OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Association Of Charity Independent Examiners

2024-03-31-accounts

Charity registered numbers: 1139609 (England and Wales) and SC039066 (Scotland)

Association of Charity Independent Examiners

(A Charitable Incorporated Organisation)

Unaudited Trustees' report and financial statements

For the year ended 31 March 2024

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees' report and financial statements for the year ended 31 March 2024

Contents

----- Start of picture text -----
Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 7
Purpose 2
Objects 2
History and structure 2 - 3
Governance and membership 3
Recognition in UK charity legislation 3
Trustees 3 - 4
Organisational structure 4
Achievements and performance in 2023/2024 4 - 5
- Activities 4
- Training 4
- Improving the standard of independent examination 4
- Continuing Professional Development 5
- Independent Examiner Workbook 5
- Outreach 5
Public benefit 5 - 6
Subscribing Members 6
Financial review 6 - 7
Reserves policy 7
Challenges for 2024/2025 7
Risk management 7
Accounting and reporting responsibilities 7 - 8
Approval 8
Independent Examiner's report on financial statements 9
Financial statements 10 - 20
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 20
----- End of picture text -----

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 March 2024

Name Association of CharityIndependent Examiners("ACIE")
Governing document
Charity registered numbers
Registered office		 ACIE's Foundation CIO Constitution, dated 15 September 2023
1139609 (England and Wales) and SC039066 (Scotland)
1st Floor, Block C
The Wharf
Manchester Road
Burnley
BB11 1JG
Trustees and CIO Members AnthonyGerard Clarke †
Muhammad Husnain Haider †(from 26 June 2024)
Isabel Harland(from 26 June 2024)
Mark Robert Heaton *†
Siu Riley (from 26 June 2024)
AnthonyRichard Vincent *†
KerryRoberts(née Clayton) (to 26 June 2024)
Susan Robinson *†(to 26 June 2024)
Frances MaryTaylor *†(to 26 June 2024)
* Denotes an ACIE Fellow.
† Denotes a member of one or more of the bodies listed in section 145(4) of
the Charities Act 2011.
Bankers
Independent Examiner		 Unity Trust Bank PLC
9 Brindleyplace
Birmingham
B1 2HB
Anita C Mason BA(Hons) BFP FCA
Mitchell Charlesworth
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT

Page 1

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees' report for the year ended 31 March 2024

The Trustees of Association of Charity Independent Examiners ("ACIE") present their report and the financial statements of ACIE (together with the Independent Examiner's report thereon) for the year ended 31 March 2024.

Purpose

ACIE is an association of people who carry out Independent Examinations ("IEs") of charities' financial statements, providing support and information to its Subscribing Members, charities and other interested parties. The purpose of ACIE is to promote best practice in IE.

Objects

ACIE's objects are specified in Clause 3 of ACIE's Foundation CIO Constitution, dated 15 September 2023 ("ACIE's Foundation CIO Constitution"), as follows:

(Note: For the purposes of clause 3, "its members" means collectively: (a) all CIO Members; and (b) all persons (including all Subscribing Members) in one or other of the classes and categories of non-voting membership created in accordance with clause 17 thereof.)

History and structure

In 1998, Association of Charity Independent Examiners ("the Association") began on an informal basis, and formally came into being as an independent organisation at a Launch Conference held in York on 21 January 1999.

From 1 July 1999, the Association (governed by a constitution as an unincorporated association) became an active body able to receive subscriptions etc and hold funds.

On 25 August 1999, the Association was registered as a charity with the Charity Commission for England and Wales (charity number: 1077154).

On 11 December 2007, the Association was registered as a charity in Scotland (charity number: SC0399066).

On 6 December 2010, Association of Charity Independent Examiners (a company limited by guarantee, registered in England and Wales, company number: 07461134) ("the Charitable Company") was incorporated. It was governed by its Articles of Association dated 6 December 2010.

On 31 December 2010:

Page 2

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees' report for the year ended 31 March 2024 (continued)

On 14 June 2024, the Charity Commission for England and Wales advised that:

The charity registration number in England and Wales (charity number: 1139609) has remained the same from the Charitable Company to ACIE (as a CIO). The charity registration number in Scotland has remained the same (charity number: SC0399066) from the Association to the Charitable Company to ACIE (as a CIO).

Governance and membership

The CIO Members of ACIE are its Trustees for the time being. The only persons eligible to be CIO Members are its Trustees. Membership of the CIO cannot be transferred to anyone else. Any person who ceases to be a Trustee automatically ceases to be a CIO Member.

ACIE has three principal classes of Subscribing Members: Full Members (ACIE Fellows), Full Members (ACIE Associates) and Affiliate Members.

Unless they are also CIO Members, persons who are in any Subscribing Membership or other class of non-voting membership do not qualify as "members" of the CIO for any purpose under the Charities Act 2011, the Charitable Incorporated Organisations (General) Regulations 2012 or the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012.

ACIE's Foundation CIO Constitution is supported by Regulations and a Code of Ethics that apply to ACIE's Subscribing Members. Full Members are also bound by the Regulations for Full Members. Affiliate Members seeking Full Membership are also bound by the relevant sections of the Regulations for Full Members.

Recognition in UK charity legislation

If they are independent of the charity, and the charity is not required to have its financial statements audited by a registered auditor:

Trustees

There must be at least three Trustees on ACIE's Board; the maximum number is nine. Every Trustee must be a natural person. At least one third of the Trustees must be an ACIE Fellow or a member of one of the bodies listed in section 145(4) of the Charities Act 2011.

Apart from the first Trustees of ACIE (as a CIO) from 14 June 2024, every Trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the Trustees. In selecting individuals for appointment as Trustees, the Trustees must have regard to the skills, knowledge and experience needed for the effective administration of ACIE.

Page 3

Association of Charity Independent Examiners

(A Charitable Incorporated Organisation)

Trustees' report for the year ended 31 March 2024 (continued)

A Trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term, but may be reappointed after an interval of at least one year.

The names of the Trustees who have served since 1 April 2023 are shown on page 1 above. All of them are Subscribing Members.

Organisational structure

The Trustees normally meet at least four times a year to consider the business of ACIE. In 2023/2024, two meetings were held in London, one was held in Manchester, and two were held virtually via Zoom.

Trustees also participated in the following committees that met as required:

Achievements and performance in 2023/2024

Activities

Activities during the year included:

Training

In 2023/2024, the delivery of the majority of training events remained online. The only training events held in person were the Full Member Workshops.

ACIE planned three conferences. The England and Wales conference due to be held in London on 5 October 2023 had to be cancelled due to a train strike. The Scotland and Northern Ireland conference on 19 October 2023 ran with reduced numbers due to storms. Both it and the UK-wide online conference (which was held on 2 November 2023) were well received.

Online provision of training events continued to help ACIE meet its regional outreach targets, with increased participation from the hard-to-reach areas of Northern Scotland, Wales and the South West of England.

Improving the standard of Independent Examination

ACIE promotes and maintains high standards of practice, in part through progression to Full Membership. In 2023/2024, ACIE ran a number of courses to support Affiliate Members applying for Full Membership. ACIE's Membership Committee continued to do what it could to streamline the process of assessment and improve the completion rate and turnaround.

Page 4

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees' report for the year ended 31 March 2024 (continued)

Continuing Professional Development

ACIE's 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 producing statutory and discretionary reports to the Regulator.

During 2023/2024:

Regional reach: ACIE continued to draw most attendees from London and the South East of England, while Scotland accounted for around 20% of attendance at training events, which correlates with the proportion of members in Scotland. Of concern is that ACIE is still not reaching Wales or Northern Ireland to any extent.

Keeping Subscribing Members up to date: During 2023/2024, ACIE published three newsletters and a number of bulletins, which contained details of key changes in charity finance regulation, including salient information provided by government and advisory agencies, ACIE also provided specific advice to Subscribing Members through its enquiry service.

Independent Examiner Workbook

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

Outreach

ACIE's outreach work continued well with what has become regular contributions to the MSc Charity Accounting and Management students at the Bayes Business School, Voluntary Action South Ayrshire (VASA), the National Federation of Women's Institutes (NFWI) and St Mary's University, Twickenham.

ACIE continued to work with its traditional partners, Association of Church Accountants & Treasurers (ACAT), Scottish Council for Voluntary Organisations (SCVO), and The Honorary Treasurers Forum (Honorary Treasurers), and on a training project for undergraduates at Liverpool John Moores University. ACIE worked with The National Council for Voluntary Organisation (NCVO), Wales Council for Voluntary Action (WCVA) and the Institute of Chartered Accountants in England and Wales (ICAEW) to develop new links.

ACIE continued to respond to questions from charities requiring Independent Examiners and advice regarding IEs.

Public benefit

The Trustees have considered ACIE's activities and achievements for 2023/2024 and its plans for 2024/2025, against the Public Benefit Guidance issued by the Charity Commission for England and Wales. 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 Subscribing Members act as Independent Examiners.

The Trustees are satisfied that this report on ACIE's activities in 2023/2024 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 5

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees' report for the year ended 31 March 2024 (continued)

ACIE is committed to those Subscribing Members are Voluntary Independent Examiners (VIEs), who undertake IEs either on a voluntary basis (ie without charging any fees or expenses) or have no more than £500 income per year from IE work. ACIE is grateful to the Subscribing Members who make donations to the Bursary Fund restricted fund, which enables it to offer subsidised membership subscriptions to VIE Subscribing Members.

Subscribing Members

The table below shows, analysed by membership level, the number of individuals who were ACIE Subscribing Members at 31 March 2024. There were five Corporate Affiliate Memberships at 31 March 2024, each of which comprised 5 individual Affiliates.

Fellow
Fellow VIE
Associate
Associate VIE
Full Members
Affiliate
Affiliate VIE
Retired (non-practising), including run-off Professional Indemnity Insurance
Retired (non practising), no Professional Indemnity Insurance
Corporate Affiliate Membership		 31 March
2024
31 March
2023
Number
Number
67
66
3
5
19
20
4
5
93
96
273
298
76
69
3
3
1
-
25
-
471
466

Key

VIE A Voluntary Independent Examiner, who undertakes IEs either on a voluntary basis (ie without charging any fees or expenses) or has no more than £500 income per year from IE work.

Of the Subscribing Members who reported their current activities, 30% work for charities, suggesting that ACIE is reaching the charity sectors. London and the South-East of England continue to be from where the majority of Subscribing Members are drawn, with the next largest cluster in South Scotland. It remains of concern that ACIE has no Full Members in Northern Ireland.

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 FCIE (ACIE Fellow) or ACIE (ACIE Associate) to evidence their level of expertise in the field of IE.

We welcome new Affiliate Members who joined during 2023/2024. Unfortunately, ACIE said goodbye to some Subscribing Members, including those who have decided to retire from performing IEs, and we wish them all the best for the future.

The slow decline in the number of Full Members (via retirement) considers to be a matter for concern. Training is being overhauled, and the Full Member application process rethought.

Financial review

ACIE's total income receivable for 2023/2024 was £62,129 (2022/2023: £53,648). Total expenditure in the year was £67,973 (2022/2023: £78,806), which resulted in a net decrease in funds of £5,844 (2022/2023: a net decrease of £25,158). Much of the decrease in total expenditure was the result of completing the project to re-design and redevelop ACIE's website, logo and artwork in 2022/2023, which cost a total of £19,344.

Page 6

Association of Charity Independent Examiners

(A Charitable Incorporated Organisation)

Trustees' report for the year ended 31 March 2024 (continued)

ACIE's primary source of income is membership subscriptions, which showed a small increase (£33,678 compared to £32,144 in 2022/2023). The fees receivable from members for professional indemnity insurance went up from £7,784 (2022/2023) to £8,671 (2023/2024).

ACIE's total funds at 31 March 2024 amounted to £43,520 (2023: £49,364), comprising unrestricted funds of £43,404 (2023: £49,277) and the Bursary Fund restricted fund of £116 (2023: 87). The Bursary Fund restricted fund is funded by donations kindly made by members, and subsidises VIE Subscribing Members and pay their membership subscriptions at a lower level than other Subscribing Members. Donations to the Bursary Fund totalling £1,185 were utilised during 2023/2024 (2022/2023: £927).

Reserves policy

The Trustees' reserves policy is to maintain a minimum of six months' day-to-day running costs - currently about £31,000 (2023: £27,000) - to ensure sufficient working capital is available to meet expected expenditure and liabilities in the event of a fall in income. At 31 March 2024, the balance on the General Fund (after transferring £15,000 to the Designated Development Fund in September 2023) was £23,922 (2023: £44,651) (all held in liquid funds), which means that there was a deficit on free reserves at that date of £7,078 (2023: excess free reserves of £17,651). The Trustees are confident that it will not be necessary to utilise any part of the balance on the Designated Development Fund to pay for day-to-day running costs in 2024/2025.

Challenges for 2024/2025

What we do well:

Areas for improvement:

Risk management

The Trustees continued to assess and address the risks faced by ACIE. The major challenges are:

Accounting and reporting responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.

Page 7

Association of Charity Independent Examiners

(A Charitable Incorporated Organisation)

Trustees' report for the year ended 31 March 2024 (continued)

Charity law requires the Trustees to prepare financial statements for each financial year. Under charity 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 incoming resources 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 was approved by the Trustees on 21 November 2024 and signed on their behalf by:

Mark Robert Heaton

Trustee

Page 8

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Independent Examiner's report for the year ended 31 March 2024

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 2024, which are set out on pages 10 to 20.

This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011 ('the 2011 Act'). 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, you are responsible for the preparation of the financial statements in accordance with the requirements of the 2011 Act, the Charities and Trustee Investment (Scotland) Act 2005 ('the 2005 Act') and the Charities Accounts (Scotland) Regulations 2006 (as amended) ('the 2006 Accounts Regulations').

I report in respect of my examination of the Charity's financial statements carried out under section 145 of 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

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 130 of the 2011 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 the Charities (Accounts and Reports) Regulations 2008 or Regulation 8 of the Accounts Regulations 2006 other than any requirement that the financial statements 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: 25/11/2024

Anita C Mason BA(Hons) BFP FCA Mitchell Charlesworth Suite 5.1, 12 Tithebarn Street, Liverpool, L2 2DT

Page 9

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Statement of financial activities for the year ended 31 March 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Bank and other interest
Total income
Expenditure on charitable activities:
Direct costs
6
Support costs
7
Total expenditure
Net (expenditure)/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
2024
2024
2024
2023
£
£
£
£
-
1,214
1,214
897
59,353
-
59,353
52,153
1,562
-
1,562
598
60,915
1,214
62,129
53,648
26,179
-
26,179
25,771
41,794
-
41,794
53,035
67,973
-
67,973
78,806
(7,058)
1,214
(5,844)
(25,158)
1,185
(1,185)
-
-
(5,873)
29
(5,844)
(25,158)
49,277
87
49,364
74,522
43,404
116
43,520
49,364

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 12 to 20 form an integral part of these financial statements.

Page 10

Association of Charity Independent Examiners

(A Charitable Incorporated Organisation)

Balance sheet as 31 March 2024

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
2024
2023
£
£
1,337
1,683
54,455
58,900
55,792
60,583
(12,272)
(11,219)
43,520
49,364
116
87
19,482
4,626
23,922
44,651
43,404
49,277
43,520
49,364

The notes on pages 12 to 20 form an integral part of these financial statements.

These financial statements were approved by the Trustees on 21 November 2024 and signed on their behalf by:

Mark Robert Heaton Trustee

Page 11

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024

1 General information

Between 6 December 2010 (the date of incorporation) and 14 June 2024, Association of Charity Independent Examiners ("ACIE") was a charitable company (registered in England and Wales, company number: 07461134), governed by its Articles of Association, dated 6 December 2010.

On 14 June 2024, the Charity Commission for England and Wales advised that ACIE's application to convert from a charitable company to a Charitable Incorporated Organisation (CIO) had been successful, and that the governing document submitted with ACIE's application for the CIO conversion (namely, its Foundation CIO Constitution, dated 15 September 2023) was now its governing document.

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

ACIE's registered address is 1st Floor, Block C, The Wharf, Manchester Road, Burnley BB11 1JG.

2 Accounting policies

2.1 Basis of preparation of financial statements

The process of converting ACIE from a charitable company to a CIO is such that ACIE (as a legal person) has a continuous existence. Accordingly, it has not affected how these financial statements should be prepared, except that the requirements of the Companies Act 2006 no longer apply.

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.

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 ACIE has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future; there are no material uncertainties about ACIE's ability to continue as a going concern; and it remains appropriate to adopt the going concern basis of accounting in preparing these financial statements.

Page 12

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024 (continued)

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 which 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 13

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024 (continued)

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 14

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024 (continued)

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.

There were no critical accounting estimates made in either year.

4 Income 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
5
Income 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'
Fees - Applications for Full Membership		 Unrestricted
fund -
General Fund
Unrestricted
fund -
General Fund
2024
2023
£
£
-
135
Restricted fund
- Bursary Fund
Restricted fund
- Bursary Fund
2024
2023
£
£
1,026
675
188
87
1,214
762
1,214
897
Unrestricted
fund -
General Fund
Unrestricted
fund -
General Fund
2024
2023
£
£
33,678
32,144
8,671
7,784
8,855
7,045
6,205
3,310
1,794
1,620
150
250
59,353
52,153

Page 15

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024 (continued)

6 Expenditure on charitable activities - Direct costs

Training courses and webinars - Presenters, facilitators and venues
Conferences - Presenters, facilitators and venues
Conferences - 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
2024
2023
£
£
9,523
11,022
6,692
4,285
641
-
8,106
8,738
747
658
470
1,068
26,179
25,771

7 Expenditure on charitable activities - Support costs

Staff costs (Note 8)
Office and administrative support
Governance costs (Note 9)
Advertising, marketing and sponsorship by ACIE
Website, software and email
Employee - Travel and subsistence
Subscriptions
Insurance
Payroll service (Note 16)
Employee - Training and development
Telephone
Design and development of revised website, logo and artwork
Other		 Unrestricted
funds
Unrestricted
funds
2024
2023
£
£
15,493
16,106
7,920
6,615
7,034
3,958
3,448
-
2,965
2,222
2,024
1,259
1,307
950
751
681
330
300
-
581
(2)
418
-
19,344
524
601
41,794
53,035

The expenditure on 'Support costs - Website, software and email' includes £144 (2023: £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 16

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024 (continued)

9 Expenditure on charitable activities - Support costs - Governance costs

Travel and subsistence - Trustees (Note 10)
Travel and subsistence - Others
Independent Examiner's fee
Trustee meetings - Room hire
Legal advice
Training and development - Trustees
Compliance charges (Note 16)		 Unrestricted
fund -
General Fund
Unrestricted
fund -
General Fund
2024
2023
£
£
1,917
953
1,266
-
1,890
1,800
1,035
390
615
698
191
-
120
117
7,034
3,958

10 Trustees' remuneration and expenses

The Trustees are ACIE'S key management. Neither Trustees nor any persons connected with them received any remuneration or other benefits for either year.

For the year ended 31 March 2024, a total of £641 was reimbursed to, or paid on behalf of, two Trustees for travel and subsistence expenses incurred in fulfilling their Trustee duties at an ACIE conference (direct costs); and total of £1,917 was reimbursed to, or paid on behalf of, six Trustees for travel and subsistence expenses incurred in fulfilling their Trustee duties at Trustee and other meetings (support costs).

For the year ended 31 March 2023, a total of £953 was reimbursed to, or paid on behalf of, six Trustees for travel and subsistence expenses incurred in fulfilling their Trustee duties at Trustee and other meetings (support costs). No in-person conferences were held in the year ended 31 March 2023.

11 Debtors

Prepayments
Gift aid recoverable
Other debtors		 2024
2023
£
£
1,201
838
116
87
20
758
1,337
1,683

12 Creditors: Amounts falling due within one year

Deferred income
Accruals - Independent Examiner's fee
Provisions for refunds payable on training courses, webinars and
conferences
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		 2024
2023
£
£
8,887
6,361
1,890
1,800
455
995
-
90
1,040
1,973
12,272
11,219
£
£
6,361
7,900
8,887
6,361
(6,361)
(7,900)
8,887
6,361

Page 17

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024 (continued)

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		 2024
2023
£
£
54,456
58,900
116
87
20
758
54,592
59,745
2024
2023
£
£
(1,890)
(1,800)
(455)
(995)
(1,040)
(1,973)
(3,385)
(4,768)

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

14 Analysis of net assets between funds

31 March 2024

Current assets
Creditors: Amounts falling due within one year
Total
31 March 2023
Current assets
Creditors: Amounts falling due within one year
Total		 Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
55,676
116
55,792
(12,272)
-
(12,272)
43,404
116
43,520
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
60,496
87
60,583
(11,219)
-
(11,219)
49,277
87
49,364

Page 18

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024 (continued)

15 Statement of funds

Year ended 31 March 2024

Unrestricted funds
Designated fund - Development
Fund
General Fund
Total unrestricted funds
Restricted fund
Bursary Fund
Total funds
Year ended 31 March 2023
Unrestricted funds
Designated fund - Development
Fund
General Fund
Total unrestricted funds
Restricted funds
Bursary Fund
Total funds		 Balance at
Balance at
beginning
Transfers
end
of year
Income
Expenditure
in/out
of year
£
£
£
£
£
4,626
-
(144)
15,000
19,482
44,651
60,915
(67,829)
(13,815)
23,922
49,277
60,915
(67,973)
1,185
43,404
87
1,214
-
(1,185)
116
49,364
62,129
(67,973)
-
43,520
Balance at
Balance at
beginning
Transfers
end
of year
Income
Expenditure
in/out
of year
£
£
£
£
£
4,770
-
(144)
-
4,626
69,500
52,886
(78,662)
927
44,651
74,270
52,886
(78,806)
927
49,277
252
762
-
(927)
87
74,522
53,648
(78,806)
-
49,364

Designated fund - Development Fund

The Development Fund is designated to be used to pay for the development and training of Subscribing Members. On 15 September 2023, the Trustees resolved to transfer an additional £15,000 from the General Fund to the Development Fund.

Restricted fund - Bursary Fund

The Bursary Fund restricted fund is funded 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 £1,214 (2023: £762) were received for the Bursary Fund, and £1,185 (2023: £927) was transferred from the Bursary Fund to the General Fund. The balance on the Bursary Fund at the year-end is represented by the amount of Gift Aid recoverable at that date on the donations received for the Bursary Fund.

Page 19

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2024 (continued)

16 Related party transactions

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

For the year ended 31 March 2024, fees totalling £450 were payable by ACIE to KM Business Solutions Limited, for payroll service (£330) and compliance charges (£120).

For the year ended 31 March 2023, fees totalling £417 were payable by ACIE to KM Business Solutions Limited, for payroll service (£300) and compliance charges (£117).

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 for the year ended 31 March 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Bank and other 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
2023
2023
2023
2022
£
£
£
£
135
762
897
911
52,153
-
52,153
54,050
598
-
598
38
52,886
762
53,648
54,999
25,771
-
25,771
22,627
53,035
-
53,035
28,721
78,806
-
78,806
51,348
(25,920)
762
(25,158)
3,651
927
(927)
-
-
(24,993)
(165)
(25,158)
3,651
74,270
252
74,522
70,871
49,277
87
49,364
74,522

Page 20