VACATION TERM FOR BIBLICAL STUDY REGISTERED CHARITYNO. 1125494 FINANCIAL STATEMENTS FOR THE YEAR ENDED ST 31 AUGUST 2025
Vacation Term for Biblical Study Trustees Report for the year ended 31 August 2025 Charity Nun]bei: 1125494 Charity's Address: Th¢ Old crow 2 Thc StreeL OvingtO Thetforf Norfolk. IP25 6RX Trustees: Ms Janet Cowcn Prof Eryl W Davies" _ Dr Jane McLaty" (Treasurer) Prof Morna HookeV (President) Prof Judith Lieu Prof. Edward Adams Ms Nicola Pittam Revd Richard Wyber Revd Canon Jol)n Westwo(xl (Bursary Secretary) Dr Timothy Wind@ (Chairman} [ Trust$ also mcmbers of the LecDJr¢rs AdvASOry Coullnitt¢e] Charity Secretary: Mrs Karen Wind¢r (Non-Trustee) Lectures Liason: Revd Frdnces Jeffties - (N0n-Tntee} Non-Trustee Members of the Lectures Advisory Committee: Dr. Paul Joyce Banker5: HSBC PIC Structure, Governance & Management Governing Doeument The Governing Document of th¢ Vacation for Biblical Study, which is also known as wrBS and promotes a surnmer school under the title SutEllneT Biblical Study in Cambridge, is a Trust Deed dated 29 July 2007; th¢ framewo within which thc Charily 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, knowledg¢ and cxperience necd¢d for th¢ effective administration of thc Charity. Organisation The trustees nonnally meet at least twice each year with the Annual General Meeting in the New Year and a meeting in JulylAugust at the TernL with a further meeting if required. The trustees elecL norn]ally from their nwnber. a ChairnIa Deputy Chairn)wL Tr¢&sur¢r. S¢cr¢tary. Bursary S¢¢retary, Lectures Secretary alld such other officers as are deemed llecessary. The tsijstees also appoint a presidenL usually a theologian or a tnember of the clcrgy with a previous close connection to the Tcrni (who may havc scrycd as a trustcc in the past or have becn a regular contributor to the Terni's annual programmes). Th¢y also appoint a Lectures Advisory Committee. chaired by the Deputy Cha]rnL This Committee's membership includes the Cl]airnian, Lectures Secretary, with tlLree other trnstecs and up to tbree 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 th¢ appropriate expertise to provid¢ lectures at the TerllL The chaIrllR Dq)Uty Chairnian and Treasurer are empowered under the tern)s of paragrdph 7 of tbe Tt Deed to fonn a standing committee to handle urgent rnatte. Th¢ standing conmiittee must report its decisions and activities fully and prompdy to the trustees, and must not incur expenditure except in accordance with a budget awd by the trustees. liisk MaD2gement The trustees hav¢ a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are ill place to provide reasonable assurance against fraud and ernr. General Reserves stand at £6.756 against an optimum level set by the trustees of £IO,(XK). The Charity also has two L¢gacy Funds (on¢ a designated fuTr which holds £95.307, the other available for general purposes wbiclk been transferred to general reserves) wttb no restrictions imposed on their Se. and the Pat Merriman Fund and Bursary Fund (restrkcted fullds) which stand at £33,517 alld £2,894 respectively. The trustees not¢ that the cost of accommodation is cutrently exempt from VAT becaLLS¢ it is part of an ¢ducational package. and the continuation of this ucmption is Critical for keeping the event affordablc. Policies, Activities and the PublRC Benefit Tbe CbarAty's objecL as set out in paragraph 3 of the Trust is". Thefvrtherance ofeducation and reli0$ understsnding by Dffering to students ofthe Bible an opporiunity to become acquainted with the rults ofmodern Biblical and TheOlOgal Scholarship This wording is traditional to the Vacation Terni for Biblical Study although it probably does not date back to its foundation in 1903. The furtherance of education is understood by the tnteeS to meaD the advancement of e(lUcatiO which is a recognised charitable objecL The furtherance of r¢ligious understanding defe5 the scope of the education that is advanced. The progran]me delivers direct public benefit by educating the participants and equipping them to learn more. It delive indirect public benefit through the work of participants in their local churches. or in ¢ducation. The organisation had Anglican origins. but operdtes ecumenically. The Charity's programme offers an academRcally critical approach to biblical and theological issu¢s. No regard is tsken of any lecturer's individual religious stance. The individuals who participate are frolll a wide variety of Christian. and occ&sionally non- Christian, traditions. The programme is open to anyon¢ who wish¢s to dccpen their knowledge and und¢rstanding of th¢ Bible and allied subjccts through academic study The Charity ffi1S its charitabl¢ obj¢ct and delivers public benefit by running a tWO-we¢k residcntial summer school in Cambridge with a progra[[ne of lectures at a hAgh educational level giv¢n by scholars who aTe expert in biblical study, theology and related subjects. Instruction is also provided in biblical Greek and Hebrew at beginner, intern]ediate and advanced levels. The Charity prides itself on providing a high quality programme at a price which cornpares very favourably with other residential summer schools. From its foundatio tbe Vacation T¢rni for Biblical Study traditionally attracied participants WOTking as teachers. Thc progrdmmc is particularly bencficial for people in trdining to bccome ministers of religion and underaduat¢S studying thcology. Many of thc participants WO 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 con]petitive. still represent a barrier to participation. Bursary awa5 are made to participants who would otherwise find the cost of residential participation difficult to afford. There is also the Option to attend the Terni as a non-TesidenL paying the LectJ]te Fees and an additional Conference Fee. The TTUStees also offered a number of smaller non-residential Awards towards non-resident costs that would be made to Sdents and individuals on limitd incom(s (especially those in training for ministy). Grant Making Policy The availability of BursaTieS to cover a substantial part of a student's residence fees, and Awards towards non-resident attendance is advertised in pubIicity material. Applications for Bursaries and AwariLs are administered by the Buw Secretary, who is appointed fiDm among the trnstees. Recipients are individuals who would otherwise have difficulty affording the cost of accommodation at the SWDmer scbool. In 2025 there were three Bursary awards nmde {£575 eacb). In accordance with the Chatity's regulations nOrUllY llo individual is grJllted more than one bursary, and this year th¢rc wcrc no exc¢ptions. The r¢gulations also ststc that as far as possible. available funds w7ll be fully utilised in each year, but in 2025 this was not fully achieved. Actmvlties In 2025 the prograll]e was located at Westminster College Cambridge. There were a total of 37 participants ov¢r the fojlnigbt (40 in 2024. 37 in 2023" 36 in 2021), 21 residents and 3 non- residents in week one (21 resid¢nts and 2 non residents in 2024.19 Residents and I non residents in 2023. 18 residents ill 2021), and 19 residents alld 6 non-resident in week two of the Term (24 residcnts and 6 non-residents in 2024- 18 residents and I non resident in 2023. 17 residents and I non-resident in 2021) So numbers attending whilst holding steady have still not recovered to pre-covid levels. A prograrntlle of the usual high acadcmic l¢vcl was prescntcd with an Inaugural LEcturc delivered by Dr Deb0h Rooke, University of Oxford on Sunday 27 July 2025 followed by a two-week programme consistin& each weeL of19 on¢-hour sessions. The Eileen Stamper memori lecture at the beginnillg of week two was given by Dr Robert Pope, University of Cambridgc. In addition, 26 (12 week l and 18 in week 2) took part in one-week language classes in biblical Greek or Hebrew at beginner. intern]ediate or advanced level (30 in 2024. 20 in 2023. 20 in 2021). Language class numbas though steady have not reached their pre-covid levcl. Once agai w¢ engaged sigmficant outside help with the language tuitio and we are al¢ful to Joe Allen. Cooper Bry4 Isaac Olivare4 Alberto Paredes and Ji)shua Parker, Ben Rae. Oliver Richards. for th¢ir valuable contributioDs to our language teaching PTograttllne, and Jane McLarty for organising the language progrdmme. Participants were also given access to the college lll)rary during the Terni. Lecturers at the Terni in 2025 were: Dr Jolm J[cl univeIty of Oxfort President of SOTS Prof. David Horrell, University of Exeter. Dr Markus Picnniscl4 University of Stuttgart (Pat MaTiman Memorial lectures). Dr Allison Gray. University of Cambridge Dr Abrcum Kit Univlty of Canknidge
Janet Cowen, Kings College, London Dr Marieke DhonL University of Cambridg¢ (short paper) Tanya Kunth4 University of Cambridge (short paper) Achievements and Performance Financial Revieiv The Trustees are responsible for keeping proper accounting records that dksclose with r¢asonabl¢ accuracy the fuwicial position of the Charity. The accowits for the year ended 31 August 2025 show £41,119 of cxpcnditurc and £37,093 of income. resulting in a loss of £- 4,025(£1,298 SUTplus in 2024. deficit -£3.079 in 2023). This Suests ther¢ has be¢n a major downturn in finances since 2024. the £4.025 loss includes a penalty of £-2.034 for rooms booked and not used. Though the contract with the College has since 2016 included the right to charge cancellation fees, 2025 is the fiTSt year the College has chosen to impose the fees. The ren1nder of the loss is £-1,991. 2025 also saw a threefold Incre in the bursary support provided. witkn bursaries totallmg £1,725. A review of booking arrangements has tsken place to etL8ure no further penalties should be incurred. Another concern is the rising resident cost. partly due to Changes in the Living Wage and National Insurdnce; yet this will result in a 3/0 increase in SIdential in 2026. which may affect recruitmenL or at least limit residential attendance. Thc Tnjstees will continue to monitor all th¢s¢ trends, including attendance pattems and costs &s w¢ move forward The TDJStees have made some modest incrE&8es to the VTBS and Ianguage fees to help offset some of the increased costs anticipated in 2026" together with action to limit OfficeT residenc¢ costs in 2026. Investment Policy The trustees adopt a low-risk policy. All g¢n¢rnl fimds ar¢ currcntly in a charity account with HSBC Plc. The Trustees d¢cAdcd that the major proportion of Miss Stampcr's 1¢gY would be invested. being split between a Charities Equity Fun(L 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 3 1st August 2025 there w&8 in Gen¢ral R&serves a sum of £6,756 (in 2024 £10,930). In the Eileen Stamper Legacy Fund (a designated fund) there is £95.307 (2024 £93.601). The charity also has two restricted fimds: £33,517 in the Pat MerriEnan Legacy Fund (£3,517 in cash, and Ihe rest illvested in the two charity fillMLs)" and £2.894 (2024. £2,195) in the Bursary Fund. Future Plans For 2026. Summer Biblical Study in Cambridge will be at Weskninster College, Cambridge (the ministerial training college of the Unitrd R¢fornied Churcb) for two weeks from 26 July to 7 August. The facilities and ethos of W&stminster College make it an excellent venue for a biblical studies summer school. I declare, in my capacity as a clwity trustee. that the tnLStees bave approved the report above and have authorised me to sign it on their behaIf. 4 Junc 20?6. Dr. Timothy Winder cha]rn and Tru
Vacation Terni for Bth1iC Study Receipts and Payments Atcowit for the year ended 31 August 2025 202>2024 202025 Income 6,389 1,155 27,902 5,145 1,357 24,583 53 75 872 71X) 906 1.536 1.201 tanguage Class Fees Residence Fees (note 3) .4dditional Meals Car Pthing Gcncral Donations Bursary Donations Eileen Stamper Fund: CPF investtnent Eileen Stamper Fund: COIF investD)ent Pat Merriman l£gdcy Fund Patrick Windle Bequest Bank Interest Gift Aid 2,374 1200 1.499 1,591 353 667 42,465 37,093 Expenditure RendS IzcÈuters' Fees Ltte[s, Trdvel Lecttwets, Residence Language Teacher5, Fees Trnstees, Travel Officers, Rc5idcnce Elospitalily Venue Hire (llote 4) Car Parking Athninistrdtion Advcrtising Deposit for next year Burwies Awarded 3.075 146 2,741 1.800 3,075 718 2.933 1.725 58 2.940 343 25.174 75 1.588 765 2.148 27,571 1,308 1264 650 1,725 41,166 41,119 1398 Surylus l (Deficit) for the Y (4,025) Transferto investrnertt ftmds Cash Funds BTougbt Fonvard (iO.(M)O) 42,509 41210 42,509 Cash Funds Carried Fonvard 28.484
Vatatlort Term for Biblical Stsdy Statekwit of Assets libilitse5 as at 31 August 2023-2024 2024-2025 Cash Fund5 42,509 28,434 50 Unpresentrd (heques bDbaE)ked Income Cash Funds 42.509 28.484 Otker Aw1$ & taabaities (540) CxEdib)rs (Nolc 51 Debtors (harilt¢s Pzoputy Fuud In¢oTll¢ Units(note 6) COIF (Dot¢ 6) (10} 52,500 47.500 52.500 57.500 141.969 138,474 Rcpr¢s¢n¢cd by: 10.930 3.919 93.603 33.518 GeD¢ral R¢5erv¢ (Note 7} rsary FuTEd (lioie S) Eileen snp Legacy Fund {Note 9) Pat Meryiman Legxy Fund (Note lo) 6.756 2.894 95.307 33.517 141 969 138474 r4otes to the Aetounts Note l - Bo515 of Th¢s¢ awounts hav¢ bttn prepared ort a r#eipts and payments bas& at Officers who attend the Ter pay Icctur¢ fees but Doi tb¢ residence feeswbich covegs theAr atton)modation. Some offic includillg thos¢ who may be trustee4 art txptttrd lo attend the bool I'olulltsrily to hosÈ the eveut #nd promote the activities of the Charity. they pay the leebjre fe&son the same tern as othcr partiCan£ th¢ir residence fees are Jnet with the approval of the trv*ees w that theAr attendaDce do not leaye them out-of-pockeL 2024 the e][ alld Secre ded two weeks of the tern. Note 3 - Residence Fccs ResideJ)¢e fees ar¢ collected from participall They appeat as att itEm of ill¢om¢ beca they wwe ¢&>lle¢trJJ through the bank account and. although they wre not funds avatlable to further the chity'S obJty the charity is COfttrdebJally committed to pay the ienue and each year agreos 8 rninimum number of room5. Note 4 - Venue hire The total amount for vthue hire for the 2025 iDcludcs cancellation fees of £2.034 char8cd this year for th¢ rJr51 tifne.
Venue hire Car park]ng fees ouLthiding Lecturers fees attd expenses out%aThding Deposit recetved in advanE¢ Crtditors The creditors ari* in respett of the elleral fund. io io Th¢ iuvestrnents arc illcknded at cost but the va[OnS at 31st 2025 wer¢= Charities Property Inve51ment Income COIF (hHrili¢5 Inv¢slTllent Fund Cutreni value Cost priG 44.341 63,761 52.500 57,500 Nok 7 - General Rcscrvt Cath fi]Dds bTought forward Reipts excluding legaey fiujds (£3.642} don¥tton$to buThry (£700) Payments excluding bllTSJry awards {£1.725}. atEd payments frorn legaty funds l£1,938} Sutplu$ l (Deficit) geTteral reserve Cath funds tarried forward Debtors lunp&id receiY£d after year end) Creditors Balance OD fund 11,470 32.752 4.704 6,766 6.756 The bvrw doDations and aards are ill¢lud io the blktgry fulld. Note8- Fund Cash funds brought forward Burs8Jy donations (Fift Aid ou BU[ donations Bursaries awarded Surplus l (Deficit) on bursary fund Castl fullds ¢arried forward & balance on thnd 3.919 700 2.894 The Bursary Fund con12iusrITlQt£d fund5vAhi¢h can onty b¢ u%d as grants to participaDts of limit¢d m¢atss towazdsth¢ COSL of their ac¢omuLodatioD durittg the svn)mer hOOL
te 9 - Eileen Stattj Fund Cash fvnd5 GOled fotwatd 23,603 Inves¢m¢ut iTLcome (COIF) InveS1¢Tt income (Propety Fuod) iiec¢ipts .536 906 2.441 Trattsferred to COIF Payments from fulld (10.000) MeTnorial L¢¢bJre Dinner for le¢DJrcr Language ltiOn shortfall {90) 115) {632) 737 {10.7371 Payrn¢ttL8 Surplus l (Deficit) oll Eileen Stattlper Legacy Fund CJth funds caTried forward Illvested funds ai cost Invesknents gains l {low$) Balance on fund 96) 15.307 80,000 The Eileen Sramper Fund ss a desAgnated fund and thcre is no restriction itllpo5 by the legacy of Eijeen Stsmper upon the use of income or capital &tsd Do specific trust was dec]ared by EileeD sts. The trll5tees have decided for the time being to invest the capita] and sp¢nd th¢ ineomc on the furth¢rallce of th¢ clwili&s objectiv&& However. the decisioD to do this is entirely at the di5crfflioll of the trustreswho remain free to 4)end the lltaL Eileen Stamper al%> bequeathed her books to the tharity. Note 10- Pat Merriman Le C2slI (uTrds bEollghi forward Firtal paymtmt of beouestty Pat M¢rrirnan L¢4acv Fund Inv¢strJent ititome (COIF) loyethettt income IProp¢rtv Fundl Receipts 3.518 1.201 1.201 Transferred to COTF TTansferted to Propertv Fund Payments frolll fijnd Suppkmentary kctsjres Markus liertwh, acc(x>mod*KJn Markus Pic[h, travcl (225) 1533) 443) (1201) Totsl Pavrnents Surplus l (Deficit) on Pat Merriman L¢g¥y Fund CAsh fllnds &grtied foEward Invesked funds at C05t tDvesDnents gains I Ilo&qesl Balance on fund 3.517 30.000 The Pat Mettimau Elld is a restricted fund. li is to b¢ 1DV¢a and the IT1Me v8e4J for thc supplethetttsry series of lttturts the fjrst week of the Term andlor for burs8Tie
Independent Examiner's report to the TteeS On the unaudited accounts of The Vacation Tem] for Bibltcal Study I report on the financial statem¢nts of the clwity for the year cnded 31 August 2025. This report is made solely to the Trustee. &8 a IKMty. in accordance with section 145 of the Charities Act 2011 and regulations nde under section 154 of that Act. My wrt been undcrtaken so that I might state to tbe Tnlee8 those mattets l am required to state to them in an independent cxaminer's report and . for no other purpose. To the fullest extent permittrd by law. I do Th)t accept or &ssume responsibility lo anyone other than the Trustees as a body. for my work or for this rey)TL Respective Responsibilities of Trustees and Eiaminer The charity's trustees ar¢ responsible for the preparntion of the financia] statemcllts. The charity's (rnstees consider that aD alldit is not required for this year under section 144(2) of the Ckwities Act 2011 (the 2011 Act) and that an independent eXamIon is neede(L Et is my Tesponsibility to: Examine the financial statements (under section 145 of the 201 l Act). to follow thc procedures laid down in the general Directions given by the Charity Commission (undcr section 145(5)(b} of thc 2011 Act)" and stste whether particular matters have come to my attention. Basis of Independent EIaminer's Report My examination was caTried out in accordance with the general Directions gtven by the Charity Commissko An examination includes a review olaccounting records kept by the ch&ity and a comparisoll of tbe fall¢la1 statements presented with those records. li also includes wnsideratioos of any unusual items or disclosures in the financial statements, alld the seeking of explanations from you as tntee$ concerning any such matters. The PTocedures undertaken do not provide all the evtdencc that would bc required in an audit an Consequently no opinion is given as to whether the financial statements present a *ue and fair view" and the report is limited to those matters set out in the statemetLts below. Independent Examiner's Statement Tn connection with my examination, no matter has come to my attenti(¥n: l) which give5 me regsonable cause to klieve thaL in any material the requirements: to keq) accoutLting records io accordance with s. 130 of the 2011 ACL and to prepare financial ststements which agree with the accounting record8 and to comply with the accounting IequiretDents of the 2011 ACL have not be meL or 2) to which, ill tlly opinion attention should be drav4n ID order to enable a proper understanding of the financial statements to be reacbed. H chrnall FCA Chartered Accountant 104 StIKkbEidge Road Chichcstcr West Sussex P019 8QP 4 June 2026