Company Registered Number: 08684425 Charlty Registration Number: 1154246 YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
YMCA INDIAN STUDENT HOSTEL (A Company Limiled by Guarantee CONTENTS Page R8f8rence and Adminislrative Details of the Charity. its Trustees and Advlsers Trustees. Report Statement of Truste8s' Responsibilities Indep8ndent Auditors, Report on the Financial Statsments 7-10 Consolidated Statement of Financial Activities Consolidaled Balance Sheet 12 Charity Balance Sheet 13 Consolidated Statement of Cash Flows 14 Notes to the Financial Statements 15-33
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Vincent George, Chairman MrAkil George Eapen, Treasurer Justice (Retd) Jacob Benjamin Koshy Mr Noel Amanna Mr Manickam P.E. Asirwatham Mr Suvi Kuruvilla Mr Bertram Vedamoney Devadas (resigned 4 May 20241 Company registered number 08684425 Charity reglstered number 1154246 Reglstered office 41 Fitzroy Square London W1T6AQ Company secretary Eldo N Varghese (until 1 January 2024) Sam R Ponnian (from 1 January 2024 to 15 September 2024) Leanard Salins (fr¢)m 15 Septemb@r 2024) Independent auditOFS MHA 6th Floor 2 London Wall Place London, United Kingdom EC2Y SAU Page 1
YMCA INDIAN STUDENT HOSTEL (A company limited by guarantee TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Board of Trustees of Ihe YMCA Indian Student Hostel ('ISH°}, have pleasure in presenling their report together with the audited group financial ststements of the incorporated Charity for the year ended 31 st March 2024. Principal Activities The principal activity of ISH is the provision of hostel accommodation for students from all over the world coming to the United Kingdom to pursue higher studies andlor advancement of learning through training. Constitution of ISH In accordance wtth English Charity law and English Company law, the Trustees are ultimately responsible for the good governance and supeNision of ISH including supervision of its staff and assets in accordance with its charitable objects. Under the 1967 Declaration of Trust as amended by the 2012 Deed of Am8ndment, National Council of YMCAS of India (NCYII has the power to appoint and remove ISH'S Charity Trustees, including office holders, which ittends to appoint for a 3-year tem which may be extended at its discretion subject to NCYI'S own Constitution. The ISH'S charitable purposes are to provide for the physical, intèllectual, spiritual fftness, training, and well-being of studenls and to provide hostel accommodation for those purposes. We have referred to the guidance in tlie Charit Commission's general uidance on Public Benefft when reviewing ouraims and objectives and in lanning our fu ure activities. In particu ar, the Board of Trustees constders how planned activities will contribu etothe aims and objectives they have set, which are described below. The Trustees ensure Ihat these activities are carried out for the public benefit by delivering services that are valued by our users. The Trustees set the strategic direction of the charity and are responsible for upholding th8 Charity's values and governance and delivery objectives. The executive is respon5*)le for the day to day running of tha Charity under delegated authority. The ISH ha5 the power to invest monies. not immediately required for the furtherance of objectives, in bank deposits, investments and securities as it thinks fit, subject to any statutory requirements. The investments currently held were acquired in accordance with these powers. Organisational Structure The ISH now carries out its functions as an incorporated Charity and a Company limited by guarantee. All non- charitable activilies are accounted for in the Trading subsidiary, YMCA ISH Trading Limited. All the Charitable activities are accounted for under YMCA Indian Student Hostel. Hostel Objectives The ISH'S principal objectives are as follows.. The objects of the Charity are for the public benefit to promote the physical, intellectual, and spiritual fitness, training, and wellbeing of students, but not limited to, students of Indian nationalty, resident for the time being in the United Kingdom and for the advancement of their education by th8 provision of hostel or residential accommodation thereof. To meet these objectwes the hostel continues to provide hostel accommodation for students from India through the provision of hostels, one in central London and the other in Birmingham. Overall, both hostels have the capacity to house 149 students. Th8 host81 continues to be run by the Board of Trustees. The Trustees are appoinled by the National Council of YMCAS of India at the triennial for a term of three years. Induction and training of new trustees is being followed as per Charity Commission's guidelines. The Trustees confim that they have complied with the duty in Section 4 of the Charities Act 2006 having due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit,. Our Gharges reflect the cost of providing the services given. No one is excluded from the services of the charity on the grounds of race, creed, sex, or social and economic circumstances. Page 2
YMCA INDIAN STUDENT HOSTEL (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The structure of the Truslee's Annual Report allows us to report on each of our strategic aims and our achievements during the year with each objectiv8. We have hostels in London and Bimingham. The hostel in London has 96 rooms catering for studenls as wdl as 41 rwms catering to transit guests, a restaurant and four conference halls. The hostel in Bimingham has 26 rooms {33 beds) catering for stud8nts only. Review of the Year We had a decent year. Influx of students was good, and as a result income from London (students and transfc> and from Birrningham exceeded budgeted results. Achievements and performance London Students Our average occupancy for this year came in at 96.81 % compared to 95.850/0 last ear. Ovr income came in at £2,096,587. This reflected a year-on-year increase in income of 100/0. Expenses at ,293,543.09 represented a year-on-year increase of 12.04%. Our operating surplus for the year settled at £23.91 q.47 With depreciation though, we incurred a loss of £196,956.09. CIBIL Loan Th8 Governrnent Backed CIBIL Loan of £250,000 which was availed in 2020, was repaid in full on the 5th S8ptember 2023. The balance amount was £133.333.62. Transit Our tradln increased of 13.88°10. occupancy peaked at 69.63°A. Jan - March 2024 wa5 poor. Oui InGome Ihuugli al £1.372,196.46 y 9.73% year-on-year. Expenses for Trading peaked at £933,707.04 which represented an increase The managem8nt charge paid by the Trading Division to Charity at 390A was £885,555. Blrmlngham Birmingham's perfonnance was good. Occupancy rates hit 92.61%. Income at £187,802.77 increased by 6.04/0 year on year. Expenses at £155,555.08, remained steady YEAR ON YEAR. Surplus for Binningham hit £32,247.69. A record high. Consolldated Financial Review The YMCA is reliant on income from accommodation, catering and hall hire. The total income was £2,766,707.82 an increase of 8.64°A compared to the pr8vious year. Expenses at £2,238,958 went up by 11.76 /.. Our operating surplus hit £494,648.58. But with depreciation though. the surplus came down to £273.781.02. Surplus dropped year on year by 11.46'1. Due to high utility costs & cost of living. Ihe Board have decided to increase the student & Irainee rent by 80/. & Transit by 24% as an average. The new prices are still in line or lower than similar hostelslhotels in the Central London area. Vvhen setting budgets, the hostel reviews annual accounts. periodic management accounts and cash flows to ensure we hit our KPI'S. The Board of Trustees monitorwhetherthe level of income is sufficient to meel our operational cost5 and ensure we conlinue to adapt our strategic policy to meet Ihis. Page 3
YMCA INDIAN STUDENT HOSTEL (A company limited by guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Future developments London.. The Board of Trustees are currently in discussion about refurbishing the building. Blrmingham. At this stage we are still awaiting approval for our Birmingham project. Th8 delay was due to challenges from Birmingham Council on the drain's strategy. With this in mind, w8 have appointed Articlus, a company providing Architectural and Structural design services to advise and adapt the plans to meet the Birmingham Council's requir8m@nts. Reserves Pollcy The Trustees have passed a resolution to maintain £500,000 as a reserve fund for emergencies. Another £500,000 will be kept aside and allocated by the Board of Trustees based on the needs and demands of the organisation. Any funds ovér and above £1,000,000 will be kept aside for expansion projects ofthe charity in the UK. Management Risk The Charity and members have considered the major risks to which the Charity is exposed and have review8d the risks and established systems and procedures to manage and mitigate these risks. The principal risks Included the risk of a fall in average occupancy of the h05tels and Ihe risk of increased costs. Occupancy - This continues to be a major risk. Our strategy is fluid and depends on current demand. This way we ensure our occupancy is kept at the highest Possible level. Health & Safety- We continue to monitor and act on advice provided by our H&S consultants Work nest Recruitment- We are actively trying to recruii Indian Chefs as a few of our staff ar8 reaching retirement ¢agts but are finding It quite Ghallenging. Board of Trustees The Board of Trustees met thrice in April 2023. August 2023 & December 2023. The Finance Sub committee rnet in Feb 2024 to finalise and approve the budget for 2024-2025. Day to day management of the hostel is delegated to the General SecretarylCEO. The setting of pay of the key management personnel is managed by Ihe Board of Trustees, following reviews of staff and with consideration to Charity benchmarks. Th8 CEO and the Board of Trustees comprise th@ Key Man8gement Personnel of the Charity. Third Party Indemnity Provlslons The Charity maintains a Trustees, Indemnity Insurance Policy, whith covers the Truslees against certain liability claims. Disclosure of Infonnation to Auditors In so far as each and every committee member is aware: there is no relevant audit infomiation ofwhich the auditors are unaware- and each and every committee member has laken all stapes that they ought to have taken to make themselves aware if any relevant audit information and to establish that the auditor is aware of that information. Auditot3 A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting. Page 4
YMCA INDIAN STUDENT HOSTEL (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Small companies note In preparing this report. the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Acl 2006. This report was approved and authorised for issue by the Trustees and signed on its behalf by.. Mr Vincent George Chairman Date.. Page 5
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees Iwho are also the Directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance wrth applicable law and United Kingdom A¢counting Standards (United Kingdom Generally Acceptod 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 stale of affairs of the Group and Ihe Charity and of their incoming resources and applicalion of resources, including Iheir income and expenditure. for that period. In pieparillg Ihebe fiiidllGi£il stateiiients. the Trustees are reqUId to= select suitable accounting policies and then apply them consistently. observe the melhods and principles of the Charities SORP (FRS 102}- make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102} have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basi5 unless it Is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records thal are sufficient lo show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Group and Ihg Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the Members of the Board of Trustees and signed on its behalf by.. Mr Vincent George Chairm3n Date. Page 6
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF YMCA INDIAN STUDENT HOSTEL Oplnlon We have audited the financial statements of YMCA Indian Student Hostd (the 'parent charitable company,) and its subsidiaries (the 'group'l for the year ended 31 March 2024 which comprise the Consolidated StaterNent of Financial Activities, the Consolidated Balance Sheet, the Charity Balance She8t, the Consolidated Statement of Cash Flows and the re18ted notes, including a summary of significanl accounting policies. The financial reporting framework that has been applied in their preparation is apPIable 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 th& financial statements: give a true and fair view of the state of the Group's and of the parent charitable companls affairs as at 31 March 2024 and of the Group'5 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 and the Chariti6S Act2011. Basis for opinion We Conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our r88pon8ibilities under those standards are further describgd in Ihg Auditors, rèsponsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standafd, and we have fulfilled our other ethical r8sponsibilitie5 in accordance with these requirements. We believe that the audit evvjence we have obtain6d is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing Ihe financial ststements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriat8. Based on the work we have performed, we have not identffied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Gharitable Company's ability to Gontinue as a going Goncern for a period of at least Iw8lve months from when the financial statement5 are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 7
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarant88) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF YMCA INDIAN STUDENT HOSTEL {CONTINUEDI other Information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the oth8r information and, except to the extent othemise expliciily ststed in our report, we do not express any form of assuran conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial slatements or our knowledge obtain8d in the course of the audit, or otherwise appears to be materially misstated. If we id8ntify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material m isstat8m8nt in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomialion, we are required to report that fact. We have nolhing to report in this regard. Oplnlon on other matters prescrlbed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Tru5tees' Report for the financial year for which the financial statem8nts are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knoedge and understanding of the charitsble company and its environment obtained in the course of the audit, we have not identified material misstatements in Ihe Trustee5' Report. We have nothing lo report in respect of the following matters in relation to which Companies Act 2006 requires us to report lo you if, in our opinion.. the parent Gharitable company has nol kept adequate and suffici8nt accounting records, or retums adequate for our audit hav6 not been received fr7 branches not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain d isclosures of Trust88s' remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit-, or the Trustees were not entitled to prepar8 the financial statements in accordance wilh the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responslblllties of Trustees As explained more fully in the Statement of Trustees. Responsibilities, the Trustees (who are also the Directors of the charilable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied Ihat they gNe a true and fair view, and for such internal control as the Trusteés determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. Page 8
YMCA INDIAN STUDENT HOSTEL (A Company Llmlted by Guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMCA INDIAN STUDENT HOSTEL (CONTINUED) In preparing the financial statements, the Trustees are responsible for assessing th8 Group's and the parent charitable companvs 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditora, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuranc8 about whether the financial slatem8nts as a whole are free from mat8ri81 misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 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 Ihe economic decisions of users taken on the basis of these financial statements. Irregulartties, including fraud, ar& instancas 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.. Obtaining an understanding of the legal and regulatory frameworks that th8 entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements., Enquiry of management and those charged with governance to identify any instances of known or suspected Instances of fraud., Enquiry of manag8ment and those charged with governance around actual and potential litigation and claims., Enquiry of management about any instan5 of non-compliance with laws and regulations., Reviewing the control systems in plac8 and testing the @ffectiveness of the controls-, Performing audit work over the risk of management override of controls, including testing of journal entries and olher adjustments for appropriatene5S- Evaluating the business rationale of significant transactions outside the nomal course of busin8SS', Reviewing accounting estimates for bias. Challenging assumptions and judgements made by managemenl and Trust88s on significant accounting estimates,. Reviewing minutes of meetings of those charged with gornance., and Reviewing financial statement disclosures and testi to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherenl 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 slatements. 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 Ihan error, as fraud involves intentional concealment, forg8ry, 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 websrte at: www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page g
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF YMCA INDIAN STUDENT HOSTEL (CONTINUED) Use of our report This report is made solely to the charitable company's Members, as a body, in accordance Wlth Chapter 3 of Paft 16 of the Companies Act 2006, and to Ihe charitsble company's Trustees, as a body, Part 4 of the Charities (Accounts and Reports) R8gulations 2008. Our audit work has been undertaken so that we mighl stale to the charitable company's Members those matters we are required to state to th8m in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable Company and its Members, as a body, for our audit woth, for this report, or for the opinions we have fomed. Stuart McKay Bsc FCA DChA (Senior Statutory Auditor) for and on beha of MHA London, United Kingdom Date.. 1711212024 MHA is the trading name of Mxlntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). Page 10
YMCA INDIAN STUDENT HOSTEL (A Company Llmited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and grants Charitable aclivities Other trading activities: Fundraising Trading aclivilies Investments 2,631 1,191,201 2,631 1,191,201 8,521 1, 102,958 4,697 1,560.008 24,420 4,697 1,560,008 24,420 7, 127 1,427,392 9, 747 Total Income 2.782.957 2,782.957 2, 555, 745 Expenditure on: Trading operations Charitable activities 203,716 2,305,457 203,716 2,305.457 191,392 2,047,566 10 Total expendlture 2,509,173 2,509,173 2,238, 958 Net movement in funds 273,784 273,784 316,787 Reconciliation of funds: Total funds brought foward Net movement in funds 4,222,316 273,784 4,222,316 273,784 3,905,529 316,787 Total funds carried forward 4,496,100 4,496,100 4,222,316 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 10 33 form part of these financial statements. Page11
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) REGISTERED NUMBER.. 08684425 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2024 2023 2023 Note Fixed assets Tangible assets 15 3,286,952 3, 330, 926 3,286,9S2 3, 330, 926 Current assets Stocks Debtors.. Amounts falling due within one year Cash at bank and in hand 2.768 139.909 1,461,520 3,070 139.232 1.375.432 17 23 1,604,197 1,517, 734 Creditors.. Amounts falling due within one year 18 1395,049 (522, 177) Net current assets 1,209,148 995. 557 Total assets less current liabilities 4,496,100 4, 326, 483 Creditors.. Amounts falling due after more than one year 19 (104, 167) Total net assets 4,496,100 4,222,316 Group funds Unrestricted funds 20 4.496.100 4,222,316 Total funds 4,496,100 4,222,J76 The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Acl 2006 with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wth the provisions applicable to entities subiect to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr Vincent George Chdirman Date. 021121201 The notes on pages 15 to 33 fomi part of these financial statements. Page 12
YMCA INDIAN STUDENT H08TEL (A Company Llmlted by Guaranlee) REGISTERED NUMBER: 08684425 CHARITY 8ALANCE SHEEr AS AT 31 MARCH 2024 2024 2024 2G23 2023 Flx8d aBsots Tangible a8SOt8 Investments 15 18 3,286,952 3,33Q926 3,286,953 3,330,927 Current assets Slocks Debtors: Amoun18 falllng due ¥thln one y Cash at bank and in hand 2,768 927.414 591,686 4070 71&335 639,325 17 1,621,768 1,417.T30 Creditors: Amounts falling due within ona year 18 (312,621) (422,174) Nat current asgets 1,209,147 994556 Totsl assets lès$ currnnt Ilabllltlos 4h96,100 4324483 Crtdltors.. Amounts fallin9 duv after rnoto than one year 19 (104, 167) Totd net asset8 4,496,100 4, 222,316 Charfty funds Unrestrfcted funds 20 4496.100 4,221316 Total fund8 4,496,100 4,22Z318 The Charit18 net movement In funds for the year was £273,784 (2023- £316, 787). 'Tha ffuslees acknedge their responsiblNi85 for crAMptying the requlremonts of tho Companlas Act 2006 vth respact to accounth'ng record8 and preparatlon of fincIal 81at8ment8. The flnanclal 8tatement8 have been prepared In acconlanco with tho p810n6 applicable lo entitl88 8ubjeot to the 8m811 ¢onpanle$ re9im8. The financlal statements were approved 8rKI authcKised for issue by the Tru8taes and slgnéd on their behalf by,, Mr Winc8nt Goorgg Chairman Date.. 02112120L4 The notes on page$ 15 to 33 fomi part ot thes8 financlal statements. Paga 13
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities N8t cash used in operating activities 22 238,561 580, 043 Cash flows from Investing activities Interest income Purchas8 of tangible fixed assets 24,420 9,747 {176,893) (122,998) 15 Net cash used In Investlng actlvlties {152,473) (113,251) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 86,088 466,792 1.376.432 908, 640 Cash and cash equlvalents at the end of the year 23 1.461.520 1,375,432 The notes on pages 15 to 33 fonn part of these financial statements Page 14
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation YMCA Indian Student Host81 is a charitable company limited by guarantee and is registered with the Registrar of Companies (Company Registered Number: 08684425) and the Charity Commission (Charity Registered Number.. 1154246) in England and Wales, In the event of the Group being wound up, the liability in respect of the guarantee is limited to £1 per member of the Group. The addr8ss of the registered office is given in the Group information on page 1 of these financial statements. The Charity operations and principal activities are the provision of hostel accommodation and the advancement of learning through trainin9. AGcounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in 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 UK and Republic of Ireland {FRS 102), the Financial Reporting Standard applicable in lh8 UK and Republic of Ireland (FRS 102) and the Companies Act 2006. YMCA Indian Student Hostel meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.The financial statements are prepared in sterling which is the functional and presentational currency of the Group and are rounded to the nearest pound. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed urKler section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 2.2 Going Goncern The Trustees have assessed the use of going concern and hav8 considered possibl8 events or conditions that might cast significant doubt on the ability of the GroLbP to continue as a going concem. The Trustees have made this assessment for a period of al least one year from the date of the approval of these financial statements. The Trustees have concluded that ther8 is a reasonable expectation that the Group has adequate resources to continue in operational 6xistence for the foreseeable future. Th& Group therefore continues to adopt the going concem basis in preparing these financial statements, and is not aware of any material uncertainties over its ability to continu& as a going concern. The Trustees are not aware of any post balan sheet events which would have a material impact on these financial statements. Page 15
YMCA INDIAN STUDENT HOSTEL (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probabl8 that the income will be received and the amount of income receivabl8 can be measured reliably. For legacies, entitlement is tsken as the earlier of the date on which either.. the charity is aware that probate has been granted, the eslate has been finalised and notification has been made by the executor{s} to the Trust Ihal a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whcle or in part, is only considered probable wh8n the amount can b8 measured reliably and the charity has been notified of the exeGUtorfs intention to make a dislribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when th8y are sold. Donated facilities are included at the value to the charity where this can be quantrfied and a third party is bearing the cost. No amounts are included in the financial statements for services donat8d by volunteers. Donated services or facilities are recognised when the charity has control over the item, any conditions associated wrth Ihe donated item have been met, the receipt of economic benefrt from th8 use of the charity of the item is probable and that economic bgngfit can ba measured reliably. In accordance wilh the Charilies SORP {FRS 102). the general volunt8er time of the Friends is not recognised and refer to the Trustees, report for more infomiation about their contribution. On receipt, donated professional seNices and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditufe in the period of receipt. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Rendering of servic8S Revenue from a contract to provide services is recognised in th6 period in which th& services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied.. the amounl of revenue can be measured reliably., it is probable that the Company will receive the consideration due under the contract., the stage of completion of Ihe contract at the end of the reporting period can be measured reliably, and the costs incurred and the costs to complete the contract can be measured reliably. Page 16
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transf8r econDmic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shar8d costs, including support costs involved in undertaking each activty. Direct costs attributable to a single activity are allocaled directly to that activity. Shared costs which contribute to more than one activity and support costs which are not altributable to a single activity are apportioned between those activities on a basis consisterbt with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on Ihe porknon of the asset's use. Expendilure on raising funds includes all expenditure incurred by th8 Group to rais8 funds for its charitable purposes and includes costs of all fundraising activtties events and non-charitable trading, Expendilure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives. as well as any ass¢xialed support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Govcrnmcnt grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financia Aclimties over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred. 2.6 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be m8asured reliably by the Group., this is nomially uwn notification of the inlerest paid or payable by the institution with whom the funds are deposited. 2.7 Tanglble flxed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognis8d wh8n futur& economic benefits are probable and the cost or value of the asset can be m6asured reliably. Tangibl8 fixed assets are initially. recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cosl. Page 17
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢countlng pollcles (continued) 2.7 Tanglble fixed assets and depreciation (continued) Depreciation is charg8d so as to alloc*e the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provtded on the following bases: Freehold property Freehold land Plant and machinery Fixtures and fittings 2% Straight line Not depreciated 200/0 Straight lin8 20 % straight line 2.8 Investments Fixed asset investrnents are a fomi of financial instrument and are initially recognised at their transaction cost and subsequentty Measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at C¢Y6t less provision for impaimient. 2.9 Stock8 Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolele and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.10 Debtors Trade and other debtors ar8 recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and in hand Cash at bank and in hand includes eAsh and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 18
YMCA INDIAN STUDENT HOSTEL {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontinued) 2.12 Llabllltles and provisions Liabilitie5 are recognis8d when there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will b8 required in s6tt18ment, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipate5 It will pay to settle the debt or the amount it has received as advanced payments for the goods or ServIS it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liabi15ty. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activiti8s as a finance cost. 2.13 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaclion value and subsequently measured at their settlement value with the exception of bank loans which ar subsequently measured at amortised cost using the effective interest method. 2.14 Pen8ions The Group operates a defined contribution pension scheme and the pension charge rePsentS the amounts payable by the Group to the fund in respect of the year. 2.15 Fund accounting General funds are unrestricted furKls which are available for use at the discretion of the Trustees in furtherance of the general objeclive5 of the Group and which have nDt béen designated for oth8r purposes. Restricted funds are funds which are to be used in accordance with specrfic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and Ios5e5 are allocated to the appropriate fund. Page 19
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accountlng estlmates and areas of judgement Eslimates 8nd judgements are continually evaluated and are based on historical experience and other factors, including expectalions of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions- Th8 Charity mak8S 8Stimates and assumptions conGerning the futur8. Th8 r8sulting accounting estimate8 and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assels and liabilities within the next financial year ar8 discussed below. Depreciation rates for tangible red assets Income from donations and grants Un restricted funds 2024 Total funds 2024 Donations 2.831 2.631 Ut7resfncted funds 2023 Total funds 2Q23 Donations 8,527 8,521 Page 20
YMCA INDIAN STUDENT HOSTEL (A Company Llmlted by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fundraising income Un restrlcted funds 2024 Total funds 2024 Other fundraising income 4,697 4.897 Unrestricted funds 2023 Tot81 funds 2023 Other fundraising income 7, 127 7, 127 Tradlng actlvltles YMCA Indian Sludent Hostel has a wholly owned trading subsidiary, YMCA ISH Trading Limlted, Company number 08818308 which is incorporated in England and Wales, and operat8S the trading activities of the Charity. The registered office of the trading subsidiary is the same as that of the parent Charity. A summary of the trading results is shown below. Audited accounts for YMCA ISH Trading Limit&d wll be filed wtth Ihe Registrar of Companies. 2024 2023 YMCA ISH Tradlng Llmited Turnover Cost of sales 1.560,008 1,427,392 {885,5551 (782, T95J Gross profit Adm in istrative cosls 674,453 644,597 {203,716) (191,392J Profit on Ofdinary activities Distribution - donation to parent company 470,737 453,205 {470,737) (453,205) Retained in the subsidiary The consolidated Statement of Financial Aclivilies includes the results of the subsidiary and those of the parent Charity. The unconsolidated surplus of YMCA ISH Trading Limited for the year ended 31 March 2024 was £470,737 (2023- £453,205). Page 21
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment Income Unrestricted funds 2024 Total funds 2024 Interest income 24,420 24,420 unStriCted funds 2023 Total funds 2023 Interest incom8 9,747 9, 747 Page 22
YMCA INDIAN STUDENT HOSTEL (A Company Limit8d by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charftable actlvlties Unrestricted funds 2024 Total funds 2024 Rt)om rent Meals Membership fees Internet income 1,170,906 5,247 14,405 1,170,906 5,247 14,405 643 1,191,201 1,191,201 UnsInete funds 2023 Total funds 2023 Room rent Meals Membership fees Internet income 1.086, 826 4, 303 9, 128 2,701 1, 086, 826 4,303 9, 128 2. 701 1, 102, 958 1,702,958 Page 23
YMCA INDIAN STUDENT HOSTEL (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on ralslng funds Unrestrlcted funds 2024 Total funds 2024 Expenditure on trading operations 203,718 203.716 UnfBStricted funds 2023 Total funds 2023 Expenditure on trading operations 191,392 191,392 Page 24
YMCA INDIAN STUDENT HOSTEL IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expendlture on charitable activities - by fund Unrestricted funds 2024 Total funds 2024 Room rent Meals Support costs 1,239,523 854,212 211,722 1,239.523 854,212 211,722 2,305,457 2,305,457 Unrestricted funds 2023 Total funds 2023 Room rent Mèals Support costs 1. 128, 052 736, 687 182, 827 1, 128, 052 736, 687 182,827 2,047.566 2,047, 566 Page 25
YMCA INDIAN STUDENT HOSTEL (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Analysis of expenditure on charitable actlvltles- by type Adivltles undertaken direGtIy 2024 Support costs 2024 Total funds 2024 Room rent Mea15 Support costs 1,239,523 854,212 1,239,523 854,212 211,722 211,722 2.093,735 211,722 2,305,457 AGtivities undertaken directty 2023 Support costs 2023 Total funds 2023 Room rent Meals Support costs 1, 128.052 736,687 1, 128, 052 736, 687 782,627 182,827 1,864, 739 182,827 2, 047, 566 Analysis of support costs Total funds 2024 Total funds 2023 staff costs Depreciation Governance cosls Olhers 63,931 28,713 38,654 80,424 45,654 31,449 35, 560 70, 164 211,722 182,827 Page 26
YMCA INDIAN STUDENT HOSTEL (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Governance costs 2024 2023 Auditors, remuneration - Audit of the financial st8t8ment5 {Gharity only) Auditors. remuneration - Accounts preparation {charity only) Auditors, remuneration - Over-accrual in prror year (charity only) Trustees expenses 10,950 3,300 9,950 3,000 (774) 23,384 24,404 38,654 35,560 The audil fee of the subsidiary company of £5,500 (2023 - £4,950), the accounts preparation f88 of £1,650 (2023 - £1,500) and corporation tax services of £1,600 (2023 - £1,600) are included in the administrative costs of YMCA ISH Trading Limtted totalling £203,716 (2Q23- £191,392> (Note 61. 13. Staff costs Group 2024 Group 2023 Charity 2024 Chaf7ty 2023 Wages and salaries Social security costs P8nsion costs 954.397 88,119 2S.752 800, 391 73,372 20, 052 894,666 83,642 24,942 744,388 69,230 19,419 1,068.268 893,815 1,003,250 833,037 The average number of persons employed by Ihe Charity during the year was as follows.. Group 2024 Group 2023 Charity 2024 Charity 2023 Direct charitable Management and administration 30 26 27 23 37 33 34 30 No employee received remuneration amounting to more than £60.000 in either year. Key Management Personnel are considered to be the Truslees and the General Secretaries. The total remuneration for Key Management Personnel was £44.592 (2023 - £68.297). Page 27
YMCA INDIAN STUDENT HOSTEL {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Truslees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL), During the year ended 31 March 2024. travd expenses totalling £24,404 were reimbursed or paid directty to 6 Trustees (2023- £23,384 to 6 Trustees). 15. Tangible fixed assets Group and Charlty Assets Plant and Fixtures and under machinery fittings construction Freehold property Total Cost or valuation At 1 April 2023 Additions 3,098,213 178,389 158,096 12,469 5,382 41,855 13,415 3,330,926 176,893 At 31 March 2024 3,098.213 336,485 17,851 55,270 3,507,819 Depreclalion Charge for the year 92,715 120,362 7,790 220,867 At 31 March 2024 92,715 120,362 7,790 220,867 Net book value Al 31 March 2024 3,005,498 216,123 10,061 55,270 3,286,952 At 31 March 2023 3,098,213 178,389 12,469 41,855 3, 330, 926 Page 28
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Fixed asset investm6nts Investments in subsidiary companies Charlty Market Value At 1 April 2023 At 31 March 2024 The company has one share in its subsidiary company, YMCA ISH Trading Limited. YMCA ISH Trading Limited Carries out the non-charitable activities of the group. D8tails of YMCA ISH Trading Limited are in Note6. 17. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2093 Due within one year Trade debtors Amounts owed by group undertakings other debtors Prepayments and accrued income 34,858 41,496 835,326 689,925 495 104.556 97, 736 92,088 85,410 139.909 139,232 927,414 775,335 Page 29
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Creditors: Amounts falling du8 Within one year Group 2024 Group 2023 Charity 2024 Charify 2023 Bank overdrafts Bank loans Trade creditors other taxation and social s8curity oth8r creditors Accruals and deferred income 6.278 10, 753 6,278 10,753 50, 000 184,667 33, 322 22, 144 121,288 195,963 12.686 14.017 166,105 211,925 33,322 23, 183 192, 994 171,142 12,686 13,153 109,362 395,049 522, 177 312,621 422, 174 Group 2024 Group 2023 Charity 2024 Charity 2023 Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous periixls 134.510 112.011 (134,510) 99,191 134,510 (99, 191) 78,438 67,370 (78,438) 54,331 78, 438 (54, 331) 112.011 134,510 67,370 78, 438 Deferred income relates to payments received during the y8ar for bookings after the year end. 19. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans 104, 167 104,167 In 2022 the Charity secured a £250,000 unsecured CBILS loan, attracting interest at 2.25'/0 above Base Rate. Whilst originally scheduled to be repaid in 2028, the Trustees deGided this year to repay Ihe remaining balance in full. Page 30
YMCA INDIAN STUDENT HOSTEL (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds Gen8ral Fund 4,222,316 2,782,957 {2,509,173I 4.496,100 Statem8nt of funds - prior year Balance at 31 March 2023 BalanGe al l April 2022 Income Expendilu Unrestricted funds General Fund 3,905,529 2,555, 745 (2,238,958) 4,222,316 21. Analysis of net assets between funds Analysis of net assets between funds - current perlod Unrestricted funds 2024 Total funds 2024 Tangible red assets Current assels Creditors due within one year 3,286,952 3,286,952 1,604,197 1,604,197 (395,049) (395.049 Total 4,496,100 4,496,100 Page 31
YMCA INDIAN STUDENT HOSTEL {A Company Limit8d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Analysis of net assets between funds (continued) Analysis of n8t assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditor5 due within one year Creditors due in mor8 than one year 3,330,926 3, 330, 926 1,517,734 1,517,734 (522, 177) (522, 7 77) (q04, 16T) (104, t6T) Total 4,222,376 4,222,316 22. R8conciliation of net movement in funds to net cash flow from operating activities Group 2024 GrDUP 2023 Nel incorne for the period (as per Statement of Financial Activities) 273,784 316, 787 Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease in stocks (Increase) in debtors (D8cre8se}l increase in creditors 15 220,867 {24,420} 302 (677) (231,295) 241,917 (9, 747) 992 (13,856) 43,950 17 18,19 Net cash provided by operating activit188 238,561 580,043 23. Analysls of cash and cash equivalents Group 2024 Group 2023 Cash in hand 1,461,520 1,375,432 Total cash and cash equivalents 1,461,520 1,375,432 Page 32
YMCA INDIAN STUDENT HOSTEL (A Company Limiled by Guarant8e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of changes in net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due afler 1 year 1,376,432 (10,753) {50,000} 1104,167) 86,088 4,475 50.OIXI 104,167 1,461,520 16,278) 1,210,512 244,730 1.455,242 25. Penslon commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Chanty in an independently administered fund. The pension cost charg8 represents contributions payable by the Charity to the fund and amounted to £25,752 (2023 - £20,052). Contributions lotalling £NIL (2023 - £NIL) were payable to the fund at the year end. 26. Related party transactions There were no related party transadions in either year, other than the Key Management Personnel remuneration, as detailed in Note 13. Page 33