WESTMINSTER THEOLOGICAL CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Charity Number.. ll23573 Ftegistered Company No.. 0650600
WESTMINSTER THEOLOGICAL CENTRE ANNUAL REPORT AND FINANCIAL STATEMEK YEAR ENDED 31 JULY 2021 CONTENTS Page LEGALAND ADMINIStRATIVE DETAILS TRusfEES' REPORT INDEPENDENT AUDITOR'S REPORT 8-10 StATEMENT OF FINANCIALACTIVITIES ii BALANCE SHEET 12 ¥rATEMENT OF CASH FLOW 13 NOTES TO THE FINANCIAL ¥fATEMENTS 14-19
WESTMINSTER THEOLOGICAL CENTRE LEGAL AND ADMINisfRATIVE DAlLs YEAR ENDED 31 JULY 2021 LEGAL AND ADMINisfRATIVE DAlLs COMPANY NAME Westminster Theological Centre (o companylimired byguoranteej COMPANY NUMBER CHARITY REGisfRATION NUMBER 1123573 TRUSTEESIDlkEcfoRS Mr L Singlehurst (Chairl Mr A C Gillies IDeputy Chair to July 20221 Mr R Ellis Mr N Langford Mrs R K Lynas Mrs G P de Berry (Deputychairfrom July20221 RevA Sjohnson Andrewjunaid Rev Dr Lurliene Miller lfrom Dec 20211 COMPANY SEcRARy Mrsc Bcatto KEY MANAGEMENT PERSONNEL Dr L Peppiatt- Principal Mrsj M Lawry-white-chief Operating Officer Mrs C B Catto- Finance Director Dr Johannes Knecht - Dean of Academic Studies Ito June 20221 Dr M Hedley- Director of Undergraduate Studies Mr J Johnson - Director of Postgraduate Studies Ifrom July 20221 Mr C Palmer- Director of rt (from July2011 REGisfERED OFFICE & PRINCIPAL OFFICE ADDRESS Westminster Theological Centre Suite 5, Winchcombe House 5-39 Winchcombe Street Cheltenham GL52 2LZ REGISTERED AUDITORS Hazlewoods LLP Staverton Court Staverton Cheltenham GLSI OUX PRINCIPAL BANKERS Barclays 8ank I Churchill Place London E145HP
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAFI ENDED 31 JULY2021 The Board of Trustees of Westminster Theological Centre has pleasure in presenting their report and financial statements for theyear ended 31 July202Z The financial statements have been prepared to comply wrth the Charlties 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 financial statements in accordance wirh the Financial Fieporting Standard applicable in the UK and Flepublic of Ireland IFRS 1021- (Charities SORP IFRS 10211. structure. Governance and Management Westminster Theological Centre I'VNC" or "the Compan) is a charitable company limited by Guarantee and governed by a Memorandum and Articles of Association dated Fl January 2008, modified by resolution dated 2 July2009.The Mem and Artswere updated again in May 2013 with the cessation of the New Wine Partnership. 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 actwe Christian& The Trustees are non-executive and are responsible for setting the broad policy and strategic parameters within which wrc operate& The Trustees delegate the day-to-day running of WC to the Executive Management Team. The Board Ihtt ctheol .or le rd consists of eight Trustees, four men and four women. who oversee an Executive Management Team comprising the Principal. Academic Deans, Chief Operating Officer. Financial Director and Director of IT. Dr Lurliene Miller joined the Board of Trustees in December 2021. The current 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 their faith in this country and internationally, as well as their networks to the wrc Board. Chris Gillies left the board in July2022 having seNed the full nine years permissible underthe Mem and Art& In 2021. the Board contracted an external consultanttoconduct a Board Review.Thefindings and recommendations of the Reviewwere presented totheTrustees in December2021 and are being actioned. A primary recommendation Wds the appointment of a Charity Secretary, Dr Johannes 13asperl Knecht, to support the Board. For the academic year 2021-2022. 29 external faculty members taught part-time with 1C. For details of the faculty. see h th Obje¢twves and Activities The main objectives of 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 wrc 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 churcheswith which forms partnerships. Each Hub employs a Hub Director who works closely with C.
WESTMINSTER THEOLOGICAL CENTRE TRusfEES' REPORT YEAR ENDED 31 JULY 2022 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 our theology wthin an orthodox Trinitarian and biblic311y grounded faith. and mainraining rigorous scholarship characterised by diversity and freedom of theological expression. SeNonrs ond Leaders An Community- Fostering leadership in the home, church, and marketplace that is rooted in Christ-like service. forged within the community of believers. and shaped to serve God's purpose Participation in God'5 Mission-working for the transformation of society by panicipaiing 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. Hurnanity os the Imoge of God- Maintaining a high view of humanity as made in God's image. both male and female, and nourishing the beauty. uniqueness. interdependence, freedom, and creativity of humanity that we might INe out our God<reated purpose. Life Lived in Christ ond 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 Coals Stu wrc 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 Holyspirit toeffect personal and communitytransformation byequipping, healing and releasing God's people of all ages and backgrounds for mission and discipleship in the church. 1c delivers theological education within prophetic, worshipping and learning communitiesthroughoutthe UK in partnershipwth local churche Quotesfrom our students indicatethe differencewhich studying with Wtc has and continuesto make to them as individuals as well as to their lives and worlL- .c isa place ofcomplete restoration.ofrecreation and a completelynewwayofthinking about the world and where you work..Istudyingl equips tyoul with God's word and God's presence to carry it into the places that you are every day...and empowers you to be yourself wherever you are...It's the best choice you could ever make." {GradDip gradvatelsenior manager in industry) here was a lecture in my first year.-where everything was just transformed...I'm here today incredibly excited about being a woman in ministry and being equipped by and going deeper in my knowledge ofwho God is and who he has made meto be." IGradDip studentlchurch leadership teaml "wrc has been so good- theyhavetreated me as an indtwdual...HopefiJlly inthe future I'll be able to do the MA." IGradDip student/church leadership team) ,c has changed my life in so many WaY5...c has opened a way for education to be a part of me and it's absolutelytransformational-.18A student/chefj 'Having a 5pace...to process things, and to plan and think and reflect on the contexi and student culture has been $0 helpful...I love tt!- IGradDip in Kingdom Theology and Student Ministrylstudent worker). -wrc is one ofthe best things that has happened to me. I'm definitely not the 5arne person now as I was before.- IGradDip studentlbusinesswomanl
WESTMINSTER THEOLOGICAL CENTRE TRusfEES' REPORT YEAR ENDED 31 JULY 2021 ~1 was parr of the Bristol Hub...I'm glad that the vision of WTC is not just academic but it's really applying it spiritually to our lives." IGradDip studentlchurch leaderl "I've loved what God has done in this placeand l just praythatothers come along and enjoywhat WTC offers.. IBA graduatelchurch leader). Student numbers In the year ended july 2021 c had 238 students 12020: 2081. This was the highest student intake ever. Of these, 5912021..521 undergraduates. and 9 postgraduates1202181 completed rheir studies and a further 3 students received exit awards.The rest ofthestudentscompleted thefirst year of a two-year block or continued on the BA programme16 years in totall. wrote dissertations. or were on a study bre31L Ext ndin Our closest partnerships are with our Hub htt ctheol ocati Our Hub partnerships are at the core of and how it functions Aswell as serving as the location for a Wfc Hub where all our studentsfrom that region gather weeklyto support each other and srudy together. the Hub partners act as advocates and champions of wrc within their churches/centre& among their networks. and across their regions. Each of our Hubs brings something unique to the makeup of wrc, and at the heart of the partnership is a shared vision for educating and training the church. resourcing a region, and building up the body of Christ C has twelve Hubs, of which two were new Hubs for the academic year 2021-22.. Scotlarnd (Glasgowl and East Midlands (Derbyl. Our goal is to have a 14 thriving Hubs nationwide. We are in discussion with churches in Wales and NE England about establishing Hubs for those regions. We have also established closer relationships with several new church nthorks across the UK who have expressed their desire to integrate studying wtth WTC into their leadership development programmes for university validated levels of training including, in 2021-22, Vineyard churches, who are recommending WTC astheirvalidated training partner ofchoice. OLJr 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 havethe enjoyment of working togetherto make this happen. There are multiple ways in which partnering wtth WTC benefrts a church. centre. or group of churches that act as a Hub. FiTSt. it puts education and training for all at the heart of church and helps to build a culturewhere every member of the church is ableto 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 wll strengthen their faith. build their knowledge, and equip them with skills for leadership. teaching, and training other& 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 studies. 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 Trustees. expenses and related party transactions are disclosed in note 14 to the financial statements.
WESTMINSTER THEOLOGICAL CENTrE TRUSTEES, REPORT YEAR ENDED 31 JULY 2022 RevÈew of Operations for the year During the year, WTC has maintained close relationships with all tts Hub churches and the networks and churches from which c students are recruited to study. wrc continues to host wrc Resource online theology resources free content . Over 5,000 individuals have accessed 1c Resource in total. WTC Resource is one channel through which people experience learning with MC. Every year. students join our accredited programmes who have engaged with wrc Resource. Specialist Graduate Diploma courses Our Graduate Diploma courses in Church Planting and Leadership and in Kingdom Theology Student Ministry are unique in the UK They 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. Fundraising 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 strongly held value of making our courses accessible to as wide a range of people as possible. We have continued to strengthen our donations base Inon-fee funding) through a combination of individual and trust-fund giving this year. Our long-term aim is to generate significant profits from Consulting Ltd I htt , all of which will go to c to support the running costs of the college. We continueto strengthen alumni relations including asdonor Financial Review The Company had a surplus of 04.770 in theyear to 31st July 2022 {2021 £126,016). The principal source of income was student tuition fees. totalling 67.4041202l= £622.9401. supplemented by donations of £239.653 (2027.. Q81.7491. Total costs of £944.8S7 have increased from the previous year12021.' £703.6181 as teaching returns ro being delivered in person. continues to rely on donations to fund the operating gap between net srudent 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 byour Finance Director. The Principal's Bursaryfund IPBFI was launched in 2015to enable ex-offendersand ex-addictsto studywith us- many ofwhom would be unableto afford the feeswithout assistance.Thisyear9 people have benefitted from the Principal's Bursary. A restricted reserve of £21,890 is carried fonmard as at 31 July 202212021." £29,167) for this purpose and is being used to fund students in the academic year commencing September 2021 Any remaining balance wll be used in future year& The Trustees review operatior*al and external risks annually in connection with running the Company'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 1c 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 relationship5 Wtth our network of partner churches and our donor& TheTrusteesare confident thatthe company has sufficientfunding to cover the financial year 2022-2023. Accordingly, these financial ststements have been prepared on a going concern basis In September2016.weopened 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 prowsions and were further enhanced in September2017.
WESTMINSTER THEOLOGICAL CENTrE TRUSTEES. REPORT YEAR ENDED 31 JULY2022 On 5th August 2020. a consulting arm of Wtc WC Consulting Ltd. was incorporated at Companies House with the sole aim of generating incomethrough consulting activities. the profit from which WIIS 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 for five years. During this financial year has increased the amount loaned to c Consulting Ltd to £33,458 which the directors are confident will be paid back in the near fLrture. Post balance sheet events Sn common with other theological colleges. we are reliant on gifts and donations to supplement student fee income. Since July2022. and as at the time of approving these financial statements, we have actual and committed donations0f35.784 receivable by31 July2022which meansthat our costs are covered for the rest of the current academic year. The budget for the financial year to July 2023 highlights that £150,000 extra funding is required to maintain current reserve levels into the next financial year. Related Parties There are no related parties other than the Trustees and wrc Consulting Ltd. Reserves The Charity has one activity, namelythe provision of theological education, and all reserves (with exception of loan to Consultingl 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 Charit$ growth. A key target for the Trustees for the year Yo enable the company to operate with a F)OSttive balance on the general fund. has been met. General fund reserves improved by £80,443 over the year to 31 July 2022 increasing the general reserves surplusto 45.$70 at 31 July 2022 Public benefit The Trustees have had regard to the Charity Commis5ionerfs guidance on public benefit. Statement of Trustees. responsibilities The Trustees, who are also the Directors, are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view ofthe state of affairs ofthe Charity and of the incoming resources and application of resources. of the Charityfor that period. In preparing the fsnancial statements. the Trustees are required to- select suitable accounting policies and then apply them consistently, observe the methods and principles in the applicable Charities SORP- makejudgements and estimates that are reasonable and prudent.. state whether applicable accounting standards have been followed. subject to any material departures that must be disclosed and explained in the financial statemen prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business The Trustees are responsible for keeping proper accounting recordsthat disclose with reasonable accuracy at anytime the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charrties Act 2011. the applicable Charities (Accounts and Reports) Fiegulations. and the provision5 of the Charity deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
WESTMINSTER THEOLOGICAL CEPrnIE TRusfEES' REPORT YEAR ENDED 31 JULY 2022 The Trustees are responsible for the maintenance and integrity of the Charity and financial information included in the CharItS website in accordance with legislation in the United Kingdom governing the preparation and dissemination offinancial statements. Statement as to Disclosure to our Auditors In so far as the Trustees are aware at the time of approving our Trustees, annual report.. there is no relevant information. being information needed by the Auditor in connection with preparing their report. of which theAuditor is unaware. and the Trustees, having made enquiries offellow Directors and the Auditor that they ought to have individually taken, h8ve each taken all steps that helshe is obliged to take as a Director in order to make themselves aware of any relewdnt audit information and to establish that the Auditor is aware of that information. Small company exemptions In preparing this report the Trustees have taken advantage of the special provisions relating to small companieswithin Part 15 ofthe CompaniesAct 200& Signed on behalf of the Trustees Date L SINGLEHURST
WESTMINSTER THEOLOGICAL CENTRE INDEPENDENT AUDITORS, REPORT YEAR ENDED 31 JULY2021 Oplnlon We have audited the financial statements of Westminster Theological Centre for the year ended 31 July 2022, which comprise the Statement of Financial Activities, the Charitable Company Balance Sheet and the Notes to the Financial Statements, including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statement give a true and fairwew of the state of the Charitable Company's affairs asat July 2022. and of its incoming resources and application of resources. including its income ènd expenditure. for theyear then ended., have been properly prepared in accordance wrth Untted Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordancewiththe requirements ofthe CompaniesAct2006 and the charleS Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs lu WI and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believethatthe audit evidencewe have obtained issuffficientand appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on theworkwe have performed.we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the compan5lsabilitytocontinueasa going concern fora period ofat leasttwelve monthsfromwhen the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Trustees, annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the eent otheTwise explicitly stated in our report we do not express any form of assurance conclusion thereon. In connection with our audTt of the financial statements. our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with thefinanci31 statements or our knowledge obtained in the audit or orherwise appearsto be materially misstated. If we identify such material incor)sistencies or apparent material misstatements. we are required to determine whether there is a material miSateMent in the financial statements or a material misstatement of the other information. If. based on the work we have performed,we concludethat there is a material misstatement of thisother information. we are required to report that fact We have nothing to report in this regard.
WESTMINSTER THEOLOGICAL CENTRE INDEPENDENT AUDITORS, REPORT YEAR ENDED 31 JULY202T Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Trustees, Annual Fleport for the financial yearfor which the financial statements are prepared is consistent with the financial statements. the information given in the Trustees. FleporE for the financial year for which the financial statements are prepared is consisrent with the financial statements.. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees. annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if. in our opinion= the Charitable Company has not kept adequate and sufficient accounting records, or returns adequate for ouraudit have not been received from branches not visited by us- or rhe Charitable Company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audiL or the Trustees were not entitled to prepare the financial statements and the Trustees. Annual Report in accordancewith thesmall companies regime andtake advantageof the small companies exemption from the requirement to prepare a Strategic Report. Responsibilities of Trustees As explained more fully in the statement of Trustees. res5)onsibilities set out in the Trustees. annual report, the Trustees are responsible for rhe preparation of the financial statements and for being satisffied that they give a true and frdir vtew. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the compan5 abilityto continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditovs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material missratement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements. The exEent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We assessed the susceptibiltty of the char[S financial statements to material Mistement. including obtaining an understanding of how fraud might occur, ty. making enquiries ofmanagement asto where theyconsidered therewassusceptibilityto fraud, their knowledge of actual. suspected and alleged fraud" and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part ofour auditor's reporL
WESTMINSTER THEOLOGICAL CENTRE INDEPENDENT AUDITORS, REPORT YÉAR ENDED 31 JULY2022 Use of our report This report is made solely to the charitable compan$ members. as a body. in accordance with Chapter 3 of Part 16 of the CompaniesAct 200& Our auditwork has been undertaken so thatwe might stateto the charitable company's members and trusteesthose matteyswe are required to state to them in an auditor's report and for no other purpose_ To the fullest extent permitted by law,we do not accept orassume responsibilityto anyone otherthan the charitable company.the charitable compan$ members as a body and the charitable CoMpanS trustees as a body. for our audit work.for this report. orfor the opinionswe haveformed. 15 December 2022 Scott Lawrence FCA Isenior Statutory Auditor) Dale For and on behalf of Ha21ewoods LLP Statutory Auditor Cheltenham GL51 OUX io
WESTMINSTER THEOLOGICAL CENTRE STATEMENT OF FINANCIAL AcnviTIES YEAR ENDED 31 JULY2021 Statement of Financial Activities fincluding Income and ExpendTture account) Notes Un-restricted Funds Restricted Funds Total 2022 Total 2021 Income from: Donations Investments Charitable activities Other income 167,616 42 761.404 71037 239.653 42 761.404 181,749 622.940 29.895 18573 24,918 Total incame 958,957 90,610 1.049567 829,634 Expenditure on: Expenditure on ch(Jritable octivities.. Provision of courses Administration cosis 167S0761 {61,45T (736.5331 1486.3151 1203,4381 14,8861 P08,3241 P173031 Total expenditure (874X4) (6W} 1944857) r103.6181 Transfers Net movement on funds 80W*3 24267 lo40 126,016 Total funds bfvd at l August 65,iZ7 29,667 94,794 131.2221 Total funds cld at 31 Juty 12 I4WO $3934 799.504 94.794 The statement of financial acttvities includes all gains and losses in the year. All the above amounts derive from continuing activttie li
WESTMINSTER THEOLOGICAL CEKfRE BALANCE SHE YEAR ENDED 31 JULY2021 Company Registration Number. 06506007 Balance Sheet 51 Juty 2022 31 Juty 2021 Notes FIXED AssErs Tangible Assets Investment ioo CURRENT ASSErs Debtors Cash ar bank and in hand 105593 298326 95.832 107,161 403.919 202,993 NET LIABILITIES: Creditors and accruals io 1204.5151 008.2991 NEf CURRENT {LBILMESj 199,404 94.694 NET {LIABILITIES) 199504 94,794 RESERVES Unrestricted Funds General Restrirted funds 145.570 53,934 65.127 29.667 13 799504 94794 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with FRS102 SORP. The financial statements were approved bythe Trustees on and signe "ts behalf by. Chair LSINGLEHUFIST The notes on pages14 to 19 form part of these financial statements 12
WEsfMINSTER THEOLOGICAL CENTrE STATEMENT OF CASH FLOW YEAR ENDED 31 JULY 2021 2021 2020 Cash used in operating activitles (from below) 191,165 17.973 Cash flows from investing activittes Ilncreasel / decrease in value of fixed asset investments 0001 IDecreasellincrease/ in cash and cash equivalents in the year 191,165 17.873 Cash and cash equivalents atthe beginning of theyear 107.161 89,288 Cash and cash equivalents atthe end of the year 298.326 107,161 RECONCILIATION OF NEf MOVEME1 IN FUNDS TO NET CASH INFLOW FROM OPERATING AcrivrriES Net movement in funds before gains I Oosses) Ilncreasel in debtors (Decrease) / increase in creditors i04,7]0 126.016 19,7611 96216 157.7051 150,3381 Net cash used in operating activities 191,165 17.9T3 13
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 JULY 2021 NOTES ACCOUNTING POUCIES 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Flepublic of Ireland IFRS 1021- Icharities SOFIP IFFIS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Westminster Theological Centre meets the definition of a public benefit entity. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relewdnt accounting policy notelsl. b) Going concern As mentioned in the Trustees. Report. in common wtth other theological colleges. the charitable company is reliant on gifts and donations to supplement student fee income. As at the time of approving these financial statements, 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 likelythat the funds needed over the next 12 months will be raised. Accordingly, the Directors have prepared these financial statementson the going concern basi c) Donations Donations received for the general purposes of the charitable company are included as unrestricted fund& Donations for activtties restricted by the wishes of the donor are included as restricted fund Donations are accounted for when received unless a donation is receivable to which 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. d) Student fees Student fees are accounted for on an accruals basis Any student fees received in advance are relected as deferred income until the term to which they relate commences. e} 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. ixed assets Depreciation is provided on all tangible fixed assets at rates calculated to write off each asset over its expected useful lrfe, as foll Leasehold improvements Computers & other equipment straight line over 3 years straight line over 3 years g) 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 at the balance sheet date, with the exchange gains and lossesthat arise from that being recognised in the Profit and loss account each year. 14
wEMINER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL sfATEMEKrs YEAfi ENDED 31 JULY 2021 ACCOUNTING POUCIES (continued) h) Leases entals under operating leases are charged to the Profit and loss account on a straight- line basis over the lease term. 2. INCOME Income from donations was £239.65312021." 81.749) of which nl037 was restricted12021'. £,9581. Income from charitable activities was £761.40412021= £622,940), £nil of which was restricted 12021= £nill. Other income was £48.468 12021= £24.9181 of which £18.753 was restricted12021.' £3801. Donations from Trustees totalled .650 (2020.. £2.6751 including the associated Gift Aid. 3. EXPENDrruRE ON CHARITABLE AcrivmES 2022 2021 Provision of Courses Staff and contractor5 Residentials Books and bought in serwces 8ad debt write off Validation and accredwtation fees Hubfees and costs Bursaries awarded Interpreter Costs 332.318 170,743 1.441 2Tr,999 3,743 2,752 980 64,166 95.818 46.857 74.730 88,552 55,124 13.625 486J5 Administrative Costs Bank charges Foreign exchange movements Staff Staff training Office and travel Consulting Legal and professional 1.160 930 135,753 10,032 67,246 PZ6531 l&786 148.086 7,020 49,452 15,8501 77,663 208324 217303 TOTAL 944857 703.618 There is only one operational activity (the provision of further educatsonl and all administrative costsare attributabletothat activty. On 5th August2020. 8 consulting arm of mC.W[c Consulting Ltd. was incorporated at Companies House with the sole aim of generating income through consulting actimties, any profit from which will all be paid to wrc to reduce the deficit between cost of prowding courses and income from student fees. Expenditure on charitable activities in 2022 was£943,057 of which £66.343 12021: £703,618 of which £51.2951 was from restricted fund 15
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY2021 4. STAFF cosrs AND NUMBERS 2021 16 2020 14 Number of Employees IAver3gel Gross Salaries National Insurance Contributions Pension Contributions 368.214 26,220 14.436 317,534 22,286 13.812 408,$70 353.632 Subcontract 66316 66,412 47S186 420,044 The key management personnel ofthe charttycomprisethe principal.the Dean of Studies, the Director of Undergraduate Studies the Director of Postgraduate Studies, the Chief Operating Officer. the Finance Director and Director of IT. Their total remuneration in the year was £202.483 (2021: £182.4561. No employee was paid a salaryof morethan £60.000 during theyear. NET INCOMING RESOURCES FOR THE PERIOD Net incoming resources is stated after charging.. 2022 2021 Independent examiners. remuneration Auditors, remuneration 2.760 4.782 & TAXATION As a charity, Westminster Theological Centre 15 exempt from tax on income and gains falling within section 505 of Taxes Act1988 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charitable company. 16
WESTMINSTER THEOLOGICAL CENTrE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY2021 7. TANGIBLE FIXED ASSErs Leasehold Improvements Computerl Elec Eqmt Total cosr OR VALUATION At l August 2021 Additions 17.787 25,655 At 31 July2022 17,787 25.655 DEPRECIATION At l August 2021 Charge foryear 7.868 At 31 July2022 7,868 7.868 7.868 BOOK VALUE At 31 July 2022 At l August 2021 & INVEsfMENTS 2022 2021 Investment in subsidiary 100 ioo Thewholly owned subsidiary. 1c Consulting Ltd. is a company registered in England and Wale& It is used to operate the non-charitable activities of Westminster Theological Centre. WTC Consulting Ltd haslOO shares of0 in issue. which is held by Westminster Theological Centre. The results for the period to 31 July 2022 was a loss of a5.86412021.' £8,993). 9. DEBTORS 2022 2021 Accounts receivable Prepayments and accrLted income wrc Consulting Ltd Intercompany Loan 13.656 58,479 33.458 15,645 ,294 8.893 105,593 9S832 10. NET LIABILMES: creditors and accruals 2022 2021 Trade creditors Accruals & deferred income Taxation and social securwty 14,894 189.621 17,295 91,004 204515 108299 17
WEsfMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 JULY 2021 11. FINANCIAL COMMITMENTS At 31 July2021 the charitable companywdscommitted to making the following payments vnder non- cancellable operating leases in iheyear 2022 2021 Amount due wtthin oneyear 3.000 3,000 The current lease has a rolling six months. mutual break clause. IZ COMPANY LIMITED BY GUARANTEE The company is limited byguarantee of membersand does not have a share capital. The liability of member5 is limited to . 13. REsfRicfED FUNDS The restricted funds held during the year are.. al The Principal's Bursary FLtnd for funding studies by ex-offenders andlor ex-addicts. bl The Bursaries Fund for subsidising fees ofstudents with lower income cl The Interpreters Fund for provision of sign language interpreters. dl Other income is money paid to Wtc mainly for training and also for staff Christmas meal. Brought forward Incoming resources Outgolng resources Carried forward Transfers Fund Principal's Bursary 29.ig7 20.493 127,7701 21,890 Bursaries Fund 544 120,(XX)I 31,544 Interpreter Support 13.625 03.6251 500 Other income 4,948 14.9481 Totals 29,6 90,610 (6WI 53,934 All restricted fund assets are held as current assets 18
WEsTMINER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY2021 13. RESTRICTED FUNDS Icontinuedl Prior year comparative& Brought forward Incoming resources Outgoing resources Carried forward Transfers Fund Principal's Bursary 13.624 29293 3.7501 29,167 Bursaries fund 11,105 oi.iosi Stewardship 15,000 5.0001 Mary Brown Trust io.000 00.0001 CPL Course 0,0001 Interpreter Support 500 Other income 380 13801 Study Skills 1601 Totals 2&624 [51295) 29,667 14. TRUSTEES REMUNERATION AND RELATED PARTIES £nil remuneration was paid or waived by any trustee during the year in respect of their duties as Trustees12021- £nill. Total donations made by Trustees in the year were £1.650 (2021 - Q6751 including the associated Gift Aid. Two trustees paid the charity fees for courses they were attending las they are students as well as trustees) and one trustee was paid £540 for teaching services provided to the charity- There were no other related partytransactions during the year12021- none). 19