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



- 23 - 



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



- 24 - 



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. 

- **(c) Access fund** 

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. 

- **(d) Alumni Fund** 

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** 

- **(a)** The Restricted Funds of the College, their incoming resources and resources expended are shown in the Summary of Fund Movements. Many arise from past donations or bequests and all are being used for their specified purposes to the extent that available funds and relevant purposes allow. 

- **(b)** The Healey Legacy fund may be used for academic or general purposes, the only restriction being that the authority of the Senatus is required. 

- **(c)** The Reid Lecture Fund is used to meet the costs of a lecture which takes place ‘at least every three years’ at Westminster College. 

- **(d)** The Principal’s Discretionary Fund are funds that are at the discretion of the Principal and is used mainly for student support. 

- **(e)** The College Library Fund is used to meet some of the costs of running the College library. 

- **(f)** The Lewis & Gibson Scholarship Fund helps provide a scholarship each year for a student studying to become a URC minister. 

## **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. 

- 25 - 



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: 

- Discount rate: Initial rate of gilt yield curve plus 1.80% p.a. at the valuation date tapering linearly to gilt yield curve plus 0.5% p.a. over a transition period of 5 years. 

- Pensionable earnings growth of CPI Inflation plus 1% p.a. at each term 

- Price inflation and pension increases at RPI Inflation less 1% p.a. at each term 

- Retirement age (active members) of 64, with maximum commutation 

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. 

- 26 - 



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** 

|<br> <br> <br>Notes<br>  <br>Donations and legacies<br> <br>Donations<br> <br>Grants receivable<br>2<br> <br> <br>  <br>Charitable activities<br> <br>Academic services<br> <br>Academic accommodation & conferences<br> <br> <br> <br>  <br>Other trading activities<br>3<br> <br> <br>Investment Income<br>4<br> <br> <br>Other income<br> <br>Management fees<br> <br>Net gains on sale of properties<br>Other income<br> <br> <br> <br>  <br>_Total income and endowments_<br>  <br>Expenditure on:<br> <br>Raising funds<br> <br>Trading expenditure<br>3<br> <br> <br>Charitable activities:<br> <br>Academic services<br>5(a)<br>Academic accommodation & conferences<br>5(b)<br>College development<br> <br> <br> <br> <br> <br>  <br>_Total expended_<br>(Loss)/Surplus from trading and charitable<br>activities<br>Net loss on investments<br> <br> <br> <br>_Net (expenditure)/income_<br>  <br>Transfers<br> <br> <br> <br>_Net movement in funds_<br>Total funds brought forward at 1 January<br> <br> <br> <br>**Total funds carried forward at 31 December**|Unrestricted<br>Designated<br>Restricted<br>Endowment<br>Total Funds<br>Total Funds<br>Funds<br>Funds<br>Funds<br>Funds<br>2022<br>2021<br>£<br>£<br>£<br>£<br>£<br>£<br> <br> <br> <br> <br> <br> <br>41,952<br>700<br>2,793<br>‐<br>45,445<br>36,355<br>257,177<br>7,209<br>92,000<br>‐<br>356,386<br>235,761|
|---|---|
||299,129<br>7,909<br>94,793<br>‐<br>401,831<br>272,116|
||260,496<br>‐<br>‐<br>‐<br>260,496<br>269,695<br>456,282<br>‐<br>‐<br>‐<br>456,282<br>229,594|
||716,778<br>‐<br>‐<br>‐<br>716,778<br>499,289|
||366,746<br>‐<br>‐<br>‐<br>366,746<br>230,430<br>11,473<br>9,081<br>35,954<br>‐<br>56,508<br>51,765<br>17,231<br>‐<br>‐<br>‐<br>17,231<br>18,323<br> <br>‐<br>‐<br>‐<br>‐<br>‐<br>290,039<br>30,642<br>‐<br>‐<br>‐<br>30,642<br>25,502|
||47,873<br>‐<br>‐<br>‐<br>47,873<br>333,864|
|||
||<br>1,441,999<br>16,990<br>130,747<br>‐<br>1,589,736<br>1,387,464|
||201,519<br>‐<br>‐<br>‐<br>201,519<br>67,481<br>676,204<br>1,928<br>26,017<br>‐<br>704,149<br>673,505<br>631,892<br>228<br>9,268<br>‐<br>641,388<br>478,755<br>‐<br>174,715<br>‐<br>‐<br>174,715<br>174,716|
||1,308,096<br>176,871<br>35,285<br>‐<br>1,520,252<br>1,326,976|
|||
||<br>1,509,615<br>176,871<br>35,285<br>‐<br>1,721,771<br>1,394,457|
||<br> <br>(67,616)<br>(159,881)<br>95,462<br>‐<br>(132,035)<br>(6,993)<br>(34,902)<br>(41,007)<br>(43,876)<br>(118,481)<br>(238,266)<br>227,604|
||<br>(102,518)<br>(200,888)<br>51,586<br>(118,481)<br>(370,301)<br>220,611<br>29,109<br>(9,081)<br>(20,028)<br>‐<br>‐<br>‐|
||<br>(73,409)<br>(209,969)<br>31,558<br>(118,481)<br>(370,301)<br>220,611<br> <br>1,615,559<br>4,328,772<br>591,248<br>1,276,745<br>7,812,324<br>7,591,713|
||**1,542,150**<br>**4,118,803**<br>**622,806**<br>**1,158,264**<br>**7,442,023**<br>**7,812,324**|



- 27 -