## **ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2022**
# **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
**CHARITY REGISTRATION No: 1190134**
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
1
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **CONTENTS**
Page 3 Legal & Administrative Information Pages 4 to 6 Trustees' Report Page 7 Statement of Financial Activities Page 8 Balance Sheet Pages 9 to 15 Notes to the Financial Statements Page 16 Independent Examiner's Report
2
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**CHARITY NUMBER** 1190134 **DATE OF REGISTRATION** 26th June 2020 **START OF FINANCIAL YEAR** 1st June 2022 **END OF FINANCIAL YEAR** 31st May 2022 **TRUSTEES AT 31ST MAY 2022** Marianne Jamme Nathan Kirton Kelly Buchanan Courtney Stipe Holm **LEGAL STATUS** Charitable Incorporated Organisation
## **GOVERNING INSTRUMENT**
CIO - Foundation Registered 26th June 2020
## **OBJECTS**
For the public benefit: **1** . To promote and advance education, in particular, but not exclusively, among young women and girls in STEAMD subjects (Science, Technology, Engineering, Arts, Mathematics and Design) to be undertaken across Africa, The Middle East, Europe, Latin America and Asia. **2** . To promote gender equality and diversity in STEAMD industries in particular by, **a** ) Improving education and skills among women and young girls and to provide them with opportunities for employment in the STEAMD industries. **b** ) Providing advice and support to the public and private sector bodies on policy and how to engage young women and girls in STEAMD industries. **c** ) Raising awareness of and cultivating a sentiment in favour of equality of women and diversity.
## **CORRESPONDENCE ADDRESS**
**CORRESPONDENCE ADDRESS** 147 Yew Tree Drive Bellfield's Guildford Surrey GU1 1NZ **PRIMARY BANKERS** Santander UK Plc 2 Triton Square Regent's Place London NW1 3AN **INDEPENDENT EXAMINERS** Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
3
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MAY 2022**
## **Summary of the Purposes of the Charity**
IAMTHECODE is (an African led global movement designed to mobilise government, private sector, and investors to advance to invest in STEAMD (science, technology, engineering, arts, mathematics, entrepreneurship, arts, and design) Education. Our goal is to empower 1 million women and girls globally to become coders by 2030 to align with the United Nations 2030 Agenda.
## **Summary of the Main Activities**
- Mentorship is a cornerstone to the iamtheCODE program providing girls access to real role models with experiences to help them grow their ideas and knowledge of the World.
- SDGs Hackathons are a code-a-thon where developers, designers, hackers, students, entrepreneurs and educators gather to collaborate on projects including applications, software, hardware, data visualization and platform solutions.
- Digital club is a physical safe space and an environment where a variety of technologies and innovations are used to enable the next generation of digital leaders to learn about STEAMD subjects and be prepared for 21st Century learning.
- Wellbeing Clubs are a peer to peer community support group run in the refugee camp, slums, and favelas aimed at improving the lives of vulnerable populations, especially young girls.
## **Contribution made by Volunteers**
IamtheCode is enabled by a vast network of volunteers providing their time, energy and financial contributions. These volunteers include employees of our global partners, public/government entities, local educators and graduates of the iamtheCODE program.
## **Achievements and Performance**
## **Summary of the Main Achievements**
• 28,000 young girls have been trained and exposed to STEM education through online courses and mentorship programs with over 200 volunteers within global organizations as well as local communities. Programs across Africa, Brazil, Afghanistan and the UK included:
• Digital Clubs ran in the UK and Brazil supported girls to learn how to code, understand how they are connected to the sustainable development goals, and how they can use technology to make meaningful change in their lives and their community.
• 12 week mentorship programs in partnerships with Salesforce and Mastercard built transformational relationships sharing skills, values and knowledge. Topics included Digital Skills, How to write a CV, Interview Preparation, Marketing Strategies, Making a Personal Plan, Storytelling.
- Wellbeing Clubs offering peer to peer community support, this support was most critical during the pandemic allowing girls to have a safe place to share stories.
• Conducted detailed lessons on the SDGs and how they relate to the girls daily life. From this, the girls started the Carolina Recreation Park at Our Lady’s school in relation to Goal 13 - Climate Change. Over 70 tree seedlings have been planted.
- During Covid, the essentials became a vital need. Food, water and sanitizer were provided to communities leveraging supplier partnerships and on the ground local support for distribution.
• Launch of podcast featuring entrepreneurs, storytellers, educators, artists, writers, digital leaders and philanthropists to motivate the next generation of young people through their unique journeys. Also telling the stories of community leaders, young girls living Kakuma Refugee Camp and other girls exposed to iamtheCODE who have demonstrated authenticity, courage, resilience and integrity in their leadership and day to day life.
4
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST MAY 2022**
## **The Charity’s Principal Sources of Funds**
Majority of funding for IAMTHECODE is non-ringfenced (e.g. donations), however original UBS Foundation funding remains ring fenced as per updated scope/agreement with UBS Foundation. ~10% of the UBS funding was to develop IAMTHECODE governance (e.g. pay for accounting, insurance, etc), and tracked accordingly.
## **A Description of the Principal risks Facing the Charity**
The largest risk to organisation is degree of activity CEO needs to manage the full scope of activities. Funding has been allocated to recruit COO/Project Director resource. This search has been on-going for over 10 months, with limited success to date.
The general recognition that COVID19 effects are still in place and continue to be travel restrictions, increased mental health pressure for staff, partners, participants.
## **Structure, Governance and Management**
## **Trustee Selection Methods**
**Trustees:** Lady Marieme Jamme, Kelly Buchanan, Akira Kirton, (Courtney Holms- in the process of registration) – formal board meetings are 6-8 times per year.
Selection of new Trustee is brought to the board for review and approval. If approved, the needed qualifying checks are then performed prior to formal induction.
## **Updates to Governance Model**
During the period an Audit & Risk Committee has been established with scope phased in two parts:
## **1) Developing**
- a. Working with the IAMTHECODE Board & Management Team to develop risk framework & priorities for IAMTHECODE.
b. Working with IAMTHECODE Board & Management Team, review & suggest appropriate risk mitigation strategies.
c. Develop appropriate policies & frameworks for governance for IAMTHECODE, including AML/ABC (financial), stewardship, digital/cybersecurity, assess level of insurance cover, risks in place.
## **2) Audit**
- a. Review quarterly & annual accounts for filing with HMRC and The Charity Commission.
b. Review MI/Published KPI data for funding proposals and to ensure transparency of funding information for key donors & grant giving bodies.
## **Policies and Procedures Adopted for the Induction and Training of Trustees**
· Due diligence is undertaken for all counterparties of IAMTHECODE, including the Board of Trustees.
· IAMTHECODE Board/volunteers, each have to provide proof of ID – and also complete a DBS check.
· A Code of Conduct for partners of iamtheCODE is in place to promote and encourage the absolute integrity of all partners. The Code of Conduct applies to all iamtheCODE Partners and their employees, temporary workers, agents, subcontractors, and similar individuals or entities. iamtheCODE Partners refer to any party that provides products/content or services in conjunction with the iamtheCODE programme.
## **The Charity’s Organisational Structure**
**Trustees:** Lady Marieme Jamme, Kelly Buchanan, Akira Kirton, (Courtney Holms- in the process of registration) – formal board meetings are 6-8 times per year.
**Advisory Board, formally established in 2021** : HRH Jaime de Bourbon Parme, Ada Osakwe, Basetsana Kumalo. Advisory board meetings will be held 3-4 times per year.
5
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **TRUSTEES' REPORT (Continued)**
## **FOR THE YEAR ENDED 31ST MAY 2022**
The IAMTHECODE Board of Advisors /workstream lead team help ensure that the initiative remains true to its mission. Members will advise The Advisory Board of Directors and Board of Trustees and play a unique role during the next two years. The Advisory Board will lead workstreams in the following areas:
**1.** Digital Implementation and Sustainability
**2.** Communication and Public Relations
**3.** HR, Legal (& member of the Audit Committee)
**4.** Fundraising and Strategic Investment
**5.** Policy and Research
## **Relationship with any Related Parties**
The IAMTHECODE success would not have been possible without our partners and backers such as UNICEF, The World Economic Forum, UN, UN-WOMEN, UBS Optimus Foundation, Unilever, Alibaba, EY, KANO, Coursera, IDEA, UNHCR, Microsoft, Salesforce and the British Council.
## **Trustees' Responsibilities**
The Charities Act 2011 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 CIO and of the surplus of the CIO for that period. In preparing those financial statements the trustees are required to:
- Select suitable accounting policies and apply them consistently
- Make judgements and estimates that are reasonable and prudent
- Prepare financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in existence.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the CIO. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## March16th 2023
Approved by the Trustees on …………………………………………………………………………………………………………………
Signed on their behalf by Trustee ………………………………………………………………………………………………………………
> Printed Name: Marianne Eve Jamme
6
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2022**
|**Notes**
**INCOMING RESOURCES**
**Incoming Resources from Generated Funds**
Donations, Grants & Legacies
**3a**
Other Incoming Resources
**3b**
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
**Costs of Generating Funds**
Cost of Charitable Activities
**4a**
Governance Costs
**4b**
**TOTAL RESOURCES EXPENDED**
**NET INCOMING (OUTGOING) RESOURCES**
Funds Brought Forward
Transfer of Funds
**17**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2021/22**
**2020/21**
£
£
£
£
85,401
120,104
205,505
120,226
-
-
-
2,127
**85,401**
**120,104**
**205,505**
**122,353**
84,846
24,270
109,116
68,012
850
4,842
5,692
1,450
**85,696**
**29,112**
**114,808**
**69,462**
**(295)**
**90,992**
**90,697**
**52,891**
136,582
49,193
185,775
-
-
-
-
132,884
**136,287**
**140,185**
**276,472**
**185,775**|
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 9 to 15 form part of these financial statements.
7
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **BALANCE SHEET**
## **AS AT 31ST MAY 2022**
|**Note**
**Fixed Assets**
Tangible Assets
**2**
Investments
**6**
**Total Fixed Assets**
**Current Assets**
Debtors & Prepayments
**8**
Cash at Bank and in Hand
**7**
**Total Current Assets**
**9**
**NET CURRENT ASSETS**
**TOTAL ASSETS**less current liabilities
**10**
**NET ASSETS**
**Funds of the Charity**
General Funds
Restricted Funds
**5**
**Total Funds**
**Creditors:**Amounts falling due within one year
**Creditors:** Amounts falling due in more than
one year|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**31-May-22**
**31-May-21**
£
£
**£**
**£**
-
-
-
-
-
-
-
-
**-**
**-**
**-**
**-**
-
-
-
-
155,987
140,185
296,172
203,425
**155,987**
**140,185**
**296,172**
**203,425**
3,450
-
3,450
1,400
152,537
140,185
292,722
202,025
**152,537**
**140,185**
**292,722**
**202,025**
16,250
-
16,250
16,250
**136,287**
**140,185**
**276,472**
**185,775**
136,287
-
136,287
136,582
-
140,185
140,185
49,193
**136,287**
**140,185**
**276,472**
**185,775**|
|---|---|
March 16th 2023 Approved by the Trustees on ………………………………………………………………………………………………………………… Signed on their behalf by Trustee ………………………………………………………………………………………………………………
Printed Name: Marianne Eve Jamme
8
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of Preparation & Assessment of Going Concern**
## **Basis of Preparation**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
## **Assessment of Going Concern**
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
## **Incoming Resources**
## _**Recognition of Incoming Resources**_
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
## _**Incoming Resources with Related Expenditure**_
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
## _**Grants and Donations**_
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
## _**Tax Reclaims on Donations and Gifts**_
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
## _**Contractual Income and Performance Related Grants**_
This is only included in the SOFA once the related goods or services have been delivered.
## _**Gifts in Kind**_
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
## _**Donated Services and Facilities**_
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
## _**Volunteer Help**_
The value of any voluntary help received is not included in the accounts.
## _**Investment Income**_
This is included in the accounts when receivable.
## _**Investment Gains and Losses**_
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
9
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MAY 2022**
## **1. ACCOUNTING POLICIES (continued)**
## **Expenditure and Liabilities**
## _**Liability Recognition**_
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
## _**Governance Costs**_
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
## _**Grants with Performance Conditions**_
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
## _**Grants Payable without Performance Conditions**_
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
## _**Investments**_
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
## _**Unrestricted funds**_
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
## _**Restricted funds**_
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
## _**Designated funds**_
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
## _**Fixed Assets**_
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
## _**Depreciation Expense**_
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Straight Line Basis
## **2. TANGIBLE FIXED ASSETS**
The CIO held no fixed assets during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st May 2022: None
31st May 2021: None
10
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MAY 2022**
## **3. INCOMING RESOURCES**
|**a) Donations, Grants & Legacies**
Gifts & Donations
Grants Received
**5**
**b) Other Incoming Resources**
Sundry Income
**4. RESOURCES EXPENDED**
**a) Cost of Charitable Activities**
Administrative Expenses
**5**
Advertising & Publicity
Bank Charges
Consultancy Costs
**5 & 13**
Equipment Costs
**5**
Insurance Costs
IT Costs
Licenses & Subscriptions
Postage & Stationery
Printing Costs
Sundry Expenses
Telephone Costs
Travel & Subsistence
**5**
Website Costs
`
**b) Governance Costs**
Independent Examiners Fees
**9**
Legal & Professional Fees
**5**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2021/22**
**2020/21**
£
£
£
£
63,821
-
63,821
3,638
21,580
120,104
141,684
116,588
**85,401**
**120,104**
**205,505**
**120,226**
-
-
-
2,127
**-**
**-**
**-**
**2,127**
Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2021/22**
**2020/21**
£
£
£
£
5,657
40
5,697
2,011
6,235
-
6,235
-
278
-
278
-
24,100
20,411
44,511
47,701
2,132
143
2,275
2,380
-
-
-
717
18,939
-
18,939
7,327
754
-
754
406
14
-
14
-
6,957
-
6,957
2,100
2,547
-
2,547
1,235
2,976
-
2,976
-
12,723
3,676
16,399
126
1,533
-
1,533
4,010
**84,846**
**24,270**
**109,116**
**68,012**
850
-
850
700
-
4,842
4,842
750
**850**
**4,842**
**5,692**
**1,450**|
|---|---|
11
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MAY 2022**
## **5. RESTRICTED FUNDS**
## **CURRENT FINANCIAL YEAR**
|UBS Fund
MCF Fund
**PREVIOUS FINANCIAL PERIOD**
UBS Fund|**Balance**
**Balance**
**01-Jun-21**
Income
Expenditure
Transfers
**31-May-22**
£
£
£
£
£
49,193
-
25,396
-
23,797
-
120,104
3,716
-
116,388
**49,193**
**120,104**
**29,112**
**-**
**140,185**
**Balance**
**Balance**
**26-Jun-20**
Income
Expenditure
Transfers
**31-May-21**
£
£
£
£
£
-
-
61,322
110,515
49,193
**-**
**-**
**61,322**
**110,515**
**49,193**|
|---|---|
The restricted funds held are wholly represented by the CIO's cash reserves and are to be expended as specified above.
12
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MAY 2022**
## **6. INVESTMENTS**
The CIO held no fixed asset investments during this or the previous financial period.
## **7. CASH AT BANK AND IN HAND**
|Cash at Bank & in Hand
**8. DEBTORS AND PREPAYMENTS**
Sundry Debtors|Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**31-May-22**
**31-May-21**
£
£
**£**
**£**
155,987
140,185
296,172
203,425
**155,987**
**140,185**
**296,172**
**203,425**
Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**31-May-22**
**31-May-21**
£
£
**£**
**£**
-
-
-
-
**-**
**-**
**-**
**-**|
|---|---|
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Independent Examiners Fees
Sundry Creditors|Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**31-May-22**
**31-May-21**
£
£
**£**
**£**
850
-
850
1,400
2,600
-
2,600
-
**3,450**
**-**
**3,450**
**1,400**|
|---|---|
## **10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR**
|Loans - Spot One Ltd
**11. NET ASSETS BETWEEN FUNDS**
Fixed Asset Investments
Net Current Assets
Long Term Liabilities|Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**31-May-22**
**31-May-21**
£
£
**£**
**£**
16,250
-
16,250
16,250
**16,250**
**-**
**16,250**
**16,250**
Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**31-May-22**
**31-May-21**
£
£
**£**
**£**
-
-
-
-
152,537
140,185
292,722
202,025
16,250
-
16,250
16,250
**136,287**
**140,185**
**276,472**
**185,775**|
|---|---|
13
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MAY 2022**
## **12. STAFF COSTS AND NUMBERS**
|**Total**
**2021/22**
£
Gross Wages, Salaries & Fees
44,511
Employer's National Insurance Costs
-
Pension Contributions
-
**44,511**
Consultants who were engaged in each of the following activities:
**Total**
**2021/22**
Activities in furtherance of organisation's objects
6|**Total**
**2020/21**
£
47,701
-
-
**47,701**
**Total**
**2020/21**
6|
|---|---|
The Charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments of over £60,000 (2020/21:None). The Charity employs Consultants on a self-employed basis and is therefore not subject to taxation or National Insurance Costs.
## **13. TRUSTEES AND OTHER RELATED PARTIES**
During the financial period Trustee Mrs M. Jamme received £24,100 (2020/21:£16,260) in fees for services provided in furtherance of the Charity's objects.
During the financial period Mr P. Jamme (Husband of Trustee Mrs M. Jamme) received £1,350 (2020/21:£3,970) in fees for services provided in furtherance of the Charity's objects.
During the previous financial period the Trustees of IAMTHECODE agreed to obtain an interest free loan from Spot One Ltd to further the Charity's objects. Trustee Mrs M. Jamme is also a Shareholder of Spot One Ltd and all conflicts of interest have been identified, documented and manged accordingly.
No other payments were made to trustees or any persons connected with them during this financial period. No other material transaction took place between the organisation and a trustee or any person connected with them.
## **14. RISK ASSESSMENT**
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
## **15. RESERVES POLICY**
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
14
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MAY 2022**
## **16. PUBLIC BENEFIT**
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
## **17. TRANSFER OF ASSETS AND LIABILITIES TO CHARITABLE INCORPORATED ORGANISATION**
During the financial period the Directors of IAMTHECODE CIC (Registered Company No. 11383974) sought guidance and advice and have agreed to register the new Charitable Incorporated Organisation, IAMTHECODE Foundation (Registered CIO Number 1190134). All Assets and liabilities were transferred to IAMTHECODE Foundation (Registered CIO Number 1190134) on the 26th June 2020. The following assets and liabilities represent the CIO's operations prior to registering the Charitable Incorporated Organisation with the Charity Commission and the assets and liabilities as at the 26th June 2020 are as follows:
|**Fixed Assets**
Tangible Assets
**Current Assets**
Debtors & Prepayments
Cash at Bank and in Hand
**Total Current Assets**
**NET CURRENT ASSETS**
**TOTAL ASSETS**less current liabilities
**NET ASSETS**
**Funds of the Charity**
General Funds
Restricted Funds
**Total Funds Transferred**
**Creditors:**Amounts falling due within one year|Unrestricted
Restricted
**Total**
Funds
Funds
**26-Jun-20**
£
£
**£**
-
-
-
604
-
604
40,603
110,515
151,118
**41,207**
**110,515**
**151,722**
18,838
-
18,838
22,369
110,515
132,884
**22,369**
**110,515**
**132,884**
**22,369**
**110,515**
**132,884**
22,369
-
22,369
-
110,515
110,515
**22,369**
**110,515**
**132,884**|
|---|---|
15
## **IAMTHECODE FOUNDATION**
(Charitable Incorporated Organisation)
## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
Report to the trustees/ members of IAMTHECODE Foundation on the accounts for the year ended 31st May 2022 set out on pages 7 to 15.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- state whether particular matters have come to my attention
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS Date:
16