WESTMINSTER COLLEGE CAMBRIDGE Trustees, Annual Report And Consolidated Financial Statements 2022 (Registered charity number 311449) WESTMtNSTER COLLEGE CAMBRIDGE WESTMINSTER COLLEGE CAMBRIDGE TRUSTEES, REPORT 2022 The Dirertors. who are also Trustees of the charity. submlt thelr report and the audited consolldated flnanclal statements for the year ended 31 December 2022. Th15 report fvifils the requirements of the Charltles Art 2011 for a Trustees, Annual Report. Mernbership Ilsts for the Board of Governors, College Committees and Colle8e Staff cover the perlod January 2022 to June 2023 inclusive. The remainder of this report covers the calendar year 2022. Board of Governors: Revd Nigel Uden (Convenerl 'Q) Revd Jan Adamson '￿) Iresi8ned July 20221 Mr John Ellis 'lD Dr Alison Gray ITeachlng Staff representatlve, resigned October 20221 Revd Dr Rick Mearkle (Teaching Staff representatfve, from October 20221 Mr Andrew Grimwade 'lTrea5urerl Fr Dragos He￿$¢Y lappolnted by Cawnbrldge Theological Federatlorbl Mr Wllllam M¢Vey m (appointed by Che5hunt Foundation) Revd Dr Robert Pope IT) IAttin8 Principal. ex officiol Revd Stuart Scott"LTI Mrs Darnette Whitby-Reid * Dr Giles Waller lappointed by Cambrldge Universltyl Mr Chrlstopher Wright Icierkl 'U IResiBned July 20221 Revd NaomS Youn8-Rodas Iclerk from July 20221 Ms Ruth Dewis (Student representatlve to Juty 20221 Mrs Stephanle Atklns (Student Representatlve from July 20221 appointed bythe General Assembty of the United Reformed Church Trustee of the Charity for all or part of the period In attendance.. Mrs Magalie Cooper IBursar, to 3 January 20221 Mr lan Hardie (Hon Treasurer of the United Reformed Church) Revd Jennifer Mi115 Isecretary for Educatlon & Learning of the Unlted Refomied Churchl Mr Simon Shinkfield IBur5ar and General Manager. from Juty 20221 The Trustees are assisted by: Board of Studies: Revd Stuart Scott Iconvenei Revd Peter Ball Rèvd William Bowman Dr Alison Gray Revd Dr Rlck Mearkle Mrs Val Morr150n Iclerkl Revd Dr Robert Popè Revd Drjonathan Soyars Revd Nigel Uden M5 Ruth Dews Istudent representatlve from June 20211 WESTMINSTER COLLEGE CAMBRIDGE TRUSTEES, REPORT (Cont) ment Cornmlttee: Mr john Ellis Iconvenerl Mr Andy Fleming laerkl Ms Ruth Dewls Istudent representatlve to July 20221 Mrs Stephanle Atklns (Student Representative from Juty 20221 Mr Andrew Grlmwade {TrèaSu￿￿j Dr Augur Pèarce Mr Davld Thomas (from September 20221 Mr Robert Buss Idled January 20231 Revd Dr Robert Pope IAtting Prlncipall Revd Drjonathan Soyars (Director of Che5hunt Foundatlonl Revd Nlgel Uden (Convener of Board of Governors) Officers Tpochin Stu fSenatusJ Revd Dr Robert Pope IDirector in Church History and Doctrine: Actlng Principall Revd Peter Ball IDirector of Church Resource Development Dr Alison Gray IDlrector in Old Testament Studlesl Revd Dr Rick Mearkle (Director of Pastoral StudSesl Revd Drjonathan Soyars (Oirector in New Testament Studies,. Director of the Cheshunt Foundation) frsor Mr John Ellis (Honorary Interlm Bursar to Juty 20221 Mr Slmon Shinkfield (Bursar and General Manager from July 20221 Westminster College was founded in 1844 as the College of the Presbyterian Church In England-, It took its present name on moving to CambridBe in 1899. It Is registered with the Charity Commission under charity number 311449. Prlncl l Office Westminster College, Madlngley Road. Cambrid8e, C83 OAA Advlsers SlaterHeelis. formerlyTowns Needham & Co Kin8S8ate12nd floorl Sl-53 South Kln8 Street Manchester M2 6DE Ind ndentAudito Moore fingston Smith LLP 9 Appold Street London EC2A 2AP Uoyds Bank plc 3 Sidney Street Cambridge C82 3HG WESTMINSTER COLLEGE CAMBRIDGE 5TRucfuRE, GOVERNANCE AND MANAGEMENT Govemlng Document The Charity Is govemed by the General Assembly under clavse 2.6 IA) Ivll of the Structure of the United Reformed Church IURCI throu8h a body of Governors appointed by it, In accordante with the tem)s of the Trust Deed of 1899 as modlfled by the United Refomied Church Art 1972. Governing Body The College Governors. listed above, are appointed according to a plan approved by the General A55embly of the United Reformed Church In 1995, amended by Misslon Council in March 2018. They are a5SiSted by a Board of Studles and the Management Commlttee, each chaired by a Govemor. The freehold of the land on whlch the College is built 15 held by the United Relormed Church Trust I'URC Trusy). The Governors of Westminster College who are ellgible to serve as Charity Trustees and are membèrs of the United Reformed Church are theTntstees of the Charitable Funits of Westminster College. The name5 of theGovernors who were also Tru5tee5 durln8 the rèlevant perlod are marked as (D In the list of Governors. Recrultmentond Training of Governo Those Govemors appointed by the General A5sembty of the United Reformed Church aTr nominated by that Church's Nominatlons Committeè, In Consu￿atIon with the College Governors. These Govemors serve for term5 of slx years. renewable for a further term. Other Governors are nominated by the Unlverslty of C3mbrid8e. Angtla Ruskin Unlverslty and the Cambridge Theological Federation for appointment by the Nominations Commr(tee. The Prlnclpal of the College and the Chalr lor other G¢)vernorl of the Cheshunt Foundatlon are ex offido. and the teachers and the students of the Colle8e each hoose one of their number to represent them. The Board of Govemors and the Nomlnations Committee give consideratlon to the balarKe of skllls and experlence In the Board of Governors when considering chanBes in membership. All new Govemors ￿te1ve informatlon about the Colle8eand are Inducted Into their role. Trainrn815 provided via general exrernal courses and events where p0$5ible, and training Is glven in conjuncti(Jn with quarterly meeting5 In speclfic areas of governan￿ as need5 arise, to assist in the performan￿ of thelr dutles as irustees. Or9onisutionalMonogement The College Governors and Management Committee each meet four tlmes a year. The Management Committee recelves financial and management reports and acts on behalf of the Govemors in matters delegated to It. It reports to every meeting of the College Govemors. The Board of Studies meets at least three tirnes a year and oversees the educational work of the Colle8e,' It also reports to every meeting of the College Governors. The Board makes fomal decisions on student admi5510ns. programmes of study and the award of the College leaving certiricate. on the recommendation of the academic staff of the College, known collectSvely as the Senatus. The Board also acts as the body which offers quality assurance to and overslght of the College's own Llvlng Mlnlstry Programme. It reflects on and oversees the developlng role of the College as a Resource Centre for Learnlng of the United Reformed Church and offers overslght to the development of all Its progiammes and learning events. The Board of Govemor5, the Mana8ement Commlttee and the Board of StudlÈs each I￿[ude a student representsti¥e for discusslon of unreserved business. The day to day runnlng of the College is delegated to the Princlpal, supported by the Senatus and the Bursar and General Manager. The Principal attends all Boards and Committees. A member of the Senatus attends the Management Committee as a Director of the Che5hunt Foundation. All member5 of the Senatus attend the Board of Studies. The key management personnel are consldered to be the Principal. Vice•Principal and the Bursar and General Manager. Remuneratlon of key management personnel is set in thesame way as thai of other equlvalentstaff. Those who are ministers of the Unlted Reformed Church recelve the same baslc Siipend as other mlnisters. the level of which Is recommended by commtttee5 of the Church and confirmed by its Trustees. The pay of laystaff Is Set atappointment by a group delegated from the Management Committee, havlng iegard to comparable posts in Cambridge- this 8roup also proposes annual Increments. whith are endorsed by the Management CommSttÈe. We5tminsterCollege Troding Limited Westminster Colle8e Tradlng Llmlted, a wholly owned subsidiary company of Westminster College. was reg15tered on 22 January 2014 pdmarily to carry out the conferenclng and accommodation business of Westmln51ei. The Board of Directors comprlse5 offlcers and members of the goveming body ol Westminster College- Revd Or Robert Pope.. Mr John Ellis Ichalrmanl and Ms Margaret ￿nn1tt (also Cornpany Secretary). WESTMtNSTER COLLEGE CAMBRIDGE Other relationshlps A. In 1967 Che5hunt College, CambrldBe mefged Its operations with those of Westminster College. The remalnlng Capltal funds of Cheshunt College are administered under a Charity Comrnlsslon Scheme of 1972. by the Trustees of the Cheshunt Foundation. The Cheshunt Foundatlon Trustees and the Westmlnster College Trustees opeiate independèntly, but each nominates a Trustee to be a Trustee of the sister trust. A slgnlflcant part of the income of the Cheshunt Foundatlon Is applied by its Trustees to provlde academic services at Westminster. B. Westmlnster College bs a fully partlcipating member of the Cambrid8e Theologlcal Federation I'the Federation'l. such, It has obli8ation5 and commitments in the provlslon of leachin8 and support forthe various common teachlng pro8rammes of the Federation. including the Bachelor of Theolog¥ degree of Cambridge Unlversity,. the Common Awards IBA and MAI, valldated by Durham Unlverslty and deployed for ministerial trainlng across a large number of TheoloElcal Educatlon Institulions around the country,. and the Profes51onal Dottorate of An￿la Ruskin Unlversf(y. We5tminsterfs academlc staff are involved In teaching across all these awards. and Westmlnsterfs facilrties are widely used by staff and students of the Federation. The central stsff of the Federation occupy one of the Colle8e Bounds houses a5 an adrnlnlstratlve hub. C. The CambrSd8e Centre for Christlanlty Worldwide Icccw) is an independent charlty for the study of rni55ion and world Christlanrty, and an Assoclate Member of the Federation. The Centre lincluding its library, dlrector and SUPPOft staffj is based In Westminster Colle8e, and there are close links between the two bodle5 in terms of teaching and research. D. The Woolf Institute of Abrahamic Falth5, another Associate Member of the Federation working rn the field of Interfaith relations btheen Jew5, Christians and Muslims, occupies a buildrn8 on the Westminster site. The relationshlps outllned above demonstrate a campus of theolo8ical instltutlon5 at Westminster. a vlslon the College Govemors and staff all embrace and continue to work towards. Riskmunogement The Board of Governc*r5 15 responslble for the mana8ement of the risks faced by the Colle8e. The Management Commlttee prepares a rlsk anatysis each year, in consultation with the Unlted Reformed Church. The Governors appoint a Finandal Managemènt Review Group to review all financlal management annually. A formal revlew ofthe charlty's Ti5k management processes is undertaken annually. The key controls used by the charity Include.. Formal agendas for all Board and Committee activity Establlshèd organisational structure and line5 of reportln8 Formal written policies aear authori5ation and approval levels Vetting procedures 85 required by law for the protectlon Df the vulnerable The use of expert consultants, as neces5ary.to advise on5pecfflc areas of iisk and to enable thecollege to Implement the appropriate response5 and controls The key areas of risk5 facing thè Colle8e relate to academi¢ pro8rammes, lInan￿ aftd the College premlses as well as the residual risks cf Covid-19 restrictions. The Governors closely monitored the phase out tsf Covid-19 restrlctlons and associated risks. Foll¢win8 government advice and the declslon of the Federation, W￿tminsterf$ academic a¢tikitie58radually retumed to In-per50n teachlngthroughout the year. though ￿ntInuing to also offer hybrid teachlng option5. On-campus and face-to- face bu51nes5 gradually resumed, though with reduced adminlstrative and operatlonal staffing levels, resulting frorn pandemic necessitated stoff redundancies and resl8natlon5. The College enacted caretul budgeting in ￿ponse to market uncertainty to ensure prudent operational existence for the foreseeable future. Areas of rlsk relating to the academlc programmes and teaching staff of the College are attended to with Ca￿ throu8h the College teaching team, the Board of Studies and thè vorious structures of the Federatlon. Flnan¢Sal controls are robust and Include monthty reports detailing outtums a8ainst prolectlons and budgets which are scrutinised by the Management Comrnittee. The College work5 closely with ihe Education and LearninB Committee and the Mlni5tries CommlltÈe a5 well as key Flnance and Human Resources stsff of the URC, drawlng on thelr expertise and ensuring that Westminstees developlng work is harmonlsed wlth denominational requirements and expectations. Concerns about indlvldual student5 are handled through robust and transparent pro¢esse5 developed across all of the URes trainin8 ￿ntres. The College buildlngs Include all relevant feature5 in terms of sèturity and access control alongside flre detectlon and prevention equlpment. It is recognised that the 5y5tem5 can only provlde reasonable but not ab501ute assurance that major risks have been adequately managed. The College has a Pro￿$5 to review re8ularly and, if ne￿Ssary. Èxtend its pollcles and procedures. The College Is extremely well Served by a committed tèam of adrninistratlve and support staff and a part-lime Estates Manager who work to ensure that the buildin8s at Westminster are properly maintalned and looked after. WESTMfNSTER COLLEGE CAMBRIDGE OBJECTIVES AND AcllviTIES The Charitv's object, as set out In Its Trust Deed, Is to be a theological College of the Unlted Reformed Chvrch, and thus to provlde educatlon and to promote the Christian religion. The College prepares students to serve as min15ter5 of Word and Sacraments, and provides for sabbaticals and Fn-service tralnlng for those already ordalned. In addltion. the College also offers educational resources to those who are preparlng for or are already fulfilling ministries as lay Preachers or Elders withln the Church, as well as to church members who wish to deepen faith. The College teachin8 5taff1Senatusl have signlficant and 8rowlng role wlthin the Church as ih05e who provlde learning in the Chrlstian faith for a wlde range of meetlngsi cr}nferen￿S and groups, and who also resource the Church through thelr writing and publications. The experiencè of the Covld-19 pandemlc has resulted In more of thls work being prepared and dellvered online. Within it5 oblectfves, the Charlty must rnalntaln the Grade 2 listed bulldlngs, admlnlster an(J maintain varrous scholarshlp funds and to ore for a large collectlon of books, artefacts and historic documents. Reviewof perf0M￿nCefor2O22. l. Monltor and re-evaluate the Colle8e'5 business exiting the pandemic. while contlnulngto offer high quallty se￿ceS to all who use Westminster. The commercial and anclllary buslnesses, comproslng Accommodation. Catering and Conference and Events, were severely affected by the Covld-19 pandernic. Temporary kitchen arrangements and agency staff covered until market certalnty returned. Flfteen accommodation rooms in the East Wlngwere leased to Lucy Cavendish Collegè as Student accommodation for the academic year 2021-22. The Govemors considered the secure stream of income to be a prudent deusion and continued the erb8agement with Lucy Cavendlsh College for the academic year 2022-23. Expand upon the work of the Medium Term Strategy Group in conslderlng the future strate8Oc dlrection of the college. The Governors established a Medrum Term Strate8y Group IMTSGI In 2021 to conslder coll￿e operations and make recommend3tlOn5 about future a¢tivrty. The work of the MTSG and Its final report ha5 been developed into a lon8-term strategy and financial plan for the College. Advanced drafts were ¢onsldered by the Governors In December 2022. Th1$ work is to be contlnued and finallsed in 2023. 3. Gradual resumptlon and increase of buslness wlth cautious expanslon to staffing levels and financial man88ement. As College busIn￿$ has continued to Increase. Governors have striven to balance 5tafflng levèls wlth operatlonal demands. Thère has beèn a gradual expansion of staffing toward5 pre-pandemlc levels. The Governors decided that addr(lonal expenditure towards the end ¢f 2022, whlle in advance of complementary revenue, was essential to ensure the college could deliver increased commltments and seize new opportunities in 2023. ObJectivesfvr2023 Hnalise and publicise a ¢hhllenglng but exdtlng Strategic Plan and a550Ciated Flnan¢lal Plan to 2030. Recruit replacements for two retiring member5 of Senatus and commence recrurtin8 process for a new College Prlnclpal. Explore provislon and expan51on of academic pro8rammes to new audiences. 4. Agree lonBer term fundlng patterns from the central URC bud8et. Develop the commercial operatlons and opportunities based on robust costs data. Expand the underpinning finances throu8h the establishment of an endowment fund to malntaln the upkeep of the building and attend to the onBolng operatlonal requirements in the medlum and long term. PUBLIC BENEFIT STATEMENT The Colle8e's pdmary purpose is to be a Resource Centrè for Learning IRCLI withln the URC, and thus to provide education and to promote the Christlan rellgion. The Trustees of the College take account of the Charity Commission's published guldance In regard to public benetl¢ in conducting the athivrties of the College. The following a￿ examples of thè College's work durtng the year under revlew which have contributed to the fullTlment of the charitvs publlc benelSt obligations: The Colle8e, in consultation wlth the URC, prepa￿5 Students to become Minlstèrs of Word and Sacraments wlthln the Church. The full costs of such tralnln8 are, where necessary, made avallable by the URC. The College also provide5 ministerlal educatlon for students of certain other dènominations and independent churches who, from tlme to time. WESTMINSTER COLLEGE CAMBRIDGE may dlrect students to tt. Additionally, thè Colle8e welcomes Independent 5tudenls who w15h to study for a degree in theology for minlstry and offers bursarie5 for those who need financial help. The College plays a full part in the work of the Cambridge Theological Federation, contrlbutlng teachin& leachln8 facllities. ané Ilbrary aC￿SS for ordinands and other students from other Christian denomlnatlons who a￿ studylng at member Institutions of thè Federation. These service5 are provl(led on an exchange basls with other member institutlons within the Federation. As an RCL for the whole URC, the Collège Increasingly provides course5 for the Iralnlng of lay leader5 w￿h1n the Churth for example, lay preachers. This has primaTIty returned to in*er50n engagemenL with some online provision remaining. Trainin8 for mSni5try has remained free. wlth the only charges belng for accommodation and meaLs. The College's Ilbrary is available for use, without charge. by all members of the URC and the Federdtion. and by oiher readers at the dlscretion of the Principal for a modest annual membership fee. The College's extenslve archlve of hlstorical materials lincludin8 the papers of some of the former staff of the College) is slmllarly made available to enquirers, on a no-COSt basi5 but wlth an Invitatlon to make a voluntary donation to defray expense5. By a Memorandum of Agreement with the URC Hlstory Society IRe8iStered Chadty no.2792131 the College'5 library and archives also contaln the library and archive5 of the Society, which are similarly available to researchers. As on integral part of the ColleBe's ministry. the College teachlng staff accept 5peakin8 and teaching enga8ements throuBhout the United Kingdom, and oceasionally abroad. Theteathing staff regularly contribute to a variety of rèligious publlcation5, which are used wlthln and beyond the URC. The Collè8e provides hlBh quality facllities for people wlth dlsability and for meeting and conference space which we hope that those beyond the Church wlll value and want to usp. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results for the year are shown in the Consolidated Statement of Financial Actlvf(les on page 13. The ColleEe had a net decrease in funds of £370.30112021- Increase of £220,611). whkh comprlsed: 2022 2021 Donations. 8rants and legacies Incomè from charitable activtties Actlvities for 8eneratlng lunds Investment income Other Income Totallncome Expendlturè on.. Raislng funds Charitable activltles Totalexpended 401.831 716.778 366,746 56,508 47,873 1,589,736 272,116 499.289 230.430 51,765 333,864 1,387,464 201.519 1.520,252 1,721,771 67,481 1,326.975 1,394.455 Net loss Net 8ainllloss} on investments 1132,0351 1238,2661 1370,3011 16,9921 227,603 220.611 Income andexpendltsre Overall, total income increased by £202,272 from 2021, largety due to the gradual re5UrnPtion of college artivities and operatitsns followlng the easing of Covid-19 restrictlons. In conslderlng trends and antF¢ipating the Increased levels of buslne55, the Governors determlned It necessary to increase staff levels to capitallse on future commercial opportunltles. Addltional expendlture was re5ultantly inturred, re5ultinB in a net 1055 of £132,035. The net Impact of the year was compounded by a nÈt105s on investments of £238,266, offsettin8 the atyplcal Increase in 2021. Resenws Polky At 31 Oecember 2022, total ￿n￿striCted incomè fund5 Igeneral and desi8natedl totslled £5,660.95312021= £5,944,331). However. thls Ss mostly held in flxed College assets. Unrestricted liquld funds totalled £127.03312021.' £220,157). The College holds just ovèr £291,￿0 In the Sale of the Nestle Llbrary designated fund, which can be repurposed Should the need arlse. The Trustees hope the return to a regular balanced budget will allow the College to build up free reserve5 equivalent to 3 months income li.e. aro(tnd £400kl without havin8 to make of this deslgnated fund. WESTMINSTER COLLEGE CAMBRIDGE InbYstmentPoM¢y The College investments represent permanent endowment and unexpended Income of its restricted funds, as well as other fund5 held as reserves- they are invested In common Investment funds to secure income for thelr purposes, with long-term pltal growth. Investments are held and administered by the United Reformed Church Trus¢ whose Imie5tmenl committee monltors theirpro8ress. Otherfunds thatare expected to be requlred in the shortor medium term are held on term deposlts. 6olnq concern The Trustees have consldered possible events or condition5 that might cast slgnfficant doubt on the abllity of thè College to contlnueas a 80inB concern. The Trustees are encouraged that the trading sub51dlary returned to profit this year and expect5 next yearto have even Breater results. In 2023. the College ha5 518ned a Loan Agreement with the United Reforffled Trust to Confirm the provislon of a £395,(£Q loan to SUPPOrt the College followlng the extreme demands of the Covid lockdown perlod. The United Reformed Church Trust has also granted a Ilne ol credit up to an additional £200.OCQ. This wlll provide sufflcient flnanclal support to enable the College and it5 subsldSary to meet its Ilabilltles as they fhll due during the period of at least 12 months from the date of approval of these financlal statements. The Trustees have made thelr assessment for a pèriod of at least one year from the date of the approval of these financial statements. In particular, the Trustees have considered the College's forecasts and projertions and have considered the lasting Impart of the Covi&19 pandemlc as well a5 inflationary pressures from the current e¢onomic cllmate on the Viability of the charltable group. After making enqulries. the Trusiees have conduded that there is a reasonable expectatlon that the College h85 adequate resources to continue in operatlonal exlstente for the foreseeable future. The College therefore contlnues to adopt the going concern basss In preparinB Its financial statements. WESTMINSTER COLLEGE CAMBRIDGE StqtementoA TnthrfRespthislbKItIts The Trustee5 are responsible for preparong the Trustees, Annual Report and the finanaal statements In accordan￿ with appllcable law and United Kingdom Accounting Standards (United Klngdom Generalfy Accepted Accountlng Prartlce). The law appllcable to charitie5 in EnBland and Wales requlres the Trustees to prepare financial statements for each flnancial year whi¢h give a true and falr vlew of the state of affalrs of the charity and of the incoming resour￿$ and application of resource5 of the tharlty for that perood. In preparing these financial statements. the Trustees are requlred to: select sultable accountin8 policie5 and then apply them consistently; observe the methods and prlnclples in the Charities SORP 2015 IFRS 102}- rnake judements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any materlal departures dlsclosed and explalned in thè financial statements; and prepare the financial statemènts on the goin8 concern ba515 unle55 It is Inapproprlate to presume that the charity wlll continue in business. The Trustees are responsible for keeplng proper accounting records that di5c105e wlth reasonable accuracy at any tlme the financial positlon of the charSty and enable them to ensure that the ffinancial statements comply with the Charlties Act 2011, the Charlty (Accounts and Reports) Regulatlons 2(¥J8 and the provislons of the trust deed. They are a150 responsible for safeguarding the assets of the tharity and hence for taklng reasonable steps for thÈ prevention and detectlon of fraud and other Irregularitie5. Each of the Trustees tonfirms that: so far as the Trustee15 aware there Is no Infomiation of which the charitvs auditors are not aware; and • the Trustee5 have taken all the steps they ou8ht to have taken in order to make themselves aware of any ￿levant audit information and to establlsh that the charitvs audltors are aware ot that Information. Approved by the Board of Governors on 28 June 2023 and signed on its behalf by: Uden WESTMINSTER COLLEGE CAMBRIDGE INDEPENDENT AUDITOR'S REPOftTTO ThE TRUSTEES OF WEsfMINSTER COiLEfjE CAMBR106E Opinion We have audited the financial statements of Westmlnster College Trmbridge lthe 'pa￿nt charitll and Its subsldlaries Ithe 'group'l forthe yearended 31 De￿rnber 2022whlch the Group Statementof FinancialActlvltles, theGroupSummarylncome and Expenditure Account, thè Group and Parent Charltable Company Balance Sheets, the Group Cash Flow Statement and notes to the fjnancial st&ements. Sncluding si8nifi¢ant accounting pollcles. The financl?I reporting framework that has been applled In their preparation is applicable law and Unlted fingdom Accounting Standards, includinB FRS 102 The Flnancial Reportin8 Standard Applicable in the UK and Republbc of Ireland. Iunlted Kingdom Generalty Accepted Accounting Practice). In our oplnlon the financlal ststements: Blve a true and frdir vlew of the state of the youp's and parent charitvs affalrs as at 31 De￿mber 2022. and of the group's Incomlng resources and appllcation of rèsources, for the year then ended,. have been properly prepared in accordance wlth United Klngdom Generally Accepted Accountin8 Practlce,. and have been prepared in attOrdan￿ wlth the requlrements of the Charitie5 Att 2011. 8asi$ for oplnlon We condurted our audit in accordance wlth International Stsndards on AuditinB IUKI IISA5 IUKII and applicable law. Our responsibilille5 under those standards a￿ further destribed in the Audltorf5 ResponSibil￿leS for the aud￿ of the financial statements 5ectlon of our report. We are independent of the charlty in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK Includin8 the FRCS Ethical Standard, and we have fulfilled our other ethical ￿pOnSIbIlitieS in accordance wlth these reqU1￿Ments. We believe that the audlt evldence we have obtalned is sufficient and appropriate to provlde a basis for our opinion. Conduslons relatlng to 8olng cort¢ern In auditing the flnancial statements. we have concluded that the Tru5tee< use of the 8olng concem basis of accountlng in the preparatlon of the financial statements Is approwiate. Based on the work we have performed, we have not Identlfied any materlal un￿rtaintieS relatlng to events or condltlons thaL indivldually or collertively, may cast signlflcant doubt on the group's and parent ¢haritVs ability to contlnue as a golng concern for a perlod of at least twelve months from when the financlal statements aTe authorlsetl for issue. Our responslbilltles and the re5ponsibllities of the TNstees wlth respect to golng concem are described In the relevant sectlons of thls report. her Infomiatlon The other Informatlon comprises the information included in the annual report, other than the financial statements and our audltorfs report thereon. The Trustees are ￿spOnsible for the other information ¢ontaSned within the annual report. Our opinlon on thellnancial statements does notcover the otherinformation and, e￿ept to the extent otherw15e expllcitlystated in our report. we do not expfe55 any form of assurance concluslon thereon. Our responslbility is to read the othef informatlon and. in doin8 50, conslder whether the other Information Is materially rnconsistÈnt with the financial statements or our knowledge obtained in the course of the audit oi otherwSse appears to be matertalty mi55tated. If we identify such material inconsistenties or apparent material misstatement5, we are required to determine whether therels a material misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that the￿ is a material mlsstatement of thls other inforn)ation. we are required to report that fact. We have nothlng to report in this reBard. Matters on whlch wo requlred to report by ex¢eptlon We have nothing to report in re5pert of the following M￿e(S where the Charities Act 2011 requires US to report to you if. n our oplnion: the Information ￿Ven In the Trustees, Annual Report Is incon5i5tent In any materlal respect with the fI￿n￿al statements,. or WESTMINSTER COLLEGE CAMBRIDGE the charity has not kept adequate accounting ￿cords. or the financlal statements are not in agieemènt with the accounting records and returns: or we have not receNed all the informatlon and explanatlons we required for our audit. Respon51bSlllles of tn￿teeS As explained more fully in the Tru5tees' re5ponslbllltles statement set out on page 8. the Tru5tee5 are responslble fof the preparation of the finandal statements and for beinB satlsfied thatthey8ivea true and fairview, andforsuch Internal Control as the Trustees (letermlne Is nece55ary to enable the preparation of financlal statements that are free from material misstatemen( whether due to fraud or error. In preparin8 the flnanclal 51atements. the Tru5tee5 are responsible for asses5illE the group and parent charlty's ablllty to contlnue a5 a golng concem, disclosln& a5 applicable, matters related to 80ing concern and uslng the going con￿rn basls of accounting unle55 the Trustees etther intend to liquidate the group or parent tharity or to cease operations, or have no reallsfjc alternative but to (lo so. Audltorf$ ftespDns]blllllK lor the audlt of the fin•ndal staternents We have been appolnted as auditor under sectlon 144 of the Charftles Att 2011 and report In accordan￿ with regulations made under section 154 of that Att. Our obiectlves are to obtaln reasonable assurance about whether the financial statements as a whole are free from materfal mlsstatement, whether duè to fraud or error, and to issue an auditorfs report that indude5 our oplnion. Reasonable a5surancÈ is a high level of assurance but 15 not a guarantee that an audll conducted in attordance with ISAS IUKI wlll always detect a rnaterlal mi551atement when it exists. Misstatements can arise from fraud or error and are considered material if, Individualty or In ag8re8ate, they ￿Uld reasonabty be expected to influence the economlc declslons of users taken on the basls of these flnanclal statements. As part of an audit In accordance wlth ISAS IUKI we exerclse professional lud8ement and maintain professronal s￿ptIcISM throughout the audlL We also: Identrfy and assess the rlsks of material mlsststement of the flnandal statements. whether due to fraud or error. deslBn and perform audlt procedures respon51ve to those risks. and obtain audit eVIden￿ that is sufflclent and approprfate to provlde a basss for our opinion. The rlsk of not detect1￿ a material mlsstaternent resvltln8 from fraud Is hlgher than for one re5ultln8 from error, as fraud may Involve tollusion. forgery, intentlonal omissions. misrepresentstions. or the overrtde of internal control, Obiain an understandlng of internal control relevant to the audit In order to des18n audrt procedures that are appropriate in the circumstances, but not for the purposes of expressing an oplnlon on the effertiveness of the group and parent charlt¢s internal control. Evaluate the 8pprc¢priateness of accountlng policies used and the rea50nableness of accountlng estimates and related dlsc105ure5 made by the trustees. Conclude on the approprlateness of the Tru5tees' use of the 80ing concem basis of accounting and, based on the audit evldence obtalned, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 8roup and parent charlvs abllSty to contlnue a5 a going toncern. If wè conclude that a material uncertalnty exists, we are required to draw attention in our auditorfs rèport to the relate(I disdosures In the financial statements or, Sf such dlsclosures are inadequate. to modify our oplnion. Our concluslons are based on the audlt evidence obtained up to the date of our auditorfs report. However, future events orcondltlons may tause the group or parent charity to cease to contlnue as a 8olng concern. Evaluate the overèll presentatSon. structure and content of thè financial statements. includlng the d15closures, and whether the flnancial statements represent the undertylng transactlon$ and events in a manner that achleves fair presentation. Obtaln sufficient approprlate audit evidence regarding the financial Information of the entitles or buslnw artlvlties Wtthln the Broup to express an opinlon on the consolidated fIna￿la1 statements. We are responslble for the dlrÈrtion, supeThision and perfomihnce of the group audit. We remain solely fesponslblÈ for our audit report. 10- WESTMINSTER COLLEGE CAMBRIDGE We communI￿te woth those charged with governan￿ re8ardin& among other matters, the planned scope and tlmlng of the audit and signlficant audit findin85, including any51gnlflc3nt deficlencie5 In Intsrnal control that we identify durin8 our audlt. Explanatlon as to what extent the audtt was consldered capable of deterting Irre8ularftles. Indudlngfraud Irregularities. Including fraud, are instances of non-comp11an￿ wrth laws and ￿gUlatiOns. We deslgn procedures in line with our responslbilities, outllned above, to detect material mi5Statements in respect of irregularltles, including fraud. The extent to which our procedures are capable of detecting irregularltles, includin8 fraud is detalled below. The oblertives of our audit in respect of fraud, are.. to Idertlfy and &%sess the rlsks of material mlsstatement of the fjnancial statements due to fraud- to obtain sufficlent approprlate audit eviden￿ regarding the assessed risks of materlal misstatement due to fraud. through desÈnln8 and implementln8 approprrate responses to th05e assesse(I risks; and to respond appropriately io Instances of fraud or susperted fraud identified durlng the audlt. However. the primary re5ponslbilOty forthe prevention and detertion of fraud rests wlth both management ant1 those charged with governance of the charlty. Our approad) was as follows: We obtained an under5tsndlng of the legal and regulatory requlrements applicable to the charlty and consldere¢J thatthe m05t significant arethe Charities Act 2011, the Charity SORP, and UKfinan¢ial reportlngstandards aslssued by the Flnaneial Reporting Counal. We obtsined an understanding of how the charlty complies wlth these requirements by dbcussions with mana8ement and those charged wlth governan￿. We assessed thè risk of material mlsstatement of the flnanclal ststements. Including the risk of material mi55tatement due to fraud and how it mlght occur, by holdlng discussions with management and those charged with governan￿. We inquired of management and those charged wlth governance as to any known instan￿5 of non-compliance or suspected non for the tharity. 6 STIPEND AND SALARYcosfs tsroup and charity) 2022 2021 Cxjring the year the follo￿ng stipend and salary costs were Incurred: Mlnlsters 312021.. 41 stipend5 and allowances Social securlty costs Pension contrlbutions 126,608 17,S25 29,384 173.517 110.39) 10,758 19,255 140,403 Lay staff 2412021.. 231 Wages and salary Social security costs Pension contrlbutions Redundanry costs S43,186 45,979 80.069 10,636 679,870 439,650 32,341 97,196 7.891 577,078 18 WESTMtNSTER COLLEGE CAMBRIDGE NOTES TO THE FINANaAL STATEMENTS forthe year ended 31 De¢ember 2022 {cortinued) No mlnister or employee recefved emoluments exceeding £60.000 during 2022 01 2021. No Trustee receNed remuneratlon In respect of theIr$e￿lee$ as Trustee other than the ￿1MbUrSemen¢ of travel and otherexpenses to eight individuals during 2022 totalling £2,ISO12021.- five indSvlduals totallin8 £8601. Current key management personnel are the Actlng Prlndpal and Bursar and General Manager12021: also induded the Vlce Principall; of these, the Acting Principal Is a minister and the other is lay stsff. The totsl of employee beneflts for key management personnel was £88.82012021: £150,021). 7 TANGIBLE & IKfANGIBLE FIXEDASSETS18mup and tharlty) Colleze propertles Computer equlpment Furnliure and other equlpmenl Total tanglble as5et5 Intan8lble a$gets At istjanuary 2022 Additlon5 durlng the year At 31" December 2022 Actumulated depreclatlon At I"January 2022 Charged durfing the year At 31° December 2022 6,448,868 246,376 6.695.244 58,693 5,972 64,665 846.376 7,353,937 38.120 290,468 884,496 7,644,405 40,850 40,850 901,306 132,554 1.033A60 56,481 2.991 59.472 654,403 77,505 731,908 1,612,190 213,050 1,825.240 36,456 4,394 40,850 Group & ChaTity'. At 31" De￿[￿ber 2022 5,661,384 5.193 152.588 5,819.165 At 31° December 2021 5,S47,562 2,212 191,973 5,741,747 4.394 With the exception of ￿rtaIn improvements and addltions since 1983. the ColleBe buildings are not included In the balan￿ sheet since the vse of the College was orl8lnally a gift from the Presbyterlan church in England Inow the Unlted Reformed Church). the value of which cannot be readily ascertained wlthout excessive cost. In additlon, there Is a ¢ovenant in perpetuity restrirting the usè of the College for purpose5 wider than that of a theologlcal college: hente an open market valve cannot be applled. The Colle8e also owns ￿rtain tanglble a$5ets, whlch have been acquired or donated to It over the years since Its foundation. not Included In the balance Sheet Sin￿ to obtain a reliable valuation15 not practlcable. These Include the Academic Ilbrary and other botsk collections with an Insuran￿ valuation in excess of £1 million, hlstorlc fumr(ure and works of art. All book collè¢tions are In regular use. eitherfortheological study and reference, orfor hlstorrcal research. Other Items are in use or on display as approprlate. Heritage Assets In addltlon to assets noted above, the Colle8e owns certaln manuscripts and artefacts that are not In regular use but held for their historical qualltles. Most derive from the collection5 of the foundlng sisters, Agne5 Lewis and Margaret Gibson, and were donated by them to the College durlng their Ilfetlme. Some are displayèd and others stored. The College also holds the archfves, manuscripts and historic books of the Unrted Reformed Church Histctry Society Iwhlch Is a separate tharltyl on behalf of the United R￿Orrned Church. Indicative valuations have been obtained for some iiems held but are not considÈred sufflclently robust to be reported here. 19- WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANOAL STATEMENTS forthe year ended 31 December 20221contlnued) INVESTMENTS tsroup and tharFtyI lal Flxed a￿et Investments 2022 2021 Carryin8 value at be8innlnB of year Net11055esllgains Carryln8 value at end of year 1,917.897 1238,2661 1,679,631 1.690,293 227,604 1.917,897 Investments at book cost 1,020,726 1.020,726 Invèstments a￿ held for the long term and ¢omprise units in UK common Investment funds at market value. All Investments are held In the COIF Charities Ethical Investment Fltnd, a fund whose ethlcal pollcy closety matches that of theTrustees. The Trustees bellève that the carrying value of the Investments is supported by their underlwng net assets. Due to market movements, the year-end value of the Investments has fallèn by 12.4% and is valued at levels slmilar to the comMen￿Ment of 2021. bl InvestmEnt In Sub4dlary undert*lng Westmlnster Colle8È Cambridge has one subsidiary company, Westminster College Tradlng Lirnited Icompany number 88553961. This company was incorporated on 22 January 2014 and is incorporated in En8land and Wales,. its re8i5tered office is located at Westmirtster College. Madlngley Road, Cambridge, C83 OAA. The principal activlties of the company are the provision of accommodatlon, meetlng roorns, conference fa¢ilttle5 and events at Westminster College. The Investment of Westmlnster College Cambrid8e in Westmlnster College Trading Llmfted comprlses 10.thX) shares of £1 each, belng the ent1￿ Issued share capital of the company. The Unlted Reformed Church Trust is the trustee of the shares held Sn Westmlnster College Tradlng Limited. Westminster Collège TradlnB Limited distributes its taxable profits to Westrnin5ter Colle8e. A surnmary of the flnanclal results of the company for the perlod to 31 December 20211$ shown below. Accounts ofthe company wlll be filed wlth the Re8lstrar of Companies. Profft and loss account Year ended Year ended 31 December 31 December 20 2021 Turnover AdmlnistratNe expenses ProfiVI10551 on ordlnary aCtI￿tieS befo￿ taxation Taxation Retained profft.. At l January Distrlbulion 366,746 1201,5191 165,227 82,186 160,9911 21,195 1108.7281 1129,9231 At 31 December 56,499 1108,7281 Balance Sheet 31 December 31 December 2022 Currentasset%' Debtors Cash at bank 31,066 49.883 80,949 117,0161 2,566 66,499 9.693 9,693 144,1921 163,5091 198,7281 Credltors Amount owed byl Itol parent undertakin8 Total assets Capitsl and regerv Share capitsl Profit and loss account i0,L￿1 56,499 66,499 10.000 1108,7281 {98,7281 WESTMINSTER COLLEGE CAMBRJDGE NOTES TO THE HNANaAL STATEMENTS for the year ended 31 Oecember 2022 {contlnued) DEBTORS 202Z Group 2021 Charlty Group Charlty Prepayments and accrued Income Due from Westminster College Tradin8 Ltd Other debtors 37.071 37.071 28,030 28.031 62.209 36,750 126,990 115,004 152,075 83,938 121,009 36,750 64,780 10 CREDrroRS: amounts falllng due wlthln Me y￿r 2022 Gmup 2021 Charlty Group Charlty Trade rredttors Due to Unlted Refrjrmed Church Trust Due to Westmlnster College Tradin8 Ltd Attruals Deferr￿ income Other creditor5 49,943 654,991 49.943 627.962 29,594 49,271 6,168 11,348 774,286 124,495 475,462 124.495 474,162 50,121 21,299 12,382 788,736 54.629 49,856 23,668 728,110 51.133 8,439 23,668 681.897 Movements in deferred income: Balance at l January Received In the year Refunded in year Transferred to Inwme 49.856 92,144 14,5451 1116.1561 8,439 72,995 14,5451 170.7211 76,150 32,506 112,2421 146,5581 22.881 2.156 116,5981 Balance at 31 Detember 21,299 6,168 49,856 8,439 The deferred income conslsts of rent received In advance and amounts re￿1ve￿ for conferences and events and W & Breakfast accommodatlon for future booklng5. 11 ANALYSIS OF NEfASSETS 8EIWEEN FUNDS General fund5 Des18nat•d lunds fteslrkted funds Endowment funds Group: Total Fund balances * 31 DeceM￿r 2022 are represented by. Intangible assets Tangible assets Investment assets Net current assets Total net assets 1,41S,117 246,035 119,0021 1,542,150 3,732,304 289,073 97,426 4,118,803 348.7LXI 309,303 135,1971 622,806 323,044 835,220 5,B19,165 1,679,631 156,773) 7,442,023 1,158.264 Gr¢)up: Fund balances at 31 Dec•mber 2021 aro r¥presented by: Intanglble assets Tan6lble a55ets Investment a55ets Nèt current assets Total net assets 4,394 l,39I.L￿8 280,937 160.7801 1,615,559 4,394 5,741,747 1.917,897 148,286 7,811324 3.907,019 330.079 91.674 4,328,772 120.676 353,180 117,392 591,248 323,044 953,701 1276.745 -21 WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANaAL STATEMENTS for the year ended 31 Docernber 2022 (contlnued) 11 ANALYS15 OF NET ASSETS BETWEEN FUNDS IContlnu•dl Genqral funds Ded8n*ed fund$ Restrlrted funds Endowment funds Charfty: Fund balances at 31 De￿rnber 2022 are represented by.. IntsnEible assets Tar8ible assets Investment assets Investrnent In subsidiary Net current assets Total net assets Total 1,415,117 246,035 10,000 (185,5011 1,485.651 3.732.304 289,073 348,7 309,303 323.044 835,220 5.819,165 1,679,631 10,000 1123,2721 7,385,524 97,426 4.118,803 135.1971 622,806 1,158,264 Charliy. Fund balances at 31 0e¢ember 2021 are reprèsènted by. Intangible assets Tanglble assets Investment assets Investment in subsidiary Net current assets Total net assets 4,394 1,391.008 280.937 10,000 37,950 1,724.289 3.907.019 330.079 120,676 353.180 323,044 953,701 5.741.747 1,917.896 10,000 247,016 7.921,054 91.674 4,328,772 117.392 591,248 1.276,745 12 SUMMARY OF FUND MOVEMENTS 2022 Movements Th￿sIerS GainslV0¥5•$1 tyeiwetn on I￿￿$￿trIt nds Inroml Resou￿$ Resources Expended lJaTr l¢)IZ C4pltsl FurK15. Gro￿& Ch•lty CdleEe Generèl Fund halrEndowmentFund Colle8e LlbrJryFund Book tknnts Fund EWTodd ￿emOrIal Fund JanetHa5knn85 Barf¢Jw Fund lewis &GlbsoThStholarship Fund 495,547 76.257 27.648 &769 16456ZI 19.4741 64783 2421a 144441 3¥328 271232 T4)tal Cryltal Funds- Cth¥lty Z76.745 DeS1￿*d Futyds. GrtyJplLCh•rfiy Sale of NeS￿e UbTrry Fund Access Fund Development Fund Alumni Fund 9,￿1 I9,￿1> 13.0)Jl 14¥iXVI 66,ni 1914,073 15.473 IL7¢J)I 1174,7151 14561 3.739.358 18.017 Toial Oesl¥nated Funds 43Z47n Iwn) 4,IJ48C8 WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS CONTINUED for the year ended 31 December 2022 Icontlnued) 12 SUMMARY OF FUNO MOVEMEPITS {CtyrtiDu8dl Tranrfers G*nslllossesl between onln¥estment fvnds ljan 2022 R•sourt¢s Expended 31 De¢2Q2 RestrlaedFynth-Grnup &thirtty HèaltyLegary Fund Chair Endowment Fund ColleBe Ubnry Fund Book GTrnts Fund EWTodd Memorfal Furbtj Janet Hèttings Barfow Ftsnd Peter Barradou8hTravel Fund MaryTDd Memorial Fund Prfnclpal's DiscretionaryFund Reld Lectu￿ Fwnd Lewls &Glbs0nSch￿arsh1p Fund Jrsary Fund Tower Fund 395 50.165 3E6 12¥9781 15.3571 47,150 961 12t¢Ji 12391 14, L2b) 14,4501 IL212) 11.6451 1579 91568 19.4851 12S78n 8L634 224751 5711 &521 14,4131 112661 23,197 91743 111353 174715 Totsi R•strl¢led F￿d5- Group& (h 1311747 ilnrwlrfctedFuhds General Fund- Charfty Gpnèral Fund- Sub￿dIary 1.437.7X) 177.KO L075.253 364746 Ii>J4C661 IWL5191 134gJ21 L485.ffi1 1286.5371 Toral Ufftfestsi¢ted Fund5- Group& Ch•lty SA59 ¥4￿999 5tr3hJ5 Totafs 7AII375 £589,n6 1L72LTn 2021 Movement5 Transleys GglnslVos$esl an(* Ihtomlffl8 ResourtQ5 Eypended ljan 31121 funds C•pltaf FLmds. Group & Chartty College General Fund Chair EndowmÈntFund CollÈ8e Library Funtt Book Gr•nts Fvnd EWTodd Memorlal Fund Janet Ha$￿Th￿S Badow Ftsnd Lewi5& Gibson Stholarshlp Fund 323,Oq4 495.547 76,257 27.648 24.367 7,728 31,527 271954 A281 L041 3%7T2 4754 Tol81 C•pltsl Funds. ChArfty 1274745 DesI￿led Fund5. Gr￿p& Ch•rlty Sale of Nestle UbraryFund AccessFund DÈvelopment Fund Alumnl Fund 293.323 149)2) 39,172 332,495 FA731 3,914073 15.4n 4419 115ni 1174.n51 4￿788 IL892 Totsl t*ared Funds (in. i& ,In 4347n 23- WESTMINSTER COLLEGE CAMBIUDGE NOTES ro THE FINANaAL STATEMENTS CONTINUED forthe year ended 31 December 2022 (¢ontlnuedl 2021 Mowments (contlnued) lan Intomln Resour￿$ Balan 31 r)ec2011 118r*21521 Expended lunds Rulrfct•dhnds-Gr¢up&Charfty HealeyLe8aty Fund Chair EndowmentFund College tibrary Fund BotskGrants Fvnd EWTodd Memorial Fund Janet H45tlngs Barfow Fund Peter BèrradoughTravel Fund MaryTod Memwlal Fund Prlnclpal'$ D15(retlon•ryFund Reld Letture Fund Lèwi5 &GlbsonStholar5hlp Fund Bursary Fund Tower Fund I￿,264> 1220 (15581 5,118 621 13,366 14,298 ,383 3.579 91568 11455 357 1.571 8L359 219,iJ 17.770 io.c 75,CO) (i S598 24633 119251 a325 Totsl Restricted Funds.Grnup &Charfty 6￿9ty i¥ 41913 General Fund-charfty General F￿nd- Sub51dlary L225,011 27N L437.79) 177.KS 156,615 IEfj.9911 Totsl Unrnstsit¢•dFunds-GMup& awrtty Totals 7A9in3 L3P,464 13 DESIGNATED FUNDS (al Sale of Nestle Ubrary Thls fvnd arose from the sale of a German language theological Ilbrary In 1996 when the Board of Governors set aside the Pro￿edS for an unspedfied future purpose. The Trustees a8reed in 2010 to hold this fund as a reserve fund. Ibl Dev•lopm•nt This fund rnet the costs of the College refurbkshment programme in 2013-14, and now holds the assets acqulreil as a result. 1¢) Access fund This fund was Set up by the Board of Governors in 2014, using part of the prO￿edS of sale of two properties In 2013. It is intended to piovlde financial aSsIstan￿ where needed to those wi5hin8 to access the College's cour5e5 and activities. Idl Alumnl Fund Thls fund was set up by the Board of Governors in 2018 when The Friends of Westmlnsier and Cheshunt Colleges was dlsbanded; its remainingfundswère transferred to Westminster College. The fund wlll be used to help Alumni maintsin links with the College. WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANaAL STATEMENTS CONTINUED for the year ended 310ecember 2022 (contlnued) 14 RESTrICTED FUNDS (a) The Restricted Funds ofthe ColleBe. their incoming reSoUr￿S and re50urce5 expended are shown in the Summary of Fund Movements. Maryarise from p3St donations or beqve5ts and all are belng used for their specffled purposes to the extènt that available hjnds And relevant purposes allow. (bl The Healey Legacyfvnd may be used foracademl¢ orgeneral purpose5, the only restrlctlon belngthatthe authorf(v of the Sen*us is requlred. (c) The Reid Lecture Fund is used to meet the costs of a lectu￿ which takes place 'at least every three years, at Westminster College. Idl The Principal's Di5cretlonary Fund are fvnd5that areat the discretlon of tr* Prlncipal and15 used malnlyfor student support. lel The College Library Fund is used to meet some of the costs of runnin8 the Colle8e library. {fj The Lewis & Glbson Scholarship Fund helps provlde a scholarship each yeir fora student studyin8to become a URC minlster. 15 RELATED PARTYTRANSACTIONS Westminster College Cambridge is a charity governed by the General Assembly of the Unlted Reformed Church. The United Rèformed Church Trust, a company Ilmiied by Buarantee Icompany number 135934, RegiSte￿d Charlty number 11333731. is also 8overned bythe General Assembly of the Unlted Reformed Church. The principal purposes and activities of the Unlted Reformed Church Trust areto advance the Christian rellglon forthe benefit of the public In a¢cordance wlth the doctrtnes, principles and usa8es. and the Scheme of Union of the United Reformed Churth. During the year ihe United Reformed Church Trust paid £360k12021.' £365kl to Westminster College as a contrlbullon to the teachin8 Costs of the College and the College's membershlp of the Federatlon. 16 THE UNtTED REFORMED CHURCH FINAL SALARY SCHEME The College contributed £80,06912021: £97,196} to The United Reformed Church Final Salary Scheme. a pen51on scheme prlncIpal￿ for lay staff which is administered by TPT Retirement Solutlons Trust Iformerfy The Pensions Trust). At 31 December 2022, 13 College staff were contributlnB members Ivla the principal employer, The Unlted Reformed Church out of a total of about 131 active rnembers. The sthemels a defined benefit scheme but the College 15 unable to Identify its share of the underlylng assets and liabilitles- each member in the scheme pays a ¢omrnon contribution rate. The most recent formal actuarial review of the scheme wa5 at 30 September 2019. when the stheme had a surplus of £2,689.LTh)O. The a55umptions underlylng that valuation include.. D15count rate: Inltlal rate of Bilt yleld rjjrve plus 1.84% p.a. at the valuation date taperln8 Ilnearly tOBiIt yield curvè plus 0.5% p.a. overa tran51tion period of 15yearsfor past service liabilities and 33 ￿ar5 forfuture servlce liabilities Pensionable earnlngs growth of CPI Inflatlon plu$ 0.75% p.a. at each term Price Snflation and pension increases at RPI Inflation les5 1% p.a. at each term Rètirement age lartlve member51 of 65, with maximum commutatlon Contrlbutlons by members were 7.5% of penslonable salary. 17 CAPITAL COMMITMENTS As at 31 December 2022. the college has continued its preventative malntenance schedule and the tower works were completed in 2022 within budget and timeframe. The Governors agreed to engage è consultant. through Bidwells, to look at the full capltal works required over the foreseeable future. The analysis phase was commenced In 2022 with an understandlng that the final report would be available In 2023 to infom further work5 and future capital expenditu￿. -25- WESTMINSTER COLLEGE CAMBRJDGE NOTES TO THE FINANaAL STATEMErirs CONTINUED for the year ended 31 December 2022 (continued 18 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES fi)r the year ended 31 December 2021 UnreArf¢tÈd Funds Zted Restrlcled Endowmint Fund5 Total Funds Trtal Funds Fund5 Fwnds 2021 2020 DOna￿oNsaNI le83de5 t>onatkns 3L615 36.3 235,761 Gr5ntsrECe￿èb1e 233,961 410,958 236.051 4.390 31.675 272.116 SC6.942 Audemk seNkqs 269,637 229,594 499.231 58 269,695 229￿94 461670 Ifil.287 AcademIca￿Mm00atknM & tonlerences 622.957 Oihertiadlnga¢twbbe5 2XSAXJ 274.693 Invetheiit Intcthe 7,619 4W2 35.244 5L765 51.171 Other incorne ManaBementfee$ Nd fdlnson saleof properiies Ctherincome 23 18.323 ),039 255052 333,864 12.870 25,502 333.864 9.088 21,958 476 721 Exwdmure oTr'. Rakln8 fvnds TradlngeMpeThJliure 67,481 67,481 378.603 Academ￿SerVIceS 667.$6g 47&755 3P19 1918 673.505 474755 174,716 746.SC6 494.469 177,8>) A(ademic èccomrnodaiion & cothrEnce5 COJW Dwknpment 5tbl L74.716 1,146.323 177.735 2.918 1,326.976 1.414 Totolewde 1.213. 177,735 2.918 1,394,457 L797.407 (Lossllsurplus from tradlttg and tharltats .393 33340 1164,3851 39.172 64.tr)1 44913 16,9931 227,604 1320.6861 v,01s Netgwnson hwestsnents Its.175 Neriexpe#dknJTmcc￿e 124732 1125.2131 105,914 113.179 220,611 1130.673 Transfws 27,091 149J21 I￿,189) Netmovemerttthfvnds 153.822 87.725 iU.179 220.611 122Q6T41 Totsifvnd5 brwBhtforward at lJanuary 1.461737 4.4618B7 503,523 L163566 7,591,713 7,811386 Totsllunds t*vrbÈdf¢rw¥d •t31 ￿e￿mber 59 $91248 1276.745 7￿11￿4 7.591.713 -26-