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 a￿sS 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 be￿een 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 rese￿eS 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 Se￿ed during the year and up to the date of signature of the financial statements, unless
otherwise noted, were..
Dr N C mo￿oW (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 adVan￿rnent 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 con￿rn 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 r￿ard.
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 prepa￿d 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 be￿een
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 Gr￿ltOrS. 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 soptsM￿r
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 bo￿owing, 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-