Charity Registratlon No. NIC101266 Company Registration No. N1621611 {Northtrn Ireland) JOHN BROWN UNIVERSITY NORTHERN IRELAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 PAGES FOR FILING WITH REGISTRAR
JOHN BROWN UNIVERSITY NORTHERN IRELAND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms K Hadley Dr C Pollard111 Mr E Encson Charity number NICIO1266 Company number N1621611 Re9lStered office SO Bedford Street BelFa5t Co. Anirim Northem Ireland 8T2 7FW Auditor FPM Accountants Limited 1 3 Arthur Street Belfast Co. Antrim Northern Ireland BT1 4GA
JOHN BROWN UNIVERSITY NORTHERN IRELAND CONTENTS Pa9e Trustees, report Statement ol Trustee5' responsibilities Independent auditorfs report 7. 11 Statement of financial activities 12 8alan¢e shèet 13-14 Statemenl of cash flow5 Notes lo the financial stalements 16-23
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2022 The Trustees present their report and financial statem¢nis lor the year ended 30 June 2021 Thè ac<ount5 have been pfepaled in accordance with the accounting policies set out in note I to the account5 and iompty wth the charity's govÈrnir4J documen¢ the Companies Aci 2(K)6 and "Accounting artl Reporting by Charities. Statement ol Recommended Praciice applicable to chaiitie5 preparing their accounts in accordance wilh the Financial Reporting Standard applicae in the UK and Republic of lieland IFRS 1021. las amended lor accountin9 period5 commencing from l January 20191_ Objectives and activities john Brown Universlty Nonhern Ireland IJBUNII is a wholty-owned subsidiary of John 8rown University lJ8UI, in Siloam Springs, Arkansas, United Sates ol Amenc3 IUSAI. The John Brown University liish Siudies Program 15 conducted through the JBUNI entity. which is the instrurnent to provide qualified students who will benefit from and contribute to the multicultural enviionments al Lakeside hA3nor in 8elfasi, Northern Ireland, We strive to broaden the JBU experience throu9h the Irish Studies Programs and to develop Chr15t- centered and globally-awarè students who can engage wiih people from all backgrounds in order to impact the world lor Chiisl. The john Brown University Irish Studies Program prowdes opportunity for North American Sludenis, and Students from all cornets ol the world, the opponunity io engage fvjlty wtth key aspects ol literature, art, music, history and politlC5 in a cgntemporary Irish setting. Ihe study programs encompass a complete Irish cultural experience. Giving real Insight Into conlemporèry Irish cultvre and society. guided Iield-trips are rranged to bring the learning expenence beyond the classroom and sludents sample caint, craic agus ceol I'convèrsation, lun and mu5ic'I In both tfadi¢ional and modern contexts. Although COVID-19 allowed no academic study pfograms in Northern Ireland from summer 2020 through fall 2021. IBUNI has returned io pre-pandemic programming Wlth fall, sprlng and summei term5.
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR EIVDED 30 JUNE 2022 PRIMARY ACADEMIC PROGKAMS JBUNI Semestei Teims (As dexrlbed to North American students} If you're looking for a chance io experience a beautiful loreign co¢Jntry thile leaming alongside lellow J8U students and faculty, you've found it here. Each fall fifteen JBU Students travel throughout Irelai)d while studyin9 Irish cultuie and literature. You'll stay at IBU'S own Lakeside Manor, located iusi four mles outsidè ol Belfast. Even beiier, you can eam lifteen hours of university uedil toward your core curriculum andlor majof requirements. While in Ireland, you'll gei to travel around the Island and visit siles connected to youi studies as well as some of the mosi beaufiful tourist 14Xations. You'll visit SPDts where great Irith authNs, such as W.B. Yeais. penned some ol ih&r greatest works. You 11 play in Saul. the site ol St Patrii*'s first church in lieland. You'll enjoy Irish cultvre. 9feat fish & chips, Irish stew, and ol course ihe best cup ol tea you'll find in the woild! JBUNI Summtr T•rrn (As described to North Amerkan stud•thtsl Irish Studies 15 a six-week, nine credit hour program designed for all rnajors We'll travel aiound the island and visit site5 connected to our studies as well as x)me ol the most be3u¢ilul iourist locations. Wéll visit Storrnonl Northern Ireland's parliament and chat with members lace to face. We'll wsit spots where great Irish authors, such as W.B. Yeats, penned some ol their greatest work5. Wè'll pray together in Saul, the site of St. Patrick'5 first church in Ireland. We'll enjoy liish culre. gieat lish & chip& Irish stew, and of course the best cup of tea you'll lind In the worldl OTHER PROGRAMS JBUNI Summer Mission Tem) We have seNeé wth the towns ol Baltynahinch. Belfast Carryduff. and kn'llyleagh. Ovr primary ministries are Children's Bible Club lor the ytyJngslers ages 4-11. Sports Comp loi students aged 11-16, and church involvement. Other activities we have participated in prewously include gospel presentations in public primèry schools. small group leadership lor teen girfs and Worship or preaching leadership in Sunday SeIces. JBUNI Cathedral Cholr Tour One group in particular that has benelilted Irom the liish Mission Piograms is J8U's Calhedral Chtyr, wh¢¢h has visiied NtsrtheTn Iieland. JBUNI was instrumental in casting the vision fw the choir tour ènd has helped the Caihedral Choir gain access tts gieat vemJes in Northern Ireland. Induding an open invitation to the Northern Ireland Assembly at Stomioni, wheie they visii each tour. IBUNI Hosts CCCU Students In the spring semester, J6UNI hosts students from the Council ol Christian Colleges and Universiles in the United State5. Through the CCCU. the sbJdenls study Peacemaking ènd Reconciliation of Northern Ireland, Ir15h Art & Culture, Irish Literature. ChT15tian Thought & Practice. Ireland & Western Civilization. Interculiural Communication. Additionally. they have 5wvice learning OPPOrtunitie
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2022 EXAMPLE ACADEMIC MODULES BBL 4043 Capstone Seminar.. Irish Per$perti$ ol Christlan ilfe A writing-inlensive course dèsigned to encourage critical aJKI iefle£tive thought about Christian formation. The Core Curriculum's signifitanl rde in ChristLan formation 15 considered Works ol St. Patrsck C.S. Lewis are presented as a basis for student rertection and as gurdes to Christian living Student5 Wsit hsiorical sites significani io each of these men and develop an understanding of their wiititigs and contributions to the Chrisiian faith. Visits to local churches give Siudents opportunity lo observe the piesent-day church in Ireland and to enjty fellowship with Irish believers of various denominations. RPH 3003 Introduction to Philosophy A suThey ol the main areas ol philosophy, including metaphysics. epistemology. ethics, and philosophy ol religion. Students should develop their Ciitical reading skills. their ability to analyze difficult but iewarding philosophical texts, and their abilily to advance a single, clear argument on philosophical issues. AddiiiorTrally, students shovld become more comlortable speaking aboul philosophical problems and contern5. and they should know more about the relationship between the Christian faith and contemporary philosophy, BBL 3003 Essentlals of Evangelital Theology Evangelical Theology is a study ol the essential doctnnes ol thè Christian faith including S¢riptyie, the triune God, salvaliory the Church. creaiion, and the eternal Kingdom. The unity of diwne revelation and tL contemporary applicability ol thè kriptures are emphasized. By studying the meihgd gf theological formation, studt$ should be ablt to discern primary and secondary theolp9ical cgncept5 and apply them properly to their personal livès as well as to their involvemenl in the Churth and ihe world. EGL 4043 Masterpie¢•s of Irish Literature A readin9.Intensive overview ol ihe literary hrstory ol Ireland through examination ol selected works of Irish writers, poets and playwTight5 such as Williarn Butler Yeats. Oscar Wilde, Searnus Heaney, Samuel 8ecketL George Bernard Shaw, Jamès Joyce. C. S. Lewi& and others. A scholady paper is required. ART 2163 IrSsh Art & Culture A study ol Irish art form5 such as painting. scvlptuwe, architecture. and film. Spécial attention is given to the connection belween art form5 and Irish history and culture. As part ol ihe Irish Studies Program. t course combines aiademic course work with visits to important cultural siies in Ireland a5 well as guest lecturers from coniempofary 4rt15tS. ECN 2543 Economics and Society of Irelar On-locatitsn study ol major economic and social issi*s facin9 Northern IrelaThY. and by extension the European Union. Using primary text. The Econornics of European Inle9ration, sdentS gain unders13nding of topics such ès di5tributign of wealth and Income. unernployrnenL economic and monetary union, common markets, cultural identity, and conditions lor balanced growth. Other texls and dass actlvilies apply theories and insighis to the Irish situation.
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED){INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30 JUNE 2022 Financial review As mentioned earlier. John 8rown University Northern Ireland IJBUNII is a wholly-owned 5vb5idiary of john Brown university 118UI. JBU is an independent Christian university ol arts and sciences localed iii Siloam Spiings. Arkansas USA. Evangelist. author. and radio pioneer John E. 8rown founded the IBU in 1919 a5 an inlerdenominalional Christian school with an educaiional philosophy deijicated to the integfation ol academic excellence IHeadl. moral and spiritual development IHeartl. and profession31 education (Harxll. In 1934, the state of Arkansas chartered the institution as a university. Today, IBU continues the founder's Head, Heart, and Hand philosophy with a siiong academic emphasis to prepare students to focus theii lives toward seNice through their professions. Therefore. JBU provides a b3nCed emph3s15 of liberal arts and career orientaiion for its Sludents. The Student body Is diverse and unique. IBU serves over 2,4 studenls from 44 nations and 33 slates. It ha$ 43 iradilional undergraduale programs. 11 graduate progiams, and 5 online undergraduate programs for workin9 adults. Under VSA iegulations, 18U Is classilied as a tax-exempt 501 Icll31 educaiional organizatitsn by the Internal Revenue SeNice. As such. It is exempt from USA federal and Arkansas slate inctsme tax, and tharitable contributions by the public are deductible lor income tax purptrses. During the fiscal year énded June 30. 2014, JBU lormed John Brown University Northern Ireland. oth èntities are Consolidat In the financial statements lor J8U in the United Slates as IBU is t ontrtslling entity. For the year ended Junè 30, 2022, JBU held assets in excess of $277.3 million IUSDI. Expenses lotaled $49.6 million IUSDI. JBU continued to invèst in J8UNI throughout Ihe pandernic. IW transferred moThey to J8NI to fund payroll for employeès In Northern Ireland even though, because ol COVID-19, It did not have North American students sludying in Northern Ireland. JBU use¢J the time when sludents were not studying and living in Northein Ireland due to COVED io furthw invest in the operdtions of JBNI J8U tr?nsfeired around £3 million to J8UNI to purchase and renovare thè building that was previously leased by IBUNI. This building houses Students and provides das5room and dinin9 space in Bellast.
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES, REPORT (CONTINUED){INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30 JUNE 2022 Structurè. gOVtrnarKe and management The charty is a company limited by guarantee. The Trustees, who are also the directors lor the purpgse of wmpany Iw, and who served during the year and up to the date ol signature of the hnan¢ial Siatemen15 were.. Ms K Hadley Dr C Pollard111 Mr E Ericson None ol the Trustees has any beneficial interest in the Company. All ol the Trustees are members ol the company and guarantee to coniribuie £1 in ihe Lwent ol a winding up. Thè results for the year are set out on page$ 12-1S. Auditor In accordance wth the company's artides. a resolution proposing that FPM Accountant5 Limited be reappointed as Auditor of the company will be put at a General Meeting. D15closure of information to auditor Each ol the Trustees has confirmed that there is no inforniation of which they are aware which is relevant to Ihe audit, but ol which the auditoi is unaware. They have further confim)ed thai ihey have taken apryopriate steps to identify such relevant information and io establish thai the auditor is aware ol such information. Tht Trustees, report was approved by Ihe Board of Trusiees. Mr E Ericson Trustee Datecs."
JOHN BROWN UNIVERSITY NORTHERN IRELAND STATEMENT OF TRUSTEES. RESPONSIBILftlES FOR THE YEAR ENDED 30 JUNE 2022 The Trustees, who ale also the directors ol John Brown University Northern Ireland lor the purpose of company law, are responsible for preparing the Trustees. Report and the financial stalements in accordance with applicaTrile law and United Kingdom Accounting Standards Iunited Kingdom Gènerally Accepted Accounting Praclicel. Company Law requiies Ihe Trustees to prepare finanoal ststements for eath financial year which give a true and fair view ol the state of allairs ol the charity and ol the incoming resource5 and application d resources, includlng the income and expenditure, ol the charitable company for that year. In prèparing these financial statements, the Trustees are reqwred to.. selett suitable accounting polioes and then appFrf them consistenily,. observe the methods and principles in the Charilies SORP make judgements and estimaies thal are reasonable and prudent and prepare the linan¢ial statements on ihe going concem basis unless it is inbppropriate to presurne that the charity will continue in operation. The Trustees are re5ponsibltr lof keeping au81* accounting records thai disdose with reasonable accuracy at any time the financial position ol ihè charity and enable them to ensuie that the financial staivnents iornply with the Companies Ac¢ 2006. Théy arè also responsible for safeguarding the assels of the charity and hence for taking reasonable sièps lar thè prevtntion and dÈtÈ£tion of fraud and other irie9ularitie&
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Oplnlon We have audited the finarKial statements ol John Brown University Northern Ireland (the 'charity'l for the year ended 30 June 2022 which comprise the statement ol financial activities, the balance sheet, the statement of cash flws and the notes to the financial statements, including Significant accounting policies. The financial reporting framework that has been applied in their preparation is appliiable law and United Kingdom Accounting Standards, including FRS 102 The Fin&ncul Reporting Siandard applicable in the UK and Republic ol Ireland Iunited knngdom Genefally Accepted Acc<>uThting Practice). In oui opinion. Ihe financial statement5'. give a true and lair wew of the slate of the chitable tompaty's allairs as at 30 June 2022 and ol its incoming rescwJrces and applicalion of rèsour¢es, for the yeai then ended", have been propeily prepared in a£cordance with United Kingdom Generally Accepled Accouniing Practice.. and have been propared in accordance with ihe requirements of the C¢rnpans Art 2006. easls for oplnlon We conducted our avdit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Oui responsibilities under those standard5 are lurthet de5tribed in the Auditors responsibililies for ihe audit of the hnancial statements seclion ol our report We are independent of the charty in accordance with the ethical requircmertls that are relevant tts our audit ol the h"nancial statements In the U includin9 the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibililies in accordance with these requirements We believe Ihal the audit evidence we have obtained is sufficient and appropnate to prowde a basis lor cwr opinion.
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Conclusions relating to goin9 C4)Nem In auditing the financial statements, we havè concluLled that ihe Trustees, use ol the going concern ba515 of accounting in thè preparation ol the financial slatements is appropriate. 8ased on the work we have performed. we have not identified any material uncertainties relating to events or conditions that individually or colledNely. may cast significant doubt on the <harily'S ability to continue as a 90in9 concein for a period of at least twelve months from when the financial staternen15 are auihorised for issue. Our responsibilities and the responsibilities of the Trustees with iespect to goin9 concern are described in the relevant se(Iions of this report. Other Infomation The other Inlorrnation comprises the information included In the annual report other than the linancial Slaltmtnis and our auditor's ieport thereon. The Trustees are responsible lor the othèr Information contained within Ihe annual report. Our opinion on the financi31 statements does not cover the othei information and we do not express any forni ol assu13n£è conclusion thereon Ovr responsibility is to read the other information and, In doing so, consider whether the other inlomation is materially inconsistent with the financial statements or our kn¢Jwledge obtained in the course ol the audit, or otherwise appears to be matlalty misstated. 11 we identify such material inconsistencies or apparent material misstatements. we a required tc¢ detemine whether this gives rise trj a rnaterwl misstatement in the financial statement5 themsel¥es. 11, based on the work we have performed, we conclude that there is a material missta¢ement ol this other inlorrnalion, we are required to report that fact. We have nothing to report in this regard.
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Matters on whlch we are required to report by exception We have nothing to report in respect ol th? following matters in relalion to which (he Charities (Accounts and Reports) Re9ulations 2008 require us to report lo you il. in oui opinion.. the information given in the financial slatements 15 inconsistent in any material respect with the Trusttè5' report., or sufficiènt accttunting records have not been kepL" the financial siatemènt5 ai¢ not in agreement with the a<counting records,. or we have not rèteived all the Inloimaiion and explanat¢ons we require lor our avdit. Responslbllities of Trustees As explainéd more lully in the statement of Trusttes. responsibililie% the Trustees. who are also the directors ol the charity for the wrpose of cornpany law, are responsible lor the preparation ol the financial staiemenis and lor being satlsfied that they give a true and fair view, and lor Such internal control as the Trustee5 determine is necessary lo enable the preparalion ol financial statements that are Irte from material misstatemenL whether due to fraud or erior. In p¥eparing the financial statements. the Truslees are respon51ble lor assessing the charity's ability to coniinue as a going concern, disclosing, as applicable. mal¢ers related to going concem and vsin9 the going concein basis of accounting unl$ the Trustees either intend to liquidaie ihè chaiit3ble company or io ease operations or have no realistic alternatsve bul to do so.
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Auditor's responsibilitiés lor the audit Of the financial ststements FPM Accountants Limited Is eligible for appointment as auditor of the charity by virtue of lis eligibility lor appointment as auditoi ol a company under of 5ertion 1212 01 the Companies Act 2(M)6. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternenl wheiher due to fraud oi error, and io issue an auditor's report that Includes our opiniorn Reasonable assurance is a liigh level of assurance but is not a gvarantee that an audit conducted in accordance with ISAS IUKI will always detect a malerial misstatement when li exisis. Missiaiements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonab be e¥pected to influence the Konomic decisions ol Users taken on the basis ol ihese financial ststernents. Irregularilie& includin9 fraud, are irbstances of non.compliance wilh laws and regulaiion We design procedures in line wth our responsibilities. outlined above, io deteci matèrial misstatements in respect of Irregularities, including fraud Ihe éxtènl to whi£h ovr procedures are capable ol detecting irregulaiities. including fraud, is dètailèd below. A further description ol our responsibilities Is avalble on the Financial Reporting Council's website at.. h¢¢1/ww.Iw(.0f9.uVadll0rsrespons1blllti¢s. Thi5 de5CflPtion forms part of our auditorfs reporl. 10-
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Lowry Grant (Senior Statutory Audbtorl for and on behalt ol FPM Accountants Limited Chartered Accountants Ststutory Auditors 1 3 Ar¢hur Street Belfast Ca. Antrim Northern Ireland BTI 4GA FPM Accountants Limiied 15 eligible lor appointmenl as auditor of the charity by virtue of its eligibility lor appointment a5 audilor ol a company under of section 1212 of the Companies Aci 2006. 11
JOHN BROWN UNIVERSITY NORTHERN IRELAND STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022 Unrestricted Unrestricied funds funds 2022 2021 Note5 Incomt from.. Donations and legacies 550,492 1719,777 endilure on-. Charitable activities 202.777 126.688 Net Incom• lor the year/ Net movement In funds 347,715 2,593.089 Fund balances at I luty 2021 2,607,084 13,995 Fund balan<es at 30 June 2022 2,954,799 2,607,084 The staiement ol financial aCtlI1t$ includes all gains and losses reco9nised in the year. All income and expenditure dwive Irom continuiThJ actwilies and is determined as unrestricled. The statemenl ol financial activities also complie5 With ihe requiremenis for an income and expenclilure account under Ihe Companies Acl 21X)6. 12-
JOHN BROWN UNIVERSITY NORTHERN IRELAND BALANCE SHEET AS A T30 JUNE2022 2022 2021 Notes Fixed assets Tangible a55et5 Curr¢nl a55els Debtors Cash ai bank and in hand 1881.607 1,450 2,606,834 7Q585 76.585 1608,284 Creditors: amounts falling due within one year 10 13.3931 11.2001 Net current assets 73,192 2,607,084 Total 0$5et$ It ¢urr•nt 1Sabllltles 2.954,799 2,607,084 In<ome lunds Unrestricted funds 2.954.799 2,607,084 2.954.799 2,607,084 13-
JOHN BROWN UNIVERSITY NORTHERN IRELAND BALANCE SHEET (CONTINUED) ASA T30 JUNE2022 The cornpany 15 entitled to the exemption Irom the audit reqvi¥ement contained in section 477 01 tlie Companies Act 2006, lor the year ended 31 June 2022, although an audit has been carried out under section 65 01 the Charities Act (Northern Ireland) 2008. No member ol the company has deposited a notice, pursuant to 5e£tion 476, requiring an audit ol these financial Siaiements under the fequirements of the Compa)ies Act 26. The directors acknowledge their responsibilities for et)suring that the charity keeps accounting records which comply with section 386 01 the Act ènd lor preparing financial statements which give a true and fair view ol the state ol allairs of the company as at the eTh4 of the financial year and ol its incoming resources and application ol resourc, including its income and expenditure, for the financial year in accordance with the requirements ol sections 394 and 395 ènd which otheise comply wtsth the requirements ol the Companies Acl 21J)6 relating to financial statements so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements under the requirements ol the Companies Act 26. lor the year in qijestion in accordance with section 476. These financial statemènts havè btèn p¥+pared in accordancè with the provisions applicable to coMnieS subject lo the small companie5 regimé. The financial siatements wefe approved by the Trustees on Mr Eiicson Trustee Company Rt9lStration No. N1621611 14-
JOHN BROWN UNIVERSITY NORTHERN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Notes Cash flows from operating activities Cash generated from operations 396,007 2,592,855 Investing actiwties Purchase ol tangible red asset5 1192&2561 Nét ¢ash used in invosting activitie5 11926,2561 Net ¢ash used In finantin9 activitl¢S Net Ide<reaselllncrease Sn cash and cash equlvalents 12.530.2491 2,592,855 Cash and cash equivalents èt beginning ol year 2,606,834 13,979 C8sh and cash equlvalents at tnd of y•ar 7&585 1606,834 15-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Ac<ounting policies Charity inforn)ation John 8rown Unwersity Northern Irdand is a prNate ¢ompany limited by guarantee incorporaled tn Northern Ireland. The registered office is 50 Bedford Stree¢ Belfast Co. Antrim, BT2 7FW, Northern Ireland. 1.1 Accounting convention rhe accounts have been prepared in accordance wilh the charity's goveming document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Praaice applicable to charities preparing their accounts in accordance th the Financial Reporting Stsndard applicable In the UK and Republic ol Ireland IFRS 1021. las amended fof accounting periods Commencin9 from 1 lanvary 20191. The charity is a Public Benefrt Entity as defined by FRS 102. The linancial statements are prepared in sterlKI9. vthich is the lunctional currèncy ol ihe charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared undèr the hisiorical cost conventiory modified to include certain financial instrument5 at lair value. The principal accountsrtg pdicies adopted are set oui below. 1.2 Going concèrn Al Ihe time ol approving the financial statm•nt¥ the Truslees have a reasonable eKpeclation that the charity ha5 adequate resources tc continue in opèratiot)al existence Iof the foreseeable future, Thus the Trustees conlinue lo adopi going contem basis ol accountin9 In pieparin9 the financial staternents. 1.3 Charitable funds UDrestricted lund5 are available for use at th• discreiion of the Trustees In furtherance of their charitable objectives. Restricted funds art subjecl to specilic conditions by donors as to how they may be used. The pvrposes and uses ol the restricted fur5 are Set out in the notes io the finCIal statements. Endowrnent funds are subject to speofi£ conditions by donors that the capital must bè mainiained by the harity. 1.4 IrKome Income 15 recogni5ed when Ihe charty is legalty entided to it after any performance conditions h*e been met the amounts can be measured reliably. and it is probable that income will be received Cash donations are COgnised on receipt Olher donations are recognised once the charity has been notified of the donation, unless perfom)ance conditions require delwral ol the amount. Income tax re¢overable in felation to donaiions receNed under Gilt Aid or deeds of covenant Is recogni5ed at Ihe time ol the donation. 16_
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUAIE 2022 Accountiny pdities (Continued) 1.5 Expenditure Expenditure is recognised once there is a lÈgal or conslructive obligation to make a payrnent to a third party, it Is probable that settlement will be required and the am¢>unt ol the obligation can be measured reliably. Expenditure is classified under the folowng activily headings.. Expenditure on charitable adivities IludeS Ihe provisions ol food to those in need and activit*s undertaken to further the purposes ol the charity and their associated support cost% Other expenditure represenls those items fallin9 into any other heading. 1.6 Tangible fixed a5S¢ts Tangible fixed assels are lnibal measured at cost and subsequently measured at cost or valuatioTh net of depreciation and any impairment losse Depreciation is recognised so as lo write off the cosl or valuation of assets less theii residual values over their useful lives on the following bas Froehold land and buildings Fix¢ures and littings Computers 2%-S% Straight Line 25% Siraighl Line 33% Straighi Line The giin or loss arising on the disposal ol an Jsset is determined as the difterence between the sèle proceeds and the carrying value ol the assel and is iecognised in net income/lexpendiiurel lor the year, 1.7 Impairment of fixed assets At each reporting end dale, the charily reMS Ihe carwn9 arnounls ol ils 13n9ible 35sets to determine whether there is any Indication that those assets have sullered an impairmenl loss 11 any such Indatron ex15ts, the recoverable 3mount ol the asset is estimated in order to delemiine the extent of the Irnpairrnent10ss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments wth original maturittes of three mwths or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabililies. 1.9 Financial Instruments The charity has elecled to appty the provisions of Sed¥)n 11 'Basic Financial Instruments, and Se(tion 12 'Other Financial Instruments Issues. of FRS 102 to all of rts financial instrumenis. Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the contractual provisions ol the instiument. Financial assets and liabilities are offset, with ihe nel amounts wesenied in tlie financial statements, when there 15 a legally enforceable right to set off the recogni5ed amounts and there is an intention to settle on a net basi5 or to reali5e the a55et and settle the liability simultaneously. 17-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (coMfiNUED) FOR THE YEAR ENDED 30 JUAIE 2022 Accounting policies (Continued) Basic financiala550t Bè5ic linanoal assels. which Include deblors and cash and bank bal3nce5. are initially measuied at tran5adion price Including transaction costs and are subsequent carried at èrnortised cost using the ellective interest method unless the arrangement constitutes a financin9 transaeiion, where the transaction Is measured at Ihe present value ol the future receipts disrwnted at a markei rate ol nterest. Financial assets classified as re1Vable within one year are not amortised. Basic financial liabilities. including Credito and bank loans are initially recognTsed at transartion price unless the afrangement constitutes a Iinancing Iiangctiory where the debt instrument 15 measured at the preseni value ol the lutuie payments discLyJnted at a martet late ol interest. Financial liabilitie5 dassified as payable within orbe year are not amortsed. Debt instruments ar subsequently cairied at amortised cos¢ usin9 the elfective interest rate method. Tradé crtditers are oblig3tK)ns to pay lor goods or services that have been acquired in the ordinary Course ol operation5 from suppliers. Amour)ts payable a¥ classified as current liabilities if payment is due within one year or le55. 11 not, they are presented as non-cuireni liabilities. Trade creditors are recognised Initially at trarb54¢tiort price and sub5eqyentty measured at amortised cost using the effective intèrest meihod. D•rKognitlon 01hna1/IliIlls Financial liabilities are dere<ognised when the Charit$ ¢ontraciual obligaiians expire or are discharged or cancelled. 1.10 Employee benef•ts The cost of any unused holiday tntitlÈmènt is retO9nised in the period in which the emplO?,S seNice5 a rKeived. Termination benelits are récognistd IMM{lelY as an txpenst when the charity is demonstrably committed to terminate thè employment ol an èmpl¢)yee or to provlde termination benefits. 1.11 Retirtmtrnt benefits Payments tLI deh'ned contribution rel1ment benefit schemes are charged as an expense as they fall due. 18-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YE4R ENDED 30 JUNE 2022 Critical accountin9 e5timatss and judgements In the application of the charItS a£cLwJntin9 Fjolicies. the Trustees are required to make judgements, èstimates and assumptions about the carrying amount ol assets and liabilitie5 that are not readily apparent from other swrces. The estimates and associated assumptions are based on historical experience and other factors that are considered to be felevant. Actual restjlts may diller from these estimates The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accountin9 estima¢es are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period ol the rewsion and future pwiods where the revision affects both current and future periods. Donation5 and lega¢ies Unrestrlcted Unrestricted funds funds 2022 2021 Donations and gifts Capital donation from john Brown Unbversity JRS Grant RÈcièved 188.069 360,933 1.490 66,517 2,608,S 24,760 550.492 2,719,777
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS {coNfiNUED) FOR THE YEAR ENDED 30 JUNE 2022 Charitable actiwties 2022 2021 Stall costs Deprec110 and impairmènt Accommodation Bank Fee5 Cleanin9 Purchases - Direct Educaiional Expenses Repairs & Mainlenanct Food & Supplies Travel Expense5 Equiptment Hire Ollice Expensès Telephone & Inlernel Student Tiips Donation 64,720 44,649 24,131 314 99) 2,085 I,S37 7,503 1,960 12,118 7,371 3.770 73,467 32,842 259 2,574 669 712 17 619 1,275 3,971 290 379 171.527 116,695 Share ol governance costs (see note 51 31,250 9,993 202,777 126,688 Support cost5 Svpport GovtmarKe costs costs 2022 Support Govemance costs costs 2021 Legal and professional 31.250 31.250 9,993 9,993 31,250 31.250 9,993 9,993 Anatysed between Charitable actrvities 31.250 31,250 9,993 9.993
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Twu5tees None of the Trustees lor any persons connetted wilh thLbrnl receivèd any remune¥ation or benefits frc the charity during the year. Émployees The average monthly number ol employees during the year w¥& 2022 Number 2021 NuMb•r Employment CQ5tS 2022 2021 Wa9e5 and salaries Social security costs Other pension c05ts 52,598 11,928 194 58.379 14,709 379 64,720 73,467 No employee received femuneration ol more ihan £fg),(X)) duiin9 thè year12021-NILI . Tangible fix assets Freehold land Fixtures and and buiklings rittin9S Computers Toill Cost Additions 1910,204 11,427 4,625 2,926,256 AI 30 June 2022 1910.204 11.427 4,625 2,926,256 Depreciatlon and Impalrment Depreciation charged In Ihe year 43,262 1.260 127 44,649 At 30 June 2022 43,262 1.260 127 44,649 Carrying amount At 30 Ivne 2022 2,866,942 10.167 4,498 2,881,607 21
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Tangible fixed a55et5 (Continued) Debtors 2022 2021 Amounts falling due within one year= Other debtors 1,450 10 Cr¢ditors: amgunts falling due within gne year 2022 2021 Olhei taxation and social security Accruals and deferred Income 2.073 1,320 1,2 3,393 1,2 11 Anatysis of net ass*ts between fwnds UnrestrOct•d Unrestricted funds fund5 2022 2021 Fund balances at 30 June 2022 art fepresented ty. Tangible a5sels Current assets/lliabilitiesl 1881,607 73,192 2,607,084 2,954,799 2,607,084 12 Audlt report Information The auditor's report was unqualrfied. Lowry Grant {Senior Statutory Auditor) FPM Accounlants Limited Chartered Ac<ountants Statutory Auditors 13 Related party transaclion5
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EAIDED 30 JUNE 2022 13 Related party transaction5 (Continued) John Brown University North@rn Ireland Is a related party of John BcDwn University located In the United States. During the financial year ended 30 June 2022 John Brown Unwersity transferred John Brown University Northem Ireland £519.932 12021- £2,6fA).6751 No amount is owed at the year end. -23-