VACATION TERM FOR BIBLICAL STUDY
REGISTERED CHARITY NO. 1125494
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31[ST] AUGUST 2024
Vacation Term for Biblical Study
Receipts and Payments Account for the year ended 31 August 2024
| 2022-2023 £ Income 4,768 Lecture Fees 660 Language Class Fees 19,837 Residence Fees - Additional Meals - Car Parking 632 General Donations - Bursary Donations 839 Eileen Stamper Fund: CPF investment 1,433 Eileen Stamper Fund: COIF investment 1,119 Pat Merriman Legacy Fund - Patrick Windle Bequest - Bank Interest - Gift Aid 29,288 Expenditure - Refunds 2,985 Lecturers' Fees 517 Lecturers' Travel 1,335 Lecturers' Residence 1,350 Language Teachers' Fees - Trustees' Travel 2,185 Officers' Residence 229 Hospitality 21,685 Venue Hire - Car Parking 288 Administration 1,463 Advertising - Deposit for next year 330 Bursaries Awarded 32,367 (3,079) Surplus / (Deficit) for the Year (15,000) Transfer to investment funds 59,289 Cash Funds Brought Forward 41,210 Cash Funds Carried Forward |
2023-2024 £ 6,389 1,155 27,902 - - - 2,374 1,200 1,499 1,591 - - 353 |
|---|---|
| 42,465 | |
| - 3,075 146 2,741 1,800 - 2,148 464 27,571 - 1,308 1,264 - 650 |
|
| 41,166 | |
| 1,298 - 41,210 |
|
| 42,508 |
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Vacation Term for Biblical Study
Statement of Assets and Liabilities as at 31 August
| 2022-2023 £ Cash Funds 41,210 Cash per bank - Unpresented Cheques - Unbanked Income 41,210 Cash Funds Other Assets & Liabilities (740) Creditors (Note 4) - Debtors 52,500 Charities Property Fund Income Units (Note 5) 47,500 COIF (Note 5) 140,470 Represented by: 13,952 General Reserve (Note 6) 2,195 Bursary Fund (Note 7) 91,650 Eileen Stamper Legacy Fund (Note 8) 32,673 Pat Merriman Legacy Fund (Note 9) - 140,470 |
2023-2024 £ 42,508 - - |
|---|---|
| 42,508 (540) - 52,500 47,500 |
|
| 141,968 | |
| 10,930 3,919 93,601 33,518 - |
|
| 141,968 |
Notes to the Accounts
Note 1 - Basis of Preparation
These accounts have been prepared on a receipts and payments basis.
Note 2 - Related Parties
Officers who attend the Term pay lecture fees but not the residence fees which covers their accommodation. Some officers, including those who may also be trustees, are expected to attend the summer school voluntarily to host the event and promote the activities of the charity. Whilst they pay the lecture fees on the same terms as other participants, their residence fees are met with the approval of the trustees so that their attendance does not leave them out-of-pocket. In 2024 the Chair and Secretary attended two weeks of the term.
Note 3 - Residence Fees
Residence fees are collected from participants. They appear as an item of income because they were collected through the bank account and, although they are not funds available to further the charity's objects, the charity is contractually committed to pay the venue and each year agrees a minimum number of rooms.
Note 4 - Creditors
| Note 4-Creditors | ||
|---|---|---|
| £ | ||
| Venue hire outstanding | - | |
| Car parking fees outstanding | - | |
| Lecturers fees and expenses outstanding | 90 | |
| Deposit received in advance | 450 | |
| Creditors | 540 | |
| The creditors arise in respect of the general fund. |
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Note 5 - Investments
| The investments are included at cost but the valuations at 31st August 2024 | Current value | Cost price | |
|---|---|---|---|
| were: | £ | £ | |
| Charities Property Investment Income | 43,294 | 52,500 | |
| COIF Charities Investment Fund | 55,759 | 47,500 | |
| Note 6-General Reserve | |||
| £ | £ | ||
| Cash funds brought forward | 14,693 | ||
| Receipts excluding legacy funds (£4,291) and donations to bursary (£2,374) | 35,799 | ||
| Payments excluding bursary awards (£650), and | (39,022) | ||
| payments from legacy funds (£850) | |||
| Surplus / (Deficit) on general reserve | (3,223) | ||
| Cash funds carried forward | 11,470 | ||
| Debtors (unpaid fees, received after year end) | - | ||
| Creditors | (540) | ||
| Balance on fund | 10,930 | ||
| The bursary donations and awards are included in the bursary fund. | |||
| Note 7-Bursary Fund | |||
| £ | £ | ||
| Cash funds brought forward | 2,195 | ||
| Bursary donations | 2,374 | ||
| Gift Aid on Bursary donations | - | ||
| Bursaries awarded | (650) | ||
| Surplus / (Deficit) on bursary fund | 1,724 | ||
| Cash funds carried forward & balance on fund | 3,919 | ||
| The Bursary Fund contains restricted funds which can only be used as grants to participants of limited means towards the cost | |||
| of their accommodation during the summer school. | |||
| Note 8-Eileen Stamper Legacy Fund | |||
| £ | £ | ||
| Cash funds carried forward | 21,650 | ||
| Investment income (COIF) | 1,499 | ||
| Investment income (Property Fund) | 1,200 | ||
| Receipts | 2,699 | ||
| Transferred to Property Fund | - | ||
| Payments from fund | - | ||
| Memorial Lecture | (90) | ||
| Dinner for lecturer | (13) | ||
| Language tuition shortfall | (645) | (748) | |
| Payments | (748) | ||
| Surplus / (Deficit) on Eileen Stamper Legacy Fund | 1,951 | ||
| Cash funds carried forward | 23,601 | ||
| Invested funds at cost | 70,000 | ||
| Investments gains / (losses) | |||
| Balance on fund | 93,601 |
The Eileen Stamper Fund is a designated fund and there is no restriction imposed by the legacy of Eileen Stamper upon the use of income or capital and no specific trust was declared by Eileen Stamper. The trustees have decided for the time being to invest the capital and spend the income on the furtherance of the charities objectives. However, the decision to do this is entirely at the discretion of the trustees who remain free to spend the capital. Eileen Stamper also bequeathed her books to the charity.
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Note 9 - Pat Merriman Legacy Fund
| Note 9-Pat Merriman Legacy Fund | ||
|---|---|---|
| Cash funds brought forward Investment income (COIF) Receipts Transferred to COIF Supplementary lectures George Brookes' acccomodation George Brookes' travel Total Payments Surplus / (Deficit) on Pat Merriman Legacy Fund Cash funds carried forward Invested funds at cost Investments gains / (losses) Balance on fund Final payment of bequest to Pat Merriman Legacy Fund Investment income (Property Fund) Transferred to Property Fund Payments from fund |
£ £ 2,673 - - 1,591 1,591 - - (225) (496) (26) (747) 845 3,518 30,000 - 33,518 |
|
| 3,518 30,000 - |
||
| 33,518 |
The Pat Merriman Fund is a restricted fund. It is to be invested and the income used for the supplementary series of lectures in the first week of the Term and/or for bursaries.
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Independent Examiner’s report to the Trustees
On the unaudited accounts of The Vacation Term for Biblical Study
I report on the financial statements of the charity for the year ended 31 August 2024.
This report is made solely to the Trustee, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trustees as a body, for my work or for this report.
Respective Responsibilities of Trustees and Examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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Examine the financial statements (under section 145 of the 2011 Act);
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to follow the procedures laid down in the general Directions given by the Charity
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Commission (under section 145(5)(b) of the 2011 Act); and
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state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes considerations of any unusual items or disclosures in the financial statements, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the financial statements present a “true and fair view” and the report is limited to those matters set out in the statements below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
1) which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with s. 130 of the 2011 Act; and
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to prepare financial statements which agree with the accounting records and to comply
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with the accounting requirements of the 2011 Act,
have not been met; or
2) to which, in my opinion attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
H Cheesman FCA Chartered Accountant 104 Stockbridge Road Chichester West Sussex P019 8QP
11[th] March 2025
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Vacation Term for Biblical Study Trustees Report for the year ended 31 August 2024
Charity Number : 1125494
Charity’s Address : Highfield, 151 Prestbury Road, Cheltenham, Glos. GL52 2DU
Trustees: Prof Keith Elliott* (Deputy Chairman) (Died 30[th] May )
Ms Janet Cowen Prof Eryl W Davies - Dr Jane McLarty (Treasurer) Prof Morna Hooker (President) Prof Judith Lieu Prof. Edward Adams Ms Nicola Pittam Revd Richard Wyber Revd Canon John Westwood (Bursary Secretary) Dr Timothy Winder (Chairman) [* Trustees also members of the Lecturers Advisory Committee]
Charity Secretary: Mrs Karen Winder (Non-Trustee) (appointed 5[th] August 2023)
Lectures Secretary: Vacant
Publicity Officer: Revd Frances Jeffries – (Non-Trustee)
Non-Trustee Members of the Lectures Advisory Committee:
Dr. Paul Joyce Dr Nathan MacDonald Bankers: HSBC Plc
Structure, Governance & Management
Governing Document
The Governing Document of the Vacation Term for Biblical Study, which is also known as VTBS and promotes a summer school under the title Summer Biblical Study in Cambridge, is a Trust Deed dated 29 July 2007; the framework within which the Charity operates is further defined by its Regulations as revised in July 2012, and amended in January 2016.
Recruitment and Appointment of Trustees
New trustees are appointed by a resolution of the trustees passed at a special meeting. They are selected on the basis that they have the skills, knowledge and experience needed for the effective administration of the Charity.
Organisation
The trustees normally meet at least twice each year with the Annual General Meeting in the New Year and a meeting in July/August at the Term, with a further meeting if required. The trustees elect, normally from their number, a Chairman, Deputy Chairman, Treasurer, Secretary, Bursary Secretary, Lectures Secretary and such other officers as are deemed necessary. The trustees also appoint a president, usually a theologian or a member of the clergy with a previous close connection to the Term (who may have served as a trustee in the past or have been a regular contributor to the Term’s annual programmes).
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They also appoint a Lectures Advisory Committee, chaired by the Deputy Chairman. This Committee's membership includes the Chairman, Lectures Secretary, with three other trustees and up to three non-trustees with relevant experience.
The task of the Lectures Advisory Committee is to draw up, for the trustees’ approval, a list of scholars with the appropriate expertise to provide lectures at the Term.
The Chairman, Deputy Chairman and Treasurer are empowered under the terms of paragraph 7 of the Trust Deed to form a standing committee to handle urgent matters.
The standing committee must report its decisions and activities fully and promptly to the trustees, and must not incur expenditure except in accordance with a budget agreed by the trustees.
Risk Management
The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
General Reserves stand at £10,930 against an optimum level set by the trustees of £10,000. The two Legacy Funds (one a designated fund, which holds £93,601, the other available for general purposes which has been transferred to general reserves) with no restrictions imposed on their use; and the Pat Merriman Fund and Bursary Fund (restricted funds) stand at £33,518 and £3,919 respectively.
The trustees note that the cost of accommodation is currently exempt from VAT because it is part of an educational package, and the continuation of this exemption is critical for keeping the event affordable.
Policies, Activities and the Public Benefit
The Charity’s object, as set out in paragraph 3 of the Trust Deed, is:
The furtherance of education and religious understanding by offering to students of the Bible an opportunity to become acquainted with the results of modern Biblical and Theological Scholarship
This wording is traditional to the Vacation Term for Biblical Study although it probably does not date back to its foundation in 1903. The furtherance of education is understood by the trustees to mean the advancement of education, which is a recognised charitable object. The furtherance of religious understanding defines the scope of the education that is advanced. The programme delivers direct public benefit by educating the participants and equipping them to learn more. It delivers indirect public benefit through the work of participants in their local churches, or in education. The organisation had Anglican origins, but operates ecumenically. The Charity’s programme offers an academically critical approach to biblical and theological issues. No regard is taken of any lecturer’s individual religious stance. The individuals who participate are from a wide variety of Christian, and occasionally non- Christian, traditions. The programme is open to anyone who wishes to deepen their knowledge and understanding of the Bible and allied subjects through academic 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 high educational level given by scholars who are expert in biblical study, theology and related subjects. Instruction is also provided in biblical Greek and Hebrew at beginner, intermediate and advanced levels. The Charity prides itself on providing a high quality programme at a price which compares very favourably with other residential summer schools.
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From its foundation, the Vacation Term for Biblical Study traditionally attracted participants working as teachers. The programme 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 financial.
The trustees are conscious that the accommodation fees, though competitive, still represent a barrier to participation. Bursary awards are made to participants who would otherwise find the cost of residential participation difficult to afford. There is also the option to attend the Term as a non-resident, paying the Lecture Fees and an additional Conference Fee. The Trustees also offered a number of smaller non-residential Awards towards non-resident costs that would be made to students and individuals on limited incomes (especially those in training for ministry); given a major reduction in the non-resident conference fee the trustees suspended these nonresident awards at their meeting in July 2024.
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 Bursaries and Awards are administered by the Bursary Secretary, who is appointed from among the trustees. Recipients are individuals who would otherwise have difficulty affording the cost of accommodation at the summer school. In 2024 there was one Bursary awarded (£550), and one non-resident award (£100). In accordance with the Charity’s regulations normally no individual is granted more than one bursary, and this year there were no exceptions. The regulations also state that as far as possible, available funds will be fully utilised in each year, but in 2024 this was not fully achieved.
Activities
In 2024 the programme was located at Westminster College Cambridge. There were a total of 40 participants over the fortnight (37 in 2023; 36 in 2021; 58 in 2019), 21 residents and 2 nonresidents in week one (19 Residents and 1 non residents in 2023;18 residents in 2021; 32 residents and one non-resident in 2019), and 24 residents and 6 non-resident in week two of the Term (18 residents and 1 non resident in 2023; 17 residents and 1 non-resident in 2021; 24 residents and 1 non-resident in 2019) So numbers attending whilst improving have still not recovered to pre-covid levels, yet the number of weeks booked has enable the 2024 Term to achieve a small surplus for the first time since covid.
A programme of the usual high academic level was presented with an Inaugural Lecture delivered by Rt Revd Dr Dagmar Winter, Bishop of Huntingdon on Sunday 21 July 2024 followed by a two-week programme consisting, each week, of 19 one-hour sessions. The Eileen Stamper Memorial lecture at the beginning of week two was given by Revd Dr Stephen Plant. In addition, 30 (16 for both weeks) took part in one-week language classes in biblical Greek or Hebrew at beginner, intermediate or advanced level (20 in 2023; 20 in 2021: 35 in 2019). Language class numbers though improved on 2023 have not quite reached their pre-covid level. Once again, we engaged significant outside help with the language tuition, and we are grateful to Joe Allen, Ryan Comins, Ben Gardner, Nick List, Alex MacDonald, Isaac Olivarez, Alberto Paredes, , and Joshua Parker, for their valuable contributions to our language teaching programme, and Jane McLarty for organising the language programme. Participants were also given access to the college library during the Term.
Lecturers at the Term in 2024 were:
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Prof. Phillip Alexander, University of Manchester Prof. Loveday Alexander, University of Sheffield. Prof. George Brooke, University of Manchester (Pat Merriman Memorial lectures). Prof. Paul Joyce, Kings College, London Prof. Edward Adams, Kings College, London Mr Richard Norton, Dr Olga Fabrikant-Burke, University of Cambridge (short paper) Dr Ahreum Kim, University of Cambridge (short paper)
Achievements and Performance
Financial Review
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the Charity. The accounts for the year ended 31 August 2024 show £41,166 of expenditure and £42,465 of income, resulting in a surplus of £1,298 (deficit -£3,079 in 2023). This suggests there has been a major improvement since 2023; but probably overstates the improvement as the income also includes a large donation to the Bursary fund; without this item the 2024 Term would most likely have broken even. The Trustees will continue to monitor these trends, including attendance patterns, and costs as we move forward. At their July meeting the Trustees made a small increase to the VTBS fee to cover increased Officer and Lecturers residence costs anticipated in 2025 and 2026.
Investment Policy
The trustees adopt a low-risk policy. All general funds are currently in a charity account with HSBC Plc. The Trustees decided that the major proportion 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 funds.
Reserves Policy
At 31st August 2024 there was in General Reserves a sum of £10,930 (in 2023 £13,952). In the Eileen Stamper Legacy Fund (a designated fund) there is £93,601 (2023 £91,650). The charity also has two restricted funds: £33,518 in the Pat Merriman Legacy Fund (£3,518 in cash, and the rest invested in the two charity funds); and £3,919 (2022, £2,195) in the Bursary Fund.
Future Plans
For 2025, Summer Biblical Study in Cambridge will be at Westminster College, Cambridge (the ministerial training college of the United Reformed Church) for two weeks from 27 July to 8 August. The facilities and ethos of Westminster College make it an excellent venue for a biblical studies summer school.
I declare, in my capacity as a charity trustee, that the trustees have approved the report above and have authorised me to sign it on their behalf.
Timothy Winder 27th February 2025 Dr. Timothy Winder Chairman and Trustee
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