Company registration number.. 00764727 Charity registration numbèr". 232667 Lee Abbey International Students Club {A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 April 2025 WESTCOTTS CHARTERED ACCOUNTANT$ Ik 8U$INES$ IOVISÈR$
Lee Abbey International Students Club Contents Trustees, Report 1to5 Independgnt Audltors, Report 6t09 statement of Financial Actniities 10 Balance Sheet 11 statement of C88h Flows 12 Notes to the Financial Statements 13to24
Lee Abbey Intsrnational Students Club Trustees, Report The trustees. who are directors for the purposes of company law, present the annual report together wth the financial ststements and auditors, report of the tharilable company for the year ended 30 April 2025. Objectives and activities The charitys objects are the advancement of the Christian faith worfdwNde through the ministry of communities of Christians whose shared lives in the fellowship of the Holy Spirit Communicate the love of God revealed in Christ Jesus, and for education and for other charitable purpose$ beneficial lo the community. including the furtherance in ways that are charrtable, of the welfare of students and their families or such of them as may be proper object5 of chanty. These objects are fulfilled by community of Christians which runs a hostel wf(h a Christsan foundation for students and guests from any nationality and of any faith or none. Achlevernents and porformance The charity is led jointly by James FuKord, Director. Head of Operational and Commercial S8Ncgs. and the Reverend Sue Cady. Chaplain and Deputy Director.. Head of Pastoral and Student Services. Together they bring enomious experience of the hospitality industry and Christian ministry to Lee Abbey. This has been a good year for the comrnunify, which is flourishing. Student occupancy has continued lo hovgr around the 150 mark, meaning that the club is effeth'vely ftjll, resuf(ing in good qualty regular income. We continue to benefrt from alternative sources of income to maintain financial sustainabilty. mindful always of our charrtable objecis and the Lee Abbey Movement's Purpose to communicate Christ through relationships. During the year we incurred some exceptional expendfture on propety repairs, professional fees on recruiting new trustees, and a redundancy payment, which led to an excess of expendffuro over income for the year. The trustees have continued to monitor the financial position of the charity carefully throughgut the financial year lo ensure continuing financial sustainability. Going Concern The Trustees have taken the necessary management actions to ensure the charitys activi(ies continue lo flourish. They havè determined that when the accounts were prepared there was not a material uncertainty that casts signrficant doubl on the charitys abilty to eontinue as a going concem for the foreseeable future. Publlc Beneflt In setting objectives and planning activities the Trustees have continued to take careful notice of the Charty Commission's general guidan on public benefit and in particuLgr its supplementsry guKlance on the advanment of ligIOn and on fee-charging. The Trustees are sa115fied that the aclivrties of the charity, in particular rts mission lo international students living in London. are in accordance with the public benefrt requirement of charity law. Flnancial revigw Principal Funding Sources Our principal funding source Continues lo be our resident fees. Resident fees were £1.944,919, constituting 79% of our activity income 12024 £1,839,443 - 76Wol. Guest Fees were £511.654 nstituting 21 OA of activity income {2024 - £541.644). Page 1
Lee Abbey Internatlonal Students Club Trustees. Report We continue to be grateful lo Lee Abbvy Friends and other8 for donatsons received in support of our mlssion. Reserves The charity currently seeks to generate free reserves at a level which will enable the continued refurbishment of the building, and to provide a reserve lo meet any likely contingency. Long-term cash ow lorecasls are produced to ensure that feserves are adequ8te for these purposes. At the end of the year, there was approximately 2.3 months12024- 4 months) of expenditure in cash. This policy is reviewed annually by the board in conjunction with the preparation of the budget and annual cash flow forecasts. The charity has made use of a £400,000 credit facility provided by National Westrninster Bank plc to The Lee Abbey Movement in December 2020 as part of the UK Government's Coronavirus Business Interruption Loan Scherne, whth is being repaid in line wrth the terms of the facilty. Investment Powers, Policy and perf0mnCe Under the Memorandum and Articles of Association the charity has power to make any investment which the Trustees think fit. Plans for future periods We continue to develop and invest in the "London Lighthouse" project which enab8 a number of students to become involved in external mission activities in return for a redUd rent. The Trustees continue lo monitor b¢Xh UK immigration policy, which has signfficant implications for the recruitment of new Community members. and the London student accommodation market, wth vw lo ensuring that the charity meets ils mission81 obieetives. Structure. govemance and management Appointment of Trustees There has been a significant change in the composition of the Board of Trustees, with the resignation of a number of bng-stsnding members and a number of new appointments. Trustee Inductlon and tralnlng New trustees are encouraged lo spend time wth the chaim)an of the 8oard, who will guide them through the induction process which include5 visits lo the operational ¢harrf(ies and lime with their senior management teams. Organlsatlon The Board of Trustees administers the charity and sets up Sue0mMitteeS and working groups as necessary. The Iruslees have delegated the day-ID-day management of the operations to the Director and the senior management18am. Grant Maklng Pollcy The Trustees vW OUT bursary scheme as important in ensuring that wherever possible all those who seek to benefit from our mission who would otherwise not be able to afford the fees are supported. In 2025 we gave grants and bursaries amounting to £100,50912024 - £63,996). Page 2
Lee Abbey International Students Club Trustees. Report Governance and Intsrnal Control Careful considgratbon continued to be given to risk management. Risks are calegorised according lo potential severity and their likely incidence. The levels of risks are regularly reviewed and procedures lo mitigate those risks are set in place. In addrtion to ils continued oversight of health and safgty matters, the Board also regulady monitors safeguarding policy and procedures Ibolh for young people and for vulnerable adults} in all aspects of ils charitable activities. The Board has instructed external audttors lo assist il with such oveT5ight and monitorin9. Prof A A Pepper, (Chairl Revd P A Van Rossum (resigned 6 December 20241 C W Saxby E C Holland (resigned 19 September 20241 Revd C8non Dr G R Cappleman Revd Canon A O Ladipo ISigned 19 September 20241 F E Nouri (resigned 6 January 2025} D Morton. lappoinled 6 December 20241 Revd Preb'd J Rust (appointed 21 March 20251 L E Brace lappoinled 21 March 2025) A V Fianasinghe (appointed 21 March 2025) M A A Akinlade lappoinled 21 March 20251 Trustees: Secretary: CLC Secretsrial Seryices Limited Page 3
Lee Abbey International Students Club Trustees. Report Charty Reglstratlon Nurriljor 2J2667 Company Reglstratlon Number 00764727 RogistsTgd Offico Lee Abbey Lynlon Devon EX35 6JJ Audltor Weslcotts ISWI LLP 47 Boutport Street Bamslaple Devon EX311SQ Carter Lemon Camerons 3rd Floor, 20 King Street London EC2V 8EG Solicitors: Statement of trustee8' responslblllties The trustees Iwho are also the directors of Lee Abbey Internalw)nal Students Club for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (Unfted Kingdom Generally Accepted Accounting Practice}. including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 lating to small cornpanies. Company law requires the Iruslees lo prepare financial ststements 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 chaiilable company and of the incoming resources and application of resources, including rts income and expenditure, of the chanlable company for that period. In preparing these financial statements. the trustees are required to." select suitable accDunling policies and app them consislently. observe the method5 and principles in the Charities SORP., make judgements and estimates that are reasonablo and prudent-, stale whether applicable accounting standards, Gomprising FRS 102 have been followed, subject lo any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going contsm basis unless il is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting CordS that can disck)se wth reasonable accuracy al any time the financial position of the ¢haritsble company 8nd enable them to ensure that the financial statement5 comply with the Companyès Act 2006. They are also sponsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for Ihg prevention and detection of fraud and other irregularities. The trustees are rosponsible for Ihe mairllenance and integrty of the corporate and financial information included on the charrtable companys wgbsi18. Legislation governing the preparation and dissemination of financial statements may drffer from legislation in other jurisdictions. Page 4
Lee Abbey International Students Club Trustees, Report Disclosure of information to audltor Each trustee has taken steps that they ought to have taken as 8 trustee in order to make themselves aware of any relevant audrt information and lo establish that the charity's auditor is aware of that information. The Iruslees confirm that there 15 no relevant infomiatvjn that they know of and of which they know the auditor is unaware. Small companles provlslon stalemont This report has been prepared in aeeordance vAth the small companies regime under the Companie$ Aet 2006. The annual report was approved by the trustees of the charity onsIIi.12S... and signed on rts behalf b. ProfA A Pepper Trustee Page 5
Lee Abbey International Students Club Independent Auditorfs Report to the Members of Lee Abbey International Students Club Opinion We have audited the financial stslerr*nts of Lee Abbey Intemalional Students Club Ith8 'charity'l for the year ended 30 April 2025, which comprise the Statement of Financial ActNities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Slalemenls, including a summary of signTficant accounting policies. The financial reporting framework that has been applied in their preparation is Unf(ed Kingdom Aecounling Standards. comprising Charths SORP - FRS 102 'The Financial Reporting Standard 8pplieable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accoullling Practice). In oui opinion the financial stslemenls.. gNe a true and fair view of the stste of the charity's affairs as al 30 April 2025 and of rts incoming resources and application of resources, including ils income and expenditure, for the year then ended.. have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Prdctice,. and have been prepared in accordance wth the requirgments of the Companies Act 2006. Basis for opinion We conducted our audi( in accordance with Intemational Standards on Auditing (UK) (ISAS IUKI} and 8pplicable law. Our responsibilities under Ih05e standards are further described in the auditor responsibilf(ies for the audrt of the financial statements section of our report. We are independent ol the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances sel out in note lo the financial slalemenls, and we have fuKilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriats lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the fin8ncial statements, we have concluded that the trustees use of the going concem basis of aceounting in the preparation of the financk41 slalemenls is appropriate. Based on the work we have performed. we have not identfied any material uncertaintigs relating to events or conditions that, Individual or collectively, may cast signrficanl doubl on the charity's ability lo Continue as a going eoncern for a period of at kgast 1ve months from when the original financial $tstemenls were authorised for issue. Our responsibilities and the responsibilities of the ITUStees with respect to going concem are described in the relevant sections of this report. Other inforniatlon The trustees are responsible for the other infomialion. The other infomiation comprises the information included in the annual report, other than the financial statements and our auditorfs report Ihereon. Our opinion on the financial 5tstements does not cover the olhgr information and, except lo the extent olhenNi5e explicitly stated in our report, We do not eXpsS any form of assurance conclusion thereon. Page 6
Lee Abbey International Students Club Independent Auditor's Report to the Members of Lee Abbey Intornatlonal Students Club In connection with our audit of the financial slalements, our responsibility is to read the glher infomialion and. in doing so, consider whether the other information is matenalty incon51Stenl with the financial statements or our knowledge obtsined in the audit or otheNise appears lo be materially misstsled. If we Mdentify such material inconsistencies or apparent material misstatements. we are required to delemiine whether there is a material misstatement in the financial statements or material misstatement of the other information. If. based on the work we have perfomed, we condude that there is a materBI misstatement of this other information, we are fequired lo report that fact. We have nothing to report in this regard. Opinion on other matter proscrlbgd by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audrt.. the infomalion given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees. Report has been prepared in aOrdanCe with applicablelogal rgquirements. Matters on which we are required to report by exceptlon In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not idents'fied material misslalements in the Trustees. Report. We have nothing to report in respect of the folkiwing matters where the Companies Act 2006 requires us lo report to you rf, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us.. or the finan81 statements are not in agreement with the accounting records and returns.. or certain disclosures of trustees remuneration specffied by law are not made", or we have not received all the information and explanations we require for our audit. Responslbllltles of trustses As explaine(I more fully in the Slalemenl of trustees, responsibilities {set out on pago 41, the trustees are responsible for th8 preparation of the financial ststements and for being satisfied that they gNe a true and fair viow, and ft)r such intemal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misststement. whether due to fraud or error. In preparing the financial statements. the trustees aro responsible for assessing the charty'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 Iruslees erther intend to liquidate the charty or to cease operations, or have no realistic alternative but lo do so. Auditor responsibilities for tho audit of the financial statements Our objeclNes are lo obtain reasonable assurance about whether the financial 5talemenls as a whole are free from material mis51atemenl, whether due lo fraud or emr, and lo issue an auditorfs port that includes our opinion. Reasonab assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wf(h ISAS (UK) will always delect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the e¢onomic decis4)ns of users taken on the basis of these financial statements. Page 7
Lee Abbey International Students Club Independent Audltovs Report to the Members of Lee Abbey International Students Club Irregularities, including fraud, are instances of non-compliance wrth laws and re9ulalions. We design procedures in line wth our responsibiif(ies, otjllined above. lo delect material misslalements in respect of irregularities, induding fraud. The extent lo which our procedures are capable of detecting IrguIarl1ies, including fraud is detailed below". We identified areas of laws and regulations that Could reasonabty be expgcted to have a material effect on the financial statements from our general commercial and sector experience and through discussion wrth the trustees and other management. We Communited identified laws and regulation8 throughout OLbr team. and remained alert lo any indications of non.compliance throughout the audit. The charity is subject to laws and regulations that govem the preparation of the financial statements, including financial reporting legislalion, and other companies legislatM)n. The company is also subject lo other laws and regulations where the consequences of non-compliance could have a matorial impact on the amounts or disclosure8 Wrthin the finaneial 51atemenls. including employment, anti-bribery. anti-money laundering and certain aspects of companies legislation. ing lo the inherent limitations of an audit. tITere is an unavoidable risk that we may nol have detected some material mi5Statemenls in the financial slatemenls, even though we have properly planned and performed our audit in accordance wf(h auditlng standards. In any audit, there remains a higher risk of non4election of irregularl(ies, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the ov&ride of internal Controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-complian wf(h all laws and regulations. As part of an audit in accordance wth ISAS (UK), we exercise professional judgement and maintain professional sceplicism throughout the audr(. We also. Identty and assess the risk$ of malenal misststement of the financial statements, whether due to fraud or error, design and perform audf( procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for on& resutting from error, as fraud rnay involve collusion, forgery. intentional omissions, misrepresenlalions, or the overrKle of inlemal control. Obtain an understanding of internal control relevant to the audi( in order to design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effèctiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounts'ng estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees use of the going concem basis of accounting and, based on the audrt eviden obtained, whether a material uncertainty exists related lo events or ndrtions that may c8sI signrficanl doubl on the charity's ability to continue as a going concern. 11 we conclude that a material uncertainty exists, we are required to draw attention in our audilorfs report to the related disclosures in the financial slalemenls or, if such disclosuS are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However, future events 01 conditions may cause the charity to cease lo cOntine as a going concern. Evaluate the overall presentation. structure and content of the financial statements, including the disdosures, and whether the financial slalements represent the underlying transactions and events in a manner that aChve$ fair presentation. Page 8
Lee Abbey International Students Club Independent Auditor's Report to the Members of Lee Abbey Intematlonal Students Club We communicate with those charged with govemance regarding, among other matters, the planned $cope and liming of the audit and significant audit findings, including any signrficant deficiencies in internal control that we idents.fy during our audit. Use of our r&port This report is made solely to the charitable company's INstees, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charrty's trusleg$ those matter5 we are required to state lo them in an audrftor's report and for no other purpose. To the fullest 8xt8nl permitted by law, we do not accept or assume iesponsibilty to anyone other than the charrtable company and ils trustees as a body. for our audit work, for this report, or for the opinions we have fomied. Calh8rine Williams FCA DChA (Senior Statutory Audilorl For and on behaw of Weslcotts ISWI LLP, Statutory Auditor 47 Boutport Street Bamslaple Devon EX31 1SQ Page 9
Loe Abbey International Students Club Statement of Financial Activities for the Year Ended 30 Aprll 2025 (Including Income and Expenditure Account and Statement of Total Recognlsed Gains and Losses} Unrgstrfdgd funds Restricted funds Total 2025 Total 2024 Note Income ind Endowments from: Donations and legacies Charf(able activities Other trading activities Investment income 73,891 74,540 2,469,296 54,275 2.392.607 8,934 12,954 2.469,296 18.764 18,764 Total income 2,488,709 73,891 2,562,600 2,468.770 Expendlture on: Charitable actwi(ies 12.546,2871 1151,043} 12,697.3301 12,272,284) Total expgndilure 12.546,2871 1151,043) 12,697.3301 12,272,284} Net (expenditurellincome {57.5781 177,152) 1134.7301 196486 Net movement in funds {57.5781 177,152) 1134.7301 196,486 Reconciliation of funds Total funds brought forward Total funds carried forward 18 4,109.049 77,152 4.186,201 3,989.715 4.051.471 4.051,471 4,186.201 All of the charity's actwities derwe from continuing operations during the above periods. The funds breakdown for 2024 is shown in note 18. The notes on pages 13 10 24 forn an integral part of these financial slalemenls_ Page 10
Lee Abbey International Students Club (Registration number: 00764727) Balance Sheet as at 30 April 2025 2025 2024 Note Fixed assets Tangible assets 12 5.310,887 5,373,528 Current assets Debtors Cash at bank and in hand 13 14 110,256 446,243 556,499 51,578 708.669 760,247 Credltors: Amounts falling due wlthln one year 15 (1,076,348 1947,8101 Net current liabilitigs 1519,849) 1187,563) Total assets less eurrènt liabllltles 4.791,038 5,185.965 crgdltors: Amounts falling duè after more than ong year 16 739,567 1999,764 4.186,201 Net assets 4,051,471 Funds of the charlty: Restrlcted income funds Restricted funds 77,152 Unrestrictsd Income funds Unrestricted funds 4,OS1.471 4,109,049 Total funds 18 4,051.471 4,186,201 These financial slalemenls have been prepared in accordance with the special provisions relating to companies subject lo the small comp8nies regime within Part 15 of the Companies Act 2006. Thg financial statements on pages 10 to 24 wer8 approved by the trustees, and aulhorised for issue onslIZI2S.. and signed on their beha by: ProfA A Pepper Trustee The notes on pages 13 to 24 fomi an integral part of these financial stalemenls. Pag& 11
Lee Abbey International Students Club Statement of Cash Flows for the Year Ended 30 April 2025 202S 2024 Nolo Cash flows from opgrating a¢tlvilles Nel cash lexpenditureifincome {134.7301 196,486 Adjustments to cash floY45 from non-cash items DepCiall0n Investment income 301,872 118,764} 148,378 286.461 {12.9541 469,993 Worklng capital adjustments {Increaselldecrease in debtors Dgcreaso in creditors 13 15 {58,6781 1131,6591 25,452 1154,042} Nel cash flows from operatin9 adivrties Cash flows from Invgstlng actlvltlgs Interest re1vable and similar income Purchase of tangible fixed assets N&1 cash flows frcm investing activrties Nel Idecrea5elTincrea5e in cash and cash equivalents Cash and cash equivalents at 1 May {41,9591 341,403 18,764 1239,2311 12,954 {232,7421 12 220,467 {219,788 1262,4261 708,669 121,615 587,054 Cash and cash eqUanIS a130 April 446,243 708,669 All of the cash flows are derived from eonlinuing operations during the above hvo periods. The notes on pages 13 to 24 fom an integral part of these financial statements. Page 12
Lee Abbey Internatlonal Students Club Notes to the Financial Statements for the Year Ended 30 April 2025 1 Charity status The charity is limited by guarantee. incorporated in England and wa5. and consequenlty does not have share capital. Each of the trustees is liable to contribute an amount not exc*eding £1 towards the assets of the charty in the event of liquidation. The address of ils registered offiee is.. Lee Abbey Lynton Devon EX35 6JJ 2 Accounting policies Summary of signrficant accounting policies and key accounting g$timatos The principal accounting policies applied in the preparation of th¢se financial slalements ar8 sel out below. These Policies have been consistently applied to all the years presented, unless otherwise slated. ststement of compllance The financial slalements have been prepared in accordanco with A¢UntIng and Reporting by Charities.. Statement of Recommended practi (applicable to charities preparing their aecounls in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191 {Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation Lee Abbey International Students Club meets the definf(ion of a public benefrt entity under FRS 102. As5els and liabilrties are initially reeognised at historical cost or transaction value unles5 Otherwise slated in the relevant accounting policy notes. The financial statements have been prepared in sterling which is the functional currency of the charity. Going ¢on¢ern Thè Imstees Consider that there are no material uncertainties about the charity's abilrty lo continue as a going conrn nor any signrficant areas of uncertainly that affect the carrng valije of assets hekj by the charity. Judgements and key sources of estimation uncertainty The pparatIon of the financial statements requires management lo make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that a believed to be reasonable under the circumstances. Income and endowments All income is recognised once the charity ha5 entitlement to the ineome, it is probable that the income will be received and the amount of the income re¢eivable can be measured reliably. Page 13
Lee Abbey International Students Club Notes to the Financlal Statgments for the Year Ended 30 April 2025 Donatlon5 and legacies Donations are recognised when the charity has been notrfied in wr"rting of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charty before the charty is enlrtlgd to the funds, th& income is deferred and not recognised until either those condrtions are fully met. or the fvlfilmenl of those conditions is wholly within the control of the charity and i( is probable that these condrtion$ wll be fulfilled in the reporting period. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expendK(ure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed lo partular headings they have been allocated on a basis consi518nt wth the Use of sources. wi(h central staff costs allocated on the basis of time spent, and depreciation Llicll9es allocated on the portion of the assol's use. Olhgr support costs ar¢ allocated based nn the spread of staff costs. Charitable actlvities Charitable expenditure mpriseS those costs incurred by the charty in the delivery of its activities and services for ils beneli¢iarie5. It includes both costs that can be allocated directly to such activrties and thos8 ¢ost5 of an indirect natu necessary lo support them. Support costs Support costs include central functions and have been allocated lo activity cost categories on a basis consistent wf(h the use of resources, for example, allocating property costs by fbor areas, or per capi(a, stsff costs by the lime spent and other wsls by their usage. Tangible fixed assets Tangible assets are Initial recorded at cost. and subsequently slated at cost less any accumulated depreciation ènd impairment losses. Any tangible 8ssets carried 81 revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimenl losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the slalement of financial activities. A decrease in the Carng amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclation and amortisation Depreciation 15 calculated so as to wnte off the eost or valuation of an asset. less rts residual Value. ov8r the useful economic lrfe of that asset as follows.. DepreCtIOn method and rate 10-50 years straight line 4-20 years slraighl line 4 years straight line Land and Building$ Fixtures and Fiitings Motor Vehicles Page 14
Lee Abbey International Students Club Notes to the Financial Statements for the Year Ended 30 Aprll 2025 Impalrment of flxed assets A reVW for indicators of impairment is Carried out at each reporting date, with the fecoverable amount being estimated where such indicators exist. Where thè Garrwng value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairmonts are also revi8wod for possible reversal at eath reporbng dale. For the purposes of impaiment testing, when li is not possible to estimate the recoverable amount of an individual asset. an estimate is made ¢f the recoverable amount of the Sh-generatlng unil to which the asset belongs. The cash-generaling unit is the smallest 1dentffiab group of assets that includes the asset and genefates cash inflows that largety independent of the cash inflows from other assets or groups of assets. For impaimient testing of goo0111, the gclI1 acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefrt from the synergies of the combination. irrespective of whether other assets or ts'abililies of the chanty are assigned to those unit5. stock Stock is valued at the lower of cost and nel realisable value. Cash and ¢a$h gquivalents Cash and cash equiwalents comprise cash on hahd and call deposits, and other short-temi highly IH]uid investments that are readify convertible to a known amount of cash and are subj-ect to an insignrficant risk of thange in value. Fund strudure Unrestricted incom¢ fund5 are general funds that are available for use at the Iwstees discretion in furtheranc& of the objectives of the charity. Designated funds a unre8lricted funds set aside for specific purposes al the discretion of the trustees. Reslrieted income funds a those donated for use in a particular area or for specific purposes. the use of which 1$ re¥lricied to that area or purp08e. P8nsions and other post retirement obllgations The Charity operates a defined contribution pension Scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to empk)yee service in the current and prior period8. Contributions lo defined contribution plans are recognised in the Stslement of Financial Activities when they are due. If contTibution payments exceed the ntrIbutiOn due for service, the excess is recognised as a prepayrnent. Page 15
Lea Abbey International Students Club Notss to the Financial Statements for the Year Ended 30 April 2025 Financial instruments ClassifKation Financial assets and financial liabilities are recognised when the Charity becomes a party to th8 contractual provisions of the instrument. Financial liabilities and equrty instruments are classified according to the substance of the eonlraclual arrangements entered into. An equty instrument is any contract that evidences a residual interest in the assets of the charty after deduebng all of its liabilities. Recognftlon and measurement All financi81 assets and liabilities are initially measured al transaciion price {including transaction coslsl. except for those financial assets classified as at fair value through profft or loss. which are inl(ially measured at fair value {which is normally the transaction price excluding transaction coslsl, unless the arrangement constrfules a financing transaction. If an arrangement constitutes a financing trons3Gtion. tho financial a55el or financial liability I measured at the present value of the future payments discounted at a market rale of intergst for a similar debt inslrumenl. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable rht lo set off the recognised amounts and the charty intends either to settle on a net basis, or lo realise the asset and settle the liabilty simultaneously. Financial assets are derecognised when and onty when a} the contractual rights lo the cash flows from the fin8n¢ial asset expire or are settled, bl the charity transfers lo another party substantially all of the risks and rewards of ownership of the financial asset, or cl the charty, despite having retained some, but not all, significant risks and rewards of ownership, has IransferT8d corbtrol of the asset lo another party. Financial liabilrties are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 3 Income from donations and legacies Unrestricted funds Restricted funds Total 2025 Donations 73,891 74.540 Unrestrlcted funds Restricted funds Total 2024 Donations 1,575 52,700 54,275 Page 16
Le• Abbey International Students Club Notes to the Financial Statements for the Year Ended 30 April 2025 4 Income from charitsbla activiti05 Total 2025 Total 2024 Guest fees Room hire Resident fees and income from running hostel Sundry income 511,654 541,644 285 1,839,443 11,235 2,392,607 1,944.919 12.723 2,469,296 All income received from charitable ath'mties in 2025 and 2024 was unreslTiCted. 5 Income from other tradlng acllvltle9 Total 2025 Totsl 2024 Flat rental incomg 8,934 All income received from other trading activities in 2024 was unrestricted. 6 Investmgnt Income Total 2025 Total 2024 Bank interest receivablg 18,764 12,954 All income received from invlMent inrne in 2025 and 2024 was unreStr1ed. Page 17
Leo Abbey International Students Club Notes to the Financial Statements for the Year Endod 30 April 2025 7 exponditurn on charltsble actNities Designated funds Unrestricted funds Restricted funds Total 2025 Note The management of the hostel and community Grants and scholarships AIIoc8ted support osts 153,470 2.036,513 151.043 2,341,026 100,509 100.509 255,79S 2S5.795 153,470 2,392.817 151,043 2,697.330 Designated fund8 Llnrestrlcted funds Regtricted funds Total 2024 Note The management of the hostel and communrty Grants and seholarships Allocated support osts 141.404 1,799.257 52,682 1,993.343 63,996 63,996 214,945 214,945 141,404 2.078,198 52,682 2.272,284 Analysis of support eosts Support costs allocated to charitable actlvltles Totsl 2025 Tolal 2024 Bank charges Bank Inte$1 payable Insuran Telephone and fax Other expenses Contribution to Lee Abbey Movement Travel expenses Audit fees Legal and professional fees 390 71,087 31,048 7,493 44,790 41,072 2,313 9.693 47.909 553 75,993 53,069 12,941 12,884 41,000 747 13,618 4,140 255,795 214,945 Page18
Lee Abbey Intemational Students Club Notes to the Financial Statements for the Year Ended 30 April 2025 9 Net Incomlngloutgolng resouoS Nel loutgoingllincoming resources for the year indude: 2025 2024 Depreciation of fixed assets 301,872 286.460 10 Trustees remuneration and expenses No Iruslees, nor any persons connected th them. have received any remuneration from the ehartty during the year. No trustees have reGeived any reimbursed expenses from the charity during the year_ 11 Stsff costs The lolal stsff costs and benefrts for the reporting period are analysed a5 follows.. 2025 2024 Wages, saL8ries and community allowances Soci81 security costs Employer contributions lo pension plans other staff costs 285.089 13.418 25,378 40.000 212,090 23,292 19,471 363,885 254,853 Other staff costs relate to redundancy payments incurred during the year. The averagg head count during the year was 25 12024.. 251. The average rtumber of full-time eqUanIS during the year is analysed as folbws.. 2025 No 20 2024 No 20 Running of hostel Management and administration 25 25 No employee received emoluments of more than £60,000 during the year.12024-. Nil} Page 19
Leo Abbey Intemational Students Club Notes to the Financial Statements for the Year Ended 30 April 2025 12 Tanglble fixed assets Furniture and equlpment Land and bullding$ Totsl Cost At 1 May 2024 Addrtions 8.416,970 196,644 2.007,561 10,424,531 42,587 239,231 At 30 April 2025 Depreclatlon At 1 May 2024 Charge for the year At 30 April 2025 Net book valuo 8,613,614 2,050,148 10,663,762 3.510,280 153,469 1,540,743 5,051,003 148,403 301,872 3,663,729 1,689,148 5,352,875 At 30 April 2025 4,949,885 361,002 5,310,887 At 30 April 2024 4,906,710 466,818 5,373,528 These are included al cost except for the freehold property which is included al its 1989 valuation plus additions lo 31 August 1994. The 1989 valuation was made at an open market value based on a continuing existing use. The Trustee5 have chosen not lo adopt a policy of staling freehold propety at current valuation and are maintsining them under the transitional provisions of FRS 15. Depr8cialion is not charged on freehold land. FehOld land and buildings includes £1.300.000 ot feh0&j land. The original cost of the building5 wa5 £2,326.713. The frgehold land and building5 are used as part of sgcurtfy for a loan for Lee Abbey Movement. 13 Debtors 2025 2024 Trade debtors Prepayments VAT recoverable Other debtors 58,655 31,939 4,910 14,752 39,578 12.000 110,256 51,578 Page 20
Leo Abbey International Students Club Notes to the Financial Statements for the Yoar Ended 30 April 2025 14 Cash and cash equivalents 2025 2024 Cash at bank 446.243 708,669 IS Credltors: amounts falling due within one year 2025 2024 Trade C(1$tO15 Amounts received on account Amount owed to group undertakings other taxation and soeial security Other credf(ors Accruals 248,926 272.957 235,348 148,798 270,201 194,965 3,684 296,862 33,300 303,117 16,000 1,076,348 947,810 16 Credltors: amounts falling due after one year 2025 2024 Due to group undertakings 739.567 999,764 17 Ponsion and other schemes Deflned contribution pension Scheme The eharity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charty to the scheme and amounted to £25,378 12024 £19,471). Page 21
Lee Abbey International Students Club Notes to the FinanGial Statements for the Year Ended 30 April 2025 18 Funds Balance at 1M8y 2024 Balance at 30 April 2025 Incoming ResoUe$ resources expended Transfers UnTeslrfcted funds General Funds Fixed asset reserve 11,264,479) 2.488,709 12,244,415) 1,659,655 1148,402) 395.176 2,488,709 12.392,817} 1239,2311 11,259,416) 1133.9091 1,377,344 (373.1401 117,928 Designètsd Designated Property resetve 3,713,873 1153.4701 373,140 3,933,543 Totsl unrestrlcted funds 4,109,049 2,488,709 12.546,2871 4.051,471 Restrlctod funds Building the Future Fund Bursary Fund 77.152 181 73,710 73,891 177,3331 173,7101 1151,0431 77,152 Total funds 4,186,201 2,562,600 {2,697,3301 4,051,471 Balance at 1May 2023 Balancè at 30 April 2024 Incoming Resources resources expended Transfers Unrestricted funds General Funds Fixed asset reserve 11,504,452) 2,416,070 (1,933,142) 1,908,799 1145,056) 404,347 12.078,198) (242,955) {1.264,4791 (104,088) 1,659,655 {347,043) 2,416.070 395,176 Designatgd Designated Propety reserve 3.508,234 1141.4041 347,043 3,713,873 Total unrestricted funds 3,912,581 2,416.070 12,219,602) 4,109,049 Restrlcted funds Building the FlrtU Fund Bursary Fund 76,252 882 900 51,800 77.152 52,6821 152,6821 77,134 52,700 77,152 Total funds 3,989,715 2,468,770 12,272,284) 4,186,201 Pagg 22
Lee Abbey International Students Club Notes to the Financial Statements for the Year Ended 30 Aprll 2025 The Fixed Asset Reserve was established in 1989 when the freehold property was last revalued. The Designated Property Reserve was established to sel asidg funds for future investment in the freehold property. Restricted fijnds The Building the Future Fund, which was estsblished for donations towafds future improvement lo the freehold propety, was fulty utilised during the year. The Bursary Fund 15 for amounts donated to support students with the cost of stawng at the charity 19 Analysis of net assets between funds Unrestrlcted funds General Total funds at 30 Aprll 2025 Tangible fixed assets Current assets Current liabilities Creditors ovar 1 year 5,310,887 556,499 (1,076,348) {739,567} 4,051,471 5,310.887 556,499 11.076,3481 1739,5671 Totsl net assets 4,051,471 Unrestricted funds Gengral Total funds at 30 Aprll 2024 Restricted funds Tangible fsxed assets Current assets Current liabilrties Creditors over 1 year Total nel assets 5,373.528 683,095 1947.8101 1999.7841 4,IOS,049 5.373,528 760,247 1947,8101 1999,7641 4,186,201 77.152 77.152 20 Rglatod party transactions The charity is part of a group known as The Lee Abbey Movement and has transactions with other group members. These comprise: Payments lo Lee Abbey Movement of £41.00012024.' £41,000). At 30 April 2025 £973,16612024'. £1.192,8371 was ¢)wed lo The Lee Abbey Movement. Inteiest Of £69,33912024-. £74,101) has been charged on the loan al nomial wmmercial temis. Page 23
Le• Abb•y International Students Club Notes to the Financlal Ststements for the Year Ended 30 April 2025 21 Controlling party The holding company is The Lee Abbey Movement which ig the sole guarantor of this company. The liability of the guarantor is limiied to £1. Consol*Jated accounts are available on request from the registered office. Page 24
Lee Abbey International Students Club Detailed Statement of Financial Activities for the Year Ended 30 April 2025 Total 2025 Total 2024 Donatlons and legacies Donations and legacies 74,540 74.540 54.275 54,275 Charitable actlvltles Guest fees Room hire Resident fees and income from running hostel Sundry income 511,654 541,644 285 1,839,443 11,235 2,392,607 1.944,919 12,723 2,469.296 Other trading activitigs Flat rental 8,934 8.934 Investment Income Bank interest feceivable 18,764 12,954 18,764 12,954 Charitable activltles Grants Credit card charges Communty allowances Uniforms Club and w¢ial expenses Communty, pastoral and mission elc Rates Light. heat and power General maintenance Household expenses Catering Food and kitchen svndries Residents telephone and intemet Sundry expenses Advertising Depreciation of tangible fixed assets Bank charges Bank interest payable Insurance Telephone and fax {100,5091 15,844) 169,069) 13.7671 12.7591 {45,9881 {58,3641 {121.6631 1398,3031 1273,3491 1299,0831 1325,2261 124,7871 12411 146,8261 {301,8721 {3901 171,087) {31.0481 17.493} 163,996) {5,557) {141,958) 12.2991 13,7591 127,2031 156,2271 199,031) 1217,250} 1254,261) 1293,232) 1291.1521 125,198) 124) 134,879) {286,460) 15531 175,9931 153,0691 112,941} This page does not fomi part of the statutory finanaal slalements. Page 25
Loe Abbey Intsrnational Students Club Detailed Statement of Financial Activities for the Year Ended 30 Aprll 2025 Total 2025 TotAI 2024 Office expenses Contribution to Lee Abbey Movement Tr8vel expenses Audit fees Legal and professional fees Staff costs 144,790) 141,0721 12,3131 19.6931 (47.9091 1363.8851 12,697,330) {12,8841 141.0001 17471 113,618) {4,1401 1254,853) {2.272,2841 This page does not fomi part of the statutory financial statements. Page 26