Charlty Registratlon No. 294448 International Students Trust Annnal Report and FIDanclal Statement8 For the year ending 30 September 2020 International Students Trust Report and financial statements 2020 Contents Page tAR*l **d Admlnl•tr•tlv¢ Inform*tlon Trnite41' report StlltemeTrt of Trniteei, re4￿mIbIlIt Ind¢pEndent *udltori' report StAtemethl of F5n*n¢lil A¢tlv[tt￿- for the ye8r e•dln¥ JO Sept•mbEr 2020 Baiinte Sheet *• at JO S¢pt¢mber 2020 12 Note• to the x¢ounti 13 International Students Trnst Trustees. report Rryistered I Park Crescent Rrgrnts Park Ix)ndon Wl B I SH Audttors Moore Kingston Smith LLP Devonshirr Housc 60 Goswell Road London ECIM 7AD Sollclto Bircham Dyson Bell 50 Broadway We51minster London SWIH OBL Investment m#n*gerJ Quilter Cheviot Inve91ment Management One Kin&4way Ixsndon United Kingdom WC2B 6AN D#te of deed 19 March 1986 TnLSteei John Garbuti Anthony Behrens K¢ith MacKay Lord Nick Bournc lox otTicio) M¥ Ipck Dc-vilder Ken Dytor lex officio) Gill Hammond l¢x offi¢iol {Chairl {Relirul Tn￿ttt on 30 Seplernber 20201 (Retired as Truste¢ on JO September 2Q201 (Rctired a5 ex offLCiO on 30 S¢pt¢mber 2020) {Reiired a¥ TrkL51ee on 30 S¢plember 20201 (R¢$igned ￿ eK offiGio on 04 Fcbruary 2020) (Appoinied as ex officio on 04 February 20201 Secretlry Bridgchouse Company Secret￿1¢$ Ltd 5 St. Brid¢ Street Lond¢)n EC4A 4AS Tnst fund Th¢ Trust fund originally compri5cd of £10 placed in the trwst p￿Suant to thc Trust Deed da￿d 19 Mar¢h 1986, and all oiher cash, inve5tment5 or propety 5ubyu¢nily legally v¢sted in thc TTU8tccs or placed under their control. On 6 August 2020, the Trusiees deternuned that it was in IST'S bcs( interests to make a charitable donation of all its &%8et1. including Ihoge ofits subsidiary chaTlty Mary Trevelyan Fund. to ihe International Student5 House {ISHI to cany on with the charilable activitir¥ of 1ST in Ihc m051 ¢ff¢ctive way. £1 was retained by 1ST for the y￿r ¢nding 30 Scptember 2020 a$ 8et out in thi8 report. Two of the cxisting 1ST Trustees {John Garbutt and Gill Hamrnondl will remain as Trustce5 of the newly dorn)ant 1ST. 1ST artd MTF will remain 8ep4rately identifiable within ISH Fund$ and dni&' from them wkll wniiDU< restrict￿ to their original obj¢¢tiv¢$. International Students Trust Trustees, report Ch#rhabl¢ ObJ¢¢¢lv Th¢ Trust is governed according lo the Trust Deed dalrd 19 March 1986 and minor varialions to the TnL$I Deed daied 8 May 2001 and 22 Decernber 2011 rupe¢tively. The objective of International Students Trust I'the Trust,) is to advance thc education in the United Kin¥dom of ￿Jd¢lltS, primarily those from Countries outside the United Kingdom and of po￿)￿¥ cn¥ab¥ed in educAtional research. It 15 intended that thib advancement Co-operation with the related eharily Int¢Tnational Studcn15 House I'ISH,) lo aehicvc thr ISH'S wid¢T ubj¢LtivL of promoting intcrnatiottal undcrstanding between $iud¢nls. GrAnt.q in pursu8n¢¢ of thi$ aim may be Tnade out of both in¢ome and capital. Trusiees determine the policiey for inv¢s¢tneni asset allocation. and foT re¢urrcnl and capital gronts. Day to day investmcnt dccisions are mad¢ by th¢ inve51ment managcrs, who op¢rate on a fully di8crctionary ha515. The Icvcl of grants to be awarded in the following finaneial year is dctcrmined by th¢ TruM¢¢s in the currcnt financial year. In¥￿(m¢nI incomc is compri$ed of intercst. dividends and other distributions received fTOm Inve￿￿¢￿Is. to the all￿ed vitbion, nu¥sion and objcctives of Is'r and ISH, Ihe'l'nLStL'es rcvicwcd thc tTusI'¥ posiuon durin¥ th¢ y grant of £60k. There were noc&pital granlsagreed for theyear. The Krdnt for the MaryTrevelyan Hardship fund was approved at a similar level to 2018-19 at £l5k. During th¢ ¢ours¢ ofih¢ financial year 2019-20. the Tnjst dispersed recurrent charitable grants of£1 88.49812018-19.. £550,053110 ISH as detailed b¢low. During ihe 2019-20 year, the Trust continucd its 5UPPOrt to ISH and expended £150k {2018-19: £I80kl on Ihc r¢sid¢Diial Kholarship pro￿aMme. Th¢ scholarship grant hclpcd as5L5t 102 èJtudent¥12018-19.. 1061 to resid¢ at ISH in the cour8e of the year. Th¢ b¢n¢fi¢iari¢% ram¢ from 42 different countries. Thc scholarship prr)8ramme contributet* lo the overall diversity of ISH aJ)d enables talented young p¢opl¢ frorn low-incornc Gountric5 could not othcrwisc afford ts) liv¢ and S¢udy in Lvndon to take up their plRLc #l on¢ DfisH's University Puttsjers and bcnefit frorn frec or 5ub5idised accommodation at ISII. iavcl Club Grnnts. Thc Trust also illoc4ted £60k, with an aeiual spcnd of £38k {2018-19.. £50kl, to the ISII TraY¢l Club whi¢h ¢nabl¢s sludrnt¥ io leam more about British history and culturc and to dI￿0V¢r the country out%ide London and algo nearby ciiies on the contincnl. The number of Trav¢1 Club panicipant¥ rcduccd from 456 to 315. The r¢dudion in nurnbcT of partieipanl.s was du¢ to the CovTd.19 pandemic. Following Ihc announcement of lh¢ firsi lockdown on 23 March 2020, all travel club activities w¢r¢ stopped and hav¢ not resumed. Isll cmbarked on a mas¥iv¢ Tcfurbishm¢Dt programme irt 2017-18 which is expected to be completed in May 2021. Thc objcrtive 18 lo refrc¥h all the accommu￿tIOn provision irt Grcat Portland Street buildin¥ and Willy HouBe. No funh¢r ¢apiial wa5 provided by 1ST in 2019-20 {2018-19.' £320k, includcd in the £500k Bran1¥ and ¢holar5hip granted for th31 yearl. vestm¢ I￿￿11. Given the subslanlial inv¢¥tmeni portfolio built up by ISH in recent yeaT¥, jt WAS Considered advi8ablc by the Finan¢¢ and GenerAI Purposts Commitk¢ of ISH thAt all inv¢umettt deei¥ions should be co-ordinated by the TnLStees of 1ST. Quilicr Cheviot were 4ppoinied as ihe inv¢stm¢fti hdvis¢r¥ in March 2013 and were subsoquently movcd to fully delcgatcd {di&cTclionaryl managers in September 2017. The 1ST I'ru¥lee$ continue to be impre￿￿ed with their quality of rcportins and Customcr xrvice. The I'rJ¥l inv¢si$ in a rangc of as8rl classes including UK equiiie& ov¢r%¢4¥ equiiies, ¢ommercial prtsperty artd infra8tNcture fund$. pmvaie equity and hond¥. I'hc pandctTllC that the whol¢ world is ¢urrcn¢ly going through ha(1 a seriou¥ i]npact on the invextrn¢nl ponfolio. In MaT¢h 2020, at the be￿￿nn)n￿ ofiockdown, lh¢ value uf th¢ overall portfolio droppcd by morc than 16Yo. The nmrkths did r￿0Ver sitL¢C and the portfolio.¥hortfall al year- cnd was only 2.9%. The overall realts¢d and unrealised losses in 2019-20 on the Trust inve4*ment$ was £50k {2018-19 £451k 8ain%l. Despite the nc¥ativc impacl of ihe pand¢mi¢ on the portfolio. invesiment p¢rforrnan¢e very ¥ati$factorily exc¢cdcd OUT b¢n¢hmark during the year and done so $inc¢ th¢ move to a discrctionary invcstment mandate. The Mary I rrvelyan fund had nct realised and unr¢ali$¢d lox*e% on invc5trncn15 of £5k (2018-19- £20k gain$l and ay result there was a slight derrease in nel a¥Lq¢ts to £295k12018-19. £317kl. Hardship fund gran15 totalled £25k12018. 19- £21kl in th¢ year. The total hardship fund grant¥ awarded by ISH for 2019-20 was £39k12018-19- £29kl aitributed to 54 suecL¥sful applicani¥12018-19.. 391, with Ihe additional £14k12018.19.' £8kl hardship grants fundcd by ISH. I'h¢ incre&%c in hardship fund application wa5 mainly duc to students lo¥ing their part-lirnc jobs during lockdown and struggling to rnake end& meet. The Truster5 a8Tccd to increase the 8ranl amount in ord¢r to 5UPPOrt the Sludcnts who requested our assistance. 'rog¢ther, the total a&sc15 of the Tru¥l and the Mary Trevtlyart Fund. prior to the ¢haritsbl¢ donalion io ISH, were £4,473,11712018-19- £4.51KI.683). £4,473,116 was donated lo ISH on 30 September 2020 leaving an asyl of £1 at the 2019-20 year-end. The TN$t re¢¢ived no subsidy from public 8our¢e$ and has relied on the gcncrosity of individuals. ¢haritabl¢ roundations, priva1¢ ¢ompanies and others, for whi¢h they are very wat¢ful, io enable it to continu¢ its work, helping international students to activrly cngagc in a safe and harmonious ¢Dmmuniiy in London. Future Pl*ni The ¢urrent biratcgy of providing wholarships and ¥ubsidi¥ed trips to both UK and intem8tional ￿udentS as well as hardship fiJnd% wh¢rc n¢ces5ary frorn the Mary Trevelyan fund, in lin¢ wilh the Tru￿ Charitable D¢¢d. will ¢ontinue International Students Trust Trustees, report to be providcd by ISH, followin8 the ¢haTitable donation of all 1ST and MTF assets to ISH via the restricted fundR for thcsc purposes, for ihe fore6eeabl¢ fiJtur¢. Reserve& pollry The reserve of 1ST athd MTF, amounting to £4,473.116 donated to ISH on 30 S¢pt¢mb¢r 2020 I￿vin8 £1 in IST'5 ￿erVe linm thai da*. The risks specific to the investment portfolio were reviewed by th¢ Tru%tees of International Stydents Trust in Match 2020, at ihe be8inning of the Covid-19 pandemic. The Trus1¢¢5 Satisficd ihcmsclvets that thcre were appropriate mitigalion strategie5 in place for thc mojor risks as li¥t¢d below. Inve%tmenl market ¢ollap¥e. Invc%tmeni repLNl$ error. Admini5tTalive failure. Theft and fraud. Personal illness. Liquidity. In¥&￿ment wntrolN failure. Publlc Benellt Teit As rquir¢d by ihe Charitie8 A¢t 2011, th¢ Trustees hav¢ conxidered the Chariliu Commi8sion'$ 4enttal 8uid8nc¢ on publiL beiiefit jiicludiiig t1￿ guidan¢e'Publi¢ b¢nefit'. nJnninB ll charity IPD21'; Thc ISH Scholartship Progr8mm¢, in partn¢p*hip with 20 London univ¢r¥iiies and %ademi¢ pirtners providrd a¢¢ommodation and tuition fee 8rant8 lo ovcrKas sludeni$ who would not otherwibe havc the opportunity ¢0 gain a UK qualification. The nuThbrr of univer$ity and xad¢mi¢ partners incTca5cd from 15 to 20 in 2019-20, broadenin8 the reach of the programme Acro￿ London. The joint proviliion from ISH and its universityl academi¢ Partners amounted to appToximalely£3,14m in 2019-2012018-19- £3.18ml. Of Ihe £3.14m, £2.04m relatcd lo tuition fee grants from univer&itie9 and acadernic partner%, and £1. Im relAted to ic¢ommod3tion rani$ from ISH lo the 102 5cholar5, Wlth a £150k contribution from the Tru51. I'he ISH Travel Clyb providcs subsidiscd Domtsiie &nd Furopean travel opportunitic& in thix way students can learn about thc UK And Europe, somple diff¢r¢nt ¢ulturcB and meet fellow students. 1ST provided a travel grant of £38k 10 ¥upport the House Travcl Club. Goiug Cots¢ern All assets of the Is'r and MTF were donat&l to the Intcrna(ional Studcnts House on 30 September 2020. A￿dItort MooT¢ Kin&ston Smiih LLP wwe reappointed as th¢ Trusl's auditors duriTh8 the ycar. Approved by the Trustees aDd signcd ort Ih¢it behalf Mr John Garbul( 4 March 2021 International Students Trust Statement of Trustees, responsibilities Thc Trustees arc Tesponsible for preparing the Trustees, R¢￿rt and ihe Ilnancial statements accordan¢e wih ppli¢able law and Urtited Kingdom Accountin8 Standards {Uni¢¢d Kitsgd¢bm GcncTally Aceepted Accountin8 Practice.) The law applirable to charities in England & Wales r¢quires the Trustees to prepare fit￿icIal statements for ¢a¢h financial year which givc a truc and fair view of the stale of the affair¥ of thc chaTity and of the inconung resources and app]i￿110n of resour¢r¥ of the Glwity for that pcriod. In preparing these financial staterncnts. the TrustCC5 are rcquir¢d to.. select suiiablc ￿OUntIn8 Policie￿ and th¢n apply them con5iSteoily • obwv¢ the methods and ptitt¢iple8 in the Chariti¢s SORP; mak¢ judg¢rn¢Thts and es¢imote8 thai are re4sonablo and prudent,. xiate whether applicY4ble accounting stand4rd¥ hav¢ been followed, subject to any mAl¢ri41 d¢p4rtwes dis¢los¢d and ¢xplained in the fin&ncial ¥tatcrncnts'. pRpaTe the financiol Ntatern￿ts on the goin¥ eoncrrn basiB unle89 it is inappropriate to presumr Ih&l the charity will continue in busin¢8S. The Tru8tee8 are responsible for keepin8 proper accowiting re¢ord$ that di¥c105e With rea8onahle a￿uracY al any tim¢ the fJn8ncial posiiion of the charity and ertable them to cn8Lire that the fjnancial 8ta*mertls Comply wilh the Charities Act 2011, the Charity IA¢count$ and Report¥l Re8ulalionA 2008 and the provi%ion% of the trnst deeds. They 8Te al¥0 rcspon5ible for vf¢¥uaTdin8 lh¢ a$¥ety of the charity and h¢nc¢ for taking Teason4bl¢ s¢eps for the preveniion ￿ld detfLtion of fraud and other irreBulariti¢$. Independent auditors, report to the Trustees of International Students Trust Opinlo Wc hove Audited the financial statem¢nts of International Student TTU.41 for the year ended 30 S¢pl¢mber 2020 which comprise of the Stat¢ment of Financial Activitie& the Balance Sheet and notes lo the financial slatemcnts. The financial reporting framework that has been applied in thcir prcpaTaiion 1.% appli¢abl¢ 14w atMI Unitcd Kingdom Accounting Standards, in¢luding I.'RS 102 '1-hc F'inancial Reportin8 StAndard Applicable in th¢ UK and Ireland. {lJniled Klngdom cIener￿lY A¢￿pted Accounting Praclicel. ID our opinion thc finan¢ial statemcnts: 8ive a true and fair vicw ufthe of Ihe ¢hari¢y's aff3irs a% at 30 September 2020, and of ils incominR resourw and application of rcsourrc¥, for ihe year th¢n ended.. have bccn propcTly prcparryj in accordan￿ with United Kingdorn Gcncrally Accepted Accounting Practice., and have been PTcpaTeil in accordan￿ wilh the requirements of th¢ Charilics Act 2011. Ba￿• for oplnlon Wc conductcd our Audit in a¢¢ordance with Intcmati(￿I Standards on Auditing (UK) IISA$lUK)l and applicable law. Our rc5pTrn8ihililies undcT Ihos¢ sfandord% are furiher dcscribcd in the AudiL()r's ResponsibiliiicA for the audit of financial.statcJncnt sc¢tioth ofour report. We are indep¢nd¢nl of the charity LD accordancr with Ihe ¢¢hi¢al r¢quir¢m¢nts that 8re relevant lo our audii uf ihL Iln4nclal swi¢menls lrt the Uk. Includlng the l.'RC's F.thiLlll $18nddrd, >md WL Iiuv¥ lulli11￿ vui ullivi ¥ilii¥al re8pon¥ibilili¢s in accordancc with thc5C Tcquirement¥. We b¢li¢v¢ that the audit evidence wc havc obt&incd li sufficient and approprialc lo provide a ba$is for ovr opinion. Emph481s of mAtter (Flrtan¢l*J StAtementi prepgred on A bi*l# othtt than golb)g eon¥Yrnl Wc draw llltcntion lo Note g to lh¢ finoncial .%latemenls which cxplain% that the ch￿ltY ce&¥¢(J ￿tIvitIeS in the P¢Tiud &tsd that the Activities and a8setN have be¢n don&t¢d io th¢ ¥ixter charilyb Intcrnational stud¢nt￿ Hous¢. Therefore, the Trustee¥ do not ¢onbidei li Appropria1¢ io adopt ihe 80ing concem of accouniing in preparing the fjnancial &latcmentt*. Aecordinglyb Ihr rin8n¢ial slalements. have bcen prepared on a ba¥)$ other that going ￿nCern u d¢xrihet adequate accounting record.$' or the financial statements are not in agr¢ern¢nt with the accounting records attd returns,. or w¢ not rcccived all the information and explanAlion8 we required for our audit. Re¥poniibllhl¢i of Tru•te¢* As eAplaincd morc fully in the TTUStc¢s' wpon8ibilitlC8 Slatemtrtt 5cI (?ul on pa8c 7. thc TTU51ec5 are responsible for the preparation of ihe financial statement% and for being y&iisfied thai they wve a irue and flliT vicw, and for Such intcrnal control as the 1'rui*ltts determitsc is Dcrcswy lo enable th¢ preparation of fiThan¢ial ￿aleMen18 ¢h&t are free malerial mi&statement. whether due lo fraud or error. In preparing thc finllncial statements, th¢ TTUSte¢$ dre rewnsible for alfe￿91n8 thc ehaTity's ability to cothtinue &q 4 8oin8 concern, dis¢losin& applicable. rnallers related io going concern and using the golng concern b￿15 of aKounlin8 unl¢s8 the Tru.sleo4 ¢iih¢r intend io liquidalc thc charity or to c¢a¥¢ op¢rdlion4 or h•v¢ no realistic alicmative but to do yo. Audltor's ruponilbllltles for thc *vdlt of the nnAThciAI ItAtem¢n¢i We have been &ppoinlcd &$ Auditor under &ection 144 of ¢h¢ ChATitiey Aci 2011 And report in ￿CordanCe with rwlations made undcr ￿¢110￿ 154 tsfthat Act. Our objectivcs arc to obtain re￿Onable 4¥gurance about whether the tlnaneial %tatements a5 a whole are free from mai¢rial mi8$tatemenl. whcihcr due ts) tr4Lud or err4)r. and io issu¥ an uudiior'¥ rcport that inLludcA ijur (Ipinion. Rcasvnabli ussuran¥¢ ig high level of &%¥urancc, but is nol a 8uarantee Ihat fvn audit Conduct￿ in a￿ordanCe with ISA% IUKI will always detect A malcrial mi¥41Alcmcnt whcn it cxixl%. Misslal¢ment% Cdn ariNe fwm fraud or error and arc considcrcd material if. individually or in a8￿88t< Ih¢y could re&gonably bc Cxpccted lo influence the ¢¢onomic deci.8ionN of users I￿¢n on the b&siiTr of ihe%e financial st&tementB. A¥ part of an audit in Rccordance with ISAS {UKI we exerci5c profcs5ional jud¥em¢nt Hnd maintain prOf￿810n81 y￿ptICIsM throughout Ihc audit. We al¥o'. Identify and a&scss the risks of mat¢rial misstalem¢nl of Ihe financial siatcmeAt?*, whether due to fraud or error. desi and perfom audit procedurcs responsive to thox ri$k$, and ohiain audit cvidcncc that is surrieienl and appropriatc to proviLle 4 basis for our opinion. The risk of not deleelinx a mat¢rial misst&l¢m¢nt T¢.¥ulting from frllud is higher than for on¢ resulting from error, as fraud may involve collusion, for¥ery, ini¢niionAI omissions, misrq)re&cntalions or the ovcrride of int¢rnal control. Obtain an und¢rsiaThding ofinternal contToI Tclevant to the audit in ord¢r lo design audi¢ procedures thai are appropriate in the cirLtsm4tanccs. but not fLTrr the purrM)scs of cxprcs5ing dn opinion on th¢ LtYLi¢iv¥na¥% of ihc charity's intcmal conlrol. Evaluate the appropriatcness of accounting policies used and th¢ reasonablen¢58 of acrounling e5tirnatC8 and related di5c105ure¥ made by the Trustee4. Concludc on the appropriaten&* of th¢ Trustees. usc of thc 8OLn8 concern hssi8 ofaccoun(in8 and. b&%cd on thc audil cvidence obtained, whdher a matttial uncertainty exists related to ¢vents or condiiion¥ that may cab¢ bignificartt doubt on thc charity's ahilily Lo conlinuc as a ￿oing coneern. 11-wc concludc thai d maLeridl un¢¢it#inty exi51b, we are required to draw altention in our auditor'5 re￿rt to thc rclatcd di5clo8ures in the financial statements or, if 5uGh disrlosure5 are inadtquatt. lo modify our opinion. Ow ¢onclusitsns arc ba5cd on the audit evidenc¢ obtained up to th¢ dale of our audiiur'¥ rerxTrrt. However. futu￿ ev¢nib ur lundiiionb may cause the Lharity ts) ceasc to continue as a going concern. Evaluate thc overall pre¥¢nlation, $lru¢lure and rontent of the financial statements. including the disclo8ureb, and whether thc fjnattcial ￿ateMellt$ repr¢s¢ttt ihe underlying transactions and events in a manner that a¢hi¢ves fair presentation. We communicalc with thos¢ ¢harged with goveman¢e regarding, among other matters th¢ planned ￿0p¢ and timin¥of the audit nd significant audit fJnding4 including any Significant dcficiencic¥ in internal control that we idenlify during our audit. Use of tljts report This report is made 801ely to thc charit￿s TN51¢￿ as a body, in a¢¢ordat)c¢ with Chapter 3 of Part 8 of the Charitics Aet 2011. Our oudil work bcen undertaken so thAt we might state to the charity'& Tru3t¢¢sthos¢ maltm we gr¢ requlred to state to th¢m in an auditor'5 report and fur no other purpose. To ihe fvllest extent ￿l(led by law. we do not aceepl or assume resFKtrrtsibility to any party other than the cjwity and chaTity'sTn]stees 88 a brxly, for our audit Work. for this reporl or for the opinion w¢ have fornied. J_A LLP Neil Finlay¥on (5¢nior Statutory Auditor) for and on behalf of Moore King8torh Smith LLP, Statutory Auditor Dale,. 10 March 2021 Devonshir¢ Hou 60 Goswell Road London ECIM 7AD Moore King#on Smith LLP ia ¢li8ible to let 88 auditor in iernu ofsection 1212 of the CoMp￿leS Ad 2006. International Students Trust Statement of Financial ActRVlties 30 September 2020 Unrc5trirtcd Fund 2020 R¢5tncI￿j Fu￿j 2020 Total Funds 2020 Total Fu*ds 2019 Note INCOME AND ENDOWMENTS FROM: Investment Ineome -Divi(l¢nd .Priv8te Equity Distributions .Inttte4 on Invcstmcnt Cash 104.955 139.593 9,730 114,685 139.593 205,427 4,468 TotAI re&ourc 244,248 9,730 254.278 209.895 EXPENDITURE ON., RAlilng Funds .Inve%tmenl Mana8ement and Auditors Li)￿$ Ch*rltthble Acliwiti¢s -GrHnlt* and ￿hOlar.¥hiP -mary Tr¢velyan Fund Gront -Trav¢l ¥rant -SundTy ¢xpense% 111.1)081 (851) 111,859} {17,7￿) {150,0001 1150,0(M)) (500,3061 124.51Q) (20.850) 13&.498} (49,7471 11,9231 124,510) {38.4981 11.528) 1395} TotAI Re￿Ure¢l Kxpended {20I.0341 125.756) 1226,7901 (388,603) N•t Op¢ritliiK IncomEIIExpeAdltur¢l 43,514 116,026) 27,488 1378.708) N¢t 8ainl{lo%¥) on investment 8wt5 149,6331 15,4191 {55,0341 471,116 Net rnovement In fyndi {6,121) 12l,445} (27.566) 92,408 B•laTh¢u brought f•rwArd 4.184.1()O 316.323 4,500,683 4,408,275 Dtynotlon to ISH B•lanee8 earrled fornird (4.171038> 1295,078) (4,473,1 16) 4,300,683 All aysets werc donated to the Int¢rnational Students House on 30 September 2020. International Students Trust Balance Sheet at 30 September 2020 N•te 2020 2019 Flx¢d asjets Invesim¢nts SJ>72J62 Curr¢nt a$iet• Other debto 395 Tot*1 Auets 5,073,357 Current Ilabllltles Amount due to Intcrnational Students Housc Amount to Toyota-shi Trevely&n Trust 1572,674) 1572,6741 Net tumrtt A••et• I IIIAbllldeil (572379) To¢•1 •iKti Itts eurretst Illbllliles 4 JOOh83 RepmeJ)t*d by: Unrestricted fund 4,184,160 R&4trieted fbjnd 316,523 4,500,683 These riDa￿l&l ¥tat¢ment8 ￿tTe approvcd by tho TTU8tCC8 Ort 4th of March 2021. Signed on b¢half of the Tn￿[¢¢5 Mr JOI￿ Garbutt J2 International Students Trust Notes to the accounts Year ended 30 September 2020 A¢¢o¥DtlnE poliri A¢eouDtlng ¢&Avethtion The financial st￿eTne￿I¥ have becn prepared in g¢¢ordanc¢ with th¢ Financial Reporting Standard applicable in the UK and Eiepllblic of Ireland IFRS 1021. Th¢ Charity is a public benefit entity for ih¢ purpose$ of FRS 102 and Ihereforc the Charity also prepared ils financial statements in accordance with the Slatement of Rccomrnended Practice &pplicable to charities prepArirtg their accounts in accordance with the Finan¢ial Reporting Stathdard applicabl¢ in th¢ UK and Republic of Irrland (Thc FRS 102 Charities SORPI and the Charitie$ A¢t 2011. Incoming rewurre All income is recognised in the *8lem¢ni of financial activilie$ when the conditlons for Teccipt. including entitlement and meayuTability. have been met and there is reasonable a5￿￿rance of receipt. Unreltrlcted Fund This r¢pr¢s¢nls unrestri¢t¢d income which is expendable at the discretion of the Truèjtees in the furtherance ot Ihc objects of the ttu8t. Restrlrted Fun Th¢ Mary Trevelyan Fund iy a restricted fvnd. whcrc gifts havc been given lo the Charity for spKific purpose¥. Inv¢stments Inv¢slmeni% li¥tcd on a reco￿Lis¢d slock ¢xth4ng¢ 4r¢ slated ai the rnark￿ value rnling ot the b&lontt shcct dale. Other investmcn15 are also Staled at mark¢t Yalu¢, as del¢rnhinoJ ￿MU￿lY at thc balan¢E shcrt date by the Trusteex. Dlvld¢nd• Dividends arr crcdited to the income and expenditure accouni when they are received. Intemt retelved Intere￿ 1$ a¢wunted for on on accrued basis. Reioureei &xpeTrded Oov¢rnan¢¢ co8t$ conyist of audil fees of £1,000. Th¢r¢ ar¢ no sllPPOrt 10 all￿￿te. Cmh flow ititernent Th¢ Trust is exempt under the SORP provisions from the requiremeni to prepare a e&8h flow Jtst¢ment. CrAnt Maklng Qranty are providcd by Internalional StudenlN TNst, in ih¢ form of bur%aries for overs￿$ 5tudenty studertt hardship grant$ and travel 8ran15 to partly fund the travel club rnn by Int¢MatiOn￿ Studcnt5 House. Ott occasions, capital grants to support ISH in thc refurbishment programme of its ac￿MMOdatIon prov1510n arc also provid¢d. They are brought to account a$ expenditure in thc ycar that the benefjt i$ provided io the bludcn15 concerned. Going Cort£ern The accounts hAVC not been prepared on a goin8 conccrn basis 08 All the ll5s¢ts (except £1) were donated to ISH on 30 Scptcmber 2020. Financial Imtrurnents Cash ¢ash equivaleDts Cash and cash equival¢nts include cash at bank and in haTLd and short term dep￿41t9 with a maturity date of thrtt months or less. 13 International Students Trust N()tes tn the accounts Year ended 30 September 2020 Debtorj ADd ereditors Dcbiors and creditors reccivablc QT payablc withirt one year of the r¢porting date are catTi¢d at their tran5actLOH price. D¢blor% and ¢rediiorq that ar¢ Teceivabl¢ or payable in mor¢ than one year and not Subject to a tnarket rate of interest are at Ihe present value of the expected ￿tUre receipts or paymeDI dis¢ounled at a market rate of inleresl. TrUIt￿ and Employ¢ The Trust h&% no paid CTnployees and the Trust￿9 received neither remuneration nor expense8 for th¢ir &trYiees io ih¢ TNst. N¢t In¢omlnRI loUt￿1n#) reiourcei Net in¢omingl loutgoingl rewurces for the y¢ar are #aled after chargln8'. 2020 2019 Auditr)rs' remuneralion for ¥udi( seivitti Insurance Investmenl Manag¢r¥ ¢h4T8¢ 1.0 772 10,087 I,oc 772 15,928 Tot81 11,859 17,700 b'lxed lrtv#tm¢nts The investment$ held up 10 30 S¢pt¢mb¢r 2020 w¢re in 8overnm•nl bonds, UK cquitie& overt￿$ equities, priva¢¢ equity. infr88tNcturc and property fundy as detailed below. Othcr inv¢Ntments reler to thc Tru3t'5 holdinB of %iA ai the Royal Albert Hall. The open ￿Arket value of the&e &cat$ is con$id¢red by Ihe Truxte¢% 11> he £924,66712018-17- £924.6671. Due to the Covid.19 pandctnic and c105ur¢ ofRoy&l Albert Hall $in¢¢ 13 March 2020, Ih¢r¢ were no new revaluation ofthc xaL¥ for the year cndinB 30 September 2020. I￿lim￿n￿ Ilrted fjo Mary T￿￿lY•￿ ¢x¢h•nip Markct Viilue 8t.10 S¢ptember 2019 Additions 3,741.496 132,2Rfi 924,667 4,998,449 ,859.951 16,231 1,876.182 Disposals Nel Investment GaIn￿(LO￿￿5) 12,490,411) 149,675) 160,9291 12,551.3401 155,0541 15,4191 Market value at 30 S¢plembeY 2020 3,061,401 282,1()9 924,667 4,268,237 Cash held for investinenl 191,971 12,909 204.880 Transfer lo ISH (See Note 9} 13,253,371) 1295,078} 1924.6671 (4,473,116) 'rotal Inveslmcnts value al 30 September 20 14 International Students Trust Notes to the Ydccounts Year ended 30 September 2020 Cost ai 30 September 2020 Cost at 30 Sepl¢mber 2019 3.32L,991 293,992 14,0 3.629,983 The m&in invcslments {greater than Ioh) of the tN&1. prior ¢0 the charitable donation tts ISH. were as follow8: Bla¢kro¢k Diverqifityj Priv Bq Prog Bl 9.41% ChBriti&4 Property Fund 7.81% ayfair Capital Inv¢stm¢nt Mgm Ltd Pr 5.93QA Baillie Gifyord & Co Japanese In¢ome 2.38Yo Applc Inc Com NPV 1.40Yo Experian ord USDO.10 1.36V. Ishares11 Pl¢ GBP Idx+Linked Gilts U 1.36% Ishgr¢$ 11 PIC 1.34% Astraz¢n¢ca ord USDO.25 1.320A Pimco Global Advisors Irl Ltd Global 1.31% Royal tA)ndon Sterling Credit 1.31Y/o Ishare5111 PIC UK Qilts 0+5Yr UCITS 1.29Y. Fid¢lily China Spccial Situation8 1.29% Amazon Com Inc Com USDO.01 1.26Y. Allianz Global InvestOT8 GMBH Ohlt Yi 1.22% Arry Management LP Common Shares L 1.22% Microsoft Corp Com USDO.00000625 1.18% Fir¥t Slate Investmentb(UKI S(cwart I I.IIYo R￿kitt B¢n¢ki8er Gro￿ PIC ord GBPO. i.io% Cellnex Telecom 1.08% Polar Capital Funds Pl¢ Automation & 1.07Q Baillie Gitrord US Growth TnL¥t Pl¢ o 1.02% su￿￿tIl 47.77% Other 52.23% Current IIRbllltlei: *mount fAlllng due wlthln year Amo4nt dut to IntsrDltlofftaJ s￿dents Hou 2020 2019 Amounts Owed by In¢¢rnaiional Students Trust Arnounts Owed by Mary Trrv¢lyan Fund 551,824 20.850 572.674 Is International Students Trust Notes to the accounts Year ended 30 September 2020 AnAly81i of net amets between fuDd% Mary Totsi F￿rA11 Trevdya nd (unreitrktEIll IrÈtsirkted) Smdètsti Fund balances at 30 SeptembcT 2020 arc repre¢xntcd by: Fixed a￿t investfftents cU￿¢￿t Current liabiliti¢8 Miry 'I'rtvely Tthial luOre￿rIethd) IrNlrkftd) Fund balanccs at 10 Scptember 2019 are repre8enled by,, Fixd investi￿e11t% 4,735,982 336,980 5,072,962 395 395 1551.822) 120,852} {572,674) Curr¢nl as￿1$ Currcnl liabililie¥ 4,184,160 316,523 4,500,6f13 The re8tri¢ted fund wu the Mary Trevelyan hardship fund. Nam¢d aft¢r our found¢r. Ihe fund is ivallabl¢ to ￿udertl in Lolldon who have found themselves in un¢xp¢¢t¢d financial ditYicultio% durin8 their studie%. Thc Mary Trevelyan hardship fvnd ha% al%0 been Ir8nsferrcd lo ISH on 30 September 2020. Thc fund'% ￿[￿1 ¢xpcnditurc for the yPAr wa8 £25.756 as showm below. con%iilinx of disbursed 8ranls lolalling £24,51012018-19'. £20,850) to studcnts in ft¢￿,. £851 (2018-19.. £1.2651 of invesimcrtl tn8]vdBement costs and £395 of Sundry expenditure.. ExptAdliur¢ C•lAylioiiei Tknffl•llTrn lo ISH (ktsbrr 2019 pthrnber 21Jl Mary Trcvclyan Fund Irestri¢i¢dl 316,523 9,7JO (25.7561 {5,419) (295.078) Rel¥4ted p•rt5 ISH is a r¢gi5tcrcd Gharity and a ¢QTnpany limited by 8tt￿antee of which Mr John Garbult is a Governor and Ms. Ibi Eso. from Bridgehouse Company Secrclaric& 15 the Company Secrclary. International Students TrutDt is connected with one othcr chari(y> the Toyota-shi Trevelyan Trust of which Gill Han￿￿)nd is thc Chair. Ay at 30 Scptember 2020, lrtt¢rnational Stud¢rtts Trust debt to Toyota-shi Trcvelyan Trust wa¥ nil12018-19'. nill. Transactions Wlth ISH during the year ¢onAi8td of a variable recurring ￿t paid to ISH by 1ST for the amouni of £188,49812018-19- £550.05J). Anwunls owed by 1ST and MTF to ISH for the y¢ar ending 30 Seplember 2020 were settled on 3U Septembcr 2020 and are di5Glo%d fM)le 5. 16 International Students Trust Notes to the aceounts Year ended 30 September 2020 T8xAtIoD Th¢ chaxity Iw no materihj eKposurc to corporY4tion tax on its income and gains in the current year to the ¢xtet)t that they are applS¢d for th￿l18b1¢ PUTPQK$. DothAtlon to ISH On 6 August 2020, lh¢ Trustees dctcmjined ¢ha( it wa5 in IST'S interests to make a charitable donation ofall its a58et& including those of its subfjidiary charity Mary Trevelyan Fund, amounting to £4,473,116 to the International Students HOU￿ (ISHI to wry on with the ¢haTitablc activiticy of 1ST in thc most ¢ffcctLV¢ W4y. £1 was relained by 1ST for the ycar ending 30 September 2020. 17 International Students Trusts 30 September 2020 Approved by Board 04.03.21 Final Audit Report 2021-034J8 crea￿.. 2021-0>05 IT ISH (hQish.org.ukl Slgngd T18n88cabn ID.. C&JCMBCAABAASvYTSIT2.IHhF￿￿IjD6HPJ.z￿4zLy "Intemational Students Trusts 30 September 2020 Approved by Board 04.03.21" History Doujmonl by IT ISH (It 5$h.org.ukl 2021.0?￿s- 12.'00'.43 PU GMT- IP odd[￿.. 62.18.225.72 . Dijcumenl emalled to john oarbutt {paWbutt.18imonQ￿mal1.cornl for 81Analure 2ffd14>3415. 12..01..44 PII GPIT Emall vlewed by John ggrfoutt lg8rbult.18lrnon 20214J>OS- 12..27'.59 PM GMT- IP gddi888.' 66.249.93.41 gmall.o)ml Document fr8￿ned by John garbuft l9orbutt.18lmon omAII.coml &waluro Daltr. 20214M8- 11..57..32 PM GMT. Tlrn S￿jr(t.' uerwer- IP addm 195.171.17a.96 • h4M8manl completed. 20214)M8- 11',61.'32 PM GMT IJ Adobe Slgn