THEOLOGI, WESTMINSTER THEOLOGICAL CENTRE ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Charity Number.. II23573 Reg istered Com pany No.. 06506007
WESTMINSTER THEOLOGICAL CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 CONTENTS Page LEGAL AND ADMINISTRATIVE DETAILS TRUSTEES, REPORT (INCORPORATING THE DIRECTORS, REPORTI INDEPENDENT AUDITOR'S FIEPORT 11-13 CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES 14 CONSOLIDATED AND PAFeENT BALANCE SHEET 15 CONSOLIDATED STATEMENT OF CASH FLOW 16 NOTES TO THE FINANCIAL STATEMENTS 17-23
WESTMINSTER THEOLOGICAL CENTRE LEGAL AND ADMINISTRATIVE DETAILS YEAR ENDED 31 JULY 2024 LEGAL AND ADMINISTRATIVE DETAILS COMPANY NAME Westminster Theological Centre (a company limited by guarantee) COMPANY NUMBER 06506007 CHARITY REGISTRATION NUMBER II23573 TRUSTEEs/DIRECTORS Mr N Langford (Chairl Mrs G P de Berry Mrs J Dudgeon (from October 20241 Mr R Ellis Mrs S Hunter Rev A S Johnson MrA Junaid Mrs R K Lynas Ito January 20241 Rev Dr L Miller Itojanuary 20241 COMPANY SECRETARY Mrs J Dudgeon (from October 20241 Dr J Knecht Ito July 20241 KEY MANAGEMENT PERSONNEL Dr L Peppiatt - Principal Mrs J M Lawry-White- Chief Operating Officer Dr 8 Blackwell - Vice-Principal (from August 20231 Mrs C B Catto- Finance Director Mr C Palmer- IT Director Ifrom September 20241 REGISTERED OFFICE & PRINCIPAL OFFICE ADDRESS Westminster Theological Centre 16-17 Clarence Parade Cheltenham GLSO 3PA REGISTERED AUDITORS 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 2024 The Board of Trustees of Westminster Theological Centre has pleasure in presenting their report and consolidated financial statements for the year ended 31 July 2024. The financial statements have been prepared to comply with the Charities Act 2011, the Companies Act 2006, the Memorar)dum and Articles of Association, and 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 Republic of Ireland IFRS 1021- (Charities SOF2P IFftS10211. Executive Summary wrc is an interdenominational, charismatic theological college with a vision to bring together rigorous theology and the vibrant life in the Spirit. wrc's goal is to serve the UK church catalysing personal and community transformation by equipping and empowering people of all ages and backgrounds for leadership, mission, and discipleship. We do this by making rigorous, academic theology accessible to the whole people of God. While our student body represents many denominations, the majority are members of independent churches and networks. We continued to invest in this vision throughout the year, with students experiencing transformative teaching and learning experiences. Reflecting our financial management, we had a consolidated surplus of £83,058 for the year. As part of our Strategic Plan, we initiated the process for registration with the Office for Students and received specific donations to further that purpose. As we look to the coming academic year, the Board have announced the transition of Dr Lucy Peppiatt to the role of President and the promotion of Dr Ben Blackwell to the role of Principal, effective January 2025. WTC Consulting has had solid growth with the addition of several new clients and accelerated development of the system capabilities. Structure, Gov•rnanc• and Manag•m•nt Westminster Theological Centre I'WTC" or "the Company") 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 Mem and Arts were 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 WTC and must subscribe to its values. The Trustees undertake a skills audit every couple of years and actively seek to recruit new Trustees who will provide a balanced and representative group among themselves as a Board. All Trustees are active Christians. The Board Ih oa consists of seven Trustees, three men and four women, who oversee a Senior Executive Team comprising the Principal, Vice-principal, Chief Operating Officer, Finance Director and IT Director. Jenny Dudgeon is the most recent Trustee to join the Board, in October 2024. The current Trustees bring a wide range of experience to the WTC Board, including in church life and leadership, corporate and third sector professional expertise, the practical outworking of their faith in this country and internationally, and their extensive networks. Of the current Trustees, five are current students or alumni of wrc. The Board conducted an external evaluation of governance and management arrangements in 2021 and, in line with Charity Commission good practice, will conduct another external evaluation within five years of the last one. The Trustees are non-executive, independent and external to WTC. Trustees are responsible for setting the broad policy and strategic parameters within which WTC operates. The day-to-day running of WTC is delegated to the Senior Executive Team. The Board and Senior Executive Team together agreed the aims and objectives of the current five-year Strategic Plan for WTC12022-271, and strategic plan indicators are monitored and reported to the Board every six months.
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2024 To support the effectiveness of the Board and make the best use of Trustee skills and experience, the Trustees established three Committees in 2022, which meet regularly to discuss their areas of responsibility, report and make recommendations to the Board and refer certain decisions to the Board for ratification These Committees oversee lil Finance and Risk., lill Senior Appointments and Remuneration,. liiil Networking and Fundraising. The Board has also created an Equality, Diversity and Inclusion IEDII Group to lead on wrc's strategic aim of meeting good practice standards in EDI. 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 15 to the financial statements. For the academic year 2023-2024, 18 UK based external Faculty members. and 11 international Guest Lecturers taught part-time with C. For details of the Faculty, see On 5th August 2020, a consulting arm of WTC, 'WTC Consulting Ltd., was incorporated with the sole aim of generating income through consulting activities, primarily the licensing of the College Data Management System ICDMSI. initially to other theologica1 colleges in the UK. All profits from WTC Corbsulting Ltd will be paid to WTC to reduce the deficit between the cost of providing courses and income from student fees. A separate 8oard of Directors has been established for the company. As of October 2024, five external colleges are licenced CDMS clients. Objectives and Activities 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 WTC offers a range of part-time undergraduate and postgraduate programmes, accredited by Chester University (until August 20231 and Birmingham Newman University (for those students enrolling after August 20231. C is an interdenominational, dynamic and growing theological college, with a unique constituency in the UK and an innovative delivery medium for its programmes of study making them accessible to a wide range of students across the UK around their work, life and church commitments. While our students are drawn from many church denominations, our primary constituency 15 the independent, charismatic, church sector la growing sector in the UK churchl, which has no dedicated theological college in this country. This, combined with the delivery medium, means that WTC attracts many students who would otherwise not study degree-level theology. The academic programmes are delivered through a combination of residential teaching blocks and weekly study in local learning communities, or'Hubs'. The Hubs are hosted by visionary local churches which share WTC'S goal of resourcing their regions with deep and rigorous theological study. Currently, there are 13 Hubs acr05S the UK, including one each in N. Ireland and Scotland. WTC students include both church leaders and members, drawn from a very wide range of age, professional and education backgrounds. They study around their existing work, life and church commitments, remaining in their home locations while avoiding the isolation of traditional distance learning.
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2024 C is a values-led institution, with accessibility to our programmes being a core value. This means that fees are kept relatively low, making study accessible to students from a range of ecor)omic backgrounds. At the same time, the Board and Senior Executive Team are fully committed to ensuring that WTC continues on a firm and sustainable financial footing. This means that our Board and Senior Executive Team are proactive and innovative in pursuit of increased student numbers, and diversification of other income streams to cover the two in- house bursaries, and the balance of college running costs. As well as financial accessibility, we make it possible for students to achieve academically at university level. Having the confidence to begin and continue a university programme can be an issue for students who achieved poorly in school for whatever reason, who may never previously have studied at this level, or who studied at university decades ago. To address this, WTC has developed and makes available to every student outstanding study skills resources and learning development support. As well as online resources, individual and group meetings with the Learning Development Tutor are regularly available to WTC students. We know from student feedback that these resource5 and the sUPPOrt provided have been life-changing for many students, enabling them to achieve at a much higher level than they have previously done academically. Efficiency and effectiveness are also key operational values and have resulted in WTC developing a tailored and continuously enhanced data management system which provides the backbone of all the college's operations, processes and student information system, keeping staff overheads lowwhile freeing up staff time to focus on providing a personalised student experience in which every student is valued and affirmed. Future Plans WTC will continue to offer the validated programmes of study which continue to prove popular. Our adaptation to fully online teaching in 24 hours during the Covid pandemic and reverting to a mixed Iremotelin person) delivery since the end of the pandemic have shown how appropriate and flexible the delivery model is for the current changing Higher Education context. We continue to build and strengthen existing relationships with independent church networks, which are increasingly recognising the value of theological studyfor their leaders and members, witnessed by WTC being the validated partner of choice for networks including the Vineyard, 24- 7, Scottish Network Churches. As well as independent church networks, established church denominations are approaching WTC to discuss WTC offering the theological element of leadership training while they provide denomination-specific training. This all combines to supporl our plans for ir)creases in student numbers over the next five years. This optimism is supported by the fact that WTC student numbers have held steady over the years since the Covid pandemic, in a sector where the majority of colleges have seen student numbers falling. WTC is addressing issues of accessibility by applying for registration with the government Off ice for Students. Registration would enable c students to access government student finance for undergraduate and postgraduate students. Results of a financial survey of students (September 20231 reported that 55%students required financial assistancewith theirfees Iprimarilyfrom WTC bursaries, friends, family or their church). Access to government student finance will make WTC programmes of study even more accessible particularly for students aged 18-25 for whom studying arourid work and while remaining at home is an attractive option given levelsof mental health and a desire not to incur high levels of student loan. This demographic represents a very small number of current WTC students so there is significant potential to increase numbers with access to government funding.
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2024 WTC continues to innovate with flexible models to make studying with WTC available to more students around the UK. September 2024 saw the opening of the first wrc Hybrid Hub in Aberdeen. Rather that establishing a Hub in an area of high population density, which involves a financial partnership between WTC and the Hub Church Partnerlsl, the Hybrid Hub model is a time-limited12-3-yearl, wrc financed, learning community for students who wish to study in community la WTC distinctivel but are too far from a WTC Hub. We are learning lessons from this first pilot and will refine the model before rolling it out in other areas of the country-e.g. areas of Wales, Scotland and the West Country which are too sparsely population to support the conventional Hub model. This should also increase student recruitment. Building on the online Foundations in Theology course for individualswhich is continuing into its second year, is in process of producing a recorded version which is aimed at groups of students - e.g. church interns, staff, and other groups of students, who wish to study theology together but are not in a position to commit to university level programmes. This recorded course will be cheaper and is designed for group rather than individual study. A number of churches have already indicated their interest in the recorded course, and it is also being considered as an option for study in prisons. Achlevlng our Goals nde C's vision is to integrate the best of scholarship with the power and gifts of the Holy Spirit to effect personal and communitytransformation byequipping, healing and releasing God's people of all ages and backgrounds for mission and discipleship. The extent to which WTC is accomplishing its vision is best captured by student and alumni feedback. WTC conducts periodic alumni surveys. Flesults from the 2022 survey include.. 87.5% reported that studying with WTC was personally transformational 79% reported that studying with WTC had a positive impact on their vocation/work/ministry, IO0% of WTC students reported satisfaction with their WTC programme of study in response to the University of Chester partner survey of June 2023 Student videos and testimonies highlight the difference which studying with c has, and continues, to make to them as individuals, as well as to their lives and work., ,c is a place of complete restoration, of recreation and a completely new way of thinking about the world and where you work...[studyingl equips tyoul with God's word and God's presence to carry it into the places thatyou are every day...and empowers you to be yourself wherever you are...It's the best choice you could ever make." IGradDip graduate/senior corporate manager) "WTC has changed my life in so many ways...WTC has opened a way for education to be a part of me and it's absolutely transformational" IBA student/chefj "When you get to my position lin church leadership for 40 yearsl, it's good to continue the journey of becoming a lifelong learner. You can ask the question, 'Do I really have the time to study?, IRather than askingl 'Can l afford the time?. I would say can you afford not to? What happens as you study brings alive God's word and brings a fresh sense of vision. It's been important for me to maintain my ability to coach and lead. Studying with WTC has helped keep me on the cutting edge., IGradDip and MA studentlsenior church leaderl. "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 studenubusinesswomanl.
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2024 "This is the first place I have studied where I have not been made to feel stupid. The Study Skills Resources are outstanding., IGradDip student/community workerl. "WTC has been so good., they have treated me as an individual., IGradDip student/church leadership team) In addition to student and alumni feedback, WTC systematicallycaptures student evaluations of each module and of Hub communities and Hub Director performance which informs our culture of continuous improvement and learning on how we operate. Student feedback is also routinely sought through elected Hub Student Representative meetings with senior staff twice a year, through student input into curriculum reviews aswell as byencouraging all studentsto approach Faculty and staff with any queries throughout their studies. Our closest partnerships are with our Hubs Our Hub partnerships are at the core of WTC and how it functions. As well as serving as the location for a wrc Hub where all our students from that region gather weekly to study together and support each other, the Hub partners act as advocates and champions of WTC within their churches/centres, among their networks, and across their regions. Each of our Hubs brings something unique to the makeup of WTC. 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. Our Hub network, together with the delivery model, makes studying with WTC highly accessible. The wide age and education background range of the student body is evidence of the college's succe55 in making university level studyavailable to mature student5 of all backgrounds, in areas of multiple deprivation as well as wealthier areas of the country. Partnering with WTC benefits a church, centre, or group of churches in a number of ways, including putting education and training for all at the heart of church and helping to build a culture where church leaders and members are able to access life-giving theology, equipping everyone who studies with greater confidence for all aspects of their life, work and faith. It also enables those in leadership to train 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. A partnershipwith WTC also enables churches with the vision to be resourcing churches for their regions. As well as our Hub partners, WTC has established relationships with several major independent church networks across the UK, for which WTC is the recommended validated provider for their leadership and training programmes. One of the great advantages for churches is that all our courses are part-time, and therefore study is accessible for busy people around their other work and family commitments while staying rooted in their churches throughout their studies, with the churche5 benefitting from their learning from day one. 800h of WTC students work while studying. Flnancial sustainability cru it In the year ended July 2024, wrc had 217 accredited students 124-25.. 2141122-23.. 2271 with accredited fee income of £792k124-25'. £856kl122-23: £771kl. In 2023-24, 56 undergraduates, and 11 postgraduates completed their studies. Given that most UK theological colleges have seen a Isometirres significantl downturn in student numbers since the Covid pandemic, WTC'S validated student numbers holding steady represents an encouraging trend.
WESTMINSTER THEOLOGICAL CENTf4E TRUSTEES, REPORT YEAR ENDED 313ULY 2024 In September 2023, launched a fully online, one-year, level three Foundations in Theology Course, making it possible for students outside the UKto study with C, and for those who wish to start at a pre-university level, or who haven't time to study at degree level. to learn with WTC. The Foundations Course has had an encouraging start with $7 students.124-25.' 451. As well as making deep theological study more widely available and generating addition fee income, we see the Foundations Course as one effective strategy for recruiting Students to wrc's validated programmes. C also continues to host c Resource I a set of free, online, theology resources available to individuals. groups and churches. Over 5,300 individuals have accessed c Resource. WTC Resource is another channel through which people experience learning with WTC, and every year, students join our accredited programmes who have engaged with WTC flesource. Theodisc is wrc's podcast which was established in autumn 2022, and, with over 32,500 audio download5 to date, continues to raise the profile of WTC as a unique and innovative provider of theological education in the UK. In addition, our Faculty publish articles and books, both in the UK and internationally, and engage with other PR outlets, taking the opportunities provided to encourage listeners/readers to study. Each financial year, the budget includes an expected annual fundraising total, setting a targetfor the Board and Senior Exec team. Donations/grants are received from individuals and a few trusts who support the college's objectives. While the overall aim continues to be to reduce the percentage of our income required from donations to cover running costs with increased student recruitment, we anticipate continuing to fundraise over the long term to be able to offer more bursaries in line with our strongly held value of making our programmes accessible to as wide a range of students as possible. Individual donations and trust fund grants therefore continue to be important sources of fundraising. Individual donations range from small monthly standing orders (by students and alumnil to multi-year commitments as part of our Patron scheme, by which donors commit a minimum of £5,000 each year for a minimum of three years. Multi-year funding pledges mean that we begin each academic year with a significant donation total already committed. In addition, a small number of trusts give significant amounts to both our general running costs, and to specific projects including our Principal's Bursary Fund which offers up to 90% fee bursaries to those with a recent history of offending andlor addiction. We also continue to strengthen alumni relations, encouraging those who can, to become donors. In 2023-24, the Board's decision that WTC should apply for registration with the government's Office for Students necessitated additional fundraising to cover aook of expected costs. £85kwas raised towards these costs. wrc Consulting Ltd su long term f inancial sustaina bility strategy. .co.u ued to ro . This is part of WTC'S Review of Operatlons for the year During the year, WTC has maintained close relationships with all its Hub churches and the networks and churches from which WTC students are recruited to study. The focus of events between January and August is student recruitment. C has a strong programme of online and in-person events at both national and regional levels in support of student recruitment. The audience for these is both church and church network leaders who recommend their leaders and members to study theology, as well as potential students themselves. Our operational overheads remain low as a result of high levels of efficiency, with a team of 25 115.5 FTEI running the college plus adjunct faculty and guest lecturers.
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2024 Financial Review The consolidated group result is a surplus of £83,058 in the year to 31st July 202412023.. deficit of £29,298). The principal source of income was Student tuition fees, totalling £851,710 12023.. £771,158), supplemented by donations of £350,05012023'. £207,901). Total costs of £1,239,066 have increased from the previous year12023'. £1,063,447) mainly due to increased investment in CDMS development, the recruitment of more staff, and work related to preparation for registration with the Office for Students. WTC continues to rely on donations to fund the operating gap between net student fees and operational costs, and increasing the number of donors is a Strategic Plan objective. Cash flow has been closely managed by our Finance Director. The Principal's Bursary fund IPBFI was launched in 2015 to enable those with a recent history of offending or addiction to study with us many of whom would be unable to afford the fees without assistance. This year 6 people have benefitted from the Principal's Bursary. A restricted reserve of £23,025 is carried forward as at 31 July 202412023: £25,735) for this purpose and is being used to fund students in the academic year commencing September 2024. Any remaining balance will be used in future years. A second,'General' WTC bursary is availableto WTC undergraduate students. This is Means tested based on household income Icurrentlythe ceiling i5£27,500 p.a.l.The General Bursary is designed to be a bursary of last resort, after students have sought financial assistance from other 50urces- e.g. their church, family, other trusts. It can be applied for at the point of application for a place to study, or once the place has been awarded. For students on Level 4 programmes IBA and CertHEI, up to 40% of their fees are available. For GradDip students (Level 61, up to 200A of programmefees are available. The General Bursary is funded our of general funds. Both c bursaries are awarded for one year, and students can reapply for subsequent years of study if they stil I meet a ppl ication criteria. The consultancy business has been operating for four years, with two colleges 1c + one external clientl using the College Data Management System ICDMSI, and relationships being built with other prospective clients among the UK theological college market. An additional two clients signed Licence and Support Agreements during the financial year, plus a further two clients since then. This evidences the growing acceptance of the CDMS as a tool which can add significant value to colleges, seeking greater efficiency and data security in the current challenging environment for Higher Education institutions. The Trustees, and specifically the Finance & Risk Committee of the Board, review operational and external risksthroughout theyear 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. Ouroperating model is lean, and wo have strong relationships with our partner churches and our donors. Based upon WTC'S strong fundraising history and growing network of donors, the Trustees are confident that the compar)y will have sufficient funding to cover the financial year 2024-2025. The high level of donations raised during this financial year 2023-24 for both restricted and unrestricted funds are evidence of this. Accordingly, these financial statements have been prepared on a going concern basis. Post balance sheet events In common with other UK Higher Education Institutions, we are reliant on gifts and donations to supplement Student fee income. The budget for the year to July 2025 highlights that £250,000 extra funding 15 required to maintain current reserve levels into the next financial year. The Trustees fully expect the funding gap to be met in line with WTC'S history of raising funds. In the 23124 academic year developments to enhance CDMS have continued, notably regarding HESA reporting. This is a core feature for WTC Consulting current and future clients as well as for WTC. Since the start of 2024-25 financial year, two additional clients have signed Licence and Support Agreements for the CDMS, bringing the total CDMS communityto six as of Oct 2024.
WESTMINSTEFI THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2024 These Licence and Support fees with make a real contribution to WTC income in years to come. Marketing continues with other potential client colleges. Related Parties There are no related parties other than the Trustees and wrc Consulting Ltd. Reserves The Charity has one charitable activity, namely the provision of theological education. The Group includesthe Charity and its subsidiaryWTC Consulting Ltd. Any surplus income over expenditure through consulting activities, will all be gifted to WTC to reduce the deficit between cost of providing courses and income from student fees. The Trustees have determined that, for the foreseeable future, any positive reserves will be accumulated and retained to finance the Charity's growth and ability to offer bursaries to students. General fund reserves increased by £79,339 to £172,049 over the year to 31 July 2024. A key target for the Trustees is to build up general reserves over the following three years to a minimum of 3 months, salary plus full year Faculty pay and marking costs. Public b•n•fit The Trustees have had regard to the Charity Commissioner's guidance on public benefit. Statement of Trustees, responslblllties 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 of the situation of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing the financial 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 statements., 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 records that disclose with reasonable accuracy at any time the finar)cial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included in the Charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. statement as to Disclosure to our Audltors 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 the Auditor is unaware, and the Trustees, having made enquiries of fellow Directors and the Auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a Director in order to make themselves aware of any relevant audit information and to establish that the Auditor is aware of that information.
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2024 Small company exemptions 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 N LANGFORD Date io
WESTMINSTER THEOLOGICAL CENTRE INDEPENDENT AUDITORS, REPORT YEAR ENDED 31 JULY 2024 Opinion We have audited the financial statements of Westminster Theological Centre for the year ended 31 July 2024, which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows and the Notes to the Financial Statements, ir)cluding 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 statements.. give a true and fair view of the state of the Group's and the parent Charitable Company's affairs as at 31 July 2024, and of the Group's incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons r•latlng to golng 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 the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's abilityto continue as a going concern for a period of at least twelve monthsfrom when 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 informatlon 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 extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit 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 the financial statement5, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. li
WESTMINSTER THEOLOGICAL CENTRE INDEPENDENT AUDITORS, REPORT YEAR ENDED 31 JULY 2024 Opinion on other matter prescribed by the Companies Act 2006 In ouropinion the information given in theTrustees'Annual Report forthefinancialyearforwhich the financial statements are prepared is conslstent with the financial statements. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent 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 toyou if, in our opinion.. the Charitable Company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by u5., or the 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 audit., or the Trustees were not entitled to prepare the financial statements and the Trustees, Annual Report in accordance with the small companies regime and take advantage ofthe small companies exemption from the requirement to prepare a Strategic Report. Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities set out in the Trustees, annual report, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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 company's ability to 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. Audltor's r•sponsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material mi55tatement, 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 misstatement 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 of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of howfraud might occur, by- making enquiries of management as to wheretheyconsidered therewas susceptibilityto 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 law5 and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at .f rc. es onsi bi This description forms part of our auditor's report. 12
WESTMINSTER THEOLOGICAL CENTFIE INDEPENDENT AUDITORS, REPORT YEAR ENDED 31 JULY 2024 Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we 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 or assume responsibility to anyone other than the charitable company, the charitable company's members as a body and the charitable company's trustees as a body, for our auditwork, for this report, orfor the opinions we have formed. 1711212024 Scott Lawrence FCA (Senior Statutory Auditorl Date For and on behalf of Hazlewoods LLP Statutory Auditor Cheltenham GL51 OUX 13
WESTMINSTER THEOLOGICAL CENTRE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 JULY 2024 Statement of Financial Activities (including Income and Expenditure account) Notes Unrestricted Funds Restricted Funds Total 2024 Total 2023 Income from: Donations Investments Charitable activities Trading income Other income 203,161 8,266 851,710 146,889 350,050 8,266 851,710 207,901 3,050 771,158 46,200 64,000 46,200 65,898 30,000 22,040 1,898 Total income 1,773,337 148,787 1,322,124 1,034,149 Expenditure on: Direct costs Administration costs Fundraising costs 1776,3301 1369,4291 159,2811 120,1981 1835,6111 1389,6271 1784,5671 1278,8801 113,8281 113,828} Total expenditure ,159,587) 179,479) ,239,066) 11,063,447) Transf•rs 65,S89 (65,589) Net movement on funds 79,339 3,719 83,058 {29,298) Total funds bld at l August 92,710 52,639 145,349 174,647 Total funds lfwd at 31 July 14 172,049 56,358 228,407 145J49 The statement of financial activities includes all gains and losses in the year. All the above amounts derive from continuing activities. 14
WESTMINSTER THEOLOGICAL CENTf4E CONSOLIDATED AND PARENT CHARITABLE COMPANY BAIANCE SHEET YEAR ENDED 31 JULY 2024 Company Registration Number: 06506007 Balance Sheet Group Charity 2024 2023 2024 2023 Notes FIXED ASSETS Tangible Asset5 Investment ioo ioo CURRENT ASSETS Debtors Cash at bank and in hand io 85,674 316.732 69,030 245,063 165,501 288,985 113,621 223,737 402,406 314,093 454,486 337,358 NET LIABILITIES: Creditors and accruals ii 1173,9991 1168,7441 1172.5991 1167,0211 NET CURRENT ASSETS 228,407 145,349 281,887 170,337 NET ASSETS (LIABILITIES) 228,407 145J49 281,987 170.437 FUNDS OF THE GROUP Unr•strlcted Funds General Restrlct•d funds 172,049 56,358 92,710 52.639 225,629 56,358 117,798 52,639 14 228,407 l45J49 281,987 170,437 The Trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. 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. As permitted by section 408 Companies Act 2006, the parent charitable company's statement of fina ncia l activities has not been included i n these fi nancial statements. Its, result for the fi na ncial year wa5 a surplus of £1ll,55112023- deficit of £29,067). 12 December 2024 The financial statements were approved by the Trustees on ....................................... and signed on its behalf by: Chair N LANGFORD The notes on pages17 to 23 form part of these financial statements. 15
WESTMINSTER THEOLOGICAL CENTRE CONSOLIDATED STATEMENT OF CASH FLOW YEAR ENDED 31 JULY 2024 2024 2023 Cash used in operating activities Ifrom below) 71,669 155,5021 Cash flows from investing activities: Ilncreasel / decrease in value of fixed asset investments Increase/ldecreasel in cash and cash equivalents in theyear 71,669 155,5021 Cash and cash equivalents at the beginning of the year 245,063 300,565 Cash and cash equivalents at the end of the year 316,732 245,063 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPERATING ACTIVITIES Net movement In funds before gains / (losses) 11 ncreasel i n debtors Increase/ldecreasel in creditors 83,059 116,6451 5,255 129,2981 10,347 136,5511 Net cash Fromllused In) operatlng activiti•s 71,669 155,5021 16
WESTMINSTER THEOLOGICAL CENTfiE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 NOTES I. ACCOUNTING POLICIE5 a) Basis of preparatlon 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 ePOrting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS 10211,the Financial Reporting Standard applicable inthe UKand 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 relevant accounting policy notelsl. b) Basis of consolidation The consolidated financial statements consolidate the financial statements of the Charity and its subsidiary undertaking drawn up to 31 July 2024. A subsidiary is an entity controlled by the Charity. Control is achieved where the Charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. Inter-company transactions and balances, between the Charity and its subsidiaries, are eliminated in full. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. c) Golng 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 financial statements. donations suff icient to cover a full twelve months of net expenditure have not yet been fully raised. The-Directors consider it likely that the funds needed over the next 12 months will be raised. Accordingly, the Directors have prepared these financial statements on the going concern basis. d) 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 as restricted funds. 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. e) 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. Resources expended and allocation of costs lil Expenditure is included on an accruals basis. lill Cost of student fees Is di rectly attri butable to the del ivery of courses. The charity has one operational activity,. the provision of further education. The majority of administrative costs are attributable to the provision of further education with any profits from the consultancy also being returned to the charity for its core activity. 17
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES (continued) g) Fixed assets E)epreciation 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 h) 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 losses that arise from that being recognised in the statement of financial activities each year. i) Leases r4entals under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term. 2. FINANCIAL PERFORMANCE OF THE CHARITY The consolidated statement of financial activities includes the results of the Charity's wholly owned subsidiary, WTC Consulting Limited, which operates as a consultancy undertaking including the provision and development of a College Data Management System. As permitted by section 408 Companies Act 2006, the parent charitable company's statement of financial activities has not been included in these financial statements. Its deficit for the finar)cial year was a surplus of £1ll,55112023- deficit of £29,067). 3. INCOME Income from donations was £350,05012023.' £207,901) of which £146,889 was restricted 12023.. £32,375). Income from charitable activities was £851,71012023'. £771,158), £nil of which was restricted12023'. £nill. Income from WTC Consulting was £46,20012023: £30,000), £nil of which was restricted12023.' £nill. Other ir)come was £65,89812023'. £22,040) of which ,898 was restricted 12023.. £5921. Other income includes £30,025 from a ticketed fundraising event which generated a net income of ll6,197lexcluding staff timel. Donations from Trustees totalled £1,40012023.' £19,655) including the associated Gift Aid. EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Provision of Courses staff and contractors Residentia Is Books and bought in services Bad debt write off Validation and accreditation fees Hub fees and costs Bursarie5 awarded 340,573 194,399 1,207 ioi 80,205 94,574 63,012 355,486 184,652 1,280 2,330 77,192 84,927 56,248 774,071 762,115 18
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAFI ENDED 31 JULY 2024 wrc Consulting Direct Costs Staff and contractors 61,540 22,452 61,540 22,452 Adminlstrative Costs Bank charges Staff Staff training Office and travel Legal and professional Prison project (excl staff) 1,021 240,301 9,302 116,201 21,997 805 932 162,429 5,969 96,831 12,719 389.627 278.880 Fundfalsing Costs Associated fundraising 13,828 13,828 TOTAL 1,239,066 1,063.447 £376,475 12023,. £271,1011 of the administration costs are attributed to the provision of further education, and 3,752(2O23'. £7,778) to WTC Consulting Ltd. Any surplus income over expenditure through consulting activities, will all be gifted to WTC to reduce the deficit between cost of providing courses and income from student fees. Expenditure on charitable activities in 2024 was £1,164.374 of which £79,479 12023,. £1,033,216 of which £34,262) was from restricted funds. 5. STAFF COSTS AND NUMBERS 2024 Is 2023 17 Number of Employees (Average) Gross Salaries National Insurance Contributions Pension Contributions 442,083 34,233 19,334 395,151 28,595 15,361 495,650 439,107 Subcontract 146,764 101.260 642,414 540J67 The key management personnel of the Charity comprise the Principal, the Vice-principal (recruited August 20231, the Chief Operating Officer and the Finance Director. Their total remuneration in the year was £208,07212023'. £124,683). One employee was paid a salary of more than £60,000 during the year12023'. No employees). 19
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 6. NET INCOMING RESOURCES FOR THE PERIOD 2024 2023 Net incoming resources is stated after charging.. Auditors, remuneration 11,300 8,070 7. TAXATION All income of the charitable company falls within the exemptions afforded to corporate charities and charitable trusts by Sections 478 and 479 Corporation Tax Act 2010 and Sections 524 and 525 Income Tax Act 2007 and there is no corporation tax payable by the Charity's trading subsidiary. 8. TANGIBLE FIXED ASSETS Group and Charity Leasehold Improvements Computer/ Elec Eqmt Total COST OR VALUATION At l August 2023 Additions 7,868 17,787 25,655 At 31 July 2024 DEPRECIATION At l August 2023 Charge foryear 7,868 17,787 25,655 At 31 July 2024 7,868 17,787 25,655 NET BOOK VALUE At l August 2023 At 31 July 2024 9. INVESTMENTS 2024 2023 Investment in subsidiary ioo ioo The wholly owned subsidiary, WTC Consulting Ltd, is a company registered in England and Wales. It is used to operate the non-charitable activities of Westminster Theological Centre. WTC Consulting Ltd has 100 shares of ll in issue, which is held by Westminster Theological Cer)tre. The results for the period to 31 July 2024 was a loss of £28,49212023'. loss of £2311. The losses incurred relate to investment in the development of the CDMS software which the Board fully expect to recover from future licence fee income. 20
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 10. DEBTORS Group 2024 Charity 2024 2023 2023 Accounts receivable Prepayments and accrued income Amounts own by subsidiary Other debtors 23,977 53,197 24,286 44,744 23,977 51,410 81,614 8,500 24,286 43,101 46,234 8,500 85,674 69,030 76507 113,621 11. NET LIABILITIES: Creditors and accruals Group 2024 Charlty 2024 2023 2023 Trade creditors Accruals & deferred income Other creditors 6,447 162.242 5,310 2.832 162,923 2,989 6,447 160,842 5,310 2,832 161,200 2,989 173.999 168,744 172.599 167,021 IL FINANCIAL COMMITMENTS Group and Charity At 31 July 2024 wrc was committed to making the following payments under non- cancellable operating leases in the year 2024 2023 Amount due within oneyear Amount due within one to two years 20,000 20,000 7,444 13. 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 . 21
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 14. RESTRICTED FUNDS The restricted funds held during the year are: al The Principal's Bursary Fund for funding studies by ex-offenders and/or ex-addicts. bl The Bursaries Fund for subsidising fees of students Wlth lower incomes. cl The Interpreters fund for provision of sign language interpreters. dl The Off ice for Students IOfSI fund is for costs related to registration with the Ofs. The transfer is due to several donors confirming that the money can be designated rather than restricted for that purpose. el The Study Skills fund is a contribution to cover part of our Study Skills Tutor's salary. The Prison Project fund is for income and expenditure related to wrc's pilot prison project. gl Other income is money paid to WTC mainlycontributionsfor a memberof staff leaving gift and the staff Christmas meal. Brought forward Incoming resources Outgolng resources Carried forward Transfers Fund Principal's Bursary 25,735 19,070 121,7801 23,025 Bursaries Fund 26,404 23,855 123,2041 27,055 Interpreter Support 500 1,250 1,750 Office for Students 86,250 120,6611 165,5891 Study Skills io,000 iio,0001 Prisons Project 6,464 11,9361 4,528 Other income 1,898 11,8981 Totals 52,639 148,787 (79,479) (65,589) 56,358 All restricted fund assets are held as current assets. Prior year comparatives.. Brought forward Incoming resources Outgoing resources Carried forward Transfers Fund Principal's Bursary 21,890 25,395 121,5501 25,735 Bursaries fund 31,544 6,980 112,1201 26,404 Interpreter Support 500 500 Other income 592 15921 Totals 53,934 32.967 (34,262) 52,639 22
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 15. TRUSTEES REMUNERATION AND RELATED PARTIES £nil remuneration was paid or waived by any trustee during the year in respect of their duties as Trustees12023 - £nill. Total donations made by Trustees in the year were ,40012023 E19,6551 including the associated Gift Aid. Three trustees paid the Charity fees for courses they were attending las they are students as well as trustees) and one trustee was paid £77012023 - £5401 for teaching services provided to the Charity. There were no other related party transactions during the year. 23