PROFESSIONALS AID COUNCIL (A Company Llmitgd by Guarant•è not havlng a Share Capital) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Company no. 00174262 R&gl8lered Charlty no. 207292
PROFESSIONALS AID COUNCIL IA Company Llmitèd by Guarantee not havlng a Share Capltal) FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS REGISTERED OFFICE 7-14 Great Dover Street London SE14YR Company no. 00174262 Registered Charity no. 207292 BANKERS S8ntander Commercial Bank 250 Stanley R08d Bootle Merseyside L20 3PQ Ralhbone Investment Management Ltd 8 Finsbury Circus London EC2M 7AZ INVESTMENT ADVISORS AUDITORS Xeinadln Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD SOLICITORS RadcliffesLeBrasseur 85 Fleet Slr8el London EC4Y 1AE
PROFESSIONALS AID COUNCIL (A Company Llmitgd by Guarantee not having a Share Capital) DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Board presents the report and financial slalemenls of the Professionals Aid Council (PAC} for the year ended 31 December 2023. The Slalemenls appear in the formal required by the Stslemenl of Recommended Practice for Charities ISORP 20151 (Second Edition, effective 1 January 20191. The Report and Slalemenls also comply with the Companies Act 2006 as the Professionals Aid Council is 8 company limited by guarantee and has no share capital INO. 001742621. 11 is a Registered Charity INO. 2072921. PAC is governed by 118 Articles of Association. STRUCTURE. GOVERNANCE AND MANAGEMENT PAC is a membership organisalion whose membeis are Golleclively known as th8 Coun¢il. The Members of the Council are as li8led in the Annual Review obtainable from the registered office, EXECUTIVE COMMITTEE AND DIRECTORS PAC'S strategic aclivilie5 are managed by the Executive Committee, whose members are the directors of the oharitable company and 8cI as the Iruslees for the charitable activities of the Gharilable company. and whi¢h may empower other Commillees lo act. Members of the Executive Committee are elected from members of Council. Members of the Executive Committee serve for a term of three years and may be appointed lo serve for further terms. The Executive Committee meets four limes during the year and may hold additional meetings if necessary. In fulfilling their a¢livilies, the Executive Committee are assisted by the staff team, headed by the Chief Exe¢ulive Officer ICEOI. A scheme of delegation is in place and day-lo-day rosponsibilily for management of the organisalion is delegated lo the CEO and in her absence, the Grants and Information Manager. Members of the Executive Commille8 are all volunteers, those serving for the year were.. Mr J Aisher Mr8 R Whilehorn Mr L J Wilson Mrs L Carmichael Mr N Davidson Mrs N Dewhursl M¥ P Edwards Mrs L Keenan Mrs A Legge Mrs A Parry Dr M G Springham. BSC, FCA Chair (Resigned as Chair and Trustee 051101231 Vice Chair IResigned 051101231 Chair (Appointed 051101231 Honorary Treasurer Co-opled1161091231 Appoinled1221051231 Resigned1161111231 Co-opted107112123} Staff in allendance.. Miss D Trevers Chief Executive Officer The Executive Committee empowers other Comrnillees lo act. Each Committee has ils own Terms of Reference. Investment mallers are dealt with by the Investment Committee which meets twice annually, and its reports are presented lo the subseqLJenl Executive Committee meeting. Welfare mallers are dealt with by the Case Committee and the Education Committee, The Chairs present the respective Committee reports lo the Executive Committee meetings. All Committee members are volunteers and allend meetings regularly throughout the year. Trustees commit a combined lolal of approximately 918 hours per annum to administer the charity,. other volunteers devote a combined lolal of approximately 588 hours each year lo the work of the Professionals Aid Council.
PROFESSIONALS AID COUNCIL {A Company Llmltod by Guarantee not having a Share Capital) DIRECTORS, REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT COMMITTEE Members of the Investment Committee mel l¢e during the year to tsversee the management of the investments lo ensure that funds are available to maintain the charity and provide financial support lo beneficiaries. Those Committee members serving for the year were.. Mr L J Wilson Mr J Aisher Mr N Davidson Mr P Edwards Mrs L Keenan Mrs A Legge Dr M G Springham, BS¢, FCA Mr$ R Whitehorn Chair IResigned 051101231 (Appointed 091111231 IResigned 091111231 CASE COMMITTEE Members of the Case Committee met seven limes during the year. Members decide upon requests for financial assistance and where applicants are not eligible for help from PAC, every effort is made to refer them lo alternative Sources of help. Where applicants are eligible for support, the Committee members agree on the help to be awarded, whiGh is in the form of a one-off gift or grant. PAC al80 provides support lo children from low-income familie$. This is done primarily by offering one-off grants towards sGhool unift)rm expenses, books, and equipment. or meeting the cost of essential school trips, or a Gombination of these, Case Commlttee members serving for the year w8re'. Mrs L Carmichael Mrs R Whilehorn Mrs V Barrow Mrs P Croslhwaile Mr P Edwards Mr$ L Fincham Mrs A Legge Chair Deputy Chair (Appointed 05110120231 EDUCATION COMMITTEE Members of the Education Committee mel four times during the year. Members de¢ide on requests for financial help from students lo support certain educational costs. The Committee supports Further Education students by offering grants lo those applicants whose expected funding has broken down, through no fault of their own, since starling essential courses. The Committee usually assists students towards the completion of their course. However, they can sometimes help throughout the course also. The Education Committee can contribute towards course fees, ¢ourse expenses. dissertation oosls elc.
PROFESSIONALS AID COUNCIL IA Company Limitgd by Guaranteg not havlng a Share Capltall DIRECTORS. REPORT (contlnutrd) FOR THE YEAR ENDED 31 DECEMBER 2023 EDUCATION COMMITTEE Edu¢alion Committee members serving for the year were.. Mrs C L8gge Ms F McNicholl Mrs L Carmichael Mrs S C Cooper Ms N Uddin Mr R Cashman Chair Deputy Chair SELECTION OF DIRECTORS AND INDUCTION TRAINING Induction and training of new committee members is implemented by the CEO through informal meetings and the provision of relevant documents including PAC'S Articl@s of Association and the Charity Commission publication 'The Essential Trustee., Opportunities exist for new members lo meet with staff members lo familiarise themselves with the day-lo-day operation of the charity. Committee members are kept informed. by email and at meetings, of new relevant information and legislation. and of opporlunilies for further training, RISK MANAGEMENT During the year, the Executive Comrnillee reviewed the majoi slralegic, business, and operational risks that the ¢harily fa¢es. The Executive Committee has assessed the key risks which may impact on the ch8rily and is ensLtring that systems and procedures exist lo minimise these risks. The ExeGulive Committee reviews risks at every Executive Committee meeting to ensure that risk Managemènt is kept up to dale. RESERVES POLICY AND PERFORMANCE The Execullve Commilltre regularly reviews the charity's re$erves policy. The level of reserves held is influenced by the annual budget, grant commilmenls. economic factors. and investment returns, The policy is lo maintain sufficient unreslricled reserves. lo cover anlicipaled nel expenditure for a 10-year period and this equates to approximately £2.0 million. Al 31 December 2023, the lolal funds were approximately £2.8 million. These fund8 were held mainly as investments in order lo guarantee a sustainable ¢onlinualion of the charity's work. These funds should allow the charity lo continue ils current activities and ensure a sound financial ba8is for the future. INVESTMENT POLICY The investment objectives are lo achieve long-lerm capital appreciation at lea$1 sufficient lo offset the impact of inflation, lo genelale a reasonable income yi6ld and to ensure that an appropriate level of accessible fvnds Is maintained. Discretionary investment powers, subject lo certain conditions, have been granted lo PAC'S sloca(brokers Ralhbone Investment Management Ltd. The Investment Committee meets twice a year with ils stockbrokers and the perfomance and policy are reviewed annually.
PROFESSIONALS AID COUNCIL {A Company Llmitod by Guarant¢e not havlng a Sharo Capital) DIRECTORS, REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES, STRATEGIES. ACHIEVEMENTS AND FUTURE DEVELOPMENTS OBJECTIVES AND ACTIVITIES The Professionals Aid Council is a charity, founded in 1914 to help members of the variou$ professions and Iheif dependants, for whom such help was not otherwise available. More than one hundred years later, PAC ¢onlinues to offer advi¢e and financial support to individuals and families in need. The Professionals Aid Council also sets aside a budget for educational purposes, and this is aimed al helping ehildren and students. PAC also has an additional fund, 'The Guild of Aid,, the objects of which are.. the relief of poverty in those of good educational background. These aims remained the same in 2023. PUBLIC BENEFIT The EXul1Ve Committee confirms that it has complied with the duly in section 17 of the Charities Act 2011 to have due regard to Public Benefit Guidance published by the Charity Commission in determining the activities undertaken by the charity. The Executive Committee confirms that in planning the activities of the Professionals Aid Council il has given careful consideration lo how the charity has fulfilled ils charitable objectives. The Aim5 and Achievements sections of this report clearly sel out the activities which the charity undertakes for the public benefit. The poli¢y ol the Professionals Aid Council 15 to support residents of the United Kingdom from a professional background who are in genuine need, irrespective of age, Where approprlate. applicants are referred to olhef occupational funds. Benefits are in the form of one-off grants. andlor gift5 towards day-104ay living expenses. andlor speGifi¢ immediate need$. PAC doe5 not exclude or give priority to applicants because of their gender. n81ionallty. religious or ethnic background or disability, sexual orientallon, or political belief. PAC welcomes applications from professionals living in the United Kingdom. The charity advertise$ on Ils own website and other charity websites and search engines. PAC makes presentations on ils charity work al appropriate events. STRATEGIES Gonoral Advlce and Flnanclal Hglp General Funds including Annual Grant Funds and Restricted Funds including the Guild funds.. PAC provides support lo applicants by offering advice as appropriate. This may be by referring individuals lo oGcupalional or other benevolent funds or lo other agencies that can meet their needs more appropriately. Applicants whose needs are not mel by their own trade OT professional fund, or do not have one lo call on and who meet the criteria for PAC, will have their request considered by the Case Committee. The Case Committee decides the level of assistance lo be awarded. This is primarily in the form of a one-off grant, payable lo the applicant. Childrgn's Education PAC supports children from low-in¢ome families who come within scope of the fund, mainly by the provision of one-off grants. The Case Committee will somelirnes consider helping towards school unifom expenses or meeting the cost of essential school trips, or a combination of these.
PROFESSIONALS AID COUNCIL {A Company Limited by Guarantee not havlng a Share Capltall DIRECTORS, REPORT {contlnuedl FOR THE YEAR ENDED 310ECEMBER 2023 Further Education - Advlce and Financlal Help The EdLtcalion Committee also supports students by providing information and advice. This may include referring applicants lo appropriate sources of help, including other funds. The Education Committee normally assists students towards the completion of their course by offering grants lo those students whose expected funding has broken down since starting their course. However, they can glso sometimes help students throughout their course. The Education Committee can conlribLJle towards fees, course expenses, disserlalion costs, elc. It is the opinion of the Irusleesldireclors that visiting applicants and beneficiaries is not practical given the fact that beneficiaries are located throughout the United Kingdom. ACHIEVEMENTS During the year PAC received 813 12022.. 7801 initial enquiries for financial help for general assistance and for costs towards education. There were 372 12022.. 1731 applicants considered by the Committee and 204 12022.. 1321 beneficiaries assisted. In addition, PAC assisted approximately 316 12022.. 1251 people with requests for further help, and enquiries that resulted in referrals to other funds or organi5alions. Enqulrlè8 Total Appllcant• Total Boneflclarlos General Fund Ilncluding Annual Grant Funds and Reslricled Funds and Guild of Aid Funds) Further Education Children's Education 496 234 106 206 111 70 68 52 46 Total 813 372 204 The lolal amount awarded during the year was £257,536 IGeneral assistance £215,480, Education £42,056). The average grant awarded per beneficiary for general assistance was £2,032.83 (2022.. £2,449.64). The average grant awarded towards further education costs was £565.3812022'. £530.30) and for children education grants the average grant awarded was £293.4812022'. £307.76). The Case Committee makes awards of oneff grants. 106 beneficiaries received one-off grants, whlch included help with general living expense5, help towards the purchase of clothing, beds, cookers. essential household items, travel, and ¢enlral heating. These grants significantly improved the quality of life for PAC'S beneficiaries. The Education Committee awarded grants and gifts towards children's education to 46 familie$ and one-off grants lo 52 HigherlFurlher Education student5. FUNDRAISING The charity does not carry out any fundraising with the public. No complaints were received with regard lo fundraising activities in the year.
PROFESSIONALS AID COUNCIL {A Company Llmitgd by Guarantee not havlng a Sharg Capltall DIRECTORS. REPORT (Gontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 FUTURE DEVELOPMENTS The charity intends lo continue offering support and financial assistance lo eligible individuals in need. PAC seeks beneficiaries by advertising appropriately in the media, on ils website and by cir¢ulating information about the charity to Ofganisalions and al appropriate events. RELATED CHARITY AND MERGER PAC is associated with The Guild of Aid (the Guild), with which il used lo share office accommodation and expenses, including staff costs. The Guild is a Friendly Society and Exempt Charity (No. FS 311BENI, and ils Principal aims are similar lo those of PAC. The Guild's registered address is the same as PAC. Following an extended review process, agreement was reached with the Guild lo merge the operations of the Guild into those of PAC with effect from 31 October 2016. Although the Guild has very similar objectives lo PAC, ils fund$ are being kept separate as restricted funds for the lime being as the objectives do differ slightly. PAC now carrie¥ out the charitable activities of the Guild which is now domianl, FINANCIAL REVIEW The charity had a net deficit in the year of1£97.0831 after net realised and unrealised gain8 on investments in the year of £148,171, A deficit is expected in 2024 unless there are significant investment gains. During the year PAC received in¢ome from variou$ sources lola11ing £212,57112022.' £223,798 excluding sale of an office lease. £1.199,141 including sale of an office lea8el. Expenditure during the year was £4S7,82512022.' £438,574), comprising Charitable Activities of £421.56212022.. £397,670), (General Advice and Financial Help £352,72012022'. £344,570>, Education Advice and Financial Help £68,84212022'. £53, 10011, and Raising Funds Icosl of generating donations and legacies and Investment Manager's fees) £36,26312022.' £40.9041. The assets avallable are adequate to fulfil the obligations of the charity, with nel current assets of £71,00612022.. £262,083) and fixed assets lincluding investmenlsl of £5,564,92112022.. £5,470.927111 should be noted that, In aG¢ordance with the requirements ol Charities SORP FRS102. investments are quoted at fair value al the balance sheet date and their value may flucluale, STATEMENT OF DIRECTORS. RESPONSIBILITIES The directors who served on the Executive Committee during the year are shown in the preceding section headed 'Execulive Committee and Directors., The directors Iwho are also trustees of the Professionals Aid Council for the purposes of charlly lawl are responsible for preparing the Directors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the directors to prepare financial statements for eaGh financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
PROFESSIONALS AID COUNCIL {A Company Llmlted by Guarantèg not having a Share Capital} DIRECTORS, REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 In preparing these financi81 slalemenls, the Directors are required lo.. Select suitable accounting policies and then appty them consislenlly., Observe the methods and principles in the Charities SORP FRS102'. Make judgements and eslimales that are reasonable and prudent., Stale whether applicable UK Accounting standards have been followed, subject lo ani material departures disclosed and explained in the financial slalemenls., Prepare the financial slalemenls on the going concern ba915 unless il is inappropriate lo presume that the charitable company will continue in business. The directors are responsible for keeping proper accounllng records that disclose with reasonable accuracy at any lime the financial position of the charitable Company and enable them lo ensure that the finanGial slalements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Gompany and hen¢e for taking rea80nable 8teps for the prevention and detection of fraud and other irregularities. In so far as we are awaie.. There is no relevant audit information of which the charitable company's auditor is unaware., and The Directors have taken all steps that they ought lo have taken lo mako Ihem8elves aware of any relevant audit information and lo establish that the auditor is aware of that information. AUDITORS A resolution lo reappoint Xeinadin Auditing as auditors wlll be propo$ed at the next Annual General Meeting. In preparing this report the Directors have taken advantage of the Small companies, exemption$ provided by Part 15 of the Companie8 Act 2006. By order of the Executive Committee D Trevers Company Secretaiy 21 March 2024
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF PROFESSIONALS AID COUNCIL IA Company Llmited by Guarantee not havlng a Share Capltall Report of tha Indopendgnt Auditor8 to the Membgrs of Profosslonals Aid Council (Reglstgred numb•r: 00174262} Oplnion We have audited the financial statements of Professionals Aid Council {Ihe 'charilable company'l for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and notes lo the financial stalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In our oplnlon tho financlal 8tatement8: give a true and fair view of the stale of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practice; and have been prepared in aGGordance with the requirement$ of the Companies Act 2006. Ba818 for oplnlon We Gonducled our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the fin8n¢ial statements 58Ction of our report. We are independent of the charitable company in aceordance with the ethical requirements that are relevant to our audit of the financial slalement8 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit 8vidence we have obtained is suffiGienl and appropriate lo provide a ba818 for our opinion. Conclu8lons rglatlng to golng con¢8rn In auditing the financial slalemenls, we have concluded that the directors, use of the going ¢oncefn ba$is of accounting in the preparation of the financi81 statements is appropriate. Based on thè Work we have performed, we have not identified any material uncertainties relatin9 to events or Conditions that, individually or collectively, may cast significant doubl on the charitable Gompany's ability lo Continue a$ a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue, Our responsibilities and the responsibilities of the dire¢lors with respect to going concern are described in the relevant sections of this report. Other Informatlon The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial 5talemenls and our Report of the Independent Auditors Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slalements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls, or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise lo material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomialion, we are required to report that fact. We have nothing lo report in this regard.
INDEPENDENT AUDITORS, REPORT TO THE fvIEMBERS OF PROFESSIONALS AID COUNCIL (A Company Llmitgd by Guaranto0 not havlng a Share Capital) Oplnlons on other matt8r# proscribed by th8 Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consislenl with the financial slalements,, and the Report of the Directors has been prepared in accordance with applicable legal requirements. Matters on whlch we arn rgquired to roport by oxceptlon In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Report of the Directors. We have nothing lo report in respect of the following mallers where the Companies Act 2006 require$ u5 to report to you if. in our opinion.. adequate aGcounling records have not been kept or return8 adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement wllh the accounting records and retums,. or erlain disclosures of direclor5' remuneration specified by law are not made,, or we have not received 811 the information and explanation8 we require for our audit., or the director5 were not enlilled lo lake advantage of the small companies, exemption from the requirement lo prepare a Strategic Report or in preparing the Report of the Directors. R08pon8SbllStle8 of dlroctorn As explained more fully in the Slalemenl of Directors, Responsibilities, the directors Iwho are also the I,"ustees of the charitable company for the purposes of charity lawl are responsible for the preparation of the financial Slalemenls and for being satisfied that they give a true and fair view, and for such internal control a8 the dire¢lor8 determine is necessary lo enable the preparation of financlal $lalemenl8 that are free from material misstatement, whether due lo fraud or error, In preparing the financial slatemenls, the dire¢lors are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing. as applicable, mallers related lo going concern and using the going oncern basis of accounting unless the directors either intend lo liquidate the charitable company or to cease operations, or have no realistic allernalive bul lo do so. Our rospon81bllities for the audlt of the flnanclal Btatement8 Our objective$ are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslalemenl when it exists. Misslalemenls can aiise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Identify and assess the risk of material misstalemenl of the financial slalemenls, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not delecling a material misslalement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal control. 10
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF PROFESSIONALS AID COUNCIL IA Company Limited by Guarantee not havlng a Share Capital) Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances, but not ft)r the purposes of expressing an opinion on the effectiveness of the company's internal ¢onlrol. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors. Conclude on the appropriateness of the directors, use of the going concern basis of accoun11ng and, based on the audit evidence obtained, whether a material uncertainty exists related lo event or conditions that may cast significant doubt on the company's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw allenlion in our auditor's report lo the related disclosure in the financial statements or, if such disclosures are inadequate lo modify our opinion, Our conclusions are based on the audit evidence obtained up lo the dale of our auditor's report. However, future evonl$ or conditions may cause the company to cease lo continue as a going concern. Evaluate the overall presentation, slruclure, and conlenl of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves f8ir presentation. A further description of our responsibilities for the audit of the financial slatemenl$ is located on the Financial Reporting Council's website at www.frc.or .ukl uditorsres on ibilities. This description forms part of our Report of the Independent Auditors. U39 of our report This report is made $olely to the charitable company's members, as a body, in a¢¢ordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 80 that we might slate lo the charitable company's members those mallers we are required lo slate lo them in an auditors. report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume respon51bilily lo anyono other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have formed. H M Day Isenior Statutory Audilorl for and on behalf of Xeinadin Auditing Chartered Accounlanls and Slalulory Auditors Becket House 36 Old Jewry Londtsn EC2R 8DD Dale..
PROFESSIONALS AID COUNCIL IA Company Llmltod by Guarantee not havlng a Share Capitsll STATEMENT OF FINANCIAL ACTIVITIES Ilncluding an Income and Exponditurg Account} FOR THE YEAR ENDED 31 DECEMBER 2023 Unfestrictod funds Annual Grant Fund8 Restrictgd funds Total Funds 2023 Total Funds 2022 General Funds Guild Fund Notes INCOME FROM: Donations and legacies.. Donations and Gift$ Legacies Investments Other income.. Sale of assets 11bl 260 11,527 90,626 205 465 11,527 200,579 8,131 38,000 177,667 11g112 3,276 106,677 975,343 Total Income 102,413 3,276 106,882 212,571 1,199,141 EXPENDITURE ON: Raising Funds Cost of generating donations and legacies Investment manageis, fees 7,502 7,502 9,043 14,402 610 13,749 28,761 31,861 Charitable Activities.. General advice and financial hèlp Educational advice and financial help 128,995 5,362 218,363 352,720 344,570 68,842 68,842 53,100 Total expendlture 219.741 5,972 232,112 457,825 438,574 Net Incomo1{expendlturo1 b&forg Inv88tmgnt 1108808llgaln8 1117,3281 12,8961 1125,2301 1245,2541 760,567 Nel 11088esllgains inveslmenls.. Realised11088esllgains Unrealised IIOs8esllgains on revaluation on 31,752 74,279 70,947 126,6371 102,699 135,7121 45,472 {524,5501 12,1701 N•t Incomollexpgndlturel betorfr transfers 111,2971 14,8661 180,9201 197,0831 200,305 Transfers of funds 12,0411 2,041 Net movomgnt In fund8 113,3381 12,8251 180,9201 {97,083} 200,305 Reconciliation of Fund8- Funds al 1 January 2023 2,789,563 123,785 2,819,662 5,733,010 5,532,705 Funds at 31 December 2023 13 2,776,225 120,960 2,738,742 5,635,927 5,733,010 Except for the sale of assets (principally the lease), all amounts relate lo continuing operation5. The Statement of Financial Activities includes all gains and losses recognised in the year. The 2022 comparative Slalemenl of Financial Activities is shown in note 15. 12
PROFESSIONALS AID COUNCIL (Company r8gistered no. 001742621 IA Company Limited by Guarantee not having a Share Capital) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible assets Investments 228 5,564,693 1,813 5,469.114 5,564,921 5,470,927 CURRENT ASSETS Debtors Cash al bank and in hand Short term deposits 10 13,859 78,755 48,574 11,381 68,731 248,709 141,188 328,821 CREDITORS Amounts falling due within one year 11 170,1821 166,738} NET CURRENT ASSETS 71,006 262,083 NET ASSETS S,835,927 5,733,010 FUNDS Unr08trlctgd fund8: General Funds Annual Grant Fund8 Restrlct6d funds: Guild Funds 12&13 12&13 2,776,225 120,960 2,789,563 123,785 12&13 2,738,742 2,819,662 5,635,927 5,733,010 The financial statements were approved and aulhorised for issue by the Exe¢ulive Committee on 21 March 2024 and were signed below on ils behalf by.. R Whitehorn Chair L J Wilson Honorary Treasurer 13
PROFESSIONALS AID COUNCIL (A Company Limlted by Guaranteg not having a Share Capltal) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES la} Ba818 of Accountlng These accounts are prepared under the historic cost convention. The accounts have been prepared in accordance with the Statement of Recommended Practice for Charities ISORP 20151 (Second Edition, effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006. Professionals Aid Council IPACI is a public benefit entity under FRS102. Assets and liabilities are initially recognised al historical ¢051 or transaction value unless otherwise slated in the relevant accounting policy nolelsl. As a Smaller charity, exemption has t.een taken not lo produce a slalemenl of cash flows. The directors consider there are no material uncerlainlies about PAC'S ability lo ¢onlinue as a going con¢ern, In the direclor5' opinion, the main financial uncerlainlies facing PAC are the uncertainty of investment returns and the volalilily ol equity markets alfecling the carrying value of investmen18. The Directors do not feel Iheie will be any other effe¢ls on income and expenditure. {bl Incom Income is included in the Slalemenl of Financial Activities when the charity has enlillemenl lo the income, il 18 probable that the income will be received, and the amount of income can be measured reliably. The following specific policies are applied lo specific categories of income.. Donation$ are recognlsed when the charlty has been notlfied in writing of both the amount and selllemenl dale. In the event that a donation is subject lo condition8 that require a level of performance before the charity is enlilled to the funds, the income is deferred and not recognised until those conditions are fully mel, or the fulfilmenl of those conditions is wholly within the control of the charlty, and il is probable that those Conditions will be fulfi'lled in the reporting period. Legacies are recognised on a case-by-case basis following the grant of probate when the administralorlexecutor for the eslale has communicated in writing both the amount and selllemenl dale. In the event th81 the gift is in the form of an asset other than cash, or a financial asset traded OTr a recognised stock exchange, recognition is subject lo the value of the gift being reliably measurable with a degree of reasonable accuracy with the tille of the asset having been transferred to the charity. Investment income is credited lo income when rf( Is receivable, and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised onee the dividend has been declared and notification has been received of the divKlend due. {cl Expendltur& Liabilities are recognised as expenditure as soon as there is legal or constructive gbligalion committing the charity lo that expenditure, it is probable that settlement will be required, and the amount of obligation can be measured reliably. Expenditure is recognised on an aocruals basis as a liability is incurred, inclusive of VAT, which cannot be recovered. 14
PROFESSIONALS AID COUNCIL IA Company Limited by Guarantee not havlng a Share Capital) NOTES TO THE FINANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities comprise mainly the provision of grants given out in respect of general advice and financial help and educational advice and financial help. Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer thi5 is accrued once the recipient has been notified of the grant award. The notification gives the Tecipient a reasonable expectation that they will receive the grant. Grants awards that are subject lo the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condillon attaching to that grant is outside the control of the charity. Support cost5 have been allocated lo charitable activities. Governance activities comprise organisalional adminislralion and compliance with constilulional and slatulory requirements. Costs include direct costs of external audit, legal fees, and other professional advice. Idl Dopreclatlon and Flxgd A88•t8 Depreciation is calGulated lo write off the cost of leasehold improvements, office furniture. SOare, and equipment Over its eslimaled useful life. In the case of owned equipment, furniture, and software this is al the rale of 25% of cost. Leased items are depreciated over the initial lease term, For leasehold improvements il is al the rale of 10% of the reducing balance. Purchases of items costing less than £200 are expensed in the year of purchase. {el Flnan¢è lea808 A$8ets oblaine¢J under finance leases are capilalised as tangible fixed assets. These assets are depreciated over the shorter of the lease term and their usefu1 lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company, Obligations under such agreements are included in creditors nel of the finance charges allocated lo future period8. The finance element of the rental payment is charged lo the Statement of Financial Activities so as lo produce a constant periodic rale of charge on the nel obligations outstanding in each period. If) Investment galn8 and 1088è8 All gains and losses are taken to the Statement of Financial Activities as they arise, Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase dale if lalerl. Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value lor purchased dale if later), Ig) Investmgnt8 Investments are a form of basic financial inslrumenl. They are inrtially reeognised al their transaction value and subsequently valued al their fair value al the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the nel gains and losses aT15ing on revaluation and disposals throughout the year. 15
PROFESSIONALS AID COUNCIL (A Company Llmlted by Guaranteo not having a Sharg Capital) NOTES TO THE FINANCIAL STATEMENTS Icontlnugdl FOR THE YEAR ENDED 31 DECEMBER 2023 {hl Flnanclal In8trum9nts The charity only has financial assets and financial liabilitie5 of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl dale. Slgnlflcant judgoments and sources of e8tlmation uncertalnty The preparation of financial slalemenls in ctsmpliance with FRS102 requires the use of ceflain critical accounting eslimales. 11 also requires management lo exercise judgement in applying the Charity's accounting policies. The key judgements that have been applied by management relate to.. Accrued expenses, where bills have not been re¢eived before the accounts were finalised., Specifically, the anticipated charges for external repairs, which are under the control of the freeholder of the office premises, are periodically recharged to the charity. Dèbtor8 Other debtors are reGognised al the selllemenl amount due less provlsion for doubtfu amounts. They comprise prep2yrnents. accrued income and repayable grants. The repayable grants were made lo certain individuals on the understanding they would be repaid when a condition was mel in the future, for example, sale of the beneficiary's house. These repayable grants are not recognised al full value and instead are fully amorti$ed, because of the uncertainty of recovery of the debt al an unknown future dale, Ik) CaBh 8t hand and In bank Cash at bank and in hand includes bank accounts, cash, and shorl-leym highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. Cr8dltorn and prov181on¥ Creditors and provi8ion8 ale recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo sellle the obligation can be measured or eslimaled reliably. Creditors and provisions are nomially recognised al their selllemenl amount after allowing for any trade dis¢oun15 due. Pen8lon Schgme {ml The Company operates a defined contribution pension scheme. The company uses NEST for those staff for whom pension contributions are made through auto-enrolmenl. Contributions payable lo the company's pension scheme are charged lo profil or loss in the period lo vihich they relate. {nl Fund Accountlng The charitable company's unreslricled funds consist of those funds which may be used lo meet any of the charity's objectives. These consist of a General Fund and an Annual Grant Fund. The charitable company administers funds on behalf of other parties and under a scheme approved by the Charity Commissioners. These funds are therefore regarded as restricted. The fund arising from the transfer of nel assets from the Guild is also regarded as restricted. Ca8h Flow Statement lol The Trustees have taken advantage of the provision sel out in the Statement of Recommended Practice for Charities ISORP 20151 (Second Edition, effective 1 January 20191, and therefore no cash flow slalemenl is included within the financial statements. 16
PROFESSIONALS AID COUNCIL IA Company Llmlted by Guarantee not havlng a Sharg Capltall NOTES TO THE FINANCIAL STATEMENTS leontlnuodl FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME 2023 2022 Bank interest Dividends and interest from securities 813 199,766 200 177,467 200,579 177,667 COST OF GENERATING DONATIONS AND LEGACIES 2023 2022 Staff costs Office expenses 5,913 1,589 5,703 3,340 7.502 9,043 CHARITABLE ACTIVITIES Annual Grant Fund Educ- ation Fund Total Funds 2023 2023 G•noral Fund Gulld Fund Grants to Individuals Staff costs. Office expenses Governance costs 78,804 34,379 9,271 6,541 3.276 1,429 385 272 133,400 58,197 15.693 11,073 42,056 18,347 4,948 3,491 257,536 112.352 30,297 21,377 Total Charltablo Expandlture 128,995 5,362 218,363 68,842 421,562 Annual Grant Fund Educ- atlon Fund Total Funds 2022 2022 General Fund Gulld Fund Grants lo Individuals Staff costs. Office expenses Governance costs 62,337 34,133 20,045 8,747 2,863 1,568 921 402 106,275 58,193 34,174 14,912 26,425 14,470 8.497 3,708 197,900 108,364 63,637 27,769 Total Charltable Expgnditure 125,262 5,754 213,554 53,100 397,760 'Slaff costs include time spent on signposting ineligible applicants and the extensive enquiry and research work needed lo support individual applicants and beneficiaries. 17
PROFESSIONALS AID COUNCIL IA Company Llmlted by Guaranto9 not having a Share Capltall NOTES TO THE FINANCIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31 DECEMBER 2023 GOVERNANCE COSTS includgd In charltablè activities 2023 2022 Audit Accountancy fees Legal costs Trustee indemnity insuranGe 10,080 9,519 1,154 624 9,600 9,015 8,536 618 21,377 27,769 NET EXPENDtTURE Is ¥tstgd aftor charglng: 2023 2022 Auditors, remuneration Depreciation Bank charge8 and Interest 10,080 1,585 235 9.600 1838 218 TOTAL STAFF COSTS Average staff numbers durlng 2023 were 312022.. 31. Directors received no remuneration in the year12022.' nill. No expenses were reimbursed lo directors in the year 12022.. nill. No employees earned Dver £60,000 in the year 12022.. nill. Total employment beneflts of Key Management Personnel amounted lo £102,50912022'. £86,181). Total staff costs were.. 2023 2022 Salafies Social security costs Pension costs Benefits 109,168 6,392 2,705 105,106 6,241 2,572 171 118,265 114,070 18
PROFESSIONALS AID COUNCIL IA Company Llmlted by Guarantee not having a Share Capltal} NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Office furnlture. equipment and softwar Total Cost Al 1 January 2023 Additions Disposals 16,054 16,054 18231 18231 At 31 December 2023 15,231 15.231 Dopr8clatlon Al 1 January 2023 Charge for the year Disposal8 14,241 1,585 18231 14,241 1,585 18231 At 31 December 2023 15,003 15,003 Nfrt Book Value Al 31 December 2023 228 228 At 1 January 2023 1,813 1,813 The above fixed as$el8 are all used for dlrecl charllable purpose$. 19
PROFESSIONALS AID COUNCIL {A Company Llmlted by Guarant90 not having a Sharè Capltal> NOTES TO THE FINANCIAL STATEMENTS Icontinuod) FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS General Fund8 Annual Grant Funds Guild Fund Total 2023 2023 Analysi$ of movèmènts in th• year Fair value at 1 January 2023 Addition8 Disposa18 Nel gainlllossl on revaluation 2,635,071 575,665 1487,2251 74.279 121,453 2,712,590 49,398 187,7311 126,6371 5,469,114 625,063 (574,9561 45,472 12,1701 Fair value al 31 December 2023 2.797,790 119,283 2.647.620 5,56d,693 Hi$loriG G031 at 31 December 2023 2,376,848 89,502 1.996,426 4,462,776 The investments al fair value comprise,. UK Government stock and other inleresl-bearing investments Quoted equity investments 714,694 3,380 513,248 1,231,322 2,083,096 115,903 2,134,372 4,333,371 Total al 31 December 2023 2,797,790 119,283 2,647,620 5,564,693 2022 Analysls of movemonts In the year Fair value al 1 January 2022 Additions Disposals Nel gains on revaluation 2022 2,258,670 2,327,822 11,638.4901 1312,9311 126,533 35,452 139,9481 15841 3,055,064 5,440,267 237,672 2,600,946 1369,1111 12,047,549) 1221,0351 1524.5501 Fair value at 31 December 2022 2,635,071 121,453 2,712,590 5,469,114 Historic cost at 31 December 2022 2,289,142 89,501 2,051,806 4,430,449 The investments al fair value comprise.. UK Government stock and other inleresl-bearing investments Quoted equity investments 601.982 3,505 457,414 1,062,901 2,033,089 117,948 2,255.176 4,406,213 Total al 31 December 2022 2,635,071 121,453 2,712,590 5,469,114 Al 31 December 2023, 220h 12022.. 190hl was invested in Government and Corporate bonds 16V. relates lo United Kingdom Government stock, 160kn relates lo other Corporate and other bonds) and 78% 12022.. 81 Qknl in equities 1360kn relates to United Kingdom equities and 42% to foreign equiliesl. Nel realised and unrealised gains in the year were 2.70A, compared with a fall of 3.80/0 in the FTSE AII Share Index. Dividends and interest from securities tolalled £199,766, a yield of 3.60k, which is salisfaclory. 20
PROFESSIONALS AID COUNCIL IA Company Limited by Guarontgo not having a Sharo Capltal) NOTES TO THE FINANCIAL STATEMENTS l¢ontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 10. DEBTORS 2023 2022 Trade Debtors (unpaid legacy income) Prepayments and accrued income Security dep0511 2.394 8,416 3,049 8,332 3,049 13,859 11,381 11. CREDITORS: 2023 2022 Amounts falllng dua wlthln one year: Tax and social security payable Owed to the Guild of Aid Accruals Trade creditors Allocated and unpaid grants 2,866 250 21,423 342 45.301 2,741 250 23,110 7,012 33.625 70,182 66,738 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Gengral Fund8 Annual Grant Fund8 Gulld R08trSctod Funds Totsl Funds 2023 Fund balances at 31 December 2023 represented by.. Tangible fixed assets Fixed asset investments Nel current assets 228 2.797,790 121,7931 228 5.564,693 71,006 119,283 1.677 2,647,620 91,122 Total net assets 2,776,225 120,960 2,738,742 S,635,927 Fund balances at 31 December 2022 represented by.. Tangible fixed assets Fixed asset investments Nel current assets 2022 1,813 2,635,071 1 $2,679 1,813 5,469,114 262,083 121,453 2.332 2,712,590 107,072 Total net assets 2,789,563 123,785 2,819,662 5,733,010 21
PROFESSIONALS AID COUNCIL IA Company Limited by Guarantee not having a Shar8 Capltal) NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEMENT IN FUNDS At 1 January 2023 Investmgnt ILos8esll Galn8 At 31 Decgmber 2023 Incomo Expen- dituro Transf6r8 Reslricled funds Guild Unrestricted funds General Annual grant funds 2.819,662 106,882 1232,112} 44,310 2,738.742 2,789,563 123,785 102,413 3,276 {219,7411 106,031 15.9721 12,1701 12,041) 2,041 2,776,225 120.960 Total funds 5,733,010 212,571 1457,8251 148,171 5,635,927 2022 Reslricled fund8 Guild Unreslricled funds General Annual grant fund8 2022 3,182,135 106,493 1229,6371 1239,3291 2,819,662 2.222,597 127,973 1,089,785 2,863 1202.4581 1317,3891 18.4791 13,5441 12,9721 2,972 2,789,S63 123,785 Total funds 5,532,705 1,199,141 1438,5741 1560.2621 5,733,010 The purposes of the reslricled funds are lo distribute funds contributed by other charities in accordance with their wishes. The transfer of £2,041 covers the excess of expenditure lolher than investment management feesl over income for the Annual Grant Funds. Al 31 October 2016, the Guild merged into PAC, and il Ihereafier ceased operations and transferred all ils *5s018, liabilities, and reserves lo PAC. The 8clivilies formerly carried out by the Guild have been carried out by PAC since the beginning of November 2016 and are dealt with in the Guild Fund, a restricted fund. 14. RELATED PARTY TRANSACTIONS There were no related party transactions in the year. There were no other related party transactions in the previous year. 22
PROFESSIONALS AID COUNCIL IA Company Limlted by Guarantee not havlng a Sharo Capltal} NOTES TO THE FINANCIAL STATEMENTS l¢ontlnugd) FOR THE YEAR ENDED 31 DECEMBER 2023 15. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 nr88trl od funds estricto funds Annual Grant Fund8 Total Fund8 2022 General Fund$ Gulld Fund INCOME FROM: Donations and legacies.. Donations and Gifts Legacies Investments Other income.. Sale of assets 7,875 38,000 68,567 256 8,131 38,000 177,667 2,863 106,237 975.343 975,343 Total Income 1,089,785 2,863 106,493 1,199,141 EXPENDITURE ON.. Raising Funds.. Cost of generating donations and legacies Investment managers, fee$ 9,043 9.043 15,0S3 725 16,083 31,861 Charitable Activities.. General advice and financial help 125.262 5,754 213,554 344,570 Educational advice and financial help 53.100 53,100 Total èxpendlture 202,458 6.479 229,637 438.574 Net èxpendlture beforg Invo8t- ment108898 887,327 13.6161 1123,144} 760,567 Nel losses on investments Realised gains Unrealised gains on revaluation 14.4581 1312,9311 12,9601 15841 128,2941 1211,0351 135,712} {524,5501 N8t Income before transfers 569,938 17,160} 1362,4731 200,305 Transfers of funds 12,9721 2,972 Net movgment in funds 566,966 14,1881 1362,4731 200,305 Reconclliation of Funds: Funds as al 1 January 2022 2,222,597 127,973 3,182,135 5,532,705 Funds at 31 December 2022 2,789,563 123,785 2,819.662 5,733,010 23