Association
j ,, Chairs
S,upporting charity and non-profit chairs
Company number.. 08287034
Charlty number: l 154293
Association of Chairs
Report and financial statements
For the year ended 31 March 2024
•ADEUGPPN*
3011012024
COMPANIES HOUSE
A13
#118

Contents
Reference and Admlnistratlve Details
Chair's Foreword
Trustees, Annual Report
Independent Examiner's Report
25
Statement of Financial Actlvitles
27
Balance Sheet
28
Notes to the financial statements
30

As50clatlon of Chalrs
Reference and Adminlstratlve Detalls
For the year ended 31 March 2024
Reference and Administrative Details
Company number
Charlty number
8287034
1154293
Reglstered office
7-14 Great Dover Street, London, SEI 4YR
Trustees
Trustees, who are also dlrectors under company law, who served durln9 the year
and up to the date of thls report were as follows..
Danny Curtln
Jonathan Uoe) Saxton
Chalr (reslgned 21 si June 2023)
Chair (appointed as trustee 17rh May 2023,
Chair from 22ndJune 2023)
Vlce Chalr (from 17Th May 2023)
Treasurer Iresigned 19th September 2023)
Treasurer (appolnted 17th January 2024)
(re51gned 171h January 2024)
Diane Reld
Llz Pepler
Pradeepan Velayuthan
Peter Beverlev
Anthony Blackman
Chrlstopher Cornforth
Stephen Craker
Jane Hustwit
Malcolm John
Franclne Peyroux-slssoko
Rashml Rungta
Uday Thakkar
Julla Tybura
Alex Xavler
Ireslgned 19th September 2023)
lappolnted 17th January 2024)
(appolnred 17ih January 2024)
(reslgned 2nd May 20231
(appolnted 17th January 2024)
Honorary Presldent
Ruth Lesirge
Prlnclpal staff
Rosalind Oakley
Chlef Executlve (io December 2023)
Head of Operatlons and Servlces (to December
2023)
Interlm Chlef Executive (from November 2023)
Dan Blshop
Llz Lowther

Assoclatlon of Chalrs
Reference and Admlnlstratlve Detalls
For the year ended 31 March 2024
Banker5
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill, West Malling
MEI 9 4TA
Sollcltors
Bates Wells
l O Queen Street Place
London. EC4R I BE
Independent Examlners
Chariot House Ltd,
Chartered Accountants
44 Grand Parade
Brighton, East Sussex
BN2 9QA

Assoclatlon of Chalr5
Chalr's Foreword
For the year ended 31 March 2024
Chair's Foreword
We have seen a lot of change at the Association of Chairs over the last year.
The biggest change is that Ros Oakley, our co-founder and our CEO, moved on. The
organisation and the world of charity governance owes her an enormous debt. She
had the vlslon along with Ruth Lesirge in foundlng the Association of Chairs l O
years ago. And since then she has worked tirelessly in driving the organisation and
our work forward. Ros - thank you.
As well as Ros, Dan Bishop, our Head of Operations and Services, also moved on. In
fact all the staff of Aoc changed durlng the year along wlth flve of our trustees who
came to the end of thelr terms or resigned for other reasons. I thanked Danny
Curtin In my foreword last year for all his hard work as Chair of Aoc.
This means one of our big challenges this year has been making sure we kept as
much of our organisational knowledge as possible, while also making sure we
continued to deliver.
l am pleased to say that we have managed to keep thlngs afloat! We appolnted Llz
Lowther as Interim CEO In November 2023, and she has been doing a fantastic Job.
We also recruited four excellent new trustee5
Julia Tybura, Praddy Velayuthan,
Rashmi Rungta and Stephen Craker.
Despite all the human change during the year, we have managed to keep our
flnances under control too, with a small surplus after two years of deficits, which Is
very good news.
One of the challenges of runnlng a small organlsatlon Is finding the capacity to
keep the day to day going, while also trying to find the capacity for developing
plan5 for the future. It is for this reason that l am particularly pleased that we have
managed to develop a new strategy over the course of the year, and we released it
formally In July 2024. Thls wlll act as our guide for our work for the next 3 years.
We based a lot of our thlnklng for our strategy on a survey we carrled out In autumn
2023 which got over l 000 responses from chairs and trustees. This we hope will
give us really strong evidence for our strategy being based on what chairs really
want and need.

Association of Chairs
Chalr's Foreword
For the year ended 31 March 2024
The challenge remains for Association of Chairs that we need to reach more chairs,
and we need to help our current members in more ways. We also know from our
research that many chairs want us to provide support for their whole board, not just
the chair. There is much to do, and one of the tasks that will absorb us for the
coming year is building a new database and a new website as a foundation for our
plans. There Is no shortage of thlngs to do!
Joe Saxton, Cha/r

Assoclatlon of Chalrs
Report of the Trustees
For the year ended 31 March 2024
Trustees, Annual Report
The trustee5 present their report and the independently examined financial
statements for the year ended 31 March 2024. Reference and admlnlstratlve
information set out on page 3 forms part of this report. The financial statements
comply with current statutory requirements, the Memorandum and Articles of
Association, and the Statement of Recommended Practice
Accounting and
Reportlng by Charities, the latest version of which has been applicable from T
January 2019,
The year in summary
2023124
£222.300
£216,426
1066
76
1,887
2022123
£195,048
£285,669
957
56
1,567
Total Income
Total expendlture
Membershlp (as at 31 Mar)
Event5 held
Booklngs for events
2023-24 was another challenglng year for many in our soclety, for the charltles and
non-profits who seek to support them and those who chalr them. Many of our
members reported growing demand for their organisations, services, rising costs
and pressure on income. There have also been reports of difficulties in recruiting
volunteers and finding trustee5. These pressures can make the task of leading the
board slgnlflcantly more challenglng, wlth difficult declslons about balanclng
misslon and money. Partlcularly In small organlsations a lot of the burden falls on
chairs, who often have not only a governance role, but in the absence of staff, also
take on operational responsibilities.
Our role has been to offer support and encouragement to those In chairing roles by
providing events and resources and opportunities to meet, and by speaklng up
when needed. Chairs tell us our support is helping them, offering reassurance,
inspiration and practical support, and making them feel less alone.
It has been a year of change at the Association of Chairs, wlth the departure of our
founding Chief Executive, Ros Oakley, In December, together with our Head of
Services and Operations, Dan Bishop. Despite this loss of institutional knowledge,
the arrival of a new Chair, Joe Saxton, in June 2023 and interim Chief Executive Liz

Association of Chalrs
Report of the Tru5tee5
For the year ended 31 March 2024
Lowther in November has enabled us to continue our activities, develop new ones
and move forward with strong momentum. Our membership has grown over the
past year to 1066 members, a growth rate of I l %, partly thanks to our partnerships
with federated charities. We held more events than last year (76156), with an
increased number of bookings (1,887/1,567).
Our Income Increased by 14% compared to the previous year. This included a 20%
increase In our earned income. This was thanks to growth in both our membership
income and income from events, the latter including bespoke events for our
federated charity partners. OLJr expendlture was down by 24% compared to the
previous year, largely due to a reduction in staff costs, as well as careful
stewardship of other expenditure, partlcularly on admlnistratlve costs.
We ended the year with a small posltlve balance of funds, following two years of
planned deflclt budgets. Our unrestrlcted reserve5 at year end were a Ilttle hlgher
than the upper end of our target range.
Structure and governance
The organisation is a charitable company limited by guarantee, incorporated on 8
November 2012, and registered as a charity on 21 October 2013.
The company was established under a Memorandum of Assoclatlon which
established the objects and powers of the charitable company and is governed
under Its Artlcles of Associatlon. The charlty trustees are also dlrectors of the
charitable company and are referred to as trustees throughout this report. New
trustees are selected and appointed by the board for a period of four years,
renewable for a second four years. All trustees contribute operatlonal time and
expertise to the staff team, as well as holdlng their governance roles, and many are
former or current chairs or vice chairs.
In selecting trustees, the board considers the skills, experience and dlverslty of the
board, the need for capacity to develop the Association, the need for contlnuity, and
Aoc's constituency - those in chairing roles In charities and non-profits.
When recruiting new trustees we advertise in our newsletters, social media and
other listings. We aim to follow best practice with an inclusive recruitment process.
All new trustees are inducted by the Chair and Chief Executive and offered a buddy.
training and support to fulfil their trustee duties as appropriate.

A5soclatlon of Chairs
Report of the Trustees
For the year ended 31 March 2024
During the financial year 2023-24 five trustees left the board and five joined.
Changes to the board during the year are listed on page 3. Danny Curtin ended his
term on the board in June 2023, having served eight years (four as Chair). Following
an external recruitment process which resulted in a strong and diverse shortlist, the
board appointed Joe Saxton as our new Chair to start in June 2023. Before taking up
his post at Aoc, Joe chaired infrastructure bodies Including Charitycomms and the
Instltute of Fundralslng (now Chartered Institute of Fundralsing). He has also been
Chair at People & Planet and Parentklnd.
Diane Reid was appolnted as Vlce Chalr in May 2023. Llz Pepler stepped down as
treasurer In September 2023 and Pradeepan Velayuthan took up this role in January
2024,
Our objects and our public beneflt
The objects of the charity are, for the publlc beneflt:
to advance educatlon;. and
the promotion of the voluntary sector, in particular, but without limitation, by
developing the skills and capacity of chairs of voluntary, community and
social enterprise organisations which exist for public and community benefit.
The trustees glve due regard to the guldance contalned In the Charlty Commlsslon's
general guldance on public beneflt when reviewlng the charity's alms and
objectives, exercislng relevant powers and duties, and In plannlng Its future
activities.
In partlcular, the trustees consider how planned activities will contribute to the aims
and objectlves that have been set. Our annual strategy away day places a particular
focu5 on our mission, objects, Impact, public beneflt, and our theory of change.
We seek to provide a direct benefit to chairs and vlce chairs, so that they in turn
enhance the publlc beneflt of the organisations with which they are Involved. We
have developed formal governance and operational policies and procedures. These
cover many areas including delegated authority, managing potential conflicts of
interests, data protection, risk management, reserves, corporate donations,
protecting people from harm, whistleblowing, dignity at work, complaints, concerns
and feedback, health and safety and environmental policy.
Trustees regularly update their declaration of interests.

Assoclatlon of Chalrs
Report of the Trustees
For the year ended 31 March 2024
Our mission
Our mission is to champion charity chairs and their boards in all their diversity,
empowering them with confidence, collaboration, and community.
Our vision Is of effective and valued chairs, With flourishing boards, leadlng resilient
charities and non-profits which make a positive impact in the world.
We believe that effective chairing and leadership of the board help the organisation
to be the best it can be and achieve the best outcomes for those who benefit from
Its support.
We know that it can be hard to evidence the Impact of a good chair but easy to see
the impact of poor chairing, which can wreak havoc In a charity and contribute to
poor organisational performance.
De5plte the complexity of thls leadershlp role, there Is Ilmlted Investment in the
training, support and development of chairs, by the government, support bodies or
charities themselves. Therefore, our members value having a dedicated
organisation that they can turn to for support on Issues includlng organisational
re5illence, managing finances, finding appropriate, dlverse trustees, relationshlps
within the board and the relationship with the Chief Executive.
Staff and freelance support
Our small staff team contlnues to work hard and flexlbly, wlth staff splittlng thelr
time between our office in London and their homes.
We're grateful to all our staff for their contributions to Aoc. During the year we said
goodbye to our Head of Operations and Service5, Dan Bishop, and our Team
Administrator. Stephanie Brisland.
Our founding Chief Executive, Ros Oakley, also moved on after ten years at the
helm, during which time she contributed Immeasurably to the development of the
organisation. The board is enormously grateful to Ros for her dedicated leadership.
As of 31 March 2024. we employed one part-time staff member, our interim Chief
Executive Liz Lowther. Zoe Marsden continued to provide freelance bookkeeping
support, and Lally Pearson provided freelance support leading our London Project,
funded by City Bridge Foundation.

Assoclatlon of Chalrs
Report of the Trustees
For the year ended 31 March 2024
Our activities
In 2023-24 we continued to focus on our core areas..
l. New chalrs supporting new chairs by setting good foundations
2. Understandlng the role of chalr
covering the essentials for effective and
collaborative governance leadership and avoiding common pitfalls
3. Bulldlng effectlve board relatlonshlps
helping chairs to build strong, diverse
board teams with shared vision, able to commit to decisions
4. Worklng well wlth the CEO
ensuring this key relatlonshlp works well for the
organisation.
Events and training
We ran regular events and training covering these core areas and gained
con51Stently good feedback. This year we ran more events than ever before, with
1,887 people booked to attend 76 events on a wide variety of topics. The majority
of our events were held onllne for maxlmum accesslblllty across the country. Most
were free or very low cost. All are free or dlscounted to members, wlth some
exclu51ve to members.
We also ran bespoke events for member chairs of our federated charity partners
Age UK and National Federation of Women's Institutes, and continued to deliver our
popular Dynamic Duo workshop for chairs and CEOS, In partnership with ACEVO.
96% of suNey respondents across our events during 2023-24 said the event was
good or very good and 95% would be very or qulte Ilkely to recommend the event to
another chair or vlce chair. 66% said they would do something dlfferently after
attending one of our events.
Topical challenges
We continued to develop events In response to current and emerging needs, all
focused on the chair's perspective and the contrlbution they can make. We aimed to
offer practical ideas and actionable inslghts.

Association of Chairs
Report of the Trustees
For the year ended 31 March 2024
Key themes this year included addressing financial difficulty and looking after
people. This included sessions on the chair's role in leading through financial
uncertainty, risk management for chairs and the chair's role in well-being for
themselves, their board and their organisation.
An In-person chalr-to-chair event with Orlando Fraser, Chalr of the Charity
Commission, in June 2023, recelved nearly l 00 booklngs. It provided a chance for
chairs to learn more about the Charity Commission's approach to supporting
trustees in getting things right, to put their questions to Orlando, and to network
with their peers,
Our events are all delivered by experts who understand the chalr's role and are
willing to share thelr experlence and knowledge freely. We would Ilke to thank all of
our volunteer event speakers who gave their time in 2023-24 to help us deliver a
wide range of engaging and informative events.
Membership and reach
Growlng our membershlp and reach Is Important to us as It helps us to be more
Incluslve, have more Impact and bulld our financlal su5talnabllity. Member5hlp has
started growing again slnce the end of the pandemlc and is now at an all-time hlgh.
We remain keen to grow It further, and this Is a core part of our new 3-year
Strategy, startlng in 2024-25.
Our members in 2023-24 came from charities and non-profits, both small and
large. The majority had between one and ten paid staff, had income between £ I Ook
and £1 mllllon, and operated locally. Over half of our members were In their first
chairlng role. Included In thls number were 17 bursary members, for whom our
membershlp fee presented a barrler to accessing our servlces.
Our partnerships With federated charities Trussell Trust and Age UK enabled us to
provide discounted memberships for chairs in their networks. We continue to be
grateful to the Lloyds Bank Foundation (England and Wales), Charity Governance
Awards, Ea5tside People and the Black and Asian Future Chalrs, Academy for
sponsoring membership5 for chalrs supported by thelr organlsations.

Assoclatlon of Chalrs
Report of the Trustees
For the year ended 31 March 2024
Developing an inclusive community
An important theme of our work during 2023-24 was developing a stronger and
more diverse community of chairs and enabling them to support each other. This
was helped by a 3-year grant from City Bridge Foundation to deliver peer support
and mentorlng for London chairs. Beginning In 2023, we are using this experience
as a pllot to help us roll out greater peer-to-peer opportunities across our network.
We delivered 16 peer learning and support sessions In the past year, 4 of them in-
person in London and the other 12 online so that members across our network
could come together to share challenges and learn from each other.
Bl-monthly meetings of our Chalrs of Large Charities Network continued,
facllltated by our former trustee, Helen Baker.
In September we launched our co-mentoring scheme, Initially open to London
chairs only. We match chairs to mentor and listen to each other over a 6-month
period. A total of 76 individuals took part in the scheme during 2023-24.
In January 2024 we launched our WhatsApp group for chairs. as a new channel
for our members to connect wlth each other, post questions and share Insights
and experience. Thls has proved hlghly popular, wlth 147 members joining by
31 March 2024.
Our Linkedln Group for London chairs was also launched early in 2024, with 139
members already signed up by 31 March.
We are keen to support greater equlty, diverslty and Inclusion among the chalrlng
communlty, and have contlnued to hold events on dlfferent aspects of EDI offered
free or at a discount. We held three onllne events thls year focused on building
inclusive boards and widening the pool of people who take up chairing roles. These
were held in partnership with Action for Trustee Racial Diversity (ATRD) and Getting
on Board. Feedback from participants at our November event with ATRD suggested
that 67% would do somethlng differently as a result of attending the event,
including exploring mentoring, buddying or coachlng as a standard part of the
route into becoming a trustee, and promoting positive practice in thelr charlty with
others.

Assoclatlon of Chalr5
Report of the Tru5tee5
For the year ended 31 March 2024
Resources and support
We continued to develop and maintain our website, sharing content and signposting
to popular issues related to the chairing role, including working well with trustees
and your chief executive, and legal and compliance issues. Our website saw 37,656
engaged visits over the course of the year. We sent out 14 newsletters, each going
to around 8,920 individuals (including both Aoc members and non-members} and
posted 13 blogs with advlce and resources for chairs on a variety of topics including
diversity, co-chairing and the chair's leadership on finance. Each week 20-30
people downloaded A Chair's Compass, our key guide to chairing, In October 2023,
with 5UPPOrt from the National Lottery Community Fund in Wales, we published a
Welsh-language edition of A Chair's Compass, now available to download from our
website.
We regularly responded to Indlvldual queries from our members. vla phone, emall
and our online contact form. Chairs asked us for help and guidance with a wide
range of challenges they were facing, including I:1 support for more complex and
immediate difficulties. We are grateful to our Founder and Honorary President, Ruth
Lesirge, for generously sharing her expertise and providing a listening ear in
support of this. Our onllne peer sharing sessions and WhatsApp group have also
proved a great source of help, resource and reassurance for chairs.

A550clatlon of Chalrs
Report of the Trustees
For the year ended 31 March 2024
Partnerships and advocacy
Working in partnership is hugely important to us. In 2023-24 we continued to build
successful partnershlps with federated charities including Trussell Trust and Age UK
and developed new partnershlps and offers wlth the National Federation of
Women's Institutes and Citizens, Advice. These enabled us to provide discounted
memberships and bespoke events for chairs of their federated charities across the
UK. We continued to develop informal partnerships with Action for Trustee Racial
Diversity, Getting on Board and the Young Trustees Movement, based on our shared
interest In supportlng greater dlverslty and Incluslon on charlty boards.
In 2023-24 we jolned the steering group of the Power of Small project. led by NCVO
to provide better infrastructure support for small voluntary organi5ations. We were
a preferred supplier of Lloyds Bank Foundation for England and Wales, providing
access to our services for chairs of the small and local charities they fund. They also
provided Invaluable support to us In the form of a pro bono dlgltal consultant. We
are on the steering group of the Future CharSty Chair project, led by Bayes Buslness
School Centre for Charity Effectiveness, and of the Charity Governance Code, which
continues to develop and influence governance good practice in the sector.
We contlnue to raise the profile of chalrlng and its contribution to charities and
non-proflts belng well-run and effectlve In dellverlng thelr mlsslon. We are
members of the Strategic Oversight Group of the Civil Society Group, a grouplng of
infrastructure organisatlons keen to cooperate and learn together. We also meet
quarterly with the CEO and senior managers at the Charity Commission, raising
issues of concern to chalrs and vice chairs.

Assoclatlon of Chalr5
Report of the Trustees
For the year ended 31 March 2024
Our commitment to equity. diversity and inclusion (EDI)
Equity, diversity and inclusion continues to be an important theme of our work. Our
EDI board sub-committee, made up of both trustees and staff, has been renewed
followlng trustee and staff changes. The purpose of the commlttee Is to ensure
equity, diversity and inclusion are at the heart of Aoc's governance and practice and
that we use our position to influence others including our members.
The EDI sub-committee has the following roles:
l. to help-us develop our thinking and understanding of EDI
2. to develop our policy position
3. to support the Staff In developlng actlon plans
4. to support the staff team in the implementation and dellvery of Aoc's plans
5. to make recommendations to the board to advance our work on EDI.
There Ss continued and growing interest among our chairing community in
supporting greater equltyty diverslty and incluslon on boards, Including
understanding how to bulld more Incluslve boards and address barrlers that prevent
a wlder pool of people from taklng up chalrlng roles. We have contlnued to run
events thls year on these themes and develop the EDI resources section of our
website. We have also continued to build our partnerships with organisations with
interest and expertise in this area, including Action for Trustee Racial Diversity, the
Black and Asian Future Chairs, Academy, Getting on Board and the Young Trustees
Movement.
Our London project Includes a speciflc focus on engaglng London-based chalrs on
EDI through regular resources and events, targeted work to engage and support
more chairs from underrepresented groups and building our partner5 community.
Looking to the future
Demands on charltles and non-profits are increasing, and so are the pressures on
thelr own ability to cope. At the same tlme the ability to generate funds is gettlng
harder. Both of these factors have put more pressure on board5 and especlally
chairs. We understand that the operating environment is going to be particularly
difficult for some time to come. The skills and ability of the chair are going to be
even more important in delivering stability and success for their organisation. This

A5soclatlon of Chalrs
Report of the Trustees
For the year ended 31 March 2024
means that the need for our work is only growing, as is the recognition of its
importance both from chairs themselves and from other sector bodies.
As we launch our next 3-year strategy, over the coming year we have five goals..
Increase the breadth and depth of engagement wlth chalrs People appreciate what
we do; we want more people and a more diverse group of chairs to benefit. We will
continue our efforts to reach more people in different ways by broadening our
range of actlvltles, communications and resources.
Foster a more Incluslve communlty Bulldlng on our London project, we wlll continue
to offer more peer support and opportunities for engagement for chalrs across our
network and at all stages of their board leadership journey. We will bring In new
voices and build a more diverse and engaged community.
Bulld a more sustalnable organlsatlon In order to achieve our goals, we need to
increase our earned income from membership, events, and consultancy, and retain
more of our members for longer.
Clarlfy and strengthen our Infrastructure We will Invest In our organlsatlonal
Infrastructure to Support the efflclent dellvery of our ambltlous plans, Including a
new CRM and webslte.
Champlon. advocate for and develop strong board leadershlp sklllsl partlcularly by
chalrs We will begin to publish our ideas on how we want chairing, trustee boards
and governance to develop in a way that does justice to the staff, their peers and
the mission of the charity.
We celebrated our tenth year as a charity in October 2023. We are proud of all we've
achieved so far In supporting and championing chalrs, enabling them to lead
effective boards and effective non-proflts.

Assoclatlon of Chalrs
Report of the Tru5tee5
For the year ended 31 March 2024
Review of risks
The board is aware of its responsibility for managing risk, so has set up systems for
identifying, managing, and monitoring this. These include a strategic risk register,
with a regular review of risks and how to manage them at board meetlngs. Areas of
rlsk Include:
safeguarding and protecting people and protecting their wellbeing,
ensuring we have impact,
ensuring compliance,
managing growth/capaclty,
fostering a positive culture and reputatlon,
dellvery of high-quallty servlces, and
achleving financial sustalnability.
Financial sustainability
Aoc experiences the usual challenges with respect to its long-term financial
sustalnablllty as do many small charltles. The board remalns focused on
understanding and managlng Its flnanclal rlsk, and we commit operational and
governance tlme on plannlng for the future. We currently have a good level of free
reserves which helps to protect against financial uncertainties. The board is focused
both on tight cost control and on increasing income. With careful management we
are confident that we can continue to meet the needs of chairs, whilst ensurlng our
own financlal vlability.
We are fortunate that a number of our funders glve us multi-year unrestricted
support. This is invaluable as it allows us to Use it to maximum effect, depending
on what is most necessary at the time. While grants remain very important to us, we
are also focused on growing our earned income from memberships, events and
consultancy services. We are keen to grow our income so that we can better serve
chalrs, selze the many. opportunities for development and make more rapld
progress In Improving governance in the sector.

As50clatlon of Chalr5
Report of the Trustees
For the year ended 31 March 2024
Flnancial performance in 2023124
2023124
£222,299
£216,425
£5,874
£206,432
2022123
£195,048
£285,669
(£90,621)
£197,190
Total income
Total expendlture
Operating surplus/(deficit)
Reserves (unrestrlcted)
carrled fO￿ard
Review of the year
After two years of running planned deflcits, we ended the year to March 2024 with a
small positive balance. Our Income Increased by 14% compared to the previous
year. This included a 20% increase in our earned income. This was thanks to growth
in both our membership income and Income from events, the latter including
bespoke events for our federated charlty partners. Our expenditure was down by
24% compared to the previous year, largely due to a reduction In staff costs, as well
as careful stewardshlp of other expendlture, partlcularly on admlnlstratlve costs.
Our unrestrlcted reser4es at year end were a Ilttle hlgher than the upper end of our
target range.
Our business model
Aoc has a modest Income and expenditure, given its national volce and reach. Our
income is a mix of grant income (both restricted and unrestricted), donations from
corporate partners and earned income from memberships, events and services. In
2023-24 our earned income grew to 46% of our total income, and we are aimlng to
increase this proportion Incrementally over the comlng years. Bulldlng our
membershlp Is crltlcal to our long-term sustainability and reslllence. Income from
grants enables us to keep the fee5 low as we do this, and to introduce new products
and services that improve the value we offer to our members.

Assoclation of Chalrs
Report of the Trustees
For the year ended 31 March 2024
Financial strategy
Our long-term financial strategy is to rebalance our income away from grant
dependency by growing our earned income to cover our core costs. This will entail
introducing new types of memberships, including organisational and corporate
memberships, as well as contlnuing our partnerships with federated charities and
others to support their chairs through memberships, events and services. We will
continue to seek grant funding to enable us to develop new services and scale up
our ambltlon.
Next financial year
A modest Increase In both income and expenditure have been budgeted for 2024-
25. We started the year with £105,000 in grant funding already secured. In order to
deliver our growth strategy we are planning to Invest some of our unrestricted
reserves in digital developments that will support more efficient operations.
Reserves policy
Aoc adopts a rlsk-based approach to Its reserves. The pollcy Is based on a forward
assessment of Income and expendlture and the wider economic environment In
which we operate. We consider how much of our income is secured, and the extent
to which our costs are fixed or variable.
We receive a mlx of funding, and some is for specific purposes. These are restricted
funds and are not available for expendlture on other purposes. The remaining funds
are unrestricted and can be used across our activities. The reserves are the unspent
unrestrlcted funds of the charlty, referred to as the general funds In the financlal
statements. Aoc currently owns no flxed assets, so the reserves are held in cash or
short-term assets such as debtors (amounts due from members or funder5).
20

Assoclatlon of Chalrs
Report of the Trustees
For the year ended 31 March 2024
The purpose of the reserves is:
to invest in expanding and enhancing our services to members In Ilne wlth
growing demand,
to fund working capital and time lags in the receipt of promised funds,
to fund unexpected expenditure, for example when projects overrun, or
unplanned events occur,
to manage economic or regulatory changes which may have unforeseen
financial consequences, and
to help manage through a posslble downturn in income.
Our policy requires us to maintain reserves within the range of £125,000 to
£200,000. Our minlmum reserve Is sufflclent for an orderly wlnd down should the
need arise.
As of 31 March 2024, the actual level of unrestricted reserves was £206,432,
slightly above the target range. This allows us to invest some funds in operational
Improvements in 2024-25, while comfortably maintainlng reserves above the
mlnlmum as we seek addltional grant and earned Income. We have built flexlblllty
Into our plans so that we can adapt to changing clrcumstances including cost
savings should we fail to hit income targets. We are confident that the coming year
will enable us to further refine our business model and plan for future growth.
21

A550clatlon of Chalrs
Report of the Trustees
For the year ended 31 March 2024
Thank you to our supporters...
Our achievements would not be possible without our supporters. We would like to
thank these funders:
CCLA
City Bridge Foundatlon
Garfield Weston Foundation
Lloyds Bank Foundation for England and Wales
National Lottery Community Fund
Paul Hamlyn Foundation
Pears Foundation
The Chartered Accountants, Llvery Charlty
and a speclal thank you to our volunteers
Over the past year, Aoc has benefited significantly from the contribution of
volunteers.
We would particularly like to thank Ruth Lesirge, Aoc's Honorary President, for the
ongoing advice and support she provldes to our members and staff. We are a150
immensely grateful to Stephen Warren, who provlded conslderable high quallty IT
support for a number of years.
Once again, the contribution of trustees beyond thelr trustee role was slgnlficant
and we are extremely grateful for thelr support to our operational activitie5, These
include (but are not limited to> facilitating peer session5, coaching and mentoring
our staff, acting as ambassadors for the organisation and contributing to our
communications.
In partlcular, we wish to recognlse and record our thanks for the exceptlonal
operational support provlded by our Chair, Joe Saxton, during the perlod of
transition following the departure of our two most senior staff.
22

As50clatlon of Chalrs
Report of the Trustee5
For the year ended 31 March 2024
We would also like to thank:
Chairs who have led peer sessions, and experts who have led topical
sesslons,
Members of our volunteer and associate pool who generously share their
professional expertise at low or no cost, and
All the chairs, profe5slonal advlsers and professlonal coaches who have glven
their time and expertise to Aoc by speaking at events, writing blogs and
offering free coaching support.
Statement of responsibilltles of trustees
The trustees (who are also dlrectors of Association of Chairs for the purposes of
company law) are responsible for preparing the directorsltrustees, annual report
and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accountlng Practlce).
Company law requlres the trustees to prepare flnanclal statements for each financlal
year whlch give a true and fair vlew of the state of affalrs of the charltable company
and of the incoming resources and appllcatlon of resources, Includlng the income
and expenditure, of the charitable company for that period. In preparing these
financial statements, the tr.ustees are required to:
Select sultable accounting policies and then apply them consistently
Observe the methods and prlnclples in the Charitles SORP
Make Judgements and estlmates that are reasonable and prudent
State whether applicable UK Accounting Standards and statement5 of
recommended practice have been followed,
subject to any material
departures disclosed and explalned in the financial statements
Prepare the financial statements on the going concern basis unless It Is
Inappropriate to presume that the charity will continue in operation.
23

Assoclation of Chairs
Report of the Trustees
For the year ended 31 March 2024
The trustees are responsible for keeping proper accounting records that 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
charitable company and hence for taking reasonable steps for the preventlon and
detectlon of fraud and other Irregularltles.
The trustees are responsible for the maintenance and integrity of the corporate and
financial information included on the charitable company's website. Legislation in
the United Kingdom governing the preparation and dissemination of flnancial
statement5 may differ from leglslatlon In other Jurlsdlctlons.
Members of the charity guarantee to contribute an amount not exceeding £1 to the
assets of the charity in the event of winding up. The total number of such
guarantees at 31 March 2024 was I l (2023 - 11).
The trustees are members of the charlty, but thls entltles them only to votlng rights.
The trustees have no beneficial Interest In the charlty. The trustees, annual report
has been prepared In accordance wlth the special provisions appllcable to
companles subject to the small companies, regime.
Approved by the trustees on 18 September 2024 and signed on thelr
behalf by
Joe Saxton
Chair of Trustees
24

Assoclatlon of Chalr5
Independent Examlner's Report
For the year ended 31 March 2024
Independent examiner's report to the trustees of
Association of Chairs ('the Companv)
I report to the charlty trustees on my examlnatlon of the accounts of the Company for the
year ended 31 March 2024.
Responslbllltles and ba515 of report
As the charity's trustees of the Company (and also its directors for the purposes of
company law) you are responsible for the preparation of the accounts in accordance with
the requirements of the Companies Act 2006 ('the 2006 Act,).
Having satlsfled myself that the accounts of the Company are not requlred to be audlted
under Part 16 of the 2006 Act and are eligible for Independent examination, I report In
respect of my examinatlon of your charity's accounts as carried out under Section 145 of
the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed
the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examlnees statement
I have completed my examination. I conflrm that no matters have come to my attentlon In
connection with the examlnatlon glvlng me cause to belleve:
accounting records were not kept in respect of the Company as required by Section
386 of the 2006 Act. or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requlrements of Sectlon 396 of the
2006 Act other than any requlrement that the accounts give a true and fair view
whlch is not a matter consldered as part of an independent examinatlon; or
the accounts have not been prepared In accordance wlth the methods and
principles of the Statement of Recommended Practice for accounting and reporting
by charities (applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)).
25

Associatlon of Chalr5
Independent Examlner's Report
For the year ended 31 March 2024
I have no concerns and have come across no other matters in connection with the
examination to which attention should be drawn in this report in order to enable a proper
understanding of the accounts to be reached.
Dr Shona F Wardrop C.A
The Institute of Chartered Accountants of Scotland
Chariot House Limited
Chartered Accountants
44 Grand Parade
Brlghton
East Sussex
BN2 9QA
Date:
26

Associatlon of Chalrs
Statement of Flnanclal Actlvltles
For the year ended 31 March 2024
2024
Total
funds
2023
Total
funds
Unrestricted Restricted
fund
funds
Notes
INCOME AND ENDOWMEKfs FROM
Donations and legacies
59,978
56.000
115,978
110,125
Charltable artlvltles
Charitable Activitie5
102,022
102,022
83,209
Investment income
4,299
4,299
1.714
Total
166,299
56,000
222,299
195,048
EXPENDMJRE ON
Raising funds
20,183
Charltable actlvltles
Charitable Activities
157,057
59,368
216,425
265,486
Total
157,057
59,368
216,425
285,669
NEf INCOMEI(EXPENDITURO
9,242
(3,368)
5,874
(90,621)
RECONCIUATION OF FUNDS
Total funds brought forward
197,190
10,554
207,744
298,365
TOTAL FUNDS CARRIED FORWARD
206,432
7,186
213,618
207,744
27

Association of Chalrs
Balance sheet
For the year ended 31 March 2024
2024
Total
funds
2023
Total
funds
Unrestricted Restricted
fund
funds
Notes
FIXED ASSErs
Investments
CuRRE￿r ASSErs
Debtor5
Cash at bank
12,044
205,992
12.044
213,178
4,998
218,625
7,186
218,036
7,186 225,222
223,623
CREDITORS
Amounts falllng due wlthin one year 15 (11,605)
(11,605) (15,880)
NEf cuRRE￿r ASSEfs
206,431
7,186
213,617
207,743
TOTAL ASSEfs LESS CURRENT
LIABILITIES
206,432
7,186
213,618
207,744
NEf ASSErs
206,432
7,186
213,618
207,744
FUNDS
Unrestrlcted funds
Restricted funds
16
206,432
7,186
197,190
10,554
TOTAL FUNDS
213,618
207,744
The charitable company is entitled to exemption from audit under Section 477 of the
Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial
statements for the year ended 31 March 2024 in accordance with Section 476 of the
Companies Act 2006.
28

Assoclatlon of Chalrs
Balance sheet
For the year ended 31 March 2024
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with
Sections 386. and 387 of the Companies Act 2006 and
(b) preparlng financial statements which give a true and fair view of the state of affairs
of the charitable company as at the end of each flnanclal year and of Its surplus or
deficit for each financial year in accordance with the requirements of Sections 394
and 395 and which otherwise comply with the requirements of the Companies Act
2006 relating to financial statements, so far as applicable to the charitable
company.
These flnancial statements have been prepared in accordance with the provisions
applicable to charitable companies subject to the small.companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue
on 18ih September 2024 and were signed on its behalf by:
J H C Saxton - Trustee
29

A550clatlon of Chalr5
Notes to the Flnanclal Statements
For the year ended 31 March 2024
ACCOU￿rING POUCIES
Basls of preparlng the flnanclal statements
The financial statements of the charitable company, which is a public benefit entity
under FRS 102, have been prepared In accordance with the Charities SORP (FRS 102)
'Accounting and Reporting by Charities.. 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) (effective
l January 2019),, Financlal Reporting Standard 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention,
with the exception of investments which are Included at market value.
Income
Income is recognised when the charity has entitlement to the funds, any
performance conditions attached to the income have been met, it is probable that
the income will be received and that the amount can be measured reliably.
Income from grants, whether 'capltal' grants or 'revenue' grants, Is recognised
when the charity has entltlement to the funds, any performance condltlons attached
to the grants have been met, it Is probable that the income will be received and the
amount can be measured reliably and is not deferred.
Income received in advance of the provision of a specified service Is deferred until
the criteria for income recognition are met.
Donatlons of glfts, seNlces and facllltles
Donated professional serrfices and donated facilitles are recognised as Income when
the charity has control over the item or received the service, any conditions
associated with the donation have been met, the receipt of economic benefit from
the use by the charity of the item is probable and that economic benefit can be
measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time
Is not recognised.
On receipt, donated gifts, professional services and donated facilities are
recognised on the basis of the value of the gift to the charity which is the amount
the charity would have been wllllng to pay to obtain services or facilities of
equivalent economic benefit on the open market. a corresponding amount is then
recogni5ed in expenditure in the period of receipt.
30

Assoclatlon of Chalrs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
ACCOUNTING POLICIES - contlnued
Interest recelvable
Interest on funds held on deposit is included when receivable and the amount can
be measured reliably by the charlty; this is normally upon notlflcatlon of the interest
paid or payable by the bank.
Expendlture
Expenditure is recognised once there is a legal or constructive obligation to make a
payment to a third party, it is probable that settlement will be required and the
amount of the obligation can be measured rellably.
Expendlture on charitable actlvltles Includes the costs of providing servlces to
members, running events and distributing publications to further the purposes of
the charity and their associated support costs.
Irrecoverable VAT 15 charged as a cost against the activity for which the expenditure
was incurred.
Taxatlon
The Charity Is consldered to pass the tests set out In Paragraph I Schedule 6
Finance Act 2010 and therefore it meets the definition of a charitable company for
UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from
taxation in respect of income or capital gains received within categories covered by
Chapter 3 Part I I Corporation Tax Act 2010 or Sectlon 256 of the Taxation of
Chargeable Gains Act 1992, to the extent that such Income or gains are applied
exclusively to charitable purposes.
Fund accountlng
Unrestricted funds can be used in accordance with the charitable objectives at the
discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the
objects of the charity. Restrictions arise when specified by the donor or when funds
are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes
to the financial statements.
31

A5soclation of Chalrs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
ACCOUNTING POLICIES - contlnued
Debtors
Trade and other debtors are recognised at the settlement amount due after any
trade discount offered. Prepayments are valued at the amount prepaid net of any
trade discounts due.
Short term deposlt5
Short term deposit5 includes cash balances that are Invested In accounts with a
maturity date of between 3 and 12 months.
Cash at bank and In hand
Cash at bank and cash In hand Includes cash and short term highly liquid
investments with a short maturity of three months or less from the date of
acquisition or opening of the deposit or similar account.
Credltors and provlslons
Creditors and provlsions are recognlsed where the charlty has a present obllgatlon
resulting from a past event that wlll probably result in the transfer of funds to a
thlrd party and the amount due to settle the obligatlon can be measured or
e5tlmated rellably. Credltors and provlslons are normally recognlsed at thelr
settlement amount after allowlng for any trade discounts due.
Flnanclal Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as
basic flnancial instruments. Basic financial instruments are initially recognised at
transaction value and subsequently measured at their settlement value with the
exception of bank loans which are subsequently measured at amortlsed cost using
the effectlve Interest method.
Penslons
The company operates a defined contribution pension scheme. The assets of the
scheme are held separately from those of the company in an independently
administered fund. The pension cost charge represents contributions payable under
the scheme by the company to the fund. The company has no liability under the
scheme other than for the payment of those contributions.
32

A5sociatlon of Chalr5
Notes to the Flnanclal Statements
For the year ended 31 March 2024
ACCOU￿rING POLICIES- contlnued
Golng concern
The trustees consider that there are no material uncertainties about the charitable
company's ability to continue as a going concern. In reaching that conclusion, the
trustees have considered the impact of the cost-of-living crisis and ongoing
flnancial uncertainty in the charity sector on future activities and cash flows and the
current and forecast reserrfe base.
They believe that if future income is negatlvely affected, the risk of which has been
recognised, Aoc's demonstrably flexible delivery model and cost base offer the
possibllity of expenditure savings that taken together wlth Its balance of free
reserves wlll ensure AOC contlnues to operate.
Adaptlons to the service model have and will contlnue to be made to ensure the
expectatlons of Its members are met effectively and efficiently. The trustees do not
consider that there are any sources of estimation uncertainty at the reporting date
that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next reporting period.
33

Assoclatlon of Chalrs
Notes to the Flnancial Statement5
For the year ended 31 March 2024
DONATIONS AND LEGACIES
2024
2023
Donations
Grants
2,478
113,500
110,125
115,978
110,125
Grants received. included in the above. are as follows:
2024
2023
CCLA
Garfield Weston Foundation
Paul Hamlyn Foundatlon
Pears Foundation
The National Lottery Communlty Fund
The Chartered Accountants, Livery Company
City Bridge Foundation
i 0,000
i 0,000
30,000
27,500
20,000
19,625
3,000
27,500
20,000
3,000
53,000
113,500
110,125
INVESTMENT INCOME
2024
2023
Deposit account interest
4,299
1,714
INCOME FROM CHARITABLE AcrivrriES
2024
2023
Actlvlty
Charitable Actlvities
Charitable Activities
Charitable Activities
Events
Membership
Publications and
consultancy
22,869
68,774
10,379
22,544
59,975
690
102,022
83,209
34

Assoclatlon of Chalrs
Note5 to the Flnanclal Statements
For the year ended 31 March 2024
CHARITABLE AcrivrriES COSTS
Direct
Support
Costs (see costs (see
note 6)
note 7)
Totals
Charitable Activities
172,709
43,716
216,425
DIREcr cosrs OF CHARITABLE AcrivmES
2024
2023
Staff costs
Freelanclng & consultancy
Event costs
Marketlng and partnershlps
Subscriptions, conferences & tralning
IT costs
HR and recruitment
Office costs
Insurance, accountancy and other costs
Publication costs
119,767
17,310
8,004
919
2,183
9,385
1,314
10,241
774
152,969
44,454
6,646
250
896
7,943
5,633
7,678
2,085
2,812
172,709
228,554
35

A550clatlon of Chalrs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
SUPPORT COSTS
Governance
Management
cost5
Tota15
Charltable Actlvitles
34,914
8,802
43,716
Support costs, included in the above, are as follows:
2024
Charitable
Actlvltles
2023
Total
Actlvities
Management
Wages
Freelancing & consultancy
Marketing and partnerships
Sub5crlptions, conferences & tralning
IT costs
HR and recruitment
Office costs
Governance, legal and bank charges
9,936
10,030
13,272
7,328
177
774
7,135
208
6,641
74
655
268
633
3,888
Governance costs
Wages
Subscriptions, conferences & training
IT costs
HR and recruitment
Office costs
Board costs and Independent Examination
2,782
3,138
16
140
333
135
7,052
165
23
35
5,794
43,716
36,932
36

Assoclation of Chairs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
NEf INCOME/(EXPENDITURE>
Net income/(expenditure) is stated after charging/(crediting):
2024
2023
Independent examiner's remuneration
2,520
2,400
Independent examiner's remuneratlon for 2024 Includes the fee for the preparation
of statutory accounts.
TRu¥fEES' REMUNERATION AND BENEFrrs
There were no trustees, remuneration or other benefits for the year ended
31 March 2024 nor for the year ended 31 March 2023.
Trustees, expenses
Travel and subsistence expenses were reimbursed to 7 trustees totalllng £3,781.74
during the year ended 31 st March 2024
37

Assoclatlon of Chalrs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
I O. STAFF COSTS
2024
2023
Salarles and wages
Social security Costs
Pension contributions
120,838
8,262
153,439
12,121
The total employee benefits (Includlng penslon contrlbutions and employer's
national insurance) of the key management personnel were £112,590 (2023.
£121,985).
The average monthly number of employees during the year was as follows:
2024
2023
The number of employees whose employee benefits (excluding employer pension
costs) exceeded £60,000 was:
2024
2023
£60,001 £70,000
38

Association of Chairs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
I I. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES
Unrestricted Restricted
fund
funds
Total
funds
INCOME AND ENDoWME￿fS FROM
Donatlons and legacies
87,500
22,625
110,125
Charltable actlvltles
Charitable Activities
83,209
83,209
Investment Income
1,714
1,714
Total
172,423
22,625
195,048
EXPENDITURE ON
Raising funds
20,183
20,183
Charltable actlvltles
Charltable Actlvitles
238,415
27,071
265,486
Total
258,598
27,071
285,669
NEf INCOMEI(EXPENDrruR
186,175)
(4,446) (90,621)
RECONCILIATION OF FUNDS
Total funds brought forward
283,365
15,000
298,365
TOTAL FUNDS CARRIED FORWARD
197,190
10,554
207,744
12. TAXATION
The charitable company is exempt from corporation tax as all its income is
charitable and is applied for charitable purposes.
39

Associatlon of Chalrs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
13. FIXED ASSEf INVESfME￿rS
Shares in
group
undertakings
MARKEf VALUE
At l Aprll 2023 and 31 March 2024
NEf BOOK VALUE
At 31 March 2024 and 31 March 2023
There were no investment assets outslde the UK.
The Association of Chairs own5 a Subsidiary, AOC Trading Ltd, registered In England
& Wales with company number 09247655. One share of £1 is in issue, representing
I 00% of the issued share capital of the company. The subsidiary was incorporated
on 3 October 2014. Previously its activities related to activities to raise funds for the
Association of Chairs but it is currently dormant.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade debtors
Other debtors
Prepayments and accrued income
7,072
1,044
3,928
1,000
389
3,609
12,044
4,998
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade creditors
Social securlty and other taxes
Other creditors
Accruals and deferred income
7,107
592
2,731
1,175
6,737
(51)
3,024
6,170
11,605
15,880
40

A550ciatlon of Chalr5
Notes to the Flnanclal Statements
For the year ended 31 March 2024
16. MOVEMwf IN FUNDS
Net
movement
At
3113124
At 114123 in funds
Unre5trlcted funds
General fund
197,190
9,242
206,432
Restrlcted funds
The Chartered Accountants,
Livery Company
The National Lottery Community Fund
City Brldge Foundation
1,963
8,591
1,037
(8,591)
4,186
3,000
4,186
10,554
(3,368)
7,186
TOTAL FUNDS
207,744
5,874
213,618
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended In funds
Unrestrlcted fvnds
General fund
166,299 (157,057)
9,242
Restrlcted funds
The Chartered Accountants,
Llvery Company
The Natlonal Lottery Communlty Fund
City Bridge Foundation
3,000
(1,963)
(8,591)
(48,814)
1,037
(8,591)
4,786
53,000
56,000
(59,368)
(3,368)
TOTAL FUNDS
222,299 (216,425)
5,874
41

As50ciatlon of Chalrs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
16. MOVEMENT IN FUNDS - contlnued
Comparatlves for movement In funds
Net
movement
At
At 114122 in funds 3113123
Unrestrlcted funds
General fund
283,365
(86,175) 197,190
Restrlcted funds
The Clothworkers, Company
The Chartered Accountants,
Llvery Company
The National Lottery Community Fund
15,000
(15,000)
1,963
8,591
1,963
8,591
15,000
(4,446)
10,554
TOTAL FUNDS
298,365
(90,621) 207,744
Comparative net movement In funds, Included In the above are as follows:
Incoming Resources Movement
resources expended
in funds
Unrestrlcted funds
General fund
172,423 (258,598) (86,175)
Restrlcted funds
The Clothworkers, Company
The Chartered Accountants,
Llvery Company
The National Lottery Communlty Fund
(15,000) (15.000)
3,000
19,625
(1,037)
(11,034)
1,963
8,591
22,625
(27,071)
(4,446)
TOTAL FUNDS
195,048 (285,669) (90,621)
42

Associatlon of Chairs
Notes to the Flnanclal Statements
For the year ended 31 March 2024
17. RELATED PARTY DISCLOSURES
Trustees donated £2,000 (2023: £NIL) and paid membership subscriptions and
event fees. Fees were paid on the same terms as all other beneficiaries of the
charlty.
Trustees additionally provlded conslderable amounts of pro bono seNice5 such as
facilitating and delivering events, and providing content for the monthly newsletter
and online blog.
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