artfvltles for generatlng fund5 Dlrert costs Staff costs and overheads 147,5431 1331,0601 1378,6031 1143,2081 1507.3251 1650.5331 Net surplus of activtties for generating fund5 {103,9101 137.053 INVEsfMENT INCOME (group and ¢harity) 2020 2019 Unltlsed Funds Interest on Short term investments and bank deposits 50,680 491 51,171 49.700 1,060 50,760 Investment income 15 split between the College funds as follow5: 2020 2019 Unrestricted DesiEnated Restrocted 1.519 8,722 40.930 51,171 8,340 8,554 33,866 50.760 18- WESTMINSTER COLLEGE CAMBRIDGE ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020(continued)** ## **5(a) EXPENDITURE ON CHARITABLE ACTIVITIES (group and charity)** |Academic services:
Teaching staff stipends & salaries
University and federation fees
Grants to student and teachers
Library
Miscellaneous
Support costs (Note 5b)
Academic accommodation & conferences:
Food
Staff costs – catering, domestic and maintenance
Maintenance let properties
College running costs
Support costs (Note 5b)
**UPPORT COSTS (group and charity)**
College security and maintenance
Utilities
Business rates and insurance
Irrecoverable VAT
Staff costs – office and management
Other office costs
Governance costs
50% shared between academic services & academic accommodation|**2020**
**2019**
**£**
**£**
259,940
258,053
50,060
44,256
26,027
24,216
2,368
461
2,823
25,432
405,287
286,688| |---|---| ||746,505
639,106| ||**2020**
**2019**
**£**
**£**
11,755
41,791
36,128
248,701
9,105
7,069
32,194
49,633
405,287
286,688| ||494,469
633,882| ||**2020**
**2019**
**£**
**£**
106,397
129,050
49,450
33,625
38,996
25,961
45,691
31,371
491,396
285,007
78,095
61,152
549
7,210| ||810,574
573,376| ||405,287
286,688| ## **5(b) SUPPORT COSTS (group and charity)** Included in other office costs above are audit fees of £18,512 (2019: £9,427) for the group and £17,428 (2019: £5,091) for the charity. ## **6 STIPEND AND SALARY COSTS (group and charity)** |**PEND AND SALARY COSTS(group and charity)**|| |---|---| |During the year the following stipend and salary costs were
incurred:
Ministers 4 (2019: 4)
Stipends and allowances
Social security costs
Pension contributions
Lay staff 37 (2019: 40)
Wages and salary
Social security costs
Pension contributions
Redundancy costs|**2020**
**2019**
**£**
**£**
121,146
105,649
11,379
10,632
23,083
19,949| ||155,608
136,230| ||665,396
769,926
47,996
59,117
170,039
212,674
19,112
‐| ||902,543
1,041,717| - 19 - WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 De¢ombor 2020 (contlnued) No mlnlster or employee received emoluments exceedlng £60,000 durin8 2020 or 2019. No trustee received remuneration in respect of their services as trustee other than the reimbursement of travel and other expense5 to five individuals durin8 2020 totallinB £54912018: four Indlvlduals totalllng £1,185). Key mana8ement personnel are the Princlpal, Mce Prlnclpal and Bursar; of these. two are mlnlsters and one Is lay staff. The total of employee benefits for key management personnel was £148.38312019.' £147.7461. 7 TANGIBLE & iiwfANGIBLE FIXED AsseTS t8roup and tharttvl Colle properties Computer equlpment FurnStur• and other equlpment Totsl Intsn8lbl• tsnglbl• Cost At 1° January 2020 Additlons durlng the year At 31" December 2020 Accjjmulated depreclatlon At I"January 2020 Charged during the year At 31" December 2020 6.397,232 21,102 6,418,334 55,830 2,863 58,693 801,935 26,753 828,688 7,254,997 50,718 7,305,715 40,850 40,850 679.151 113,146 792.297 48.606 4,330 52,936 507,563 73,115 580,678 1,235,320 190,591 1,425,911 25.445 6.616 32,061 Net book value Group & Charlty.. At 31" De￿rnber 2020 5.626,037 5.757 248,010 5,879.804 8,789 Al 31" December 2019 5,718,081 7.224 294,372 6,019.677 15.405 Wlth the exceptlon of certain improvements and additions slnce 1983, the College bulldlng5 are not included irt the balance Sheet 5incethe use of the ColleBe was originally a gift from the Pre5byterlan church In En8land (now the United Reformed Church), the value of which cannot be readily ascertained without excessive cost. In addition there 15 a covenant in perpetuity re5trictin8 the use of the college for purposes wider than that of a theological college.. hence an open market value cannot be applled. The College also owns certaln tanglble assets, whld) have been acquired or donated to it over the yèars slno Its foundatlon, not Included in the balance sheet since to obtsin a reliable valuation is not pratticable. These Include the Atademle library and other book ¢olle¢tion5 Wlth an insurance valuation in excess of £1 million, historic furniture and works of art. All book collection5 are in regular use, either for theological study and ieference, or for historical research. Other Items are In use or on dlsplay as approprlate. Heritsge Assets In addition to a55et5 noted above, the College own5 certain Tnanu5CriPts and artefacts that are not in ￿gular use, but held for thelr hlstorlcal quallties. Most derlve from the collections of the foundlng 515ters, ABne5 Lewis and Mar8aret Glbson, and were dor¢ated by them to the College during thelr lifetime. Some are displayed and others stOTed. The College also holds the archlves, manuscilpts and historfc books of the United Reformed Church History Society (which Is a separate charity) on behalf of the Unlted Reformed Church. IndSeative valuations have been obtsined for sorne Itèms held, but are not considered suffJciÈntly robust to be rèportèd here. -2U- WESTMtNSTER COLLEGE CAMBRDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Decèrnber 20201continuedl 8 INVESTMEIITS {#roup and ¢harltyl lal Flxed a55et Inveslments 2020 2019 Carrylngvalue at beglnnlng of year Net galnslllossesl CarrylnB value at end of year 1.590.280 100,013 1,690.293 1.344.292 245,988 1,590,280 Investments at book cost 1.020.726 1,020.726 Invesiments are held for the long term and comprise units In UK cornmon Investrnent fund5 at market value. All investments are held In the COIF Charities Ethical Investment Fund. a fvnd whose ethlcal pollcy closely matches that of the Trustees. The Trustees believe that the carrying value of the Snvestments Is supported by their undertyin8 net assets. bl Invostmenl In Sub￿￿14r¥ vndertaklng Westmlnster College Cambrldge h3$ one subsidiary company, We5tmlnster College Tradlng Limlted (Company number 88553961. Thls Company was Incorporated on 22 January 2014 and is incorporated in England and Wales- its registered offlce Is lotated at Westminster College, MadinBley Road, Cambrid8e, CB3 OAA. The principal activrties of the company arè the provision of accommodation, meetin8 r00rn5, conference facillties and events at Westminster Colle8e. The investrnent of Westrninster College Cambridge In We5tmlnster Colle8e Tradin8 LSmited comprlses 10,(tQ shares of £1 eath, belng the entlre issued Sha￿ capital of the company. The Unlted Reformed Church Trust Is the custodlan trustee of the shares held in Westminster College Trading tirnited. Westminster College Tradin8 Llmlted distributes Its taxable profits to Westminster College by Gift ASd. A 5umfflary of the financlal results of the company for the perlod to 31 December 2020 Is shown below. Accounts of the company wlll be flled wlth the Reglstrar of Companies. Pmfft and loss a¢¢ount Year ended 31 December 2020 Year ended 310ecember 2019 Turnover Administrative expenses Profit on ordlnary artlvitles before taxatlon Taxation Retained profit.. At l January Dlstrlbutlon 108,648 1375,6231 1266,9751 787.586 1650,5331 137,053 137,053 145.530 1145,5301 At 31 December 1129,9231 137,053 8alance Sheet 31 December 2020 31 Dtomber 2019 Current asset&" Debtors Amount owlng by parent undertaklng Cash at bank 222 83,248 144,409 9.830 237,487 190,4341 9,685 9,907 160,9801 168,8501 1119,9231 Creditors Amount owed to parent undertaking Total assets 147,053 Capltal and reserve&' Share capltal Profit and loss ac£ount 10.000 1129,9231 10,0 137.053 21 WESTMtNSTER COLLEGE CAMBRIDGE 1119.9231 147.053 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 Icontlnued) DEBTORS 2020 Group 2019 Charhv Group Charfty Prepayments and accrued Income Due from Westmlnster College TradlnB Ltd Other debtor5 29.562 29,562 69,766 23.879 123,207 154.906 71,658 24,101 53.663 8,720 163,626 8,720 80,378 10 CREDITORS: amountsfalllng du¢ vAthln one year 2019 Group Charlty Grwp Charlty Trade credilor5 Due to United Refom)ed Church Trust Due to Westminster College Tradin8 Ltd Accruals Deferred Income other creditor5 7.233 438,687 7,233 437,386 42,611 214,627 33,868 214,627 146,694 66,243 29,370 104 490.906 47,667 76,150 54,869 624,606 44.456 22,881 52,585 564,541 68,458 111.131 104 436.931 Movements in deferred income: Balaft￿ at l January Received in the year Refunded in year TraThsfeffed to Income 111,131 63,302 19,5061 188,7771 29.370 309 14,0601 2,7381 1304,5331 114,984 3CQ,680 7,881 57,010 135,5211 Balance at 31 December 76,150 22,881 111,131 29,370 The deferred income consists of rerbt received in advance and amounts re￿IVed for conferen￿$ and events and Bed & Breakfast a¢¢ommodatlon for future booklngs. 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS Endowment funds Restrl¢ted funds De51gnated funds General funds Group: Total Fund balances at 31 DKember 2020 are represenied by. Intangible assets Tan8ible assets Investment assets Net current assets Total net assets 8.789 1.475,026 247.597 1269.6751 1,461.737 8.789 5,879,804 1,690.294 12.826 7,S91,713 323,044 840,522 4,081,734 290,908 90,245 4,462,887 311,267 192,256 503,523 1,163,566 Group: Fund balan¢es at 31 Oecember 2019 are represented by. Intangible assets Tanglble assels Investment assets Net current a5set5 15,405 1,430,013 232,946 2,991 15,405 6,019,677 1,590.280 187,024 323,044 790.789 4,266.620 273,695 74,613 292.850 109,420 WESTMINSTER COLLEGE CAMBRIDGE Totsl net assets NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2020 (continued) 1.113,833 402,270 4,614.928 1.681,355 7,812,386 11 ANALYSIS OF NEf ASSETS BETWEEM FUNDS Icontlhuedl Endowment funds Re51rlrted fvnds De51Knated fvnds Generil lunds Charltr. Fund balantts at 31 (Yecember 2020 are represented by. Intan8ible as5et5 Tan8lble a55ets Investment assets Investment In subsldlary Net turrent assets Total net a55ets Total 8,789 1.475,026 247,597 10.000 112,7001 1,728.712 8,789 5.879,804 L690,294 10,0 265,085 7,853,972 323,044 840,522 4,081,734 290,908 311,267 192,256 503.523 90,245 4,462,887 1,163.566 Charlty: nd balances at 31 December 2019 are represented by. Intangible assets Tangible assets Investment In subsldlary Investment assets Net current asset5 Total nèt assèts 15,405 1,430,013 232,946 iO,OC#) 1144.0621 1.544,302 15,405 6,019,677 1,590,280 10,000 39,971 7,675,333 323,044 790,789 4,266,620 273,695 292.850 109.420 402,270 74.613 4,614.928 1,113,833 12 SUMMARY OF FUND MOVEMENTS 2020 Mwements JMhtWOF FUNDMOVEMEN15 lurthpyé¥ethd•dJlDv¢emb•r Tr•￿er1 fj4lffjAIoSTe51 F￿a￿Vre> lYtWEen vnlrNe51mEnl 001or ponded fund5 IrKL¥nl sour￿5 BalérKe lJanX120 41 Funds.Growp&CWty CollefjEGeneTrl Fund 4lrEnth)wrr*nt Fund Colle6ELlbraryFurvJ &xkfyaDtsFund EWTodd ￿Mortal FuTrd 18nei H35tin8s&rlow Fund iè¥As&r4bsonkhDla￿￿IP Fund 32iOM 43&n8 67, Z4367 7.728 31517 271954 410,996 63.231 25,841 Q896 61231 2I9Z5 7.271 1441 457 7.271 16,150 Toi¥l ¢apiial Fw*.CWty 7a3 De51y*dFLwds.Gm￿*thxIty S*e DfNe5tle UbRryFund AccessFund Oevelopm2￿tF￿nd Alurnni F¥nd 271110 &722 399 1&722) 17,213 293,323 276.110 14116> 44619 4C68,78 11,893 4.2ffj619 IL59J 5n33 14739 TOMI De*IJ*edFW￿¥ 17211 23 WESTMINSTER COLLEGE CAMBRIDGE NOTE5 TO THE FINANaAL STATEMENTS CONTINUED for the year ended 31 December 2020 (contlnued) 12 SUMMARY OF FUMD MOVEMENTS IcontSnuedl Ir￿MI￿ R•wurc•s b•tsY••n oDlii¥051mnt &lanc4 I1￿¢2010 311)Ka119 lJ#hXFXI Reitrl¢tedFunth.Qrwpth Clwbty He￿e¥ Le8xy Fund halrEndowment Fund College LlbraryFund Book GrnntsFund EWToddMemortJl Fund J8ne¢HasOhy 8arfowFund PeterBanJdoughTravel Fund m￿T•d Fthmori•l Fund Prfndpal's DSscretlonxy Fund fte￿ L•¢Ture Fuhd Ldwls&abson kWarshlpFund rsary Fund Tow•rFund %632 4395 2L291 IL7411 1723 IiC8D l2 10,464 IZ415 731 1161) Lin 114ts 1232 81359 219,riyJ 17,769 io.Lro 7S,Cthl 114551 15.12q TA793 IQ824 4184 2ZCQ5 75,(m Ttrt* Re*lthdFwwJs.Gffjup& UnrestrfthdF￿dI Goneyal Fund-charlty GEnEral Fund-￿b5idI0ry 1534 147.(53 l2211 iC4648 II489,6131 199.0 23.617 14 ¥YJ5,￿2 1,54>n 147.r63 Totrl UnresVtrtedFunds.GroLy& Chwlty 355 737 L68L355 797 7.YJL712 YAUg87 2019 Movements Transfvrs Gans111055esl between on In¥estMeM Balan fvnds ssets 31 De¢2019 Balan l Jan 2019 Incomlng R85ourr85 Resource5 PBnd8d Ital Funds- Group & Charlty Colle8eG•neral Fund Chalr EndowM￿r Fund College ￿brarY Fund Book Grants Fund EW Todd Memorlal Fund Janet Hastings Ba rlow Fund l￿15 & Gib50n Scholarship Fund 323.044 347.338 53,450 19,379 6.146 25.074 217,081 323.044 410,896 63,231 22,925 7,271 29,662 2S6A04 63,558 9.781 3.546 1.125 4,588 39.723 Total Capll81 Arnds. Charlly 991 12 IZ2 21 1113 33 De*nBt8d Fund5- Group &CharTtv Sale of ￿lIe Ubrary Fund kcess Fur¢d Dwelopment Fund vmni Fund 233.774 47.438 4,659,135 21290 8.S54 14A46 18,5541 42,336 276.110 60.600 4.266,619 11599 11,2841 1166,2091 1226,3071 113,2911 3,600 Total Destgnat¢d Fundg 61 37 26 00 180 784 42 36 4 14 -24- WESTMtNSTER COLLEGE CAMBRIDGE NOTE5 TO THE FINANaAL STATEMENTS CONTINUED for the year ended 31 December 2020 (contlnued) 2019 Movements Icontlnuedl Tr￿Sfer5 ￿*￿{[05$e between on knvestment BI￿n I￿￿* a55ets 31 Dec2019 eaLgrKe ljw Z019 Rèsour Re￿￿r¢•S ExpEThded Rostrkted Funds- Groyp & th¥lty Nealey LeBa(v Fund Chair EthdowmentFund Cellege ￿￿Tary Fund Book Grants Fund EW Todd Kknorial Fund JanetHastiry Barlow Fund Peter Barraclough Travel Fund MaryTod Mth)rial Fund Principal'5 ￿scretiOnary Fund R￿d LÉcture Fund L￿$ & Glbson S¢holèr$hlp Funtl Bursary Fund 5378 13461 5*32 14.642 3.094 1.116 277 114,6421 35.602 11,169 I￿76 8.214 10,434 2,676 65,671 178A65 14.059 iO,LK)O 135041 195 5532 40.723 12.090 2.200 IOA64 12,415 3,014 75,793 lo7￿26 22J)85 10,000 247 1.149 343 62 3N34 5.379 8,026 I,ioo 1,698 306 9.792 26.623 1601 13.1051 12,6411 Totsl P*5trlLted Funds- Group &Chwlly 343944 17 22 52 14 45298 402 71 Unreslrthd FurK15 GeneT31 Fund- (harlty G￿er81 Fund- Subsidiary 1.385,610 1.121,717 11.248.5591 145530 787,586 1796J)631 249502 36,033 I,Y4.302 137.053 Total Lknr¢#rfa•d F￿d$. f*oup & Charlty 31 40 21 249 02 81 55 Totals 18 133 1973 25 2.235258 245 988 7A12387 13 DESIGNATED FUMDS (a) Sale of Nestlé Ilbrary This fund arose from the Sale of a German language theoloBical library in 1996 when the Board of Bovernors set aside the pioceeds for an unspecified fuiure purpose. The trustee5 agreed In 2010 to hold th15 fund as a reserve furKI. Ibl Development This fund met the costs of the cDllege refvrbi5hment programme in 2013-14, and now holds the assets acquired as a re5uIt. Ic) Access fund Th15 fvnd was set up by the Board of Governors In 2014. using part of the proceeds of sale of two properties in 2013. It is intÈndÈd to provide financial a551Stance where needed to those wishing to access the College's courses and activities. Id) Alumnl Fund This fund was set up by the Board of Governors In 2018 when The Friends, of Westminster and Cheshunt Colleges was disbandèd Its remainin8 furtds were transferred to Westminster College. The fund will be used help Alumni maintain links with the College. -25- WESTMINSTER COLLEGE CAMBRJDGE NOTES TO THE FINANCIAL STATEMENTS CONTINUED for the year ended 31 December 2020 Icontlnued) 14 RESTRicfED FUNDS (al The Restrlrted Funds of the College, thelr Incoming resources and resources expended are shown In the Summary of Fund Movement5. Many arlsefrom past donations or bequestsand all are being used for their speclfied purposes to the extent that available funds and relevant purposes allow. (bl The Healey Legaryfvnd may be used foracademlc orgeneral purposes, the only restTlction belng that the authorlty of the Senatus rs required. Icl The Reid Lecture Fvnd Is used to meet the cost5 of a lecture which takes placè 'at least Èvèry three yeais, at We5tmlnster College. Idl The Prfn¢lpaYs Dlscretlonary Fund arefund5 that are at the dlscretlon of the Principal and is used mainly for student support. lel The Colle8e Library Fund Is used to meet some of the costs of runnlnB the College Ilbrary. lfj The Lewls & Glbson Scholarshlp Fund helps provldea scholarshlp each yearfor a student studyln8 to becomea URC minlster. 15 RELATED PARfiTRANSAcnoNS We5tmlnsterCollegeCambrfdge1s a charlty who$egovernan￿ Is controlled by Vnlted Refornied Church Trust, a companv Ilmlted by guarantee {Company number 135934, Registered Charlty number 11333731 and the prOn¢lpal puyposes and actlvltle5 of whlch are to aLfvance the Christian religion for the bÈnèftt of the public in accordance with the doctrines, principles and u5a8es, and the scheme of Union of the Unlted Reformed Church. The United Reformed Churth Trust appoints a majorlty of the Board of Governor5. The principal address of United Reformed Church Trust Is 86 Tavlstock Place, London WCIH 9RT. Consolldated financlal statements can be obtained from the secretary at thos address. Durlngthe year the Unlted Reformed Church Trust paid £390k12019- £398kl to We5tmin5ter College a5 a contribution to the teachin8 costs of the College ènd the Collegè's mèmbèrship of the CTF and a furthergrant of £IOOk12019'. nil) to help allevlate the effert Covld 19 had on the group's incorne. 16 THE UNrrED REFORMEO CHURCH FINAL SALARY SCHEME The College contrlbuted £170,039 12019- £212,674) to The United Refom)ed Church Final Salary Scheme, a penslon scheme prlnclpally for lay staff whith is administered by TPT Retirement Solutions Trust IformerlyThe PensiohsTrustl. At 31 December 2020. 33 ColleBe staff were contributlnB mèmbers Ivia the principal employer, The United Reformed Church) out of a total of about 152 actlve members. The Scheme 15 a deflned benefit scheme but the College is unable to identlfy Its share of the underlylng assets and Ilabllltles- each member in the scheme pays a common contribution rate. The most recent formal actuarlal ￿vIeW of the scheme was at 30 September 2019, when the scheme had a surplvs of £2,689.000. The assumption5 underfyin8 that valuation inclvde.. Discount rate.. Inltlal rate of gllt yleld curve plus 1.84% p.a. at ihe valuation date taperin8 linearlyto gilt yield curve plus 0.5% p.a. over a tran51tlon perl¢)d of 15 years for past seThice liabilities and 33 years for future Service liabilitles Pensionable eaming5 growth of CPI Inflatlon plus 0.75% p.a. at each term Price Inflation and pension increase5 at RPI Inflation less 1% p.a. at each term Rèt1￿Ment age (active members) of 65, with maximum commutatlon Contributions by members Is cul￿ntlY 7.5% of pensionable salary. .26- WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS CONTINUED for the year éndéd 31 December 2020 (continued) 17 CONSOLIDATED sfATEMEKf OF FINANaAL ACTIVITIES for the year ended 31 De￿mber 2019 Vnrestrided Funds De￿aled Futhds Restricted Fund5 Endowmert Total Funds 20 Tolal Funds 2018 Fund5 DonafjonsarKI *8acle5 Donauons 821 3.6S6 21523 59.992 35.788 56,844 Gr4nt5 r•celvabkq 59.992 Lewks 60,813 18.046 3.6S6 82￿15 97.632 charitab￿ artMbÈS Acadernt service5 Academkaccommodauon & corferences 422.106 403.￿? 42llC 396.190 426.379 822.$69 s8$.￿6 Crthertr8dinE 8tht*s 787.586 787.586 744,462 In%*stmentlncome 33,866 50,760 49,872 Otherlncome Matk8ementfees Otherlncome 14,296 6.832 19.744 8.536 6.832 Totollftcc¥neondendowrnents 1.763.773 26,f4XI 37.522 L827A95 1.742.815 ExpEnditureoTh.' R3￿ln8￿ndS TTrdln8 expe￿1￿￿¢ 650.$33 650533 598.932 Charitable actNf(ie& Ac4demi¢5eryltts Academlc accommoda￿On & conferences Slal 51bl 614679 633,882 14575 9,852 639.IC 601,547 50937 174,298 College Development 166,zriJ I66.2￿) 1.248561 IKI,784 9.852 L439.197 L364,7B2 rotsiexpended 1,899,094 IKS,784 9.852 1089.730 1.963.714 Itossl /Galns from and charitab ctivlties 1135.3211 36.033 1154,1841 42336 27,670 45,298 1261,83$1 245.988 1220,8991 14L1201 Netwnsrtlotsl on InvestrnÈnts 122?21 Net(expendltweJfftL¥ne 199.2881 11118481 71 IZ2,311 115.8471 1262.0191 TraArfers 249,503 1234,8611 114,6421 14etmovementthfvnds 150,215 1346.7CSI 58,326 121321 I262￿19) Totslfunds brou8htforwanl* J lart￿ry 1,53L140 4.961,637 343,944 99L5J2 7,828,233 8,C•30.252 T0tslf￿dSc￿￿WlfQIwI1dat3l Deumb¢r L681355 4.614.928 40UYQ i,its 7*IZJ86 7*28333 .27.