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 2024 FOR BIRMINGHAM INTERNATIONAL STUDENT HOMES IA COMPANY LIMITED BY GUARANTEE)
BIRMINGHAM INTERNATIONAL sfuDENT HOMES CONTEMfs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 Page Report of the Trustees Ito7 Report of the Independent Audltors 8tolO Statement of Flnanclal Activities li Balance Sheet 12 Cash Flow Statement 13 Notes to the Cash Flow Statement 14 Note5 to the Financial Statement5 15to26 Detailed Statement of Financlal Activities 27to28
BIRMINGHAM INTERNATIONAL sfuDENT HOMES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees, who are also Dirertors 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 2024. 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 IFRS 1021 (effective from l January 2019). OBJEcllvES AND ACTIVITIES Objectlves and aims Pur oses and aims Birmingham Internatlonal Student Homes, objective5 and alms can be summarised as follows. To promote and provide for the advancement of education and tralnln8 of students from the United Kln8dom and overseas. To promote or asslst in the provlslon of facilitie5 for recreation and other lelsure time occupation. To promote the advancement of the Christlan rellglon in the Unlted Kln8dom and overseas in connectlon 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. Ensurin our work delivers o r aims We review our aim5, objectives 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 guldance contalned in the Charity Commission's general guidance on public benefit when revlewing our aims and objectlves and in planning our future activities. In partlcular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. The focus f our work The focus of the Charity's work contlnues primarily to be the provision and management of accommodation In order to provide and advance the education and trainlng of students from the United Kingdom and overseas. The Trustees have paid due re8ard to 8uidance issued by the Charity Commission In decidin8 what activlties the Charity should undertake. PAgp. I
BIRMINGHAM INTERNATIONAL STUDENT HOMES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENT AND PERFORMANCE Charltable activities How our activities deliver ublic benefit In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission's general 8uidance on public benefit, Including the guidance on publlc benefit and fee char8in8. Our main activities and who we try to help are described below. The CharitV'5 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 Awa 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 objective5 and aims of the Charity in providing accommodation with appropriate pastoral support for overseas students in Birmingham have been fully met. The Board has contlnued to meet on a quarterly basis to monitor development5 in order to respond promptly to any changing situation. The UK continues to be an attractlve country for overseas students to attain hi8h quallty tertiary education quallfications and record number5 have taken the opportunity to study here. This ha5 increased the demand for student accommodation which has benefitted the Charity. Although the demographics of the student population has chan8ed 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 204 people in residence from 39 countries. The total number of people staying with us ha5 increased slgnificantly this year, wlth longer courses and tenancies leadln8 to higher occupancy levels. For this wide variety of resldents, our emphasis remains firmly on our charitable purpose of providing a supportlve "Home Awayfrom Home" for people who are away from their own country and culture for the first time, often with Ilmited 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 or8anise themselves socially for a more satisfying life. Staff numbers have remained Stable over the year and we continue to benefit from low staff turnover which helps US to deliver our charitable objectives. The Board continues to invest in the training of staff with an emphasis on health and safety. We now have a strong team in place to allow us to continue to deliver our ethos of "A Home Awayfrom Home". 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 3 "Home Away from Home" environment to Support our guests. 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 Directorsnrustees 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. Paop ?
BIRMINGHAM INTERNATIONAL STUDENT HOMES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Flnanclal position The Statement of Financial Activities shows total income for the year ended 31 August 2024 of £797,54012023 £721,488} and total expenditure of £733.15512023 £587,153), thereby increasing by £64,38512023 - increasing bv £134,335) the Charity's total funds as at 31 August 2024 to £734,48212023- £670,097}. There was a sharp increase in our operating costs during the year which increased by 24.9Y.. Most of this increase was due to 3 large increase in gas prices which adversely impacted our heating costs. The Charity had benefitted from a three-year fixed price gas contract which had protected us from the gas price increases in 2022 that were triggered by the war In Ukraine. That contract came to an end in 2023 and our heating costs year-on-year Increased by 209%. Although the Charlty has entered Into a new fixed prlce contract, the unit 8as price is much hi8her than the previous contrart. In response to these increased costs, accommodatlon charges were increased and our operatin8 income rose by 10.2% In the year. During the year ended 31 August 2024 there was an overall surplus of Income over expenditure before property costs of £235,01812023 - surplus £240.1241. Expenditure on property costs during the year ended 31 August 2024 totalled £170,63312023 - £105,789) of which £127,11512023 £41,039) of property improvements were capitalised a5 fixed assets with the balance of £43,51812023- £64,750) expensed a5 property repairs and maintenance. Durin8 the year it was necessary to carry out a signiflcant amount of work to renew sections of the Asbury Overseas House roof and this work is ongoing. There were also improvements to showers and bathrooms at both Asbury Over5ea5 House and Wesley Internatlonal House. There has been a net cash oufflow during the year ended 31 Au8USt 2024 of £95,47912023 - net cash inflow totalling £184,945) and at the year end the Charity had £522,38012023 - £617,859) of cash balances available to meet its day- to-day operational requirements. The total funds retained in the balance sheet as at 31 August 2024 amounted to £734,48212023- £670,097). Reserves pollcy The reserves policy 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. Thls level of unrestrlcted funds should provlde sufficient funds to cover management and admlnistration costs In addition to protectin8 the Charity a8ainst fluctuations in incoming resources caused by unforeseen vacancies in the residentlal houses managed by the Charity, thereby enabling the Charity to continue to develop all aspect5 of its activities, Golng concern No matters have come to the attention of theTrustees which might suggest thatthe Charity will not be able to maintaln 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.
BIRMINGHAM INTERNATIONAL STUDENT HOMES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW- continued Future plans Our challenges in the future are significant but remain little changed. Our prime purpose 15 to support people from overseas who are here to develop themselves and gain vital knowledge to take back to their own countries. These people, of all cultures and faith5, 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 wlll contlnue to invest in our accommodation in keeplng 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 beneflclal ownership of Asbury Overseas House currently rests with the Global Resou rces Division of the Methodist Church. Discussions have taken place to transfer, for administrative purposes. the beneflcial ownership of Asbury Overseas House to the Blrmlngham District of the Methodist Church which already holds the beneficial interest of Wesley Overseas House. Any such reorganisation is not expected to affect the operatlons of elther property but wlll simplify the reporting structure within the Methodist Connexion. The legal owner5hlp of both propertles wlll continue to be held by the Trustees far Methodist Church Purposes. The Trustees wlll contlnue to seek to broaden our client base of student5 and trainees within our prlme purpose of caring for the 5tran8er in our mldst. We will contlnue 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 wlll do all we can to continue to offer a "Home Awayfrom 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. srRucfuRE, GOVERNANCE AND MANAGEMENT Governlng document Birmingham International Student Homes is a company limited by guarantee (registered number 04428382) which was incorporated on 30 Aprll 2002 and achieved charitable status on 31 January 2003 (registered number 10957301. The Company was established under a Memorandum of Association whlch establlshed the objects and powers of the Charitable Company and is governed under its Articles of Association. All Dlrectors of the Cornpany are also Trustees of the Company and there are no other Trustees. One-thlrd of the Trustees shall retlre 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. Recrultment and appointment of new Trustee5 As set out in the Charity's Articles of Association, at every subsequent Annual General Meeting following the Charity'5 first Annual General Meeting one-third of the Trustees are subjert 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. Pagp 4
BIRMINGHAM INTERNATIONALSTUDENT HOMES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STrUCTURE, GOVERNANCE AND MANAGEMENT- contlnued Organisational structure The Charity is organised so that its Board of Trustees meet regularly to manage its affairs and formulate policy. The Chairman, HonoraryTreasurer and Managers are responsibleforthe day-to-day running and financial management of the Charity. During the year endÈd 31 August 2024 the Charlty has continued to adhere to the Charity Governance Code for Smaller Charities using the Code's seven key prlnciples as a tool to support the continuous improvement of good governance. Board Changes On 11 July 2023, the Rev. lan Howarth was appointed a Director and Trustee of the Charlty having recently stepped down from the position of Chairman for the Blrmingham District of the Methodist Church. His knowledge and contacts within the Methodist Connexion, and the Birmingham Distrlct specifically, will be rnost welcomed. Inductlon and tralnlng of new Trustees New Trustees undergo an orientation day to brlef them on legal obli8ation5 under charlty law, the Charlty's decision- making processes and the recent financial performance of the Charity. Duringthe induction day new Trustees meet key employees and other Trustees. Trustee5 are encouraged to attend appropriate external training events where these will facilitate the understanding of their role. Key mana8ement informatlon 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 conslsts of the Board of Trustees and the Managers. Ke mana ement ersonnel - Trustees All Trustees give of their time freely and no Trustee received remuneration during the year. Details of Trustees, expenses and related party transactions are disclosed in notes 10 and 18 to the financial statements. Ke mana ement ersonnel - Mana ers The pay of the Charity's senior staff is reviewed annually and normally increased based upon the posltlon of the Charity's finances and the cost of living in general. Rlsk management The Trustees have a duty to identify and review the risks to which the Charlty is exposed and to ensure approprlate controls are in place to provide reasonable a55urance 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 submitted to the Board $0 that necessary steps can be taken to manage and lessen these risks. PAgp.
BIRMINGHAM INTERNATIONAL STUDENT HOMES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 04428382 (England and Wale51 Registered Charlty number 1095730 Re8iStered offlce 52 Oakfield Road Selly Oak Birmingham 829 7EQ Trustees Andrew J Steel Peterj S Johansen MBE FCA Rev. Stuart J 8urgess CBE Rev, lan Howarth Carolyn M Humpherson Chalr Honorary Treasurer lappointed 11 July 2023) General Mana8er Gemma Harri5 Cornpany Secretary Carolyn M Humpherson Senlor Statutory Audltor Peter Smlth ACA Audltors J W Hinks LLP Chartered Accountants and Statutory Auditors 19 Highfield Road Edgbaston Birmlngham West Midlands BIS 3BH Bankers Uoyds Bank plc University of Birmingham Branch PO Box IOIXJ BXI ILT Central Finance Board of the Methodist Church Methodist Church House 25 Tavistock Place London WCIH 9SF Pagp. 6
BIRMINGHAM INTERNATIONAL STUDENT HOMES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the Directors of Birmingham International Student Homes forthe 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 satlsfied 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 5Ultable accountlng pollcles and then apply them conslstentlv: observe the methods and principle5 in the Charity SORP 2019 {FRS 1021; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basls unless it is Inappropriate to presume that the Charitable Company wlll continue in buslness. The Trustees are responsible for keeping proper accounting records that dlsclose with reasonable accuracy at any time the flnancial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also re5ponslble 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 50 far as the Trustees are aware: there is no relevant audit Information of which the Charitable Company'5 auditors are unaware,. and the Trustees have taken all steps that they ought to have taken to make themselve5 aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, J W Hlnks LLP, will be proposed for re-appointment at the forthcoming Annual General Meetln8. This report has been prepared in accordance with the special provlsions of Part 15 of the Companles Act relating to small companies. Report of the Trustees, incorporating a strate8ic report. approved by order of the Board of Trustees, as the Company directors, on 14 January 2025 and signed on the Board'5 behalf by.. Andre Ste rustee Pagp 7
REPORT OFTHE INDEPENDENT AUDITORS TOTHE MEMBERS OF BIRMINGHAM INTERNATIONAL STUDENT HOMES (REGISTERED NUMBER: 04428382) Opinion We have audited the financial statements of Birmingham Internatlonal Student Homes Ithe 'Charitable Company'l for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statement5, including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportin8 Standard 102 'The Financial Reporting Stondord applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financlal statements: give a true and fair view of the state of the Charitable Company's affairs as at 31 August 2024 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 Klngdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audltors responsibilities for the audit of the financlal statements sectlon of our report. We are independent of the Charitable Company in accordance with the ethical requlrements that are relevant to our audit of the financlal statements in the UK, Includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinlon. Concluslons relatlng to golng 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 uncertalntles relating to events or conditlons that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a perlod of at least twelve months from when the financial Statements are authorlsed for issue. Our responslbilities and the responsibilitie5 of the trustees wlth respect to going concern are described In the relevant sections of thi5 report. Other Informatlon The other information comprlse5 the information included in the Report of the Trustees, other than the financial statements and our auditor'5 report thereon. The Trustee5 are responsible for the other information contained within the Report of the Trustees. Our opinion on the financial statements doe5 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 materiallv inconsistent with the financial statements or our knowledge obtained in the cou rse of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material rriisstatements, 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. PAgp
REPORT OF THE INDEPENDENT AUDITORS TOTHE MEMBERS OF BIRMINGHAM INTERNATIONAL STUDENT HOMES {REG15TERED NUMBER: 04428382) Oplnlons 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 flnancial year for whlch 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 requlred 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 mi5Statements in the Report of the Trustees. We have nothing to report In respect of the following matters where the Companles Act 2006 requlres us to report to you if, in our opinlon: adequate accountin8 records have not been kept or returns adequateforour audit have not been recelved from branches not visited by us; or the financial statements are not In a8reement wlth the accountin8 records and returns; or certaln disclosures of Trustees, remuneratlon specified by law are not made; or we have not received all the information and explanation5 we require for our audlt. Responsibllltles of Trustees As explained more fully in the Statement of Trustees Responsibilities, the Trustees Iwho are a150 the Directors of the Charitable Company for the purposes of company lawl 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 contro5 as the Trustees determine is nece553ry to enable the preparation of financial statement5 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 goln8 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. Audltorf responsibilltles for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as 3 whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinlon. Reasonable assurance is a high level of assurance but is not a guarantee that an audlt conducted in accordance wlth ISAS IUKI will always detect a materlal misstatement when It exists. Misstatements can arlse 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 rnisstatements In re5pett of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Enquiring with management and others to 8ain an understanding of the organisation itself including operations, financial reporting and known fraud or error; Evaluating and understanding the internal control 5V5tem,' Performing analytical procedure5 as expected or unexpected variances in account balances or classes of transactions appear: Testing documentation supporting account balances or classes of transactions- and Confirming account5 receivable and other accounts with a third party.
REPORT OFTHE INDEPENDENT AUDITORSTO 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-compllance with regulation. This rlsk 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 regardlng 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.or8.uk/auditOfsresponsibilities. This descrlption forms part of our Report of the Independent Auditors. We communicate with those charged with governance regardln& among other matters, the planned scope and timlng of the audit and signlficant audit findin8Si including any significant deficlencles In internal control that we Identlfy 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 ha5 been undertaken so that we might state to the Charltable 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 Charitabl Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Peter Smith ACA {Senior Statutory Auditor) for and on behalf of J W Hinks LLP Chartered Accountants and Statutory Auditors 19 Highfield Road Edgbaston Blrmin8ham West Midlands 815 38H Date: 14 January 2025 Pagp. In
BIRMINGHAM INTERNATIONAL STUDENT HOMES STATEMENT OF FINANCIAL AcnvrriES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 AUGUST 2024 2024 Total funds 2023 Total funds Unrestrlrted funds Restrlcted funds Note INCOME AND ENDOWMEMfs FROM Donations and legacies loo 100 100 Charltable actlvities Accommodation charges 765.921 765,921 693,083 Investment income 26.519 26,519 15,865 Other income 5.000 5,000 12,440 Total 797,540 797.540 721,488 EXPENDITURE ON Charitable actlvities Accommodation expenditure 1733,155) (733,1551 1587,153) NET INCOME I (EXPENDITURE) 64,385 64,385 134,335 RECONCIUATION OF FUNDS Total funds brought forward 670,097 670.097 535,762 TOTAL FUNDS CARRIED FORWARD 734,482 734,482 670,097 PAQP 11
BIRMINGHAM INTERNATIONAL STUDENT HOMES (REGISTERED NUMBER: 044283821 BALANCE SHEET AT 31 AUGUST 2024 2024 Total funds 2023 Total funds Unrestrlcted funds Restricted funds Not FIXED ASSETS Tangible assets 13 212,790 212.790 107,575 CURRENT ASSETS Debtors Cash at bank and In hand 14 40,$60 522.380 40,560 522.380 15,584 617,859 562,940 562.940 633,443 CREDITORS Amounts falllng due wlthln one year 15 141,248) 141,248) 170,9211 NEf CURRENT ASSETS 521,692 521,692 562,522 TOTAL ASSETS LESS CURRENT LIABILITIES 734,482 734,482 670,097 NET ASSETS 734.482 734.482 670,097 FUNDS Unrestricted funds Restricted funds 16 734,482 670,097 TOTAL FUNDS 734,482 670,097 These financlal statements have been prepared in accordance wlth the provisions applicable to charitable companies subject to the small companies, regime. The financial statem ts ere approved by the Board ofTru5tees on 14 January 2025 and were signed on its behalf by: Andrew J St el - Trustee Peter J S Johan n MBE FCA- Trustee Pappl?
81RMINGHAM IMfERNATIONAL STUDENT HOMES CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating actlvltles: Cash generated from operations 5,117 210,119 Net cash provided by operatlng actlvltles 5,117 210,119 Cash flows from Investing actlvltles: Purchase of tangible fixed assets Interest recelved 1127.115) 26,519 141,0391 15,865 Net cash (used In) Investing artlvltles (IIKI.596) 125,1741 Change In cash and cash equivalents In the reportlng perlod (95A79) 184,945 Cash and cash equfvalents at the beglnning of the reportlng perfod 61759 432,914 Cash and cash equlvalents at the end of the reportlng perlod 522.380 617,859 Papp. 14
BIRMINGHAM INTERNATIONAL STUDEpif HOMES NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NE[ INCOME/(EXPENDrruRE) TO CASH FLOW FROM OPERATING ACTivrriES 2024 2023 Net Income for the reportlnz perlod (as per the statement of financlal actlvftles) Adjustments for: Depreclation charges Interest received {Increasel l Decrease in debtors (Decrease) I Increase in creditors 64.385 134,335 21,900 (26,519) (24.976) (29,673) 24,500 115,8651 24,635 42,514 Net cash provlded by operating actlvltles 5.117 210,119 ANALYSIS OF CHANGES IN NEf FUNDS At 1.9.23 Cash flow At 31.8.24 Net cash Cash at bank and in hand 617 859 Total 617,859 195,479) 522,380 Page 14
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 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. Accountlng conventlon The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in 668,accordance wlth the Charities SORP {FRS 1021 'A¢countin8 and Reporting by Charlties: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 {effective l January 20191", Flnancial Reporting Standard 102 "The Financial Reportin8 Standard applicable in the UK and Republic of Ireland". the Companies Act 2006 and the Charitles Act 2011. The financial statements have been prepared using the historic c05t convention and are presented In sterlin8 which is the functional currency of the Charity, rounded to the nearest £1. The significant accounting policie5 applied in the preparatlon of these financial statements are set out below. These policles 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 ofthe 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 expendlture is sufficient wlth the level of reserves for the Charlty to be able to continue as a golng concern. INCOME All income Is reco8nised in the Statement of Financlal Activities once the Charity has entltlement 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 Charlty will have been notified of the amounts and the settlement date in writing. If 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 charge5 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 usin8 the effective interest rate method and is recognised as the Charity's right to receive payment is established. Grants are included in the statement of financial activities on 3 receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant fund5 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. Page 15
81RMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- continued EXPENDITURE All expenditure is accounted for on an accruals basis and ha5 been classified under headings that aggregate all costs related to the category. Expenditure is recognlsed 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 categorlsed under the following headlngs. Expenditure on charitable activities. 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 ASSErs Tangible fixed assets are stated at cost less depreciation or In cases where fixed assets have been donated at valuation at the tlme of acqulsition. 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 Fixtures and fittings - IO% on cost - 20% on cost The gain or loss arising on the dlsposal of an asset is determined as the difference between the Sale proceeds and the carryln8 value of the asset and is reco8nised in net income / lexpenditurel for the year. TAXATION The Charlty Is exempt from corporation tax on Its charitable actlvitles. 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 NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- continued PENSION COSTS AND OTHER POST-REfiREMENT BENEFITS Contributions to the personal pension schemes of certain employees are charged to the Statement of Financial Activities in the perlod In which they relate. The assets of these personal pension schemes are held separately from those of the Charity in independently admlnistered funds. FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Trustees In furtherance of the general objectlves of the Charity and whlch have not been desi8nated for other purposes Designated funds comprlse unrestricted funds that have been set aslde by the Trustees for particular purposes. Restricted funds are funds which are to be used in accordance with specific restrlctlons imposed by donors or which have been raised by the Charlty for particular purposes. The costs of raising and admlnlstering such funds are charged agalnst the specific fund. Further explanation of the nature and purpose of each fund is included in the notes to the financlal statement5. FINANCIAL INSTRUMENTS The Charity only has financial a55ets and financial liabilities of a kind that qualify as basic financlal Instrument5. 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 readlly apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basls. Revisions to accounting estimates are recognised in the perlod 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. DONATIONS AND LEGACIES 2024 2023 Donations loo loo INVEsfMENT INCOME 2024 2023 Deposit account interest 26,519 15.865 Page 17
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM CHARITABLE AcfiviTIES 2024 Charitable activities 2023 Charitable activities Accommodation charges Service charges 747,267 18.654 676,442 16,641 765,921 693,083 OTHER INCOME 2024 Charltable actlvltle5 2023 Charltable actlvities Job Retentlon Grant Employment Allowance National Insurance and maternity pay recovered 5.000 5,Crf)O 7,440 5,000 12,440 CHARITABLE AcfiviTIES COSTS Dlrect costs Support Costs (See note 7) (See note 8) Totals Accommodation expenditure 615,002 118,153 733.155 DIREcf COSTS OF CHARITABLE ACTivrriES 2024 2023 Staff wages Social security Pensions Rate5 and water Insurance Light and heat Newspapers and sundries Laundry Cleaning Equipment replacements and repairs Property maintenance and repairs Health and safety WI-FI network charges Depreciation 170.388 8,412 15.884 45,953 25.188 188,967 1,840 15.100 13A98 32.329 43,518 4,294 27.331 21,900 157.415 8,688 13.902 41,725 24.077 90,405 2.318 13,876 9,575 24,056 40,694 6,722 25,344 24,501 615,002 483,298 Page 18
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 SUPPORT COSTS Governance costs Support costs Totals Accommodation expenditure 97,970 20,183 118,153 Support costs, included in the above, are as follows: Support costs 2024 2023 Salary costs Soclal security Penslons and Ilfe assurance Computer, postage, telephone, courses, stationery and advertislng 67.829 6.850 9,280 ,oii 64,654 6.506 8,759 14,406 97,970 94,325 Governance costs 2024 2023 Auditors, remuneration Auditors, remuneration for non-audlt work Legal and professlonal fees 6,000 910 13,273 6,000 990 2,540 20.183 9,530 NEf INCOME Net income Is stated after chargln8'. 2024 2023 Audit fee Accountancy charges Depreclatlon- owned assets 6,000 910 21,91)0 6,000 990 24,501 io. TRUSTEES, REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits for the year ended 31 Au8USt 2024 nor for the year ended 31 August 2023. TRUSTEES, EXPENSE5 There were no Trustees. expenses paid for the year ended 31August2024 nor for the year ended 31 August 2023. Page 19
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 AUGUST 2024 ii. srAFF COSTS 2024 2023 Wa8es and salaries Social security costs Other penslon costs and life assurance 238,217 15.262 25,164 222,069 15.195 22,661 278.643 259,925 The average monthly number of employees during the year was as follows". 2024 18 2023 18 Wardens and staff No employees recelved emoluments In excess of £60,0th). 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted funds Restrirted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Charitable actlvities Accommodation charges loo loo 693,083 693,083 Investment income 15,865 15,865 Other Income 12.440 12,440 Total 721,488 721,488 EXPENDITURE ON Charltable activitles Accommodation expenditure 1587,1531 {587,1531 NET INCOME 134,335 134,335 RECONCILIATION OF FUNDS Total funds brou8ht forward 535,762 535,762 TOTAL FUNDS CARRIED FORWARD 670,097 670,097 Page 20
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. TANGIBLE FIXED ASSETS Improvements Fixtures and to propertv fittings Totals COST At I September 2023 Additions 496,225 127,115 54.419 550.644 127,115 At 31 August 2024 623,340 54N19 677.759 DEPRECIATION At I September 2023 Charge for year 391,S04 21,702 51,565 198 443.069 21,900 At 31 August 2024 413.206 51,763 464,969 NEf BOOK VALUE At 31 August 2024 210,134 2,656 212,790 At 31 August 2023 104,721 2.854 107.575 The Birmingham Methodist District Trustees for Wesley International House and the Methodist Connexlonal Council for Asbury Oversea5 House have ratified management agreements authorlsing Birmlngham International Student Homes to be responsible for all aspects of the upkeep and malntenance of both properties managed by the Charity except final ownership. 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments Other debtors 3,795 36.765 3,407 12,177 40.560 15.584 15. CREDITOR5: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Deferred income Accrued expenses 18,013 26,024 15,094 8,141 18,470 26,427 41.248 70,921 Page 21
BIRMINGHAM INfERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 AUGUST 2024 15. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR- contlnued Deferred income Included above consists of the following: 2024 2023 Deferred accommodation char8es as at 31 August 2023 Accommodation charges deferred during the year Accommodation charges released during the year 18,470 152,421 1155,797) 9,874 195,747 1187,151} Deferred accommodatlon charges as at 31 August 2024 15,094 18,470 16. MOVEMENT IN FUNDS Net movement In funds At 1.9.23 At 31.8.24 Unrestrlcted funds General Fund- Asbury Overseas House General Fund- Wesley International House Designated Fund- Asbury Oversea5 House Maintenance Reserve Fund Deslgnated Fund - Wesley International House Maintenance Reserve Fund 276,564 63,533 31,001 33.384 307,565 96,917 I60,)0 160,000 170.000 170.000 TOTAL FUNDS 670,097 64,385 734,482 Net movement in funds, included in the above are as follows: Incomlng resources Resources Movement In expended funds Unrestrlcted funds General Fund-Asbury Overseas House General Fund- Wesley International House 468,921 328,619 (437,920) (295.235) 31,001 33,384 TOTAL FUNDS 797.540 (733,155) 64,385 Page 22
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 1.9.22 At 31.8.23 Unrestricted Funds General Fund-Asbury Overseas House General Fund - Wesley Internatlonal House Desi8nated Fund - Asbury Overseas House Malntenance Reserve Fund Desi8nated Fund- Wesley International House Malntenance Reserve Fund 276,420 129,342 144 165,8091 276,564 63,533 60,000 ithJ,000 160,000 70.000 100,000 170,000 TOTAL FUNDS 535,762 134,335 670,097 Comparative net movement In funds, included in the above are as follows: Incomin8 resources Resources Movement in expended funds Unrestrlrted funds General Fund-Asbury Overseas House General Fund - Wesley International House 420,320 301.168 {320,1761 1266,9771 100,144 34,191 TOTAL FUNDS 721,488 1587,1531 134,335 Page 23
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. MOVEMENT IN FUNDS-continued A current year 12 months and prlor year 12 months combined position is as follow5,. movement In funds At 1.9.22 At 31.8.24 Unrestrlrted funds General Fund-Asbury Overseas House General Fund-wesley Internatlonal House Deslgnated Fund - Asbury Overseas House Maintenance Reserve Fund Designated Fund - Wesley International House Maintenance Reserve Fund 276,420 129,342 31,145 132,425) 307.565 96,917 60,000 100,000 160,000 70,000 100,000 170.000 TOTAL FUNDS 535,762 198,720 734,482 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources Movement In expended funds Unrestrlcted funds General Fund-Asbury Overseas House General Fund- Wesley Internatlonal House 889,241 629,787 1758.096) 1562,212) 131,145 67.575 TOTAL FUNDS 1.519.028 11,320,308) 198,720 Page 24
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 16. MOVEMENT IN FUNDS- contlnued Purpose of funds Unrestricted General Fund The General Fund represents the free funds of the Charity that are not designated for particular purposes. Desi nated- Asbur Oversea5 House Maintenance Reserve Fund This fund represents an amount set aside as a contingency to cover the costs of property malntenance and repairs charges incurred by the Charity concerning Asbury Overseas House. Desi nated- Wesle International House Maintenance Reserve Fund This fund represents an amount set aside as a contingency to cover the costs of property malntenance and repairs charges Incurred by the Charity concernln8 Wesley International House. Restri ted- There are no restrlcted funds. 17. PENSION COMMrrMENTS The Charity contributes to the individual pension plans of certain employees. The a55ets of the scheme are held separately from those of the Charity in an independently adminlstered fund. If the Charity were to withdraw from this fund then it could become liable for it5 share of any deficit in the fund calculated on a statutory buv- out basis. Thls contin8ent liability 15 currently estlmated to be up to a maximum of £9,90312023 £13,913). The total contributions for the year amounted to £25,16412023- £22,661}. 18. RELATED PARTY DISCLOSURES During the year £3612023- £2,662) was paid to Savekers Solutions Limlted for marketing and other services. There was a nil balance owed to Savekers Solutions Limited as at 31 August 202412023- £6001. Andrew Steel, who is the Chalrman of Birmingham International Student Homes, is a director and shareholder of Savekers Solutions Limited. 19. EVENTS AFTER THE REPORTING PERIOD Thesefinanclal statements have been prepared on a goin8 concern basls, the validity of which is dependent upon Birmingham International Student Homes being able to continue to operate profitably. The impact of the Coronavlru5 pandemic has abated and, atthe pre5enttime, occupancy levels have returned to their pre-pandemic leve15. Consequently, no further disruptions to operation5 are anticipated in the foreseeable future. Page 25
BIRMINGHAM INTERNATIONAL STUDENT HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. OPERATING LEASE COMMrrMENTS At 31 August 2024 the Charity had outstanding commitments for future minlmum lease payments under non- cancellable operating leases which fall due as follows. 2024 2023 Within onÈ year Between two and five years In more than flve years 8,381 33,523 IIA73 53,777 21. ULTIMATE CONTROLLING PARTY The Charity Is controlled by the Board of Trustees. Pa8e 26