2020-12-31-accounts - Irish Youth Foundation (UK) Limited

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Registered Company No. 02397878

Registered Charity No. 328265

IRISH YOUTH FOUNDATION (UK) LIMITED (A company limited by guarantee) (Incorporating The Lawlor Foundation)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2020

IRISH YOUTH FOUNDATION (UK) LIMITED (A company limited by guarantee)

(Incorporating The Lawlor Foundation)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

	Page
TABLE OF CONTENTS
TRUSTEES’ REPORT
❖ Reference and administrative information	1
❖ Structure, governance and management	2-3
❖ Objectives and activities	3
❖ Public benefit	3-4
❖ Achievements and performance	4-5
❖ Financial review	5-6
❖ Plans for future periods	6
❖ Trustees’ responsibilities in respect of the financial statements	7
AUDITORS’ REPORT	8-11
STATEMENT OF FINANCIAL ACTIVITIES	12
BALANCE SHEET	13
NOTES TO THE FINANCIAL STATEMENTS	14 - 20

IRISH YOUTH FOUNDATION (UK) LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and audited financial statements for the year ended 31 December 2020.

Reference and Administrative Information

Charity name Irish Youth Foundation (UK) Limited Charity registration number 328265 Company registration number 02397878 Registered office and Operational address Irish Cultural Centre 5 Blacks Road Hammersmith London W6 9DT Website www.iyf.org.uk President Norma Smurfit Chairman of Trustees John Dwyer Other Trustees (in alphabetical order) Ciara Brett Alan Byrne Richard Corrigan Mark Gough Virginia Lawlor June Trimble MBE Company secretary Linda Tanner Treasurer Peter Keenan-Gavaghan Bankers Allied Irish Bank (GB) 10 Berkeley Square London W1J 6AA Auditors Mercer & Hole Chartered Accountants Batchworth House Batchworth Place Church Street Rickmansworth Herts WD3 1JE

IRISH YOUTH FOUNDATION (UK) LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 published in October 2019.

Governing document

The organisation is a charitable company limited by guarantee not having a share capital. The company was incorporated on 22 June 1989 and registered as a charity on 7 July 1989. The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed under its Articles of Association. The members of the company are liable to contribute £1 each should the company be wound up insolvent.

Recruitment and Appointment of Trustees

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

John Dwyer Ciara Brett Alan Byrne Richard Corrigan Cecilia Gallagher (Resigned 31 December 2020) Mark Gough Virginia Lawlor Geraldine O’Callaghan (Appointed 09 March 2021; resigned 30 April 2021) June Trimble MBE

Much of the charity’s fundraising work consists of the staging of prestigious fundraising events and trustees are often people who are able to use their contacts to encourage corporate attendance at such events. A wide range of business and occupations are represented in the Board of trustees, reflecting the diverse nature of the people whom the charity seeks to benefit.

Many trustees are also company directors and are familiar with the duties and responsibilities under Company Law. They are also encouraged to attend relevant courses held by the Charity Commission and remain appraised of Charity Law in relation to trustees’ duties.

Risk Management

Following the merger with The Lawlor Foundation with effect from 1 July 2005 the Charity acquired an investment portfolio with a value in excess of £2 million. The portfolio is under the management of an investment management company. The charity has an investment committee to oversee the performance of the investment managers and to consider the charity’s investment strategy, balancing the need for income with the desire for capital appreciation.

Public Liability Insurance is purchased in respect of certain events where the potential for liability exists.

IRISH YOUTH FOUNDATION (UK) LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Risk Management (continued)

Appropriate financial controls have been in place for many years to minimise the risk of misappropriation of charity assets.

Organisation structure

The charity’s trustees meet quarterly and are responsible for the strategic direction and policy of the charity.

Strategy days are held periodically, with the purpose of focusing on high level direction and policy.

The company secretary is also the charity’s Administrator but has no voting rights.

Grants are recommended to the Board of Trustees by an independent Advisory Committee. The sum available to be awarded by the Advisory Committee is advised by the Board of Trustees.

Objectives and Activities

For the year under review, the objectives of the charity were to raise funds and make grants available for:

(a) Projects in the UK that assist young people of Irish heritage and their families
(b) The advancement of education in Northern Ireland for example by making available grants for individual students and support for organisations

Public Benefit Statement

The trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

This report makes clear that Irish Youth Foundation (UK) Limited complies with the principles set out in the Charity Commission public benefit guidance.

The work of Irish Youth Foundation (UK) Limited advances many identifiable benefits. They include:

(a) The promotion of projects in the UK that assist young people of Irish heritage and their families within the Irish community.
(b) The advancement of education in Northern Ireland for example by making available grants for individual students and support for organisations.

The benefits provided are related to the aims of Irish Youth Foundation (UK) Limited as listed in section 3 of the Memorandum of Association.

There is no harm or detriment being incurred by pursuit of these aims and benefits.

Beneficiaries include women, men and children, society in general irrespective of faith. The beneficiaries are therefore appropriate to the aims.

IRISH YOUTH FOUNDATION (UK) LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Public Benefit Statement (continued)

The benefits are for the public and the opportunities for benefit are not unreasonably restricted by geographical or other restrictions or by the ability to pay any fees charged.

People in poverty and low incomes are included in the opportunity to benefit.

There are no private benefits being enjoyed. Further evidence of public benefit is described elsewhere in this report, in particular in the section for Achievements and Performance.

Achievements and Performance

Summary of the main achievements during the year

The charity continues to organise well-attended and prestigious fundraising events that it hopes are seen as highly enjoyable. During 3 quarters of 2020, face to face events were unable to take place due to the COVID-19 related public health restrictions, however the charity evolved its event offering to ensure vital funds continued to be raised to enable projects to be supported.

During 2020 the following events were staged:

Thursday 5[th] March, ‘Chips for Charity’ Poker Event
Monday 30[th] November ‘IYF Virtual Cookalong’

Performance achieved in charitable activities against objectives set:

The Irish Youth Foundation (UK) continued its programme of support for a wide range of welfare organisations and community groups whose work aimed to improve the lives of young people and children of Irish heritage in the UK who are socially, economically or culturally disadvantaged. Grants ranging from £500 to £10,000 were awarded to projects including help for the homeless, employment and training schemes, support for women and children escaping violence, help for young offenders, drug rehabilitation, cross-community initiatives as well and social and cultural activities. Support for community and welfare organisations spreads throughout the United Kingdom, not only financially, but also recognising the work, commitment and needs of all those involved. Special annual awards are made over and above the grant recommendations from applications received where certain criteria are satisfied. The work of the Lawlor Foundation towards the advancement of education in Northern Ireland continues with support for Irish students and educational organisations from all communities.

The fund raising activities during the year continued to enhance the reputation of the charity for organising successful and enjoyable events (live and online during the past year) and to expand its network of Irish and British friends and supporters. Funds raised through these well-attended events and from voluntary corporate and individual donations have enabled the charity to make a difference to the lives of young Irish people in need in the UK and help them toward a more integrated and fulfilling future.

Following a consultation in 2013 a new initiative was launched, “Immediate Youth Focus”, to kick-start a life-line for young people caught in a changing climate and who were living in abject poverty. The aim was to provide an emergency safety net over the difficult winter months and beyond for destitute young individuals up to the age of 30. Funding was provided to 5 agencies supporting young people of Irish descent, but not exclusively, in London and other inner-City or deprived areas around the country, and which were well-equipped to address these needs. This initiative has been welcomed as a truly beneficial and essential resource by the organisations involved. A further consultation was held in 2018 and funding for this essential initiative continues covering the issues which emerged.

IRISH YOUTH FOUNDATION (UK) LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Performance achieved in charitable activities against objectives set (continued)

In 2020, following the Covid-19 pandemic and resulting lockdown, the Board of Trustees launched a special initiative, the IYF Covid-19 Emergency Recovery Fund, to support well-known and trusted welfare organisations based in Great Britain with additional grants to assist them in maintaining their important services for young people of Irish heritage through this challenging period. Further grants to projects based in Northern Ireland under this initiative will be considered in 2021.

Grants were awarded in the sum of £263,948 (2019: £191,400). Details of material grants can be found on the website: www.iyf.org.uk.

Investment performance achieved against objectives set:

The performance of the charity’s investments during the year provided income to support the requirements of grant commitments continuing the work of The Lawlor Foundation whilst aiming to preserve and increase the capital value of the portfolio.

Financial Review

Review of the Charity’s financial position

The surplus from events was £40,092 (2019: £75,733) and other donations totalled £107,978 (2019: £63,290).

The balances of Women’s Irish Network, which raises money solely for the Irish Youth Foundation (UK) Limited, have been included within these financial statements.

Fundraising services totalling £6,356 (2019: £19,170) consisted of an appropriate proportion of the costs of the Charity’s administrator and other costs incurred in generating income from events. The cost of fundraising events was £35,515 (2019: £127,837).

Governance costs were £37,671 (2019: £45,791), and include the Administrator’s costs in managing the day-to-day business of the Charity, rental and office operating costs, audit fees and other sundry items.

Grants awarded totalled £263,948 (2019: £191,400) after adjusting for awards not fulfilled.

Income from the charity’s investment portfolio was £59,844 (2019: £72,805).

Net loss on the general fund before transfers was £126,097 (2019: £237,901 surplus).

Total funds at the end of the year were £2,753,031 (2019: £2,879,128).

IRISH YOUTH FOUNDATION (UK) LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Principal financial management policies

The charity exists to award grants out of the income it generates. The level of grants that can be awarded is determined by reference to the balance in the General fund, and also by reference to income from investments that can reasonably be expected to arise in the forthcoming year. Overhead costs are kept as low as realistically possible and are hoped to be covered by donations or covenants, so that funds raised at events are available for grants.

Investment policy

The charity’s investment policy is to achieve sufficient income to meet grant commitments, whilst providing the prospect of capital appreciation. Investment managers are appointed who advise on specific investments suitable for Charity Trustees and who are well qualified to respond accordingly in response to the economic downturn arising in response to the worldwide COVID-19 pandemic.

Plans for future periods

Aims, objectives and activities planned to achieve them

The charity finished 2020 in a strong and stable financial position. It is however clear that the impact of COVID-19 upon charity fundraising will be significant, reducing future income due to cancelled events. It is too early to comment in detail on the longterm impact of these effects on the charity, however the resources in place will ensure future sustainability of the charity for the foreseeable future with mechanisms in place to manage costs accordingly.

The charity will continue to address the changing needs of the young disadvantaged Irish community, with particular reference to the requirements of the young second and third generation Irish people born in the UK with renewed attention and flexibility of approach.

IRISH YOUTH FOUNDATION (UK) LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Statement of Trustees’ Responsibilities in respect of the financial statements

The trustees (who are also directors of Irish Youth Foundation (UK) Limited 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 2019 (FRS 102)
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards 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 charitable company 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 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.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company’s auditor is unaware; and
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Auditors

Mercer & Hole were re-appointed as the charitable company’s auditors during the year and have expressed their willingness to continue in that capacity.

This report has been prepared in accordance with the provisiosn applicable to companies entitles to the small companies exemption.

Approved on behalf of the Trustees on 9 September 2021

....................................... J. DWYER Chairman of Trustees

IRISH YOUTH FOUNDATION (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IRISH YOUTH FOUNDATION (UK) LIMITED

Opinion

We have audited the financial statements of Irish Youth Foundation (UK) Limited (the ‘charitable company’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their presentation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

❖ give a true and fair view of the state of the charitable company’s affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
❖ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
❖ have been properly prepared in accordance with the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

IRISH YOUTH FOUNDATION (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IRISH YOUTH FOUNDATION (UK) LIMITED (Continued)

Other information

The other information comprises the information included in the annual report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report of the trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the annual report of the trustees.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
the charitable company has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

IRISH YOUTH FOUNDATION (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IRISH YOUTH FOUNDATION (UK) LIMITED (Continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of fundraising regulations and health & safety regulations, and we considered the extent to which noncompliance may have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.
We evaluated the trustees' incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate income or understate expenditure, and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;
evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;
review correspondence with the Charity Commission for evidence of breaches;
identifying and testing journal entries.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities

This description forms part of our auditor’s report.

IRISH YOUTH FOUNDATION (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IRISH YOUTH FOUNDATION (UK) LIMITED (Continued)

Use of our report

This report is made soley to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mercer & Hole Chartered Accountants Statutory Auditor

Batchworth House Batchworth Place Church Street Rickmansworth Herts WD3 1JE

13 September 2021

Mercer & Hole is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

IRISH YOUTH FOUNDATION (UK) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2020

Note Income from: Donations and legacies 3 Other trading activities: Fundraising events 4 Investments Total income Expenditure on: Raising funds: Investment management 2d Fundraising events 5 Charitable activities: Grant making Support costs 6 Total expenditure Net gains/(losses) on investments Net income/(expenditure) and net movement in funds Reconciliation of funds: Total funds brought forward 10 Total funds carried forward 10	2020 Total Unrestricted funds Stg £ 107,978 81,963 59,844 249,785 (23,610) (41,871) (263,948) (37,671) (367,100) (8,782) (126,097) 2,879,128 2,753,031	2019 Total Unrestricted funds Stg £ 63,290 222,740 72,805
		358,835 (24,760) (147,007) (191,400) (45,791)
		(408,958) 288,024
		237,901 2,641,227
		2,879,128

There are no recognised gains and losses other than those shown in the statement of financial activities. Therefore no statement of total recognised gains and losses has been prepared. All the above amounts relate to continuing activities.

The notes on pages 14 to 20 form part of these financial statements.

IRISH YOUTH FOUNDATION (UK) LIMITED

BALANCE SHEET AT 31 DECEMBER 2020

£ 208,717 27,034	£ 179,837 37,072	2019 £ 2,750,458 128,670
235,751 (97,551)	216,909 (88,239)

		2,879,128
		2,879,128
		2,879,128

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies (but as this company is a charity, it is subject to audit under the Charities Act 2011).

Directors’ responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on 9 September 2021

........................................ J. DWYER Trustee

The notes on pages 14 to 20 form part of these financial statements.

IRISH YOUTH FOUNDATION (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020

1. THE COMPANY

The company, which is limited by guarantee and not having a share capital, is incorporated in England and was formed to provide grants for the following activities:

(a) Projects in the UK that assist young Irish people and their families
(b) The advancement of education in Northern Ireland for example by making available grants for individual students and support for organisations

The charity constitutes a public benefit entity as defined by FRS 102. 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

(a) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the charitable objectives of Irish Youth Foundation (UK) Limited.

Income and capital funds acquired on mergers are introduced as additions to General funds and are transferred in accordance with the transfer of undertaking document.

(b) Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

IRISH YOUTH FOUNDATION (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (continued)

2. ACCOUNTING POLICIES (continued)

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

(c) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Fundraising costs are those specific costs expended in connection with fundraising events and by reference to an estimate of time spent by the company secretary on fundraising matters.
Investment management costs are those specific costs incurred in connection with the investment portfolio payable to the investment manager.
Governance costs are those costs incurred in connection with the management of the Charity’s assets, organisational administration and compliance with constitutional and statutory requirements.
Support costs are those that assist the work of the charity but do not directly represent charitable expenditure and include office costs and administrative expenses. They are incurred directly in support of expenditure on the objects of the charity.

Grants are recognised in the Statement of Financial Activities in the year in which they are awarded.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(d) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

IRISH YOUTH FOUNDATION (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (continued)

2. ACCOUNTING POLICIES (continued)

(e) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(f) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(g) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(h) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(i) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe while future fundraising is expected to be impacted by the ongoing effects of COVID-19 pandemic, no material uncertainties exist with regard to the utilisation of funds as there is full control over outgoing costs. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

3. DONATIONS

Women’s Irish Network donations Other donations	2020 Stg £ 16,402 91,576 107,978	2019 Stg £ 36,603 26,687
		63,290

IRISH YOUTH FOUNDATION (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (continued)

4. FUNDRAISING EVENTS INCOME

Annual Ball Poker Night Sports Quiz 30thAnniversary Event IYF Cookalong London Marathon Corrigan’s Covid-19 Homeless Appeal Miscellaneous 5. FUNDRAISING EXPENDITURE Annual Ball Poker Night Sports Quiz 30thAnniversary Event IYF Cookalong London Marathon Miscellaneous Administration		2020 Stg £ - 34,548 (382) - 41,525 1,187 3,183 1,902 81,963 2020 Stg £ 195 8,523 227 - 15,138 416 11,016 6,356 41,871		2019 Stg £ 121,225 81,400 9,724 10,391 - - - -
				222,740
				2019 Stg £ 66,247 37,189 5,038 14,080 - - 5,283 19,170
				147,007

5. FUNDRAISING EXPENDITURE

IRISH YOUTH FOUNDATION (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (continued)

6. GOVERNANCE & SUPPORT COSTS

All governance costs are borne by the General Fund. 7. INVESTMENTS Bank interest and charges Office costs and administration Venues and meeting costs Sundry Website and branding Depreciation Loss on disposal of assets Unfulfilled donation Audit fee (Governance) Professional and consultancy fees 2020 Stg £ Analysis of investments by category of holding Quoted Vestra Wealth Portfolio 2,589,031 Analysis of movement in quoted investments Fair value at 1 January 2020 2,727,456 Additions 427,509 Disposals (566,259) Movement in valuations (325) Fair value at 31 December 2020 2,589,031 Cash held in investment portfolio 25,800 Total investments 2,614,831	All governance costs are borne by the General Fund. 7. INVESTMENTS Bank interest and charges Office costs and administration Venues and meeting costs Sundry Website and branding Depreciation Loss on disposal of assets Unfulfilled donation Audit fee (Governance) Professional and consultancy fees 2020 Stg £ Analysis of investments by category of holding Quoted Vestra Wealth Portfolio 2,589,031 Analysis of movement in quoted investments Fair value at 1 January 2020 2,727,456 Additions 427,509 Disposals (566,259) Movement in valuations (325) Fair value at 31 December 2020 2,589,031 Cash held in investment portfolio 25,800 Total investments 2,614,831	2020 Stg £ 394 20,542 808 469 1,250 - - 9,073 4,740 395 37,671		2019 Stg £ 489 24,032 525 598 4,884 92 276 10,000 4,620 275
				45,791
				2019 Stg £ 2,727,456 2,470,251 450,565 (443,684) 250,324 2,727,456 23,003 2,750,458
	2,589,031 25,800
	2,614,831

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

IRISH YOUTH FOUNDATION (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (continued)

8. DEBTORS Event and donation income Prepayments and accrued income 9. CREDITORS: amounts falling due within one year Grants allocated but not yet disbursed Accruals and deferred income 10. ANALYSIS OF TOTAL FUNDS Fixed assets Net current asset		2020 Stg £ 11,500 15,534 27,034 2020 Stg £ 76,924 20,627 97,551 2020 Total Stg £ 2,614,831 138,200 2,753,031		2019 Stg £ 10,773 26,299 37,072 2019 Stg £ 73,474 14,765 88,239 2019 Total Stg £ 2,750,458 128,670




				2,879,128

RELATED PARTIES

Neither trustees nor persons connected with them have received any remuneration or reimbursement for expenses incurred. There were no related party transactions in the year.

Total donations received from trustees totalled £299.

IRISH YOUTH FOUNDATION (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (continued)

12. FINANCIAL INSTRUMENTS

The carrying amounts of the charity’s financial instruments are as follows:

Financial assets Measured at fair value through net income/expenditure: - Fixed asset listed investments (Note 7)	2020 Stg £ 2,589,031	2019 Stg £
		2,727,456

The income, expenses, net gains and net losses attributable to the charity’s financial instruments are summarised in note 7.

13. COVID-RELATED RENT CONCESSIONS

A rent concession of £4,000 was granted by the landlord in the year due to the Covid-19 pandemic.