18tered Chari Number: 1202088 THE IFAIIPA GROUP BENEVOLENT FUND ANNUAL TRUSTEE REPORT AIYD INDEPENDENTLY REVIEWED ACCOUNTS FOR THE PERIOD ENDING 31ST MARCH 2024 IPAGroup Benevolent Fund.
Trustees annual report and flnandal statements for the perlod of 16 February 2023 - 31 March 2024 Contents Page: Reference and administrative details Report of the trustees Statement of trustees, responsibilities Report of the independent examiner Statement of financial activities Balance sheet 7-10 Notes forming part of the financial statements
The IFA IPA Grou Benevolent Fund Reference and administrative details Trustees: lan Clark Anjana Hirani Lloyd Driscoll Tony Rabah David Whitaker appointed 16.02.2023 appointed 16.02.2023 appointed 24.07.2023 appointed 24.07.2023 appointed 29.04.2024 Gillain Alcock Rachel Andrews app. 16.02.2023. resigned 23.07.2023 app. 16.02.2023, resigned 26.02.2024 Princi al Address.. Unitec House 2 Albert Place London N3 IQB istered Charit Number.. 1202088 Inde endent Examiner.. Lawrences 61 Benskin Road Watford WD18 OHN Bankers: Metro Bank I Southampton Row London WCIB SHA
The IF IPA Grou Benevolent Fund Report of the trustees for the year ended 31 March 2024 The IFAIIPA Benevolent fund was established on the 16th February 2023 and the trustees are pleased to present their inaugural report together with the independently examined accounts for the period ended 31 March 2024. The Charity was established to provide the prevention or relief of poverty for its beneficiaries and the advancement of education for IFA/IPA student5 seeking to study actountancy. The objects are achieved in particular, but not exclusivelyi by the provision of grants, scholarships and bursarles. Structure, Governan¢e and Management The Charity is governed in line with Its COnstutIon whlch clearly sets out the responsibilltles of trustees and the way in whith the charity condurts its operations. This is supported by more detailed policies where required e.g. Grant Making Policy. The Charity is funded by Its member donations. It also has a ring-fenced pot of money exclusively for existing and former IFA members and their dependents. This money was donated from the former IFA/IAB Benevolent Fund (reg number 2340821 and has It5 own conditions for use. Trustees are recruited from the key beneficiary groups and selected on the value they can bring to the Charity and its members. Trustee appointments are approved by the existing Trustees who act in accordance with the constitution. All Trustees resign at the first AGM and seek re-election and then serve a defined term as per the constitution. The Trustees give their time for free and there are no permanent employees. A freelance Fund Manager supports the development and day to day activities of the Charitv. Public Benefft.. The Trustees have considered the Charity Commission's guidance on public benefit, and charity law and believe the Chairty meets the requirements of benefiting the public and the prevention or relief of poverty. The Charity predominately assi5tS through financial support in the ft)rm of grants aiming to enable people to overcome present difficulties and bridging the gap between income and expenditure. All applicants are also signposted to consider other help available e.g. relevant state benefits. Objertives and Activltles: The objectives of the charity are to prevent and offer relief from poverty for its beneficiarles primarlly through the provision of grants. As it is able to generate new funds the objective is to also sUPPOrt those wishing to gain profe55ional qualifications in the accountsncy profession through the provision of bursaries and Scholarships. The key focus of the Chairty is raising awareness of the support available and raisin8 funds to enable it to meet its objectives.
The IFA IPA Grou Benevolent Fund Achlevements and perfomiance.. Outlined below are the key objectives and performance 08ainst them for year one of the charity. No. Activity Add to Trustees to increase representation of beneficiaries from both UK/ANZ Develop a brand for the Chairty that is easily recognisable and around which key mes5age5 can be communicated Build website and online process for support and donations Build relationships with those interacting with beneficiary 8roups raising awareness and understanding both on sUPPOrt available and the opportunity to donate and support others Review initial grant making policy based on the experience of early applicants Output Two new Australian Trustees added, one new UK Trustee recruited New branding in place for use on communications, in presentstlons and at events Deadline July 23 Oct 23 Live and in place Nov 23 Both online and face to face contact with those interacting with these groups. Marketing resources developed and content to raise interest Ongoing New policy in place. Next step to make applying simpler and more user friendly. Look at support for those unable to use online resources or apply themselves. Contact made with 4 other funds who have been very open and supportive in sharing their learnings. Taking forward some improvement5 and measures from them Changes being made èll the time to ensure Charity is offering best value Ongoing Learn from other benevolent funds and look to improve and implement best practice On80ing Ensure financial and operational processes are fit for purpose and optimal for a charity of this size balancin8 the needs of those applying with rigour and c05t base. Increase the number of completed applications for support Ongoin Work underway to further raise awareness and improve processes to encourage people to come forward Ongoing Prloritles for 202&25 With many of the foundations now in place, tested and improved the fotus for 2024-25 will be increasing the number of people we 5UPPOrt and providing clear, easy guidance for those considerin8 making an application. We will continue to raise awareness and understanding of the fund encouraging those that need support to come forward. Continued efftirt will also go into fundraising
The IFA IPA Grou Benevolent Fund to enable us to broaden out the services offered and begin to consider further how we might effectively 5UPPOrt those studying accountancv. Internally we will continue to review and update policies and procedures in line with feedback and best practice and a150 consider a review of the constitution to simplify, increase clarity and ensure processes achieve the right balance of rigour and cost. Fundrnisln8 Actlvltles The focus around fund raising has been with the potential beneficiary group via the networks thev belong to. No external fundraising or material investment has been made during 2023-2024. We will continue to invest in the website and other online seNices to ensure it is easy to donate and we have the appropriate communication preferences of those that choose to donate. We do not use any external fundraisers. Flnan¢lal revlew: In the period covered by the accounts. the charity incurred £23.9k of costs, had £80 of donations and earned £2.3k in interest. Of these costs £12.Ik was attributed to the restricted Fund. and the balance to unrestricted. At the balance Sheet date, the Charity had £348.468 of Assets mainly in cash format, of whlch the restricted fund held £360,190. The Unrestricted fund was overdrawn at the 31st March 2024. As a newly established ¢harity costs have been incurred before any level of reserves could be built up, however the trustees have already put steps in place restore this fund to a positive balance and reach the level required in the reserves policy. It should be noted that the amount owed to the third party is not repayable until a certain threshold of unrestricted income is reached and so the trustees have confidence that the charity holds sufficient unrestricted cash to meet any liabilities as they fall due. Reserves Pollcv: Unrestricted Fund.. After initial set-up costs, the charity will aim to spend no more that 75% of donated funds in grants and admin costs to build a buffer for future years and build some reserves. Restricted fund.. This will be managed in accordance with the trust deed, and only be available to IFA members and not be used for educatlonal grants Trustee Remuneratton: In line with our constitution trustees receive no remuneration for the time they commit to the Charity. Trustee Expenses: Trustees are able to claim for diredly incurred expenses in their work as a trustee on behalf of the Charity. but these are extremely low with very limited claims made. We have very clear guidelines around purchasing decisions and conflicts of interest all of which to have been fully adhered to. Volunteers Pollcy.. All the trustees are volunteers, but no othervolunteers currently support the charity in its work. Should this happen in the fijture a clear policy will be created around volunteer engagement.
The IPAG le Fu R•port of the trusteesfor the porlod ended 31 VArrh 2024 l¢onthued) ststem•nt ol Trust4 Mspondblllty The Trustees are responslble for preparln8 the Trustees, Report and the flnanclaS statements In accordgncewlth applkablp law ond Unrted Kln8dorn Accountln8Stsnd8rds IUnlt•d Klwdom Generally Accepted Accountln8 Practlcel. The law applkable to charltle5 In En8land & Wales requlres the teeS to prepftre flnanclal statements for each flnancl81 yearwhlch ghe a true and f•lr vlew of the state of affalr5 of the £harlty and of the Incomln8 resource5 and appllcBtbon of re50urce$ of th• chadtyforth8t perbd. In preparfn8 these flnanckl ststements, thetrustees are requlred to: sultsble a¢countln8 polklej ond thon apply th•m conststertty: Obsem the methods and prlnclple5 In the Charltles SORP, M•keJud8ements and estlmate5 that rewnable and prudent: stste whether appllcable aceountln8 standards have been followed. wblert to any materlal departures dtscbsed and explalned In the flnanclal statements; Preparn the flnancSal statements on the 8oln8 concem bas15 unles$ bt Is Inapwoprlate to presume th thè charty wlll tontlnue In buslnw. The tn15tees afe responslble for keeplng proper accountln8 records that dtscJ05e wlth reasonab accuracy at anytlme the flnandal posltlon of the charlty and enabl• them to ensuiethatthe flnandal statements comply wilh the Charltles Act 2011, the Ch•rlry IA¢¢ounts ond Reports) Re8ulatlons 2008 and the provtslgns of the tnut deed. They are also responslble for sofe8U8rdln8 the asset5 of the thaTY and hence for t8kln8 re8sonable steps for the w¢ventbn and detertlon of ftaud and other re8ularltles. The Trustees corrflrm thatthey have complled wlth the duty In Sertlon 17 of the Charftle5 Art 2011 to have due reBard to the publ1¢ benefft 8Utdance pub115hed by the Charlty Commtsslon th determlnlng the a¢tfvltles undertgken the charlty. Slgned on behalf of thetrustees by. lon aark, TNstee Anlana Hlr4nl, Trustee Z024 2024
IPA le Independent examlnerfs rewt to the trnstees of Th• IFAIIPA a•n•volert Group Fund I report on the accounts of the chath forth perlod of 16 February 2023- 31 Marth 2024, whl¢h are set out on page$ 7 to 12. A¢Jixtlv• Mpon$lbllltles ol tru•ts•i A8 the charws trustee5 you are responslble for the prepartb)n of the a¢Utr.. you conskler that the audlt requlrement of settion 144121 of the Charlties Att 2014 Ith• Artl (hes not •ppty and that in Ind¢pendent examlnatk)n Is needed. Is my responslblllty to: examltie the accounts (under settlon 145 of the Act): to follow iho procedures sp¢clfted In the Genergl Dlrerth)n$ in by the Chorkty Comrn1551oners under sectloft 145151{b) of the Act and; to stste whether partl¢ular matters have come to my attenth)n. Ba$h pt Indepwdant eman$ report My examln8tlon was Carded Dut In a¢cordan¢e wRh the General Dlrecth)n5 8lven by the Chartty Commlssloner5. An examlngtlon Includes • revkn of the aecountlng rettjrds kept by the charlty and comparlson of the ¥¢Unts presented wlth those records. It also Indudes wiskleratlon of •ny unusual Items or d¢%re5 In the accounts, and seeklng eXplanlon$ from you as trustees eoncemlng anysuch matters. The prwedures undertaken do not provlde Jll the evklence that would be requlred In an audlt and consequently I do not express #n aud oplnlon on the vlew glven by the accounts. Ind•pendort ox#mlnerfs statement In connertlf)n wlth my exan)Inatlon, Th) m•ttÈr has conle to my entIOn. 111 whlch glves me reasonae cause to belleve th8t In any merlal respectthe rdqulrements to keep antIng ttcord¥ In 8(rdn¢twsth wtloD 130 ofthe Acr and to Prere x(outrtg whkh accord wth the •ccountln8 récord5 and comF* wlth the accountlng requlrements of tho Ac¢. have not been mei. or (21 to whlch. In my oplnlon, attentlon should be drawn In order to enable a pmper underJtsndlfi8 of the occount5 lo be reached. Nlcholas Lawrence, ACA 61 Benskln Ro&d, Watfonl WD18 IJHN
The IFA IPA Grou Benevolent Fund Statement of Ilnanclal actlvltles for the perlod ended 31 March 2024 2024 Unrestrlcted Funds 2024 Restrlcted Funds 2024 Total Funds Note Income from; Donations Investments 80 370,000 2,388 370,080 2,388 Total 372.388 372A68 Expendlture on: Rai5ifkg funds Charitable activities 4.029 7,773 4,026 8,172 8,055 15,945 Total 11,802 12.198 24,000 Net Income/lexpend+ture) and net movement in funds for the year 111,7221 360.190 348,468 Re¢onciliatlon of funds Total funds brought fOard Total funds carrfed lorward {11,7221 360,190 348,468
IF IPA Grou Ben ole Fu Balance sheet at YI M8r¢h 2024 Axqd •sM T&[bIl et5 879 C•sh at bank and In hond Current asset Investments 120,448 250,IXKJ Tot*1 curr•nt •M•ts 370,448 Ll•bllllles Credltor5: Amounts fallln8 due wSthln 0Trg ye4r ¥885 368,563 Credltors.. Amounts fallln8due after more than one year 20,974 Tot•1 net asfj•ts 341468 Funds of th• charkv Unrestritted ful$ Aesirlcted fvnds 111,7221 360.190 TO1 lund$ otth• 34&468 The accounts and balance sheet were approved Iythe tte•S on the zfJune 2024 Authorlsed to s1 on thelr behaw: lan aark, Trust•e Anjana HlrnnL Trustee
The IFA IPA Grou Benevolent Fund Notes to the financlal statements for the year endln8 31 March 2024 I. ACCOUNTING POUCIES General Informatlon The IFA/IPA Benevolent Group Fund 15 3 charitable incorporated organi5ation Icharity Reg. No. 12020881 with its registered office at Unitec House, 2 Albert Place, London, N3 IQB. These are the first flnanclal statements prepared by the charity and cover a period greater than twelve months, from the charity's registration on 16 February 2023 to the end of the first financial year on 31 March 2024. Aecounting conventlon The financial statements have been prepared in accordante with Accounting and Reporting by Charlties: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191- (Charities SORP IFRS 10211. Incomln8 resources All Incoming resources are included in the Statement of Firsancial Activitie5 when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Resources expended Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tanglble fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computerequipment 25% straight line Current asset Investments Current asset investments represent cash held on deposlt with a maturity date greater than three months and less than twelve months from the end of the reporting period. Deposits are basic financial instruments and inltlally measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arran8ement constitutes a financing transactlon, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Taxatlon The charity is exempt from tax on its charitable activities. Fund accountlng Unrestritted funds can be used in accordance with the charitable objectives at the discretion of the trustee5. Restricted funds can only be used for particular restricted purposes wlthin the objects of the charity. Restrirtions arise when specified by the donor or when funds are raised for particular restricted purposes.
The IFA IPA Grou Benevolent Fund Notes to the financlal statements for the perlod endlng 31 March 2024 INVESTMENT INCOME 2024 Deposit account interest 2,388 ANALYSIS OF TOTAL EXPENDITURE FOR THE PERIOD ENDED 31 MARCH 2024 Depreclatlon Support costs Other costs Totals Ralsing funds Supporting IFA/IPA members and students 8.052 15,322 8,055 15,945 19 605 19 23.374 23,400 3b. ANALYSIS OF SUPPORT COSTS FOR THE PERIOD ENDED 31 MARCH 2024 IT Governan¢e Admlnlstratlon Totsls Raising funds Supporting IFAIIPA members and students 8,052 8,052 8,052 15.322 5,485 1,785 16,104 5,485 1.785 23,374 Included withln governance costs are fees of £l,OCNJ for the preparation and independent examination of the financial Statements. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits paid for the period ended 31 March 2024. Tru5tees' expenses One trustee received reimbursement of £40 for the purchase of a gift in acknowledgment of a retiring trustee. 10
The IFA IPA Grou Benevolent Fund Notes to the flnancial ststements for the perlod endlng 31 March 2024 TANGIBLE FIXED ASSErs Computer Equlpment Cost At 16 February 2023 Additions At 31 March 2024 898 898 Depreciatlon At 16 February 2023 Charge for the year At 31 March 2024 19 19 Net book value At 31 March 2024 At 16February 2023 879 CURRENT ASSET INVESTMENTS 2024 Fixed term deposits 250,CL)O CREDITORS 2024 Fallln8 due wlthln one year: Trade creditors Accruals Total 885 1,000 1.885 Falllng due after more than one year: Third party loan Total 20.974 20.974 The third party loan is repayable quarterly once a certain unrestricted income threshold has been reached. No interest is payable on the loan.
The IFA IPA Grou Benevolent Fund Notes to the flnanclal staternents for the perlod endln8 31 March 2024 MOVEMENT IN FUNDS FOR THE PERIOD ENDED 31 MARCH 2024 Balance brought forward Income Expenditure Balance carrled forward Unrestrltted funds: General funds 80 111,8021 111,7221 Restrlrted funds: IFA Legacy Fund Total funds 372,388 372A68 112,1981 124,000 360,190 348,468 IFA Legacy Fund- the funds are only to be used in accordance with the wishes of the donors as laid down by the trust deed. Unrestrlcted fund5- are available to be spent for any of the purp05e5 of the charity. ANALYSIS OF NET ASSETS BETWEEN FUNDS AS AT 31 MARCH 2024 untrIrted fvnds Restrirted fvnds Tolal fund5 Fixed assets 879 879 Current assets Creditors due within one year Creditors due after more than one year 9,758 11,3851 360,690 15001 370,448 11.8851 120,9741 {20.9741 (11,7221 360,690 12