Charlty r•gl$tratlon numb•r 1194181 THE CABE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 THE CABE BENEVOLENT FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs BA men￿e$ 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 nUM￿r 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 cir￿ms1a￿ceS of members. rets'red members and former rnembefs of Ihe Ass(￿latIOnS and of wdows and children and other immediate dependents in distressed circuMstan￿S 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 ￿n￿rnIng 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 obI￿a￿.0￿S. 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' Re￿rt 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 PfL￿ent 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$onable accur8w al any lime the finanGial p051tion of the benevolent fund and enable Ihem to ensure that Ihe financial Statements cornply with the Charities Act 2011. the Charity (Accounts and Rewrtsl Regulations 2008 and the provisions of the trust deed. They a￿ also responsible for safeguarding the assets of the benevolent fvnd and hence for tsking reasonable steps for the prevention and deleth.on of fraud and other irregularrties. THE CABE BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CABE BENEVOLENT FUND Oplnlon We have audrted the finarKial slatemtrnts of Th8 CABE BenvNt48nl Fur*d (the 'i*￿c￿ent fund'l for the year 8nd*J 31 Augu512023 whid) ￿MpriSe the ststemenl of finan¢ial acbwties. the balance sheet arHJ notes to the financial statements. induding signtficant accounting Kmjicies. The financial framework that has been applied in their pfeparab.on is applicable law and Unile11 Ac£AxJnting Slandards. I￿luding Financial Re￿rtIng Standard 102 The Financial Reportry Standard applKatge UK and R6publK of Ireland (United Kingdom Generally Acceptsd Accounting Practic81. In cyJr opinion. the financial ststemenls.. give a iruo and fair wow of the SL* of tho chan￿5 affairs as at 31 A￿U$l 2023 and of ts incoming rasc￿reaS and ap￿iCation of resources. frjr the year ihen ended.. have been propedy prepared in aCc￿danCe wth Unrted Generally A￿pIed Account¥ig Practic*,' and have ljeen prepared in aCC￿￿0nce With Ihe requirerr*nts of the Charii*sAcl 2011. Basls for oplnlon We conducled our audit in accordance wrth Inlemalional Slandards C￿ AudiliThJ (UK) IISAS IUKII and applicable law. Our res[K￿$1b1Irtjes under those slandards a￿ fvrther des￿.￿ in the Auditorfs Trspmsibilities for the audit of the fjnanual statem8nts secb.on of our report. We are indepèndent of the benevolent fund in accordancs with the ethiG41 requirements that are relevant to CAJr audit of the finanual slatements in the UK. induding the FRC'S EthicAI Standard, and we have lulfilled our other ethical resp￿sIbilIt￿$ 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 fina￿￿al stslern*nts is aw)r(yo1e, Based on Ihe w(Kk we have perf￿￿d. we have not idenbfie(J ary ffraten.al un￿rtaInbe$ relating to events condi1￿n$ 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$ frc*n thhen finanual slatements are authorised for issue. Our Te5PK)115ibilrtses and the resp￿&bilitieS of the trustees wilh resp*c* 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 resp￿sI￿e 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 informal￿n Is maierially incL)nsslent with the finanThal 5talèments or tyjr knOw￿dge 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 wc*k we have perf¢)med, C1)r￿l￿de that tr*re 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 statem￿ts 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 8￿rdance 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 r￿1 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 ecor￿MiC 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 irregularil*s. induding Iral￿ and rK)n40M￿IanC6 ¥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 r￿n￿oMpliar￿e 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 eXPe￿en￿ 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)mpl*nct Ihrwl**Jl aud We assessed the su5ceptskn.lity of the compan￿5 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 S￿L￿￿'bIl￿ to fraud, their knovledge of factual, SuSp￿ted 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 Il￿eMentS and assumptKJns in dètsminirKJ thè a¢e4)unting indicative of potential bias.. and investwated the ratOna￿ behind signtfKanl ￿ unuwal trar￿ct￿1ns. oslimal8$ werè In resF*)nse to the risk of irregularil*s aThJ rths1 using the effective Inte￿$1 method unless the arrangement conslilules a financing Ir8nsa¢tion. where the Ir8nsa¢tion is meaSU￿d 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. Finan￿al 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 be￿een Charitable actIv￿eS 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 ￿p￿sented 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. ￿ll￿d members and forTner ￿e￿berS of the As50()"alion of Building Engineers and Chartered Association of Building Engineers of widows 8nd Child￿n 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-