REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
Chiltern Student Villages Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
Chiltern Student Villages Limited |
Chiltern Student Villages Limited |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Report of the Trustees | 1 | to | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 12 |
Chiltern Student Villages Limited (Registered number: 04651699) |
Report of the Trustees |
for the Year Ended 31 July 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
Chiltern Student Villages Limited was formed by Buckinghamshire New University, Operon and Bank of Scotland plc for the purposes of developing and operating new housing accommodation and amenities for students of Buckinghamshire New University. Chiltern Student Villages Limited's activities are intended for the benefit primarily of students studying at Buckinghamshire New University, but also potentially students of other educational institutions and others in need of housing who are attending educational courses or events, and further to benefit the community by providing housing accommodation and associated amenities to persons in necessitous circumstances upon terms appropriate to their means. |
On 31 July 2008, Chiltern Student Villages Limited entered into agreements over undeveloped brownfield land at Hughenden Park in High Wycombe develop halls of residence and then enter occupancy arrangements with Buckinghamshire New University. Chiltern Student Villages Limited granted a sub-lease of the halls to Operon Student Villages Limited who in turn granted a sub under-lease back to Chiltern Student Villages Limited. |
On 15 March 2017 Chiltern Student Villages Limited entered into a transaction (the "Transaction") with one of Aviva plc's property funds and Buckinghamshire New University, whereby a 117 year lease of the halls was granted to the Aviva property fund, albeit that this is expected to last only 30 years by all parties. The charitable objects of Chiltern Student Villages Limited remained unchanged as a result of the Transaction. |
Activities |
In the operating year, the Charity transferred the surplus land at Hughenden Park back to the University (in October 2023) for its continued development of the student halls on that Site, to allow the original proposals for a completed quadrangle of accommodation to be completed. The Charity received additional funding from this transfer to continue its pursuit of its charitable aims and objectives in the area. These funds were subsequently used to buy land in the centre of High Wycome to the north of the Eden Shopping Centre (April 2024). |
Public benefit |
The Charity benefits the wider community by assisting Buckinghamshire New University in its educational objectives and by assisting students within High Wycombe more generally with the financial hardship of housing in the area. The Charity aims to provide first class accommodation facilities which helps to attract students to Buckinghamshire New University and High Wycombe more generally. In planning the objectives and activities of the Charity, the Trustees have had due regard to the guidance on public benefit published by the Charity Commission. |
FINANCIAL REVIEW |
Financial position |
The Charitable Company has made a deficit of £20 (2021: £9,393). |
Investment policy and objectives |
The Charitable Company will only invest reserve cash in bank deposits |
Chiltern Student Villages Limited (Registered number: 04651699) |
Report of the Trustees |
for the Year Ended 31 July 2024 |
FINANCIAL REVIEW |
Reserves policy |
If reserves arise, the Charitable Company will set these aside to meet any costs that might arise at the end of the expected 30 year transaction with one of Aviva plc's property funds, or to be applied more generally to furthering the agreed objects of the Charity over time. |
Going concern |
When the Transaction was entered into on 15 March 2017, Chiltern Student Villages Limited was provided with sufficient funds to continue to operate for the foreseeable future. |
FUTURE PLANS |
The Charitable Company plans to undertake the following activities: |
For the expected 30-year duration of the Transaction, Chiltern Student Villages Limited holds certain contractual rights as Aviva's Landlord. In particular, its continued involvement in the Transaction could assist it to support, aid and assist the activities of the University as set out in its objects. |
Following the expiry of the expected 30-year duration of the Transaction, Aviva's lease from Chiltern Student Villages Limited is expected to terminate leaving the Charitable Company with the residue of its headlease interest which would be expected to be a valuable asset which, again, could continue to be used consistently with its objects. |
In addition to the land leased to Aviva, Chiltern Student Villages Limited has purchased the dance studio to the north of the Eden Shopping Centre and adjacent to the Bucks New Uni Brook Street Halls of Residence. The Charity is considering the redevelopment of this land for further student accommodation and is in discussion with local planners and the University about various options for the Site and its wider use. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Chiltern Student Villages Limited is a company limited by guarantee, incorporated on 29 January 2003, governed by its Memorandum and Articles of Association. It is a charity registered with the Charity Commission on 5 June 2008. |
Charity constitution |
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: |
Mr J B Fox |
Ms J Gareze |
Simon Paul Anderson |
Paul Morgan |
David J Plummer |
Nicola J O'Rourke |
Chiltern Student Villages Limited (Registered number: 04651699) |
Report of the Trustees |
for the Year Ended 31 July 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Appointment of new trustees |
Each of the members of the Charitable Company is entitled to nominate two directors as charity trustees, and to remove such trustees and nominate replacements at any time (upon providing notice to the other members and to the company in accordance with the Articles). A member's right to nominate and replace trustees shall automatically come to an end when that member ceases to be a member of the Charitable Company. A trustee's appointment may also cease automatically upon the happening of certain events as set out in the Articles. The trustees are entitled to appoint and remove further trustees by unanimous resolution. Trustees are not obliged to retire by rotation. None of the trustees has any beneficial interest in the Charitable Company. |
Organisational structure |
The Board of trustees meets at least annually and makes all decisions on behalf of the Charitable Company. There is a sub-committee covering finance and audit that meets when required. |
The members of the Charitable Company guarantee to contribute £1 in the event of a winding up. |
Related parties |
Mr P Morgan and Mr S Anderson were appointed on 14th July 2023, and boht work for and are representatives of Buckinghamshire New University. |
Mr. J Fox is a director of UK Structured Finance Limited. Mrs N O'Rourke was appointed by UK Structured Finance to join him on the Board on 14th July 2023. |
Mrs J Gareze is a director of JG Accounting & Tax Services Ltd. Mr D Plummer was appointed by JG Accounting & Tax Services to join her on the Board on 14th July 2023. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Approved by order of the board of trustees on |
Chiltern Student Villages Limited (Registered number: 04651699) |
Report of the Trustees |
for the Year Ended 31 July 2024 |
Chiltern Student Villages Limited |
Statement of Financial Activities |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 9,581 |
Chiltern Student Villages Limited (Registered number: 04651699) |
Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 9,581 |
TOTAL FUNDS | 9,581 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Chiltern Student Villages Limited (Registered number: 04651699) |
Balance Sheet - continued |
31 July 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Chiltern Student Villages Limited |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Chiltern Student Villages Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | SUPPORT COSTS |
Governance |
Finance | costs | Totals |
£ | £ | £ |
Governance Costs | 168 | 1,266,428 | 1,266,596 |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.7.24 | 31.7.23 |
£ | £ |
Surplus on disposal of fixed assets | ( |
) |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD |
9,581 |
Chiltern Student Villages Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
6. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
Additions |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Accruals and deferred income |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.8.23 | in funds | 31.7.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 9,581 | 433,298 | 442,879 |
TOTAL FUNDS | 433,298 | 442,879 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,700,000 | (1,266,702 | ) | 433,298 |
TOTAL FUNDS | ( |
) | 433,298 |
Chiltern Student Villages Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
8. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.8.22 | in funds | 31.7.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 481,098 | (471,517 | ) | 9,581 |
TOTAL FUNDS | 481,098 | (471,517 | ) | 9,581 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1 | (471,518 | ) | (471,517 | ) |
TOTAL FUNDS | 1 | (471,518 | ) | (471,517 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.8.22 | in funds | 31.7.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 481,098 | (38,219 | ) | 442,879 |
TOTAL FUNDS | 481,098 | (38,219 | ) | 442,879 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,700,001 | (1,738,220 | ) | (38,219 | ) |
TOTAL FUNDS | 1,700,001 | (1,738,220 | ) | (38,219 | ) |
Chiltern Student Villages Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
9. | RELATED PARTY DISCLOSURES |