VACATION TERM FOR BIBLICAL STUDY REGISTERED CHARrrY NO. 1125494 FINANCIAL STATEMENTS FOR THE YEAR ENDED ST 31 AUGUST 2022
Vacation Term for Bibllcal Study Trnstees Report for the year ended 31 August 2022 ChaLIty Number: 1125494 Charity's Address: HighfAel¢ 151 Prestbury Roa( Cheltenhw Glos. GL52 2DU Trustees= Prof Keith Elliott" (Deputy Chairnwi) Ms Janet Cowen Prof Eryl W Davi - appointed July 2022 Dr Jane MctArtf (Treasurer) Prof Morna Hookert (President) Prof Judith Lieu. Prof. Edward Adan]s Ms Nicola Pittam Revd Richard Wyber Revd Canon John Westwood (Bursary Secretary} Dr Timotby Winder (ChairDTrn) [* Trustees also members of the Lectum Advisory Committee] Charity Secretary: Mrs Fleisch (N0D-Tntee} Publicity Officer: Revd Frances Jeffrxes- (Non-Tntstee) Noll-Trustee Members of the Lectures Advisory Committee: Dr. Paul Joyce Dr Nathan MacDonald B2nkers: HSBC PI¢ Structur4 Governance & Management Governing Document The GovernÈng Document of the Vacation Terni for Biblical Study. which is also known as VTBS and promotes a summer school uoder the title Summer Biblical SMdy in Cambridge, is a Trust Deed dated 29 July 2007. the framework within which the CFLarity operdtes is further defiDed by its Regulations &s revised in July 2012, and amended in January 2016. Recruilmellt and Appointment of Trustees New trustees are appointed by a resolution of the trustees passed at a special meeting. They are scl¢ct¢d on the basis that they have the skills, knowledge and eXl¢ll¢¢ needed for the effective adTninistration of the Charity. Organisation The trustees nornmlly meet at least twice each year with the Annual General Meeting in January and a meeting in JulylAugust at the Tern], with a further meeting if require& The ttee8 ¢l¢ct, normally from their number. a Chairnwi. Deputy ChaiTtnan. Tre&surer. Secretary. Bursary Secretary. Lectures Secretary and such other officers as are deemed necessary. The truste¢s also appoint a President, usually a theologian or a member of the clergy with a previous close connection to the Terni (who may have served as a tnlstee in the past or have been a regular contributor to the Terni's annual progranimes).
They also appoint a Lectures Advisory Conllnittee, cbaired by the Deputy chairma This Committee's membership includes the chairj. Lectures Secretary, with three other trnstees and up to three non-trustees with relevant experience. The task of the Lectures Advisory Committee is to draw up, for the tntees. approval, a list of scholats with the appropriate expertise to provide lectures at the TernL The chairnl, Deputy Chairn]an and Treasurer are empowered under the tern]s of paragraph 7 of the Trust Deed to forni a standing committee to handle urgent matters. Th¢ standing con]mittee must rqK>rt its decisions and activities fully and promptlii to the trustees. and must not incur expendittwe excq)t in accordance with a budget agreed by the trustees. Risk Management Thc ttustccs have a duty to identify and review the risks to which the Charity is exposed and to ensurc appropriat¢ controls arc in place to provide rcasonablc assurance agaiLst fraud and error. G¢nml Reserves stand at £18,176 against an optimum levcl set by tbc Irustees of £10,000. The two Legacy Funds (one a designated fund. which holds £120,159, the other available for general purpos¢s which has been transferred to general reserves) with no restriclions imposed on their use" and the Pat M¢rriman Fund and Bursary Fund (restricted funds) stand at £1,779 and £2,525 respectively. The tThteeS note that the cost of accotnmodation is CuentlY exempt from VAT because it is part of an educational package. and the continuatioll of this eXelltiOn is critical for keeping the ¢vcnt affordable. Policies, Activities and the Public Benefit The Charity's objecL &5 set out in paragraph 3 of the Tnl is: Theft4rtherance ofeducation aml reltgious understémding by offering to sludenls ofthe Bible an opporlunity to become acquainted wilh the results ofmodern Biblical and The010Cal Sckolarsknp This wordillg is traditional to the Vacation Terni for Biblical Study although it probably does not dat¢ back to its foundation in 1903. The furtherdnce of education is understood by the trustees to mean the advancement of educatio which is a reCols¢d charitable object. The furtherance of religious understanding defines the scope of the education that is advanced. The programme delivers direct public bwefit by cducating th¢ participants and equkpping th¢m to l¢am more. It delivers indirect public benefit through the work of participants in their local churches, or in education. Th¢ organisatioll had Angli origins. but op¢rat¢s ¢cunLcnically. The Charity's programme offers an academically criticat approach to biblical and theological issues. No regard is tsken of any lecturer's individual religious stance. The individuals who participate are from a wide variety of christia and occasionally non- Christian, traditions. The prograrnme is opeu to auyone who wishes to deepen their knowledge and undfflstauding of the Bible and allied subjects through acaden]ic study The Charity fulfils its charitable object and delivers public benefit by running a two-week residential summer school in Cambridge with a programme of lectures at a hREh educational level given by s¢hoRars who arc p¢rt in biblical study, theology and relatcd subjects. Instruction is also provided ill biblical Greek and Ilebrew at beginner, intemlediate and iidv2Thced levels. The Charity prides itself on providing a high quality programme at a price which compares very favourably with other residential sun]mer schools_
From its foundatio the Vacation Terni for Biblic Study dItionallY attracted participants working as teachers. The progrdmme is particularly beneficial for people in training to become ministers of religion and undergraduates studying theology. Many of the participants work in churches in an unpaid capacity and any personal benefit gained from attendance is unlikely to be fjnallcial. The trustees are conscious that the accommodation f, though competitive, still represent a barrier to participation. Bursary awards are mad¢ to participants who would otherwis¢ find th¢ cost of residential participation di1¢Il afford. There is also the option to attend the Terni as a non-r¢sidcnL paying the Lecture Fees and an additional Conference Fe¢. The Trnstees also offer a numbcr of smaller non-residential Awards towards non-resident costs that would be made to students and individuals on limited incomes (especially those in ttaining for ministy). Grant Making Policy The availability of Bursaries to cover a substantial part of a student's residence fees. and Awards towards non-resident attendance is advertised in publicity material. Applications for BuTsaTies and Awards are administcrcd by the Bursary Secretary. who is appointed from among the tslees. Recipients are inth'viduals who would otherwise have difficulty affording th¢ cost of accommodation at the summer school. There were no Bursaries or awards made in 2022, which may reflect problems with lating the vfBS website. In accordance with the Charity's regulations nornolly no individual is granted more than one bursary. and this year there were no ¢XC¢Ptions. The regulations also state that as far as possible, avadable fimds will be fully utilised in each year, but in 2020 this was not achieve Aetivities In 2022 the programme w&8 located at Westminster College Cambridge, y¢t the efftct of trdvel restrictions affected attendance by a number of regular memb3 from overse&s. Pmblen]s with updating of the old vfBS website also affecied our ability to advertise the 2022 TernL eftectively. and raised doubts about whether the Terni was going to run in 2022. The trustees took the decision to replace the website. with a new site, which was prothiced by Brightey¢s and active witbin 4 weeks of the decision being a There were a total of 34 participallts over the fortnigbt (36 in 2021. 58 in 2019), 22 residents and 3 non-residents in week one (18 residents in 2021. 32 residents and one non-resident in 2019). and 19 residents and I non-resident in week two of the Terni (17 rcsid¢nts and I non-rcsidcnt in 2021" 24 residents and I non-rcsidcnt in 2019). So numbers attending have still not recovered to pre-covid levels and the reduction in numbeT5 Si8nificantly redu¢¢d th¢ income received for the 2022 Terni. A programme of the usual high academic level was present¢d with an Inaugural Lecture delivered by Prof Judith Lieu, Sunday 24 July 2022 followed by a two-week programme consistin& each week, of19 one-hour sessions. The Eileen Stamper Memorial lecture at the beginning of wcck two W&8 given by Dr Andrew Macintosh. University of Cambridge. In addition, 16 (5 for IK)th weeks) took part in one-week language classes in biblical Greek or Hebrew at beginn¢r, internJcdiat¢ or advanced levcl (20 in 2021." 35 in 2019). Ianguag¢ class nutnbers had still not returned to pre-covid levels in 2022. Once again, we enaged significant outsidc help with the languagc tuitio and wc are grdteful to Andrew Macillt05h. Robert Walker, Judson Greene. Jesse Grenz and Travis Wright. foT their valuable contTibutions to our languag¢ teaching programme, and Jane McLarty for organising the language prograullne. Participants were also giv¢n ac¢¢ss to th¢ coll¢ge library during the Tcrni. Lecturers at the Terni in 2022 were:
Prof. Hugh Williams0 University of Oxford Prof. Andrew Linco University of Gloucestershire. Dr Markus PieDnisch, University of Stuttgart (Pat Merriman Memorial lectures). Dr Madhavi NevadeT, University of St Andrews Dr Domenika Kurek-Chomyc4 Liverp)ol Hope University Rupert Shortt, UnAversity of Cambridge Achievements and Performanee Financial Review The Trustees are responsible for keeping proper accounting records that disclose with reasollable accuracy the financial position of the Charity. The accounts for the year ended 31 August ?022 sbow £35,614 of expenditure and £32,007 of income, resulting in a deficit of (- £3,607). Partly this deficit reflects the decisions of the Trustees to spend £1,400 on establisbing a new website; and a further £657.80 on advertising" if these items are excluded this results a deficit on the actual Terni of (-£1,549). This disappoinling outcome reflects the continued low attendance in the 2022 Terni and the increased requirement for lecturers" accommi)dation. The Trustees will need to continue TO keep these Erends under review in ?023. Investment Policy The trustees adopt a low-risk w)licy. All general fimds are currently in a charity account with HSBC Plc. The Trttees decided that the major proFK)rtion of Miss Stamper's legacy would be invested, being split between a Charities Equity Fund and The Charities Property Fund. The legacy from Miss Pat Merriman will be equally split and invested between these same two fids. During 20?2 £30,000 was invested in the Property Fund from the Pat Merriman Legacy. Further investments will be made in 2023. Reserves Policy At 31 st August 2022 there was in General Reserves a sum of £18,176 (in 2021 £4,405). The Patrick Windle legacy of £?0,365, which is avaÉlable for the general purSeS of the Terni, w& after the 2022 Terni transferred into the General Reserve. In the Eileen Stsmper Legacy Fund (a designated fund) th¢re is £120,159 (?021 £88,587). The charity also has two restrict funds: £1,779 in the Pat Merrtman IEgacy Fund (which is invested in the two charity funds); and £2,525 (2020, £2,090) in the Bursary Fund.. Future Plans For ?023, Summer Biblical Study in Cambridge will k at Westininth College, Cambridge (the ministerial training college of the United Reforn]ed Church) for two weeks from 23 July to 4 August. The facilities and ethos of Westm]ner College make it an excellent venue for a biblical studies summer school. I declare, in my capacity as a charity trustee, that the tnstees have approved the report above and have authorised me to Si1 it on their behalf. Timothy Winder 15 May9023. Dr. Timothy Wmder ChaiTEDan alld Tntee
Vaeatioll Terni for Biblical Skndy Reeeipts and Payments Account for the year ended 31 August 2022 2020-21 2021-22 Income Lecture Fees Language Cla&s Fees Residence Fccs Additional Meals Car Parking General Donations Bursary Donations Eilccn Stamper Fund: CPF investment Eileell Stamper Fund.. COIF invesÉtllent Pat Mettiman Legacy Fund Patrick Windle Bequest Bank Interest Gift Aid 3,030 420 9,130 4,967 720 22.887 585 1,440 560 1,221 1,116 435 608 l.261 2,500 11,865 370 penditure RefiJnds Lecbjrerg Fces Lecturers, Travel Lecturers, Residence Language TeacheTS' Fees Trnstees Travel Officers, Residence Hospithlity Venue Hire Car Parking Administrdtion Deposit for next ycar Bursaries Awardcd Eileen Stamper Legacy Fund Pat Merrimon Legacy Fund Patrick Windle Bequest i.ioo 3.090 795 2,048 990 142 2.033 294 5.585 3.008 987 2.245 880 186 1,799 314 22,859 512 2.824 153 370 14,522 Surylus i (Deficit) for the Year (3,607) (15,000) 93.374 TraDsfer to illN.cStellt fund5 Cash Funds Brought Forward (30,000) 92.896 Cash Funds Carried Forward
VAttion Term for Witxl StY St#tefftnt of Axset$ #nd knbllilies as at 31 August 21120-21 2021-2022 Cash Fumts 92.896 Ca5b p¢r bauk u#preSetta Theques Unbanked Income C4sh Funds 59.290 92,896 59,290 11.569) 1288 15,000 40,000 Crediton (Not 4) Debtor5 Charities Property Fund Income Units co (1.6521 45,000 40,000 147 615 142638 Represented by: 4,405 2,090 88,587 32.169 General Res¢D'e (Note 5} BuNry Fund {No 6) Eileen Stamper Legacy FuThd INote 7) Pat Merrnllall Le¥aGy Fund (Not¢ 8) Patrick Windle Legacy Fund {thowt) as part of Eeoeral reserve for 2022) 18,176 2,525 I20.I59 1,779 147615 142 638 Notes to the A¢counts Note L - Ba5i5 ofpr aratio These accounts bave beety prepared on a r¢¢eipts atsd payments bas Notc 2 - Related OfficeTS who attend the T¢rm pay le¢ feth but not lh¢ rr&deDcc re11 coyers theit ar0dti0ll. SO60ffE1 iucludiT2g those who may be trnstee4 are expected to arteod the Mmer hool volulltrTity to ho& the eyeot pronjote the activities of the charity. VlbÈlst they pay the lecture fees on tht ternis as other Participat4 theu residence fees are met with the approval of the tru5ttts that their 3tt¢nduce does not kave thern oul-of-pockeL In 2022 the alair aDd Secretary atteTLded two weeks of the tenn. Th¢ (JaiV$ re•dence expenses wert fu]ty JJk¢L aud for thc Sl3ry otte week's ¢xp¢ns¢s were meL Residence fees are ¢ollected from participanL& appear an ttern of income blse they w¢ collected through the bank account and, althogh they are not fullds av3ilabl¢ to furthu the charity's objecL% the cbarity is contracbjally cornmitt to pay th¢ Y¢uue ad each year agrees a millimum Dumber of totsn Venue hire out&anding Car patkitig fees outstandin8 Lethrers fe¢5 and expens&8 OUL¢anding Deposit r¢¢eived in adv*n¢e Creditors The crtditors arise iji resDe¢t of the %¢neTrl fun
Note 5 - Rllve51mertts The inVents are i¢ded at C05t bui the vaknations at 31st 2022 were: Charitieg Property Investmettt Income COIF Charities Inycsknent Fllnd (t valuc COSÉ pricc 47,241 44.873 45,000 40.000 Not CAsb fvnds brought forward Patrick Witidle Leg Receipts excluding bursary dOaonsI£43sl 2nd legacy funds (£1,869) Payments excluding investments (£30,000) attd kgary fthids (£687) Surplus l (Deficit) on gen¢ra] reserve C•sb futtd$ tattled forward D¢btor5 (unpaid fe received after yr2r end) Creditors Balanc¢ on fimd 4,686 20,365 19.828 1,652 The bSary donations attd avtstds are illcknded iti the fun(L Note 6- Buz Fund Cash fllnds brollglxt fonward Bursary douations Gift Aid on Bursary dollatiotts 2,090 435 Surplus l {Defi¢it) QD fund CAsb fixnds [led forward & balance on fund 435 2.525 The yr5y Fund eontsins restri¢kd fimds wthich can ottty be used as grartts to participants of limikd mean$ towards th¢ cost of their attommodation dllTin8 the suoutter hOol Note 7 - Eileen Stam Cash funds carried forward 33.587 IMvesLment irscome {COTF) Investsnent in¢OTne (Property Fund) Receipts 1.261 608 1.869 Trnlsfetred to Property Fund Pt4ytn¢Tkts from fiJDd (227.00) (70.00) lan8ua8e thition shortfall 297 P4ytt)ents Surplus I ID¢ficit) on EtleeTh Sr2mper t¢gacy Fund Cash fuftds carrÉed foTward Invest fi2nds at ¢ost Invesrm¢nts gains I11055es) Bth¢e tsll fund {2971 35,159 85.000 120,159 The Eileen Stamper Fuud is a designakd fund and there is no restriction imposed by the legacy of Eile¢D Stamper upon the use of incomc or capiÈil attd tto spe¢ifi¢ tsust was deelareil by Eileen Srampet. The hav¢ de¢ided for the t5m¢ b¢ing to inve# th¢ c4Pital aDd spend the income the furtherance of the chariiits objectivtt Htswever, thc desision to do this is entiiely at the disttetioo ofthe trustees who remain free to 5yend the eapitai. Eileen st}per akn bequeathed her IM)oks to the clwity.
Note 8 - Pat Merrima Cath fvDdsbTought forward Filla] payent of bequest tts Pat M[14 Fund lllvesttuent incom¢ (COIF) Inve5tEDent income {Propetty Fundl Reecipts 32.169 Trdnsferred to COIF TrdDsferred to Property Fwid Payments from fund Pavments Svtplus / (Deficit) on Pat me1)ll L¢ga¢y Fwid Cash fvnds carried foTward Jnve#ed funds at C05t Investtnents gainsl (lo&se$l Balance on fund (30.000) 390 (30.390) 1,779 1.779 The Pat Mertiman FuTLd TS a re5trictcd fund. It isto be inved ad tbe iocome u4 foT th¢ pPleMentary seri¢$ of le¢tures in the fiT5t week of the Terni andlor for bur57ri¢&
ndepeudent Examiners report to the Trnste On the unaudited accounts of The Vacation Term for Biblical Study I report on the financial statements of the cbty for the year ended 31 AUg$t 2022. This report is made solely to the Tn]stee. as a b(Mty. in accordance with section 145 of the ChaTities Act 2011 and regulations made under section 154 of that Act. My work h&$ been undertaken so that I might state to the Tnjsttts those matters l am required to state to them ill an Independent examiner's report and for no other purpose. To the fvllest extent pernlitt by law, I do not accept or &ssurne reS)nsIbIlity to anyone other than the Trustees as & b(. for my WOTk or for this reporL Respective Responsibilities ol Trustees aDd Examiner The charitys tteeS are Tesponsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year UTKleT section 14412) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - Examine the financial ststements (under section 145 of the 2011 Act)" - to follow the procedures laid down in the general Dire¢tions given by the Charity Commission (under 5e¢tion 145(5)(b) of the 2011 Acl)- and - state whether particular matters have come to my attelltio. Basis of Independent Examiner's Report My examination was carried out in accordance with the general D]rtiOnS given by the Charity Commission. An cxamination includes a Teview of accounting records kept by the CTr[1ty and a comparison of the fmancial stat¢ments pres¢nt¢d witb those records. It also includcs considcrdtioDS of any unusual items or dis¢losures in thc fmancial statcments. and th¢ seeking ofexplanatios)s from you as tnte¢S concerning any such matt¢rs. Thc pro¢cdurc5 undertakeD do not provide all the evidence that would be required io an audit an(L consequently ao opinion is given as to whetber tbe financial statements present a'trne and fair view. and the report is limited to those matters set out in ttke statements below. Independent Examiller'5 St*temeryt In connection with my examinatio no matter has come to my attention l) which gives me reasonable cause to believe thaL in any terial respecL the requirements: - to keep accounting rOrdS in acrdance with s130 of the 2011 Actr. and - to prepare financial statements which agree with the accounting records and to comply with tbe accounting requirements of the 2011 Acl. have not been meL or 2) to whicty in my opiniorL attention should b¢ drawn in order to enable a proper understatthg of the fllwicial statements to be reache41 H Cheesman FCA Chartered Accountant 104 Stockbridge Road Chirbe$ter West Sussex P019 8QP 15th M#y 2023