Inter-Cultural Youth Exchange (ICYE-UK) Ltd
(A Company Limited by Guarantee)
Company No. 04012492 Charity No. 1081907
Report and financial statements For the year ended
30 June 2022
Inter-Cultural Youth Exchange (ICYE-UK) Ltd
Report and financial statements
For the year ended 30 June 2022
| Contents | Page |
|---|---|
| Reference and administrative information | 1 |
| Trustees’ annual report | 2 - 4 |
| Independent examiners' report | 5 |
| Statement of financial activities | 6 |
| (incorporating an income and expenditure account) | |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
Inter-Cultural Youth Exchange (ICYE-UK) Ltd
Reference and administrative information
For the year ended 30 June 2022
| Trustees: | Araceli Higueras Barbarin(Chair appointed 19 November 2022) |
|---|---|
| Edmund John McGuinness (Chair resigned 19 November 2022) | |
| Meike Imberg (Chair resigned 20 November 2021) | |
| Eleanor Cusack (resigned 20 November 2021) | |
| Tatjana Daum(appointed 21 November 2020) | |
| Keith Donnelly(appointed 20 November 2021) | |
| Franziska Glas(appointed 21 November 2020) | |
| Ronan McHugh(appointed 13 September 2021) | |
| Ines Newman(appointed 20 November 2021) | |
| Chioma Michelle Okwudiafor (resigned 20 November 2021) | |
| Allan Russell Taylor(appointed 21 November 2020) | |
| Company number: | 04012492 |
| Charity number: | 1081907 |
| Registered office: | Latin American House, |
| Kingsgate Place | |
| London | |
| NW6 4TA | |
| Auditors: | Goldwins Limited |
| 75 Maygrove Road | |
| West Hampstead | |
| London NW6 2EG | |
| www.goldwins.co.uk | |
| Bankers | HSBC |
| 50-52 Kilburn High Road | |
| London | |
| NW6 4HJ |
Page | 1
Inter-Cultural Youth Exchange (ICYE-UK) Ltd
Trustees’ annual report
For the year ended 30 June 2022
The trustees, who are also directors under company law, present their report and financial statements for the year ended 30 June 2022.
The trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Objectives and activities
The charity has a vision of a world where the sharing of cultures and ideas is embraced, celebrated and lived. The charity works in partnership with an international network of locally managed ICYE organisations and partners to provide supported international volunteer opportunities which benefit the participants and the local communities; encourage young people from around the world to live, learn and work together; and engage members in the on-going development of the organisation.
The Trustees confirm that they have complied with the duty to have due regard to the Charity Commission’s general guidance on public benefit. The Trustees have also paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The scope and level of our activity level in 2021-22 was still impacted by the COVID-19 pandemic. We have not been able to send anyone overseas (2020-21, 1 person). Our hosting programme has begun to recover and we hosted 38 people (2020-21, 24 people). The majority of people taking part in our hosting programme continue to come from Germany. Although it has not yet gone back to pre-pandemic levels, the range of countries we could arrange exchanges with has however increased to 12 (2020-21, 5 countries).
For 2022-23 we are maintaining a focus on our hosting programme and expect only minimal or no activity on our sending programmes. We are aiming to stay connected with the volunteering market and engage those wanting to take part in exchanges abroad with the aim to restart our sending programme. We are seeing a slight increase in the number of people taking part in our hosting programme for 2022-23 and we are also expecting to be able to arrange exchanges with more countries. However we no longer have access to the EU programmes in 2022-23 due to Brexit so overall number of exchanges are expected to be at lower levels than pre-pandemic. Early indications for 2022-23 predict a break even result for the year with expected increased expenditure.
Financial Review:
Income for the year increased slightly to £121,539 (£114,051 in 2020-21). There was an increase in expenditure largely due to the increase in programme activities for the year. Support was received at the start of the year from the Job Retention Scheme to enable salary costs for furloughed staff to be covered. The overall result is a surplus for the year.
There was an unrestricted funds surplus for the year of £2,549 (2020-21 Surplus £15,819) which resulted in an overall surplus of £3520 (2020-21 Surplus £17,227) with fund raising activities of £971 (2020-21 £1,408)
It is the policy of the organisation that funds which have not been designated for a specific use should be maintained at a level equivalent to at least twelve months fixed administration costs. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. Current reserves are at the required level.
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Inter-Cultural Youth Exchange (ICYE-UK) Ltd
Trustees’ annual report
For the year ended 30 June 2022
The Trustees have assessed the major risks to which the organisation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The continuing impact of the pandemic and the consequences of Brexit, in terms of visas and access to financial grants have been carefully considered.
Structure, governance and management
The organisation is a company limited by guarantee (No. 04012492) and is a registered charity (No.1081907). None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up of the company.
The Trustees are appointed at the AGM as a result of having previously been on an exchange programme or for their particular knowledge or skills.
The company is a member of International Cultural Youth Exchange Federation which is based in Germany and follows their policies and procedures. The company pays fees to that organisation based on the number of exchanges in each year.
Statement of responsibilities of the trustees
The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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● Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees 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. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Inter-Cultural Youth Exchange (ICYE-UK) Ltd
Trustees’ annual report
For the year ended 30 June 2022
Statement as to disclosure to our independent examiners
In so far as the trustees are aware:
-
There is no relevant information of which the charitable company’s independent examiners are unaware; and
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The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiners are aware of that information.
The trustees’ annual report has been approved by the trustees on …6th March 2023……….
and signed on their behalf by;
…………………………………….
A HIGUERAS BARBARIN (Chair)
Trustee
Page | 4
Independent examiners’ report
To the trustees of Inter-Cultural Youth Exchange (ICYE-UK) Ltd
For the year ended 30 June 2022
I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2022.
Responsibilities and basis of report
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
16 March 2023
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INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Statement of financial activities
(incorporating an income and expenditure account)
For the year ended 30 June 2022
----- Start of picture text -----
2022 2021
Unrestricted Restricted Total Total
Note £ £ £ £
Income from:
Donations 3 971 971 1,408
Charitable activities 4 119,220 - 119,220 101,689
Investment income 5 2 - 2 3
Other income 5a 1,346 1,346 10,951
Total income 121,539 - 121,539 114,051
Expenditure on:
Charitable activities 6 118,019 118,019 96,824
-
Total expenditure 118,019 118,019 96,824
Net income / (expenditure) for the year 7 3,520 - 3,520 17,227
Transfers between funds - - - -
Net movement in funds 3,520 - 3,520 17,227
Reconciliation of funds:
-
Total funds brought forward 75,913 75,913 58,686
Total funds carried forward 79,433 - 79,433 75,913
----- End of picture text -----
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
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INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Balance sheet As at 30 June 2022
| Note Current assets: 10 Liabilities: 11 13 Total unrestricted funds General funds Total funds Unrestricted funds: Restricted funds Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Debtors Funds |
2022 £ 67,517 26,899 94,416 14,983 79,433 |
2022 79,433 - 79,433 79,433 |
2021 52,658 38,023 90,681 14,768 75,913 |
2021 £ 75,913 - 75,913 75,913 |
|---|---|---|---|---|
For the year ending 30 June 2022 the company was entitled to exemption from audit 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 trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
The financial statements have been prepared in accordance with the special provisions for small companies under Part15 of the Companies Act 2006.
Approved by the trustees on 6th March 2023 and signed on their behalf by:
| Trustee A Higueras Barbarin and signed on their behalf by: |
A TAYLOR Trustee |
|---|---|
Company registration no. 04012492
The attached notes form part of the financial statements.
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INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2022
1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Companies Act 2006.
The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
b) Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
d) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
e) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
f) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs.
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● Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
g) Allocation of support costs
- Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.
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INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2022
1 Accounting policies (continued)
h) Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Fixtures and fittings 20% Computer equipment 33%
i) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
j) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
k) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
l) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements
For the year ended 30 June 2022
2 Detailed comparatives for the statement of financial activities
| Income from: Donations and legacies Charitable activities Investments Other income Total income Expenditure on: Charitable activities Total expenditure Net income / expenditure Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward 3 Income from donations Donations 4 Income from charitable activities Participation funding Grants receivable Total income from charitable activities |
£ 971 971 Unrestricted £ 72,777 46,443 119,220 Unrestricted |
2021 £ 1,408 101,689 3 10,951 114,051 96,824 96,824 17,227 - 17,227 58,686 75,913 £ - - £ - - - Restricted Restricted Unrestricted |
2021 £ - - - - - - - - - - 2022 Total £ 971 971 2022 Total £ 72,777 46,443 119,220 Restricted |
2021 Total £ 1,408 101,689 3 10,951 114,051 96,824 96,824 17,227 - 17,227 58,686 75,913 2021 Total £ 1,408 1,408 2021 Total £ 53,002 48,687 101,689 |
|---|---|---|---|---|
Grants receivable comprise funds received from Erasmus +programme through its agent British Council and ECORYS.
5 Income from investments
| Bank interest Other Income - Job Retention Scheme Job Retention Scheme |
Unrestricted £ 2 2 Unrestricted £ 1,346 1,346 |
£ - - £ - - Restricted Restricted |
2022 Total £ 2 2 2022 Total £ 1,346 1,346 |
2021 Total £ 3 3 2021 Total £ 10,651 10,651 |
|---|---|---|---|---|
5a Other Income - Job Retention Scheme
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INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements
For the year ended 30 June 2022
6 Analysis of expenditure
| Basis of allocation Staff costs Direct Outgoing exchangee costs Direct incoming exchangee costs Direct Staff Travel and training costs Direct Printing postage and stationery Direct Telephone Direct Advertising Direct International ICYE fees Direct Rent Direct Sundry expenses Direct Insurance Direct Bank charges Direct Independent examiner’s fees Direct Support costs Governance costs Total expenditure |
Charitable activities £ 57,002 - 38,853 - - - - - - - - - - 95,855 20,664 1,500 118,019 |
Support costs £ - - - - - 350 - 7,233 10,920 1,121 897 143 - 20,664 (20,664) - - |
Governance costs £ - - - - - - - - - - - - 1,500 1,500 - (1,500) - |
2022 Total £ 57,002 - 38,853 - - 350 - 7,233 10,920 1,121 897 143 1,500 118,019 - - 118,019 |
2021 Total £ 55,806 24 21,586 - - 360 - 2,389 10,920 3,417 732 90 1,500 96,824 - - 96,824 |
|---|---|---|---|---|---|
Of the total expenditure, £118,019 was unrestricted (2021: £96,824) and £0 was restricted (2021: £0).
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INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2022
7 Net income / (expenditure) for the year
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||||
|---|---|---|
|This is stated after charging / (crediting):|2022|2021|
|£|£|
|Independent examiner's fees|1,500|1,500|
----- End of picture text -----
8 Analysis of staff costs, trustee remuneration and expens
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|---|---|---|
|Staff costs were as follows:|2022|2021|
|£|£|
|Salaries and wages|54,718|53,600|
|Social security costs|1,017|972|
|Employer’s contribution to defined contribution pension schemes|1,267|1,234|
|57,002|55,806|
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The were no employees who received employee benefits (excluding employer pension) of £60,000 or more (2021: Nil).
The total employee benefits including pension contributions of the key management personnel were £28,501 (2021: £27,893).
The charity trustees were not paid or received any other benefits in the year (2021: £nil). They were reimbursed £0 travel expenses during the year (2021: £nil). One charity trustee received payment for professional or other services supplied to the charity of £420 (2021: £360).
Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as follows:
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||||
|---|---|---|
|2022|2021|
|No.|No.|
|Charitable activities|1|1|
|Support|1|1|
|2|2|
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9 Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
10 Debtors
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||||
|---|---|---|
|2022|2021|
|£|£|
|Other debtors|67,517|52,658|
|-|-|
|Prepayments|
|67,517|52,658|
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INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2022
11 Creditors: amounts falling due within one year
| Other creditors Taxation and social security Accruals |
2022 £ 2,220 981 11,782 14,983 |
2021 £ 2,807 869 11,092 14,768 |
|---|---|---|
12 Pension scheme
The pension scheme is provided through Nest Pensions (Government approved scheme).
13 Analysis of net assets between funds 2022
| Net current assets Net assets at the end of the year Analysis of net assets between funds 2021 Net current assets Net assets at the end of the year |
General unrestricted £ 79,433 79,433 General unrestricted £ 75,913 75,913 |
Restricted £ - - Restricted £ - - |
Total funds £ 79,433 79,433 Total funds £ 75,913 75,913 |
|---|---|---|---|
14 Legal status of the charity
The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.
15 Related party transactions
The company is linked to and follows the policies of the International Cultural Youth Exchange which is based in Germany. The company pays fees to that organisation based on the number of exchanges in each year. The fees for the year were £7,233 (2021: £2,389). Other debtors include £33,513 due from that organisation (2021: £ 32,276)
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