Charlty reglstratlon number NIC104482 Company registration number N1049168 (Northern Ireland} BELFAST BIBLE COLLEGE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
BELFAST BIBLE COLLEGE LIMITED LEGALAND ADMINISTRATIVE INFORMATION Dlrectorn Dr N C Morrow (Chair) Ms S Graham Mr P S Hendron Mr N Jennings MrMHPitt Mrs J Smyth Mrs L Watson MrAndrew Robinson Ms Anne Moor8h8ad (Appointed 19 March 2024) (Appointed 9 February 2024) Prfnclpal James Burnett Charlty numbor NIC104482 Company number N1049168 Roglstered offlce Glenbum House Glenbum Road South Dunmurry BT17 9JP Audltor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrlm Northem Ireland BT2 8HS Bankern Ulster Bank Andersonstown Branch Unit G, WesbNood Centre Belfast Co. Antrim BT119BQ Sollcltors Hewitt & Gilpin 8 High Street Holywood BT18 9AZ
BELFAST BIBLE COLLEGE LIMITED CONTENTS Page strategic report Dlrectors, report 6-10 Indep8ndent audltorfs report Statement of financlal activiti88 15 statement of financial position 16 Statement of cash flow8 17 Not08 to the financlal statements 18-28
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The directors present their strategic réport for the year ended 31 August 2023. What tho College does The College provides education servicés. The Charity's cla88lficatlon The advancement of Education. Who the Charity helps The charity exists to help the general publ1¢ but Is specifically interested in those who wish to train for growth in Christian life and servlce, locally and around the world. How the charfty works The charity delivers educational programmes to create a welcoming community in which God works to form 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 oulgolng resources for the year of £95,882 attributable to unrestricted reserves which now stand at £1,124,633. In addition, there was net expenditure before Iransfeis for the year of £1,827 attributable to restricted reserves which now stand at £68,164. ACHIEVEMENTS AND PERFORMANCE Progress was made toward fulfilling our purpos8 in 2022-2023 in the following areas.. 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 courses in various theological subjects. The College appointed a new principal, James Barnett, in April 2022. dvan¢eme i. Recruiting and Enrolment The number of full time equivalent students attendlng the college for the various degree cours8S in the year under revlew was 83. In September 2022, the College enrolled 53 (2021.. 63) undergraduate and O (2021: 0) postgraduate full lime students as well as 16 (2021.. 7) undergraduate part time, 22 (2021.. 32) post graduate part time and O (2021.. 0) full time Ph.D. students. Those attending the College were from a wide spectrum of denominations. Students attending the college come mainly from UK and Ireland with a small number coming from countries from around the world. ii. Educational Development During 2021 the College rolled out year 2 of a revalidated 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 servi.
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The College also sought to enhance the support we offer to students, on a joined-up approach across academic, pasloral and residential support. Feédback from students has been very positive as to the quality of the support and it has been encouraging to see students asS both academic support through their Personal Tutor scheme, as well as Pastoral care. This positive feedback has béen echoed in the external survey based NSS that paints an encouraging picture of College. The MA (launched in 2018) continues to attract students from a wide range of professional backgrounds as its blended approach serves their educational and professional needs well. This year our further enhancement of the MA has énabled students to present their dissertation research proposals in an online semlnar. Alongslde our formal education, the College offers short courses, created by the College and accessible to the public at large. This year we continued our suite of programmes under the banner of Catalyst Courses. The accessibility of these classes with some face-to-face and some online has worked well and resulted in a greater diversity of parliGipants along with a wider net of Contributors to the teaching. iii. Resource Developrnent Th8 level of charitable donations to general operations and specific projects contlnues to support the College needs. The College is dependent on the generosity of supporters to ensure the future sustainability of the College. Thi5 IS supported through a funding group to help support application to Trusts and uncover new funding possibilities. The College continued its policy of upgrading facilities through minor capital works and the ongoing maintenance programme on its buildings. During the year £41,900 {2022- £46,550) was spent in this way. an Resource The college continues to support staff and volunleers, with ongoing training for our line managers and supportlng staff. Outcomes The College continues its commitment to providing theological educatlon at dlfferlng academic levels and for varying study periods depending on the needs of prospective applicanls. In Ihe BA in theology from the University of Cumbria 59°h {2022: 59trfi> of students graduated with a 2..1 or above.
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 FINANCIAL REVIEW The results of the College'5 activities are contained in the attached financial statements. Overall a deficit of £97,709 {2022.' surplus £66,117) is reported for the year ended 31 August 2023. Unrestricted Funds retumed a deficit of £45,882 compared to a deficit of £73,040 in 2022 whilst the corresponding figures for Restricted Funds were a deficit of £1,827 and a surplus of £6,923 respectively. Unrestricted Reserves were £1,124,633 (2022: £1,220,515) at year end lIst Restricted Reserves were £68,164 (2022.. £89.991). The College decreased its bank balance during the year. Bank balances at year end were £448,467 compared to £550,764 at the end of the previous year. This is sufficient cash reserves to meet the College's funding requirements for six months without resorting to borrowing from the company's bankers or generating additional funds. Income During th8 year under review, 73.5 {2022: 83) full time equivalent students attended the College wmpleting one or more of the variety of courses provided by the College. In the year to August 2023 fee income for such students amounted to almost £408,409 {2022.' £475,643). Almost 398 (2022.. 233) part-time students attended evening class or day release courses generating fee income of £46,179 (2022.. £41,996). Donation Income and income from the use of the College's facilities continue to provid8 a steady source of revenue. Expenditure may be broken down beeen that which is incurred directly on education 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 Propety costs are the major areas of expenditure within the indired or corporate services area. The College has been impacted by the steep rise in energy costs as a result of the current cost of living crisis. As this occurred during the middle of the academic year, we were unable to recover any additional costs by way of ncreased fees - fees being set in advance for each academic year. At the same time, we identified that Glenbum House was in serious need of major refurbishment and upgrade. However, the increased costs of materials and labour have prohibited the roll out of the work required until additional funding is in place. d nd Desi na The College also receives donation income from churches and individuals for specific projects. These are all recorded separately according to their specified use and are maintained in separate funds as follows= This Fund is used to support 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 2023 Assistan is also given for travel, accommodation and out 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 (2022.. 0) students were supported under this scheme. Student Bursa Fund This Fund is used to support students from within Ihe British Isles who would otherwise be unablè to meet Ihe costs of study at the College. Such students are assessed by a Board suEhcommittee who bring their recommendations to the Board as appropriate. During the year ending 31 sl August 2023, with the assistance of Funder we were able to provide 3 students with a totsl of £3.000.00 of assistance. e Buildin Fund The College own5 all Its buildlngs and has no loans outstanding on its property. Thls Fund Is a Designated rather than a Restricted Fund and is set aside for a capital project to Improve facillties. Land an in Fun Th8 College maintains a designated reserve equivalent to the net book value of its property (land and buildings} to focus attention on the infrastructure of the College and the need to generate sufficient funds to maintain this property. This reseNe 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 the College. RESERVES POLICY By its nature the college meets expenditure from its income and the majority of unrestricted reserve$ ¢ompTi$e$ designated funds. It is the Board's policy to work towards a position where General Fund reseeS as set out in note 17 are sufficient to meet three months of operating costs which amounts to £210,292 without prejudicing the ongoing activities of the College. The reserves policy is reviewed annually, and unrestricted General Fund reserves amount to £152,121 at 31 August 2023. This represents 2.2 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 objeclives by seeking to budget for a small surplus each year. Thé total reseNes of the College for charitable purposes amounts to £1,192,797 at 31 August 2023 of which 6% are restricted, 760/0 are represented by land and buildings and 180/0 are available for use albeit 99/• of that is designated for future capital projects by the Board. Plan For Futurn Perlods The Board is delighted to be bringing forward a new Strategic Plan coupled with unveiling a new name for the College. The Purpose Statement is- 'To equip followers of Jesus for missional impact through theological education and spiritual development within a vibrant academic and worshipping community." Th8 Board desires to develop a 'centres' approach for each of the following strat8gic areas: Centre for Theological Education Centre for Christian Spiritual Theology Centre for Apologeti¢s and Ethics
BELFAST BIBLE COLLEGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The strategic objectives are.. To strengthen th8 Coll8ge's educational provision and continue to improve the quality of the teaching and learning experience. 2. To enable all of our students to progress in their learning, thèir personal development and th8 maturing of their Christian charactèr. and to help them live out their faith as 21 st century disciples. 3. To raisé the profile, reach and reputation of the College locally and internationally. 4. To seek lo be a prophetic response to contemporary issues facing the church and society. In addition to normal operatlons, other focl w8r8 a priority. They induded.. Launching the new name and focus of the College induding a new website, logo, and branding. Increasing the College's profile through a series of strateg1¢ courses as well as onllne inputs and Church engagements. Increasing the overall long-term financial sustainability of the College through the comm8rcialisation of additional services. Cornm8ncing the construcllon of E-learnlng facllltles through a bespoke E-learnlng ntre. Expanding the College's postgraduation learning platfomi, including additional courses and an online E- learning Mastels degree programme in Practical Theology. Global student scholarships launch online MA. Working towards student affilialion with CU Ilreland). A new slte d9velopmenl plan which includes the construction of three new centres for learning. This will continue into 2023-24. Rogulatory and key perforniance Indlcators This year the College received the endorsemenl from QAA as the College continues to maintain academic standards and enhance the quality of student leaming opportunities. Approvod by tho Board on So K, and slgned on its behalf by Dr N C Morrow (Chalr) Director
BELFAST BIBLE COLLEGE LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The directors present their report and financial statements for the year ended 31 August 2023. The directors have adopted the provisions of the Statement of Recommended Practice {SORP) Accounting and reporting by Charities (FRS102) in preparing the Annual Report and financial ststements of the company. STATEMENT OF DIRECTORS, RESPONSIBIUTIES The directors, who also act as Trustees, are responsible for preparing the Annual Report and financial statements in accordan with applicable law and regulation. Company law requires the directors to prepare financial statements for each financial year. Under thal law. the directors have prepared the financial statements in accordan with United Kingdom Accounting Standards comprising FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Praclice). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of the affairs of the company and of the incoming resources and application of resources, including the income and expenditure account, of the company for that year. In preparing these financlal statements the directors are required to.. - select suitable accounting policies and then apply them consistently; observe the methods and principles in the Statement of Recommended Practice (FRS102): Accounting 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 that the company will continue in business; and stale whether applicable UK Accounting Standards have been followed, subject to any material departure8 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 Iransadions and disclose wilh reasonable accuracy at any lime, Ihe financial position of the Company and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. STRUCTURE, GOVERNANCE AND MANAGEMENT Belfast Blble College Limited 18 a company limited by guarantee not having a share capital and is incorporated under the Companies Act 2006. The company Is governed by its m8morandum and articl89 of association. The College Is fomially recognised by HM Revenue and Customs as a charitable body under reference XN47242, and is registered with the Charity Commission for Northem Ireland NIC104482. The Statutory reliefs under s505 of the Income and Corporation Taxes Ad 1988 are admissible on income subject to compliance with the terms of s505 of the Act. Board of Dlrectors The Board of Directors is responsible for the review of all activities, approval of budgets and implementation of future strat8gy. The Board meets five times per annum. There are three Board sub-committe8s 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 three staff under the leadership of Ihe 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 infom)ation and recommendations to the Board sub-committees 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 2023 Thè directors who Seed during the year and up to the date of signature of the financial statements, unless otherwise noted, were.. Dr N C mooW (Chair) Prof N D Black (resigned 15 June 2023) Ms S Graham Mr P S Hendron Mr N Jennings MrMHPitt Mrs J Smyth Mr P Fleming {resigned 5 Septefflber 2022) Mrs Lisette Watson {appointed 8 December 2022) Ms Anne Moorehead (appointed 9 February 2024) Mr Andrew Robinson (appointed 19 March 2024) Appointment of Dlrgctorn Those serving as directors are Invlted by the existing Board of Dlrectors on the ground of their proven ability, relevant experience, and personal int8T8St in the work of the College. Prior to joining the Board each prospective member meets with the Chaimian. The meeting provides an overview of the College and the role and responsibilitl8s of each member of the Board. An induction process for new Board members has b8en developed and is used to ensure they are familiar with the objectives, aclivities, public benefit and risks facing the College. A Directors Pack for the College is given to each new member when they join and ongoing training is provided a5 required. Each member of the Company is also appointed as a director, serves for a specific temi, retires by rotation. and upon retirement is eligible for re-appointment. As the Coll8g8 receives only limiled 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 the 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 tlme and part time teaching staff, and the day to day operatlon of the College as a place of Christian education is delegated lo 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 Ihe Articles of Association as well as the original objects expressed in the Dedaration of Trust of 81h February 2003. The College is an Independent body and has no constitutlonal connecllon with any other college or education establishment. The professional advlsors to the College are set out on the first page of the Annual Report. During the year the College undertook an organi5ational review with external assistan with a view lo ensuring the College remains fit for purpose to deliver its charitable objectives and secure its finanual future in the post- pandemic academic environment. The outcome of this review is being worked through with staff and the transformation process will take a couple of years to fully implement, particularfy changes to academic courses in consultalion with our accrediting university- This is an exciting opportunity for the College to me8t our stsk8holders' needs in an innovative and relevant way in accordance with God's will.
BELFAST BIBLE COLLEGE LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGusf2023 OBJECTIVES AND ACTIVITIES The purpose of the College is: To equip 21 sl Century followers of Jesus through theological education that fosters the ability to communicate the Christian faith intelligently and with conviction in word and action. The main activity of the College continued to be in the area of delivering educational programm8s in k8eping with that purpose. Through this year, we successfully continued to provide courses leading to.. Internal 3 month, 1 year Certificate & graduate Diploma courses. 3 month Certlficate, 1 year Certlficate, 2 year Diploma and 3 year BA in Theology (University of Cumbria [UOC] validated courses). Postgraduate 2 year Part Mme MA In Theology (University of Cumbria [UOC] validat8d course). EMPLOYEES All departments within College have regular staff meetings whereby Informatlon Is dissemlnated to and obtalned from staff by senior management. There are regular meetings 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 al each meeting. The Collegè has d8veloped a College Strategic Risk Register supported by a subsidiary Registar of more 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 with Tunning the College and considers that it has in place the procedures to manag8 any such ongoing risks. The following is a summary of the key actlvlties in plac8 to rnltigate exposure to risk: ongolng review of the Strategic Plan and analysis of Ihe market for students who wish to obtaln formal bible based training and accreditation., monitoring of financial information on a monthly basis with adequate planning and financial controls in place.. an established Education Committee together wlth robust reportlng and Independent quality review procedures through our accrediting sponsors. extensive range of policies and procedures lo cover all aspects of the College activlties; organisational structure which includes provision for deputles to cover key roles and an effective succession planning proces5', robust governance controls Wlth sufficient management and r8POrting 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 2023 The key risks facing the College are Set out in the Corporate Risk Register but the focus of attention surrounded the following risks.. Maintenance of a high standard of educational quality and 8xc&llence to support academic achievement and Christian service development among the student population. Sustainabilty of funding to support all College activity. Maintenance of an appropriate physical environment for both staff and students These risks are managed and mitigated through various managèment OP8rated policies and procedures and overseen by specific Board Committees in thes8 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 emerging risks such as the General Data Prot8dion Regulation to ensure the College is aware of the impa¢t and is planning to mitigate the risk if and when it arises. PUBLIC BENEFIT The Board believes that the publi¢ benefits from its adivit18s in th8 areas of the adVanrnent of religion and the advancement of education through: The training of full and part time min18ter8 of lIgIOn, lay associates and pastoral ministry workers 11. Spiritual formation of laity Teaching and spreading the principles of Ihe Christian religion Raising awareness and understanding of Christian beliefs and practices The carrying out of missionary and outreach work The areas in which the college seeks to achieve this are'.- Through college and higher education 11. Communlty educatlon iii. Religious education iv. Vocatlonal tralnlng and Ilf&long leamlng v. The development of individual capabilities, competencies, skills and understandlng 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 lecture5 and part time College courses. The directors confirm they have had regard to the statutory guidance in respect of the Public Benefit Requirement publish8d by the Charity Commission 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 2023 DISCLOSURES OF INFORMATION TO AUDITORS To the knowledge and belief of th8 dirèctors. the dirèctors confirm that there is no r818vant information that the company's auditors ar8 not aware of. They lurther confirm that they have taken all the steps necessary to ensur8 the directors are aware of any such relevant information, and to establish that the company's auditors are aware of such infomiation. AUtMTORS Harbinson Mulholland have indicated their willingness to continue in office and a r8solution conceming their re- appointment wlll be proposed at the Annual General Meeting and to authorise the dlrectors to the remuneration of the auditors for the year ended 31 August 2023. Approved by the Board on Sb'"hi'ifi and 81gned on Its behaw by Dr N C Morrow (Chalrl Director 10-
BELFAST BIBLE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF BELFAST BIBLE COLLEGE LIMITED Opinlon We have audited the financial stalemenls of Belfast Bible College Limiled (the 'Company'} for the year ended 31 August 2023 whith comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statement5. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢counting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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's affairs as at 31 August 2023 and of its incoming resour$ and application of resources, for the year then ended., have been prop8rly prepared in accordance with United Kingdom Gen8rally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Ba818 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditoffs sponSibl11118s for the audit of the financial statements section of our report. We are independent of the Company In accordance with the ethical r8quir8ments that are relevant lo our audit of th8 financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audrt evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relallng to golng con¢ern In auditing the financial stat8m8nts, we have conduded that the Directors, us8 of the going conrn basis of accounting in th8 preparation of the financial statements is appropriate. Based on the work we hav8 performed, we have not idenlified any material unc8rtainlies relating to events or conditions that, individually or collectively, may ¢asl significant doubt on the Company's ability to continue as golng concem for a period of at least Iwelve months from when the financial statements are authorised for Issue. Our responslbllltles and th8 responsibilities of the Dlrectors wlth respect to going concem are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The Directors are responsible for the other information contained within Ihe annual report. Our opinion on the financial statements does not cover the other infomiation and we do not expre55 any form of assurance conclusion thereon. Our responsibility is to read the other informalion and. in doing so. 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 to be mat8rially misstated. If we identify such material in¢onsislencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there is material misstatem6nt of this other information. we are required to report that fact. We have nothing to report in this rard. Matters on vthlch we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion: the infomiation given in the financial statements is inconsistent in any material respect with the Directors, report,. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records: or we 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 preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Diredors delermine is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial statèments, the Directors are responsiblé for assessing the Company's ability to continue as a going concem, disclosing. as applicable, matters related to going concem and using the going concern basis of accounling unless the Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. AudIt0$ responsibllltles for the audlt of th8 flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2008 and report In accordance wlth the Act and relevant regulatlons made or having effect thereunder. Our objectives are to obtaln reasonable assurance about whether th8 financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS {UK} will always detect a material misstatement when it exists. Misstatements can aris8 from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design proc8dures in lin8 Wlth our responsibilities, outlined above, to detect material misstatements in resp8Ct of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, 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 regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate comp6t8nce, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to Ihe company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector; We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. including Companies Act 2006, taxation legislation. data protection, anti-bribery, employment. envlronmental and health and safety legislatlon we assessed the extent of compliance with the laws and regulations identified abov8 through making enquiries of management and inspecting legal Corresponden., and identified laws and regulations were communicated within the audit team regularty and the team remalned alert to instances of non-compliance throughout the audit. We assessed the susceptlbillty of the company's financlal statements to material misstatement, Includlng obtaining an understanding of how fraud might occur, by= making enquiries of managemenl as to where they considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud; and considering the internal controls In place to mitigate risks of fraud and nonrfompliance 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., ass8ssad whether judgements and assumptions made in detemilnlng the accounting estimates set out In Note 2 were indicative of potential bias; and investigated the rationale behind significant or unusual transactions- In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreelng finan¢lal statemenl dlsdosures to underlying supporting documentatlon; reading the minutes of meetings of those charged with 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.. https:11 www.frc.org.ukJauditorsresponsibilities. This description forms 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 solely to the company's members. as a body. in accordance with section 391 of the Companies Aci 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditorfs 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 have formed. Angela Igan (Senlor Statutory udltorl forand on behalf of Harblnson Mulholland ) l.Ltr...l..ILfr Chartered Accountants Statutory Audltor Centrepoint 24 Orm8au Avenue Belfast Co. Antrim Northern Ireland 8T2 8HS Harblnson Mulholland eligible for appointment as auditor of the Company by virtue of Its eligibility for appointment as auditor of a company under s8ction 1212 ofth8 Compani8sAct 2006. 14-
BELFAST BIBLE COLLEGE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Restrictsd funds funds Total 2023 Total 2022 Notss Income from: Donations and legacies Income from charitable activities Investmenis 151,718 586,778 4,487 1,200 152,918 586,778 4,487 113,612 736,494 859 Total In¢ome 742,983 1,200 744,183 850,965 endlture on: Expendituie on charltable actlvlties 838,139 3,027 841,166 914.992 Other 1,181 Totsl resources expendèd 838,139 3,027 841,166 916,173 Net gainsl(10sses) on investments {726) (726) {909) Net movemant In funds (95,882) {1,827) (97,709) {86.117) Fund balances at 1 September 2022 1,220,515 69,991 1,290,506 1,356,623 Fund balance8 at 31 August 2023 1,124,633 68,164 1,192,797 1,290,506 The statement of financlal a¢tlviti8s Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financlal activllies also complles wlth the requlrements for an income and expendlture account under Ihe Companles Act 2006. The notes on pages 18 to 28 form part of these flnanclal statements. 15-
BELFAST BIBLE COLLEGE LIMITED STATEMENT OF FINANCIAL POSITION ASAT31 AUGUST2023 2023 2022 Notss Fixed assets Tangible assets Investments 12 13 905.470 13,301 909,556 14,026 918,771 923,582 Curront a•8ets Debtors Cash at bank and in hand 14 30,336 448,467 35,961 550,764 478.803 588,725 Crèdltorg: amounts falllng due wlthln one year 1S (204,777) (219,801) Net current assets 274,026 366.924 Total assets1088 current Ilabililio• 1.192,797 1,290.506 Income funds Restricted funds Unrestricted funds General fvnd5 Designated funds 17 68,164 69,991 18 18 152,121 972,512 244,228 976,287 1.124,633 1,220,515 1,192,797 1,290,506 The company is enlitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023, although an audit has been carried out under sedion 65 of the Gharitias Act {Nl} 2008. The directors acknowledge their responsibilitie5 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 th8 company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance wilh section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Directors on .. ..l.*...J.&Lt DrNC Trustse offow (Chair) MrMHPitt Trustee Company Registration No. N1049168 16-
BELFAST BIBLE COLLEGE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Notes Cash flows from operatlng actlvltles Cash (absorbed by)Igenerated from operations 21 (70,688) 10,367 Investing actlvltles Purchase of tangible fixed assets Investrnent income received (36,096) 4,487 (46,550) 859 Net cash used In Investlng actfvitles (31,609) (45,691) Net cash used In flnanclng actlvltles Net decreas• In ¢a8h and cash equlvalents {102,297) (35,324) Cash and cash equlvalents at beginnlng of year 550,764 586,088 Cash and cash equlvalents at end of year 448,467 550,764 17-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting pollcle$ Charlty infomiatlon Belfast Bible College Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Glenburn House, Glenburn Road South, Dunmurry, BT17 9JP. 1.1 Statement of ¢ompllance The financial stat8ments have been prepad in accordance with the Companies Act 2006 and °Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charitles 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 2016). The Company is a Public Benefit Entity as d8fined by FRS 102. 1.2 Basls of preparatlon The financial statements are prepared in sterling, which is the functlonal currency of Ihe Company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have beèn prepared in accordance with Appllcable Accounling Standards in the Uniled Kingdom. Assels and liabilities are initially recognised at historical cosl or transaction value unless otherwise stated In the relevant accounting pollcy. The prlncipal accounting policies adopted, whlch have been applled consistèntly, are set out below. 1.3 Going concom The ch8rity reported a cash outflow of £102.297 and net operations cash deficit of £70.688 foi 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 continue to trade for the next 12 months. For this reason they continue to adopt the going concem basi5 in preparing the financial statements. 1.4 Charltable funds Unrestricted funds are available for use at the discretion of the Dlreclors in furtherance of their charitable objectives. Restrict8d funds are sublect to specific conditions by donors as to how Ihey may be used. The purposes and uses of the restricted funds are s8t out in the notes to the financial stal&m@nts. 1.5 Income Income is recognised in Ihe period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming fully entitled to it or where the donor has specified that the income is to be expend8d in a future period. Grants. including capital grants, from the govemment and other agencies have been included as incom8 from activilies in furtherance of the charily's objects where these amount to a contract for setvices, but included as donations where the money is given in response to an appeal or wilh greater freedom of use, for example, govemment block grants. Donated facilities are included at the value to the charity wheie this can be quantified and a third party is beaiing the cosl. No amounts are included in the financial statements for seNices donated by volunteers. 1.6 Expenditure Expenditure is included in Ihe Statement of Financial Aciivities on an accruals basls. 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 cat8gories on the basis of an estimate of the proportion of time spent by slaff on those activilies. 18-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies {Contlnued) 1.7 Tanglble flxed assets Tangible fixed assels are initially measured at cost and sub5equendy measured at cost OT valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to writ8 off the Cost or valuation of asset5 less their residual values over their useful lives on the following bas8S'. Land Ground rents Buildings Plant, fixtures and computers 00 00 1 Oh, 20kn, 4Qh or 10°h straight lin8 10°A, 20OA, 25OA or 50D/o Straight line 1.8 Flxed assèt Investments Flxéd asset investments are initially measured at transactlon prlce excluding transaction costs, and are subsequently measured at fair value at 8a¢h reporting date. Changes in fair value are recognised in net incomel(expendlture) for the year. Transaction costs are expensed as incurred, 1.9 Impalrniont of fixed assets At each reporting end dale, the Company reviews the carrying amounts of its tangible a55et5 to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recov8rable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.10 Cash and cash equlvalents Cash and cash aqulvalents include cash in hand, deposlts held at call with banks, other short-term liquid Investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financlal In$trumont$ The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sedlon 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balanc8 sh88t when the Company becomes party to the contractual provisions of the instrument. Financial ass8ts and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable righl lo sel off the recognised amounts and there is an intention to settle on a nel basis or to realise the asset and sett18 the liability simultaneously. Basi¢ flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction Pri including 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 receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. 19-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting poli¢ie8 {Continued) 8aslc Ilnanclal Ilabilltlos Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless th8 arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments dlscounted at a mark8t rat8 of interest. Financial liabilities classified as payable within one year are not amort15ed. Debt instruments are subsequenlty carried at amortised cost, using the effectlve interest rale method. Trade credltors are obllgatlons to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified a5 current liabilities If payment15 due within one year or 18ss. If not, they are presented as non-currenl liabilities. Trade creditors are recognised inilially at transaction prlce and subsequenlly measured at amortised cost using the effective interest method. Derecognition of flnanclal Ilabllltles Flnancial liabilities are d8recognised when the Comp8ny'8 contractual obligatlons explre or are dlscharged or cancelled. 1.12 Employee ben8flts Temiination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employe8 or to provid8 termination benefits. 1.13 Rètlrement beneflts Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. Crltlcal accountlng estlmats8 and judgements In the application of the Company's accounting policies, the Directors ar8 required to make judgements, estimates and assumptions about the carrying amounl of assets and liabilities thal are not readily apparent from olhar sources. The estimates and associaled assumption5 are based on historical experience and other factors that are considered to be relevant. Actual results may differ frorn thesè estlmates. The esilmates and underlylng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate 1$ revised where the rèvision affeds only that period, or in the period of the revision and future perlods where the revlslon affects both current and future periods. -20-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Critical accounting estimates and Judgements (Continued} Key sour¢e8 of estlmatlon uncertainty The Directors do not consider there are any material estimates or judg8ments in these financial statements other than as set out below. Tanglble Ilx8d ag88ts Tangible assets are depreciated over their useful lives taklng 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 a5 maintenance programmes are taken into account. Residual value assessments consider issues such as the remaining live of the asset and the estimated value In use. Debtors Short term debtors are measured at transactlon prf¢e, less any impaimient. Impainnent of Such debtor8 involves some estimation uncertainty. Donallons and legaclo$ 2023 2021 Unrestricted fvnds Restrlcted funds 151,718 1,200 106,662 6,950 152,918 113,612 Income from charitable activltle8 2023 2022 Course fees Other student income External use of facilities Other Income 455,089 79,718 41.155 10,818 517,640 67.796 38,363 112,695 586.778 736,494 21
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 Invesljiients 2023 2022 Income from Equity Fund Interest receivable 564 295 4,487 4,487 859 Expendlture on Charltable actlvltles 2023 2022 Staff costs D8preciation and impairment other adivities undertaken directly 459,038 40,183 242,808 543,324 55,802 226.673 742,029 825.799 Shar8 of support costs (see note 8) Share of govemance costs (see note 8) 68,964 30,173 83,160 6,033 841,166 914.992 Analysls by fund Unrestricted funds Restricted funds 838,139 3,027 914.965 27 841,166 914,992 The charitable activity of Belfast Bible College is to equip students Intellectually and spiritually for Christlan witness and service throughout the world. The charity does thls by providing tralning at its premises. Dire¢tor6 None of the Directors (or any persons connected wlth them) received any remuneration or benefits from the Company during the year (2022: non8).
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Support costs Support Govemance costs costs 2023 2022 Office overheads Advertising Finance Informats'on technology 20,223 16.632 9,833 22,276 20,223 16,632 9,833 22,276 18.635 21,732 5,740 37,053 Management 30,173 30,173 6.033 68,964 30,173 99,137 89,193 Analysed beeen Charltable activities 68,964 30,173 99,137 89,193 Net galnsl(los$e8) on inv08tments Unre8trlcted Unrestrfcted funds funds 2023 2022 Revaluation of investment8 (726) {909) -23-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 10 Employees Number of employees The average monthly number of employees during the year was- 2023 Number 2022 Number staff employed 17 23 Employmant costs 2023 2022 Wages and salaries Social security costs Other pension costs 399,578 36,059 23,401 475,343 40,652 27,329 459,038 543,324 The senior management team of the College comprised of 2 member5 of staff at the start of the period and 2 members of staff at the end ofthe period. The aggregate remuneration ofthis group was £92,976 (2022.. £82,565). There were no employees whose annual remuneration was £60,000 or more. 11 Taxation Th8 charity is exempt from tax on income and galns falllng within section 505 of the Taxes Ad 1988 or sectlon 252 of the Taxationof Chargeabl8 Galns Ad 1992 to the extent that these are applied to Its charitable objects. 12 Tanglble flxed assets L•nd Gn>und rnnts 8ulldlngJ Plant. ftxtures nd computor• Total Cost At 1 September 2022 Additions 27,568 6,450 1,340,328 22,110 300,675 13,986 1.675,021 36,096 At 31 August 2023 27,568 6,450 1,362,438 314,661 1,711,117 Depreciation and Impalrment At 1 Septembèr 2022 Depreciation charged in the year 20,080 482,506 24,556 262,878 15.627 765,464 40.183 At 31 August 2023 20,080 507,062 278,505 805,647 Carrying amount At 31 August 2023 7,488 6,450 855,376 36,156 905,470 At 31 August 2022 7,488 6,450 857,822 37,796 909,556 -24-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 13 Fixed asset investments Llsted Investments Cost or valuation At 1 September 2022 Additions 14.026 (725) At 31 August 2023 13,301 Carrylng amount At 31 August 2023 13,301 At 31 August 2022 14,026 14 Dobtor8 2023 2022 Amounts falling due wlthln one year: Trad8 debtors Other debtor8 Prepayrnents and accrued income 3,054 8,609 18,673 2,043 8,306 25,612 30,336 35,961 16 GrltOrS. amounts falllng duo wlthln one year 2023 2022 Other taxatlon and soclal securtty Other creditors Accruals and deferred income 12.049 118,537 74,191 14,312 118,840 86,649 204,777 219.801 16 Retlrement beneflt $¢heme$ Doflned contribution schemes The Company operates a defined contribution pension scheme for all qualifying employe88. The assets of the scheme are held separately from those of th8 Company in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £23,401 (2022: £27,329). -25-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 17 Restrlctad funds The income funds of the Charity include restricted funds comprising the following unexpended balances of donations and grants held on Irust for specific purposes: Movèment in funds Incomo Expendlture Balance at 31 August 2023 Balance at 1 Septombor 2022 Student bursary fund Global sponsorship fund WSF fvnd 25,959 41,525 2,507 (3,000) 22.959 42.725 2,480 1,200 (27) 69,991 1,200 (3,027) 68,164 Restricted funds represent those monies received for a particular purpos8 as follows.. The Student bursary fund is used to support studerrts from within the British Isles. The Global sponsorship fund is used to support Overseas students and include assistance w5th fees, travel and accommodation and out of pocket expenses. The WSF (Women's Study Fellowshlp) fund Is used to support students attending thls course. -26-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 18 Unrestrlctsd funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Movament in funds Incomg Expondlture Trnn¥fgr 8alanee at 1 soptsMr 2022 Galns and Balance at 108808 31 Augu•t 2023 General funds Designated funds - capital proj8Ct Designated funds - land and buildings 244,228 742.983 {838,139) 110,978 3,775 (1,330) (726) 152,121 109,648 865,309 (2,445) 862,864 1,220,515 742,983 (838,139) (726) 1,124,833 The unrestricted funds represent the free funds of the Charity and comprise general funds and funds which have been deslgnated for particular purposes. General Funds - General Funds are available reserves for use in the future work of the College and to minimise working Capital boowing, the need for which arise from time to time, and to cover the deficit of activities in any year arising from short tarm financial pressures. Capital Project - The Board have designated income received from bequests in 2014 for a capital project to improve stud8nt faciliti8s. Such funds are not r8Stricted in nature. Land and Buildings - The net book value of land and buildings are held a5 designated funds as they represent reserves whlch are not readily avallable for use in the operation of the College and are represented by College property. The transfer represents the depreciation charge for the year bome by the General Fund and funds used to improve the College land and buildings. 19 Analysls of net assets beiween funds Unrestrlcted Reslrfctsd 2023 2023 Total 2023 Total 2022 Fund balan$ at 31 August 2023 are represented by.. Tangib18 assets Inv8Stm8nts Current assetsl(liabilities) 905,470 13.301 205,862 905,470 13.301 274,026 909,556 14,026 366,924 68.164 1,124,633 68,164 1,192,797 1,290,506 20 Related party transactlons There were no disclosable related party transactions during the year (2022: none). -27-
BELFAST BIBLE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 21 Cash generated from operntlons 2023 2022 Deficit for the year 197,709) (66,117) Adjustments for.. Investment income recognised in statemenl of financial activiti8S (Gain)Iloss on disposal of tangible fixed assets Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets (4,487) (859) 1,181 909 55,802 726 40,183 Movements in working capital.. Decreasel(increase) in debtors (Decrease)lincrease in creditor5 5,62S {15,026) (5,981) 25,432 Cash lab•orb•d by)Igenerated from operatlon• 170,688) 10,367 22 Llablllty of member• The company is limited by guarantee and therefore there is no share capital. As at 31 August 2023 the company had eight member5 (2022.. eleven). The liability of the members is limited to £10 each in the event of the company being wound up. -28-