OpenCharities

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

2023-12-31-accounts

WESTMINSTER COLLEGE CAMBRIDGE Trustees, Annual Report And Consolidated Financial Statements 2023 (Registered charity number 311449)

WESTMINSTER COLLEGE CAMBRIDGE WESTMINSTER COLLEGE CAMBRIDGE TRUSTEES, REPORT 2023 The Westminster Trustees submit their report and the audited consolidated financial statements for the year ended 31 December 2023. Thi5 report fulfils the requirements of the Charities Act 2011 for a Trustees, Annual Report. Membership lists for the Board of Governors, College Committees and College Staff cover the period January 2023 to June 2024 inclusive. The remainder of this report covers the calendar year 2023. Board of Governors: Revd Nigel Uden {Convenerl 'lTI Mr John Ellis '(Tl Revd Dr Rick Mearkle {TI (Teaching Staff representative) Dr Alison Gray IT) Mr Andrew Grimwade 'lTreasurerl Mr Gil Heathcote ' IT) ITreasurerl Fr Dragos Here5cu (appointed by Cambridge Theological Federation) Revd Dr Peter McEnhlll (Prlncipall Mr William Mcvey IT) lappointed by Cheshunt Foundation) Revd Dr Robert Pope (Tl Ilnterim Prlncipal, ex officio) Revd Stuart Scott 'lTI Mrs Darnette Whitby-Reid *ITI Dr Giles Waller lappointed by Cambridge University) Revd Naorni Young-Rodas IT) Iclerkl Mrs Stephanie Atkin5 (Student Representative) Ms Abigail Perrow (Student Representative) appointed by the General Assembly of the United Reformed Church Trustee of the Charity for all or part of the period until 13 October 2023 from l December 2023 until 30June 2023 from l March 2024 from 28 June 2024 until 15 March 2024 until 30June 2023 from l July 2023 IT) In attendance: Mr lan Hardie (Hon Treasurer of the United Reformed Church) until 30 June 2023 Mr Alan Yates IHon Treasurer of the United Reformed Church) from l July 2023 Revd Jennifer Mills (Secretary for Education & Learning of the United Reforrned Church) Mr Simon Shinkfield (Bursar and General Manager) The Trustees are assisted by: Board of Studies: Revd Stuart Scott Iconvenerl Revd Peter Ball Mr Robin Barden Revd Wllllam Bowman Dr Alison Gray Revd Dr Rick Mearkle Revd Dr Peter McEnhill Mrs Val Morrison {Clerkl Revd Dr Robert Pope Revd Dr Daniel Pratt Revd Dr Jonathan Soyars Revd Nigel Uden until 31 December 2023 from l January 2024 from 12 September 2024 from l February 2024 Mrs Steph Atkin5 {Student Representative) Ms Abigail Perrow (Student Representative) until 30 June 2023 from l July 2023

WESTMINSTER COLLEGE CAMBRJDGE TRUSTEES, REPORT (Cont) Mana ement Commlttee: Mr John Ellis (Convenerl Mr Andy Fleming (Clerk) Mrs Stephanie Atkins (Student Representative) Mr Andrew Grimwade Mr Gil Heathcote Revd Dr Peter McEn Dr Augur Pearce Ms Abigail Perrow {Student Representative) Revd Dr Robert Pope Mr David Thomas Revd Dr Jonathan Soyars Revd Nigel Uden until 30 June 2023 until 30 June 2023 from l March 2024 from 20 September 2024 from l July 2023 until 6 June 2024 Officers Teachin Sto (Senatus) Revd Dr Peter McEnhill {Prlncipal) from 17 June 2024 Revd Dr Robert Pope (Director in Church History and Doctrine; Interim Principal until 16 June 2024) Revd Peter Ball (Director of Church Resource Development) until 31 December 2023 Mr Robin Barden IDirector of Church Resource Development) from l January 2024 Dr Alison Gray (Director in Old Testament Studies) Revd Dr Rick Mearkle (Director of Pastoral Studies) Revd Dr Daniel Pratt (Director of Pastoral Studies) from l February 2024 Revd Dr Jonathan Soyars (Director in New Testament Studies: Director of the Cheshunt Foundation) Bursar Mr Simon Shinkfield IBur5ar and General Manager) WestmiD5ter College was founded in 1844 as the College of the Presbyterian Church in England,. it took its present name on moving to Cambridge in 1899. It is registered with the Charity Commission under charity number 311449. Prlncl l Office We5tmin5ter College, Madingley Road, Cambridge, CB3 OAA Advisers Solicitors SlaterHeelis Kingsgate12nd floor) 51-53 South King Street Manchester M2 6DE Inde endentAuditor5 Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Bonkers Lloyd5 Bank plc 3 Sidney Street Cambridge CB2 3HG

WESTMINSTER COLLEGE CAMBRIDGE STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Document The Charity 15 governed by the General Assembly under clause 2.6 {vil of the Structure of the United Reforrned Church IURCI through a body of Governors appointed by it, in accordance with the terms of the Trust Deed of 1899 as modified by the United Reformed Church Act 1972. Governing Body The College Governors, listed above, are appointed according to a plan approved by the General Assembly of the United Reformed Church in 1995, amended by Mission Council in March 2018. They are 3551Sted by a Board of Studies 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 Governors of Westminster College who are eligible to serve as Charity Trustees and are mernbers of the United Reformed Church aretheTrustees of the Charitable Funds of Westminster College. The names ofthe Governorswho were alsoTrustee5 during the relevant period are marked as {Tl In the list of Governors. Recruitment and Tmining of Governors Those Governors appointed by the General Assembly of the United Reformed Church are nominated by that Church's Nominations Committee and serve for term5 of six years, renewable for a further term. Other Governors are appointed by the Cheshunt Foundation, Cambridge University, Anglia Ruskin University and the Cambrld8e Theological Federation and these are subsequently reported to the Nomination5 Committee. The Principal of the College 15 ex officio, and the teachers and the students of the College each choose one of their number to represent them. The Board of Governors and the Nominations Committee give consideration to the balance of skills and experience in the Board of Governors when considering changes in membership. All new Governors receive information about the College and are inducted into their role. Training is provided via general external courses and events where possible, and training is Biven in conjunction with quarterly meetings in specific areas of governance as needs arise, to asslst in the performance of their duties a5 trustees. Orgonisotlonal Management The College Governors and Management Committee each meet four times a year. The Management Committee receives financial and management reports and acts on behalf of the Governors in matters delegated to it. It reports to every meeting of the College Governors. The Board of Studies meets at least three times a year and oversees the educational work of the Colle8e; it also reports to every meeting of the College Governors. The Board makes formal decisions on student admlssions, programme5 of study and the award of the College leaving certificate, on the recommendation of the academic staff of the College. known collectively as the Senatus. The Board also acts as the body which offers quality assurance to and oversight of the Colle8e's own Living Ministry Programme. It reflects on and oversees the developing role of the College as a Resource Centre for Learning of the United Reformed Church and offers oversight to the development of all its programmes and learning events. The Board of Governor5, the Management Committee and the Board of Studies each include a student representative for discussion of unreserved buslness. The day to day running of the College is delegated to the Principal, 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 Cheshunt Foundation. All members of the Senatus attend the Board of Studie5. The key management personnel are considered to be the Principal, Vice-Principal (currently vacantl and the Bursar and General Manager. Remuneratlon of key management personnel is set in the same way a5 that of other equivalent staff. Those who are ministers of the United Reformed Church receive the same baslc stipend as other ministers, the level of which is recommended by committees of the Church and confirmed by its Trustee5, The pay of lay staff 15 Set at appointment by a group delegated from the Management Committee, having regard to comparable posts in Carnbridge; this group also propose5 annual increment5, which are endorsed by the Managernent Committee. Westminster College Troding Limited Westminster College Trading Limited, a wholly owned subsidiary company of Westmlnster College, was registered on 22 January 2014 primarily to carry out the conferencing and actommodation business of Westminster. The Board of Directors includes officers and mernbers of the governing body of Westminster College.. Revd Dr Robert Pope, Mr John Ellis (Chairman) and Ms Margaret Sennitt. Mrs Sandi Hallam-jones acts as Company Secretary. Other relotionships

WESTMINSTER COLLEGE CAMBRIDGE A. In 1967 Cheshunt College, Cambridge merged its operations with those of Westminster College. The remaining capital funds of Cheshunt College are administered under a Charity Commission Scheme of 1972, by the Trustees of the Cheshunt Foundation. The Cheshunt Foundation Trustees and the Westminster College Trustees operate independently, but each nominates a Trustee to be a Trustee of the sister trust. A si8nlficant part of the income of the Cheshunt Foundation is applied by its Trustees to provide academlc services at Westminster. B. Westminster College Is a fully participating member of the Cambridge Theological Federation I'the Federation,). As such, it has obligations and commitments in the provision of teachingand supportfor thevarious common teaching programmes of the Federation, including the Bachelor ofTheolo8y degree of Cambridge University- the Common Awards IBA and MAI. validated by Durham University and deployed for ministerial training across a large number of Theological Education Institutions around the country,. and the Professional Doctorate of Anglia Ruskin University. Westminsterfs academic staff are involved in teaching across all these awards. and We5tminsterfs facilities are widely used by staff and students of the Federation. The central staff of the Federation occupy one of the College Bound5 houses as an administrative hub. C. The Cambridge Centre for Christianity Worldwide ICCCWI is an independent charity for the study of mission and world Christianity. and a Member of the Federation. The Centre (including its library. director and support Staffj is based in Westminster College, and there are close links between thetwo bodies in terms of teachingand research. D. The Woolf Institute, an Associate Member of the Federation working in the field of interfaith relations between Jews. Christians and Muslims. occupies a building on the Westminster slte. The relationships outlined above demonstrate a campus of theological institutions at Westminster, a vision the College Governors and staff all embrace and continue to work toward5. Risk Management The Board of Governors is responsible for the management of the risks faced by the College. The Management Committee prepares a risk analysis each year, in consultation with the United Reformed Church. The Governors normally appoint Financial Management Review Group to review all financial management annually but this has been in abeyance while no Treasurer was in post. A formal review of the chariWs risk management processes is undertaken annually. The key controls used by the charity include: Formal agendas for all Board and Committee activity Established organisational structure and lines of reporting Formal written policies Clear authorisation and approval levels Vetting procedures as required by law for the protection of the vulnerable The use of expert consultants, a5 necessary, to advise on specific areas of risk and to enable the college to implement the appropriate responses and controls The key areas of rlsks facing the College relate to academic programmes, finance and the College premises. The Governors continued to monitor the developments throughout the year. Areas of risk relating to the academic programmes and teaching staff of the College are attended to with care through the Colle8e teaching team, the Board of Studies and the various structures of the Federation. Financial controls are robust and include monthly reports detailing outturns against projections and budgets which are scrutinised by the Management Committee. The College works c105ely with the Education and Learning Committee and the Ministries Committee as well as key Finance and Human Resources staff of the URC, drawing on their expertise and ensuring that Westminster's developin8 work is harmonised with denominational requirements and expectations. Concerns about individual students are handled through robust and transparent processe5 developed across all of the URCS training centres. During the year extensive discussions have taken place about the approach to funding the College long term. especially in relation to the support provided by the wider United Reformed Church. Important background work on disaggregating runninB Costs and on the necessary capital works programme over the next 15 year5 has been done. While not all funding issues are yet resolved, further progress on this is expected in 2024. The College is extremely well served by a committed team of administrative and support staff. including estates staff who work to ensure that the buildings at Westminster are properly maintained and looked after. The College buildings include all relevant features in terms of security and access control alongside fire detection and prevention equipment. OBJEcfivES AND ACTIVITIES The Charity's object, as set out in its Trust Deed, 15 to be a theological college of the United Reformed Church, and thus to provide education and to promote the Christian religion. The College prepares students to serve as ministers of Word and Sacraments, and provides for sabbaticals and in-service training for those already ordained. In addition. the College also offers educational resources to those who are preparing for or are already fulfilling ministries as lay preachers, worship

WESTMINSTER COLLEGE CAMBRIDGE leaders or Elders within the Church, as well as to church members who wish to deepen faith. The College teaching staff (Senatusl have a significant and growing role within the Church as those who provide learning in the Christian faith for a wide range of meetin85, Conferences and 8roups, and who also resource the Church through their writin8 and publications. The experience of the Covid-19 pandemic has resulted in more of this work being prepared and delivered online. Within its objectives, the Charity must maintain the Grade 2 listed buildings, admlnister and maintain various scholarship funds and to care for a lar8e collection of books, artefacts and historic documents. Review of performoncefor 2023.. Finalise and publicise a challenging but exciting Strategic Plan to 2030, with associated financial modelllng. Building upon the groundwork of the Medium Term Strategy Group in pervious years, the Governors finalised an ambitlOU5 Strategic Plan which looked forward to 2030. This plan, meticulously crafted through extensive consultation and strategic foresight, underscores Westminster's commitmenttoserving both the United Reformed Church and the broader community. Striking a delicate balance between its ecumenical, academic, and commercial endeavours, the Ccllege aims to ensure long- term sustainability and foster enhanced engagement across all operational spheres. The accompanying financial modelling provides a roadmap for prudent resource allocation and sustainable growth, aligning financial strateEies with the overarching Vlsion of the institution. 2. Commence recruiting replacements for two retiring members of Senatus members and commence recruiting process for a new College Principal. Westminster Governors engaged in wide consultation to recruit replacements for two retiring Senatus members. Governors further explored and collaborated with the wider United Reformed Church, including General Assembly, to endorse the search for a new Principal, without the prerequisite of being a minister of the United Reformed Church. Three successful appointments were made by early in 2024, with the new Principal. the Revd Dr Peter McEnhill who took up the role in June 2024. Explore provision and expansion of academic programmes to new audiences. Senatus members commenced a thorough evaluation of Westminster's existing academic and theological programs, identifying 5trateEiC opportunities for expansion and diversification. Through proactive outreach and collaboration with potential partners. the College aim5 to extend its educational offerings to new audiences, thereby enriching its academic communlty and fostering broader intellectual engagement. With an eye toward the 202412025 academic year, efforts are underway to forge meaningful partnership5 and develop innovative programmatic initiatives tailored to meet the evolving needs of diverse learners and stakeholders. 4. Agree longer term funding patterns from the central URC budget. Westminster Governors contlnued their collaborative dialogue with the central administration of the United Reformed Church to explore a 5U5tainable fundinB model applicable to the College and the two other URC Resource Centres for Learning {RCLsl. While some discussions were materially paused to accommodate broader deliberations within the URC, others should reach a resolution in 2024. Develop the commercial operations and opportunities based on robust costs data. Focusing on data-driven declslon-making and operatlonal efficiency, Westminster's commercial operations experienced notable growth and diversification, resulting in increased revenue Streams and enhanced service delivery. By leveraging robust cost data and market insights, the College continues to identify untapped OPPDrtunities for revenue generation and strategic partnershlps. ThrouBh a8ile adaptation and responsive innovation, Westminster is well-positioned to capitalise on emerging trends and market dynamics. ensuring sustained growth and viability in an increasingly competitive landscape. Expand the underpinning finances through the establishment of an endowment fund to maintain the upkeep of the building and attend to the ongoing operational requirements in the medium and long term. Recognising the imperative of securing sustainable financial resources to support the College's mission and infrastrurture, We5tmin5ter Governors commenced the analysis and qualific3tions of required levels of endowment funding that would provide Westminster with greater levels of financial autonomy and perpetual surety. Governors have progressed to thereafter identlfy a range of potential contributor sources, though determining it would be flrst appropriate to appeal for fundln8 from wlthin the denomination before seeking external funding. Following tentative enqulrles, these explorations

WESTMINSTER COLLEGE CAMBRIDGE were placed on hold while discussions within central URC administration occurred. This will be reviewed and progressed in 2024. Objectivesfor 2024 Finalise discussions on strategic and funding relationships with the wider United Reformed Church in ways that enable the Strategic Plan. 2. Advance the exploration and progression towards the establishment of a College endowment fund, leveraging denominational connections, strategic partnerships and philanthropic initiatives to secure sustainable financial resources for the long-term viability of Westminster. Finalise the creation of external partner5hip5 that harness collective resources and expertise to enhance Westminster's public benefit and extend its reach within the broader community. Drive the continued development of commercial opportunities that align with Westminster's strategic aims of Christian Learning, Christian Renewal. and Christian Hospitality. emphasising innovation and sustainable growth. Strengthen Westminster's commitment to Christian Learning by enhancing academic programmes, increasing enrolment, and expanding outreach efforts to attract a diverse student body. Commemorate the 125th anniversary of Westminster's relocation to Catnbridge and the 180th anniversary of its foundation in London, showcasing Westminster's dedication to its third Strategic aim of 'Christ13n H05Pltality'. its rich history of service, community engagement and an ecumenical campus. PUBUC BENEFIT STATEMENT The College's Primary purpose is to be a Resource Centre for Learning (RCLI within the URC, and thus to provide education and to promote the Christian religion. The Trustees of the College take account of the Charity Commission's published guidance in regard to public benefit In conducting the activities of the College. The following are examples of the College's work during the year under review which have contributed to the fulfilment of the charity's public benefit obligations: The College, in consultation with the URC, prepares students to become Ministers of Word and Sacraments within the Church. The full costs of such training are, where necessary, made available by the URC. The College also provides minlsterial education for students of certain other denominations and independent churches who, from time to time, may direct students to it. Additionally, the College welcomes independent students who wish to study for a degree in theology for minlstry and offers bursaries for those who need financial help. The College plays a full part in the work of the Cambridge Theological Federation, contributing teaching, teaching facilities, and library access for ordinands and other students from other Christian denominatlons who are studying at member institution5 of the Federation. These services are provided on an exchange basis with other member institutlons within the Federation. As an RCL for the whole URC, the College increasingly provides courses for the training of lay leaders within the Church for example, lay preachers. Thi5 ha5 primarily returned to in-person engagement, with some online provision remaining. Training for ministry has remained free, with the only charges being for accommodation and meals. The College's library is available for use, without charge, by all members of the URC and the Federation, and by other reader5 at the discretion of the Principal for a modest annual membership fee. The ColleBe's extensive archive of historical materials lincluding the papers of 50rne of the former staff of the College) is Similarly made available to enquirers, on a no-cost basis but with an invitation to make a voluntary donation to defray experbses. By a Memorandum of Agreement with the URC History Society (Registered Charity no.279213) the College's library and archives also contain the library and archives of the Society, which are similarly available to researchers. As an integral part of the College's ministry, the College teaching staff accept speaking and teaching engagements throughout the United Kingdom. and occasionally abroad. The teaching staff regularly contribute to a variety of religious publications, which are used within and beyond the URC. The College provide5 high quality facilities for people with disability and for meeting and conference space which we hope that those beyond the Church will value and want to use.

WESTMINSTER COLLEGE CAMBRtDGE FINANCIAL 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 decrease in funds of £97,01312022- £370,301), which comprised: 2023 2022 Donations. grants and legacies Income from charitable activities Activitles for generating funds Investment income Other income Totol income Expenditure on.. Raising funds Charitable activitles rotal expended 289,927 879,632 494,546 69,243 44,052 1,777.400 401,831 716,778 366,746 56,508 47,873 1,589,736 321,062 1,718,324 2,039,386 201,519 1,520.252 1,721,771 Net loss Net gain/lloss) on investments 1261,986) 164.973 197.0131 {132,0351 {238,2661 1370,301) Income and expenditure Overall, total income increased by £187,664 from 2022, largely due to increased revenue from charltable activities and activities for generating funds, which counteracted a marked drop in donations. grants and legacies. In considering trends and anticipating the increased levels of business, the Governors determined it necessary to increase staff levels to capitalise on future commercial opportunities. Additional expenditure was resultantly incurred, resulting in a net loss of £261,986. The overall impact of the year was mitigated by investment gains of £164,97312022- .£238,266) offsettin8 the total loss. Reseryes Policy At 31 December 2023, total unrestricted income funds {general and designated) totalled £5,464,614 {2022: £5,660,953). However, thi5 is mostly held in fixed College assets. Unrestricted liquid funds totalled £17,66112022: £127,033). The College holds just over £319,88112022- £291,000) in the Sale of the Nestle Library designated fund, which can be repurposed should the need arise. The Trustees hope the return to a regular balanced budget will allow the College to build up free reserves equivalent to 3 months income {i.e. around £400kl without having to make use of this designated fund. Investment Pollry The College investments represent permanent endowment and unexpended income of its restricted funds, as well as other funds held as reserves,. they are invested in common investment funds to Secure income for their purposes, with long-term capital growth. Investments are held and administered by the United Reformed Church Trust, whose investment committee monitorstheirprogre55. Otherfunds that are expected to be required in the short or medium term are held on term deposits. Going concern The Trustees have considered possible events or conditions that might cast significant doubt on the ability of the ColleBe to continue as a going concern. The Trustees remain entouraged of the profit returned by the Trading Subsidiary together with increased revenue levels, in the wake of inflation-led increases in costs of goods, a tightening job market and a greater expansion of staff as it explored new initiatives. The Trustees consider the establishment of the improved staffing profile in combination with new commercial partnershlps will produce evidence of greater net returns in 2024. Further. the 2023 Loan Agreement signed by the College with the United Reformed Trust confirmed the sustainability of a £395,000 loan to support the College, originally provided following the extreme demands of the Covid lockdown period. Finally, the United Reformed Church Trust has also granted a line of credit up to an additional £200.000. The College has drawn down the loan for £395,1)00. but not yet needed to take the additional loan of £200,000. Taken together, these factors will provide sufficient financial support to enable the College and its subsidiary to meet its liabilities as they fall due during the period of at least 12 months from the date of approval of these financial statements. On the basis of these details, the Trustees have made their assessment for a period of at least one year from the date of the

WESTMINSTER COLLEGE CAMBRIDGE approval of these financial statements. In particular, the Trustees have considered the College's forecasts and projections as well as inflationary pressures from the current economic climate on the viability of the charitable group. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. The College therefore continues to adopt the going concern basis in preparing its financial statements. Stotement ol Trustee5' Responslbllltles The Trustees are responsible for preparing the Tru5tees' Annual Report and the financial statements In accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practlce). The law applicable to charities in England and Wales requires the Trustees to prepare financial Statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of re50urces of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2015 (FRS 1021; makejudgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will contlnue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports} Regulations 2008 and the provislons of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the Trustees confirms that: so far as the Trustee is aware there is no information of which the charity's auditors are not aware; and theTrustees have taken all the steps they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the charit¢s auditor5 are aware of that information. Approved by the Board of Governors on 24 October 2024 and signed on its behalf by: John Ellis Trustee

WESTMINSTER COLLEGE CAMBRJDGE INDEPENDENT AUDITOR'S REPORTTO THE TRusfEES OF WESTMINSTER COLLEGE CAMBRIDGE Opinlon We have audlted the financial statements of Westminster College Cambridge Ithe 'parent charity'l and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Group Statement of Financial Activities, the Group Summary Incorne and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 'The Financi31 Reporting Standard Applicable in the UK and Republic of Ireland. {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 5tatement5- give a true and fair view of the state of the group's and parent charit¢s affairs as at 31 December 2023. and of the group's incoming resources and application of resources, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Ba515 for opinion We conducted our audit in accordance with International Standards on Auditing IUKI11SA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRCS Ethical Standard, and we have fulfilled our other ethical re5pon5ibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent charitvs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materiallv inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material incon5iStencies or apparent material misstatements. we are required to determine whether there 15 a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 3 material misstatement of this other information, we are required to report that fact. We have nothing to report in thi5 regard. Matters on whlch we are requlred to report by exception We have nothing to report in re5pert of the followin8 matters where the Charities Act 2011 require5 US to report to you if. in our opinion-

WESTMINSTER COLLEGE CAMBRIDGE the informatlon given in the Tru5tees' Annual Report 15 inconsistent in any material respect with the financial statements,. or the charity has not kept adequate accounting records: or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we required for our audit, Responsibilltles of trustees As explained more fully in the Trustees, responsibilities statement Set out on page 8, the Trustee5 are re5pon5ible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group and parent charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the goin8 concern basis of accounting unless the Trustees elther intend to liquidate the group or parent charity or to cease operation5, or have no realistic alternative but to do so. Auditorfs Responslbllltles for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wlth regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted In accordance wlth ISAS (UK) will always detect a material misstatement when It exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements, As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, mi5repre5entations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audlt procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charlt¢s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimate5 and related disclosures made by the trustee5. Conclude on the appropriatene55 of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condition5 that may cast significant doubt on the group and parent charity's ability to continue as a going concern. If we conclude that a material uncertalnty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are Inadequate, to modify our opinlon. Our concluslons are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or parent charity to cease to continue as a Boing concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audlt evidence re83rding the financial informatian of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Eroup audit. We remain solely responsible for our audit report. 10-

WESTMINSTBR COLLEGE CAMBRIDGE We communicate with those charged with governance regardin& amongother matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify durin8 our audit. Explanatlon as to what extent the audlt was considered capable of detectlng irregularitles, Including fraud Irregularities, including fraud, are instances of non-compliante with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitie5, including fraud is detailed below. The objectives of our audit in respect of fraud, are: to identify and assess the risks of material rnisstatemenl of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses to those assessed risks: and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governan￿ of the charity. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP. and UK financial reporting standards as issued by the Financial Reporting Councll. We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material Misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and th05e charged with governance as to any known instan￿5 of non-compliance or suspected non-compliance with laws and regulations. Based on this under5tandin& we designed specific appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also. the risk of not detecting a material mi5Statement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealrnent by. for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the charity'5 Trustees, as a body, in accordance wlth Chapter 3 of Part 8 of the Charities Act 2011. Our audit work ha5 been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's Trustees as a body, for our audit work, for this report. or for the opinion we have formed. 29 October 2024 Moore Kingston Smith LLP Statutory auditor 9 Appold Street, London, EC2M 2AD Moore Kingston Smith LLP is eligible to art as auditor in terms of Section 1212 of the Companies Act 2006.

WESTMINSTER COLLEGE CAMBRIDGE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023 Unrestricted Designated Funds Restrlcted Endowment Totsl Funds Total Funds Notes Funds Funds Funds 2023 2022 Intome from Don8tions 9.002 2CKJ 1,965 11,167 278,760 45,445 356.386 Grant5 receivable 278,760 287.762 200 1,965 289,927 401,831 Charftable actiwities Academic services 263,057 616,475 263,057 616.575 879,632 260,496 456,282 716.718 Academlc a¢¢ommodatlon & conferences IDJ 879,532 ILK) other tradlng aCt￿ltieS 494,546 494.546 366,746 Investment Income 24,208 9.081 35,954 69,243 56,508 Other income Managernentfees Other income 17,243 17,243 26,809 44.052 17,231 30,642 26,809 44,052 47,873 Totolincome and endowrnents 1,730,1 9,281 38,019 1,777,400 1,589,736 Expenditure on.. Raisin8 lunds Trading expenditure 321,062 321,062 201,519 Charitable activitles-. Academic services Academlc accommodation & conferences College development 51al 51bl 681.921 825.625 553 26,334 9,176 708,808 E34,801 174,715 704.149 641,388 174,715 174,715 1.507,546 175,268 35.510 1,718,324 1.520,252 Tutolexpended 1.828.608 175,268 35.510 2,039.386 1.72L771 ILossl/Surplus fiom trading and charitable activities 198,508 24,165 1165,9871 28.393 1261,9861 164.973 1132,0351 1238,2661 Net Gainlllossl on Investments 30,380 82,035 Net(expenditurel/income 174,3431 1137,5941 32.889 82,035 197,0131 1370,3011 Transfer5 24,679 19,0811 115,5981 Netmovementlnfvnds 149.6641 1146,6751 17.291 82,035 197,0131 1370,3011 Total funds brou8ht foNaid at l January 1,542,150 4.118,803 622,806 1,158,264 7,441023 7,812,324 Totsl funds cartied forward at 31 December 1.492,486 3,972,128 640.097 1,240,299 7.345,010 7,442,023 All amounts relate to contlnuing operations. There 15 no material diffeTence between the net incominglloutgoinel resources stated above and their historical costs èquivalents. All galns and losses re£oEnised in the year arè included in the Consolldated Statement of Flnancial Activitie5. 12-

WESTMINSTER COLLEGE CAMBRIDGE BALANCE SHEETS As at 31 December 2023 Group 2023 Charity 2023 Group 2022 Charity 2022 Notes Fixed assets Intangible assets Tangible a55ets Investments Investment in Subsidiary 5,685,804 1,844.604 5.685.804 1,844,604 10.000 7,540.408 5,819.165 1.679,631 5,819,165 1,679.631 10,000 7,508,796 81a) 8{bl 7,530,408 7,498,796 Current assets Debtors Cash at bank and in hand 220,014 693.200 913,214 165,012 645,197 810,209 152.075 579,888 731.963 121,009 530,005 651,014 Creditors: amounts falling due within one year io 1703,612} (784,091) {788,736) 1774,2861 Net current assets/lliabilitiesl 209.602 26,118 (56,7731 1123,272) Creditors: amounts falling due in more than one year li 395,OC(J 395.000 Total assets less current liabilities 7,345,010 7.171.526 7.442.023 7,385,524 Unrestricted income funds General reserves Designated funds Unrestricted funds Restricted income funds Capital funds 1,492,486 3.972,128 5,464,614 640,097 1,240,299 1.319,002 3,972,128 5.291,130 640.097 1,240.299 1,542.150 4,118,803 5.660,953 622,806 1,158,264 1.485,651 4.118.803 5,604,454 622,806 1,158,264 14 15 TOTAL FUNDS 12&13 7,345,010 7,171,526 7,442,023 7.385,524 Approved and authorised for issue by the Board of Governors on 24 October 2024 4L6.g2 Trustee Trustee 13

WESTMINSTER COLLEGE CAMBIUDGE Consolidated statement of cash flows for the year ended 31 De￿rnber 2023 2023 2022 Cash flows from operating activities Net outgoing and movement in funds (see page 12) Adjustments for- 197,013) 1370,3011 Increase in debtor5 {67,9391 187,295} Increase in creditors 309,876 60,626 Depreciation of fixed assets Arnort15ation of intangible assets 222,161 213,050 4,394 IGainJlloss on investment assets 1164,9731 238,266 Cash flows generated from operations 202.112 58,740 Cash flows from investing activities Payments to acquire tangible assets 188.800} 1290,4681 188.800) 1290,4681 Net increase/{decreasel in cash and cash equivalents 113,312 {231.7281 At ljanuary 579,888 811,616 At 31 December 693,200 579,888 14-

WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Decernber 2023 PRINCIPAL ACCOUNTING POLICIES (l) Accounting basis The accounts (financial statements) have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent requifed to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 rather than the Accounting and Reporting by Charities: Statement of Recomtnerbded Practice effective from l April 2005 which has since been withdrawn. Westminster College meets the definition of a public benefit entity under FRS 102. A55ets and liabilitie5 are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notels). The principal accounting policies, which have been applied consistently throughout the year. are set out below. The financial statements are prepared in sterlin& which 15 the functional currency ofthe charity. Monetary amounts in thesefinancial statements are rounded to the nearest pound. (111) Consolidation Consolidated financial statements have been prepared in respect of Westminster College Cambridge and its wholly owned subsidiary. Westminster College Trading Limited. The result5 of Westminster College Trading Limited have been consolidated on a line-by-line basis. (Iv) Classification of funds Unrestricted income fund5 may be used for the general purposes of the College," some of these have been designated for partlcular purposes by the Board of Governors, which approves transfers to and from designated funds. Details are given in note 13. Restricted income funds are fund5 whose use is restricted to specific purposes according to the terms on which funds were received. Capital funds are permanent endowments required to be retained, but the income from these funds may be spent for general or restricted purposes as specified by the original endowment. (v) Income All incoming resources including voluntary income, income from activities for generating funds. investment income, is recognised in the SOFA when there is legal entitlement to the income, any performance condition5 attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably. (al Voluntary income Donations. grants and legacies are accounted for on a receivable basis. Donations under Gift Aid are recognised a5 income together with the associated tax recovery. Grants receivable towards specific activities are included in the period when those activities take place. Legacies are included when there is evidence of entitlement. it is probable that the amount will be received. and the amount involved can be measured reliably. Receipt is considered probable when probate has been granted. the executors have established that there are Sufficient assets in the estate to pay the liability and any conditions attached to the legacy have been met or are within the control of the charity. (bl Trading & income from Academic Services Trading & income from Academic Services. is recognised in the period it is receivable and to the extent the College has provided the goods or services. Ivi) Expenditure Trading expenditure represent5 resources expended by Westminster College Trading Ltd in relation to providing accomrnodation, conferences and event5. Resources expended directly in charitable activities are also analy5ed and support costs including governance costs are apportioned equally between them. Governance costs show expenditure related to running the charity rather than pursuin8 its charitable activities. Expenditure 15 accounted for on an accrual basis. (vll) Taxatlon The Charity is a reBlStered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading attivities carried on in furtherance of the charity's primary objectives, if these profit5 and surpluses are applSed solely for charitable purposes. 15

WESTE+/ItNSTER COLLEGE CAMBIUDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued) (vllil Fixed assets and depreclatlon a) College properties Depreciation 15 provided on College buildings and on other residential properties owned by the College over their expected useful life and after takin8 into account the estimated residual value. Properties are maintained in a state of sound repair, resulting in a long expected useful life and expected residual values not materially different from their carrying value. Accordingly any depreciation 15 not material and so no depreciation is charged. The Committee of Management conslders annually whether any impairment is necessary considering the lives of the properties and their . residual value. Where certaln improvements, such as electrical works, have been assessed as having a limited life. depreciation is provided as set out below. bl Tan8ible assets and depreciation Tangible fixed a55et5 having an initial cost of £1,000 or less are written off on acquisitlon. Higher cost items are capitalised and depreciation is provided on a straight line basis as a percentage of costs a5 follows". Computer equipment 25% pa Furniture and other equipment IO% pa Building improvements with limited life 5%pa cl Other tan8ible assets Other tangible a55et5 in regular use, principally book collections. which have been donated to the College over the period slnce its foundation, are not included in the Balance Sheet, since to obtain a reliable valuation Is not pratticable. Further details are given In note 7. d) Heritage assets The College owns certain manuscripts and artefacts that are not in regular use but are held for their historical or artistic qualities. They were largely acquired by the founder5 and donated to the College at or soon after its foundation. No formal valuations have been obtained for these assets as the cost of obtaining Such valuations would outweigh the benefit. As a result these assets are not included on the Balance Sheet (see note 71. Ilxl Intangible fixed assets Software costs are capitalised as intangible fixed assets and amortisation is provided 50 a5 to write-off their costs over their estimated useful lives and is calculated at 25% per annum on a straight line ba51S. (x) Investments Listed investment5 are units in Common Investment funds and are stated at market value at the balance sheet date. The difference between market value and cost is credited or debited to the respective fund. Investment income 15 credited to the appropriate fund account. {xil Penslons Up until 28 February 2023, College teaching staff who are URC ministers were in this period members of the United Reformed Church Minister5, Pension Fund, a funded defined benefit pension scheme for ministers receiving a stipend from the United Reformed 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. Other staff were entitled to membership of the United Reformed Church Final Salary Stheme, a multi-employer defined benefits scheme, more detai15 of which are shown in note 16. Both schemes were closed to future accrual at 28 February 2023 and a new defined contributlon scheme was set up for ministers and staff. For both defined benefit scheme5 noted above, the College is unable to identify its share of the underlying assets and liabilities of the scheme and therefore both are treated in these financial statement5 as defined contributions schemes. the amount charged in respect of pension costs is the contribution payable in the year, which is included within the appropriate expendlture heading in the Statement of Financial Activities and in note 6. (xii) Financlal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at trans3Ction value and Subsequently measured at their settlement value. 16-

WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (contlnued) (xiii) Golng concern The Trustees have considered possible events or conditions that might cast significant doubt on the ability of the College to continue as a going concern. The Trustees remain encouraged of the profit returned by the Trading Subsidiary together with increased revenue levels. in the wake of inflation-led increases in costs of goods. a tightening job market and a greater expansion of staff as it explored new initiatives. The Trustees consider the establishment of the improved staffing profile in combination with new commercial partnerships will produce evidence of greater net returns in 2024. Further. the 2023 Loan Agreement signed by the College with the United Reformed Trust confirmed the sustainability of a £395,000 loan to support the College, originally provided following the extreme demand5 of the Covid lockdown period. Finally, the United Reformed Church Trust has also granted a line of credit up to an additional £200.000. The College has drawn down the loan for £395,000, but not yet needed to take the additional loan of £200.000. Taken together, these factors will provide sufficient financial sUPPOrt to enable the College and its subsidiary to meet its liabilities as they fall due during the period of at least 12 month5 from the date of approval of these financial statement5. On the basls of these details, the Trustees have made their assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the Trustees have considered the College's forecast5 and projections as well as Inflationary pressures from the current economic climate on the viability of the charitable group. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. The College therefore continues to adopt the going concern basis in preparing Its financial statement5. VOLUNTARY INCOME Grants receivable include the support for the College by the Cheshunt Foundation, which covers the stipend and expenses of one member of the teaching staff, contributes to the College budget. funds student bursaries and provldes financial support for ministers taking sabbatical leave at the College. The grant for 2023 totalled £86,11212022: £66,988). OTHER TRADING AcfiviTIES 2023 2022 Income Bed and breakfast accommodation Dinners. weddings and other events 181,559 312,987 494,546 125,764 240,982 366.746 Less= Costs of activities for generating funds Direct cost5 including tax paid of £11,816 Staff costs and overheads (18,1931 1302,8691 {321.0621 (5.0961 {196,4231 (201,5191 Net surplus of activitie5 for generating funds 173,484 165,227 INVESTMENT INCOME {group and charity) 2023 2022 Unitlsed Funds Interest on short term investments and bank deposits 52,764 16,479 69,243 54,723 1.785 56,508 Investment income is split between the College funds as follows: 2023 2022 Unrestricted Designated Restricted 24.208 9,081 35,954 69,243 11,473 9.081 35,954 56,508 17-

WESTMINSTER COLLEGE CAmB￿DGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued) 5(a) EXPENDITURE ON CHARITABLE ACTIVITIES (group and charity) 20Z3 ZOZ2 Academic servlces: Teaching staff stipends & salarie5 University and federation fees Grants to student and teachers Library Miscellaneous Support costs {Note 5bl 270,427 30,102 17,717 3,215 10.282 377,065 708,808 293,324 29,424 17.603 942 10,784 352.072 704,149 2023 2022 Academic accommodation & conferences: Food Staff cost5-caterin& domestic and maintenance Maintenance let properties College running costs Support costs (Note 5b) 101,182 304,357 14,702 37,495 377,065 834.801 61,631 167,479 22,380 37,826 352.072 641.388 5(b) SUPPORT COSTS (group and charity) 2023 2022 College security and maintenance utilities Business rates and insurance Irrecoverable VAT Staff costs- office and management Other office costs Governance costs 120,858 122,512 48,477 36,935 309,451 115,897 115,834 71.178 41,432 48,298 322,642 104,727 33 704.144 754,130 50% shared between academic services & academic accommodation 377,065 352,072 The total audit fee for the group is £17,35012022: £17,385) and £6.09612022'. £13,185) for the charlty. 6 STIPEND AND SALARY COSTS (group and charity) 2023 2022 During the year the following stipend and salary costs were incurred.. Ministers 312022- 3) stipends and allowances Social security Costs Pension contributions 124,292 11.508 18.606 154.406 126.608 17,525 29,384 173,517 Lay staff 3212022: 241 Wages and salary Social security costs Pension contributions Redundancy costs 760,397 61,603 58,860 543,186 45,979 80,069 10,636 679,870 880,860 18

WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued) No minister or employee received emoluments ex¢eeding £60.000 during 2023 or 2022. No Trustee received remuneration in respect of their services as Trustee other than the reimbursement of travel and other expenses to eight individuals during 2023 totalling £2,44612022: eight individuals totalling £2,150). Current key management personnel are the Interim Principal and Bursar and General Manager las in 2022,. in 2021 also included the Vice Principal),. of these, the Interim Principal is a minister and the other is lay staff. The total of employee benefits for key management personnel was £103,725 {2022: £88,820). 7 TANGIBLE & INTANGIBLE FIXED ASSETS (group and charity) Furniture and other equipment College properties Computer equipment Total Intangible tangible assets as5et5 Cost At I" January 2023 Additions during the year At 31" December 2023 Accumulated depreciation At I" January 2023 Charged durlng the year At 31, December 2023 6,695.244 64,665 6,765 71,430 884,496 82,035 966,531 7,644,405 88,800 7,733,205 40,850 6,695.244 40,850 1,033,860 132,554 1,166,414 59.472 3.900 63,372 731,908 85,707 817,615 1,825,240 222,161 2,047,401 40,850 40,850 Group & Charity- At 31 December 2023 5.528,830 8,058 148,916 5,685,804 At 31" December 2022 5,661,384 5,193 152,588 5,819,165 With the exception of certain improvements and additions since 1983, the College buildings are not included in the balance sheet since the use of the College was originally a gift from the Presbyterian Church in England (now the United Reformed Church), the value of which cannot be readily ascertained without excessive c05t. In addition, there is a covenant in perpetuity restricting the use of the College for purposes wider than that of a theological college: hence an open market value cannot be applied. The College also owns certain tangible assets. which have been acquired or donated to it over the years since its foundation, not included in the balance sheet since to obtain a reliable valuation 15 not practicable. These include the Academic library and other book collections with an insurance valuation in excess of £1 rnillion, historic furniture and works of art. All book collections are in regular use. either for theological study and reference, or for historical research. Other items are in use or on display as appropriate. Heritage Assets In addition to assets noted above, the College owns certain manuscripts and artefacts that are not in regular use but held for their historical qualities. Most derive from the collections of the founding sisters, Agnes Lewi5 and Margaret Gibson, and were donated by them to the College durin8 their lifetime. Some are displayed and others stored. The College also hold5 the archives. manuscripts and historic books of the United Reformed Church History Soclety (which is a separate charity) on behalf of the United Reformed Church. Indicative valuations have been obtained for some items held but are not considered sufficiently robust to be reported here. 19-

WESTMtNSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (contlnued) 8 INVESTMENTS (group and charity) (a) Flxed asset Investments 2023 zozz Carrying value at beginning of year Net (lossesllgains Carrying value at end of year 1,679,631 164,973 1.844.604 1.917.897 1238,2661 1,679,631 Investrnents at book cost 1,020.726 1.020.726 Investments are held for the long term and comprise units in UK common investment fund5 at market value. All investments are held in the COIF Charities Ethical Investment Fund, a fund whose ethical policy closely matches that of the Trustees. The Trustees believe that the carrying value of the investments is supported by their underlying net asset5. Due to market movements. theyear-end value of the investments has increased by9.8%and isvalued at£164.973 higher than the end of 2022. b) Investment In Subsldlary undertaking Westminster College Cambridge has one subsidiary company, Westminster College Trading Limited {Company number 8855396). This company was incorporated on 22 January 2014 and is incorporated in England and Wale5; its registered office 15 located at Westminster College, Madin8ley Road, Cambridge. CB3 OAA. The principal activities of the company are the provision of accommodation, meeting rooms. conference facilities and events at Westminster College. The investment of Westminster College Cambridge in Westminster College Trading Limited comprises 10,000 shares of £1 each, being the entire issued share capital of the company. The United Reformed Church Trust IS the trustee of the shares held in Westminster College Trading Limited. Westminster College Trading Limited distributes its taxable profits to Westminster College. A summary of the financial results of the company for the period to 31 December 2023 is shown below. Accounts of the company will be filed with the Registrar of Companies. Proflt and loss attount Year ended 31 December 2023 Year ended 31 December 2022 Turnover Administrative expenses Profitlllossl on ordinary activities before taxation Taxation Retained profit., At l January Distribution 494,546 1309,2461 185.300 {11,8161 366.746 {201,519) 165,227 56,499 161,2161 168,767 {108,728) At 31 December 56,499 Balance sheet 31 December 2023 31 December 2022 Current assets: Debtors Amount owed by parent company Cash at bank 55,002 206,469 48,004 309,475 141.9421 188.7661 168,767 31.066 49.883 80,949 117,0161 2,566 66,499 Creditors Amount owed (tollby parent undertakin8 Total assets Capltal and reserves: Share capital Profit and1055 account 10,000 168,767 10,000 10,000 56,499 66,499 20-

WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 De￿rnber 2023 (continued) DEBTORS 2023 Group 2022 Charlty Group Charity Prepayments and accrued Income Due from Westminster College Trading Ltd Other debtors 73,797 73,797 37,071 37.071 146,217 220,014 91,215 165.012 115,004 152.075 83.938 121,009 10 CREDITORS: amounts falllng due withln one year 2023 Group 2022 Charity Group Charity Trade creditors Due to United Reformed Church Trust Due to Westminster College Trading Ltd Accruals Deferred income Other creditors 97,506 495,240 97,506 406.474 211,186 41,692 18,151 9,082 784,091 49,943 654,991 49,943 627,962 29,594 49,271 6,168 11,348 774,286 47,788 53,103 9,975 703,612 50,121 21,299 12,382 788,736 Movements in deferred income.. Balance at l January Prior year reclassification Received in the year Refunded in year Transferred to income 21.299 6,168 8,963 56,009 92,144 Iiiii 14,5451 152,8781 1116,1561 49,856 8,439 144,155 {iiii 1112,2401 72,995 14,545) 170,721} Balance at 310ecember 53.103 18.151 21,299 6,168 The deferred income consists of rent received in advance and amounts received for conferences and events and Bed & Breakfast accommodation for future bookings. 11 CREDrfoRS: amounts fallln8 due in more than one year 2023 Group 2022 Charity Group Charity Loan due to United Reformed Church Trust 395,000 395,000 The United Reformed Church Trust {URCTI can call up the loan with 12 months and I day's notice. Westminster College can repay the loan at any time with no penalties. Intertest is chargeable at the annual average rate that the URCT earns on its investments in the CCLA Deposit Fund. The URcf can elert, without prejudice, not to charge interest in any given vear and have elected to do so in the year ending 31 December 2023. -21

WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued) 12 ANALYSIS OF NET ASSEfs BETWEEN FUNDS Restrlcted fund5 Endowment funds General funds Designated funds Total Group: Fund balances at 31 December 2023 are represented by: Intangible assets Tangible assets Investment assets Net current assets Total net assets Group: Fund balances at 31 December 2022 are represented by: Intangible assets Tangible assets Investment assets Net current assets Total net assets 1,474,823 270,200 1252.5371 1.492,486 3.557,589 317,466 97,073 3,972.128 330,348 339,683 {29,9341 640,097 323,044 917,255 5.685.804 1,844,604 1185.3981 7,345,010 1,240,299 1,415,117 246,035 1119,0021 1,542,150 3,732.304 289.073 97,426 4,118,803 348,700 309,303 135,1971 622,805 323,044 835,220 5.819,165 1,679,631 156,773} 7,442,023 1,158,264 Endowment funds General funds Designated funds Restrlcted funds Total Charlty: Fund balances at 31 December 2023 are represented by: Intangible assets Tangible assets Investment assets Investment in subsidiary Net current assets/lliabilitiesl Total net assets 1,474,823 270,200 10,000 1436,021) 1,319,002 3,557,589 317,466 330,348 339,683 323,044 917,255 5,685.804 1.844,604 10.000 {368,8821 7.171,526 97,073 3,972,128 129,934) 640,097 1.240,299 Charity: Fund balances at 31 December 2022 are represented by: IntanBible assets Tangible assets Investment assets Investment in subsidiary Net current assets/lliabilitiesl Total net assets 1,415,117 246,035 10.000 1185,5011 1,485,651 3,732.304 289,073 348,700 309,303 323.044 835,220 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 -22-

WESTMINSTER COLLEGE CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued)

13 SUMMARY OF FUND MOVEMENTS

2023 Movements

Capital Funds ‐ Group & Charity
College General Fund
Chair Endowment Fund
College Library Fund
Book Grants Fund
EW Todd Memorial Fund
Janet Hastings Barlow Fund
Lewis & Gibson Scholarship Fund
Total Capital Funds ‐ Charity
Designated Funds ‐ Group & Charity
Sale of Nestle Library Fund
Access Fund
Development Fund
Alumni Fund
Total Designated Funds		 Transfers
Gains/(losses)
Balance
Incoming
Resources
between
on investment
Balance
1 Jan 2023
Resources
Expended
funds
assets
31 Dec 2023
£
£
£
£
£
£
323,044
0
0
0
0
323,044
433,984
0
0
0
42,627
476,611
66,784
0
0
0
6,559
73,343
24,213
0
0
0
2,378
26,591
7,680
0
0
0
754
8,434
31,328
0
0
0
3,077
34,405
271,232
0
0
0
26,640
297,872
1,158,265
0
0
0
82,035
1,240,300
291,488
9,081
0
(9,081)
28,393
319,881
69,940
200
(97)
(3,000)
0
67,043
3,739,358
0
(174,715)
0
0
3,564,643
18,016
0
(455)
3,000
0
20,561
4,118,802
9,281
(175,267)
(9,081)
28,393
3,972,128
Restricted Funds ‐ Group & Charity
Healey Legacy Fund
Chair Endowment Fund
College Library Fund
Book Grants Fund
EW Todd Memorial Fund
Janet Hastings Barlow Fund
Peter Barraclough Travel Fund
Mary Tod Memorial Fund
Principal's Discretionary Fund
Reid Lecture Fund
Lewis & Gibson Scholarship Fund
Bursary Fund
Tower Fund
Total Restricted Funds ‐ Group & Charity
Unrestricted Funds
General Fund ‐ Charity
General Fund ‐ Subsidiary
Total Unrestricted Funds ‐ Group & Charity
Totals		 Transfers
Gains/(losses)
Balance
Incoming
Resources
between
on investment
Balance
1 Jan 2023
Resources
Expended
funds
assets
31 Dec 2023
£
£
£
£
£
£
5,632
0
0
0
0
5,632
0
15,598
0
(15,598)
0
0
47,150
3,284
(215)
0
3,710
53,929
14,127
761
0
0
0
14,888
3,155
294
0
0
166
3,615
10,001
1,220
(1,420)
0
738
10,539
12,891
364
(304)
0
1,139
14,090
3,348
66
0
0
205
3,619
81,634
2,200
(3,399)
0
6,567
87,002
224,750
5,711
(1,006)
0
17,855
247,310
31,402
8,521
(1,892)
0
0
38,031
10,000
0
0
0
0
10,000
178,715
0
(27,274)
0
0
151,441
622,805
38,019
(35,510)
(15,598)
30,380
640,096
1,485,651
1,235,554
(1,507,546)
85,895
24,165
1,323,719
56,499
494,546
(321,062)
(61,216)
0
168,767
1,542,150
1,730,100
(1,828,608)
24,679
24,165
1,492,486
7,442,022
1,777,400
(2,039,385)
0
164,973
7,345,010

WESTMINSTER COLLEGE CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2023 (continued)

13 SUMMARY OF FUND MOVEMENTS (Continued)

2022 Movement

Capital Funds ‐ Group & Charity
College General Fund
Chair Endowment Fund
College Library Fund
Book Grants Fund
EW Todd Memorial Fund
Janet Hastings Barlow Fund
Lewis & Gibson Scholarship Fund
Total Capital Funds ‐ Charity
Designated Funds ‐ Group & Charity
Sale of Nestle Library Fund
Access Fund
Development Fund
Alumni Fund
Total Designated Funds		 Transfers
Gains/(losses)
Balance
Incoming
Resources
between
on investment
Balance
1 Jan 2022
Resources
Expended
funds
assets
31 Dec 2022
£
£
£
£
£
£
323,044
0
0
0
0
323,044
495,547
0
0
0
(61,562)
433,985
76,257
0
0
0
(9,474)
66,783
27,648
0
0
0
(3,435)
24,213
8,769
0
0
0
(1,090)
7,679
35,772
0
0
0
(4,444)
31,328
309,708
0
0
0
(38,476)
271,232
1,276,745
0
0
0
(118,481)
1,158,264
332,495
9,081
0
(9,081)
(41,007)
291,488
66,731
7,909
(1,700)
(3,000)
0
69,940
3,914,073
0
(174,715)
0
0
3,739,358
15,473
0
(456)
3,000
0
18,017
4,328,772
16,990
(176,871)
(9,081)
(41,007)
4,118,803
Restricted Funds ‐ Group & Charity
Healey Legacy Fund
Chair Endowment Fund
College Library Fund
Book Grants Fund
EW Todd Memorial Fund
Janet Hastings Barlow Fund
Peter Barraclough Travel Fund
Mary Tod Memorial Fund
Principal's Discretionary Fund
Reid Lecture Fund
Lewis & Gibson Scholarship Fund
Bursary Fund
Tower Fund
Total Restricted Funds ‐ Group & Charity
Unrestricted Funds
General Fund ‐ Charity
General Fund ‐ Subsidiary
Total Unrestricted Funds ‐ Group & Charity
Totals		 Transfers
Gains/(losses)
Balance
Incoming
Resources
between
on investment
Balance
1 Jan 2022
Resources
Expended
funds
assets
31 Dec 2022
£
£
£
£
£
£
5,632
0
0
0
0
5,632
6,395
15,583
0
(21,978)
0
0
50,165
3,284
(942)
0
(5,357)
47,150
13,366
961
(200)
0
0
14,127
3,100
294
0
0
(239)
3,155
14,298
1,220
(4,450)
0
(1,066)
10,002
15,383
364
(1,212)
0
(1,645)
12,890
3,579
66
0
0
(297)
3,348
92,568
2,000
(3,449)
0
(9,485)
81,634
249,240
5,711
(4,413)
0
(25,787)
224,751
23,197
8,521
(2,266)
1,950
0
31,402
10,000
0
0
0
0
10,000
104,325
92,743
(18,353)
0
0
178,715
591,248
130,747
(35,285)
(20,028)
(43,876)
622,806
1,437,750
1,075,253
(1,308,096)
315,646
(34,902)
1,485,651
177,809
366,746
(201,519)
(286,537)
0
56,499
1,615,559
1,441,999
(1,509,615)
29,109
(34,902)
1,542,150
7,812,324
1,589,736
(1,721,771)
0
(238,266)
7,442,023

WESTMINSTER COLLEGE CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued)

14 DESIGNATED FUNDS

(a) Sale of Nestle Library

This fund arose from the sale of a German language theological library in 1996 when the Board of Governors set aside the proceeds for an unspecified future purpose. The Trustees agreed in 2010 to hold this fund as a reserve fund.

(b) Development

This fund met the costs of the College refurbishment programme in 2013‐14, and now holds the assets acquired as a result.

This fund was set up by the Board of Governors in 2014, using part of the proceeds of sale of two properties in 2013. It is intended to provide financial assistance where needed to those wishing to access the College’s courses and activities.

This fund was set up by the Board of Governors in 2018 when The Friends of Westminster and Cheshunt Colleges was disbanded; its remaining funds were transferred to Westminster College. The fund will be used to help Alumni maintain links with the College.

15 RESTRICTED FUNDS

16 RELATED PARTY TRANSACTIONS

Westminster College Cambridge is a charity governed by the General Assembly of the United Reformed Church. The United Reformed Church Trust, a company limited by guarantee (Company number 135934, Registered Charity number 1133373), is also governed by the General Assembly of the United Reformed Church. The principal purposes and activities of the United Reformed Church Trust are to advance the Christian religion for the benefit of the public in accordance with the doctrines, principles and usages, and the Scheme of Union of the United Reformed Church.

During the year the United Reformed Church Trust paid £360k (2022: £360k) to Westminster College as a contribution to the teaching costs of the College and the College’s membership of the Federation.

WESTMINSTER COLLEGE CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued)

17 PENSION SCHEMES

The College contributed £10,949 (2022: £80,069) to The United Reformed Church Final Salary Scheme, a pension scheme principally for lay staff which is administered by TPT Retirement Solutions Trust (formerly The Pensions Trust). This scheme closed to future accrual on 28 February 2023. The most recent formal actuarial review of the scheme was at 30 September 2022, when the scheme had a surplus of £1,446,000. The assumptions underlying that valuation include:

For the period from 1 March 2023, £38,607 was contributed to the new defined contribution scheme administered by AON Mastertrust.

18 CAPITAL COMMITMENTS

As at year ending 31 December 2023, the college has continued to work within its financial constraints and continues with its preventative maintenance schedule. The further capital works required to repair part of the boundary wall was completed in 2023, slightly overbudget with excavations showing further underpinning of the wall was required. Broader capital repair works and projects continue to be explored through Bidwells. Through a staged approach over 15 years, initial estimates indicate circa £2.5m (plus inflation increases) of required capital works over the duration, loaded more towards the end of the timeframe than the start. Governors are taking this matter very seriously and recognise the need to obtain broader financial underpinning to facilitate the required capital expenditure.

WESTMINSTER COLLEGE CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2023 (continued)

19 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022




Notes

Donations and legacies

Donations

Grants receivable
2



Charitable activities

Academic services

Academic accommodation & conferences




Other trading activities
3


Investment Income
4


Other income

Management fees

Net gains on sale of properties
Other income




Total income and endowments

Expenditure on:

Raising funds

Trading expenditure
3


Charitable activities:

Academic services
5(a)
Academic accommodation & conferences
5(b)
College development






Total expended
(Loss)/Surplus from trading and charitable
activities
Net loss on investments



Net (expenditure)/income

Transfers



Net movement in funds
Total funds brought forward at 1 January



Total funds carried forward at 31 December		 Unrestricted
Designated
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
Funds
2022
2021
£
£
£
£
£
£






41,952
700
2,793
‐
45,445
36,355
257,177
7,209
92,000
‐
356,386
235,761
299,129
7,909
94,793
‐
401,831
272,116
260,496
‐
‐
‐
260,496
269,695
456,282
‐
‐
‐
456,282
229,594
716,778
‐
‐
‐
716,778
499,289
366,746
‐
‐
‐
366,746
230,430
11,473
9,081
35,954
‐
56,508
51,765
17,231
‐
‐
‐
17,231
18,323

‐
‐
‐
‐
‐
290,039
30,642
‐
‐
‐
30,642
25,502
47,873
‐
‐
‐
47,873
333,864

1,441,999
16,990
130,747
‐
1,589,736
1,387,464
201,519
‐
‐
‐
201,519
67,481
676,204
1,928
26,017
‐
704,149
673,505
631,892
228
9,268
‐
641,388
478,755
‐
174,715
‐
‐
174,715
174,716
1,308,096
176,871
35,285
‐
1,520,252
1,326,976

1,509,615
176,871
35,285
‐
1,721,771
1,394,457


(67,616)
(159,881)
95,462
‐
(132,035)
(6,993)
(34,902)
(41,007)
(43,876)
(118,481)
(238,266)
227,604

(102,518)
(200,888)
51,586
(118,481)
(370,301)
220,611
29,109
(9,081)
(20,028)
‐
‐
‐

(73,409)
(209,969)
31,558
(118,481)
(370,301)
220,611

1,615,559
4,328,772
591,248
1,276,745
7,812,324
7,591,713
1,542,150
4,118,803
622,806
1,158,264
7,442,023
7,812,324