WESTMINSTER COLLEGE CAMBRIDGE Trustees, Annual Report And Consolidated Financial Statements 2024 (Registered charity number 311449)
WESTMINSTFR COLLEGE CAMBIUDGE WESTMINSTER COLLEGE CAMBRIDGE TRUSTEES, REPORT 2024 The Westminster Trustees submit their report and the audited consolidated financial statements for the year ended 31 December 2024. This report fuifils the requirement5 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 2024 to October 2025 inclusive. The remainder of this report covers the calendar year 2024. Board of Governors: Revd Jennifier Mills-Knutsen Iconvenerl Revd Nigel Uden Iconvenerl 'lTI Mrjohn Ellis'lTI Dr Alison Gray ITI Mr Gil Heathcote ' IT) ITreasurer) Fr Dragos Herescu (appointed by Cambridge Theological Federation) Revd Dr Peter McEnhill (Principall Mr William Mcvey IT) lappointed by Cheshunt Foundation) Revd Stuart Scott 'lTI Mrs Darnette Whitby-Reid ' IT) Revd Ryan Sirmons ITI Dr Giles Waller (appointed by Cambridge University) Revd Naomi Young-Roda5 ITI (Clerk) Ms Abigail Perrow (Student Represenlativel appointed by the General Assembly of the United Reformed Church Trustee of the Charity for all or part of the period from l Aug 2025 until 31 July 2025 from l March 2024 from 28 June 2024 IT) In attendance- Revd Jennifer Mills (Secretary for Education & Learning of the United Reformed Church) Revd Nicola Furley-smith (Secretary for Ministries of the United Reformed Churchl Mr Simon Shinkfield (Bursar and General Manager) (until 31:: October 20241 Revd Canon Sion Rhys-Evans (Bursar and General Manage1} Ifrom 6 January 2025 until 19 May 20251 The Trustees are assisted by.. Revd Stuart Scott Iconvenerl Mr Robin aarden RÈvd William Bowman Dr Alison Gray Revd Dr Rick Mearkle Revd Dr Peter McEnhill Mrs Val Morrison (Clerk) Revd Dr Robert Pope Revd Dr Daniel Pratt Revd Dr Jonathan Soyar5 Revd Jennifier Mills-Knutsen Revd Nigel Uden from l January 2024 until 14 June 2024 from 12 September 2024 from l February 2024 from l Aug 2025 until 31 July 2025 Ms Abigail Perrow (Student Representative)
WLS'I'MtNSTF,R COI.LECJE CAMBRII)CJE "l-RlJ8 fEES: REPORT (Conl) Mana ement Comrnittee: Mr John Ellis Iconvenerl Mr Andy Flerning Iclerkl Mr Gil Heathcote Revd Dr Peter McEnhill Dr Augur Pearce Ms Abigail Perrow (Student Representative) Revd Dr Robert Pope Mr David Thomas Revd Dr Jonathan Soyars Revd Jennifier Mills-Knutsen Revd Nigel Uden frorn l March 2024 from 20 September 2024 until 12 June 2025 until 6 June 2024 from l Aug 2025 until 31 July 2025 Officers Teuchin Sto (SenatUs} Revd Dr Peter McEnhill (Principall from 17 June 2024 Revd Dr Robert Pope l Director in Church History and Doctrine," also Interim Principal until 16 June 20241 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) until 16 June 2024 Revd Dr Daniel Pratt (Director of Pastoral Studies) from l February 2024 Revd Dr Jonathan Soyars (Director in New Testament Studie5- Director of the Cheshunt Foundation) Bursar Mr Simon Shinkfield IBur5ar and General Manager) (Until 31 October 20241 Revd Canon Sion Rhys-Evans IBursarl (from 6 Jan 2025 until 19 May 20251 Mr Stephen Forber (Bursar) (from 27 October 20251 Westminster 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. Princi l Office Westminster College, Madingley Road, Cambridge. CB3 OAA Advi Solicitors SlaterHeelis Kingsgate12nd floor) 51-53 South King Street Manchester M2 6DE Inde ndent Auditor5 Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP 8ankers Lloyds Bank plc 3 Sidney Street Cambridge CB2 3HG
WLS'I-MINSTER COLLEGE CAMBRIDGE STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Charity is governed by the General Assembly under clause 2.6 Ivil of the Structure of the United Reforrned Chu rch IURCI through a body of Governor5 appointed by it. in accordance with the terms of the Trust Deed of 1899 35 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 assisted 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 Tru5tee5 and are members of the United Reformed Church are the Trustees of the Charitable Funds of Westminster College. The names of the Governors who were also Trustee5 during the relevant period are marked as IT) in the list of Governors. Recruitment and Training 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 terms of six years, renewable for a further term. Other Governors are appointed by the Cheshunt Foundation, Cambridge University, Anglio Ruskin University and the Cambridge Theological Federation and these are subsequently reported to the Nominations Committee. The Principal of the College is ex offAClO, and the te2chers and the 5tudent5 of the College each ch005e one oftheir number to represent them. The Board of Governor5 and the Nomination5 Committee give consideration to the balance of skills and experience in the Board of Governors when considering changes in membership. All new Governor5 receive information about the College and are inducted into their role. Training is provided via general extern31 courses and events where possible, and train ing is given in conjunction with quarterly meetings in specific areas of governance as needs arise, to assist in the performance ol their duties as trustees. Organisotional Manogement Tho Collo8e Governors and Management Committoe each meet four times a year. The Management Committee receives financial and management reports and acts on behalf of the Governor5 in matters delegated to it. It reports to every meeting of the College Governors. Tho Board of Studies meets at least three times 3 year and oversees the educational work of the College,. it also reports to every meeting of the College Governors. The Board makes formal deiision5 on student admissions, programmes 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 College's own Livine Ministry Programme. It reflect5 on and oversees the developtng role of the College ès è Resourte Centre for Learning of the United Reformed Church and offers oversight to the development of all its programmes and learning events. The Board of Governors, the Management Committee and the Board of Studies each include a student representative for di5CU55ion of unreserved business. The day to day running of the College is delegated to the Principal. 5UPPOrted 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 SenatU5 attend the Board of Studies. The key managemeni personnel are considered to be the Principal, Vice-Principal (currently vacantl and the Bursar. Remuneration of key management personnel is set in the same way as that of other equivalent staff. Those who are ministers of the United Reformed Church receive the same basic stipend as other ministers. the level of which is recommended by committees of the Church and confirmed by its Trustees. The pay of lay staff is set at appointment by the Management Committee. having regard to comparable posts in Cambridge,. annual increments are also decided by the Management Committee. Westminster College Trading Lifflited Westminster College Trading Limited, a wholly owned subsidiary company of Westminster College, was registered on 22 January 2014 primarily to carry out the conferencing and accommodation business of Westminster. The Board of Directors includes officer5 and members of the governing body of Westrninster College. currently Mr John Ellis Ichairmanl, Revd Dr Peter McEnhill and Revd Dr Robert Pope. Mrs Sandi Hallam-Jone5 acts as Company Secretary.
WI:S'I MINSTER COLLEGE CAMBRII)CJE Other relationship5 A. In 1967 Cheshunt College. Cambridge merged its operations with those of Westminster College. The remaining capit31 funds of Che5hunt 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 significant part of the income of the Cheshunt Foundation is applied by its Trustees to provide academic services at Westminster. B. Westminster College is a fully participating member of the Cambridge Theological Federation I'the Federation'l. As such, it has obligations and commitments in the provision of teaching and support for the various common teachinE programmes of the Federation, including the Bachelor of Theology degree of Cambridge University,. the Common Awards IBA and MAI, validated by Durham University and deployed for ministeri31 training across a large number of TheoloEical Education Institutions around the country. and the Professional Doctorate of Anglia Ruskin University. Westminster's academic staff are involved in teaching across all these awards, and We5tmin5terf5 facilities are widely used by staff and student5 of the Federation. The central staff of the Federation occupy one of the Colle8e Bounds houses as an administrative hub. C. The Cambridge Centre for Christianity Worldwide ICCCW} is an independent charity for the study of mission and world Christianity, and a Member of the Federation. The Centre {includinE Its library, director and support staff l 15 based in Westminster College, and there are close links between the two bodies in terms of teaching and research. D. The Congregational Memorial Hall Trust. custodians of the Congregational Library, which is moving into specially prepared accommodation in the College. A close academic partnership is being planned. E. 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 site. The relationship5 Oijtlined above demonstrate a campus of theological institutions at Westminster, a vision the College Governors and staff all embrace and continue to work toward5. Risk Manrjgement 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. A formal review of the charity's risk management processes is undertaken annually. The key controls used by the charity include: Formal agendas for all Board and Committee activity Established orBanisational structure and lines of reporting Formal written Policies Clear authorisation and approval levels Vetting procedur@& as required by law for tho protection of the vulnerable The use of expert consultants, as necessary, to advise on specific areas of risk and to enable the college to implement the appropriate responses and controls The key areas of risks 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 programme5 and teaching staff of the College are attended to with care through the College teaching team, the Board of Studies and the variou5 Structures of the Federation. Financial controls are robust and include monthly reports detailing outturns against projections and budgets which are scrutinised by the ManaEement Committee. The College works closely with the Education and Learning Committee and the Ministries Committee as well as key Finance and Human Resources staff of the Church and the URC Trust, drawinE on their expertise and ensuring that Westminsterfs developing work is harmonised with denominational requirements and expectations. Concerns about individual students are handled throu£h robust and transparent processes developed acr055 all of the URC'S training centres. During the year discussions continued about the approach to funding the College long term, especially in relation to the support provided by the wider United Reformed Church. Proposals are being discussed by the governance bodies of the Church during 2025-26. Greater clarity should be achieved as a result. The College is Served by a committed team of administrative and support staff, including estates staff who work to ensure that the building5 at Westminsler are properly maintained and looked after. Care of the College buildings includes all relevant feature5 in term5 of security and access control alongside fire detection and prevention equipment.
I&:ESTNItNSTER COLLEGE CAMBRIDGE oBJEIVEs AND ACTIVITIE5 The Charity's object. as set out in its Trust Deed. is 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, some of whom come from 5iSter Churches abioad. In addition, the College a150 offers educational resources to those who are preparing for or are already fulf illing ministries as lay preachers, worship leaders or Elders within the Church, as well as to church members who wish to deepen faith. The College teaching staff Isenatus) have a significant and growing iole within the Church as those who provide learning in the Christian faith for a wide range of meetings, conferences and groups, and who also resource the Church through their writing and publications. Within its objective5. the Charity must maintain the Grade 2 listed buildings, administer and maintain various scholarship funds and care for a13rge collection of books, artefacts and historic documents. Review of performoncefor 2024". Staff Transition Westminster Governors engaged in wide consultation to recruit replacements for two retiring 5enatUs 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 in 2024. with the new Principal, the Revd Dr Peter McEnhill, taking up the role in June 2024. The Bursar indicated a wish to leave the College, and an extensive search wa5 undertaken to identify a suitable successor. An appDintment was made for a new Bursar to Start in January 2025, and Mr. Shinkf ield left the College in September 2024. Unfortunately, the new Bursar did not complete his probationary period and left the College's employmenl in May 2025. A new Bursai, Mr. Stephen Forber, joined the College on 27 October 2025. 2. Agree longer term funding patterns fiom the central URC budget. Westminster Governors continued their collaborative dialogue with the central administration of the United Reformed Church to explore a sustainable funding model applicable to the College and the two other URC Resource Centres for Learning IRCLsl- In February 2025 work was aborted on schemes previously being (JisCU55ed and a new process instituted. The outcome of this is awaited. Meanwhile the College has continued to maintain the lif e and buildings of the College. drawing on it5 own reserves when necessary. Develop the commercial operations and opportunities based on robust costs data. Westminster's commercial operations eXperIend continued notable growth and diversification, despite challenges around staff turnover and illnesses. The College contir)ues to identify untapped opportunities for revenue generation and strategic partnerships. Through agile adaptation and responsive innovation, Westminster is well- positioned to capitalise on emerging trends and market dynamics. ensuring sustained growth and viabil ity in an increasingly competitive landscape. Objectivesfor 2025-26 Finalise discussions on strategic and funding relationships with the wider United Reformed Church in ways that enable the Strategic Plan. Advance the development of a college reserve and investment fund, leveraging denominational connections, strateEiC partnerships, and philanthropic initiatives to secure sustainable financial resources for the long-term viability of Westminster. Further develop external partnerships 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 onhancing academic programme5, increasing enrolrnent, and oxpandinE OUtre3ch efforts to attract a diverse student body, not least from international networks. Fill senior staff vacancies with strong appointments.
WES'IMINS'I LR COLLEGF. CAMBRIDGE PUBLIC BENEFIT STATEMENT The College's primary purpose 15 to be a Resource Centre for Learning {RCL} within the URC, and thus to provide education and to promote the Christian religion. The Trustee5 of the College take account of the Charity Commission'5 pu blished guidance in regard to public benefit in conducting the activwtie5 of the College. The followirbg are examples of the College's work during the year u nder review which have contributed to the fulfilment of the charity's public benefit obligation5'. The College, in consultation with the URC. prepares student5 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 ministerial 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 ministry and offers bursaries for those who need financial help. The College plays a f ull part in the work of the Cambridge Theological Federation, contributing teaching, teaching facilities, and library access for ordinands and other students from other Christian denominations who are studying at member institutions of the Federation. These services are provided on an exchange basls Wlth other member institutions within the Federalion. As an RCL for the whole URC, the College increasingly provides courses for the training of lay leaders with in the Church for example. lay preachers. Thi5 has primarily returned to in-person engagement, with some online provision remaining. Training for ministry has remair)ed free, with the only charges beinE for accommodation and meals. The College's library 15 available for use, without charge. by all members of the URC and the Federation, and by other readers at the discretion of the Principal for a modest annual membership fee. The College's extensive archive of historical materials lincluding the paper5 of some 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 expense5. By a Memorandum of Agreement with the URC History Society (Registered Charity no_2792 131 tho College's l ibrary and archive5 also contain the library and archives of the Society, which are similarly available to researchers. Acce55 to the Congregational Library is also made possible. As an inteEral 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 reliEiOUS publications, which are used within and beyond the URC. The College provides high quality facilities for people with disability and for meeting and conference space which those beyond the Church value and use. FINANCIAL REVIEW AND RESULT5 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 £306,72012023= £97,013). which comprised- 2024 2023 Donations, grants and legacies Income from charitable activities Activities for raising funds Investment income Other income Totol income 261,708 881,319 1.151,578 69,765 45,814 2.410,184 289,927 879,632 494,546 69,243 44,052 1,777,400 Expenditure on- Raising funds Charitable activities Totcjl expended 1,150,515 1,617,LN)9 2,767,524 321,062 1,718,324 2,039,386 Net loss Net gain/l10551 on investments 1357,3401 50,620 1306,7201 1261,9861 164,973 197,0131 Income and expenditure Overall, total income increased by £632.784 from 2023, largely due to increased revenue from activitie5 for raising funds and which counteracted a drop in donations. grants and legacies. In considering trend5 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, resulling in a net loss of £357,340. The overall impact of the year was mitigated by investment gain5 of £50,62012023- £164.9731 offsetting the total loss.
WESI MINS I'BR COLLEGE CAMBRIDGE Reserves Policy On 31 December 2024. total unrestricted income funds Igeneral and designatedl totalled £5,127,47212023.. £5,464,614). However, this is mostly held in fixed College assets. Unrestricted liquid funds totalled £177,98112023- £17,661). The Trustees hope to return to a regular balanced budget in the short to medium term which will allow the College to build up free reserves equivalent to 3 months income li.e. around £300kl. Investment Policy The College investment5 represent permanent endowment and unexpended income of ils 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 monitors their progress. Other fund5 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 mighi cast significant doubt on the ability of the College to continue as a going concern. The Trustees remain encouraged by the growth of the income-Eenerating aspects of the College's life and, havinB invested in additional staff ing. look to an increase in the average net profit margin achieved. The October 2025 estimates for the financial outcome for the whole of 2025 showed a substantial reduction in the Grou p deficit relative to 2024. The 2023 Loan Agreement signed by the College with the United Reformed Trust confirmed the sustainability of a £395,000 loan io support the College. originally provided following the extreme demands of the Covid lockdown period. The College expects to complete imminently discussions with the URC Trust to refresh this Agreement and consolidate a new version with clear, scheduled arrangements to pay down other sums owing to the URC Trust, which will give greater resilience and predictability to the College's cashflow. In the meantime, URC Trust have confirmed that they will not seek repayment of £200,000 of the amount shown in current liabilities within 12 monihs of the date of signing of the audit report. Taken together, these factors will provide sufficient financial resources 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. In the longer term. as noted in the section above on Objectives, the context of the College's work is subject to decisions likely to be presented to the governing bodies of the United Reformed Church during the academic year 2025-26. Tho Trustees have considered several possible scenarios after these decision5 are made but it is not yet possible to be confident about which scenario will eventuate and therefore what funding model will be relevant to the College. Having assessed both the short- and medium-term issues, the Trustees have made their assessment for a period of at least one year from the date of the approval of these financial statements. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the College has adequate re50urce5 to continue in operational existence for the foreseeable future. The College therefore continues to adopt the going concern basis in preparing its financial statements.
WF.8TMINS"rr,R COI.I.ECJE CAMBRIDGF Statement of Trnstees, Responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United KinEdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in EnEland and Wales iequires 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 resources of the charity for that period. In preparinE these financial statements, the Trustees are required to- select Suitable accounting policies and then apply them consistentlv- observe the methods and principles in the Charities SORP 2015 IFRS 1021- make judgments and estimates that are reasonable and prudent,. state whether applicable accounling standards have been followed. subject to any material departures disc105ed and explainod in the financial statement5- and prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charity will continue in busine55. The Trustees are responsible for keeping proper accounting recoid5 that disclose with reasonable accuracy at any time the f inancial position of the charity and enable them to ensure that the financial statements comply with the Charities Aci 2011, the Charity (Accounts and Reports} Regulations 2008 and the provisions 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 theie 15 no information of which the charity's auditors are not aware,. and the TrLJStees 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 charitvs auditors are aware of that information. Approved by the Board of Governors on 28 October 2024 and signed on its behalf by= 4e& Sinfwfi- Ylllls_ Onurs<n Trustee
WESTMINSTFR COLLE(iE CAMBRIDGE INDEPENDENT AUDITOR'5 REPORTTO THE TRUSTEES OF WESTMINSTER COLLEGE CAMBRIDGE Opinion We have audited the financial statements of Westminster College Cambridge Ithe 'parerTrt charity'l and its subsidiaries (the 'group'l for the year ended 31 December 2024 which comprise the Group Statement of Financial Activities, the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and note5 to the financia5 statements, including significant accounting policies. The financial reporting fra mework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards. including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements-. give a true and fair view of the state of the group'5 and parent charit5 affairs as at 31 December 2024, and of the group's incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United KinEdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the ChariEles Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our ie5ponsibilities 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 ielevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsi bilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating io going 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 statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatinE to events or condition5 that, individually or collectively, may cast significant doubt on the group's and parent charity'5 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 concein 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 financi31 statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opiniDn on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated iri our report, we do not express any form of assurance conclusion thereon. Our responsibility is to road the other information and, in doinE so, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether there is a material misstatement in the f inanci31 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this reEard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 reqLJires us to report to you if, in our opinion..
IVE, S"1 MINS"I'F4,R C()l.L.F.CJE CAMBRIDGE the information given in the Trustees, Annual Report is 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. Responsibilities of trustees As explained more fully in the Trustees. responsibilities statement set out on page 8, the Trustees are responsible 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 Tru5tee5 are responsible for assessing the group and parent charitrfs ability to continue as a going concern, di5c105in& as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistlc alternative but to do so. Auditor's Responsibllities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charilies Act 2011 and report in accordance with iegulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA5 IUKI 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 wilh Is IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also= Identify and assess the risks of material mi55tatement 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 noi detectinE a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may Involve colluslon, forgery, inleniional omi55ion5, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to deSlEn audit procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the group and parent charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the Trustees. use of the going concern basis of accountinE and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions 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 uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosure5 are inadequate, to modify our opinion. Our conclusions 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 going concern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosure5, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair pie5entation. Obtain sufficient appropriate audit evidence regarding the financial information 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 group audit. We remain solely responsible for our audit report.
WESTMINSTER COLLEGE CAMBRIDGE We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit finding5, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures i n 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 irregularities, including fraud is detailed below. The objective5 of our audit in respect of fraud, are: to identify and asses5 the risks of material misstatement 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 appiopriate responses to those assessed risks. and to respond appropriately to instances of fraud or SLJspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance 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 5i8nifiiant are the Charitie5 Act 2011. the Charity SOftP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by di5CUSsions 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 those charged with eovernance as to any known instances of non-compliance or suspected non-cornpliance with laws and regulations. Based on this understandin& 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 corroboralive evidence as required. There are inherent limitation5 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 misstatement due to fraud is higher than the risk ol not detecting one resulting from error, a5 fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the charity's Tru5toes. as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has 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. Date: 30 October 2025 Moore Kingston Smith LLP Statutory auditor 9 Appold Street, London, EC2M 2AD Moore Kingston Smith LLP is eligible to act a5 auditor in terms of Section 1212 of the Companies Act 2006.
WESTMINSTER COLLE(iB CAN4BRIDGE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 310ecember 2024 Unrestricted Dpsi8naied Funds Restriite Endowmeni Total Funds Total Funds Notes Funds Funds Funds 2024 2023 Incorne from Dondtions 1,632 257.760 2.316 3.948 11,167 Grants receivable 257,760 278,7 259,392 261708 2È9 927 Charitable activtties Acadetnic servites 279,508 279,508 263,057 616,575 Acadernic accommodation & conferences 601.811 881.319 881319 879,632 Other trading activities 1.151,578 1,151,578 494,546 Investment Incorne 23.841 9.260 36.664 69,765 69,243 other income Management fee5 Other incorne 23.CO7 23,007 17,243 22.547 260 22,807 45,$54 260 45,814 44,052 Totol incofrye ond endowments 2 4LO 184 1 777 400 Expenditure on.. Raising fvnds Trading expenditure 1.150.515 1.150,515 321,062 Ch3ritable activities.. Acade.rnic 5È.rvices 5131 51al 729,740 4.310 17,889 751,939 708,808 Academic accommodation & conferences 743.277 9.516 752,793 112.277 834,801 College development 112.277 174,715 1.473,017 lJ6.587 27,405 1.617,009 1,718,324 Totcilexpended 2.623,532 116.587 27,405 2.767,524 2,039,386 ILossl/Surplu5 from tradiTrÈ and tharitable 1261,8481 7,415 1107.3271 8.712 11,835 ia57,3401 50,620 1261,9861 164,973 Net Gain/l105sI on investments 9,322 25.171 Net lexpenditureJ/JnitJme 1254.4331 198,61SI 21,157 25,171 1306.7201 197,0131 Transfers 353,759 1337.8531 115.9061 Net movemenrinlund5 99.326 1436.4681 5.251 25.171 1306.7201 197,0131 Total fund5 broughi forward at l January 1.492.486 3.972.128 640.097 1,240.299 7.345,010 7,442,023 Total funds carried forward at 31 December 1.591,812 3.535.660 645,348 1 265.470 7,038,290 7.345.010 All arnounts relate to continuing oper3tion5. There Is no material difference between the net incomin¥Jlout60in21 resources stated above and their historic31 costs equivalents. All gains and 1055e5 recognised in the yeai are included in the Consolidaied Statement ol Financial Aciivities. 12
WESTMINSTER COLLEGE CA_1BRIDGE BALANCE SHEETS A5 at 31 December 2024 Group 2024 Charity 2024 Group 2023 Chority 2023 Notes Fixed assets Tangible assets Investments 5.560,589 1.895.224 5.560.589 1,895,224 10.000 7,465.813 5,685,804 1,844,604 5,685,804 1.844,604 10,000 7,540,408 81a) 81bl Investment in Subsidiary 7.455.813 7,530,408 Current as5etS Debtors Cash at bank and in hand 336.804 442,208 779,012 225,636 368,397 594,033 220,014 693.200 913.214 165,012 645,197 810,209 Creditors-. amounts falling due within one year io 801,535 672,300 703 612 784 091 Net current Iliabilitiesl/assets 122.5231 (78.2671 209,602 26,118 Creditor5= amounts falling due in more than one year li 395.000 395,000 395,000 395,000 Total asset5 less current liabilities 7,038,290 6.992.546 7,345,010 7,171,526 Unrestricted income funds General reserves Designated funds Unrestricted funds Restricted income funds Capital funds 1,591,812 3,535,660 5,127,472 645.348 1,265,470 1,546,068 3.535,660 5,081.728 645,348 1,265,470 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 14 15 TOTAL FUNDS 12&13 7,038.290 6,992,546 7,345,010 7,171,526 Approved and authori5ed for i55ue by the Board of Governors on 29 October 2025 T.&.fLLI£ Trustee Trustee
WES"I"MINS I'ER COLL,ECJE CAMBRIDGE Consolidated statement of cash flows for the year ended 31 December 2024 2024 2023 Cash flows from operating activities Net outgoing and movement in funds {see page 121 1306,7201 197,0131 Adjustrnents for". Increase in debtors 1116,7901 167.9391 Increase in creditor5 97,923 309,876 Depreciation of fixed assets 161,480 222,161 Amortisation of intangible assets IGainllloss on investment assets 150.6201 1164,9731 Cash flow5 generated from operations 1214,7271 202,112 Cash flows from investing activities Payments to acquire tangible assets 136,265} 188,8001 136.2651 188,8001 Net Idecreasel/increase in cash and cash equivalents {250.992} 113,312 At l January 693,200 579,888 At 31 December 442,208 693,200
WF.STMINSTF.R COI..I.F.GF. CAhqIlRII)GF. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 PRINCIPAL ACCOUNTING POLICIES li) 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 required 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 IFRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. Westminster College meets the definition of a public benefit entity under FRS 102. Assets and liabilities a re initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. The principal accounting policies. which have been applied consistently throughout the year, are set out below. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. (iiil Consolidation Consolidated financial statements have been prepared in respect of Westminster College CambridEe and its wholly owned subsidiary, Wostminster College Trading Limited. The results of Westminster ColleBe Trading Limited have been con501idated on a line-by-line ba515. (iv) Classification of f unds Unrestricted income funds may be used for the general purposes of the College,. some of these have been designated for particular purposes by the Board of Governors, which approves transfers to and from designated funds. Detai15 are given in note 13. Restricted income funds are funds whose use 15 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. Iv) Income All incoming resources including voluntary income, income from activities for generating f unds. investment income, is recognised in the SOFA when there is legal entitlement to the income. any performanco conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably. lal Voluntary income Donations, Erants and legacies are accounted for on a receivable basis. Donations under Gift Aid are recognised as 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 Eranted. 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. Ibl Trading & income from Academic Services Trading & income from Academic Services, is recognised in the period it 15 receivable and to the extent the College has provided the goods or services. Ivil Expendlture TradinE expenditure represents resources expended by Wesiminster College Trading Ltd in relation to providing accommodation, conferences and events. Resources expended directly in charitable activities are also analysed and support costs including governance costs are apportioned equally between them. Governance costs show expenditure related to running the charity rather than pursuing it5 charitable activities. Expenditure is accounted for on an accrual basis. Iviil Taxation The Charity 15 a registered charity. and a5 such 15 entitled to certain tax exemptions on income and profils Irom investments, and surpluses on any trading activities carried on in furtherance of the charity'5 primary objectives. if these profit5 and surpluse5 are applied solely for Iharitable purposes.
WF,STMtN8TF.R COLLEGE CAfvIIIRII)CJE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued) (viii) Fixed a55et5 and depreciation al College properties Depreciation is provided on College buildings and on other residential properties owned by the College over their expected useful life and after taking into account the estimated residual value. Properties are maintained in a state of sound repair, resulting in a long expected useful life and experted residual values nol maierially different from their carrying value. Accordingly any depreciation is not material and so no depreciation is charged. The Committee of Management considers annually whether any impairment is necessary considering the lives of the propertie5 and their residual value. Where certain improvements, such as electrical works. have been assessed as having a limited life, depreciation is provided as set out below. bl Tangible assets and depreciation Tangible fixed assets having an initial cost of £1,000 or less are written off on acquisition. Higher cost items are capitalised and depreciation is provided on a straight line basis as a percentage of costs as follows- Computer equipment 25Yo pa Furniture and other equipment IO% pa Building improvements with limited life 5¥0 Pa cl Other tangible assets Other tangible a55ets in regular use, principally book collections, which have been donated to the College over the period since Its foundation. are not included in the Balance Sheet, since to obtain a reliable valuation is not practicable. Further details are given in note 7. dl Heritage assets The ColleEe owns certain manuscripts and artefacls that are not in regular use but are held for their historical or artistic qualities. They were larEely acquired by the founders 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 benef it. As a result these assets are not included on the Balance Sheet (see note 71. lix) Intangible fixed assets Software costs are capit31ised as intangible fixed a55ets and amortisation is provided so as to write-off their costs over their estimateij useful lives and is calculated at 25Yo per annum on a straight line basis. (xl Investments Listed investments are units in Common Investment funds and are stated at market value at the balance sheei date. The difference between market value and cost is credited or debited to the respective fund. Investment income is credited to the appropriate fund account. Ixil Pensions Up until 28 February 2023, College teaching staff who are URC ministers were in this period members of the Uniled Reformed Church Ministers. Pensior) 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 Scheme, a multi-employer defined benefits scheme, more details of which are shown in note 16. Both schemes were closed to future accrual at 28 February 2023 and a new def ined contribution scheme was set up for ministers and staff. For both defined benefit schemes noted above, the College 15 unable to identify its share of the underlying assets and liabilitie5 of the scheme and therefore both are treated in these financial statements 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 expenditure heading in the Statement of Financial Activities and in note 6. (xii) Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recogni5ed at transaction value and subsequently measured at their settlement value.
WI,'S"I MINS'I'LR COI,I,LGL CAMI4RIt)(iE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued) Ixiii) Going concern The Trustees have considered possible events or conditions that might cast significant doubt on the ability of the College to continue as a goin8 concern. The Trustees remain encouraEed by the growth of the income-generating a5pect5 of the College's life and, having invested in additional staff in& look to an increase in the average net profit margin achieved. The October 2025 estimates for the financial outcome for the whole of 2025 showed a substantial reduction in the Grou p deficit relative to 2024. The 2023 L03n 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. The College expects to complete imminently discussions with the URC Trust to refresh this Agreement and consolidate a new version with clear, scheduled arrangements to pay down other sums owing to the URC Trust, which will give greater resilience and predictability to the College's cashflow_ Taken together, these factors will provide sufficient financial resources to enable the College and its subsidiary to meet its liabilities a5 they fall due during the period of at least 12 months from the date of approval of these financial statements. In the longer term, the context of the College's work is subject to decisions likely to be presented to the governing bodies of the United Reformed Church during the academic year 2025-26. The Trustees have considered several possible scenarios after these decisions are made but it is not yet possible to be confident about which scenario will eventuate and therefore what funding model will be relevant lo the College. Having assessed both the short and medium term issues, the Trustees have made their assessment for a period of at least one year from the date of the approval of these financial statements. After making enquiries, the Trustees have concluded that there is a reasonable oxpectation that the College has adequate resources to continue in operational existence for the foreseeable future. The College therefore continue5 to adopt the going concern basis in preparing its financial statements. 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 teachinE Staff. contributes to the College budget, funds student bursaries and provides financial support for ministers taking sabbatical leave at the College. The grant for 2024 totalled £55.111 12023: £86,112). OTHER TRADING ACTIVITIES 2024 2023 Income Bed and breakfast accommodation Dinners, wedding5 and other events 470,847 680,731 1.151,578 181,559 312,987 494,546 Less: Costs of activities for raising funds Direct costs Staff costs and overheads 1323.4521 1827.0631 1,150,515 118,1931 302,8691 1321.0621 Net surplus of activities for raising funds 1,063 173.484 INVESTMENT INCOME (group and charity} 2024 2023 Unitised Funds Interest on bank deposits 53,806 15,959 69,765 52,764 16,479 69,243 Investment income is split between the College funds as follows= ZOZ4 2023 Unrestricted Designated Restricted 23.841 9,260 36,664 69,765 24,208 9,081 35,954 69,243 17
WESTMINSTER COLLFGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued) 5(a) EXPENDITURE ON CHARITABLE ACTIVITIES (group and charity) 2024 2023 Academic services- Teaching Staff stipends & 5alarie5 University and federation fees Giants to student and teachers Library Miscellaneous Support costs (Note 5bl 286,471 29.141 13,048 456 10.928 411,895 751,939 270,427 30,102 17,717 3,215 10,282 377,065 708,808 2024 2023 Academic accommodation & conferences- Food Staff costs - catering, domestic and maintenance Maintenance let properties College running costs Support costs INote 5bl 45,310 263,986 20,977 10,625 411,895 101,182 304,357 14,702 37,495 377,065 752,793 834,801 5(b) SUPPORT COSTS (group and charity) 2024 2023 College security and maintenance Utilities Business rates and insurance Irrecoverable VAT Staff costs- office and management Other office costs Governance cost5 346,882 155,474 20,944 18,356 135,831 145,634 668 823,789 120,858 122,512 48,477 36,935 309,451 115,897 754,130 50% shared between academic services & academic accommodation 411,895 377,065 The total audit fee for the Eroup is £22.430 {2023= £17.3501 and £11,44812023= £6,0961 for the charity. 6 STIPEND AND SALARY COSTS Igroup and charity) 2024 2023 During the year the following stipend and salary costs were incurred.. Ministers 312023.. 31 Stipends a nd allowances Social secu rity costs Pension contributions 87,761 10,522 11,131 109,414 124,292 11,508 18,606 154,406 Lay staff 5012023.. 32) Wages and salary Social secu rity costs Pension contributions 1,058,630 87,046 68,071 760,397 61,603 58,860 880,860 1,213,747 18
WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued) No employees received emoluments exceeding £60.000 during 202412023.. none). No Trustee received femuneration in respect of their services as Trustee other than the reimbursement of travel 3nd Dther expense5 to six individuals during 2024 totalling £3,60312023- eight individuals totalling £2,446}. Current key management personnel are the Principal and Bursar and General Manager both of which are lay staff. The total of employee benefits for key management personnel was £122.956,12023- £103,725). 7 TANGIBLE & INTANGIBLE FIXED ASSETS (group and charity) College properties Furniture and other equipment Computer equipment Total Intangible tangible assets asset5 Cost At I" January 2024 Additions during the year At 31" December 2024 Accumulated depreciation At I" January 2024 Charged during the year At 31" December 2024 6,695,244 71,430 966,531 36,265 1,002,796 7,733,205 36,265 40,850 6,695.244 71,430 40,850 1.166,414 132,554 1.298.968 63.372 3,184 66,556 817.615 25,742 843,357 2,047,401 161,480 2,208,881 40,850 40,850 Group & Charity= At 31" December 2024 5,396,276 4.874 159,439 5,560,589 At 31" December 2023 5,528,830 8,058 148,916 5,685,804 With the exception of certairTr 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 cost. In addition, there is a covenant in perpetuity restricting the use of the ColleEe 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 in5uiance valuation in excess of £1 million, 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 A55et5 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 Lewis and Margaret Gibson, and were donated by them to the College during their lifetime. Some are displayed and others stored. The College also hold5 the archives, fllanU5cripts and historic books of ihe United Reformed Church History Society (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-
Wbs l MINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued) 8 INVESTMENTS {group and charity) {a) Fiyed asset investments 2024 2023 Carrying value at beginning of year Net gains Carrying value at end of year 1.844,604 50,620 1.895,224 1,679,631 164,973 1,844,604 Investments at book cost 1,020,726 1,020,726 Investment5 are held for the long term and comprise units in UK common investment funds at market value. All investments are helcl in the COIF Charities Ethical InvÈstment Fund, a fund whose ethical policy closely matche5 that of the Trustees. The Trustees believe that the carrying value of the investments is supported by their underlying net assets. Due to market movements, the year-end value of the investments h35 increased by 2.7 % and is valued at £50,620 higher than the end of2023. bl Investment in Subsidiary undertaking Westminster College Cambridge has one subsidiary company. We5tmin5ter College Trading Limited (Company number 88553961. This company wa5 incorporated on 22 January 2014 and is incorporated in England and Wales,. its registered office is located at Westminster College. Madingley Road, Cambridge. CB3 OAA. The principal activities of the company are the provision of accommodation. meeting rooms. conference facilities and events at Weslminster College. The investment of Westminster College Cambridge in Westminster College Trading Limited comprise5 10.000 sha res 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 resulis of the company for the period to 31 December 2024 is shown below. Accounts of the company will be filed with the Regi5trai of Companies. Profit and1055 account Year ended Year ended 31 December rnber 2024 2023 Turnover Administrative expenses Profit/llossI on ordinary activities before taxation Tax8llon Retained profit.. At l January Distribution At 31 December 1,151,578 11, 150,515 1,063 494.546 1309,2461 185,300 111,8161 168,767 1124,0861 45,744 56,499 161,2161 168.767 Balance sheet 31 December 2024 31 December 2023 Current assets: Debtors Amount owed by parent company Cash at bank 192,653 55,002 206,469 48,004 309,475 141,9421 188.7661 73,812 266,465 171,2201 158,0141 Creditors Amount owed to URC Amount owed to parent company Total assets 55,744 168 767 Capital and reserves: Share capital Profit and loss account 10,000 45,744 55,744 10,000 168,767 10,000 20-
WESTMINSTER COLLEGE CLMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued) DEBTORS 2024 Group 2023 Charity Group Charity Trade debtors Prepayments and accrued income Due from Westminster College Trading Ltd Other debtors 229.504 40,233 90.104 40,233 81,487 13,812 225,636 97,439 73.797 42,437 73,797 67,066 336,804 48,778 220,014 48,778 165,012 10 CREDITORS: amounts falling due within one year 2024 Group 2023 Charity Group Charity Trade creditors Due to United Reforrned Church Trust Due to Westminster College Trading Ltd Accruals Deferred income Other creditors 39,848 572,583 39,848 514,569 97,506 495,240 97,506 411,191 206,469 41,692 18,151 9,082 784,091 60,087 109,580 19,437 801,535 53,087 45,640 19,156 672,300 47,788 53,103 9,975 703,612 Movements in deferred income= Balance at l January Prior year reclassification Received in the year Refunded in year Transferred to income 53.103 18,151 21,299 6,168 8,963 56,009 Iiiii 152,8781 197,111 11,7381 1138.8961 63.711 144,155 14681 Iiiii 135.7541 1112,2401 Balance at 31 December 109,580 45,640 53,103 18,151 The deferred income consists of rent received in advance and amounts received for conferences and events a nd Bed & Breakfast accommodation for future bookings. 11 CREDITORS: amounts falling due in more than one year 2024 Group 2023 Charity Group Charity Loan due to United Reformed Church Trust 395,000 395,000 395,000 395,000 The United Reformed Church Trust IURCTI can call up the loan with 12 months and I days, notice. Westminster College can repay the loan at any time with no penalties. Interlest is charEeable at the annual average rate that the URCT earns on its investments in the CCLA Deposit Fund. The URCT can elect. without prejudice, not to charge interest in any given year and have elected to do so in the year ending 31 December 2024. 21
WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 20241continued) 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS General funds Designated funds Restricted funds Endowment funds Total Group: Fund balances at 31 December 2024 are represented by: Intangible assets Tangible a55et5 Investment assets Net Current liabilities Creditors over one year Total net assets 1,480,238 603.793 (97,2191 395,000> 1,591,812 3.445,312 311.995 349,oa5 115,6521 323,044 942,426 5.560,589 1,895,224 122,5231 395,000 7,038,290 90,348 3,535.660 645,348 1,265,470 Group: Fund balances at 31 December 2023 are represented by: Intangible assets TanEible assets Investment assets 1.474,823 270,200 1252,537 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 1,844,604 185,398 7,345,010 Net current assets Total net assets 1,240,299 General funds Designated funds Restricted funds Endowment funds Total Charity: Fund balances at 31 December 2024 are represented by- Intangible assets Tangible assets Investment assets Investmont in subsidiary Net current liabilities Creditors over one year Total net assets 1.480,238 603,793 10.OOD 1152.9631 395,0001 1.546,068 3.445,312 311,995 349,005 323,044 942,426 5,560,589 1,895,224 10,000 178,2671 395,000 6,992,546 90.348 115,652} 3,535,660 645,348 1,265,470 Charity: Fund balances at 31 December 2023 are represented bv: Intangible assets Tanglble assets Investment assets Investment in subsidiary Net current assets/lliabilitiesl Total net assets 1.474,823 270,200 10,000 1436,0211 1.319.002 3,557,589 317,466 330,348 339,683 323,044 917,255 5,685,804 1,844,604 10,000 1368,8821 7,171,526 97,073 3,972,128 129,9341 640,097 1,240,299 22-
WES'IMINS'fER COLLEGE CAMBIUDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued) 13 SUMMARY OF FUND MOVEMENTS 2024 Movement5 Transfers belMeen lunds Gainslllossesl on in¥e5tment assets Balante l Jan 2024 Incoming Resour(es Resources Expended Balance 31 Dec 2024 Capitsl Funds- Group & Charlty College General Fund Chair Endowrneni Fund College Library Fund Book Grants Fund EW Todd Memorial Fund Janet Hasting5 B3Tlow Fund Lewis & Gibson Scholarship Fund 323,( 476.(Q9 73.343 26.591 8.434 34,4105 297.873 323,044 489,&88 75,356 27,321 8.666 35,349 306.(K7 13.079 2,013 730 231 8,174 Total Capitsl Fund5- Charity 1.240.293 1265.470 Designated Fun(Is- Group & Charlty Sale ol Nestle Library Fund Attess Fund Development Fund Alumni Fund 319,880 67,Cb14 3,564,643 9.2 1337,8521 I1,2} 8,712 14.0741 1112.2771 12361 61,720 3,452,366 21,574 Total Designated Fund5 3.971127 9.2EII 116, 337.852 8.712 1535.6fAI Restrirted Funds- Group & Charity Healey Legacy Fund Chair Endowment Fund College Library Fund Book Granis Fund EW Todd Memori31 Fund Janet H35ting5 Barlow Fund Peter Barr2clough Trave.1 FLJnd Mary Tod Memorial Fund Principal's Discretionary Fuvd Reid Lecture Fund Lewis & Gibson Scholarship Fund Bursary Fund Tower Fund 5.632 5,632 I.906) 53,928 14,887 3.619 10.540 14.ty)o 3,619 87.(3 247,310 38,030 iO.(KK) 1,441 3.549 776 13431 58,272 15,663 3,966 12,011 14,811 3,749 89,961 258,611 39.469 10,113 133,089 51 1.244 371 67 226 349 63 2,015 5,479 11.4591 5.823 8,689 17.2501 118.3531 Total Restrirted Funds- Group & Charity 39.240 27.405 Is,6 9,322 645.347 Unrestrirted Funds General Fund- Charity General Fund- Subsidiary L262,504 229.983 1.210.105 1.151.578 11.348.9331 11,274,599) 353,759 7,415 1.484,849 106,962 Total Unrestricted Funds- Group & Charity 1.491487 2.361.682 {13,532) 353.759 7.415 1.591.811 Totals 2.410.183 1767.523 50,619 il Incotne of £16k wa5 tTan5feried from the Chairs Endowment to College General lund, io meei some of the cost5 of the te3chiThg staff. Thi5 15 in Sine with the restriction on the Chairs endowmeni fund. lill The Development fund has been u5@d, by decision of the Governors. for the cosis of ihe majordevelopment programme and the B55et5 acquired dufing the development. Thi5 fund was wegourced by transfers from the Development Appeal fund, which held the dOnaton5 raised by the Appeal. liiil During the year, the Board ol Governors decided to rele35e the total of the Sales Olthe Nestle library from desinated to general funds.
WLS"I'MINS"I'LR COLLLGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (continued) 13 SUMMARY OF FUND MOVEMENTS (Continued) 2023 Movement Transfers between funds Gains/llossesl on investment Balance ljan 2023 Incoming Resources Resour5 Expended Balance 31 Dec 2023 assets Capitsl Funds- Group & Charity College Gèneral Fund Chair Endowment Fund College Library Fund Book Grants Fund EW Todd Memorizl Fund Janèt H3Stings Barlow Fund Lewis & Gibson Scholarship Fund 323,Cl 433.984 66.784 24.213 323,(k 476,611 73,343 26,591 8,434 34,405 297,872 42,627 6,559 2,378 791 31.328 271.232 3,077 26,640 Total Capital Funds- Charlty 82.035 240.3Li) Deslgnated Fund5- Group & Charity Sale of Nestle Library Fund Access Fund Development Fund Alumni Fund 291.È188 9,(Bl 2(f) 28.393 319.881 67.043 3,564,643 20,561 1971 1174.7151 14551 I3,[ 3,739,358 1&016 Total Deslgnated Furtds 4118.W2 9,281 1175,267) I9,1) 28,393 3.972.128 Transfers between funds Gainsll1055esl on investment assets Balance ljarn 2023 Incomlng Resouwces Resource5 Expendèd Balance 31 Det 2023 Re5triLted Funds- Group & Charity Healey Legacy Fund Chair Endowment Fund College Library Fund Book Grants Fund EW Todd Memorial Fund 5,632 5,632 15.598 3,284 761 294 1.220 115,5981 47.150 14,127 3.155 io,(x)i 12.891 12151 3,710 53.929 14,888 3,615 10,539 14,090 3,619 87,(Q2 247,310 38,031 io,(x 1,441 166 738 Janet Hastin89 Barlow Fund Peter Barraclough Travel Fund Mary Tod Memorial Fund Principal's DiStrotion3ry Fund 11,4201 13041 1,139 205 6.567 17,855 66 13.3991 li.(K)61 11.8921 Reid Lecture Fund Lewis & Gibson Scholarship Fund Bursary Fund Tower Fund 224.750 31,402 io.(x 178,715 5.711 8,521 127.2741 Total Restrlcted Funds- Group & Charity 622,5 38.019 135.5101 115,5981 30.380 Unre5tricled Funds General Fund- Charity Genera1 Fund- Subsidiary 1.235,554 494,546 11.507.546) 1321.0621 85.895 161.2161 24.165 1,323,719 168,767 56.499 Total Unrestricted Fund5- Group & Charity L730,1( Totslg L777,4CQ 1039.3851 164,973 7 345,010
WESTMINSTER C.OLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (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 proceed5 for an unspecified futuie purpose. The Trustees agreed in 2010 to hold this fund as a reserve fund and in 2024 released it into general funds. Ib) Development This fund met the costs of the College refurbishment programme in 2013-14, and now holds the assets acquired as a result. (cl Acce55 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 acce55 the College's courses and activities. Idl 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 remair)ing f unds were transferred to Westminster College. The fund will be usel5 to help Alumni maintain links with the College. 15 RESTRICTED FUNDS lal The Restricted Funds of the College, their incoming resources and resources expended are shown i n the Summary of Fund Movements. Many arise from past donations or bequests and all 3re being used for their specified purposes to the extent that available funds and relevant purposes allow. Ibl The Healey Legacy fund may be used for academic or general purposes, the only restriction being that the authority of the Senatus is required. Icl The Reid Lecture Fund is used to meet the costs of a lecture which takes place 'at least every three years, at Westminster College. Id) The Principal's Discretionary Fund are funds that are al 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. {n The Lewis & Gibson Scholarship Fund helps provide a scholarship each year for a student studying to become a URC ministor. 16 RELATED PARTY TRANSAcfioNS Westminster College Cambridge is a charity governed by the General Assembly of the United Reformed Church. The United Reformed Church Trust, a cornpany limited by guarantee Icompany number 135934, Registered Charity number 11333731. is a150 governed by the General Assembly of the United Reformed Church. The principal purpose5 and activities of the United Reformed Church Trust are to advance ihe Christian religion for the benef it 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 £360k12023.' £360kl to Westminster College as a contribution to the teaching costs of the College and the College's membership of the Federalion.
WESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 {continued) 17 PENSION SCHEMES The College contributed £68,071 Imarch 2023: £38,607) to the defined contribution scheme administered by AON Mastertrust, a scheme for lay staff. 18 CAPITAL COMMITMENTS As at year ending 31 December 2024, the college had contracted to replace the fire doors within the buildinE to ensure that they were up to the new standards. The value of this contract Was £75,000. ?6-
IESTMINSTER COLLEGE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 20241continued} 19 CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 December 2024 Llnrestricted Desi8nated Fund5 Restricted Endowment Total Funds Total Funds Noies Funds Fund5 Funds 2028 2022 Income from Donations 9.002 278,760 21X) 1,965 11.167 45,445 356 386 Grant5 Teceivable 278,760 287,762 2(X) 1,965 289,927 401,831 Acadernic services 263,057 616,475 263,057 260,496 Academic accommodation & conferences i( 616 575 456.282 879.532 879 632 716778 other trading activities 494.546 494,546 366,746 Investment Income 24,208 9.081 35.954 69,243 56,S08 Other Income Man38etneni fees Oiher income 17.243 17,243 17,231 26,809 26,809 30,642 44,052 Totol income and endowments 1,730 IIX> 9.281 38.019 1 589 736 Expenditure on.. Raising funds Trading expendilure 321,062 321,062 201,519 CharitèblÈ activities.. Ac2dÈmir Services 51al 51bl 681.921 825.625 553 26.334 708,808 704,149 Academic accommodation & conferences 9.176 834,801 174,715 641,388 174,715 College development 174.715 1.507.546 175.268 35.510 1,718,324 1.520,252 Total expended 1.828.608 175.268 35.510 2,039,386 1,721,771 ILossl/Surplu5 frorn trading and charilable 198.5081 24.165 1165.9871 28,393 2,509 30.380 126L,9861 164,973 1132,0351 1238,2661 Net Gainlllossl on investments 82,035 Net lexpendrturE)/income 174.3431 1137.5941 32,889 82,035 197,0131 1370,3011 Transfers 24.679 19,0811 115.5981 Net movement rnfvnds 149.6641 1146.6751 17,291 82,035 197.0131 1370,3011 Toièl funds broLJght forward at l January 1.542,150 4.118,803 622.806 1,158.264 7.442,023 7,812,324 Total fvnds carfied forward at 31 December 1,492.486 3.972.128 640.097 1,240,299 7,345,010 7,442,023 -27-