Charlty r•gl$tratlon numb•r 1194181 THE CABE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
THE CABE BENEVOLENT FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs BA mene$ Mr M Wad( Mrs J Hall Mr P Grinyer Mr D Kilc8tt Mr T Harvey-soanes Mr K Njie Mr C Wilde (Appointed 1 April 20231 (Appointed 1 April 20231 (Appointed 1 April 20231 IAppDinted 1 April 20231 (Appointed 1 April 20231 Charlty nUMr 1194181 Principal address Lutyens House Billing Br(K>k R¢)ad Weston Favell Northampton Northamptonshire NN3 8NW Auditor Cotton5 Ac(x)untants LLP 1 Billing Road Northamplon Uniled Kingdom NN1 SAL
THE CABE BENEVOLENT FUND CONTENTS Pag• Trustees, report statement of trustees. responsibilities In(Jependenl auditorfs rewrt ststemenl of finarKial activibes Balance sheet Notes to the financial stst8ments 10-15
THE CABE BENEVOLENT FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Iruslees present their annual repLVt and financial ststements for the year ended 31 August 2023. The financial statements have been prepared in accordan th the accounting policies set out in note 1 to the financial statements and comply with the benevolent fund's constilution, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021" {effective 1 January 20191. Objectives and a¢tivitie$ The Benevolent Fund exists to provide for the relief in distressed cirms1aceS of members. rets'red members and former rnembefs of Ihe Ass(latIOnS and of wdows and children and other immediate dependents in distressed circuMstanS of deceased members, retired members and former members of the Assoaations. Former members shall have had al least 15 years conbnuous membership. The Associations are The Association of Building Engineers and Chartered Assoaation of Building Engineers. Public bgnefit The trustees confirm that they have referred to Ihe guidance contained in the Charity Commission's general guidance on public benefil when reviewing the Fund's aims and obj'ectives and in planning future activities and seiting the grant making policy for the year. The fund carries out these objecls by prowding granls to individuals so to help provide financial relief in distressed circumstances. The trustees have paid due gard to guid8rhce issued by Ihe Charrty Commission in deoding what activities the benevolent fund should undertake. Grantmaking There were 13 grants12022 - 0 grants). The hjnd continued to rdise its profile amongst members during the year, being promoted at regional presentations and talks. Improvements to governan and further alignment lo the CABE during the year allowed for a fwjsed marketing campaign in 2023 in order to reach rnore members and promote the benefits of the fund. Achlevemènts and pérforniance During 2023, the fund continued to support people. The trustees did this by raising the profile of the fund to the members of CABE. The trustees also streamlined the applicabon process meaning that requests were processed quicker to help members in distress. The trustees completed their governan review in the summer of 2021. The outstanding Work included putting in place revised induction arrangements for new tnjstees, induding a new induction checklist and new induction video. A legal change was made to become a Charitable Incorporated Organisation in April 2021 (with a new registered charity number) and the funds were Iransferred from the old Tnjst to the new CIO at Ihe start of the period. Flnan¢lal revlew Financial position At the end of the financial year 2022-23, the frjnd remains in a heathy finanaal position with net funds of £675,819. Despite economic uncertainty and reduced interest rates. the ftjnd's investments continued to perform well, generating income of £18,679. l of the Charity's reserves are unrestricted. Investment policy and objectives Investments are regularfy reviewed by the trustees and professional advice obtained to ensure maximum benefits coupled with security. The trustees. current policy is to place greater emphasis on longer-lerni capital gro. The Charity's investments are held in accordan wth the trustees. Frf)wers and are sufficienl to meet the fund's obligab'ons.
THE CABE BENEVOLENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 11 is the policy of the benevolent fund that unrestn.cted funds which have not been designated for a specrfic use should be rnaintsined at a level equivalent lo belween three and six month's expenditure. The tru51ees consider that reserves at this level will ensure that. in the event of a signtficanl drop in funding. they will be able lo continue the benevolent fund's current activ"eS while ¢xJnsiderab"on is given to ways in which addibonal funds may L>e raised. This level of reserves ha5 been maintsined throughout the year. Structurg. governance and managemgnl The benevolent fund is a charitable incorporated organisalion ICIOI. Company number CE025305. The trustees who seThed during the year and up to the date of signature of the ffinanaal statements were.. Mr RG Biggs (Resigned 1 April 20231 Mr R Tawor (Resigned 1 April 20231 Mrs BA Menzies Mr M Wadood Mr AW Griffith Mr5 J Hall Mr D Taylor Mr P Grinyer Mr D Kilcatt Mr T Harvey-soanes Mr K Njie Mr C Wilde (Resigned 1 April 20231 (Resigned 1 April 20231 (Appoinled 1 April 2023) (Appointed 1 April 2023) (Appointed 1 April 2023) (Appointed 1 April 2023) (Appoinled 1 April 2023) Tnjstees are appointed by the CABE board on the re(x)mmendation of the Current Trustees. This would follow an advertisement in the CABE joumal inviting CABE members to become Trustees, followed by an appropriate interview process. The Benevolent Fund has 8 finan policy which is followed nrnIng the payment of trade creditors , which is lo .' Settle the terms of payment with supplier5 when agreeing the terms of each transaction made,. pay in accordance with the c4Jrnpany's cL)ntractual and other legal obIa.0S. The organisation stnjcture for the Benevolent Fund is a board which is made up of 8 trustees, one of whom, Mr M Wadood is the chairman. They hold 3 offiaal Trustee meetings each year which are held in September, January and May. The trustees. reFMJrt was approved by the Board of Trustees. Mr M Wadood Twste 10 June 2024 Date..
THE CABE BENEVOLENT FUND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023 The trustees are responsible for preparing the Trustee5' Rert and the financial 5tstements in accordance with applicable law and Unrted Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charits.es in England and Wales Tequires the trustee5 to prepare financial statements for ea¢h financial year which give a true and fair view of the stale of affair5 of the benevolent fund and of the incoming resources and application of resour$ of the benevolent fund for that year. In preparing these financial stalewnents, the trustees are required to: - select suitable acwunling policies and then apply them nsIstenI1y. - obserye the methods and prin(yple5 in the Chants"e5 SORP: - make judgements and estimates that are reasonable and PfLent State whether applicable accounling stsrTrdard5 have beefi followed, 5ubj.ect lo any material departure5 disclosed and explained in the financial statements- and prepare the financial 5tstements on the going cLJncem basis unless it 15 inappropriate to presume that the charity will continue in operation. The Iruslees are reswnsible for keeFNng suffityent a(untr"n re(x)rds that ¢Jis¢lose with 8$onable accur8w al any lime the finanGial p051tion of the benevolent fund and enable Ihem to ensure that Ihe financial Statements cornply with the Charities Act 2011. the Charity (Accounts and Rewrtsl Regulations 2008 and the provisions of the trust deed. They a also responsible for safeguarding the assets of the benevolent fvnd and hence for tsking reasonable steps for the prevention and deleth.on of fraud and other irregularrties.
THE CABE BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CABE BENEVOLENT FUND Oplnlon We have audrted the finarKial slatemtrnts of Th8 CABE BenvNt48nl Furd (the 'icent fund'l for the year 8ndJ 31 Augu512023 whid) MpriSe the ststemenl of finan¢ial acbwties. the balance sheet arHJ notes to the financial statements. induding signtficant accounting Kmjicies. The financial framework that has been applied in their pfeparab.on is applicable law and Unile11 Ac£AxJnting Slandards. Iluding Financial RertIng Standard 102 The Financial Reportry Standard applKatge UK and R6publK of Ireland (United Kingdom Generally Acceptsd Accounting Practic81. In cyJr opinion. the financial ststemenls.. give a iruo and fair wow of the SL of tho chan5 affairs as at 31 AU$l 2023 and of ts incoming rascreaS and apiCation of resources. frjr the year ihen ended.. have been propedy prepared in aCcdanCe wth Unrted Generally ApIed Account¥ig Practic,' and have ljeen prepared in aCC0nce With Ihe requirerrnts of the ChariisAcl 2011. Basls for oplnlon We conducled our audit in accordance wrth Inlemalional Slandards C AudiliThJ (UK) IISAS IUKII and applicable law. Our res[K$1b1Irtjes under those slandards a fvrther des. in the Auditorfs Trspmsibilities for the audit of the fjnanual statem8nts secb.on of our report. We are indepèndent of the benevolent fund in accordancs with the ethiG41 requirements that are relevant to CAJr audit of the finanual slatements in the UK. induding the FRC'S EthicAI Standard, and we have lulfilled our other ethical respsIbilIt$ in accordance with these reouirements. We believe that the oudil dence have obtaSne(l is sufftienl aThJ appropriate lo wovide a basls opinth. Concluslons rèlatlng to golng ¢¢¢0M In auditing the financial stslements. we have conduded th81 the Iwslees, use of the Ong o)n¢em basis of 8ccounling in the preparabon of the finaal stslernnts is aw)r(yo1e, Based on Ihe w(Kk we have perfd. we have not idenbfie(J ary ffraten.al unrtaInbe$ relating to events condi1n$ that. individually or collectively. may cast signrficanl doubt Ihe benevolent fund's ability to continue as a gc4ng ¢oncem for 8 perK of al least hvelve ThMlh$ frcn thhen finanual slatements are authorised for issue. Our Te5PK)115ibilrtses and the resp&bilitieS of the trustees wilh respc lo goirYJ u)ncem are dèsuit•J in the relevant seth'ons of thts pOrt. Other Information The other informab.on comprises irrforTnabon induded in the annual rep¥Jrt other than the financial stslemenls and our audilorfs report thereon. The trustees are respsIe for the other inlorm8b.on contsined wthin the annual reF(rfi. Our opinion on the financial ststemenls does not cover the other infcrfmats.on and we do Tr)1 express any fom) of assurance ccA)clusbon therem. Our resFthybility ts to read the other infomabon and. in doing so. o)nsid8r whether the other informaln Is maierially incL)nsslent with the finanThal 5talèments or tyjr knOwdge obtainod in the COUT5e of Ihe audit. or otherwise appear5 to be malenally misslated. If we Klenlfy such material Incon51Stencie5 or apparent material mi5ststements. we are required to determine whetlw this give5 rise to a material mis5ts1efflent n Ihe financial statements themselves. If, based on the wck we have perf¢)med, C1)rlde that trre Is a m8lerial misstalemenl ol this other information. we are required to reF#Jt that fact. Wè have nothing to rwrt in this regard. Matters on t*hSch we arn r•qulred to r•port by •xceptbon We have nolhing to rem in respecl of the followng matter5 in rekilw)n to whith th8 Charib8s {AcctyJnts arKI Reports) Regulations 2CQ8 require us to rep)rt to you rf. in our opinh)n". the inftymalion given in the financial statemts is rK£$tent in any material resFect the INstees' rerKJrt.' or sufficienl accounbryJ rec(th have not been keptr, ( the financial slatements are 11 in agreement with Ihe accounting records., or we hav6 not recBived dl the informatson and explanations we require for our audrt.
THE CABE BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CABE BENEVOLENT FUND Responsibilities of trustees As explained more ftjlly in the statement of trustees. responsibilities, the trustees are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view. and for such intemal Control as the trustees detem)ine is necessary to enable the paration ol finan(ial ststements that are free from material misstatement, whether due to fraud or error. In preparing the finan(ial ststements, the trustees are spOnSible for assessing the benevolent ftjnd's abilty to wntinue as a going ¢oncem, disclosing, as applicable, matters related lo going ¢on¢em and using the going ¢on¢em basis of a¢¢ounting unless the trustees either intend to cease operations, or have no realistic allemative btrt to do so. Auditorfs responsibilities for the audit of the financial staternents We have been appointed as auditor under se¢lion 144 of the Charities Act 2011 and report in 8rdance with the Act and relevant gUlationS made or having effect thereunder. Our objectives are lo obtain reasonable assuran about whether the finanaal statements as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran bul is r1 a guarantee that an audit conducted in accordan with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the ecorMiC decisions of users taken on the basis of these financial statements. The extent to which our pr(edureS are capable of detecting irregularities, induding fraud, is detailed below.
THE CABE BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CABE BENEVOLENT FUND Our approaeh lo hlentfy"rrfJ and assessing the risks ol malerial misstsleffent in of irregularils. induding Iral and rK)n40MIanC6 ¥wth and regulaiions. was as Idlows.. the engagernenl partner ensur&J that the engagement team colleclively had the appropriate o)mpetèncè, capabilities and skills to KlentTfy or recojnise rnoMpliare WTih applicable law5 and regulations,. we KJenkn"fied the laws and regulab.ons applicable to the company through discussions direcloTS and other management, and Irom our commeroal knovledge arKI eXPeen ol the Industy,. we locused on swific laws and regulab.ons whth we coftwdered may have a dired mèlertal effect on the financial siatemenis or th6 ¢)pèratK)ns ol Iho company. indLKling the Compani8s Aci 2006. taxation legislat. anli-bribery. employment. enwronmefrtal arKI health arKI Safety legislation,. we assessed the extent of compliance the law5 and regulalions bjentified above through making enquiries of management and Inspects'ng legal c0rrespK)nden', and idenb.fbed law5 and reguL8ts"orhs were communicated wthin the audrt team reguLqdy 8ThJ the team remained alert lo instantss ol nonllC4)mplnct IhrwlJl aud We assessed the su5ceptskn.lity of the compan5 finanrAal statefnents to material misstatement, irKluding obtaining an undeT5tsnding ol how fraud might occur. by.. making enquiries of management as to where they ctThMJered there was SL'bIl to fraud, their knovledge of factual, SuSpted arKI alleged fraud.. considering thè intemal controls in place to mrtoat6 risks of fraud ar nI)n<£pI0anCe vthh laws and regulations., and . maintainirrfJ professional 5keptiL>5m Ihe aKlit. To address the risk of fraud thrcugh rnanagement bias 8rKI override of ojntrols, we". performed analylical procedures to idenb.fy any unusual or unexpected l8th)n"ps: lesled journal entries io Njentty unusual transacith)S: assessed whelher IleMentS and assumptKJns in dètsminirKJ thè a¢e4)unting indicative of potential bias.. and investwated the ratOna behind signtfKanl unuwal trarct1ns. oslimal8$ werè In resF)nse to the risk of irregularils aThJ rth<omrAiarte with k8ws aThJ wuLglKMs. we dgThed prctedures whith included, but wore not limited io: agreeiThJ financial stalemenl disclosure5 lo urKlertw"ng supportiThJ documentabon: enquiring of management as lo actual and potentsal 1rtya1 and daims.. arKI reviewing Corresponden HMRC. Thèrè arè inherènt limrtalKrfts in JJit wctaduros d6scriW atthe. Thè morè rènb)ved that laws and regulations are from finanu41 Iran&iions. thè ths likety rt is thai wo would aware of non•wmplianc8. Audits'ng standards also limil the audit prctedures Tequired to hJentsfy nOrt•ca)mlanC8 wilh law5 and regulats'ons to enquiry of the directors and other management arKI the Inspec1 of regulatory arKI Wl correspondence, if any. Materi81 misslalements that arise due to fraud can bè Iwder to delt than th)se that arise frcrfn emr as they may nvofvé délib6ralè eoneèalment or e£Aluséon. A further desixiption of (wr reswnwbilrtw is available Ihe FinarKial Rerthing Cou1,$ websile at. httpsjl www.frc.org.uk1aud1tysF?nsl1HIttl. This descryts)n ftyms part of our a(¥Jitorfs port. Your aitents.on is drawn to the faci that the charity has prepared firsancial siatements in accordance wrth "Accountir¥J and Reporting by Charities.. Statement of Recommended Practice applicab lo charit preparing their accounts in accordan wrih the Financial Reng Stsndard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in Preferer to the AcccyJnts"ThJ and ReportiThJ by Charities.. Statement of RecommerKled PraclKe ISSL on 1 Apiil 2005 which is relerred lo in the exlanl regulations t1 has now been wilhdrawn. This has t•8n do in OTdor for lh8 finanaal slatwngfts to arKI fair viff in ac£wdarth with curront Generally Accepted Accounting Pract8.
THE CABE BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CABE BENEVOLENT FUND Use of our report This report is made solely to the charity's trustees, as a Ixmty. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been urbdertaken so that we might stste lo the charity's trustees those matters we are reqUId to stale to them in an audilorfs port and lor no other purKK)se. To the fvllest extent permitted by law, we do not apt or assume $[K)nSIbIlity to anyone other than the Charity and the Charity's trustees as a body. for our audbt work. for Ihis report. or for the opinions we have fomied. David Ingram FCCA (Senior Statutory Auditor) for and on bohalf ol Cottons A¢¢ountsnts LLP Chartered Accountsnts Statutory Auditor 1 Billing Road Northampton Uniled Kingdom NN1 SAL Cottons Accountants LLP is eligible for appointment as auditor of the benevolent fund by virtue of its eligibility for appointmenl as auditor of a company under section 1212 of the CompaniesAct 2006.
THE CABE BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Unrestricted fund$ funds 2023 2022 Notes Income and endowments from: Donations and legacies Investments Other income 447 18,679 2,775 692,105 14,174 Total In¢om• 21.901 706,279 Ex nditure on- Charitsble a¢tivibes 13.555 6,177 Nel gainslllossesl on investments 11 {9,3151 123,3141 Net movement in funds 19691 676,788 Fund balances at 1 September 2022 676,788 Fund balances at 31 August2023 675.819 676,788 The stslemenl of financial activities includes all gains 8rvJ losses renised in the year. AJI income and expenditure derive from continuing activibes.
THE CABE BENEVOLENT FUND BALANCE SHEET ASAT31 AUGUST2023 2023 2022 Notss Fixed assets Investments 13 638.885 648,200 Current assets Cash at bank and in hand 38.104 29.688 Creditors.. amounts falling due within one year 14 (1.1701 (1.1001 Net current assets 36.934 28,588 Total assets less current liabilities 675,819 676,788 Income funds Unrestricted funds 675,819 676,788 675.819 676,788 The financial slatements were approved by the Trustees on ......................... Mr M Wadood Trustee
THE CABE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Charity infomiation The CABE Benevolent Fund is a charitable incorpyjrated organisalion registered in the UK and formed by Deed of Trust on 22 April 2021. Company number- CE025305. 1.1 Accounting convention The financial statements have been prepared in accordance wth the benevolent fund's goveming document, the Charitses Act 2011, FRS 102 "The Financial ReF4).ng Standard applicable in the UK and Republic of Ireland" I"FRS 102-1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}" (effective 1 January 20191. The benevolent fund is a Public Benefit Entity as defined by FRS 102. The benevolent furKI has taken advantage of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Prath'ce for Charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but whith has since been withdrawn. The finan¢i81 ststements are prepared in sterfing. whic* is the fUn¢tnal currency of the benevolent fund. Monetary amounts in these financial statements are rourKled to the nearest £. The financial statements have been prepared under the historical cost convention modrfied to indude Ihe revaluation of rtain financial instrumerbts at fair value. The principal accounting policies adopted are set out below. 1.2 Golng ¢on¢ern At the b'me of approving the finanaal statements. the tnjstees have a reasonable expectation that the benevolent fund has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going conrn basis of accntjnling in preparing Ihe financial statements. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Reslricled funds are subject lo specific conditions by don0 as lo h¢)w they may be used. The purposes and uses of the restricted funds are set out in the note5 to the financial ststements. Endowment funds are subjeLI to spectfic nditionS by don¢Js that the capital must be maintained by the benevolent fund. 1.4 Income In¢ome is recognised when the benevolent ftAnd is legally entided to il after any perfornian condrtions have been met, the amounts Can be measured llabty, and it is probable that InMe will be received. Cash donations are recognised on rlpt. Other donations are reCrniSed once the benevolent fund has been notified of the donation, unless perf0mlan conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift or deeds of covenant is recognised at the b'me of the donation. 10-
THE CABE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollel•s {Contlnued) Legacie5 are recognise(l on receipt or otherwse if the benevolent fund has been notffied of an impending di51ribulion, the amount is known, and receipt is expected. If the amount is not kn¢)wn. the legacy is treated as a conlingenl asset. 1.5 Expenditure Expenditure is recognised On there is a legal or constrnctive obligation to transfer economic benefit to a third paty, it is probable that a transfer of enOmiC benefits 11 be requi in setdement. and the amount of the obligats'on can be measured reliably. Expenditure is classified by activty. The costs of each activty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are alloc2ted directly to that activity- Shared costs which contribute lo more than one aciivity and support costs which are not attributable lo a single activity are apportioned beeen those activities on a basis consislenl with the use of resources. Central staff costs are allorated on the basis of time spent, and depreciation charges are allocAted on the rx)rtion ol the asset's use. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each rew)rb"ng date. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transacts"on cosls are expensed as inujrred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. dewsits held at call with banks. other short-tem) liquid investments with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowngs in current liabile$. Basic financial assets Basic financial a5sels, which include ¢Jeblors and cash an¢J bank balances. are initially measured al transaction price including Iransadion costs and are 5ubsequentty carried al afnortised ¢x>s1 using the effective Inte$1 method unless the arrangement conslilules a financing Ir8nsa¢tion. where the Ir8nsa¢tion is meaSUd al the present value of the future CeIpts discounted at a market rale of interest. Financial assets classified 35 receivable within one year are not amortise¢J. Basic financial liabilities Basic financial liabilities, including o¥editor5 and bank loans are initi.ally recognised al transath.on Pri unles5 the arTangement con51ilules a financing transaction. where the debt In51rumenl Is measured al the present value of the future payments discounted al a market rale of interest. Finanal liabilits.es classified as payable within one year are not aTllOrtised. Debt instruments are subsequenuy carried at amorb.sed 51. using the effective interest rate method. Trade crediloT5 are obligations to pay for g(KKJs or services that have been awuired in the ordinary course of operations from suppliers. Amounts payable are classtfied 85 current liabilities if payment Is due within one year or less. If not. they are presented as non-current liabilib"es. Trade creditor5 are recognised Inrtially al transaction Pri and subsequently measured al amorb"se(I c051 using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the benevolent fund's wntrdctual obligations expire or are discharged or cancelled. 11
THE CABE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Critical accounting estimates and judgements In the application of the benevolent fijnd's accounting rx)licies, the tnjstees are required to make judgements, estimates and assumptions at)out the carying amounl of assets and liabilities that are not readily apparent from other sources. The estimates and ass(Kiated assumpbons are based on hislorical experience and other factors that are considered to be relevant. Actual results may dffier from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fijture periods where the revision affects both current and future periods. Donations and legacies Unrestricted Unre51ricled funds funds 2023 2022 Donations and gifts Assets transferred from the Trust 447 690,561 447 692,105 Investments Unrestricted Unreslricled funds funds 2023 2022 Interest receivable Income from investmen15 4,952 13,727 550 13,624 18.679 14,174 Olh•r In¢om• Unrestricted fvnds Total 2023 2022 Other income 2,775 12-
THE CABE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Charitable activities Charitable Charitabl Expenditure Expenditure 2023 2022 Insurance Sundry Professional services Trustee expenses Travel expenses 577 234 3,096 142 2,377 1,367 131 4,605 3,907 Grant funding of activities (see note 7) Share of govemance costs (see note 8) 7,710 1,240 2,270 13,555 6,177 Grants payable Charitabl¢ Exp¢ndrtur¢ 2023 2022 Grants to individuals113 grants) 7,710 7,710 Support costs Support Govemance ¢osts sts 2023 2022 Audit fees Legal and professional 1.240 1.240 1,100 1,170 1.240 1.240 2,270 Analysed beeen Charitable actIveS 1,240 1,240 2,270 13-
THE CABE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from Ihe benevolent fund during the year. Expenses of £1.36712022- £Nill were reimbursed to the Irustees. 10 Employees The average monthly number of employees during the year was= 2023 Numb•r 2022 Numb¢r Totsl There were no employees whose annual remuneration was more than £60.LNX). 11 Ngt gainsl{10s$o$) on inv8$tments Unrestricted Unrestricted fund$ funds 2023 2022 Revaluation of investments {9,3151 123,3141 12 Taxation The charity is exempt from tax on income aThl gains falling wtthin seclion 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Art 1992 to the extent that these are applied to its Charitsble objects. 13 Fixed asset investments Unlisted inve5trnent5 Cost or valuation Al 1 September 2022 Valualion th8nges 648,200 19,315} Al 31 August 2023 638,885 Carrying amount At 31 ALJgust 2023 638,885 14-
THE CABE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 14 Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 1,170 1,100 15 Analysis of net assets between funds Unrestri¢t¢d Unr¢$tri¢tod fund$ funds 2023 2022 Fund balances at 31 August 2023 are psented by: Investments Current assetsllliabilitsesl 638.885 36,934 648,200 28,588 675.819 676,788 16 Relatsd party transactions The Benevolent Fund exists to provide for the relief in distressed ¢ircumstsn¢es of members. lld members and forTner eberS of the As50()"alion of Building Engineers and Chartered Association of Building Engineers of widows 8nd Childn and other immediate dependants in distresse(l urcumslances of deceased members, rets'red members and lom)er members of the Associations. Various members of the Association submil donations to the CABE Benevolent Fund along with their annual subscriptions. As at 31 August 2023 £Nil 12022 - £Nill was owed to the CA8E Benevolent Fund ftom the Chartered Association of Building Engineers. 15-