REGISTERED COMPANY NUMBER: 04428382 (England and Wales) REGISTERED CHARITY NUMBER: 1095730
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 FOR BIRMINGHAM INTERNATIONAL STUDENT HOMES (A COMPANY LIMITED BY GUARANTEE)
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| Page | |
|---|---|
| Report ofthe Trustees | 1to7 |
| Report ofthe Independent Auditors | 8 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 to 26 |
| DetailedStatementofFinancialActivities | 27to28 |
BIRMINGHAM INTERNATIONAL STUDENT HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees, who are also Directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31 August 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102) (effective from 4 January 2019).
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OBJECTIVES AND ACTIVITIES Objectives and aims Purposes and aims Birmingham International Student Homes' objectives and aims can be summarised as follows. 1. To promote and provide for the advancement of education and training of students from the United Kingdom and overseas.
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- To promote or assist in the provision of facilities for recreation and other leisure time occupation.
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To promote the advancement of the Christian faith in the United Kingdom and overseas in connection therewith to provide residential accommodation.
in order to fulfil its objectives and aims Birmingham International Student Homes provides and manages accommodation at two properties located within the City of Birmingham - Wesley International House and Asbury Overseas House.
WeEnsuring reviewour our work aims,deliversobjectivesour aims and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us to ensure that our aim, objectives and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
TheThe focusfocus ofof our the Charity's work work continues primarily to be the provision and management of accommodation in order to provide and advance the education and training of students from the United Kingdom and overseas.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity
should undertake.
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
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ACHIEVEMENT AND PERFORMANCE
Charitable activities How our activities deliver public benefit In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit, including the guidance on public benefit and fee charging.
Our main activities and who we try to help are described below. The Charity's activities continue to focus on our ability to provide and advance the education and training of students from the United Kingdom and overseas through the use of the facilities available to the Charity.
A Home Away from Home
The difficulties caused by the Coronavirus pandemic are now in the past and we have been able to resume normal activities. Occupancy levels have recovered to record levels and the Charity has met all of its aims this year. The Board is satisfied that the objectives and aims of the Charity in providing accommodation with appropriate pastoral support for overseas students in Birmingham have been fully met.
The Board has continued to meet on a quarterly basis to monitor developments in order to respond to the changing situation. The UK continues to be an attractive country for overseas students to attain high quality tertiary education qualifications and record numbers have taken the opportunity to study here. This has increased the demand for student accommodation which has benefitted the Charity. Although the demographics of the student population has changed somewhat, the fewer Chinese students have been offset by the arrival of new students from India and other Far Eastern countries.
Throughout the year, around 180 people were in residence at any one time, all coming from overseas to gain particular knowledge and skills that are much needed in their home countries. The spread of cultures and faiths was remarkable with over 186 people in residence from 63 countries. The total number of people staying with us has increased significantly this year, with longer courses and tenancies leading to higher occupancy levels.
For this wide variety of residents, our emphasis remains firmly on our charitable purpose of providing a supportive “Home Away from Home” for people who are away from their own country and culture for the first time, often with limited English skills, and we look forward with confidence to continue to serve them in the future.
Personal recommendation of our accommodation by previous residents remains the most significant way in which current residents come to us. Once settled and living in our houses, it is pleasing to see how quickly residents absorb our ways of life. We jointly celebrate such diverse cultures and languages living in harmony together as they organise themselves socially for a more satisfying life.
During the year we continued to carry a detailed and extensive review of our Health and Safety policies and procedures and are currently updating our letting agreements to align with the latest legal regulations. On 17" August 2022 there was a serious fire in one of the student bedrooms at Asbury Overseas House that completely gutted the room. Thankfully, no one was injured as our fire alarm and evacuation procedures worked well and the Fire Brigade was on site to contain the fire within minutes. The damage has now been repaired and the costs were fully covered by our insurance.
Staff numbers have increased in line with the improved occupancy levels and a new position of Lettings Coordinator has been made to handle the day-to-day administration of student bookings. The Board continues to invest in the training of staff with an emphasis on health and safety. We were delighted that the General Manager, Gemma Harris, obtained this year a NEBOSCH General Certificate in Occupational Health and Safety. We now have a stronger team in place to allow us to continue to deliver our ethos of “A Home Away from Home”.
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
ACHIEVEMENT AND PERFORMANCE Charitable activities - continued Our success is in no short measure due to our dedicated staff, many with long experience, who are the key ingredient in creating and maintaining such a “Home Away from Home” environment to support our guests. In the very difficult three years that we have been through with the pandemic, the staff have continued to support our operations with their positive attitude, hard work and resilience in the face of the many difficulties that they have had to face. The Directors/Trustees wish to record their appreciation to all the staff and supporters of the Birmingham International Student Homes for their continuing hard work and dedication to our purpose and we look forward with confidence to the future.
FINANCIAL REVIEW FinancialThe Statementpositionof Financial Activities shows total income for the year ended 31 August 2023 of £721,488 (2022 - £586,462) and total expenditure of £587,153 (2022 - £478,172), thereby increasing by £134,335 (2022 - increasing by £108,290) the Charity's total funds as at 31 August 2023 to £670,097 (2022 - £535,762).
During the year ended 31 August 2023 there was an overall surplus of income over expenditure before property costs of £240,124 (2022 - surplus £126,045). Expenditure on property costs during the year ended 31 August 2023 totalled £105,789 (2022 - £21,716) of which £41,039 (2022 - £3,961) of property improvements were capitalised as fixed assets with the balance of £64,750 (2022 - £17,755) expensed as property repairs and maintenance.
There has been a net cash inflow during the year ended 31 August 2023 of £184,945 (2022 - net cash inflow totalling £112,789) and at the year end the Charity had £617,859 (2022 - £432,914) of cash balances available to meet its dayto-day operational requirements.
The total funds retained in the balance sheet as at 31 August 2023 amounted to £670,097 (2022 - £535,762). His Majesty's Revenue and Customs carried out a review of our operations and concluded that the nature of our supplies were deemed to be exempt under current Value Added Tax Regulations. Accordingly, the Company deregistered from Value Added Tax with effect from 1 June 2022.
TheReserves reservespolicypolicy of the Charity is to maintain unrestricted funds, not committed or invested in tangible fixed assets which are the free reserves of the Charity, at a level which equates to approximately three months unrestricted expenditure. This level of unrestricted funds should provide sufficient funds to cover management and administration costs in addition to protecting the Charity against fluctuations in incoming resources caused by unforeseen vacancies in the residential houses managed by the Charity, thereby enabling the Charity to continue to develop all aspects of its activities. During the year, £200,000 was transferred from the unrestricted General Funds to the designated Maintenance Reserve Funds. Going concern Following the abatement of the Coronavirus pandemic and the subsequent lifting of UK restrictions, no matters have come to the attention of the Trustees which might suggest that the Charity will not be able to maintain its current activities for the foreseeable future. The Trustees have therefore considered that it is appropriate for the financial statements to be prepared on the going concern basis.
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
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FINANCIAL REVIEW - continued Future plans Our challenges in the future are significant but remain little changed. Our prime purpose is to support peopte from overseas who are here to develop themselves and gain vital knowledge to take back to their own countries. These people, of ail cultures and faiths, come together in friendship to live and work together whilst they are here in Birmingham. Their support of each other is vital to our purpose.
We will continue to invest in our accommodation in keeping with the demand for rising standards and to reduce our environmental footprint. Our attitude to reserves reflects that we are conscious that our infrastructure is aging and may need significant work in the future.
The beneficial ownership of Asbury Overseas House currently rests with the Global Relationship Division of the Methodist Church. Discussions have taken place to transfer, for administrative purposes, the beneficial ownership of Asbury Overseas House to the Birmingham District of the Methodist Church which already holds the beneficial interest of Wesley Overseas House. Any such reorganisation is not expected to affect the operations of either property but will simplify the reporting structure within the Methodist Connexion. The legal ownership of both properties will continue to be held by the Trustees for Methodist Church Purposes.
The Trustees will continue to seek to broaden our client base of students and trainees within our prime purpose of caring for the stranger in our midst.
We will continue to invest in staff development to strengthen the work that we undertake to support our guests and equip ourselves for a new future. In short we will do all we can to continue to offer a “Wome Away from Home” for all nations, all cultures and all creeds who seek to come to the Midlands to improve themselves and the lot of others back in their home countries.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Birmingham International Student Homes is a company limited by guarantee (registered number 04428382) which was incorporated on 30 April 2002 and achieved charitable status on 31 January 2003 (registered number 1095730).
The Company was established under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed under its Articles of Association.
All Directors of the Company are also Trustees of the Company and there are no other Trustees.
One-third of the Trustees shall retire and seek re-election at every Annual General Meeting.
No Member has any beneficial interest in the Charitable Company and Members are required to contribute an amount not exceeding £10 in the event of the Company being wound up or within one year after they have ceased to be a Member. Recruitment and appointment of new Trustees As set out in the Charity's Articles of Association, at every subsequent Annual General Meeting following the Charity's first Annual General Meeting one-third of the Trustees are subject to retirement by rotation.
If the Charity does not fill the vacancy at the meeting at which the Trustee retires by rotation, the retiring Trustee shall, if willing to act, be deemed to have been re-appointed.
All Trustees give their time voluntarily and receive no benefits from the Charity. Any expenses reclaimed from the Charity are set out in the notes to the financial statements.
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
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STRUCTURE, GOVERNANCE AND MANAGEMENT[-][continued] Organisational structure The Charity is organised so that its Board of Trustees meet regularly to manage its affairs and formulate policy. The Chairman, Honorary Treasurer and Managers are responsible for the day-to-day running and financial management of the Charity.
During the year ended 31 August 2023 the Charity has continued to adhere to the Charity Governance Code for Smaller Charities using the Code’s seven key principles as a tool to support the continuous improvement of good governance.
Board Changes On 31 March 2023, our longest serving Director and Trustee, Robert Dauncey retired after completing over 21 years service with the Company. Bob was instrumental in the creation of Birmingham International Student Homes in 2002 and in advising the Company on legal matters. His expertise and wise counsel has been greatly appreciated and we wish him all the best in his retirement.
The Board also said goodbye to Malcolm Evans on 17 January 2023 who has served for over 12 years with the Company. Malcolm came from a sales and marketing background and was heavily involved in developing an annual report that was widely circulated to prospective residents as a marketing aid. He also assisted us in upgrading the BISH website and our social network presence. We wish him well in the future.
On 11 July 2023, the Rev. lan Howarth was appointed a Director and Trustee of BISH having recently stepped down from the position of Chairman for the Birmingham District of the Methodist Church. His knowledge and contacts within the Methodist Connexion, and the Birmingham District specifically, will be most welcomed.
Induction and training of new Trustees New Trustees undergo an orientation day to brief them on legal obligations under charity law, the Charity's decisionmaking processes and the recent financial performance of the Charity. During the induction day new Trustees meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the understanding of their role.
Key management information In the Trustees’ opinion, the key management personnel of the Charity responsible for the direction, control, running and operation of the Charity on a day-to-day basis consists of the Board of Trustees and the Managers.
Key management personnel - Trustees All Trustees give of their time freely and no Trustee received remuneration during the year.
Details ofTrustees’ expenses and related party transactions are disclosed in notes 10 and 18 to the financial statements.
Key management personnel - Managers The pay of[the][ Charity's][ senior][ staff][ is][ reviewed][ annually][ and][ normally][ increased][ based][ upon][ the][ position][ of][the][ Charity's] finances and the cost of living in general.
TheRisk Trusteesmanagementhave a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees have examined the major strategic, business and operational risks that the Charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks.
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
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REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 04428382 (England and Wales)
Registered Charity number 1095730
Registered office
52 Oakfield Road Selly Oak Birmingham B29 7EQ
Trustees
AndrewJ Steel Chair PeterJ S Johansen MBE Honorary Treasurer Rev. StuartJ Burgess CBE Robert O Dauncey (resigned 31 March 2023) Malcolm Evans (resigned 17 January 2023) Rev. lan Howarth (appointed 11 July 2023) Carolyn M Humpherson
General Manager
Gemma Harris
Company Secretary Carolyn M Humpherson
Senior Statutory Auditor
Peter Smith ACA
Auditors J W Hinks LLP Chartered Accountants and Statutory Auditors 19 Highfield Road Edgbaston Birmingham West Midlands B15 3BH
Bankers
Lloyds Bank plc Central Finance Board of the Methodist Church University of Birmingham Branch 9 Bonhill Street 142 Edgbaston Park Road London Birmingham EC2A 4PE B15 2TY
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 a_ 00 STATEMENT OF TRUSTEES’ RESPONSIBILITIES The Trustees (who are also the Directors of Birmingham International Student Homes for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing those financial statements, the Trustees are required to
- select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP 2019 (FRS 102); - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
- there is no relevant audit information of which the Charitable Company's auditors are unaware, and - the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS The auditors, J W Hinks LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies.
Report of the Trustees, incorporating a strategic report, approved by order of the Board of Trustees, as the company directors, on 16 April 2024 and signed on the Board's behalf by:
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AndrewJ SteeW- Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BIRMINGHAM INTERNATIONAL STUDENT HOMES (REGISTERED NUMBER: 04428382)
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Opinion
We have audited the financial statements of Birmingham International Student Homes (the 'Charitable Company’) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting 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 resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable 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 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
in auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information 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’ augiit r.otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mfrotements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BIRMINGHAM INTERNATIONAL STUDENT HOMES (REGISTERED NUMBER: 04428382)
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Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception in the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees Responsibilities, the Trustees (who are also the Directors of the Charitable Company for the purposes of company jaw) 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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a 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 these financial statements. irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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e = Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error;
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e Evaluating and understanding the internal control system; e Performing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear;
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e Testing documentation supporting account balances or classes of transactions; and e Confirming accounts receivable and other accounts with a third party.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BIRMINGHAM INTERNATIONAL STUDENT HOMES (REGISTERED NUMBER: 04428382)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members those matters we are required to state to them in an auditors' 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 Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
OSI
Peter Smith ACA
(Senior Statutory Auditor) for and on behalf ofJ W Hinks LLP Chartered Accountants and Statutory Auditors 19 Highfield Road Edgbaston Birmingham West Midlands B15 3BH
Date: 16 April 2024
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023
aTTT
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||||||||
|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Restricted|Total funds|Total|funds|
|funds|funds|
|Note|£|£|£|£|
|INCOME AND ENDOWMENTS|FROM|
|Donations and|legacies|2|100|-|100|1,100|
|Charitable|activities|
|Accommodation|charges|4|693,083|-|693,083|577,231|
|Investment|income|3|15,865|-|15,865|1,310|
|Other income|5|12,440|-|12,440|6,821|
|Total|721,488|-|721,488|586,462|
|EXPENDITURE|ON|
|Charitable|activities|
|Accommodation|expenditure|6|587,153|-|587,153|478,172|
|NET INCOME / (EXPENDITURE)|134,335|-|134,335|108,290|
|RECONCILIATION|OF|FUNDS|
|Total funds brought forward|535,762|-|535,762|427,472|
|TOTAL FUNDS CARRIED FORWARD|670,097|-|670,097|535,762|
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BIRMINGHAM INTERNATIONAL STUDENT HOMES (REGISTERED NUMBER: 04428382)
BALANCE SHEET
AT 31 AUGUST 2023
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Restricted|Total|funds|Total|funds|
|funds|funds|
|Note|£|£|£|£|
|FIXED|ASSETS|
|Tangible|assets|13|107,575|-|107,575|91,036|
|CURRENT|ASSETS|
|Debtors|14|15,584|-|15,584|40,219|
|Cash|at|bank and|in|hand|617,859|-|617,859|432,914|
|633,443|-|633,443|473,133|
|CREDITORS|
|Amounts|falling|due|within|one year|15|(70,921)|-|(70,921)|(28,407)|
|NET CURRENT ASSETS|562,522|-|562,522|444,726|
|TOTAL ASSETS|LESS|CURRENT|LIABILITIES|670,097|-|670,097|535,762|
|NET|ASSETS|670,097|-|670,097|535,762|
|FUNDS|16|
|Unrestricted|funds|670,097|535,762|
|Restricted|funds|=|=|
|TOTAL FUNDS FUNDS|670,097|535,762|
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TOTAL FUNDS FUNDS
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies’ regime.
The financial statements were approved by the Board of Trustees on 16 April 2024 and were signed on its behalf by:
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Andrew JJ - Trustee
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ff Johansen MBE - Trustee
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
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|---|---|---|---|---|---|
|a|
|2023|2022|
|Notes|£|£|
|Cash flows from|operating|activities:|
|Cash generated from / (used by) operations|1|210,119|115,440|
|Net|cash|provided|by / (used|in) by operating|
|activities|210,119|115,440|
|Cash flows from|investing|activities:|
|Purchase of tangible fixed assets|(41,039)|(3,961)|
|Interest received|15,865|1,310|
|Net cash (used|in) /provided by investing activities|(25,174)|(2,651)|
|Change|in cash and|cash|equivalents|in the|
|reporting period|184,945|112,789|
|Cash and|cash equivalents|at the beginning of the|
|reporting period|432,914|320,125|
|Cash|and|cash|equivalents|at the end|of the|
|reporting period|617,859|432,914|
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BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
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|---|---|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Net|income|/|(expenditure)|for the|reporting|period|(as|per the|statement|
|of financial|activities)|134,335|108,290|
|Adjustments|for:|
|Depreciation|charges|24,500|26,508|
|Interest|received|(15,865)|(1,310)|
|Decrease|/|{Increase)|in|debtors|24,635|(21,465)|
|Increase|/|(Decrease)|in|creditors|42,514|3,417|
|Net|cash|provided by|/|(used|in)|operating|activities|210,119|115,440|
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2. ANALYSIS OF CHANGES IN NET FUNDS
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|---|---|---|---|---|---|---|---|
|At|1.9.22|Cash|flow|At|31.8.23|
|£|£|£|
|Net|cash|
|Cash|at|bank and|in|hand|432,914|184,945|617,859|
|Total|432,914|184,945|617,859|
----- End of picture text -----
Page 14
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
a
- ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS General information Birmingham International Student Homes is a Charity incorporated in England and Wales. The address of the Charity's registered office is 52 Oakfield Road, Selly Oak, Birmingham, B29 7EQ.
Accounting convention The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in 668,accordance with the Charities SORP (FRS 102) “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of ireland (FRS 102) (effective 1 January 2019)”, Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Companies Act 2006 and the Charities Act 2011.
The financial statements have been prepared using the historic cost convention and are presented in sterling which is the functional currency of the Charity, rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
COMPANY STATUS The Charity is a company limited by guarantee. The members of the Charity are the Trustees named in the Report of the Trustees. In the event of the Charity being wound up the liability in respect of the guarantee is limited to £10 per member of the Charity.
GOING CONCERN The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The expected level of income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
INCOME All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. !f there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
Fees charged for services provided by the Charity such as accommodation charges and service charges are recognised as the services are being performed. Income received in advance of the service being performed is deferred. Investment income is earned through holding assets such as cash on deposit. It includes interest receivable. Interest income is recognised using the effective interest rate method and is recognised as the Charity's right to receive payment is established. Grants are included in the statement offinancial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
a
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES - continued
EXPENDITURE
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
It is categorised under the following headings.
o Expenditure on charitable activities. o Other expenditure representing those items not falling into the above categories.
Support costs are those that assist with the work of the Charity but do not directly represent charitable activities and include office costs, governance costs and other administrative costs.
TANGIBLE FIXED ASSETS
Tangible fixed assets are stated at cost less depreciation or in cases where fixed assets have been donated at valuation at the time of acquisition.
Depreciation has been provided on tangible fixed assets at annual rates calculated to write off the cost, less the estimated residual value, of each asset over its estimated useful life at the following rates.
Improvements to property - 10% on cost Fixtures and fittings - 20% on cost
Depreciation on tangible fixed assets is not charged in the year of acquisition but in the subsequent year.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income / (expenditure) for the year.
TAXATION
The Charity is exempt from corporation tax on its charitable activities.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
OPERATING LEASES
Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease.
EMPLOYEE BENEFITS
When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Page 16
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ai IO
1. ACCOUNTING POLICIES - continued
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS Contributions to the personal pension schemes of certain employees are charged to the Statement of Financial Activities in the period in which they relate. The assets of these personal pension schemes are held separately from those of the Charity in independently administered funds.
FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
FINANCIAL INSTRUMENTS The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the Charity's accounting policies, the Trustees 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.
----- Start of picture text -----
||||
|---|---|---|
|2.|DONATIONS AND|LEGACIES|
|2023|2022|
|£|£|
|Donations|100|1,100|
|3.|INVESTMENT|INCOME|
|2023|2022|
|£|£|
|Deposit account interest|15,865|1,310|
----- End of picture text -----
a Page 17
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
4. INCOME FROM CHARITABLE ACTIVITIES
| 2023 | 2022 | ||
|---|---|---|---|
| Charitable | Charitable | ||
| activities | activities | ||
| £ | £ | ||
| Accommodation charges | 676,442 | 560,979 | |
| Service charges | 16,641 | 16,252 | |
| 693,083 | 577,231 | ||
| 5. | OTHER INCOME | ||
| 2023 | 2022 | ||
| Charitable | Charitable | ||
| activities | activities | ||
| £ | £ | ||
| Job Retention Grant | - | 1,760 | |
| Employment Allowance | 5,000 | 5,000 | |
| National Insurance and maternity pay recovered | 7,440 | 61 | |
| 12,440 | 6,821 |
- CHARITABLE ACTIVITIES COSTS
| Direct costs | Support costs | Totals | ||
|---|---|---|---|---|
| (See note 7) | (See note 8) | |||
| £ | £ | £ | ||
| Accommodation expenditure | 483,298 | 103,855 | 587,153 | |
| 7. | DIRECTCOSTS OF CHARITABLE ACTIVITIES | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Staffwages | 157,415 | 119,165 | ||
| Social security | 8,688 | 6,558 | ||
| Pensions | 13,902 | 9,365 | ||
| Rates and water | 41,725 | 32,322 | ||
| Insurance | 24,077 | 21,273 | ||
| Light and heat | 90,405 | 63,374 | ||
| Newspapers and sundries | 2,318 | 2,260 | ||
| Laundry | 13,876 | 10,255 | ||
| Cleaning | 9,575 | 6,430 | ||
| Equipment replacements and repairs | 24,056 | 13,776 | ||
| Property maintenanceand repairs | 40,694 | 17,755 | ||
| Health and safety | 6,722 | 6,632 | ||
| Wi-Fi network charges | 25,344 | 18,683 | ||
| Depreciation | 24,501 | 26,508 | ||
| 483,298 | 354,356 |
Page 18
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
CS
8. SUPPORT COSTS
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Governance|
|Support|costs|costs|Totals|
|£|£|£|
|Accommodation|expenditure|94,325|9,530|103,855|
|Support|costs,|included|in|the above,|are|as|follows:|
|Support costs|2023|2022|
|£|£|
|Salary costs|64,654|69,808|
|Social|security|6,506|6,915|
|Pensions|and|life assurance|8,759|7,860|
|Computer,|postage,|telephone,|courses, stationery and|advertising|14,406|19,875|
|94,325|104,458|
|Governance|costs|2023|2022|
|£|£|
|Auditors’|remuneration|6,000|4,250|
|Auditors'|remuneration|for non-audit work|990|1,268|
|Legal and|professional|fees|2,540|13,840|
|9,530|19,358|
----- End of picture text -----
- NET INCOME / (EXPENDITURE) Net income / (expenditure) is stated after charging[/][(crediting):]
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2023|2022|
|£|£|
|Audit fee|6,000|4,250|
|Accountancy charges|990|1,268|
|Depreciation|- owned|assets|24,501|26,508|
----- End of picture text -----
10. TRUSTEES’ REMUNERATION AND BENEFITS
There were no Trustees’ remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
TRUSTEES’ EXPENSES There were no Trustees’ expenses paid for the year ended 31August 2023 nor for the year ended
31 August 2022.
a Page 19
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
11. STAFF COSTS
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Wages|and|salaries|222,069|188,973|
|Social|security|costs|15,195|13,473|
|Other|pension|costs|and|life|assurance|22,661|17,225|
|259,925|219,671|
|The|average|monthly|number|of employees|during the|year was|as|follows:|
|2023|2022|
|Wardens|and|staff|18|15|
|No|employees|received|emoluments|in|excess|of £60,000.|
|COMPARATIVES|FOR THE STATEMENT OF THE STATEMENT OF STATEMENT OF OF|FINANCIAL ACTIVITIES ACTIVITIES|
|Unrestricted|Restricted|Total|funds|
|funds|funds|
|£|£|£|
|INCOME AND|ENDOWMENTS|FROM|
|Donations|and|legacies|1,100|-|1,100|
|Charitable|activities|
|Accommodation|charges|577,231|-|577,231|
|Investment|income|1,310|-|1,310|
|Other|Income|6,821|-|6,821|
|Total|586,432|-|586,462|
|EXPENDITURE|ON|
|Charitable|activities|
|Accommodation|expenditure|478,172|-|478,172|
|NET|INCOME/(EXPENDITURE)|108,290|-|108,290|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought forward|427,472|-|427,472|
|TOTAL FUNDS|CARRIED|FORWARD|535,762|-|535,762|
----- End of picture text -----
12. COMPARATIVES FOR THE STATEMENT OF THE STATEMENT OF STATEMENT OF OF FINANCIAL ACTIVITIES ACTIVITIES
Page 20
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| 13. | TANGIBLE FIXEDASSETS | |||
|---|---|---|---|---|
| Improvements | Fixturesand | |||
| to property | fittings | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1September 2022 | 457,071 | 52,534 | 509,605 | |
| Additions | 39,154 | 1,885 | 41,039 | |
| At 31August 2023 | 496,225 | 54,419 | 550,644 | |
| DEPRECIATION | ||||
| At 1September2022 Charge foryear |
367,579 23,925 |
50,990 575 |
418,569 24,500 |
|
| At31 August 2023 | 391,504 | 51,565 | 443,069 | |
| NET BOOKVALUE | ||||
| At31August2023 | 104,721 | 2,854 | 107,575 | |
| At31August2022 | 89,492 | 1,544 | 91,036 |
The Birmingham Methodist District Trustees for Wesley International House and the Methodist Council for Asbury Overseas House have ratified management agreements authorising Birmingham International Student Homes to be responsible for all aspects of the upkeep and maintenance of both properties managed by the Charity except final ownership.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Tradedebtors Prepayments |
3,407 12,177 : |
7,957 32,262 : |
| Other debtors | ||
| 15,584 | 40,219 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLINGFALLING DUE WITHIN ONE YEARWITHIN ONE YEARONE YEARYEAR | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Tradecreditors | 26,024 | 3,200 - |
| Social security and other taxes Deferred income Accrued expenses |
- 18,470 26,427 |
9,874 15,333 |
| 70,921 | 28,407 |
Ta
Page 21
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued
Deferred income included above consists of the following:
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Deferred accommodation charges as at 31 August 2022 | 9,874 | 9,069 | ||
| Accommodation charges deferred during theyear | 195,747 | 94,034 | ||
| Accommodation charges released during theyear | (187,151) | (93,229) | ||
| Deferred accommodation chargesas at31August2023 | 18,470 | 9,874 | ||
| 16. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement in | ||||
| At 1.9.22 | funds | At 31.8.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General Fund -Asbury Overseas House | 276,420 | 144 | 276,564 | |
| General Fund - Wesley International House | 129,342 | (65,809) | 63,533 | |
| Designated Fund - | ||||
| Asbury Overseas House Maintenance Reserve Fund | 60,000 | 100,000 | 160,000 | |
| Designated Fund - | ||||
| Wesley International House Maintenance Reserve Fund | 70,000 | 100,000 | 170,000 | |
| TOTALFUNDS | 535,762 | 134,335 | 670,097 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement in | ||
| resources | expended | funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General Fund -Asbury Overseas House | 420,320 | (420,176) | 144 | |
| General Fund -Wesley International House | 301,168 | (366,977) | (65,809) | |
| TOTALFUNDS | 721,488 | (787,153) | (65,665) |
Page 22
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
a
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Net|
|movement|in|
|At|1.9.21|funds|At|31.8.22|
|£|£|£|
|Unrestricted|Funds|
|General|Fund|- Asbury|Overseas|House|183,773|92,647|276,420|
|General|Fund|- Wesley|International|House|113,699|15,643|129,342|
|Designated|Fund|-|
|Asbury Overseas|House|Maintenance|Reserve|Fund|60,000|-|60,000|
|Designated|Fund|-|
|Wesley|International|House Maintenance|Reserve|Fund|70,000|-|70,000|
|TOTAL FUNDS|427,472|108,290|535,762|
----- End of picture text -----
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|in|
|resources|expended|funds|
|£|£|£|
|Unrestricted|funds|
|General|Fund|- Asbury Overseas|House|352,377|(259,730)|92,647|
|General|Fund|- Wesley|International|House|234,085|(218,442)|15,643|
|TOTAL FUNDS|586,462|(478,172)|108,290|
----- End of picture text -----
ce
Page 23
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement in | |||
| At 1.9.21 | funds | At 31.8.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General Fund -Asbury Overseas House | 183,773 | 92,791 | 276,564 |
| General Fund - Wesley International House | 113,699 | (50,166) | 63,533 |
| Designated Fund - | |||
| Asbury Overseas House Maintenance Reserve Fund | 60,000 | 100,000 | 160,000 |
| Designated Fund - | |||
| Wesley International House Maintenance Reserve Fund | 70,000 | 100,000 | 170,000 |
| TOTALFUNDS | 427,472 | 242,625 | 670,097 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement in | |
|---|---|---|---|
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General Fund -Asbury Overseas House | 772,697 | (679,906) | 92,791 |
| General Fund -Wesley International House | 535,253 | (585,419) | (50,166) |
| TOTALFUNDS | 1,307,950 | (1,265,325) | 42,625 |
Page 24
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
a
- MOVEMENT IN FUNDS- continued Purpose of funds Unrestricted - General Fund The General Fund represents the free funds of the Charity that are not designated for particular purposes.
Designated - Asbury Overseas House Maintenance Reserve Fund This fund represents an amount set aside as a contingency to cover the costs of property maintenance and repairs charges incurred by the Charity concerning Asbury Overseas House.
Designated - Wesley International House Maintenance Reserve Fund This fund represents an amount set aside as a contingency to cover the costs of property maintenance and repairs charges incurred by the Charity concerning Wesley International House.
Restricted There are no restricted funds.
- PENSION COMMITMENTS
The Charity contributes to the individual pension plans of certain employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. \f the Charity were to withdraw from this fund then it could become liable for its share of any deficit in the fund calculated on a statutory buyout basis. This contingent liability is currently estimated to be up to a maximum of £13,913 (2022 - £19,851).
The total contributions for the year amounted to £22,661 (2022 - £17,225).
-
RELATED PARTY DISCLOSURES During the year £2,662 (2022- £9,980) was paid to Savekers Solutions Limited for marketing and other services. As at 31 August 2023, £600 was owed to Savekers Solutions Limited and was included in trade creditors. Andrew Steel, who is the Chairman of Birmingham International Student Homes, is a director and shareholder of Savekers Solutions Limited.
-
EVENTS AFTER THE REPORTING PERIOD
These financial statements have been prepared on a going concern basis, the validity of which is dependent upon Birmingham International Student Homes being able to continue to operate profitably. The impact of the Coronavirus pandemic has abated and, at the present time, occupancy levels have returned to their prepandemic levels. Consequently, no further disruptions to operations are anticipated in the foreseeable future.
Page 25
BIRMINGHAM INTERNATIONAL STUDENT HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
20. OPERATING LEASE COMMITMENTS
At 31 August 2023 the Charity had outstanding commitments for future minimum lease payments under noncancellable operating leases which fall due as follows.
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Within one year | - | 3,796 |
| Between two and five years | - | - |
| In more than five years | - | - |
| — |
21. ULTIMATE CONTROLLING PARTY
The Charity is controlled by the Board of Trustees.
Page 26
BIRMINGHAM INTERNATIONAL STUDENT HOMES
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOMEAND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 100 | 1,100 |
| Investment income | ||
| Deposit account interest | 15,865 | 1,310 |
| Charitable activities | ||
| Accommodation charges | 676,442 | 560,979 |
| Service charges | 16,641 | 16,752 |
| 693,083 | 577,231 | |
| Other Income | ||
| Job Retention Grant | - | 1,760 |
| Employment Allowance National insuranceand maternity pay recovered |
5,000 7,440 |
5,000 61 |
| 12,440 | 6,821 | |
| Total incoming resources | 721,488 | 586,462 |
| EXPENDITURE | ||
| Charitable activities | ||
| Staffwages Social security Pensions |
157,415 8,688 13,902 |
119,165 6,558 9,365 |
| Ratesandwater | 41,725 | 32,322 |
| Insurance | 24,077 | 21,273 |
| Lightand heat Newspapersand sundries Laundry Cleaning Equipment replacementsand repairs Propertymaintenance and repairs Health and safety Wi-Fi network charges Depreciation of tangiblefixed assets |
90,405 2,318 13,876 9,575 24,056 40,694 6,722 25,344 24,501 |
63,374 2,260 10,255 6,430 13,776 17,755 6,632 18,683 26,508 |
| 483,298 | 354,356 |
This page does not form part of the statutory financial statements
a Page 27
BIRMINGHAM INTERNATIONAL STUDENT HOMES
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
EXPENTITURE — continued
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Support|costs|
|Salary|costs|64,654|69,808|
|Social|security|6,506|6,915|
|Pensions|and|life|assurance|8,759|7,860|
|Computer,|postage,|telephone,|courses,|stationery|and|advertising|14,406|19,875|
|94,325|104,458|
|Governance|costs|
|Auditors'|remuneration|6,000|4,250|
|Auditors'|remuneration|for|non-audit work|990|1,268|
|Legal|and|professional|fees|2,540|13,840|
|9,530|19,358|
|Total|resources|expended|587,153|478,172|
|Net|Income / (Expenditure)|134,335|108,290|
----- End of picture text -----
This page does not form part of the statutory financial statement
Page 28