THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
REGISTERED CHARITY NO. 1199721
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
Hub Accountants Ltd Chartered Accountants Innovation House Wincombe Lane Shaftesbury SP7 8FG
THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
PERIOD ENDED 31ST JULY 2024
REFERENCE AND ADMINISTRATIVE INFORMATION
BOARD OF TRUSTEES
The Trustees at the date of this report and holding office during the period were:
| HONORARY TREASURER: HONORARY SECRETARY: WEBSITE: REGISTERED CHARITY NUMBER: INDEPENDENT EXAMINERS: BANKERS: |
Gary Simmons (Chairman since 1st August 2023) Christopher Bamford Jane Curtis Christopher Green Irene Paterson Robert Ross Jay Stewart Jennifer Stott Jeremy Staffurth Perry Cottage Matthews Lane Hadlow Kent TN11 0JG Jeremy Staffurth (resigned 5 October 2023) Nyasha Stolerman (appointed 6 October 2023) www.actuariescompany.co.uk/en/charity 13 Parliament Street York YO1 8XS 1199721 Hub Accountants Ltd Chartered Accountants Innovation House Wincombe Lane Shaftesbury SP7 8FG e-mail: charity@actuariescompany.co.uk HSBC UK Bank e-mail: charity.sec@actuariescompany.co.uk |
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
ANNUAL REPORT BY THE TRUSTEES YEAR ENDED 31 JULY 2024
The Trustees present the report and unaudited financial statements of the Charity for the period ended 31 July 2024. 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 year ended 31 July 2024 is included with this report. The charity’s registered address is The Worshipful Company of Actuaries Charity, 167-169 Great Portland Street, 5th Floor, London W1W 5PF (since 6 June 2024). 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 was established to take on the charitable activities of the Company of Actuaries Charitable Trust Fund ("CACTF"). The Charity took 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 2024
The income from member contributions amounted to £56,061 during the year. The Trustees are very grateful to all those who have supported the charity during the year. Some members continue to contribute to CACTF and work is ongoing to encourage those members to transfer their contributions to WCAC.
Transfers totalling £78,000 were received during the year from CACTF. In addition, the amount in the CACTF Capital Account was transferred to the Charity's Capital Account in February 2024. Investment Income of £5,460 was received in respect of the assets held in the Capital Account since that time.
The amount in the Capital Account at 31 July 2024 was £209,643 and the amount in the Income Account was £8,939 on the same date.
Donations totalling £160,975 were made during the year to the charities and other beneficiaries supported by the Charity. In addition, £8,650 was paid out in respect of bursaries and prizes.
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
ANNUAL REPORT BY THE TRUSTEES (continued) YEAR ENDED 31 JULY 2024
Risk Management
The Trustees have considered the major risks to which the charity is exposed:-
Our major risk is the level of contributions from members, which is the prime source of income. We are continuing to encourage any members that still contribute to CACTF to switch their contributions to the Charity. Towards the end of the year we have also focussed on encouraging new Livery members to contribute to the Charity as this is vital for future income. It is hoped that these initiatives will help maintain a strong level of income in the future. 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. Currently, 75% of donors have provided a gift aid declaration but it is hoped this can be increased to around 95%. 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.
Report on Activities during the year
The Charity took on the activities of CACTF from 1 August 2023 and has been collecting contributions and making payments to various charities throughout the year. Work has also been carried out to consolidate the governance and administrative activities of the Charity, including the establishment of a new registered office.
Our largest contribution was £30,000 to the Royal Institution to support their Maths Masterclasses.
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 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 and signed on its behalf by:
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Gary Simmons Chairman
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
PERIOD ENDED 31 JULY 2024
I report to the trustees on my examination of the accounts of the Charity for the year ended 31 July 2024, which are set out on pages 5 to 9.
Respective responsibilities of trustees and examiner
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.
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 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 2024 Incoming Resources Ordinary contributions: gift-aidable Ordinary contributions: non gift-aidable Transfer from CACTF Miscellaneous income Income from investments Total Receipts Charitable Payments Charities involving Mathematics or Actuarial Science Education (Note 3.1) Charities where an Actuary is involved (Note 3.2) City of London Charities (Note 3.3) Bursaries and Prizes (Note 3.4) One-off donations related to maths education (Note 3.5) Other donations (Note 3.6) Total Charitable Payments Governance Payments Bank charges Accountancy Miscellaneous (note 4) Insurance IT costs Total Governance Payments Excess of Payments over Receipts for the year Withdrawn from investments Net movement in income fund Income Account balance brought forward Income Account balance carried forward |
2024 2023 £ £ 48,001 - 8,060 - 78,000 1,000 150 - 5,460 - 139,671 1,000 84,400 - 27,000 - 23,000 - 8,650 - 18,542 - 8,033 - 169,625 - 97 20 300 - 736 - 433 407 114 - 1,680 427 (31,634) 573 40,000 - 8,366 573 573 - 8,939 573 |
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
BALANCE SHEET AS AT 31 JULY 2024
| INVESTMENTS M&G Group Charifund Income units (Market Value) CURRENT ASSETS Cash at bank - Current account Represented by:- CAPITAL ACCOUNT(Note 5) INCOME ACCOUNT (Note 6) |
2024 2023 £ £ 209,643 - 209,643 - 8,939 573 218,582 573 209,643 - 8,939 573 218,582 573 |
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On behalf of the Trustees of the Worshipful Company of Actuaries Charity we approve the Financial Statements set out on pages 5 to 9.
…………………………………………………… Trustee …………………………………………………… Trustee 5 March 2025 …………………………………………………… Date
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024
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.
1.5 FIXED ASSET INVESTMENTS
The holding in the M&G Charifund Income units were transferred to the Charity on 12 February 2024 and were recorded at the closing value as shown in the CACTF accounts of £232,975. The value of the transfer from CACTF on 12 February 2024 is taken using the market valuation on 31 July 2023 which is consistent with the valuation in the equivalent CACTF accounts.
2 CONTRIBUTIONS
Contributions are made by members of the Worshipful Company of Actuaries by standing order or through Charity Aid Foundation or Charitable Trust. No gift aid was reclaimed during the financial year as the process with HMRC was not fully established. However, gift aid totalling £8,895 has been reclaimed from HMRC after the financial year end in respect of contributions made during the financial year, but this is not included in these Financial Statements.
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024
| 3 DONATIONS TO CHARITIES AND OTHER BENEFICIARIES 3.1 Maths and actuarial science education Royal Institution Royal Society Partnership Maths4Girls Actuaries of Tomorrow Tower Hamlets Education Business Partnership (BEE) - The Switch Number Champions Exeter Mathematics School Dulwich College Kings College London Maths School 3.2 Charities with an actuary involved Dan's Fund for Burns The Brainwave Centre Suited & Booted Heartsease Community Money Advice Marylebone Project Himalayan Trust UK Watford Sheltered Workshop Ltd 3.3 Charities having a connection with the City of London Lord Mayor's Appeal Fund Mansion House Scholarship Scheme Sheriffs' and Recorder's Fund St Paul's Cathedral Foundation United Guilds Service Edmonton Sea Cadets Air Cadet Development Fund No Going Back (through The Mercers Company) Livery Schools Link Livery Foods Initiative aka City Harvest carried forward Musicians Benevolent Fund (aka Help Musicians) |
2024 £ 30,000 9,000 5,000 3,000 4,900 3,000 7,500 7,000 15,000 5,000 5,000 5,000 2,000 2,000 5,000 3,000 5,000 1,000 1,000 500 500 250 3,000 2,250 2,500 1,000 6,000 |
2024 £ 84,400 27,000 23,000 134,400 |
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THE WORSHIPFUL COMPANY OF ACTUARIES CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024
| brought forward 3.4 Bursaries and prizes Bursaries University prizes IFoA Prizes Phiatus award 3.5 One off donations (Related to maths education) Community Safety Education Team Up For Social Mobility Bang Edutainment Leicester University Heritage Charity London 3.6 Other donations Master's Allowance Miscellaneous |
2024 2024 £ £ 134,400 - 1,650 2,000 5,000 8,650 2,200 2,500 3,000 6,342 4,500 18,542 7,950 83 8,033 169,625 |
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4 MISCELLANEOUS PAYMENTS
These payments are £236 related to the establishment of a new registered office and a refund of £500 to a member who made two contributions in error.
5 CAPITAL ACCOUNT CHANGES
| Balance at start of year (M&G) Transfer from CACTF on 12 February 2024 Increase in value of investments Transfer to Income Account Balance at end of year (M&G) 6 INCOME ACCOUNT CHANGES Balance at start of year Net movement of funds Balance at end of year |
- 232,975 16,668 (40,000) 209,643 573 8,366 8,939 |
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7 TRUSTEE REMUNERATION AND EXPENSES
No remuneration was paid to the Trustees during the year. In the year no expenses were paid to the Honorary Secretary or to the Honorary Treasurer.
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