International Students Club (Church of England) Ltd Charity Registration No: 243606 Company Registration No. 846155 (England and Wales) Annual Report and Financial Statements 31 August 2024 INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Report and Flnancial Statements 2024 Contents Page L¢gal & administratlve information Report of the Trustèes IndeF>endent Examinerfs report to the Trustee$ Statement of flnanclal artlvltleg Balance sheet Notes to the flnanclal statements 10 INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Legal and Admlnlstrative Infonnatlon For the perlod ended 31 August 2024 Charity Name International Students Club (Church of Engtand) Ltd. Charlty regijtratlon number 243606. The chai'ity Nyas registered with the Charity Commission on 20 December 1965. Company reglstratlon number 846155 (a company lim¢ted by guarantet). International Stu(lents Club (Church of England) Lcd, William Temple House 29-31 Trel)ovlr Road, London, SW5 9NQ. Registered Chllce Gov•rnlng document The Charity's governing document is the Memorandum and knicles of Association dated 10 April 1965 as amended by special resolution dated 24 April 2008 as amended by special resolution daced 25 July 2013 as amended by special resolution dated 29 Noveml)er 2013. Obl•rtlv•J The advancement of the Christian faith anij the welfare of students, With an ancillary objective of runiiing a student residenct.. Its sole activity 1$ operating a student residence in Earls Court known 35 Wllliarn Temple House, Trust••i The Trustee$ who served during the year or who were seThlng at che date of thls report were: Mr D Cobb Mr E G Woods Mr C l Edlington Mr B S Sundarnm Rey P Bagott Mr l Abeysekera Mr C Andrei Mr C Schiele Dr Y Chen Ms N Gill Ms E Surinl Mrs S M Th'gnum MrFCChau Chaimttn Resigned l O July 2024 Fle5igned 19 March 2025 Treasurer Appointed 19 March 2025 Key Management Personnel Those in Charge of plannin& directing, controlling4 running and operdring the Chariry. ineluding those members of$taff who are the senior management personnel to whom the trustee5 have deletdted signrficanr authority or responsibility in the day-to-day running of the charlty. are rhe Warden and members of the Management Committee. Bankers Barclays Bank PIC Leicester LE87 2BB Independent Examiner John Helm ACA Tandem Accounting Limited 17 Heathville Road London N19 3AL INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Report of the Trustees For tlie period ended 31 August 2024 The Trustee& who are also Dire.ctors of International Students Club (Church of England) Ltd C'the Charity.). submit their annual I"eport and the financial statements of the Charity for the period ended 31 August 2024, The financial ststemenrs have been prepared in the format prescribed by the Ststement of Recommended Practice: Accounting and Reporting by Charities ISORP2019 (FRS102)l. The legal and administrntiwe information set out earlier in this document fornis part of this reporL This report also constitutes a directors, repurt required by section 415 of the Companies Act 2006. l. Strurture, Governanc• & MaNagem•nt 1.1. Trustees The Trnsrees (collectively known as the Executive Committee) meet 3 omes -1 year to discus$ a full range of matters relating to strategic planning and developmen¢ governance and finance. A suI)-committee of Trustees. known as the Management Committee, 15 responsible under the Execijtive Commicree for the running of the residence and meets 4-6 limes per year. Responsibiliry for the day-to.day Nnning of the residence is dele8ated to the full.clme ￿arden. New Ti'u5tees are recruited infomially. as and when required. on the basis of theii- business or related experience and their Interest in the work of the charity. Nominations are proposed to the Executive Committee and formally appointed rf approvL.d. The induction process for any individual newly-appointed to the board of Truscees comprise5 an Initial meeting wrth at least two of the Trustees {wheiTrever possible one of these rwo Trustee5 being the Managemenc Committee Chair) and rectipt of copies of.. Thi: Memorandum and Arricles of Association The most reconc financial statements The Charity Commission's guidance 'The Essential Trustee,. 1.2 Rlsk Management The Trijstees acknowledge that they have a responsibility for the identification and proper ThAnagement of risks faced by the Charity in achieviftg its priniary aims. The Trustees have therefore assesseé the major risks to whii'.h the Charity is exposed. in particular those relilting to the specrfic operational areas of the Charity. its investments and its finances. The Truste¢s believe thal by monitoring reserve levels, by ensuring that Controls exist over key financial systems, and by examining the operational risks faced by the Charity, they have established effe<.'tive systems and procedures to mitigate those risks. 2. Actlvltl•i & Stratogl•1 In pretnring this report, the Trustee5 have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public beneftt guidance published by the Charity Commission and havi* sought to demonstrate that it provides identifi3ble benefits Yihich relatLi directly to its aims asl *>tated in its Memorandum and Articles of A550cfdtion and Ythich outweig,h any potential detrimenc or harm. Further, the Èienefits are publicly available to all and are not in ai)y vny restricted to those able to pay. Any prwaT.e benefits to Trustees and members of the Charity are incidentsl. William Temple House aims to provide students from all parts ofthe world with a secure. welcoming home atan affordable COSL offering accommodation for up to 50 residents, mainly in single room5, Vlith six shared rooms and a one-bedroom fiat provided. William Temple F4ouse 15 one of the few places now able EQ offer,affordable student acconimodation in the Borough of Kensington and Chelsea, an area with a particularly Lirge concentrntion of leading Higher Education institutions. Finances permitting, the crustees propose to allocate ai.. least 2.5% of annual fee income plus IO% of the annual budget surplus as a means-tested l)ursary fund, available to t))th new and existing residents. Student bursarie5 arw a￿rde*y in the form ol a rent rebate for the duration of an academic year. Three local colleges regularty nominate caThdidates. and any extra reserve is used as a hardship fund for current residents. Students from all faith and non-faith backgrounds are welcome and intake is consciously monitored to ensure a diverse community of students from around the world, with a wide range of academic di)ciplines and institutions represented. INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Report of the Trustees For the period ended 31 August 2024 Students are encournged to mix soci311y through activitle,s arranged within the house and catering frdcilities are communal. Regular meetings are held with the residents and every endeavour is made ro meet any concerns they rny have, 3. Achhv•m•nts •nd P•rfovmon From tlie ST2rt 01 the academic year until April 2024 occupancy was at or close to rrwimum capacity of 50 resident& Therealter a planned redu¢rion in occupancy levels commenced in advance of L'he roof replacement works which were expected to tommence In the slimmer of 2024. Oyerdll average occupancy rates for the year were broadly in line with the bor year and chis. together with the increase in accommodats'on fee room rntes in the year, resulted in fee income rising to £338,697 (2023: £318.718). The Trustees were pleased to award bursaries tOf311ing £13,095 (2023; £18.401). Expenditure, including professional fees. in respect of the ongolng roof-replacement project increased by £118,084 to £141.790 (2023: £23.706). Totsl expenditure. including professional fees and other costs relating to the ongoing roOf-re￿aceMeryt project and bursary awards. increased by £118,723 {38%) to £432,838 (2023: £314.1 I S). resulting in an operatyonal deficit of £68,088 (2023: surplus of £20,337). 2024 2023 Number of residents (average) 45 45 The Trustees express their gratitude ro the stsff for their hard vmrk throughout the year. 4. Flnandal R•vl•w 4.1 Fundlng The princip31 sources of lunding are accommodatlon fees from residents and investment income. Following contlnuing inflationary prÈs$ure on costs, the Trustees opted for an Increase in fees of S% on average effectiye during the academir year 2023124 {202￿3. 5%). The Trustees considered that a further 5% in¢rease achieved the best lance between keeping fees as low a$ possible and maintaining the core objectTrYe of a low prlc¢-poinr, vthilst ensuring that projected increases In operating costs are covered, Accommodatlon fees pei" resident were charged as follows: Single room £735. Doubl¢ £520, Triple £400 and Quad £335. 4.2 Flnanclal Actlvltl•s and Flnanclal Posltlon The Statement of Financial Artivitles and 8alan¢e Sheet can be found on pa8¢5 8 and 9 respectively. The Trust's reseThes decreased by £68,088 during che year (2023: increased by £7.882). The balanee Sheet shows tor21 ner a$sets of £506.519 (2023: £574.607). The comF4ny owns the freehold property 29-31 Trebovir Road, Earl's Court. Thig is a functional property and provides the hostel accommodation and an office for the warden and staff. The property, which 1$ stated at cost of £52,739, 1$ nor depreciated because the Trustees are confident that its value is In excess of bts stated cosL 4.3 Reserves Pollcy The Trustees have ex3mbnÈd the rÈquiremÈnts for froe re.serves. which are those unrestricted funds not inyested in tangible fued assets. The Trusrees consider tha( given the nature of the Charity's work free re5eries should be equivalent to between 3 and 6 months. routirie general fund expenditure, plus committed future expenditure on o¢her projetts where funds permit The Trustees are of the opinion that this provides sufficient flexibility to cover tempornry shortfalls in incoming resources and will allow the Charity to cope with and respond to ursforeseen emergenci¢s whilst specific action plans are implemented. INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Report of the Trustees For the period ended 31 August 2024 At 31 August 2024 the Charity had net free reserrfes of £448,064 (2023.. £512,519) as follows., 2024 2023 Total resérves Loss: r￿ed assets used for the continuing work of the Charty Free reservel 506,519 <58,455) 574,607 (62,088) 448,064 512,S19 Free reserves requlrement: 3 nionth's {minimum) budgeted routine expenditure Planned building maintenance 75.000 460,000 80.000 900.OCN) Free re$erv¢s requlr•ment 535,000 980,000 The trustees have previously adopted a policy of maintaining a long-term, strntegic reserve to facilitate planned future development with $pecific projecrs and areas of expendit￿re identified, wher¢ possible, to utilis* the surplu$ reserves, The plans t¢> build an extension at rhe same time a$ replacin£ the roof of William Temple House were aborted In August 2024 following significant increases in projected costs. Work to replace the existing roof commenced in autumn 2024 and is due to complete in spring 2025. Totsl costs in the year ended 31 August 2025 for the roof replacement and associated internal works (ire currently estimated ht up to £4￿K (includin,g a contingency fund). The Trustees recognise that free reseryo5 are below the free reserves requirement and have opted to borrow the additional funds required to fund complecion of the proleci w7th the Charity projected to generate annual surpluses from the year ended 31 August 2026 onNYdrds and rerurn I,'o a Position where free I"eserves are on a par with, or in excess of, the free reserves requirement over the medium term. 4.4 8ulldlng Malntenance Pollcy A significant element of maintenance expenditure is electNe, and the exrent of annual rrraintenance expenditure is closely controlled to ensure that it falls wlthin the constrnints of the annual budget. Provision is made for a coni.'ingency fund for any extraordinary or emergen(.'y works. If necessary, discretionary expenditure can be reduced to re.main y￿thIn the budgetfr.d figures. . Pl•ns for F￿￿r• Perlodi In the short-term, the completion of the roof replacement project will improve the energy efficiency of the building and allow the 4" floor rooms (12 student places) to be brought back into use and L%trable a return to full orcupancy lor the start of 2025126 academic year. The Charity plans to continue to provide accommodation to students at i.'he lowest price. point pi)ssible, whilst funding on-going rTRintenance to William Temple House, continuing sponsorship of students through the existing bursary scheme and rebuilding free reserve5 over the medium term. 6. fte*ponJlbllltle• of Trurt••i for th• Flnan¢lal St¥t•mènti The Trustees are responsible fcr preparing the report and the financial sta¢ements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law requires the Trustees to prepare financial stacements for each financial year which give a true and frdir view of the state of affairs of the ¢hariry and of its financial activities for that period. In preparing those financial statements the Tnjstees are required tts: select surtable ac¢ountin8 policies and apply them consistently, make judgements and ostlFYOtes that are reasonable and prLtdenL follow applicable accounting standards, subject to any material departures disclosed and explained in the financial st3rements; INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Report of the Trustees For the period ended 31 August 2024 prepare the financial ststements on the going concern basis unle$s 1¢ is inappropriate to presume ttrat the activities of the charity wll continue. The Trijstees are resFrfJn$ible for keeping proper a¢¢ouiiting records which disclose with reasonable accurdcy at any time the linancial position of the charity and enables them to ensure that the financial sratemenrs comply with the Charities Act Xi I l. Trustees are also responsible for safeguarding rhe a$sets of the Charty and hence for taking reasonable $*ps for the prevention and detection of fraud aThJ other irregularitie& 7. ApproHI The report ol the Trusre¢$ YAS approved by th• Trustées on 14 May 2025 and signed on their beh3K by. Mrs Susan M Dlgnum Trna9ur•r INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Report of the Independent Examiner to the Trustees of International Students Club (Church of England) Ltd I report on the accounts of the Charity for the period ended 31 August 2024. which are set out on page$ 8 to 14. Respectlvè rèsponsibllltles of trustees and examlner The trustees (who are also the directors of the comwany for the purposes of company law) are resFonsible for the preparation of the accounts. The trustees consider that an audr£ is not required for this year under section 144(21 of the Charities Act 201 I (the 201 l Act) and Chai an independent ex2mination is needed. Having satlsfied myself that the charty is not subject to audit under company law and is eligible for independent examination, li is my responsibility to: examine che ac¢oui)ts under section 145 of the 201 l Act to follow the procedure5 laid down In rhe gèneral Directions ￿'Ven by the Charity Commission under section 145(51(bl of the 201 l Act to State wherher particular matters have come to my attention Basli of Independ•nt examIn¢￿$ roport My examination was carried out in accordance with the Aeneral Directlons given by Ihe Chariry Commission, An exAmination includes a roview of rhe accounting record$ kept by the charity and a comparison of the accounts presented wich those records. It also includes considerntion of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concernin% any such matters. The procedures undertaken do nor provide all the evidence (hat would be required in an audit and ¢onsequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those n)atters $et out in the statement below. IndèF>endent examln•r's statement I havt compleced my examination. I confimi that no YTHtters have come to my artention in ¢onnectlon with the ex2mination giving me cause t¢) believe: aicounting records were not kept in respect ofthe Company as required by section 386 01 the 2006 Act. or the accounts do not accoi'd with those records; or tlie accounts do Tro¢ comi)ly with the accounting requirements of section 396 of the 2006 Act other than any roquirement that the accounts Eive a 'true and fair view which is not a marter considered as part of an independent examination., or the accounts have not bee.n prepared in a¢cordanr.e with the methods and principlÈs of the StaremLint of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other rrAtters In connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. John Helm ACA 17 Heathville Road, London N19 3AL 14 May 2025 INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Statement of Flnanclal Activltles (incorporating the Income and expendlture account) For the perlod ended 31 August 2024 2024 2023 Income from: Donations Charitable activities Investments 150 338,697 25,903 14 318,718 1 S,720 Total Income 364,750 334,452 Expondlture on: Raising funds Charitable act1vi￿e5 622 313.493 432.838 Total Exp•ndltur• 432,838 314,1 IS Net expendlture before 8ainsllosses on investments (68,088) 20,337 Net pinsl(lossesl on investrnents (12,455) Net Tanglble Flxed Assets (continued) Office furniture & equipment, Office furniture & equipment, wirh a cost of £1,000 or more, is capitslised. Depreciation is provided Qt rates calculated to write off the cost less estimated residual value of each asset over its expecred useful life which h35 been estimaced as follow& Office equipment 10 yea Furniture 7 ytars louse furnlture & appllanc¢s. Utility equipment (such a$ furniture, white goods etc}. with 2 cosr of £ 1,000 or more, is capitslised. Depreciation is provided at E7tes calculated to write off the cost less estimated residual Y4ilue of each asset over if s expected uselul lrfe which has been estirrRted as fNe to seven years. Kitchen applrdnces 5 years Furniture 7 years Flxed ￿let Inv•stmenti Fixed asset investments are initially measured at cransaction price excluding tran$3Ction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recogiiised in net incomel{expendiiure) for the y¢,ar. Transaction costs are expensed as incurred. Debtorg Debtors are included at the settlement amount due, Prepayments are valued ar the amounr prepaid. Crédltovs and provlslons Creditors and provisions are recognised where the charity has a present obligacion arlsing from a past event that will probably re$ult in rhe transfer of funds to a third party and the amount due to settle the obllgation can be measured or estimated reliably, Creditor3 and provision5 are recognised at their settiement amount. 2. In¢om• 2024 2023 Voluntary income Donations & gifts Income tax reclaimed 150 14 150 14 Charitable activities Foe income (net of credit for duties performed by resldents) 338,697 318,718 lnvesi.ment Income Di¥idend5 Interes¢ re¢eiYdble 25,9)3 14,569 25,9)3 I s.no 364,750 334,452 INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Notes to the Flnanclal Statements For the perlod ended 31 August 2024 J. Ewndltur• 3& Cost of ralsSn8 funds 2024 2023 Investment ffonagement fees 622 622 Jb. Charltablo actlvltl•$ 2024 2023 Staff Losts (see note below) Staff training & other c¢$u Resident bursaries Bad debts Resident amenitie$ and activities Administrntion Proy.rty expenses Fixruiis & fittings Repairs and maintenance Loan Commitment fee Depreciation Proft55ional fees Independent examination Other governance costs 141057 275 13,095 {488) 14,665 3,985 139.299 2,337 11,992 7,$00 3,633 91239 1.980 269 138,629 1128 18,401 {3391 11,513 3,431 98,137 3,470 7,177 3.710 24,778 432,838 313,493 3c. Staff costs Included within charitable expenditure are the following costs of ¢mployed indlylduals: 2024 2023 Wages and salarte$ Social Security costs Empli>yer Allovrdn¢e Pension contributions 125,636 12,526 (5,048) 8,943 122,760 11088 (4,982) 8,763 142,057 138,629 Of which. salaries, social security costs and pension contributions paid in respèct of kèy management personn•l 66.175 62,299 The number of employed individuals during the year vrd$ 4 (2023: 4). No employee received payments in ex¢ess of L60,(M)O during the year. J2 INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Notes to the Flnancial Statements For the perlod ended 31 August 2024 4. Tax Payable a charity, Intern3ti0nal Students Club (Church of Eniiland) Ltd is exempt from tsx on income and gains falling within the provisions of the COrpo￿tion Taxes kt 2010 or che Taxation of Chargeal)le Gains Act 1992 to the extent that these are applied to its charitsble objects. No tax charges have arisen on the Charity. 5. Tanglbh Flx•d kns•ts Offi¢¢ Freehold Household Furnlture land & furniture & bulldiny appllances •qulpment Total Cost At I September 2023 ,dditions Disposals 52,739 23,488 5,847 81074 At 31 August 2024 52,739 23,488 5,847 82,074 Deprtclatlon At I Seprember 2023 Charge for year Disposals 16,800 3,048 3,186 S85 19.986 3,633 At 31 Au8U$t 2024 19.848 3,771 23,619 Nét Bookvalue At 31 August 2024 S2,739 3,640 2,076 58,455 At I September 2023 52,739 2,661 61088 JI of the fixed assets are used for charicable purposes. 6. Flx•d Aiiet Investments 2024 2023 Market Valuo At I September Addiiions at cost Sxle i)roceeds Nec %8inl(loss) on revaluation 281,129 (268,674) {12,455} At 31 August The investments were held in the name of the International Students Club (Church of England) L¢d. INTERNATIONAL STUDENTS CLUB (CHURCH OF ENGLAND) LTD Notes to the Flnanclal Statements For the perlod ended 31 August 2024 7. Debtorj 2024 2023 Prepayments and accrued income Fees receivable 7,464 2,791 7,293 1.538 10,255 8,831 e. Cr•dltorn - Amounts F￿lIng Du• Wlthln On• Y•ar 2024 2023 Trdde. creditors Accnials Other creditors includlng taxation, workplace pensions and social security Income in advance Residents. deposits held 3,830 21,314 4,092 4,016 30,700 3,906 6,616 4,178 7,996 26,535 63,9S2 49,231 9. R•l#•d Party TranArtlon• David Cobb, a trustee, was a director of Evelyn Partn*.rs until 21 June 2024, Evelyn Partners previoU￿y acted as the Chariry's investment manager and ¢ustodian until March 2023. Durin£ the year Evelyn Partners ¢har8ed the Charity £nil (2023- £622) in ffanagement fees. Chriscopher Schiele, a trustee, works for Turley Associate$ Limited who provided services to the Chariry In the amount of £nil (2023,, £1,200) in the year. Natasha Gill, a trusteé, stayed in an otherwise N7cant single room In Willlam Temple House for a period ol eleven nights during 2023 and was charged the srandard fee rate for short-term residency. The amounr paydble of £259 was paid in the year. The trustees rrrdde volunrary donations of £nil (2023: Inil) during the year. There were no other r¢lared party transactlons or balaftce& 14