**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 2024** **Inter-Cultural Youth Exchange (ICYE-UK) Ltd** ## **Report and financial statements** ## **For the year ended 30 June 2024** |**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 2024** |**Trustees:**|**Keith Donnelly**(Chair appointed 25 November 2023)| |---|---| |Araceli Higueras Barbarin (Chair resigned 25 November 2023)|| |**Jagdeep Singh Bhambra**(appointed 1stSeptember 2024)|| |Tatjana Daum (resigned 5 December 2023)|| |**Andrew John Derry**(appointed 1stSeptember 2024)|| |**Oliver Flor**|| |Franziska Glas (resigned 8 July 2024)|| |Giovanni Mastroianni (resigned 8 July 2024))|| |Ronan McHugh (resigned 25 November 2023)|| |**Ines Newman**|| |**Nicola Jane Parker**(appointed 1stSeptember 2024)|| |Nidhi Mahendrabhai Patel (appointed 25 November 2023, resigned 15 April 2024)|| |**Fabio Puntillo**(appointed 1stSeptember 2024)|| |**Emilie Fiirgaard Rasmussen**(appointed 9thSeptember 2024)|| |Maiedha Raza (resigned 15 April 2024)|| |**Allan Russell Taylor**
**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 2024** The trustees, who are also directors under company law, present their report and financial statements for the year ended 30 June 2024. 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 2023-24 were again focused on the hosting programme and we hosted 48 people in the UK from 8 different countries. This was a slight increase in number of participants although with a reduction in the number of countries on the previous year (2022-23, 45 people from 11 countries), and has been considered as successful considering that we no longer have access to the EU funded programmes, therefore limiting the scope of countries and participants we can work with. In 2023-24 we worked on re-starting the sending programme, which was an important aim for the organisation. There was development of the programme structure and promotion of the programme with the first participants taking part in the programme in 2024-25. For 2024-25 we have been experiencing a decrease in the number of participants on our hosting programme, and therefore we are working to increase the promotion for the following year to aim to return to growing the programme. We have also been continuing the development our sending programme, with the aim to build on the initial number of participants that are taking part in the 2024-25 programme year. Due to the resources and staff allocated to the re-starting the sending programme and a small reduction in the hosting programme activities, we are expecting a deficit for 2024-25 and then break-even point for 2025-26. ## **Financial Review:** Income for the year increased to £129,558 (£110,001 in 2022-23). There was a corresponding increase in expenditure as programme resulting from a slight increase in activities levels from the previous year. There were minimal fundraising activities with donation income of £379 (£3,792 in 2022-23). The overall result is a small surplus for the year of £673 (2022-23 Surplus £2,840) 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. Page | 2 **Inter-Cultural Youth Exchange (ICYE-UK) Ltd** ## **Trustees’ annual report** ## **For the year ended 30 June 2024** ## **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 2024** ## **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 10 February 2025. and signed on their behalf by; ## Keith Donnelly ……………………………………. ## **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 2024** I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2024. ## **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 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 2024 2024 Total 2023 Total Unrestricted Restricted Note Income from: Donations Charitable activities Investment income 379 129.158 21 379 129,158 21 3,792 106,201 Total income 129,558 129,558 110,001 Expenditure on: Charitable activities 128.885 128,885 107,161 Total expendlture 128,885 128,885 107,161 Net Income l (expenditure) for the year 673 673 2,840 Transfers be￿een funds Net movement in funds 673 673 2,840 Reconclllallon of funds: Total funds brought foNard 82,273 82,273 79,433 Total funds carrled forward 82,946 82,946 82,273 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 2024 2024 2024 2023 2023 Note Current assets: Debtors Cash at bank and in hand 10 87,457 19,406 106,863 86,117 12,032 98,149 Liabilities: Creditors.. amounts falling due within one year 11 23,917 15,876 Net current assets 82,946 82,273 Funds Restricted funds Unrestricted funds: General funds Total unrestricted funds 13 82.946 82,273 82.946 82,273 Total funds 82,946 82,273 For the year ending 30 June 2024 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 compsny 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 wilh the special provisions for small companies under Part15 of the Companies Act 2006. Approved by the trustees on date 10 February 2025 and signed on their behalf by.. K Donnelly Trustee A Derry 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 2024 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 Iransaction value unless otherwise slaled 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 charilable companys ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting dale 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 recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is nomially 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 Ihe purposes of charity. Designaled 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. 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. 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 Page | 8 INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2024 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 Computer equipment 20° 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 temi 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) Credltors and provlslons 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} Flnanclal 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 2024 2 Detailed comparatives for the statement of financial activities 2023 Unrestricted 2023 Restricted 2023 Total Income from: Donations and legacies Charitable aclivilies Investments Other income Total income 3,792 106,201 3,792 106,201 110.001 110.001 Expenditure on: Charitable activities Total expenditurè 107.161 107.161 107,161 107,161 Net income l expenditurn 2,840 2,840 Transfers between funds Net movement In funds 2,840 2,840 Total funds brought forward Total funds carried forward 79,433 82,273 79,433 82,273 3 Income from donatlons 2024 Total 2023 Total Unrestricted Restricted Donations 379 379 379 379 3,792 3,792 4 Income from charitable activities 2024 Total 2023 Total Unrestricted Restricted Participation funding Grants receivable Total income from charitable adlvities 129.158 129,158 96,915 9,286 Grants receivable comprise funds received from Erasmus +programme through its agent British Council and ECORYS. 5 Income from investments 2024 Total 2023 Total Unrestricted Restricted Bank interest 21 21 21 21 Page | 10 INTER-CULTURAL YOUTH EXCHANGE IICYE-UK) LTD Notes to the financial statement$ For the ygar ended 30 June 2024 6 Analy$ls of ¢xpendltur¢ Basis of allocation Charitable a¢iiwbes Supp(￿1 Goveman¢e costs 2024 Total 2023 Totsl staff costs Oulgolng exchangee costs incoming exchan9ee costs Staff Travel and training costs Printlng postage and stalon8ry Telephone Advertlsing Inl8rnalional ICYE lees Rent Sundry expen¥e$ In5uranc8 88nk ch8rges Ind8P8ndent 8xaminer's fees Dlrèet Dlreet Direct Direct Dlroct Dlrect Olrect Oirect Direct Dlrect Direct Direct Dlrect 67.5C 67,500 58.128 38,577 38.577 811 soo 223 204 8.602 6.875 2.788 1.019 136 1,650 128,885 29.341 21 B11 223 373 8,602 6,875 2,788 1,019 136 8,771 6,960 934 137 1,800 107,161 1.650 1.650 106,077 21,158 Support costs 21,158 121,1581 Govamgnco costs 11.6501 Total •xp•ndltur• 128,885 128,885 107,161 Of Ihe tol81 expenditure, £128,885 was unreslricted12023'. £107,161) and £0 was restricted12023.' £01. Page I I I INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2024 7 Net income l (expenditure) for the year This is ststed after charging l (crediting)- 2024 2023 Independent examinerfs 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: 2024 2023 Salaries and wages Social security costs Employer's contribution to defined contribution pension schemes 65,515 534 1,451 67,500 56,280 534 1,314 58,128 The were no employees who received employee benefits {excluding employer pension) of £60,000 or more (2023- Nil}. The totsl employee benefits including pension contributions of the key management personnel were £30,033 (2023: £29,064). The charity trustees were not paid or received any other benefits in the year (2023.. £nil). They were reimbursed £503 travel expenses during the year (2023: £180). One charity trustee received payment for professional or other services supplied to the charity of £120 (2023.. £750). Staff numbers The average number of employees (head count based on number of staff employed) during the year was as follows.. 2024 No. 2023 No. Charitable activities Support 9 Taxatlon The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 10 Debtors 2024 2023 Other debtors Prepayments 87,457 86,117 87,457 86,117 Page | 12 INTER-CULTURAL YOUTH EXCHANGE (ICYE-UK) LTD Notes to the financial statements For the year ended 30 June 2024 11 Creditors: amounts falling due within one year 2024 2023 Other creditors Taxation and social security Accruals 4,437 749 18,731 23,917 3,972 875 11,029 15,876 12 Pension scheme The pension scheme is provided through Nest Pensions (Govemment approved scheme). 13 Analysls of net assets between funds 2024 General unrestricted Total funds Restricted Net current assets Net assets at the end of the year 82,946 82,946 General unrestricted Total funds Analysls of net assets between funds 2023 Restricted Net current assets Net assets at the end of the year 82,273 82,273 82,273 82,273 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 Intemational 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 £8,602 (2023.. £8,771). Other debtors include £56,922, due from that organisation (2023.. £85,503) Page | 13