Charlty roglstrallon number NIC101286 (Northorn Irèland) Company registration nurnb•r N1621611 JOHN BROWN UNIVERSITY NORTHERN IRELAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
JOHN BROWN UNIVERSITY NORTHERN IRELAND LEGALAND ADMINISTRATIVE INFORMATION Trustoes Dr K Hadley Dr C Pollard111 Dr R B NoTwood Secretary Cyph8r S8rvices Llmited Charlty number NIC101288 Company numbor N1621611 Regl8tered office 50 Bedford Street Belfast Co. Antrim Northem Ireland BT2 7FW Audltor AAB Group Accountants Limited 1 3 Arthur Street Belf8St Co. Antrim Northem Ireland BT14GA Bank&rn Danske Bank Doneg811 Square West Belfast BT1 DJS Sollcltors Cleaver Fulton Rankin 50 Bedford Street Belfast 8T2 7FW Co. Antrlm
JOHN BROWN UNIVERSITY NORTHERN IRELAND CONTENTS Page Trustees, report Statement of Trustees. responsibilities Independent audlto¢$ report 8-12 Statement of flnancAal actlvltles 13 Balance sheet 14 Statement of cash flows 15 Notes to the flnancial statement8 16-22
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their annual report and audited financial stat8rnents for the year ended 30 June 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 lo tre accounts and comply with the charity's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Pral¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (as amended for accounting periods commencing from 1 January 20191. Objectlves and Actlvltles John Brown University Northern Ireland IJBUNI) is a wholly-owned subsidiary of John Brown University IJBU), In Siloam Springs, Arkansas, United Slates of America {USAI. The John Brown University Irish Studies Program is conducted through the JBUNI entity, which is the instrument to provide qualified students who will benefit from and contribute lo the multicultural environments at Lakeside Manor in Belfast, Northern Ireland. We strive to broaden the JBU exp6ri8nce through the Irigh Studies Programs and to develop Chrisl-cenlered and globally- awar6 students who can eng898 with people from all backgrounds In order to impact the world for Christ. The John Brown Universlty Irish Studies Program provides opportunity for North American students, and students from all comers of the wortd, the opportunity to engage fully with key aspects of literature, art, music, history and politics in a contemporary Irish setting. JBUNI owns a manor house in Belfast that provides classroom, living and dining space for these students. Th8 study program5 encompass a rich Irish cultural experience. Giving real insight into contemporary Irish culture and soaety. guided field-trips are arranged lo bring Ihe188ming experience beyond the classroom and students enjoy cainl, craic agus ceol I'conversalion, fun and music'l in both traditional and modem Gontexts. Publlc Benefit statement Th& Board has considered the general guidanc8 on public benefit issued by the Charity Commission and has lak8n due regard of that guidanc8 and is satisfied that the charity's aclivili8s do provide wider public nefit. Achlevament8 and Pertorman¢e J8UNI Academlc Programs {as descrlbed to North Amerlcan 8tudontsl Imagine wandering with 19 universlty students through the rolllng green hllls of Northem Ireland, èxploring ancient landmarks. and Ihe slte5 of Belfast. The John Brown Univorslty Irtsh Studies Program, offered each fall and spring s8m8Ster. as well as a summer term, is a Iransfomiative experience deeply rooted in the country's culture and history. As part of the Irish Studies Program, you'll lake courses In peacemaklng and reconclllation or on CS Lewis, as well as Irish art, history, culture, faith, and other electives of interest. While there, you will reside in the historic l9th-centuryL&oL on four acres overlooking Wlllis Lake in the quiet suburbs of South Belfast. A variety of field trips are offered that bring the classroom lectures and discussions to life. You'll also have the opportunity to visit Gianl's Causeway, Carrick-a-Rede Rope BrSdge and Dunluce Castle before jumping into the r8freshing, 45-d&gre& Herring Pond as part of the study abroad tradition. This program is a perfect fit if you have a keen interest in Irish history and politics or have the heart to explore new places. Wlth an emphasis on pèace and contlict during spring term, you wlll learn peacemaking tools In Northern Ireland and your own life. During fall term you'll enjoy an emphasis on CS Lewis and his v&iting5. Summer lemi is a six-week program that provldes JBU cor&curriculum coursework thal Is enhanced by days filled with exciting site visits.
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2024 Fall Semester ART 2163 - Irish Art & Culture {Core & Global engagement) BBL 2033 - Evangelical Theology (Bible Corel 8BL 2043- Christian Formation (Bible Corel BBL 4483 - Sèlèctèd Toplc8: CS Lowls {REQUIRED for all students) HST 2023- Int8gratsd Humanitl8s11 (Corel ICS 2113- Intercultural Communication INT 4103 - Global Env of Business Spring S8mester ART 2163- Irish Art & Culture BBL 2033- Evangelical Theology BBL 2043 - Chrlstlan Formation POL 3223 - Poac• & Conllict Reconclllatlon {requlred for all studenls) EGL 3043 - Irish Literature HST 2023 - Integrated Humanilles11: Idsh History & Literature ICS 2113- Intercullural Communlcatlon Summer Termlsix weeks) ART 2163- Irish Art & Culture BBL 2033- Evangellcal Theology BBL 2043- Christian Formation HST 2023 - Integrated Humanilies11- Irish History & Literature ICS 2113- Intercultural Communication
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 ART 2163- Irlsh Art & Culturo Instructor.. Ross Wilson. Melissa Stevenson This course studies Irish art forms such as painting, sculpture, architecture, and film. Special attention is given to the connection beiween art forms and Irish history and culture. As part of the Irish Studies Program, it combines academic coursework with visits lo important cultural siles in Ireland and guest lecturers from contemporary artists. BBL-2033 Evangellcal Theology Inslnjctor.. James McKeown Essentials of Evangelical Theology challenges students to exarnine and explore together Chnstsanitvs essential doctrlnes by introducing them lo theology's historfcal context and helping them practice theology as a lifelong response to God's call lo live for Christ. BBL 2043 - Chrl$tlan Formatlon Instructor.. Helene Steed With an emphasis on the Irish context, Essentials of Christian Fomialion challenges sltsdents to embody their faith while assessing God's call lo live for Chdsl. The assignments are designed to help Students develop lifelong Christlan spiritual practices and habits that help them love God and others. BBL 4483 - Selected Toplcs: CS Lew18 (Fall only". Roqulred for all fall students) In8lructor'. Scott Jones This course provides an in-depth exploration of C.S. Lewis's life, faith, and writings. Through close readings of $81oCted works, w8 will analyze Lewis's style and technique and his us& of literary devicés to convey his ideas. Students will also considèr Lewis's enduring legacy and influence on contemporary Chrlstlan thought and hls ongoing relevance to wider cultural debates on religion, liter81ure, and phllosophy. EGL 3043 - Irlsh Llteralure In$lructor.' lan Dickson This wurse providés an overview of Ireland's literary history, examining selected works of wrller5 Wi11Sam Butlèr Yeals, Oscar Wilde, George Bemard Shaw, James Joyce, C.S. Lewis, and others. Creallve writing is emphasized. H8T 2023 - Integrated Humanltle$ 11- Irlsh Hlstory & Llteratur• Inslruclor: lan Dickson With an emphasis on the lrfsh conlexl, this interdisciplinary course explores how the humanitles. through many varied types of Great Texts, examlne human experiences and r8ise questions of enduring value and m88ning. The course focuses on the hlstory and literature of Irish ¢ivilizatlon$ In a European worfd context.
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 ICS 2113 - Intercultural Communlcatlon Instructor.. Christopher Steed, William Stevenson This is a study of interpersonal communication in one's own culture and the princSples of effective communication within another cultural ¢ontext. Attention is given to values, ethnocentricity, nonverbal communication, and change. INT 4103 Global Envlronm•nt of 8u8in•$s Instructor.. Paddy Roche This course will provide an oveNiew of the relationship bebNeen multinatlonal enterprisès and the &nvlronment In which they compete. Emphasis will be placed on understanding cultural contexts and informal and fomal institulions that shape the global &nvlronm8nt. POL-3223 Peacelconfllct Reconciliatlon (Spring only: Requir•d ft>r all sprlng students) Instructor.. Willlam Stevenson An introduction to the basic principle8 and strategies of contlicl transformaOn through a 'place as toxl, and 'people as texv study of the conflict in Northern Ireland. Attention Is given to George Mitchell's involvement in the Northern Ireland peac& process. Sludents learn the historical development of the conflict in Northem Ireland, Interact with people involved in the conflict, and apply their knowledge of the conftlcl and reconcliation proGess in Northem Ireland to nflict transfomiation In a global con18Xt. Attention Is given lo Chri$liang' role in peacemaking, beginning in their local communities and extending to countries across the world. Meets the Social and Behavioral ciences requir8m8nt of the Core Curriculum.
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2024 Flnan¢lal review As mentioned eartier, John Brown University Northem Ireland IJBUNII is a wholly-owned subsidiary of John Brown University IJ8UI. JBU is an Independent Christian university of arts and sciences located In Slloam Springs. Arkansas USA. Evangelist, author, and radio pioneer John E. Brown founded the J8U in 1919 as an interdenominational Christian school with an educatlonal philosophy dedicated to the Integrallon of academic excellence {Headl, moral and spiritual development (Heartl, and professional education (Hand). In 1934, the stale of Arkansas chartered the institution as a university. Today, JBU contlnues the founder's Head. Heart, and Hand philosophy with a strong academic emphasis to prepare students to focus their lives toward seNice through Ihelr profes51on5. Therefore, JBU provides a balanced emphasis of liberal arts and career orientation for its students. The student body is diverse and unique. J8U serves over 2,200 students from 42 nations and 37 states. 11 has 50+ traditional undergr8duate programs. 14 graduate programs, and 10 online undergraduate programs. Under USA regulations, J8U is classified as a tax-exempt 501 Icll31 educational organization by the Intemal Revonu8 Service. As such, It Is exempt from USA federal and Arkansas slate Income tax, and charitable contributions by the public are deductible for in¢ome tax purposes. During th8 fiscal year ended June 30. 2014, JBU fom18d John Brown Unlversily Northern Iroland. Both entllies are consolidated in the fin8ncial statements for JBU in the United States as JBU is the controlling entity. For the year ended June 30, 2024, JBU held a55ets in excess of $314 milliun IUSDI. Expenses totsled $53 million (USDI. Th8 eharlty had net incomlng resources at th8 30 Jun8 2024 of £35,864 in comparison lo £24,440 at 31 June 2023. Income for the year ended 31 June 2024 lotalled £425,589 and increased from £344,151 for the year 8nded 30 June 2023. Expenditur8 for the year ended 31 June 2024 totalled £389,725 and increased from £319,711 for the year ended 31 June 2023. Reserves Pollcy The organisallon will strive to hold in cash, reserves equivalent to a minimum of 10'/o of annual revenue. These reserves are used to meet the charity's strategic objectives of providing students with the opportunity to study abroad. Reserves at the year end were £3,015,10312023- £2,979,239) all of which are unrestrict8d. Free reserves were considered lo be £221.782 at the year end 30 June 2024, exceeding the charitie5 reserves policy. Golng Concern The activities of the charity are dependent on the ongoing contributions from John Brown University. The trustees 8re of the opinion that the charlty has sufficlenl resources at the date of the approval of these financlal statements to meet commitments which will arise in the year. John Brown University have the overall responsibility for John Brown Univ8rsity and are committed to finandally supporting the charfly and Ils continuing aclivilies. structur•, govèrnance and managamont The charity Is a company limited by guarantee. The Trusle8s, who are also the directors for the purpose of company law, and who served during thé year and up to the date of 5ignatur8 of the financial ststemenls were.. Dr K Hadley Dr C Pollard111 Dr R B Norwood None of the Trustees has any beneficial interest in the company. All of the Trust8e5 are mernbers of the company and guarantee to Gontribute £1 in the 8V8nt of a winding up. Auditor In accordanc8 with th8 company's articles, a resolution proposing that AAB Group Accountants Limit8d be reappointed as Audltor of the company will be put at a General Meeting.
JOHN BROWN UNIVERSITY NORTHERN IRELAND TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 Disclosure of Infomiation to auditor Each of the Trustees has confim)ed that Ihere is no infomation of which Ih&y are awa which is relevant to the audit, bLrt of whlch the auditor is unaware. They have further confirmed that they have taken approprlate steps to idenlify such relevant information and to establish that the auditor is aware of such informatlon. The Truslees, r&port was approved by the Board of Trustees. Dr K Hadley TTuslee Dated: ....
JOHN BROWN UNIVERSITY NORTHERN IRELAND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees, who are also the directors of John Brown University Northem Ireland for the purpose of company law, are responsible for pparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards IUnSted Kingdom Generally Accepted Accounting Practice). Company Law requir&s the Trustees lo prepare financial slalem&nls for each financial year which give a true and fair vlew of the state of affairs of Ihe charity and of the incoming resources and application of resources, induding the income and expenditure, ol tha charltsble company for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply Ihem conslstently., observ& the methods and prfnciples in the Charilies SORP; - make judgem&nts and estimates that are reasonable and prudent; stste whether applicable UK Accounting Standards have been followed, subject io any material departures disclosed and explained in the financi81 statements,. and prepare the financSal st8tem8nts on the golng conc8rn basis unless it is inappropriate to presume that the charlly will continue in operallon. The Trustees are responslble for keeping 8dequale accounting records that disclose with reasonable accuracy al any tlme the finandal position of the charity and enable them to ensure Ihal the financial statements comply with the c.ompanies Acl 2006. They are also r8sponsib18 for 83f8guarding the 38sels of the charity and hencc for talcing reasonable steps for the prevention and detection of fraud and other irregularities. Dr K Hadley Tru8tee Dated. ..
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Oplnlon We hav8 audited the flnanclal statements of John Brown Unlversity Northern Ireland (the 'charity'l for the year ended 30 June 2024 which comprise the slalernent of financlal aclivitr'es, the balance sheet, the statement of cash flows and notes to the financlal stalem8nt5, including significant accounting polici8s. Th8 fJnanclal reporting framework Ihal has been applied in Iheir preparation is appllcable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financi81 Reporting Standard 8pplicablg in the UK and Republic of Ire18nd (United Kingdom Generally Accepted Accounts'ng Practlc81. In our opinlon, the finan¢ial statements.. give a true and fair view of the state of the ch8ritable company's affalrs as at 30 June 2024 and Df ils incoming resources and appliGatlon of resources, including it5 incorne and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and hav8 been pr&pared In accordance wlth the requirements of the CompanSes Act 2006. Bag18 for oplnlon We conducled our audit in accord8nce with Internation81 Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilc*'s responsibiliti8s for th8 audit of the financial statements section of our report. We are independent of the charity in 8ccordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance wlih these requirements. We belleve that the audit evidenc6 we have obtained is sufficlent and appropriate to provide a basis for our opinion. Concluslons rélatlng to golng concern In auditing the financial statements. we have concluded Ihal the Trustees, use ol the golng oncem basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have perfornied, wè have not identlfled any materlal unc8rt8intles relating to event5 or condllions that. individually or collectively, may cast significant doubl on th8 charity's ability to continue as a going concern lor a period of at least hvelv8 months from when the financial statements are authorised for issue. Our responslbilitie5 and the responsibilities of the Trustees wlth respect lo going con¢em are described in the relevant sections of this report.
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Other infomation The other information comprises the infomialion included in the annual report other than th8 financial statemBnts and our audlloT'S report Ihereon. The TfUStees are responsibl& for the other infomiation contained within the annual reporL Our opinion on the financial st818ments does not cover the other information and. except lo the extent otheNis8 explicitly staled in our report, we do not express any lorm of assurance conclusion Ihereon. Our responsibillty 15 to read the other informallon and, in doing 50, consider whether the other Information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materlally mlsstated. If we identify such material inconsistencies or apparent rnalerial misstalemenls, we are required lo determlne whether this gives rise lo a material misstatement in the financial stat8m6nls themselves. If, based on the work we have performed, we conclude that there Is a material mi55tatement of this olh8r information, we are rtsquirtsd to report that fact. W8 have nothing lo report in this regard. Opinlons on other rnattgr8 proBGrlbed by the Cornpanles Act 2006 In our opinion, based on the work undertaken In the course of our audit.. the infomialion given in the Truslees, report for the financial year for which the rin8nci81 slalements ar8 pr8pared, which includes the directors, report prepared for the purposes of company law, 55 consistent wilh the financial statements; and the director5, report included within the Tnjstees, report has b8en pr&par&d In accordance with applicable legal requlremenls.
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Matter5 on whl¢h we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of th8 audit, we have not idenlifiod material misslat8m8nts in the diT8Ctors' report included wlthin the Trustees, report. Wa have nothing to report in respect of thé following m8tt8r8 in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate 8¢¢ounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and r8turns', or certaln dlsclosures of trustees, remunératlon specified by18w are not made., or we have not roc8lv•d all th8 inform811on and explanallons we requlre for our audit., or the Trustees were not enlltled lo prepare the financial statements Sn accordance wlth the small companies regime and take advantage of tho 5m811 companies. exemptions in preparing the Tru5tees' report and from the requirement to prepare a "tratcgSc report. Responslbllltits of Trustees As explained more fully in the Statement of Tw$tees' responsibililles, th8 Trustees, who are also the dir8clors of the charlty for the purpose of company law, are responslble for the preparation of the financi81 slalemenls and for being satisfied that they give 8 true and fair view, and for such internal control as the Trustees determine is nocessary to enable the preparation of flnancial statements that are free from m8terial misstatement, whether due to fraud or error. In pparIng the financial ststement5, the Trustees are responsible for assessing the charity's ability to continue as 8 going concem, éisclosing, as applicable, matters related to going concem and using the going concern basis of accountlng unless th6 Trustees either intend lo liquidate the charitable company or to cease operallons, or have no reallstic alternative but to do so. Audltovg r•spon•lbllltles for th• audlt of the Ilnanclal $tatom•nts Our objectives ara to obtain reasonable assuranc8 about whether the financial statem8nts as a whole are free from material misstatement, whether due to fraud or error, and to ISSU8 an audito¢s report that includes our opinion. Reasonabl8 assurance is a high level of assurance bul 15 not a guarantee Ihal an audit conducted in accordance with ISAS IUKI will always detect a material misslalemenl when il exists. Misstatement5 can arise from fraud or error and are considered material if. Sn(Jividually or in the aggregate, they could reasonably be expecl8d to influence the economic deGisions of users taken on the basis of these financial st3tementS. 10-
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND The extent to whlch our procedures are capable of detecllng irregularities. including fraud, is d8lailed below. We obtalned an understanding of the le9al and regulatory framework appllc8bl8 to th8 company through enquiry of management. sector research and the application of cumulallve audit knowl8dge. W8 Sdentified the followlng prSnclpal laws and regulations Televant lo the Gornpany - Companies Act 2006, Charitie5 Act (Northern Ireland) 2008 and the Accountlng and R8POrting by Charitl8s.' Statement of R8commended Practice appllcable to ¢harille5 preparing their accounts in accordance with the Financial Reporting Standard appllcable in th8 UK 8nd Republic of Ireland IFRS 1021 (effective 1 J8nuary 2019). W8 d8V81oped an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financlal slalements which may b8 Susceptible to management bias. Our understanding was obtained through review of the financial stat8menls for significant accounting estimat8s, analysis of journal entries, walklhrough of the k8y controls cycles iii plac& aiid gllqUIIy uf i?)ai)aiJiii)illl. Our procedures to respond lo those risks identified included, bul were not limited lo.. Enquiry of management, those charged with govemance and th8 entity's solicitors lor in- house legal team) around actual and potential liligalion and claims. Enquiry of enllly staff in tax and compliance functlons lo identify any instances of non- compliance with laws and regulations. Reviewing minutes of meetings of those charged with govemance. Reviewing financlal statement disclosures and tesung to supportlng documenl8llon to assess compllance with applicable laws and regulations. Auditing the rlsk of management overrlde of controls, including through testing journal entries and other adjuslmenls for appropriateness, and evaluating the business rationale of signific8nl transactions outside the nomial course of business. A further description of our responsibllltl8s is available on the Financlal Reporting Council, website at.. https'.IlwvM.frc.org.uklaudllorsresponslblllll8s. This d8scrlptlon forms part of our audltor's report. 11
JOHN BROWN UNIVERSITY NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF JOHN BROWN UNIVERSITY NORTHERN IRELAND Thls report Is made solely lo tho compan1$ member5. as a body, In aCcdanCe with secllon 391 of the Companles Act 2006. our audit work has been undertakon so that we might Slate lo the company'B membgTS those matters we arg requlred to stsle lo Ihem in an audilorfs report and for no olh8r purpose. To the fvllest extent perrnitt8d bylaw. we do not aGcgPt or assume responslblllty to anyone other than ihe company and the companWs members a8 a body, for our auLlil wod¢. for thls report or for the aplnlons we have fOad. T•r•sa Campboll IS•nlor Statutory Audllor) for and on b*ha of AAB Grgup A¢count•nt• Llmlt•d Chart•r•d Accountsnts Statulory Audltar 1 - 3 Arthur Street 8•Wa8t Co. Antdm Northem Ireland 12-
JOHN BROWN UNIVERSITY NORTHERN IRELAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Unrestrlcted funds funds 2024 2023 Note8 Income from: Donations and legacies 425.589 344.151 Total Income 425,589 344,151 Exp•nditur• on: Charftable activities 389,725 319,711 Total •xp•ndftur• 389,725 319,711 N•t Incoma and movement In fund• 35,864 24.440 Reconciliation of fund•: Fund balances at 1 July 2023 2,979.239 2,954,799 Fund balanc85 at 30 June 2024 3.015,103 2,979,239 All income and 8xp8ndllure d8dv8 from continuing activities and Is delemiined as unr8Stricted. 13-
JOHN BROWN UNIVERSITY NORTHERN IRELAND BALANCE SHEET ASAT30JUNE 2024 2024 2023 Nots8 Fixed assets Tangible assets 10 2,793,321 2.884,609 Current assèts Cash al bank and in hand 227,617 96.082 Credltor8: amounts falllng du• wlthln one year 11 (5,835) (1.4521 Net ¢urr•nt a8s•ts 221,782 94.630 Total a88ets1•48 currnnt11obllltl•s 3,015,103 2,979,239 The fvnds of the charity Unrestricted funds 12 3,015,103 2,979.239 3,015.103 2,979,239 These financial slalements have been prepared in accordance with the provisions applicable lo companies subject to the Small companies reglme. The flnancial statements were approved by the Trustees on 2&2025.... Dr K Hadley Trustee Company reglstratlon number N1621611 INorth8m Ireland) 14-
JOHN BROWN UNIVERSITY NORTHERN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Notss Cash flows frorn operatlng activitie• Cash generated from oparations 131,535 110,012 Invèstlng actlvltlès Purchase of tangible fixed assets (90,5151 Net cash used In inv•sllng actlvltles (90,515) Not *h gonerntod from flnan¢lng actlvltlos Net Incr¢a•e In cash and cash Oqulvalents 131.535 19.497 Cash and cash equlvalents at beginning of year 96,082 76,585 Cash and cash equlvalents at end of year 227,617 96,082 15-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charity information John Brown Unlversity Northern Ireland is a private company limited by guaranlee Sncorporated in Northern Ireland. The registered office is 50 Bedford Street, Belfast. Co. Antrim, BT2 7FW, Northem Ireland. 1.1 Accounllng convenllon The accounts have been prepared in accordance with the charity's goveming document, the Companies Act 2006. Charities Act (Northem Ireland) 2008 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {as amended for accountlng periods commencing from 1 January 20191. The charity is a Publlc Benefit Entity as defined by FRS 102. The financial statements a prepared In stedlng, whSch is the functlonal currency of lh8 charlty. Monètary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the hlslorfcal cost conventlon, modlfied lo Snclude certaln financlal instruments al fair value. The principal accounting policies adopted are sel out below. 1.2 Golng concern At the lime of approvlng the financial slalements, the Trustees have a reasonable expectation that the charity has Hdp.qiiAIA rA*¢)Iirr.p.s to c.ontinue in oper81ion81 exi9tenee for Ihe foregeeable future. Thus the Trustees continue to adopt the going concem basls of accounting in preparing the financial statements. 1.3 Charltable funds Unreslrfcled funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to speclfic conditions by donors or grantors as to how they may be used. The purposes and uses of the restrtcled funds 8re set out In the notes lo the financial slalements. 1.4 Incom• Income is recognised when the charity ig legally enlllled to it after any performance conditions hav9 been m8t, th8 amounts can be m88sur8d reliably, and il is probable Ihat incom6 wlll b8 received. Cash donations are recognis8d on reGèipI. Other donations are regnised once the charity has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deed5 of covenant is recognised al the lime of the donation. 1.5 Expendlture Expendilvre is recognised once Iherè Is a legal or constructive obligation to transfer economic benefit to a third party, 11 is probable that a transfer of econornic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dIrt costs and shared costs, including support costs involved in undertaking each activity. Direct costs altributable lo a single activity are allocated directly to Ihat actlvity. Shared costs which contribute to more than one activity and SUPPOrt costs which are not attributable to a single actlvity are apportioned between those activities on a basis con51Stenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure 15 recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that setUem8nt will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 16-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles (Contlnuedl Expenditure on charitsble activities includes the provisions of food to those in need and activities undertaken to further the PUTposes of the charity and their associated support costs- other expenditure represents those items not falllng into any other heading. 1.6 Tanglble flxed assels Tangible fixed assets are Inlllally rneasured at cost and subsequently rneasured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases- Freehold land and buildings Fixtures and fittings Computèrs 2 10-5Ok Straight Line 25'A Straight Lln 33•/0 Straight Line The gain or loss arising on the disposal of an asset is determined as the differanca b&een the sala proceeds and the carrying value of the asseL and is recognised in the slatement of finanaal aclivilies. 1.7 Impaimient of fixed asset¥ Al each reporting end dale, the charity reviews the carrying amounts of its tangible assets to determine whether thère is any indicalion that those assets have suffered an impairment loss, If any such indicats'on exists. the recoverable amount of the asset ig egtimaled in order lo detemiine the extent of the Impairment loss lif any). 1.8 Cash and cash aqulvalonts Cash and cash 8qulva18nts Include cash In hand, d8POSlts held at call with banks, other short-lerm liquld investments with original maturities of the months or less, and bank overdrafts. Bank overdrafts are shown wilhin borrowlngs In cuent liabililles. Baslc flnancial assets Basic financial assets, which Include debtors and cash and bank balances, ere initially m88sur8d at transactlon price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the Iransaclion is measured at the present value of the future receipts dlscounted at a market rale of interest. Financial assets classified as receivable within one year 8re not amortised. 8aslc flnanclal Ilabilitles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslilules a financing transaction. where the debt instrument is measured al the present Value of the future payments discounted at a market rate of interest. Financial liabilities classified as payab18 within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppli8rs. Amounls payable are classified as current liabilitie5 if payment is due within one year or less. If not. they are presented as non-currenl liabilities. Trade ciedilors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of flnancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or ar8 discharged or cancelled. 17-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles (Contlnued) 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Crltlcal accountlng oStlmat•s and Judg•rn•nts In the appllcallon of the charlty's accountlng pollcles, the Trustees are requlred to make Judg8ments, estimates and assumptions about the carying amounl of assets and liabilities that are not readily apparent from other sources. The esllmates and associated assumptions are based on hlstorical &xperSence and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting esllmal69 are recognlsed In the pedod In which the 8stSmate 15 r8Vlsed where the r8vision affects lY that period, or in the perlod of the r8vision and future periods where the revision affects both current and future periods. Donatlon8 and legaclos Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts Donation from John Brown University 56,458 369,131 38,512 305,639 425,589 344.151 18-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Charllable activities 2024 2023 Staff costs Depreciation and impaimient Accommodation Bank Fees C18aning Purchases - Direct Educational Expenses Repair5 & Maintenance 89,TT3 91.288 19,tJ)7 570 3.685 10,826 16,112 82,662 87,513 23.478 425 1 ,483 3,873 3,815 k li Food & Supplies Travel Expenses Equipment Hire Office Expenses Telephone & Intem81 Printing, Postage & Stationery Professlonal Fees Student Costs 36,014 42,545 1.933 19,509 5,237 278 28,453 5,999 18.015 9.628 34,554 15,011 6,682 16.592 371,22g 303,740 Share ol governanc8 costs Is88 note 51 18.496 15,971 389,725 319,711 Support costs allocated to activltl•s 2024 2023 Govemance costs 18,4Q6 15,971 Analysed b•twe•n: Legal and Professional 18,496 15,971 Not movement In funds 2024 2023 The net movement In funds 1$ slatsd after charglngl(credltlngl', Fees payable for the audit of the charity's financial statements DepciatIOn of owned tsngible fixed assets 5,835 91,288 87.513 Trusts88 None of the Trustees (or any persons connect8d with them) received any remuneratlon or benefits frn the charlty during the year. 19-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Employe05 The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and $818rles Social security casts 72,707 17,066 64,102 18.560 89,773 82,662 No employee received remuneration of more than £60,000 during the year12023-NIL) . Th8re were no employees whose annual mUneratiOn was more than £60,000. Taxatlon The charity15 exempt from taxats'on on its actlvilies because all ils income is applied for charitabl8 purposa5. 10 Tanglbla Ilxed assets Fr••hold 14nd Flxturel •nd Ind bulldlng4 flttlnqs Comput•r• Tot•1 Cost At 1 July 2023 2,987,009 25,137 4.625 3,016,771 At 30 June 2024 2,987,009 25,137 4.625 3,016,771 D•preclatlon and impalrni¢nt At 1 July 2023 Depreciation charged in the year 125,717 83,415 4,792 6,347 1,653 1,526 132.162 91,288 At 30 Jun8 2024 209.132 11,139 3,179 223.450 Carrylng amount At 30 June 2024 2,777,877 13,998 1,446 2,793.321 At 30 June 2023 2,861,292 20,345 2,972 2,884,609 -20-
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 11 Credltors: amounts falllng due wlthin one year 2024 2023 Accruals and deferred income 5,835 1 .452 12 Unreslrlctsd funds Th8 unrestricted funds of the Charfty compris8 the unexpended balances of donations and grants whlch are not subject to speclfic conditions by donors and grantors as lo how they may be used. These Include designaled fund5 whiGh have been set aside out of unrestricted funds by th8 trustees for spe¢ific purpo88S. At 1 July 2023 Incomlng ReJourGO8 re8ourc•s •xp•nd•d At 30 Jun• 2024 General funds 2,979,239 425,589 1389,7251 3.015.103 Prevlous year: At 1 July 2022 In¢omlng Resources resource8 •xpendod At 30 Jun• 2023 General fijnds 2,954,799 344,151 {319,711) 2,979.239 13 Analysis of net a85etJ between funds Unrestrlcted fund8 2024 At 30 June 2024: Tangible assets Current asselsl(liabSllties) 2,793,321 221.782 3,015,103 Unrestricted funds 2023 At 30 June 2023: Tangible assets Current assetsllliabiliti'es) 2,884,609 94,630 2,97g.239 21
JOHN BROWN UNIVERSITY NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 14 Related party transactlon$ John Brown University Northern Ireland is a related paty of John Brown University located in the Unlted States. During the financial year ended 30 June 2024 John Brown University transferred John Brown University Northem Ireland £425,58912023- £344,151). During the financial year 30 June 2024 John Brown University Northem Ireland incurred costs of £43,369 {2023- none) which related to activities for John Brown University. No arnounl is owed at the year end1202& none). There were no other related paty Iransactlons within the year. No trustees received any remuneration or expenses during the year12023- none). -22-