**Charity Registration No. 274779** **Company Registration No. 01206976 (England and Wales)** ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 JULY 2023** ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|A Sia Lu|| |---|---|---| ||J Ryan|| ||R Cook|| ||C Raportaru|| ||S Shah|| ||C Moore|| ||L Archer|| ||W Harris|(Appointed 1 August 2022)| ||R Kadlubowski|(Appointed 12 June 2023)| ||M Tabone|(Appointed 11 September 2023)| |**Secretary**|A Sia Lu|| |**Charity number**|274779|| |**Company number**|01206976|| |**Registered office**|1e Mentmore Terrace|| ||London|| ||England|| ||E8 3DQ|| |**Independent examiner**|HW Fisher LLP|| ||Acre House|| ||11-15 William Road|| ||London|| ||NW1 3ER|| ||United Kingdom|| |**Bankers**|CAF Bank Limited|| ||25 Kings Hill Avenue|| ||Kings Hill|| ||West Malling|| ||Kent|| ||ME19 4JQ|| ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 5| |Independent examiner's report|7| |Statement of financial activities|8| |Balance sheet|9| |Statement of cash flows|10| |Notes to the financial statements|11 - 20| ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ___________________________________________________________________________ The Trustees present their report and financial statements for the year ended 31 July 2023. The financial statements have been prepared in accordance with the charity’s Memorandum & Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS 102) (effective 1 January 2019). A.I.E.S.E.C. (U.K.) Limited is referred to as “the charity” or “AIESEC (UK)”. AIESEC (UK) is registered with the Charity Commission and its number is 274779. The charity is also registered with Companies House and its company number is 01206976. ## **Objectives and Activities** AIESEC (UK)'s vision and role are identical to all AIESEC countries as set out by The AIESEC Way: ## What we Envision: Peace and fulfilment of humankind's potential. ## Our Impact: Our international platform enables young people to explore and develop their leadership potential to have a positive impact in society. ## The way we do it: AIESEC provides its members with an integrated development experience comprised of leadership opportunities, international internships and participation in a global learning environment. The objectives of the charity are achieved in the following ways: ## 1. Youth Leadership Development: Providing students and recent graduates with the opportunity to work in a team and lead a group of their peers while at university. Exposure to different cultures, businesses and opinions helps fulfil AIESEC’s aims. AIESEC (UK) organises and delivers a range of internal and external educational conferences, seminars, and events to improve member and non-member management skills, business acumen and leadership potential. 2. The International Traineeship Scheme ("Exchange Programme"): This is a reciprocal programme, which enables UK students and recent graduates to work overseas in any of over 106 AIESEC member countries and raises placements for foreign students and graduates to gain experience with UK companies. Trainees are selected for their technical suitability and their ability to represent AIESEC and the UK favourably, and to learn through exposure to another culture. These students go abroad to take up traineeships in management, technical, development and educational areas. 3. The Access Tier 5 (AT5) programme AIESEC (UK) holds Government Authorised Exchange (“GAE”) status from the Department for Business, Energy and Industrial Strategy, which enables AIESEC (UK) to act as the sponsoring body for students and facilitate the sourcing of top talent for short term employment in supernumerary internship roles with UK companies. These placements further the professional education and cultural awareness of the students who participate while also providing business in the UK with emerging market insight and language skills. The Trustees have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the charity should undertake. ## **Performance and Achievements** Membership and leadership development: - 1 – ## **AIESEC (UK) LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ___________________________________________________________________________ The volunteer membership consisted of 353 students from across 13 universities (2022: 15) in the UK. We received 576 applications (2022: 713) to become volunteer members and recruited 328 new members (2022: 382). Educational conferences and seminars were held to advance members’ leadership and management skills. All the conferences and events were delivered virtually due to Covid 19 precautions. The conferences held and attendance achieved this year were: - September National President’s Meeting (9 attendees) - held in September for Local Committee Presidents (LCPs) to prepare them for Recruitment and finding their successors. - MAXIS (in person - 120 attendees) – a November conference designed for the induction of new LC members, introducing them to AIESEC's background, values, philosophy and to give training in AIESEC's core activities. - Winter National President’s Meeting (19 attendees) - held in November for both the current and newly elected Local Committee Presidents to prepare them for transition and closing/opening their experiences. - EBGo (70 attendees) – held in February, it is a gathering of Executive Board members to elect a new national President and to discuss plans and strategies to be implemented at local level in the coming year. Motivational speakers from industry and the professions attend, and seminars are organised to allow various perspectives on leadership and management to be examined and discussed. - EXTRA (95 attendees) – held in March to provide training in the areas of sales, marketing and coaching to local committee members to assist them in delivering the exchange and leadership programmes. - Summeet (35 attendees) – a June conference designed to induct the new Local Committee Presidents and Vice Presidents for the 23.24 term and recognise the achievements of the previous year. ## Exchange: For the year ended 31 July 2023, AIESEC (UK) facilitated 33 students and recent graduates to travel abroad and brought 27 international students and recent graduates to work in partner organisations in the UK, resulting in a total number of 60 exchanges (2022: 40). A total of 4 interns also extended their internships in the UK. ## Access Tier 5: As a Tier 5 Government Authorised Exchange body, in the period to 31 July 2023, AIESEC (UK) has sponsored 581 people (2022: 925) from around the world for short-term supernumerary opportunities with UK companies. ## Volunteers: The National Executive and national office staff are the only salaried staff working in AIESEC (UK) Limited. Occasionally, fulltime volunteers managing projects are paid a modest daily allowance to avoid financially disadvantaging them. Volunteers who are entirely unpaid, but highly motivated by the objectives of the organisation perform most of the work done by LCs. We anticipate that this will continue well into the future. ## 70th Anniversary Celebrations: In 2023, the organisation celebrated its 70th anniversary with a Gala celebration in June, which was attended by current members and over 200 alumni from all generations. This was an opportunity for AIESEC (UK) to recognise and reflect on the many significant achievements from across its history and to renew and strengthen its ties with our alumni. At the event, we received a commitment from an alumni to launch a new Fund, the Elliott International Fund, to support future members with their attendance at international events and conferences. The event was well run and received many positive compliments from those who attended. During the financial year, AIESEC (UK) received in-kind support (e.g., pro-bono practical advice on organising events, guidance in relation to team building, working remotely, etc.) primarily from alumni. However, this support is purely ad-hoc in nature and has required very minimal involvement from each of the individual corporate sponsors. This support is not considered material from an overall organisation perspective. ## **Principal risks and uncertainties** The Trustees have assessed the major risks to which the charity is exposed and are comfortable that systems are in place to mitigate exposure to the major risks. - 2 – ## **AIESEC (UK) LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ___________________________________________________________________________ The principal risks and uncertainties that the trustees consider that the charity faces are set out below, along with the trustees’ plans and strategies for managing them: - Cost of living and inflation - operational expenses have increased with inflation, and the disposable income of university students is being stretched. This may impact the number of students seeking out international internship opportunities and getting involved in national training and development opportunities. The board is looking to create a number of funds to help support those that need it most, while also negotiating longer term agreements with suppliers in order to limit exposure to significant rises in operational expenses. - Weaker local footprint – the organisation at a local level continues to show severe signs of weakness with the footprint of the organisation reducing from 15 to 13 universities. The impact of Covid 19 is still being felt, with this year being the first year that all national conferences were held in person, something which the trustees expect to yield positive results in the coming years. Funds have been made available to help support existing chapters and to help restart new ones, while investing in training and development of the membership. - Poor relationships with universities - a handful of local chapters have become distant from the universities that host them. The national executive is supporting chapters to rebuild these relationships as a priority, to ensure there is a solid licence to operate on campus. ## **Financial review and reserves policy** The charity's activities led to a deficit for the financial year ending 2023 amounting to £156,915 (2022: £147,085 surplus). This can be attributed to a number of significant investments combined with a slight dip in revenues. The organisation posted healthy surpluses in the previous two financial years, combined with Covid 19 not restricting our in person operations, it was determined that this financial year was the right time to make investments in the future growth of the organisation. This has led to the posting of a deficit, while continuing to maintain a healthy balance sheet and stick to our reserves policy. Some of the key investments made include: - Increasing the size of the executive team - the size of the national executive team was increased from 6 to 7 full time members of staff with the intention of investing in organisational development and the provision of greater support to local chapters. - Investments in membership training and development - with the full return of in person national conferences, spending on these training events increased 100%, with subsidies provided to members to encourage them to attend these vital in person touch points. - 70th Anniversary Celebrations - as highlighted above, the organisation invested in an event to celebrate its 70th anniversary. It is expected that this gathering will generate new leads for alumni engagement. It should be noted that the organisation also recorded an approximate 11% reduction in revenues, mainly due to the significant income overachievement by AT5 in the previous two years. The trustees continue to monitor the organisations’ management accounts on a regular basis and as part of the monthly Trustee meetings attended by the National Executive. The organisation continued to monitor the external environment and managed costs proactively. As at 31 July 2023, the charity had net assets of £574,862 (2022: £731,777). This comprises restricted funds of £31,409 (2022: £56,921) and unrestricted funds of £543,453 (2022: £674,856). The charity works primarily on a fee-for-service model, but does conduct limited fundraising primarily from corporate partners through sponsorship. Donations from the general public, consisting of alumni, made up less than 3% of the organisations revenues. The charity's funds have been applied in financing the projects outlined above and in maintaining reserves to ensure the organisation is sustainable in the short and long term. The charity's income tends to fluctuate, and this has caused considerable curtailment of the operations during past economic downturns. To mitigate/ minimise this risk, the trustees monitor the level of reserves carefully. - 3 – ## **AIESEC (UK) LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ___________________________________________________________________________ It is policy that unrestricted funds which have not been designated for a specific use should be maintained to ensure the charity is able to sustain its operations in the short-term. During the year, the charity consistently maintained unrestricted funds of at least £450,000 which is more than six months’ worth of expenditure. ## **Structure, governance and management** AIESEC (UK) Limited ("the charity" / "AIESEC (UK)") is a registered charity and is constituted as a company limited by guarantee. Its objects and powers and other constitutional matters are dealt with in its Memorandum and Articles of Association. The Directors of the charity are its Trustees for the purpose of charity law and throughout this report are collectively referred to as "the Trustees". The Board of Trustees is non-executive and meets monthly to take strategic and other material decisions. The National Executive is a team of recent graduates elected and selected by representatives of the members in accordance with the Articles of Association, the Trustees and the current National Executive. They are in office for one year and the Trustees delegate day-to-day operations to them. The Trustees, who are also the Directors for the purpose of company law, who served during the year, and to the date of this report were: I Priestley (stepped down August 2022) A Sia Lu C Galindo (stepped down September 2022) R Cook J Ryan (chair) C Raportaru S Shah C Moore (joined August 2022) L Archer W Harris (joined August 2022) R Kadlubowski (joined June 2023) M Tabone (joined September 2023) New Trustees are selected by existing Trustees and invited to join the board. The new Trustees are appointed by a majority vote at a quorate Board meeting. All new Trustees are given a thorough briefing on how the charity operates by the existing Trustees. Most new Trustees have had previous involvement with the organisation. The National Executive co-ordinates the strategy and support activities run by the Local Committees (“LCs”), which are structured as student societies at the relevant universities. AIESEC (UK) does not guarantee any liabilities of the LC's. AIESEC has branches in over 100 countries: some are also constituted as limited companies. All of these, including the international secretariat AIESEC International in Montreal (Canada), which co-ordinates international activities, bear the name AIESEC. However, AIESEC (UK) has no legal relationship to any of these. AIESEC Foundation, a registered charity (Registered Charity Number 1095750), was incorporated as a company limited by guarantee on 22 November 2002 (registered company number: 04598851). The AIESEC Foundation’s objective is to support, fundraise and safeguard the activities of AIESEC in the UK and overseas. Although a separate legal entity, the Foundation supports projects that benefit AIESEC in the UK and overseas. ## **Remuneration of key management personnel** AIESEC (UK) employ a National Executive of recent graduates along with an office manager, and a sales and compliance team dedicated to the Access Tier 5 scheme. - 4 – ## **AIESEC (UK) LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ___________________________________________________________________________ In the year ended 31 July 2023 there were 12 (2022: 10) salaried employees. The National Executive is considered to be key management personnel. The remuneration of the National Executive is set by the Trustees as a fixed salary towards the lower end of the range provided by large employers to graduates entering management training schemes. ## **Future plans** Following the end of the year there have been no significant changes to the aims, objectives or activities of the charity. The size of the salaried team will be increased by one in order to invest in growth post covid, and alternative forms of revenue continue to be explored due to the impact Covid 19 has had on the charity’s finances. The National Executive has developed plans to meet the aims and objectives of the charity and these have been reviewed and agreed with the Trustees. ## **Disclosure of information to auditor** Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. ## **Auditor** Ratification of these financial statements and the re-appointment of HW Fisher LLP as auditors for the ensuing year will be proposed at our Annual General Meeting. On behalf of the Board of Trustees Spandan Shah **S Shah Trustee** Dated: 20 Dec 2023 - 5 – ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ The Trustees, who are also the directors of A.I.E.S.E.C. (U.K.) Limited for the purpose of company law, are responsible for preparing the Trustees' 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. 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; and - 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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 6 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF A.I.E.S.E.C. (U.K.) LIMITED** I report to the Trustees on my examination of the financial statements of A.I.E.S.E.C. (U.K.) Limited (the charity) for the year ended 31 July 2023. ## **Responsibilities and basis of report** As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies. 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 that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 financial statements 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 financial statements to be reached. ## Andrew Rich ## **Andrew Rich** C/o HW Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER 20 Dec 2023 Dated: ......................... - 7 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ |**Unrestricted**
**Restricted**
**Total**
Unrestricted
Restricted
**funds**
**funds**
funds
funds
**2023**
**2023**
**2023**
2022
2022
**Notes**
**£**
**£**
**£**
**£**
**£**
**Income and endowments from:**
Incoming resources from
charitable activities
**3**
565,908
-
565,908
656,850
2,191
Investments
**4**
484
-
484
433
-
Other income
**5**
5,766
-
5,766
4,187
-
**Total income**
572,158
-
572,158
661,470
2,191
**Expenditure on:**
Raising funds
**6**
84,909
-
84,909
69,138
-
Charitable activities
**7**
618,652
25,512
644,164
447,438
-
**Total resources expended**
703,561
25,512
729,073
516,576
-
**Net (expenditure)/income for the**
**year/**
**Net movement in funds**
(131,403)
(25,512)
(156,915)
144,894
2,191
Fund balances at 1 August
2022
674,856
56,921
731,777
545,987
54,730
**Fund balances at 31 July**
**2023**
543,453
31,409
574,862
674,856
56,921|Total
2022
**£**
659,041
433
4,187| |---|---| ||663,661| ||69,138| ||447,438| ||516,576| ||147,085
584,692| ||731,777| All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 8 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **BALANCE SHEET** ## _**AS AT 31 JULY 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**14**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**16**
Unrestricted funds|**2023**
**£**
57,402
595,107
652,509
(78,135)|**2022**
**£**
**£**
488
84,272
761,601
845,873
(114,096)
574,374
574,862
31,409
543,453
574,862|**£**
-
731,777| |---|---|---|---| ||||731,777| ||||56,921
674,856| ||||731,777| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2023. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on .........................20 Dec 2023 .............................. Spandan Shah S Shah **Trustee** ## **Company Registration No. 01206976** - 9 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ |**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from operations
**20**
**Investing activities**
Purchase of tangible fixed assets
Investment income received
**Net cash (used in)/generated from investing**
**activities**
**Financing activities**
Repayment of bank loans
**Net cash used in financing activities**
**Net (decrease)/increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2023**
**£**
**£**
(166,490)
(488)
484
(4)
-
-
(166,494)
761,601
595,107|**2022**
**£**
-
433
(43,027)|**£**
148,997
433
(43,027)
106,403
655,198
761,601| |---|---|---|---| - 10 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 JULY 2023**_ ## **1 Accounting policies** ## **Charity information** A.I.E.S.E.C. (U.K.) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1e Mentmore Terrace, London, England, E8 3DQ. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's Memorandum & Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. 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 £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** Based on the charity's cash reserves and financial projections, the Trustees have a reasonable expectation that the Charity can continue as a going concern for the foreseeable future and thus the financial statements have been prepared on the going concern basis. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds: funds subject to specific conditions as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. ## **1.5 Resources expended** All expenditure is accounted for on an accruals basis and has been included under expenses categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Support costs are those costs incurred in support of achieving the objectives of the charity. Governance costs are those incurred in compliance with constitutional and statutory requirements. ## **1.6 Intangible fixed assets** Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives, which is estimated at 3 years. - 11 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2023**_ ## **1 Accounting policies** **(Continued)** ## **1.7 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which is estimated at 3 years. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. ## **1.8 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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. ## **1.9 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.10 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **2 Critical accounting estimates and judgements** The Trustees are satisfied that there are no material estimates or judgements in the financial statements. ## **3 Incoming resources from charitable activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Fees from Exchange Scheme|139,791|96,324| |Fees from Access Tier 5 programme|426,117|562,717| ||565,908|659,041| |Analysis by fund||| |Unrestricted funds|565,908|656,850| |Restricted funds|-|2,191| - 12 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2023**_ |**4**
**5**
**6**|**Investments**
**Unrestricted**
Unrestricted
**funds**
funds
**2023**
2022
**£**
£
Interest receivable
484
433
**Other income**
**Unrestricted**
Unrestricted
**funds**
funds
**2023**
2022
**£**
£
Other income
5,766
4,187
**Raising funds**
**Unrestricted**
Unrestricted
**funds**
funds
**2023**
2022
**£**
£
Fundraising and publicity
Other fundraising costs
54
216
Staff costs
45,075
37,352
Support costs
38,597
29,729
Governance costs
1,183
1,841
84,909
69,138|**Investments**
**Unrestricted**
Unrestricted
**funds**
funds
**2023**
2022
**£**
£
Interest receivable
484
433
**Other income**
**Unrestricted**
Unrestricted
**funds**
funds
**2023**
2022
**£**
£
Other income
5,766
4,187
**Raising funds**
**Unrestricted**
Unrestricted
**funds**
funds
**2023**
2022
**£**
£
Fundraising and publicity
Other fundraising costs
54
216
Staff costs
45,075
37,352
Support costs
38,597
29,729
Governance costs
1,183
1,841
84,909
69,138| |---|---|---| |||69,138| - 13 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ## **7 Charitable activities** |**Exchange**
**scheme**
**2023**
**£**
Staff costs
71,369
Marketing
1,049
Conferences
17,563
Other
1,500
Legal and professional
-
Exchange fees
8,362
99,843
Share of support costs (see note 8)
63,409
Share of governance costs (see note 8)
1,943
165,195
**Analysis by fund**
Unrestricted funds
165,195
Restricted funds
-
165,195|**Access**
**Tier 5**
**Leadership**
**development**
**2023**
**2023**
**£**
**£**
117,371
71,369
-
2,174
-
55,865
22,242
29,968
973
-
-
-
140,586
159,376
82,707
90,978
2,534
2,788
225,827
253,142
225,827
227,630
-
25,512
225,827
253,142|**Total**
**2023**
**Exchange**
**scheme**
**2022**
**£**
**£**
260,109
59,141
3,223
381
73,428
-
53,710
431
973
-
8,362
3,027
399,805
62,980
237,094
43,718
7,265
10,209
644,164
116,907
618,652
116,907
25,512
-
644,164
116,907|**Access**
**Tier 5**
**Leadership**
**development**
**2022**
**2022**
**£**
**£**
96,991
59,141
-
685
-
30,787
29,073
5,567
575
-
-
-
126,639
96,180
57,708
43,719
3,576
2,709
187,923
142,608
187,923
142,608
-
-
187,923
142,608|**Total**
**2022**
**£**
215,273
1,066
30,787
35,071
575
3,027| |---|---|---|---|---| |||||285,799
145,145
16,494| |||||447,438| |||||447,438
-| |||||447,438| - 14 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ |**8**
**Support costs**
**Support costs**
**Governance**
**costs**
**£**
**£**
Staff costs
79,008
-
Depreciation
-
-
Office
77,098
-
Marketing
3,975
-
Other
97,147
-
Legal and professional
18,463
-
Audit fees
-
-
Accountancy
-
5,739
Board Meeting Costs
-
2,709
275,691
8,448
Analysed between
Fundraising
38,597
1,183
Charitable activities
237,094
7,265
275,691
8,448|**2023**
Support costs
Governance
costs
**£**
£
£
79,008
51,987
-
-
149
-
77,098
55,208
-
3,975
1,647
-
97,147
61,132
-
18,463
4,751
-
-
-
16,059
5,739
-
-
2,709
-
2,276
284,139
174,874
18,335
39,780
29,729
1,841
244,359
145,145
16,494
284,139
174,874
18,335|2022
£
51,987
149
55,208
1,647
61,132
4,751
16,059
-
2,276| |---|---|---| |||193,209| |||31,570
161,639| |||193,209| Governance costs includes payment to the independent examiner £5,739 for independent examination fees (2022 : £16,059 for external audit fees). ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration. Two trustees were reimbursed £421 (2022: none) for expenses during the year. - 15 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2023**_ ## **10 Employees** The average monthly number employees during the year was: |**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
13
**2023**
**£**
349,629
28,424
6,139
384,192|**2022**
**Number**
11| |---|---|---| |||**2022**
**£**
281,009
19,490
4,113| |||304,612| There were no employees whose annual remuneration was £60,000 or more. ## **11 Intangible fixed assets** |**Cost**
At 1 August 2022 and 31 July 2023
**Amortisation and impairment**
At 1 August 2022 and 31 July 2023
**Carrying amount**
At 31 July 2023
At 31 July 2022|**Website**
**£**
18,688| |---|---| ||18,688| ||-| ||-| - 16 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ## **12 Tangible fixed assets** |**Cost**
At 1 August 2022
Additions
Disposals
At 31 July 2023
**Depreciation and impairment**
At 1 August 2022
Eliminated in respect of disposals
At 31 July 2023
**Carrying amount**
At 31 July 2023
**13**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**14**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**Fixtures, fittings & equipment**
**£**
4,899
488
(1,135)
4,252
4,899
(1,135)
3,764
488
**2023**
**2022**
**£**
**£**
26,952
59,448
6,264
20,286
24,186
4,538
57,402
84,272
**2023**
**2022**
**£**
**£**
39,999
73,846
4,429
5,322
27,499
21,428
6,208
13,500
78,135
114,096| |---|---| ## **15 Retirement benefit schemes** ## **Defined contribution schemes** The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £6,139 (2022 - £4,113). - 17 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2023**_ ## **16 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Movement**|**in**||||| |---|---|---|---|---|---|---|---| |||**funds**|||||| ||**Balance at**|**Incoming**||**Balance at**|**Resources**|**Transfers**|**Balance at**| ||**1 August 2021**|**resources**||**1 August 2022**|**expended**||**31 July 2023**| ||**£**||**£**|**£**|**£**|**£**|**£**| |AIESEC (UK) Exchange|||||||| |Devopment Fund|1,004||-|1,004|-|(1,004)|-| |AIESEC (UK) Travel Fund|5,000||-|5,000|(2,065)|4,315|7,250| |AIESEC (UK) LC Development|||||||| |Fund|1,245|2,191||3,436|(2,671)|1,235|2,000| |AIESEC (UK) Conference|||||||| |Contingency Fund|5,000||-|5,000|-|-|5,000| |AIESEC (UK) Contingency Fund|42,481||-|42,481|(20,776)|(4,546)|17,159| ||54,730|2,191||56,921|(25,512)|-|31,409| ## Purpose of Restricted Funds ## AIESEC (UK) Contingency Fund In the year to 31 July 2017, a resolution was passed by the members of AIESEC (UK) and ratified by the Trustees of the AIESEC Foundation to transfer the LC Restricted Funds back to AIESEC UK from AIESEC Foundation. This was undertaken on 1 November 2016 with the transfer of £75,237. ## AIESEC (UK) Exchange Development Fund The Fund exists to assist exchange development in local committees, providing subsidies for local committees to work on Exchange during holiday periods, capital for Exchange related projects and money to hold reception events in the UK. ## AIESEC (UK) Travel Fund The Fund exists to provide financial assistance to local volunteers to offset the costs of travel to national and international conferences. ## AIESEC (UK) Conference Contingency Fund This Fund was previously known as the National Support Fund. The Fund exists to bring international trainers to UK conferences and to subsidise training activities at conferences and UK local committees. ## AIESEC (UK) Local Committee Development Fund This Fund exists to provide financial assistance to local committees who demonstrate a need. - 18 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ |**17**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31 July
2023 are represented by:
Tangible assets
488
-
Current assets/(liabilities)
542,965
31,409
543,453
31,409|**Total**
Unrestricted
funds
Restricted
funds
**2023**
2022
2022
**£**
£
£
488
-
-
574,374
674,856
56,921
574,862
674,856
56,921|Total
2022
£
-
731,777| |---|---|---| |||731,777| ## **18 Operating lease commitments** At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows: ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Within one year|36,300|36,300| ## **19 Related party transactions** There were no related party transactions in the year (2022: none). ## **Remuneration of key management personnel** Key management personnel in the year ended 31 July 2023 comprised the Board of Trustees and the National Executive. Total remuneration paid to key management personnel is shown below. The trustees receive no remuneration. ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Aggregate remuneration|138,917|132,383| - 19 - ## **A.I.E.S.E.C. (U.K.) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ |**20**
**Cash generated from operations**
**2023**
**£**
(Deficit)/surpus for the year
(156,915)
Adjustments for:
Investment income recognised in statement of financial activities
(484)
Depreciation and impairment of tangible fixed assets
-
Movements in working capital:
Decrease in debtors
26,870
(Decrease) in creditors
(35,961)
**Cash (absorbed by)/generated from operations**
(166,490)|**2022**
**£**
147,085
(433)
149
13,506
(11,310)
148,997| |---|---| 21 **Analysis of changes in net funds** The charity had no debt during the year. - 20 - ## **Issuer** HW Fisher **Document generated** Tue, 19th Dec 2023 10:49:59 UTC **Document fingerprint** f795fc667feaf978cef451db76b052a9 ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Wed, 20th Dec 2023 12:43:49 UTC Wed, 20th Dec 2023 12:53:09 UTC ## **Audit history log** ## **Date** Wed, 20th Dec 2023 12:53:11 UTC Wed, 20th Dec 2023 12:53:10 UTC Wed, 20th Dec 2023 12:53:10 UTC Wed, 20th Dec 2023 12:53:10 UTC Wed, 20th Dec 2023 12:52:53 UTC Wed, 20th Dec 2023 12:43:50 UTC Wed, 20th Dec 2023 12:43:50 UTC Wed, 20th Dec 2023 12:43:50 UTC Wed, 20th Dec 2023 12:43:49 UTC Wed, 20th Dec 2023 12:40:14 UTC Wed, 20th Dec 2023 12:40:07 UTC Tue, 19th Dec 2023 11:02:42 UTC Tue, 19th Dec 2023 10:55:34 UTC Tue, 19th Dec 2023 10:55:29 UTC Tue, 19th Dec 2023 10:55:27 UTC Tue, 19th Dec 2023 10:55:27 UTC Tue, 19th Dec 2023 10:50:36 UTC Tue, 19th Dec 2023 10:50:36 UTC Tue, 19th Dec 2023 10:50:09 UTC Spandan Shah - Signer (b8f14453da8186dcfc88a72426db9e19) Andrew Rich - Signer (4f4cb32ff8f33a1f7345fff7009c1de2) **Action** Andrew Rich viewed the envelope (20.77.74.83) Andrew Rich viewed the envelope (217.207.100.70) This envelope has been signed by all parties (217.207.100.70) Andrew Rich signed the envelope (217.207.100.70) Andrew Rich viewed the envelope (217.207.100.70) Spandan Shah viewed the envelope (49.36.69.80) Document emailed to arich@hwfisher.co.uk (18.130.165.118) Sent the envelope to Andrew Rich (arich@hwfisher.co.uk) for signing (49.36.69.80) Spandan Shah signed the envelope (49.36.69.80) Spandan Shah viewed the envelope (49.36.69.80) Spandan Shah opened the document email. (66.249.84.198) Spandan Shah opened the document email. (66.249.93.201) Spandan Shah opened the document email. (66.249.93.199) Spandan Shah opened the document email. (66.249.92.6) Document emailed to spandan26@gmail.com (18.130.174.2) Sent the envelope to Spandan Shah (spandan26@gmail.com) for signing (185.105.75.177) Andrew Rich has been assigned to this envelope (185.105.75.177) Spandan Shah has been assigned to this envelope (185.105.75.177) Document generated with fingerprint 0685095d047656ddf151cbc71411c421 (185.105.75.177) Tue, 19th Dec 2023 10:50:06 UTC Document generated with fingerprint f795fc667feaf978cef451db76b052a9 (185.105.75.177) Tue, 19th Dec 2023 10:49:59 UTC Envelope generated by Jamie Thompson (185.105.75.177)