OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-09-30-accounts

Annual Report 2024-25 International Students House

International Students House

Cover: India Fisher, ISH Resident September 2023-June 2026

International Students House

229 Great Portland Street

London W1W 5PN A Registered Charity and Company Limited by Guarantee No. 724811

Charity No. 313512

2

Annual Report 2024-25

Contents

Contents
Governors’ annual report
Objectives 04
Principal activities 06
Public beneft test 07
Measuring success 09
Strategic report 12
Performance and achievements 14
Financial and investment report 19
Structure, governance and management 25
Organisational structure 28
Statement of governors’ responsibilities 29
Independent auditor’s report 30
Consolidated statement of fnancial activities 34
Consolidated balance sheet 35
Consolidated cash fow statement 36
Notes to the accounts 38

3

International Students House

Governors’ annual

report

Objectives

The origins of International Students House (the House; ISH; the Charity) date back to 1917 with the founding of Student Movement House in Bloomsbury. This social centre for some of the many overseas students who came to London each year, was established to increase international understanding and friendship.

Mary Trevelyan, founder and first Director of International Students Trust which subsequently became the House, was Warden at Student Movement House in the 1930s.

ISH officially opened as a residence for students on 4 May 1965 and continues to provide an environment that facilitates the growth and development of today’s young people from all over the world.

It gives the residents the opportunity to live in a supportive community in central London and experience a wealth of cultures; not only British, but also the many nationalities of their peers at International Students House.

The ISH Board of Governors approved the updated Memorandum and Articles of Association of International Students House on 11 October 2023 and the Charity’s vision and mission statement was updated in June 2021. The objects of the House, as restated in the updated Memorandum and Articles of Association, are as follows:

To provide and maintain premises in the United Kingdom with a view to assisting students (including postgraduate students and persons engaged in research) (hereinafter called “the beneficiaries”) to pursue research at universities, colleges, and other institutions of further education, by affording them hostel

accommodation and facilities for rest, recreation, study, lectures and meetings.

To foster harmony between the beneficiaries and the countries, and/or ethnic or racial groups they represent.

Vision

To transform the futures of students from around the globe by providing a safe community in London that fosters international friendship and positive change.

Mission

To provide an affordable home away from home for students of different nationalities and diverse cultures, supported by a substantial scholarship programme, with the opportunity to live and learn together in a safe and secure community of mutual respect, understanding and international friendship.

4

Annual Report 2024-25

“Being an ISH scholar is one of the most incredible things that happened to me. ISH not only provided me with a place to stay but also a community that I love and that supported me every step of the way.”

Right: Julia Ammon, ohn Loiello AFSOAS FISH(L) scholar September 2024 - September 2025

5

International Students House

Principal activities

Affordable accommodation

The principal activity of the House is the provision of affordable accommodation for overseas and UK students. In 2024-25 ISH was ‘home away from home’ for more than 250 residents from over 63 different countries, including UK nationals.

The students typically study at one of the nearby universities, either at undergraduate or postgraduate level, during their stay. ISH also provides a small number of flats for students with partners or dependents.

Scholarship programme

ISH runs a scholarship programme in partnership with local universities and scholarship providers. In this programme, the House provides free or discounted accommodation and the academic partner waives or reduces their tuition fees. In 2024-25, 36 scholars of 28 different nationalities benefited from this provision. A further 8 externally-funded scholars had places booked at ISH by their universities, making a total of 44 scholars in house.

Promotion of international friendship

The House has an active alumni association called Goats International. ISH is proud that so many students make lifelong friendships during their stay in the House, as well as subsequently when they became alumni.

Many Goats stay in touch with ISH, dropping in to visit or renting a room when in London, and sending us news and updates from their lives and careers. ISH communicates with alumni through a quarterly e-newsletter and an annual magazine.

There are also monthly Goats Bar Nights throughout the year, a London reunion every three to four years and we encourage local activities around the world.

Mental health support

In 2024-25, the House continued to offer access to professional, external counselling free of charge for any resident in need of mental health support.

This provides an alternative pathway for those who cannot readily access over-subscribed services on campus or via their GP surgery.

Events and Travel Club

The House is also a social hub for students, with weekly events and outings delivered free of charge or at a subsidised cost to residents and members. The Events team and the ISH Travel Club organise a varied programme of activities such as themed suppers, fitness classes, art workshops and culture nights, as well as supporting student-led initiatives like concerts and movie nights.

6

Annual Report 2024-25

Public benefit test

The Governors have paid due regard to the provisions of the 2011 Charities Act that require charities to prove that they deliver public benefits. ISH, through the fulfilment of its objectives, provides a wide public benefit.

Residents return to their home nations with a broadened perspective of the world and are equipped with skills which benefit their home countries and communities.

In partnership with 13 London universities and academic partners, the House’s scholarship programme provides accommodation and tuition fee grants to overseas students, who would not otherwise have the opportunity to gain a UK qualification. ISH’s contribution to this provision in 2024-25 amounted to approximately £407k (2023-24: £403k).

With the additional eight externally funded scholars studying at three of the academic partner institutions, at least 18% of ISH residents were on scholarships.

Social events, trips and welfare support are subsidised or delivered free of charge to residents and members to ensure that cost is not a barrier to participation. These activities enable overseas students to settle in quickly, adapt to life in the UK and make new friends.

International students are a key component of the London and UK economy. ISH offers them a warm welcome, a supportive community and affordable accommodation. The House also provides opportunities for the integration of overseas students with UK students and the chance to learn about other cultures. This echoes the vision of our founder, Mary Trevelyan’s words, when she wrote: “It is possible to send back to many lands young people with happy memories of England, people who look forward to acting as interpreters between their countries and ours, these people can make a real contribution to the peace of the world.”

In addition to supporting students from all over the world, the House also contributes to the local community by hosting an annual Christmas lunch for around 100 senior citizens who use day centres or are in sheltered housing in the neighbourhood.

Scholars and residents volunteer to serve the food and provide entertainment, giving them an opportunity to experience British Christmas traditions and engage with our neighbours. The meal is held on a Saturday in December and is free of charge to attendees.

Increasing access to UK education.

Creating space for life-long friendships.

Building international understanding.

Supporting vulnerable people in the local community.

Supporting integration into British life.

Offering new skills and experiences.

7

International Students House

Projects for Peace

Another way in which our residents make a real difference in our world is by winning US-based Projects for Peace grants and delivering enriching projects around the world.

In 2024-25, two ISH residents were each awarded $10,000 to deliver grassroots projects in Brazil and Ghana. Anando Ghosh (PhD at UCL) conducted a project entitled: “Advancing Environmental Justice through an Intergenerational Citizen Science Project” to address environmental inequity by documenting the traditional food culture of Quilombola communities on Ilha de Maré, Brazil. Through pairing youth with elders, endangered food traditions threatened by climate change were preserved, while fostering cultural pride, intergenerational bonds, and community resilience.

Pouyan Jafarian (PhD at Imperial College London) worked on “Ghana 3D: Bridging Tradition and Innovation in Assistive Devices”, using learnings from his research to train students and clinicians at the University of Health and Allied Sciences in the use of low-cost digital tools such as 3D scanning, open-source CAD software, and affordable 3D printing, thereby addressing the shortage of prosthetic and orthotic care in Ghana. Participants gained skills to improve efficiency, accuracy, and sustainability in producing assistive devices. By empowering local professionals and expanding access to high-quality care, the project promoted inclusion, resilience, and peacebuilding.

Top: Project Lead, Anando Ghosh, presents a draft copy of the cookbook developed with community participation at a project feedback session

Middle: Anando (front left) at the culinary workshop conducted in the kitchen of the School of Nutrition, Federal University of Bahia, where project team members cooked alongside community participants

Bottom: Students and faculty at the University of Health and Allied Sciences (Ho, Ghana) gathered at the conclusion of the Ghana 3D project, with the 3D printer, celebrating the successful completion of the workshops

8

Annual Report 2024-25

Measuring Success

Student experience

International Students House participates in the annual Global Student Living Index, which measures residents’ satisfaction with the accommodation, services and the variety of social activities provided by the House.

Attendance at social events is monitored throughout the year and regular feedback on ISH events and services in general is sought via Resident Advisors (RAs) at fortnightly RA meetings and Student Management Committee meetings each term.

Also attending the Student Management Committee and the Board of Governors meetings is the Student President, acting as an independent representative for residents. Elections are held in November.

Bachar Chhadeh, from Lebanon, served in the role from November 2024 until July 2025, while Eugene McKee from USA took up the position in November 2025.

Affordability

The House’s affordability is measured each year when setting accommodation fees, through market research on competitor London providers in the vicinity.

Students are also asked about their perception of value for money in the Global Student Living Survey.

Scholarships

Alumni engagement

Success in alumni relations is measured by: the quality of information held on the alumni database against each individual record; attendance at alumni events; the rate of engagement with digital communications; fundraising income; and gifts in kind.

“Well, for me what really makes ISH stand out is, well, one of the things is the location. It’s in a very good, like I would say, it’s in a very strategic location and sometimes I just marvel at where I am staying as a student. The structure around ISH is just so amazing. And the way they take care of the residents, the sense of belonging that they give the residents and all they do to try to encourage and support the residents. Especially when you consider that some people this is their first time abroad or probably their first time in London. ”

“ ISH provides a very distinguished approach to socializing and building community, ranging from the travel club, to activities organized by the management and many other things including the free brunch on weekends. It is absolutely amazing when it comes to this.”

The success of the scholarship programme is measured in terms of: the number of scholars in the House; the number of scholarship partners who assist with tuition fee support; and through an annual monitoring exercise led by the Dean of Student Life, where an academic report is received from each scholar’s tutor.

9

International Students House

International Students House in figures 2024-25

13

Academic partners waiving or reducing tuition fees for our scholars

63 Countries represented

407k in residential scholarships

250 36 residents scholars

10

----- Start of picture text -----
Annual Report 2024-25
----- End of picture text -----

“I have benefited immensely from the generous scholarship awarded by ISH. It has given me the chance to fully commit and focus on my studies without having to worry about my living situation with excellent support and care that ISH provides, from catering, cleaning to reception.”

Right: Chimezie Obi-Mgbam, ISH-LSHTM scholar September 2024 - September 2025

11

International Students House

Strategic Report

International Students House’s business strategy is summarised in our mission statement:

“To provide an affordable home from home for students of different nationalities and diverse cultures, supported by a substantial scholarship programme, with the opportunity to live and learn together in a safe and secure community of mutual respect, understanding and international friendship.”

ISH’s medium term business strategy was updated in March 2023 to reflect the challenging financial climate and the revised property strategy.

The priority of ISH is to maintain a financially sustainable position over the next one to two years until the new student accommodation building is up and running.

The revised plan maintains the objective of increasing the number of scholarships sustainably over a five-year period, in line with increased accommodation provision.

The property strategy was also revised in March 2023 due to the competitive real estate market in central London. The search area was expanded beyond Westminster and Camden with the aim to remain within Zone 1.

The expansion of the property strategy allowed ISH to identify new property opportunities, all of which were assessed and appraised by the Board. The most appealing and feasible prospect was a site in Kennington Lane. 238 Kennington Lane was purchased in September 2023. The property was acquired with planning permission to build a 187-bed Purpose-Built Student Accommodation (PBSA) building on the site.

This acquisition is in line with both the property and business strategies as it will enable the House to get to a more financially sustainable position as well as replace some of the lost bed spaces when the building at York Terrace East (YTE) was sold in 2020. A second freehold property, adjacent to 238 Kennington Lane was identified and ISH secured a purchase agreement for the freehold acquisition of the second property at 250 Kennington Lane. The purchase agreement is subject to planning and will be completed when planning permission to construct a PBSA building is received from the Council.

These two properties will enable the House to welcome over 370 more students. The Board continue to ensure that the operations are run and property investments are made sustainably and in line with its strategic plan.

The Board established a new Fundraising Strategy for the House in March 2024. A committee was set up to drive this initiative, led by consultants Red Pencil. The long-term aim is to establish a culture supportive of fundraising and philanthropy. This new strategy will support the capital growth the Charity has embarked on as well as grow our charitable giving in the form of scholarships and hardship fund grants. The key aims relating to the House’s charitable mission are:

(i) To develop the residential scholarship programme to assist students from financially challenged backgrounds. In 2025-26, 35 scholarships have been awarded in line with the charitable objectives.

(ii) To ensure a geographically and academically diverse and well-balanced residential student community with the aim of having up to 20% of the total student numbers from the UK.

(iii) To ensure the House’s residential fees are competitive with central London student halls.

(iv) To increase the diversity and variety of events and activities to meet the changing needs of ISH’s residential and non-residential community and facilitate integration of different nationalities.

12

Annual Report 2024-25

(v) To support our residents’ mental health and wellbeing during their time at ISH.

(vi) To continue to engage with former residents through the alumni association.

The directors have had regard to the matters set out in Companies Act 2006, section 172(1) (a) to (f) when performing their duties under section 172, which is to promote the success of the Charity.

13

International Students House

Performance and achievements

Student experience

The Global Student Living Survey, which benchmarks ISH against local university halls and local private halls, provides useful data on the student experience and the impact life at ISH has on its residents.

In 2024-25, the House received an overall approval rating of 100%, where 100% of respondents said that their level of satisfaction with ISH was “very good”, “good” or “OK”.

This is higher than the 90% score given to private halls in London and the 88% for university halls in London.

When asked about individual aspects of their accommodation, resident responses show that ISH outperforms other providers surveyed in the following criteria: care and support, condition and quality, communications, environmental impact, internet, local amenities, location, mail handling, opportunities for social interaction, overall management, relationships with other residents, safety and security, and value for money.

In addition, 88% of ISH residents said their accommodation had a positive impact on their wellbeing, whereas London private halls scored just 70%.

Global student living score

International Students House achieved a GSL Index score of 77.8 for 2024-25 and was awarded Gold Certification, for the third consecutive year.

Affordability

In the 2025 Global Student Living Survey, 73% of survey respondents said ISH’s value for money is “good” or “very good”, compared to just 59% in London private halls and 49% in London university halls. This is a key method through which the House monitors its affordability, alongside market research on competitor London providers.

Events and travel club

Events organised by the House were viewed extremely positively by survey respondents, 94% of whom gave the ISH social programme a positive rating.

As well as 203 social events during the year, there were also 16 daytrips and 2 weekend excursions organised by the ISH Travel Club. These trips achieved a 95% satisfaction in the 2025 survey.

Awards

The House was shortlisted for Best Specialist Housing, UK & Ireland at the 2025 Global Student Living Awards.

ISH was awarded the Gold ECOSMART accreditation for a third year in 2025, reflecting our dedication to environmental responsibility and continuous improvement in energy and water conservation.

14

Annual Report 2024-25

Student Living survey results

100% Overall student satisfaction with ISH

94% Satisfaction with social activities

203 Social events organised

91% Satisfaction with ISH’s value for money

95%

Satisfaction with the ISH Travel Club

18 Daytrips and weekends away organised

Measuring the impact of scholarships

Current scholars

Every year, the Dean of Student Life conducts a mid-year monitoring exercise with current scholars to assess their general progress both academically and socially. A report from their place of study is also received at this time.

“Living at ISH exposed me to mentors who inspired me to pursue leadership roles and academic challenges I never thought possible.”

Scholars also reported that in addition to the financial support provided, they value the opportunity to network in a diverse community.

One common theme that emerged in 2024- 25, was the importance of the International Students House community as a source of personal growth and intercultural learning:

15

International Students House

Alumni

The monthly Goats Bar Night , held in the House’s onsite bar, The Thirsty Scholar, continued throughout 2024-25 and was well attended by ISH alumni. ISH’s digital engagement also grew, with the addition of the Christmas 2024 fundraising campaign: a total of 70 emails were sent to alumni in 2024-25, including quarterly e-newsletters and monthly bar night reminders. This resulted in a communication open rate of just over 50%, a significant increase on the 2023-24 rate of 39%.

In Spring 2025, our alumni shared their professional experiences and career tips with current residents through a second round of Coffee Connect .

Coffee Connect aims to facilitate meaningful connections between current ISH residents and the broader alumni network. The intention is to offer the current residents valuable insights and support from those who have walked a similar or completely

different path, whether that be in their chosen field, further studies, or transitioning into new careers. The response was enthusiastic, with 23 alumni and 27 residents participating - some through virtual meetings, others in person in the Thirsty Scholar.

Spring 2025 also saw the launch of ISH’s new alumni platform, ISH Global Connect. With over 315 members to date, this platform aims to virtually connect ISH’s diversely located global alumni community. There is a search function which enables alumni to find one another by country, profession, building they lived in at ISH, year of departure from ISH. Members can message one another through the platform, join a country group and get details of upcoming events. With space for members’ stories, a photo gallery and a digital archive of ISH Magazines and Goats Committee minutes, the platform serves as a one stop shop for our alumni community and is a huge step forward.

International Students House alumnus and former scholar Aditykumar Shrimali (at ISH 2023-24) was awarded the International Alum of the Year category at the 2025 PIEoneer awards. This is the fifth consecutive year in which our alumni featured in the awards but our first winner, which is a tremendous achievement.

Above: 2025-26 scholars, October 2025 Scholarships Reception

16

Annual Report 2024-25

Acknowledgments

The House gratefully acknowledges the support of the following partners, without whom the scholarship programme would not have been so successful.

ISH’s catering contractors BaxterStorey, who provided a free breakfast for 20 of the 36 scholars.

The following academic partners, who waived or reduced their tuition fees for the following number of scholars:

4 scholars UCL, Institute of Education
4 scholars Royal Academy of Music
4 scholars School of Oriental & African Studies
4 scholars UCL, United World Colleges
3 scholars Royal College of Music
2 scholars Council for At-Risk Academics (cara)
2 scholars Birkbeck, University of London
2 scholars London Institute of Banking and Finance
2 scholars London School of Hygiene & Tropical Medicine
2 scholars UCL, Institute of Global Health
2 scholars Chevening
2 scholars London Metropolitan University
1 scholar London School of Economics and Political Science
1 scholar University of the Arts
1 scholar Imperial College London

17

International Students House

“My experience as an ISH Scholar has been truly wonderful so far. I have had the opportunity to meet incredible people whom I enjoy talking to every day, and the sense of community within ISH has made my time here even more enriching.”

Left: Giovanna Cantarin, ISH-UCL-UWC scholar, ISH Resident September 2023 - June 2026

----- Start of picture text -----
18
----- End of picture text -----

Annual Report 2024-25

Financial and investment review

Financially significant events

Acquisition of new properties

Following the purchase of the freehold property at 238 Kennington Lane for £19.25m on 26 September 2023, ISH entered into an agreement to acquire another freehold property for 250 Kennington Lane, subject to a successful planning permission. The purchase price for 250 Kennington Lane will be dependent on the number of bedrooms in the property. The minimum price for the property is £13.95m.

238 Kennington Lane was developed under a Development Funding Agreement with the property developer, HG Living. The Practical Completion certificate for the 185 rooms, purpose-built student accommodation was issued on 8 January 2026, three months ahead of schedule and the doors opened on 12 January 2026. The total construction cost for the property was £34.6m with the total project cost being £56.1m (inclusive of the land price). The project is expected to be completed £94k below budget.

The funds received from the sale of the property at York Terrace East (YTE), which was sold in February 2020 for £58m, were utilised to secure the freehold property at 238 Kennington Lane and will also be used to acquire 250 Kennington Lane. The development of 238 Kennington Lane was debt funded through a combination of a Lombard Loan from HSBC UK and an additional loan from CAF Bank.

There are currently ongoing discussions with financial institutions and banks to identify the most cost-effective solution to fund the construction cost for 250 Kennington Lane.

Financial market growth and Investment portfolio management

During 2024-25, the financial landscape was defined by resilient growth, a pivotal shift towards lower interest rates and persistent trade, fiscal, and geopolitical tensions. Despite the global stock markets crash in April 2025, following the introduction of new tariff policies, global stocks recovered and saw significant gains in the final quarter of the year.

As a result, ISH’s investments achieved a net growth of 0.4%% for the year with 2.2% capital gains. Dividend pay-outs were lower than last year but in line with expectations. The lower dividend level is due to ISH’s adjusted investment risk profile from medium to high to low to medium. The revised strategy was implemented to reduce the volatility within the investment portfolio and to be more resilient to market fluctuations. The dividend income as well as the returns received on fixed interest equities supported the charitable activities of the House for the year.

The Lombard facility received from HSBC UK is secured against the investment portfolio and the revised strategy ensures that the portfolio valuation remain above the required threshold in order to avoid breaching the HSBC covenant. The CAF loan is secured against two ISH properties – Wills House and Blain House.

General financial performance

The Net Operating expenditure for 2024-25 was £261k (2023-24: Net operating income of £400k). The net gain on investment assets was £1,268k (2023-24: £3,656k). This gave rise to an overall net income position for the year of £1,007k (2023-24: £4,026k).

As a result, the total value of unrestricted funds (including designated funds) increased to £85,074k (2023-24: £84,548k). The total value of restricted funds increased by £481k to £5,879k (2023-24: £5,398k) giving ISH a total reserve level of £90,953K (2023-24: £89,946k).

19

International Students House

Performance review

ISH ended the 2024-25 financial year with a planned net operating expenditure.

The reduction in investment income was due to the change in investment strategy and there was also a marginal reduction in both trading and charitable activities mainly due to the economic environment. These reductions were offset by the significant legacy received during the year from the generous benefactor, Jean Mary Basell. The legacy donation of £592k received will go towards funding a new scholarship in conjunction with University College London.

Total Income increased by 1.9% year on year whereas expenditure increased by 11.5% to £7,768k. The increases in expenditure were driven mainly by additional consultancy costs incurred for the fundraising initiatives and property projects as well as the newly agreed commercial rent, payable to the landlord of the Great Portland Street property for the trading activities undertaken at the premises. This resulted in a Net Operating Deficit of £261k for the year.

The tangible assets increased by £18.8m mainly due to the construction costs of the new property, which started in January 2024. The current assets increased by £15m due to funds being set aside in short term deposits for the freehold property acquisition of 250 Kennington Lane and as well as the ongoing work completed for the planning application to convert the property into student accommodation.

The £19m increase in the creditors falling due within one year mainly relates to the funds drawn down from the Lombard Loan to cover the construction costs of the property at 238 Kennington Lane. In addition to the property acquisition, £628k (2023-24: £741k) was spent on capital expenditure for the existing buildings of the House. The bulk of this was for the completion of the ventilation project and a Fire Strategy assessment at Great Portland Street (GPS). The works completed are in line with the 10-year maintenance plan developed following the 2021-22 property survey.

Pension liability

The House is required to provide for and disclose their share of any deficit reduction scheme for schemes of which they are a member.

The House is a contributing employer of the University Superannuation Scheme (USS), for which the House’s estimated liability for the pension reduction plan is £73,460.

The House is also a contributing employer of the Superannuation Arrangements of the University of London (SAUL) scheme, for which the House’s estimated liability for the pension reduction plan is £105,247. Refer to note 20 below for further detail.

Investments

The House’s Investment Committee has delegated authority from the ISH Board of Governors to oversee the investment portfolio with Quilter Cheviot (QC), who have been the discretionary investment managers of the House since October 2017.

The investment portfolio’s market value at the end of 2024-25 was £57.4m (2023-24: £57.1m). The Increase in the portfolio was mainly due to the strong performance of the market in the final quarter of the year. Investment Income and interest received during the year was in line with expectations at £1,636k (2023-24: £2,000k).

64% of the investment portfolio was invested in fixed interest securities during the year. The remainder of the investments are in a range of asset classes including UK equities, overseas equities, commercial property and infrastructure funds and private equity.

20

Annual Report 2024-25

Scholarship funds

The value of the scholarship funds (both restricted and designated funds) increased from £8,499k to £9,116k during the year as a direct result of the performance of the investment portfolio and the legacy income received.

Environmental, social and corporate governance policy

The House’s Environmental, Social and Governance (ESG) policy sets outs a fundamental guiding principle that Quilter Cheviot must apply investment criteria based on ESG Standards. During the regular review meetings with the investment manager, the application of ESG policies in making investment decisions is considered. ISH is committed to being a responsible investor.

As of 30 September 2025, ISH’s portfolio had a Weighted Average Carbon Intensity (WACI) of 84 tCO2e/$m revenue for its Scope 1 and 2 corporate constituents, lower than that of the benchmark (103 tCO2e/$m revenue). The portfolio’s financed emissions highlight its exposure to heavy-emitting sectors, and how concentrated this can be; just 4% of issuers account for over two-thirds (74%) of financed emissions. Holdings within the Energy sector account for 40% of the portfolio’s emissions, compared to 37% of the benchmark’s emissions. Holdings in the Materials industry group contributes 34% compared to 32% for the benchmark.

QC are currently automating their reporting process in view of improving their reporting timescale. There may also be changes to reported metrics in future years that are not linked to performance changes in the underlying holdings.

Any methodological changes implemented will be clearly explained in future annual reports.

Ethical investment policy statement

The House does not apply an overall ethical exclusionary policy to its dealings with its stakeholders. There is therefore no existing ethical framework for an exclusionary (or positively screened) investment policy. Should ISH develop such a stance in the future, an investment policy will be developed to dovetail with this, as part of a more holistic approach.

Responsible investment

ISH’s investment manager, Quilter Cheviot (QC), provide annual reporting, as well as quarterly updates on their responsible investment activity. This includes a breakdown of voting, including votes against management over the twelve months as well as engagement activity with the underlying holdings within the portfolio. On an annual basis, the Investment Committee have a responsible investment focused session with QC and its Responsible Investment team.

Reserves policy

As at 30 September 2025, the value of the restricted funds stood at £5,879k and the value of the designated funds was £19,282k.

The various designated and restricted reserves of the House are as follows:

Designated reserves for property acquisition and development

The first designated reserve is the funds set aside for property acquisitions and developments. The sale of YTE was agreed in September 2016 with the sale completed on 12 February 2020. All the proceeds of the sale have been set aside for future acquisitions.

The objective of the Board is to increase the number of bed spaces and setting the funds aside clearly identifies the purpose of the funds generated from the sale of YTE. The acquisition of the freehold land and the building construction costs at 238 Kennington Lane are being funded from this designated reserve.

21

International Students House

Designated reserves for major repairs

As ISH completed a full refurbishment programme of its accommodation at Great Portland Street in 2021, setting aside a designated fund will prevent new major repair and renovation projects from impacting the free reserves of the Charity.

This designated reserve has been in place for seven years and enables the House to have a long-term repair and renovation plan without jeopardising its charitable objectives.

Designated reserves for the scholarship programme

The ISH Scholarship Fund is used each year to provide bursaries to overseas students. The intention is to grow the scholarship funds so that they are self-sufficient, to ensure the perpetuity of scholarships.

Restricted reserves

General reserves

Out of the £65,792k of general reserves, £57,692k is tied up in the Charity’s fixed assets and not freely available. This leaves the level of free reserves as at 30 September 2025 at £8,100k (2023-24: £8,142k).

The free reserves are sufficient to cover over 12 months’ worth of operating expenditure, in line with the reserves policy. Guidance from Charity Commission is that reserves can be undesignated by charities to increase their free reserves should there be a need to do so. ISH currently has designated reserves of £19,282k, which can be utilised should the need arise.

The Governors’ view is that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and financial statements have therefore been prepared on a going concern basis.

The restricted scholarship reserves relate to donations and contributions made to ISH to support ISH’s scholarship programme. The allocation is based on specific criteria agreed with the respective donors.

The restrictions imposed on the charitable donation from the International Students Trust (IST) to ISH are as follows:

22

Annual Report 2024-25

Reserves FY25
Position
(£’000)
FY24
Position
(£’000)
Further Information
Funds represented
by property, plant
and equipment
Restricted scholarship
reserves
Designated ISH
scholarship fund
Designated funds for
major repairs
Designated funds for
property acquisition
and developments
Free reserves
Total reserves		 57,692
5,879
3,237
2,100
13,945
8,100
90,953
38,934
5,398
3,101
1,800
32,571
8,142
89,946
The funds invested in tangible fxed assets
are not freely available to the Charity and
therefore excluded from the free reserves.
Funds restricted to scholarship funding
based on donors’ specifcation for the use
of their donation. These funds are not
freely available. The restricted funds now
include funds donated from IST.
The fund is designated to ensure that ISH
can satisfy its obligations towards scholars
during the course of their scholarships
Following the signifcant refurbishment
programme which started in 2018, funds
are being set aside to cover future
repairs on these works.
Following the sale agreement of the YTE
Building, funds for property acquisition
and developments have been designated
to either acquire new accommodation
properties or develop existing properties
to increase accommodation provision.
The free reserves level target is to cover
10 - 18 months of expenditure level. The
current position covers more than 12
months of operating expenditure.

23

International Students House

Principal risks and uncertainties

The Governors confirm that the major risks to which the House is exposed as identified by the Governors are regularly reviewed, and systems have been established to mitigate those risks.

The Governors review the Risk Register on a quarterly basis to ensure mitigating actions are in place for all the risks identified.

The key risks along with the strategies the Board have identified to mitigate these risks are as follows:

reserves level to ensure that operations are not disrupted for financial reasons.

Plans for future periods – operational

The House has a five-year, medium-term strategy from 2023 to 2028, which was reviewed by the Board of Governors in March 2025.

The operational key points are outlined below:

Growth strategy - Finding alternative accommodation, following the sale of the property at YTE and renewal of the property lease at GPS, is the key risk for the Charity. The sale of YTE led to a reduction of 275 bed spaces. The GPS lease has 37 years left and with the renewal discussions still ongoing with The Crown Estate, there is a risk that the negotiations are not successful. The opening of 238 Kennington Lane and acquisition plans for 250 Kennington Lane help mitigate this risk and will secure the future of the House.

Business continuity - The risk revolves around incidents and events that limit ISH’s ability to operate normally. Regularly reviewing the emergency response procedures and the business continuity plan, as well as having a procedure for rapid restoration of business activities, are part of the risk mitigation.

Safeguarding - This risk is about failures to safeguard the Charity’s beneficiaries or associated vulnerable persons form abuse and harm. The main mitigating actions are: having robust policies in place with ongoing training for key personnel and embedding a community spirit in ISH’s culture. This helps provide a safe environment for all.

Financial sustainability and reserves level - the risk revolves around having insufficient income and reserves for ISH to achieve strategic objectives and maintain its operations. The key mitigating actions are: the constant review of the financials, costs monitoring, forward planning on an annual and three-year cycle as well as remaining within the free

With 238 Kennington Lane now in operation and acquisition of 250 Kennington Lane in the pipeline, the Board of Governors will assess the Charity’s performance against the five-year business plan in May 2026.

24

Annual Report 2024-25

Structure, governance and management

Governance focus Alumni focus

* The Goats Committee represents the Alumni Association of International Students House.

Charity details

International Students House is a Registered Charity (registration number 313512) and a Company Limited by Guarantee (registration number 724811).

The Charity is governed in line with the Memorandum and Articles of Association, which was updated in October 2023.

Board and committees

Each committee has specific terms of reference and functions delegated by the Board and has a chair, also appointed by the Board. Formal attendance monitoring arrangements for the Governors are in place and are monitored regularly by the Governance and Nominations Committee and the Board.

Board of Governors

The Board of Governors is responsible for the management of the House. The Governors meet at least four times a year. There are up to 15 Governors who are elected for a three-year period as approved by the existing Governors These Governors are directors for the purposes of the Companies Act 2006.

The structure of the Board of Governors and its sub-committees is shown above.

In April 2025, the House set up an Engagement and Fundraising Committee to drive its growth initiatives. The aim of the Committee is to establish and promote a culture of engagement and philanthropy as well as overseeing the fundraising plans in line with the overall strategy of the charity while adhering to the code of fundraising practice.

All the Governors are directors of the company and guarantee to contribute £1 in the event of the company winding up.

25

International Students House

Charity governance code

In order to ensure that the Charity has the correct structure to achieve its ambitions and aims, ISH continues to follow the Charity Governance Code. This code is designed as a tool to support continuous improvement and sets out principles and recommended practices. A Code of Conduct for ISH Governors is also in place and is regularly reviewed to ensure the Charity is adhering to recommended governance practices.

The Governors have had due regard to the need to foster the Charity’s business relationships with suppliers, students, customers and others, which is considered when making principal decisions.

Appointments and resignations

Donal Anand-Shaw, Karan Daswani and Richard McDonald were re-elected as Governors of ISH in June 2025. Their 2nd term expires in 2028.

There was no appointment of new Governors during the year.

There are currently ten Governors on the Board and there is no immediate intention to appoint additional Governors. However, there is the potential to increase to 15 if required.

ISH EDI Commitments

ISH is committed to fostering an inclusive workplace where everyone is treated with dignity and respect, and where diverse backgrounds and perspectives are valued. We believe inclusion strengthens decision-making, drives innovation, and supports long-term success.

Governance and accountability

Key EDI insights

Audit - July 2025

Pay equity

We are committed to fair pay, aligned with the London Living Wage, and regularly review salaries to maintain equity.

Looking ahead

We will develop clear, measurable diversity and inclusion goals to ensure that everyone feels valued, supported, and able to thrive.

Auditors

Moore Kingston Smith LLP was re-appointed as the House’s auditor during the year. A benchmarking exercise was undertaken in July 2023 and following the review, Moore Kingston Smith LLP was re-appointed for a further three years.

The next review of the external auditors will be undertaken in 2026.

The Board oversees Equality, Diversity and Inclusion (EDI) and receives regular progress updates. Day-to-day responsibility sits with the HR Director, supported by a cross-organisational EDI Committee.

26

Annual Report 2024-25

Organisation details

The reference and administrative details of the House, its governors and advisers are as follows:

Chair Lord Nicholas Bourne
Governors Azlinda Arifn-Boromand (Vice Chair) Diane Flynn
Donal Anand-Shaw Julie Yang
Kalyan Das Andrea Williams
Richard McDonald John Kirkland
Karan Daswani
Patron HRH The Princess Royal
President Lord Charles Fitzroy
Vice Presidents Dr Geofrey Copland CBE Gill Hammond
Baroness Diana Warwick of Underclife Toshihiko Ota
Rosamund Horwood-Smart QC Sir John Ritblat
John Garbutt
Chief Executive Martin Chalker
Company Secretary Shami Nathoo
Honorary Fellows Teresa Akpeki Peter Anwyl Ian Barry
Jonathan Day Sir Nigel Carrington Dorothy Dalton
Mary Mackie Ipek De Vilder Lord Khalid Hameed CBE
Michael Pitts Judge David Owen Jones Russell Peters
Neville Surti Richard Porter Roy Rohatgi
Major John Vaughan Margret Swinley OBE Andrew Tennant
Colin Matheson Albert McKendry John Wolfe
David Anderson-Evans Jamie Hambro David O’Brien
Sikander Khan Julie Costley-White Jerry Vincent
Kevin Coyne Carol Sutclife Rajarshi Sahai
Zenobia Nadirshaw MBE Fethi Thabet
Hanna Fleck Sara Kironde-Strain
Darshak Shah Brent Sobol
Tracey Aquino Rajiv Bendre
Dato Yeoh Soo Min Ashok Khanna
Dawn Evans Diana Catana
Registered Ofce 1 Park Crescent, Regents Park, London, W1B 1SH
Company Limited by 724811
Guarantee in England
Charity Number 313512
Solicitors Bircham Dyson Bell, 50 Broadway, Westminster, London SW1H OBL
Shakespeare Martineau LLP, Exchange Square, 21 North Fourth Street, Milton Keynes, MK91 1HL
Bankers Handelsbanken, 3rd Floor, 86 Jermyn Street, London SW1Y 6JD
Investment Managers Quilter Cheviot Investment Management, Senator House, 85 Queen Victoria Street, London, EC4V 4AB

Auditor

Moore Kingston Smith LLP, 9 Appold Street, London, EC2A 2AP

27

International Students House

Organisational structure

Remuneration

The remuneration bands for the five senior managers earning over £60k per annum are disclosed in note 9 below.

Pay policy for senior staff

The Remuneration Committee is formed of Governors. The committee meets in November each year and approves the pay for senior staff.

The committee also approves the application of any annual bonuses to staff, from a capped bonus pool via a performance-related assessment. In November 2025 a pay award was approved for all staff in line with the increase in cost of living. No bonus payments were awarded during the year.

Remuneration is assessed after looking at market rates and industry benchmarks.

Related entities

Toyota-Shi Trevelyan Trust

The House has a close association with the charity Toyota-Shi Trevelyan Trust (TSTT) which provides grant income for UK students studying in Japan, and Japanese students studying in the UK.

ISH and the Trust appoint 50% of the Trustees of this charity. The Chief Executive of ISH is also Chief Executive of all the related entities and Shami Nathoo, is the Company Secretary of the House and all the related entities.

Park Crescent Conference Centre Limited

ISH has a wholly owned subsidiary – Park Crescent Conference Centre Limited (PCCC). PCCC reported a profit of £66,518 (2023-24 £337,486) in the year ending 30 September 2025. This amount will be paid as a distribution to ISH in 2026.

28

Annual Report 2024-25

Statement of Governors’ responsibilities

Governors’ report

The Governors (the Directors of International Students House for the purposes of company law and Trustees of International Students House for the purposes of charity law) are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Accounting records

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

Safeguarding assets

They are also responsible for safeguarding the assets of the charitable company and the group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements

Company law requires Governors to prepare financial statements for each financial year that give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the Governors are required to:

Disclosure of information to auditors

In the case of each of the persons who are Governors of the company at the date when this report was approved:

This confirmation is given and should be interpreted in accordance with the provisions of s234ZA of the Companies Act 2006.

This report was approved by the Board of Governors and signed on behalf of the Board on 16 April 2026.

Nicholas Bourne (Jun 22, 2026 13:23:44 GMT+1)

Lord Nicholas Bourne (Chair)

29

International Students House

Independent auditor’s report

Independent auditor’s report to the members of International Students House (a registered Charity and Company Limited by Guarantee).

Opinion

We have audited the financial statements of International Students House (the ‘parent charitable company’) and its subsidiaries (the ’group’) for the year ended 30 September 2025 which comprise the Group Statement of Financial Activities, the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report.

We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to

going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

30

Annual Report 2024-25

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees’ annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

We have nothing to report in this regard.

Responsibilities of trustees

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

31

International Students House

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in

32

Annual Report 2024-25

respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Moore Kingston Smith LLP Moore Kingston Smith LLP (Jun 26, 2026 12:36:25 GMT+1)

Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP,

Statutory Auditor 9 Appold Street, London EC2A 2AP

33

International Students House

Consolidated statement of financial activities

Incorporating an income and expenditure account for the year ended 30 September 2025.

Note Unrestricted
funds
£’000
2,909
2,262
79
1,433
6,683
(2,589)
(5,029)
(7,598)
915
715
(200)
18,936
18,736
47,076
65,812
Designated
funds
£’000
-
27
-
87
114
(21)
-
(21)
93
503
596
(18,786)
(18,190)
37,472
19,282
Restricted
funds
£’000
-
2
592
116
710
(14)
(115)
(129)
581
50
631
(150)
481
5,398
5,879
Total
2025
funds
£’000
2,909
2,291
671
1,636
7,507
(2,624)
(5,144)
(7,768)
(261)
1,268
1,007
-
1,007
89,946
90,953
Total
2024
funds
£’000
2,943
2,352
71
2,001
7,367
(2,435)
(4,532)
(6,967)
400
3,656
4,056
-
4,056
85,890
89,946
Income and endowments
Charitable activities
Other trading activities
Donations and legacies
Investment income
Total incoming resources
Expenditure on
Raising funds
Charitable activities
Total resources expended
Net operating income/(expenditure)
Net gain/(loss) on investment assets
Net income/(expenditure)
Transferring between funds in the year
Net movements in funds
Fund balances
At 1 October 2024
At 30 September 2025
3
4
5
6
7
8
12

34

Annual Report 2024-25

Consolidated balance sheet as at 30 September 2025

30 September 2025
Note
Company registration no. 724811		 2025
2024
Consolidated		 2025
Charity		 2024
£’000
38,934
49,336
88,270
17
1,682
8,683
602
10,984
(9,476)
1,508
89,778
-
(168)
89,610
46,740
1,800
32,571
3,101
5,398
89,610
Fixed assets
Tangible assets
Investments
Current assets
Stocks
Debtors
Short term deposits
Cash at bank and in hand
Creditors
Amount falling due within one year
Net current (liabilities)/assets
Total assets less current liabilities
Creditors - amounts falling due after more than one year
Provisions for liabilities and charges
Net assets
Unrestricted funds
General fund
Funds for major repairs (designated)
Reserve for future repairs (designated)
ISH scholarship fund (designated)
Restricted funds
Total restricted funds
11
12
14
15
16
18
18
18
18
18		 £’000
57,692
35,597
93,289
13
3,002
22,672
868
26,555
(28,684)
(2,129)
91,160
-
(207)
90,953
65,792
2,100
13,945
3,237
5,879
90,953		 £’000
38,934
49,336
88,270
17
1,736
8,683
1,026
11,462
(9,618)
1,844
90,114
-
(168)
89,946
47,076
1,800
32,571
3,101
5,398
89,946		 £’000
57,692
35,597
93,289
13
2,949
22,672
744
26,378
(28,572)
(2,194)
91,095
-
(206)
90,899
65,728
2,100
13,945
3,237
5,879
90,889

These financial statements were approved and authorised for issue by the Governors on 18 June 2026. The accompanying notes form part of the financial statements. No separate SOFA has been presented for the Charity alone, as permitted by section 408 of the Companies Act 2006. The Charity’s income for 2024-25 was £5,397k (2023-24: £5,203K) and it made a surplus of £1,278k (2023-24: £3,987k).

Signed on behalf of the Governors by:

Lord Nicholas Bourne (Chair) Azlinda Ariffin-Boromand (Vice Chair)

Nicholas Bourne (Jun 22, 2026 13:23:44 GMT+1)

35

International Students House

Consolidated cash flow statement: year ended 30 September 2025

Consolidated cash fow statement:
year ended 30 September 2025
Note 2025 2024
£’000
(805)
(7,840)
6,582
Cash outfows for operating activities
Cash (outfows)/infows from investing activities
Cash infows from fnancing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at 1 October
Cash and cash equivalents at 30 September
Cash and cash equivalents at 30 September consist of
A
B
C
C		 £’000
(2,615)
(15,933)
19,517
969
3,827
4,796
2025
(2,063)
5,890
3,827
2024
£’000
2,801
1,026
Cash component of fxed assets investments
Cash at bank and in hand
Total
A. Reconciliation to changes in resources
12		 £’000
3,928
868
4,796
2025
3,827
2024
Net income for the year
Investment income receivable
Increase in loans received
Interest receivable and sundry income
Proft on disposal of fxed assets
Net provisions charges (see note 16)
Depreciation of tangible fxed assets
Decrease in stocks
(Increase)/decrease in debtors
Increase in creditors
Net cash used in operating activities		 £’000
(241)
(1,636)
(19,517)
-
-
39
956
4
(1,266)
19,046
(2,615)		 £’000
400
(2,000)
(6,582)
(1)
(4)
49
915
3
(1,393)
7,808
(805)

36

Annual Report 2024-25

Notes to the cash flow statement: year ended 30 September 2025

Notes to the cash fow statement:
year ended 30 September 2025
B. Cash fows from investing activities 2025 2024
£’000
2,000
1
4
(9,205)
(38,371)
37,731
Investment income receivable
Interest receivable and sundry income
Proft on disposal of fxed assets
Purchases of tangible fxed assets
Purchases of investment assets
Less: Sales of investment assets
Net cash (used in)/provided by investing activities
C. Cash fows from fnancing activities		 £’000
1,636
-
-
(19,714)
(30,091)
32,236
(15,933)
2025
(7,840)
2024
£’000
6,582
6,582
2024
£’000
2,801
1,026
3,827

Closing
balance
£’000
4,796
(26,099)
(21,303)
Increase in bank loan
Net cash provided by fnancing activities
D. Analysis of cash and cash equivalents		 £’000
19,517
19,517
2025
Cash component of fxed asset investments
Cash in hand and at bank
Total cash and cash equivalents
D.i. Analysis of changes in net debt for the year
Cash and cash equivalents
Loan falling due within one year
Total		 Opening
balance
£’000
3,827
(6,582)		 £’000
3,928
868
4,796

Cash
fows
£’000
(969)
(19,517)
(2,755) (18,548)

37

International Students House

Notes to the Accounts

1. Company information

International Students House (ISH) is a registered charity (registration number 313512) and a company limited by guarantee (company registration number 724811) incorporated in England and Wales.

The registered office is: 1 Park Crescent, Regents Park, London, W1B 1SH.

Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS 102) and the requirements of the Companies Act 2006.

The Charitable Company is a public benefit company as defined by FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

Going concern

The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions, including assessing the current economic climate, that might cast significant doubt on the ability of the Charity one year from the date of approval of the financial statements. In particular, the Governors have considered the Charity’s forecasts and projections and have taken account of pressures on accommodation income and other trading activities. After making enquiries the Governors have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.

The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

Group accounts

The income and expenditure account of the consolidated operation only has been presented, as permitted by Section 408 of the Companies Act 2006.

Incoming resources

Charitable income represents income received and receivable from the provision of accommodation and associated services.

Income is recognised in the accounting period when the person utilising the accommodation was in residence.

Other trading income reflects the revenue received in the year from the following activities; hiring out of the function venues, income from conference activities, and rent received from the lease of car park and garages spaces.

Investment income represents the income from the investment portfolio.

All income originates from within the United Kingdom.

38

Annual Report 2024-25

Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis. Liabilities are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of occupancy rates between the Charity and its subsidiary, and the proportion of time spent by staff on those activities.

Investments

Investments are stated at market value. It is the Charity’s policy to keep valuations up to date such that when investments are sold there is no realised gain or loss arising.

As a result, the Statement of Financial Activities does not distinguish between the valuation adjustments relating to sales and those relating to continued holdings as they are together treated as changes in the investment portfolio throughout the year.

Investments that mature within 12 months of the year-end date are classified as short-term deposits.

Stocks

Stocks are valued at the lower of cost and net realisable value and represent goods for resale.

Depreciation

Depreciation policy was reviewed during the year, and is calculated to write down the cost of tangible fixed assets in equal annual instalments to their estimated residual values over the period of their estimated useful economic lives, which are considered to be:

Leasehold lease extension: over the duration of the lease, for up to 150 years

Freehold & long leasehold property: 50 years

Freehold & leasehold improvements: 10 or 20 years

Furniture fittings & equipment: 5, 8 or 10 years

Computers & equipment: 3 or 10 years

An impairment review of all tangible fixed assets of significant value is undertaken annually. Items below £1,000 each are not treated as capital items.

Depreciation of Work in Progress (WIP) commence once the asset is placed in service. Costs are accumulated in the construction work in progress in the interim.

Financial assets

The Charity has elected to apply the provisions of section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets are initially measured at fair value plus transaction costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through profit or loss are measured at fair value.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

39

International Students House

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activities.

Impairment of tangible and intangible assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Charity estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.

An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss

subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

Other financial liabilities

Other financial liabilities are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

Loan and receivables

Loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

40

Annual Report 2024-25

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period.

The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Pensions

Pension payments represent payments made to the University Superannuation Scheme Limited (USS Scheme) for senior staff and the Superannuation Arrangements of the University of London (SAUL Scheme) for other staff.

These payments are charged to the income and expenditure account in the year in which they fall due.

The schemes are contracted out of the State Earnings Related Pension Scheme. The schemes are valued formally every three years by professionally qualified and independent actuaries using the projected unit method. Reviews of the schemes’ positions are carried out in the period between valuations.

Provisions

The movement on the provision for the exterior redecoration of the property is charged annually to the Income & Expenditure statement.

Fund accounting

Funds held by the Charity are either:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Governors.

Restricted funds – these are funds that can only be used for particular purposes specified by the donor or when funds are raised for particular purposes within the objects of the Charity.

Unrestricted designated funds – these funds represent funds which have been separately designated by the Governors, as part of unrestricted funds.

Rounding

Amounts shown on the financial statements are rounded to the nearest thousand-pound sterling unless stated otherwise in the header.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Governors in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Foreign currency accounting

The accounting records show foreign currency bank account balances at the sterling equivalent at the balance sheet date.

Operating lease

Rentals payable with regard to operating leases are charged against income on a straight-line basis over the period of the lease.

41

International Students House

2. The operating surplus is arrived at after charging

2025 2024
£’000 £’000
Auditor’s remuneration 35 32
Repairs and maintenance 508 481
Fuel and power 240 329
Insurances 92 89
Depreciation – owned assets 956 915
Provision for exterior redecoration 59 49
Other professional fees 615 532

3. Analysis of charitable income

3. Analysis of charitable income
2025 2024
Income from accommodation
Gross income
Less: Bursaries and scholarships funded by ISH		 £’000
3,308
(399)
2,909		 £’000
3,309
(366)
2,943

4. Analysis of other trading income

4. Analysis of other trading income
2025 2024
Public entertainment license and bar revenue
Conference revenue
Contract revenue
Membership income
Travel club revenue
Cafe income
Miscellaneous		 £’000
1,198
657
96
43
15
219
63
2,291		 £’000
1,157
738
80
49
14
260
54
2,352

42

Annual Report 2024-25

5. Analysis of donations and legacies

5. Analysis of donations and legacies
2025 2024
Donations
Legacies		 £’000
79
592
671		 £’000
5
66
71

6. Analysis of investment income

6. Analysis of investment income
2025 2024
Dividends from investments
Interest receivable		 £’000
1,636
-
1,636		 £’000
2,000
1
2,001

7. Expenditure on raising funds

7. Expenditure on raising funds
2025 2024
Conference, bar and other expenses
Investment expenses		 £’000
2,228
396
2,624		 £’000
2,014
421
2,435

8. Expenditure on charitable activities

8. Expenditure on charitable activities
2025 2024
Bursaries and grants payable
Other charitable purposes expenses
Governance expenses		 £’000
62
5,039
43
5,144		 £’000
105
4,386
41
4,532

43

International Students House

9. Employees

9. Employees
2025 2024
Average number of persons employed by the Charity and its subsidiary:
Administration
Student services
Maintenance and housekeeping
Employees’ costs during the year for the Charity and its subsidiary:
Wages and salaries
Social security costs
Other pension costs (note 20)
Remuneration of higher paid staf (senior management), excluding
pension contribution but including benefts in kind:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£130,001 - £140,000
£140,001 - £150,000		 No.
27
14
15
56
£’000
2,618
291
374
3,283
No.
1
1
1
1
-
1
-
1		 No.
27
12
15
54
£’000
2,498
244
405
3,147
No.
2
2
-
1
1
-
1
-
6 7

The above six staff members (2024: seven) received a total of £96k in employer’s pension contributions in the year (2023-24: £116k).

The total employee benefits of the Charity’s key management personnel were £663k (2023-24: £634k).

10. Governors' emoluments

No Governor received emoluments during the year (2023-24: £nil). Two Governors claimed £357 for travel and subsistence expenses during the year (2023-24: £92 for two Governors).

44

Annual Report 2024-25

11. Tangible fixed assets - consolidated and charity

Total
Computers
& equipment
Equipment
furniture
& fttings
Freehold
& leasehold
improvements
Long
leasehold
properties
Freehold
properties
Costs:
At 30 September 2024
Additions
Disposals
At 30 September 2025
Depreciation:
At 30 September 2024
Charge for the year
Disposals
At 30 September 2025
Net book value:
At 30 September 2024
At 30 September 2025		 £’000
48,749
19,714
(297)
£’000
252
28
(4)
£’000
3,020
240
(137)
£’000
10,263
360
(156)
£’000
5,392
-
-
£’000
29,822
19,086
-
68,166
276
3,123
10,467
5,392
48,908
9,815
956
(297)
235
14
(4)
2,117
264
(137)
4,748
614
(156)
2,360
45
-
355
19
-
10,474
245
2,244
5,206
2,405
374
38,934
17
903
5,515
3,032
29,467
57,692
31
879
5,261
2,937
48,534

Work in progress (WIP) balance as at 30 September 2025, included in the tangible fixed assets, is £ £48,000k (2023-24: £28,914k). This balance has not been depreciated in the year. £47,953k of this balance relates to the property acquisition and construction costs at 238 Kennington Lane and depreciation of this asset will commence after completion of the building works in January 2026.

45

International Students House

12. Investments – consolidated and charity

2024
Total
2025
Total
2025
Other
2025
Listed
Non-cash investments:
Market value at 1 October
Purchases
Disposals
Net investment gains
Market value at 30 September
Cash held for investments
Total investments - Closing balance at 30 September
Breakdown of investments:
Long term investments
Short term deposits
Closing balance at 30 September		 £’000
50,922
38,371
(37,731)
3,656
£’000
55,218
30,091
(32,236)
1,268
£’000
886
-
-
4
£’000
54,332
30,091
(32,236)
1,264
55,218
54,341
890
53,451
2,801
3,928
-
3,928
58,019
58,269
890
57,379
49,336
8,683
35,597
22,672
890
-
34,707
22,672
58,019
58,269
890
57,379

46

Annual Report 2024-25

2025 2024
The portfolio of the listed investments at
30 September are as follows:
Investments categories
Fixed interest – Long term investment UK
Fixed interest - Short term deposits UK
Equities – United Kingdom
Equites – North America
Equities – Europe (Ex. U.K)
Equities – Japan
Equities – Asia Pacifc (Ex. Japan)
Equities - Emerging markets
Commercial Property
Private Equity
Investments total
Cash products
Closing balance at 30 September
Book costs of investments
Cost at 30 September 2025
Cost at 30 September 2024
Listed
£’000
51,923
54,870		 £’000
13,830
22,672
5,423
6,760
1,856
744
579
1,407
-
180
53,451
3,928
57,379
Other
£’000
14
14		 £’000
22,786
8,683
6,802
6,960
1,666
1,060
1,261
759
4,174
181
54,332
2,801
57,133
Total
£’000
51,937
54,884

47

International Students House

13. Investment in subsidiary

TThe Charity holds an investment of £1 in Park Crescent Conference Centre Limited, which is a trading company registered in England and Wales with company number 04096563. This £1 investment represents 100% of the ordinary share capital of Park Crescent Conference Centre Limited.

The Charity holds an investment of £1 in International Students House Lambeth Limited (previously known as the London Graduate Centre and dormant until December 2025), which is a trading company registered in England and Wales with company number 04693556. This £1 investment represents 100% of the ordinary share capital of International Students House Lambeth Limited.

14. Debtors

2025
2024
Consolidated		 2025
2024
Consolidated		 2025
Charity
2024
Trade debtors
Amounts owed by connected trusts
- Toyota-Shi Trevelyan Trust
Other debtors
Prepayments and accrued income
Closing balance at 30 September
Provision for doubtful debts
Opening balance
Write-ofs from provision
Additions to provision
Closing balance at 30 September		 £’000
154
8
67
2,773
3,002
5
(3)
3
5		 £’000
150
6
154
1,426
1,736
4
(1)
2
5		 £’000
101
8
67
2,773
2,949
5
(2)
-
3		 £’000
96
6
154
1,426
1,682
4
(1)
2
5

As at 30 September 2025, there was a debt of £8k (2023-24: £6k) owed to ISH by the Toyota-Shi Trevelyan Trust. This debt will be settled by a transfer of investment assets to the value of £8k in May 2026.

Park Crescent Conference Centre Limited (PCCC Ltd.) is a trading subsidiary of ISH. PCCC Ltd ended the financial year with a surplus of £67k (2023-24: £337k) and the profit will be paid as a distribution to ISH in 2025-26.

48

Annual Report 2024-25

15. Creditors: amounts falling due within one year

2025
2024
Consolidated		 2025
2024
Consolidated		 2025
Charity
2024
Trade creditors
Bank Loan – Lombard facility
Amount owed to subsidiary
Other taxation and social security
Other creditors
Accruals and deferred income
Closing balance at 30 September		 £’000
200
26,099
-
65
318
2,002
28,684		 £’000
581
6,582
-
56
308
2,091
9,618		 £’000
142
26,099
245
65
311
1,710
28,572		 £’000
515
6,582
11
56
309
2,003
9,476

ISH secured a Lombard facility from HSBC in January 2024 to finance the construction project at 238 Kennington Lane. ISH’s investment portfolio have been used as collateral against facility. To mitigate the risk of volatility of the portfolio, ISH has transferred £36,502k in Fixed Interest securities (note 12) to cover for the loan.

16. Provisions for liabilities and charges - consolidated and charity

2025 2024
Opening balance at 1 October
Provided during the year
Expenditure incurred during the year
Closing balance at 30 September		 £’000
168
59
(20)
207		 £’000
119
49
-
168

Under the terms of its lease with the Crown Estate, International Students House is obliged to maintain the external fabric of the Great Portland Street site. The Governors decided to increase the provision for external redecoration in 2017-18 following the extension of the lease at Wills House in order to cover the redecoration costs of both properties. The next redecoration exercise will be undertaken in July 2026.

49

International Students House

17. Movement in accruals and deferred income in the year

2025
2024
Consolidated		 2025
2024
Consolidated		 2025
Charity
2024
Opening balance at 1 October
Deferred income brought to account
Accrued expenditure paid out
Income received in year and deferred
Expenditure accrued at year end
Closing balance at 30 September		 £’000
2,091
(678)
(1,413)
870
1,132
2,002		 £’000
742
(692)
(50)
678
1,413
2,091		 £’000
2,003
(590)
(1,413)
578
1,132
1,710		 £’000
663
(613)
(50)
590
1,413
2,003

Deferred income principally consists of prepayments of accommodation income.

Accrued expenditure relates to the expenses incurred as part of the process of applying for planning permission to develop 250 Kennington Lane as a new Purpose-Built Student Accommodation.

18. (Section 1) Analysis of net assets between funds – consolidated

General fund
(unrestricted)
Designated
funds
Restricted
funds
Total
funds
Fund balances as at 30th September 2025
are represented by:
Consolidated assets
Tangible fxed assets
Current assets and investments
Current liabilities
Provision for liabilities and charges
Movement in reserves
Total net assets		 £’000
57,691
37,141
(28,684)
(206)
(150)
£’000
-
18,982
-
-
300
£,’000
-
6,029
-
-
(150)
£’000
57,691
62,152
(28,684)
(206)
-
47,056
47,076
5,879
90,953

50

Annual Report 2024-25

Balance Income
 Expenditure Gains Transfers Balance
1 Oct and between 30 Sep
2024 losses funds 2025
£’000 £’000
 £’000 £’000 £’000 £’000
Consolidated funds
General fund (unrestricted) 47,076 6,683 (7,618) 715 18,936 65,792
Funds for major repairs (designated) 1,800 - - - 300 2,100
Reserve for future purposes (designated) 32,572 - - 459 (19,086) 13,945
ISH Scholarship Fund (designated) 3,100 114 (21) 44 - 3,327
International Students Trust Fund (restricted) 4,394 96 (32) 39 (150) 4,347
Mary Trevelyan Fund (restricted) 481 9 (26) 4 - 468
Centenary Masters Jean Basell Scholarship - 593 - - - 593
(restricted)
ISH African Students Bursary (restricted) 291 8 (29) 4 - 274
William Ross Murray Scholarship (restricted) 95 2 - 1 - 98
Tara Nirula Arts Scholarship (restricted) 68 2 (14) 1 - 57
Ellenor Mary Anwyl Scholarship (restricted) 44 - (14) 1 - 31
Wahid Butt Donation (restricted) 16 - (14) - - 2
Goats Indian Scholarship Fund (restricted) 9 - - - - 9
Total funds 89,946 7,507 (7,768) 1,268 - 90,953

The International Students House Scholarship Fund

The ISH Scholarship Fund is a designated fund which was established in 1996 to fund scholarships for students from the developing world. The fund will cover the accommodation expenses of all the ISH scholars for the duration of their studies.

Centenary Masters Jean Basell Scholarship

The funds received from Jean Basell’s legacy will be used to support the accommodation costs for a Centenary Masters in TESOL (in-service) scholar at the Institute of Education, UCL.

The International Students House African Students Bursary

The International Students Trust Fund

The IST Fund is a restricted fund which provides accommodation scholarships attributed in collaboration with higher education partners. The fund is also used by the ISH Travel Club.

The International Students House African Students Bursary was established in 2000 and provides scholarships to students born and resident in Africa who wish to study in London.

The William Ross Murray Scholarship

The Mary Trevelyan Hardship Fund

The Mary Trevelyan Hardship Fund is used to support students in unexpected financial hardship.

The William Ross Murray Scholarship was established in 1998 to fund scholarships for students from the developing world.

51

International Students House

The Tara Nirula University of the Arts Scholarship

The Tara Nirula University of the Arts Scholarship was established in 2008 and provides tuition fees, accommodation and food for a student from India with a place on a master’s course at the London College of Fashion, University of the Arts.

Wahid Butt donation

In 2018 Wahid Butt donated funds to be used towards accommodation for an ISH scholar from Palestine or Pakistan, studying science or medicine. We allocated the funds to support a scholar with Imperial College London and the Bseisu Foundation in 2024-25.

The Ellenor Mary Anwyl Scholarship

The Goats Indian Scholarship Fund

The Ellenor Mary Anwyl Scholarship was established in 2014. It has provided a master’s scholarship since 2016 for a female student from South Asia, jointly awarded and funded with the School of Oriental and African Studies.

The Goats Indian Scholarship Fund was established in 2013 to fund scholarships for students from India.

18. (Section 2) Analysis of net assets between funds – charity

General fund Designated Restricted Total
(unrestricted) funds funds funds
£’000 £’000 £’000 £’000
Fund balances as at 30th September 2025
are represented by:
Charity assets
Tangible fxed assets 57,691 - - 57,691
Current assets and investments 36,966 18,982 6,029 61,977
Current liabilities (28,553) - - (28,573)
Provision for liabilities and charges (206) - - (206)
Movement in reserves (150) 300 (150) -
Total net assets 65,748 19,282 5,879 90,889

52

Annual Report 2024-25

Balance Income
 Expenditure Gains Transfers Balance
1 Oct and between 30 Sep
2024 losses funds 2025
£’000 £’000 £’000 £’000 £’000 £’000
Charity funds
General fund (unrestricted) 46,741 4,910 (5,571) 712 18,936 65,728
Funds for major repairs (designated) 1,800 - - - 300 2,100
Reserve for future purposes (designated) 32,574 - - 461 (19,086) 13,949
ISH Scholarship Fund (designated) 3,097 114 (22) 44 - 3,233
International Students Trust Fund (restricted) 4,394 97 (33) 40 (150) 4,348
Mary Trevelyan Fund (restricted) 482 10 (27) 4 - 469
Centenary Masters Jean Basell Scholarship - 593 - - - 593
(restricted)
ISH African Students Bursary (restricted) 290 8 (30) 4 - 272
William Ross Murray Scholarship (restricted) 95 2 - 1 - 98
Tara Nirula Arts Scholarship (restricted) 68 2 (14) 1 - 57
Ellenor Mary Anwyl Scholarship (restricted) 44 - (14) 1 - 31
Wahid Butt Donation (restricted) 16 - (14) - - 2
Goats Indian Scholarship Fund (restricted) 9 - - - - 9
Total funds 89,610 5,736 (5,725) 1,268 - 90,889

A description of each of the Charity’s restricted funds is provided on pages 51-52.

19. Total resources expended

19. Total resources expended
Total
2025
£’000
2,624
5,144
7,768
2,435
4,532
6,967
Support
costs
£’000
1,015
3,239
4,254
991
2,615
3,606
Other
direct
costs
£’000
1,609
1,905
3,514
1,444
1,893
3,337
Grants
£’000
-
-
-
-
24
24
2025
Raising funds
Charitable resources
Total resources expended
2024
Raising funds
Charitable activities
Total resources expended

Bursaries and grants paid are allocated on the basis of need and merit, after careful consideration of applications received with reference to the allocation terms of the various funds.

53

International Students House

Cost allocations includes an element of judgment and the Charity has had to consider the cost benefit of detailed calculations and record keeping. Direct overheads including payroll are allocated within other costs above. Indirect costs have been allocated on the basis of the table below.

Support costs and basis of allocation:
Nature of cost
Staf payroll and on costs
Premises and utilities
Administration and other overheads
Total support costs
Allocation basis
Estimated time spent
Floor area
Sales income		 2025
£’000
1,432
1,599
1,203
4,234		 2024
£’000
1,403
1,440
763
3,606

54

Annual Report 2024-25

20. Pension schemes

Pension arrangements for staff of International Students House are based on final salary benefit schemes with the University Superannuation Scheme (USS) Ltd for two senior members of staff and the Superannuation Arrangements of the University of London (SAUL) for other staff.

Universities Superannuation Scheme (USS)

Significant accounting policies

The Charity participates in the USS scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set.

The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis.

As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme and the deficit recovery contributions payable under the scheme’s Recovery Plan.

Where a scheme valuation determines that the scheme is in deficit on a technical provision’s basis (as was the case following the 2020 valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit.

The institution recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. Further disclosures relating to the deficit recovery liability can be found in this note.

Critical accounting judgements

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer.

A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as UAS.

The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit, results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with the resulting expense charged through the Income and Expenditure Statement in accordance with section 28 of FRS 102.

Key sources of estimation uncertainty

At 30 September 2025, ISH’s balance sheet included a liability of £73,460 for future contributions payable under the deficit recovery agreement which was concluded on 30 September 2021, following the 2020 valuation when the scheme was in deficit.

No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the institution was no longer required to make deficit recovery contributions. Further disclosures relating to the deficit recovery liability can be found in the next section of this note.

Deficit recovery liability

The total cost charged to the Income and Expenditure statement for the year ending 30 September 2025 was £31,477 (2023-24: £49,904). The deficit recovery contributions due within one year for the institution is £73,460 (2023-24: £67,493). This amount has been reflected in the financial statements above under other creditors.

55

International Students House

A deficit recovery plan was put in place as part of the 2020 valuation. It required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. As set out in this note, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provision’s basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the Income and Expenditure statement.

The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles (uss.co.uk/about-us/valuation-and-funding/ statement-of- funding-principles) .

Price inflation – Consumer Prices Index (CPI)

Discount rate

Fixed interest gilt yield curve plus:

Pension increases (subject to a floor of 0%). Benefits with no cap: CPI assumption plus 3bps Benefits subject to a ‘soft cap’ of 5% (providing inflationary increases up to 5% and half of any excess inflation over 5% up to a maximum of 10%). CPI assumption minus 3bps.

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

Mortality base table

101% of S2PMA “light” for males and 95% of S3PFA for females.

Future improvements to mortality

CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females.

The current life expectancies on retirement at age 65 are:

2025 2024
Males currently aged 65 (years) 23.8 23.7
Females currently aged 65 (years) 25.5 25.4
Males currently aged 45 (years) 25.7 25.6
Females currently aged 45 (years) 27.2 27.2

3.0% p.a (based on a long-term average expected level of CPI, broadly consistent with long-term expectations).

RPI/CPI gap

1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030.

56

Annual Report 2024-25

Superannuation Arrangements of the University of London (SAUL)

ISH participates in the SAUL, which is a centralised defined benefit scheme within the United Kingdom and was contracted out of the Second State Pension (prior to April 2016).

SAUL is an independently managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education. Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings (CARE) basis.

ISH is not expected to be liable to SAUL for any other current participating employer’s obligations under the Rules of SAUL, but in the event of an insolvency of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.

Funding policy

SAUL’s statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL’s benefits as they fall due (“Technical Provisions”). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members’ accrued pension rights to be met. The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

and new accrual of benefits, are carried out between formal valuations.

The funding principles were agreed by the Trustee and employers in June 2024 and will be reviewed again at SAUL’s next formal valuation in 2026. At the 31 March 2023 valuation, SAUL was 105% funded on its Technical Provisions basis. As SAUL was in surplus on its Technical Provision basis, no deficit contributions were required. The Trustee and the Employers agreed that the ongoing Employers’ contributions will fall from a rate of 21% of CARE Salaries to 19% of CARE Salaries from 1 September 2024.

Accounting policy

ISH is a Participating Employer in SAUL. The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of SAUL’s assets at 31 March 2023 was £3,096 million representing 105% of the liabilities.

It is not possible to identify an individual Employer’s share of the underlying assets and liabilities of SAUL. ISH accounts for its participation as if it were a defined contribution scheme. Pension costs are based on the amounts actually paid (cash amounts) in accordance with paragraphs 28.11 of FRS 102.

As there was a Technical Provisions surplus at 31 March 2023, no deficit contributions were required following the 2023 valuation and there is no defined benefit liability (the present value of any deficit contributions due to SAUL) to be recognised by ISH.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2023. Informal reviews of SAUL’s position, reflecting changes in market conditions, cash flow information

57

International Students House

21. Subsidiaries

The Charity’s trading subsidiary, Park Crescent Conference Centre Limited, which is wholly owned and registered in England and Wales, was activated during 2005-06. The Charity holds 100% of the ordinary share capital of the company which is £1.

Its principal activity is the supply of conference, bar and related facilities and services to residents, clients and patrons.

Results for the year ended 30 September 2025 were as follows:

2025 2024
£
2,456,304
(308,180)
2,148,124
(1,810,638)
337,486
337,487
1
337,486
337,487
Proft and loss account
Turnover
Costs of sales
Gross proft
Administrative expenses
Proft for the year
Balance sheet
Net assets
Share capital
Retained proft
Total shareholders’ funds		 £
2,389,376
(286,115)
2,103,261
(2,036,743)
66,518
66,519
1
66,518
66,519

During the year Park Crescent Conference Centre Limited made a surplus of £66,518 (2023-24: £337,486); this amount will be paid as a distribution in 2025-26 to ISH.

22. Related parties

ISH is connected with two other charities; the Toyota-Shi Trevelyan Trust of which Lord Nicholas Bourne is the Chair. Shami Nathoo is the Company Secretary of both these charities.

There were no transactions with these parties during the year (2023-24: nil).

Amounts owed by connected trusts at the year-end are disclosed in note 14.

58

Annual Report 2024-25

23. Operating lease commitments

At 30 September 2025, ISH had outstanding commitments for future minimum lease payments under non-cancellable operating lease.

2025 2024
£
54,883
80,107
134,990
Ofce equipment
Due within one year
Due between two to fve years		 £
44,054
87,224
131,278

24. Capital commitments

At 30 September 2025, the group had capital commitments for fixtures and fittings and equipment (fire strategy remedial works and IT upgrades) of £283k (2023-24: £438k). A further £8,200k was expended between October 2025 and January 2026 on the construction costs at 238 Kennington Lane.

25. Taxation

ISH is a registered charity and as such its income and gains falling within s505 ICTA 88 or s256 TCGA 92 are exempt from corporation tax to the extent that they are applied to its charitable objectives. Its subsidiary Park Crescent Conference Centre Limited has not incurred a tax charge, as it has donated the surpluses it has achieved in the last few financial years to ISH.

26. Future commitments

ISH entered into a Development Funding Agreement with HGL Kennington Limited (Company Registration no. 15003450) in relation to the development of a student accommodation property at 238 Kennington Lane, London with a maximum commitment of £34.6m for the project. The construction of the property was completed in January 2026. A charge on the Charity’s investment portfolio was taken by HSBC UK on 22 January 2024 for the provision of a Lombard facility to fund the development of the property. The Lombard facility will be repaid as part of the long term refinancing strategy of ISH.

59

International Students House

International Students House

229 Great Portland Street, London, W1W 5PN +44 (0) 207 631 8300

ish.org.uk @ishlondon

60

ISH Annual Report 2024-25 Final 09.06.26 to June Board

Final Audit Report

2026-06-26

Created: 2026-06-19 By: Shami Nathoo (s.nathoo@ish.org.uk) Status: Signed Transaction ID: CBJCHBCAABAA6xTrCjk7YrU-Sl-pTSuu-5S-MvmjPpsy

"ISH Annual Report 2024-25 Final 09.06.26 to June Board" Histo

ry

Document created by Shami Nathoo (s.nathoo@ish.org.uk)

2026-06-19 - 3:54:35 PM GMT

Document emailed to aeariffin@gmail.com for signature

2026-06-19 - 3:54:48 PM GMT

Email viewed by aeariffin@gmail.com

2026-06-19 - 11:58:23 PM GMT

Email viewed by aeariffin@gmail.com

2026-06-22 - 0:31:08 AM GMT

Signer aeariffin@gmail.com entered name at signing as Azlinda Ariffin-Boromand 2026-06-22 - 12:13:34 PM GMT

Document e-signed by Azlinda Ariffin-Boromand (aeariffin@gmail.com)

Signature Date: 2026-06-22 - 12:13:36 PM GMT - Time Source: server - Signature Appearance Selected: TYPE

Document emailed to nickbourne1@hotmail.co.uk for signature

2026-06-22 - 12:13:41 PM GMT

Email viewed by nickbourne1@hotmail.co.uk

2026-06-22 - 12:22:01 PM GMT

Signer nickbourne1@hotmail.co.uk entered name at signing as Nicholas Bourne 2026-06-22 - 12:23:42 PM GMT

Document e-signed by Nicholas Bourne (nickbourne1@hotmail.co.uk)

Signature Date: 2026-06-22 - 12:23:44 PM GMT - Time Source: server - Signature Appearance Selected: MOBILE_DRAW

Document emailed to nfinlayson@mks.co.uk for signature

2026-06-22 - 12:23:49 PM GMT

Email viewed by nfinlayson@mks.co.uk

2026-06-26 - 11:35:58 AM GMT

Signer nfinlayson@mks.co.uk entered name at signing as Moore Kingston Smith LLP 2026-06-26 - 11:36:23 AM GMT

Document e-signed by Moore Kingston Smith LLP (nfinlayson@mks.co.uk) Signature Date: 2026-06-26 - 11:36:25 AM GMT - Time Source: server - Signature Appearance Selected: TYPE

Agreement completed.

2026-06-26 - 11:36:25 AM GMT