WESTMINSTER COLLEGE CAMBRIDGE Trustees, Annual Report And Consolidated Financial Statements 2021 (Registered charity number 311449) WESTMINSTER COLLEGE CAMBRIDGE WESTMINSTER COLLEGE CAMBRIDGE TRusfEES' REPORT 2021 The Dlrector5, who are also Trustees of the charlty, submit their report and the audited tonsolidated financial statement5 for the year ended 31 Decembèr 2021. Thi5 report fulfils the requirements of the Charltle5 Act 2011 for a Trustees, Annual Report. Membership115ts for the Board of Governors, College Comrnlttees and Colle8e Staff cover the perlod january 2021 to June 2022 Inclusive. The remalnder of thls report covers the calendar year 2021. Board of Govemors: Revd Ni8el Uden IConvenerl'lD Revdjan Adam50n'U Dr Alison Ainley lappolnted by Anglia Ruskln Unlverslty, resigned 2 July 20211 Dr Fiona Cosson lappolnted by Anglia Ruskin Unlversity, appolnted 15 OctobeT 20211 Mr Dave Cumber$1Student representative to 26 March 20211 Ms Ruth D￿lS Istudent representative from 2 Juty 20211 Mr John Ellls 'lll Dr Alison Gray (Teaching Staff representatNel Mr Andrew Grlmwade'lTreasurerl Mr Mark Hayes'lD Ireslgned 15 Odober 20211 Fr Dragos Herescu lappolnteil by Cambrldge Theological Federationl Mr William M¢Vey LT) lappointed by Cheshunt Foundation) Revd Di Robert Pope U IActln8 Prlnclpal, ex offlclo. from 3 December 20211 Revd Stuart Scott 'LTI Mrs Darnette Whitby-Reid'lD Revd Samantha Whlte IColle8e Prlnclpal, Èx officiol U Ire5i8ned 24 March 20221 Dr Giles Waller lappointed by Cambridge Univeisityl Mr Chrlstopher Wright (Clerk) '{ appolnted by the General A55embly of the United Reformed Church Trustse of the Cha￿ty for all or part of the period In attendan￿- Mrs Magalie Cooper IBursar. to 3 January 20221 Mr lan Hardle (Hon Treasurer of the Unlted Reformed Church) Revd Jennifer Mills {Secretary for Education & LeèrninB of the United Reformed Churthl The Trustees are asslsted bv- Board of Studles: Revd Stuart scott Iconvenerl Revd Peter Ball Revd William Bowman Dr Alison Gray Revd Dr Ri¢k Mearkle Mrs Val Morrison Iclerkl Revd Dr Robert Pope Revd Dr Andrew Prasad (to 25 June 20211 Revd Dr Jonathan Soyars Revd Nigel Uden Revd Samantha Whlte lon slck leavelsabbatical from October 20211 Mr Dave Cumbers (Student representstive to January 20211 M5 Ruth Dewis Istudènt representative frorn June 20211 WESTMtNSTER COLLEGE CAMBRIDGE TRUSTEES, REPORT (Cont) Mana ment Committee: Mr Mark Hayes (Convener. to 15 October 20211 Mr John Ellls Iconvener. from is ottober 20211 Mr Robert Buss Mrs Ma8alle Cooper (Bursar. to 3 January 20221 Mr Dave Cumbers (Student representative to June 20211 M5 Ruth Dew15 (Student representatlve from June 20211 Mr Andrew Grimwade IHon. Treasurer) Dr Augur Pear Revd Dr Robert Pope IActlng Prlnclpal from 15 October 20211 Revd Drjonèthan Soyar5 IDlrector of Cheshunt Foundation) Revd Nl8el Uden (Convener of Board of Governors) Revd Samantha White IPrincipal on Sick leavelsabbatlcal from 15 October 20211 Offlcews Teochin Sta {Senatus) Revd Samantha Whlte IPrlncSpal to March 2022 on slck leavel5abbatlcal from IS October 20211 Revd Dr Rokrt Pope (Dlrettor in Church Hlstory and Doctrlne: Vice-Principal, Acting Principal from 3 December 20211 Revd Peter Ball (Director of Church Resource Development Dr Allson Gray IDirertor in Old Testament Studies) Revd Dr Rick Mearkle IDirector of Pastoral Stvdie51 Revd Dr Jonathan Soyars IDlrector In New Testament Studle5,' Dlrector of ihe Cheshunt Foundatlonl Mrs Magalie Cooper (to 3 January 20221 Mrjohn Elli5 (Honorary Interim Bursar from 14 December 20211 Westminster College was founded In 1844 as the College of the Presbyterlan Churth In England; It took its present name on movlng to Cambridge in 1899. It Is re8lStered with the Ctharity Comrnis5ion under charity number 311449. Prlncl l Offlce Westminster College, Madlngley Itoad. Cambrldge, CB3 Advlsers 5olkttors SlaterHeelis, fornierly Towns Needham & Co Kingsgate12nd floor) 51-53 South King Street Manchester M2 6DE Inde ndentAuditors Mots￿ Kingston Smith LLP 9 Appold Street London EC2A 2AP Lloyds 8ank plc 3 Sidney Street Cambridge C82 3HG WESTMtNSTER COLLEGE CAMBRIDGE STRucfuRE, GOVERNANCE AND MANAGEMENT Govemlng Document The Charltyls governed by the General Assembly under clause 2.6 IA) Ivll of the Structure of the Unlted Reformed Church IURCI through a body of Governors appolnted by ￿, In accordance wtth the terms of the Trust Deed of 1899 a5 modified by the United Refomied Church Act 1972. Governing Body The Colle8e Governors, listed above, are appointed accordin8 to a plan approved by the General Assembly of the Unlted Reformed Church in 1995, amended by Mission Council in March 2018. They are asslsted by a Board of Studles and the Management Committee, each chaired by a Governor. The freehold of the land on which the College Is built Is held by the United Reformed Church Trust I'URC Trust'l. The Governor5 of Westminster College who are elSglble to serve as Charity Trustees and are rnember5 of the Unlted Reformed Church are the Trustee5 of the Charitable Funds of Westminster College. The names of the Governors who were also Trustees. durlng the relevant per5od are marked as LT) in the list of Governors. ReC￿ltmentOnd Trulnlng of Governors Those Governors appolnted by the General Assembly of the Unlted Reformed Church are nominated by that Church'5 Nomlnatlons Commlttee, In consultstlon wlth the College Govèrnors. These Governors seNe for terms of six years. renewable for a further term. Other Governor5 are norninated by the University of Cambrid8e, AnBlia Ruskin Univèrsity and the CambddBe Theologlcal Federatlon for appoSntment by the Nomlnatlons Committee. The Principal of the College and the Chair lor other Governor) of the Che5hunt Foundation are ex Dfficlo, and the teachers and the students of the College each thoose one of their number to represent them. The Board of Govemor5 and the Nominations Committee give consideration to the balano of skills and experience in the Board of Govemors when consldering changes In membership. All new Governors receive information about the Colle8e and are inducted into their role. Training is provided via general external courses and events Whe￿ possible, and training is given in conjunction with quarterly meetings in speofic area5 of governance as nee¢Js arise. to assist in the performance of their duties as trustees. OrgGn15atlonol Munagement The College Governors and Management Commlttee each meet four tlme5 3 year. The Managernent Committee receives Ilnanclal and management rèports and acts on behalf of the Governors in matters delegated to it. It reportsto every meeting of the Colle8e Governor5. The Board of Studies Meet5 at least three times a year and oversees the educational work of the ColleBe', it alsv reports to every meetin8 of the ColleBe Governor5. The Board makes formal decisions on student admisslons, programmes of study and the award of the College leavlng certificate, on the recommendatlon of the a¢adèmlc staff of the College, known collectivety a5 the Senatus. The Board also acts as the body whlch offer5 quallty assurance to and oversight of the College's own ￿VIng Ministry Programme. It reflects on and oversees the developinE role of the College as a Resour Centre for Learning of the United Reformed Church and offers oversi8ht to the development of all its programmes and learnlng events. The Board of Governors, the Management Commlttee and the Board of Studies each indude a studeni representstlve for discussion of unreserved business. The day to day runnlnR ol the College is delegated to the Principal, supported by the Senatus and the Bursar. The Principal attends all Boards and Commltlees. A member of the Senatus attends the Mana8ement Commlttee as a Dlrector of the Cheshunt Foundation. All members of the Senatus attend the Board of studles. The key management personnel are Considered to be the Principal, Vl¢e-Prlnclpal and the Bursar. Remuneratlon of key management personnel is set in the same way as that of other equivalent staff. Those who are mini5ter5 of the Unrted Reformed Church recelve the same ba51c stlpend as other mlnlsters, the level of whlch 15 recommended by committees of the thurch and conflrmed by its Trustees. The pay of lay staff is set at appolntment by a group delegated frorn the Management Commlttee, havlng regard to cc*mparable posts In Cambrldge,. this group also proposes annual increments, which are endorsed by the Management CommltteÈ. Westmlnster College Tradlng Ilmlted Westmlnster College Tradlng Llmlted, a wholty owned subsldlary company of Westminster Colle8e, was registered on 22 January 2014 prlmarlly to carry out the conferendng and ac¢ommodatSon buslness of Westmlnster. The Board of Dlrectors comprises officers and members of the govÈrnin8 body of Westminster College: Revd Dr Robert Pope,. Mr John Ellls Ichairrnanl and M5 Margaret Sennitt lalso Company Setretaryl. The Board have detemiined that all of the prof￿ of the Company be disiribuied to Westminster College by way of gift ald to support the ongolng educatlonal and wlder Chur¢h resourang work of Westminster. WESTMINSTER COLLEGE CAMBRIDGE Other relationships In 1967 Cheshunt College. Cambri*e merged its operations wlth those of Westminster College. The remaining ¢apltal fund5 of Cheshunt College are admlnlstered under a Charlty Commlssion Scheme of 1972, by the Trustees of the Cheshunt Foundatlon. The Cheshunt Foundation Trustees and the Wèstmlnster College Trustees operate independendy. but each nominates a Trustee to be a Trustee of thesister trust. A slgnlfitant part of the Income of the Cheshvnt Foundation Is applied by its Trustees to provlde academic services at Westminster. B. Westmlnster ColleBe Is a fully partlclpatlng member of the Cambridge Theological Federation I'the Federation'l. As such, It h350bllgatlons and commltments in the provision of teachln8 and support for thevarious ￿MmOn teaching programmes of the Federatlon. Includlng the Bachelor of Theology degree of Cambridge Universriy; the Common Awards18A and MAI, validated by Dutham University and deployed for mSnSsterlal tralning across a large number of Theological Education In5tltutlons around the country: and the Professional Dortorate of An8lla Ruskln Unlver51ty. Westmin5terfs academlc staff are Involved In teachin8 across all these awards, and Westmlnsterfs facilities are wldely used by stth and students of the Federation. The central 5tsff of the Federatlon occupy one of the College Bounds houses as an admlnlstratlve hub. C. The Cambrid8e Centre for Christianity Worldwide ICCCWI is an independent Charity for the study of mlssion and world Christlanity, and an Associate Member of the Federation. The Centre lincluding Its library. director and support Staffj Is based In W&%tmlnster College. and there are close link5 between the two bodie5 In terms of teachin& worship and rÈsÈarth. D. The Woolf Instltute of Abrahamlc Falth5, another A550ciate Member of the Federation workin8 In the field of Interfaith relatlons between Jew5. Chrtstians and Muslim5, occuples a building on the Westminster site. The relatlon5hlp5 Outllned above demonstrate a campus of theolo8lcal Instltutlo￿% at Westminster. a vision the College Governors and staff all embrace and continue to work towards. Risk Manogement The Board of Governors Ss responsible for the management of the risks fKed by the College. The Management Cornmtttee prepares a rlsk analysls each year, In consuliatlon wlth the United Refoimed Church, whlch we Serve. The Governor5 appolnt a Financial Management Review Group to review all financial management annually. A formal review of the charitV5 risk management processesls undwtaken annualty. The key ¢ontrols used by the charlty Include: Formal agendas for all Board and Commlttee actlvlty Established organisational Structu￿ and lines of ￿porting Formal written poliaes Clear authorlsatlon and approval leve15 Vetting procedures as required by law for the protection of the vulnerable The use of expert consultants. as necessary, to advlse on speclflc areas of rlskandto enablethecolle8e to implement the approprlate responses and Controls During 2021, the College kept its Covid-19 policies under review in light of government guldance. The prlorlty was to keep staff. students and vi51tors as safe as possible. Policies were updated when nece55ary to ensure they rellÈctÈd currènt practlce, measures and law5. The College's business was impatted ne8atNely by the more strlngent measures In place to control the spread of the co￿d- 19 vlrus durlng the flrst half of 2021. The Governors monltored thls rlsk dosely and put in place measu￿5 to mltigate as muth of its impact a5 P035ible. The Government'5 Job Retention 5themè (furlough schemel was used until it ended In September 2021 and a number of staff who resl8ned were not replaced. The business opened up from the summer and slow but encouraging progres5 has been made. The College secured flnancial support to continue its operatlons and carefvl budgeting wlll see Its cot)tinued operatlonal e￿Stence for the foreseeable future. AcadÈmi¢ artivlties ¢ontinued throughout 2021. Lectures and tutorlals were conducted remotely during the Lent and Easter temis of the 2020-2021 academic year. From the 2021-2022 atademic yèar, Ihe Federatlon decided. in light of government advice. to return to in-per50n teaching. Rooms were well-ventilated, 5rxial distancing was maint?Ine(l and the wearlng of face coverings strongly encouraged. Negatlve lateral flow tests were necessary prlor to attendlng In-person te8thlng. The College experlmented with dellvering teachin8 in hybrld fashlon (some students In the room, sorneloinlng remotely) and ha5 equipped one classroom plus the chapel for live streaming. A portable streamin8 device was purthased. and the College expects to equlp a further teachlng room by summer 2022. The GO¥￿n01$ constantly seek to Improve the management of the College. Areas of r15k relatlng to the academlc prograrnme5 and teachln8 Staff of the College are attended to with care through thè college teachSng team the Board of Studies and the various stTUCtUTes of the Federation. Finanual Controls are robusi and Include monthly reports detalllng outturns against projections and budgets which are scrutinised by thè Management Commltteè. The College works closelv with the Education and Learning Committee and the Mini5trie5 Committee aswell as key Finance and Human Resources staff WESTMINSTER COLLEGE CAMBRIDGE of the URQ drawing on their expertise and ensuring that Westmin5terfs developing work is harmonlsed with denominational requirements and expectatSons. cOn￿mS about Indlvldual students are handled through robust and transparent prO￿seS developed across all of the URCS trairtin8 centre5. The College buildin85 include all relewant features ln terms of security and access control alortgside fire detettion and preventlon equlpment. It Is recognised that the systems can only provlde wsonable but not absolute a￿uranCe that major rlsi8 have been adequately mana8ed. The College has a process to regularly review and, if ne¢essary, to extend Its polities and pro¢edurÈs. The ColleBe Is extremelywell served bya committed team of administrativeand supportstaff and a part-time Estate Mana8er who work to ensure that the bulldln85 at Westmlnster a￿ properly malntalned and looked after. OBJECTIVES AND AcllviTIES The Charity's object, as set out in its Trust Deed, is to be a theological college of the United Reformed Church. ènd thus to provide educatlon and to promote Ihe Chrlstlan rellglon. The College prepares students to serve as mlnlsters of Word and Sacraments. and provldes for sabbatlcals and In-servlce tralnlng for those already ordalned. In addltlon, the College also offer5 educational resources to those who are preparlrvd for or are already fulfilllng mln15trles a5 lay preacher5 or Elders within the Church, as well as to church members who wish to deepen faith. The College teaching staff ISenatU51 have a SIBnificant and growin8 role within the Church as those who provide learnln8 in the Christian faith for a wide ran8e of meetln8s, conferences and groups. and who also resource the Church through thelr writSng and publlcatlons. The experience ofthe Covid-19 pandemic has resulteil in more of thiswork being prepared and delivered online. Withln its objed, the Charity has also to malntaln the Grade 2 listed buildings, to administer and maintain variousstholarshlp funds, and to carefor a larBe collectlon of books. artefacts and historic documents. Revlew of perfom>oncelorZ021 Ensure that important work on the College fabric can be prepared for and funded. The College Management Committee regularly assesses the College fabric and reports to the Governors on matters of concern. In December 2020 therewas a major ingress of water to the College towerthat necessitated an Immediate remedial repair whilst plans for more permanent repairs were accelerated. Detailed schedules of work were drawn up and as5e5sed to Cost In the reglon of £590.000. Governors agreed to the sale of 9 Arundel Close to cover a substantlal part of the ¢0gt. The work eommen¢ed in (ktober 2021 and wa5 completed in AFYil 2022. The remainderof the c051 has been mvered bygenerou5 8rants 8ratefully received from the Eastem Synod Provln¢e Trust. wlth other 8lfts from Individual donation5 and sponsorship and the Alumni and Friends of Westminster and Che5hunt. 2. Create a fundraising scheme to maintain the upkeep of the buildi￿ attending to work in the medium and longtemi. Di5cv￿lon hastsken pla￿v1th a p￿entIal ￿ndIdatetorakea lead on fundralslngforthe College. The Governorg esiabllshed a Medium Term Strate8y Group to workon makln8 recommendatlons about futureactivlty. The Group reported In December 2021 at the same meetlng when certaln requests were rnade to the Governors by the URCS Educatlon and Leamlng Committee. Subsequent work on the5trate8y document was placed on hold until those requests were clarified. It Is experted that thls strate8lC WOTk, leadln8 to the engagement of a fund ralser, wlll be a prlority In 2022-2023. 3. Mana8etransitions and developments as United Reformed Church requirements in leaming and formation lordained and layl continue to evolve. The College has partldpated fully In an Edu¢allon and Learnlng Commlttee Inltlallveto Integrate the three RCLs.Th15 Included wlthdrawlng the advertlsement for a Dlrector of Mlnlstry Form3tlon Ito replace the Dlrector of Pastoral Studles postl and not to seek ImmedSately to recruli a new Prlnclpal followln8 the Revd Samantha Whlte's notl¢e that she would stand down whith wa5 reported to the Governors at the end of 2021. 80th deci5ion5 were rnade following a request fiom the Convenor of the Edu¢ation and LeaTnin8 Committee. Revd Dr Rick Mearkle a8feed to continue in his p05t until the summer of 2023. Senatus stsff seNe on varlou5 denominatlonal commlttees intludin8'Walkin8 the Wal, 'Stepwise'. and 'Faith and Orderf. sin￿ in-per50n teaching recommenced. Senatus staff have been experimenting with hybrid del￿ery and thi5 is likely to be an onBoinE part of activity. This will intrease Westminsterfs 'reacK in the country. Student welfare has continued to be matter of high Priority and this has been assisted initially by daily contact, on-line at mornin8 prayers and subsequently bv usln8 a SI￿amIng se￿￿ In order to have'hybrld, prayer5. WESTM￿sTER COLLEGE CAMBRIDGE 4. Contlnuè to rL*valuate the College's business plan and to offer hlgh quallty 5ervice5 to all using Westmlnster. The commercial bu5ine55, comprisin8 Conference and Events, was severety affected by periods of Irxkdown. The kitthen fa¢ilitle5 were closed in March 2020 and gradualty re-opened, wlth re-a55essment of the ¢aterin8facilities to cover the period of limlted openin& during the summer of 2021. Temporary chefs covered untll a permanent appointment could be made at the end of the year. Some postponed events took place, some had to be cancelled and others were further r&stheduled for 2022. Fifteen rooms In the East Win8 were leased to LULY Cavendish ColleBe as student a¢commodatlon for the academi¢ year 2021-22, and thi5 Is expKted to be renewed for a fvrther year. providing a secure income Stream. Monbtor closety the effects of the Covld-19 pandemlc on the College's finances and to make approprlate declslons to reduce the impact wherever possible. Expenditure has been limited to absolute essentials while advantage has been taken of the Governmenvs Job Retention Scheme IfurlouBh scheme). The Unlted Reformed Church Trust prowded a loan facility durln8 the lockdown periods when other income was severely constrained. The amimulated loan has not been repaid but in the latter part of the year the College was fulty coverlng Its obllgatlons agaln and the loan arrangements avolded the need for any ffinanclal Investments to be Ilquidated. A5 noted above, the major item of capital expendtture related to the Tower ha5 been fully covered by donatlons. grants and the sale of a College Property- Leaslng IS bedrooms tts postgraduate students while the B&B business built up agasn provided a useful sour￿ of reliable income, a gross fiBure acr055 the academic year 2021-22 of over £IOOk. Core staff have worked on sitewithin Covid-secure measures to ensure the plant was maintained and essential service5 have continued throuBhout 2021. By the erbd of the calendar yèar Fk was possible to start cautSously Intreasin8 hèadcount slightly in order to equlp the College forthe anticipated growth in hospitslity business in 2022. ObJettivesfor2022 Mana8e transitions and developments as United Reformed thurch requirements in learnin8 and fomiation lordalned and layl contlnue to evolve. Recrult a new Bursar and General Manager for ihe College and work on a new buslness plan to securethe College's post-pandemlc future. Ensure that important work on the College fabric can be prepared for and fuftded. 4. Create a fundraisin8 scheme to maintain the upkeep of the build1r￿ attendinB to work in the medium and lon8 term. PUBUC BENEFIT sfATEMENT The College's primary purpose Is to be a Resour￿ Centre for Learnlng IRCLI wlthSn the URC. and thus to provide educatlon and to promote the Chrlstian reli8lon. The Trustees of the College take a¢¢tsunt of the Charity Commisslon's published guidanee in regard to public bèneflt In tonductlng the artlvfitles of the College. The followlng are examples of thè College's work durlng the year under review which have contributed to the fulfilment of the tharivs public benefit obligations.. The College, In consultatlon wlth the URC, prepares students to become Mlnlsters of WoTd and Sacraments within the Church. The full costs ￿ such trainlng are, where necessary• made avallable by the URC. The College also provldes mlnlsterlal Èducatlon for students of certaln other (Jenomlnatlons and Independent churches who, from tlme to tlme, may direct students to it. Addttionally, the College weltomes independent studeftts who wish to study for a de8ree in theology for ministry and offers bursaries for those who need financial help. The College plays a full part in the work of the Cambridge Theologlcal Federatlon, contrlbutlng teachln& teathlng fac1llt1￿. and Ilbrary access for ordinands and other students from other Christian denomlnations who are studying at member institutions of the Federation. These services are provided on an exchange basis With other member InsUtutlon5 wlthln the Federatlon. As an RCL for the whole URC. the College Increa51ngly provldes courses for the training of lay leaders wlthln the Church for example, lay preachers. The training is provided free, with charges being made only for accommodation and meals. After a period when this actmty was online12020 and early 20211, by autumn 2021 the College was able to offer In-person events once agaln. The College's library is avallable for use. without d)arEe, by all members of the URC and the Federation, and by other readers at the distretlon of the Principal for a modest annual membership fee. The Colle8e's extensive archive of histodcal materlais IlncludinB the papèrs of some of thè former staff of thè CollÈ8el is slmllady made available to enquirers, Dn a no-COSt basis but wtth an invitation to make a voluntary donation to defray expense& Bv Memorandum of Agreement with the URC History Soclety IRegistered Charity no.2792131 the College's library and archIV￿ a150 contaln the Ilbrary and archives of the Society, which are simllarty avallable to researchers. As an inteErdl part of the College'5 ministry, the College teaching staff accept speakinB and teaching enBaBements throuBhout the United Kingdom, and occaslonally abroad. WESTMINSTER COLLEGE CAMBRIDGE Theteaching stsff regularly contribute to a variety of religious publications, whid) are usedwithln and beyond the URC. The College provldes Improved facllltles for people with d15ablllty and for meetlng and ￿nference space whlch we hope that those beyond the Churth wlll value and want to use. FINANCIAI REVIEW AND RESULTS FOR THE YEAR The results for the year are Shown in the Consolidated Statement of Financial Activities on page 13. The College had a net increase in funds of £220,61112020: decrease of £220,673), whlch comprlsed: 2021 2020 Donations, grants and legacie5 Income from charitable actlvitles Activitles for 8eneratin8 fund5 InV￿tmen[ income Other Income Totol income Expendlture on: Raising funds Charltable actlvltles Totolexpended 272,116 499,289 230.430 51,765 333,864 1,387,464 505,942 622,956 274.693 51.172 21,958 IA76,721 67,481 1,326,975 1,394,4S5 378,603 1,418,804 1,797,407 Net loss Net 8alnlllossl on investments 16,9921 227,603 220,611 1320,6861 100,013 1220,6731 Income and expendlture Overall, Income fell by £89,257 from 2020. Th1$ was largety due to the College re￿IVIng addltlonal support grants In 2020 to help e8se the Impact of Covld-19 on the College's flnances. However. both AcademSc serv1￿$ and Tradlng Actlvltles saw a drop In Incorne levels, largely affected by the on8olng Covld-19 sltuatlon. The Income was boosted by the profft made on the sale of a property to help with the costs of repairing the tower of the College building5. The lower levels of income were largely offset by lower costs as necessary cost cutting exerclses were implemented. particularly a major reductlon In the staffin8 levels In the hospttality area of the Colle8e. Overall. the College moved from a net defidt of £220.673 in 2020 to a surplus of £220,611 In 2021. Excludlng the profit on the sale of the property, thwe would have been a deficlt of £69.428 which still shows some svdns of flnancial recover from the 2020 pandemlc year. ReseThes Polky While the trustees 8enerally aim to work to a balanced budget for it5 day-to4ay Operati￿5, this has not been p055ible over the last 2 years with Covid 19 dramatically impactlng on the flnances of the Colle8e. The trustees continue to closety monltor this and are workSng hard to restore the College to a balan￿ budget, excludin8 premises improvements. At 31 De￿rnber 2021, unrestrict￿1 general funds totslled £1,615,559. Ofthis. £1,391,008 is invested in fixed assets held for College use and £290,0391s reserved (but notdesignatedl to payforihetower repairs. Th15 leaves the College with no ￿dilY available reseNes. However. the College holds just over £330,￿0 available in the Sale of the Nestle Library designated fvnd. whlch can be repurposed should the need arise. The Trustees hope the slow retum io a balanced budget will continue and the College will be able to build up free reserves equlvalent to 3 months income without having to make use of thls deslBnated fund. Invertmentpolky The College Investments repiesent permanent endowment and unexpended Income of its restrlcted funds, as well as other nds held as reserve5,' they are invested in common investment funds to secure income for their purposes, with long-term capital growth. Investments are held and admlnlstered by the Unlted Reformed Church Trust, whose Investment commlttee mon￿0￿5 thelr progress. Otherfvnds thatare expecled to be requI￿d Intheshort ormedlum term are held on term deposlts. WESTMINSTER COLLEGE CAMBRIDGE Cov1&19 The Covld-19 pandemlc ha5 continued to Impact the income of the College. The Governors continue to closety monltor expendfture and ensure that savlngs are made wherever possible. As Covid-19 restrictlons haveeased, Ihe Colle8e has moved to a hybrid of In person and online to deliver academlc servlces. They have ￿nS1{1ered the lastin8 impart of Covid-19 as well as inflatlonary pressures from the current economic climate in making their assessment of going contem and deemed it appropriate to adopt a golng concern ba51s for at least one year. The Trustees have Considefed possible events or ¢ondltlon5 that might cast slgnificant doubt on the abllity of the College to ¢ontlnue as a 80ing concern. The College's Pa￿nt undertsknw the United Reformed Church Trust, has issued a loan fatility of up to £200,CKiI so that It will provide 5ufficrent financial support to enable the College and its subsidiary to meet its liabilitie5 as they fall due durlng the perlod of at least 12 months from the date of approval of these financlal statements. The Trustees have made thelr assessment for a perlod of at least one year from the date of the approval of these finan¢lal statements. In particular. the trustees have considered the Colle8e'5 forecasts and projectlons and have consldered the lastlng Smpact of the Covith19 pandemic as well as inflationary pressures from the current ectsnomic climate on the viability of the Charttable group. as more fully explained atr#)ve. After making enquirie5, the Trustees have concluded that there is reasonable expectation that the College has adequate resources to contlnue In operational exlstence for the foreseeable future, The College therefore contlnues to adopt the goin8 con￿rn basls in preparlng Its flnanclal siatements. WESTMINSTER COLLEGE CAMBRIDGE Statementof Trvstees'ReSp￿ts1&wt1c$ The Trustees are responsible for preparin8 the Trustee5' Annual Report and the finanaal statement5 in accordance with appllcable law and Unlted Klngdom Accountlng Standards Iunlted Klngdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year whlch glve a true and falr vlew of the 51ate of affalr5 of the charSty ind of the Incomlng resour￿ and appllcatlon of resource5 of the charlty *or that perlod. In preparlng these flnanclal ststements, the Trustees are requlred to.. select suitable accounting policie5 and then apply them con515tently: observe the methods and principle5 in the Charities SORP 2015 IFRS 1021: • makejudgrnents and estimates that are reasonable and prudent,. state whether appll¢able ac¢ountlnB slandards have been followed. 5ubSect to any materlal departures dlsc105ed aTh explalned In the financlal statements- and prepare the financlal statÈmÈnts on thè going ¢on¢ern basis unless It Is Inapproprlate to presume that the charty will ontinue in bu51r￿$s. The Trustees ère responsible for keeplng proper a¢¢ountlng rKords that dlsclose wlth reasonable accuracy at any tlme the finan¢lal position of the tharity and enable them to ensure that the financlal statements Comply with the CharltSes Art 2011, the tharity IAccount5 and Reports) Regulation5 2008 and the provisions of the trust deed. They are also responsible for safeguardinB the assets of the charSty and hen￿ for takSn8 reasonable steps for the prevendon and detectlon of fraud and other Irregularltles. Each of the Trustees ￿nfirM5 that.. So far as the Trustee Is aware there Is no information of which the charitvs auditors are not aware,. and the Trustees have taken all the steps they ought to have taken In order to make themselves aware of any relevant audlt Informatlon and to establlsh that the tharlvs audltors are aware of that InformatS0n. Approved by thè Board of Governors on l July 2022 and si8ned on its behalf by.. Nlgel Ilden Convener WESTMINSTER COLLEGE CAMBRIDGE INDEPENDENT AUDtroR'S REPORTTO THE TRUSTEES OF WESTMINSfER COLLEGE CAMBRIDGE Oplnion We have audited the financial statements of Westmlnster College Cambrldge Ithe'parent charl￿) and Its subsldlarles Ithe group'l for the year ended 31 December 2021 which the Group StatÈment of Flnandal Actlvltles, theGrovp summary Income and ExpendSture Account, the Group and Parent Charitable Company Balance Sheets. the Group Cash Flow Statement and notes to the flnancial statements, Includlng signlffcant accountlng policies. The financial reporting framework that has been applied In thelr preparation 15 appllcable law and United Klngdom Accounting Standards, IncludlnB FRS 102 The Financial Reporting Standard Applicable in the UK and Republi¢ of Ireland, Ivnlted Kingdom General￿ACCepted Accounting Prarticel. In our oplnlon the financlal statements: e a true and falr vlew of the state of the group's and parent chariWs affairs as at 31 December 2021, and of Its incomin8 reSour￿S and application of resources, for the year then ended,. have been proper￿ prepared in accordance with United Klngdom Generally Accepted Accountlng PractSce: and have been prepared in accordance with the requlrements of the Charttles Act 2011. Baslsfor oplnlon We conducted Our audlt in accordance wlth Internatlonal Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibiliti￿ under those standards are further described in the Audltor's Responsibilities for the audit of the financial Statements sectlon of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audlt of the flnancial statements in the UK, induding the FRC'S Eihical Standard, and we have fulfilled our other ethlcal r￿ponSIbIlItIeS In accordan￿ with these requirements. We belleve that the audit evldence we have obtalned 15 Sufficient and approprr¥te to provide a basls for our opinion. Conclu51ons relatlni to ¢oln¢ ¢on¢ern In auditing the financial statements, we have concluded that the trustees. use of the golng concern basis of accountin8 In the preparation of the financial statements is appropriate. Based on the work we have performed. we have not Identrfied any materlal uncertaintiès rèlatlng to events or condltlons that, Indlvldually or collectfvely. may cast significant doubt on the group's and parent chafttvs ablllty to contlnue as a golng oncem for a period of at least twèlve months from when the financial ststements are authorlsed for Issue. Our respon51bilities and the responslbllltles of the trU￿ee5 wlth respert to golng con￿rn are de5crlbed In the relevant sertlons of this report. Other Informatlon The other Informatlon comprlses the Informatlon Induded in the annual report, otherthan the financlal statements and our audltorfs report thereon. The trustees are responslble for the other information contalned within the annual report. Our opinion on thefinancial staternents does n0tt0v￿the other Information and, exceptto the extentotherwlse expllcldy stated in our report. we do not express any fomi of assuiance conclusion thereon. Our responslbility is to read the other Infofmatlon and, In dolng so, conslder whether the other Information is materlally inconslstent with the financial statements or our knowledge obtalne(i In the ￿Urse of the audit or Othe￿ISe appears to be materlally misstated. If we identify Such material incon515tenc¥ès or apparent material misstatements, we are required to determine whether therels a materlal mlsstatement In the financial statements themsèlves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are requlred to report that fart. We have nothin8to report In thls regard. Matter5 on whkh we are requlred to report by ex¢eptlon We have nothing to report In respe￿ of the followlng matters where the Charltles Acl 2011 requlres us to report to you If. in our oplnlon.. the Information given in the Trustees. Annual Report Is Inconslstent In any materlal respect wilh the financial statements,. or WESTMtNSTER COLLEGE CAMBRIDGE the (*tarlly has not kept adequate account1￿ records; or the financial statements are not In a8reement with the ac¢ountin8 record5 and return5; or we have not re￿Ived all the Informatlon and explanations we required for our audlt. Responslbllllles of trustees As explained more fully In the trustees, responslbllltles statement set oui on page Ixl. the trustees are responsible for the preparation of thefinancial 5tatementsand for beln8Satlsfied that theygive a true and falrview, and for such internal control as the trustees determlne is necessary to enable the preparation of financFal Statements that are free from materlal mlsstatement, whether due to fraud or error. In Pfeparin8 the financlal statements, the tfLtstees are responsible for assesslng the group and parent charws ablllty to contlnue as a going concern. dlsclosing, as appllcable, matters related to Boing cOn￿rn and using the going concem basis of accounting unless the trustèes either intend to liquidate the group or parent charlty or to cease operatlons, or have no reallstlc altemative but to do so. Audltorf5 Responslbllltlesfor the audlt of the fin￿da1 statements We have been appolnted as audltor under section 144 of the Charities Act 2011 and report in accordance wlth re8ulations made under sertion 154 of that Act. Our oblectives are to obtaln reasonable a￿urance about whether the financial statements as a whole are free from materSal m1s5tatement, whether due to fraud or error, and to I￿￿e an 3udStorfs report that Includes our opinitrn. Reasonable assurance is a high level of assuran¢È, but is not a guarantee thatan audit conducted in accordance with ISAS IUKI wlll always detect a material mrsstatement when it exists. Misstatements can ar15e from fraud or error and a￿ consldered materlal if, Indlvidually or in aggregaie, they could reisonabty be expected to Snfluence the economk ded51ons of users taken on the basls of these financial statements. As part of an audit in accordance with ISAS (UK) we Èxercise professional judBement and maintain professlonal sceptlclsm thTOU8hout the audlt. We also: Ident￿ and assess the risks of material misststement of the financial statements, whether due to fraud or error, dèsign and pèrfom audit procedures responsive to those rlsks, and obtaln audlt evldence that Is sufficient and appropriate to provide a basls for our opSnion. The rSsk of not detecllng a materlal mlsstatement resultlng from fraud is hlgher than for one resultlng from error. as fraud may involve colluslon, forgery, Intentlonal omlsslons, mlsrepresentatlons, or the overrlde of Internal control. Obtaln an understanding of internal control relevant to the audit in order to design avdit procedures that are approprlate In the Or￿MstanCes, but not for the purposes of expre551ng an oplnlon on the effectiveness of the group and Pa￿nt charity5 internal control. Evaluate the appropriatene55 of accounting policies used and the reasonableness of accountin£ estlmates and related dis¢105ures made by the trustees. Conclude on the appropriateness of the trustees, vse of the goin8 toncem basis of accountinB and. based on the audit evidence obtalned, whether a material untèrtainty exists related to events or conditlons that may ¢a5t slgnlflcant doubt on the group and parent charitvs abilily io contlnue as a Boing concern. If we conclude that a materlal ￿n￿rtaInty exlsls, we are requlred to ijraw attention In our auditorfs report to the related dlsclosures In the flnanclal statements or, If such dlxlosuies are Inadeouate, to modify our opinion. Our conclusions are based on the audlt Èvidence obtained up tothe date of our auditorfs report. HOw￿er, future events or condltlons may ¢au5e the group or parent ¢harity to cease to continue as a 8oinB concem. Evaluate the overall presentatlon, structure and content of the financial statements, includin8 the dlsclosures, and whether the financial statements represent the underlying transartlons and events Sn a manner that achieves falr presentation. Obtaln sufficient appropriate audlt eVIden￿ regardlng the finan¢bal Informatlon of the entities or business activities within the group to express an opinion on the consolldated financial ststèmèrtts. We a￿ re5pon5ible for the dlrectlon, sU￿rVISIon and performan￿ of the group audit. We remain 501ely responsible for our audr( report. WESTMINSTER COLLEGE CAMBRIDGE We communlcate wlth those charged wlth Bovernance regardin& among other matters, the planned scope and tlmlng ofihe audht and sl8nificant audlt flndlngs, In¢ludlnE any slgnfficant deflclencoes In Internal control that we Identlfy dull￿ our audlL Explanatlon as to what extent the audil was consld¢red capabl• of dotsrtkn8 Irregularftle5, Indudlng fraud Irregularitle5, includlng fraud, are Instances of non-compllance wlth18ws an(J regulatlons. We desl8n procedures In line ￿th our responsibilities. outlined above, to detert materlal mlsstatements In respect of Irre8ularttles, Includlng fraud. The extent to which our procedures are Capable of dete¢tin8 irre8ularitie5. indudin8fraud is detailed below. The obleaives of our audit in respect of fraud, are: to Identlfy and assess the rlsks of materlal mlsstatement of the financlal statements due to fraud,. to obtain sufficlent appropriate audlt e￿￿en￿ fegardlng the assessed rlsks of materlal mi551aternÈnt due to fraud, through designlng and implementin8 appropriate resptsnses to those as5e5sed risks; and to respond appropriately to instance5 of fraud or su5perted fraud identified during the audit. However, the prlmary responslbility for the prevention and detection of fraud rests wlth both management and th05e charged wlth governan￿ ol the charlty. Our approach was as follows.. We obtalned an understandlng of the legal and reBulatory requlrements appllcable to the charlty and consldered that the most 518nlficant are the Charities Act 2011, the Charity SORP, and UK financial reportingstandards as issued by the Financial Reporting Council. We obtained an understanding of how the charlty complies wlth these reqU1￿Men15 by dlscusslons wlth monagement and those charged wlth 8overnante. We assessed the risk of material misststement of the financial statements, includlng the rlsk of materlal mlsstatement due to fraud and how it might occur. by holding discussions wlth management and those charged wlth governance. We Inqulred of management and those Charged wlth govemance as to any known Instan￿$ of non-compliance or suspected non4omp118n￿ wlth laws and regulations. Based on thls understandin& we dèsigned Specific appropriate audit procedure5 to identify instances of non compllance with laws and regulations. Thi5 induded makiftg enquiries of management and those charged wlth governance and obtalnlng addltlonal corroborative evidence as required. There are inherent limitations in the audit procedure5 described above. We are less likety to become aware of Instances of non-compliance wlth laws and regulatlons that are not closely related to events and trans8ctlons reflected in the financial statements. Also. the rlsk of not detectlng a Mate￿al mlsstatement due to fraud Is hlgher than the rlsk of not detecting one resultlng from error. as fraud may Involvedellberate concealment by, forexample, forgery orlntentlonal mlsrepresentations, or through colluslon. Use of our report This report Is made 501ely to the chailty's tIUStees, as a body, in accoidance with Chapter 3 of Part 8 of the Charities Act 2011. Our audlt work has been undertaken so ihat we might state to ihe charitvs trustees those matters we are required to state to them in an auditorf5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsiblllty to any party trther thart the tharity and charily's trustees as a body. for our audit work. for this report. or for the opirtion we have formed. flort k¥" LLF Moore Kingston Smith LLP Statutory audltor 28 September 2022 9 Appold Street. London, EC2M 2AD Moore Kingston Smlth LLP is eligiblè to act as auditor in terms of Sertion 1212 of the Companies Act 2006. 12- WESTMtNSTER COLLEGE CAMBRiDGE CONSOUDATED STATEMENT OF FINANCIAL AcllviTIES for the year ended 31 December 2021 Unre5trkted Deslw￿ted Fynds Re5trKted Endowment Total funds Totsl Fvnds Ilotes Fund5 FuThls Funds 2021 2020 tknn4tlon$aTrd lega£*s Don3tlons 1590 L800 3L675 36,355 235,761 94,984 410.958 G￿nts￿re1¥ab 233,961 256,051 4.390 31,675 271116 505.942 CharItab￿a¢1￿1￿Jts Z69.&47 229.594 499,231 58 269.695 219 462.670 I￿.287 622.957 AcadeffK Kcornmodatian & E(N￿erenCeS 58 499.289 Otheitradlr*attwitie$ 230.4 230,430 274.693 7,619 35.244 5L765 5L171 OtherIn￿e Mana8ementfees JÈtyins ttn sale of propert*s Othor Income 18,323 1&323 290,039 2S,5Q52 333,B64 70 333,864 2L958 1207,196 13,349 L387,464 1.476.ni Expenditure on: Ralsln8fund5 Tradin8e¥pendrtuve 67A81 67,481 378,fl)3 char1tabkact￿iI5￿'. AcadeMK ser￿￿$ Af3domtaccommod•lon & COnfereTr￿s ol* DeveKipmeDt 667.568 478,755 3,019 2,918 673.SC6 47B.755 174.716 746,505 494,469 i77.￿0 174,716 1,146.323 177,735 2.918 1.326,976 I,41&￿4 Totulexpende 1.211, 17F,73S 2.918 L39(457 1.797,407 (Lossl1￿rpIyS frcffj trJ&in8 arh4 thmhab actlvltles 93.192 33,YQ 1164.3851 39.172 64.001 4l9k3 16.9931 227,f￿4 1320,6861 ioo,o Net8ains on iTrvestm*ts I￿.179 124n2 1125.2131 IC6.914 iL3.179 220.611 1220,6731 Trnnsfeis 27,091 1&9)21 118,1891 Ne¢mo￿Tr￿n1l￿fvnrts 87.n5 113.179 220.611 1220.6731 TotalfundsbrouBhtfonv¥d3t ljanuary L46Lll7 4.461887 $03.523 I.IW66 7591.713 7.811386 Totrif￿1ds￿r￿Id *31 De(en 1,615,5S9 4J2&772 591.248 L27&745 7m2A24 7yJI,713 All amounts rÈkte to contlnuins CPEratlon& ThErels no m*erfal dlFference between the netlncornknglloutgolngl resources 5tètsd aith andthelr hlstorlcalcosts ￿￿￿lents. All and ki&*sfÈcoÈntsed in the yearare indL#led in the Consolldaied Statement ol FinandalAalvltles. 13 WESTMINSTER COLLEGE CAMBRIDGE BALANCE SHEErs As at 31 December 2021 Group 2021 Charity 2021 Group 2020 Chority 2020 Notes Flxed assets Intangible assets Tanglble assets Investments Imiestment in Subsbjiaiv 4,394 5,741.747 1,91?,897 io,r 7.674,038 8.789 5,879,804 1,690,293 8,789 5,879,804 1,690,293 io,( 7,588,886 5,741,747 1,917,897 81al 81bl 7,664,038 7,578,886 Current assets Debtors Cash at bank and In hand 64,780 811,616 876,396 126,990 801,923 928,913 53,663 583,770 637.433 123,207 574,085 697,292 Credltors: amounts fallln8 due within one year io 1728,110 1681,897 624.6061 {%4.5411 Net current assets 148,286 247,016 12.827 132,751 Total assets less current liabilitie5 7.812.324 7,921,054 7.591.713 7.721,637 Unrestrlcted income funds General reserves Designated fvnds Unrestrlcted funds Restricted income funds Capital funds 1.615.559 4.328.772 5.944.331 591,248 1.276,745 1.724,289 4,328,772 6,053,061 591,248 1.276,745 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 TOTAL FUNDS 11&12 7￿12.324 7.921,054 7,591,713 7,721,637 Approved and auihoT15ed for issue by the Board of Govemors on l July 2022 ilJi4M hl, M6Ve Trustee Trustee 14- WESTMtNSTER COLLEGE CAMBRIDGE Consolidated statement of cash flow5 for the year ended 31 December 2021 2021 2020 Cash flows from operatin8 a¢ti¥itie5 Net IncomlngJloutgolnBI resour￿5 and movement In funds Isee page Ill Adlv5tments for: Ilncreaselldecrease in debtor5 Increase Ildecreasel In tredttors Depredatlon of flxed assets Amortlzatlon of Intangible assets IGain}/loss on investment assets (Gainllloss on fixed assets Cash flows lexpended)18enerated from operations 220,611 1220.6731 111,1171 109.963 103,504 187,675 191,472 190,591 4,395 6.616 1227.6041 1290,039 IILK),0131 18,7781 174,159 Cash flows from Investlng actlvltles Payments to acqulre tanglble assets 1138,3651 150,7181 Proceeds from sales of fixed as5et5 374.989 236,624 150,7181 Net increasel{decreasel in cash and (ash equivalents 227.846 123.441 At ljanuary 2021 583,770 460,329 At 31 Detember 2021 811,616 $83,770 15- WESTMtNSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 PRINCIPAL ACCOUTrrnNG pouaES {11 ACt￿ntIng basls b. The accounls Iflnanclal 5tatementsl have been prepared to glve a 'true and falr, vlew and have departed from the Charitle5 (Accounts and Reports) Regulatlons 2008 only to the extent requlred to provlde a 'true and fair view,. This departure has Invofved follow4n8 Accountlng and Reportlng by Charltles preparing thelr accounts in accordante with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reportin8 by Charitie5- Statement of Recommended Practlce effertlve from l Aprll 2005 whlth has SIn￿ been withdrawn. Westmlnster College meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially re¢o8nised at historical cost or transartion value unless otherwise ststed in thè relevant accounting pollcy notelsl. The prfndpal accountln8 policies, which have been applied consistently throughout the year, are set out below. The financial statements are prepared in ster1[￿ whlch Is the functlonal currenry of the tharlty. Monetary amounts In these financial ststements are r04tnded to the nearest pound. liiil Consolid*lon Consolidated financial Statements have been prepared In respect of Westmlnster College Cambrldge and Its wholly owned subsidlary, Westmlnster College Tradlng Llmlted. The results of Westmlnster College Trading Llmlted have been consolldated on a Ilne-by41ne basls. {iv) aas$5fl¢atlon of funds Unrestricted income funds may be used for the general purposes of the College,. some of these have been de51gnale(I for partiojlar purposes by the Board of Governors. whlch approves transfers to and from deslgnated funds. Details are given in note 14. Restricted income funds are funds whose use Is restrlcted to specific purposes ac¢ordin8 10 the terms on which funds were received. Capltal funds are pomianent endowments r4uired to bè retalnèd, but the incornefrom these fvnds may be spent forgeneral or restricted purposes a5 spec4fied by the 0ri8inal endowment. Iv) Income All Incoming resources indudlng voluntary Income, Income from actlvltles for generatlng funds, Investment income. Is recognised In the SOFA when there Is I￿al entitlement to the Income, any performance condftiorts attathed to the Income have been met, it Is probable that the income will be received and the amount Can be quantified with rea59nable accurary. lal Voluntsry income Donatlons, grants and legacles a￿ attounted for on a recelvable basls. Donations under Gfft ￿'d are re¢ognised as income tO8ether wrth the associated tax rewvery. Grants receivable towards specific activities are included in the period when those activities take place. Legaue5 are Included when there is evldence of entltlement, It15 probable that the amount wlll be Teceived, and the amount invDlved can be quantified with rneasured reliably. Recelpt Is considered probablewhen probate has been granted, the executors haveestablished thatthere aresufficient assets in the estate to pay the liability and any conditions attached to the le8acy have been met or are withln the control of the charitv. Ibl Trading & income from Academlc Servlces Trading & income from Atademic Servi￿. 15 recognised in the perlod it is recefvable and to the extent the College has provided the goods or services. Ivil Expendlture Tradln8 expendlture represents resources expended by Westminster College Tradin8 Ltd in relation to provldlng atcommodation, conferences and events. Resour￿5 expended dlrectly in charitable actlvities are also analysed and support tosts including goveTnance costs are apportioned equally btheen them. Governance costs show expenditure related to running the charity rather than pursuing its d)aritable activities. Expenditure is accounted for on an acuual basls. lvlll Taxatlon The Charlty Is a re8lstered charlty. and as such Is entltled to certaln tax exemptions on Income and profits from investments, and 5urplvses on anytradin8 activities carried on in furtherance of the chariVs primaryobjective5, if these proflts and surpluse5 are applied solely for charltable purposes. 16- WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 20211contlnuedl {¥llll Axed assets arml depredatlon al College properties Depre¢iation is provided on College buildlngs and on other residential properties owned by the College over thelr expected useful life and after taklng Into account the estlmated resldual value. Properties are malntaSned Sn a stsle of sound repalr, resulting in a I￿8 expected useful life and expected residu?1 values not matÈrlally dtrferent from their carrying value. kcordlngly any depreclailon Is not material and $0 no depreclatlon Is charged. The Commlttee of Managemènt ¢on5iders annuallywhether any impairment is re￿sSary consideringthe lives of the properties and their residual value. Where certain improvements. such as electrlcal work5, have been assessed a5 having a limited lrfe, depreclatlon is provlded as set out below. bl Tanglble assets and depreciation Tanoble fixed assets having an initial cost of £250 or less are written off on acquisition. Highercost items are capitalised and depreciatlon Is provlded on a strai8ht line basls as a percentsge of costs as follows: Computer equlpment 25%p Furniture and other equlpment IO% pa Buildlng Improvements w￿h Ilmlted life S%pa ¢1 Other tangible assets other tan8ible assets in regular use, prlndpalty book collectior15, which have been donated to the College over the period 51nce its foundation, are not Included In the Balance Sheet. Since to obtain a reliable valuation is not practlcable. Further detalls are glven In note 7. dl Heritage assets The Colle8e owns certain manuscrlpts and artefacts that are not In regular use but a￿ held for their historlcal or artistlc qualities. They were largely acquired by the founders and donated to the College at or soon after its foundation. No formal valuatlons have been obtained for thesè assèts as the cost of obtalnlnB such valuatlons would outweigh the benefit. As a result these assets are not in¢luded on the BaLance Sheet Isee note 7). Ilx) Intan8lble fixed a￿ets Software costs are capltallsed as Intangible fixed assets and amortlsation Is provlded so as to write-off their costs over thelr estimated useful Ilves and Is Cakulated at 25% per annum on a stralght Ilne basLs. Ixl Investments Listed investments are units in Common Investrnent funds and are ststed at market value at the balance Sheet date. The difference between market value and cost is credited or debited to the respective fund. Investment Sncome is credlted to the appropriate fund awount. Ixll Pen4ons College teachlng staff who are URC mlnlsters are members of the Unlted Reformed Church Mlnlsters. Penslon Fund, a funded defined benefit pension scheme for ministers receiving a stipend from the United Refomied Church. The assets of the scheme are managed independently of the church, and pension costs are assessed in accordance with the advice of an independent qualified actuary. Otherstaff are enlitled to membership of the United Reformed Church Final Salary Scheme. a multl-employer defined benefits scheme, more detaSls of whlch are shown In note 16. In each casethe College is unableto identify its share of the underlying assets and liabilities of thescheme and therefore both are treated in these financlal statements as defined contributions schemes,. thè amount tharged Sn respect of pension costs Is the contribution payable in the year. which is induded withln the approprlate expenditure heading in the Statement of Flnandal Actlvltles and In note 6. Ixlll Finan¢ial inslruments The charity only ha5 financial as5et5 and financial liabilities of a kind that qualify as basic financjal instruments. Baslc financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 17- WESThtINSTER COLLEGE CAMBRIDGE NOTES TO THE RNANCIAL STATEMENTS for the year ended 31 December 2021 Icontlnued) (XMI) ¢3olng concern The flnanclal statements are prepared on a golng con￿rn basis whith assumes that the charity will continue in operatlon81 exlstence forthe foreseeable futu￿. The Trustees have considered possible events orconditions that might cast 518nificant doubt on the ability of the College to continue as a goinB concern. Thè Trustees have made their a5se55ment for a perl¢xl of at least one year from the date of the approval of these flnandal statements. In particular. the Trustees have consl(lered the Colle8e's forecasts and projectSons and have consklered the potential impact of the coronavlrus outbreak on the vlablllty of the College and tts 5ub51diary, as more fully explalned In the Trustees Report. The C¢lle8e's parent undertakin& the United Reformed Church TrusL has issued a loan facility of vp to £2th),LX4) sothat it will provide sufficlent financlal support to enable the Colle8e and Its subsldlary io meet Its Ilabilities as they fall due durlng the period of at least 12 rllonth5 from the date L)f approval of these financial staternents. After takin8 Ihis into account and making enquiries, the Trustees have concluded that there15 a reasonable expectatlon that the College ha5 adequate resources to contlnue in operational existence for the foreseeable future. The College therefore contlnues lo adopt the going concern basis in prepaiing its financlal statements. VOLUNTARY INCOME Grants recelvable Snclude the support for the College by the Cheshunt Foundation. whlch covers the stlpend and expenses of one member of the teaching staff, contrlbutes tothe College bud8Èt, funds student bursarie5 and provides financial support for mlnlsters tsking sabbati¢al leave at the College. The 8rant for 2021 totalled £60.518 12020- £61,083). OTHER TRADING ACTIVITIES 2021 2020 Income Bed and breakfast attommtsdation Dinners, weddings and other events 148.294 82.136 240.430 166.045 108,648 274.693 Less: Costs of activitie5 for Beneratlng funds Direct costs Staff costs and overheads 110,0271 57,454 167,4811 147.5431 1331,0601 1378,6031 Net surplus of actlvltles for generatin8 fvnds 162,949 103,9101 INVESTMENT INCOME (Broup and charlty) 2021 2020 Unitised Funds Interest on short term investments and bank deposit5 51,274 491 51,765 50,680 491 51,171 Investment Income Is split between the College funds as follows.. 2020 unrestricted tyesignated Restricted 7,619 8,902 35,244 51.765 1,519 8,722 40,930 51.171 18 WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 (continued) 5(a) EXPENDJTURE ON CHARITABiE AcnviTIES (group and charity) 2020 Audernlc se￿Ces. Teaching staff stlpends & salarles Unlversity and federation fee5 Grants to student and teachers Llbrary Miscellaneous Support costs (Note 5bl 240,577 28,082 3.300 2.558 3,887 395,101 673,505 259,940 50.060 26,027 2,368 2,823 405,287 746,505 2021 zo Academlc accommodation & conferences: Food Staff c05ts-caterin& domestSc and maintenance Maintenance let propertles College running wsts Support cost5 INote 5bl 30,193 7.061 15,712 30.688 395,101 478,755 11,755 36,128 9,105 32,194 405,287 494,469 5{b) SUPPORT COSTS Igroup and charlty) 2021 2020 College security and maintenance 102,090 53,580 36,673 57,465 459,278 106,397 49,450 38,996 45,691 491,396 78,095 549 810,574 Business rates and Insurance Irrewerable VAT Staff costs- office and management Other office costs Governance costs 169 790.202 50% shared bettveen academ1¢ services & academic accommodation 395.101 405.287 Included in other Offi￿ costs above are auditfees of £20.79512020= £18,512lfortheBroup and £17,3C(112020: £17,428) for the charity. 6 STIPEfrJD AND SALARY COSTS Igroup and charlty) 2021 2020 DurlNq the year the followin8 stlpend and salary costs were Incurred.. Mlnlsters 412020.. 41 Stipends and allowances Social security costs Penslon contributions 110,390 10,758 19.255 140.403 121.146 11.379 23.083 155.608 Lay staff 2312020.. 371 Wage5 and salary Social security costs Pension contributions Redundancy costs 439,650 32.341 97,196 7,891 577,078 665.396 47,996 170,039 19,112 902,543 19 WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANaAL STATEMENTS for the year ended 31 December 2021 (contlnutd) No mlnlster or employee recelved emoluments eX￿e￿I￿6 £60,C(10 during 2021 or 2020. No Trustee re￿IVed remuneration in respect of thelr services as Trustee other than the relmbur5ement of travel and other expenses to five individuals durlng 2021 totalllng £86012020= flve Indfvlduals totalllng £5491. Key management personnel are the Prlnclpal, Vlce Prlndpal and Bursar: of these. two are rninisters and one is lay staff. The total of employee beneflts for key mana8ement personnel was £150,02112020'. £148,383). 7 TANGIBLE & IMTANGIBLE FIXED ASSEfs18roup and tharriy) Colle propertle$ Computer equlpment Furnllure and other equipmert Total Intsn8lble tsn8lble assets Cost At l January 2021 Addltlons during the year Disposals during the year At 31" December 2021 At¢umulated depreaation At I"January 2021 Charged during the year Disposals during the year At 31" December 2021 6.418,334 120,676 190,1421 6,448.868 58,693 828.688 17,688 7,305,715 138,364 190,1421 7,353,937 40￿50 58,693 846,376 40,850 792,297 114,202 15.1931 901,306 52,936 3,545 580,678 73,725 1,425,911 191,472 15.1931 1.612,189 32,061 4.395 56.481 654,403 36,456 Net book value Group & Charity: At 31" December 2021 5.547,562 2.212 191,973 5.741.747 4.394 At 31° December 2020 5,626,037 5,757 248,010 5.879.804 8,789 With the ex￿ptIon of certaln improvements and addf(ions since 1983, the Collegè buildings are not included In the balancè sheet sincè thè usè of the College was originally a glft from the Presbyterlan church in En8land Inow the United Reformed Churchl. the value of whlch cannot be ￿adIlY ascertained without excessive cost. In addition. there Is a ovenant in perpetuity restrlctinB the use of the Colle8efor purpose5 wlder than that of a theological college.. hence an open market value cannot be applied. The College also owns certaln tsngible assets. whlth have been acquired or donated to It over the years since its foundation. not Includerl In the balance sheet since to obtain a reliable valuation Is not pra¢ti¢able. These indude the AcademSc1Sbrary aAd other l)ook collettion5 With an insurance valuation in exte$5 of £1 million, h￿torIC fvmlture and works of art. All book collertion5 are in regular use, elther for theolog1￿1 study and reference, or for historical researth. Other Items are In use or on dlsplay as approprlate. Heritage Assets In addition to assets noted above, the Colle8È owns certain manuscripts and artefacts that are nol In regular use but held for thelr hlstorkal qualltles. Most derive from the collections of the founding 515ters. Agnes Lewls and Mafgaret Gibson, and were donated by them to the College durin8 their lifetime. Some are displayed and other5 Stored. The College also holds the archives, manuscrlpts and hlstorlc books of the United Reformed Churth History Society Iwhich is a separate charityl on behalf of the United Reformed Church. Indicative vèluatlons havè been obtsined for some Items held but are not tonsidered sufflciently robust to be reported here. -20- WESTMINSTBR COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 (contlnued) INVESTMETrtrs Iwp and tharltyl {ol FIKed a55et Investments 2021 2020 Carrying value at beginning of year Net gainslllosses} Carrying valuè at end of year 1.6Sfl,293 227,604 1,917,897 1.590,280 100,013 1,690,293 Investments at book ¢ost 1.020,726 1,020,726 Investrnents are held forthe long term and comprise units in UK common Investment fvnds at market value. All Investments are held in the COIF Charllles Ethical Investment Fund, a fvnd whose ethlcal pollcy closely matches that of the Trustees. The Trustees belleve that the carrying value of the Investments is supported by their underlyin8 net assets. In the period after the year end, the value of the investments has dropped by approximately 11.5% due to market movements. bl Investment In 5ubsldlary undertakln8 Westmlnster College Cambridge has one subsidiary company, Westminster ColleBeTradin8 Limited (Company number 88553961. This company was Incorporateil on 22 January 2014 and 15 incorporated In England and Wales,. Its reBlstered Offi￿ 15 located at Westmlnster College, Madin8ley Road. Cambrld8e, CB3 OAA. The prlnclpal actIv￿leS of the Company are the provlslon of accommodatSon, meeting room5, conference faalltles and events at Westmlnster College. The Investment of Wesimlnster College Cambridge in Westminster College Tradin8 Limited ¢ompri5es 10,CKQ shares of £1 each, beln8 the entire issued share capital of the company. The Unlted Refomied Church Trust 15 the trustee of the shares held in We5tmlnster College Tradlng Llmlted. Westminster College Trading Limited distrlbute5 its taxable proflts to Westminster College by Gfft Ald. A summary of the flnanclal results of the company for the perlod to 31 Oe¢ember 2021 is shown below. Accounts of the ￿MpanY will be filed with the Re￿$trar of Companies. offt and10s5 account Year ended 31 December 2021 Year •)ded l December 2020 Turnover Administrative expenses Profltlllo551 on ordinary activitles before taxatlon Taxatlon R*ained profit: At l January Dlstributlon 82,186 {60,9911 21.195 108,648 1375,6231 1266.9751 1129,9231 137,053 At 31 December 1108,7281 1129,9231 Balance sheel 31 Decèmber 2021 31 December 2020 Current assets: Debtors Cash at bank 222 9.693 9.693 144.1921 163.5091 198,7281 9.￿7 160,9801 168,8501 1119,9231 Creditors Amount owed to parent undertaklng Total assets Capltal and reserves: Share capitsl Profit and105s account 10.000 1108.728) 198,728) 10,0 1129,9231 1119.9231 21 WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANaAL sfATEMEpirs for the year ended 31 December 2021 (contlnued) DEBTORS 2021 Group 2020 Charlty Group Charlty Prepayments and accrued income Due from Westmlnster College Trading Ltd Other debtors 28,030 28,031 62.209 36,7SO 126.990 29,562 29,562 69,766 23,879 123,207 36.750 64.780 24,101 53,663 10 CREDrroR&' amounts fallin8 due wlthln one year 2021 Griwp 2020 Charlty Grwp Charlty Trade creditor5 Due to United Reformed Church Trust Accruals Deferred income Other ￿dItOrS 124,495 475.462 54,629 49,856 23,668 728.110 124,495 474,162 51,133 8,439 23,668 681,897 7.233 438,687 47.667 76,150 54,869 624,606 7,233 437,386 44,456 22,881 52,585 564,541 Movernents In deferred Income.. Balancè at l January Received in the year Refunded in year Transferred to Income 76.150 32.506 112.2421 146,5581 22,881 2,156 111.131 63.302 19,5061 188.7771 29,370 3ce 14,0601 12.7381 116,5981 Balance at 31 December 49,856 8,439 76,150 22,881 The deferred income conslsts of rent recelved in advance and amounts received for conferen￿$ and events 3nd Bed & 8reakfa5t accomfflodation for future booklngs. 11 ANALYSIS OF N￿Ass￿ BEfWEEN FUNDS 6Eneral fund5 liestrlrted fund5 Endowment nds Group: funds T•)t81 Fund balances at 31 DKembor 2021 are represented bv: Intangible assets TanBible assets Investment assets Nel current assets Totsl net assets 4,394 I.391,C￿8 280,937 160.7801 1,615,559 4,394 5,741,747 1.917.897 148,286 7,812,324 3,907,019 330.079 91.674 4.328,772 120,676 353,180 117,392 591,248 323,044 953.701 1,276,745 Group: nd balances at 31 December 2020 are represented bv: Intangible assets Tanglble assets Investrnent assets Net current assets Total net assets 8.789 IA75,026 247,597 269,675 1.461,737 8.789 s￿79,804 1,690,294 12,826 7,591,713 4,081.734 290.908 90,245 4.462,887 323.044 840,522 311.267 192,256 503,523 1,163,566 WESTMINSTER COLLEGE CAMBRIDGE NOTES TO ThE FINANCIAL STATEMENTS for the year ended 31 December 2021 (wntlnued) 11 ANALYSIS OF NEf ASSETS BETWEEN FUNDS IContlnu•d) General fvnds Restrkted fund5 Endowment fund5 Charltr. Fund balances at 31 December 2021 are represented by.. Intangible assets Tangible assets Investment assets Investment In sub5idlary Net Current assets Total net assets funds Total 4,394 1,391,008 280.937 io,occ 37,950 1.724,289 4,394 5,741,747 1,917,896 10,000 247,016 7,921,054 3,907,019 330,079 120,676 353,180 323,044 953,701 91,674 4,328.772 117.392 591,248 1,276.745 (￿lity.. Fund balances at 31 Oe¢ember 2020 are represented by: Intanglble assets Tangible assets Investment in 5ubsldlary Investment assets Net current assets Total net assets 8.789 1,475.026 247.597 lo.￿0 112,7cKII 1,728,712 8,789 S,879,804 1.690,294 io.c 265,085 7,853,972 4.081,734 290.908 323,044 840,522 311,267 90,245 4,462,887 192,256 503,523 1.163,566 12 SUMMARY OF FUND MOVEMErits 2021 Movements Translers GOIn￿{loSSeS) bets¥een on Invesknem funds antè Ilesourus Expehded 88l•n¢e 31De¢1021 11￿ ZI21 Resourees CApit•l G¥wp& Ch¥lty Ctsllege Genernl Fund Chalr Endowment Fund College Llbrary Fund Book Grants Fund EWTodd ￿Morfal Fund JgnetHa5tln85 Barfow Fund iewls &Glbsgn s￿￿4r$hIP Fund 325,C44 436,738 67,2C8 24,367 7.728 31.527 171954 495,547 76,2S7 9.￿0 1281 &769 35.772 4245 *754 Toialcaplta Ftshds-charfty IW566 4179 ¥Z74745 Deslin•t•dFynd5. 6rnup & ¢h*lty Sale of NeS￿e Ubrary Fund A¢￿$$ Fund DevelopmentFund Alumnl Fund 2q323 6Q883 4.¢J8&788 11.892 119J21 11(yx)I 39.ln 4419 115ni 1174,7151 E4731 3,914,073 15.473 Totsi Des1￿￿￿ Fund5 177 34in WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS CONTINUED for the year ended 31 December 2021 Icontlnued) 12 SUMMARY OF FUfrID MOVEMENTS (Continued) Translets G•lnslllussesl between ￿ Invesbnent 1$5ets Ilesgu￿9 Expended alirte De( Resourtes p￿l¢ledFundy. fjrnup& ¢h•fty He•lÈy Leaacy Fund thalr Endowment Fund College Llbrary Fund 8DokGrants Fund EW Todd Wmorial Fund J3netHasDn85 Barlow Fund Peter Barrodough TrnvEI Fund MaryTod V*morial Fund Prfndpal'5 DiscretionaryFund Reld Lerture Fund Lewls &GlbsonStholarshlp Fund BuT5ary Fund Tower Fuml 5.632 395 164 .366 4395 44,384 11621 I￿,2f￿) 4220 115581 5,118 Ll96 357 1,571 1232 8L359 219,C 17,770 3.579 91568 249.240 23,197 (IF￿> 24.633 &352 119251 1(ty1.325 Totsl R•strlcled Fun05.Group &thsrlty 4L913 594248 UnYt5trfrted Funds General Fund- Charity General Fund- Subsldl8ry ¥225,￿1 141518141 I￿,931) 27,QYI l437.7XS I77,￿8 156.615 Totsl Unrestsicted Fur4ts. fjffjup& (hxlty W¥737 ¥))7.￿5 46￿559 Toi*li 7,mny 387,4M I&W56 2020 Movements Twsfors Galnslllossesl Resow¢es betweth •nlnv*stmert 8olance Expended funds 31De¢2Q20 Bthn¢e ljw IL Res0uY￿S Capiial F￿￿. fjroyp &Chwlty Colle8¢ 6•neral Fund Chaic Endvwment Fund College Ubrary Fund Book Grnnts Fund EWTodd ￿mO￿al Fund JanetHa5tin8s Barlow Fund Lewls &Glbson5cholarshlp Fund 321004 41Q896 63,231 U925 7.271 29,662 436,738 L442 457 24,367 7,728 31￿27 TotslC•pltsl Funds. Ch•th Desl8nat•d Fmds. Group& Charfty Sale of Nestle Ubrary Fund Attess Fund Developmem Fund Alutnnl Fund 276,110 &722 1&7221 17.213 141161 I177.￿> 147391 4￿619 1¥599 4,084788 IL￿3 S￿3 4614928 17.213 -24- WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS CO￿lNUED for the year ended 31 Detember 20211contlnued) 2020 Movements {conllnued) Tr•sl•r$ 6•In￿1￿M$} bet**en w I1)￿$1M•￿ fmds assets 8ilance Ajah￿R0 Incomln¥ Expelthd 31Dec2020 Rertdc¢•d Fund5. Gn>wp& th*lty Healey Le8aty Fund Chair Endowment Fund College Llbrary Fund 8oDkGrnnts Fund EWTodd Memorfal Fund Janet Hastlngs Barlow Fund Petel Barradou8h Travel Fund MoryTod ￿[T￿rIal Fund Prlnclpal's fMs¢retlonary Fund Reld Letture Fund Lew15 &Glb50n Scholarshlp Fund Bur5Jry Fund Tower Fund 291 IM.8951 6.395 40.722 IL7411 1583 LJ72 11415 11455 125 75,793 4039 IV551 I%U61 81,359 2L9,r 17.769 IOA24 75,CfO Tot4 R¢thttedFunds. Group & Chwlty 114752 L•nres¢rfct•d Funds Genernl Fund- Charfty General Fund- Sub￿dIary ¥534,X12 147.(53 221166 11489.6131 21617 LX6.ll2 154615 Totsl UNestrkted Funds. Group& Ch*lty 24617 Totals 7￿1￿385 471711 14797, 10> 7J9Ln2 IY DESIGNATED FUNDS {a) Sale of Nestle Llbrary This fund arose from the sale of a German language theologlcal Ilbrary In 1996 when the Board of Governors set aslde the pro￿￿$ for an un5pedfied future purpose. The Trustees agreed In 2010 to hold thls fund as a reserve fund. Ibl Development This fund met the costs of the College refurbishment prograrnme in 201>14, and now holds the assets acquired as a result. Ic) Accessfund This fund was Set up by the Board of Govemors In 2014, uslng part of the proceed5 of sale of two propèrtie5 In 2013. It is intended to provide flnancial aSSistsn￿ where needed to those wishing to acce5S the ColleBds courses and artivities. (dl Alumnl Fund Thls fund was set up by the Board of Governors in 2018 when The Friends of Westminster and Che5hunt Colleges was dlsbanded; its reFnainin8fund5weretransferred to Westmlnstèr Colle8è. The fund will be used to help Alumnl maintain links with the ColleBe. -2S- WESTMtNSTER COLLEGE CAMBRIDGE NOTES TO THE FINANaAL STATEMEPITS CONTINUED for the year ended 31 December 2021 Icontlnued) 14 REsTrIc￿ FUNDS lal The Re5trlcted Funds of the College, thelr Incomlng resources and resources expended are shown In the Summary of Fund Movements, Manyarlse from past donatlons or bequests and all are being used fortheirspecified purposes to the extent that avallable funds and relevant purposes allow. Ibl The Healey Legacy fund may be used for a¢ademi¢ or general purposes. the oft￿ restriction beingthat the authority of the SenatUS is requlre