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-Tn￿tee}
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 eX￿l¢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 t￿￿tee8 ¢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 tn￿tees. approval, a list of
scholats with the appropriate expertise to provide lectures at the TernL
The chairn￿l, 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 tTh￿teeS note that the cost of accotnmodation is Cu￿entlY exempt from VAT because it is
part of an educational package. and the continuatioll of this eXell￿tiOn 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 Tn￿l is:
Theft4rtherance ofeducation aml reltgious understémding by offering to
sludenls ofthe Bible an opporlunity to become acquainted wilh the
results ofmodern Biblical and The010￿Cal 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 reCo￿ls¢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 di￿1¢￿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 ts￿lees. 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 memb￿3 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 en￿aged 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 Trt￿tees 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
fi￿ds. 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 pur￿SeS 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]n￿er 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 Si￿1 it on their behalf.
Timothy Winder
15 May9023.
Dr. Timothy Wmder ChaiTEDan alld Tn￿tee

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.cSt￿ellt fund5
Cash Funds Brought Forward
(30,000)
92.896
Cash Funds Carried Forward

VAt*tion Term for Witxl St￿Y
St#tefftnt of Axset$ #nd knbllilies
as at 31 August
21120-21
2021-2022
Cash Fumts
92.896
Ca5b p¢r bauk
u#preSe￿tta 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 re￿￿￿1￿1 coyers theit ar￿￿￿0d￿ti0ll. SO￿60ff￿E1
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 Participa￿t4 theu residence fees are met
with the approval of the tru5ttts ￿ that their 3tt¢nd*uce 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 S￿l3ry otte week's ¢xp¢ns¢s were
meL
Residence fees are ¢ollected from participanL& appear ￿ an ttern of income b￿lse they w￿¢ collected through the
bank account and, altho￿gh they are not fullds av3ilabl¢ to furthu the charity's objecL% the cbarity is contracbjally cornmitt
to pay th¢ Y¢uue a￿d 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 inV￿ents 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 dO￿a￿onsI£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 b￿Sary 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 y￿r5￿y 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] pay￿ent of bequest tts Pat M￿[1￿4￿ 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 me￿1￿)￿ll L¢ga¢y Fwid
Cash fvnds carried foTward
Jnve#ed funds at C05t
Investtnents gainsl (lo&se$l
Balance on fund
(30.000)
390
(30.390)
1,779
1.779
The Pat Mertiman FuTLd TS a re5trictcd fund. It isto be inve*d a￿d tbe iocome u*4 foT th¢ ￿pPleMentary seri¢$ 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 t￿￿teeS 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]r￿tiOnS 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
tn￿te¢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 r￿OrdS in ac￿rdance 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