IEF International - Charities report - 20.2
IEF International - Charities report - 20.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 30 December 2019 |
| for |
| IEF International |
| IEF International |
| Contents of the Financial Statements |
| for the Year Ended 30 December 2019 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 | to | 11 |
| IEF International (Registered number: SC361941) |
| Report of the Trustees |
| for the Year Ended 30 December 2019 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 December 2019. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The company principal objectives are: |
| - the advancement of education |
| - the advancement of citizenship and community development |
| - the advancement of the arts, heritage, culture or science |
| - the advancement of religion |
| - the advancement of environmental protection or improvement |
| IEF-Internationals' focus is on the development of the Evangelical and Messianic body in Israel as a community. The objective continues to be a desire for this community's needs to be met and for the community to impact on the nation of Israel and its component societies. Within this IEF-Internationals' focus continues to be on education, but has also begun to support the development of professional networks in the Medical, Legal and Caring professions. |
| John Sode Woodhead continues his secondment to the Norwegian mission NCMI and has day to day responsibilities with the various activities of the organisation centred in Tel Aviv and Haifa . |
| IEF and NCMI have agreed for John to enrol in the Government Tour Guides course. This is a two year course which on completion will allow him to lead tours as an official guide. This will have obvious advantages to both organisations so we can tailor make tours with our own Guide. |
| A lot of John's time is taken up with networking in different groups including the Evangelical Alliance and various Educational establishments in the country. |
| During the year John Sode Woodhead was able to visit Scotland and conduct a week long mini-tour visiting churches and supporters. The tour covered meetings in Inverness, Oban, Perth Irvine and Edinburgh. |
| The completion of Makram's PhD thesis has been delayed due to the difficulty in the translation work. However this is due to be completed by early 2019 and at that time the monies received for its publication will then be used. |
| The Board of Trustees would like once more to express their sincere thanks to John Sode Woodhead for his dedication, to the vision of IEF. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| IEF-International was founded in 2009 to serve and support the work of the Israel Education Forum registered as a charity in Israel as the 'Forum leChinuch Miqrai' (Amuta No. 580518017). In June 2013 it was decided, by mutual agreement, that as the IEF-International Chief Executive was no longer serving as Chief Executive to the Forum leChinuch Miqrai, to create distance between both charities by 'demerging' their Boards. |
| The Board of Trustees of IEF-International is responsible for the governance and oversight of the organisation's activities. Trustees oversee the affairs of IEF-International and ensure that funds are used in accordance with the charity's objects as defined in its Memorandum & Articles. As the IEF-International is an Evangelical Christian, Bible based organisation, trustees have a responsibility to work together to discern God's will for the direction and development of the organisation. The Board meets at least four times per year. |
| IEF International (Registered number: SC361941) |
| Report of the Trustees |
| for the Year Ended 30 December 2019 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Independent Examiner |
| June Sinclair |
| Institute of Chartered Accountants of Scotland |
| J S Accounting Services Limited |
| 13-15 Morningside Drive |
| EDINBURGH |
| EH10 5LZ |
| Solicitors |
| Maclay Murray & Spens LLP |
| 1 George Square |
| GLASGOW |
| G2 1AL |
| Bankers |
| HSBC plc |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| IEF International |
| I report on the accounts for the year ended 30 December 2019 set out on pages four to eleven. |
| The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
| Basis of the independent examiner's report |
| My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
| Independent examiner's statement |
| In connection with my examination, no matter has come to my attention : |
| (1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
| - | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
| - | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
| have not been met; or |
| (2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
| June Sinclair |
| Institute of Chartered Accountants of Scotland |
| J S Accounting Services Limited |
| 13-15 Morningside Drive |
| EDINBURGH |
| EH10 5LZ |
| 19 October 2020 |
| IEF International |
| Statement of Financial Activities |
| for the Year Ended 30 December 2019 |
| 30.12.19 | 30.12.18 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Charitable activities |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| Transfers between funds | 9 | (4,376 | ) | 4,376 | - | - |
| Net movement in funds |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 32,753 |
| IEF International (Registered number: SC361941) |
| Balance Sheet |
| 30 December 2019 |
| 30.12.19 | 30.12.18 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 9 |
| Unrestricted funds | 19,434 | 3,043 |
| Restricted funds | 29,710 |
| TOTAL FUNDS | 32,753 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2019. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2019 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| IEF International |
| Notes to the Financial Statements |
| for the Year Ended 30 December 2019 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Fixtures and fittings | - |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Pension costs and other post-retirement benefits |
| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| IEF International |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 2. | INVESTMENT INCOME |
| 30.12.19 | 30.12.18 |
| £ | £ |
| Deposit account interest |
| 3. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 30 December 2019 nor for the year ended 30 December 2018. |
| Trustees' expenses |
| 30.12.19 | 30.12.18 |
| £ | £ |
| Trustees' expenses |
| 4. | STAFF COSTS |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| 700 | - |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 13,903 | 3,817 |
| TOTAL FUNDS CARRIED FORWARD | 3,043 | 29,710 | 32,753 |
| IEF International |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 6. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 31 December 2018 and 30 December 2019 |
| DEPRECIATION |
| At 31 December 2018 and 30 December 2019 |
| NET BOOK VALUE |
| At 30 December 2019 |
| At 30 December 2018 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.12.19 | 30.12.18 |
| £ | £ |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.12.19 | 30.12.18 |
| £ | £ |
| Other creditors |
| Accruals and deferred income |
| 9. | MOVEMENT IN FUNDS |
| Net | Transfers |
| At | movement | between | At |
| 31.12.18 | in funds | funds | 30.12.19 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 3,043 | 20,767 | (4,376 | ) | 19,434 |
| Restricted funds |
| PhD Translation | 4,710 | (5,486 | ) | 776 | - |
| Retirement Fund | 25,000 | - | 3,600 | 28,600 |
| Projects | - | 1,375 | - | 1,375 |
| (4,111 | ) |
| TOTAL FUNDS | 16,656 | 49,409 |
| IEF International |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 9. | MOVEMENT IN FUNDS - continued |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 50,227 | (29,460 | ) | 20,767 |
| Restricted funds |
| Israel Tour | 20,910 | (20,910 | ) | - |
| PhD Translation | - | (5,486 | ) | (5,486 | ) |
| Projects | 1,375 | - | 1,375 |
| ( |
) | (4,111 | ) |
| TOTAL FUNDS | ( |
) | 16,656 |
| Comparatives for movement in funds |
| Net |
| At | movement | At |
| 31.12.17 | in funds | 30.12.18 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 13,903 | (10,860 | ) | 3,043 |
| Restricted funds |
| PhD Translation | 3,817 | 893 | 4,710 |
| Retirement Fund | - | 25,000 | 25,000 |
| 3,817 | 25,893 | 29,710 |
| TOTAL FUNDS | 17,720 | 15,033 | 32,753 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 9,596 | (20,456 | ) | (10,860 | ) |
| Restricted funds |
| PhD Translation | 893 | - | 893 |
| Retirement Fund | 25,000 | - | 25,000 |
| 25,893 | - | 25,893 |
| TOTAL FUNDS | 35,489 | (20,456 | ) | 15,033 |
| IEF International |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 9. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| At | movement | between | At |
| 31.12.17 | in funds | funds | 30.12.19 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 13,903 | 9,907 | (4,376 | ) | 19,434 |
| Restricted funds |
| PhD Translation | 3,817 | (4,593 | ) | 776 | - |
| Retirement Fund | - | 25,000 | 3,600 | 28,600 |
| Projects | - | 1,375 | - | 1,375 |
| 3,817 | 21,782 | 4,376 | 29,975 |
| TOTAL FUNDS | 17,720 | 31,689 | - | 49,409 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 59,823 | (49,916 | ) | 9,907 |
| Restricted funds |
| Israel Tour | 20,910 | (20,910 | ) | - |
| PhD Translation | 893 | (5,486 | ) | (4,593 | ) |
| Retirement Fund | 25,000 | - | 25,000 |
| Projects | 1,375 | - | 1,375 |
| 48,178 | (26,396 | ) | 21,782 |
| TOTAL FUNDS | 108,001 | (76,312 | ) | 31,689 |
| A donation of £25,000 was made in the year that was restricted for John Sode-Woodhead's retirement planning. |
| 10. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 30 December 2019. |
| IEF International |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 11. | POST BALANCE SHEET EVENTS |
| Subsequent to the year end the Board of Directors and Trustees are aware of uncertainties in respect of the effects of Covid-19. The Board have reviewed both their income and expenditure forecasts as a consequence of the pandemic and based upon these revised assessments they remain satisfied that it is appropriate to prepare the financial statements on a going concern basis. |