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 EX￿ul1Ve 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 one￿ff 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.
SO￿are, 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