REGISTERED CHARITY NUMBER: 296226
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023
for
Link House Trust
George Hay Partnership LLP Chartered Accountants St George's House George Street Huntingdon Cambridgeshire PE29 3GH
Link House Trust
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Link House Trust
Report of the Trustees for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Background and Activities
International post-graduate students arriving in the UK for the first time often experience problems adjusting to an unfamiliar environment and culture without the physical presence of family and friends to support them.
Established in December 1986 by a Trust Deed declaration, Link House is a local Christian response to the needs of overseas students of any faith or none. We provide affordable furnished accommodation in a caring Christian environment with a friendly and supportive family atmosphere. Two guest rooms are also available at a nominal fee so that residents can host visiting family or friends.
In doing this, Link House aims to help build bridges of understanding between people of different faiths and cultures (including many from developing countries) who will be returning home in due course to take up positions of influence in their governments, in universities and professions as well as in industry and commerce. A friendly and warm welcome to the UK promotes the global reputation of the UK as a nondiscriminatory and welcoming society founded on Christian values.
Societal benefits are also derived from our work whilst they are here, given that positive home environments have a positive effect on the wider community.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The primary Objectives of Link House Trust are as follows:
a) To provide accommodation within a caring Christian environment for post-graduate students, in particular students from overseas, who are following an approved course of study in Cambridge. b) The relief of need, hardship and distress amongst such students. c) The advancement of the Christian Faith.
ACHIEVEMENT AND PERFORMANCE
The Residents and Activities
Social events for residents included a Pancake Day party in February, as well as regular parties to celebrate residents' birthdays and to wish them farewell as they leave Link House. The wardens have as usual hosted particular events for residents remaining in Cambridge at both Easter and Christmas times. Over the course of 2023 there were 53 residents from 31 different countries, from a wide variety of regions around the world, as shown in the pie chart below. The ratio of "arts" to "science" students at Link House was 1:6 in 2023.
----- Start of picture text -----
Where residents came from (2023):
China/Far East
21%
N. America 5
W. Europe
Africa 4%
39%
11%
Central Asia
India/S. Asia
4%
S. America 13%
2%
E. Europe Mid East Oceania
2% 2% 2%
----- End of picture text -----
Page 1
Link House Trust
Report of the Trustees for the Year Ended 31 December 2023
FINANCIAL REVIEW
Financial position
The 2023 Accounts report a total income of £179,335, of which £170,546 was rental income and the remainder was from Donations and Legacies (£6,538) and Investment Income (£2,251).
The total resources expended of £145,144 was lower than income for 2023 by £34,191. The expenditure included wages, administration, property maintenance and improvements, insurance and bank charges.
Restricted funds
The charity holds £12,104 of restricted funds. This Bursary Fund is for the following purpose, as defined by the donor of these funds:
"To be used at the discretion of a majority of the Link House Trustees for potential hardship situations for international residents when unable to pay for their Link House accommodation, tuition fees, flights or general living expenses and who may require limited assistance."
FINANCIAL REVIEW
Unrestricted funds
The charity held a total of £317,505 at the end of 2023 in our bank accounts. The Trust also holds investments of £96,121. The Trust has no loans or overdrafts.
Reserves policy
The Trust holds reserves sufficient to cover more than 6 months' running expenses should unforeseen events occur. Reserve Funds are released by majority vote of the Trustees.
USE OF FUNDS
Some of our funds will be employed to maintain and upgrade the property. In particular, detailed plans for a covered cycle shed and remodelling the exterior landscaping works at both the back and front gardens have been drawn up.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Link House Trust was established by Trust Deed on 29th December 1986, supplemented by a Deed of Variation on 20 January 2006 which increased the maximum number of Trustees from 6 to 8 and details the procedure to be followed should the Trustees resolve to dissolve the Trust.
Charity constitution
The Trustees have taken advice and have decided to change the status of Link House from an Unincorporated Charity to a Charitable Incorporated Organisation (CIO). CIO status is recommended for Charities and it should help us to manage our bank accounts more effectively and resolve liability issues. The Trustees have appointed Anthony Collins (Solicitors) to manage this process. The CIO was incorporated in October 2023, and efforts are being made to transition the activities of the Trust with effect from January 2025.
Trustees and Patrons
The Chair of Trustees is Andrew Keiller. The Trust is seeking to appoint a Treasurer and Andrew Keiller is currently Acting Treasurer.
Page 2
Link House Trust
Report of the Trustees for the Year Ended 31 December 2023
Meetings and Management
Link House Trust is 'a home from home for international graduate students'.
Gary and Anne Boswell completed their 6th full year as Link House Wardens in Jan-2023. Jack Harding has continued as a volunteer assistant warden in The Lodge. Adriel Wong helped out as volunteer assistant warden in East Hertford Street house from March -June 2023, followed by Hani Mousa from July-November 2023. Sam Gabra then took over from December 2023 as a longer term volunteer assistant warden. The part-time Deputy Warden's post has been put on hold for the foreseeable future.
Quarterly Trustee management meetings took place in February, June, September and December. Regular reports have been prepared by the wardens for each meeting.
Over this past year, room renovations and deep cleaning have taken place as and when residents have vacated rooms, otherwise, room occupancy levels have continued to remain high, at an average of 93% during the year.
Other improvements this year have included replacing the gutters and installing a new boiler in East Hertford street house, laying new floor tiles in the utility room, and new carpeting in Room 4 of The Lodge, and planting laurel hedging outside the 2 newer houses to replace the dead box hedging.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 296226
Principal address
17-19 Chesterton Road Cambridge CB4 3AL
Trustees
The name of the charity, its charity registration number and the address of the registered office of the charity are shown in the header of this report. The trustees at the time of writing are listed in the footer of this report. During 2023 the Trustees were as follows:
Andrew Keiller (Chair) (Treasurer) Stuart Anderson Angela Palmer Dr Paul Anderson Anne Jarvis Rev Dr Jonathan Holmes Patricia Johnston Rev Canon Dr Ian Silk
New Trustees are volunteers who are appointed by unanimous agreement of the existing Trustees. All Trustees have signed a declaration confirming their agreement with the doctrinal basis of the Trust (Christian Faith).
Page 3
Link House Trust
Report of the Trustees for the Year Ended 31 December 2023
Independent Examiner Samantha Green ACA George Hay Partnership LLP Chartered Accountants St George's House George Street Huntingdon Cambridgeshire PE29 3GH
PROPERTY OWNED BY THE CHARITY
The charity owns three houses. These are:
Chesterton Road House, 17-19 Chesterton Road, Cambridge, CB4 3 AL The Lodge, Hertford Street, Cambridge, CB4 3AG 7 East Hertford Street, Cambridge, CB4 3AJ
Approved by order of the board of trustees on 30[th] October 2024 and signed on its behalf by:
Andrew Keiller Trustee
Page 4
Independent Examiner's Report to the Trustees of Link House Trust
Independent examiner's report to the trustees of Link House Trust
I report to the charity trustees on my examination of the accounts of Link House Trust (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters 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.
Samantha Green ACA
George Hay Partnership LLP Chartered Accountants St George's House George Street Huntingdon Cambridgeshire PE29 3GH
Date: 30[th] October 2024
Page 5
Link House Trust
Statement of Financial Activities for the Year Ended 31 December 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Provision of Student Accommodation Investment income 2 Total EXPENDITURE ON Charitable activities Provision of Student Accommodation Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 6,538 170,546 2,028 179,112 145,144 7,804 41,772 3,977,686 4,019,458 |
Restricted fund £ - - 223 223 - - 223 11,881 12,104 |
2023 Total funds £ 6,538 170,546 2,251 179,335 145,144 7,804 41,995 3,989,567 4,031,562 |
2022 Total funds £ 2,821 156,784 425 160,030 142,612 (20,157) (2,739) 3,992,306 3,989,567 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
Link House Trust
Balance Sheet 31 December 2023
| Notes FIXED ASSETS Tangible assets 5 Investments 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 3,624,551 96,121 3,720,672 1,318 317,505 318,823 (20,037) 298,786 4,019,458 4,019,458 |
Restricted fund £ - - - - 12,104 12,104 - 12,104 12,104 12,104 |
2023 Total funds £ 3,624,551 96,121 3,720,672 1,318 329,609 330,927 (20,037) 310,890 4,031,562 4,031,562 4,019,458 12,104 4,031,562 |
2022 Total funds £ 3,627,859 88,318 3,716,177 4,780 286,016 290,796 (17,406) 273,390 3,989,567 3,989,567 3,977,686 11,881 3,989,567 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30[th] October 2024 and were signed on its behalf by:
Andrew Keiller Trustee
The notes form part of these financial statements
Page 7
Link House Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% Straight line Properties - Revalued professionally each 5 years
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
2. INVESTMENT INCOME
| Deposit account interest | 2023 £ 2,251 |
2022 £ 425 |
|---|---|---|
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Provision of Student Accommodation Investment income Total EXPENDITURE ON Charitable activities Provision of Student Accommodation Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 2,821 156,784 380 159,985 142,612 (20,157) (2,784) 3,980,470 3,977,686 |
Restricted fund £ - - 45 45 - - 45 11,836 11,881 |
Total funds £ 2,821 156,784 425 160,030 142,612 (20,157) (2,739) 3,992,306 3,989,567 |
|---|---|---|---|
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
5. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 and 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Freehold property £ 3,602,500 - - - 3,602,500 3,602,500 |
Fixtures and fittings £ 147,754 122,395 3,308 125,703 22,051 25,359 |
Totals £ 3,750,254 122,395 3,308 125,703 3,624,551 3,627,859 |
|---|---|---|---|
The properties held, were re-valued as at 31 December 2020 by Eddisons, RICS registered valuers on the basis of open market value for current use. The trustees are not aware of any significant changes since the valuation.
The properties are not held purely for investment and there is no intention for them to be disposed of in the foreseeable future therefore, when considering economic benefit, a policy of 5-year valuations is considered to be appropriate.
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Unlisted | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2023 | 88,318 |
| Revaluations | 7,803 |
| At 31 December 2023 | 96,121 |
| NET BOOK VALUE | |
| At 31 December 2023 | 96,121 |
| At 31 December 2022 | 88,318 |
| There were no investment assets outside the UK. | |
| Cost or valuation at 31 December 2023 is represented by: | |
| Unlisted | |
| investments | |
| £ | |
| Valuation in 2021 | 8,475 |
| Valuation in 2022 | (20,157) |
| Valuation in 2023 | 7,803 |
| Cost | 100,000 |
| 96,121 |
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Gift aid debtor Prepayments and accrued income 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 9. MOVEMENT IN FUNDS At 1.1.23 £ Unrestricted funds General fund 3,977,686 Restricted funds Bursary Account 11,881 TOTAL FUNDS 3,989,567 |
2023 £ 912 - 406 1,318 2023 £ 2,465 795 16,777 20,037 Net movement in funds £ 41,772 223 41,995 |
2022 £ - 4,414 366 4,780 2022 £ 1,489 499 15,418 17,406 At 31.12.23 £ 4,019,458 12,104 4,031,562 |
|---|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Bursary Account TOTAL FUNDS |
Incoming resources £ 179,112 223 179,335 |
Resources expended £ (145,144) - (145,144) |
Gains and Movement losses in funds £ £ 7,804 41,772 - 223 7,804 41,995 |
|---|---|---|---|
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Bursary Account TOTAL FUNDS |
At 1.1.22 £ 3,980,470 11,836 3,992,306 |
Net movement in funds £ (2,784) 45 (2,739) |
At 31.12.22 £ 3,977,686 11,881 3,989,567 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Bursary Account TOTAL FUNDS |
Incoming resources £ 159,985 45 160,030 |
Resources expended £ (142,612) - (142,612) |
Gains and Movement losses in funds £ £ (20,157) (2,784) - 45 (20,157) (2,739) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Bursary Account TOTAL FUNDS |
At 1.1.22 £ 3,980,470 11,836 3,992,306 |
Net movement in funds £ 38,988 268 39,256 |
At 31.12.23 £ 4,019,458 12,104 4,031,562 |
|---|---|---|---|
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Link House Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Bursary Account TOTAL FUNDS |
Incoming resources £ 339,097 268 339,365 |
Resources expended £ (287,756) - (287,756) |
Gains and Movement losses in funds £ £ (12,353) 38,988 - 268 (12,353) 39,256 |
|---|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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Link House Trust
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Received Gift aid Investment income Deposit account interest Charitable activities Income from students Service Charges Total incoming resources EXPENDITURE Charitable activities Wages Pensions Rates and water Insurance Light and heat Sundries Repairs & maintenance In house entertainment Renewal of furniture Travel Depreciation of tangible fixed assets Support costs Management Telephone Postage and stationery Professional fees Finance Bank charges Governance costs Accountancy and Examiner's fee Total resources expended Net income before gains and losses |
2023 £ 6,350 188 6,538 2,251 166,769 3,777 170,546 179,335 47,840 4,784 6,762 14,369 18,045 11,690 21,808 2,622 2,567 465 3,308 134,260 3,916 554 3,596 8,066 238 2,580 145,144 34,191 |
2022 £ 2,821 - 2,821 425 156,784 - 156,784 160,030 47,510 4,367 6,372 10,770 12,990 17,367 26,013 2,628 4,191 338 3,308 135,854 3,810 421 - 4,231 307 2,220 142,612 17,418 |
|---|---|---|
This page does not form part of the statutory financial statements
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Link House Trust
| Detailed Statement of Financial Activities for the Year Ended 31 December 2023 Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure) |
2023 £ 7,804 41,995 |
2022 £ (20,157) (2,739) |
|---|---|---|
This page does not form part of the statutory financial statements
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