2021-07-31-accounts

The Chartered Secretaries’ Charitable Trust

Annual Report and Financial Statements for the year ended 31 July 2021

Registered charity no. 1152784 Company registration no. 8602517

	Page(s)
Report of the Trustees (incorporating the Directors’ report)	1 - 21
 Reference and administrative details	1
 Structure, governance and management	3
 Objects and activities	6
 Achievements and performance	10
 Financial review	17
 Plans for future periods	21
Statement of Trustees’/ Directors’ responsibilities	22
Independent Auditor’s report	23 - 25
Statement of financial activities	26
Balance sheet	27
Statement of cash flows	28
Notes to the financial statements	29 - 37

Report of the Trustees (incorporating the Directors’ report)

Reference and administrative details

Charity name:

The Chartered Secretaries’ Charitable Trust

Charity registration: Company registration:

No 1152784 No 8602517

Registered address and principal office:

Saffron House 6-10 Kirby Street London EC1N 8TS

Telephone:

020 7612 7048/49

Trustees and Directors

Those serving during the financial year were: -

Chairman Mr F E Curtiss FCG FCMA Deputy Chairman Mrs C L Robson ACG LLM (From 1 January 2022) Mr R J C Grigg FCG (To 1 January 2022) Company Secretary Mr P J Sylva FCG FCA Mr I J Burger FCG

Mrs A R Herron FCG (From 19 June 2020) The Chartered Governance Institute re-appointment Mr A P Theakston FCG (From 19 June 2020) The Chartered Governance Institute re-appointment

Support and Grants Committee Those serving during the financial year were: -

Chairman Mr A P Theakston FCG Chairman of the Trustees Mr F E Curtiss FCG FCMA (Ex-officio) Deputy Chairman Mrs V A Blackwell FCG Mrs S Bah Grad CG

Mr G Cunnington FCG Mr M C Garratt FCG Mr L H Graves ACG (To 31 December 2020)

Mr R J C Grigg FCG Mrs N N Langford FCG Mrs S D Moys FCG MBE (To 1 January 2022) Mrs S Raine ACG

Mr B Welch FCG

The Chartered Secretaries’ Charitable Trust

Page 1

Report of the Trustees (incorporating the Directors’ report)

Administration:

The day-to-day administration of the Trust and the servicing of the Committees were in the hands of Ms Elizabeth Howarth, Charities Officer and Mrs Clair Easter, Charities Assistant.

Professional advisors: -

Auditor Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankers Lloyds Bank plc 39 Threadneedle Street London EC2R 8AU Investment advisors From 16 November 2021 XPS Investment Limited 40 Torphichen Street Edinburgh EH3 8JB To 16 November 2021 Jagger & Associates Ground Floor 14 Exchange Quay Salford Quays Manchester M5 3EQ Investment managers CCLA Investment Management Limited 85 Queen Victoria Street London EC4V 4ET Legal & General Investment Management Limited One Coleman Street London EC2R 5AA Solicitors Coole Bevis LLP Lanes End House 15 Albert Street Brighton BN1 1HY Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG

The Chartered Secretaries’ Charitable Trust

Page 2

Report of the Trustees (incorporating the Directors’ report)

Structure, governance and management

Legal status

The Chartered Secretaries’ Charitable Trust (‘the Trust’) was incorporated on 9 July 2013. Registered charity no. 1152784. Company registration no. 8602517. On the 19 July 2013, the Charity Commission issued a scheme to make The Chartered Secretaries’ Charitable Trust sole corporate Trustee of the following three unincorporated charities from the 1 August 2013: -

• The ICSA Benevolent Fund: Charity registration number 213345

• The ICSA Education and Research Foundation: Charity registration number 1027579

• The ICSA Prize Fund: Charity registration number 1048726

In pursuance of increasing public benefit, Trustees obtained agreement from the Charity Commission on 4 October 2019, to make amendment to the charitable objects. The resolution was passed on 12 November 2019 at a general meeting.

Public benefit

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives.

In respect of benevolence, measures were put in place in 2013 to increase the public benefit provided by broadening the charitable objects to include the consideration of support to graduates, students and past and present employees and former employees of the Institute, along with their dependants. Trustees expanded this further in October 2019, by obtaining Charity Commission agreement to change the objects to facilitate the consideration of the broader needs of individuals connected to the Institute.

Public benefit is also embedded in its grant aid policy for Education and research and Trustees offer bursaries to charities to undertake the Institute Certificate in Charity Law and Governance.

Constitution

There shall be between three and nine Trustees. Two of these appointments may be made by The Chartered Governance Institute (‘the Institute’) Divisional Committee for the United Kingdom, Republic of Ireland and Associated Territories, (‘CGIUKI Committee’). A quorum at a meeting of the Trustees is three.

During the year to 31 July 2021, the Board of Trustees met on four occasions. Due to the impact of Coronavirus COVID-19 pandemic and required social distancing, these meetings were held by video conference call. These were held with the full consent of Trustees and were in accordance with 7.2 of the articles:

‘Members are entitled to attend meetings either personally… or by suitable means agreed by the Trustees in which all participants may communicate with all the other participants.’

Trustees have the power to delegate any of their functions to committees consisting of two or more individuals appointed by them. At least one member of every committee must be a Trustee and all proceedings of committees must be reported regularly to the Trustees.

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

The Trustees of the Chartered Secretaries’ Charitable Trust delegate to the Support and Grants Committee the consideration of all applications for benevolence. There shall be between four and thirteen members appointed by the Trustees. Not more than one third of the members shall be non-members of the Institute in the UK. There is a quorum when four members are present at a meeting, one of whom must be the Chairman or Deputy Chairman of the Support and Grants Committee. The committee met on three occasions during the year. All of these were virtual meetings due to the impact of Coronavirus COVID -19 pandemic and required social distancing.

The Support and Grants Committee comprises:

• Chairman

• Deputy Chairman

• Chairman of the Trustees (ex-officio)

• Up to ten other members (of whom up to four members need not necessarily be members of The Chartered Governance Institute UK and Ireland.

Policy on the recruitment, appointment, induction and training of Trustees

When a vacancy occurs on the Board, Trustees respond with due compliance to the Articles of Association of the Trust. Trustees seek to identify individuals who have an existing interest in the work of the Trust and would bring with them experience and skills that would add value to its management and operation.

The Trust adheres to recruitment procedures as laid down in The Chartered Governance Institute’s best practice guide with the prospective Trustee being forwarded copies of the Trust’s Articles of Association and the most recent audited Annual Report and Financial Statements. Best practice notes produced by the Charity Commission and the Institute are also forwarded. On appointment, copies of Board papers are issued, and the Trustee is invited to meet with the Chairman and/or Deputy Chairman, Charities Officer and Institute staff. Training requirements for the new Trustee are identified at induction and by the annual Trustees’ skills audit and recognition of emerging issues.

Conflicts of interest policy

The Trust has procedures in place to ensure that all Trustees and committee members comply with their legal duty to act only in the best interests of the Trust and to avoid conflicts of interest. Trustees consider that a conflict would occur, where a Trustee’s or committee members’ loyalties could be seen to prevent them from making a decision in the best interests of the Trust or when a payment would benefit a Trustee or a connected person.

Every Trustee and committee member is individually responsible to declare conflicts of interest and registers are maintained to record declarations and conflicts. Trustees and committee members are also collectively responsible to inform the Chairman of the Trustees or the Company Secretary should they become aware of an undeclared conflict of interest affecting another Trustee or committee member. In line with the Articles of Association, Trustees must:

• declare an interest before the meeting or at the meeting before discussion begins on the matter;

• be absent from the meeting for that item unless expressly invited to remain in order to provide information;

• not be counted in the quorum for that part of the meeting; and

• have no vote on the matter and be absent during the vote if so requested by the other Trustees/committee members.

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

Risk management statement

The fundamental question raised by Trustees, is whether the Trust can continue to meet the varied needs of current and potential beneficiaries now and in the future. This includes considering the risks associated with how the demographics of the defined beneficiary classes might alter, their changing requirements and whether the Trust has appropriate financial and other resources in the short and longer term to meet needs. Specific focus has also been given at every meeting of the Board on considering as to how the COVID-19 pandemic has impacted on the ability of the Trust to carry out its charitable objects. Trustees confirm that monitoring controls and procedures adequately address the risks arising from the Trust’s activities, where it operates and the impact of COVID-19 on the Trust. Trustees highlight three key risks which are receiving focussed attention.

1. Identification of actual needs of current beneficiaries through meaningful contact

Trustees questioned whether the needs of our beneficiaries had been appropriately identified and had changed as an impact of the pandemic. For example, mental health difficulties from prolonged isolation and digital exclusion to essential services. Face to face visits had ceased as an outcome of social distancing measures, which resulted in the risk that needs of beneficiaries were not being easily identified or put forward for consideration. Trustees were also concerned of the risk of there being fewer visitors owing to their personal health and that future demand could outstrip supply.

Response – Increase communication and number of visitors

Consideration was given to canvas the views of beneficiaries on what they have struggled with and what the Trust could do differently. Trustees proposed exploring more effective means of virtual visits and increasing their frequency, along with provision of basic computer and Wi-Fi equipment to help those afford what had become essential items during lockdowns. Provision of counselling support had also been introduced during the year and training for visitors on mental health awareness was also planned. Increased engagement with visitors was also needed to ensure that they were supported, along with an increased number of visitors.

2. Lack of awareness of the support available

Trustees considered the actual and potential demand due to the pandemic causing financial hardship and following the removal of government support. While there had been a manageable increase in applications, Trustees remain concerned that the Trust was not reaching out to potential beneficiaries as requests were only being received from one beneficial class and requests were principally related to renewal of Institute membership subscriptions.

Response – Increase marketing and publicity

Additional effort was required to increase awareness of the Trust and find a greater range of those who needed support. Services needed to be diversified to attract and help a wider pool. The annual skills audit of Trustees also identified that marketing expertise was a skills gap on the Board.

3. Over reliance on existing resources

Trustees noted a dependency on a small number of staff working remotely and that core services could be put at risk if there was a disruption to the payments system. The Trust was also well supported by financial and IT services provided by the Institute. The investments held, financial processes and IT services made it unlikely that the Trust could not meet its financial commitments in the short to medium term and process payments efficiently. In the longer term, it was noted that administration resource may not be sufficient, and surety would be needed to have effective support going forward. Trustees regularly review investment performance and seek to ensure that the investments provide sufficient income and capital growth to support the Trust’s strategic objectives and goals in the longer term.

Response

Trustees are obtaining investment advice and reviewing their investment return criteria.

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

Objects and activities

Mission statement

The Chartered Secretaries’ Charitable Trust is by the side of chartered governance professionals and their families through life’s challenges, by supporting them when in need and by promoting excellence in governance. The Trust: -

• serves The Chartered Governance Institute members, graduates, students, employees and their families who are in need by providing appropriate assistance,

• facilitates research to increase good governance for the benefit of the public and

• encourages the expertise of those in the field of governance with bursaries and prizes.

The Chartered Secretaries’ Charitable Trust Objects

The Objects are specifically restricted to the following, for the public benefit:

To help individuals who are in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage, in particular but not exclusively by providing financial assistance, services or by any other means as determined by Trustees from time to time, to help relieve their need and promote their physical and mental wellbeing who:

• are or have been members of The Chartered Governance Institute (the “Institute”) (such members being those who are or who have been at any time on the register or registers of the Institute for the United Kingdom, Channel Islands, Isle of Man, Republic of Ireland and Associated Territories) or of any other United Kingdom body which has merged or amalgamated or integrated with the Institute;

• are graduates, students, employees or former employees of the Institute;

• are widows, widowers, surviving civil partners, issue or other dependants of such members, graduates, students, employees or former employees of the Institute; or

• are or have been in receipt of assistance from the Fund at 17 December 1992.

To promote the education of the public in the law and practice of secretaryship, business administration of commerce, industry and public affairs and subjects related thereto, and in particular but without prejudice to the generality of the foregoing by providing prizes and awards to such persons who attain the required excellence of performance at public examinations in approved subjects within the curriculum of the Institute as agreed from time to time.

To advance the education of the public in the law and practice of secretaryship and business administration by undertaking or assisting in the undertaking of research and the publication of the useful results of such research for the public benefit and by such other means as the trustees think fit.

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

Our grant aid policies

Grant aid policy for assistance

The Chartered Secretaries’ Charitable Trust will consider requests for financial support from individuals who find themselves in need who:

• are or have been members on the register or registers of The Chartered Governance Institute UK & Ireland.

• or current or former affiliate members, graduates, students or employees of the Institute, who have maintained a minimum continued relationship with the Institute as described above, of a period as defined by current guidelines. Trustees are only empowered to utilise income and capital appreciation from 1 August 2013 to support these new classes. Should it prove necessary, priority will be given to:

• Graduates who have graduated within the last four years.

• Affiliate members who have been affiliates for at least two years.

• Students who have been students for a minimum of two years and a maximum of ten years, and who are or had been actively pursuing the Institute qualifying programme.

• Employees and former employees of the Institute in the UK, or their subsequent employer being a successor to the Institute in the UK arising as a result of any constitutional change, who were or had been continuously employed for at least four years and

• those who are dependants as determined by Trustees.

Grants to individuals are issued at the discretion of the Trustees and with due accordance to the constitution and to the Charities Act 2011. Grants are reviewed when circumstances determine and at least annually.

Trustees delegate the consideration of all applications for assistance to the Support and Grants Committee, which holds a minimum of three meetings a year. Between meetings, the Chairman of the Support and Grants Committee has the power in urgent cases to make grants to a maximum amount of £1,000 and interest free loans to a maximum amount of £5,000 in any one case, which are later noted by the committee. Where there is an emergency and the Chairman is unavailable, the Charities Officer seeks a decision from either of the Chairman of Trustees, the Deputy Chairman of the Support and Grants Committee and the Company Secretary, who have like power to make a decision.

In respect of the total level of grant aid, grants and loans will continue to be made up to the annual sums available as defined by the Trustees.

The Grant aid policy is reviewed every three years, or earlier at the discretion of the Chairman of Trustees and the Chairman of the Support and Grants Committee.

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

Grant aid policy for education and research

The policy was updated in July 2021. Soon after the close of the financial year, the number of bursaries awarded for The Chartered Governance Institute’s Certificate in Charity Law and Governance bursary was increased from four to six and has therefore been reflected in the policy statement. (Please also refer to pages 10, 15 and 21).

The Chartered Secretaries’ Charitable Trust aims to advance the education of the public in the law and practice of secretaryship and business administration. To further its public benefit requirement, Trustees will consider requests to support research and the publication of the useful results of such research, in the field of secretaryship and business administration. Requests will also be considered to support other activity, which in the opinion of the Trustees, will engage the public, and significantly progress the practice of secretaryship and business administration and promote good governance.

In order for a request to be considered, Trustees expect the provision of detailed qualitative and quantitative information in proportion to the amount of grant that is requested, that will explain how their proposal meets with the grant aid policy and provides a benefit to the public. Trustees also expect the proposal to state whether applications had been made elsewhere along with the progress and/or outcomes of these applications.

Grants allocated are evaluated and monitored to ensure accordance with the objects of the Trust. Recipients of awards are required to acknowledge the financial support provided by The Chartered Secretaries’ Charitable Trust in appropriate publicity. Where support may be requested for activity that extends beyond the end of the financial year, subsequent payments are conditional upon the grantee providing the Trustees with a satisfactory annual report including information on how the award had been spent, and the Trustees being satisfied that further funding would be made in accordance with the objects of the charity. The Grant aid policy is reviewed every three years, or earlier at the discretion of the Chairman of the Trustees.

Tom Morrison Essay Prize

The late Tom Morrison was an early supporter of ShareGift, which instigated the prize and made a generous donation to the Trust to establish and fund the prizes. Trustees have delegated authority to The Chartered Governance Institute, of which Tom Morrison was a former President, to establish criteria and coordinate arrangements for the consideration and award of the two annual prizes to a value of £1,000 and £500. A Trustee represents the Trust on the judging panel.

Certificate in Charity Law and Governance bursary

A total of six bursaries are available each year and are awarded at the discretion of the Trustees. The criteria may be amended as appropriate by Trustees and will be available on the Trust’s and The Chartered Governance Institute’s website.

To enable a swift decision on applications, consideration of requests that meet the criteria have been delegated to the Chairman and Deputy Chairman of the Trustees and the Chairman of the Support and Grants Committee, who might request additional information to support the application. Where necessary, a decision may be deferred to a full meeting of the Board of Trustees. Agreed and rejected applications are noted at the following meeting of the Board.

Trustees will not consider retrospective applications if the Trust for whatever reason has not received a completed application form from the candidate or the Institute within six weeks of the commencement of the course.

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

Grant aid policy for prizes

The Chartered Secretaries’ Charitable Trust provides prizes to students obtaining the highest achievements in the Institute’s examinations for The Chartered Governance Qualifying and Foundation Programmes. Named prizes are awarded at each of the two examination sessions. Trustees have delegated authority to The Chartered Governance Institute to agree and endorse these students following the final examination results, and to recommend these prizes to the appropriate Institute Committee and/or Panel.

Prizes are awarded on the basis of best performance and an achievement criterion of 75% or more. If candidates do not achieve 75% then the prize is not awarded. Prizes allocated are monitored to ensure accordance with the objects of the charity and the benefactor’s wishes.

At each examination session there are eight prizes of £250 available to award to eight modules and one prize of £250 awarded for the Foundation programme, to a total annual amount of £4,500.

The Manchester and District prize of £100 is awarded once a year to the best pass finalist from either the June or November examination session. They must obtain at least 75% in one paper. Prize winners must reside in Manchester and be registered with an address in the Manchester area.

The Vic Leaman Award of £100 is awarded once a year to the best pass finalist from either the June or November examination session. They must obtain at least 75% in one paper. Prize winners must reside in Wales and be registered with an address in Wales.

The Queen Elizabeth II Commonwealth Prize of £250 is awarded annually to a student from an Institute Associated Territory outside of the UK, Crown Dependencies and Republic of Ireland, who obtained the highest mark in The Chartered Governance Qualifying Programme.

The student with the best performance at each examination session is also recognised by the awarding of the Ralph Bell Prize of £300, which is awarded from the Education and Research Foundation.

Trustees expect The Chartered Governance Institute in advising prize winners to acknowledge that the prize is from The Chartered Secretaries’ Charitable Trust.

The Chartered Secretaries’ Charitable Trust

Page 9

Report of the Trustees (incorporating the Directors’ report)

Achievements and performance

Impact of Covid-19

The Board of Trustees and the Support and Grants Committee continued to hold virtual meetings in accordance with the Articles for the Trust. The administration continued to work remotely, and operational challenges presented by the impact of the pandemic were overcome by adapting procedures and by benefitting from the IT services provided by the Institute.

‘I am writing to you all at the Chartered Secretaries' Charitable Trust to express my sincere and deepest appreciation for your continued financial support. You have made a difficult year that much better’.

Single female beneficiary aged 59

While there had been an increase in new applicants, and the impact of COVID was cited in a number, demand was still noticeably modest compared to other benevolence sectors and support was accommodated for within budget. While social distancing requirements severely reduced our ability to provide a face to face visiting service, our dedicated volunteers continued to contact existing and new applicants by telephone and by the introduction of video calls. Visits are now recommencing where appropriate.

Other events during the year to note

There were increased requests for the payment of CGIUKI membership subscriptions. This is seen as important to maintain, to help the beneficiaries with their employability in their chosen careers.

‘Thank you so much for your generous support and assistance towards the payment of my Institute membership subscription for this current financial year. The generosity you have shown has gone far beyond the financial means but also one of kindness and compassion. Your support means a great deal to me and it really does make a difference for my continued membership with the Institute during these unprecedented challenging times’.

Married male beneficiary aged 59

Trustees were particularly pleased to see increased demand for bursaries for the CGIUKI Certificate in Charity Law and Governance, which Trustees see as helping not just the individual, but the charity the recipient represents, along with the wider public benefit that the charity serves.

‘I was very fortunate to receive a bursary to study the Charity Law and Governance Certificate with the Chartered Governance Institute in 2020... As a trustee, it was highly beneficial to gain an in-depth understanding of each legal form and how personal liabilities and reporting requirements differ... I also found the theories of governance very helpful and will be championing the benefits of board performance reviews and skills analysis training as a great way of monitoring progress and demonstrating accountability to beneficiaries… If you have an interest in how good governance can strengthen your charity’s mission, or just a general interest… then I encourage you to apply for this course and the generous bursary. Thank you to The Chartered Secretaries’ Charitable Trust for their support.’

Leonora Rae, Trustee of Bridging Arts

The Chartered Secretaries’ Charitable Trust

Page 10

Report of the Trustees (incorporating the Directors’ report)

Our help to individuals in financial need

At 1 August 2020, there were 61 beneficiaries and at the close of the year there were 60. While the numbers of new applications had increased to 25 from 13 in the previous year, 26 files were closed, as immediate rather than long term support was required.

Number of beneficiaries	2020/2021	2019/2020	2018/2019	2017/2018	2016/2017
Beneficiaries at 1 August	61	64	63	66	72
New applications/re-applications	25	13	14	19	5
Beneficiaries supported during year	86	77	77	85	77
Deaths during year	0	7	2	4	4
Additional files closed during year	26	9	11	18	7
Beneficiaries at 31 July	60	61	64	63	66
Beneficiaries’ dependants at 31 July	57	56	60	42	41
Total supported at 31 July	117	117	124	105	107

Of the 25 new applications received during the year, 24 had a direct relationship to membership of the Institute. These included 16 members, three graduates and five students. The Trust also counts the beneficiaries’ dependants, who indirectly benefit. Grants, for example have previously been provided for school uniforms and ongoing financial assistance, which assists the whole family unit. As at 31 July 2021 the total number of beneficiaries’ dependants was 57.

The ‘grant is now in my bank account. Thank you very much for this. Your support is invaluable… Please can you give my thanks to the benevolence committee. We are truly grateful and you have all brightened our lives. I would also like to thank you for agreeing to cover the cost of my membership fees. This is an organisation I am proud to be part of and would be lost without’.

Married female beneficiary with dependants aged 66

Relationship to the Trust

Trustees continue to be mindful of the potential longevity of the relationship with a beneficiary. As at 31 July 2021 of the 60 beneficiaries, the average relationship was 11 years with six beneficiaries being supported for over 30 years.

Relationship to The Chartered Governance Institute

Institute membership figures, which are both the primary pool for future beneficiaries and contributors to the Trust are noted by Trustees. The Institute has advised that in the CGIUKI Division of The Chartered Governance Institute, there were 8,601 members.

While the Trust also reaches out to support former members and dependants of former members along with students and current and former Institute employees, a comparative performance benchmark might be as follows.

	30 June 2021	30 June 2020	30 June 2019	30 June 2018	30 June 2017
Institute CGIUKI Membership	8,601	8,865	9,173	10,126	10,417
Beneficiaries supported during the year	86	77	77	85	77
Comparison to Institute CGIUKI membership	1.00%	0.87%	0.84%	0.84%	0.74%

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

Trustees monitor applications and visits to the Trust website, to gain a greater understanding of existing and potential demand and as to whether policies require amendment. The following table provides a breakdown of the 60 beneficiaries as at 31 July 2021 by their relationship to the Institute, gender, whether they live alone or as a couple and their average age.

	31 July 2021	31 July 2020	31 July 2019	31 July 2018	31 July 2017
Relationship to Institute:
Dependants	32%	30%	35%	41%	42%
Direct relationship	68%	70%	65%	59%	58%
Gender:
Female	58%	59%	55%	62%	59%
Male	42%	41%	45%	38%	41%
Household:
Live alone	72%	70%	70%	70%	75%
Couple	28%	30%	30%	30%	25%
Average age of:
Beneficiaries at 31 July	68 years	65 years	71 years	72 years	71 years
New applicants during year	50 years	43 years	55 years	54 years	48 years

Ages at 31 July 2021 ranged from 25 to 99, with 16 beneficiaries being aged 80 or over. Of the 25 new applications received during the year, ages ranged from 25 to 80, with the average age being 50 at 31 July 2021.

Location

Of the 60 beneficiaries at 31 July 2021, 47 resided in the United Kingdom and Republic of Ireland and 13 overseas.

Of the 47 beneficiaries in the United Kingdom and Republic of Ireland, 36 would be regularly reviewed during 2021/2022. (38 at July 2020).

The dependant beneficiaries who were resident in the Institute divisions of Malaysia and New Zealand, had been in receipt of assistance at 17 December 1992 and both were female dependants of former Institute members.

The beneficiary in Australia is a former member of the Kenya branch and was on the register for The Chartered Governance Institute UK & Ireland.

	2021	2020	2019	2018	2017	2016
UK & RI	47	49	52	51	54	60
Channel Islands	1	1	2	2	1	1
Australia	1	1	1	1	1	1
Cameroon	0	0	0	0	1	1
France	1	0	0	0	0	0
Ghana	0	0	1	0	0	0
India	1	1	1	2	1	1
Kenya	1	1	1	1	1	1
Malawi	0	0	1	1	1	1
Malaysia	1	1	1	1	1	1
Mauritius	1	2	0	0	0	0
Monaco	0	0	0	0	1	0
Namibia	1	0	0	0	0	0
New Zealand	1	1	1	1	1	1
Sri Lanka	3	3	3	3	3	4
Zimbabwe	1	1	0	0	0	0
Total(s)	60	61	64	63	66	72

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

Financial support provided to beneficiaries

Total benevolence from 1 August 2020 to 31 July 2021 was £49,464 (2020: £50,891).

Ongoing commitments

While the provision of assistance to individuals is reviewed at least yearly, regular payments, which form the bulk of benevolence commitments, were provided to assist with general everyday needs, emergency alarms, and to assist with telephone line, mobile rental, and broadband subscription.

Irregular payments

The Trust considers the provision of assistance specific to the distinct needs and received requests from applicants. During the year, there was an increase in requests for assistance with payment of membership subscriptions to The Chartered Governance Institute. The Institute generously allows the Trust to make payment at a reduced rate. A total of £4,727 was paid. (2020: £2,928).

Examples of other irregular grants paid included assistance with counselling and respite care, to white goods and computer equipment. A total of £3,090 was paid. (2020: £4,937). To assist with additional expenditure during the winter months, Christmas gifts to a total of £4,457 and winter grants to a total of £4,200 were made. (2020: £4,510 and £4,800).

Our visitor service

Trustees greatly value the independent view of our volunteer visitors on the circumstances of our beneficiaries and their need for support, particularly when the request is from a new applicant, or it is for a significant amount. Face to face contact can also result in a specific need being identified, which the beneficiary is too modest to request. Mindful that 16 or 27% of beneficiaries were aged 80 years or over and that 72% of all beneficiaries lived alone, visitors provide an invaluable act of friendship and a listening ear. Visitors also signpost beneficiaries to other agencies and assist where appropriate with the completion of applications for other benefits, such as Attendance Allowance or to other charities.

The Trust therefore aims that every UK beneficiary that is kept under review, should have the opportunity to receive two contacts a year from a visitor where appropriate and that one of these should be a visit. Unfortunately, due to the Coronavirus COVID 19 restrictions, the Trust was unable to carry out the number of visits as previously. This was partly addressed by visitors stepping forward to make video calls.

As at 31 July 2020 the Trust was assisted by 25 volunteer visitors in the UK, which include several Trustees and Support and Grants Committee members. While Institute members have kindly stepped forward to volunteer their services, the Trust has been unable to take their offers forward. This was due to the requirements of Disclosure and Barring Service checks and the necessity to view identity documents face-to face prior to commencement of visits. This will be addressed during 2022.

At 31 July 2021, of the 36 beneficiaries in the UK and Republic of Ireland who would be kept regularly under review, 33 had been assigned a visitor, with an achievement of 92%		31 July 2021	31 July 2020
	Beneficiaries in UK & RI	36	38
	Number of visitors	25	25
	% of visitors to beneficiaries	69%	66%
	Assigned visitors	92%	89%

The biennial training event for volunteers postponed from March 2020, due to the Coronavirus COVID-19 pandemic, has been rearranged at the same venue for March 2022. The Trust is grateful for the kind assistance of The Principal York Hotel. (Please refer to page 21).

The Chartered Secretaries’ Charitable Trust

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Report of the Trustees (incorporating the Directors’ report)

Education and research grants to external organisations

No applications were received during the year that met with the criteria.

Prizes and Bursaries

Prizes for The Chartered Governance Institute Foundation and Qualifying Programme

The Trust continued to award prizes to the top placed candidates. The total cost of prizes awarded from the discrete resources managed for prizes was £4,250. (2019 to 2020: £2,300). This is an increase on the previous year, as due to restrictions imposed by COVID-19, the Institute needed to cancel the June 2020 examinations.

Trustees applaud the achievements of the successful candidates as follows:

Named Prizes	Subject	Winner and examination centre	Winner and examination centre
		November 2020	June 2021
C R Heathcock Prize & Award	Boardroom Dynamics	Elisabeth Richt, London	Ashweeni Nundoo, Mauritius
Sir Ernest Clarke Prize	Risk Management	Samantha McDonald, London	Owen Balmont, London
J F Clark Prize	Company Law	Imogen Kerr, London	Laura Turpin, Jersey
J C Mitchell Prize	Corporate Governance	Ho Tung Tai, Hong Kong	Patricia Nabasirye, Uganda
Roy Wilson Memorial Prize	Health Service Governance	Simon Beard, London	Peter Dixon, Newcastle
A W Goodbody Prize	Interpreting Financial & Accounting information	Alice Bussell, Bristol	Katherine Maughan, Leeds
Beatrice Reid Prize	Development of Strategy	Owen Balmont, London	Martina Sablone, Belgium
T P Rogers Prize	Company Compliance and Administration	Georgia Collins, London	No candidate met criteria of 75% or above
H W Waller Butter Prize	Foundation programme	Laura Morris, Isle of Man	Clara Davis, London

Ralph Bell Prize

The pass finalist with the best performance at each examination session is awarded the Ralph Bell Prize to the value of £300. This award is managed within the Education and Research resources. Prizes were awarded to Kirsty Blyth and to Caroline Menadue from the Nottingham and Birmingham examination centres.

The Queen Elizabeth II Commonwealth Prize

Trustees were proud to be awarded a gift of £2,500 from The Patron’s Fund, (2016 to 2017). The Patron’s Fund was established to acknowledge and celebrate the work of the charitable organisations for which Her Majesty The Queen acted as Patron, on the occasion of Her Majesty’s then 90th birthday. The invitation to apply was extended to Patron's Organisations that had an associated charity that primarily supported the work of the Patron's Organisation. The funding of the prize is matched by the Trust. An annual prize of £250 is awarded to a student from an Institute Associated Territory outside of the UK, Crown Dependencies and Republic of Ireland, who obtained the highest mark in the Institute Chartered Secretaries Qualifying Scheme. The prize was awarded to Ashweeni Nundoo, of Mauritius.

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Report of the Trustees (incorporating the Directors’ report)

Manchester and District Centenary Prize

The award was made possible, following a proposal for a regional prize from the former Manchester and District Branch to mark its Centenary, and was funded by generous donations specifically for this prize. The prize of £100 was not awarded for the 2020 calendar year as no candidate in the Manchester and District region met the criteria of 75% or above.

The Vic Leaman Award

The award was made possible, following a proposal from the V.S. Leaman Trust to receive the transfer of funds to support the prize. This is an annual prize for Institute students in Wales, in memory of the late Vic Leaman. The V S Leaman Trust was set up in the 1980s following the death of Vic Leaman, who had been a past president of ILGA prior to its merger with the Institute. He was particularly associated with the development of administrative staff. The prize of £100 was not awarded as no candidate in Wales met the criteria of 75% or above.

Tom Morrison Essay Prize

Trustees are pleased to continue to assist the Institute competition in partnership with ShareGift. This was the sixth year of the competition in memory of the late Tom Morrison, who was an active Institute Fellow member and a highly regarded and influential member of the share registration industry. Submissions were sought to discuss:

Post-COVID-19, what does the concept of ‘building back better’ mean for governance professionals?.

The first prize of £1,000 was awarded to Tim Page and the second prize of £500 was awarded to Lesley Millard. Both being residents of the UK.

CGI Certificate in Charity Law and Governance

Trustees were pleased to award the four available bursaries to: -

• Kerry-Ann Francis of Action for Refugees in Lewisham.

• Helen Hughes of The Stephens and George Charitable Trust.

• Leonora Rae of Bridging Arts.

• Oliver Sweeting of the British Council Benevolent Fund.

Promotion

In December 2020 and in liaison with the Institute, a Christmas card and letter from the Chairman of the Trustees was sent to all Associate and Fellow members in the UK and Republic of Ireland along with a laminated card providing the contact details for the Trust. This was the third annual communication, with the aim to promote to members and their dependants a long-term awareness of the support available.

The Chartered Secretaries’ Charitable Trust is also promoted through the Institute’s website, Governance and Compliance magazine and the online In the Loop . Where a potential hardship has been identified by the Institute’s Membership team, they refer enquirers to the Trust. The opportunity of benevolence is promoted more broadly through the activities of the ACO and in grant aid directories. Enquiries are also received via other agencies and benevolent funds.

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Report of the Trustees (incorporating the Directors’ report)

Statement of fundraising regulation disclosures

Trustees have not employed any third party to fundraise on their behalf, nor has the Trust conducted any fundraising activity in the year. The Trust will not accept a donation given by someone who knowingly lacked capacity at the time of donating and if this information later materialised, would promptly return the donation. During the year, no complaints have been received about our fundraising.

The Trust is pleased to accept donations, which can be made online through CAF Donate, by visiting our website www.cgi.org.uk/about-us/charitable-trust . The Trust is also pleased to accept cheques made payable to The Chartered Secretaries’ Charitable Trust and to accept donations through the Charities Aid Foundation (CAF). For more information visit www.cafonline.org/my-personal-giving

The Trust is registered with the Fundraising Regulator. More information can be found at www.fundraisingregulator.org.uk

Charitable contributions received

While the Trust does not actively fundraise, Trustees are most appreciative of the generous donations from Institute members. Donations including Gift Aid receipts for the year totalled £3,754 (2020 including gifts in kind: £6,392).

Trustees also very gratefully received bequests during the year to a total of £26,715.40.

Investments

Trustees continue to receive regular valuations of the investments and monitor performance closely.

As at 31 July 2021 taking into account the unrealised gains and losses arising as a result of revaluation and/or the sale of investments, the market value of the investments in respect of benevolence was £5,178,296 education and research £386,030 (unrestricted funds of £284,860 and restricted funds of £101,170) and prizes £118,967. (2020: £5,331,176 and £321,898 (unrestricted funds of £237,535 and restricted funds of £84,363) and £99,202).

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Report of the Trustees (incorporating the Directors’ report)

Financial review

Investment powers

The assets are invested in accordance with the requirements of the Trustee Act 2000.

Financial policy and control

The assets held by The Chartered Secretaries’ Charitable Trust are the key source of funding the charitable expenditure and support costs. The assets that were transferred to the Trust from the ICSA Benevolent Fund, ICSA Education and Research Foundation and ICSA Prize Fund, along with any bequests or donations received in the name of the original charities, will continue to be applied for their distinctive purposes and will be held separately from each other. Where the use of a gift had not been specified, receipts up to an amount of £5,000 would be used to support the Education and Research objects. All receipts of £5,000 or more would be considered separately and due diligence would be undertaken to ensure that Trustees have a reasonable degree of confidence about the provenance of the donation and that there is no reason to believe it is suspicious.

In addition to new donations and other income, only capital appreciation of the benevolence assets from 1 August 2013 can be used to provide support to the beneficial classes of affiliates, graduates, students and past and present employees of the Institute in CGIUKI and/or their dependants.

The provision of financial support to individuals is guided by our grant aid policy and these discrete amounts are decided on consideration of the beneficiary’s circumstances. In order to inform the budgetary process for the overall distribution of support and long-term planning, Trustees determine the sum available for distribution, currently linked to an average figure of benevolence per beneficiary. For 2021 to 2022, this average amount for budgetary purposes is £1,250 per beneficiary. This point of reference is reviewed annually and takes account of inflation if applicable.

In furtherance of the Benevolence objects, the assets are held as accumulation units in a Cash Trust with Legal and General Investment Management Limited. In furtherance of the Education and Research objects and the Prize objects, the assets are held in separate Charities Official Investment Fund (COIF) accumulation unit accounts with CCLA Investment Management Limited. Cash is held in the COIF Charities Official Investment Deposit Fund and a Lloyds Bank plc current account. Any excess cash held is reinvested to support future calls upon the Trust.

The Trust does not participate in social impact investment. Trustees have prepared a separate responsible investment policy.

Regular management accounts and investment reports were received by the Trustees, who were also involved in the setting and agreement of the financial forecasts. Trustees noted their satisfaction with the performance, given that it had been achieved without taking any undue risks.

The Trustees and the Support and Grants Committee do not receive any payment, other than reimbursement of appropriate expenses that have necessarily occurred in the undertaking of their charitable duties.

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Report of the Trustees (incorporating the Directors’ report)

Responsible investment policy

Responsible investment objectives:

In line with the Charities SORP (FRS 102), the Trustees have considered the extent to which social, environmental or ethical factors should be taken into account in the selection, retention and realisation of investments. They believe their duty is to act in the best financial interests of the Trust and are required to balance returns against risk. This is not a question of maximising returns; risks matter just as much as returns and the trustees should take account of financially material risks.

Responsible investment tools and approaches:

Investment based on ethical considerations is a well established approach adopted by many charities. A negative screen, such as the exclusion of investments based on criteria such as ‘no tobacco’, is often adopted owing to an alignment with charitable objectives. Positive screening or best in class aims to invest only in securities that possess positive ethical attributes, such as low environmental emissions. The Trustees have chosen not to adopt an explicit ethical investment policy given the charity’s belief that the appointed Investment Managers are best placed to assess the balance of risk versus reward. Nonetheless, the Trustees acknowledge the pertinence of the Charity Commission guidance CC14 ‘Charities and investment matters: a guide for trustees’, which recommends that Trustees should “have regard to other factors that will influence the level of return, such as the environmental and social impact of the companies invested in and the quality of their governance.”

Responsible investment encompasses corporate governance, shareholder engagement and social and environmental considerations, now more generically described as environmental, social and governance (‘ESG’) issues.

The Trustees attach particular importance to the maintenance of good standards of ESG by companies in which the charity invests. The Trustees believe that institutional investors have a general fiduciary responsibility to ensure that investments are managed in the long-term interest of their beneficiaries and asserts that shareholder value can be improved through constructive consultation and engagement with companies and wider ESG initiatives. The Trustees strongly support the UK Stewardship Code published by the Financial Reporting Council and encourage their fund managers to adopt it. The CC14 guidance provides Trustees with permission to consider non-financial factors relating to their mission objectives in investment decision-making.

Working with asset managers

The Trustees have delegated to the investment managers the responsibility for assessing the impact of ESG factors, in conjunction with all others that may affect a company’s financial or share price performance, when making investment decisions. They expect the investment managers to take into account ESG considerations when selecting, retaining, monitoring and realising investments, where these factors are likely, in the Investment Manager’s view, to have a material impact on the performance of the portfolio.

The Trustees will continually monitor the activities and engagements of the investment manager’s in respect of ESG factors. The Trustees also look very favourably upon the United Nationssupported Principles for Responsible Investment (PRI) and encourage investment managers to adopt the principles and be active participants in the responsible investment arena. Furthermore, the trustees look favourably upon investment managers who:

• have their own responsible investment policy;

• can demonstrate how they integrate ESG issues into their investment decisions;

• are transparent about voting and engagement practices and explain their rationale;

• seek the views of their clients in relation to ESG issues and engagement activities;

• conduct research on ESG issues;

• make regular and comprehensive reports to clients on responsible investment activities.

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Report of the Trustees (incorporating the Directors’ report)

The Trustees have examined the issues in relation to corporate governance and on the exercise of voting rights. The Trustees recognise that good corporate governance creates the framework within which a company can be managed in the long-term interests of shareholders.

In particular, voting at Annual and Extraordinary General Meetings, as well as Bondholder meetings, on all matters raised, which may include the election of directors, the issuance of equity and the appointment of auditors and on executive remuneration are fundamental in protecting shareholder interests. However, good stewardship extends beyond voting and the Trustees expect their Investment Managers to engage with investee companies in parallel with the application of the UK Stewardship Code (and their global equivalents) as appropriate.

For pooled assets, the Trustees recognise that the investment manager on behalf of all participants in the pooled fund sets the policy on ESG considerations and expects periodic reporting on this. The Trustees will take this policy into account when selecting and reassessing the existing contracts and the underlying pooled vehicles in which the assets are invested.

Having considered these issues, the Trustees are satisfied that its investment managers’ policies on ESG, the exercise of voting rights and stewardship generally, reflect the key principles. The Trustees have thus delegated their responsibility in relation to corporate governance (including voting rights) to the investment managers, and will monitor the investment managers’ exercise of such powers.

The Trustees take the investment managers’ policies into account in relation to responsible investment and stewardship in reviewing the appropriateness of the current investment managers and will do the same in appointing any additional investment managers.

Reserves policy

The reserves policy is reviewed on a regular basis, not less than annually. Trustees receive periodic investment reports, obtain advice from an independent investment advisor and regularly assess income, expenditure and reserve requirements over the immediate and longer term to further the charitable objectives and to cover the cost of managing and administering the charity.

As at 31 July 2021, net assets to a total of £5,641,057 were held (2020: £5,762,158). Trustees are required to hold separately the assets that support the three distinctive charitable objects of benevolence, prizes, and education and research. The breakdown of the assets, was as follows:

Fund Classification Benevolence: Unrestricted funds Education and Research: Unrestricted funds Total unrestricted Education and Research: Restricted funds Prizes: Expendable endowment funds Total funds	Net assets Net assets 2021 2020 £ £ 5,138,099 5,335,004 285,514 241,782
	5,423,613 5,576,786 106,327 89,770 111,117 95,602
	5,641,057 5,762,158

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Report of the Trustees (incorporating the Directors’ report)

As at 31 July 2021, the total value of the investments held in furtherance of all the charitable objectives was £5,683,293 (2020: £5,752,276). As the Trust invests in accumulation units, Trustees sell units to provide resources to pay for expenditure.

Trustees consider it prudent to maintain Benevolent Fund reserves of at least £5 million. The Trust requires a level of reserves that allows it to meet its responsibilities to beneficiaries both current and future, to provide for support costs and to meet any contingency that may arise and protect capital as much as possible.

Trustees draw down on the original capital to provide support to members of the Institute and/or their dependants, and to provide for volunteer expenditure and support costs. Trustees draw down on the capital appreciation and on income receipts to provide support to employees, graduates and students.

To ensure the longer-term viability for the Trust to pursue the Prize and the Education and Research objects, prior to the agreement of grants and prizes, Trustees carefully consider the impact that the level of provision would have on the reserves. In respect of the Prize Fund, when the expendable endowment held within a ‘Named Prize’ is exhausted, the awarding of the prize is discontinued. Trustees have also taken steps within the financial policy, to use unspecified receipts up to a value of £5,000 to assist with the delivery of the Education and Research objects.

Going Concern

The Trustees have reviewed budgets and cash flow forecasts for 12 months from the date of signing the Annual report. Trustees have come to the conclusion that there are no material uncertainties relating to the charity’s ability to continue as a going concern and that there are adequate resources to continue activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis of preparing the financial statements.

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Report of the Trustees (incorporating the Director’s report)

Plans for future periods

Governance

Trustees look forward to returning to face-to-face meetings in accordance with appropriate government guidance. Policies will continue to be reviewed whilst observing good practice guidance. With due regard to General Data and Protection Regulations, Trustees will continue to ensure that all Trustees, Support and Grants Committee members and visitors have access to training organised by the Trust. Further consideration will also be given to the annual skills audit of Trustees, which identified that marketing expertise was a skills gap on the Board.

Strategy

As confirmed in the risk management statement (page 5), Trustees identified three priority areas: -

1, Increase communication and number of visitors

Trustees are considering more effective means of virtual visits and increasing their frequency, along with provision for basic computer and Wi-Fi equipment to help those afford what had become essential items during lockdowns.

The biennial training event for volunteers is planned for March 2022. The cost of accommodation and meals for visitors are taken up by the Trust, and as such, these events attract new visitors. The training will include mental health awareness.

2, Increase marketing and publicity

In December 2021 and in liaison with the Institute, a Christmas card and letter from the Chairman of the Trustees will be sent to all Associate and Fellow members in the UK and Republic of Ireland along with a laminated card providing the contact details for the Trust. This will be the fourth annual communication, with the aim to promote to members and their dependants a long-term awareness of the support available and to encourage new visitors.

3, Resources - Investments

Trustees are undertaking an in-depth review of the prior low risk investment strategy, the investment return criteria and required level of reserves. XPS Investment Limited have been appointed to provide guidance to Trustees.

Institute Certificate in Charity Law and Governance

Looking back to 2018 to 2019, the Trust did not receive any applications for the bursary that met with the then criteria. Trustees then determined to encourage applications by amending the maximum income criteria of £100K to £250K and to increase the bursary from 50% to 75% of the course fee. As an outcome, during 2020 to 2021, more applications were received than the available four bursaries. Trustees therefore determined that for 2021 to 2022 the number of bursaries available should be increased to six.

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Statement of Trustees’/Directors’ responsibilities

Company law requires Trustees, who are also the Directors of the charitable company, to prepare financial statements for each financial period. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Charity and company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees Report is approved has confirmed that:

• so far as the Trustee is aware, there is no relevant audit information of which the Charity’s auditors are unaware, and

• the Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.

Small company provisions

In preparing this report the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors

The auditors Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

By order of the Board

F Curtiss FCG FCMA Chairman 16 November 2021

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Independent Auditor’s report

Opinion

We have audited the financial statements of The Chartered Secretaries’ Charitable Trust for the year ended 31 July 2021 which comprise the Statement of Financial Activities, Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 July 2021 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we

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Independent Auditor’s report

have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Annual Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the charitable company; or

• the charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Independent Auditor’s report

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, Companies Act 2006, GDPR and employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities SORP and tax regulations.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Evaluating management’s controls designed to prevent and detect irregularities;

• Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and

• Challenging assumptions and judgements made by management in their critical accounting estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kathryn Burton (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor Date: 17 December 2021

10 Queen Street Place London EC4R 1AG

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Statement of financial activities

(Incorporating an Income and Expenditure account) For the year ended 31 July 2021

Notes Income from: Donations and legacies 2 Investment Income 3 Total Expenditure on: Charitable activities 4 Raising funds 5 Support costs 6 Total Net gains on investments 9 Net income Transfer between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward	Expendable 2021 Unrestricted Endowment Restricted Total funds funds Funds Funds £ £ £ £ 30,469 - - 30,469 880 - - 880 31,349 - - 31,349 (186,564) - (250) (186,814) (7,639) - - (7,639) (45,778) - - (45,778) (239,981) - (250) (240,231) 51,209 19,765 16,807 87,781 (157,423) 19,765 16,557 (121,101) 4,250 (4,250) - - (153,173) 15,515 16,557 (121,101) 5,576,786 95,602 89,770 5,762,158 5,423,613 111,117 106,327 5,641,057	2020 Total Funds £ 6,392 1,454
		7,846
		(174,408) (7,870) (47,216)
		(229,494)
		49,082
		(172,566)
		-
		(172,566)
		5,934,724
		5,762,158

All amounts in the SOFA relate to continuing operations. The charitable company has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented.

Notes on pages 29 to 37 form an integral part of these financial statements.

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Balance sheet

At 31 July 2021

Notes Fixed assets Tangible fixed assets 8 Investments 9 Total fixed assets Current assets Debtors falling due within one year 10 Cash and cash equivalents 11 Less - Creditors falling due within one year 12 Net current assets Net assets The funds of the charity: Unrestricted funds 13 Restricted funds 13 Expendable endowments 13 Total charity funds	2021 £ 642 5,683,293 5,683,935 9,431 20,982 30,413 (73,291) (42,878) 5,641,057 5,423,613 106,327 111,117 5,641,057	2020 £
		1,399 5,752,276
		5,753,675
		59,655 86,833
		146,488 (138,005)
		8,483
		5,762,158
		5,576,786 89,770 95,602
		5,762,158

Notes on pages 29 to 37 form an integral part of these financial statements.

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were approved by the Board and authorised for issue on 16 November 2021.

Signed on behalf of the Board

F Curtiss FCG FCMA Chairman Company no. 8602517

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Statement of cash flows

Cash flows from operating activities Net (expenditure)/income for the reporting period Adjustments for: Depreciation charge Gains on investments Investment income Decrease/(Increase) in debtors (Decrease/Increase in creditors Net cash (used in) /from operating activities Cash flows from investing activities Investment income Purchase of fixed assets Purchase of investments Proceeds from sale of investments Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Analysis of changes in net debt At 01 August 2020 Cash flows £ £ Cash in hand and at bank 86,833 (65,851) Debt due within one year 59,655 (50,224) 146,488 (116,075)		2021 £ (121,101) 964 (87,781) (880) 50,224 (64,714)	2020 £ (172,566) 933 (49,082) (1,454) (50,895) 86,571
		(223,288)	(186,493)
		880 (207) (875) 157,639	1,454 (702) (1,424) 257,870
		157,437	257,198
		(65,851) 86,833	70,705 16,128
		20,982	86,833
		Other Changes £ -	At 31 July 2021 £ 20,982 9,431 30,413

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Notes to the Financial statements

For the year ended 31 July 2021

Statement of compliance

These financial statements have been prepared for the year ended 31 July 2021 and present information about the charity.

The financial statements have been prepared in accordance with the Accounting and Reporting by Charities in accordance with the Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), (Charities SORP 2015 (Second Edition, effective 1 January 2019)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

1. Accounting policies

The principle accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

a) Basis of preparation

• The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

b) Critical estimates and judgements

The most significant areas of judgement and key assumptions that affect items in the financial statements are to do with investment valuation.

With respect to the current year and future reporting periods the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return and the performance of the investment markets.

c) Going concern

The trustees have reviewed budgets and cash flow forecasts for 12 months from the date of signing the Annual report. Trustees have come to the conclusion that there are no material uncertainties relating to the charity’s ability to continue as a going concern and that there are adequate resources to continue activities for the foreseeable future. Accordingly they continue to adopt the going concern basis of preparing the financial statements.

d) Revenue recognition

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

1. Legacies – a receipt of a legacy is recognized when it is probable that it will be received. Receipt is considered probable when there has been a grant of probate, the executors have established that there are sufficient assets in the estate after settling any liabilities, to pay the legacy: and that any conditions attached to the legacy are either within the control of the Charity or have been met.

2. Interest on funds held on deposit is included when receivable, this is normally upon notification of the interest paid or payable by the Bank

3. Dividend income is recognised upon receipt.

4. Donations are accounted for when received.

5. Donated services are recognised on the economic value of the services provided as if the charity had incurred the expenditure. Diligent Boardbooks provided the charity 3 years free access

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Notes to the Financial statements

For the year ended 31 July 2021

to its online portal and if the charity was to bear the cost it would be equivalent to £Nil for 2021. (2020: £3,567 part of the financial year). This contract started on the 1 August 2017 and ceased on 31 December 2019 for no charge. This expenditure has been shown in support costs of the charity.

e) Expenditure

1. Charitable activities

Expenditure is accounted for on an accruals basis and has been classified under the principal category of ‘charitable activities’. This classification comprises expenditure directly attributable to charitable activities.

Where no conditions are attached to the awarding of a grant, it is accounted for in full in the year in which it has been awarded. Prizes are recognised immediately upon the necessary awarding conditions being met.

Loans to beneficiaries are expensed in the year in which the loan is awarded. Repayments of beneficiary loans are taken to incoming resources when recovered.

1. Raising funds – payments under this category represent investment management costs.

2. Support costs – are those administrative costs which enable fund generating and charitable activities to be undertaken. Where costs relate to more than one expenditure category, costs are apportioned on an appropriate and consistent basis. Other support costs, include the costs of compliance with constitutional and statutory requirements and auditor’s remuneration.

f) Fund structure

Income and expenditure are allocated to particular funds according to their purpose.

1. Unrestricted funds

The unrestricted funds comprises income received without restrictions as to its purpose, and which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company.

2. Restricted funds

Restricted funds are subject to specific restrictions imposed by donors.

3. Expendable endowment funds

Expendable endowment funds are held to generate income for charitable purposes, for the awarding of prizes.

g) Tangible fixed assets

Fixed assets are depreciated over their estimated useful lives on a straight line basis to give a nil residual value as follows;

Computers -

3 years

h) Investments

Pooled investment vehicles are stated at bid price for funds with bid/offer spreads, or single price where there are no bid/offer spreads as provided by the investment manager. These investments are stated at market value at the balance sheet date.

All gains and losses are taken to the Statement of Financial Activities as they arise.

i) Taxation

The Chartered Secretaries’ Charitable Trust as a registered charity is exempt from income tax under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of the Chargeable Gains Act 1992, to the extent that losses and surpluses are applied to its charitable objects.

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For the year ended 31 July 2021

Notes to the Financial statements

2. Income from Donations and Legacies

Donations Donations – benevolence Donations - in kind Donations - trustee discretion Gift aid donations - benevolence Gift aid donations - trustees discretion Legacies Legacies – benevolence Legacies - education Total	Total 2021 £ 903 - 2,072 316 463 3,754 24,838 1,877 26,715 30,469	Total 2020 £ 1,348 3,567 1,239 105 133
		6,392
		- -
		-
		6,392

3. Income from Investments

Dividends Interest - education Interest - benevolence	Total 2021 £ 875 4 1 880	Total 2020 £ 1,424 12 18
		1,454

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Notes to the Financial statements For the year ended 31 July 2021

4. Charitable activities

. Charitable activities
Benevolence Alarms Benevolence Allowances Irregular grants Winter grants Christmas grants Rentals & Licences CGI membership subscriptions Interest free loans Total benevolence Benevolence volunteer costs Recharge of salary costs Committee expenses CGI Management charge Bank charges Office costs Education & Research Prizes awarded (Ralph Bell) Prizes awarded (Manchester & District) Prizes awarded (Patrons fund) Prizes awarded (Tom Morrison Essay Prize) Bursary Prizes Prizes awarded Total Expenditure on Charitable activities Benevolence Alarms Benevolence Allowances Irregular grants Winter grants Christmas grants Rentals & Licences CGI membership subscriptions Interest free loans Total benevolence Benevolence volunteer costs Recharge of salary costs Committee expenses CGI Management charge Bank charges Office costs Education & Research Prizes awarded (Ralph Bell) Prizes awarded (Manchester & District) Prizes awarded (Patrons fund) Prizes awarded (Tom Morrison Essay Prize) Bursary Prizes Prizes awarded Total Expenditure on Charitable activities	2021 Direct costs 2021 Support costs 2021 Total £ £ £	2020 Total £
	868 - 868 24,045 - 24,045 3,090 - 3,090 4,200 - 4,200 4,457 - 4,457 8,077 - 8,077 4,727 - 4,727 - - - 49,464 - 49,464 - 13 13 - 85,653 85,653 - 69 69 - 29,507 29,507 - 349 349 - 9,253 9,253 600 - 600 - - - 250 - 250 1,500 - 1,500 5,906 - 5,906 4,250 - 4,250 61,970 124,844 186,814 2020 Direct costs 2020 Support costs 2020 Total £ £ £ 729 - 729 25,414 - 25,414 4,937 - 4,937 4,800 - 4,800 4,510 - 4,510 7,573 - 7,573 2,928 - 2,928 - - - 50,891 - 50,891 - 886 886 - 78,583 78,583 - 739 739 - 29,507 29,507 - 299 299 - 8,122 8,122 300 - 300 100 - 100 - - - 1,500 - 1,500 1,181 - 1,181 2,300 - 2,300 56,272 118,136 174,408	729 25,414 4,937 4,800 4,510 7,573 2,928 -
		50,891 886 78,583 739 29,507 299 8,122 300 100 - 1,500 1,181 2,300
		174,408
		2019 Total £
		661 29,066 3,288 4,500 4,011 5,864 2,397 4,000
		53,787 2,613 89,288 1,326 28,646 388 8,229 600 100 250 1,500 - 3,050
		189,777

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Notes to the Financial statements For the year ended 31 July 2021

5. Raising funds

Investment fees	2021 £ 7,639 7,639	2020 £
		7,870
		7,870

6. Other support costs

Benevolence Recharge of salary costs Trustee training Committee expenses Trustee insurance Boardbook licence Audit fee Legal fees Data protection register Companies house fee CGI Management charge Total expenditure on support costs	2021 £ 21,413 - 69 5,398 1,920 9,540 - 35 26 7,377 45,778	2020 £
		19,647 171 739 5,398 4,117 8,640 1,080 35 13 7,376
		47,216

7. Net Income

Net income is stated after charging

Depreciation Auditors remuneration - audit services	2021 £ 964 9,540	2020 £ 933 8,640

1. Staff salaries are borne by The Chartered Governance Institute and are recharged to the charitable company through a management charge. (The ICSA changed its name on the 16 September 2019 to the Chartered Governance Institute). No staff were employed by the charitable company in the current or preceding year.

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Notes to the Financial statements For the year ended 31 July 2021

8. Tangible fixed assets

Cost: At 1 August 2021: Additions Depreciation: At 1 August 2020 Charge for the year At 31 July 2021 Net Book Value: At 31 July 2021 At 31 July 2020	Computer Equipment £ 8,195 207
	8,402
	6,796 964
	7,760
	642
	1,399

9. Investments

Unrestricted Benevolence £ Market Value at 1 August 2020 5,331,176 Additions to revenue 875 Disposals for operational needs (157,639) Gain on investments 3,884 Market Value at 31 July 2021 5,178,296 Unrestricted Benevolence £ Historical cost as at 31 July 2021 4,984,675 Unrestricted Benevolence £ Historical cost as at 31 July 2020 5,128,192	Unrestricted Education £ 237,535 - - 47,325 284,860 Unrestricted Education £ 85,961 Unrestricted Education £ 85,961	Restricted Education £ 84,363 - - 16,807 101,170 Restricted Education £ 27,923 Restricted Education £ 27,923	Expendable Endowment Prizes £ 99,202 - - 19,765 118,967 Expendable Endowment Prizes £ 35,954 Expendable Endowment Prizes £ 35,954	Total £ 5,752,276 875 (157,639) 87,781
				5,683,293
				Total £
				5,134,513
				Total £
				5,278,030

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Notes to the Financial statements

For the year ended 31 July 2021

10. Debtors

2021 £ Prepayments 9,431 Other debtors - 9,431 11. Cash and cash equivalents 2021 £ Cash at bank 18,632 Short term deposits 2,350 20,982 12. Creditors 2021 £ Trade creditors 61,397 Accruals 11,894 73,291	2020 £
	9,655 50,000
	59,655
	2020 £ 84,483 2,350
	86,833
	2020 £ 126,665 11,340
	138,005

13. Analysis of net assets between funds

Analysis of net assets between funds Tangible fixed assets Investments Current assets Current liabilities Net assets at 31 July 2021 Analysis of net assets between funds Tangible fixed assets Investments Current assets Current liabilities Net assets at 31 July 2020	General Funds £ 642 5,463,156 24,206 (64,391) 5,423,613 General Funds £ 1,399 5,331,175 140,281 (133,605) 5,576,786	Restricted Funds £ - 101,170 6,207 (1,050) 106,327 Restricted Funds £ - 84,363 6,207 (800) 89,770	Endowed Funds £ - 118,967 - (7,850) 111,117 Endowed Funds £ - 99,202 - (3,600) 95,602	Total Funds £ 642 5,683,293 30,413 (73,291)
				5,641,057
				Total Fund £ 1,399 5,752,276 146,488 (138,005)
				5,762,158

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Notes to the Financial statements

For the year ended 31 July 2021

14. The funds of the charitable company (2021)

Unrestricted Benevolence Education Total unrestricted funds Restricted Ralph Bell Legacy Jenkins Gibson Fund Patrons Fund Leaman Trust Manchester & District Centenary Prize Fund Total restricted Education funds Expendable endowments Prize funds Total Funds (net assets)	At 1 August 2020 £ 5,335,004 241,782 5,576,786 84,363 1,115 1,750 1,947 595 89,770 95,602 5,762,158	Income £ 26,936 4,413 31,349 - - - - - - - 31,349	Expenditure & Transfers £ (227,725) (8,006) (235,731) - - (250) - - (250) (4,250) (240,231)	Gains and losses £ 3,884 47,325 51,209 16,807 - - - - 16,807 19,765 87,781	Balance at 31 July 2021 £ 5,138,099 285,514 5,423,613 101,170 1,115 1,500 1,947 595 106,327 111,117 5,641,057

The funds of the charitable company (2020)

At 1 August 2019 £ Unrestricted Benevolence 5,517,538 Education 235,501 Total unrestricted funds 5,753,039 Restricted Ralph Bell Legacy 81,565 Jenkins Gibson Fund 1,115 Patrons Fund 1750 Leaman Trust 1,947 Manchester & District Centenary Prize Fund 695 Total restricted Education funds 87,072 Expendable endowments Prize funds 94,613 Total Funds (net assets) 5,934,724	Income £ 6,462 1,384 7,846 - - - - - - - 7,846	Expenditure £ (224,113) (2,981) (227,094) - - - - (100) (100) (2,300) (229,494)	Gains and losses £ 35,117 7,878 42,995 2,798 - - - - 2,798 3,289 49,082	Balance at 31 July 2020 £ 5,335,004 241,782
				5,576,786
				84,363 1,115 1,750 1,947 595
				89,770
				95,602
				5,762,158

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Notes to the Financial statements For the year ended 31 July 2021

Restricted funds comprises :

The Ralph Bell Legacy and the Jenkins Gibson Fund were established in 1973 and 1962 respectively, to provide income for the advancement and promotion of education and training in the law and practice of the Profession of Secretaryship. The former Manchester and District Branch created a Regional prize to mark its Centenary, funded by donations from individuals. The Patron’s Fund provides for the award of prizes to Students in Commonwealth Countries. In March 2019, the VS Leaman Trust transferred their funds to the charity for the award of prizes to students in Wales.

15. Trustees’ expenses

The Trustees received no remuneration during the year. Trustees received a total of £138 (2020 £1,478) in respect of travel and subsistence expenses in the year.

16. Related Party transactions

During the year The Chartered Governance Institute charged the Trust a management charge of £36,883 (2020: £36,883) for its share of administration costs and £107,066 (2020: £98,229) in respect of staff salaries. All balances outstanding at 31 July 2021 are fully disclosed in these accounts. At 31 July 2021 an amount of £61,390 is outstanding (2020: £126,665). One Trustee made a donation of £10 during the financial year (2020: £10). There were no other related party transactions (2020: £Nil).

17. 2020 statement of financial activities for comparison

	Unrestricted Expendable Endowment	Unrestricted Expendable Endowment	Restricted	Total
	funds	funds	funds	funds
	£	£	£	£
Income from:
Donations and legacies	6,392	-	-	6,392
Investment Income	1,454	-	-	1,454
Total	7,846	-	-	7,846
Expenditure on:
Charitable activities	(174,308)	-	(100)	(174,408)
Raising funds	(7,870)	-	-	(7,870)
Support costs	(47,216)	-	-	(47,216)
Total	(229,394)	-	(100)	(229,494)
Net gains on investments	42,995	3,289	2,798	49,082
Net income	(178,553)	3.289	2,698	(172,566)
Transfer between funds	2,300	(2,300)	-	-
Net movement in funds	(176,253)	989	2,698	(172,566)
Reconciliation of funds
Total funds brought forward	5,753,039	94,613	87,072	5,934,724
Total funds carried forward	5,576,786	**95,602 **	**89,770 **	5,762,158

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