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2022-03-31-accounts

Registered company number: 07461134 Charity registered numbers: 1139609 (England and Wales) and SC039066 (Scotland)

Association of Charity Independent Examiners

(A company limited by guarantee)

Unaudited

Trustees' report and financial statements

For the year ended 31 March 2022

Association of Charity Independent Examiners (A company limited by guarantee)

Trustees' report and financial statements For the year ended 31 March 2022

Contents

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 6
Independent examiner's report on financial statements 7
Financial statements 8-18
•
Statement of financial activities		 8
•
Balance sheet		 9
•
Notes to the financial statements		 10 - 18

Association of Charity Independent Examiners (A company limited by guarantee)

Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 March 2022

For the year ended 31 March 2022
Name Association of CharityIndependent Examiners("ACIE")
Company registered number
07461134
Charity registered numbers
1139609 (England and Wales) and SC039066 (Scotland)
Registered office
1st Floor, Block C
The Wharf
Manchester Road
Burnley
BB11 1JG
Trustees KerryClayton
TonyClarke
Mark Heaton*
Susan Robinson*
Frances Taylor*
AnthonyVincent*(from 13 July2021)
Alison Cook(to 7 November 2022)
Lee Stevenson*(to 28 March 2022)
Thomas Ojo(to 4 May2021)
*Denotes ACIE Full Member
Bankers
Unity Trust Bank PLC
9 Brindleyplace
Birmingham
B1 2HB
Independent Examiner
Anita C Mason BA(Hons) BFP FCA
BWM Chartered Accountants
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT

Page 1

Association of Charity Independent Examiners (A company limited by guarantee)

Trustees' report For the year ended 31 March 2022

The Trustees, who are the directors of Association of Charity Independent Examiners ("ACIE") for the purposes of company law, are pleased to present their report and the financial statements (together with the Independent Examiner's report thereon) of ACIE for the year ended 31 March 2022.

Structure, Governance and Management

ACIE is a charitable company limited by guarantee which was incorporated on, and governed by, its Articles of Association dated 6 December 2010. Each member of the company is required to contribute an amount not exceeding £1, should the company be wound up while he/she is a member, or within one year after he/she ceases to be a member. The Directors are the members of the company.

The Articles are supported by Regulations for Subscribing Members, which were last updated in February 2012.

ACIE is registered with the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

Purpose

ACIE is an association of people who carry out Independent Examination ("IE"), providing support and information to its members, charities and other interested parties. The purpose of ACIE is to promote best practice in IE.

Objectives

The objects of ACIE are to promote greater effectiveness of charities in the United Kingdom in the achievement of their charitable objects by:

Activities

Activities during the year included:

Public Benefit

The Trustees have considered ACIE's activities and achievements for 2021/2022 and its plans for 2023/2023, against the Public Benefit Guidance issued by the Charity Commission. They agreed that the public who benefit from ACIE's work are those who are beneficiaries of the numerous small charities that are helped either directly by ACIE's information service, or where ACIE members act as Independent Examiners.

The Trustees are satisfied that this report on ACIE's activities in 2021/2022 and its plans for the future, demonstrate that, in fulfilling its objects, the charities which ACIE assists should experience on-going or improved efficiency and confidence in their financial management allowing them to spend more time, money and energy on their own beneficiaries.

Page 2

Association of Charity Independent Examiners (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

ACIE is committed to those who carry out IE as volunteers (VIEs), including running a Voluntary Fund to allow it to offer subsidised membership subscriptions.

Achievements and Performance 2021/2022

2021/2022 continued to present challenges. ACIE was unable to hold conferences face to face, but the online conference attracted our usual numbers, and take up of online webinars and workshops was very high. Online provision also enabled us to meet our regional outreach targets, with increased participation from the hard-to-reach areas of Northern Scotland, Wales and the South West of England.

Outreach work developed well in this period. We were able to offer training packages to a number of firms, and specialised offerings to our partner organisations, Association of Church Accountants and Treasurers (ACAT), Scottish Council for Voluntary Organisations (SCVO) and The Honorary Treasurers Forum (Honorary Treasurers).

We embarked on a training project for undergraduates studying for degrees in Accountancy at Liverpool John Moores University.

We continued to respond to members' queries, and to queries from charities requiring IEs and IE advice.

We started a project to re-design and re-develop ACIE's website, logo and artwork. Much of that project has been completed in 2022/2023 to date.

Members

Membership has continued to climb steadily. We congratulate those Affiliate Members whose applications to become Full Members have been successful. Success is dependent on Affiliate Members being able to demonstrate that they have the requisite ability and practical experience in examining and/or preparing charities' financial statements, and results in their being able to use the designated letters of ACIE or FCIE to evidence their level of expertise in the field of IE.

We welcome our new Affiliate Members who joined during 2021/22. Unfortunately, we said goodbye to some members, including those who have decided to retire from performing IEs, and we wish them all the best for the future.

Improving the standard of Independent Examination

ACIE promotes and maintains high standards of practice in part through progression to Full Membership. A number of courses have been run to support members applying for Full Membership, which we hope will increase success.

Continuing Professional Development

During 2021-2022 all training took place on-line, and more than a third of the membership participated in at least one of those webinars.

Our best practice training is designed to give Independent Examiners, whatever their experience, confidence in their abilities and takes attendees through the IE regime, considerations when taking on new clients, planning examination work, carrying out fieldwork, and making statutory and discretionary reports to the appropriate regulator(s).

Continuing Professional Development ("CPD") declarations were rolled out to all Full Members as a requirement of their membership. Their returns provide evidence that our Full Members are active in seeking out CPD opportunities and also that the activities of ACIE are key to this.

Page 3

Association of Charity Independent Examiners (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Member Networking

Keeping members up to date: We published four newsletters and a number of bulletins, addressing key changes in charity finance regulation and the information provided by government and advisory agencies on dealing with the impact of Covid-19. In addition, we advertised both our own and collaborators' events.

Independent Examiner Workbook

The Independent Examiner Workbook continued to make sales and has become a valuable tool for many Independent Examiners.

Governance and Internal Policies and Procedures

ACIE continued to review its policies and procedures, the latest versions of which are available to members on our website. A project is planned to review key documents to be translated into Welsh and also stored on our website.

Challenges 2021/2022

This is a challenging time as we individually look at new ways of working with our clients, and respective clients have their own difficulties. ACIE is also looking at different ways of engaging with members and providing new methods of training. We will continue to look at this using digital formats, where more suitable. Training remains high on our agenda to raise the profile of our members against a background of Regulators reviewing the quality of financial statements submitted to them. We decided that ACIE's annual conference in 2021/2022 would be held online to ensure that members were kept both informed and safe, as the UK came out of the Covid-19 restrictions.

What we do well:

Areas for improvement:

Page 4

Association of Charity Independent Examiners (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Trustees

The Board consists of up to nine Trustees, elected by ACIE's Subscribing Members, to serve for a period not exceeding three years, and up to three Trustees co-opted by the elected Trustees to serve until the following 30 June.

Eligibility:

The names of the Trustees who have served since 1 April 2021 are shown on page 1 above.

Organisational structure

The Trustees normally meet three times per year to consider the business of ACIE. As a result of the pandemic, a larger number of shorter-length meetings were held virtually during 2021/2022 and subsequently.

Trustees also participated in the following committees that met regularly as required. Terms of Reference were reviewed during the year and agreed by each Chair:

Financial Review

ACIE's total income receivable for 2021/2022 was £54,999 (2020/2021: £55,142). Total expenditure in the year was £51,348 (2020/2021: £35,573), which resulted in a net increase in funds of £3,651 (2020/2021: £19,569).

ACIE's primary source of income is membership subscriptions, which showed a small increase (£33,034 compared with £32,741 in 2021/2022). The amounts received from members for professional indemnity insurance went down from £7,950 (2020/2021) to £6,860 (2021/2022).

ACIE's funds at 31 March 2022 totalled £74,522 (2021: £70,871). During the coming months and into the new financial year, a key focus of the Trustees will be identifying and implementing additional ways of supporting members as safely and effectively as possible. The Trustees are encouraged by the level of funds being carried into 2021/2022 which will enable them to do this.

ACIE maintains a Bursary Fund restricted fund, which is made up of donations kindly made by members. This restricted fund subsidises those members who are Voluntary Independent Examiners ("VIEs") and pay their membership subscriptions at a lower level than other members. Donations to the Bursary Fund totalling £685 were utilised during 2021/2022 (2020/2021: £1,099).

Reserves Policy

The Trustees' reserves policy is to maintain a minimum of six months' day-to-day running costs (currently about £22,000) to ensure sufficient working capital is available to meet expected expenditure and liabilities in the event of a fall in income. At 31 March 2022, the balance on the General Fund was £69,980 (all held in liquid funds), which means that there were excess free reserves of £47,980 at that date.

Page 5

Association of Charity Independent Examiners (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Risk Management

The Trustees continued to assess and address the risks faced by ACIE, and undertook a review of its disaster recovery plan during the year. The major challenges are having only one part-time employee, how to maintain and grow the numbers of Full Members, and how to ensure that Full Members adopt and maintain high standards of practice.

Accounting and Reporting Responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of ACIE's state of affairs and of its income and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for:

Approval

This report, which was prepared in accordance with the provisions within Part 15 of the Companies Act 2006 relating to small companies, was approved by the Trustees on 13 December 2022 and signed on their behalf by:

Mark Heaton

Trustee

Page 6

Association of Charity Independent Examiners (A company limited by guarantee)

Independent examiner's report For the year ended 31 March 2022

Independent examiner's report to the Trustees of Association of Charity Independent Examiners

I report to the Trustees on my examination of the financial statements of Association of Charity Independent Examiners ('the Charity') for the year ended 31 March 2022, which are set out on pages 8 to 18.

This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Trustees of the Charity (and its Directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 ('the 2005 Act'), the Charities Accounts (Scotland) Regulations 2006 (as amended), and the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's financial statements carried out under section 44(1)(c) of the 2005 Act and section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and all the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act and Regulation 4 of the 2006 Accounts Regulations; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Signed:

Dated: 14/12/2022

Anita C Mason BA(Hons) BFP FCA

BWM Chartered Accountants Suite 5.1, 12 Tithebarn Street, Liverpool, L2 2DT

Page 7

Association of Charity Independent Examiners

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2022

Note
Income from:
Donations and legacies
4
Charitable activities
5
Bank interest
Total income
Expenditure on charitable activities:
Direct costs
6
Support costs
7
Total expenditure
Net income
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
15
Total funds carried forward
15		 Unrestricted
Restricted
Total
Total
Funds
funds
funds
funds
2022
2022
2022
2021
Restated
£
£
£
£
110
801
911
671
54,050
-
54,050
54,428
38
-
38
43
54,198
801
54,999
55,142
22,627
-
22,627
10,541
28,721
-
28,721
25,032
51,348
51,348
35,573
2,850
801
3,651
19,569
685
(685)
-
-
3,535
116
3,651
19,569
70,735
136
70,871
51,302
74,270
252
74,522
70,871

This statement of financial activities includes all gains and losses recognised in the year and complies with the requirements for the income and expenditure account under the Companies Act 2006.

All income and expenditure derive from continuing activities.

Comparative figures for the previous year by fund type are shown in Note 17.

The notes on pages 10 to 18 form an integral part of these financial statements.

Page 8

Association of Charity Independent Examiners (A company limited by guarantee)

Balance sheet As 31 March 2022

Note
Current assets:
Debtors
11
Cash at bank and in hand
Creditors: Amounts falling due within one year
12
Total net assets
14
The funds of the charity:
Restricted fund - Bursary Fund
15
Unrestricted funds:
Designated Fund - Development Fund
15
General Fund
15
Total unrestricted funds
Total funds		 Total funds
Total funds
2022
2021
£
£
1,509
5,882
84,960
75,837
86,469
81,719
(11,947)
(10,848)
74,522
70,871
252
136
4,770
4,856
69,500
65,879
74,270
70,735
74,522
70,871

The Trustees (who are also the Directors of ACIE for the purposes of company law) confirm that, for the year ended 31 March 2022:

The Trustees acknowledge their responsibilities for ensuring that ACIE keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of ACIE's state of affairs as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to ACIE.

The notes on pages 10 to 18 form an integral part of these financial statements.

These financial statements, which have been prepared in accordance with the provisions in the Act relating to small companies, were approved by the Trustees on 13 December 2022 and signed on their behalf by:

Mark Heaton Trustee

Page 9

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

1 General information

Association of Charity Independent Examiners ("ACIE") is a charitable company governed by its Articles of Association, dated 6 December 2010, and registered in England and Wales. Its registered address is 1st Floor, Block C, The Wharf, Manchester Road, Burnley BB11 1JG.

ACIE is registered as a charity in England and Wales (registered number 1139609) and Scotland (registered number 07461134). ACIE is a public benefit entity.

2 Accounting policies

2.1 Basis of preparation of financial statements

The financial statements are prepared on an accruals basis, and on a going concern basis (Note 2.2), in accordance with:

The financial statements are presented in UK sterling, which is ACIE's functional currency, and rounded to the nearest pound.

There have been no changes to the basis of preparation this year or to the previous year's financial statements.

ACIE does not constitute a "larger charity" for the purposes of the Charities SORP, and has opted not to include a statement of cash flows in these financial statements.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate - ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of ACIE to continue as a going concern.

The Trustees make this assessment in respect of at least one year from the date they approve the financial statements, and have concluded that:

Page 10

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

2 Accounting policies (continued)

2.3 Fund accounting

Any donation or grant received by ACIE that the donor requires to be used for a specified purpose is treated as 'restricted' income and credited to the appropriate 'restricted fund'. Any costs incurred in raising or administering such funds are charged against the relevant restricted fund.

All other donations and grants received by ACIE are treated as 'unrestricted' income and credited to the General Fund, which is an 'unrestricted fund'.

Designated funds are unrestricted funds that the Trustees have set aside for particular purposes.

2.4 Income

All income is recognised once ACIE has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Membership subscriptions and professional indemnity insurance fees received are accounted for as income in the financial year to which they relate. Any membership subscriptions or professional indemnity insurance fees received in one financial year that relate to a subsequent financial year are accounted for in the balance sheet as deferred income.

Fees received for conferences, training courses and webinars are accounted for as income in the financial year in which the relevant event takes place. Any fees received in one financial year for an event in a subsequent financial year are accounted for in the balance sheet as deferred income.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by ACIE; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Expenditure

Expenditure is recognised on an accruals basis; as soon as a legal or constructive obligation has arisen that commits ACIE to transfer economic benefit (usually in the form of money) to a third party in settlement, and the amount of the obligation can be measured or estimated reliably.

A legal obligation arises when ACIE enters into a binding contract or there is a statutory requirement for ACIE to make a payment. When ACIE enters into a contract for the supply of goods or services, expenditure is recognised once the supplier of the goods or services has performed its part of the contract.

A constructive obligation arises when ACIE indicates to other parties that it accepts particular responsibilities and thereby creates a valid expectation on their part that ACIE will meet them.

Expenditure on charitable activities comprises expenditure that is incurred when undertaking the activities which further ACIE's objectives, as well as any associated support costs.

Governance costs comprise all costs involving the public accountability of ACIE and its compliance with regulation and good practice, including the costs of preparing and examining the financial statements, the cost of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.

Page 11

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

2 Accounting policies (continued)

2.7 Taxation

ACIE is not liable to corporation tax, capital gains tax or income tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates.

2.8 Tangible assets

Tangible assets are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or, if gifted, at their value on receipt.

ACIE does not currently have any capitalised tangible assets.

2.9 Cash at bank and in hand

Cash at bank and in hand comprises 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.

2.10 Financial instruments

ACIE has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in ACIE's balance sheet when ACIE becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when ACIE's contractual obligations expire or are discharged or cancelled.

Page 12

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

3 Critical accounting estimates and areas of judgement

In the application of ACIE's accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities 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 differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

4 Income from donations and legacies

ncome from donations and legacies
Donations to General Fund
Donations to Bursary Fund
Gift Aid tax claimed on donations to Bursary Fund
Total income from donations and legacies
ncome from charitable activities
Membership subscriptions
Professional indemnity insurance fees from members
Fees - Training courses and webinars
Fees - Conferences
Sales of 'Independent Examiner Workbook for Members'
Advertising in ACIE newsletter
Fees - Applications for Full Membership		 Unrestricted
fund - General
Fund
Unrestricted
fund - General
Fund
2022
2021
£
£
110
-
Restricted fund
- Bursary Fund
Restricted fund
- Bursary Fund
2022
2021
£
£
685
535
116
136
801
671
911
671
Unrestricted
fund -
General Fund
Unrestricted
fund -
General Fund
2022
2021
£
£
33,034
32,741
6,860
7,950
8,305
10,291
2,330
-
2,141
2,996
1,000
-
380
450
54,050
54,428

5 Income from charitable activities

Page 13

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

6 Expenditure on charitable activities - Direct costs

Conferences
Training courses and webinars - Presenters, facilitators and venues
Training courses and webinars - Trustees' expenses - Travel and subsistence
(Note 10)
Professional indemnity insurance for members
Bank processing charges
Newsletter design and production		 Unrestricted
fund -
General Fund
Unrestricted
fund -
General Fund
2022
2021
Restated
£
£
10,076
-
6,365
5,548

98
-
4,605
4,153
809
840
674
-
22,627
10,541

7 Expenditure on charitable activities - Support costs

Expenditure on charitable activities - Support costs
Staff costs (Note 8)
Office and administrative support
Governance costs (Note 9)
Website, software and email
Subscriptions
Insurance
Telephone
Employee - Travel and subsistence
Virtual office
Payroll service (Note 16)
Other		 Unrestricted
funds
Unrestricted
funds
2022
2021
Restated
£
£
14,658
14,435
6,000
4,205
3,437
1,808
1,648
2,005
747
707
636
587
478
474
325
-
300
300
276
270
216
241
28,721
25,032

The expenditure on 'Support costs - Website, software and email' includes £86 (2021: £144) attributable to the Designated Development Fund. All other expenditure on support costs was attributable to the General Fund in both years.

8 Expenditure on charitable activities - Support costs - Staff costs

For both years, the amount shown for expenditure on staff costs in Note 7 constitutes the gross salary of ACIE's one part-time employee, who is primarily involved in managing development. In accordance with HMRC's rules that apply to eligible employers, ACIE (as a charity) claimed Employment Allowance, which reduced the amount payable for Class 1 Employer's National Insurance contributions to £nil for both years.

No pension contributions were payable for either year.

Page 14

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

9 Expenditure on charitable activities - Support costs - Governance costs

Legal advice
Independent examiner's fee
Trustees - Travel and subsistence (Note 10)
Trustees - Training and development
Compliance charges (Note 16)		 Unrestricted
fund -
General Fund
Unrestricted
fund -
General Fund
2022
2021
£
£
1,505
120
1,680
1,440
145
-
85
194
22
54
3,437
1,808

10 Trustees' remuneration and expenses

Neither Trustees nor any persons connected with them received any remuneration or other benefits for either year.

For the year ended 31 March 2022, a total of £243 was reimbursed to two Trustees for travel and subsistence expenses incurred in fulfilling their Trustee duties.

For the year ended 31 March 2021, none of the Trustees was reimbursed for any expenses incurred in fulfilling their Trustee duties.

The Trustees are ACIE'S key management.

11 Debtors

Prepayments
Gift aid recoverable
Other debtors		 2022
2021
£
£
1,017
5,676
253
136
239
70
1,509
5,882

12 Creditors: Amounts falling due within one year

Deferred income
Provisions for refunds payable on training courses, webinars and
conferences
Accruals - Independent examiner's fee
Taxation and social security - PAYE & NI contributions
Other creditors
Deferred income at beginning of year
Resources deferred during year
Amounts released from previous year
Deferred income at end of year		 2022
2021
£
£
7,900
8,949
970
612
1,680
1,200
86
87
1,311
-
11,947
10,848
2022
2021
£
£
8,949
5,460
7,900
8,949
(8,949)
(5,460)
7,900
8,949

Page 15

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

13 Financial instruments

Financial assets
Financial assets measured at fair value through income and expenditure:
Cash at bank and in hand
Gift aid recoverable
Other debtors
Financial liabilities
Financial liabilities measured at fair value through income and expenditure:
Accruals
Provisions for refunds payable on training courses, webinars and
conferences
Other creditors		 2022
2021
£
£
84,960
75,837
253
136
239
70
85,452
76,043
2022
2021
£
£

(1,680)
(1,200)
(970)
(612)
(1,311)
-
(3,961)
(1,812)

Other financial liabilities measured at fair value through income and expenditure comprise creditors.

14 Analysis of net assets between funds

31 March 2022

Current assets
Creditors: Amounts falling due within one year
Total
31 March 2021
Current assets
Creditors: Amounts falling due within one year
Total		 Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
86,217
252
86,469
(11,947)
-
(11,947)
74,270
252
74,522
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
81,583
136
81,719
(10,848)
-
(10,848)
70,735
136
70,871

Page 16

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

15 Statement of funds

Year ended 31 March 2022

Unrestricted funds
Designated fund - Development
Fund
General Fund
Total unrestricted funds
Restricted funds
Bursary Fund
Total funds
Year ended 31 March 2021
Unrestricted funds
Designated fund - Development
Fund
General Fund
Total unrestricted funds
Restricted fund
Bursary Fund
Total funds		 Balance at
Balance at
beginning
Transfers
end
of year
Income
Expenditure
in/out
of year
£
£
£
£
£
4,856
-
(86)
-
4,770
65,879
54,198
(51,262)
685
69,500
70,735
54,198
(51,348)
685
74,270
136
801
-
(685)
252
70,871
54,999
(51,348)
-
74,522
Balance at
Balance at
beginning
Transfers
end
of year
Income
Expenditure
in/out
of year
£
£
£
£
£
5,000
-
(144)
-
4,856
45,738
54,471
(35,429)
1,099
65,879
50,738
54,471
(35,573)
1,099
70,735
564
671
-
(1,099)
136
51,302
55,142
(35,573)
-
70,871

Designated fund - Development Fund

The Trustees resolved to designate £5,000 of the General Fund to be spent on development and training for the members. As a result of the pandemic, progress on this was limited, but the Trustees remain committed to utilising these funds for these purposes.

Restricted fund - Bursary Fund

The Bursary Fund is provided by donations from members, and used to subsidise those members who are Voluntary Independent Examiners ("VIEs") and pay their membership subscriptions at a lower level than other members.

During the year, donations totalling £685 (2021: £535) were received for the Bursary Fund, and £685 (2021: £1,099) was transferred from the Bursary Fund to the General Fund to subsidise the VIEs' membership subscriptions. The balance of £252 on the Bursary Fund at 31 March 2022 (2021: £136) represents the total amount of Gift Aid tax recoverable at that date on the donations received for the Bursary Fund.

Page 17

Association of Charity Independent Examiners (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

16 Related party transactions

Mark Heaton (ACIE Trustee from 22 October 2019) is a director of the accountancy practice, KM Business Solutions Limited.

For the year ended 31 March 2022, fees totalling £299 were payable by ACIE to KM Business Solutions Limited, for payroll service (£276) and compliance charges (£22).

For the year ended 31 March 2021, fees totalling £324 were payable by ACIE to KM Business Solutions Limited, for payroll service (£270) and compliance charges (£54).

All individuals who were Trustees for all or part of the two years paid the same amounts as other members for their membership subscriptions, professional indemnity insurance, conference fees, course and webinar fees, and the Independent Examiner Workbook for Members.

Other than those reported in Note 10 and in this Note, there were no related party transactions in either year that require disclosure.

17 Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2021

Note
Income from:
Donations and legacies
4
Charitable activities
5
Bank interest
Total income
Expenditure on charitable activities:
Direct costs
6
Support costs
7
Total expenditure
Net income
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
15
Total funds carried forward
15		 Unrestricted
Restricted
Total
Total
Funds
funds
funds
funds
2021
2021
2021
2020
Restated
Restated
£
£
£
£
-
671
671
946
54,428
-
54,428
77,927
43
-
43
178
54,471
671
55,142
79,051
10,541
-
10,541
26,742
25,032
-
25,032
35,536
35,573
35,573
62,278
18,898
671
19,569
16,773
1,099
(1,099)
-
-
19,997
(428)
19,569
16,773
50,738
564
51,302
34,529
70,735
136
70,871
51,302

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