Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CÈRTIFIED ACCOUNTANTS. BENEVOLENT FUND (LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMEKrs YEAR ENDED 31 MARCH 2021 (COMPANY NUMBER 08880293) (REGISTERED CHARITY NUMBER 1156341) (OSCR SC045337)
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl CHARTERED CERTIFIED ACCOUNTANTS. BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 COKTENYS Report of Ihe Trustees Slatement of fanCial activitS 10 Balancè shaèt 11 Statement of (ash flthvs 12 Not&s to thé finarKial statements 13-21 Indepandent audito¢s rept 22-25
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl REPORT OF THE TRUSTEES OF THE CHARTERED CERllFIED ACCOUNTANTS, BENEVOLENT FUND FOR THE YEAR ENDED 31 MARCH 2021 The Twste8s presènt thek annual report 8nd finan¢i81 statements of the charity {Ih8 Fund) for the year erad 31 Marth 2021. The financlal statements have been prepared in accrwdance wilh thg accounling rx>li¢ies set out in note 2 to the financial stslemènts and comply wtth the Fund's govemlro document, the Ch8rities Act 2011, the COmpanS Aot 2006, the Charibes and Twstee Investrnent IScoU8ndl Act 2005. regulation 8 of the Charflies Accounts (SLX)Ilandl ReguL¥tnS 2006188 amended} arwl the Accounting arwj Reporting by Chare$. Slatement of Recommended Pracuce app5icable to charities préparing thelr accounts in accordan( with the FinancMI Repè¥Ung Standard applicab in th& UK and Republ of Iraland ' published In Crtobar 2019 (affective 1 January 2019} (Charilies SORP IFRS10211. Objodlv8s •nd a¢bvitla8 The prin¢ipal objective of the Fund Is to raisè and maintain a fund for the POSe of ayslsllry persons in need who are, or hgve been, memt¢TS of the Association of Chartered Certified Account8nls IACCA) and their famllias arnl dependants. The Trustees are a0 empower8d to assist Othgr charilablè instituli(x)s as thoy see fiL The prinupal pollcy adopted by thp Trustees to furth8r tho ot4adlve3 of the Fund has bèen, and continues to be. lo make timely grants andlor loans to memts arKL Iheir fath11 vtho f hardshlp or naod 81 any time. Thase loans are normally secured. and iTtsrest is linked to bank base rate. The Fund carrièa out advilies previously undertaken by Ihe unincwratèd tntst (The Chartered Cerllfied Accountar, B8ngvolent Fund 2225951, tho majority of whose assets and liabilities hav8 bèen tr8nsferred to the Fund folbwing a resolutK)n to transfer awts and liabilities affective from 31 Decemb8r2014. During th8 yearthe Fund received £238 frcrfn the unincorpcrte¢J tnjst. The Fund empbys no staff. Its slaff end adminIstraon. nicludlng rbutin8 legal edvlcè. ts lVle byACCA. The Trustees 81s0 dgvole timÈ to the Funrfs affairs at mÈ8tlngs. travel lo and from mgelings and have 'communuttons between meetings fvth Ihey teceive no remuneration. The Fund is also supported by ACCA members andACCA staff who may, as volunteers. wstl appliGants and beneflarI&S from time to lime when requestod by the FurKI. Thé Fund is Th)t therwise dOndnI on the s9CeS of"vtslunteers or donatK)ns in kind. The Fund's unrestricted funds Include two dèslgnaled funds.. A Loan Fund and 8 Dlsaster Fund. The fomier is equal lo the total amount of k>ans to benefiaaries and r8cognis6s Ihe fact that thes8 amounts are not available for the Fund's day-t(Hlay operÈUons. The lattgr is used lo provide emergency asslstanL to memits and thrfaMIlwhO have bgon affected byo disaster, mostrecèntlyln the Caribbean and Napal. and wll be added to annually at a rale &ged bytheTNstees IcuTrenlly 5% of th8 Furxl's inLyxnÉ 8xdudiThJ supwl ¢08t donations) up to o cap of £250.0. Covid-19 Impact and golng cohcem The Covid-19 pandemic has had asignifi(ntimpad on theoperatK)ns of all entitlesgloballyand in Partlar on the activiiies of tharilies. The Trnstees have &8seswJ th8t Impactand conder&I tha following potential Increase of applications from ACCA rnemt aThJ tirfamIlies FalV4n¢rease In donadons from ACCA members Lovier levels of investmenl income du8 to interèsl r81e rethdlons and falllng stod( markets The Trustees ravthv a rolling I&r finanthal plan annually and have revisiled this to consider impaGIs from the 8bove. The Han h&8 always bean very prudent wlh regards to grants relating to any pand8mic such 8$ AIDS and r1 Covi(k19. Many members have asksd ACCA 8bwt the payment of mombership subscriptions 8llhough Ihis is not relavant lo th8 Fund a5 the Trustees have a pollty not to pay for these. The review corKluded that th8 Fund will still have excess8s of surplusgs over eXndItUre until 2024 arnl ther8f(Ke the Trnstees are satisfied Ihatthe financ slatements te prepared on a going concem basis.
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl REPORT OF THE tRUSTEES OF THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND FOR THE YEAR ENDED 31 MARCH 2021 Flnanclal revlow The Fund L8 currentty able to Ilhance its acilwlies frcrfn th)natK)ns. leg8Ci88 and the income from Is waslmenl prode funds b) meet 8nllcipated n88ds in the short tèmi. Thè financk?I stslements for th8 yaar and related rnles ar8 shown on w3gs 10 to 21. Ststement of Flnancial A¢tivilies on page 10 shows the incoming r8sources available10 th& Fund and th6 extent to whith thos8 resourcos have beon applwl. This. together with tha Balance Sh88t on pag8 11, shows the total assets of the Fund to be £4,966.0% {2020.. £4.137,0031, which will pnerate income to mael ils fuiure coligations. The Fund held £311,151 {2020: £289.4631 In bank balances and short4emi deposits and in the opinion of the Trustees Fund eonflnues to bè in a positton to wrsue ils charftable acttvS1ies for the f(&seeable fuiure. Goveman¢e costs for the current y88f indude legal costs ralating to the dis¢h4r9e of the security on a loan and professional fees payabie to the Fin8rKial Conduct Aulhority {FCAI so that the Fund has the pgmijssion to admlnisler sacured loans. The TnJ$tees aro grateful to all who have contributed in any way to th8 work of thg Fund during the year anded 31 March 2021. In particular. it expresses thanks to those made a financial trIbutiOn and those who 98ve ofthgir time. including those UK L7xpayers who have completed Gift Aid dedaration$ which allow Ihè Fund to redaim b4C r8te tgx paid on these donations. Toial donations fr(¥n memb¢rs includ(rwJ tax on Gift Aid donations amounted lo £SS,929 (year ended 31 March 2020.. £47.500). The Gllt method of giving is tax effiiient and the Trustees enctsur8ge UK taxp8yers to con8hder CmpletIng Gift Aid dedaralions if they have not already donè 80. Th& Tru51ees also erKour8ge donors lo gtR sharas dir8¢lly to the Fund in order to gain tho tax benefrts availab both lo Fund and the th)rllw. The Trustees are very grotelul lor the legacies from the estatès of Maureen Renny1£5,0001. Pètèr TyTer1£2,(I))I, Muriel Temkin (£1.000) and an additional final (I'slribulion of £33 from the estale of knatthew Shamon making a total of £112.568 as £112.535 had been reccgnised in prèvious years, accwnts. The Tntslees appreciate any hèlp rnembe can glva in ensuring that the Fund can prowde support to all thosèvtho havt reason to ask forit. From thegrat&ful ktt¢rs the Trustees rveive. theycan assure member3 that the assistance the Fund provid6$ is highly appreciated. P* h8lp the Trusteas lo ensure thfjt they can continue to fuiftl the objectives of the Fund. Invèslm•nt polley and performanca The Twstees have considered the rnt apprcprfale p0cY for investing furHls and have d8legated the mandrnt of I investments lo Charles Stanley & Co. Ltd. Trust consider that it is apPrOate io invest dirÈctly in particular investments as wèll as somè comnN)n Inveslm8nt funds desTgned for the charity Seckn. The FurMI's overall investment aim is lo increase the value of its instMent portrolio on total retums basrs in tho longer term. The Fund invests the designated emèrgency fund ar)d a proportion of Èis olher unrestricted r8serves in ¢ash and short-tem) deposits that can bè readily accessed so Ihat the Fund con react qLtickty to particular emergencies and oth8r urgent ne9ds forsupw)rt. The pgrfornan of the investments are outlined as follows. The total retum on capital investments for the yaar was 25.5% 12020.. -13.6%) agast Ihe bènchmarks IMSCI PrivBt8 Inv Balanced) of 22.0%. (FTSE 100) 21.9% and IFTSE All-share GBP) 26.7%12020:_10.3%.-22.1 % and-21.9%1. Thè tolal income r8lum on inveslmènts lor the year was 32.5% {2020'. 3.5%). investmènts were slgnrflcanuy impacted by the volatility in the sttxk mathets during March 2020 followng the othbreak of Covid-19 pa.ndemi however the Trustees wère pleased to see the recovery in the markets durfj the year and are hBppy wlth the over811 rÈtsJm on lonTrtom) inveslments and deposits forthe ar which were ahead ol the benchmark. The Trustees consider the asset alkneAtion str81egy regularly 8nd fmalty review the investment strategy every the yaars. As part of good govemonce. the Trustees remew Ihe Invaslment managemgnt services •very five years and Charlps Stanley were reapFy)inted in Septembèr 2020 follow7ng a tonder ex8rose. The Trustees sUbseqUenY rewÈwed the investment slfategy and considered the charlty's Slalemenl of Invastment Principlgs as part of thi¥ revi. The Trustees agreed to change thè asset albcatlon Strategy so as to alksw Charle5 Stanley mor8 flexibility when Soting investrnenis and lo allow them to invest wthin the constraints of a mÈdium-high risk investment portfolio. The Trusteas meet with the invastmenl manager once or tWe a yaar to discuss p8rformancè and global trends etc. The Trustees have also implemented a bèspoke benchmark for p&rfomiance moThicwing purposes.
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl REPORT OF THE TRUSTEES OF THE CHARTERED CERTIFIED ACCOUNTANTS. BENEVOLENT FUND FOR THE YEAR ENDED 31 MARCH 2021 Invgstmènt pollcy and performan¢0 {¢onllnuedl The short-tem deposits a held for boiween 6 months and 1 year and are not usually habj in excèss olthe Final11 SrC8s Compertsation Scheme limtt. During the y8ar interesl rates on the depostts rnro&J between 0.47% and 1.61%. At the yearryend th& FurKI had 6 d8posits12020: 6) ui pl8. As ACCA has over 233.000 members in diffwènt SOrS in 180 different Countries thrnugho the world. the Tnjstees believe it YUld nol L possib lo impose social. environmental or othèr ethical limits on lis investsnwtt poIY Ih8t would bè In tha best interosts of all ACCA'S mgmborÈ. Re$ervts policy Tho Trnslees alm to mainlain unr&strided funds at a favel vthich equales lo a mlnimum of at least th years, expendituro and vthich wim meet aniicipated d&m8nds for assistance.a5 and then they arise as well as special demands in Ilmes of emtrgency such &8 the Ind(an Iloods, huffic8nes In thè Carfbboan and the Bahamas and more recently Covld-19. ACCA has over.233.000 members In 180countrlos gnd the r6gerves pOIY rellects the uncertaintios that thls ngs. Th8 Tnstees Assess Ihe reseffts to te retained In the contoxt pflts lontem slrntegic pmjelCmS. Thesp egtimale 8ntb¢ipatad growlh in membership numb8TS and lake 8CCafftt of demographic chan$ that 8nbdpate tncreases in the nbe1 Of relirgd members, 8nd th8 I•1Y effgcts of pandem such as AiDS and more recently Covi(&19, on mÈmb8rs and their families. The Trustees have prepared 3 15-year proie¢t¥)n. which k8 u81ed annually. vthich indKates that, whil& thè Fund is likdy to be at4e to inmsè its reservos in the short to medium term. the growlh In total demand wiu m8èn that. from 2024, FuThYs 8xpendibJre will exceed its income 8r%l it will t nsswyto apply its reserve8 to m88tthese yS. Thi5 sIM)rtfoI1 is expected to increase in subsequent yèars. The Trustees accept that thay coukl not allow the pericd during whith expehdilLrn excethds inGOffte to deplètè Ltnr8slrthd roseNes entirely. but they Ihat there is suffKient timo to review the aclual siluation before any aclion needs to be tsken. Therefore. the polity is to continue building up reserves by means of annual SUTpluses and caret¥Jl management of the invesknenl assets. The Trustees bèliwe that tho shouldtake a long-lemi viewof serV&s. It has been supporting ACCAmÈmtwsand theirfamilios for more than a Lntury and ho to eA)ntinue to do so for many &r$ to c(me. The Trustees monitor 8nd reviewthe level of reserves reguW and tx)nsid8r the current level of £4.966,09612020: £4.137.0031 lo be more than adequate to meet the c(ksts of operating the Fund for a Considerab perlod of time in thè event of an unforesÈen d8din& In datIOrfj. This a150 tskes Into consideratirm the CLbrrent demographlc IreThJ of . P8ople livlng longer. The TruStS ther6fora ¢onsid8r that the charit5 unr8strict8d reseNes are u8tè to meet Current ve1$ ofd8maThJ bul Ihat it is newssryto t8ke a Ig4Pm7 view to increase these over tha next 10 years so that they ran conlinua tD rdiève dIStr 8vgn 8ftor demands on its resrceS have outstrirrf)ed tts incothè. Tho TnBlees also designated soma of the unrestricted fvndy as a Dlsaster Fund for use in casè of a nationsl or intern8tion81 disaster. whether the resLth of for(sg of nature. terrLYism war. vthkh affects 8 Signif1 numb8r of membets. Thls is $h(ywn separately in the financial Statemen The Tr59 hava pui a cap on the Disaster FuThJ at £250,CK)o. I ACCA membèrs are lIa¢1d 8mu8lly about the av8iL7bility of Ihe Fund: ACCA offths W( receive updates of the Fund's actlvluos and pdlciès and thére 1$ a Ilnk to the Fund's website frrm the maln ACCA website. Aftèr ts Bahanlas hurricanes in early 2020 the Fund c¥Jtscted all ACCA MeMr¥ who wern lo(%ted in areas most serfously impactsd by Ihe hUne& to mak8 th9m aware of thè Berwolent Fund and th8 proc If thay required any assr6tanc8. D&si•le all these aclive ¢h8nnel$ of Ix)mMunicatft. Ihe Fund still fiThls il th8llenging to atlract a suffickl nnber ol applicants demonslrating real hardship and, 88 a rA)nSeqnc0. Ihe financial svpport il is able to rnm8lns lknit&J. The Trustees n{iN? to consider how the woth of lh8 Fund bÈ more wdely r8¢ognis8d by developing new publioty commLmi¢8tion stratègies. As part of thls, a newwebsile forlhe Fund is bn9 dÈvebpl and tho FLmd continues to IL91se and work with other berthent funds.
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl REPORT OF THE TtIUSTEES OF THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND FOR THE YEAR ENDED 31 MARCH 2021 Risk management The Trustees èxamirte and review quwtedy Ihe major strat8gtc. busirws and oparalional iisks the Fund fa5 and confim8 that systems we &statAishe¢J so that Ihe risks may be effectiveEy moniknrÈd, and their impacl mitigaled as far as possible, The Tnjstees consider variability of thè invfystrknent rntums on the investment portfd#) to constllule the charitys majorfinonaal rlsk and recent volatility in tha world stock markets ha5 demonstrated this risk. Thts Is m981j by retaining exwt investment man#98rs 8nd Ing a dIverSrf investment wrtfoliD. The Twstees manage the investment portfolio on a total relums b&sis. Trustees consider a lolal retums basLs w1 slabilise the resources avaabl& for gr8nt•fflaking and allow to take account of the longer- temi ouuooks inveslmeni returns. Publk benefrt The Trustees have not the Charity Commission public neffl guidance. The Fund's principal charitabl8 purpose is to givè to those past and wésent members of ACCA and th8irfamlll8s arml dependanls, are In need. byfyason ofage, ill-health, disability. financtal hardship or anotherdisadvantage. Thè Fund asslsts its beneficiaries by awdrding gr8nts or loans of money. tha provision of specific items. the Panent of seryices and r818vanl advi and support ThÈ impact of the FurKI g)es far bey)nd Ihose pèoplè WÈ 8SSlSt direcuy. By helping an individual 8t a ijifftutt time. we also halp his or hor family arKt close friends. Thè TNstees are of the viewthat the FLmd meals the public benerrt requiremert by r81i8ving members arKI their families arKJ depeThknts of financial hardship. Achifftments and performance txwtng the yéar. the Fund agreed to pay grants, ranging from £1• lo £7.50012020: £64 to £11,638), to 22 12020". 33} naficIaeS and offered r8levant adVe ?ThJ supp)rt ThÈ gtants Amounted to £34.76312020'. £75,299). Included tn thts are mmI1M0n1S to 1312020.. 91 beneficiaries for grants. payable after the year- end. amounting to £33,56712020.. £28.0661. Under SORP 2020 these c0mmltrrts ar& included in tr rmandal staleménts as creditors. The Trustees we disappointed to note that the total vae ofgrants abwdrded was lower this year Athough Itre was a similar number of applicants. Thè Trustees expecled mow cod-19 related application8 bul there w88 acluallya fall in the r)umberof benèrl8riÈs to whom assistanca was gln. Effolts have been mad& to increas& the number of applicalions as il is evident ihat globBI ecoN)mic conditions continue to te ditficult and that somè beneficiaries have greater needs. Ajihough the Fund continuas to re¢oive a number of debt-relat8d aPIcatIOnS. the TrustÈÈs do rKt nomially assist in Ihese cases if the applicanl's positi) app8ars to bo unsustainabte in Ihe l(mger-lemi. If the Trustees believe thè 8ppJicant has no Tealistic 8ltemative to an arrdngemenl thwr creditors. or bankruptcy, they wll reluctanuy decide that temporary firwn(aal assistanee would do no morothan dÈLgythe inevitablg. In addition, the Fund w1 not usuallywovhga funds for new business slart-ups or ACCA membership fees. In June 2019. the Tru51ees undertook 8 bèspoke Trusteè Tralnlng sessbn whh wax lointly facilitated by Bates. Wells & Brdithwaite London LLP 8nd HayEmacintyrè LLP. The Irdining included updates on charity governarKg. trustee rolos and reswnsibilities, safeguardlng. overseas p8Ments, GDPR, risk and a general tharity $Èttor updata. Tnle6S found the sessN)n useful ar established an action plan to impjernenl all the recommerJed aclions. Pmgress mJe in iMpmentsg those aclions has been slow this year ¢Jue to d-19 but the Trustees were pleased lo sign off Ihe SeNica Lèvel Agrèement between ACCA and th6 Fund. The Trustees are providÈd with tha Govemane8 & Le8d8rtiip magazine and gel awss to online netetters and update8 on ch¥ity maltars 8nd inilpslments. Trustegs 4so attend appropriate courses on an ongoing basis. In ord8rlo prcrfnote tha Fyhd fvrther. th8 Tfustsgs ¢tinue to review ts commleI)n 8tralegies. improve its profile on thè website and èmbark on a numbar of pro4¢tive publttY opptnIOS whgre possie. The Fund also wk&d wth ACCA'S Communicallons team and is lookin9 81 ways lo Utile sooal mèdia to [mOte the Fun(18s mh as possibla. The Trustees also strive to maintaln close contacts with ACCA'S brarKhes and offices oversgas and have been l¢)oking at ways of prowding supp(Kt servtces to ACCA'S mèmbors vthhthird parts who wn professional helplines and digital s8rvice ddiveryfor charrttes and public sèctor organisations. This is in th8 earfy stages. but the Trustees ère confthnt that Ihis type of support service can t* of benefit lo b¢ngfiuarie5.
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl REPORT OF THE TRUSTEES OF THE CHARTERED CERTIFIED ACCOUNTANTS. BENEVOLENT FUND FOR THE YEAR ENDED 31 MARCH 2021 Grant maklng poIIcy Tho Fund èxlsts to help membèrg end thelr dgpondÉnts- both fin8n¢ially and with 8pproprlate adwce. Th9 Trustee5 invbte applications for support from all ACCA mmbèrs, fomer members and thelr d9pandants. pli(nls submit financkgl aThJ othèr Information in a spo(ific fmat. All oppbcations are treated pathetically and considered on Ihelr merits. Assistance m8y tske the fm of on&-off grènts to help Ihe short-tgrm, r8gul8r ongdng gf8nts a loan which would nonnally ba sQrj on appli(¥nt's prop&rty. All grants are approved by Ihg Trusteès and are reviewed annualy. tt an aPpIant is impacted by a n8tural db38Ster. Ihere is a fast-ttsck pr85 for de8llng wilh applictK)ns. The TNstees ask th8tACCA memters a(fvise thé Secretary of the Fund of any potontkl benefioartes they , b8ll&ve to be in n88d bul who may bg r81tsd8nt to approach the Fund direcuy. Th8 Truste6s are eoncemed that thè Fund doos nol rOcee enough applications. although they lry to contact potential banafjoari through a vwiety of medFa. Tha Truste65 revièw th6 guwJe11ft6s for gr8nUng assistarte annu8lly. Detals of how io lor tyants and othor assi%tanee, toyether the televant fomis. are available from the Secretary and the ACCA wpbsilo tt '.IlwMw.acca lobal.coml Imemberlmembe Ibenevol nl-f nd Plans forthe future The Fund is now fully 0rational as the mwn chartty fotbwng th8 tr8nsf8r oflhg masorfty of ihè asset4 and alNIMtgs from th8 charity 8stablishod by Trust Deed. The ch0ri1y eslished by Trust Deed will conilnue trj operate unlil such time that the Trustees arè satisfied thatall tha 8ssets 4nd liabililiés havè been transferrwj lo Iho chqrttable company. Onty ai lh limo will th8 Tfuste8s consbY8r the dlssolutN)n of thfr tharily . established by TTUSt Deed. TheTrusteeswill contlnu&to malnl8ln thgtrgfforts to atrdctapplicationsforassistancefrom ACCAmembers ' . and to treat these with courtesy and maklng èv8ry PfAssiblo effort to ensure that SLEPWt 1$ offered tn all gpprr¥)rf8te cases. In particJJlar, Ihe TTusleès will cor)tinuè to pn)mote the Benevolenl Fund a¢sS the workl lo ty reach all memkn. This will b& done th feÈtures in Accounting &nd Businw, thé Fund's website. usiNJ ° members. netsw)rks. national o)Tres and collaborating with other Benovolent Funds. Since the year-ènd the Fund has WLYked with ACCA to highlioht awaren&ss of the Fund to members impaded by tho St VIrnt vokano eruptK)n and ireased oultnaks of Cov¥J-19 in India. The TnJ5tees 8150 wtsh lo dev6iop the relati$) Connèct Assist so that they can provide relevant support seNices to the Fund's benelkiarEs. The Fund is also investigatinqthe dovelopment of an onlina applicallon fomi. . Secured lendlng and the Flnan¢lal Conduct Aulhority In 2015 thè Fund w8$ authorised bythe Fin8nclal ConductAuthrty{FCA) to enable itto admisrScUred loans arKI charge nomlnal interest rates on thos6108ns. The trustg8s were keen to ensure Ihat the chartty Wos able to support its b8neficies by ptoviding low-lntgrest lending secured on the IN)rrOlS proparty. ' While Ihe Trusteos believe ihe FurKI doès not ad by th8 way ol business and would th8rnf(xe porhaps not rure r8g1straon with th8 FCA. professional was received which reo)mmended th?t Ihe FufKI conflnue to be Tegulaled with the FCA despi Ihe admlnistraUve burden. The Ch¥rtered CertIfd Accountants, Benevdent Fund is a compsny Ilmited by guarani89 followin9 incorpM)rnlion on 6 February 2014. wlstration number 08880293. It was also reglstwed as a charity wlh tho Ch8rity Commlsslon for EnglaThY and Wa18s on 25 March 2014, registratK)n number 1156341, and wth OSCR in SCO8nd on 9 jartry 2015. r8gistrtion number SC045337. The compgny is govemed by its MemoraNJum end Affjictes of Aslation. The company is limited bygu8rontee and theréfore has no sharo. pltol. Tha goveming body is Bogrd of Directors whlch conslsls of no Itss 1han.five and no more Ih8n fift Trustees. The deCtL*s (who are also Trnsleos of the ch•ity for tho WFPOSOS of charfty lawl ar8 listthj on
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl REPORT OF THE TRUSTEES OF THE CHARTERED CERTIFIED ACCOUNTATrifs' BENEVOLENT FUND FOR THE YEAR ENDED 31 MARCH 2021 Slrneture. governance and managèmènt IcontinuÈd} Tha tides of AssociatKJn provide for one third of the Trusteès to be due fc¢ wpp)inImt in any one yeèr. At 8very Annu81 Retirement Meeting one third. or th8 numbèr n8arest to Ihird of th8 Trustees, being those who have been knngesl tn since thèir last apwntment or re8pp)intmenL must retire from office. Where moTe than on8 third of thè Truste8s have served for the 88me perKKI of lime sin thèr Lqst appointment or reappointment those Trustees $hall agree amongst themselves vJht¢h Truslees shall retim, or in the event th8t agreement canTh)t be reached, the decision shal be made by kjt. The Trustees mgt four times in thè year. Due to Covid-19. these meetings were held ¥irtually. At each meeling they consid8r8d appl111$ frcyn potential befid8nets and reviewed the financial posibon of th8 Fund. A strategy meeling is held annually 81 whlch the Twslegs a9 the broad $trategy and acliviligs of the FuThl induding consistÈney of grydnt-making, investrnents, reserves and risk management policies and perfom18n¢x. The day-trdaY admlnistration of grants the pmcessing and handlirwJ of appli¢&tions prior lo ¢ortsi(thtknn by thè Trustees 15 ddegalod to th9 S8ua18ry 8nd Iha administrator. New Trusteès are identified from the relevant skillsets and may aPFnted from oulwth A¢CA mèmber5. The new Trustses wll b& appointed by the current Trustees and serve for a period of lime after whth they may put Ihemselves tcrfward fryra-gPFK¥ntmenL During th&yearth8 Trustaos apwinted three nawTrusleos to thè Board ftAlowirvJ a trystaa recruiknent campaign. The Tnjstees have uwlat8d the New Trustee Induction pack whh is grven to new TTUStees. The pack irKtudès a copy of the Memorandum and Articles of Asso¢ration of Ihg company, a briof history of the ccrnny, the last the years, annual reports of the Fund and of th8 unincoTwrat8d charty, recent minutes, a cwy of the Charily Commission guidance Tr Essential Trustee.. What you need to kTh)W and a copy of tha most recent management flnanckql staloments, str8tegy and 1>y&ar rolllng plan. The FurKI is 8 member of the Association of ChwIt8t8 Organisations IACOI. Thè ACO prowdes much helpful Infomiaiion on good prdclice. changes In the law affecting chartiles and octs as a voke lobbn9 on behalf of the benevolent sector charities vth Ihe Go¥èmmènt Regulators. Alllwh Mt requlred to do so the Fund has regÉstered wilh the Fundraing Regulator. Fuftdr41sln9 Incoma forthe Benevolent FLd is18rg6ly fr(xn the fr)Ilow¥KJ SrCeS.. Regular (l(¥wtK)n$ from ACCA membets Gift aid R8lum investments Legacios Sedion 1628 of the Chariti8$ Act 2011 r84wras thariliès to m8ke a statement regarding fundraising activiÈies. Although the Benevolent Fund does not undertake widèspread fvhdrÈising fr(Mn thè gener81 publ, th816glslation defines lund rai&ng a8'80li¢itlng or otherwise procuring nw)ney or other rAoperty for charilable purpos. 'Su¢h amounts are ptesentèd in our accounls as'Don81ions and laga8$,. In relation lo ihe 8bove the Trustees confim Ihat thè Fund dDo8 not out5(yJrce fundraising to exiemal organisations and 15 registered wth the Fundraising Regulator. The day-t041ay managemenl of 811 Income generation Is delegated to the S6(xet8ry, who is 8c¢iyJntable to the Trustees. The FLsnd is not bnd by any und8rtakir¥J to te bound to any regulatory scheme and th8 Truslaès do rtot consider it necessary to comply wth any voluntary code of w8clk*. No tmplaInts have been rtttyved in relation to fundraising activitiès. Th•charity has no other fraising requirirwj disck)sure under S182A of the Charities Act 2011. G¢wornan¢o Code The Chaftty Govemanca Code VAS introduced In July 2017. Th8 code 5$ w)t slatul(wy regul8tn bul 'repr•sènts a standard ofgood govemancg pracb¢e towhith all th8ri1ies should aspire.. The coae requests that Chare5 olther apKAy the standards of the coda or &xpl8in how thèy going to Apply them in tha fulure. The TfUSte8s Yegurty review the code to ensure that they CA)ntinue to meet the required slandards and bulld efforts lo improve.
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl REPORT OF THE TRUSTEES OF THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND FOR THE YEAR ENDED 31 MARCH 2021 Key nwn•gèm•nt pÈrsonn•l rnmuneratlon The Truslees consider the Board of Diredors knd thg Secretary as cothwislng key marwmt peisonnd of the charity in ¢hge of dlrectlng and Cohtrolling the charity on a day-ldaY bass. Al Trustees give of their time freely and no trus189 r8muneration was paid in the year. Dètails of tvjstep eX[se$ 8nd rn1818d party transactions are included In notes 8, 17 and 18 to the acojunts. Trustaes 8r8 wuirad 81 the stsrt of each méeting and all other relevant limas to disclose personal intérnsts and register them wlh the s8erY and in acA¥)Yrlanco wih th& Fund's policy V1hdraW from d6cAsions wherè 8 conflict of inlerèst arises. The s&vtr$ of the Secretary are dortaled by ACCA. Rofèrnnco and admlnlstratlvè Infomithn Tnist89$ Mrs J Cde, Chairnan (from 11 March 20211 Mr P O Flnch, Chaimian (10 11 March 2021) Mr J M Beck8degge DrMJMBrist S 8uTd Mr A O Doett (appointed 8 Dmber 2020) MrAEPLaufè Mr P A Marchant {8pIMxnlad 8 Dac8mbw 2020) . ML8s R Malher Ir8signed 22 April 2020) Mr A Sandison MTS A E Taor lapp)Inted 8 Decembgr 2020. r8sign8d 3 September 2021) Mr A G Th(Thè {rgslgned 9 D8c8mber 2020) During year. Mr P D Finch. Mrs J Cc48 and Mr A G Thome retirgd as Trusteas under the ièms of the MamoraThJum arKt ArticE8s of Asso¢i&kn. Mr P D Flnch and Mrs J Cde V4Ere sul)sequÈnlly re-Ot¢cted as Tfttsl for a fwlherlemi ofthree years. FoltovAng a trustee ul1m8nI (smp8lgn Mr A O Dosett, Mr P A Marthant and Mrs A E Taor YM8 aFQoint as Tntstees f(Y lÈmis ofthY8e rs. Mrs Taylor sUbSeqnY resigned on 3 Septemir 2021. Mr H M6Cash ' Prfnopal Oflkg Adelphl, 1-11 John Adam Slr8e( London, WC2N 6AU Audltor Grant TIKknton UK LLP. Tho Colmore Bulldlng, 20 Cdmre CAlS. Blmiingham, 84 6AT ' I41npaI8ankef ClJYJesd8le Bank 30 Stvincenl 110, Glasw. G12HL Solicilo 88tes Wdls & Brailhwaite London LLP, 10 Queen Stroet Pl8ce. London. EC4R 1BE . Wllsons Solldtors LLP. Alexandra HSe. Si Johns Stree( Salisbury, Willshire, SP12ÈB Inwknt Manager Charles Stanley & Co. LlmSled 55 Bishopsgatè. LoNk)n, EC2N 3AS G•naral tsata Prote¢tion Rggulatloh IGDPR) dala Protection processes and policies were introduced in 2018 sn order for tho orga,ni$ation to L comFlianl %wth GDPR. Fund has g data sharing agreoment Wkth the ACCA th81 has b8en updated in lin¥ tho ngw code and our privacy statements have boan updat&J and 8rn available online.
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl REPORT OF THE TRUSTEES OF THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND FOR THE YEAR ENDED 31 MARCH 2021 Trusle•$' r¢8ponslbllltles statsmwl The Trustees (who are also directors of tho Chartered Cerlified Account2nts' Benevojénl Fund for the purpow of company law) are respDnsbi le for preparing thg Rew)rt of tho Truglees and the finana81 statements In actordancp vJith 8ppli(ble law 8fKI reguktions. Company lÈw requires thg Trust lo prepare fman(xal stalèm8nts for 8ach financtal y88r. UrKlsr th8t18W the Trustees havè dected to Pfepare th8 financial statements in accordance United lQngdom Generaly Acc8plèd Accourtting Practice (United lQngJom Accounting St8ndarrls and applicable lawl. including FRS 102 Thè Financial RePon9 S18ndard 8pplicable in the UK gnd Republlc of Ireland. Under company law thè Trustee5 must not approve the financid statements unless Ihey are satisfied that thèy gNe a true aThJ fair view of the stote of 8ff8irs of the Fund and of the incoming resow(s and 8pplifAlron of resrxircès. iNJuding Ineome and expeNliture. of th& Fund f(Y that period. In preparing the finandal ststements the Trusiees are requlrad to seled S[tab accounting polidas and then 8pply them nsIstenI1y". observè the methods and principle5 in the applicabla Ch8ri1ies SORP IFRS 102); mak8 judgements and accounting estimate5 that are reasortable and wudent. stat8 whethw applicab UK Accounting Standards hava been followed, suble¢t to any material departures disclosed 8nd 8¥plained tn Ihe financial statements.. and prnpare the finan(xal ststements coeetIY on the going concem bASiS unlèss it is inapprcwiate to presum8 that tho chartty wll ntinu0 in opwolion. Th8 Trustees responsible for keeping ad8quatÈ accounting records. that are suffidènt to show and gxplain the Fund's Irans8Ctions whth disclose with roasonable accuracy at any time the financial posilicrfi of tha Fund artd ehable them to en$ that the financial statements CA)mply with the Companies Act 2006, the Charitl8s and Trustee Invaslmènt IStx)t18ndl Act 2LX15. the Charities ActTh)unls {Scotlandl Regulations 2(M)6 las amerxled) and the provisv)ns of the Memorandum 8nd ArWÈ$ of Assmtion. The Trustees are a150 resFX)nb1e for safeguardin9 Ihe ass8ts of the Fund arbd henc£ for tsking f8asonable steps for th8 evenlion and detectK)n of'fraud and other irragularibes. The Twst88s confimi thal: • so far as each trust& is aware. th8 is m relevant audit inf0m1atn of the Fund's audltor is unaware.. and the Trustees have laksn all thè stops that they ought to hava takan as Trustées in order to.make themsèlvès aware of any rel&vant audtt irrformation and to establish that tha FurLd'$ 8udilor is awaTe of that lnf0miatm. The Trust88s.aTr reSpCsIbl9 for the ovwsight arKJ integrity of th8 cwrate arKI ffin8rri81 infom81ion induded on th8 Fund's website. Le91sli0n In the Unlted Kingthm goveming the prepAr81ion and diSSemaltoh of fmanaal slatèmonts may dffer from legisktion in otharjurisdi¢ttons. Auditor The Twustees hav& taken dl thè steps th8t they ought to have taken lo maka th8msefv88 aW8rè of wy information ne8dod by the FuThl's auditor lor tha puryjoses of their au¢Jit and to establish that the 8udltr is aare of th infomiation. Tho TnJsta6s are not aware of any relevant audit Infoml)n of whKh the auditor is unawar6. Grant Thom UK LLP has axpmssed their willirynas5 to continue in offu. The Fund Is most grat&ful for Grant Thomton UK LLP'S SUPPOrt and a re$olulion to rwpoinl them will b8 proposed in a¢cord8n¢e th seclion 485 of Ihe Companies A¢1 8t Ihe annual general meeting. IIM Cole, Chrman 22 September 2021
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND STATEMENT OF FINANCIAL AcnwTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021 Total funds Total funds Ye4r thdod Year ended 31 March 31 March 2021 2020 Incomo Transfer in from The CharterÈd Certifiad Acwun1an Benevolent Fund (unincorporated ch8rity) Donations Le9acS Inv9skniant income 238 75.131 8.033 91,601 1,628 78.019 12.535 132,343 Total Incomo 17IOD3 224,525 xpèndilur• Expandllum on rwsing funds Investment managemènt Costs 7.8 Eynditur¢ on charitable éctsvihes 21,507 59.716 21.7f2 111.826 Totsi •¥penditur¢ 81.223 133,588 Not In¢om• •x¢ludlng Investmefftl gains111s•s) 9J,780 J.9a7 10 Nei g4ir)sl{k)sses} {) nsentS 735.313 1484.4161 Not Incomp and not movomwtt In funds V29.093 (3914791 R8eon¢lllthon offunds Tot funds browjht lOld at l Aw 4137,OD3 4.$30,482 Tptal funds tarried fornya at J1" March 096 4.137,003 Al anounts relate lo u)ntinuing Bctivrfies and to Ltnr8striC funds. Th8 accomp8nying not8s on pages 13 to 21 fom port of thes6 finan81 st&temenl3. io
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND BALANCE SHEET AS AT 31 MARCH 2021 COMPANY NUMBER Q8880293 31 March 31 2021 2020 Flxed •s5ets Investsnents 10 3.771861 2,988.093 Current a8s•ts 11 Loans 12 Amounts dua from related parties Tax recoverable rèpAymenls and accN8d income 13 Short-tem) knvestments Cash 8t bank and in hand 205,705 96.IM4 46.530 3.456 596.672 171,196 2[.138 14,012 11.327 492.895 289.463 1,229,558 1,185,031 14 CY8(htors: amounts falliw due within one year 42,323 36,121 Net ¢urrent a$s•ts 1.187.235 1.148.910 Total assets less rr•nI Il•bilities 4966.096 4,137,003 Funds 16 Unrnatii¢ted funds Designated funds Ggnerdl funds 309.063 4657.033 274,808 3.862.195 Total funds 4.966,096 4.137,003 The finanu81 ststemenls were 4)proved by th8 Tnjstees on 22 S8Ptombèr 2021 and signed on Iher behaw by: Ja¢quollne Col•. Ch8iiyn8n The accomnng notes on p8ggs 13 to 21 fomipart of these finanual slatemènts. II
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTANTS. BENEVOLEpif FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 T¢)tsl fvndg Total fuNts Yetr endèd Year ended 31 March 31 March 2021 2020 Net tyh Provid byl(used In) opèrating a¢lMd 89.319 1115.965) 1ftte$t afid thvidends Pred5 from sale of inv&%tsn8nls 91.601 273.626 132.343 117,337 N•t ca¥h providèd by inv•stlng actlvities 365.227 249.680 Cash flows from financin9 aedvlll•s Purchase of investments (329.081) 1236,957) Not ¢abh ed In financlng acthiities {329,0811 1236.957) Chang• In Cash and equlvahnts In the yoar 125MS (103,242) Roeonclllatlon of fund$ Ca#h and tqulvalents biought foTwa 782.358 885.600 21 Cash and ¢ash ewlvalonts carrl•d 907.823 782.358 Tha acGompanying notes on pagos 13 to 21 fomi part ofth8se fjn8ncial$tat8mgnl&. 12
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTANTS. BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 General Infomiatlon Thè Chartered certd Accountanta, Benevolant Fund L8 a ujmpany limiied by guarantee. The Ibabilily of eath memb6r1s rostrthd to ? maximum of £10 in th& 8v8nt of a wnding up. AccovntFng Pollcles The following aCctrJnThJ pdKi8s era ¢onsKkred materlal in relalion to Ihe Fund's financA&l stat8menls.' (8) Ba8 ofpreparntlon The financial statements have been prePd under the historical (y)st convention, as modified bythe inclusK)n of fLxed asset Investments al martet valuo. and in accordance with th8 Statement of Recommanded Practice.. AccountirwJ and Reporting by Charities preparing thèir acCjnts In COrdan vrith the Financial RepM)rting Standard 8pplicabtè in the UK and Republic of Ir8land IFRS 1021 {effactive 1 January 20191- ICh8ritios SORP IFRS 1021). thè Financlal RertIng Standard 8pplIcab kn the UK and RepUbC of Ird8nd IFRS 1021 and the Companies 2(K)6. The Fund meets the definition of a public benefit entlty under FRS 102. Ass8ts aThJ Ikqbililies are SnitiBlly rerngnised 81 histortcal cost or traN8actÉon value lleSS otherwise stated in th& ralevant accounling poliGy note(sl. Ibl Cnbc81 accounlin9 èStim8tes WKliudgements The prapardtron of fin8nc#al slatÈmerts. in confom7ity wlth generalty accepted 8ecounting prinCIeS. requires Ihe use of estimate$ 8nd assumptions that 8ff8ct the reported amounts of assets ar 1k9b1leS 81 Ihe date of the fInatal statemènts and the reported am(nts of revenues and experws during the reporting p91tJ. Althwgh these èstim8tÈs ore based on th8 TTUStaès' best kn1g& of cuvront events and acbons. 8ciual resums ultimatety may drffer from those estimates. The 8StiFnates and 8ssumptv)ns which have the most slgnrfK*nt risk of causing a matarial 8djusknent to thè caTrying amounts of assets and liabililigs relate lo the [0verall11ty of th8 loans. Where there on IndKation Ihal thÈ loan 15 not recoverablè 8 vIeW will te undertaken of the recDverable amount of that asset basèd on vae In use c8lcaJlatw)ns which wll involve estimates and assumptK)ns mad8 by the Trustees. (c) Incon rgcogntti( All income Is rècognised once th8 charity has entitlementto the ncome. It is probable thatthe incom8 will be r81ved. and thè amount of income r8coivablè can be measured rdlably. AN incoming resources am aco)unted for on 8n 8¢crnals basis excepl for donalions which are accountèd forwhen received. Legac$ are recognised on 8. cas&by4ase basis when the 8dmini8tratorlexeculor for the eslale has (xjmmunicated in ¥witing tK)th the amount and sèitlèment dats. Interest on funds hèld on d8WSit is induded vthen receivable and the amount can be measurad reliably by the charity. this nomially upon nottfic81ion of the interest paid or payable by the bank. Dividends are recognisÈd on 8 receivable basis. Investmènt iiKome Is Stated gross of taxÈtion rècoverable. Interest re(dvabl8 on loans is recognised whon CeIpt can be established with sufficient reliability. Grfts in kind arg recognised al their market value on receipt (see notes 17 and 18). (d) Ewndfturn recognition Liabilities arè recognised as axpendltur8 as soon as tsre Is a gaI or Constrte obligation committingthe Fund tolhal expanditure. it is probable thatsetementwlll be required. a1 the am(NJnt ofthè obligation can bè me8sured reliably. All 6xpenditu is accounlgd foron an 8r£rugb basis. Al expenses including supportcostsand govemaneecosts areallo(£ted orappOrne to tha apKAicable expgnditure headings. 13
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTANTS. BENEVOLETrff FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hlARCH 2021 A¢countlng Poll¢l•s (continuod) l&) Prpp8r8tion of the accounts on a Ping ¢onc8m basis The Tnjslees have considered the impad of Cokn&19 on Ihe Benevolent Fund's acbviU6s. which indudes the possibllity of lower Investment values due to thg StoL Maet vdatilty" increased applicatn$ from affected membèrs and their f8mili8s; r8(luced levels of d(atiOnS The Trustees have r6vlwe(l the 15-year financ481 pLgn takirg inlo account vAriou$ impacts. Follovlng that revtew they are sBlisfi8d that tho Fund has stClent reserves to continue lo help b8neficiari8s for many yéars and Ihoy have concluded that thgrg are no material un¢ertainli8s about the carills ability to COntÈ 8$ a going rw. Accordirgly, th& firHnci81 slatsmènts have prepared on a going concem b8Si$. Ir) Fuedasset inves ed asset investments aft a f¢Jm of basie ffinancial instrumènt and are i411Y reoJgnised at their Ir8ns&titin value Bnd subsaqwntly measurwj at their fair value as at the balancg sheet date uslnu thè ¢k)gng quoted market prKe. Thè stAt8mentoffinancial activitlès indudesthe net gBlns and h)sses arksing on revaIL10n and disposals through11 the year. The man fomi of financral risk fac8d by the ch8rty 18 that of the volatility in equity markets and irweslment markets dua trj wtdèr8o)homic C%)ndnS. the attiiude of iTrvestors to inv8slm8nl and th8nges in sentlmonl (xmceming quities Ènd v¢ilhln Partular s8Ctors or s$e¢l$. The Fund does not acquire pul opt& derivalwes ( other coMpX financial instruments. Igl Realis&d 8ndunreBlised gains Bnd Ioss8S All 98ins and10ssesare taken to the statement offinal81 actilieS as Iheyarise. Realised gains 8nd losses on inveslments are cakulated as the difference bet¥wn sates rKoceeds and Iheir openwig rfying value ¢x th8ir purchasa wicè rf 8cquired subsequent to the frst day of the financial year. UnrealisÈd galns and loases 8re CakUt& as the drf[erer behveen the fair v81ug at thè yrTrd and their carrying valu9. Ro81ised and unrealbsed investment gains arKI los$8s ar9 C)binèd in th8 statement of financial activilias. Ihl FinanGialinstllTh8nts Finandal Instruments recognlsed in th8 b81anL% sheet iud& cash and cash equivalents. 8vailabt for481è investrnerts, rVabS and prepayments, and trado and other p8y8bles. Finwciaj instruments are initially valued at fair value. Financ4al assets are derecognised when the rights to receive cash flows from lh& asset have 8xpirod. Fln8ncial fiabililies are derecognised vthen th8 obligation undèr the liability Ls diSchged ot ean¢ellgd or 8xplres. Th9 dwrlty assesses at b8lanco sh88t date ether a fmancrdl asset is impared. Wh8ro a financkal asset shows an indlcalryof impaim)ent, tt is tested to assess %thether il shouW be speciflY Impaired. The recov8r&ble amounts of fin8nci81 assets are calculated by discounting the estimated future cash Ilows using lh8 Nlginal effècllve inl•r8sI rate. whe the recovorable amount is s$ Ihen thè carrying value. an im1rm£nt loss is rvognwd. Subsequ9t)t to reco9nising IhBt Impawmgn( Iho impaim)ant may recored If an èvent occtsrred that rever¥es the imp8imenl indi(tor. Subsequonito inilMI Tnrt. finarrial inslrum8rils are maasUF as set oul bdow. Loans are carried al the origirtal amount advanced to 8 beneficiary less any pawnents made. and less prOViOn made for the nonrVel8bII1Iy of these loans. A provision for impaimient of loans Is eslaNished when th.ere is oblective ovldenf* that the Benevolent Fund wll not b& able to ¢ollecl dl amounts due according to lh8 thiginal temis and conditions ofthe loans. The amount of the provtsion is the dlfference belween the ¢eng amount and the remrnble aMnt, belng the present value 14
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng Polleles leontlnuedl Ihl FInanalStrnents (continu8d) Cash and cash 8qufval8nts Cash and cash aquivalents ar6 carried in the balance sheet at c(k%L For the purposes of thè sh tlow statement, cash and tash equivalents ¢ompris& eAsh on hand cf bank overdraft 8nd slN)rt-term invostsnents and are $ut48cI to Insignificant risk of charoes in value. Tiade and olher payables are statad at thair fair value. Galns andloss•s All gains or loss88 on fin8ndal assals aTrJ 118bilitM arg racognised in Ihg statement of financial actlvltl8s. indudb)g unraalised and realis&4 gain5 or105SgS inv8slmbnts. UnrestiiGted fvnds The unrestricted general fiJTrJs represent the amwnts re18kned to ensure the conlinuing ch8I7tab activitias of the Fund. Designated funds arè unrèstrided fund5 that s sèt asrde 8t the discretion of tho Trustees for spethfi¢ wrpos8s. Tha purpose of specific deSated funds Is shown in rnte 15 to financkgl slatements. ti) . Short-t8mi invostmgnts Short-temi investments irlUdeS cash depts lth a malwity of between 3 monihs to 1 year frun the date of ac4uisltion or opèning of the deposlt or simlar amount. Ik) Cash at bank and in hand Cash al bank and 5h In h&nd Indudes cash short-tom highly Ilquld invesimènts vAth 8 short malurity of th mnlhs or less from the date ol acquisition or opaning of the deposil or SImar Support costs Support Costs c4Jmprfse the ujsls of administrativ8 SLEP provide(I by ACCA and Trustees. expènses, both of whh arè Apportioned between Gr8nts Pay8bl8 and Governan Costs on the basts of the lime spenl on thich actiwty. Detai15 of supp(xl costs Bre gven in notes 8, 17 and 18. Im) Exp6nditurn Dn rai&ng funds The costs of generating funds consist of Investment management wsts arKI crtAin18gal kn. Inl EKpgndJlure on charttabl8 adivilies Costs of Charitatre activities includ8 grants made and an apr0ment of ovèrhead and SUFVWt costs as shown in notes 7 lol Govamanc8 costs &)vernanc8 costs (x)mprise expenditure rdating to the FUNI'S gwernance and include any costs related to audi( legal and rMofe&8ion81 fees together vrith an apportlonmgnl oloverhead and supwt . costs as shown in Doias 7 and 8. (pl Loons Loans are sc¢ounted for as a debtr oncé the funds have bèen remitled to the benefary and the appropriate docajmentalion has been re¢eNed. Allhough loans are treated as current assats. il 15 nol expect that any of thèm will bè repaid in tull wlhin one year. Provision is made for non-repayment of loans wh6n thè Trustees believe there is lilue like1knl of recovery. Intsrest on loans is rKIt a¢(wnted for until the loans are repaid. Iq} Grant4n8A7ng Grants are accounted fLyWh elthérthe recipient has a reasonable 8xpeotatKJn that Iheywill re1¥9 a grant and the Trustees ve agreed to pay th& grant wilhwt conditK)n, or thè rÈdpienl has a reasonable expectation that theywill rnceive a granl and anycondiknon attad)ingto Ihe grant is outslde the (x)ntrol of thè 8&n0tnt FLtnd. 15
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERÉD CERTIFIED ACCOUNTANTS. BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Aee¢)untlng Polieles {continuod) Ir) For8ign otvrencies T.ransactions in foreign CUr[1eS are Convertèd into st8rtlNJ. whi¢i is the presentsli¢Jnal currenGy of the thsrity, at exchange rates rullng at Ihe date ol the transaction. Monètary assots and li8bilili6s denomin8t8d Sn foreign currencles ore translated at the rats of exchange ruling at Ihe b31ance sheet date. Is) taxation Tho Chatlwod Cortifiad Accounlants. 8en8volent Fund is a registered thatity, And as such is entitlÈd to certain tax exemptions on income and profts fn)m examptions. and SLwpluses on any a¢livSties carried on in furtherance of the (ariWs prlmary obiectnres. If these worts and SuSeS 8re aPpld sdely for charitable. purposes. V8lu&llon of $9rvlcgs and fodlltlasprovided fr8e of charge The Assoctat)n ofchartered Certified AL¢ounl8nts (ACCA} provKlgS Stéff and fa¢ilit$free ofcharge io the tharity in orfer to fulfil its eharibbla objeciives. Additionally. certain adminlstr8Uvo costs are bome directly by ACCA. Valu8lton of the servw 8nd feciliues has been included a5 follows: Stall are valued as a proportK)n of salary and related Sts based on an estimat& ofth8 amrn1 of time rdevant ACCA staff members Snd on Benèvdent Fund activtties over the perlod Ihe Ilnanrjal ststements are prepared. Fall(leS prowded by ACCA for hosting tharity meelIn are valued lfi9 a dalte rale for hirfng'similar venLS frLxn a thtfd-party tranua provider. Costs, iludIng audit fees, which are bcw dir8Ctly by ACCA ar8 measured uslrlg tho amount paid by ACCA to thè third-party prowder. These meth(MJs proxIMate falr valug. {u) Fund$ FIn31 proj8dons are prepared annually and rnvts8d as netassary. The mwrc8s of the Benèvolent Fund are used to the tull extènt available and 8nyaccumUkn of assals Is forfulure usè der the tems of the Fund. Reserves are not intenllonally held at a defin Ve1 bul are used as )d when apkyoprlate 8cllwtles are approved that fdfil the obieolives of th8 Furwj. 31 tAar¢h 2021 31 March 2020 Ch#rilabl• donations Donation from the Chartered Certified Accountants. Benevolent Fur 238 1,628 Durn)g the year thg Fund Tocelved £238 frnm the unincorp(K8ied charity, the Chartered CertiF(ed Accounlanls. B8n8volenl Fund. as authorised bythe transfer documentalion Ithich beme effeclive as at 31 De(mber 2014. Donatlon$ Donations frffj) m8mt*rs Gins in klnd- costs reknbursed by ACCA (notes 17 and 18) 929 19.202 47.SOO 30.519 75.131 78,019 Investment Income Divldends on listed IntmentS Intsrest on cash deposits arKI ed Tate investments 81,798 9.803 119,389 12.954 91,601 132,343 16
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl ThE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLEMf FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Inv•slmont management costx 31 Mwch 2021 31 March 2020 Investment managament faès 21.507 21.762 Expèndlture on ¢harhablo actlvltlfjs Year ended 31 March 21)21 Dirèet co$t• Support 31 Il•r¢h Grants pay8bte 34763 5.751 13,442 5,760 48,205 11,511 40.514 19.202 59.716 Year ettded 31 March 2020 Direct costs Support (xjsts 31 March 2020 Grants payable &)vemant¥ costs 75,299 6.008 21.363 9.156 96,662 15,164 81,307 30.519 111.826 Support costs, consisting of Trustees. axp8nsos and the office costs of the Fund, including staff salaries. arp split betven gIt making arKI governae on th& estKnaled time sp8nton èach activity as shown in the tablg bek)w. Year ended 31 March 2021 Support ¢¢)sts Bas1$ of apportlonm¢nt Grants Govemance payabl• offi costs Work done Trustees. eXn59S Actual Staff expenses Actu81 M881ing Costs Actual 12.600 14000 211 631 301 270 13.442 5.760 19,202 Year end¢d 31 March 2020 Support costs Basis of apportiorffient Grants Gt)vgmance pardble Offi¢x ¢xsts Work done Trustees, expertses ActLHI Staff expenses Actual M8atiThJ costs Ltual 11.900 5.539 2.549 1.375 5.1 2.374 17.000 7.913 3,641 21,363 9,156 30,519 The Fund has no emFdoe$. Thè SecTetsry and admiislrativ8 st8ff arè 8mploy8d by ACCA Ar) prowrtion of their st8ff costs is induded in support costs above. 17
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIÉD ACCOUNTANTS. BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysls of gants All grants aw8rded are for the benafit of indivhknls Ènd thelr fwnlllès. $1 March 2021 31 March 2020 10 Investm8nts Quoledlnv•stm8nts Markel valuo al 1 Aplil Acquisitions Dlsposals at C8ryrwJ value Net unrgalisÈd Investment gainsl{losses) N81 rnalised investment gains on di¥NJsal 2988.093 3,352,888 329,081 236.957 1273.626) (117.3371 691,801 (489,238) 43.512 4.823 Market vath at 31 Morch 4n8.861 2,988,093 Historkal u)st as at 31 March 3.258,617 3,15>,648 Investmènts #t mathÈt valu• UK Equtbes Eurw Equhies North Arnerica Equthes Asi8 Paufic.Equtbes Other Global Equ11$ UK Gilts Olhar Fixwl Ihtsmt Property Jtem8tiv8s 1,871791 129,992 499,891 289.342 2H355 82,132 408,061 121402 101.895 1.$18.944 123.672 393.653 270.879 106,774 136.094 308,325 129.752 3.778.861 2.988.093 AJI iwe5tmenls are carried at thelr f8ir value. l¢weslm8nt in equities arml inleregt se¢LYities are all trad1 in quoted publK marf(ets. ptimarily the London Stock Exchange. Holdings In common irNestment funds. unll tnjsls 8nd opÈTrÈnded investment companies are al the bid prke. The basis of farvalue fLY qtKJted investments is 8quSvglentto the nlark81 vabje. using the bid price. Asset 18$ and purchases ar8 re)glse(l at the date of trade at cost (that 15 their transaclknn value). Al investment assets vffjre hfjld In the UK excepl 99 disclosed above. The Wowlng Indfvidu81 sh8rehoklin99 or investrnents are considorad individuolly to ba mat8rial with the nwrket valugs and prop(4ti of the portfolio shovm 88 at 31 MarL* 2021: Holdlng maat Valuo Percentagfr of Portfolio Bla¢kRock ChaYltl•s UK Bond A 226,696 6.0% Th6 TTUSte8s sèt 5% of year-and martol v8lu8 of the InM8tment portfrAK) as th8 Itweshdd reporting material inv691ments. 11 Loan$ Loans are cla#Ti as debt0. They can be repaid at any time and are therafore cgtegorisad as current assets. Mtsstof ihe loanÈ ats secured bylegal charg8s onfreehold propèrtiesand are interest- bearing at rates relAted to bank rat6. T¥ loans tolalling £39,455 wera awarded during the year 8nd the loan whid) vrds belng repaki by instalmeS was written off during th.e year. 18
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FPR THE YEAR ENDED 31 MARCH 2021 31 March 2021 31 March 2020 12 Amouhts from rolatèd partles Due from ACCA Due from the unincorporated charity. the Chartd Certifd Accountants, Benevolont Fund 352 9&692 2C6.138 9&044 Xkn.138 13 Sh¢rt4emi Inv•stments Markèt value ol 1 Awil A(4uisitions DispJsals at cartyng valu8 492,895 573.101 596,672 492.895 {492,89SI {573.1011 Mthel value at 31 March J6.672 492.895 Histrrrical tx)sl as at 31 March 596,672 492.895 14 Credltors: amounls falllng du• wlthln one year Trade creditors Grants commltted ALxrued expenses Due to ACCA 3.1)00 33.567 4756 28,066 7,786 269 42.323 36,121 15 Transkn belwn funds Dè8lgnAtsd Funth Dlsastar Loan Fund Fund G•n•ral funds Total At 1 .12019 4,243,963 Nat mov8m8nt in hjnds for Ihe p9tlod {393,4791 Loan Fund- loans repaKI 2,000 Loan Fund- loans awarded (1.376) Loan Fund- forex gain (1.646) Loan Fund- loan WTitlen off 2,000 Transfer in pÉ¢t of Disastèr Fund 18.9921 Disaster Fund ublised in the year 19,725 114.345 172.174 4,530,482 1393.4791 1.376 1,646 {2,(K)01 8.992 (19,725) At 31 March 202011 Aprll 2020 Net movement in furKIs for perK)d Lo8n Fund- loans aw8rde(I Loan Fund- forex Ios5 Lo8n Fund- loan Writt off Transfer in rasped ol Disaster Fund Disaster Fund utilised in the year 3.862.195 829,093 (39.455) 2,260 2.686 (7.377) 7,631 103.612 171.196 4137.003 829,093 39,455 12,2601 12,6861 7,377 (7.6311 At 31 IlJar¢h 2021 4.657.033 103,358 205,Y05 4966,096 Tr designat Disaster FurKI is aValab to PTovlde omergenty astarte to memb*s and the families who have been affecled by national or intemational disastsr. The dÈsign8tad Loan Fund ts maintained al a value equal to the tolal amount of loans to benclaaS And recognbse8 the lact that thgse amounts s not available f¢K the Fund's day4(daY operations. 19
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTAiifs' BENEVOLENT FUND NQTES TO THE FINANCIAL SYAtEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16 Analy81$ of net assèts betweèh fund# Net current Inveslments Totsl As 8t 31 Mar¢h 2020 Unroslricted funds: Designated funtts General f$ 274,808 274.808 874,102 1862.195 2,988,093 2,988,093 1,148,910 4.137.003 As at 31 March 2021 Unrestricted funds: D8ÈlgDated funds General funds 309,063 309.063 878.172 4657.033 3,778,861 3.77W1 1.187,235 {966.096 17 R•lat•d party Iransactlons The Fund exists to provide as&Stare to persons In need who are or have been m8mbers of ACCA tYrel8ted org8nls8lk)ns and theirfamilies and dependants. ACCAIS respth)slble forthe administr8tÉ of the Fund and beats some of hs overhead 8xponses lch are not relle¢t8d in th8 Statement of fin#n¢i818¢tivitSes. However. slaff costs. staff eXpSe$ and Trustees. costs irwrred by ACCA omounling lo £18.301 {2020.' £28,554), aro illcluded as irKxJm• 1n.the sL7temenl offinan(ial lIVitieS as'grfts in kiTrJ' aThJ th8 6xpw)diture as'supprfi co.. ACCA also collects certain income and pays certain Èxpendilure on beknalf of the Fund and therè may, Iherefore. at any tim8 be a balance OLrtstanding tetwègn tha Fund and ACCA As transfer of assets and Ilabilillès from ts UnIrrpOrated charity is still ortgoing, abalance may exist betw6gn the tsvo Chartered Certifd Am)untants' Ben&volent Funds. Any such balances at the yearTMJ are [dentifd separatety In thÈ baloncA sheet. 31 March 31 March 2020 Related party balancè8 ACCA Chart8r¥d C8rtifièd Accountants, Bervokrt FLmd lunlnwrF(W8ted charity) Owod Owodl(owing) 352 1269) 95.692 .138 205.869 18 Ynth•' exp•n$es and r•muneratlon Th& Trustees am give frèely of their time experUs& out any forn of runerall0n or other tneffts in cash or kind12020: £nll}. They may be reimburse(I for difoclly inrJJrred expen or costs may be ihcurred by Ihè Furtd fty attendance al meetsngs. In total. these costs amun11 to £nli (2020.. £7,913) to 1012020.. 91 Tru*es. Forthe yearended 31 Marth 2021, all meetlngs were held vrrtualy and fci the 10 Ttee5 th&re was £nll12020.' £3.6331 reimbursed for thelr travel expenses and £nil {2020: £4,280) for 8¢ix)mmodation costs in¢urred by the Fund. Thas8"are induded in Ihe statement of fin8ncial aetivitss (incorp¢Jrating incofftè and èxpènditure account) under Income 8s'gifts in kind. d uThJer expenditure as'SuptM)rt wsts.. 19 Audhovs rfrmuneralion The costs of the whlch were £5.26512020: £5,138), re borne by ACC 20
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 31 March 2021 31 March 2020 20 Re¢on¢iliation of net mov•mnt in funds to net c4sh flow operatlng a¢tlvltle¥ N61 movement in Tunds Investment income shown in investing acttvit Net Igainsylosses on investments Decre8sellincrease) in debtors Increasa in (¥editots 829.093 1393.479) (91,6011 1132.343) 173S.3131 484,416 80.938 192,051) 6.202 17,492 Not used in operallng thitles 8*319 {115.9651 21 C49h and G•sh •qyivalents For Ihe puryxjses of the cash flow statament. cash and cash Èqulwdlents are defined a5 thè follovrfing: Short-tgmi investrnants Ca$h at bank and in hand .672 311,151 492,895 289,463 Cash and (Ash equivalents 907.823 782,358 21
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEÉS OF THE CHARTEREP CÈRnFIED ACCOUNTANTS, BENEVOLENT FUND Opinion We hBVe audlted tho fln8ncial statemènts of The Chartered Certffied knntants. Benevolent Fund (the 'charitabJe companll for tha yaar endéd 31 March 2021. vthi¢h ¢(prise the Ststement of Fin8n¢¥al ACville5 linwrporaling Income and Expenditure Account). th8 BalBncè Sheet. th& Cash Fkjw slatsm. and the relat8d notes. The finan(xal K)rtilig framework that has been applied in their preparation is applicabla18W 8nd Uniiod lfjngthm Accounting Standards. induding nancIal Reporting Standard 102: The Financial Repot1ing St8ndard applKthle in tho UK and Rewblic of IrelaThJ (Urmted Acwted Acccwjnting PrBcticel. In our opinion, the financial slat¢ments: give a true and fair vièw of tho slate of tha ch8rhabie comp8nVs affalrs as ai 31 Marth 2021 and of incoming resources and r¢&iion of resourcos Ind1n9, its incomè and expenditure for the ywdr ended; have ba prq)8rly prèpared in attu)rdance wilh United knngdom Generally Accepted Accounting Pracuce. and have been prepared in accordance with the requlr8m¢nts of Ihe Companies Act 2006. the Chafllk&% 9) Twsteé Investment IScoUaThJ) hLt 2005 and regulation 8 of the Charilies Accounts l&oUand) Regulatn$ 2006 las amendadl. Basls for opinio We have been aPKDinted as authlor under se¢bon 44I1Mc) of tha Charities and Tntstea Inv8sknent (Scotlandl Ad 2005 und8r Ihg Comp8ni8s Acl 2006 and rq)ort in acctsdanca with règul81itins mad under those Acts. We conductod our audSt in accordanca vlth Intematknn81 Standards on Auditing IUKI (ISAF IUKII and 8ppli(ble18w. Our responsibilitiès under those standards are further describ&J in the 'Audriorfs reSpSIbIlitIeS for Ihe audit th8 ffinarKld Stslements, se¢tion of our report We are independent of the tharitBbla company in accoTdanog with the 8thie81 requMentS that ar8 r818vant tr) our audit of the financial statements in the UK, irlUding the FRC'S Ethical Standard. and we havg tulfilled our ¢Jther elhkal responsibilities in aceCan with these requiremants. Wo believe that the au(tht evidorKe we have obt8inthY is suffnt and appropriate to provide a basKs for wr opinion. Con¢luiion8 ftthling to going concern We Bre rospmsible for ¢J)ndudirw on the apprDprialenes8 ol the trustoe5' use of going concern basis ol acetrjnling and. basad on Ihè audit èvide• obtainwl. whethèr a matWi81 une8tsir)ty &xists rèlat8d to events or conditions that may cast slgnifThnt doubt on the charitable compan¥s ability to continue as going concern. If w8 concIL6 that a rnaterial uncertainty exists. we are required to draw attent In cMJr repfxl to the related disdosures in the fillCIal statements or. rfsuch dsclosures gre inwjequate, to modify the auditorfs opinion. Our ¢]onduslcffls are based on the audil evidence obtained up to the date of our report. However. tuture events or Lx)ndilions may cause the company to tease to continue as a going conogrn. In our eVaalk)n of the trustees. condus1$. we ¢lS1dered Ihè inherent risk4 8SSLxlat8d the charilBbla company's tSIn$S mcMlo1 induding gffects arfslng from macn>gcx)nomi¢ uncèrtainbes suth as Brexit and Covi&19. wo asFessed and chalknged tha reasondbkness of asEimat8s made by the trustees and tha ratad disdoswres 8nd anttld how those risks mighl 8ffed 1Witab ttMnp)y's financial rescurces or ablty trj continve (4)eratrts over the going con¢Bm pedod. Based on the work we have perf¢)miwJ, we have not identified any material uncertainties relaknng to 8v6nts or conditkons that, IndidUaIty or colléthv¢ly. may Cast $kJnInt doubt on thè charitAbla companls ability to ujntinue 8$ a going concem ftjr a perirJ of at t twelve months from whèn the fina)cial statements are aLthorlsed for isgts. In audilino the financial teMents. we have concluded that the twstees. use ofthe goTrig ¢M bas18 of 8(tounling in the preparation of th¢ ffnancial statèments is appropriate. The resF4yLxlbilit of the Irust¢es wlh respect to ¢oneem are desud)ed wi thp'R8sp)nsibililiès of Irnstees for th• financial statements. sectkn of thls reporL
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT FUND Othèr informatl¢Jn The trustees are responsible for the other infomiation. The other infomation comwises the fOrMatiOn induded in tho TrL. Annual Report, other than the financial slatemÈnls end our auditorfs r6port thereon. Our opinlon on tt)e fin8n¢l81 Slatamgnts does not cover Ihe olh8r infomalion and, excgpt to the extent otherwise explicidy stated in our repJt. we do not express anyfom of assur8n¢e condusion thereon. In conneclK)n with our 8udlt of the financial statements. our respjnsibility is io re8fl 0th8r 1nf0rnan and. in doln9 so. consider whether the other information is malerially Inconsistent wtlh th8 finaniial statements or our knowledge obtained in audit or otherwise app8ar$ to ba matertally misst8tèd. If wè idenlify such'material inconsistÈnrAÈ$ or apparent ffiaterial misstatements, we are required to determine whether there is a material misstatement in the finwo31 statements or a matsiial misstatemgnl of Ihe other infomiat¥)n. If, based on the work w havg perfomied. we condude that the is a material misslment of this othèr infomian. wa aro r8quirad to rewt that fact. We have nothing to report in this regard. Oplnlon on other matters prescribed by the Companlo$ A¢t 2006 In our oplnlon, based Ihe work undertaken in the course of tho audll: thè infi)rmati1 given in the Strategic Report the Dir&tors' Rèport, PTÈP8rèd forth& purposes of company kw. Ildad in th8 Trust. Annual Report for the financtal year for which the fin8n¢ral statements are Fwared is consistent the ffinancrdl Ststtmts. th8 Strategic Report and the Drs. Report included in the Trustees. Ann1 ReKth have b prewed a¢¢or(18nce wth applicabso l&gal requiremerts. Matter on whlch we are r•qulrad to r•port under tha Companles Act 2006 In the light of the knedge and undèrstandlng of the charitsb tx)mp8ny8nd its environment obtsined In the c(¥Jtse of the audit. we have not identified material missialements in the Truslees. Annual ReporL Matt8rs on vthith arn roqulred to Teport by excoptlon We hava nothing to report in reS¢t of the following malters where the Comp8niès Act 2[ ahd thé Charitle8 AccoJnts IScot18ndl Rwlations 20(6 (as endJ) reqre$ us to reportto Y( rf. in our opinlon.. prDper and adequate accounting records have not been kept. or relum¥ adequate for audit hava not been race1d from branchès not visited by us" or the Ilnan¢ial ststements are not in agreement tsvith Ihe accounting reCtS and retums: or cen dtsdosur8s oftrustees, romunwion specÈfied by law are not m8d8' or • we have not reNed al the infomiatlon and explanations wè require for ¢)uraj1t. Responsll)Ilitles ol trnst••8 As explained more fully in the Trustees. Responsibilities Slalemenl set out on page 9, the INStèÈs lyrflvj are a150 the dlreciors of Ihe ¢h8rflablg company for the purtws of company E8w) are responsible for the preparation of tha financlal statements and for bèing satisfied that they give a true and 18lr wew, arKI for such internal control a8 thè busIS detem)inè 1$ nac8S$8ry to enatAg thè pr8paralion of financial statements that are free from material misstatement. whether due lo fraud or error. In preparing the financial slatements. the trustees are responsible for asses%ng the charitabl8 company's abilty to tonlinue as a going concern. disclosirsg. as applicable, matters rekled to going concern and sing the golng concem basis ol alzounting unless the trustees either intend lo litwi(lat6 the charitBble company or to cew op&tionS, or.havg no r881isli¢ alt8¢native It to dts so. 23
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE CHARTERED CERTIFIED ACCQIJNTANTS, BENEVOLENTFUND AudlloV$ rospon$lbllltlo8lorth• audlt pf tho flnanclal statements Our obieotives are to obtain reasonable assurance ab)ut whether tha finan(#al st8t6ments a& 8 vthola are free from materfal misstatemenl. ether due to fraud or eTror. and lo issue an audilorfs rep)rt that irwudes our opinion. Reasonablè assurance 1$ 8 high lev81 of assurance but is not a guarantee thth an audit conducted in accordance wtlh ISAS IUKI will alwoyE dètact a matatlal misstat8ment wh8n It exlsts. Mis5taterrrents can arise from fraud or error and are rI)nsIded material if, indlvidually or In the aggregate. they t1 reasonably be expected to Influen the ecrmmic deuslons of users takpn on the basls of thgso fin8ndal slalements. A furtherdescrlptkjn of our responslbilltles for thè audit of the financial ststemerrts is located on the Financial Reporting Council's wobsite at.. ww.frc.org.uklaudilowesponsitxliti8s. This deSCpl fms part of our awjitorfs rep( Explanatlon as to what extent the audit was onyidered capable of detecting IrregrItios. Includlng fraud lrr8gular1t. induding fraud. are instsrKes of non-comlence with laws and ragul8lion9. Wa d8sign ProUreS in Ilne wilh our responslbilitlos, outlinèd $bo, tts delèct material misstatements in respect (rf Irregularities. induding fraud. Owing to the Inhetent limitations of audii, thwe is an unavoid8ble risk that m8tÉrial misstaternents in the financial statements may not d8t8cl8d. even th0h lh8 audit is properly planned and perlormed In actxdan¢ the ISAS (UK). The &xtentto our procedures até capable of dotediDg irr8gulatiti8s. induding fraud is d8tailgd below. We obtalnad an understanding of the legal and regulatory framewo$ that are applicBble to thè charitabte LX)mpany through our genaral not for wofil 8nd cJ)arily sector 9Xent, dlscus8ions wlth managament and the Inlemal leg81 ujunsel. We dèterniT that the folbwing laws arml regulalK)ns re most significanL' Charities SORP 2019, FRS 102 'The Financlal RepIng Standard applirti tha UK and Republlc of Ir8land'. Ch8ritiès Act 2011, Charitie$ 8rKI Truee Investmènt IsiJoUandl A¢t 2005, Chaiities Acetyjnls (Scoliandl Act 2006 (as amended). Comwios Act 2C¥)6, Data Protm)n Art 2018 And The thariuès (Prcrtectlon 8nd Social Investment) Act 2016. We enqulrod of m8nag8mtt nGning Ihe charitable Companys polKies Ènd procedures rdalNw to: the idefttiffcatic. evaluation arKI oompliancè with laws and r8gulgtiDns: the d&le¢th)n and responso to Iho risk of fr•Jd; and the es&ibltshment of intsrn81 ¢trS to mitigatg dsks Telaled to fraud or nOrcoml3n¢8 laws and regulatiMs. We enquired ol management whether ihoy Iver& awar8 of any instarKe5 of In¢0mplIance wilh w$ and regulations and corroborated Ihe results of our enquirie$ trj rglèvant supporting dwumantation. We assesw the susceptibility of the chaiitable companls financi81 stat8th8nls lo material misstslement, induding how fraud might occur ar¥J the risk ol marement override of ntrol$. ALNJIt prowlures perfomiod by thg eNJ8gement team includgd: Jentifying and assessing the Oesign effectlv¢ness of controls management has in Pla to prevent 8nd delt fraud: d)8118ngirwJ assumptiorts and Judgements mad8 by m8rt3yement In ils actounlng ostimAtes: KIèntIfng and tssting ff)umal 6rrtries, in partiojlar manual journal entri6s' Th8 asswrnent of the aFpropriateness of th6 collective compètence and capabilili&s of thè engagementteam included considoralion of the engagemént108m's: understanding of. and practical expèJienc8 with, audit engagements of a sILr nature ahd compkxty through appropriate trainirwJ and partlptIon., knovd8dg8 of th8 industry in vthich th& cliènt operat88' and understanding of thè legal arKI reguL8tOty requirements speciffic to the enttty IndLKJlng, the [roviOn$ of the appllc8ble leglslatk)n. the regulators Tul&s and related guidance. including guidance issued by relevant authoritiès that interprets those rules and Ihe applilxble statutory prowsK)n. 24
Docusign En¥ÈlopÈ ID." S32DD81>3B84BCA-9EBQ-8cS9B9S538Fl INDEPENDENf AUDITOR'S REPORT TO THE MÉMBERS AND TRUSTEES QF THE CHARTERED CERTIFIED ACCOUNTANTS, BENEVOLENT ÈUND Explanatl¢)n as to what axt•nl th• audlt was ¢onsldered capablè of det#ctlng IrrngulorlÈlo4 Includlng fraud (contlDY Tha t8am communicabor)s in r8SP8cI of potenlk41 nonrycompfiance wth laws and rogulatKJns and fraud induded Ihe polential forfraud in reveftue re¢tyJnibon, improper use of charitable fLmds and swboL 4ncid8nt reports submitt1 to th8 Chafities Commbs5)n in the prioo., In assessing the potential risks of material misststement. we obtained an under8t8ndlng of: the ch8rit•ble tr)MpanS operatlons. including the nature of its revenue s¢jJ9S to understand I dasses of transactKJns. account balan8, expected fin8n(a81 statement disclosures and business risks th8t may revJJlt in ri8k of matsrlal misstatem¢nL and the d)aritabl6 iy)mpanVs control enVircmenl including: anagemenY$ knowlèdge of relevant kws and regulallons and how charitabte Company is ccrfnplwng wth those law5 arvj regulations., thè ade4ua¢y of pr(dureS for aLthorisation of transa¢t'K)ns; aod procedures to 8nsure that possib brea(Ès of law and wulatiorts are appropriately rnsolved. U8• of our r•port This report is made solely to the thaiitable compan$ members and trus1è85. a5 a body, in 8¢cordance Regutation 10 of the Charities Accounts (Scotlandl Regulation5 2006. Sedon 4411 Ilcl of the ChBfitiès and Trustée Investmwrt (Sand) Act 2005 and Chapter 3 of Part 16 of the Companies Act 2006. Our audtl has t)een yndertaken so that we might stal6 to Iha chariiable compan15 members. . and trustees Ihose matters we are requirpd lo stato lo Ihem In an auditor's report and for m olhèr wryse. To the lulle51 extent permittèd by law. do not accept or assume rÈ$wbnsibilty lo anyone other than the charitable comp8ny and ilg members and twslees as a by. for our audit work, for thls rep1. or f(w ihe OFNnion8 we have f(vmaJ. Gwt LLP Senk stlOry Audltor f( and on behalf of Grant Thtwnton UK LLP Slatulory Auditor. Chartared N£countsnts Blrmlngham Date 30/9/2021 Grant Thcffnton UK LLP is 811&iblg to act as an auditLY in terms of sectkjn 1212 of the Companie5 Act 21J)6 25