Charity re9iStration number NIC101716 YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS LEGALAND ADMINISTRATIVE INFORMATION Truste89 Dr J Donaldson Mr D Campbell Mr S Hamilton Mr D Schultz Ms B Luedtke Mr S Deller Mr P Barbarics Mr M Liwvsky (Appointed 30 November 2023} Charlty number NIC101716 Prlnclpal address Victoria Cottage 35 Baltymaglave Road The Spa Ballynahinth Co D¢)wn BT24 8QB Audltor GMCG LISBURN Century House 40 cscent Business Park Lisbum BT28 2GN Banker¥ Ulster Bank Limited 4th Floor 11-16 Donegall Square East Belfast BT1 SUB
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS CONTENTS Page Trustees, report Independent auditols report Statement of financral activsiies 10 ststement of financial wsthon 11 Ststement of cash flows 12 Notes to the financial statements 13-20
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financaal statements for the year ended 31 December 2023. The financial ststements have been prepared in accordance wth the accounting poliaes set out in note 1 to the financial statements and comply Imth the charity's trust deed, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charib.es preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 20191. Objectives and actlvities The objectives of the charity are the advancement of the Christian farth. education and the relief of povety and its effects amongst children and young people through support of YoLth For Christ projects around the worfd. The charity does this by finding people I'funding partners") signfficant finances to give, and solioting witable projects around Ihe wortd for them to give to. The charity cnmmissions due diligence on the projects identified as being those the partners are most likely to support, and the partners themselves finally decide who wll get what and from whom. Tha charity's intended beneficiaries are young 0p1& LIP lo the aoe of ?.£ in the 120 or so countries in which Youth For Christ currently works, regardless of race, religion, gender or disability- The projects that receive the grants provide reports on their activib'es. Represenlatives of the charity visit a number of projects each year and report back to Ihe Trustees and funding partners. Exarnes in 2023 were vi&'ts to projects in Hungary, Slovakia, Serbia, Netherlands. Public benefit The trustees of Youth For Christ Intemalional FourKlation For The Nations confim that they have had due regard for the guidance on Public Benefit by the Charity Commission for Northem Ireland and are pleased to report that during the year the charity has continued to provide Public Beneffts through programmes and service¥ the charity offers. In particular, the Irustees consider how planned 'Vities bMII contribute to the aims and obiecbves they have sel out. Volunteers The charity is grateful for the unstinting efforts of its volunteers who are involved in all aspects of the charity's work. Achlevements and p8rfomiance son1rant ad1vitS and achievements against objectrves Our key goals are.. 1. The acquisition of new Funding Partners each year 2. The growth of the fijnd going oui to projects woddwide. and 3. The spread of Partners beyond those based in North America. During the year. the charity has done well on the first tsvo goals, and has also aqain attracted support from a number of Northern-lreland-based Foundations. churches arKI individuals. HovVer, a key goal remains to l¢)cate funders in other affluent iurisdith.ons around the wodd. The Trustees wish to thank everyone for their commitment, work and involvement in all that has been done and achieved this last year. Wrthout the employees and volunteers people's lives would not have been able to be impacted and changed to such an extent. Also, thanks to all the charity's SUPPOrters and funders. Flnanclal revlew The results for the periiyj are as set oul ¢)n paps 10 to 20 The rharity rÈtumÈd nèt OLJtgoing reSoUrS of £880.826 {2022 - net incoming resources of £865,749) of which there were unrestricted net outgoing resources of £880,826. At 31 Dember 2023, the level of unrestncted reserves held was £214,954 (2022 - £1,095,780).
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Resewes policy It is the policy of the charity to maintain free reserves which matches the needs of the trust both at the current time and in the foreseeable future. This provides SLrffiuent fijnds to cover running costs which indude management, administration and supwrt costs. Free reserves are those unrestricted reseNes not designated nor invested in fixed assets vthich are available for generd use. Major risks The trustees have assessed the major risks to which the thanty is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in pla to mitigate any exposure to major risks. )ere appropriate, systems or procedures have been established to mibgate the risks the charity faces. Intemal control risks are minimised by the implementab.on of predureS for aLrthonsation of all transactions and projects above £2,000 in value. Procedures are in place to ensure compliance wtth heatth and safety of staff, volunteers, clients and visitors. These procedures are periodically review8J at least annually to ensure that they corrtinue to meet the needs of the charity. Factors likely to affect futu financialperfonnan Post year end a charity was set up in Colorado. USA to account for funds in and out in that jUTisdiction. The impact of this will be reflected in the next finanaal Statements. and will likely redu Ihe Income an¢ expendrture of the ¢harty. Structure, governance and management The organisation is a charttable tnjst constituted under a trust deed. whith is registered as a charity wrth The Charity Commission for Northem Ireland. The trustees who served during the year a1 up to the dale of signature of the finanaal ststements were.. Dr J Donaldson Mr D Campbell Mr S Hamimon Mr D sChuZ Ms B Luedtke Mr S Deller Mr P BarbanGs Mr M Lipovsky (Appointed 30 November 2023} Recruitment and appointment of tnjstees The present trustees have been involved in the tharyty for a number of years and so are familiar wth ts work. The trustees regulady review the requirements of the tharity and the possibility of a need for additional trustees. Any new trustees would be appointed by resolution of a meets'ng of all the trustees passed by a majority of those present. Appropriate training and inducxion is available to all trustees. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to wntribute £1 in the event of a winding up. Organisational stnjctu The Trustees oversee the operation of the charity. Exeoffjve Director, John Duncan manages the day to day running. assisted by Deputy-DireGtor-designate. Simon Marriott. Grants Manager, Paul Gilmore and Finance Manager, Rathel Loney.
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ststement of trustees. responslbllltles The trustees are responsible for preparing the Trustees Report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United lQ'ngdom Generally Accepted Accounting Practice). The law applicable to charities in Northem Ireland requires the trustees to prepare financial statements ts each financial year which give a true and fair view of the state of affairs of the chanty and of the incoming resources and application of resources of the chartty for that year. In preparing these financial statements, the trustees are required to.. - select suitsble accounting policies and then appty them consistently; - observe the methods and principles in the Charities SORP 2019 {FRS 102},' - make judgements and estimates that are reasonable and prudent., stale whether applicable accounts.ng standards have teen followed, sut4.ect to any material departures di5Glosed ancl explained In Ihe financial staiements.. and prepare the financial statements on the going concem 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 wf(h reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northem Ireland) 2008, the Charity (Accounts and Reports} Regulations (Northern Ireland) 2015 and the provisions of the Irust deed. They are also responsible for safeguarding the assets of the tharity and hern for tsking reasonable steps for the prevention and detection of freud and other irrcgularitics. Disclosure of inforrnation to audltor Each of the truslees has confimied that there is no infomation of which they are aware which is relevant to the audit, bul of which the auditor is unaware. They have further confimied that they have taken appropriate steps to identify such relevant infomiation and to establish that the audrtor is aware of such informab'on. The trustees, report vrds approved by the Board of Trustees. Donaldson Trustee Date.. Q..6..... 02 .27
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS Opinion We have audited the financial statements of YoLrth For Christ Intemalional Foundation for the Nations (the 'charity') for the year ended 31 Dember 2023 which comprise the statement of financtal activities, the statement of finartial position, the statement of cash flows and notes to the finanoal ststements, induding significant accounting polioes. The financial reFK)rting framework that has been applied in their preparation is applible law and United Kingdom Accounting Stsndards, including Financial Repxjrting Stsndard 102 The Finanual Reporting Standard applicable in the UK and Republic of Ireland (United lfjngdom Generally Accepted Accounting Practice). In our opinion, the finanaal ststements: give a true and fair view of thÈ st2tg nf the thatys affairs as at 31 Docombgr 2023 and of its incomin9 resources and application of resources, for the year then ended.. have been properly prepared in accordance wtth United lQngdom Generally Apted Accouth'ng Pra1. and have been prepared in the requirements of the Charities Acl (Northem Ireland) 2008. Basis for opinion We conducted our audit in accordan viith Intemational Standards on Auditsng (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibil&S for the audit of the financial statenpipts seLliuwi uf oui report. We are Independent of the cttanty 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 fiJifilled our other ethical responsibilities in accordan with these requirements. believe that the audit evidence we have obtained is suffiaent and appropriate to prowde a basis for our opinion. Conclusions relating to going concern In auditj'ng the finanaal statements, we have coruded that the trustees. use of the going concem basis of accounting in the preparation of the finanoal statements is appropriate. Based on the work have perfomed, have not identtfied any material uncertainties relating to events or conditions tha( individually or collectively, may cast significant doubt on the chartvs abilty to continue as a going conrn for a peric(J of at least twelve months from vthen the financial statements are authorised for issue. Our responsibilities and the resp)nsibilities of the trustees with respect to going concem are described in the relevant sections of this report.
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS Other infomiatlon The other information comprises the informab'on indJed in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiats'on contained within the annual report. Our opinion on the financial statements d$ not cover the other information and we do not express any form of assuran conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other infomiation is materially inconsistent vmh the financial statements or our knoedge obtained in the course of the audit, or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to delemiine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation. are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the followng m*ters in relation to wknich the Charities {Accounts and Reports} Regulations (Northem Ireland) 2015 requi us lo rewrt to you if, in our opinion: the information given in the financial ststements is incongstent in any rnaterial respect with the trustees, report., or $uffici•nt attounting records have not been kept" or the finanoal statements are not in agreemenl the accounting records., or we have not reiVed all the information aTrJ explanations we require for our audit. Responsibilities of trustses As explained more fully in tt)e statement of trustees, responsibilth-es. the truslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detemine is necessary to enable the preparation of financial siatements that are free from material misstatement. whether due to fraud or error. In preparing the finanaal Statements, the twstee5 are responsible for assessing the charity's ability to continue as a going concem, disdosing, as applicable, matters related to going cOnM and using the goin9 concem basis of accounting unless the trustees either intend to ase operations, or have no realistic attemative but to do so.
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS Auditorfs responsibilities for the audit of the financlal statsments We have been appointed as audÉtor under section 65 (2) of the Charities Act (Northem Ireland) 2008 and report in accordance with regulations made under secton 66 of thatAcL Our objectives are to obtain reasonable assurance about whether the financial sLgtements as a whole are free trom Material misstatement, vthether due to fral or emr, and to issue an auditors rewt that includes our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audtt conducted in accordance with ISAS {UlQ will afvlays detect a material misstatement vthen it eSts. Misstalements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonabiy be expected to infiuence the economic decisions of users taken on the basis of these finanoal st*ments. Irregularities. including fraud, are InStanS of non<0mplian with laws and regulations. )Ne design procedures in line with our SponsIbl1rttes. ouUined above, to detect material misststements in respect of irregularities, including fraud. The extent to which our procedures are capable of detscbng legUlar[tbes, induding traud. is detailed below.
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS Extent to which tho audit Wds considered capable of detecting irregularities. Including traud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perfomi audit procedures responsive to those risks. including obtaining audit eviden that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing potential risks of material misstatement in respect of irregularitses. including fraud and non-compliances wrth laws and regulations. we considered the following.. The nature of the industry and sector, control environment and business perfoan, including the tharity's remuneration policies for management committee, bonus levels and perfornian targets, if any,. Results of our enquiries of management aboui their own identr"fiGation and assessment of the risks of irregularikn'es- Any matters we identified having obtained arKI reviewed the charity's documentation of their policies and procedu$ relating to.. Identifying, evaluating and comptying with law and regulations and whether they were aware of any Instan of non-complian. Detecting and respondinq lo the risks of fraud and vthether they have knedge of any actual, suspeded or alleged fraud., and The internal controls estsblished to mitigate risks of fraud or noTrcompliance wth laws and regulations.. The matters discussed among the audrt engagement team regarding how and vthere fraud might occur in the financial statements and potential indicator8 of fraud. As a result of these procedures, we considered the opporbjnities and irtentives that may exist vthin the charity for fraud and identified the greatest potential for fraud in inrne rwnition. In common bwth all audits under ISAS {UKI, we are also required to perform speafic procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charty operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act (Northern Ireland) 2008. In addition, we considered provisions of other laws arKI regulations that do not have a direct effect on the financial statements but Complian wth which may be fundamental to the charity's abilty to operate or to avoid a material penalty
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS Audlt response to risks identified Our procedures to resporKI to the risks identified included the following: Reviewng the finanual statement disclosures and testing to supwrting documentation to assess compliance wth provisons of relevant laws and regulalions descrtbed as having a direct effect on the financial statements" Enquiring of management conceming athal and potenlial litigation and daims,. Perfoming analytiLxI procedures to identify any unusud or unexpected relationships that may indicate risks of matertal misstatement due to fraud" Reading minLrtes of meetings of those charged with govemance and reviewng Corresponden with tsx authorities,. and In addressing the risk of fraud through management override of controls. testing the appropriateness of joumal entries and other adjustments: assessing sthether the judgements made in making accounting estimates are indicative of a potential bias" arKI evaluating the business rationale of any signtfi(2nt transacttons that are unusual or outside the nomial course of business. We also comrnunicated relevant identified laws and regulations and potential fraud risks to all engagement team embers an¢J remalned alert to any indications ot traud or norComplI8nce with laws and regulations throughout the audit. Owing to the inherent limitations of an audiL there is an unavoidable risk that we may not have detected some material misstatements in the finanaal statements. even though we have properly planned and performed our audit in accordaJi¢e with auditing standards. In addibon, as with any audit, there remains a higher risk of non-detection of iegularities, as they may involve collusion, forgery. intentional omission3. misrepresentations, or the override of internal controls. We are not responsible f(Y preventing non-compliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibiltttes is available on the Financial Reporttng Counal's website at.. https.'Il wMv.frc.org.ukJauditorsresponsibilities. This descxiption fonns part of our auditors reporL
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS Use of our report This report is made solely to the charity's management commrttee, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations {Northem Ireland) 2015. Our audit work has been undertaken so that we might stste to the charity's trustees those matters we are required to state to them in an audttor's report and for no other purpose. To the fullest extent pennrtted by law, we do not accept or assume responsibility to anyon& other than the charity and the charity's trustees as a body, for our audit work. for this report. or for the opinions ve have formed. GMCG LISBURN Chartered A¢¢ountants Ststutory Auditor Century House 40 Crescent Business Park Lisbum BT28 2GN GMCG LISBURN is eligible ft)r appointment as auditor of the charity by virtue of its eligibility for appgintment as auditor of a company under section 1212 of the Companies Aci 2006.
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 unstrICted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes Income and endowments from: Donations and legaaes Investments Other income 158,911 2,137 48.310 1,577.478 1,736.389 2.137 48,310 1.117,676 383 87.005 1,450.048 2,567,724 383 87,005 Total income 209.358 1.577,478 1,786,836 1,205.W 1.450,048 2,655,112 Expenditure on: Charitable actIveS 1,090.184 1.577,478 2,667,662 339.315 1,450.048 1.789,363 Total expenditure 1.090,184 1.577,478 2,667,662 339,315 1.450.048 1.789.363 Net incomellexpenditure) and movement in funds (880,826) {880,826) 865.749 865,749 Reconciliation of funds: Fund balanS at 1 January 2023 1,09S,780 1.095,780 230,031 230.031 Fund balances at 31 December 2023 214,954 214.954 1.095.780 1,095,780 The statgment of financial activities indudes all gain8 and losses reGognised in the year. All incorrie aiid expenditure derive from conlinuing activtties. 10-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 2022 14otes Current assets Debtors Cash at bank and in hand 11 14.573 208.583 1,[2,514 243,530 223.156 1,306,044 Creditors: amounts falllng due within one yaar 12 (8,202) (210,264) Net current assets 214,954 1,095,780 Net assets excludlng ponslon Ilablllty 214,954 1,095,780 The funds of the charlty Unrestricted funds 214,954 1,095,780 214.954 1,095.780 The financial ststements Vre approved by the trustees on .........................and signed on their behalf by: Dr J Donaldson Trustee t)6. 11
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activitses Cash absorbed by operations 17 (37,084) (1,888) Investing activities Investment income reIVed 2.137 383 Net cash generated from investing activities 2.137 383 Net cash used in financing activities Net decrease in cash and cash equivalents (34,947) (1,505) Cash and ¢2sh equivalents at beginning of year 243,530 245,035 Cash and cash equivalonts at end of year 208.583 243,530 12-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Charlty Infomiatlon Youth For Christ Intsmational Foundation for the Nations is an unincorFrf)rated charity registered in Northem Ireland. The registered office and place of business is 35 Ballymaglave Road, Spa. Co Down, BT24 8QB. 1.1 Accounting convention The financial statements have been prepared in accordan wth the Charity's trust deed, the Chanties Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. ('FRS 102.) and the Charities SORP "Accounting and Reporting by Charitses.. Statement of Recommended Practi applicable to charities preparing their accounts in accordan wth the Finanual Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefft Entty as defined by FRS 102. The financial statements are prepared in sterling, vthich is the funth.onal currency of the charty. Monetary amount5 in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention.The prinupal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the finanaal statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence the foreseeable future. Thus the trustees continue to adopt the going concem basis of accountsng in preparing the financial statements. 1.3 Charitable fund3 Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific corvjitions by donors or grantors as to how they may be used. Th8 purposes and uses of the restricted funds are set cKrt in the notes to the financial ststemenls. 1.4 Incomo Income is recognised vknen the charty is legally entitled to it after any perfomance condrtions have been met, the amounts can be measured reliably. and it is probable that ino)me will be reived. Cash donations are recognised on receipt. Other donations are recognised On the charity has been notified of the donalion, unless perfomance conditions require deferral of the amounL Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is reco9nis8J at the time of the donats'on. Income is defeed vthen it does not meet the cntena for recogniknon as incoming resources in the Statement of Financial Activth'es, as enb'tlement does not exist at the balan sheet date. 1.5 Expendlture Expendtture is recognised on an accrual basis as a liabilty is incued. Charitable expendrture comprises those costs incurred by Ihe charity in the delivery of its activities and services for its beneficiaries. It indudes both costs that can be allocated directly to such acb'vities and those costs of an indirect nature to support them. Support wsts are those functions that assist work of the tharity but do not directly undertake charitable activities. Suppjrt and other wsts have been allocated lo charitable actIv.e5 based on actual usage by that acts'vity. 13-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles Icontlnued) 1.6 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposts hdd at call ryth banks, other short-temi liquid investrnents Wi original matunties of three months or less, and bank overdrafts. Bank overdrafts are shown wthin bOowingS in current liabilrttes. 1.7 Financial instruments The charity has dected to apply the provisK)ns of Section 11 'Basic Finanaal Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finanaal instruments. Financial inslruments are recognised in the charitys balancè sheet en the charity becomes party to the contractual provisions of the instnjment. Financial assets and liabilities are offset. with the net amounts presented in the finanaal ststements, when there is a legally enforceable right to sèt off the renised amounts and there is an intention to sethe on a net basis or to realise Ihe asset and setde the liability simultaneously. Basic financial assets Basic finanaal assets, vthi(J include debtor5 and cash and bank balances. are inttially measured at transaction price including transaction costs and are subsequenuy carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financtal assets classtfied as receivable wthin one year are not am0sed. Basic financial liabilities Basic financial liabilits'es. induding creditors and bank loans are intttally recognised at transaclion price unless the arrangement nStituteS a finanang transaction, where the debt instwment is measured at the present value of the future payments discounted at a market rate of interest Financial liabilities dassified as payable within one year are not amortised. Debt tnstruments are subsequentEy tsmed at amortised cost, using the effectÉve interest rate methcmj. Trade creditors are obligations to pay for goods or semces that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dasstfied as current liabilrties if payment is due Mrithin one year or less. If not. they are presented as non-current liabiltties. Trade dItorS are recognised initially at transaction price and wjbsequentiy measured at amortised cost using the effedive interest method. Derecogn0n of finanal liabilitses FInarla1 liabilities are derecognised when Ihe charitys contrathjal obligations expire or are discharged or cancelled. 1.8 Employee benefits Mthen employees have rendered SWVI to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscourrt8J amount expected to be paid in exchange for that servi. 1.9 Retirement benefits Payments to defjned ¢ontribution retirernl benefft schemes are tharged as an expense as they fall due. 1.10 Foreign exchange Transactions in ojrrencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetsry assets and liabilits.es that are denominated in foreign cJJrrenues are retranslated at the rates prevailing on the reporttng end date. Gains and losses arising on translation in the period are included in profft or loss. 14-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 crtllcal accountlng estlmates and Judgements In the application of the charity's account'ng poliaes, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilib.es that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may drffer from these estimates. The estimates and undedying assumpb'ons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in vthich the estimate is revised where the revision affects only that period, or in the period of the Vision and future periods where the revision affects both current and fulure periods. Key sources of estimation uncertainty Restricted and unrestrlcted funds JLsdgements are made in relation to allocation of income and expenditure to restncted and unreslricted funds. The directors consider rt appropriate to allocate these fvnds based on interpretation of donations received. Income from donations and legacies Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestrlcted Restrlcted funds funds 2022 2022 Total 2023 2022 Donations and gifts 158.911 1.577.478 1.736,389 1.117.670 1,450,048 2,567,724 Donatlons and glfts Missionary & general donations GiftAid Project donats'ons 145,966 12,945 145, 12,945 1.577.478 1.577,478 1,105,237 12,439 1,105,237 12,439 1,450,048 1,450,048 158,911 1,577,478 1,736,389 1,117,676 1,450,048 2,567,724 Income from Inveslments Unre$triGted Unrestrlcted funds funds 2023 2022 Interest receivable 2,137 383 15-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other income Unrestricted Unrestricted funds funds 2023 2022 Admin fee on project donations Fee on grant applications 18.310 30,000 68,892 18,113 48,310 87,005 Expenditure on charitable activities Charitable activities 2023 Charitable activities 2022 Direct costs Stsff costs Project expenditure Missionary expendf(ure YoLrth For Christ EE COnsuncY Hospitalty Travel costs Bank and interest charges Foreign exchange Legal and professional fees Transfer to YFC FFTN USA 33,365 1.403,831 56,591 (2,5061 66,746 4,411 68.715 730 7,506 3.141 1,006,771 11,349 1.450,047 181,277 (3341 60,630 2,469 37,727 903 31,842 2,649.301 1,776,110 Share of support and governance costs {see note n Support Goveman 15,781 2,580 10,593 2,660 2,667,662 1,789,363 Analysis by fund Unrestricted funds Restricted funds 1,090,184 1.577.478 339,315 1,450.048 2,667,662 1,789,363 16-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs allocated to actlvltles 2023 2022 Office running costs Professional fees Denver costs Govemance costs 14,591 $04 9.334 504 755 2,660 2,580 18,361 13,253 Analysed between: Charitable activities 18,361 13,253 Govemance costs includes payments to the audrtors of £2.580 (2022- £2,660) for audit fees. Trustees None of the trustees lor any persons connected wtth them) received any remuneration or benefits from the charity during the year. Employees The average nionthly number of efflployees during tFE year was." 2023 Number 2022 Number Administrative staff Consult8ncy staff Total Employment costs 2023 2022 ges and salaries Social security costs Other pension costs 30.7C6 10,568 1,819 781 33,365 11,349 Consultancy 66,746 60,830 100,111 72,179 The chanty considers its key Managem)1 personnel to be the Executs've Director. The total amount of employee benefits received by key manaJement FErsonnel is £60,000 {2022: £54,930). There were no employees whose annual remuneration vras more than £aO,000. 17-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Taxation The charity is exempt from Laxation on its actwities because dl its income ts applied for charitable purposes. 11 Debtovs 2023 Amounts falllng due wlthin one year. 2022 other debtors Prepayments and accrued income 1.042,949 19,565 14,573 14.573 1.1182,514 12 Creditors: amounts falling due wrthin one year 2023 2022 Other taxation and socaal seuJrtty Other creditors Accruals and defeed incom8 1,155 1.887 5,160 210,255 8,202 210,264 13 Retirement benefrt schemes 2023 2022 Defined contribution schemes Charge to profit or loss in respect of defined contribution sthemes 1,819 781 The charity operates a defined contributi¢)n pension stheme for all qualtfying employees. The assets of the stheme are held separately from those of the charity in an independently administered fund. 14 Restricted funds The restricted fvnds of the tharity comprise the unexpended balanws of donations and grants held on trust subject to speufic conditions by donors as to how they may be used. At 1 January Incoming 2023 resources Resources expended At31 December 2023 Projects 1,577.478 (1,577,478) 18-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Restricted funds (Continued Prevlous year: At 1 January 2022 Incomlng resources Resources expended At31 December 2022 Projects 1.450,048 (1.450,0481 This is the total money raised through donab.ons for a wde range of projects that aim to serve the WortIde work of Youth for Christ Intemational. Foundation for the Nations aims to draw together YFC projects from around the world wrth those who have Ihe capacty to help them. Our motto is Weatth into Worth for the Worfd and our desire is to help those who are cash rich but time poor to make good decisions aljout vthere to invest their hard eamed money. 15 Unrestricted funds The unrestricted fvnds of the charity comprise the unexpended balan$ of donations and grants which are not subject lo spectfic conditions by donors and grantors as to how they may be used. These include designated fvnds which have been set aside out of unrestricted funds by the trustees for sp8Ctfic purposes. At 1 January 2023 Incomlng resources Resources expended At31 Deeembèr 2023 Degnated General funds 4,132 205,226 4,132 210,822 1.095.780 (1,090,184) 1,095,780 209,358 (1,090,184) 214,954 Previous year: At 1 January 2022 Incoming Resources expended At31 December 2022 General funds 230,031 1,205,064 1339,315} 1,095,780 Trustees have designated $5,000 at the year erKI towards the rebranding of the tharity. 16 Related party transactions Youth For Christ Foundation for Ihe Nations US4. (YFC FN USA), registered in Colorado, US is a related p8ty by virtue of tt>mmon control, 2nd hg.ld hjndq nn bg.half nf thp. rh2rity Thp. bAlanrp. hg.ld by thgm nn behalf of the chanty at the year end was £nil (2022 - £1,042,949). During the year the charity transferred funds totalling £883.125 {2022 - £nil) to YFC FFTN USA. There were no other related paty transactions during the cuent or pViouS year. 1g-
YOUTH FOR CHRIST INTERNATIONAL FOUNDATION FOR THE NATIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Cash generated from operations 2023 2022 {Deficit)Isurpus for the year (880,826) 865,749 Adjustments for.. Investment income recognised in statement of finanaat acttvibes (2.137) (383) Movements in working capital" Decreasellincrease) in debtors (Decrease)fincrease in credrt¢Jrs 1.047,941 (202,062) {1,053,772) 186,518 Cash absorbed by operations (37,084} (1.888) 18 Analysis of changes in net funds The charity had no material debt during the year. -20-