I Li)Lo WESTMINSTER THEOLOGICAL CENTRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Charity Number.. 1123573 Registered Company No.. 0650600
WEsfMINsfER THEOLOGICAL CENTRE LEGAL AND ADMINISTRATIVE DEfAILS YEAR ENDED 31 JULY 2021 LEGAL AND ADMINISTRATIVE DETAILS COMPANY NAME Westminster Theological Centre la company limited byguarantee) COMPANY NUMBER 06506007 CHARITY REGISTRATION NUMBER 11235TS TRUSTEESIDIRECTORS Mr L Singlehurst Ichairl Mr A C Gillies {Deputy Chairl Mr R Ellis Mr N Langford Mrs R K Lynas MrsG Pde Berry Rev A S Johnson Mr A Junaid (appointed 18 December 20201 COMPANY SECRETARY Mrs C B Catto KEY MANAGEMENT PERSONNEL Dr L Peppiatt- Principal Mrs J M Lawry-white Director of Operations (promoted to Chief Operating Officer from l Oct 20201 Mrs C B Catto Financial Controller (appointed I February 2020 and promoted to Finance Director from l Oct 20201 Dr J Knecht, Dean of Academic Studies Mr M Hedley. Director of Undergraduate Studies Mr C Palmer Director of IT (promoted l July 20211 REGISTERED OFFICE & PRINCIPAL OFFICE ADDRESS Westminster Theological Centre Suite 5. Winchcombe House 5-39 Winchcombe Street Cheltenham GL52 2LZ INDEPENDENT EXAMINERS Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 OUX PRINCIPAL BANKERS Barclays Bank I Churchill Place London E145HP
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2021 The Board ofTrustees of WestminsterTheological Centre has pleasure in presenting their report and financial statements fortheyear ended 31 July 2021. The financial statements have been prepared to comply with the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS10211. Structure. Governance and Management Westminster Theological Centre I,C- or Yhe CompanKI is a charitable company limited by Guarantee and governed by a Memorandum and Articles of Association dated 31 January 2008, modified by resolution dated 2 July 2009. The Company was incorporated on 18 February 2008. The number of Trustees must be between three and twelve and are appointed in accordance with the Articles of Association. The Trustee body embraces a broad variety of skills and new Trustees are considered in the light of their ability to contribute to the work of c and must subscribe to its values. All Trustees are active Christians. Since 1st August 2020. Andrewjunaid has become a Trustee. The present Trustees bring a wide range of experience across church life and leadership, professional expertise, theological education and of the reality of the practical outworking of theii faith in this country and internationally, as well astheir networksto the wrc Board. The Board consists of eight Trustees who oversee an Executtve Management Team comprising the Principal, Academic Deans. Chief Operating Officer,Financial Director and Director of IT. For the academicyear 2020-2021, 25 external faculty memberstaught part-time with WTC. The Trustees are non-executive and are responsible for setting the broad policy and strategic parameters within which wrc operates. The Trustees delegate the day-to-day running of wrc to the Executive Management Team. Objectives and Activrties The main objectives of WTC are". To advance the Christian faith in both doctrine and lifestyle To advance the education. training, personal and professional formation of Christian leaders in the Church, the marketplace and the public square. To meet these objectives offers a range of part-time courses accredited by Chester University. The courses are delivered through a combination of residential teaching blocks and weekly study in a local learning 'Hub'. Hubs are hosted by local churches with which WTC form5 partnerships. Each Hub employs a Hub Director who works closely with WTC. Values We are committed to the following values that inspire us in all our teaching, all our learning, and all our dealings with one another. A Gracious Orthodoxy-working out ourtheologywithin an orthodoxTrinitarian and biblically grounded faith. and maintaining rigorous scholarship characterised by diversity and freedom of theological expression. Servants and Leader5 in Community - Fostering leadership in the home. church, and marketplace that is rooted in Christ-like setvice. forged within the communityof believers, and shaped to serve God's purposes.
WESTMINSTER THEOLOGICAL CEKfRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2021 Participation in Gods Mission- Working for the transformation of society by participating in the call to proclaim the forgiveness and wholeness of the Kingdom of God in the UK and abroad. through social, economic. and political justice. Humanityos the Imogeof God- Maintaining a high viewof humanityas made in God's image, both male and female, and nourishing the beauty. uniqueness. interdependence, freedom, and creativityof humanitythat we might live out our God-created purpose. Life Lived in Christ and the Spirit- Following Jesus Christ in the power of the Spirit, in both life and learning, to be transformed and equipped for discipleship and mission. Meeting our Goals Student satisfaction WTC is a not for profit, ecumenical and charismatic theological college offering university accredited qualifications in theology. Our vision is to integrate the best of scholarship with the power and gifts ofthe Holy Spirit to effect personal and communitytransformation byequipping. healing and releasing God's people of all ages and backgrounds for mission and discipleship in the church. WTC delivers theological education within prophetic, worshipping and learning communities throughout the UK, in partnership with local churches. Quotesfrom ourstudents indicatethe differencewhich studying with c has and continues to make to them as individuals, as well as to their lives and work.. .c has changed my life in so manyWays...c has opened a wayfor education to be a part of me and it's absolutely transforming. IBAstudentlchen .c has been transformational tocombine my life as a musician and also as a daughterof God.. IGradDip studentlprofessional musician) "Since coming to WTC and studying theology Ie realised that my questions aren't barriers, but they are opportunities for me to grow.'18A student) -WTC is one of the best things that has happened to me. I'm definitely not the same person now as I was before." IGradDip studentlbusinesswomanl "With the support of those around me. l actually got through six years of study and it's been six years which has impacted every area of my life.- IBA completed, current MA student/church leader) "WTC has gone a long way in helping meto see howthe Bible brings to life situations that I face every day." IGradDip student and church leaderl °The thing Ie found about wrc...is that the emphasis is about what God is doing in you, how God isworking inyou andwhatGodwantstodowithyou.' IGradDipstudentand businessownerl "Alreadythe Bible is coming alive and I'm Seeing things differently." {Grad Dip student and social justice worker) 'Ie loved what God has done in this placeand l just praythat others come along and enjoywhat C offer&" IBA graduate and church leader). Extendi our reach Our closest partnerships are with our Hubs, and our Hub churches and Ashburnham Place are at the core of WTC and how it functions. As well as serving as the location for a Hub where all our students from that region gather weeklyto support each other and studytogether, the Hub partners act as advocates arsd champions of WTC within their churches/centres, among their networks, and acrosstheir regions. Each ofour Hubs brings something unique to the makeup of
WESTMINsfER THEOLOGICAL CEKfRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2021 WTC, and at the heart ofthe partnership is a shared vision for educating and training the church, resourcing a region. and building up the body of Christ. Our planned Hub expansion has been very successful thisyear. As opening new Hubs is the fruit of building strong relationships with the Hub churches involved (which typically takes a period of yearstoestablishl, we have been particularly pleased that, inthis pandemicyear,we have opened two new lin East Midlands and Scotlandl and two relocated Hubs (West Midlands and Southampton- formerlythe'Hampshire' Hub). Recruitment of students intothese newlrelocated Hubs has been strong. which promises well for their future stability. We will start the academic year, 2021-22 with 12 Hubs in total. Our goal over the next few years is a total of 14-15 Hubs nationwide, so we will continue to build relationships with potential Hub churches in regions of the country notyet within easy reach of a WTC Hub. and which have the population numbers to support stable Hubsfor theyears ahead. We have also established closer relationships with several new church networks across the UK who have expressed their desire to integrate studying wrth WTC into their leadership development programmes for university validated levels of training. Our partnerships are rooted in friendship and shared values with church leadership teams. We see our collective task as building Kingdom initiatives and ministries through and with the local church, and we have the enjoyment of working together to make this happen. There are multiple ways in which partnering with wrc benefits a church, centre, or group of churches that act as è Hub. First, it puts education and training for all at the heart of church and helps to build a culture where every member of the church is able to access life-giving theology, equipping everyone who studies with greater confidence for all aspects of their life, work and faith. Second, it gives those in leadership the opportunity to train their upcoming church leaders through the rigorous study of theology in a context that will strengthen their faith, build their knowledge, and equip them with skills for leadership, teaching, and training others. Third, it enables churches with the vision to be resourcing churches for their regions. One of the great advantages for churches is that all our courses are part-time, so our students can learn around their other work and family commitments and stay rooted in their churches throughout their studie Key management personnel The Trustees have delegated the running of the Charity on a day-to-day basis to the Executive Management team. All Trustees give of their time freely. No Trustee received remuneration for their role as Trustee. Details of Tru5tees' expenses and related party transactions are disclosed in note 14 to the accounts. Review of Operations for the year Student cruitment In the year ended July 2021, Wtc had 208 students12020'. 2051. Of these, 5212020.. 541 completed their studies and a further S received exit awards. The remainder completed the first year of a two-year block, were writing dissertations, or were on a study break. c had the largest intake of students under the present Principal for the academic year starting September 2021 with 228 students. During the year, c has maintained close relationships with all its Hub churches. The Principal and Chief Operating Officer also maintained contact with other church leaders across the country. wrc has continued to run Resource an online theology resource with free content wvvw.wtctheolo cresource . Over 5,000 individuals have accessed materials through C Resource in total. some studying as individuals and others using the materials for group
WESTMINsfER THEOLOGICAL CEKfRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2021 study. wrc made all resources or) WTC Resource free at the start of the COVID pandemic and has seen uptake increase significantly as people have become more familiar with accessing online resources during lockdown. wrc Resource is one channel through which people engage with Wtc, acting as a marketing channel for those who wish to continue onto one of our acciedited course Specialist Graduate Diploma courses Our Graduate Diploma courses in Church Planting and Leadership (launched in September20191 and in Kingdom Theology Student Ministry (launched in September 20201 are unique in the UK and are helping cement our reputation as a leading theological provider within our constituent church networks, which include both independent church networks and longer established denominations.TheCPLcourse is proving particularlywpularwith the intakefor September2021 atl5 students, well above ourtarget Bforthis academic year. Fundraising We have continued to strengthen our donations base Inon-fee funding) through a combination of individual and trust-fund giving this year. including with the assistance of a fundraising consultancy. We have also run successful fundraising projects during the year, including to support recipients of the Principal'5 Bursary Ifor those with a history of offending and addiction). We have also established a consulting entity- wrc Consulting Ltd- all of the profits from which will be paid to WTC to support the running costs of the college. The first client college signed a License and Support Agreementwith Consulting for ourcollege Data Management System in June 2021 for 3 years initially. We continue to explore additional avenues of funding, Our aim continues to be to reduce the percentage of our income required from donations as the level of student fee income increases with rising recruitment. as well as to be able to offer more bursaries in line with our strong value of making our courses accessible to as wide a range of people as possible. We have made significant progress on engaging systematically with our alumni during 2020-21 which is also a proveri source of donor funding for wrc. Financial Review The Company had a surplus of £F26,016 in the year to 31st July 202112020 £54.7871. The principal source of income was student tuition fees, totalling £622.94012020'. £583.6961. supplemented by donations of U81,74912020.' £267,172). Total costs of £703.618 were down 15% from the previous year12020: £829,5681. Because of the COVID pandemic, Wtc has held both intensive teaching weeks onlirie lin September 2020 and January 20211 rather than in person, saving a significant amount of money in the financial year 2020-2021. continues to rely on donations to fund the operating gap between net student fees and operational costs and significant progress has been achieved in developing the organisation's donor base over the past year. Cash flow has been closely managed by our Finance Director. The Principal's Bursaryfund IPBFI was launched in 2015 to raise funds to enableex-offenders and ex-addicts to study with us many of whom would be unable to afford the fees without assistance. This year 7 people have benefitted from the Principal's Bursary. A restricted reserve of £29,767 is carried forward at 31 July 202112020= £13.6241 for this purpose and is being used to fund students in the academic year commencing September 2021. Any remaining balance will be used in futureyears. The Trustees review operational and external risks annually in connection with running the CoMpanS operations and the mitigation of significant risks. They have identified recruitment of sufficient students and ability to raise donations as the primary risks. Recruitment targets are agreed for WTC as a whole and delivery on these is overseen by the Chief Operating Officer. The Academic Deans and Principal also oversee levels of recruitment. Our operating model is lean, and we have strong relationships with our network of partner churchesand our donor&As a re5ultof costsaving inyearended 2021 and thecontinuing healthy
WESTMINSTER THEOLOGICAL CENTrE TRUSTEES, REPORT YEAR ENDED 31 JULY 2021 levels of donations. the Trustees are confident that the company will obtain sufficient funding to cover the financial year 2021-2022.Accordingly, these accounts have been prepared on the going concern basis. In September2016,we opened a pensionfund,administered byNEST.All Cheltenham-based staff are entitled to join the fund. The terms are more favourable than the minimum required under the auto-enrolment provisions and were further enhanced in September 2017. On 5th August 2020, a consulting arm of c 'WTC Consulting Ltd. was incorporated at Companies Hou*with thesole aim ofgenerating incomethrough consulting activities, the profit from which will all be paid to Wtc to reduce the deficit between cost of providing courses and income from student fees. A separate Board of Directors has been established for the new company. Our first client signed a license and support agreement from June 2021. During this financial year WTC has loaned Consulting Ltd £8,893 which the directors are confident will be paid back in the near future. Post balance sheet events In common with other theological colleges. we are reliant on gifts and donations to supplement student fee income. Since July 2021, and as at the time of approving these accounts. we have actual and committed donations of £124.000 receivable by 31 July 2022 which means that our costs are covered for the rest of the current academic year. The Trustees have set a target of a further 5,000 to raise in donations byJuly2021, with the objective ofstarting the next financial year with a strong reserves balance. Related Parties There are no related parties Otherthan theTrustees and Consulting Ltd. esenies The Charity has one activity. namely the provision of theological education, and all reserves (with exception of loan to Consulting) are generated from, or expended upon. that activity. The Trustees have determined that, for the foreseeable future. any positive reserves will be accumulated and retained to finance the Charitls growth. A key target for the Trustees for the year Yo enable the company to operate with a positive balance on the general fund" has been met. General fund reserves improved by 024,973 over the year to 31 July 2021 and the Charity moved from a general reserves deficit of £59.846 at 31 July 2020 to positive reserves of £65.127 at 31 July 2021. Public benefrt The Trustees have had regard to the Charwty Commissioner's guidance on public benefit. Statement of Trustees. responsibilities The Trustees. who are also the Diiectors. are responsible for preparing the annual report and the financial statements in accordancewith applicable law and United Kingdom GenerallyAccepted Accounting Practice. Company law requires theTrustees to preparefinancial statementsfor each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Companyfor that period. In preparing those financial statements, theTrustees are required to.. select suitable accounting policies and then app them consistently. make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Companywill continue its operations. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WEsfMINSTER THEOLOGICAL CENTRE TRusfEES' REPORT YEAR ENDED 31 JULY2021 In preparing this report the Trustees have taken advantage of the special provisions relating to small companies within Part 15 of the Companies Act 2006. Signed on behalf of the Trustees Chair 811 L SINGLEHURST
WEsfMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY2021 Independent examineVs report for the year ended 31 Juty 2021 I report on the financial statements ofWestminsterTheological Centre for theyear ended 31 July 2021, which comprise the Statement of financial activities, the balance sheet and the related notes. These financial statements have been prepared under the histoiical cost convention and the accounting policies set out therein. Respectrve Responsibilities of Trustees and Examiner The Trustees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The Charit5 Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 Ithe Charities Act) and that an independent examination is needed. The Chariws gross income exceeded £250.000 and l am qualified to undertakethe examination by being a qualified memberof the Instituteofchartered Accountants. Having satisfied myself that the Charity is not subject to audit under company law and is eligible for independent examination. it is my responsibilityto= examine the accounts under section 145 of the Charities Act- to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the CharitiesAct. and to state whether particular matters have come to my attention. Basis of Independent Examinerfs Report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a reviewof the accounting records kept bythe Charityand a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matter& The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent Examiner's Statement In connection with my examination. I have considered the adequacy of the disclosure made in Note la to the financial statements concerning the Charit5 ability to continue a5 a going concern. As explained in the Trustees. Report and in Note la to the financial statements, the Directors consider it likely that the funds needed over the next 12 months will be raised. Accordingly, the Directors have prepared these accounts on the going concern basis. In connection with my examination, no other matter has come to my attention to indicate that.. accounting records have not been kept in accordance with section 386 ofthe Companies Act 2006., the accounts do not accord with such record where accounts are prepared on an accruals basis whether they fail to comply with relevant accounting requirements under section 396 of the Companies Act 2006. or are not consistent with the Charities SORP IFRS1021 any matter, which in myopinion. should be drawn to the attention of the readerto gain a proper understanding of the accoun Scott Lawrence ACA. DChA HAZLEWOODS LLP Staverton Court Staverton Cheltenham GL5l OUX Date: 16 December 2021
WESTMINSTER THEOLOGICAL CENTrE STATEMENT OF FINANCIAL AcrnimES YEAR ENDED 31 JULY 2021 Statement of Financial ActSvlties (Including Income and Expenditure account) Notes Un-restricted Funds Restricted Funds Total 2021 Total 2020 Income from: Donations Investments Charitable activities Grants Other income 129.791 51.958 181.749 27 622.940 267.172 171 583,696 622.940 io,000 23,316 24538 380 24,918 Total income 829,634 884355 Expenditure on: Expenditure on charitable octivitie& Provision of courses Administration costs {435,4001 150.9151 {486.3151 1595,5021 1216,9231 13801 1217,3031 1234,0661 Total expenditure 1651323) {51295) 1701618) I82968) Transfers Net movement on funds 124y13 124016 54,787 Total funds bld at l August 159.8461 28.624 131,2221 186,0091 Total funds clfvid at 31 July 12 65.127 29.667 94794 (31,222) The statement of financial activities includes all gains and losses in the year. All the above amounts derive from continuing activities.
WESTMINSTER THEOLOGICAL CENTRE BALANCE SHEET YEAR ENDED 31 JULY2021 Company Registration Number. 06506007 Balance Sheet 31 July 2021 37 July 2020 Notes FIXED ASSErs Tangible Assets Investment ioo CURRENT ASSETS Debtors Cash at bank and in hand 95.832 107,161 38.127 89,288 201993 IYl.415 NET LIABILITIES: Creditors and accruals io 08,2991 058.6371 NET CURRENT (LIABILrriES) 94,694 (31,2221 NET {LIABILITIES) 94794 131.222} RESERVES Unrestricted Funds General Restricted funds 65,127 29,667 159,8461 28,624 13 94794 (31.222) Trustees. Statements required by Section 475 In approving these financial statements asTrustees of the company. the Trustees hereby confirm:_ For theyear to31 July2021, the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.. b. The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006. c. The directors acknowledge their resporisibility for complying with the requirements of the Act with respect to accounting records and for the preparation ofaccounts. These accounts have been prepared in accordancewith the provisions applicable to companies subjectto the small companies regime. The financial statements were approved by the Trustees on ..........Q.81.121.2Q2.1.. and signed on its behalf by. Chair LsifoGLEHURST io
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021 NOTES ACCOUNTING POLICIES a) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the CompaniesAct 2006. Westminster Theological Centre meets the definttion of a public benefit entity. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl- Going concern As mentioned in the Trustees. Report. in common with other theological colleges, the charitable company is reliant on gifts and donations to supplement Student fee income. As at the time of approving these accounts, donations sufficient to cover a full twelve months of net expenditure have not yet been fully raised. Whilst some uncertainty remains, the Directors consider it likely that the funds needed over the next 12 months will be raised. Accordingly. the Directors have prepared these accounts on the going concern basis. b) Donations Donations received for the general purposes of the charitable company are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are included a5 restricted funds. Donations are accounted forwhen received unless a donation is receivabletowhich the charitable company has an absolute legal entitlement. in which case it is accounted for at the earlier of the date received or the date the absolute entitlement crystallised. c) Student fees Student fees are accounted for on an accruals basis. Any student fees received in advance are reflected as deferred income until the term to which they relate commences. d) Resources expended and allocation of costs lil Expenditure is included on an accruals basi& lill Cost of student fees is directly attributable to the delivery of courses. There is only one operational activity, the provision of further education and all administrative costs are attributable to this activity. e) Flxed assets Depreciation is provided on all tangible fixed assets at rates calculated to write off each asset over its expected useful life. as follows.. Leasehold improvements Computers & other equipment Straight line over 3 years straight line over 3 years Foreign currencies Transactions in foreign currencies are translated into sterling at a standardised rate through the accounting period. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling atthe balance sheet date, with the exchange gains li
WESTMINSTER THEOLOGICAL CEPITRE NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (continued) and losses that arise fiom that being recognised in the Income and Expenditure account each year. g) Leases Rentals under operating leases are charged to the Income and Expenditure account on a straight-line basis over the lease term. Z INCOME Income from donations was £181,74912020.' £267,172) of which £5l.958 was restricted12020'. £39,357). Income from charitable activities was £622.940 12020.. £583.6961, £nil of which was restricted12020.' £nill. No unrestricted business grant was received 12020.. 0,0001. Other income was £24,918 12020.. £233161 of which £380 was restricted 12020.. £15661. Donations from Trustees totalled £2.67512020.' £14,495) including the associated Gift Aid. 3. EXPENDITURE ON CHARITABLE AcnvtnES 2021 2020 Provision of Courses Staff and contractors Residentials Books and bought in services Bad debt write off Validation and accreditation fees Hubfees and costs Bursaries awarded 271.999 3,743 2,752 980 64,166 95.818 46,857 256.609 149.646 1380 66,427 76.571 43,869 486J5 595,502 Administrative C¢)sts Bank charges Foreign exchange movements Staff Staff training Loan interest payable Office and travel wtc Consulting Legal and professional 930 1.012 148,086 7.020 150,021 6,552 435 68.092 3.270 4,641 49.452 IS.8501 17.663 217,303 234,066 TOTAL 701618 829,568 There is only one operational activity Ithe provision of further education) and all administrative costs are attributable tothat activity. On 5th August 2020. a consulting arm of WTC'WTC Consulting Ltd, was incorporated at Companies House with the sole aim of generating income through consulting activities and the sale of software services, any profit from which will all be paid to c to reduce the deficit between cost of providing courses and income from student fees. Expenditure on charitable activities in 2021 was £703,618 of which £,2951202O.' £829,568 of which Q4,4281 was from restricted funds. 12
WESTMINSTER THEOLOGICAL CENTrE NOTES TO THE ACCOUNTS YEAR ENDED 313ULY 2021 4. STAFF COSTS AND NUMBERS 2021 14 2020 12 Number of Employees (Average) Gross Salaries National Insurance Contributions Pension Contiibutions 317,534 22,286 13.812 309.013 22,386 12,961 353,632 31A,360 Subcontract 66,412 65,240 420.044 409,600 The key management personnel of the charitycomprise the Principal. Academic Dean, the Chief Operating Officer. the Finance Director and Director of IT. Their total remuneration in the year was 082,45612020.. £t60,5591- No employee was paid a salaryof morethan £60.000 during theyear. S. INCOMING RESOURCES FOR THE PERIOD Net incoming resources is stated after charging: 2021 2020 Independent examiners, remuneration 2,760 2,600 6. TAXATION A5 a charity, Westminster Theological Centre is exempt from tax on income and gains falling within section 505 ofTaxesAct1988 or S256of theTaxation of Chargeable GainsAct 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charitable company. 13
WESTMINSTER THEOLOGICAL CENTrE NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021 7. TANGIBLE FIXED ASSErs Leasehold Improvements Computerl Elec Eqmt Total COST OR VALUATION At l August 2020 Additions 7.868 17,787 25,655 At 31 July 2021 7.868 17.787 25,655 DEPRECIATION At l August 2020 Charge foryear 7.868 7,868 7,868 At 31 July 2021 7.868 7.868 7,868 NEf BOOK VALUE At 31 July 2021 At l August 2020 8. INVESTMEp¥rs 2021 2020 Investment in subsidiary ioo Thewholly owned subsidiary, 1c Consulting Ltd, is a company registered in England and Wales. It is used to operate the non-charwtable activwties of Westminster Theological Centre. WTC Consulting Ltd has 100 shares of £1 in issue, which are held by Westminster Theological Centre. The result for this start-up period to 31 July 2021 was a loss of £8,993. 9. DEBTORS 2021 2020 Accounts receivable Prepayments and accrued income WTC Consulting Ltd Intercompany Loan 75,645 71,294 8,893 12332 25.795 95,832 38,127 10. NET LIABILITIES: creditors and accruals 2021 2020 Trade creditors Accruals & deferred income Taxation and social security 17,295 91,004 41,229 109,110 8.298 108.299 158,637 14
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE AccouKrs YEAR ENDED 313ULY 2021 11. FINANCIAL COMMITMENTS At 31 July 2021 the charitable company was committed to making thefollowing payments under non- cancellable operating leases in theyear 2021 2020 Amount due within oneyear 2,500 3,000 The current lease has a rolling six months. mutual break clause. IZ COMPANY LIMITED BY GUARANTEE The company is limited by guarantee of members and does not have a share capital. The liability of members is limited to £1. 13. RESTRICTED FUNDS The restricted funds held during the year are.. al The Principal's Bursary Fund forfunding studies byex-offenders andlor ex-addicts. bl The Bursaries Fund for donations from students. cl The Stewardship Fund to help struggling students due to the COVID-19 pandemic. dl The Mary Brown Trust Fund to support start-up costs for our Scottish HUB. el The CPL Fund is money given to supwrt the Church Planting & Leadership course. The Interpreters Fund for provision of sign language interpreters. gl Other income is money paid to WTC specifically for staff Christmas hampers. h) The Study Skills Fund to help pay for a Study Skills Tutor. Brought forward Incoming resources Outgoing resources Carried forward Transfers Fund Principal's Bursary 13.624 29.293 03.750} 29,167 Bursaries fund 11,105 01.1051 Stewardship 15,000 115.0001 Mary Brown Trust io,000 Do.0001 CPL Course 1.000 .0001 Interpreter Support 500 soo Other income 380 13801 Study Skills 60 1601 Totals 28,624 {51295) 29,667 All restricted fund assets are held as current assets. 15
WESTMINsfER THEOLOGICAL CENTrE NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2021 13. RESTRICTED FUNDS {continued) Prior year comparatives.. Brought forward Incoming resources Outgoing Carried forward Transfers Fund Principal's Bursary 12329 20,045 118,7501 13,624 Bursaries fund 105 051 stewardship 15.000 15.000 CPL Course 2,000 12.000) Interpreters 1.494 .4941 Other income 1,776 ,7761 Study Skills 303 13031 Totals 12329 124428) 28,624 I& TRUSTEES REMUNERATION AND RELATED PARTIES £nil remuneration was paid or waived by any trustee during the year in respect of their duties as Trustees12020 - £nil}. Total donations made by Trustees in the year were £2.67512020 - £14,495) including the associated Gift Aid. There were no other related party transactions during the year12020 none). 16