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 COns￿tutIon 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 t￿￿eeS 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
thaT￿Y 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$lbllltles ol tru•ts•i
A8 the charws trustee5 you are responslble for the prepartb)n of the a¢￿U￿tr.. you conskler that
the audlt requlrement of settion 144121 of the Charlties Att 2014 Ith• Artl (hes not •ppty and that in
Ind¢pendent examlnatk)n Is needed.
Is my responslblllty to:
examltie the accounts (under settlon 145 of the Act):
to follow iho procedures sp¢clfted In the Genergl Dlrerth)n$ i￿n 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 eXplan￿lon$ 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 reasona￿e cause to belleve th8t In any m*erlal respectthe rdqulrements
to keep a￿￿￿ntIng ttcord¥ In 8(￿rd￿n¢twsth wtloD 130 ofthe Acr and
to Pre￿re 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
fO￿ard
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 t￿￿te•S on the zfJune 2024
Authorlsed to s￿1 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
un￿trIrted 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