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← Association Of Charity Independent Examiners

2025-03-31-accounts

Charity registered numbers: 1139609 (England and Wales) and $C039066 (Scotland)

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Unaudited Trustees’ report and financial statements

For the year ended 31 March 2025

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees’ report and financial statements for the year ended 31 March 2025

Contents

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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 ofCharity Independent Examiners ("ACIE") Association ofCharity Independent Examiners ("ACIE")
Governing document ACIE's
Foundation
CIO
Constitution,		 dated
15 September
2023		 ACIE's
Foundation ClO Constitution, dated 15 September 2023 (On 14 June 2024,
the Charity Commission for England and Wales advised that this document,
which was submitted with ACIE's application to convert from a charitable
company to a ClO, wasnow ACIE's governing document.)
Charity registered numbers 1139609 (England and Wales) and 5C039066 (Scotland)
Registered office 1st Floor, Block C
The Wharf
Manchester Road
Burnley
BB11 1G
Trustees and ClOMembers Suzanna Penny Clarke t (fram 12 February 2025)
Anthony Gerard Clarke t
Muhammad Husnain Haider t (from 26 June 2024)
Isabel Harland (fromm 26 June 2024)
Mark Robert Heaton *T
Siu Riley (from 26 June 2024)
Michael William Scott (from 12 February 2025)
Anthony Richard Vincent *t
Kerry Roberts (née Claytan) (to 26 June 2024)
Susan Robinson *7 (to 26 June 2024)
Frances Mary Taylor *t (to 26 June 2024)
* Denotes an ACIE Fellow.
t Denotes
a member of one or more of		 the bodies listed in section 145(4) of
the Charities Act 2011.
Bankers Unity Trust Bank PLC
Four Brindleyplace
Birmingham
B1 2JB
Independent Examiner Anita CMason BA (Hons) BFP FCA
Mitchell Charlesworth
Suites C, D,
E& F
14th Floor
The Plaza
Old Hall Street
Liverpool
L390)

Page 1

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees’ report for the year ended 31 March 2025

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 2025,

Purpose

ACIE is an association of people who carry out Independent Examinations ("IEs") of charities’ financial staternents, 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 ClO Constitution, dated 15 September 2023 ("ACIE's Foundation ClO Constitution"), as follows:

(Note: For the purposes of clause 3, "its members" means collectively: (a) all ClO 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,

Fram 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: §C0399066).

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 Decernber 2010.

On 31 December 2010:

Page 2

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees’ report for the year ended 31 March 2025 (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 ClO). The charity registration number in Scotland has remained the same (charity number: $C0399066) fram the Association to the Charitable Company to ACIE (as a CIO).

Governance and membership

The ClO Members of ACIE are its Trustees for the time being. The only persons eligible to be ClO Members are its Trustees. Membership of the ClO 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 ClO Members, persons who are in any Subscribing Membership or other class of non-voting membership do not qualify as "members" of the ClO 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 ClO 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

lf 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 im 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 2025 (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 2024 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 2024/2025, three meetings were held in Manchester, and two were held virtually via Zoom. In 2023/2024, two meetings were held in London, one was held in Manchester, and two were held virtually via Zoom.

A number of Trustees, together with a number of other Subscribing Members, also participated in the Membership Committee, which met as required.

Achievements and performance in 2024/2025

Conversion to a CIO

On 14 June 2024, the Charity Commission for England and Wales advised ACIE that its application to convert from a company limited by guarantee to a CIO had been successful.

Activities

Activities during the year included:

Training events

In 2024/2025, we ran 19 training events (all online via Zoom), as follows:

Conferences

ACIE planned three conferences for 2024/2025:

Page 4

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees’ report for the year ended 31 March 2025 (continued)

improving the standard of Independent Examination

ACIE promotes and maintains high standards of practice, in part through progression to Full Membership.

ACIE's Membership Committee decided that, with a view to increasing pass rates, all applicants for ACIE Full Membership on or after 1 January 2025 (including any applying for a second or subsequent time) must have attended and completed the following training events:

Course 4 - Building your Independent Examination skills

Course B - Charity Accounts Prepared on a Receipts and Payments basis Course C - Charity Accounts Prepared on an Accruals basis

Independent Examiner Workbook

The Independent Examiner Workbook continued to make sales and has become a valuable tool for many Independent Examiners. 45 copies (2024: 31) were sold during the year.

Outreach

ACIE's outreach work continued to work well with what has become regular contributions ta the National Federation of Women's Institutes (NFWI)}, the MSc Charity Accounting and Management students at the Bayes Business School, and undergraduates at Liverpool John Moores University.

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). 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) ta develap mew links.

ACIE's Development Manager, Farah Mendlesohn was a speaker at events run by Wales Council for Voluntary Action (WCVA) and the Scottish Council for Voluntary Organisations (SCVO). Audiences were significantly larger than in previous years.

ACIE's Chair, Mark Heaton was invited to a number of conferences.

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

Page 5

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees’ report for the year ended 31 March 2025 (continued)

Public benefit

The Trustees have considered ACIE's activities and achievements for 2024/2025 and its plans for 2025/2026, 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 2024/2025 and its plans for the future, dermonstrate 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.

ACIE is committed to those Subscribing Members who 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 fram {Ewark. ACIE is grateful to the Subscribing Members who make donations to the VIE Support Fund (formerly called 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 at31 March 2025. There were five (2024: five) Corporate Affiliate Memberships, each of which comprised 5 individual Affiliates; and there was one (2024: none) Corporate Affiliate Memberships comprising nine individual Affiliates.

31 March 31 March
2025 2024
Number Number
Fellow 64 67
Fellow VIE 3 3
Associate 17 19
Associate VIE 3 4
Full Members 87 93
Affiliate 267 273
Affiliate VIE 83 76
Retired (non-practising), including run-off Professional Indemnity Insurance 3 3
Retired (non-practising), no Professional Indemnity Insurance 4 1
Corporate Affiliate Membership 34 25
47s 471

Key

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

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 designatory 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 2024/2025, 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 (mainly through retirement) continues to be a matter for concern.

Page 6

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees’ report for the year ended 31 March 2025 (continued)

Financial review

ACIE's total income receivable for 2024/2025 was £73,704 (2023/2024: £62,129). Total expenditure in the year was £62,273 (2023/2024: £67,973), which resulted in a net increase in funds of £11,431 (2023/2024: a net decrease of £5,844).

ACIE's primary source of income is membership subscriptions, which showed a 10.0% increase (£37,059 compared ta £33,678 in 2023/2024). The fees receivable from Subscribing Members for professional indemnity insurance went up by 6.5% from £8,671 (2023/2024) to £9,236 (2024/2025).

ACIE's total funds at 31 March 2025 amounted to £54,951 (2024: £43,520), comprising unrestricted funds of £54,830 (2024: £43,404) and the VIE Support Fund restricted fund of £121 (2024: £116). The VIE Support restricted fund is funded by donations kindly made by Subscribing Members, and subsidises VIE Subscribing Members who pay their membership subscriptions at a lower level than other Subscribing Members. Donations to the VIE Support Fund totalling £724 were utilised during 2024/2025 (2023/2024: £1,185).

Reserves policy

The Trustees' reserves policy is to maintain a minimum of six months' day-to-day running costs - at 31 March 2025 about £28,000 (2024: £31,000) - to ensure sufficient working capital is available to meet expected expenditure and liabilities in the event of afallinincome. At 31 March 2025, the balance on the General Fund was £35,576 (2024: £23,922) (all held in liquid funds), which means that there were excess free reserves at that date of £7,576 (2024: a deficit on free reserves of £7,078).

Challenges for 2025/2026

Address the main challenges:

Continue to da what we do well:

Areas for improvernent:

Page 7

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Trustees’ report for the year ended 31 March 2025 (continued)

Risk management

The Trustees continued to assess and address the risks faced by ACIE. A major risk is having only one part-time employee and one part-time, self-employed finance administrator; and everything else that needs doing is done by a small number of Trustees and a small number of volunteers on the Membership Committee.

Accounting and reporting responsibilities

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

Charity law requires the Trustees to prepare financial staternents 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 29 September 2025 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 to the Trustees of Association of Charity Independent Examiners for the year ended 31 March 2025

| 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 2025, 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 44(1)}(c) of the Charities and Trustee Investment (Scotland) Act 2005 ('the 2005 Act’) and section 145 of the Charities Act 2011 ('the 2011 Act’). My examination has been undertaken so that | might state to the charity's Trustees those matters | am required to state ta them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, | 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 | 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 2005 Act, the Charities Accounts (Scotland) Regulations 2006 (as amended) [the 2006 Regulations’) and the 2011 Act.

| report in respect of my examination of the charity's accounts as carried out under section 44 (1)(c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination | have followed the requirements of Regulation 11 of the 2006 Regulations and the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's statement

Since the charity has prepared its financial statements on an accruals basis and is registered in Scotland, your examiner must be a member of a body listed in Regulation 11(2) of the 2006 Regulations. | can confirm that lam qualified to undertake the examination because | am a Fellow of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

| have completed my examination. | 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 44(1)(a) of the 2005 Act, Regulation 4 of the 2006 Regulations and section 130 of the 2011 Act; or

  2. Z. 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 2006 Regulations, and do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 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.

| 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.

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7 i\ Mater
(ee
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Signed:

Dated: 01/10/2025

Anita C Mason BA (Hons) BFP FCA Mitchell Charlesworth Suites C, BD, E & F, 14th Floor, The Plaza, Old Hall Street Liverpool, L3 90)

Page 9

Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Statement of financial activities for the year ended 31 March 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |Funds|funds|funds|funds| |2025|2025|2025|2024| |Note| |£|£|£|£| |Income|from:| |Donations|and|legacies|4|-|729|729|1,214| |Charitable|activities|5|71,218|-|71,218|59,353| |Bank|and|other|interest|1,757|-|1,757|1,562| |Total|income|72,975|729|73,704|62,129| |Expenditure|on|charitable|activities:| |Direct|costs|6|274,496|-|24,496|26,179| |Support|costs|fi|37,777|-|37,777|41,794| |Total|expenditure|62,273|-|62,273|67,973| |Net|income/(expenditure)|10,702|729|11,431|(5,844)| |Transfers|between|funds|15|724|(724)|-|-| |Net movement|in|funds|11,426|5|11,431|(5,844)| |Reconciliation|of funds:| |Total|funds|brought|forward|15|43,404|116|43,520|49,364| |Total funds|carried forward|15|54,830|121|54,951|43,520|

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All income and expenditure derive fram 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 2025

Total funds Tatal funds
20275 2024
Note £ £
Current assets:
Debtors 11 1,508 1,337
Cash at bank and in hand 63,828 54,455
65,336 55,792
Creditors: Amounts falling due within one year 12 (10,385) (12,272)
Total net assets 14 54,951 43,520
The funds of the charity:
Restricted fund - VIE Support Fund 15 121 116
Unrestricted funds:
Designated Fund - Development Fund 15 19,254 19,482
General Fund 15 35,576 23,922
Total unrestricted funds 54,830 43,404
Totalfunds 54,951 43,520

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

These financial statements were approved by the Trustees on 29 September 2025 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 2025

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 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, Black C, The Wharf, Manchester Road, Burnley BB11 LG.

2 Accounting policies

2.1 ~~‘ Basis of preparation of financial statements

The process of converting ACIE from a charitable company to a CIO was such that ACIE (as a legal person) had a continuous existence. Accordingly, it did not affect how the financial statements for the year ended 31 March 2024, or these financial statements for the year ended 31 March 2025, should be prepared, except that the requirements of the Companies Act 2006 no longer applied/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.

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 te 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 ta 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 2025 (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

Allincome is recognised once ACIE has entitlement ta 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 yearto 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 ta 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 2025 (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 cast 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 aré 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 offinancial 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 2025 (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

Restricted fund Restricted fund
= VIE Support - VIE Support
Fund Fund
2025 2024
£ £
Donations to VIE SupportFund 608 1,026
Gift Aid claimed on donations to VIE Support Fund 121 188
729 1,214
Income from charitable activities
Unrestricted Unrestricted
fund - fund -
General Fund General Fund
2025 2024
£ £
Membership subscriptions 37,059 33,678
Professional indemnity insurance fees from members 9,236 8,671
Fees - Training courses and webinars 12,855 8,855
Fees -Conferences 9,829 6,205
Sales of 'Independent ExaminerWorkbook for Members’ 2,239 1,794
Fees - Applications for Full Membership - 150
71,218 59,353
Expenditure on charitable activities - Direct costs
Unrestricted Unrestricted
fund - fund -
General Fund General Fund
2025 2024
£ £
Professional indemnity insurance for members 8,755 8,106
Training courses and webinars - Presenters, facilitators and venues 7,683 9,523
Conferences - Presenters, facilitators and venues 7,011 6,692
Conferences - Trustees' expenses - Travel and subsistence (Note 10) - 641
Stripe credit/debit card processing fees B47 747
Newsletter designand production 200 470
24,496 26,179

6 Expenditure on charitable activities - Direct costs

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Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2025 (continued)

7 Expenditure on charitable activities - Support costs

Unrestricted Unrestricted
funds funds
2025 2024
E E
Staffcosts (Note 8) 18,359 15,493
Governance costs (Note 9) 5,400 7,414
Office and administrative support 4,857 7,920
Website, software and email 2,952 2,965
Employee - Traveland subsistence 1,968 2,024
Advertising, marketing and sponsorshipbyACIE 1,148 3,448
Technical Adviser 1,100 428
Insurance 773 751
Subscriptions 582 a79
Payrall service (Note 16) 340 330
Other 298 142
37,777 41,794

The expenditure on ‘Support costs - Website, software and email’ for the year ended 31 March 2025 includes £228 (2024: £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 Enil for both years.

No pension contributions were payable for either year.

g Expenditure on charitable activities - Support costs - Governance costs

Unrestricted Unrestricted
fund - fund -
GeneralFund General Fund
2025 2024
£ £
Independent Examiner's fee 1,986 1,890
Travel and subsistence - Trustees (Note 10) 1,370 1,917
Travel and subsistence - Others 1,024 1,646
Trustee meetings - Room hire 746 1,035
Training and development - Trustees 141 191
Compliance charges (Note 16) 133 120
Legal advice - 615
5,400 F414

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Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2025 (continued)

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 2025, a total of £1,370 was reimbursed to, or paid on behalf of, five Trustees for travel and subsistence expenses incurred in fulfilling their Trustee duties at Trustee and other meetings (Note 9 - Expenditure on charitable activities - Support costs - Governance costs).

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 (Note 6 - Expenditure on charitable activities - Direct costs); and a 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 (Note 9 - Expenditure on charitable activities - Support costs - Governance costs).

11 Debtors

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|||||| |---|---|---|---|---| |2025|2024| |£|£| |Prepayments|1,387|1,201| |Gift|aid|recoverable|1271|116| |Other|debtors|-|20| |1,508|1,337|

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12 Creditors: Amounts falling due within one year

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Deferred|income|6,914|8,887| |Accruals|- Independent|Examiner's|fee|1,986|1,890| |Provisions|for|refunds|payable|on|training|courses,|webinars|and| |conferences|320|455| |Other|creditors|1,165|1,040| |10,385|12,272| |E|E| |Deferred|income|at|beginning|of year|8,887|6,361| |Resources|deferred|during|year|6,914|8,887| |Amounts|released|from|previous|year|(8,887)|(6,361)| |Deferred|income|at|end|of year|6,914|8,887|

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Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2025 (continued)

13 Financial instruments

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure:
Cash at bank and in hand 63,828 54,455
Gift aid recoverable 121 116
Other debtors - 20
63,949 54,591
2025 2024
£ £
Financial liabilities
Financial liabilities measured at fairvalue through income and expenditure:
Accruals (1,986) (1,890)
Provisions for refunds payable on training courses, webinars and
conferences (320) (455)
Other creditors (1,165) (1,040)
(3,471) (3,385)

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

14 Analysis of net assets between funds

31 March 2025

Unrestricted Restricted Total
funds funds funds
£ £ £
Current assets 65,2715 121 65,336
Creditors: Amounts falling due within one year (10,385) - (10,385)—
Total 54,830 121 54,951
31 March 2024
Unrestricted Restricted Total
funds funds funds
£ £ £
Current assets 55,676 116 55,792
Creditors: Amounts falling due within one year (12,272) - (12,272)
Total 43,404 116 43,520

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Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2025 (continued)

15 Statement of funds

Year ended 31 March 2025

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|Balance|at| |beginning|Transfers|end| |of year|Income|Expenditure|in/out|of year| |£|E|£|E|£| |Unrestricted|funds| |Designated|fund|-|Development| |Fund|19,482|=|(228)|-|19,254| |General|Fund|23,922|72,975|(62,045)|724|35,576| |Total|unrestricted|funds|43,404|72,975|(62,273)|724|54,830| |Restricted|funds| |VIE|Suppart|Fund|116|F29|-|(724)|121| |Total funds|43,520|#3,|#04|(62,273)|.|54,951| |Year ended|31|March|2024| |Balance|at|Balance|at| |beginning|Transfers|end| |of year|Income|Expenditure|in/out|of year| |£|E|£|£|£| |Unrestricted|funds| |Designated|fund|-|Development| |Fund|4,626|-|(144)|15,000|19,482| |General|Fund|44,651|60,915|(67,829)|(13,815)|23,922| |Total|unrestricted|funds|49,277|60,915|(67,973)|1,185|43,404| |Restricted|fund| |VIE|Suppert|Fund|a7|1,214|-|(1,185)|116| |Total funds|49,364|62,129|(67,973)|:|43,520|

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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 - VIE Support Fund

The VIE Support Fund (formerly called 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 ended 31 March 2025, donations totalling £729 (2024: £1,214) were received for the VIE Support Fund, and £724 (2024: £1,185) was transferred from the VIE Support Fund to the General Fund. The balance on the VIE Support Fund at the year-end is represented by the amount of Gift Aid recoverable at that date on the donations received for the VIE Support Fund.

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Association of Charity Independent Examiners (A Charitable Incorporated Organisation)

Notes to the financial statements for the year ended 31 March 2025 (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 2025, fees totalling £460 were payable by ACIE to KM Business Solutions Limited, for payroll service (£340) and compliance charges (£120).

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

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 indernnity 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 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |Funds|funds|funds|funds| |2024|2024|2024|2023| |Note| |E|£|E|£| |Income|from:| |Donations|and|legacies|4|-|1,214|1,714|ao7| |Charitable|activities|5|59,353|-|59,353|52,153| |Bank|and|other|interest|1,562|-|1,562|598| |Total|income|60,915|1,214|62,129|53,648| |Expenditure|on|charitable|activities:| |Direct|costs|6|26,179|-|26,179|25,771| |Support|costs|7|41,794|-|41,794|53,035| |Total|expenditure|67,973|-|67,973|78,806| |Net|income/(expenditure)|(7,058)|1,214|(5,844)|(25,158)| |Transfers|between|funds|15|1,185|(1,185)|-|-| |Net movement|in funds|(5,873)|29|(5,844)|(25,158)| |Reconciliation|of funds:| |Total|funds|brought|forward|15|49,277|a7|49,364|74,522| |Total funds|carried|forward|15|43,404|116|43,520|49,364|

----- End of picture text -----

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