2020-12-31-accounts - The Association For Cultural Exchange Limited

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			Page
Reference and administrative		details ofthe Charity, its Trustees and advisers
Trustees' report			2-9
Independent	auditors' report	on the financial statements	10-14
Consolidated	statement offinancial activities		15
Consolidated	balance sheet		16
Charity balance sheet			17
Consolidated	statement ofcash flows		18
Notes to the	financial statements		19-45

REFERENCE AND	REFERENCE AND	REFERENCE AND	ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS	ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS	ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS
			FOR THE YEAR ENDED 31DECEMBER 2020
Trustees			Christopher Mark Sanders, Chair
			Prof Ann Barrett OBE, Chair		(resigned 24 June 2020)
			Christine Anne Berry
			John Bryden
			Richard Burge (resigned 24		June 2020)
			David Martin
			Sandra Toni Moses
			Allan Thomas Treacy (resigned 23June 2020)
Company	registered
number			00604757
Charity registered
number			279587
Registered office			Stapleford Granary
			Bury Road
			Stapleford
			CB225BP
General Secretary			Paul BBames, MSc, PhD
Independent		auditors	Peters Elworthy 8 Moore
			Chartered Accountants
			Statutory Auditors
			Salisbury House
			Station Road
			Cambridge
			CB1 2LA
Bankers			The Royal Bank of	Scotland	pic
			82-88 Hills Road
			Cambridge
			CB2 1LG
Stockbrokers			Cantab Asset Management		Limited
			50Station Road
			Cambridge
			CB1 2JH
Honorary	President		Dr Roland Randall	MA MSc	PhD

			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	2019
		Note	6	6	E
INCOME FROM:
Donations and legacies			28,741	28,741	7,695
Charitable activities			35,508	35,508	90,975
Other trading activities			848,045	848,045	6,071,390
Investments			«0,594	110,594	148,354
Other income			156,082	156,082
TOTAL INCOME			1,178,970	1,178,$70	6,318,415
EXPENDITURE ON:
Raising funds:		8,9
Trading activities			1,570,716	1,570,716	5,868,125
Investment management			14,747	14,747	17,509
Charitable activities		11	276,494	276,494	416,174
TOTAL EXPENDITURE			1,861,957	1,861,957	6,301,808
NET (EXPENDITURE)/INCOME	BEFORENET GAINS
ON INVESTMENTS			(682,$87)	(682,987)	16,607
Net gains on investments			43,852	43,852	515,823
NET MOVEMENT IN FUNDS BEFOREOTHER
RECOGNISED GAINS/(LOSSES)			(639,135)	(639,135)	532,430
OTHER RECOGNISED GAINS/(LOSSES):
(Losses)/gains on forward foreign	exchange contracts				(17,834)
NET MOVEMENT IN FUNDS			(639,135)	(63$,135)	514,596
RECONCILIATION OF FUNDS:
Total funds brought forward		23	8,327,060	8,327,060	7,812,464
Net movement in funds		23	(63$,135)	(639,135)	514,596
TOTAL FUNDS CARRIED FORWARD		23	7,687,925	7,687,925	8,327,060

					2020	2019
				Note	E	E
CASH FLOWS FROM OPERATING	ACTIVITIES
Net cash used in operating activities				24	(1,102,439)	(48,281)
CASH FLOWS FROM INVESTING	ACTIVITIES
Dividends, interests and rents from	investments				117,720	148,354
Purchase oftangible fixed assets					(15,476)	(110,592)
Net proceeds from/(additions to) investments					4$8,14$	(78,265)
NET CASH PROVIDED BY/(USED	IN) INVESTING		ACTIVITIES		600,393	(40,603)
CASH FLOWS FROM FINANCING	ACTIVITIES
Gain/(loss) on forward foreign exchange contract						(17,834)
NET CASH PROVIDED BY/(USED	IN) FINANCING		ACTIVITIES			(17,834)
CHANGE IN CASH AND CASH EQUIVALENTS		IN	THE YEAR		(502,046)	(106,718)
Cash and cash equivalents at the beginning ofthe year					1,915,440	2,022,158
CASH AND CASH EQUIVALENTS	AT THE END	OF THE YEAR		25	1,413,394	1,915,440
The notes on pages 19to45form part ofthese financial statements

	Unrestricted	Total	Total
	funds	funds	funds
	2020f	2020f	2019f
Donations	28,741	28,741	7,695
TOTAL 2019	7,695	7,695

		Unrestricted	Total	Total
		funds	funds	funds
		2020f	2020f	2019f
Performances	and events	35,508	35,508	90,976
TOTAL 2019		90,976	90,976

	Unrestricted	Total	Total
	funds	funds	funds
	2020f	2020f	2019f
Study tours	848,045	848,045	6,071,390
TOTAL 2019	6,071,390	6,071,390

	Unrestricted	Total	Total
	funds	funds	funds
	2020 5	2020 6	2019f
Rental income	52,431	52,431	52,128
Investment income	57,335	57,335	93,949
Bank interest	828	828	2,277
	110,594	110,594	148,354
TOTAL 2019	148,354	148,354

		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
				E
Government	grants	158,082	156,082

		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
		6		6
Tour expenses		830,422	830,422	4,726,967
Othertrading	expenses	53,039	53,039	320,394
Wages and salaries		565,010	565,010	672,555
National insurance		47,589	47,589	66,613
Pension costs		36,834	36,834	45,837
Depreciation		37,822	37,822	35,759
		1,570,716	1,570,716	5,868,125
TOTAL 2019		5,868,125	5,868,125

			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	2019
			6		6
Investment	management	fees	13,236	13,236	15,684
Staff time	spent managing	investments	1,511	1,511	1,825
			14,747	14,747	17,509
TOTAL 2019			17,509	17,509

			Grants to	Grants to	Total	Total
			Institutions	Individuals	funds	funds
			2020 8	2020 f	2020 8	2019 F
Grants,	Educational	grants	2,810	10,780	13,590	12,276
TOTAL	2019		12,276		12,276

		Activities	Grant
		undertaken	funding of	Support	Total	Total
		directly	activities	costs	funds	funds
		2020	2020	2020	2020	2019
		8	8	6	8	8
Performances	and events	116,123		146,781	262,904	399,262
Education			13,590		13,590	16,912
TOTAL 2020		116,123	13,590	146,781	276,494	416,174
TOTAL 2019		197,526	12,276	206,372	416,174

			Performances	Total	Total
			and events	funds	funds
			2020f	2020f	2019f
Staff costs			65,890	ss,sso	76,670
Event expenses			34,032	34,032	75,241
Staff expenses					1,375
Printing, stationery,	newsletters	and course promotion	2,686	2,686	32,274
Computer expenses			10,966	1O,966	9,283
Bank charges			2,534	2,534	2,683
Currency (gain)/loss			15	15
TOTAL 2020			116,123	116,123	197,526
TOTAL 2019			197,526	197,526

				Performances		Total	Total
				and events	Education	funds	funds
				2020f	2020f	2020	2019
Staff costs				23,213		23,213	29,781
Printing, stationery,		newsletters	and promotion	(125)		(125)	2,001
Audit and accountancy fees				12,102		12,102	10,607
Administration,	finance and IT			20,074		20,074	78,145
Depreciation				77,805		77,805	70,735
Professional fees		and costs		13,712		13712	15,103
				146,781		146,781	206,372
TOTAL 2019				201,736	4,636	206,372

			Group	Group	Charity	Charity
			2020	2019	2020	2019
			E	E
Wages and	salaries		643,113	766,206	78,103	93,651
Social security costs			54,983	75,737	7,394	9,124
Contribution	to defined contribution	pension
schemes			41,951	51,338	5,117	5,501
			740,047	893,281	90,614	108,276

		Group	Group	Charity	Charity
		2020	2019	2020	2019
		No.	No.	No.	No.
Charitable	activities	2	2
Tmd lag		22	23
		24	25

Group	Group
2020	2019
No.	No.

			Fixtures,
	Freehold	Plant and	fittings and
	property f	machinery f	instruments f	Totalf
NET BOOK VALUE
At 31 December 2020	3,372,519	212,747	198,752	3,784,018
At 31 December 2019	3,404,044	230,688	249,437	3,884,169
CHARITY
			Fixtures,
	Freehold	Plant and	fittings and
	propertyf	machinery f	instruments f	Totalf
COST OR VALUATION
At 1 January 2020	3,552,582	257,600	256,189	4,066,371
Additions			15,476	15,476
At 31 December 2020	3,552,582	257,600	271,665	4,081,847
DEPRECIATION
At 1 January 2020	148,538	26,912	79,947	255,397
Charge for the year	31,525	17,941	28,339	77,805
At 31 December 2020	180,063	44,853	108,286	333,202
NET BOOK VALUE
At 31 December 2020	3,372,519	212,747	163,379	3,748,645
At 31 December 2019	3,404,044	230,688	176,242	3,810,974

	Freehold
	investment
	property
	6
VALUATION
At 1 January 2020	161,000
At 31 December 2020	161,000

	Freehold
	investment
	property
	6
VALUATION
At 1 January 2020	161,000
At 31 December 2020	161,000

Listed	Uninvested
investments	cash	Total
E	E	6
3,421,177	41,734	3,462,911
1,469,OO6		1,469,006
(2,173,921)		(2,173,921)
206,001		206,001
	44,617	44,617
2,922,263	86,351	3,008,614
2,922,263	86,351	3,008,614
3,421,177	41,734	3,462,911

	Investments
	In
	subsidiary	Listed	Uninvested
	companies	Investmenls	cash	Total
Charity	E	E	6	E
COST OR VALUATION
At 1 January 2020	710,000	3,421,177	41,734	4,172,911
Additions		1,469,006		1,469,006
Disposals		(2,173,921)		(2,173,921)
Revaluations		206,001		206,001
Transfers intra group			44,617	44,617
AT 31 DECEMBER 2020	710,000	2,922,263	86,351	3,718,614
IMPAIRMENT
Charge for the year	710,000			710,000
AT31DECEMBER 2020	710,000			710,000
NET BOOK VALUE
AT 31 DECEMBER 2020		2,922,263	86,351	3,008,614
AT 31 DECEMBER2019	710,000	3,421,177	41,734	4,172,911

								As restated
							2020	2019
							5	F
Turnover							848,045	6,071,214
Cost ofsales							(877,319)	(4,969,256)
							(29,274)	1,101,958
Administrative	expenses						(770,320)	(1,282,067)
Other operating		income					258,2$7	257,176
Net interest (payable)/receivable							(6,701)	1,767
(Loss)/gain on	financial			instruments				(17,834)
							(520,724)	(1,040,958)
Tax on ordinary		activities
ProSt forthe year							(549,998)	61,000
Net assets brought			forward				641,463	866,936
(Loss)/Profit for		the	year				(54a,aa8)	61,ooo
Gifted charitable		donation to The Association			For Cultural	Exchange Limited		(286,473)
Net assets carried			forward				$1,465	641,463

Charity 2020	Chadity 2019
8	F

	Charity 2020 8
DUE AFTER MORE THAN ONE YEAR
Amounts owed by group undertakings	500,000

						Charity
			Group	Group	Charity	As restated
			2020 2	2019 2	2020f	2019 2
DUE WITHIN	ONE YEAR
Trade debtors			51372	1,894	5,372	1,894
Amounts owed by group undertakings					18,299	17,017
Other debtors			78,392	34,512	52,682	1,495
Prepayments	and accrued income		32,092	492,084	2,821	2,599
Tax recoverable			35,058
			150,914	528,490	79,174	23,005
CREDITORS: AIIIIOUNTS FALLING DUE WITHIN ONE YEAR
			Group	Group	Charity	Charity
			2020 8	2019 2	2020f	2019 F
Bank loans			4,167
Trade creditors			21,620	67,257	12,836	13,289
Other taxation	and social security		17,459	40,518	2,414	14,713
Other creditors			21+83	41,058	3,000	3,000
Accruals and	deferred	income	719,453	1,472,867	29,529	62,824
Grants accrued - individual				3,250		3,250
			784y182	1 624950	47779	97076

				Group	Group	Charity	Charity
				2020f	2019f	2020f	2019
				Group 2020f	Group 2019f	Charity 2020f	Charity 2019
Deferred	income at	1 January 2020		1,371,553	1,263,229	12,490	10,166
Resources deferred		during the year		655,567	1,371,553	2,406	12,490
Amounts	released from previous		periods	(1,371,553)	(1,263,229)	(12,490)	(10,166)
				655,567	1,371,553	2/06	12,490

		Group	Group
		2020f	2019f
Bank loans		45,833
Included within the above are amounts	falling due as follows:
		Group	Group
		2020f	2019 F
BETWEEN ONE AND TWO YEARS
Bankloans		10,000
BETWEEN TWO AND FIVE YEARS
Bank loans		30,000
OVER FIVEYEARS
Bank loans		5,833

			2020	2019
			8	E
Grants	accrued	b/fwd	3,250	10,000
Grants	committed		13,590	3,250
Grants	paid		(16,840)	(10,000)
Grants	accrued	c/fwd		3,250

							Balance at
							31
		Balance at 1			Transfers	Gainsl	December
		January 2020	Income	Expenditure	in/out	(Losses)	2020
		F	8	6	8	E	8
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Capital Fund		3,462,911			(498,149)	43,852	3,008,614
Property Fund		3,971,974		(77,805)	15,476		3,909,645
		7,434,885		(77,805)	(482,673)	43,852	6,918,259
GENERAL	FUNDS
General Fund		190,040	200,203	(213836)	506,632		683,439
Subsidiary	Fund	702,135	978,787	(1,570,718)	(23,959)		86,227
		892,175	1,178,$70	(1,784,152)	482,673		76$,666
TOTAL
UNRESTRICTED
FUNDS		8,327,060	1,178,970	(1,861,857)		43,852	7,887,825

							Balance at
		Balance at					31
		1 January			Transfers	Gains/	December
		2019	Income	Expenditure	in/out	(Losses)	2019
		5	E	6	F	F	E
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Capital Fund		2,868,823			78,265	515,823	3,462,911
Property Fund		3,813,538		(49,247)	31,441		3,795,732
		6,682,361		(49,247)	109,706	515,823	7,258,643
GENERAL	FUNDS
General Fund		210,148	245,258	(384,436)	295,312		366,282
Subsidiary	Fund	919,955	6,073,157	(5,868,125)	(405,018)	(17,834)	702,135
		1,130,103	6,318,415	(6,252,561)	(109,706)	(17,834)	1,068,417
TOTAL
UNRESTRICTED
FUNDS		7,812,464	6,318,415	(6,301,808)		497,989	8,327,060

						Group	Group
						2020	2019
							5
Net income/expenditure for the		period	(as per	Statement	of Financial
Activities)						(639,135)	532,430
ADJUSTMENTS FOR:
Depreciation charges						115,627	106,494
Losses/(gains) on investments						(43,852)	(515,823)
Dividends, interests	and rents from	investments				(117,720)	(148,354)
Decrease/(Increase)	In debtors					377,576	(61,022)
Increase/(decrease)	in creditors					(794,935)	37,994
NET CASH USED	IN OPERATING	ACTIVITIES				(1,102,439)	(48,281)

					Group	Group
					2020 f	2019 5
Cashin	hand				1,413,3$4	1,915,440
TOTAL	CASH	AND	CASH	EQUIVALENTS	1,413,394	1,915,440