HFOLOG WESTMINSTER THEOLOGICAL CENTRE ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2025 Charity Number.. ll23573 Registered Company No.. 06506007
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2025 CONTENTS Page LEGALAND ADMINISTFIATIVE DETAILS TRUSTEES, REPORT IINCORpofèATING THE DIRECfORS' REPORT) 2-10 INDEPENDENT AUDITOR'S REPORT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 14 CONSOLIDATED AND PARENT BALANCE SHEET Is CONSOLIDATED STATEMENTOF CASH FLOW 16 NOTESTOTHE FINANCIALSTATEMENTS 17-23
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 51 JULY2025 LEGAL AND ADMINISTRATIVE DEfAILS COMPANY NAME Westminster Thetslogical Centre (o componylimited byguurunteej COMPANY NUMBER 06506007 CHARITh REGISfRATION NUMBER 1123573 TRUSTEEsIDIREcfoRS Mr N Langford Ichairllresigned May 20251 Mrs J Dudgeon lfrom October 20241 Mrs Amanda Bedzrah (from January 20251 Mr5 G P de Berry (acting Chair from May 20251 MrR Ellis Nlrs S Hunter RevA S Johnson (resigned March 20251 Mr A Junaid (resigned July 20251 COMPANY SEcRARy Mrsj Dudgeon KEY MANAGEMENT PERSONNEL Dr B Blackwell - Vice-principal (from August 20.. Principal (from January 20251 Dr L Peppiatt Princlpal (to December-20241, (from January-251 Mrs J M Lawry-white - Chief Operating Officer (ended July-251 Mrs C B Catto- Finance Director Ito December 20241 Mr S J Hannis - Finance Controller (from May 20251 Mr C Palmer- IT Director (from September 20241 President REGISTERED OFFICE & PRINCIPAL OFFICE ADDRESS Westminster Theological Centro 16-17 Clarence Parade Cheltenham (03PA REcisfERED AUDITORS Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 OUX PRINCIPAL BANKERS Barclays Bank I Churchill Place London 45HP Cooperative Bank l Balloon Street. Manchester, M4 48E
WESTMINSTER THEOLOGICAL CElRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2025 The Board of Trustees of Westminster Theological Centre has pleasure in presenting their report and consolidated financial statements for the year ended 31 July 2025. The financial statements have been prepared to comply with the Charitie5 Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and rieporring by Charities.. Stètement of fiecommended Practice applicable to charities preparing their financial statemerits in accordance with rhe Financial Reporting Standard applicable in the UK and Republic of Ireland IFfès 1021- (Charities SORP IFFiS 10211. Ex•eutiv• Summary WTC 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 a9es and backgrounds for leadership, mission, and discipleship. We do this by making rigorous academie theology accessibl& to the whole people of God. While our student body represents many denominations the majority are member5 of iridependent churches and networks. We continued to invest in this vision throughout the year, with students experiencing transformative teaching and learning experiences Following a consolidated surplus of £83k in last financial year, we have consolidated loss of £63k this year,. in particular while we grow and develop the CDMS product in Cc and plan for future student growth. As part of our Strategic Plan, we initiated the process for registration with the Office for Students and are awaiting the outcome to the application at the moment. Dr Lucy Peppiatt to the role of President from January 2025 and Dr Ben Blackwell has been promoted to the role of Principal. As we look to the new year, laney Lawry-white ha5 moved to a management role with Cc and Nigel Langford started in August 202S to take the College frlrward in its strategie plan. Strurture, Governance and Management Westrninster Theological Centre I.C. or Yhe Company'l is a charltable company1imited by Guarantee and governed by a Memorandum and Articles of sociation 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 c 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 arnd representative group among themselves as a Board. All Trustees are actNe Christian At the end of the year, the Board htt ctheolo .or eo board consisted of five Trustees, one man and four women. who oversee a Senior Executive Team comprising the Principal, Chief Operating Officer and IT Director. Jenny Dudgeon 15 the most recent Trustee to join the Board. in Ortober 2024, and will becomè the Chair Iri 2025-26. Alongside this change, Sarah Hunter will become the Company Secretary. The current Trustees bring a wide range of experience to the WC 8oard, including in church life and lead&rship, corporate £rnd third sector professional expertise. the practical outworking of their faith in this country and internationally, and their extensive networks. Of the current Trustees, four are current students or alumni of Wtc. The B03rd 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 Wfc. Trustees are responsible for setting the broad policy and Strategic parameters within which wrc operate& The day-to-day running of wrc is delegated to the Senior Executive Team. The Board and Senior Executive
WEsfMINsfER THEOLOGICAL CENTRE TAUSTEES, REPORT YEAR ENDED 31 JULY 2025 Team together agreed the aims and objectives of the current five-year Strategic Plan for P022-Zll. and 5tTategic plan indicators are monitored and reported to the 8oard every six months. To support the effectiveness of the Board and make the best use of Trusteè sk1115 and experience, the Trustees established three Committees in 2022, which meet regularly to discuss their areas of responsibility, report and make recommendations ro the 8oard 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 Wtc's 5tfategic aim of meeting good practice standards in EDI. All Trustees give of their time freely. No Trustee received remuneration for their role a5 Trustee. Details of Trustees, expenses and related party transactions are disclosed in note 15 to the rinanci81 statement& For the academic year 2024-2025, 20 UK based external Faculty members, and 10 international Guest Lecturers taught part-time with wrc. For details of the Faculty, hrt wtctheolo .or eo facult On 5th August 2020, a consulting arm of WTc,.c Consulting Ltd.. was incorporated with the 501e aim of generating incotne through consulting activities, primarily the licensing of the College Data Management System ICDMSI, initially to other theological colleges in the UK AII profits from WFC Consulting Ltd will be paid to WTC io reduce the deficit between the cost of providing courses and income from student fees. A separate Board of Directors has been established for the company. As of October 2025, five external colleges are licenced CDMS client ObJ•etlve5 and Actr¥itles The main objectives of wrc are.. To advance the Christian falth 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 offers a Tange of part-timè undergraduate and postgrèduate programme5, accredited by Chester University (until August 20231 and 8irmingh£m Newman University (for those students enrolling after August 20231. WTC 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. Whlle our students are drawn from many church denominations, our primary constituency is the independent, charismatic, ehurch sector la growing sector in the UK church), which has no dedicated theological college in this country. This, combined with the delivety medium, means thai wrc attracts many students who would otherwise not study degree-level theology. The academic programme5 are delivered through a combination of residential teaching blocks and weekly study in local learning communities, or 'H¢Jb5'. The Hubs are hosted by visionary local churche5 which share WTC'S goal of resourcing their regions with deep and rigorous theological study. cUrrernt, there are 13 Hubs across the UK, including one each in N. Ireland and Scotland. C students include both church leader5 and members, drawn from a very wide range of age, professional and educ3tion backgrounds. They study around their existing worK life and church commitments, remaining in their home locations while avoiding the isolation of traditioTral distance learIng. wrc is a values-led institution, with accessibility to our pro9rammes being a core value. This
WESTMINsfER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2025 means that fees are kept relatwely low, making study accessible to students from a range of economic background5. At the same time, the Board and Senior Executive Team are fully committed to ensuring that c 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 balarice of colle9e running COS As well as ffinancial accessibility, we make it possible for studenis to achieve academically at university level. Having the confidence to begin and continue a university programme c8n be an issue for student5 who achieved poorly in school for whatever rea50n. who may never previously hsve studied at this level. or who studied at university decades ago. To address this, wrc ha5 developed and makes available to every student outstanding study skills resources and learning development support. As wèll as online resources. individual and group meetings with the Learning Development Tutor are regularly available to wrc students. We know from student feedback that these resources and the sUPPOrt provided have been life-changing for many students, enabling them to achieve at a much higher level than they have Previous 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 provide5 the backbone of all the colleges operations, proces5e5 and student information system, keeping staff overheads low while freeing up staff time to focu5 on providing a personali5ed student experience in which every student 15 valued and affirmed. Future Plans wrc 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 personl delivery since the end of the pandemic have shown how approprlate and flexible the delivery model is for the current changing Higher Education context. We continue to build and strengthen exi5tlng relationships with independent church networks, which are increasingly re¢ogni5ing the value of theological study for their leaders and mernber witnessed by wrc being the validated partner of choice for networks including the Vineyard, 24-7, Scottish Network Churche5. As well as independent church networks, established church denominations are approaching to discuss wrc offering the theological element of leadership training while they provide denomination-speclfic training. This èll cornb*nes to support our plans for increases in student numbers over the next five years. Thi5 Optimism is supported by the fact that WTC student numbers have held steady over the years since the Comd pandemic, in a sector where the majority of collegès have seen student numbers falling. WTC is addresslng 1551Je5 of accessibility by applying for reglstrstion with the government Office for Students. Registration would enable wrc Udents to access government student finance for uridergraduate and postgraduate students. Results of a financial survey of students (September 20231 reported that 55% students required financial assistarnce with their fees (primarily from wrc bursaries friends, family or their church). Access to government student rir)ance will make wrc prograrnmes of study even more accessible- particularly for students aged 18-25 for whom studwng around work and while remaining at home is an attractive option given levels of mental health and a desire not to incur high levels of student loèn. This demographic represents a very small number of current wrc students- so there is significant potential to increase numbers with access to government funding. C continues to innovate with flexible models to rnake studying with c available to more students around the UK. September 2024 saw the opening of the first c Hybrid Hub in Aberdeen. Qather that establishing a Hub in an area of high population density, which involves a financial partnership between 1c and the Hub Church Partnerlsl. the Hybrid Hub model is a time-limited 12-3-yearl. financed, learning community for students who wish to study in community la c distinciivel but are too far from a WTC Hub. We are learning le550ns from this first pilot and will refine the model before rolling it out in other areas of the country- e.g.
WESTMtNsfER THEOLOGICAL CEKfRE TRusfEES' AEPORT YEAR ENDED 31 JULY 2025 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. 8ulldirng on the online Foundations in Theology course for individuals which is continuing into Its second year, has produced a recorded version, Foundations Course. Church Edition, which is aimed at groups of students- e.g. church interns, staff, and other group5 of students, who wish to study theology together but are not in a position to commit to university level programme& This recorded course will be cheaper and is designed for group rather than individual study. A number ot churches have already signed up to the recorded course. Finally. the Prisons Prograrnme. restricted fund, is growing and during 2024-25 in person teaching h35 been delivered into a prison with a view to launching a CertHE stream into these locations- the Prison becoming an additional Hub- these project is self-funding through donEtions received. hlevlng our Goals Student satisfaction and evaluation wrc's vision is to integrate the best of scholarship with the power and gifts of the Holy Spirit to effect personal and community transformation by equipping. healing and releasing God's people of all ages and backgrounds for mi55ion and dSCipleshIp. The extent to which Wfc is accomplishing its wsion is best captured by sludent and alumni feedback. C conducts periodic alumni surveys. Results from the 2022 survey include.. 875% reporteol that studying with wrc was per50n311y transformational 79% reported that studying with Wtc had positive impact on thelr vocation/worVministry, IO0% of c students reported satisfaction with their programme of study in response to the University of Chester partner suNey of June 2023 Student videos and testimonies hlghlight the difference which studying with has and continues, to make to them a5 individuals. as well as to their lives and work. "wrc is a place of complete restoration, of recreation and a completely new way of thinking about the world and where you work..Istudyingl equips tyoul with God's word and God's presence to carry it into the places that you are every day...and empowers you to be yourself wherever you are...It's the best choice you could ever make.. IGradDip gr8duate/senior corporate managèr) "WTC has changed my life in so many ways...wrc has opened a way for education to be a part of me and it'5 absolutelytransformational. IBA studentlchefj °When you get to my position lin church lèadership 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 stud, 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 bring5 a fresh sense of vision. It's been important for.me to maintain my ability to coèch and lead. Studying with wrc has helped keep me onrthe cutting edge.. IGradDip and MA student/senior church leader). wrc is one of the best things that has happened to me, I'm definitely not the same person now as I was before." IGradDip studentlbusinesswomanl. his is the first place I have studied where I have not been made to feel stupid. The Study Skills Flesources are outstanding.. IGradDip studentlcommunityworkerl.
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2025 .c has been so good,. they have treated me as an individual." IGradDip studenvchurch leadership team) In addition to student and alumni feedback. systematically capture5 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 opèrate. Student feedback is also routinely sought through elected Hub Student Representative meetings with senior staff twice a year, through student input into curriculum reviews as well as by encouraging all students to approach Faculty ènd staff with any queries throughout their studies wtc aece55ibilit and reach across the UK Our closest partnerships are with our Hubs htt ctheolo .or ocation Our Hub partnerships are at the core of wrc and how it functions. As well as serving a5 the location for a WTC 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 wrc within their churcheslcentres, among their networks, and acr055 their regions. Each of our Hub5 brings something unique to the makeup of wrc, and at the heart of the partnership is 3 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 wrc highly accessible. The wide age and education background range of the student body is evidence of the college's success in making university level study available to mature student5 of all backgrounds in areas of multiple deprivation as well as wealthier areas of the country. Partnering with c benefits a church, centre, or grotjp of churches in a number of ways, including putting education and training for all at the heart of church and helplng to build a culture where church leaders and members are able to access life-giving theology, equipping everyone who studies with gre£ter 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 partnership with wrc also enables churches with the vlslon to be resourcing churches for their regions. As well as our Hub partners, WC has established relationships with several major independent church networks across the UK, for which c is the recommended validated provider for their leadèrship and training programme& One of the great advantages for churches is that all our courses are part-time, arid therefore study is accessible for busy people around their other work and family commitments while staying rooted in their churches throughout their studie5, Wlth the churches benefitting from their learning from day one. 80% of wrc students work while studying. Flnan¢l•l su5talnablllty Student recruitment and numbers In the year ended july 2025. WTC had 214 accredited students 123-24.. 2171122-23.. 227) with accredited fee income of £839k123-24.. £792kl122-23'. Ernkl. In 2024-25, 56 undergraduates, and 11 postgradtjates completed their studies. Given that m05t UK theological colleges have seen (sometimes significantl downturn in student rnumbers since the Covid pandemic. c,S validated student numbers holding steady represents an encouraging trend. In September 2023, Wtc launched a fully online, one-year, level three Foundations in Theology Course. making it possible for students outside the UK to study with WTC. and for those who wish to start at a pre-university level, or who haven't time to study at degree level, to learn vwth The Foundations Course has had an encouraging stzrt with $7 students.124-25.. 451. A5 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. Moreover. the recorded version was iaken up by or)e church in 24-25 and we have many financial commitments for the Foundations Course Church Edition during 25-26.
WESTMINSTER THEOLOGICAL CEKfRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2025 wrc also hosts 1c Resource .wtctheolo .or cresOur. a set of free, online. theology resources available to individuals, groups and churches, the content from which is belng transitioned to new platform Media during 25-26 as part of the the launch of the Foundations Course Church Edition. Over 5500 individuals accessed C fiesource. WTC Flesource and then Media 15 another channel through which people experience learning wwth C, and every year, students join our accredited programmes who have engaged with rlesource. Theodisc htt ctheolo .or theodisc is WTC'S podcast which was established in autumn 2022, and, with over 46,670 audio downloads to date, continues to raise the profile of C as a unique and innovative promder 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 listenerslreaders to study. Non-fee income Each financial year, the budget includes an expected annual fundraising total, setting a target for the Board and Senior Exec team. Donationslgrants 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 TecruitmenL we anticipaie 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 a5 wide 3 range of student5 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 alumni) to multi-year commitments as part of our Patron scheme, by which donor5 commit 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 bursarie5 to those with a recent history of offending andlor addiction. We also continue to Slrengthen 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 nece55itated additional fundraising to cover &OOk of expected costs. £85k was raised toward5 these costs wrc Consulting Ltd htt wtc-consultin long term financial sustainability strategy. .co.u has continued to row. This is part of wfcs Review of Operatlons forthe year During the year, wrc ha5 maintained close relationships with all its Hub churche5 and the networks and churches from which wrc students are recruited to study. The focus of events between January and August is student recruitment. WTC has a strong programme of online and in-person event5 at both national and reglonal levels in support of Student recruitment. The audience for these is both church and church network leader5 who recommend their leaders and rnembers to study theology, as well as potential students themselve& Our operational overheads remairn 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 lect¢Jrer5. Flnancial Revlew The consolidated group res is a deficit of £68,237 in the year to 31st July 20(2024.. Surplus of £83,058>. The principal source of income wa5 Student tuition fees, totalling £851.TO 12024.. 63,8531. supplemented by donations of £259,97712024. £350,050). Total costs of £1.239,066 are
WEsfMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2025 consistent with the prevlous year 12024.. £1,239,147)., however, delayed recruitment of staff and restructure has decreased costs in 2024-25 in comparison to next financial year. wrc continue5 to rely on donation5 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 Controller. The Principal's eursary fund IP8FI 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 7 people have benefitted from the Principal's Bursary. A restricted reserve of 5.785 is carried forward as at 31 July 202512024.. E23.0251 for this purpose and is being used to fund students in the academic year commencing September 2025. Any rem£ining balance will be used in future years. A second, 'General' wrc bursary is available to c undergraduate students. Thls is means tested based on household income Icurrently the ceiling is £27,500 p.a.l. The General Bursary is designed to be a bursary of last resort, after students have sought financial asslstance from other sources 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 CertHgi, up to 40% of their fee5 are available. For GradDip students (Level 61, up to 20% of programme fees are available. The General Bursary is funded our of general funds. Both c bursaries are awarded for one year, and students can reapply for subsequentyears of study if they still meet applicztion criteria. The consultancy buslne55 has been operating for four years with two colleges Iwfc + one external client) using the College Data Management System ICDMSI, and relationships being built with other prospective clierits among the UK theological college markeL An additional two clients signed Licence 8nd Support Agreements during the financial year, plus a further two clients since then. This evidences the growng acceptance of the COMS as a tool which can add significant value to colleges. seeking greater efficiency and data securlty in the current challenging environmeni for Higher Education institutions. The Trustee% and specifically the Finance 8 l$k Committee of the Board, review operational and external risk5 throughout the year in connection with running the Compan5 operations and the mitigation of significant risks. They have identified recruitment of sufficient students and ability to raise donations as the primary risks. Our operating model is lean, and we have strong relationships with our partner churches and our donors. Based upon wrc's Sirong fundraising history and growing network of donors, the Trustees are confident that the company will have sufficient funding to cover the financial year 2025-2026. The level of donations raised during this financial year 2024-25 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 rellant on gifts and donations to supplement student fee income. The budget for the year to July 2026 highlights that £250,000 extra funding is required to maintain current reserve levels into the next financial year. The Trustees fully expect the funding gap to be met in line with c,$ history of raising fund In the 24ns 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 C. Since the start of 2024-25 ffinancial year, two additional clients have signed Licence and Support Agreements for the CDMS, bringing the total CDMS eommunity to six as of Oct 2024. These Licence and Support fees with make a real contribution to income in years to come. Marketing continues with other potential client colleges. Relat•d Parties io
WESTMINsfER THEOLOGICAL CENTRE TRUSTEES. REPORT YEAR ENDED 31 JULY2025 There are no related parties other than the Trustees and WTC Consulting Ltd. The Charity has one charitable activity, namely the provision of theological education. The Group includes the Charity and its subsidiary WFC Consulting Ltd. Any surplu5 income over expenditure through consulting activitie4 will all be gifted to wrc to reduce the deficit between cost of providing courses and income from student fees. The Trustees hève determined that. for the foreseeable future, any positive reserves will be accumulated and retained to finance the Charity's 9rtsh and ability to offer bursaries to students. General fund reserves decreased by £56,448 to Q14,090 over the year to 31 July 2025. A key target for the Trustees is to build up gerieral reserve5 over the following three years to a minimum of 3 months, salary plus full year Faculty pay and marking costs. Publlc b•n•flt The Tru5tee5 have had regard to the Charity Commissioner's guidance on public benefit. Statement of Trustee$. responslbllStl•s The Trustees, who are also the Directors. are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practlce. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view of the situation of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing the financlal statement& the Trustees are required to.. select suitable accounting policies and then apply them consislently, observe the methods and principles in the applicable Charities SORP., makejudgement5 and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures that must be dlsclosed and explained in the financial statements., prepare the financial statements on the going concern basis unle55 It is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that diselose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities IAccounts and Reports) Regulations. and the provisions of the Charity deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularitie The Trustees are responsible for the maintenance and integrity of the Charity and flnancial information included in the Charit$ website In accordance with legislation in the United Kingdom governing the preparation and di55emination of financial statement Statement a$ to Dlgclosur• to our Auditors In so tsr as the Trustees are aware at the time of approving our Trustees, annual report-. there is no relevant informatlon. 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 taker) all steps that helshe is obliged to take as Director in order to make themselves aware of any relevant audit information and to establish that the Auditor is aware of that information. li
WEsfMINsfER THEOLOGICAL CENTRE TRUSTEES. REPORT YEAR ENDED 31 JULY 2025 Small cornpany 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. Slgn•d on b•half of the Trustees Chair J DUDGEON Date 12
WESTMINSTER THEOLOGICAL CENfAE TRUSTEES, REPORT YEAR ENDED 31 JULY 202S OpSnlon We have audited the financial statements of Westminsler Theological Centre for the year ended 31 July 2025, which comprise the Consolidated Statement of Financial Activities, the Con501idated and Parent Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows and tho Notes to the Financial Statements, including a Summary of significant accounting policies. The financial reporting fr8mework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial rèeporting Standard 102'The Financial fieporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom General 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 Companys affairs as at 31 July 2025. and of the Group's incoming resources and application of resources, including its income and expenditure, for theyear then ended., have been properw prepared in accordance wlth 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 requirement5 th3t 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 8 basis for our opinion. conclus14$ r•latlng to 90ing concern In auditing the ffnancial statements, we have Concluded that the trustees. use of the going concern basi5 of accounting in the preparatiori 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 companys ability to continue a5 3 going concern for a period of at least twelve months from when the original financial Statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern arè described in the relevant sections of this report. Oth•r Information The other information comprises the information included in the Trustees, annual report, other than the financial statement5 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 repor( we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statement& our responsibility is to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial staternents 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 misaternent in the financial statements or a material missiètement of the other information. If, based on the work we have performed, we conclude that there is a rnaterial misstatement of this other information, we are required to report that fact. 13
WESTMINSTER THEOLOGICAL CENTRE TRUSTEES, REPORT YEAR ENDED 31 JULY 2025 We have nothing to report in this regard. 14
WESTMINSTER THEOLOGICAL CElRE INDEPENDENT AUDITORS. REPORT YEAR ENDED 31 JULY 202S Oplnlon on other matter pres¢rlbed by th• Compan1•5 Act 2006 In our opinion the information given in the Trustees, Annual Report for the financlal year for which the financial statements are prepared is consistent with the financial staternent5. the information given in the Trustees, Report for the financial year for which the financial statements are prepèred is consistent with the financial statements., and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which 4re requlr¢d to r•port by •xeeption In the light of the knowledge arnd understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion.. the Charitable Company ha5 not kept adequate 8nd sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the Charitable Company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remurieration 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 3nd the Truste6s' Annu31 Report in accordance with the small companies regime and take advantage of the Small companies exemption from the requirement to prepare a Strategic Report. R•sponsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities set out in the Trustees, annu81 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 misstatemenL whether due to fraud or error. In preparlng the financial statements, the Trustees are responsible fr>r assessing the CoMpanS ability to continue as a goin9 concern, disclosirig, 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. Auditorfs responslblliti•s for the audit of the flnanclal stat•m•nts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of 85surance, but is not a guaraniee that an audit conducted in accordance with ISAS IUKI will always detect 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 statement& The extent to which our procedures are capablè of detecting irregularities. including fraud is detailed below.. We assessed the susceptibility of the charivs financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the irTrternal controls in place to mitigate risks of fraud and non-compliance with laws and regulation 15
WESTMINSTER THEOLOGICAL CENTRE INDEPENDENT AUDITOAS. REPORT YEAR ENDED 313ULY 2025 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at WWN.frc.or 3uditors¥es nsibilitie& This description forms pan of our auditor's report. Use of our report This report is made solely to thé charitable companVs members, as a body. in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matter5 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 cornpany's members as 8 body and the charitable companys trustees as a body, ft>r our audit worK for this report. or for the opinions we have formed. 0510212026 Date Scott Lawrence FCA (Senlor Statutory Auditorl For and on behalf of Hazlewoods LLP Statutory Auditor Cheltenham GL5l OUX 16
WESTMINsfER THEOLOGICAL CENTRE CONSOLIDATED STATEMENT OF GASH FLOW YEAR ENDED 31 JULY 202$ St4tsment of Flnanclal A¢tSvftl•s Ilneludlng Ineome and Expendltur• aeeount) Notes Unr•strlrted Funds Resirlcted Funds T*)tal 2025 Total 2024 Income from: Donations Investments Charitable activities Trading income Other income 158,076 4,299 892303 104.408 262,484 4,299 892303 350,050 8,266 135,100 36,361 135,100 36561 46.200 65,898 Total Income 1226,139 I04hO8 IJUI24 Expènditure on: Dirert costs Administration costs Fundraising costs 1801.3821 1473,9951 006,9181 18,5731 1908,3001 1482.5681 1835,6111 1389,6271 P,0551 P,1861 113,8281 Total expenditure 0377h32) DI22) OJ93.054} 0339,066} Transfers Net movement tsn funds 151393) 01,2141 IW07) 85058 Total funds bfvd at l August 172,049 %358 228.407 145349 Total funds clhvd at 31 July 14 120,756 144 165,900 The statement of financial activities include5 all gains and losses in the year. All the above amounts derive frorn continuing activities, 17
WESTMINsfER THEOLOGICAL CENTRE CONSOLIDATED STATEMENT OF CASH FLOW YEAR ENDED 31 JULY 2025 Company R•glstratlon Number. 06506007 Balan¢• Shmt Group 2024 CharSty 2024 2025 2025 Notes FIXED ASSErs Tangible Assets Investment 2.023 2,023 100 ioo CURRENT ASSETS Debtor5 Cash at bank and in hand io 150,915 217.777 85,674 316,732 259,989 172,699 16S,SOI 288,985 368,692 402.406 432,688 454.486 NEf UABILITIES: Creditor5 and accruals 1204,8151 D73,9991 U83,0941 IIT2,5991 CURRENT ASSETS 163.877 228,407 249,594 281.887 NEf ASSETS {LIABILITIES} 164900 251.717 281W7 FUNDS OFThE GROUP Unr•strirt•d Funds General Re5trlcted funds 120.756 45,144 172,049 56,358 206,573 45.144 225,629 S6J58 14 165900 228h07 251.717 2617 The Trustees have prepared group accounts in accordance wth section 398 ofthe Companies Act 2006 and sertion 138 of the Charities Act 2011. These financial statemerit5 have been prepared in accordance with the provisions applicable to companies Subject to the small companies regime and In accordance with Frès102 SORP. As permitted by section 408 Companies Act 2006, the parent charitable CoMpanS statèment of financial activities has not been included in these financial statements. its, result for the financial year was a deficit of UO,27012024- surplus of all,5511. The financial statements ware approved by the Trustees on . 1111212025 and signed on its behalf ty. J DUDGEON The notes on pages 17 to 23 form part of these financial siatements. 18
WESTMINSTER THEOLOGICAL CENTRE CONSOLIDATED STATEMENT OF G4SH FLOW YEAR ENDED 31 JULY 202S 2025 2024 Cash used In operatlng activltles (from b•14)wl 195,9201 ,669 Cash flows from Investlng actlvltles: Purchase of tangible fixed assets 13,0351 Increase/ldecreasel in cash and cash equivalents in the year 198,9S51 ,669 Cash and cash equivalents at the beginning of the year 6,732 245.063 ash and eash •qulval•nts at the end of the year 217,TT7 316,732 RECONCIUATION OF NEf MoVEmETr IN FUNDS TO NET CASH INFLOW FROM OPERATING AcfiviTIES Net movement In funds b•for• galns I Ilossesl Ilncreasel in debtors Increase/ldecreasel in creditors Depreciation of tarngible fixed assets 1625071 165,2411 30,816 1.012 83,059 (16,6451 5,255 Net eash Fromllused in) operatlng actlvlt1•5 195.9201 71,669 19
WESTMINSTER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 51 JULY 2025 NOTES I. ACCOUNTING POLICIES
) Basis of prgp•ratlon
The financial statements have been prepared in accordance wlth Accounting and rieporting by Charitle5'. Statement of fiecommended 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- ICh8rities SORP IFRS 70211, thè Financial Reporting Standard applicable in the UK and Republic of Irèland 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 tranctIon value unless otherwise stated in the relevant accounting policy notelsl. b) Basis of consolidation The consolidated financial statements con501idate the financial statements of the Charity and its subsidiary undertaking drawn up to 31 July 2025. A subsidiary is an entity controlled by the Charity. Control is achieved where the Charity has the power to govern the financial and operating policie5 of an entity so as to obiain benefits from its activities. Where necessary. adjustments are made to the financial statements of subsidiaries to bring their accountirig policies into line with those used by the Group. Inter-cornpany transaction5 and balances, between the Charity and It5 subsidiaries, are eliminated in full. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ) Golng ¢onc•rn As mentioned in the Trustees, Report, in common with other theological colleges, the charitable Company is reliant on gifts and donation5 to supplement siudent fee income. As at the time of approving these financial statements, donations sufficient to cover a full twelve months of net expenditure have not yet been fully raised. Th 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. dl Donatlons Donations received for the general purposes of the charitable company are included as unrestricted funds. Donations for activities frIcted by the wishes of the donor are included as restricted funds. DonatlOn5 are accounted for when received unless a donation is receivable to which the charitable company has an absolute leg31 entitlement, in which case it is accounted for at the earlier of the date received or the date the absolute entitlement crystallised. el Student f••s Student fees are accounted for on an accruals basis. Any student fee5 received in advance are reflected as deferied income until the term to whlch they relate commence& Rewure•s •xpended and allocatlon of costs lil Expenditure is included on an a¢crua15 ba51 lill Cost of student fees is directly attributable to the delivery of course 20
WESTMINSTER THEOLOGICAL CENTRE NOTES TO TrIE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 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 th& charity for its core activity. I. ACCOUNTING POLICIES Icontlnu•dl g) Flxed assets Depreciation is provided on all tangible fixed assets at ratés calculated to write off each asset over its expected useful life, as follows.. Leasehold improvements Computers & other equipment straight line over 3years straight line over 3 years h) Forelgn curr•nel•s Transactions in foreign currencies are translated irito sterling at a stand8rdised 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 actimties each year. 11 Leases Rentals under operating lease5 are charged to the statement of financial activities on a straight-line ba515 over the lease term. I FINANCIAL PERFOFIMAMCE OF THE CHARITY The consolidated statement of financlal actwities includes the results of the Chariws wholly owned subsidiary, wrc Consulting Limited, which operates as a consultancy undertaking including the promsion and development of a College Data Management System. As permitted by section 408 Companies Act 2006, the parent charitable companys statement of financ*al actwities has not beern included in these financial statements. Its deficit for the financial year was a deficit of £30,270 12024 - surplus of 11,5511. 3. INCOME Income from Donations was £262.48412024.. 50,050) of which a04.408 was restricted 12024.. 46,8891. Income from charitable activities was £892.30312024.. £851.TOI, £nil of which was restricted 12024.. £nill. Income from WTC Consulting was £35,100 12024.. £46,200>. £nil of which was restricted 12024.. £nill. Other income was £36,361 12024.. £6S,8981. Donations from Trustees totalled 02.164 12024.. 9,655) including the associated gift aid. EXPENDITURE ON CHARITA8LE AcfiviTIES 2025 2024 Provlslon of COU?9 Staff and contractors Residentials Books and bought Iri Services 8ad debt write off Validation and accreditation fres Hub fees and costs 328293 205,875 6302 340.573 194.399 1,207 ioi 80,205 94,574 82,616 83,618 21
WESTMINsfER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 51 JULY 2025 8ursaries awarded Prison project Interpreter costs T2,215 17,753 11,095 807.767 63.012 774,0 wrc Consulting Dirert Costs Staff and contractors iOO.S33 ,540 100533 ,540 Admlnlstratlv• Costs Bank charges Staff Staff training Office and travel Legal and professional Depreciation Prison project (excl stam 1.684 2T7,584 9,78S 141.461 51.042 1,012 I,oJ 240,301 9,302 116.201 21,997 805 482568 389,627 Fundralslng Costs Asso¢iated fundraising 2,186 73,828 1186 13.828 TOTAL IJ93.OS4 1239,066 £4459,63312024'. £376.4751 of the administration costs are attributed to the provision of further education, and £22.935 12024.. a3,1521 to WTC Consulting Ltd. Any surplus income over expenditure through consulting activities vwll all be gifted to to reduce the deficit between cost of providing courses and income from student fees. Expenditure from charitable activities in 2025 was £1225,Tr7 of which alS,622 (2024.. ,164,374 of which E79.4791 wa5 from restricted fund& STAFF COSTS AND NUMBERS 2024 15 Number of Employees (Average) 15 Gross Salariè5 National Insurance Contributions Pension Contributions 491,462 34.393 20,953 442,083 34,233 19334 546,808 495,650 22
WEsfMINsfER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEME15 YEAR ENDED JF JULY 2025 Subcontract 75,699 146,764 641414 The key management personnel of the Charity comprise the Principal. President (newly created during 2024, replacing the Vice-principall, the Chief Operating Officer and the Finance Director theri Controller. Their total remuneration in the year was a66,946 12024., E208.0721. No employees were paid a salary of more than £60,000 during theye3r12024.. One employee). & NET INCOMING RESOURCES FOR THE PERIOD 2025 2024 Net incoming re50urce5 IS stated after charging.. Auditors, remuneration 6.$00 11,300 7. TAXATION All income of the charitable company falls within the exemptions afforded to corporate charities and charit3ble 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. TANGIBLE FIXED ASSETS Croup and Charity L#asehold Improvements C¢mputerl Elec Eqmt Total COST OR VALVATION At l August 2024 Addition5 Disposals At 31 July 2025 7,868 17.787 3,035 17,787 3,035 25,655 3,035 25,655 3,035 DEPRECIATION At l August 2024 Charge for year Eliminated on dlsp05al At 31 July 2025 7,868 17,787 1,012 7,787 1,012 25,65S 1,012 S,655 1,012 NET BOOKVALUE At l August 2024 At 31 July 2025 1023 2,023 23
WESTMINSTER THEOLOCICAL CEKfRE NOTES TO THE FINANCIAL STATEMEp¥rs YEAR ENDED 31 JULY 2025 9. INVEsfMENTS 2025 2024 Invèstment in subsidiary ioo ioo The wholly owned subsidiary, wrc 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 0 in issue, which is held by Westminster Theological Centre. The results for the period to 31 July 2025 wa5 a 105s of £32,23712024'. loss of £28.4921. The losse5 incurred relate to investment in the development of the CDMS 50ftware which the Board fully expect to recover from future licence fee income. 10. DEBTORS Croup 2025 2024 Ch•rlty 2025 2024 Account5 receivable Prepayments and accrued income Amounts owed by subsidiary Other debtors 9.826 23,977 132,589 S3.197 9,826 130,595 111.068 8500 23.977 51,410 81.614 8,500 8500 8,500 150,915 85.674 2S9,989 76507 11. NET UABILITIES: creditors and aecruals Group 2025 2024 Charlty 2025 2024 Trade creditors Accruals & deferred ir)come Other creditors 18,539 160,760 25,516 447 162.242 5,310 6,447 160.842 5310 159,258 19,582 204815 175999 183,094 171599 11 FINANCIAL COMMITMENTS Group and Charity At 31 luly 2025 wrc was committed to making the following payments under non- cancellable operating leases in the year 2025 2024 Arnount due within one year Amount due within one to two years 20.000 20.000 20,1)00 24
WESTMINsfER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMETr¥rs YEAR ENDED 31 JULY 2025 iJ. COMPANY UMITED BY GUARAKfEE The company is limited by guarantee of members and does not have a share capital. The liability of members is limited to U. 14 RESTRicfED FUNDS The restricted funds held during the year are., al The Principal'5 Bursary Fund for funding studies by ex-offenders andlor ex-addicts. bl The Bursaries Fund for subsidising fees of students with lower incomes. cl The Interpreters fund for provision of sign language interpreters dl The Prison Project fund is for income and expenditure related to wrc's pllot pr150n projecL el The WTC Media fund is for the development of a platform to support the Foundations Course (Level 3 te3chingl and for future opportunitie5 The translation funding was to translate discipleship course material into Farsi from English language. gl The Office for Students IOfSI fund is for costs related to registratiori with the Ofs. The transfer in the prior year was due to several donors confirming that the money could be designated rather than Te5tricted for that purpose. 8rou9ht forward Incoming resources Outgolng rex¥urces Carried forward Transfers Fund Principal s Bursary 23,025 25,245 132,4851 15.785 Bursaries Fund 27,055 15,668 139,7301 1993 Interpreter Support 1,750 4250 16,0001 Prisons Project 4528 53,745 134,1221 24.1 wrc Media 5,1100 12,7851 2.215 Translation of eour5e 500 15001 Totsls 56J58 104408 OiS622) 45.144 I restricted fund as*ts are held as current assets. 2S
WESTMINsfER THEOLOGICAL CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 51 JULY 2025 Prioryear comparatives.. Brought forward Ineomln9 Outgoin9 Carried forward Transfer$ Fund Principal's Bursary 25,735 19,070 121.7801 23,025 Bursaries Fund 26.404 23,855 123,2041 27,055 Interpreter Support 1,250 1.750 Office for Students 86.250 120.6611 165,5891 study Skills io.000 00,0001 Prisons Project 6,464 V,9361 4.528 Other income 1,898 ,8981 Totals I& TRUSTEES REMUNEIIATION AND RELATED PARTIES £nil rernuneration was paid or waived by any truee during the year in respect of their duties as Trustees12024- £nill. Total donations made by Trusteès in the year were all64 12024.. £1,400) including the associated Gift Aid. 26