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 oBJE￿IVEs 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 eXperIen￿d 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 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 {1￿3,532) 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 dOnat￿on5 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 Resour￿5 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,C￿l 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-