Charfty rngistration numbar NIC104482 (Northern Ireland) Company registration number N1049168 BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) LEGAL AND ADMINISTRATIVE INFORMATION Dlrectors Ms S Graham (Chair) Mr N Jennings MrMHPitt Mrs J Smyth Mrs L Watson MrA Robinson DrA Moorehead Prof P Fleming (Appointed 19 March 2024) (Appointed 9 Febwary 2024) (Appointed 21 January 2025) Prlnclpal Mr J Bumett Charity numbor NIC104482 Company number N1049168 Registèrnd office Glenbum House Glenbum Road South Dunmu BT17 9JP Audltor Harbinson Mulholland 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT13LP Bankers Ulster Bgnk Andersonstown Branch Unit G, Westwood Centre Belfast Co. Antrim BT1198Q Sollcitors Hewitt & Gilpin 8 High Street Holywood BT18 9P1
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) CONTENTS Page Strategic report Diredor8' report 8-10 Independent auditor's report Statement of financial activities 15 Statement of financlal posrtion 16-17 Statement of cash flows 18 Notes to the financial statements 19-29
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Directors present their Strategic Report for Ihe year ended 31 August 2024. What the College does The School provides education services. The Charlty'3 classlfication Th8 advancement of Education. Who the Charity helps The Charity exists to help the general public but is specifically interested in those who wish to train for growth in Christian life and service, locally and around the wortd. How the charlty 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 leaming rooted in His Word, for gr0h in Christian life and seniice, locally and around the world. REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS There were nel outgoing Tesources for the year of £254,324 attributable to unrestricted reserves which now stand at £870,309. In addition, there was net income before transfers for the year of £31.073 attributable to restricted reser4es which now stand at £99,237. ACHIEVEMENTS AND PERFORMANCE Progress was mad8 toward fulfilling our purpo88 in 2023-2024 in th8 following areas.. Educati The School offers undergraduate and postgraduate courses validated by the University of Cumbria These courses provide a svite of vocational theology award5 (CertHE, DipHE, BA (Hons) Theology, Graduate Dip, MA) validated by the University of Cumbria. Additionally, the School offers a wide range of part time courses in various theological subjects. Advancement i. Recruiting and Enrolment The number of full time equivalent Students attending the School for the various degree courses in the year under review was 83. In Séptember 2023. the School enrolled 36 (2022: 53) undergraduale and O (2022: 0) posigraduate fvll time students as well as 11 (2022: 16) undergraduate part time, 12 (2022= 22) post graduate part time and O (2022.. 0) full time Ph.D. students. Those attending the School were from a wide spectrum of denominations. Students attending the School come mainly from UK and Ireland with a small number coming from countries from around the world. ii. Educational Development During 2023 the School rolled out year 4 of 8 rev81idated UG programme. This newly revalidated degree builds on our knowledge and experience and seeks to better seTve our students with an integrated approach across theological disciplines and practical service.
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Sthool also sought to enhance the support we offer to students, on a joined-up approach across academic. pastoral and residential support. Feedback from students has been very positive as to the quality of the support and it has been encouraging to see student5 access t)oth academic support through their Personal Tutor scheme, as well as Pastoral care. This positive feedback has been echoed in the external survey based NSS that paints an encouraging picture of the School. 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 enabled students to present their dissertation research proposals in an online seminar. Alongside our formal education, th6 School offers short courses, created by the School and accessible to the public at large. This ye8r we continued our suite of programmes under the banner of Catalyst Courses. The accessibility of these classes with some face-t(Fface and some online has worked well and resulted in a greater diversity of partiupants along with a wider net of contributors to the teachlng. iii. Resource Development The level of charitable donations to general operations and Speclfic project8 continu8 to contribute lo support the School needs. The Sthool is dependent on the generosity of 5UPPOrters to ensure the future sustsinability of the School. This is supported through a funding group to help 5UPPOrt application to Trusts and uncover new funding possibilits'es. eralion The School continued its policy of upgrading facilities Ihrough minor capital works and the ongoing maintenance programme on its buildings. During the year £4,006 (2023.. £41,900) was spent in this way. Human Resources The School continues to support staff and volunteers, with ongoing tralnlng for our line managers and supporting staff. Outcomes Assessment The School continues it5 cornmitment to providing Iheological educalion at differing academic levels and for varying study periods depending on the needs of prospective applicants. In the BA {Hons) in Theology from the University of Curnbria 440kn (2023.. 59 % ) of students graduated with a 2..1 or above.
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW The results of the School's activities are contained in the attached financial statemenls. Overall a deficit of £223,251 {2023.' £97,709) is reported for the year ended 31 August 2024. Unrestricted Funds retumed a deficit of £254,324 compared to a deficit of £95,882 in 2023 whilst the corresponding figures for Restricted Funds were a surplus of £31,073 and a deficit of £1,827 respectively. Unrestricted Reserves were £870,309 (2023.. £1,124,633) at year end whilst Restricted Reserves were £99,237 (2023: £68,164). uidi The School decreased its bank balance during the year. Bank balances at y8ar end wer8 £248,873 compared to £448,467 at the end of the previous year. This is sufficient cash re58Tves lo meet the School's funding requlrem8nts for six months wlthout resorting to borri)wing from the company's bankers or generating addltional funds. Income During the year under review, 47.512023: 73.5) full time equivalent students attended the School completing one or more of the variety of courses provided by the school. In the ye8r to August 2024 fee income for such students amounted to almost £271,335 (2023.. £408,409). Almost 280 (2023.. 3981 part-time students attended evening class or day release course5 generating fee income of £30,117 {2023'. £46,179). Donation income and incorne from the use of the School's facilities continue to provide a steady source of revenue. endi ur Expenditure may be broken down between that which is incurred directly on education and that which is incurred on maintaining the School's buildings and infrastructure. Over 850/0 of the educational costs may be analysed as employment costs. Personnel and Property costs are the major areas of expenditure within the indirect or corporate services area. The School has been impacted by the steep rise in energy costs as a result of the current C05t of living crisis. Restricted nd D na Fund The School 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 follow8.. Global S onsorshi Fund This Fund is used to support overseas students who are unable to raise Ihe fees to study at the School..
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Assistance is also given for travel, accommodation and out of pocket living expenses for such students. Where a student is supported by a church, the studenl is obliged to visit the sponsoring church regularly at weekends to experience pastoral Work in a Northem Ireland church environment. In the year just ended, no (2023: 0> students were supported under this scheme. en Bursa Fund This Fund is used to support students from within the British Isles who would otherwise be unable to meet the costs of study at the School. Such students are assessed by a Board subwcommittee who bring their recommendations to the Board as appropriate. During the year ending 31 St August 2024, with the assistance of a Funder, we were able to provide 3 students with a total of £3,0(J) of assistance. Buildin Fun The School owns all Its buildings and ha8 no loans outstanding on Ils property. Thls Fund is a Designatèd rather than a RestTi¢ted Fund and is set aside for a capital project to Improve facilities. L nd and Buildi The School maintains a designated reserve equivalent to the net book value of its property (land and buildings) to focus attention on the infrastructure of the School and the need to generate sufficient funds to maintain this propety. This reserve is made up of the land and buildings whith are held for the long term and is not readily available to meet the ongoing operating costs of the School. RESERVES POLICY By its nature the School meets expenditure from its income and the majority of unreslricled resepies comprises designated funds. 11 is the Board's policy to work towards a position where General Fund reserves as set out in note 19 are sufficient to meet three months of operating costs which amounts to £178,662 without prejudicing the ongoing activities of the School. The reserves policy is reviewed annually, and unre5tricled General Fund reserves amount to -£76,357 at 31 August 2024. This represents -1.3 months of operating costs of the School. The Board is conlinuing to seek to achieve the reserves target while continuing to deliver the Schoofs objectives by seeking to budget for g srnall surplus each year. The total reseNes of the School for charitable purposes amounts to £969,546 at 31 August 2024 of which 100/0 are restricted, 860/0 are represented by land and buildings and 4VD are available for use, albeit 11 % is designated for future capital projects by ihe Board. Plan For Future Periods The Board is délighted to be bringing forward a new Strategic Plan coupled with unveiling a new name for the Sthool. 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." The Board desires to develop a 'centres' approath for each of the following strategic areas: Centre for Theological Education Centre for Christian Spiritual Theology Centre for Apologetics and Ethics
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The strategic objectives are.. To strengthen the School's educational provision and continue to improve the quality of the teaching and leaming experience. 2. To enable all of our students to progress in their learning, their personal development and the maturing of their Christian character, and to help them live out their faith as 21 st century disciples. 3. To raise the profile, reach and r8PUtation of the School locally and internationally. 4. To seek to be a prophetic response to contemporary issues facing th8 church and society. In addition to normal operations, other foci were a priority. They induded.. Moving sites, from an out-of-town campus to Stranmillis University Campus within Belfast City's university students, heartl8nd. The move is highly strategic, from a recruitment and academic perspectives. Increasing the School'8 profile through a series of strategic cours8s as well as online inputs and Church engagements. In June 2026, BST shall hosl an inlemational conference on acAdemictheology. Increasing the overall long-temi financial sustainability of the School through developing a new business and operational model as the School relocates to its new site, Revenue from the sale of the old site will ensure the long-temi sustainability of the School. Commencing the construction of E-leaming facilities through a bespoke E-learning centr8. Expanding th8 School's postgraduation learning platform, including additional courses and an online E- learning Masterfs degree programme in Practical Theology. Global student scholarships launch online MA. Working towards student affiliation with CU (Ireland). Regulatory and key performanco indicators This year the School received the endorsement from QAA as the School continues to maintsin acadernic Standards and enhance the quality of student learning opportunities. Approved by th• Bo•rd and slgned on it8 b•half by M8 S Grah•m (Chalr) Director Dalod.. 30 May 2025
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Directors present their report and finanGial statements for the year ended 31 August 2024. 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 statemenls of the Company. STATEMENT OF DIRECTORS, RESPONSIBILITIES The Diredors, who also act as Trustees, are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulation. Company law requires the dirèctors to prepare financial slatements for 88ch financial year. Under that law, the directors have prepared the financial statements in accordance with United Kingdom Accounting Standards comprising FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law Ihe directors must not approve the ffinancial slatements unle8S they are satisfied that they give a true and fair view of the state of the affairs of the company 8nd of the incoming resources 8nd application of resources, including the income and expendilure account, of the company for that year. In preparing these financlal statements the Dlractors are required to.. select suitable accounting policJes and then apply them consistently., observe the methods and principles in the Slatèment of Recommended Practice (FRS102): Accounting and Reporting by Charities (2015); make judgements and estimates that are Teasonabl8 and prudent- prepare the financial statements on the going concem basis unles8 it is inappropriate to presume that the company will continue in business- and stste whether applicable UK Accounling Standards have been followed, subject to any material departures disdosed and explained in the financial statements. The Directors are responsible for maintaining proper accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time, the financial position of the company and enable them to ensure that the financial Statements comply with the Companie8 Act 2006. They are also responsible for safeguarding the assets of the company and hence for taklng reasonable steps for the preventlon and detection of fraud and other irregularities. STRUCTURE, GOVERNANCE AND MANAGEMENT Belfast School of Theology Limited is a Company limited by guaranlee not having a share capital and is incorporated under the Companies Act 2006. The Company is govemed by its memorandum and artides of association. The School is formally recognised by HM Revenue and Customs as a charitable body under referen XN47242, and is registered with the Charity Commission for Northern 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 Ad. Board of Dlrectors The Board of Directors is responsible for the review of all activities, approval of budgets and implementstion of future strategy. The Board meets five times per annum. There are three Board sub-committees namely Education Committee, Human Resources Committee and Finance, Audit and Risk Committee., the latter two sub- cornmittees have met on a regular basis and report to the Board of Directors with the Education Committee having been in ternporary abeyance for the period of this report. due to operational reasons. The Senior Management Team is made up of three staff under the leadership of the Principal and is responsible for all operational and day to day matters. It recommends key dectsions to the Board for approval and will also provide inforrnation and recommendations to the Board sub-committees for wnsideration and approval in the relevant operational areas. This Group meets monthly.
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Directors who served during the year and up to the date of signature of the flnanaal slatements, unless otheise noted, were: Dr N C Morrow (resigned 13 September 2024) Ms S Graham Mr P S Hendron (resigned 18 June 2024) Mr N Jennings MrMHPitt Mrs J Smyth Mrs L Watson Prof P Fleming (resigned 5 September 2023, reappointed 21 January 2025) Dr A Moorehead (appointed 9 February 2024) MrA Robinson (appointed 19 March 2024) Appointm•nt of Directors Those sepling as Directors are invited by the existing Board of Directors on the ground of their proven ability, relevant experience, and person81 interest in the work of the School. Prfor to joining the Board e8ch prospective member meet5 wlth the Chairman. The meeting provides an overview of the School and the role and responsibilities of each member of the Board. An induction process for new Board members has been developed and is used lo ensure they are familiar wilh the objectives, activities, public benefit and risks facing the School. A Director5 Pack for the School is given to 88ch new mernber when they join and ongoing training is provided as required. Each member of the Company is also appointed as a Director, serve5 for a sp8cific term, retire8 by rotalion, and upon rets'rement is eligible for re-appointment. As the School receives only limited financial assistance from public funds, relying upon fees charged to students and upon gifts received from Supporters, there are no Directors nominated by any public body or outside agency. None of the Directors hes 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 School employs a Princlpal and other full time and part lime teaching staff, and the day-to-day oper8tion of the School as a place of Christian education is delegated to the Principal and his staff. However, the Board of Directors is ultimately responsible for the activities of the School and are governed by the doctrinal statemenl set out in paragraph 3 of the Articles of Association as well as the original objects expressed in the Declaration of Trust of 81ty Februgry 2003. The School is an independent body and has no constitutional connection with any other School or education establishment. The professional advisors to the School are set out on the first page of the Annual Report. During the year the School undertook an organisational review with external assistance with a view to ensuring the School remains fit for purpose to deliver its charitable objectives and secure its financial future in the post- pandemic academic environment. The outcome of this review is being worked Ihrough with staff and the transformation process will lake a couple of years to fully implement, particularly changes to academic courses in consultation with our accrediting universily. This is an exciting opportunity for the School to meet our stakeholders, needs in an innovative and relevant way in accordance with God's will.
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 OWECTIVES AND ACTIVITIES The purpose of the School is: To equip 21 st ntury foll0vrS of Jesus through theologlcal education that fosters the ability to communicate the Christian faith intelligently and with convictson in word and action. The main activity of the School continued to be in the area of delivering educational programmes in keeping wlth that purp06e. Throughout this year, we successfully continued to provide courses leadin9 to: Internal 3 month, 1 year Certificate. Individual modules, 1 year Certificate, 2 year Diploma, 3 year BA In Theology, and Grad Dip (University of Cumbria [UOCI validated courses). Postgraduate 2 year Part Time MA in Theology (University of Cumbria [UOC] validated course). EMPLOYEES All departments within the School have regular stsff rneetings whereby infomiation is disseminated to and obtained from staff by senior managernent. 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 ft)r the School. RISK MANAGEMENT Risk management is considered by the Board annually but operational oversight rests with the Board's Finance, Audit and Risk Committee who consider risk at each meeting. The School has developed a School Strategic Risk Register supported by a Subsidiary Register of more minor risks and the risk managemenl process will continue to develop in the incoming year. The Board has considered the financial and operational risks associated wyth running the School and considers that it has in place the procedures to manage any such ongoing risks. The following is a summary of the key activities in place to mitigate exposure to Tisk.. ongolng review of the Strategic Plan and analysis of th8 market for Students who wish to obiain formal bible based training and accredilation: monitoring of financial information on a monthly basis wlth adequate plannlng and financial controls in place.. an established Education Committee togéther with robust r8POrting and Indendant quality revlaw procedures through our accrediting sponsors; extensive range of policies Bnd procedures to cover all aspects of the School's activities,. organisational structure which includes provision for deputies to cover key roles and an effectiv8 succession planning prOs$', robust governance controls With suffiryent management and reporting Structures in place: and frequent assessment of Tisk to ensure all possible consequences are considered and controls implemented.
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The key risks facing the School are sel out in the Corporate Risk Register. but the focus of attention surrounds the following risks.. Maintenance of a high standard of educational quality and excellence to support academic achievement and Christian service development among the student population. Sustainability of funding to support all School activty. Maintenance of an appropriate physical environment for both staff and students. These risks are managed and mitigated through various management operated policies and procedures and are normally overseén by specific Board Committees in these key areas- Education Committee, Finance, Audit and Risk Committee and Human Resources Committee. These standing committees are supplemented by ad hoc committees as and when required to oversee other risks 8nd opportunities as they arise. The Finance, Audit and Risk Committee also looks at emerging risks such as the General Data Protection Regulation to ensure the School is aware of the impact and is planning to mitigale the risk if and when it arises, PUBLIC BENEFIT The Board believes that the public benefits from its actlvities in the areas of the advancement of religion and the advancement of education through.. The training of full and part time ministers of religion, lay associates and pastoral ministry workers Spiritual formation of laity Teaching and spreading the principles of the Christian religion Raising awareness and understanding of Christian beliefs and practices The carrying out of missionary and outreach work iv. The areas in which the School seeks lo achieve thls are:. Through school and higher education 11. Community education iii. Rellgious education iv. Vocational training and life-long learning v. The development of individual capabilities, competencies, skills and understanding The key beneficiaries are the students who have the opportunity to attend full or part time courses provided by the School. In addition, the public at large may attend public lectures and part time School-run courses. The Directors confirm they have had regard to the statutory guidance in respect of the Public Benefft Requirement published 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 SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 DISCLOSURES OF INFORMATION TO AUDITORS To the knowledge and belief of the Directors, the Directors confimi that there is no relevant information that the company's auditors are not aware of. They further confirm that they have taken all the steps necessary to ensure the Directors arè aware of any such relevant infomiation, and to estsblish that the company's auditors are avmre of such infomlation. AUDITORS Harbinson Mulholland hgve indicated their willingne55 to continue In office and a resolutlon conceming thelr r8- appointment will be proposed at the Annual General Meeting. Approved by th• Board and slgned on Its behalf by M8 S Graham (Chalr) Director Dated.. 30 May 2025 MrMHPItt Director 10-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) Opinlon We have audited the financial stat8menls of Belfast School of Theology Limited (Formedy Belfast Bible College Limited) (the 'Company') for the year ended 31 August 2024 which comprise the statement of financial activities, the statement of financtal position, the statement of cash flows and notes to the finanGial statements, including significant accounting polieies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Finanu81 Repothng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial 5tatements'. give a true and fair view of the state of the charitsblè company's affairs as at 31 August 2024 and of its incoming resources and application of reSoUrs, for the year then ended., have been properly preparèd in accordance with United Kingdom Generally Accepted Accounllng Practice: and have been prepared in accordan¢8 with the requlrem8nt8 of the Companies Acl 2006. B•81s for opinion We conducted our audit in accordancè wrth Intematlonal Standard8 on Auditing (UK) IISAS (UK>) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities ft)r the audil ol the financi81 stalements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with the8e requirements. We believe that the audit evidence we have obtainèd is sufficient and appropriate to Provide a basis for our opinion. Concluslon8 relating to going concern In auditing the financial statements, w8 have conduded that the Directors, uge of the golng concem basis of accounting in the preparation of the finanal statements 18 appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the r88ponsibilities of the Directors wlth respect to golng concern a described In the relevant sections of this report. Other inforniation 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 the annual report. Our opinion on th8 financial slatements does not cover thè other infomiation and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistant with the financial statements or our knowledge obtained in the course of the audit, or otherwise appeals to be materially misstaled. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a malerial misstslement in Éhe financial statements themselves. If, based on the work we have perform&d, we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 11
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) Matters on which we arè rnquired to report by exceptlon We have nothing to report in respect of the following matter5 in relation to which the Charilies (Accounts and Reports) Regulats'ons 21x18 and the Charities Accounls and Reports Regulations (Northem Ireland) 2015 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Directors, report. or sufficient accountlng records have not beèn kept,. or the financial ststernents are not In agreement with the accounting records,. or we have not received all the Information and explanations we requlre for our audit. R•spon8lbllitie8 of Dlrectors As explained more fully in the statement of Directors, responslblliti88, the Directors are re8ponslble for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as th8 Directors determine 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 statements, the Directors are responsible for assessing the Company's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unles5 the Director5 either intend to liquid8te Ihe charitable company or to cease operations. or have no realislic alternative bLrt to do so. Audltorfs rnspon8ibllltles for the audit of the financlal Statements We have been appointed as auditor under section 144 of the Chanties Act 21)J8 and report in accordance with the Act and relevant regulations mgde or having effecl thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud OT érror, and to issue an auditor's Teport that includes our opinion. Reasonable assurance is 8 high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thèse financial statement8. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We deslgn procedures In Ilne wilh our responsibilities, outlined above. to detect material misstatements in respect of irregularities, induding fraud. The extent to which our procedures are capable of detecting irregularilies, including fraud, is detailed below 12-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) Our approach to identifying and assessing the risks of material misstatement in respect of iegUlar1ties, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise nonwcompliance with applicable laws and regulations- we identified the laws and régulations applicable to the company through discussions with directors andlor 8enior management, and frorn our cofflmercial 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, environmental and health and safety legislation we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting18gal correspondènce; and identified laws and regulations were communicated within Ihe audit team regularly and the team remained alert to instsnces of non-compli8nc8 throughout the audit. Wa assessed the su$c8oibility of the company's financlal statements to material misst8tem8nt, including obtaining an understanding of how fraud might occur, by: making enqulries of management 8S 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 8nd norKompliance with laws and regulations; To address the risk of fraud through management bias and override of controls, we= perfomied 8nalyiical procedures to identity any unusual or unexpected relationship8,' tested joumal entries to identify unusual transactions; assessed whether judgemenls and assumptions made in detemiining the accounting estlmat8s set out In Note 2 were indicative of potential bias.. and investigated the rationale behind significant or unusual transa¢tlons', In response to the risk of irregularities and non<ompllance with laws and regulations. we designed prcKedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation- reading the minutes of meetings of those tharged with govemance., enquiring of management as to actual and potential litigation and daim8,' and reviewing correspondence with HMRC and the company's legal advisors; A further description of our responsibilities is available on the Finanual Reporting Council's website at.. https'.11 WWN.froorg.uklauditorsresponsibilities. This description fomis part of our auditovs reporL 13-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY 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 Ad 2006. Our audit work has been undertaken so that we might state to the comp8ny's members those matters we are required to state to them in an auditols 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 fomied. Angela igan (Senlor Statutory A for and on behalf of Harblnson Mulholland 30 May 2025 Chartered Accountsnts statutory Auditor 6th Floor Ea8t Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT13LP Harbinson Mulholland is eligible for appointment as auditor of the Company by virtue of its eligibility for appoirrtment as auditor of a company under section 1212 oflhe Companies Act 2006, 14-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted Restricted funds funds Total 2024 Total 2023 Notes Income from: Donations and legacies Income from charitable actNities Investrnents 83,989 389,621 5,260 31,100 95,089 389,621 5,280 152,918 586,778 4,487 Total income 458,870 31,100 489.970 744,183 enditure on: Expendiiure on tharitable aclivities 714,823 27 714,650 841,166 Net galn$l(losses) on investments 10 1,429 1,429 (728) Not movom•nt In lunds (254,324) 31,073 (223,251) (97,709) Fund balances at 1 September 2023 1,124.633 68,164 1,192,797 1,290,506 Fund balance8 at 31 August 2024 870,309 99,237 969,548 1,192,797 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The ststement of finandal actlvili88 also complles with the requirements for an income and expenditure account under the Companles Act 2008. The notes on pages 19 to 29 fom part of these financial statements. 15-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STATEMENT OF FINANCIAL POSITION ASAT31 AUGUST2024 2024 2023 Notss Flxed assets Tangible assets Investments 13 14 868,947 14,733 905,470 13,301 883,880 918,771 Current as8et8 Debtors Cash at bank and in hand 15 28,974 248,873 30,336 448,467 277,847 478,803 Credltors: amounts falllng due wlthln one year 16 (191.981) (204,777) Net current assets 85,868 274,026 Total assets leB8 current liabilltle• 969,546 1,192,797 Income fund8 Restricted funds Unrestricted funds General funds Designated fvnds 18 99,237 68.184 19 19 (76,357) 946,666 152,121 972,512 870,309 1,124,633 969,548 1,192,797 16-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STATEMENT OF FINANCIAL POSITION (CONTINUED) ASAT31 AUGUST2024 The Company Is entitl8d to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 August 2024, although an audit has been Caled out under section 65 of the Chatiti8s Act (Nl) 2008. The directors acknowledge their responsibilities for cornplying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the Company to obtain an audit of its finanaal statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. Thèse financial statements have been prepared in accordance with the provisions applicabl8 to companies subject to the small companiès regime. The finandal st8tements were approved by the Directors on 30 May 2025 Ms S Graham (Chair) Tru¥te• MrMHPItt Trustee Company Registratlon No. N1049168 17-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flow8 from operating actlvltla$ Cash absorbed by operations 23 (200,848) (70,688) Investing actlvlties Purchase oftsngible flxed assets Investment income received (4,0061 5,260 {36,096) 4,487 Not cash generated froml(u•ed In) Investlng activltl•• 1,254 (31,609) Net cash used In fin•nclng actlvltle8 Not decrèase In cash and cash èqulvalonts (199,594) (102.2971 Cash and cash equivalents at beginning of year 448.467 550,764 Ca8h and cash equlvalents at end of year 248,873 448,467 18-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policie8 Charlty Infonnatlon Belfast School of Theology Lirnited (Formerly Belfast Bible College Lifflitedl is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Glenburn House, Glenburn Road South, Dunmurry, BT17 gJP. 1.1 Statement of compliance The financial statements have be8n prepared in accordance with the Companies Act 2006 and "Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire18nd (FRS 102). (as amended for accounting periods commencing from 1 January 2016). The Company 18 a Public Benefit Entity as defined by FRS 102. 1.2 8a818 of preparation The financial statemenls are prepared in slerllng, which is the funcllonal currency of the Company. Monetary amounts In Ihese financial statements are rounded to the néarest £. The financial slatements have been prepared in accordance with Applicable Accounting Standards in the United Kingdom. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounling policy. The principal accounting policies adopted, which hav8 been applied consistently, are set out below. 1.3 Golng concorn The Charity reported a deficit of £223,251 and a cash oufflow of £199,594 including a net operations cash deficit of £200,848 for the year. Since the year end the Directors have made the decision to put the current site up for sale and a licence to occupy a wing of Stranmillis University Colleg8 has been agreed. Th8 Directors consider this to be 8 more sustainable business model for the Charity moving forward. In 8ddition to this, the Directors have secured £1 OQ,000 of additional short term funding and are in the process of agreeing further funding. The Directors have prepared projections and, having considered the circumstsnces OLrtlined above. are of Ihe 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 concern basi5 in preparing the financial statements. 1A Charltable funds Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how Ihey may be used. The purposes and uses of the restricled funds are set out in the notes to the financial statements. 1.5 Income Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the tharity ha5 to fulfil condition5 before becoming fully entitled to it or where the donor has specified Ihat the income 15 to be expended in a future period. Grants, including capital grants, from the government and other agencies have been Included as income from activities in furtherance of the charity'5 objects where these amount to a contract for services, bul included as donations where the money is given in response to an appeal or wilh greater freedom of use, for example, governmenl block grants. Donaled facilities are induded at the value to the charity where this can be quantified and a Ihird party is bearing the cost. No amounts are included in the financial slatements for services donated by volunteers. 19
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcies {Contlnued) 1.6 Expenditure Expenditure is includad in the Statement of Financial Activities on an accruals basis. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributsble to more than one activity, are apportioned across Cost categories on the basis of an estimate of the proportion of time spent by staff on those activities. 1.7 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation Is recognised so as to write off the Cost or valuation of assets less thelr residual values over their useful lives on the following bases.. Land Ground rents Buildings Plant, fixture8 and computers 2%, 4Yo or 10% straight line 1 OVO, 200/0, 25010 or 50Q/o Straight line 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price éxcluding transaction c08ts, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurr8d. 1.9 Impalnnent of fixed asset8 At each reporting end date, the Comp8ny reviews the Carrying amounts of its tangible assets to determine whelher Ihere is any indication that those assets have suffered an impairment108s. If any such indication exists, the recoverable amount of the asset is estimated in order to determine Ihe extent of the impairment loss lif any). 1.10 Ca8h and cash equlvalent• Cash and cash equivalents include cash in hand, deposits held at CBII with banks, other short-temi liquid investments with original maturities of three rnonths or less, and bank overdr8ft5. Bank overdrafts are shown wthin borrowings in current liabilities. 1.11 Flnanctal in8truments The Company has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in Ihe Company's balance sheet when the Company becomes paty to the conlractual provisions of the instrument. Financial assets and liabilitles are offset, with the net amounts presenled in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. -20-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Continued) Basic financlal assets Basic financial assets, which includè debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried 8t 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 classified as receivable within one year are not amortised. Basic flnancial Ilabilities Basic financial liabilities, indudlng creditors and bank loans are Inltially recognised at transaction prlce unles8 the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a rnarket rate of interest. Financial liabilitles dassified as payable within one year are not amort158d. Debt instruments are subsequently carried al amortised cost, using the effective Interest rate method. Trade creditors are obligations to pay for goods or service8 that have been acqulred in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilit18s if payment is due within one y88r or less. If not, they are presented as nonwcurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derncognltion of flnancial Ilabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or ancelled. 1.12 Employèa benefits Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of 8n employee or to provide terminatlon benefits. 1.13 Reilrement b•neflt8 Payments to defined contribution retlrement benefit schemes are charged a8 an expense as they fall due. Critl¢al accountlng e8tlmats8 and Judg•m•nts In the application of the Company's accounting policies, the Directors are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and olher factors that are considered to be relevant. Actual results rnay differ from these estirnates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimate5 are recognised in the period in which the estimate is revised where the revision affeds only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 21
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Crltlcal accountlng estimatss and Judgemonts (Continued) Key sources of estlmation uncertalnty The Directors do not consider there are any material estimates or judg8ments in these financial statements otherthan as set out below. Tanglble flxed a88ets Tangible assets are depreryated over their useful lives taking inlo account residual values where appropriate. The actual live5 of th8 assets are 8SS8ssed annually and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assèssments consider issues such as the remaining life of the asset and the estimated value in use. Debtors Short temi debtors are mea8ured at transaction price, less any impalrment. Impairment of such debtors involves some estimation uncertainty, Donatlons and legaGle• 2024 2023 Unrestricted funds Restricted funds 63,989 31,100 151,718 1,200 95,089 152,918 Income from charitabl• actlvlt108 2024 2023 Course fees Other student income Extemal use of facilities Other income 301,451 31,879 55,380 911 455,089 79,718 41,155 10,816 389,621 586,778 -22-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Investments 2024 2023 Interest receivable 5,260 4,487 Net movement In fund• 2024 2023 The net movement in funds Is stated after chargin(Crediting). Fees payable for the audit of the charlty's financial statements Depreciatlon of owned tanglble fixed assets 3,800 40,528 3,625 40,183 Expendlturè on charltable a¢tlvltle• 2024 2023 Stsff costs Depreciation and impairmenl Other 8Ctiviti88 undertaken dlredly 363,681 40,528 236,780 459,038 40,183 242,808 640,989 742,029 Share of support costs (see note 9) Share of governance costs (see note 9) 88,224 5,437 68,984 30,173 714,650 841,166 Analysls by fund Unrestricted funds Restrided funds 714,623 27 838,139 3,027 714,650 841,166 The charitable activity of the School is to equip students intellectually and spiritually for Christian witness and service throughout the WOTld. The charity does this by providing training at its premises. Director• None of the Directors (or any persons connected with them) received any remuneration or b8nefrts frorn the Company during the year {2023'. none). -23-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support costs Support Governance Costs costs 2024 2023 Office overheads Advertising Finance Informatlon t8chnology 4,874 36,157 6,618 20,575 4,874 36,157 6,618 20,575 20,223 16,632 9,833 22,276 Management 5,437 5,437 30,173 88,224 5,437 73,861 99,137 Analysed b81ween Charitable activities 68,224 5,437 73,661 99,137 10 Gains and1088e8 on Investmants Unre8trlGted Unr08trictsd funds funds 2024 2023 Gainsl(losses) arising on: Revaluation of investments 1,429 (7261 -24-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Numb•r Stsff employ8d 14 17 Employm•nt costs 2024 2023 Wage5 and salaries Social security costs Other pension costs 318,954 27,452 17,275 399,578 36,059 23,401 363,681 459,038 Th8 senior management team of the School comprised of 2 m8mber8 of staff at the start of the year and 3 members of staff at the end of the year. The aggregate remuneration of this group was £92,12312023.' £92,976). There were no employees whose annua5 remuneration was £60,000 or more. 12 Taxatlon The ch8rlty Is exempt from taxation on Its activiti88 because all its Income 18 applied for charitable purposes. 13 Tanglble fixed as••ts L4nd around v•nts 8ulldlng* Plant. flxtur•• •nd ¢omput•r• Tot•1 Cmt At 1 September 2023 Additions 27,568 6,450 1,362,438 314,681 4,006 1,711,117 4,006 At 31 August 2024 27,568 6,450 1,362,438 318,667 1,715,123 Depreciation and Impairrnent At 1 September 2023 Depreciation charged in the year 20,080 507,062 25,846 278,506 14,682 805,648 40,528 At 31 August 2024 20,080 532,908 293,188 846,178 Carrylng amount At 31 August 2024 7.488 6,450 829,530 25,479 868,947 At 31 August 2023 7,488 6,450 855,376 36,156 905,470 25-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 Flxed asset Investmonts Llsted Investments C08t or valuatlon At 1 September 2023 Valuation changes 13,301 1,432 At 31 August 2024 14,733 Carrylng amount At 31 August 2024 14,733 At 31 August 2023 13,301 15 Debtors 2024 2023 Amounts falllng due withln one year: Trade debtor6 Other debtors Prepayments and accrued income 1,379 7.697 19.898 3,054 8,609 18,673 28,974 30,336 16 Credltors: amounts falling du• wlthln one year 2024 2023 other taxation and social security Other creditors Accruals and deferred income 11,325 110,714 69,942 12,049 118,537 74,191 191,981 204.777 17 Retirement benefit schemes 2024 2023 Defined contributlon schemes Charge to profit or loss in respect of defined contribution schemes 17.275 23,401 The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. -26-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Restrlcted funds The restrided funds of the charity comprise the unexpended balances of donations and grants held on trust subject to speafic conditions by donors as to how they may be used. Movement In funds Income Expenditure Balance at 31 August 2024 Balance at I September 2023 Student bursary fund Glob81 sponsorship fund WSF fund E-Leaming Fund 22,959 42,725 2,480 22,959 43,625 2,653 30,000 91)0 200 30,000 (2n 68,164 31,100 (2n 99,237 Restricted funds represent those monies received for a particular purpose as follows: The Student bursary fund is used to support students from within the British Isles. The Global sponsorship fund 15 used to support over588s students and indude assistsnce wilh fees, travel and accommodation and out of pocket expen588. The WSF (Women's Study Fellowship) fund is used to support students attending this course. The E-Leamlng Fund 18 used to asslst with the costs of the new e-learnlng suite, including the set up for the new on-line MA course. -27-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Unrestricted funds The unrestricted funds of the charity comprise Ihe unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been s8t aside out of unrestricted funds by the trustees for specific purposes. Movèment In funds Incom• Exponditure rrnn•for B•l•ne• •t I S•ptembor 2023 G•ln• •nd B•l•n¢• •t 108•M 31 August 2024 General funds Designated funds - capital project Designated funds - Land & Building8 152,121 458.870 (714,623) 25,846 109,648 862,864 1,429 (76,357) 109,648 837,018 {25,846> 1,124,633 458,870 (714,623) 1.429 870,309 The unrestricted funds represent the free funds of the Charity and compri8e general funds and funds which have been designated for particular purposes. General Funds - General Funds are available reserves for use in the fvture work of the School and to minimise working capital borrowing, the need for which arises from time to time, and to cover the deficit of activities in any year arising from short temi financial pressures. Capital Project - The Board have designated income received frorn bequests in 2014 for a capital project to improve studenl facilities. Such funds are not restricted in nature. Land and Buildings - The net book value of land and buildings are held as designated funds as they represent reser4es which are not readily available for use in the operation of the School and are represented by College property. The Iransfer represents the depreciation charge for the year borne by the General Fund and funds used to improve the School land and buildings. 20 Analysls of net ••••ts between funds Unrn•trlctod Restricted 2024 2024 Total 2024 Total 2023 Fund balances at 31 August 2024 are represented by.. Tangible assets Investments Current assetsl(liabililies) 868,947 14,733 (13,371) 868,947 14,733 85,866 905,470 13,301 274,026 99,237 870,309 99,237 969,546 1.192,797 21 Related party transactions There were no disclosable related party transactions during the year (2023.. none). -28-
BELFAST SCHOOL OF THEOLOGY LIMITED (FORMERLY BELFAST BIBLE COLLEGE LIMITED) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 22 Liablllty of members The Company is limited by guarantee and therefore th8r8 is no share capital. As at 31 August 2024 th8 Company had eight members {2023'. eight). The liability of the members is limited to £10 88ch in the event of the company being wound up. 23 Cash generatsd from operation8 2024 2023 Deficit for the year (223,251) {97,709) Adjustments for.. Investment income recognised in statement of financial activilies Fair value gains and losses on investments Depreciation and impaimient of tangible fixed assets (5,260) (1,429) 40,528 (4,48n 728 40,183 Movements in working capltsl: Decrea8e In debtors (Decrease) In creditor8 1,362 (12,798) 5,625 (15,026) Cash absorbed by operatlon8 (200,848) (70,6881 -29-