UOE DEACONESS LIMITED

Company Registration Number:
07773697 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

UOE DEACONESS LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

UOE DEACONESS LIMITED

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Principal activities of the company

Investing in and operating Student Accommodation property

Political and charitable donations

The full economic benefit of the University Group investment will flow to the University of Edinburgh Endowment & Investment Fund as return on the investment property and the full amount of any Gift Aid payment will be retained by the University of Edinburgh.



Directors

The directors shown below have held office during the whole of the period from
1 August 2023 to 31 July 2024

Lee Hamill
Martin Mulube
Carina Svensen


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
19 December 2024

And signed on behalf of the board by:
Name: Lee Hamill
Status: Director

UOE DEACONESS LIMITED

Profit And Loss Account

for the Period Ended 31 July 2024

2024 2023


£

£
Turnover: 2,020,530 1,924,314
Gross profit(or loss): 2,020,530 1,924,314
Administrative expenses: ( 19,132 ) ( 14,566 )
Operating profit(or loss): 2,001,398 1,909,748
Interest payable and similar charges: ( 925,000 ) ( 11,675,000 )
Profit(or loss) before tax: 1,076,398 (9,765,252)
Profit(or loss) for the financial year: 1,076,398 (9,765,252)

UOE DEACONESS LIMITED

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Investments: 3 39,100,000 40,025,000
Total fixed assets: 39,100,000 40,025,000
Current assets
Cash at bank and in hand: 2,917,040 2,823,089
Total current assets: 2,917,040 2,823,089
Net current assets (liabilities): 2,917,040 2,823,089
Total assets less current liabilities: 42,017,040 42,848,089
Creditors: amounts falling due after more than one year: 4 ( 214,792 ) ( 212,491 )
Total net assets (liabilities): 41,802,248 42,635,598
Capital and reserves
Called up share capital: 22,821,322 22,821,322
Profit and loss account: 18,980,926 19,814,276
Total Shareholders' funds: 41,802,248 42,635,598

The notes form part of these financial statements

UOE DEACONESS LIMITED

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 19 December 2024
and signed on behalf of the board by:

Name: Lee Hamill
Status: Director

The notes form part of these financial statements

UOE DEACONESS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Depreciation is charged on a straight line basis over the expected useful life

    Valuation information and policy

    Estimation of fair values of investment property Under the requirement of FRS 102 – Chapter 16 – Investment Property, a valuation of the heritable property Deaconess House, 142-148 Pleasance, Edinburgh was undertaken by an external valuer, Gerald Eve LLP, a regulated firm of Chartered Surveyors, as at 31 July 2024 and has been reflected in these financial statements. The Valuation was established on the basis of Fair Value. The valuation was prepared in accordance with the requirements of the RICS Valuation – Global Standards 2022 of the Royal Institution of Chartered Surveyors (RICS) and FRS 102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. In assessing the fair value of the property, the valuers followed the investment method of valuation, applying a yield of 5.0% to the rent expected to be achieved at the annual increase in September 2024. This yield reflects the valuers opinion that demand for this type of investment is strong. The key assumptions are the yield and estimated future rental income. The adopted yield is based on current market prices, depending on, inter alia, the length of the lease, security of the tenancy and frequency of rent reviews. Estimated future income is calculated using a number of factors which include market comparatives. Whilst there is market evidence for these inputs, and recent transaction prices for similar properties, there is still a significant element of estimation and judgement. A change in market demand as a result of worsening economic conditions or an increase in interest rates may reduce this valuation. The major inputs to the external valuation were reviewed and accepted by management who considered the security of the income from the property given its annual RPI linked rent review with a collar of 1%.

UOE DEACONESS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

UOE DEACONESS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Fixed assets investments note

INVESTMENT PROPERTY The property was completed on 6 September 2014 and transferred from construction in progress to investment property at that date. Gerald Eve LLP valued the property at £39,100,000 as at 31 July 2024 (2023: £40,025,000), a loss of £925,000 on revaluation.

UOE DEACONESS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 214,792 212,491
Total 214,792 212,491