DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A INTERNATIONAL STUDENT MISSION HOUSING TRUST Registered Charity Number.. 1172542 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2023
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A INTERNATIONAL STUDENT MISSION HOUSING TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2023 nt Legal and administratsve information Report of the Trustees Statement of financial ¥tivities Balance sheet Notes to the financial slatemenls Independent examinerfs report 10
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Page1. INTERNATIONAL STUDENT MISSION HOUSING TRUST Registered office.. The Rowan Centre, AJI Nations Christian College, Easneye, Ware, Herts SG12 8LX Adminislralive details of the chari the Iruslees and advisors The Trustees present their report together with the accounts of the chanty for the period ended 31 March 2023. The following Iru$lees served from 1 April 2022 and up to the date of the approval of the a¢counls'.- an Tower (Chairl Richard Barrett Robert Felix Elisabeth Jones (ApInted 29 April 2022) lan Sanderson Registered Charity Number 1172542 Principal address The Rowan Centre l Nats"ons Christian College Easneye Ware Herts SG12 8LX Bankers Lloyd$ Bank plc CSU Charlton Place Charlton Road Andover Hanls SP10 1RE Independent examiner Griffin Stone Moscrop & Co. 21-27 Lamb's Condurt Street London WC1 N 3GS Seli¢ilor$ Ellis-Femor & Negus 2 Devonshire Avenue Beeston Nottingham NG9 18S
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Page 2 INTERNATIONAL STUDENT MISSION HOUSING TRUST REPORT OF THE TRUSTEES Objectives The objects are to address the problem of Christian mission workers need to be located for their work in central city areas with expensive property beyond Ih&r reach lo buy or rent on typical thir¥ sector charity worker salaries. The Charity's objects as ststed in the constilution as agreed with the Charity Commission and adopted on the 17 March 2017 are.. 'To advance the Christian religion through the provision of affordable housing lo an evangelist for the purpose of holdin9 prayer meetings and distributing literature in that Ialty lo enlighten others aboLrt the Christian rdigion, with a porticular [($ on intemational students., 'The relief of financial hardship among evangelists or other Christian workers living or working in an area vthich has a university bul in which they could not otherwise afford lo reside through lack of means'lhrough the provigon ol affordable housing., To promote social indusion for the public beneffl in areas which have a university by preventing Inlemalional university students from becoming socially exduded. relieving the needs of those students who are socialty exduded and assisb'ng them lo integrate into society. For the purpose of this clause 'socially excluded, means being excluded from society, or part of society. on the grounds of rxe ethnic ongin andl¢y language., Actlvltlés During the period, International Student Mission H(KJsing Trust has.. Managed properties occupied by Friends Intemalional staff enabling them lo pursue International Studenl Minislry in Cambridge, BoumemoLrth and Canterbury Considered further opportunities lo develop projecls C¢)mmunicated with supporter5 at#JJt giving and loan or investment pos5ibililie5. In carrying out the activities of the Charity each year the Trustees have regard lo the Charity Commission published guidance on public benefit under the Charities Act 2011. The Trustees ensure that the adivrties undertaken are in line wlh the charitable objects and aims. The charity is a Public Benefit Entity. STRUCTURE, GOVERNANCE AND NAGEMENT The Trustees who servgd the charity in Ihis period were.. Robert Felix lan Sanderson Alan Tower Richard Barrett Elizabeth Jones lappoinled 29 April 20221 Future trustees will be appointed after search, interview and invitation by the Trustees, having due regard to the skills. knovAedge and experience needed for the effectsve administration of the charity as laid down in Clause 10 of the charity conslrtution. ACHIEVEMENTS AND PERFORMANCE The main achievements of the charity during the peric#J have been lo.. 1. Prowde housing for Friends lntemab.cmal misgon workets in Cambn"dge, 8oumemoulh and Canterbury at an affordable rent and in appropriate locations lo execute their worf( in a most effective manner. 2. Enable friendship misson OLrtreach work towards international students, visiting scholars, language students, louris15 and permanent immigrants lo be carried out in all three centres through the provision of housing. 3. Enhance the integration of intemati1al students into UK swety. providing social indusion for the public benefit through suitably housed mission workers.
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Page 3 There have been significant posib.ve irKlicators that the activity of the charity could in the future extend lo further cities around the UK". • The continued idenb'ficalion of reds. Successful attractson and gathering of finan(ial supporters. . Successful operabon of the first three propee$ owned by the charity. . Approaches from other organisations looking lo us as a potential partner and enabler. FINANCIAL REVIEW Annual Financial statements The Income of the charity was £20,180 made up principalty from individual gifts and donations of £2,500 and rental income of £16,805. R8seThgS The charity has a reserves policy lo keep a reserve of £5.000. This amount is calculated to be that required lo wind up the chanty over a six-monlh penod arKI to meet any liabilitses on closure. Free eash reserves currently sland at £110,594. Donalion$ and Loans International Sludenl Mission Housing Trust received donations from individuals and churches. Inlern8lional Sludenl Mi5si¢)n Housing Trust received loans as unsecured loans from individuals and trusts. Staff, Volunteer¥ and Support Costs The charity has no em 0YeeS. General volunteers rrIed out all the adivitie$ and fundions of the eharity. Volunteer expenses amounted lo zero. Judy Luhombo served the charty as Adminislralor on a vc4unlary basis seconded from Friends International Ministries. FUTURE PLANS The charity plans lo continue wlh the same athvth'es as at present and continue lo extend its propety portfolio as needs. opportunitses and lun¢ts allow. Webslte Further information al)out Inlernth'onal Student Mission Housing Trust ean t found al our website h.1Smh0uSin rusl.or .uk This annual report and financial slalemenls Vre approved by the trustees aThJ signed on their behaw ALAN TOWER- TRUSTEE & CHAIR Dale.. 21 November 2023
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Pag&4. IMtERNATIONAL s[uDE[ MISSION HOUSING TRUST STATEMENT OF FINANCIAL ACTIWTIES FOR THE YEAR ENDING 31 MARCH 2023 Unr•stricted Restrict•d Funds Funds Totsl 2023 Totsl 2022 Not• Income frorn: Donations and legacs 2.500 30,376 Rents re(ivable 16.805 16.805 17,073 Investment incom8 875 875 14 Total income 20.1eo 20.180 47,463 Expenditur8 on.. Charitable activities 7.084 7.084 7,097 Totsl oXPondl¢ur• 7.084 7.084 7,097 Net Incorne before galns ¥nd lo¥¥•s 13.096 13.096 40,366 Net galn on partrfliaposal of prop8rty Nel movement in funds 5,804 13, 13.096 46,170 Total funds brought foNard at 1 April 2022 297.498 117.080 414.578 368,408 Total funds carried foard ai 31 March 2023 £ 310.594 £ 117.080 £ 427.674 414,578 All ol the above resuhs are denve(I Irom conbnuing aC1Nrt. The StatenI of financial adiwt$ includes a119ains and10s8OS recoJTrBed abo Fer$. The 8ttached notes forrn part ofth888 finanaal statsThnts.
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Pag• S. NTERNAT DENT hAISSI ING TR BALANCE SHEEr Unrestrictsd Re8trictsd Funds Fund5 Total 2023 Total 2022 Fixed assets Tangible fixed assets 2).( 643.116 843.116 843,116 Current a888ts Cash at bank and in hand D&btors 109,594 91.964 201,558 194,892 112,094 91.964 204.058 194,89 Cr8dilors' amounts falling due within one year 10 11,5WI 120.0001 121,5CK)1 1123,4301 Not ¢urrgnl a$89ts 110.594 71. 182.558 71,462 Creditors. amounts falling due after more than one year 1598.0001 1598.W)I I500.x)I Not a880ts £ 310,594 £ 117,080 £ 427,674 414,578 Charity Funds.. Unrestricted funds Restricted funds 12 12 310,594 310,594 117,080 297,498 117,080 117,080 Totsl fvnd• £ 310,$94 £ 117,080 £ 427,674 414,578 Approved by the board of Trustees aThJ signed on rts behaw by". fvLY ALAN TOWER TRUSTEE 8 CFWR Lrt FLh ROBERT FELIX TRUSTEE Date.. 21 November 2023 Th8 8ttach8d notes lorm part ofth8se finanaal staternents.
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A P4¢ 6. INTERNATI DENT MI TR NOTES TO THE FINANCIAL STATEMENTS- 31 MARCH 2023 1 Atcounlng pollclèB al Basis of prgparntson of financial statsmgr The finanoal Stslemenls have been wepared 10 give a Jrue aThJ fai¢ ¥iew and have departed from the Chariliwd IAccoun15 an(1 Reporlsl Regulations 2(M)8 onty lo the extent wuired to Koe a and tsirf wew. Thi5 departure has invdved following Ihe Charilies SORP IFRS 1021 puls on 16 Juty 2014 raiherthan the AccountirvJ and Reporting by charit8. Sialemenl ofRetomnThYed PraCte effedi¥e from 1 April 2005 which has since been ¥wthd. The fin8nts81 slalemenl$ have been prepared under the hi$loric41 rJ)sl ¢xJnvents"on rtems retognised 81 cost or transaction value unless olheThwse stsled In the relevant nole51o Ihese accoun15. The finanaal 51alemenls have been prepared in accor(lance with the Accounting at%1 Rewrting by Charibe5". Statement of Recommended Practice applitrANe 10 chari1$ prepariNJ their a¢xx>unts in a(xordan( wilh Ihe Finanfaal ReportiNJ Standard 8pplicable in the UK and Republic of Iland IFRS 1021 leffeclive 1 January 20151 issued on 16 July 2014 Ilhe Charilies SORP IFRS 10211. the FInaral RepDrbrNJ StsThYartl apph'cth the Urmled ltinyd(wn arKI Republic of Ire18nd IFRS 10218ThJ the Ch8ri1$ Aci 2011. Intemalional Sludenl Mission HoLryry TrLI CorlI1u1e5 a benefflentity a5 deffi by FRS 102. bl Fund accourhtlng General funds are unrestrK48d funds wfftich are 8¥8ilable lor use al the di8c¥etKJn of lh8 trUe88 in furtherance or the gewrBI obJeCtiS ofthe chanty and ha¥e not been d•yated for 0lherpuws•s. eslncted funds are funds ¥¥hich are 10 be used In atrdan vthh speafic renCI10nS imposed by donors or whith have been rai8ed by Ihe charity for partrJJlar purposes. T costs olraiyrrfJ and adminislenng such funds are tharyed again51 Ihe swtsfi¢ fwxl. The aim and use ofeath re$trided fur 15 Sel out in Ihe nole51o the financial siaiemenl$. I Intom• Don8110ns and grfts are refieded in Ihe finanoal slalement8 in Ihe period are rec4ved. IntrA)me 18x recoverable in sp 01 gift 8id donaiw$ i8 thI ifflo atxount in Il ume period a$ t1 levant donalion. Reni81 inc•me 1$ recogn on • rerivab For leo8ue$, eniitiemeni 1$ 18ken Os e•blw of d•ie eitrr. Ihe th$rity i¥ Ihli probtyie has been granted. the esiale has been finalised and nolthG81ion has been made by Ihe exetsJior<sl io Ihe tharity th81 distribution wll be made, orwheTr a dislnbubon 18 received from the estate. ReIpl of a legacy. In wttole or in part. 1$ only congdered probable wTrn the amount can be rneasured and Ihe tharity has been notified. or Ihe charty is aware of Ihe granbng of probate. the urfena for iThyJme rewgnilion have not been mei, then Ihe legacy is treated as a conbngent asset and disdosed ilmalerial. Grfis in kind Elon8led for dk4iribubon •re ind 81 v8lu81iw 8NJ re¢ogr¥sed Js intr)ft th they $ di$tribule(J lo Ihe projects. tll Expenditurè Expenditure Is recognised once there a gal wa?ruCtive ot4pJation lo tr¥nsfereconomic benefit lo a Ihird party. rt is probable Ihal a Iransfer of economicbews bE tequired in setNprrnt. and the amDunl of Ihe oNigaknon can be rNdasured reliabty. EXpEIlure on chantable actnfflies is expeN1itU inujr11 M Ihe chanWs opetations. inrJding support u)sis aNJ costs relaliTrJ lo the govemance of the tharity apportioned io cariiable aai¥ils. Support sts are those costs inDJrred diw in supwrt of expenditu on objects orlhe d)anty. Govemance costs are those costs incvrred in ccffjnectw %bith adrninistrat Of rarity arnl CLMTylian %ilh cwstilutional and 51atLrtory requirements. JI expendittjre is inthswe of Itct)ue[aE VAT.
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Pa#È 7. INTERNATIONAL STUDENT MISSION HOUSING TRUST TE THE FINAN TATEMENT 1MAR 1 Accounllng poll¢les Icontlnuedl el Tangibh fixed a55ets and depreciation l assets costing more than £1.0(KJ are (4)rtalised. Tangib fixed assets a Carrd at o)st orvaluation. nel of derwats)n and any provision for impaim)ent. Depreoation Is not ¢harged on freehold land. Depation Is provKJed at rates ¢al(xJlaW lo write off the ¢ost or valuation ol fixe(l assets. kss their esbmated residual value. over Iheirexpected useful Iwes. sin the market value of 8$ehOld and freehoby propee$ are not expethd to tsll materially below net book value. no depreoation has been provided. n Debtor8 Trade and other debtors are recc¥Jnised at the setuement amount after any trade diso)unt offe. Prepayments are valued at the amount prepaid net of any trade diseounts due. gl Cash at bank C8sh at bank indudes cash and short ¢emi highly Iuld investments a Short maturity of three months or from the dale of acquisibon or openin9 01 Ihe dep06il or 6imdar a¢xAunt h) Llabllltlos Liabilitie5 a rtcognised whtn thtrt Ts an oblffJation at thè balante shett date as a rtsutt of a past event. it is probable Ih8t a transfer of econornic benefit will be required In settkrnent, and the arnount of the settlement can be ¥limated reliably. Liabilities are cOgnised at the arnounl that the Charity anb'ripates it will pay to the d?bt or the amount it has received 83 ad¥anced PaYnIS for Ihe goodg or services it must provide. il Flnanclal In8trum•nts The tharily only has financial as¥ets and finanrial liabilth¥ of a kn'nd Ihat qualify as basic finanrial instruments. Basic financial instruments are inrtially recognised at Iransa(*on value and subsequently measured at their 6eltlement value with the expIlOn of bank loans which a subsequenlty rneasu al arnortised $t usin9 the effective Inte$t method. The tharrty is fvnded by a number ol108ns from indi¥Klua15 that are inte1 fe and vknose payMent tems are flexible other than being not due for paYmeTht wrthin one year. Ac(or(lingly detemiining an awur8te net present value ol these loans at the balan sheet date. as by Ihe SORP. is 0)nsle by the trustees lo be an impractical requirement. Insleaé il Is considere<l that a more true and fair view is given in the finanoal ststements by carrying the loans at the athual nominal value thai wll be payable bvhen the loans a pa and further disclosure ol this lact is made In the notes. Il Accountlng eBtSmale8 and area8 of ludgrnent Estimates and judgements a o)nlinually evaluated and are based on historKxl eXpern and other factors, induding expectabons Offutu events that a beheved to be reasonab under the QroJmstan. The charity makes estimates and assumptions (x)nr£rning the future. Tr re$ulb'ng accounfr'ng estimates and assumptsons will. by definition. seldom equal ¢he rela¢ed araual results.
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Pape 8. INTERNATIONAL STUDENT MISSION HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS- 31 MARCH 2023 Conb'nued Donations and legacies Unrestricted Restricted Funds Funds Totsl 2023 Totsl 2022 Income from donation¥ and legaci Donations and gifts Gifs in kind 30,376 Total donatltsns and l•gaelts 2.500 £ 30.376 In the comparatsve period £376 was unrestrided. Glfts In klnd The property donated In 2018 was valued at the estimated mathet value at the b.me the gift was madè. Exp•ndlturè on charltabl• actlvltl•8 Unrestricted Re8trlcted Funds Funds Total 2023 Total 2022 Expèndlturé on charltable actlvltl•s Legal and professional costs Insurance, council tax and sundry property cost$ Independént examinatson 5,637 1,480 1,540 Total gxpendltu 7.084 £ 7,084 7.097 In the comparats've period £64 was restricted expendrture and £7.033 was unreBtncted. Truotee• No travel and Subsisten expense5 were paid lo truees to enable them Io attend rneelings and generalty ¢8rry tsul their govemance responsibilities12022 nill. No truslee r1ve any rernunerats'on or benefits. Analyjls of Btaff costs No staff were employed by the rarity. Tanglble Hxed assets Leasehold Property Freehold Property Total Cost At 1 April 2022 Additions in the year Disposals in the year 2CQ.IX 643.116 843.116 At 31 March 2023 200.(0 643.116 843,116 Depreaation At 1 April 2022 and 31 March 2023 Net book value At 31 March 2023 £ 2,0 £ 643,116 £ 843,116 Net book value At 31 March 2022 2CQ.IX)O 643.116 843,116 Leasehold property relates to a donated propety.
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Pap 9. INTERNATIONAL STUDENT MISSION HOUSING TRUST TE THE FINAN IAL TATEMENT 1MAR 8 Cash at bank and in hand 2023 2022 Cash at bank and in hand 201,558 194,892 £ 201,558 194,892 9 Debtts Other debtors 2,500 2,500 10 Cretiitorn.. amounts falllng dut wlthln one year Accruals Loans 1,500 20,000 1,430 122,000 21,500 123,430 11 Credltorn.. amounts falllng du• after morn than one y••r Loans 598,IXIO soo,000 £ 598,000 soo,000 The charity owes Money in respect 0117 loans provided lo il. All loans are unsecured and bear no interest. They a repayab at maturity or on the Sa ol a property. Due to the lacl that %%e cannot predict with any certainty when the capital will be repaid it is not possible lo delemine an appropriate nei present value. Accordingly it Is conSided that the loan¥ ¥houkl bg rrIed al the amoun1¥ rel¥ed by Ihe tharity n?t ol any paYmentS already made. 12 Stat?m?nl of fund• Details of matenal funds hekj and movements during thfr Curn1 reportsNJ period Fund balanrEs brought forwar Fund balances brought forward Exptnditurè Unrestrlctsd fund8 General fun 297.498 20,180 310,594 ReBtrfcted funds Cambridge property Canterbury property 107.IY)1 10,079 107,001 10,079 Total funds £ 414,578 £ 20,180 7,084 £ 427,674 The Cambridge and Canlerbury property fvnd$ a available to PaY loans r1Ved in relation to the acquisition of the property. 13 An4ty815 of net a88ets between fund8 Unre$trl¢ted Re$trf¢ted Funds Funds Totsl 2022 Tangible fixed assets Current assets Creditors due wthin one year Credit015 due after rnore than one year 200.000 112.094 11,5001 643,116 91,W 120,0001 1598,0001 843,116 204,058 121,5001 1598,0001 £ 310,594 £ 117,080 £ 427,674
DocuSvJn Envebpe ID.. DA3A20B2459F470E-A21$102482B74F2A Page 10. Independent Examinerf$ Report to the Trustses of International Student Mission Housing Trust I reFX)rt to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023. Responsibilities and basis of report As the chanty's trustees you are resp)nsible for the preparation of the accounts in accordance with the requirements of the Chartties Act 2011 {'the Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's staternent Your attention is to drawn to the fact that the charty has prepared the accounts in accordance with Accounting and Reporting by Chanlies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn. We understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generalty Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confimi Ihal no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements conceming the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounls give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. IL Richard Hill FCA GRIFFIN STONE MOSCROP & CO CHARTERED ACCOUNTANTS 21-27 Lamb's Conduit Street, London, WC1N 3GS Date.. 21 November 2023