2023-12-31-accounts - The Chartered Institute Of Management Accountants' Benevolent Fund

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The Chartered Institute of Management Accountants’ Benevolent Fund

Financial Statements For the year ended 31 December 2023

Charity Registration no: 1196072

The Chartered Institute of Management Accountants’ Benevolent Fund

Annual Report of the Trustees For the year ended 31 December 2023

Structure, Governance and Management

Legal status

The Chartered Institute of Management Accountants’ Benevolent Fund (“Fund”) is an incorporated Charity registered in England & Wales (registration number 1196072). The Fund is registered with Companies House (company number CE026853).

The Fund became a charitable incorporated organisation in October 2021, taking the same name and objects as the legacy Chartered Institute of Management Accountants’ Benevolent Fund (registration number 261114). The Fund later became fully operational on 31 August 2023 when assets and liabilities were transferred from the legacy (charity number 261114).

The Fund’s objective is to provide relief for persons who are or have been members of The Chartered Institute of Management Accountants (CIMA). CIMA is incorporated in the UK. CIMA’s Royal Charter registration number is RC000251. Its purpose and activities are to help people and businesses succeed in the public and private sectors by providing continuing professional development services, funding academic research, developing thought leadership, monitoring professional standards, maintaining a code of ethics for members, and working with external tuition providers and assessment services to provide the best study and examination experience. Its principal address is The Helicon, 1 South Place, London, EC2M 2RB (same as the Fund).

Appointment of Trustees

The Council of CIMA appointed the first 3 Trustees to the CIO Board in 2021 and has rights to appoint up to half of the CIO Board of Trustees. An additional 6 Trustees were appointed by the CIO Board in 2022. In 2023, 2 others were appointed, and one Trustee resigned. The current Trustees are listed on page 4 of the Annual Report of the Trustees. Nine Trustee board meetings were held in 2023 via video conference. The number of Trustees appointed should be no less than three and no more than twelve.

No staff were employed by the Fund. All administrative work was undertaken by staff of CIMA and the Association.

Connected charities

By way of relationship to CIMA, CIMA maintains two other charities. The Anthony Howitt Lecture Trust exists to fund and run a biennial lecture on management accountancy issues. The General Charitable Trust exists to fund the advancement of education in accounting, management accounting, electronic data processing, costing, auditing, taxation, applied economics, finance and other related subjects of an educational nature. The GCT is not controlled by CIMA. The activities of the GCT are governed by its trust deed.

Risk management statement

In support of further governance development, the Fund’s administrators have updated documentation as additional mitigation measures for multiple risk areas. The risk register is updated every six months by the Fund Secretary and presented to the Trustees bi-annually for review. The Board of Trustees were satisfied that systems or procedures were established to manage those risks. The Trustees will continue to monitor current identified risks and assess for future concerns.

Objectives and Activities

The Fund’s objective is to provide relief to necessitous persons who are or have been members of CIMA, or any predecessor body, and to any disadvantaged persons connected by ties of relationship or dependency at any time with persons who are, or were, members of CIMA. The Trustees confirm that due regard has been paid to the Charity Commission’s guidance on public benefit when reviewing the Fund’s aims and objectives and planning future activities.

Beginning 31 August 2023, the Fund began to fulfil its objectives by making grants and offering other support to relieve and prevent poverty amongst current and past CIMA members and dependants of members. The CIMA Benevolent Fund Trustees continued to consider all new applications for assistance and review regularly all cases where the Fund

The Chartered Institute of Management Accountants’ Benevolent Fund

Annual Report of the Trustees For the year ended 31 December 2023

was offering ongoing financial support. The Trustees look at each case individually with a view to reaching a decision on how the Fund can best assist in each instance.

Achievements and Performance

In 2023, the Fund received £28k in donations from members and £26k in investment income. On 31 August 2023, the charity also acquired the operations, assets, and liabilities from the unincorporated charity of the same name, registered charity number 261114, as a donation for nil consideration. The value of the donation was £2,506k.

The Fund spent £69k on assistance to 12 beneficiaries in 2023. Of these 12 recipients, 4 were from the UK and 8 were outside the UK. The assistance primarily consisted of monetary help towards general living expenses, childcare, and dependent school fees. The Fund also referred several individuals, at the Fund’s expense, to an outplacement organisation for support in finding new employment.

Financial Review

Reserves policy

The statement of policy on reserves reads as follows:

Given the level of donation income and the unpredictability of legacy receipts, CIMA Benevolent Fund needs to hold reserves to invest in order to generate income to cover its expected expenditure over the next 12-month period.
For the purpose of this policy, reserves are unrestricted funds that are freely available for spend on the Fund’s purposes. They will not include any funds set aside to meet a defined future item of expenditure.
The Fund, therefore, aims to maintain a level of reserves sufficient to generate investment income equal to roughly twelve months of its expenditure.
Council, acting on behalf of the Trustee, will review the Policy on Reserves annually. The Benevolent Fund Committee will monitor the level of reserves in between these reviews.

The value of reserves held by the Charity at end of 2023 was £2,546k.

Investment policy

The statement of policy on investment reads as follows:

The Fund seeks to target a financial return (net of management fees) that matches or exceeds the objective, within an acceptable level of risk.
The Trustees’ guidelines require the CIMA Benevolent Fund Trustees to manage the CIMA Benevolent Fund portfolio in such a way as to achieve a broad balance between maintaining or increasing its real capital value and generating sufficient income and liquidity to meet the Fund’s immediate cash requirements, while at the same time maintaining an appropriate risk profile and considering the advice of the Fund’s investment advisors.
The Fund’s strategy is, therefore, to generate sufficient total investment returns, on average over a period of one year, both to cover the part of grant expenditure which cannot be funded out of other income and to conserve or grow the real value of the portfolio in the interests of future beneficiaries of the Fund.

The Chartered Institute of Management Accountants’ Benevolent Fund

Annual Report of the Trustees For the year ended 31 December 2023

To allow for the unpredictable nature of voluntary income (particularly legacies) and for a possible increase in grant expenditure as CIMA membership continues to grow, the Fund’s investment objective and strategy is for a return of at least inflation plus 4%.

The Cazenove Charity Multi-Asset Fund is an investment vehicle managed by Schroder & Co Ltd. specifically for charity investors. It invests in a range of asset classes and aims to give an average long-term return of 4% p.a. over inflation.

Plans for Future Periods

The Fund intends to continue to assist current and past members and dependants of members in hardship or poverty, in line with the charity’s objectives, by making grants as well as offering other forms of support to relieve and prevent poverty amongst CIMA members and their families.

The Board of Trustees is developing and implementing strategies to improve member awareness of the charity and to pave way to increase income to assist future members in need.

Acknowledgements

The Trustees wish to sincerely acknowledge the donations members have given to the Fund. The many expressions of thanks received from recipients confirm that the help given is truly appreciated.

The Chartered Institute of Management Accountants’ Benevolent Fund

Annual Report of the Trustees For the year ended 31 December 2023

Reference and Administrative Information

Inquiries may be addressed by email to benevolent.fund@aicpa-cima.com.

Other Administrative Details

Trustees

Andrew McGunnigle (Chairman)(appointed 30 July 2021) Matthew Miller (Vice Chairman) (appointed 30 July 2021) Amarjeet Hans (appointed 30 July 2021) Rona van Hoepen (appointed 07 February 2022) Elaine Richardson (appointed 07 February 2022) Rachael Jarrett (appointed 07 February 2022) Yvonne Dzotsi (appointed 07 February 2022) Shahzad Manwa Ali (appointed 07 February 2022) Reena Sanathra (February 2022- July 2023) Akmol Hussain (appointed 01 July 2023) Bulelwa Kotta (appointed 01 July 2023) _Member of CIMA Council_

Administrators

Melissa Parker Zara Stevens

Principal address

The Helicon 1 South Place London EC2M 2RB

Bankers

HSBC UK Bank PLC 1 Centenary Square 1 Churchill Place Birmingham B1 1 HQ

Investment Managers

Schroder & Co. Limited 1 London Wall Place London EC2Y 5AU

Independent Auditors Saffery LLP Westpoint Peterborough Business Park Lynch Wood Peterborough PE2 6FZ

Approved by the Trustees on 29 April 2024

Andrew McGunnigle Chair

The Chartered Institute of Management Accountants’ Benevolent Fund

Trustees’ responsibilities statement For the year ended 31 December 2023

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under that law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Chartered Institute of Management Accountants’ Benevolent Fund

Independent auditors’ report to the Trustees of the Chartered Institute of Management Accountants’ Benevolent Fund For the year ended 31 December 2023

Opinion

We have audited the financial statements of The Chartered Institute of Management Accountants’ Benevolent Fund for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as of 31 December 2023 and of its incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

The Chartered Institute of Management Accountants’ Benevolent Fund

Independent auditors’ report to the Trustees of the Chartered Institute of Management Accountants’ Benevolent Fund For the year ended 31 December 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
the charity has not kept sufficient accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 5, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

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

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

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with Trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

The Chartered Institute of Management Accountants’ Benevolent Fund

Independent auditors’ report to the Trustees of the Chartered Institute of Management Accountants’ Benevolent Fund For the year ended 31 December 2023

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP

Westpoint Peterborough Business Park Lynch Wood Peterborough Chartered Accountants PE2 6FZ

Statutory Auditors

Date:

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Chartered Institute of Management Accountants’ Benevolent Fund

Statements of Financial Activities For the year ended 31 December 2023

£000 28 2,506 24	£000 - - -	2022 Unrestricted Funds £000 -
23 3	- -
		-
(69) (1) (32)	- - -
		- -

		- -
		- -
		-

The Chartered Institute of Management Accountants’ Benevolent Fund

Statements of Financial Position For the year ended 31 December 2023

Note Non-current assets Investments 2 Current assets Cash 6 Due from CIMA Other receivables Current Liabilities Grants payable Other Payables Net current assets Total net assets Funds Unrestricted funds	2023 2022 Unrestricted Unrestricted Funds Funds £000 £000 2,135 - 443 - 21 - 1 - 465 - 47 - 7 - 54 - 2,546 - 2,546 -	2023 2022 Unrestricted Unrestricted Funds Funds £000 £000 2,135 - 443 - 21 - 1 - 465 - 47 - 7 - 54 - 2,546 - 2,546 -
		- - -
		-
		-
		-

The financial statements on pages 9 to 15 were approved by the Trustees on 29 April 2024 and signed on its behalf by:

Andrew McGunnigle

Chair

The notes on pages 11 to 15 form part of the financial statements.

The Chartered Institute of Management Accountants’ Benevolent Fund

Notes to the financial statements For the year ended 31 December 2023

Charity information

The Chartered Institute of Management Accountants’ Benevolent Fund (“Fund”) is a registered charity in England and Wales. Its principal address is The Helicon, One South Place, London, EC2M 2RB.

1 Accounting policies

Basis of preparation

The financial statements have been prepared on a going concern basis, under the historical cost convention, in accordance with Financial Reporting Standard 102: “The financial reporting standard applicable in the UK and Ireland”, the Charities Statement of Recommended Practice, and the Charities Act 2011. Consistent accounting standards have been applied in preparation of these financial statements. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Preparation of the accounts on a going concern basis

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

Donations and similar incoming resources are included in the Statement of Financial Activities (SOFA) when received. Bank interest is also included on a receivable basis.

Expenditure

Expenditure has been included in the Statement of Financial Activities on an accruals basis. Grants are recognised when approved and the recipient has been informed.

Valuation of service and facilities provided free of charge

The Chartered Institute of Management Accountants provides staff and facilities free of charge to the charity in order to fulfil its charitable objectives. Additionally, certain administrative costs are borne directly by CIMA. Valuation of the services and facilities has been included as follows:

Staff are valued as proportion of salary costs based on an estimate of the amount of time relevant CIMA staff members spend on Trust activities over the period the Financial Statements are prepared.
Facilities provided by CIMA for hosting charity meetings are valued using a delegate rate for hiring similar venues from a third-party venue provider.
Costs which are borne directly by CIMA, are measured using the amount paid by CIMA to the third-party provider.
These methods approximate fair value.

Taxation

The Chartered Institute of Management Accountants’ Benevolent Fund is a registered charity, and as such is entitled to certain tax exemptions on income and profits from exemptions, and surpluses on any activities carried on in furtherance of the charity’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

Investments

The investment policy is to produce sufficient annual income to provide funds to cover the bulk of the Funds expected grant expenditure. Investments are invested 100% in a Cazenove Charity Multi-Asset Fund. The investments are reported at fair value at the reporting date, based on the market price in an active market. Any gains or losses on revaluation are recorded through the Statement of Financial Activities.

The Chartered Institute of Management Accountants’ Benevolent Fund

Notes to the financial statements For the year ended 31 December 2023

Funds

Financial projections are prepared annually and revised as necessary. The resources of the Benevolent Fund are used to the full extent available, and any accumulation of assets is for future use under the terms of the Fund. Reserves are not intentionally held at a defined level but are used as and when appropriate activities are approved that fulfil the objectives of the Fund.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial Instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs.

2 Investments Market value at 1 January Donation of FMV Assets Gain on investments Market value at 31 December Total investment portfolio Historical cost at 31 December 3 Income from donations Donations from: Members CIMA Benevolent Fund Charity number 261114 CIMA Donations of Services	2023 Total £000 - 2,071 64 2,135 2,135 2,071 2023 £000 28 2,506 24 2,558	2022 Total £000 - - - - - - 2022 £000 - - -
		-

The Chartered Institute of Management Accountants’ Benevolent Fund

Notes to the financial statements For the year ended 31 December 2023

4 Total resources expended

b Grants to members in hardship Grants paid to 12 (2022: 0) beneficiaries c Other expenditure Audit fees Facilities/services Professional fees Net outgoing resources for the year	2023 £000 69 2023 £000 7 24 1 32	2022 £000 -
		2022 £000 - - -
		-

5 Transactions with Trustees

No remuneration or reimbursement of expenses has been paid to any Trustee in either year.

6 Current Assets

Cash

Cash comprises Cash on hand and at bank Short term cash deposits	2023 £000 357 86 443	2022 £000 - -
		-

7 Movement in Funds

Unrestricted funds	Balance at 31 December 2022 Incoming resources Expenditures Gain on revaluation Balances at 31 December 2023 £000 £000 £000 £000 £000
	- 2,584 (102) 64 2,546

The Chartered Institute of Management Accountants’ Benevolent Fund

Notes to the financial statements For the year ended 31 December 2023

8 Related Party Transactions

The Chartered Institute of Management Accountants (CIMA)

The Chartered Institute of Management Accountants (CIMA) is the world's largest and leading professional body of management accountants. Its mission is to help people and businesses succeed in the public and private sectors.

The Chartered Institute of Management Accountants donates staff and facilities to the Fund and bears the cost of certain administrative expenses in respect of governance of the charity, managing the finances of the charity and managing the activities of the charity in accordance with the charitable objectives. In 2023, donated staff costs were valued at £24k.

CIMA’s place of business and principal address is The Helicon, 1 South Place, London EC2M 2RB. Contact CIMA in writing for Consolidated Financial Statements.

Association of International Certified Professional Accountants (Association)

The Association of International Certified Professional Accountants (Association) is a global membership organization whose mission and vision is to be the most influential body of professional accountants driving dynamic accounting profession worldwide.

In June 2016, members of the AICPA and CIMA, in separate membership ballots, approved the creation of the Association to integrate management, operations and strategy while preserving the membership bodies of both organizations. The Association launched on January 1, 2017, with the AICPA and CIMA as founding members. Members of the AICPA and CIMA are also members of the Association. The Association is organized as a NFP organization domiciled in the United States of America ("US").

During 2023, a small portion of the donated services were from staff of the Association.

9 Employees

The average monthly number of persons employed by the charity during the year was 0 (2022: 0). There were no employees who received benefits of more than £60,000.

10 Legal Form

The Chartered Institute of Management Accountants’ Benevolent Fund is an incorporated Charity registered in England & Wales (registration number 1196072). The registered office is as follows:

The Helicon One South Place London EC2M 2RB

The Chartered Institute of Management Accountants’ Benevolent Fund

Notes to the financial statements For the year ended 31 December 2023

11 CIMA Ireland Transactions

The Ireland Benevolent Fund Committee that is an inactive sub-committee of the legacy CIMA Benevolent Fund (charity number 261114) .

Historically, some Irish donors have paid into a deposit only account that is controlled by CIMA Ireland. In 2023, donations were received in the amount of €1k (£1k) into the CIMA Ireland deposit only bank account. These were recorded in the CIMA Benevolent Fund general ledger as donations revenue and intercompany receivable from CIMA Ireland. The balance is settled several times during the year.

The Ireland Benevolent Fund Committee will be officially disbanded once the legacy CIMA Benevolent Fund is formally dissolved, expected summer 2024. Irish donors wishing to continue standing orders will be provided new bank account information on request, to be paid directly into the CIMA Benevolent Fund account.

12 Transfer to Charitable Incorporated Organisation

On 31 August 2023, the charity acquired the operations, assets and liabilities from an unincorporated charity of the same name, registered charity number 261114, as a donation for nil consideration. On this date, the former charity had the following net assets:

Cash and Cash Equivalents Investments Accrued Income Liabilities Net Assets These net assets were represented by the following funds: Unrestricted funds	445 2,071 3 (13)
	2,506
	2,506

The values above represent both the book values and fair values, which are considered to be the same.

13 Subsequent Events

The Chartered Institute of Management Accountants’ Benevolent Fund has evaluated events and transactions for potential recognition or disclosure through to 29 April 2024, which is the date the financial statements were approved.

There are no post balance sheet events to disclose.