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 D￿AlLs
YEAR ENDED 31 JULY 2021
LEGAL AND ADMINisfRATIVE D￿AlLs
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 SEcR￿ARy
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 1￿C. 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. 1￿c 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 1￿c Resource in
total. WTC Resource is one channel through which people experience learning with M￿C. 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 1￿c 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 donations0f￿35.784 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 CharIt￿S 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 char￿leS 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 e￿ent 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 miS￿ateMent 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 compan￿5
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 Mis￿tement.
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 CoMpan￿S 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
lo4￿0
126,016
Total funds bfvd
at l August
65,iZ7
29,667
94,794
131.2221
Total funds
cl￿d 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 {L￿BILMESj
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

wE￿MIN￿ER 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 m￿C.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. 1￿c 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

WEsTMIN￿ER 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