Charity registration number NIC104482 Company registrntion number N1049168 {Northem Ireland) BELFAST BIBLE COLLEGE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
BELFAST BIBLE COLLEGE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Dlrectors Dr N C Morrow (Chair) Prof N D Black Ms S Graham Mr P S Hendron Mr N J8nnings MrMHPitt Mrs J Smyth Prof P Fleming Mrs L Watson (Appointed 5 Oclober 2022) (Appointed 8 Dec8mber 2022) Prlncipal James Burnett (Appointéd 30 May 2022) Charlty numb•r NIC104482 Company number N1049168 Reglstsred offlce G18nbum House Glenburn Road South Dunmurry BT17 9JP Auditor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrlm Northern Ireland BT2 8HS Bankers Ulster Bank Andersonstown Branch Unit G. Westwood Centr8 Belfast Co. Antrim BT119BQ Sollcltorn Hewitt & Gllpln 8 High Street Holywood BT18 9AZ
BELFAST BIBLE COLLEGE LIMITED CONTENTS Page Strategic report Diredors, report 6-10 Independent auditorfs report statement of financial activitles 15 statement of financial position 17 Statement of cash flows 16 Notes to the financial statements 18-27
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The diredors present their strategic report for the year ended 31 August 2022. What the College doo8 The College provides education services. The Charity's classlflcatlon The advancement of Education. Who the Charlty helps The charity exists to help the general public but is specifically interested in those who wish to train for growth in Christian life and s8rvic8, locally and around the world. How the charlty works The charity delivers educational programmes to create a welcoming community in which God works to fomi His people by integrating spiritual, academic and experiential learning rooted in His Word, for growth in Christian life and service, locally and around the world. REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS There were net outgoing resources for the year of £73,040 attribulable to unrestricted reserves which now stand at £1,220,515. In addition, there was net incom8 before transfers for the year of £8.923 attributable to restricted reserves which now stand at £69.991. ACHIEVEMENTS AND PERFORMANCE Progress was made toward fulfilling our purpose in 2021-2022 in the following areas: Educa The College offers undergraduate and postgraduate courses validated by the University of Cumbria These courses provide a suite of vocational theology awards (CertHE, DipHE, BA Theology, Graduate Dip, MA) validated by the University of Cumbria. Additionally, the college offers a wide range of part time Gour5es in various theological subjects. Advancement i. Recruiting and Enrolment The number of full time equivalent student5 attending the college for the various degree courses in the year under review was 83. In September 2021. the College enrolled 63 {2020-95) undergraduate and O (2020.'4) postgraduate full time students as well as 7 (2020'.5) undergraduate part tim8, 32 (2020-39) post graduate part time and O (2020.1) full time Ph.D. students. Those attending the Colleg8 were from a wide spectrum of denominations. Students attending the college coma mainly from UK and Ireland with a small number coming from countries from around the world. ii. Educational Development Duting 2021 the College rolled out year 2 of a revalidaled UG programme. This newly revalidated degree builds on our knowledge and experience and seeks to better serve our students with an integrated approach across theological disciples and practical service.
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The College also sought to enhance the support we offer to students, on a joine&up approach across academic, pastoial and residential support. Feedback from students has been very positive as to the quality of the support and it has been enwuraging to see students access both academic support through their Personal Tutor scheme, as well as Pastoral care. This positive feedback has been echoed in the external survey based NSS that paints an encouraging picture of College. The MA (launched in 2018) continues to attract student5 from a wide range of professional backgrounds as its blended approach serves Iheir educational and professional needs well. This year our further enhancement of the MA has enabled students to present Iheir dissertation research proposals in an online seminar. Alongside our fomial 8ducation, the College offers short courses, created by the College and accessible to the public at large. This year we continu8d our suite of programmes under the banner of The Transfomiation Project. The accessibility of these classes with some face-to-face and some online has worked w811 and resulted in a greater diversity of participants along with wider net of ¢ontrlbutors to the teaching. 111. Resource Development The level of charltable donations to general operatlons and speclfic projects continues to support the College needs. The College is dependent on the generosity of supporters to ensure the future sustainability of the College. This is supported through a funding group to help support application to Trusts and uncover new funding possibilit18S. erations The College continued its policy of upgrading facilities Ihrough minor capital works and th8 ongoing maintenance programme on its buildings. During the year £46,550 {2021- £42,877) was spent in this way. uman Resourc88 The college conllnues to support staff and volunteers, with ongolng tralnlng for our line managers and supportlng staff. Outcomes Assessment The College continues its commitment to providing theologi¢al education at differing acAdemic levels and for varying study periods depending on the needs of prospective applicants. In the BA in theology from the Univ8rsity of Cumbria 59 % (2021.. 46%) of students graduated with a 2.1 or above.
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW The results of the College's activities are contained in the attached financial statements. Overall a deficit of £66,117 (2021- surplus £47,869> is reported for the year ended 31 August 2022. Unrestrided Funds r&tumed a deficit of £73,040 compared to a Sufplus of £43,146 in 2021 whilst the corresponding figures for Restricted Funds were a surplus of £6.923 and a surplus of £4,723 respectively. Unrestricted Reserves were £1,220,51 S (2021.. £1,293,555) at year end whilst Restrided Reserves were £69,991 (2021: £63,068). uidit The College decr8ased its bank balance during the year. Bank balances al year end were £550,764 Compared to £586.088 at the end of the previous year. This is sufficient cash reserves to meet the College's funding requirements for slx months without resorting to borrowing from the company's bankers or generating additional funds. Income During the year under review, 83 (2021.. 1221 full time equivalent students att8nded the College completing one or more of the variety of courses provided by the College. In th8 year to August 2022 fee income for such students amounted to almost £475,643 (2021: £625,109). Almost 233 (2021.339) part-time students attended evening class or day release courses generating f88 income of £41,996 (2021.'£41,352). Donation income and income from the use of the College's facilitias continue to provide a steady source of revenue. nditure Expenditure may be broken down between that whlch is Incurred directly on educatlon and that which is incurred on maintaining the College's buildings and infrastructure. Over 85% of the educational costs may be analysed as employment costs. Personnel and Property costs are the major areas of expenditure wlthln the Indirect or corporate services area. The College has been impacted by the steep rise in energy costs as a result of Ihe current cost of living crisls. As this occurred during the middle of the academic year, we were unable lo recover any additional costs by way of increased fees - fees being set in advance for each academic year. Al the same time, we identified that Glenburn House was in serious need of major refurbishment and upgrade. How8ver, the increased Costs of materials and labour have prohibited the roll out of the work required until additional funding is in place. led and Desi nat d Fund The College also receives donation income from churthe5 and individuals for specific projects. These are all recorded separately according to their specified use and are maintained in separate funds as follows.. Global Sponsorship Fund This Fund is used to support undergraduate overseas students who are unable to raise the fees to study at the College.
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Assistance is also given for travel, accommodation and OLrt of pocket living expenses for such students. Where a student is supported by a church, the student is obliged to visit the sponsoring church regularly at weekends to experience pastoral work in a Northern Ireland church environment. In the year just ended, no (2020.. 2) students were supported under this stheme. Student Bursary Fund This Fund is used lo support students from within the British Isles who would otherwise be unable to meet the costs of study at the College. Such students are assessed by a Board sub-committee who bring their recommendations to the Board as appropriate. During th8 year ending 31 sl August 2022, with the assistan of a Fund8r we were able to provid8 4 students with a total of £3,000.00 of assistance. College Building Fund The College owns all its buildings and has no loans outstanding on its property. This Fund is a Designated rather than a Restrlcled Fund and is set aside for a Capital project to improve facllities. Land and Building Fund The College maintains a designated reserve equivalent to the net book value of its property (land and buildings) to focus attention on Ihe infrastructure of the College and the need to generate sufficient funds to maintain this prop8ty. This reserve is made up of the land and buildings which are held for the long term and is not readily available to meet the ongoing operating costs of th8 College. RESERVES POLICY By its nature the college meets expenditur8 from its income and the majority of unrestricted reserves comprises designated funds. It is the Board's policy lo work towards a position where General Fund reseeS as set out in note 17 are sufficient to meet three months of op8rating costs which amounts to £228,741 without prèjudicing the ongoing activities of the College. The reserves policy is reviewed annually, and unrestricted General Fund reserves amount to £269,146 al 31 August 2022. This represents 3.5 months of operating costs of the College. The Board is continuing to seek lo achieve the reserves target while continuing to deliver the College's objectives by seeking to budget for a small surplus each year. The total reserves of the College for charitable purposes amounts to £1,290,506 at 31 August 2022 of which 5°/0 are restricted, 640k are represented by land and bulldlngs and 31 OA are available for use albeit 9°h of that is designated for future Gapital projects by the Board. Plan For Future P•rfod$ The Board is cognizant of the challenges facing theological llege5 in a post-pandemic landscape. In 2022-2023, members strove to achieve strategic objectives (which were agreed to in 2021), with courage, adaptability and creativty. Th8 Strategic objectives are.. 1. To strengthen the College'5 edur2tional provision and continue to improve Ihe quality of the teaching and learning experien. 2. To enable all of our students to progress in their learning, their pernal developfflent and the maturing of their Christian character, and to help them live out their faith as 21 st ntUry disciples. 3. To rais8 the profile, reach and reputation of the Colle9e locally and intemationalty. 4. To seek to be a prophetic response to contemporary issues facing the churth and society.
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 In addition to nomial operations, other foci were a priority. They induded: The appointment of a new Principal. Increasing the College's profile through a series of strategic courses as well as online inputs and Church engagements. Increasing the ov8rall long-term financial sustainabilty of the College through the comm8rcialisation of additional services. Exploring the College's capacity for E-learning. Expanding the College's postgraduation leaming platfomi, including additional cour5e5. This will continu8 into 2022-23. Regulatory and key perfomanco indlcator8 This year the Colleg8 received the endorsement from QAA as the College continues to maintain academic standards and enhance th8 quality of student learning opportunities. App ved by the Board on 5 and slgned on Its bèhalf by orro (Chalr) Director
BELFAST BIBLE COLLEGE LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The directors present their report and financial statements for the year ended 31 August 2022. The directors have adopted the provisions of the Statement of Recommended Practice (SORPI Accounting and reporting by Charities (FRS102) in preparing the Annual Report and financial statements of the company. STATEMENT OF DIRECTORS, RESPONSIBILITIES The direclors, who also act as Trustees, are responsible for preparing the Annual Report and financial stalements in accordance with applicable law and regulation. Company law requires the dir8Ctors to prepare financial statements for each financial year. Under that law, the directors have prepared the financial statements in accordance with United Kingdom Accounting Standards comprising FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law {Uniled Kingdom Generally Accepted Accounting Practice). Under company law the diraclors must not approve the financial stal8ments unless they are satisfied that they give a true and fair view of the state of the affairs of the company and of the incoming resources and application of sourCes, induding the income and expenditure account. of the company for that year. In preparing these financial statements the dlrectors are required to: select suitable aGwunting policies and then apply them consistently., observe the methods and principles in the Statement of Recommended Pra¢tlce (FRS102).' Accountlng and Reporting by Charities (2015)- make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless It Is inappropriate to presume thal the company will continue in business: and slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. The directors are responsible for maintaining proper accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time, the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for laking reasonable steps for the preventlon and detection of fraud and olher irregularities. STRUCTURE, GOVERNANCEAND MANAGEMENT Belfast Bible College Limited is a Company limited by guarantee not having a share capital and is incorporated under the Companies Act 2006. The company is governed by its memorandum and articles of association. The College is fomially recognised by HM Revenue and Customs as a charitable body under referenc8 XN47242, and is registered with the Charity Commission for Northem Ireland NIC104482. The statutory reliefs under s505 of the Income and Corporation Taxes Act 1988 are admissible on income subject to compliance with the temis of s505 of the Act. Board of Dir8ctors The Board of Directors is responsible for the review of all activities, approval of budgets and implementation of future strategy. The Board meets five times per annum. There are three Board sub-committees namely Education Committee, Human Resources Committee and Finance. Risk and Audit Committee. each subcommittee meet on a regular basis and report to the Board of Directors. The Senior Management Team is made up of six staff under the leadership of the Principal and is responsible for all operational and day to day matters. It recommends key decisions to the Board for approval and will also provide infomiation and recommendations to the Board sub-wmmittees for consideration and approval in the relevant operational areas. This Group meets monthly.
BELFAST BIBLE COLLEGE LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The directors who served during the year and up to the date of signature of the financial statements, unless othefwise noted, were: Dr N C Morrow (Chair) Dr M E J Benn8tt (resigned 16 June 2022) Prof N D Black Ms S Graham Mr P S Hendron Mr N Jennings MrMHPitt Mrs J Smyth Mr D R Wheeler (resigned 16 June 2022) Mr P Fleming (appointed 16 June 2022) Mrs Lis8tt8 Watson (appointed 8 December 2022) Appointment of Dlrectors Those seNlng as dlrectors are invited by the existing Board of Dlrectors on the ground of their proven ability, relevant experienc8, and personal interest in the work of the College. Prior to joining the Board each prospe¢tive member meets with the Chairman. The meeting provides an overview of the College and the role and responsibilities of each member of the Board. An induction process for new Board members has be8n developed and is used lo ensure they are familiar with the objectives, activilies. public benefft and risks facing the College. A Directors Pack for the College is given to each new member when they join and ongoing Iraining Is Pfovided a8 required. Each member of the Company is also appointed as a director, serves for a sp8cific term, retires by rotation, and upon retirement is eligible for re-appointment. As the College receives onty limited financial assistance from public funds, relying upon fees charged to students and upon gifts received from supporters there are no directors nominated by any public body or outside agency. None of th8 directors has any beneficial Interest In the Company. All of the directors are members of the company and guarantee to contribute £10 each In the event of a winding up. The College employs a principal and other full time and part Ilme teachlng staff, and the day to day operatlon of the College as a place of Christian education Is delegated to the principal and his staff. However, the Board of Directors is ultimately responsible for the activities of the College, and are governed by the doctrinal statement set out in paragraph 3 of the Articles of Association as well as Ihe original objects expressed in the Declaration of Trust of 81h February 2003. The College is an independent body and has no constitutional connection with any other college or education estsblishment. The professional advisors to the College are set out on the first page of the Annual Report. During the year we said goodbye to Helen Warnock, our Principal for the last 5 years and wish to record our thanks to Helen for her contribution to the College. In April we welcomed Rev James Burnett as our new Principal. James has a very real sense of calling to the College and comes with considerable experience in theology, mission and pastoral ministry and we also value his leadership skills.
BELFAST BIBLE COLLEGE LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 OBJECTIVES AND ACTIVITIES The purpose of thé College is.. To equip 21 sl century followers of Jesus through theological education that fosters the abilty to communicat8 the Christian faith intelligently and with Conviction in word and action. The main adivity of the College continued lo be in the area of delivering educational programmes in keeping with that purpose. Through this year, we successfully continued to provide courses leading to.. Intemal 3 month, 1 year Certificate & graduate Diploma courses. 3 month Cerknficate, 1 year Certlfi¢ate, 2 year Diploma and 3 year BA in Theology (Universlty of Cumbria IUOCI valldated courses). Postgraduat8 2 year Part Time MA In Theology (Universty of Cumbrla [UOC] validated course). EMPLOYEES All departrnents within College have regular stsff meetings whereby informatlon is disseminated to and obtalned from staff by senior management. There are regular meetin95 to facilitate the exchange of this information and also on the agenda for discussion at these meetings is the Current statistical, quality and budgetary information for the College. RISK MANAGEMENT Risk management is considered by the Board annually but operational oversight rests with the Board Finance. Risk and Audit Committee who consider risk at each meeting. The College has developed a College Strategic Risk Register supported by a subsidiary Register of MO minor risks and the risk management process will continue to develop in the incoming year. The Board has considered the financial and operational risks associated wilh running the College and considers that it has in place the procedures to manage any such ongoing risks. The following 18 a summary of the key activities in place to mitigate exposure to risk.. ongolng review of the Strategic Plan and analysis of the market for students who wlsh to oblain fomial bibl8 based training and a¢creditation', monitoring of financial information on a monthly basis wlth adequate planning and financial controls in place., an established Education Committee together with robust reporting and Independent quality review procedures through our accrediting sponsors- extensive range of policies and procedures to cov6r all aspects of the College activities. organisational structure which includes provision for deputies to cover key roles and an effective succession planning process; robust govemance controls with sufficient management and reporting structures in place: and frequent assessment of risk to ensure all possible consequences are considered and controls implemented.
BELFAST BIBLE COLLEGE LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The key risks facing the College are set out in the Corporate Risk Register bul the focus of attention surrounded the following risks.. maintenan of a high standard of educational qualty and excellence to support academic achievement and Christian service development among the student population. Sustainability of funding to support all College activity. Maintenance of an appropriate physical environment for both staff and students These risks are manag8d and mitigated through various management operated policies and procedures and overseen by specific Board Committees in these key areas- Education Committee, Finance, Risk and Audit Committee and Human Resources Committee. These standing committees are supplemented by ad hoc committees as and when required to oversee other risks and opportunities as they arise. The Finance, Risk and Audit Committee also look at 8m8rging risks such as the General Data Protects'on R8gulation to ensure the College is awar8 of the impact and is planning to mitigate the risk if and when it arises. PUBLIC BENEFIT The Board believes that the public benefits from Its actlvltles In the areas of the advancement of religion and the advancement of education through: The training of fvll and part time ministers of religion, lay a550ciates and pastoral ministry workers 11. Spiritual fomiation of laity Teaching and spreading the principles of the Christian religion Raising awarene55 and understanding of Christian beliefs and practices The carrying out of missionary and outreach work iv. The areas in which the college seeks to achieve this are:. Through college and hlgher education Communlty edu¢atlon Religious education Vocational training and Ilf&long leaming The development of Indlvidual capabilities, competencies, skills and understanding The key beneficiaries are the students who have the opportunity to attend full or part time courses provided by the college. In addition, the public at large may attend public lectures and part time llege Courses. The directors confim) they have had regard to the statutory guidanc8 in respect of the Public Benefit Requir8m8nt published by the Charity Cornrnission for Northem Ireland. FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS The charity does not hold any funds as custodian for any other trustee body.
BELFAST BIBLE COLLEGE LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 DISCLOSURES OF INFORMATION TO AUDrroRS To the knowledge and belief of the directors, the directors confirm that there is no relevant information that the company's auditors are not aware of. They further confirm that they have taken all the steps necessary to ensure the dir8Ctors are aware of any such relevant information, and to establish that the company's auditors are aware of such information. AUDITORS Harbinson Mulholland have indicated their willingness to continue In office and a resolution conceming their r appointment will be proposed at the Annual Gen8ral Meeting and to authorise the directors to fix the remuneration of the auditors for the year ended 31 August 2023. Approved by the Board on and ¥lgngd on It• bghalf by Dr N C Morrow (Chair) Director 10-
BELFAST BIBLE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF BELFAST BIBLE COLLEGE LIMITED Opinion We have audited the financial statement5 of Belfast Bible College Limited (the 'Company') for the year ended 31 August 2022 which comprise the statement of financial activities, the statement of financial position. Ihe statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irgland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company'5 affairs as at 31 August 2022 and of its incoming reSoUrS and application of resources, for Ihe year then end8d', have been properly prepared in accordan wtth United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006, Basis for oplnlon We conducted our audit in accordance with International Standards on Auditlng (UK) IISAS (UK)) and appllcab18 law. Our responsibilities under those standards are further described in the Auditorfs SponSIbl1111es for the audit of the finanryal st8tem8nts section of our report. We are Independent of the Company in accordance wrth 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 accordaD¢e with th8S8 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu8ion8 relatlng to going concern In auditing the financial statements, we have concluded that the Directors, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriale. Based on the work we have performed, we hav8 not identified any material uncertalntles relating to events or Conditions that, individually or ¢ollectiV8ly, may cast significant doubt on the Companvs ability to continue as a going concern for a period of at least e1ve months from when the finandal statements are authorised for Issue. Our responsibilities and th8 responsibilities of the Directors with respect to golng concern are described in the relevant sections of this report. Other inforniatlon The other information comprises the infomiation included in the annual report other than the financial staternents and our auditorfs report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does nol cov8r the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read Ihe other information and. in doing so, consider whether the other information is malerially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othewiise appears lo be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, bas8d on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to r8POrt in this regard. Matters on which we are requlred to report by exception We have nothing lo report in respect of the following matters in relation to whith the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion= the information given In the financial statements is inconsistent in any material respect with the Directors, report- or SLrfficient a¢¢ounling records have not been kept,. or the financial statements are not in agreement with th8 accounting records- or wé have not received all the information and explanations we require ft)r our audit. 11
BELFAST BIBLE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED> TO THE DIRECTORS OF BELFAST BIBLE COLLEGE LIMITED Responsibilities of Directors As explained more fully in the statement of Directors, responsibilities. the Directors are responsible for the pr8paration of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due lo fraud or error. In preparing the financial statements, the Directors aré responsible for assessing the Company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the ¢haritabl8 company or to cease operations, or have no realistic alternative but to do so. AUdit0S responslbilitie8 for the audit of the flnanclal $tatsments We have been appointed as auditor under secllon 144 of the Charities Act 2011 and report In a¢cordanc8 With the Act and relevant regulations made or havlng effect ther8und8r. Our objectives are to obtaln reasonab18 assurance about whether the financial statements as a whole are free from material misstatement, whether du8 to fraud or eor, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econornlc declsions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined abov8, to delect material misstatements in r8SP8cI of irregularities, including fraud. The extent to which our procedures are capable of detecling irr8gularities, including fraud, is detailed below 12-
BELFAST BIBLE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST BIBLE COLLEGE LIMITED Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulation5, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate compet8nc8, capabilities and ski115 to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector, We focused on sp8cific laws and regulations which we considered may have a direct material effect on th8 financial statements or the operations of the company, induding Companies Act 2006, taxation18gislation, data protection, anti-bribery, employment, environmental and health and safety legislation we ass8ssed the extent of compliance with the laws and regulations idenlified above through making enquiries of management and inspecting legal correspondence- and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of norFcomplIan throughout the audit. We assessed th8 susceptibility of the company's financial ststements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enqulrles of management as to where they consldered there was susceptibility to fraud, thelr knowledge of adual, suspected and alleged fraud- and considering the internal controls In place to mitigate risks of fraud and non-compliance with laws and regulations., To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias., and investigated the ratlonale behlnd Significant or unusual Iransa¢tlons; In response to the risk of irregularities and non-compliance with laws and regulatlons, we deslgned procedures whlch induded, but were not limlted to,. • agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged wilh governance: enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with HMRC and the company's legal advisors; A further description of our responsibilities is available on the Financial Reporting Council's website at- http$=Il www.frc.org.uklauditorsresponsibilities. This description foms part of our auditorfs report. 13-
BELFAST BIBLE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST BIBLE COLLEGE LIMITED This report is made solety to the company's members. as a body, in accordance with section 391 of Ihe Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report. or for the opinions we hav8 formed. Angela Cra an Isenlor Statutory Auditor) for and on behalf of Harblnson Mulholland 13123 Chartered Accountants Statutory Audltor Centrepoinl 24 Omieau Avenue Belfast Co. Antrim Northem Ireland BT2 8HS Harbinson Mulholland Is eliglble for appointment as auditor of the Company by virtue of its eligibility for appointrnent as auditor of a company under section 1212 of the Cornpanies Act 2006. 14-
BELFAST BIBLE COLLEGE LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrictèd Restricted funds funds Total 2022 Total 2021 Notes Income from: Donations and legacies Income from charitable activities Investhients 106,662 736.494 859 6,950 113,612 736,494 859 106,856 804,089 737 Total in¢omo 844,015 6,950 850,965 911,682 endlture on: Expendilure on charitable activities 914,965 27 914,992 866,909 Other 1.181 1,181 Total rnsources exp•ndod 916,146 27 918,173 866,909 Net gainsl(losses) on investments (909) (909) 3,096 Net movement In funds (73,040) 6,923 (66,117) 47,869 Fund balances at 1 Septernber 2021 1,293,555 63,068 1,356,623 1,308,754 Fund balan¢08 at 31 August 2022 1,220,515 69,991 1,290,506 1,356,623 The statement of financial activities includes all gains and losses reGognised in the year. All income and expendliure derlve from contlnulng actlvltles. The statement of financial activities also complies with the requirements for an income and expendlture account under the Companies Act 2006. The notes on pages 18 to 27 form part of these financial statements. 15-
BELFAST BIBLE COLLEGE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from operatlng actlvities Cash generated from operations 19 lo,7 65,980 Investlng activities Purchase of tangible fixed assets Investment income r8C8ived (46,550) 859 (3,297) 737 Net cash u8èd In Investlng activities (45,691) (2.560) Nat cash used In flnanclng a¢tiviti08 Not (decreas•)lin¢roa80 In cash and ¢a8h oqulvalents (35,324) 63,420 Cash and cash equivalents at beginning of year 586,088 522,668 Ca$h and cash oquivalants at end of yoar 550,784 586,088 16-
BELFAST BIBLE COLLEGE LIMITED STATEMENT OF FINANCIAL POSITION AS Af31 AUGUST2022 2022 2021 Notes Flxed a$$ots Tangible assets Investments 10 11 909,556 14,026 919,989 14,935 923,582 934,924 Current assets Debtors Cash at bank and in hand 12 35,961 550,764 29,980 586,088 586,725 616,068 Croditors: amounts falllng due wlthin one year 13 (219,801) (194,369) Net current assets 366,924 421,699 Total a¥8ets loss current liabllllles 1,290,506 1,356.623 Income funds Restricted funds Unrestricted funds General funds Designated funds 16 69,991 63,068 16 16 234,874 912,601 273,400 1,063,301 1,220,515 1,293,555 1,290,508 1,356,823 The Company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2022, although an audit has been carried out under section 65 of the Charities Act {Nl) 2008. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the Company to oblain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordan with section 476. These financial statements have been prepared in a¢¢ordance with the provisions applicable to companies subject to the small companies regime. Th8 financial statements were approved by the Directors on .. . orr (Chair) MrMHPitt Trustee Trustee Company Registration No. N1049168 17-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies Charity inforniation Belfast Bible College Limited is a private company limited by guarantee in¢orporated in North8rn Ireland. The registered office is Glenbum House, Glenbum Road South, Dunmury, BT17 9JP. 1.1 ststement of compllance The financial slalements have been prepared in accordance with the Companies Act 2006 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 (FRS 102)° (as amènded for accounting periods commencing from 1 January 2016). The Company is a Public Benéfrt Entity as defined by FRS 102. 1.2 Ba818 of preparatlon The financial statements are prepared in sterllng, which is the functional CuencY of the Company. Monelary amounts in these financial slatements are rounded to the nearest £. The finan¢lal statements have been prepared In accordance wlth Applicable Accounting Standards In the United Kingdom. Assets and liabilities are initially re¢ognised at historical cost or tTansaclion value unless otherwise slated in the relevant accounting policy. The principal accounting policles adopted, which have been applied con515tently, are set out below. 1.3 Going concern The charity reported a cash OLrtnow of £35,324 and net operations cash deficit of £68,117 for the year. The directors have prepared projections and, having considered the circumstances outlined above, are of the view that they have secured sufficient funding to ensure that the company Can continu8 to trade for the nexi 12 months. For this reason th8y continue to adopt the going concern basis in preparing the financial stalements. 1A Charltable fund$ Unrestricted fvnds are available for us8 at the discretion of the Dlrectors in furtherance of their charllable obledlves. Reslrlcted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial stat8m8nts. 1.S Income Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Sncome is deferred only when the charity has to fulfil conditions before becoming fully entitled lo it or where the donor has specified that the income is to be expended in a future period. Grants. including capital grants, from the gov8mrnent and other agencies have been included as income from activities in furtherance of the charity's objects where these amount to a contract for services, but included as donations where the money is given in response to an appeal or with greater freedom of use, for example, government block grants. Donated facilities are included at the value to the chariiy where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. 1.6 Expenditure Expenditure is included in the Statement of Financial Activilies on an accruals basis. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of th8 proportion of time spent by stsff on thos8 activities. 18-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policles {Continued) 1.7 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment1055es. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases- Land Ground rents Buildings Plant, fixtures and computers 0° 1 /, 20A. 40/0 or 100fi straight line 100/0, 200A, 25 % or 500A straight line 1.8 Fixod a88et Investmants Fixed ass8t investments are initially me8sured at transaction price excluding transactlon costs, and ar8 subsequently measured al fair value at each reporting date. Changes In falr value are recognised in nel incom81(expenditure) for the year. Transactlon costs are expensed as Incurred. 1.9 Impalrnient of flxed assets At each reporting end date, the Company reviews the carrying arnounts of tts tangibl8 assets to determine whether there is any indication that Ihose assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to d8termine the extent of the impaimient loss (if any). 1.10 Cash and ¢a8h aqulvalents Cash and cash equivalents indude cash In hand, deposits held at Call with banks, other short-term liquid investments with original maturiti8s of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowlngs in current liabilities. 1.11 Flnanclal Instruments The Company has elecled to apply the provisions of Sectlon 11 'Basic Financial Instruments, and Sectlon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with Ihe net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an inlention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which in¢lude debtors and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reIP1S discounted at a market rate of interest. Financial assets classtfied as receivable within one year are not amorlised. 19-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Accounting pollcles (Continued Basic linanclal Ilabilities Basic financial liabilities. induding creditors and bank loans are initially recognised at transaction price unless Ihe arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or serViS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilitl8s if payment is due within one year or less. If not, th8y are presented as non-¢urrent liabilities. Trade creditors are récognised initially at transa¢tion price and subsequently measured at amortised cost using the effectiv8 interest method. Derecognltlon of flnanclal liabilities Financial liabilits'es are derecognised when the Compan8 contractual obllgations expire or are dlscharged or cancelled. 1.12 Employee beneflts Termination benefrts are CognISed Immediately as an expense when the Company Is dernonstrably committed to terminate the employment of an employee or to provide termination benefrts. 1.13 Retlrement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltical accountlng 08timate8 and Judgements In the appli¢atlon of the Company's accounting pollcies, the Directors are required to make judgements, estlmates and assumptions about the carrylng amount of assets and liabllitles that are not readily apparent from other sources. The estimates and as$0¢iated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may dlffer from these estimates. The estimates and underlying assumptions are VIeWed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affeds only that period, or in the period of the vision and future periods where the revision affects both current and future periods. -20-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Critical accounting estimates and Judgements Icontlnued) Key sour¢06 of 08tlmatlon uncertalnty The Directors do not consider there are any material estimates or judgements in these financial statements other than as set out below. Tanglble flxed assets Tangible assets are depreciated over thelr useful lives taking into account residual values where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessments consid8r issues such as the remaining live of the asset and the estimated value in use. Debtors Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty. Donations and legacles 2022 2021 Unrestricted funds Restricted fvnd5 106,662 6,950 99,106 7,750 113,612 106,858 Income from charftable a¢tlvltio8 2022 2021 Course fees other student income Exiemal use of facilities Other income 517.640 67.796 38.363 112,695 866.461 69,042 21,750 46.836 736,494 804,089 21
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Invastments 2022 2021 Income from Equity Fund Interest receivable 564 295 651 86 859 737 Expenditure on charitable actlvlties 2022 2021 staff costs Depreciation and impairment other adivities undertaken directly 543,324 55,802 226,673 547,268 54,893 180,586 825,799 782,727 Share of support costs (see note n Share of govemance costs (see note n 83,160 6,033 78,152 6,030 914,992 866,909 Analysis by fund Unrestricted funds Restricted funds 914,965 27 863,882 3,027 914.992 866,909 The charitable activity of Belfast Bible College is to equip students intellectually and spiritually for Christian witness and service throughout the world. The charity does this by providing training at its premises. -22-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Support costs Support Governance C03ts costs 2022 2021 Office overheads Advertising Finance Informatlon technology 18,635 21,732 5,740 37,053 18,635 21,732 5,740 37,053 16,380 27,690 8,360 25,722 Management 6,033 6,033 6,030 83,160 6,033 89.193 84,182 Analysed between Charitable activities 83,160 6,033 89,193 84,182 Dlrectors None of the Dir8dors (or any persons connected with them) received any remuneration or beneffts from the Company during the year {2021'. none). Employees Numbar of employees Thé average monthly number of employees during the year was: 2022 Number 2021 Number staff employed 23 23 Employment co$ts 2022 2021 Wages and salari88 Social security costs Other pension costs 475,343 40,652 27,329 479.310 40.459 27,499 543,324 547,268 The senior management team of the College compiised of 2 members of staff at the start of the period and 2 members of staff at the end of the period. The aggregate remuneration of this group was £82,565 (2021.. £100,218>. There were no employees whose annual remuneration was £60,000 or rn0. -23-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 10 Tangible fixed assets Land Ground rents Building8 Plart flx1ures and computer8 Total Cost At 1 September 2021 Additions Disposals 27,568 6,450 1,315,410 24,918 378,989 21,632 (99,94n 1,728,417 46,550 (99,947) At 31 August 2022 27,568 6,450 1,340,328 300.674 1,675,020 Depre¢latlon and Impalrnwnt At 1 September 2021 Depreciation charged in the year Eliminated In respe of disposals 20.080 459,484 23,022 328.864 32,780 (98,766) 808,428 55,802 (98.766) At 31 August 2022 20,080 482,506 262,878 765,464 Carrylng amount At 31 August 2022 7.488 6,450 857,822 37,796 909,556 At 31 Augusl 2021 7,488 6,450 855,926 50,125 919,989 11 Fixed asset Investments Listsd Investments Cost or valuation At 1 September 2021 Valuation changés 14,935 (909) At 31 August 2022 14,026 Carrylng amount At 31 August 2022 14,026 At 31 August 2021 14.935 12 Debtors 2022 2021 Amounts falllng due within one year: Trad8 debtors Other debtors Prepayments and accrued income 2,043 8,306 25,612 4,591 6,808 18,581 35,961 29,980 -24-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 13 Credltors: amounts falling due wlthin onè year 2022 2021 other taxation and social securiiy oth8r creditors Accruals and deferred income 14,312 118.840 86,649 12,837 115,249 66,283 219,801 194,369 14 Retiroment benafft schemes Deflned contribullon schem•8 The Company operates a defined contribution pension schem8 for all qualifying employ88s. Th8 assets of the scheme are held separately from those of the Company in an independenily adminislered fund. The charge to profit or loss in respect of defined Contribution schemes was £27,329 (2021: £27,499). 1 S RtrIcted funds The income funds of th8 charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement In fund8 Income Expanditure Balance at 31 August 2022 Balanca at 1 September 2021 Student bursary fund Global sponsorship fund WSF fund 22,959 37,575 2,534 3,000 3,950 25,959 41,525 2,507 (27) 63,068 6,950 (27) 69,991 Restricted funds represent those monies received for a particular purpose as follows: The Student bursary fund is used to support students from within the British Isles. The Global sponsorship fund is used to support Overseas students and include assistance with fees, travel and accommodation and out of pocket expenses. The WSF (Women's Study Fellowship) fund is used to support students attending this course. -25-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 16 Unreslricled funds The income funds of the charfty Include the following deslgnated funds whlch have b¢&n sel a$Sde out of unrestricted funds by the trustees for specific purpos8s.' Movem•nt In funds Incorn• Exp•nditur• Transfer Bala* gt 1 S•ptember 2021 GalnB and Balan at 1089•8 31 August 2022 General funds Deslgnaled ftJnd$ - Capital project Deslgnaled funds - land and bulldlngs 307.914 844,015 (916,1461 122.228 9,354 111,250) 1909} 244.228 110,978 863,413 1,896 865,309 1,293,555 844,015 {916,1461 1909> 1,220,515 The unrestricted funds r8pre88nl the fre8 funds of thg Charity and comprisè general funds and funds whlch have been dgsignaled for partl¢ular purposes. Genèral Funds - Gener81 Fund8 are available reserves for use In tho future work of th8 Colleg8 and to mlnlmlse worklng capltal borrowlng, the need for whSch 8rl8e from tlme to tlma, and to cover the deficll of actlvities In any year arising from short term financl81 pressures. Capital Project - The Board have designated Income received from bequ&sts in 2014 for 8 capltal prolecl to impmve student facilities. Such funds are not restricted in nature. Land and Bulldlngs The net book value of land and buildings are held as designated funds as they represent reserves which are not readily avallable for use in the operatlon of the College and are represented by College property. The transfer represents the depreciation charye for the year borne by th6 General Fund and funds used to Smprove the College land and buildings. 17 Analysls of n•t a••ot• bgtwgon funds Unreslrlcted Rostrlctod 2022 2022 Total 2022 Total 2021 Fund balances at 31 August 2022 are represented by.. Tangible assets Investrnents Current assetsllliabilitiesl 909.556 14,026 296,933 909,556 14,026 366,924 919,989 14,935 421,699 69.991 1,220,515 69,991 1,290,506 1,356,623 18 Relatsd party tr8nsactlons There were no disclos8ble related party transactions during the year (2021.. none). -26-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 19 Cash generated from operatlons 2022 2021 (Defi¢it)Isurpus for the year (66,117) 47,869 Adjustments for.. Investrnent income recognised in statement af financial activities Loss on disposal of tangible fixed assets Fair value gains and losses on investmènts Depreciation and irnpairment of tsnglble tlxed assets (859) 1.181 909 55,802 (737) {3,096) 54,893 Movements in worklng capltal.. {Increase)Idecrease in debtors Increasel(decrease) In veditors (5.981) 25.432 2,204 (35,153) Ca8h generatod from operatlons 10,367 65,980 20 Liabillty of member8 The company 15 limited by guarantee and therefore there 15 no share capital. As at 31 August 2022 the company had eight members (2021: eleven). The liability of the members is limited lo £10 each in the event of the company being wound up. -27-