Westminster Presbyterian Theological Seminary
Report and Accounts
31 August 2022
Charity registration number 1184509
Westminster Presbyterian Theological Seminary Report and accounts Contents
| Page | |
|---|---|
| Charity information | 1 |
| Report of the Trustees | 2 |
| Independent examiner's report | 6 |
| Statement of Financial Activities | 7 |
| Balance sheet | 8 |
| Accounting policies | 9 |
| Notes to the accounts | 10 |
Westminster Presbyterian Theological Seminary Trust information
Trustees Rev. Charles Richard Henry Holst (Chairman) Dr Donald John MacLean Nathan Hilton Rev. Jon David Payne Benjamin Wontrop 1189657 Charity number Charity address Alderman Fenwick's House 98-100 Pilgrim Street Newcastle NE1 6SX Independent examiner Kinnair and Company Limited Aston House Redburn Road Newcastle Upon Tyne NE5 1NB
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Westminster Presbyterian Theological Seminary Trustees' report
Introduction
The Trustees of Westminster Presbyterian Theological Seminary present their report and accounts for the year ended 31 August 2022. These are prepared in accordance with the governing document, applicable accounting standards and the Charities Statement of Recommended Practice (SORP).
Objectives and principal activity
The governing document states the purpose of the seminary as ‘ To advance the Presbyterian Christian Faith in accordance with the doctrinal basis, in particular but without limitation, by the provision of theological and pastoral resources and training .’
Trustees wish to see gospel churches, both Presbyterian and of other denominations, planted and strengthened in the UK and Europe. To that end the mission of the seminary is to train faithful church leaders who will exercise their ministry by holding fast the faithful word (Titus 1:9).
Public benefit
Trustees are aware of the Charity Commission guidance on public benefit, and comply with this guidance. Accordingly, the Charity hosts events and develops resources for the benefit of the church members and estbalished ministers as well as for its ministerial students, and has achieved an international reach.
Achievements and performance
1. Current students
Five new students enrolled in the 2021-22 academic year, with seven more recruited for the year following. (In previous years the maximum number of annual recruits was one.)
The average grade for 2021-22 courses was A-. Students preached extensively in local churches, nationally and Europe-wide.
Three students graduated at the close of the academic year, including Westminster’s first ThM student, who may develop his thesis for publication. One MDiv graduate left to minister within an existing Evangelical Presbyterian Church in England and Wales (EPCEW) church; the other has embarked on MTh and PhD studies in preparation for an EPCEW church plant in Germany.
2. Former students
Alumni continued their work of church planting and strengthening in England and Switzerland, with one alumnus working on a series of videos and a modern German translation of the Westminster Confession to rekindle Reformed theology in German-speaking Europe.
3. Faculty
Three teachers were added to the faculty (two as adjuncts) to teach systematic theology, Hebrew and Greek.
4. Timetabling and resourcing
A new approach to timetabling was introduced in order to increase the proportion of teaching conducted in person rather than online.
The library main collection was fully catalogued, with work begun on an equally-extensive secondary collection of books.
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Westminster Presbyterian Theological Seminary Trustees' report
5. External relationships
The Accreditation Service for International Schools, Colleges and Universities (ASIC) granted interim accreditation, conferring the right to sponsor 6-month visas for study purposes.
An enhanced Memorandum of Understanding with Greenville Presbyterian Theological Seminary was drawn up.
First steps were taken towards a colloquium with leaders of Reformation Europe churches, with a view to providing theological training in English to trainee ministers, especially in Eastern European countries.
A relationship was forged with the Institute of Reformed Baptist Studies (IRBS).
After a visit by the Director to churches across eight States, formal partnerships were set up with three churches in the US, with ongoing relationships with other churches.
6. Outreach and development
Facebook and Twitter outreach expanded significantly; two new teaching video series were launched, with YouTube subscription growing by a third in the six months to end of year.
A second season of the Westminster School of Theology reached an international audience by online means, as well as an in-person audience of people local to Newcastle.
Following our annual conference (‘Revival’), filmed addresses and accompanying study guide (written by the Director) have been published by Reformation Heritage Books .
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Westminster Presbyterian Theological Seminary Trustees' report
Financial review
During the period the Charity's total income was £131,683
During the year the Charity's total expenditure £373,642
The Charity's funds at 31 August 2022 were £199,604
Reserves policy
Westminster undertakes to ensure that reserves never fall below £50,000 of unencumbered funds.
Plans for future periods
The seminary proposes to expand its Faculty with the appointment of suitably qualified pastor-scholars, seeking to decrease the proportion of teaching delivered online.
The director will oversee a review of the curriculum, quality assurance measures and pedagogical training with a view to improving the coherence of the curriculum and the quality of teaching.
Structure, governance and management
The Charitable Incorporated Organisation (CIO) was formed under a constitution dated 26 May 2020.
The Trustees have the responsibility to ensure that all legal obligations are met in terms of the Charities Act 2011.
The daily operations of the charity are managed by a full time Executive Director who is accountable to the Board of Trustees.
The Bursar is accountable to the Executive Director and ensures that all legal responsibilites are met.
All other staff at the seminary report to the Bursar with a dotted line of accountability to the Executive Director.
New Trustees are appointed by existing Trustees.
The Charity's Trustees have considered and follow publication "A guide to conflicts of interest for Charity Trustees" as a matter of good practice.
Reference and administrative details
Westminster Presbyterian Theological Seminary (the CIO, the Charity) is a registered charity (registration number 1189657).
The governing body of the Charity is the board of Trustees, which currently comprises 5 members. The Trustees who acted during the year and up to the date of this report are shown on page 1.
The registered office of the Charity and details of its principle advisors are shown on page 1.
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Westminster Presbyterian Theological Seminary Trustees' report
Statement of trustees' responsibilities
The Trustees are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit for that period. In preparing those accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and prepare the accounts on the going concern basis unless it is inappropriate to assume that the Charity will continue its activities.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with statutory requirements and with Charity's constitution and rules. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
Approval
12/04/2023
This report was approved by the Trustees on . . . . . . . . . . and signed on its behalf by:
. . . . . . . . . . . . . . . . . . . . . .
Dr D J MacLean Trustee
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Westminster Presbyterian Theological Seminary Independent Examiner's Report
Independent examiner's report to the Trustees of Westminster Presbyterian Theological Seminary.
I report on the accounts of the Charity for the period ended 31 August 2022, which are set out on pages 6 to 13.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated:
Mai L C Mak FCA
Kinnair and Company Limited Aston House, Redburn Road Newcastle upon Tyne, NE5 1NB
. . . . . . . . . . . . . . . .
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Westminster Presbyterian Theological Seminary Statement of Financial Activities for the year ended 31 August 2022
| Notes Income Income from donations 2 Other income 3 Income from activities 4 Total income Expenditure Charitable activities: - Staff 4 - Direct expenditure 5 - Indirect expenditure 6 - Legal and professional 7 - Depreciation Total expenditure Net movement in funds Funds brought forward Transfer Total funds carried forward |
Unrestricted funds £ 45,040 17,375 28,207 90,622 255,876 70,289 40,612 4,095 2,770 373,642 (283,020) 441,563 (38,139) 120,404 |
Total Restricted funds funds 2022 £ £ 41,061 86,101 - 17,375 - 28,207 41,061 131,683 - 255,876 - 70,289 - 40,612 - 4,095 - 2,770 - 373,642 41,061 (241,959) 441,563 38,139 79,200 199,604 |
Total funds 2021 £ 607,952 12,672 14,376 635,000 163,409 36,599 19,124 5,593 1,853 226,578 408,422 - 33,141 441,563 |
|---|---|---|---|
The Charity has no recognised gains or losses other than those shown in the Statement of Financial Activities. All of the
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Westminster Presbyterian Theological Seminary Balance Sheet as at 31 August 2022
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Funds Unrestricted funds: - General Fund 13 Restricted funds: - Restricted fixed asset funds 14 Total Trust funds Net assets |
2022 £ 13,862 31,666 156,083 187,749 (2,006) 185,743 199,604 120,404 120,404 79,200 79,200 199,604 |
2021 £ 16,632 9,821 435,143 444,964 (20,033) 424,931 441,563 441,563 441,563 - - 441,563 |
|---|---|---|
These accounts were approved by the Trustees on . . . . . . . . . . and signed on its behalf by:12/04/2023
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dr D J MacLean Trustee
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Westminster Presbyterian Theological Seminary Notes to the Accounts for the year ended 31 August 2022
1 Accounting policies
Basis of preparation
The financial statements of the Charity have been prepared under the historical cost convention in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)) and the Charities Act 2011. The Charity meets the definition of a public benefit entity under FRS 102.
Going concern
The Trustees assess whether the use of going concern is appropriate ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of authorisation of issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the forseeable future and there are no material uncertainties about the Charity's ability to contine as a going concern, thus they continue to adopt the going concern basis of accounting in the preparation of the financial statements.
A summary of the principal accounting policies, which have been consistently applied, is set out below.
Income
Voluntary income is recognised in the financial statements when it is received, or on an accruals basis where it can be assured with reasonable certainty and is receivable by the balance sheet date. Income tax recoverable on voluntary donations is recognised in the financial statements when it is receivable from HM Revenue and Customs.
All other incoming resources are included in the statement of financial activities on a cash received basis or on an accruals basis where they are assured with reasonable certainty and receivable by the balance sheet date.
Expenditure
Expenditure is charged on an accruals basis, inclusive of irrecoverable Value Added Tax.
The cost of charitable activities is analysed between the staff costs, the cost of providing ministry, and costs relating to the charity's property.
Fixed assets
Fixed assets are held at cost. Furniture and Office equipment assets are depreciated on a straight line basis at 15% per annum.
Debtors
Short term debtors are measured at transaction price , less any impairment losses.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
The Charity is exempt from Income Tax on its charitable activities but is not exempt from Value Added Tax. Irrecoverable VAT is included in the cost of those items to which it relates.
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Westminster Presbyterian Theological Seminary Notes to the Accounts for the year ended 31 August 2022
Fund accounting
The charity holds unrestricted funds. Within unrestricted funds, the charity may designate certain funds for specific purposes.
Pensions
Contributions to defined contribution plans are expenses in the period to which they relate.
- 2 Income: Donations
| USA Gifts and support UK Gifts and donations Trustbridge USA MTW USA Shepherds Fund |
2022 Unrestricted £ - 45,040 - - - 45,040 |
2022 Restricted £ - - - 30,061 11,000 41,061 |
2022 Total £ - 45,040 - 30,061 11,000 86,101 |
2021 Total £ 36,495 558,817 12,640 - 607,952 |
|---|---|---|---|---|
The income received from Trustbridge USA in 2021 was to cover funding requirements for financial year ending August 2021 and August 2022.
| 3 Income: Other US Donors Other income CAF 4 Income from activities Tuition and audit fees School of Theology Conference income 4 Expenditure: Staff Staff wages Intern wages Student salaries Bursary |
2022 Unrestricted £ 2,286 10,566 4,523 17,375 2022 Unrestricted £ 12,745 1,006 14,456 28,207 2022 Unrestricted £ 183,558 23,228 49,090 - 255,876 |
2022 Restricted £ - - - - 2022 Restricted £ - - - - 2022 Restricted £ - - - - - |
2022 Total £ 2,286 10,566 4,523 17,375 2022 Total £ 12,745 1,006 14,456 28,207 2022 Total £ 183,558 23,228 49,090 - 255,876 |
2021 Total £ - 12,672 - 12,672 2021 Total £ 12,725 1,651 - 14,376 2021 Total £ 127,954 17,204 - 18,251 163,409 |
|---|---|---|---|---|
5 Expenditure: Direct expenditure
| Library Accreditation fees Faculty costs School of Theology Conference attendance US Fundraising conference Advertising Donation |
2022 Unrestricted £ 1,844 228 42,350 5,314 11,688 5,706 3,159 - 70,289 |
2022 Restricted £ - - - - - - - - - |
2022 Total £ 1,844 228 42,350 5,314 11,688 5,706 3,159 - 70,289 |
2021 Total £ 7,575 - 19,509 2,640 4,931 - 944 1,000 36,599 |
|---|---|---|---|---|
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Westminster Presbyterian Theological Seminary Notes to the Accounts
for the year ended 31 August 2022
6 Expenditure: Indirect expenditure
| Rent and rates Refreshments Stationery and office consumables Furniture and equipment Telephone Software licences Charges and interest Sundry expenses Cleaning Consultancy fees Insurance Training Postage 7 Expenditure: Legal and professional fees Professional fees Accountancy IT consultancy 8 Staff costs Gross wages Employers NIC Pension costs Knox Interns Student salaries Bursary |
2022 Unrestricted £ 24,691 1,637 1,043 1,238 255 4,597 30 3,673 1,007 1,146 556 564 175 40,612 2022 Unrestricted £ 525 1,170 2,400 4,095 2022 Unrestricted £ 163,247 15,390 2,021 23,228 49,090 - 252,976 |
2022 Restricted £ - - - - - - - - - - - - - - 2022 Restricted £ - - - - 2022 Restricted £ - - - - - - - |
2022 Total £ 24,691 1,637 1,043 1,238 255 4,597 30 3,673 1,007 1,146 556 564 175 40,612 2022 Total £ 525 1,170 2,400 4,095 2022 Total £ 163,247 15,390 2,021 23,228 49,090 - 252,976 |
2021 Total £ 13,711 563 583 678 184 3,330 - - - - - - 75 19,124 2021 Total £ 2,604 2,989 - 5,593 2021 Total £ 116,934 9,641 1,379 17,204 - 18,251 163,409 |
|---|---|---|---|---|
No member of staff earned £60,000 or more during the year.
There were no payments made to the Trustees during the year for reimbursed expenses and wages.
| Average number of staff during the year Staff- part-time Staff- full-time |
2022 Number 4 2 6 |
2021 Number 4 2 6 |
|---|---|---|
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Westminster Presbyterian Theological Seminary Notes to the Accounts
for the year ended 31 August 2022
9 Tangible fixed assets
| Cost At 1 September 2021 At 31 August 2022 Depreciation At 1 September 2021 Charge for the year At 31 August 2022 Net book value At 31 August 2022 At 31 August 2021 10 Debtors Amount due from J Winch Other debtors 11 Creditors: amounts falling due within one year Other taxes and social security costs Accruals and deferred income 13 General fund Net incoming (outgoing) resources Brought forward Transfer to designated funds from general fund Prior period transfer adjusted for General fund movement Carried forward |
Plant and equipment £ 18,485 18,485 1,853 2,770 4,623 13,862 16,632 2022 £ 28,000 3,666 31,666 2022 £ 986 1,020 2,006 2022 £ (241,959) 441,563 (41,061) (38,139) - 120,404 |
2021 £ 3,671 9,821 2021 £ - 2,640 20,033 2021 £ 408,422 - - 33,141 441,563 |
|---|---|---|
The prior period transfer adjustment was in relation to designated funds received re the Knox Scholarship.
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Westminster Presbyterian Theological Seminary Notes to the Accounts for the year ended 31 August 2022
| 14 Restricted funds Transfer from the general fund Prior period transfer adjusted for Net transfers from the general fund At 31 August Restricted funds are ringfenced scholarships as follows: Ambassadors Fund 1 - Ronaldo Ambassadors Fund 1 - Simeon Knox Scholarship Shepherds Fund |
2022 £ 41,061 38,139 - 79,200 12,700 12,700 31,500 22,300 79,200 |
2021 £ - - - - - - - - |
|---|---|---|
Ambassador Fund 1 – Ronaldo
This was a bid for a specific person to Mission to the World (MTW) which was granted. Ronaldo is an evangelist from Brazil who is studying at Westminster. The money was granted within this reporting period but only started dispersement in the new financial year.
Ambassador Fund 2 – Simeon
This was allocated on a similar basis as Ambassador Fund 1. Simeon is an intern at the Presbyterian Church in Zurich and is studying through Westminster.
Knox Scholarship
This is a fund to assist a student with tuition expenses, living expenses and a stipend, or any combination thereof. It was granted by an American donor and there were no other stipulations attached to it.
Shepherds Fund
This fund was established by an anonymous donor to assist students with tuition fees. There is a stipulation given by the donor that this money only be available for students aspiring to church plant in England, Wales or continental Europe, or who hope to minister within EPCEW or the IPC.
12 Related party transactions
There were no related party transactions during the year.
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