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-Tn￿tee}
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]rn￿L 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 T￿￿t 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 reli￿0￿$ understsnding by Dffering to
students ofthe Bible an opporiunity to become acquainted with the
r￿ults ofmodern Biblical and TheOlOg￿al 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
tn￿teeS to meaD the advancement of e(lUcatiO￿ which is a recognised charitable objecL The
furtherance of r¢ligious understanding def￿e5 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 f￿fi1S 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 under￿aduat¢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 awa￿5 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 S￿dents 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 nOrU￿llY 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 Deb0￿h 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 Bry￿4 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 unive￿Ity 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￿ Univ￿lty 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 Su￿ests 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
ren￿1nder 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¢g￿Y 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
20￿2025
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
Re￿ndS
IzcÈuters' Fees
L￿tt￿e[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 li*bilitse5
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 s￿np￿ 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 partiC￿an£ 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 ch￿ity'S obJ￿ty 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
R￿eipts 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 a￿ards 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 con12iusr￿ITlQt£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 GO￿led fotwatd
23,603
Inves¢m¢ut iTLcome (COIF)
InveS1￿¢T￿t 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 l￿ltaL 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 Ell￿d is a restricted fund. li is to b¢ 1DV¢a￿ and the IT1￿Me v8e4J for thc supplethetttsry series of lttturts
the fjrst week of the Term andlor for burs8Tie

Independent Examiner's report to the T￿￿teeS
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 n￿de under section 154 of that Act. My wrt been undcrtaken so that I might
state to tbe Tn￿lee8 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 eXamI￿on 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 f￿all¢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 tn￿tee$ 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 ch￿rnall FCA
Chartered Accountant
104 StIKkbEidge Road
Chichcstcr
West Sussex
P019 8QP
4 June 2026