Company Registered Number: 08684425 Charity Registration Number.. 1154246 YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charityk Its Trustees and Advisers Trustees. Report Statement of Trustees, Responslbilities Independent Auditors. Report on the F¢nanclal Statements 7.10 Consolldated Statement of Financial Actlvltles Consolldated Balance Sheet 12 Charlty Balance Sheet 13 Consolidated Statement of Cash Flows 14 Notes to the Flnancial Statements 15-32
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 2025 Trustees Mr Vincent George, Chairman Mr Akil George Eapen, Treasurer Justice {Retdl Jacob Benjamin Koshy Mr Noel Amanna Mr Manickam P.E. Asimatham Mr Suvi Kuruvilla Betsy Merilyn Williams (appointed 1 March 2025) Eldo Nedumthallil Varghese (appointed 22 October 2024) Vysiamparambil Varghese Mr Bertram Vedamoney Devadas (resigned 4 May 2024} Company registered number 08684425 Charity registered numbar 1154246 Reglstered office 41 Filzroy Square London W1T6AQ Company secretary Sam R Ponnian Ilo 15 September 20241 Leonard Salins (from 15 Seplember 2024) Independent auditors MHA 6th Floor 2 London Wall Place London, United Kingdom EC2Y SAU Page I
YMCA INDIAN STUDENT HOSTEL (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Board of Trustees of the YMCA Indian Student Hostel I'ISH }, have pleasure in presenting their report together with the audited group financial statements of the incorporated charity for the year ended 31 sl March 2025. Princlpal 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 with English Charity law and English Company law, the Trustees are ultimately responsible for the good governance and supervision of ISH including supervision of its staff and assets in accordance with Its charitable ob'ects. Under the 1967 Declaration of Trust as amended by the 2012 Deed of Amendment, National Council of Y&cAs of India INCYI) has the power to appoint and remove ISH'S charity trustees, includin office holders. which it lends to appoint for a 3-year term which may be extended at its discretion subjecl to NCY 's own Conslilution. The ISH'S charitable purposes are lo provide for the physical, intellectual, spiritual fitness, Iraining, and well-b8ing of students and to provide hostel accommodation for those purposes. We have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing our aims and objectives and in planning our future aclivilies. In particular, the Board of Trustees consitjers how planned activities will contribute to the aims and objectives they have set, which are described below. The Trustees ensure that these activities are carried out for the public benefit by delivering services that are valued by our users. The Trustees sel the strategic direction of the charity and are responsible for upholding the charity's values and governance and delivery objectives. The executive is responsible for the day to day running of the charity under delegated authority. The ISH has the power to invest monies, not immediately required for the furtherance of its objectives, in bank deposits, investments and securities as it thinks fit, subject to any statutory requirements. Organisatlonal Structure The ISH now carries out its functions as an incorporated Charity and a Company limited by guarantee. All non- charitable activities are accounted for in the Trading subsidiary, YMCA ISH Trading Limited. All the Charitable activities are accounted for under YMCA Indian Student Hostel. To meet it's objectives the hostel continues to provide hostel accommodation for students from India through the provision of two hostels, one in central London and the other in Birmingham. Overall, both hostels have the capacity to house 149 students. Hostel Objectives The ISH'S principal objectives are as follows.. The objects of the Charity are for the public benefil lo promote the physical, intellectual, and spiritual fitness, training, and wellbeing of students, but not limited to, students of Indian nationality, resident for the time being in the United Kingdom and for Ihe advancement of their education by the provision of hostel or residential accommodation thereof. The hostel continues to be run by the Board of Trustees. The Trustees are appointed by the National Council of YMCAS of India al 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 confirm that they have complied with the duty in Section 4 of the Charilies Act 2006 having due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit,. Our charges 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 2025 The structure of the Trustee's Annual Report allows us to report on each of our strategic aims and our achievements during the year with each objective. "We have hostels in London and Birmingham. The hostel in London has 106 rooms {118 beds) catering for students as well as 21 rooms catering to transit gues15, a restaurant and four conference halls. The hostel in Birmingham has 26 rooms {33 beds) catering for students only." R8view of the Year 'We had a successful financial year. Influx of students was good, and as a r8suII income from London (students and transit) and from Bin77ingham was 8XGeeded budgeted results." Achievements and performance London Students Our occupancy for this year came in at 82.08.10 compared to 96.81010 last year. Our income peaked at £1,869,521.44 This reflected a year-on-year decrease in income of 10.8 /.. This was very d15appoinling, bul is linked directly to our lower occupancy levels. Expenses at £2,494,723.83 represented a year-on-year increase Our deficit for the year settled at £625,202.39 nsit Our trading occupancy was low at 51.08Q/o. 11 was very disappointing for the entire year. This reflected in our income at £1,192,497.21 which dropped by 13.1'/0 year-on-year. Expenses for Tradin peaked al £554,1 $5.10 which represented a decrease of 40.650/0. This decrease in expenses was main y down to the reduced management charge figure which came down because of the reallocation of rooms from Trading lo Charity. The management charge paid by the Trading Division lo Charity at 20 /0 was £494,958. The management charge has been brought down from 390/0 as the number of rooms that were in Trading has come down from 41 to 20. Birmin Birmingham's performance was below average as well. Occupancy peaked at 72.54'A. Income al £168,349.58 decreased by 10.36010 year on year. Expenses at £184,684.02 went up by 18.7301•. Birmingham incurred a defiGIt of £16,344.44. Consolldat d Financial Review The YMCA is reliant on income from accommodation, catering and hall hire. The total income was £2,743,632.59 a decrease of 1.01 /0 compared to the previous year. Expenses at £2,771,059.31 went up by 10.44°/o. Our operating surplus peaked at £165,301.94. But with depreciation, there was a deficit of £27,427. The graph below shows our income & expenses over the past 3 years.. DLse to higher operating costs, the Board decided to increase the student & trainee rent by 8'/o & Transit by 24 /a as an average. The new prices are still in line or lower than similar hostelslhotels in the Central London area. When setting budgets, the hostel reviews annual accounts, periodic management accounts and cash flows to ensure we hit our KPI'S. The Board of Trustees monitor whether the level of income is sufficient to meet our operational costs and ensur@ we continue lo adapt our strategic policy to meet this. Page 3
YMCA INDIAN STUDENT HOSTEL {A Company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Cop,solidaied Income & Expense [251 Il()IiTr) f2.,)il,,,)IO 111 Years Future developments London: The Board of Trustees decided to undertake the refurbishment of the rooms & replace all the student furniture in the hostel. Birmlngham: We have received planning permission for the Centenary Project al Birmingham & are currently in discussions with Chartered Surveyors towards appointing them as Employers Agents and Working towards going lo tender. Reserves Policy As of March 2025, we had a cash reseNe of £1,595,264.14 "The Trustees have pass8d 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 over and above £1,000,000 will be kept aside for expansion projects of the charity in the UK." Page 4
YMCA INDIAN STUDENT HOSTEL (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Management Risk The Charity and members have considered the major risks lo which the Charity is exposed and have reviewed 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 hostels and the 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 al the highest possible level. Recruitment- We are actively trying to recruit Indian Chefs as a few of our staff are reaching relirement age bul are finding it qL*ite challenging. Overall slate of the building in Birmingham. The building is in urgent need of Refurbishment and we will be non-compliant to many current regulations including fire regulations. The Fire doors in the corridors in London are non-complianl to the current fire legislation. This needs to be addressed immediately, The Mansafe systems have failed and new guard rails need to be installed to be compliant lo the current legislation. Electrical wiring across the building London is in a dire state and this needs to be replaced urgently. Board of Trustees The Board of Trustees met four time in April 24, August 24, November 24 & March 25. Day to day management of the hostel is delegated lo the General SecretarylCEO. The setting of pay of the key management personnel is managed by the Board of Trustees, following reviews of staff and with consideration to charity benchmarks. The CEO and the Board of Trustee5 comprise the Key management personnel ofthe charity. Thlrd Party Indemnity Provislons The Charity maintains a Trustees, Indemnity Insurance Policy, which covers the Trustees against certain liability claims. Dlsclosure of Information to Audltors In so far as each and every committee member is aware.. there is no relevant audit information of which the auditors are unaware., and each and every committee member has taken all stapes that they ought to have taken to make themselves aware if any felevant audit information and to establish that the auditor is aware of that information. Auditors A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeling. Small companies note In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved and authorised for issue by the Trustees and signed on its behalf by.. Mr Vincent Chairman eorge Date. O Page 5
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees {who 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 with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. 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 slate of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial slalements, the Trustees are required to.. select suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting eslimales that are reasonable and prudent, state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records Ihal are sufficient to show and explain the Group and the Charity's transaction5 and disclose with reasonable accuracy al any lime the financial position of the Group and the Charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the 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 Chairman Page 6
YMCA INDIAN STUDENT HOSTEL {A Company Limited by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMCA INDIAN STUDENT HOSTEL Opinion We have audited the financial statements of YMCA Indian Student Hostel (the 'parent charitable company,) and ils subsidiaries Ilhe 'group'l for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statem8nls'. give a true and fair view of the state of the Group's and of the parenl charitable company's affairs as at 31 March 2025 and of the Group's 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 Charities Act 2011. 8asls for opinion We conducted our audit in accordance with International Standards on Auditing (UK} {ISAs IUK}} and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requiremenls that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wilh respect to going concern are described in the relevant sections of this report. Page 7
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMCA INDIAN STUDENT HOSTEL ICONTINUEDI 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 nol cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, Consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the Course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslalemenl 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. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any material respect with the financial statements., or the parent charitable company has nol kept sufficient accounting records.. or the parent charitable company financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities, the Trustees (who are also the Directors of the charitable company for the purposes of company 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 control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidale the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 8
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMCA INDIAN STUDENT HOSTEL ICONTINUEDI Auditors, responsibilities for the audit of the financlal statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Obtaining an understanding of the legal and regulatory frameworks that the 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 management and those charged with governance around actual and potential litigation and claims,, Enquiry of management about any instances of non-compliance with laws and regulations., Reviewing the design and implementation of control systems in place, Testing the operational effectiveness of identified controls., Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness., Evaluating the business rationale of significant transactions outside the normal course of business., Reviewing accounting estimates for bias, Reviewing minutes of meetings of those charged with governance., Reviewing financial statement disclosures and testing to supporting documentation lo assess compliance with applicable laws and regulations. Because of the inherent limitations of an audil, there is a risk that we will not detect all irregularilies, including Ihose 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 statement5, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlation. A further description of our responsibilities for the audil of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page 9
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMCA INDIAN STUDENT HOSTEL ICONTINUEDI Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do nol accept or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Stuart McKay BSC FCA DChA {S8nior Statutory Auditor) for and on behalf of MHA London, United Kingdom MHA are eligible to act as auditors in temis of section 1212 of the Companies Act 2006. MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales Iregislered number OC4555421. Page 10
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee} CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 202S Total funds 2025 Total funds 2024 Note Income from: Donations and grants Charitable activities other trading activities. Fundraising Trading activities Investments 2,120 1,346,895 2,120 1,346,895 2, 631 1, 191,201 4,700 1,360,589 29,328 4,700 1,360,589 29,328 4,697 1, 560, 008 24,420 Total Income 2,743,632 2,743,632 2, 782,957 Expendlture on: Trading operations Charitable activities 204,838 2,566,221 204,838 2,566,221 203,716 2,305,457 10 Total expendlture 2,771,059 2,771,059 2, 509, 173 Net movement In funds (27,4271 (27,4271 273, 784 Reconciliatlon of funds: Total funds brought forward Nel movement in funds 4,496,100 (27,4271 4,496,100 {27,427) 4,222,316 273, 784 Total funds carried forward 4,468,673 4,468,673 4,496, 100 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 10 32 form part of these financial stalemenls. Page11
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) REGISTERED NUMBER: 08684425 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 202S 2025 2024 2024 Note Fixed assets Tangible a55ets 15 3,132,154 3, 286, 952 3,132,154 3, 286, 952 Current assets Stocks Debtors.. Amounts falling due within one year Cash at bank and in hand 2,632 233,773 1,595,264 2, 768 139, 909 1,461,520 17 1,831,669 1,604, 197 Current liablllties Creditors.. Amounts falling due within one year 18 {495,1501 (395, 049) Net current assets 1,336,519 1,209, 748 Total net assets 4,468,673 4,496, 100 Group funds Unrestricted funds 19 4,468,673 4,496, 100 Total funds 4,468,673 4,496, too The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wilh the provisions applicable to entilies subject lo 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 Chairman Date. 06 _- 11 - The notes on pages 15 10 32 form part of these financial statements. Page 12
YMCA INDIAN STUDENT HOSTEL {A Company Limited by Guarantee) REGISTERED NUMBER: 08684425 CHARITY BALANCE SHEET AS AT 31 MARCH 2025 2025 2025 2024 2024 Note Fixed assets Tangible assets Investments 3,132,154 3, 286, 952 16 3,132,155 3,286,953 Current assets Stocks Debtors., Amounts falling due within one year Cash at bank and in hand 2,632 907,281 800,804 2. 768 927,414 591,586 17 1,710,717 1,521, 768 Current liabilities Creditors.. Amounts falling due within one year 18 (374,199) (312,621) Net current assets 1,336,518 1,209, 147 Total net assets 4,468,673 4,496, 100 Charlty funds Unrestricted funds 4,468,673 4,496, 100 Total funds 4,468,673 4,496, IL The Charity's net movement in funds for the year was £{27,427) (2024 - £273, T84). The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance wilh the provisions applicable to entities subject lo 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 Chairman Dale.. The notes on pages 15 to 32 form part of these financial statements. Page13
YMCA INDIAN STUDENT HOSTEL {A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operating activities Net cash used in operating activities 21 142,347 238, 561 Cash flows from Investlng activities Interest income Purchase of tangible fixed assets Transfers of fixed assets 29,328 24,420 {97.1761 (176,893) 59,245 15 Net cash used In Investlng activities 18,6031 {152,473) Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year 133,744 86,088 1,461,520 1,375,432 Cash and cash equivalents at the end of the year 22 1,59S,264 1,461,520 The notes on pages 1510 32 form part of these financial statemenls Page 14
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 G8neral information YMCA Indian Student Hostel 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.. 11542461 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 address 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 training. Accounting policles 2.1 Basis of preparation of flnanclal ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 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 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 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 othemise slated in the relevant accounting poli¢y.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 ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial statements. 2.2 Going concern The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Group to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing these financial statements, and is not aware of any material uncertainties over its ability to continue as a going concern. The Trustees are not aware of any posl balance sheet events which would have a material impact on these financial statements. Page15
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {continuedl 2.3 Income All income is recognised once the Charity has entillement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, enlitlemenl is taken as the earlier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executorls} to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a dislribulion. 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 trealed 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 lo the projects. Gifts donated for re58le are included as income when they are sold. Donated facilities are included at the value lo the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for seNices donated by volunteers. Donated Services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been mel, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 102}, the general volunteer lime of the Friends is not recognised and refer lo the Trustees, report for more information about their contribution. On receipt, donated professional services 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 lo obtain services or facilities of equivalent economic benefit on the open market,, a corresponding amount is then recognised in expendilure in the period of receipt. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Renderlng of services Revenue from a contract to provide setvices is recognised in the period in which the seNices are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied. the amount of revenue can be measured reliably, it is probable that the Company will receive the consideration due under the contra¢l', the stage of Completion of the 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 2025 Accounting pollcies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a Iransfer 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 shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset'5 use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating to tangible fixed assels are treated as deferred income and released lo the Consolidated Statement of Financial Activities upon the completion of the relevant performance- relatect conditions. Other grants that are not subject to performance-relaled conditions are credited to the Consolidated Statement of Financial Activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the Group.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tangible fixed assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less Iheir residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases-. Freehold property Freehold land Plant and machinery Fixtures and fittings 2 % straight line Not depreciated 200/0 Straight line 200/0 Straight line Page 17
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles (continued} 2.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently 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. I nveslment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiarie5 are valued at cost less provision for impairment. 2.9 Stocks Stocks are valued at the lower of cost and nel realisable value after making due allowance for obsolete 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 are recognised al 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 cash and short-term highly liquid investments with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. 2.12 Liabilities and provisions Liabilities are recognised when Ihere 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 be required in settlement, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounls required lo 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 al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities 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 at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 18
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued} 2.14 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect ofthe year. 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the 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 losses are allocated to the appropriate fund. Critlcal accountlng estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions, The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates 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 assets and liabilities within the next financial year are discussed below. Depreciation rates for tangible fixed assets. Page 19
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donatlons and grants Unrestricted funds 2025 Total funds 2025 Donations 2,120 2,120 Unrestricted funds 2024 Total funds 2024 Donations 2,631 2,631 Fundraising income Unrestricted funds 2025 Total funds 2025 Other fundraising income 39,488 39,488 Unrestricted funds 2024 Total funds 2024 Other fundraising income 4,697 4,697 Page 20
YMCA INDIAN STUDENT HOSTEL {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Trading activities YMCA Indian Student Hostel has a wholly owned Irading subsidiary, YMCA ISH Trading Limited, Company number 08818308 which is incorporated in England and Wales, and operates 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 Limited will be filed with the Registrar of Companies. 2025 2024 YMCA ISH Tradlng Limited Turnover Cost of sales 1,360,589 1, 560, 008 {494,9581 (885, 555) Gross profit Administrative costs 865,631 674,453 {254,4771 (203. 716) Profit on ordinary activities Distribution donation to parent company 611,154 470, 737 {611,1541 (470, 737) Retained in the subsldiary The consolidated Statement of Financial Activities 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 2025 was £611,154 - £470, 737) Investment income Unrestrlcted funds 2025 Total funds 2025 Interest income 29,328 29,328 Unrestricted funds 2024 Total funds 2024 Interest income 24, 420 24. 420 Page 21
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Unrestricted funds 2025 Total funds 2025 Room rent 1.325,522 6,832 14,541 1,325,522 6,832 14,541 Meals Membership fees Internet income 1,346,895 1,346,895 Unrestricted funds 2024 Total funds 2024 Room rent Meals Membership fees Internet income 1, 770,906 5,247 14,405 643 1, 170,906 5,247 14,405 643 1, 191,201 1, 191,201 Page 22
YMCA INDIAN STUDENT HOSTEL {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Unrestricted funds 2025 Total funds 2025 Expenditure on trading operations 204,838 204,838 Unrestricted funds 2024 Total funds 2024 Expenditure on trading operations 203, 716 203, 716 Page 23
YMCA INDIAN STUDENT HOSTEL {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analysis of expenditure on charitable activ•ties - by fund Summary by fund type Unrestricted funds 2025 Total 2025 Room rent Meals Support costs 1,379,722 950,830 235,669 1,379,722 950.830 235,669 2,566,221 2,566,221 Unrestricted funds 2024 Total 2024 Room rent Meals Support costs 1, 239, 523 854,272 211,722 1, 239,523 854,212 211,722 2,305,457 2,305,457 Page 24
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysis of expenditure on charitable activities - by type Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Room rent Meals 1,379,722 950,830 1,379,722 950,830 235,669 Support costs 235,669 2,330,552 235,669 2,566,221 Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Room rent Meals Support costs 1, 239, 523 854,212 1. 239, 523 854,212 211,722 211, 722 2,093, 735 211, 722 2,305,457 Analysis of support costs Total funds 2025 Total funds 2024 Staff costs Depreciation Governance costs Others 71,162 31,961 43,167 89,379 63,931 28, 713 38,654 80,424 235,669 211,722 Page 25
YMCA INDIAN STUDENT HOSTEL {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Governance costs 2025 2024 Auditors, remuneration Audit of the financial statements (charity only} Auditors, remuneration Accounts preparation Icharily only} Auditors, remuneration - Over-accrual in prior year (charity only) Trustees expenses 11,500 3,400 10,950 3,300 28,267 24,404 43,167 38, 654 The audit fee of the subsidiary company of £5,600 (2024 - £5,500), the accounts preparation fee of £1,700 (2024 - £1,650) and corporation tax services of £1,700 (2024 £1,600) are included in the administrative costs of YMCA ISH Trading Limited totalling £243,885 (2024 - £203,718) {Nole 6). 13. Staff costs Group 2025 Group 2024 Charity 2025 Charity 2024 Wages and salaries Social security costs Pension costs 942,236 104,186 47,293 954,397 88,119 25, 752 868,084 98,259 46,180 894, 666 83,642 24,942 1,093,715 1.068,268 1,012,523 t, 003, 250 The average number of persons employed by the Charity during the year was as follows.. Group 2025 No. Group 2024 Charity 2025 Charity 2024 No. Direct charitable Management and administration 33 30 29 27 39 37 35 34 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 £117,415 (2024 - £44,592J Page 26
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, travel expenses totalling £28,267 were reimbursed or paid directly to 8 Trustees (2024 - £24,404 to 6 TnJste8s). 15. Tangible fixed assets Group and Charity Assets Plant and Flxtures and under machinery fittings construction Freehold property Total Cost or valuation At 1 April 2024 Additions Transfers 3,098,213 336,485 85,601 17,851 7,600 55,270 3,975 (59,2451 3,507,819 97,176 (59,245) At 31 March 2025 3,098,213 422,086 25,451 3,545,750 Depreciation At 1 April 2024 Charge for the year 92,715 92,715 120,362 95,141 7,790 4,873 220,867 192,729 At 31 March 2025 185,430 215,503 12,663 413,596 Net book value At 31 March 2025 2,912,783 206,583 12,788 3,132,154 At 31 March 2024 3, 005, 498 276, 123 10,061 55,270 3, 286, 952 A transfer out of assets under construction has been made as this figure relates to the development stages of an asset before any planning permission has been obtained, it is therefore prudent to include these costs within prepayments until planning permission has been obtained. Page 27
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Fixed asset investments Investments in subsidiary companies Charity Cost or valuatlon At 1 April 2024 At 31 March 2025 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. Details of YMCA ISH Trading Limit8d are in Note 6. 17. Debtors Group 202S Group 2024 Charlty 2025 Charity 2024 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 16,056 34, 858 13,832 726,364 31,705 135,380 835, 326 19,909 197,808 495 104, 556 92,088 233.773 139, 909 907,281 927,414 Page 28
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Creditors: Amounts falling due within one year Group 2025 Group 2024 Charity 2025 Charity 2024 Bank overdrafts Trade creditors Other taxation and social security other creditors Accruals and deferred income 6,278 195.963 12,686 14,017 166, 105 6,278 177, 142 12,686 13, f53 109, 362 193,703 47,886 83,668 169,893 131,139 45,767 36,921 160,372 495,150 395, 049 374,199 312,621 Group 2025 Group 2024 Charity 2025 Charily 2024 Deferred income at 1 April 2024 Resources deferred during the year Amounts released from previous periods 112,011 105,751 {112,0111 134,510 112,077 (t34,510) 67,370 105,751 {67,370) 78,438 67,370 (78. 438) 105,751 112,0lt 105,751 67,370 Deferred income relates to payments received during the year for bookings after the year end. Page 29
YMCA INDIAN STUDENT HOSTEL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expenditure Unrestricted funds General Fund 4,496,100 2,743,632 12,771,059) 4,468,673 Statement of funds - prlor year 8alance 81 31 March 2024 Balance at l April 2023 Income Expenditure Unrestrlcted funds General Fund 4,222,316 2, 782, 957 (2, 509, 173) 4, 496,100 20. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year 3,132,154 1,831,669 1495,150) 3,132,154 1,831,669 (495,1501 Total 4,468,673 4,468,673 Page 30
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Analysls of net assets between funds Icontinuedl Analysis of net assets between funds - prior year Unrestrictod funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 3,286,952 1,604, 197 (395, 049) 3, 286, 952 1,604, 197 (395, 049) Total 4,496, 100 4.496, 100 21. Reconciliation of net movement In funds to net cash flow from operatlng activities Group 2025 Gmup 2024 Net incomelexpendilure for the year {as per Statement of Financial Activities) 127,427) 273, 784 Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease in stocks Increase in debtors Increaselldecreasel in Creditors 15 192,729 129,328 136 (93,8641 100,101 220, 867 (24, 420) 302 (677) (231,295J 17 18 Net cash provided by operating activitles 142,347 238,561 22. Analysis of cash and cash equivalents Group 2025 Group 2024 Cash in hand 1,595,264 1,467,520 Total cash and cash equivalents 1,595,264 1,461,520 Page 31
YMCA INDIAN STUDENT HOSTEL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Analysis of changès in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand Bank overdrafts repayable on demand 1,461,520 16,2781 133,744 6,278 1,595,264 1,455,242 140,022 1,595,264 24. Penslon commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £47,293 (2024 £25, 752). Contributions totalling £6.877 (2024 - £NIL) were payable to the fund at the year end. 25. Related party transactions There were no related party transactions in either year, other than the Key Management Personnel remuneration, as detailed in Note 13. Page 32
The YMCA Indlan Student Hostel 5ummarti•d Accounti ForthY•rErtd•4 $1 March 2025 Trndlnu Gr•up 102 Tradlng 2024 Ghadty tsroup 2024 2025 IncMnI r•$ur¢ R¢om ront 637,079 438.179 1.325.522 6.032 1.982 801 D8.538 405.271 2.OT9.442 5.247 14.405 qThbpr5fisp f¢5 15.409 2Y8.42 29.328 278,820 232.522 232.522 24.420 Inv•slrndnl In¢om• 29.32a 24.420 h&fin¢¢mè GOv•mm•nigroThti rnc•JvablD Toiil In¢omlng r•BourG• 4.700 11.0fr4 5.340 1.31Q,55g 2.743 832 1,222,M8 2.782.957 ¢o¥&ofgon•r4linq fun46 ¢h•rrt&blE 4ctivrtits Gtsvom8n¢• ¢08l¥ Tctil r4lOur¢• •xp•n4•d 204.838 2.S23 054 203.71$ 2OJ.716 2.2fj6.8D3 J8.854 2.9,?75 2.523 Q54 2,288.803 31,654 2.305.457 04.8 N•t ll¢OMlrtguouwolng1 r•iourt•i lorth• y•4( If0 n•t moy•m•nt In fund• 27.427 4.49S.100 4 489.672 273.794 4.222.316 4.496.100 Funo b4lRn¢q tt•rn•tsfor410 Tlkdinu Z02$ Qtoup 7025 Tr•&lnq 2024 CT 2D14 Sroup 2•24 LANce $MEET 2015 3,286.9fj2 ¢urr•nt411•ti stDtk biori C4th ¥1 In hand 2,032 23J.TTJ 2.780 1.461.520 4.803 123 Mdhorn.. Am&urtii l•lllni du• lthlh on• >wr 1395.019) 4 468.67J 4.4W.IQQ ¢Fqdhort.. lilllng du• aft•ron•wr T•t•l lun4 4.4ee.67J 4.4M.100 Th• si•ièm•ni ofiffl4ncl41 I1141($0FA 8ii•nU bhConSE11I• th• nninEi41 M•rrtI ollnl ¢QrnPlny na111 •ublldMry n#rt1. Thb I•ttl orth• i¥b¥ldl4ry ii•¢onwIlt•o 9 rNi••i l¢im•rCh4iNy b•¢im• In• ollh• Ch•My. Th•M 4ctQunis iro noi In• statulory i¢eourt• trut •r• i iufflffj4ry OTInTOmlion •irw•d frarn lh• 4nfftu IOU1•WIln ttlv• bd•n iJdii•d. •pprcwd en............................... ctswi tsith•i• ¢•Tr b• pbtilffl•d TNO YMCA lThttlirt Slud•Tht Hoii•I, 41 FNzrpy Lond¢n W1T eAa. Appww¢ by MrVlne•nt O••ry• Akll G•cry• Elyn TTh4Jur•r L•on4rd 5411n•