THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
REGISTERED CHARITY NO. 1199721
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 20 JULY 2022 TO 31 JULY 2023
Hub Accountants Ltd
Chartered Accountants Innovation House Wincombe Lane Shaftesbury SP7 8FG
THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
PERIOD ENDED 31ST JULY 2023
REFERENCE AND ADMINISTRATIVE INFORMATION
BOARD OF TRUSTEES
The Trustees at the date of this report and holding office during the period were:
Peter Crutchett (Chairman since 1st August 2020) Ian Farr Simon Dudley Christopher Green Gary Simmons Jay Stewart Irene Paterson Robert Ross HONORARY TREASURER: Jeremy Staffurth Perry Cottage Matthews Lane Hadlow Kent TN11 0JG e-mail: charity@actuariescompany.co.uk HONORARY SECRETARY: Jeremy Staffurth WEBSITE: www.actuariescompany.co.uk/en/charity BANKERS: HSBC UK Bank 13 Parliament Street York YO1 8XS REGISTERED CHARITY NUMBER: 1199721 INDEPENDENT EXAMINERS: Hub Accountants Ltd Chartered Accountants Innovation House Wincombe Lane Shaftesbury SP7 8FG
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
ANNUAL REPORT BY THE TRUSTEES 20 JULY 2022 TO 31 JULY 2023
The Trustees present the first report and unaudited financial statements of the Charity for the period ended 31 July 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting for Charities 2005.
The Charity is a Charitable Incorporated Organisation ("CIO") established by a Constitution on 20[th] July 2022. A copy of the accounts for the period from the date of establishment to 31 July 2023 is included with this report. The charity’s principal address is that of the Honorary Treasurer. Trustees are appointed by the Court of the Worshipful Company of Actuaries.
Principal Objects
The Objects of the Charity are set out in clause 3 of the Constitution. These may be summarised as follows:
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the relief of poverty of members of the profession of actuary.
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grants for the advancement of education of actuaries and others.
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to promote and support charitable research in the field of actuarial science.
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awards of exhibitions at an educational establishment to persons intending to practice the profession of actuary.
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to make donations to any registered charity.
Trustees
The Charity has been established to take on the charitable activities of the Company of Actuaries Charitable Trust Fund ("CACTF"). The intention is for the Charity to take on these activities with effect from 1 August 2023.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting their grant making policy.
Financial Report for the period ending 31 July 2023
The only income during the period was 2 transfers made from CACTF totalling £1,000. The only expenditure was an insurance premium of £407 and bank charges totalling £20.
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
ANNUAL REPORT BY THE TRUSTEES (continued) PERIOD ENDED 31 JULY 2023
The Trustees have considered the major risks to which the charity is exposed:-
Our major risk is the continuity of contributions from members, which has been the prime source of income of CACTF. It is anticipated that some members may vary or cease their contributions as a result of the switch from CACTF to the Charity. However, it is considered unlikely that this will reduce the overall level of contributions materially. Most expenditure is discretionary and can be varied according to the availability of funds.
There is a further risk that gift aid declarations will not be received from all members, reducing the amount of gift aid that can be reclaimed. There is a process in place to secure the required declarations and it is anticipated that this will be successful in respect of the majority of members.
There is also a risk that the establishment of banking arrangements with HSBC might prove problematic. However, this is only likely to lead to short term operational difficulties.
Report on Activities during the year
During the period the Trustees have undertaken the actions required to be able to take on the activities of CACTF from 1 August 2023. This has included the establishment of a bank account with HSBC and the introduction of risk, governance and business continuity policies.
During July 2023, members of the Worshipful Company of Actuaries were approached asking them to switch their donations from CACTF to the Charity. Members have also been asked to provide updated gift aid declarations in respect of the Charity.
Trustees' responsibilities in respect of the preparation of the Accounts
The Trustees are required by Law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity
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will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity. 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.
Approval
This report was approved by the Trustees on 16/04/2024 and signed on its behalf by:
………………………………………….
Gary Simmons Trustee (and Chairman since 1 August 2023)
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COMPANY OF ACTUARIES CHARITABLE TRUST FUND
PERIOD ENDED 31 JULY 2023
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 July 2023, which are set out on pages 5 - 7.
Responsibilities and basis of report
As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Basis of independent examiner’s report
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Stacey …...........................Paul Stacey (Apr 18, 2024 16:51 GMT+1) .................
Paul Stacey FCA
For and on behalf of Hub Accountants Ltd, Chartered Accountants Innovation House, Shaftesbury, Dorset, SP7 8FG
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
RECEIPTS AND PAYMENTS ACCOUNT FOR PERIOD ENDED 31 JULY 2023
| RECEIPTS AND PAYMENTS ACCOUNT FOR PERIOD ENDED 31 JULY 2023 |
|
|---|---|
| Incoming Resources Transfer from CACTF Total Receipts Governance Payments Bank charges Insurance Total Governance Payments Excess of Payments over Receipts for the year Net movement in income fund Income Account balance brought forward Income Account balance carried forward |
Unrestricted Funds 2023 £ 1,000 |
| 1,000 20 407 |
|
| 427 573 |
|
| 573 - |
|
| 573 |
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
BALANCE SHEET AS AT 31 JULY 2023
| BALANCE SHEET AS AT 31 JULY 2023 | |
|---|---|
| Unrestricted | |
| Funds | |
| 2023 | |
| £ | |
| CURRENT ASSETS | |
| Cash at bank - Current account | 573 |
| Represented by:- | |
| INCOME ACCOUNT (Note 2) | 573 |
| 573 |
On behalf of the Trustees of the Worshipful Company of Actuaries Charity we approve the Financial Statements set out on pages 5 to 7.
…………………………………………………… Trustee …………………………………………………… Trustee 16/04/2024 …………………………………………………… Date
16/04/2024
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023
1 PRINCIPAL ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF ACCOUNTS
The accounts (financial statements) have been prepared on a receipts and payments basis and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts and in accordance with the Charities Act 2011.
The presentation currency of the financial statements is the Pound Sterling.
1.2 FUND ACCOUNTING
Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in futherance of the charitable objectives. There are no designated or restricted funds.
1.3 INCOMING RESOURCES
All incoming resources including donations and legacies are recognised once the funds have been received into the Charity's bank account.
1.4 RESOURCES EXPENDED
Liabilities are recognised on a payments basis and are reported as the expenditure clears the bank account. All expenditure is included on a payments basis and has been classified under headings that aggregate all costs related to that category.
Governance costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to accountancy services, together with support costs and overheads. Governance costs comprise all costs involving those relating to compliance with regulations and good practice.
Charitable activities
Costs of charitable activities include donations and projects together with other costs directly associated with the charitable objectives of the Charity. There have been no such costs in the period covered by this report.
1.5 FIXED ASSET INVESTMENTS
There have been no investments during the period covered by this report.
1.6 CASH AT BANK
Cash at bank includes funds held on short term deposit. There have been no funds held on short term deposit during the period covered by this report.
| 2 INCOME ACCOUNT CHANGES Balance at start of year Net movement of funds Balance at end of year |
£ - 573 |
|---|---|
| 573 |
3 TRUSTEE REMUNERATION AND EXPENSES
No remuneration was paid to the Trustees during the year. In the year no expenses were paid to the Honorary Treasurer.
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WCAC Accounts to 31 July 2023 signed
Final Audit Report
2024-04-18
Created: 2024-04-16 By: Gary Simmons (gary@garyksimmons.com) Status: Signed Transaction ID: CBJCHBCAABAAsr8mFGP3wiP6pYCkDTNV0lTMj7HSEFh_
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