# **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 2023**
**Inter-Cultural Youth Exchange (ICYE-UK) Ltd**
## **Report and financial statements**
## **For the year ended 30 June 2023**
|**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 2023**
|**Trustees:**
**Company number:**
**Charity number:**
**Registered office:**
**Auditors:**
**Bankers**|**Keith Donnelly**(Chair appointed 25 November 2023)
Araceli Higueras Barbarin (Chair appointed 19 November 2022, resigned 25 November
2023)
Edmund John McGuinness (Chair resigned 19 November 2022)
Tatjana Daum (resigned 5 December 2023)
**Oliver Flor**(appointed 6 March 2023)
**Franziska Glas**
**Giovanni Mastroianni**(appointed 6 June 2023)
Ronan McHugh (resigned 25 November 2023)
**Ines Newman**
**Nidhi Mahendrabhai Patel**(appointed 25 November 2023
**Maiedha Raza**(appointed 6 March 2023)
**Allan Russell Taylor**
04012492
1081907
Latin American House,
Kingsgate Place
London
NW6 4TA
Goldwins Limited
75 Maygrove Road
West Hampstead
London NW6 2EG
www.goldwins.co.uk
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 2023**
The trustees, who are also directors under company law, present their report and financial statements for the year ended 30 June 2023.
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 activities for 2022-23 were focused on the hosting programme and levels have been returning to prepandemic We hosted 45 people in the UK (2021-22, 38 people). We were able to arrange exchanges with 11 countries which, although less than the previous year (2021-22 12 countries), has been considered as successful considering that we no longer had access to the EU funded programmes. Although we have not been able to send anyone overseas again in 2022-23, there has been preliminary research with the aim to re-start the sending programme.
For 2023-24 we are maintaining a focus on our hosting programme, with the aim to keep activities at a similar level. We are also re-developing our sending programme and have started to promote opportunities with the aim of sending volunteers for 2024-25. Due to the increased resources and staff allocated to the re-starting the sending programmes, in addition to increased costs across all our activities, we are expecting a deficit for 2023-24 and then break-even point for 2024-25.
## **Financial Review:**
Income for the year decreased slightly to £110,001 (£121,539 in 2021-22). There was a corresponding minimal decrease in expenditure with programme activities levels being largely comparable to the previous year. There was an increase in fundraising activities with donation income of £3,792 (£971 in 2021-22). The overall result is a surplus for the year of £2,840 (202 1 -2 2 Surplus £3, 52 0)
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.
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 continuing consequences of Brexit, in terms of visas and access to financial grants have been carefully considered.
Page | 2
**Inter-Cultural Youth Exchange (ICYE-UK) Ltd**
## **Trustees’ annual report**
## **For the year ended 30 June 2023**
## **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. There is also the option to co-opt trustees onto the board between AGMs on the same basis.
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:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- 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
- ● 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.
Page | 3
**Inter-Cultural Youth Exchange (ICYE-UK) Ltd**
## **Trustees’ annual report**
## **For the year ended 30 June 2023**
## **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
- 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 ……….………. 22.03.2024
and signed on their behalf by;
…………………………………….
## **K DONNELLY (Chair) Trustee**
Page | 4
**Independent examiners’ report**
## **To the trustees of Inter-Cultural Youth Exchange (ICYE-UK) Ltd**
## **For the year ended 30 June 2023**
I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2023.
## **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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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
## **22 March 2024**
Page | 5
## **INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Statement of financial activities**
(incorporating an income and expenditure account)
## **For the year ended 30 June 2023**
|||||**2023**|2022|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|Total|
|||**funds**|**funds**|**funds**|funds|
||**Note**|**£**|**£**|**£**|£|
|**Income from:**||||||
|Donations|**3**|3,792|-|**3,792**|971|
|Charitable activities|**4**|106,201|-|**106,201**|119,220|
|Investment income|**5**|8|-|**8**|2|
|Other income|**5a**|-|-|**-**|1,346|
|**Total income**||**110,001**|**-**|**110,001**|121,539|
|**Expenditure on:**||||||
|Charitable activities|**6**|107,161||**107,161**|118,019|
|**Total expenditure**||**107,161**|**-**|**107,161**|118,019|
|**Net income / (expenditure) for the year**||**2,840**|**-**|**2,840**|3,520|
|**Net movement in funds**||2,840|-|**2,840**|3,520|
|**Reconciliation of funds:**||||||
|Total funds brought forward||79,433|-|**79,433**|75,913|
|**Total funds carried forward**|**13**|**82,273**|**-**|**82,273**|79,433|
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.
Page | 6
**INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Balance sheet**
## **As at 30 June 2023**
|**2023**
**Note**
**£**
**Current assets:**
**10**
**86,117**
**12,032**
**98,149**
**Liabilities:**
**11**
**15,876**
**13**
**82,273**
Total unrestricted funds
Cash at bank and in hand
Creditors: amounts falling due within one year
**Net current assets**
Debtors
**Funds**
General funds
**Total funds**
Unrestricted funds:|**2023**
**Note**
**£**
**Current assets:**
**10**
**86,117**
**12,032**
**98,149**
**Liabilities:**
**11**
**15,876**
**13**
**82,273**
Total unrestricted funds
Cash at bank and in hand
Creditors: amounts falling due within one year
**Net current assets**
Debtors
**Funds**
General funds
**Total funds**
Unrestricted funds:|**2023**
**82,273**|2022
67,517
26,899|2022
£
79,433|
|---|---|---|---|---|
||**98,149**
**15,876**||94,416
14,983||
||**82,273**||79,433||
|||**82,273**||79,433|
||||||
|||**82,273**||79,433|
For the year ending 30 June 2023 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 date 22.03.2024 and signed on their behalf by:
**K Donnelly Trustee**
**A Taylor Trustee**
## **Company registration no. 04012492**
The attached notes form part of the financial statements.
Page | 7
**INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2023**
## **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:
- 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.
- ● 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.
Page | 8
**INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2023**
## **1 Accounting policies (continued)**
## **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.
## **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.
Page | 9
## **INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD**
## **Notes to the financial statements**
## **For the year ended 30 June 2023**
## **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 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**|£
3,792
3,792
Unrestricted
£
96,915
9,286
106,201
Unrestricted|2022
£
971
119,220
2
1,346
121,539
118,019
118,019
3,520
75,913
79,433
£
-
-
£
-
-
**-**
Restricted
Restricted
Unrestricted|2022
£
-
-
-
-
-
-
-
-
**-**
**2023**
**Total**
**£**
**3,792**
**3,792**
**2023**
**Total**
**£**
**96,915**
**9,286**
**106,201**
Restricted|2022
Total
£
971
119,220
2
1,346|
|---|---|---|---|---|
|||||121,539
118,019|
|||||118,019|
|||||3,520
75,913|
|||||79,433|
|||||2022
Total
£
971|
|||||971|
|||||2022
Total
£
72,777
46,443|
|||||119,220|
Grants receivable comprise funds received from Erasmus +programme through its agent British Council and ECORYS.
## **5 Income from investments**
|Bank interest
**5a Other Income - Job Retention Scheme**
Job Retention Scheme|Unrestricted
£
8
8
Unrestricted
£
-
-|£
-
-
£
-
-
Restricted
Restricted|**2023**
**Total**
**£**
**8**
**8**
**2023**
**Total**
**£**
**-**
**-**|2022
Total
£
2|
|---|---|---|---|---|
|||||2|
|||||2022
Total
£
1,346|
|||||1,346|
Page | 10
**INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2023**
## **6 Analysis of expenditure**
||**Basis of**|**Charitable**|**Support**|**Governance**|**2023**|2022|
|---|---|---|---|---|---|---|
||**allocation**|**activities**|**costs**|**costs**|**Total**|Total|
|||£|£|£|**£**|£|
|Staff costs|Direct|58,128|-|-|**58,128**|57,002|
|incoming exchangee costs|Direct|29,341|-|-|**29,341**|38,853|
|Staff Travel and training costs|Direct|-|21|-|**21**|-|
|Telephone|Direct|-|373|-|**373**|350|
|Advertising|Direct|-|-|-|**-**|-|
|International ICYE fees|Direct|-|8,771|-|**8,771**|7,233|
|Rent|Direct|-|6,960|-|**6,960**|10,920|
|Sundry expenses|Direct|-|696|-|**696**|1,121|
|Insurance|Direct|-|934|-|**934**|897|
|Bank charges|Direct|-|137|-|**137**|143|
|Independent examiner’s fees|Direct|-|-|1,800|**1,800**|1,500|
|||87,469|17,892|1,800|**107,161**|118,019|
|Support costs||17,892|(17,892)|-|**-**|-|
|Governance costs||1,800|-|(1,800)|**-**|-|
|**Total expenditure**||**107,161**|**-**|**-**|**107,161**|**118,019**|
Of the total expenditure, £107,161 was unrestricted (2022: £118,019) and £0 was restricted (2022: £0).
Page | 11
**INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2023**
- **7 Net income / (expenditure) for the year**
|**Net income / (expenditure) for the year**|||
|---|---|---|
|This is stated after charging / (crediting):|**2023**|2022|
||**£**|£|
|Independent examiner's fees|**1,500**|1,500|
## **8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel**
|Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes|**2023**
2022
**£**
£
**56,280**
54,718
**534**
1,017
**1,314**
1,267|
|---|---|
||**58,128**
57,002|
The were no employees who received employee benefits (excluding employer pension) of £60,000 or more (2022: Nil).
The total employee benefits including pension contributions of the key management personnel were £29,064 (2022: £28,501).
The charity trustees were not paid or received any other benefits in the year (2022: £nil). They were reimbursed £180 travel expenses during the year (2022: £nil). One charity trustee received payment for professional or other services supplied to the charity of £750 (2022: £420).
## **Staff numbers**
The average number of employees (head count based on number of staff employed) during the year was as follows:
|Charitable activities
Support|**2023**
2022
**No.**
No.
**1**
1
**1**
1|
|---|---|
||**2**
2|
## **9 Taxation**
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
Page | 12
**INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2023**
## **10 Debtors**
|Other debtors
Prepayments
**Creditors: amounts falling due within one year**
Other creditors
Taxation and social security
Accruals|**2023**
2022
**£**
£
**85,983**
67,517
**134**
-|
|---|---|
||**86,117**
67,517|
||**2023**
2022
**£**
£
**3,972**
2,220
**875**
981
**11,029**
11,782|
||**15,876**
14,983|
## **11 Creditors: amounts falling due within one year**
## **12 Pension scheme**
The pension scheme is provided through Nest Pensions (Government approved scheme).
## **13 Analysis of net assets between funds - current year**
|Net current assets
**Net assets at the end of the year**
Analysis of net assets between funds - previous year
Net current assets
**Net assets at the end of the year**|**General**
**unrestricted Restricted**
**Total**
**funds**
£
£
**£**
82,273
-
**82,273**|
|---|---|
||**82,273**
**-**
82,273|
||General
unrestricted
Restricted
Total
funds
£
£
**£**
79,433
-
**79,433**|
||**79,433**
**-**
**79,433**|
## **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 £8,771 (2022: £7,233). Other debtors include £83,504, due from that organisation (2022: £ 33,513)
Page | 13