HE IFAIIP ROU NE ENTF ND ANNUAL TRUSTEE REPORT AND INDEPENDENTLY REVIEWED ACCOUNTS FOR THE YEAR ENDING 31ST March 2025 IPACT7011 Benevolent Fund.
Trustee5 annual report and flnancial statements for the period of 16 February 2023 - 31 March 2025 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 9-12 Notes forming part of the financial statements
The IFA IPA Grou Benevolent Fund Reference and Adminlstrative Details Forthe Year Ended 31, March 2025 Trustees: lan Clark Anjana Hirani Lloyd Dri5coII Tony Rabah David Whitaker Nola Luyten appointed 16.02.2023 appointed 16.02.2023 appointed 24.07.2023 appointed 24.07.2023 appointed 29.04.2024 appointed 27.01.2025 Princi al Address.. Unitec House 2 Albert Place London N3 IQB Re istered Charit Number.. 1202088 Inde endent Examiner-. Lawrences 61 Benskin fload Watford W018 OHN Bankers.. Metro Bank I Southampton Row London WCIB SHA
The IFA IPA Grou Benevolent Fund Report of the trustees for the year ended 31 March 2025 The IFA/IPA 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 advancernent of education for IFAIIPA students seeking to study accountancy. The objects are achieved in particular, but not exclusively, by the provision of grants, scholarships and bursaries. Structure, Governance and Management The Charity is governed in line with its constitution which clearly sets out the responsibilities of trustees and the way in which the charity conducts rts operakn'ons. This is supported by more detailed policies where required e.g. Grant Making Policy. The Charity is funded by its member donation5. 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 IFAIIAB Benevolent Fund Ireg number 2340821 and has its own conditions for use. Trustees are recruited from the key beneficiary groups and selected on the valuè they can bring to the Charity and its members. Trustee appointments are approved by the existing Trustees who act in accordance with the constr'tutr'on. All Trustees Sign at the first AGM and seek re-election and then serve a defined term as per the consb'tution. 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 Charity. Public Benefit.. The Tru5tee5 have considered the Charity Commission's guidance on public benefit, and charity law and believe the Chairty meets the qUIreMentS of benefiting the public and the prevention or relief of povertv. The Charlty predominately asslsts through financial support in the form 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. Objectives and Activities: The objectives of the charity are to prevent and offer relief from poverty for its beneficiarie5 primarily through the provision of grants. When the fund is able to generate new funds the objective is to also 5UPPOrt those wishing to gain professional qualifications in the accountancy profession thr(>ugh the provision of bursaries and scholarstriips. The key focus of the Chairty is raising awareness of the support available and raising funds to enable it to meet its Dbjective5.
The IFA IPA Grou Benevolent Fund Achievements and performance.. Outline(J below are the key objectives and performance against them for year one of the charitv. No. Activity Investigate and implement an appropriate CRM to help manage memberldonor donations and communication Find and implement a mailin8 system that enables the best value for money in member communications Identify the p055ible benefits and risks of moving from a CIO Association model to è CIO Foundation model and take the appropriate next steps Increase the ntjmber of people Completing the process seeking support and the number of awards made whilst upholding rigour in the process to ensure funds are appropriately used Improve the website to better reflect those we are helping and generate rnore interest in the fund and the application for support process Increase donations over those received in 23-24 Output CRM secured in February 2025 and now fully operational Deadline March 2025 Free mailing system in plate and fully operational for up to 2,500 membersldonors before moving paid model Move completed in May 2025 following a member consultation and general meeting. March 2025 Dependent on findings. Completed May 2025 March 2025 Claims and awards have both risen in 24-25 as has awareness of the fund and the number of memberldonors Website updated and testimonials added. New support process implemented. Ongoing Donatlons received f¥om 36 people in 23-24 to 1.700 in 24- 25 Changes being made all the time to ensure Charity Is offering best value OnBoing Ensure fi'nancial and operational processes are lit for purpose and Optimal for a charity of this size balancing the needs of those applying wtth rigour and cost base. Increase the number of completed applications for support Ongoing Work underway to further raise awareness and improve processes to encourage people to come forward Ongoing We would like to thank the IPA Group for their ongoing support in raising awareness and understanding around the Benevolent Fund and in providing both speaking opportunities and pre5S opportunities to SUPPOrt the fund. Priorities for 2025-26 With all internal processes and systems now in place the focus for 25-26 rs further increasing the understanding and profile of the fund to attract both donation5 and elaims from those who need support. A whole programme of activity will be planned both in the UK and Australia to enstjre thosè eligible for support are aware and those wishing to support their fellow professionals know how and
The IFA IPA Grou Benevolent Fund where to donate. Ongoing attention will be paid to sharing testimonials from those who have benefitted from the fund and improving the web51te to be more engaging and a 50urce of value. Further effort will be given to seeking support from Corporate Partner5 who wish to show their commitment to the profession and who can support us in achieving our aims. We will continue to work with IPA Group to bring maximum value to their members who suffer financial hardship. Fundraising ActivieS Our fundraising efforts have shown a Significant increase in donations during 23-24 and have been very focussed on the group who are also the key beneficiaries. This will be expanded during 24-25 to cover former members of the IPA Group, corporate organisations and a wider group who may have an interest in the accountancy profession. No professional fundraising organisations have been contrarted to date, and it is unlikely we will do $0 in 25-26. Financial rl¢W.. In the Fthn3ncial Year the Charity received £34,368 in unrestricted donations12024 £801, £15,454 in interest on our investments12024 £2.3001 and incurred £21,656 in running c05t512024 £23,900). At the balance sheet date the charity has £376,633 of reserve$12024 £348,468) of which £361,078 was in the restricted fund. and £15.555 in the unrestricted. Reserve5 Policy.. Unrestricted Fund: After Initial set-up costs, Ihe 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 educational grants Trustee Remuneration.. In line with our constitution trustees receive no remuneration for the time they comrnit to the Charitv. Trustee Expenses.. Trustees can claim for directly ineurred expenses in their work as a trustee on behalf of the Charitv. but these are extremely low with very limited claims made. We have very clear guidelines around purchasing decision5 and conflicts of interest all of which to have been fully adhered to. Volunteers Policy- All the trustees are volunteers, but no other volunteers currently support the charity in its work. Should this happen in the future a clear policy will be created around volunteer engagement.
The IFA IPA Grou Benevolent Fund Report of the trustees for the period ended 31 March 2025 (continued) Statement of Trustees, responsibility The Trustees are re5pon5ible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial Statements for each financial year which give a true and fair view of the state of 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- Selett suitable accounting policies and then apply them consistently; Observe the methods and principles In the Charities SORP- Make judgements and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departure5 disclosed and explained in the financial statements,. Prepare the financial statements on the 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 that 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 provisions of the trust deed. They are a150 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 Trustee5 confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the pijblic benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. Signed on behalf of the irustees by- lan Clark, Trustee Anjana Hirani, Trustee 8, December 2025 8, December 2025
The IFA IPA Grou Benevolent Fund Independent examinerfs report to the trustees of The IFAIIPA Benevolent Group Fund I report on the accounts of the charity for year ending 31 March 2025, which are set out on pages 7 to 12. Respective responsibilities of trustees and examlner As the charity's trustees you are responsible for the preparation of the accounts.. you consider that the audit requirement of section 144121 of the Charities Act 2014 (the Act) does not apply and that an independent examination is needed. It is my responsibiif(y to.. examine the accounts lunder section 145 of the A¢tl- to follow the procedures specified in the General Directions gtven by the Charity Commissioners under section 14515llbl of the Act and; to state whether particular matters have come to my attention. Basis of independent examinerfs report My examination was carrled out in accordance with the General Directions given by the Charity Commissioners. 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 explanation5 from you as trustee5 concerning any such matters. The procedures undertaken do not provide 311 the evidence that would be required in an audit and consequently I do not express an audit opinKJn on the view 8iven by the accounts. Independent examinerfs statement In connection with my examination, no matter has come to my attention.. 111 which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with Section 130 of the Act,. and to prepare acctsunts which accord with the accounting records and comply with the accounting requirements of the Act,. have not been met,. or 121 to which, in my opinion, attention should be drawn in order to enable a proper underst3ndinE of the accounts to be reached. 0811212025 Nicholas Lawrence. ACA 618enskin Road, Watford WD18 OHN
The IFA IPA Grou Benevolent Fund Statement of financial activlties for the period ended 31 March 2025 2025 Unrestricted Funds 2025 Restricted Fund5 2025 Total Funds 2024 Total Funds Note Income from: Donations Investments 34,368 1,545 34,368 15,453 370,000 2,388 13.908 Total 35.913 13.908 49.821 372.468 Expenditure on.. Raising funds Charitable activities 798 7,838 799 12,221 1.597 20,059 8,055 15,945 Total 8.636 13,020 21,656 24,000 Net in¢ome/lexpenditurel and net movement in funds for the year 27,277 888 28,165 348.468 Reconciliation of funds Total funds brought forward 111,7221 360,190 348,468 Total funds carried forward 15,555 361,078 376.633 348.468
The IFA IPA Grou Benevolent Fund Balance sheet at 31 March 2025 Notes 2025 2024 Fixed assets Tangible assets 654 879 Currènt assets Cash at bank and in hand Current asset investments Debtors 379,491 120,448 250.000 19,255 Total current assets 398,746 370.448 Liabilities Creditors.. Amounts falling due within one year 1,793 1,885 Net current assets 396,953 368,563 Creditors.. Amounts falling due after more than one year 20.974 20,974 Total net assets 376.633 348,468 Funds of the charity Unrestricted funds Restricted funds 15,555 361.078 111.7221 360.190 Total funds of the Charity 376,633 348,468 The accounts and balance sheet were approved by the trustees on the 8. December 2025. Authorised to sign on their behalf.. lan Clark. Trustee Anjana Hirani, Tiustee
The IFA IPA Grou Benevolent Fund Notes to the financial statements forthe year ending 31 March 2025 I. ACCOUNTING POLICIES General Information The IFAIIPA Benevolent Group Fund is a charitable incorporated organisation Icharlty Reg. No. 12020881 with its registered office at Unitec House, 2 Albert Place, London, N3 IQB. Comparative figures are for the first financial statements prepared by the charity and tover a period greater than twelve months, from the charity'5 registration on 16 February 2023 to the end of the first financial year on 31 March 2024. Accountin8 Convention The financial statements have been prepared in accordance with Accounting and Reporting by Chaflties.. Statement of Recommended Practice applicable to charilies preparing their financial statement5 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. Incoming resources All incom ing resources a included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Resources expended Expenditure is accout)ted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot bè directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimaled useful life. Computer equipment 25% straight line Current assèt investments Current asset investments represent Cash held on deposit with a maturity date greater than three months and less than twelve month5 from the end of the reporting period. Deposits are basic financial instruments and initially measured at transaction price including transaction cost5 and are subsequently carried at amortised cost using the effective interest method unle55 the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Taxation The charity is exempt from tax on its charitable activlties. Fund accountln8 Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when Specified by the donor or when funds are raised for particular restricted purposes.
The IFA IPA Grou Benevolent Fund Notes to the financial statements for the period ending 31 March 2025 INVESTMENT INCOME 2025 2025 Unrestricted Restricted 2025 Totsl 2024 Total Deposit account interest 1,545 13,908 15,453 2.388 3a. ANALYSIS OF TOTAL EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2025 Grant5 made to individuals Depreciation Support costs Other costs Totals Raising funds Supporting IFA/IPA members and students 1,578 10,237 19 480 1,597 20.059 9,117 225 9.117 225 11,815 499 21,656 Expenditure on charitable activities was £20,05912024'. £15,945) of which £7.838 was unrestricted 12024.. £7.7731 and £12,221 was restritted12024.' £8,172). ANALYSIS OFTOTAL EXPENDITURE FOR THE PERIOD ENDED 31 MARCH 2024 Depreciation Support ¢osts Other costs Totals Raising funds Supporting IFAIIPA members and students 8,052 15,322 8,055 15,945 19 605 19 23,374 608 23,400 3b. ANALYSIS OF SUPPORT COSTS FOR THE YEAR ENDED 31 MARCH 2025 IT Govèrnan¢e Administration Totals Raising funds Supporting IFA/IPA members and students 1.578 1,578 1,578 10,237 2,500 6.159 3,156 2,500 6,159 11,815 Included within governance costs are fees of £1,000 12024.. £1.(X)01 for the preparation and independent examination of the financial statements. 10
The IFA IPA Grou Benevolent Fund Notes to the financial statements for the period ending 31 March 2025 ANALYSIS OF SUPPORT COSTS FOR THE PERIOD ENDED 31 MARCH 2024 IT Governance Adminlstratlon Totals Raising funds Supporting IFA/IPA members and students 8.052 8,052 8,052 15,322 5,485 1.785 16,104 5,485 1.785 23,374 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits paid for the period ended 31 March 202512024.. Nill. Trustees, expenses No trustees received reimbursement of expenses. In the prior period one trustee received reimbursement of £40 for the purchase of a gift in acknowledgment of a retiring trustee. TANGIBLE FIXED ASss Computer Equipment C05t At l April 2024 Additions At 31 March 2025 898 898 898 Depreciation At l April 2024 Charge for ihe year At 31 March 2025 19 225 244 Net book value At 31 March 2025 At 31 March 2024 654 879
The IFA IPA Grou Benevolent Fund Notes to the financlal statements for the period endlng 31 March 2025 CURRENT ASSET INVESTMENTS 2025 2024 Fixed term deposits 250,000 DEBTORS 2025 2024 Accrued income 19,255 CREDITORS 2025 2024 Falling due within one year: Trade creditors Accruals Total 793 885 1.000 1,885 1,793 Falling due after more than one year: Third party loan Total 20,974 20,974 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. 12
The IFA IPA Grou Benevolent Fund Notes to the flnanclal statements for the period ending 31 March 2025 MOVEMENT IN FUNDS FOR THE PERIOD ENDED 31 MARCH 2025 Balance brought forward Income Expenditure Balance carried forward Unrestri¢ted funds: General funds 111,7221 35,913 18,6361 15,555 Restricted funds: IFA Legacy Fund Total fLFnds 360,190 348.468 13,908 113,0201 121,656} 361,078 376,633 49.821 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. Unrestricted funds- are available to be spent for any of the purposes of the charity. MOVEMENT IN FUNDS FOR THE PERIOD ENDED 31 MARCH 2024 Balance brought forward Income Expenditure Balance ¢arried forward Unrestricted funds: General funds 80 111,8021 111,7221 Restrirtéd fvnd5: IFA Legacy Fund Total fund5 372,388 372,468 112,1981 124,0001 360,190 348,468 13
The IFA IPA Grou Benevolent Fund Notes to the financial Statements for the period ending 31 March 2025 10. ANALYSIS OF NET ASSEfs B EEN FUNDS AS AT 31 MARCH 2025 VnrestrScted funds Restrlcted lunds Total funds Fixed assets 654 654 Current assets Creditors due within one year Creditors due after more than one year 37,168 11,2931 361,578 15001 398,746 11,7931 120,9741 120,9741 15,555 361,078 376.633 ANALYSIS OF NET ASSETS BEfwEEN FUNDS AS AT 31 MARCH 2024 Unrestricted funds Restrlcted fvnds Total funds Fixed a$5ets 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 120,9741 111.7221 360,690 348.468 14