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 I￿e 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 I￿e 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)
'I￿e 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
CoMpan￿S 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 Charit￿5 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 Charit￿5 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)
I829￿68)
Transfers
Net movement
on funds
124y13
124016
54,787
Total funds bl￿d
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, 1￿c 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