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www.fraudadvisorypanel.org
Fraud Advisory Panel
Annual Report and Financial Statements
For the year ended 31 December 2025
Company registration No: 04327390 Charity registration No: 1108863
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|Table of
Contents|Table of
Contents|
|---|---|
|**REPORT OF THE BOARD OF TRUSTEES**||
|A word from Matthew Field|2|
|Our corporate members|5|
|Achievements and performance|6|
|Financial review|9|
|Structure, governance and management|11|
|Trustees and staff|13|
|**STATEMENT OF TRUSTEES’ RESPONSIBILITIES**|14|
|**INDEPENDENT AUDITOR’S REPORT**|16|
|**FINANCIAL STATEMENTS**|20|
|Balance sheet|21|
|Statement of cash flows|23|
|Notes to the financial statements|24|
|**REFERENCE AND ADMINISTRATIVE DETAILS**|28|
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**Fraud Advisory Panel is an independent charity and collective voice of the counter-fraud profession.**
We help combat fraud and protect society by supporting, connecting and uniting the frontline professionals engaged in the fight.
We were founded in 1998 by ICAEW, which continues to support our work.
## **Our vision**
A society working collaboratively to prevent, detect and deter fraud and financial crime.
## **Our mission**
To give everyone access to the knowledge, skills and resources they need to prevent fraud and protect themselves from the harm caused by financial crime.
## **Values**
Integrity Independence Inclusivity
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## A word from Matthew Field
_Fraud Advisory Panel has focussed on cross-sector collaboration by leading and supporting events and campaigns, to support businesses and charities fighting against fraud throughout 2025._
_The Future Counter Fraud Community remained central to the Panels activity in support of our commitment to tackling fraud in future years through use of the expertise and knowledge of the current industry._
## **Fraud Conference**
In April, the Panels growth and emphasis on cross-sector partnership working was evident as we partnered with the Female Fraud Forum to deliver Fraud Conference 2025.
Hosted by ICAEW at Chartered Accountants’ Hall we were joined by over 140 attendees sharing ideas on how to take discussions forward under the title “Theory into Action”. The room heard from Lord Hanson, who shared his views on the revised fraud strategy and his areas of focus.
ICAEW President Malcolm Bacchus spoke of ICAEW support for Fraud Advisory Panel and the Female Fraud Forum commenting on how working together is a vital tool in the fight against economic crime, with the Panel’s Patron, Lord Garnier KC delivering a speech endorsing those comments.
Panels throughout the day discussed some of the most prevalent topics impacting the industry and we are grateful to all speakers and membership of both the Panel and Female Fraud Forum for making it such a successful and engaging event.
The theme of meaningful collaboration continued throughout the year and into the Autumn as we joined the London Fraud Forum at their annual conference at the Royal College of Physicians. Trustees Laura Hough, Lee Fitzgerald and Jonathan Holmes joined Lord Garnier KC and Chris Keesing, chair of London Boroughs’ Fraud Investigators Group, also a corporate member of Fraud Advisory Panel, to set the scene for the Business Fraud Alliance campaign.
Our corporate membership roundtable was kindly hosted by Cifas in July, bringing together leaders from across the field to draft a joint response to the invitation from Lord Hanson for input into the fraud strategy. In what proved to be a significant milestone for Panel and the profession, a paper was drafted with recommendations for consideration across the seven areas Lord Hanson outlined. The significance of this is notable as it demonstrated just what can be achieved through shared open discussion.
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## **Charity Community**
## **Business Fraud Alliance**
Charity Fraud Awareness Week has been a cornerstone of the Panels activity for the last decade and we are incredibly proud to have supported the sector in tackling fraud and economic crime during that time. Working alongside our valued corporate members and partners, BDO UK LLP, the fifth annual charity fraud survey was completed with the highest number of respondents since it commenced in 2020.
## **Future Counter Fraud Community (FCFC)**
The second year of the FCFC mentoring scheme brought together 15 mentor-mentee partnerships, to add to the 13 completing the programme that commenced in 2024. The success of the scheme is down to the support and drive to support the future of the profession by those currently within it, particularly members of the Panel.
Delivering guest lectures to students across the country and attending multiple employment fayres demonstrate the growth of this campaign since it commenced in 2024. The support we have from our membership by engaging with those looking to start or enhance their counter fraud career demonstrates just how, by working together, the future of the counter fraud profession is as positive as it has ever been.
In April 2025, Fraud Advisory Panel announced the launch of the Business Community campaign, Business Fraud Alliance, sponsored by Barclays Corporate Banking, supporting businesses in the fight against fraud and economic crime.
The Business Fraud Alliance is the platform for shared cross-sector knowledge and expertise through events, online resources and research to enhance awareness and drive fraud prevention across the business sector.
A standalone website was launched in August hosting free to access resources such as help sheets and guides alongside a “Supporter Spotlight” series, with leading industry figures speaking about their respective organisations and backing of the campaign.
Since launch, the Business Fraud Alliance joined public and private sector stakeholders online and in-person to discuss option for supporting businesses with fraud prevention. In November, supporters of the BFA joined the London Fraud Forum annual conference to discuss ways of supporting businesses through meaningful collaboration and tangible action.
This event placed the Business Fraud Alliance in front of industry experts and welcomed support for a campaign that focusses solely on preventing fraud, one which the Panel and Barclays will take forward into 2026.
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## Vision for
## 2026
Working with membership to help tackle fraud against businesses is a Panel priority. The Business Fraud Alliance will be the campaign for businesses to access resources and support with fraud prevention, giving all the opportunity to be proactive and take a stand tackling economic crime through enhanced awareness and expert insight.
**Matthew Field** Head of Fraud Advisory Panel
Supporting those looking to enhance or develop their careers in counter fraud is viewed as one of the greatest prevention tools in tackling economic crime and the Future Counter Fraud Community will remain a lead campaign. Growing the mentoring scheme, delivering bespoke events and delivering more guest lectures at Universities across the UK are all in line to be delivered.
After 10 years of Charity Fraud Awareness, the campaign will continue into its 11th year with a revised format that keeps fraud prevention in the conversation and builds on a decade of progress.
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## Our Corporate Members
ACCA Barclays BDO CCAB Cifas Devonshires Edmonds Marshall McMahon FTI Consulting Grant Thornton HM Chartered Accountants Harod Associates HM Land Registry ICA ICAEW ICAS London Boroughs’ Fraud Investigators Group Novuna Moorfields Advisory Northern Ireland Audit Office Pinsent Masons PwC Tenet Wedlake Bell XXIV Old Buildings Periculum Smith & Williamson
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## Achievments and Performance
## **Charity Events**
By invitation, the Panel delivered three external charity-focused events outside London during the year. These included the HFMA NHS Charitable Funds Finance and Governance Conference in Birmingham, where the Panel hosted a session on fraud prevention for NHS charities; the ACCA Charity Finance Virtual Conference; and a fraud and cybercrime event hosted by Shoosmiths in Manchester.
Together, these events enabled the Panel to engage directly with over 100 charity representatives, strengthening awareness of fraud risks and prevention across the sector.
## **Charity Fraud Awareness Week**
This year marked the tenth year of the Panel’s work with the third sector. To support Charity Fraud Awareness Week, we delivered a comprehensive programme of activity, including:
- Two in-person events
The online programme featured similarly diverse expertise, with contributors from Devonshires, CMS, EMM, Cancer Research UK, Get Safe Online, Cyonic Cyber, Temple Bright, and the Chartered Institute of Fundraising.
## **Resources and Thought Leadership**
The Panel published a series of blog posts and helpsheets addressing key fraud and governance topics, including AI safety, conflicts of interest, fundraising fraud, fraud from a charity perspective, insurance, and legal options.
These resources were developed in collaboration with charities, academics, and industry professionals, ensuring practical and sector-relevant guidance.
- Two live webinars
- One pre-recorded webinar
- Four helpsheets Four blog posts
The in-person events were hosted by BDO in London and Burness Paull in Glasgow, attracting a combined total of 140 registrations. Speakers represented a wide range of public, private, and third sector organisations, including BDO, Burness Paull, EMM, NHSCFA, SCVO, the Charity Commission, Cancer Research UK, Macmillan Cancer Support, WWF, Trowers & Hamlins, CyberQ, and FleishmanHillard.
## **Charities Against Fraud Group (CAFG):**
The Panel continues to chair the Charities Against Fraud Group and contributes to the international Non-profits group.The CAFG continues to grow and one of the aims for 2026 is to establish an online working group to better enable the members to communicate throughout the year.
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## **ACHIEVEMENTS AND PERFORMANCE**
## **Future Counter Fraud Community**
**(FCFC):**
With the support of our corporate members and the wider counter-fraud community, the Panel delivered a range of events and development initiatives throughout the year.
In November, the Panel hosted a Counter Fraud Careers Evening, bringing together cross-sector professionals to explore career pathways within the counter-fraud field. The event was chaired by the FCFC Board and hosted by corporate member Grant Thornton. It attracted approximately 50 registrations and has already generated early interest in the FCFC mentoring scheme.
## **FCFC Board**
This year, we were proud to formally introduce the FCFC Board. Comprised of 6 members, the Board provides sector insight to Fraud Advisory Panel while helping to shape and direct the work of the FCFC.
## **FCFC Mentoring Scheme**
This year marked the second year of the FCFC Mentoring Scheme. During the year, we successfully matched 15 new mentor–mentee pairs, with a further 13 pairs on track to complete the full 12month programme that commenced in 2024.
Mentors participating in the scheme represented a diverse range of organisations, including PwC, BDO, Harold, Burness Paull LLP, LBFIG, Devonshires, Wedlake Bell, Allianz, Clue, and independent practitioners. The 2025 cohort of mentees primarily consisted of students seeking to enter the counterfraud profession.
Looking ahead to 2026, the scheme has been further strengthened through revised guidelines designed to better reflect busy professional workloads, improved communications processes, and the introduction of an online application form to simplify participation. We aim to support a further 15 mentoring pairs and, for the first time, will introduce a dynamic waiting list to maximise engagement across the Panel’s knowledge base and expertise.
Since its inception, Board members have actively supported key sector events, including the London Fraud Forum, the Charity Fraud Conference, and the FCFC event hosted by Grant Thornton. With its wide-ranging experience and strong collaborative approach, the Board will play a central role in driving the FCFC’s future development.
## **Guest Lectures and Careers Engagement**
The Panel continued its commitment to education and early career engagement by delivering guest lectures and participating in career events across the UK. Institutions engaged this year included Loughborough University, the University of Birmingham, Aston University, Solent University, and the University of Winchester.
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Future Plans Priorities for 2026
Grow the Business Fraud Alliance through existing and new platforms including in-person and online events and a new podcast series focussing on counter fraud support for businesses
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Deliver two Corporate Membership forums to share knowledge and expertise across the sectors.
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Continue Charity Fraud Awareness Week in an updated and revised format with content delivered throughout the year.
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Develop the FCFC mentoring scheme and deliver guest lectures across the UK.
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## Financial Review
## **INCOME**
Our 2025 income was £165,172 (2024: £90,788).
## **Sources of income**
Fraud Advisory Panel has six main sources of income. Raising funds to cover core costs and future projects is always a priority for board and staff alike.
## **Membership subscriptions:** £73,093 (2024: £65,527).
As per policy, fee increases will be no more than the annual rate of inflation on the previous 30 September, calculated using the retail price index (RPI).
2026 fees are: £103 for individuals and £2,435 for organisations. Students pay £52.
## **Events:** £22,814 (2024: £13,405).
Event income is primarily generated from the annual fraud conference as partnered with Female Fraud Forum.
## **Campaigns:** ·£43,151 (2024: nil).
In July 2025, £750,000 was received from Barclays to fund the Business Fraud Alliance. The agreement was signed in July 2025 and is planned over a 36-month period. The start of this project was delayed until November 2025 due to a delay in the recruitment of a new member of staff to run the project. Existing staff kicked the project off with recruitment due to commence mid 2026. £706,849 of the income received was deferred into future years to offset planned costs over the duration of the project.
## **Grants:**
Grant funding from ICAEW of £411,748 for 2023-2026 was recognised in the 2023 accounts (in accordance with the formal offer of funding to the charitable company).The 2026 grant of £116,941 is shown as accrued income in the 2025 accounts.
-
## **Donations:** £187 (2024: nil).
## **Sponsorship:** £14,938 (2024:£9,771)
Sponsorship was received in the year for the FCFC mentoring scheme, the 2024 Annual General Meeting and Guest Lecture and Chairty Fraud Awareness Week helpsheets and prevent charity fraud webpages.
## **Use of funds**
All income is used solely to further our charitable objectives. Any surplus or deficit is carried over. No money is paid or transferred to members except as payments in good faith in certain clearly prescribed circumstances.
No trustee had any financial interest in Fraud Advisory Panel during the year. Any expenses reclaimed from the charity are set out in the notes to the accounts.
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## **Fundraising**
Fraud Advisory Panel does not raise funds directly from the public and is not, therefore, registered with the Fundraising Regulator. No fundraising complaints have been received.
Grants and sponsorship are actively sought by the board and its finance committee to fund specific charitable activities.
## **EXPENDITURE**
Our annual expenditure increased to **£265,100 (2024: £185,568)** . Costs were primarily those associated with staff employment and the Business Fraud Alliance Campaign.
## **RESERVES**
Our reserves policy is to maintain sufficient free revenue reserves to meet the equivalent of between six and nine months’ average operating costs **(i.e. £132k - £199k)** .
Unrestricted funds at year end, excluding the 3-year grant commitment from ICAEW, amounted to £159k, equating to seven months **(2024: £148k: six months)** .
## **RISK MANAGEMENT**
Fraud Advisory Panel is a risk-conscious organisation with risks identified, assessed and reviewed continuously. An established system of internal controls (regularly reviewed) governs all our operations and provides reasonable assurance against the risk of fraud, error and the inappropriate use of our resources.
Most of the day-to-day financial management is delegated to ICAEW’s finance department, which must conform to ICAEW standards and is subject to regular review by its internal audit function. An annual letter of assurance is provided to us by ICAEW.
Financial processes which fall outside the remit of the ICAEW finance department are reviewed by the finance committee, led by a treasurer and comprising of the head of the Panel, ICAEW accounts and two trustee directors.
Our three most significant risks, along with what is being done to mitigate them, are outlined below. The board is satisfied that appropriate steps are being taken to manage these risks.
- **Loss of key staff:** The panel consists of a head, senior executive and executive, increased workload across three priority areas resulted in the realignment of priorities and resourcing to ensure delivery of charitable objectives.
- **Inability to deliver operational plans due to resource constraints:** A 12 month pipeline aligned with the three communities, engagement with membership to deliver value to the counter fraud community provided focus and prioritisation to minimise risk of carrying out activity that does not add value and delivery of charitable objectives.
- **Loss of membership:** The clarity of vision provided by the ‘three community pillars’ structure has continued to improve the quality of our communications with members. The growth of the corporate membership forum has introduced opportunities for cross-sector engagement and collaboration.
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## Structure, Governance and Management
## **STRUCTURE**
## **Legal status and structure**
Fraud Advisory Panel was founded in 1998 by the ICAEW. Today it is a charitable company limited by guarantee, registered in England and Wales. It was incorporated on 22 November 2001 and became a registered charity on 5 April 2005. The charity was set up under a memorandum of association and is governed by articles of association last updated and adopted on 22 July 2020.
Fraud Advisory Panel is a membership body with 117 paid-up members at the end of the year (89 individual and 28 corporate). All members must comply with a code of conduct.
## **Objectives and activities**
## Our objective is **‘the protection of life and property by the prevention, detection, investigation, prosecution and deterrence of fraud’** , particularly through:
- research into the nature, extent and causes of fraud and into the means, systems and techniques of preventing, detecting, investigating, prosecuting and deterring it; education of those affected by fraud; and collaboration with, and advice to, governments, public authorities, professional and other bodies, companies, firms and individuals, concerning the development of general systems, standards, policies, regulations and laws.
The main activities undertaken to fulfil our objectives are an annual events programme, awareness-raising campaigns for businesses, charities and consumers, research and providing ongoing support to counter-fraud professionals, both current and aspiring.
## **Public benefit**
Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the Panel’s current and future activities, as demonstrated in the achievements and performance section starting on page 6.
All our trustees are volunteers and receive no private benefit from serving on the board.
## **GOVERNANCE**
## **Trustee recruitment and training**
New trustees are recruited using a variety of methods – including personal recommendation, word of mouth and adverts, depending on the skills, experience and knowledge sought. New trustees receive a handbook containing relevant information on policies, procedures, and governance. They also receive continuing support from the chair, deputy chairs and staff. Training needs are assessed annually.
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## **Board**
Up to 15 trustees can serve on our board at any one time. Trustees are appointed for fixed terms of three years, with further terms possible. ICAEW is entitled to appoint up to one-third of trustees. A further three can be co-opted. On 31 December there were 15 serving trustees (listed on page 13). A total of four board meetings were held.
## **Qualifying indemnity and cyber insurance**
Fraud Advisory Panel holds indemnity insurance covering its trustees and volunteers along with cyber insurance that includes an independent risk assessment carried out by our insurance providers.
## **MANAGEMENT**
## **Management and staff**
Fraud Advisory Panel has no direct employees. In 2025 three full-time permanent staff members were seconded from ICAEW.
Day-to-day management of the charity is delegated to the head, who is also the company secretary.
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## Trustees and Staff
## **TRUSTEES**
## **Chair**
Sir David Green CB KC
## **Trustees**
His Honour John Anderson David Bacon Arun Chauhan Frances Coulson (co-deputy chair) Maria Cronin Liyun (Lee) Fitzgerald Jonathan Holmes Laura Hough Professor Michael (Mike) Levi Patrick Rappo (co-deputy chair) Rachel Sexton Oliver Shaw Brendan Weekes Iain Wright
## **STAFF**
## **Head and company secretary**
Matthew Field
## **Senior Executive**
Hope Sapey
## **Executive**
Celia Hannah
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## Statement of Trustees’ Responsibilities
The trustees (who are also directors of Fraud Advisory Panel for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. This has been done in accordance with UK generally accepted accounting principles (accounting standards and applicable law) including FRS 102, which is the financial reporting standard for the UK and Republic of Ireland. Under company law the trustees must not approve these financial statements unless satisfied that, for the period in question, they provide a true and fair view of the charitable company’s state of affairs, incoming resources and application of resources (including income and expenditure). In preparing these financial statements the trustees are required to:
The trustees are responsible for keeping adequate accounting records sufficient to show and explain the charitable company’s transactions; disclose with reasonable accuracy at any time the financial position of the 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 to prevent and detect fraud and other irregularities.
The trustees confirm that:
- so far as each trustee is aware, there is no relevant audit information of which the company's auditor is unaware; and they have taken all the steps that they ought to have taken as trustees to make themselves aware of any relevant audit information and to establish whether the auditor is aware of that information.
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the charities SORP (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; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
## **Appointment of auditor**
HaysMac LLP will be proposed for reappointment at the AGM.
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Approval of the annual report and flnanclal stat•m•nts
The annual report and financial statements were approved
by trustees on 16 June 2026 and are signed on their behalf
Id Gr••n CB KC
Chalr
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## Independent Auditor’s Report To the members of Fraud Advisory Panel
## **Opinion**
We have audited the financial statements of Fraud Advisory Panel for the year ended 31 December 2025 which comprise the Statement of Financial Activities, Balance Sheet and Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 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 2025 and of the charitable company’s net movement in funds, 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 prepared in accordance with the requirements of 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.
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## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Report of the Board of 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Board of Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
## **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 Report of the Board of Trustees.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
- the Report of the Board of Trustees has been prepared in accordance with applicable legal requirements.
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## **Responsibilities of trustees for the financial statements**
As explained more fully in the Statement of Trustees' Responsibilities set out on page 14, 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.
## **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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those related to compliance with charity law, and with the reporting framework, being the Charities SORP (FRS 102) 2019, the Charities Act 2011 and the Companies Act. We undertook audit procedures to assess the extent of compliance with these laws and regulations and ensured that these were communicated within the audit team regularly. The audit team remained alert to instances of non-compliance throughout the audit.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to income and management bias in accounting estimates and judgements. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities; Reviewing the charitable company’s risk assessment and considering whether this is indicative of non-compliance with laws and regulations;
- Review of the meeting minutes of the trustees; and Identifying and testing journal entries posted that significantly impact on the result for the year and postings in accounts that are considered to be higher risk.
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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 noncompliance. 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Kathryn Burton (Senior Statutory Auditor)**
for and on behalf of HaysMac LLP Statutory Auditor 10 Queen Street Place London EC4R 1AG
## 09-Jul-2026 | 3:12 PM BST
Date:
19
Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
## **[FINANCIAL STATEMENTS ] STATEMENT OF FINANCIAL ACTIVITIES** (INCOPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025
|Membership subscriptions
Donations
Grant Funding
Note
Event income
Campaigns
**Other trading activities**
**Investment income – bank interest**
Expenditure on charitable activities
2
**Total expenditure**
**Net expenditure and movement in funds**
Funds brought forward
3
Funds carried forward
3
**Charitable activities**
**Income and endowments from:**
**Donations and legacies**
**Total income and endowments**||Unrestricted
funds 2025
£
73,093
187
-
22,814
43,151
14,938
10,989
165,172
(265,100)
(99,928)
376,190
276,262
(265,100)|Unrestricted
funds
2024
£
65,527
-
-
13,405
-
9,771
2,085
90,788
(185,568)
(94,780)
470,970
376,190
(185,568)|
|---|---|---|---|
|||||
|||||
|||||
|||||
|||||
All activities are continuing. The charitable company has no recognised gains and losses. other than those reported above for the year.
The notes on pages 24 to 27 form part of these financial statements.
20
Docusign Envelope ID." D28DD4D34FC&8031-8397-C8A8DgOBF835
BALANCE SHEET AS AT 31
DECEMBER 2025 COMPANY
NUMBER: 04327390
2025
2024
Note
Current assets
Debtors
Cash at bank and in hand
124,746
905.653
1.030.399
243,321
185,257
428.578
Current liabilities
Tax and social sec#Jrity
Accruals and deferred income
(5.524)
(748.6131
{754,137)
15.0341
{47.3541
(52.388)
Nel assets
276.262
376.190
Funds of the charity
Unreslncted funds
276,262
376,190
The financial statements on pages 20 to 27 were approved and aLrthorised for issue by
theb
rd on 16 June 2026 arKI swned on its behaff by..
avi
Green
hair
CBK
The notes on pages 24 to 27 fwm part of these financial statements.
21
Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
## **BALANCE SHEET** AS AT 31 DECEMBER 2025 COMPANY NUMBER: 04327390
|Note
**Current assets**
Debtors
Cash at bank and in hand
4
**Current liabilities**
Tax and social security
Accruals and deferred income
**Net assets**
**Funds of the charity**
Unrestricted funds
3||2025
£
124,746
905,653
1,030,399
(5,524)
(748,613)
276,262
276,262
(754,137)|243,321
185,257
428,578
2024
£
(5,034)
(47,354)
376,190
376,190
(52,388)|
|---|---|---|---|
|||||
|||||
The financial statements on pages 20 to 27 were approved and authorised for issue by the board on 20 May 2026 and signed on its behalf by:
Sir David Green CB KC Chair
The notes on pages 24 to 27 form part of these financial statements.
21
Docusign Envelope ID." D28DD4D34FC&8031-8397-C8A8DgOBF835
Appolntment of audltor
Haysmac LLP has been proposed for
reappointment as auditor.
Approval ol thè annual report and
flnanclal statements
The annual report and financial
statements were approved by trustees
on 20 May 2026 and are signed on their
beha
by..
IrDa
22
Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
## **STATEMENT OF CASH FLOWS** FOR THE YEAR ENDED 31 DECEMBER 2025
|Cash and cash equivalents at the beginning of
year
Net movement in funds
Adjustments for:
Decrease in trade and other debtors
Increase in creditors
Net cash provided by operating
activities
**Cash flows from operating activities**
**Net Increase in cash and cash**
**equivalents**
**Cash and cash equivalents at end of year**|2025
£
(99,928)
118,575
701,749
720,396
185,257
**720,396**
**905,653**|(94,780)
113,134
13,746
2024
£|
|---|---|---|
|||32,100|
|||153,157
**32,100**|
|||**185,257**|
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Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## 1. **Accounting policies**
## **General information**
Fraud Advisory Panel is a charitable private company limited by guarantee incorporated in England and Wales (company registration no. 04327390) and registered with the Charity Commission (charity registration no. 1108863). The charitable company’s registered office address is Chartered Accountants’ Hall, Moorgate Place, London EC2R 6EA.
## **Accounting convention and basis of preparation**
The financial statements have been prepared under the historical cost convention, and in accordance with the Statement of Recommended Practice for Charities (SORP 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charitable company constitutes a public benefit entity as defined by FRS 102.
## **Going concern**
After reviewing the forecasts and projections including the grant commitment from ICAEW, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future and consider that there are no material uncertainties regarding the charitable company’s ability to continue as a going concern. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.
## **Income**
Income is recognised when: the charitable company has entitlement to the funds; any performance conditions attached to the funds have been met; it is probable that the income will be received; and the amount can be measured accurately.
## **Membership subscriptions** are
- recognised in the accounting period to which the services covered by those subscriptions relate. Membership income deferred at the year-end in relation to 2026 was £31,792 (2025: £36,837).
- **Grant funding** received from ICAEW for 2025-2026 was recognised in full at the end of 2024 in accordance with the formal offer of funding to the charitable company and amounted to £336,748. £111,657 in relation to 2025 was paid during the year. At the end of 2025 the £116,941 committed for future years was held as a debtor in the balance sheet.
- Other income is recognised when it is receivable.
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Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
## **Expenditure**
Expenditure is recognised on an accruals basis.
- Direct charitable expenditure relates to costs associated with the delivery of events, publications and the website. Support costs consist of central management, governance and administration costs, including those associated with constitutional and statutory requirements, including external audit and trustees’ expenses. Governance costs include an indemnity insurance policy for trustees and volunteers. All support costs are allocated to charitable activities. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **Financial instruments**
The charitable company only has basic financial instruments which include trade and other receivables and payables. These are initially recognised at transaction value and subsequently measured at their settlement value.
## **Fund accounting**
Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the trustees in furtherance of the Panel’s charitable objectives.
## **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. During the year a 35-day notice account was also opened to maximise returns.
## **2. Charitable activities**
|**Charitable activities**|||
|---|---|---|
||2025|2024|
||£|£|
|**Direct costs**|||
|Events|3,182|6,236|
|Campaigns|43,151|-|
|Publications|1,022|1,475|
|Website|10,529|7,032|
||**57,884**|**14,743**|
|**Support costs**|||
|Seconded staff|165,242|151,539|
|Governance|20,513|8,015|
|Other expenses|21,461|11,271|
||**265,100**|**185,568**|
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Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
Fraud Advisory Panel has no employees. Three ICAEW employees were seconded to the Fraud Advisory Panel by the end of the year. On this basis the charitable company is considered to have no higher paid staff nor key management personnel compensation.
There are no contracts of service between the charitable company and the trustees.
The auditor’s remuneration amounted to £5,600 (2024: £5,200) exclusive of irrecoverable VAT.
Trustees receive no remuneration for their services, which are given voluntarily, and they receive no benefits in kind. No travel expenses were reimbursed to any directors during 2025 (2024: £nil). Invoices to the value of £200 (2024: £96) for services provided to trustees, including meeting room hire, training and refreshments were settled during the year.
As a registered charity Fraud Advisory Panel is not liable for corporation tax on income and gains applied for charitable purposes.
## **3. Reconciliation of movements in funds**
|**3. Reconciliation of movements in funds**|||
|---|---|---|
||2025|2024|
||£|£|
|Unrestricted and total funds at 1 January|376,190|470,970|
|Deficit for the year Unrestricted and total|(99,928)|(94,780)|
|funds at 31 December|**276,262**|**376,190**|
|**4. Debtors**|||
||2025|2024|
||£|£|
|**Due within one year:**|||
|Amounts owed by associated undertaking|-|1,469|
|Prepayments and accrued income|7,329|4,566
|
|ICAEW grant commitment - 2025|116,941|111,657|
|Other debtors|476|8,938|
||**124,746**|**126,630**|
|**Due over one year**|||
|ICAEW grant commitment – 2026|||
||-|116,691|
||**124,746**|**243,321**|
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Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
## **5. Creditors**
|**Creditors**|||
|---|---|---|
||2025|2024|
||£|£|
|Tax and social security|5,524|5,034|
|Accruals|7,329|10,517|
|Deferred income – Business Fraud Alliance|706,849|-|
|Deferred income – membership|31,792|36,837|
|Amounts owed to associated undertaking|576|-|
||**754,137**|**52,388**|
£750,000 was received from Barclays during the year to fund the Business Fraud Alliance Campaign. The agreement was signed in July 2025 and was planned over a 36-month period. The start of this project was delayed until November 2025. £706,849 of the income received was deferred into future years to offset planned costs over the duration of the project
The charitable company is limited by guarantee. Each member (those individuals and organisations who have subscribed to membership) undertakes to contribute such an amount as may be required – but not exceeding £1 – on winding up.
## **6. Related party transactions**
Fraud Advisory Panel was established in 1998 through a public-spirited initiative by ICAEW. ICAEW has the right to appoint up to one-third of the charitable company’s trustee directors.
Many of the trustees are also individual members of Fraud Advisory Panel or benefit from corporate membership through their employer. All such memberships are charged at the normal rates.
During the year ICAEW paid grant funding of £111,657 and recharged costs of £165,242 to Fraud Advisory Panel (2024: £151,745) which includes the costs associated with the three seconded employees. At the end of the year £576 was owed to the ICAEW (2024: £1,469 was owed to Fraud Advisory Panel).
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Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
## Reference and administrative details
## **Fraud Advisory Panel**
A company limited by guarantee
## **Registered and principal office**
Chartered Accountants’ Hall Moorgate Place London EC2R 6EA +44 (0)20 7920 8721 www.fraudadvisorypanel.org
Company registration no. 04327390 Charity registration no. 1108863
## **Independent auditor**
HaysMac LLP 10 Queen Street Place London EC4R 1AG
164 - 166 Midsummer Arcade Centre Milton Keynes MK9 3BA
## **Solicitors**
Bates Wells & Braithwaite London LLP (trading as Bates Wells) 10 Queen Street Place
London EC4R 1BE
HelloDPO Ltd Rewell House Chichester Road Arundel BN18 0AJ
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Docusign Envelope ID: D28DD4D3-4FC8-8031-8397-C8A8D90BF835
THANK YOU special thanks to ICAEW for its continuing support