REGISTERED CHARITY NUMBER: 296226
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024
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 2024
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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.
Link House owns three properties, 17-19 Chesterton Road, The Lodge on Hertford Street and a property on East Hertford Street. The accommodation comprises 31 rooms for residents, 2 rooms for guests, 2 rooms for sub-wardens and accommodation for the wardens.
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.
ACHIEVEMENTS AND PERFORMANCE
The Residents and Activities
Social events for residents included a craft workshop in January, 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 2024 there were 58 residents from 29 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 1:5 in 2024.
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Link House Trust
Report of the Trustees for the Year Ended 31 December 2024
FINANCIAL REVIEW
Financial position
The 2024 Accounts report a total income of £206,888, of which £185,050 was rental income and the remainder was from Donations and Legacies (£19,040) and Investment Income (£2,798).
The total resources expended of £149,724 was lower than income for 2024 by £57,164. The expenditure included wages, administration, property maintenance and improvements, insurance and bank charges.
Restricted funds
The charity holds £12,405 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."
Unrestricted funds
The charity held a total of £329,360 at the end of 2024 in our bank accounts allowing for debtors and creditors. The Trust also holds investments of £101,368. 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
Funds are employed for routine maintenance and upgrading of the properties. Reserve funds are also held to cover future expenditure that is expected to be needed for upgrading the properties.
During the year, £30,617 was spent on carrying out work to replace part of the roof of 17-19 Chesterton Road.
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). The Charity Commission approved this change in October 2023.
CIO status is recommended for Charities and it should help us to manage our bank accounts more effectively and resolve liability issues. The Trustees appointed Anthony Collins (Solicitors) to manage this process.
A new constitution has been prepared and approved for the new CIO Charity which will take effect from 1[st] 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.
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Link House Trust
Report of the Trustees for the Year Ended 31 December 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Meetings and Management
Link House Trust is 'a home from home for international graduate students'.
Gary and Anne Boswell completed their 7th full year as Link House Wardens in January 2024. Jack Harding is the volunteer assistant warden in The Lodge and Sam Gabra is the volunteer assistant warden in East Hertford Street House.
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 89% during the year.
Other improvements this year have included repair and renovation of the flat roof above the main entrance of Chesterton Road house to prevent further leaks from rainwater.
The 5-yearly inspection and testing of the electrical installations of all 3 houses was undertaken and all remedial work completed in order to receive the needed certification for the next 5 years.
The renewal of the HMO licence for East Hertford Street house was successfully completed in November.
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.
During 2024 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 Ben Khan (appointed in September 2024)
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).
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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 2024.
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
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the accounts do not accord with those records; or
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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: .............................................
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Link House Trust
Statement of Financial Activities for the Year Ended 31 December 2024
| 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 on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 19,040 185,050 2,497 206,587 149,724 5,246 62,109 4,019,458 4,081,567 |
Restricted fund £ - - 301 301 - - 301 12,104 12,405 |
2024 Total funds £ 19,040 185,050 2,798 206,888 149,724 5,246 62,410 4,031,562 4,093,972 |
2023 Total funds £ 6,538 170,546 2,251 |
|---|---|---|---|---|
| 179,335 | ||||
| 145,144 | ||||
| 7,804 | ||||
| 41,995 3,989,567 |
||||
| 4,031,562 |
The notes form part of these financial statements
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Unk Houu Trwt B•l•nc• 51wel 31 Dnbr 2024 UnRstno1ed Restr fvnd fvnd Tot Js Tolgl FIXED A88ET8 Ta[VJJb assets In¥oslnw16 j.e.839 3.650.839 3,624.SS1 3,752207 3,752.207 3.720.672 CURREKf AssErs Debio Cash ai bank and in harKI 1.318 363.3 329.609 380 945 12 405 351.381 12.405 3.786 230.47 CREDITOR3 Amounts fallw due OllÈ >tar (22,021) (20.03n NEf c(NIRENT A3sErs 12 40S 1.7es 310,8 TOTAL ASSETS LESS CURRENT LIABILITIES 4.IA1,567 12.4Lk5 4.093.972 4.031.582 NET AsseTS 4.1x1,7 12.41 4.OY3,Y72 4.031.2 FUNDS 10 Uiirebliicied fttnds Rgstrided lund8 4.081.567 4.019.458 12.104 TOTAL FU140S 4 093 972 Tr nos fc¥m part ofthese ar1 ¥t•twTrnts P•g• 7
Link House Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
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 2024
2. INVESTMENT INCOME
| Deposit account interest | 2024 £ 2,798 |
2023 £ 2,251 |
|---|---|---|
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Wardens No employees received emoluments in excess of £60,000. 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 6,538 Charitable activities Provision of Student Accommodation 170,546 Investment income 2,028 Total 179,112 EXPENDITURE ON Charitable activities Provision of Student Accommodation 145,144 Net gains on investments 7,804 NET INCOME 41,772 RECONCILIATION OF FUNDS Total funds brought forward 3,977,686 TOTAL FUNDS CARRIED FORWARD 4,019,458 |
2024 2 Restricted fund £ - - 223 223 - - 223 11,881 12,104 |
2023 2 Total funds £ 6,538 170,546 2,251 |
||
|---|---|---|---|---|
| 179,335 | ||||
| 145,144 | ||||
| 7,804 | ||||
| 41,995 3,989,567 |
||||
| 4,031,562 |
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
6. TANGIBLE FIXED ASSETS
| COST At 1 January 2024 Additions At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
Freehold property £ 3,602,500 - 3,602,500 - - - 3,602,500 3,602,500 |
Fixtures and fittings £ 147,754 30,617 178,371 125,703 4,329 130,032 48,339 22,051 |
Totals £ 3,750,254 30,617 |
|---|---|---|---|
| 3,780,871 | |||
| 125,703 4,329 |
|||
| 130,032 | |||
| 3,650,839 | |||
| 3,624,551 |
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.
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Unlisted | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2024 | 96,121 |
| Revaluations | 5,247 |
| At 31 December 2024 | 101,368 |
| NET BOOK VALUE | |
| At 31 December 2024 | 101,368 |
| At 31 December 2023 | 96,121 |
There were no investment assets outside the UK.
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Link House Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
7. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 December 2024 is represented by:
| Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Cost 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 10. MOVEMENT IN FUNDS At 1.1.24 £ Unrestricted funds General fund 4,019,458 Restricted funds Bursary Account 12,104 TOTAL FUNDS 4,031,562 |
2024 £ - 436 436 2024 £ 2,465 (2,059) 21,615 22,021 Net movement in funds £ 62,109 301 62,410 |
Unlisted investments £ 8,475 (20,157) 7,803 5,247 100,000 101,368 2023 £ 912 406 1,318 2023 £ 2,465 795 16,777 20,037 At 31.12.24 £ 4,081,567 12,405 4,093,972 |
|---|---|---|
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Link House Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Bursary Account TOTAL FUNDS |
Incoming resources £ 206,587 301 206,888 |
Resources expended £ (149,724) - (149,724) |
Gains and Movement losses in funds £ £ 5,246 62,109 - 301 5,246 62,410 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Bursary Account TOTAL FUNDS |
At 1.1.23 £ 3,977,686 11,881 3,989,567 |
Net movement in funds £ 41,772 223 41,995 |
At 31.12.23 £ 4,019,458 12,104 |
|---|---|---|---|
| 4,031,562 |
Comparative 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 2024
10. MOVEMENT IN FUNDS - continued
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 1.1.23 £ 3,977,686 11,881 3,989,567 |
Net movement in funds £ 103,881 524 104,405 |
At 31.12.24 £ 4,081,567 12,405 4,093,972 |
|---|---|---|---|
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 £ 385,699 524 386,223 |
Resources expended £ (294,868) - (294,868) |
Gains and Movement losses in funds £ £ 13,050 103,881 - 524 13,050 104,405 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
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Link House Trust
Detailed Statement of Financial Activities
for the Year Ended 31 December 2024
| 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 |
2024 £ 19,040 - 19,040 2,798 185,050 - 185,050 206,888 48,432 4,843 6,475 18,077 19,190 10,519 20,241 2,423 6,132 - 4,329 140,661 4,640 483 1,422 6,544 178 2,340 149,724 57,164 |
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 |
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 2024
| Detailed Statement of Financial Activities for the Year Ended 31 December 2024 |
||
|---|---|---|
| Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income |
2024 £ 5,246 62,410 |
2023 £ 7,804 |
| 41,995 |
This page does not form part of the statutory financial statements
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