Vacation Term for Biblical Study Trustees Report for the year ended 31 August 2020 Clwity Number: 1125494 Charity's Address: Highfield. 151 Prestbury Road CheltrnhanL Glos. GL5? ?DU Trustees: Prof Keith Elliott. {Depury Chairman) Ms Janet CoThen Dr Jane McLartf (Tttasurer) Prof Morna Hooker. (President) Prof Judith Lieu Prof. Edmrard Adams 15 Nicola P&rtan]- ReTrd Richard W"yber- Rei"d Canon John Westwood {Butsary Secretary) Dr Timothy wde (Chaim]an) [* Trustees a19J membets of tbe Lecturers AdN"isory Comtnittee] Charity Secretary: Mts Anna Fleisch (Non-Trustee) Pub]icity" oificer: Rei'd Frances Jeffties- (Non-Trustee) .¥oll-Trustee Members of the Lectures Advisorv Committee: Dr. Natban Ma¢Donald BaDkers: HSBC PIC Structure, Governance & Management Governing Document The GoTrerning Docutnent of the Vacation Tetm for Biblical Studv. which is also knowl as VTBS and promotes a summer school under the title Su[[ Biblical Study in Cambridge, is a Trust Deed dated ?9 July 21N)7: rtLe ftarnvvo ivithin which the Charity operntes is fither defmed by its Re8ulauons as rnrysed in July 2012. and amended in January ?016. Recruitment and ApItnTht of Trustees Nev¢ trustees a appointed by a resolution of the trusteeg passed ai a special rneetÈTh8. They are selected on the basis tbat they h3i"e the skills. knowled and experience needed for the effecule administration of the CR)arity. Organisation The tnJstees nOMllY meet tsvo {or three) times each year the Annual General Meeting in Jatwary and a meeting in JuR)'.IAugust at tbe Terni Th"ith a fiwther meetiELg if required. The trusiees elect. nonallY fronl their nuD]ber, a ChairDw Deputy Chairn]ao Treasurer. Secretary, Bursary Secretary. Lectures Secretarv and such other officets as are deemed necessary. The trustees also appoint a presidenL usually a theologiao or clergy with a
prnious close com]ection to the Tern] {Th.ho may b serKed as a trustee in the past or hai'e been a regular contributor io the Terni's aDoual prograrnmes). They also appoini a Lectures Adiisory Comrnittee, Chaired by the Deputy Cbainnati. This Committe'5 tnembership indudes the Chairnw l£cture5 Secretary and up to three non. trustees Thith releNant experience. The tssk of the Lecwres Athisory Coullnittee is to draw up. for the trustees. approi'al. a lÈst of s¢holars with the apprOpriC expertise to proiTrde lecue$ at the TernL The Chairma4 Deputy Chainw and Treasuter empow'ered under the ternis of paragraph 7 of the Tntst Deed to forni a stsndiDg committee io l)aDdle urgent matters. The standing conunAttee tnust report its decisions and actiTrities llY and promptly to the trustees, and must not incur expenditure except in accordance '1th a budget awd by the trustees. Risk Management The trustees haN'e a duty to identify and reNiew the risks to ,Tch the Charity is exFK)sed and to ensure appropriate controls are in place to proi.ide rvasonable assurance against fraud and General Reserves stand at {-£?2(Kl) against an optinLUm lffi.el set bvthe trustees of £10,000, The rwo Legcy Funds (de5igllated funds) llo testtRCtiOnS 1rnFd on their use total £96.771.' and the Pat MeiDn Fund (restricted fid$) stands at £30,(M)O. The trUe¢S Dote that the cost of a¢¢ommodatiOD is CVTTently exempt from VAT because it is part of an ethicational package. and tbe continuation of this exemption is critical fot keeping the ei.eni affordable. Policies, Activities and the Public Benefit The Charity's objecl as set out in paragraph 3 of the Trusi Deed. is: Thefiirtherance of&*icafton ond reli¢ry011s ifflder51anding bi. offerintr to snidenis of ihe Bible an opi70fftinin' to become ocqiiainiedm'lth the resi1115 of mollern Biblical and Thenlogieal SchOlak1P This wording is traditional to the Vacation Tern] for Biblicat Studv althougb it probably does not date back to Èts foundation An 1903. The fitIance of ethicaiion is ulldeL5tood by the trusiees 10 mean the adeement of educatiory which is a recognised charÈtable object. The furtherdnce of religious undetsranding defines the scope of the education thai is adNanced. The programme deliN"ers direct public benefii by educaiing the pafticipants and equipping them to Irarn more. li delii'ers indirect public benefii through the Thork of panicipants in their local ehurches. or in education. The o¥gatU&lEion had Attglican Origi%. but operates ecumenicaIl%. The Charity's pro offers all academiL7lly criiical approach TO biblical and theological issues. No regard is tsken of anv lecturer'5 indiN"idual religious stance. The inth"N'iduaEs wkLO participate are from a wide I"ariery of ChristiL and occasionally non- Cllli8tiWL traditions. The p)lle 15 open To an)'one who i14shes to deepen their knowledge and undersLinding of the Bible and allied subjeets through acadernic stydy
The Charity fijlfils its charitable objecz and deliiers public benefiz by rUTlOg a N'o week residential SUlllln¢T school in Cambridge Thith a prosramme of lectures at a high educational level 8iN'en by scholars ii'ho are in biblical study. theolo.ry and related subjects. InstntiOn is also pioi'ided in biblical Greek and Hebrew at beginner, intrrniediate and ath"arEced leNrls. The Charity prides itself on proTridiDg a high quality Progrdmme at a price whicb compares Tr'ery fai"ourably ivith other residential sumtner schools. From its foundatioffj the Vacaiion Term for Biblical Swdy uadiiionally attracted participants 'orkttkg as Teachers. The programtne is particularE}' beneficiJl for people in training to become minislets of religion and undergrJth]ates SM(hg d010,. lthy of the participants 'ork in churches in an unpaxd capacity and any petsoDal benefLT gained from attendance is urdikely to be financial. The trustees are conscious that the aeeomtnodation fees, though competitii'e. still represent a barrier TO paTticipation. Bursar), aii'ards are made io par(icipants ii,ho il'ould otheThi'ise find the cost of residenrial participation dIffiCt to afford. There is also the option io attend the Tenn a non-residenL pill the Lecture Fee5 and an additional Conference Fe¢. The Trusiees also offer a mimber of smalIer non-residential AM".ards toNNards non-resideni costs that Thould be made to students and indii"iththls on limited incoffjes {eSl3Y (IK>se in training for ministy). Grant )faki4g Policy The aTriilabiEity of Bursaries to eoi.er a Substantial part of a studeDt's residence fees, aDd A"ardS tthiwds llotrresident attendaLe As ath"ertised An publieitv matuiai. AppI[catio for Bursaries and Awards are admiwsiered by the Bursar)" Secretary, Tr."ho Rs appoinied from among the trustees. Recipients are indiTriduats ii'ouEd otheTh¥ise hai"e diJTiculty affording the cost of accommodation at the summer school. There iT¥ere no Bursary or AsTr7rds {toM."ards non resident attendance) in ?O?O due To the cancellaiioo of the Terni. In accordance the Charity's regulations nornully no indiN"idual is granied more dwi one bursary. and this Jrar there were no excepU05. The realon5 also sraie that as far as EKYS5ible, ai"ailable fi]nds Trll be fiY utilised in each )ear, but in ?O?O this ii."a5 noi achiei"ed. Actisities In ?O?O the prograrnn Tr7S to haTrT been located ar Westminsrer College Cambridge. but was cancelled due 10 Coiid 19 pandemic and the Nauonat Lockdoiim. The trustees had accepted bookings for ?O?O ai the 2019 eonfetence, h}Ch led to 15 bookings for the 20?0 belng made by the end ?019. some for both Trecks: furttker booking ,here r¢¢¢iTred at the 5rart of the vear. Most of the deposits for the ?O?O Term ii".ere transfeed to the 20?1 llth the agreemenl of poieniial members. Also the deposit paid to Wesm]inster College in Jamkirv_?O?O was also transferred to the ?021 Telln. The planned progrdEDDf of lectures was &Celled. yet manv of tbe speakers agreed to undenake lectures in 2022 (the ?021 programme being aLready agreed). Achievements and Performance
Financial RevieiF The Trustees a responsible for keeping proper accounting records that disclose with reasonable accuracy the fllwicial posiiion of the Chatiry. The accounts for the year ended 31 August 2020 £31.681 of expenditure and £46.457 of income. The bulk of the expellditu arises from th"0 major Ilen the deposit for ?O?O of £l1.154 (wkkich uaDsferred 10 ?0? l afier the cancellauon of the_ ?O?O Term due to coN-id), and the fce5 for the Nenue hire for the ?019 Tern] of £18.657 (Trhich were presented late after the end of our accounting year). Three other rnin iiems also 'ere late pavments from 2019. Lecturers fees £6(M). and al'e1 £113: plus car patkiD8 fees for ?019 of £611. Illcome reeeii-ed duEiDg ?019.I?0?O included idence fees of £7.?10, rq)resenting deposits paid bs, members for the ?O?O Terni (the b]dk of Th'hich ThTere transferred to the ?0? l Term}. The majoriry of the income recorded ill these accounTs CO81S of No legacies receii".ed during the vear. from the estates of D¥trs P8t Men and Mr Pat'.rick Windle. two fomier members of the Terni The Term Tras med by the Trustees of the Estate of Miss Pai Me¥riman (a long tenn member, forn]er T[ee and Treasurer) a one off a7rd in her memory of £30.1)00. These are restricted funds: Miss Merrittw s trustges aeed that this should be ini'ested to fid 3 lecrures (plus accommodatiorE and tiaTrel costs when required) in the firsi week of the Tenn in memory of Miss Merriman: and thai an), SULplus incoffje could be used to proi.ide bursaries iowards attendance at th¢ Temi. The VtBS also ELotified of a legacy from the Estate of Mr Patrick Windle (a regular fotD]er member of the tetm). of thhich an inierim payment of £8,51KI was receii'ed in October ?020. DTrestment Polio" The MteeS adopt a low-risk policy. All .trenetal fimds are CUTreDII} in a charity" account with HSBC PIC. The Trustees decidcd that the major proportÈon of Mi55 Stamper's legacy would be Anveste(I being split Ixtween a ChaTities Fun& and a Clwiries Property Fund The legacy from Miss Pat Meuiman be equally split and inNe5ted betsveen these sattle lTr'o fimds. Durints ?0?0 £40,0 ini'esied the Equity FuniL" and an atternpt Tr&5 made to iryNest in the Ptoperty Fulld bui delayed due to coiid siti]atioD (bui achieved in the next accowitino vear). Reseryes Policy At 31°, August ?O?O there il'as a deficii on Genernl Resents of (-£2 ?(K)) (?019. £6,981), the Eileen Stamper Le.oac} Fund (desigLlted) at £88 ?71 (?019 £¥8 ?71). ThthiK5t there 15 £30,0(K) in the Pat MeTTiman Legacy Fund I1ch 711 be iniested in the rwo charity fimds: and the year-end balance of the Bursary (restriaed). remained aL £1.885 {?019, £1.885). The Patrick Windle fiwd contaiLs £8.51XI. The deficit on General Reser4"es i4.ill be coi"ered. and additionat fidS added fo Gellerai Reserves from one of the legaey futtds held by vfBS. The precise amount to be taken from legacy fidS will be detennined th'hen the aeeounts for the ?O?O,?O? Laccounting year are finalised.
Future Plans For 2021. Summer Biblical Sruty ID Cambridge will be at Westininstrr College. Cambridge (the ministerial training college of the Uniied Reforn]ed Church) foi rwo 'ee from ?5 July to 6 August . The facitxtses and ethos of westinier College make ti all excellent Nenue for a biblical studies Surnnr schTrJl. I declare. in niy capacity as a clwitytru5tee. the trustee5 have approi'ed the report above atld haTre authorised to sisn it on their behalf. 22 September 2021. Dr. Timothy l¥'ind¢r Chairman and Trustee (Left Blankl
V¥ationTerni for Biblid Study ReCeiptsd PaymerrtsA£count forthe arended31 Auwst2020 2018-19 2019-20 Intome Lertijre Fees LanguagèCl3ss Fees Residence Fees Additional Mea15 Car Parking General Donations Bursary Donations Sleen Stamper Legacy Fund Pat Merriman Legacy Fund P*rick Windle Beqyest Bank Interest Gift ld 3,229 810 24,648 7.219 699 947 158 645 88,271 30.000 8.500 580 119,249 46.457 Expenditure Refunds Lecturers, Fees L&turergTravel Lecturers, Residence LanguageTeachers' Fees Tru5tee5'Travel Officers, Residence Vènue Hire Car Parkin# ministration Depositfor next y[ Bursaries Awarded Pat Mwriman Legacy Fund 30 2.430 26 944 1,210 521 2,277 7.934 600 113 314 18,657 611 232 11.154 404 740 16.516 31.681 102,735 rplusl {Defficit}forthe Year 14,776 Transferto inve5tmentfiJnds 40.000
VxltsrtTrthknaibfialWy aBat31Augttst 2018-19 2010 118,598 93.37S U•banked In¢oMe Cash Funds 118,598 93,375 Pi,461} Creditor51Noie41 ccrtFin¥E5tmentatC05t [6.9391 40.000 97.137 126.436 6.981 185 88271 Resu¥elNDte51 FuRdlNote61 IwstpuLFUnd lTrJte71 Pat Variman LrywFundlP&>te81 PatrirkWindleLewFund INDte91 P,01 1,885 88.271 30,DDO 8.500 126.436 97.137 TheaCCauntshwbee prtparedanaftteiptsand Rdtn(efeesare[o11eCtedfrorntiCIt& ThryWAras itemofinc0mebetSet1Vwere(Q11tdthr0uhthe bank¥couThtand.athou8hthtyaren0tfiJndsl3b1e1ofurtherlhech¥1so.tt1Ithe£harItyJS¢oTrtrXfVa1lY committdt0wthtut &xhyw4roe5amiftimum numbttofnmThtyi¢IUde£69390ldeptsfOrte2o2o terrn. &ncethiStermwastsncdledowSngtoCwd-19.theywll bec3rri•Sfor4¥xdtothe2021term. £18,657 padtothe ¥enuerdAte5tothelB-19Term. Theftdel of£580 relatt5tolnc0meitt•jlnthepUUSxcOun1IttgW0d. VeDuehireoutaa)di Carwkingleesoutstanding LeEturvsfee5andexp•ise50UtwOin8 5.939 16,939 Crrditors The¢reditor5ariseiD respxtofthegweralfvnd. CathfvndsbrDU8htfDtward RecdptstrAtltsdin¥bvr5arydonatiON &leen5Eanpu. patknffiS PatrickWilldleLe Paymetrt5VAcludingbUrryWard5&1nwts rplusllWatl0n8¢r rtteTh C4thfunds¢arriedfoarIY Cralitors Baanceonfund 28,443 7,957 [31,6811 123,7241 4.719 16,939 Thebur5arydonationsandaY¥&areincluJedsnthebuts¥yfund.
Cash fund5brou8httvrwan5 Bur5arydonatiDn5 Bursarie5awarded Surplus/lDdcitlpn burs4ryfiTrTrd Cathfvnds¢aMedforward & balabxeon 1,885 1.885 ThÈBur5KyFundcontainsre#rictedfundswhi¢h only bEuSedastst0Pt1CItsofllffliteA mtsnstOwaré5thÈ¢ost ofthrac(ommod4tioThdvrinEthe5UrnrnLT£chtsol. Thffewererx>donatiOn5tgtheSursJryfvnd Inthisyear. Cathfvndsbrought OoTratyonsto StampwLewFund lavestmtht incOmelCfAFI Inve5tmentiNcornelProputyFundl 88,271 Tran5ferrdtomF Tr3n5ferTg4tgPropwtyfvnd pntsrnfund prntS rplusllDecitlon EllestaMp¥ LwFund hfundscarried forward Inve5tEdfundS¢O5L Inve5fMlSEalns/l[O$SeSj 84anceoThfvnd 140,0001 140,OODI 48,271 40,000 88,271 Theseth 5tsmperFund isad>ied1Und)dthtelSDrt5tnCtIonmPD5edbythe1tEKYofItnst3MYYPQTrtheY of¢ncomeor(apitaland noyttfictru5twasd&laredbyffjleen Stsnper. Thetrustee5h4vedff>dg4tDrthetirnebwnzto inve5tthecapit& wdthEirt¢omeWtheffha¢eortbErhTtitsbje[ts& Howewer,the0OntQdOthiSiS extirdyarthediscrttiorJoIthet¥uee5whQ1fr¢tt0SPthdthet4)lIa. lestan¥sbe9tseathebhW)0kSt¢ thecharity. 14ote8 PatNknrnan LwFund fvndsbro forward Donation5to Pat Ih¥&rnentin¢ome IrNe5trnrJrtincome Re£ÉTptS aO&KJO ICThFI 30,000 TfanknfdtDCOF TMsfErredto PtyrneThtsfromfund ayments SurplusllDefi¢itlonPatkltrriman LegxyFuTrd Cath fvrtd5carrIedfDrWd IDVtstedfund5IDSt InV*metsga1nSjl1?$3wl BalanceDnfvnd 30.000 30.000 30,000
Note9 PatrickWindleLtFyFund Cahfund5brouBht Don3tionsto Pat In¥estmÈnt inrorne Investment incDrne Rffpts 8.500 ICIJFI 8,500 TM5frrredtoCQF Transferredto Pment$frOmJd P¥rfments SurplusllDeficitlon Pat LwFtsnd CthIndS¢3rrIedfDrWaTd InY&edfundsC05r Investtnents83ill5111rys%es1 Balanceon 8.500 8.SOD B.SOD TEttPrickWindleLe8xy FvndlsadeyatsYfrjndd1here1Stt0resTttloIMpts$edbYthele8I[vtsfPltrIC WSndlÈ ThetrvstewhJvtdxidedfDrthetimebesnEtoin4thecapit31 and sd theincomeonthetsrtherance ofthech¥ity'sobjtttiv& Ho¥xthV.thedeciyontodoÈhiSi5tnknTdyatthedi5c¥ebonDfthetru5tet5.whorernn freeto spendthecapital_
Independent EmIllerS report to the Trustees On the uDaudited accounts of The VacattoD Term for Biblical Strdy I report on the financial staten*nts of the clEarity or the year eThled 31 Aug1 2020. This lert is made solely to the TThtee, as a bcdy. in accordance with section 145 of ihe Cbaritie5 Act ?01 I and regulations mad¢ Ullder se¢uon 154 of that ACL My work I$ beell Ulldertoken so that l Inigbt state to the Trustees those matters I am required to state them in an tndependellt examinefs report and for no other purpose. To the fullest exteDt rennitted by law. I do not accepl (f &SUDK rwoTr%ibility to anyone other than the Trusiees as a W. for my wLKk or for thks Respective RwtrnMThi]ities of Trustee5 and EInir The chariws trustees are resp)sible forthe prep8rntion of the fijwwial sthtemeots. The clwity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act ?01 I lthe 2011 Act) and that an independent Lumition is lleeded. li is my resp)nsibility to: - Examine the finallcial statements (under sectton 145 of the ?01 l Act). - to follow the procedures laid dowi in the genernl Di[tiO given by the Clwity Commission {ullder section 145{5Xb) of ?01 l Act)" aad - state whether particular matters hav¢ ¢ome to my atteDtio Basis of Independent Exxminer'$ Rert My examination was carried out in accordance with the general Directions giken by the Ch&ity Commissio An examination includes a review of accouniing records kept by the charity and a comparison of the fancial statements presented with those records. It 8150 includes cousidetatioll5 of ally unusual items or disclosures ill the financial stalements, and the seeking of explanations fromyou as tDJslees concerning auy such matters. The pro¢¢dures undertaken do not provide all tbe evidence tbai would b¢ required in an audit an consequently no opinion is given as to whether the financial Statellllts present a.true alld fair view" and the report is lijnited to thc6e matters set out in the stalements below. Independent Examiner's Ststement In comiectton my examinatioty no matter Iw come to my attention l) which gives me rea)nable cause to belie¥'e thaL in any matakal the TeqUirelltS. - to keep accounting records in accordance with s130 of the 2011 Act; atkd - to prepare financial stalements whTrch agree with the accounting records alld to cozDply the accounting requireMtS of the 2011 ACL have not been met; or 2) to whicty in my opini(x4 3ttention should be drdwll in orthr to enable a PToper understanding of the fu]an¢ial statenThts to be reached. H Cheesman FCA Chartered Accountant 104 Stockbridge Road Chi¢hester West SusseI P019 8QP 23rd Augllst 2021 ioi