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 1￿c + 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 bl￿d
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
765￿07
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