Registered Charity Number: 217014
Report of the Trustees and Unaudited Financial Statements For the year ended 31 December 2023
For
The Manchester Chartered Accountants Students' Society
The Manchester Chartered Accountants Students' Society Charity Information for the year ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Number
217014
Principal address
Metropolitan House 321 Avebury Boulevard Milton Keynes MK9 2FZ
Trustees
The Trustees Committee member serving in the year end and since the year end were as follows;
Chantal Dennis-Soto (resigned 30 January 2023) Bejay Mistry Tristan Robinson Miles Dolman (appointed 25 July 2023) Myles Ley (appointed 25 July 2023) Lucy Daynes (resigned 12 April 2024) Pedro Malheiro (appointed 29 July 2024) Jack Marshall (appointed 29 July 2024) Ebube Anaduaka (appointed 29 July 2024)
INDEPENDENT EXAMINER
Jennifer Daniel FCCA DChA Independent examiner Slade & Cooper Limited Beehive Mill, Jersey Street, Manchester, M4 6JG
Contents
Trustees’ Annual Report .............................................................................................................................................. 1 Independent examiner's report .................................................................................................................................... 5 Statement of Financial Activities.................................................................................................................................. 6 Balance Sheet ............................................................................................................................................................. 7 Notes to the financial statements ................................................................................................................................ 8
The Manchester Chartered Accountants Students’ Society Trustees’ Annual Report For the year ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The Manchester Chartered Accountants Students' Society (MCASS) is an unincorporated association governed by the agreed constitution as amended 8 February 1962, 11 May 2006, and 14 February 2013.
Recruitment and appointment of new Trustees
New Trustees are recruited from the body of existing and previous student members, and associate members.
Induction and training of new Trustees
New Trustees are advised by the existing and previous members, and receive guidance from the Institute of Chartered Accountants in England and Wales (ICAEW).
Organisational structure
Day to day management of the Society is delegated to a committee which is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing Trustee. In accordance with the constitution the Committee is elected annually by way of a majority vote of student members.
Wider network
The number of student members is dependent on the number of trainees within the Manchester area studying for qualification under the examinations of the ICAEW, which is outside the charity's control.
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main aim of the Society as set out in the constitution and charitable objectives is to provide a link between student members through the provision of educational, networking and sporting opportunities.
The Manchester Chartered Accountants Students' Society Trustees' annual report (continued) for the year ended 31 December 2023
Significant Activities
The Society have had a successful year with the continued enthusiasm towards its events and high levels of attendance. The year saw the society host its first Annual Ball at a new venue in recent years which was a huge success. Alongside this a comprehensive calendar of social events, revision sessions to support students with their ACA exams and wellbeing focused events to promote and encourage a positive work-life balance in the profession. We continue to strive toward promoting a diverse range of events to ensure that our offering remains relevant, inclusive and meets our society’s objectives.
Whilst the Society has made a loss in the year, it has continued to successfully rebuild the level of attendance at events following the pandemic fulfilling its purpose and objectives. We have continued to host free revision sessions to meet our charitable aims and continue to engage with and expand our membership.
Public Benefit
The society provides events that are open to all ICAEW students in the Manchester area and does not discriminate for reasons of colour, creed, race, sexual orientation or age.
ACHIEVEMENT AND PERFORMANCE
Charitable Activities
The society supported The Mustard Tree at the Annual Ball this year by hosting a charity raffle in order to raise funds for the charity. MCASS undertook no other charitable activities in the financial year other than those events held in order to meet its own charitable objectives.
Fundraising activities
The Society undertook no direct fundraising activities in the year.
Financial Performance
The results for the year are set out on page 6 onwards of the financial statements. During the year the Society’s reported a loss of £4,058 (2022: £9,073), while expenses of 50,003 (2022: 53,304) were incurred in achieving the key objectives of MCASS. The total accumulated funds of the Society at 31 December 2023 amounted to 16,534 (2022: £20,592).
The Trustees note that the loss reported for the year resulted from an effort to promote the Society and continue to re-build consistency in its events post-pandemic for the long term future of the Society. The overall financial impact of this has been abated by the Society’s considerable reserves and it has been deemed a prudent use of the reserves by the trustees to secure the future success of the society in the years to come. The trustees recognise that caution must be exercised when allocating resources and will be continuing to put measures in place in order to limit the extent of any future losses by reviewing tenders for sponsorship to ensure these also account for the inflationary pressures which have been affected the costs of delivering events.
The Manchester Chartered Accountants Students' Society Trustees' annual report (continued) for the year ended 31 December 2023
Internal and external factors
The major risk factors to which MCASS are exposed are:
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A reduction in attendee numbers which reduces ticket revenue;
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A reduction in third party sponsorship;
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A reduction in grant/Event Support Funding from the ICAEW;
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An increase in competitor events in the Manchester area;
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The GDPR rules which may impact the committee's ability to maintain membership data;
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The general economic climate and rising costs involved in holding networking events requested by members;
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The high workload of committee members in addition to their MCASS responsibilities, particularly during study periods;
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Inadequate record keeping and handover of accounts to incoming Trustees by past committees.
The Trustees continue to put in place safeguards to the above risks and feel satisfied that the appropriate steps are being taken to mitigate these factors.
FINANCIAL REVIEW Reserves policy
It is the policy of the charity to maintain unrestricted funds which are the free reserves of the charity. The charity has free reserves of £16,534 (2022: £20,592). All funds are unrestricted. The Society required cash reserves to meet the funding requirements of its Annual Ball which is its most significant cash outflow in the period.
The Trustees have deemed the amount of reserves held sufficient to meet its objectives as set out in the constitution. As well as the significant spend on the Annual Ball which is noted above, in line with the previous year, there is a continued push towards activities of a more expensive nature in order to continue to attract good levels of event attendance, along with inter-professional, free education and soft skills events which are funded entirely through the reserves of the aforementioned events.
Principal funding sources
Principal sources of income are:
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Sponsorship of events by recruitment firms and other third parties; and
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Proceeds of ticket sales from sporting and social events.
FUTURE DEVELOPMENTS
The pattern of work has changed such that employees have more flexibility over where they work from allbeit with employers retaining the ability to require employees to be present in the office a set number of days per week. In light of this the committee has continued to review the society’s offering of events to ensure that they remain appealing to members and align with the days of the week where office attendance is highest.
The Manchester Chartered Accountants Students' Society Trustees' annual report (continued) for the year ended 31 December 2023
FUNDS HELD AS CUSTODIAN FOR OTHERS
Neither the Society nor its Trustees act as custodian Trustee on behalf of others.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration, expenses or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees' annual report has been approved by the trustees on 29/07/2024 and signed on their behalf by
Miles Dolman Chair
Independent examiner's report
to the members of The Manchester Chartered Accountants Students' Society
I report to the trustees on my examination of the accounts of The Manchester Chartered Accountants Students’ Society for the year ended 31 December 2023 which are set out on pages 8 to .
RESPONSIBILITIES AND BASIS OF REPORT
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER’S STATEMENT
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or (2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jennifer Daniel FCCA DChA Date Slade & Cooper Ltd. Beehive Mill Jersey Street Chartered Certified Accountants Manchester M4 6JG
The Manchester Chartered Accountants Students’ Society
Statement of Financial Activities
for the year ended 31 December 2023
| All income and expenditure derive from continuing activities. Note Income from: Other trading activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net income for the year Transfer between funds Net movement in funds for the year Reconciliation of funds Total funds brought forward Total funds carried forward |
2023 £ 45,945 45,945 (50,003) (50,003) (4,058) - (4,058) 20,592 16,534 |
2022 £ 44,231 |
|---|---|---|
| 44,231 (53,804) |
||
| (53,804) | ||
| (9,573) - |
||
| (9,573) 30,165 |
||
| 20,592 | ||
The Manchester Chartered Accountants Students’ Society
Balance Sheet
as at 31 December 2023
| Current assets Note Debtors 7 Cash at bank and in hand Total current assets Liabilities Creditors: amounts falling 8 due in less than one year Net current assets Total assets less current liabilities Net assets Funds of the charity: Unrestricted income funds 9 Total charity funds |
2023 £ 5,940 12,933 18,873 (2,339) 16,534 16,534 16,534 16,534 16,534 |
2022 £ 16,029 7,118 |
|---|---|---|
| 23,147 (2,555) |
||
| 20,592 | ||
| 20,592 | ||
| 20,592 | ||
| 20,092 | ||
| 20,092 |
The notes on pages 8 to 12 form part of these accounts.
Approved by the trustees on 29/07/2024 and signed on their behalf by:
Miles Dolman
Treasurer
The Manchester Chartered Accountants Students’ Society Notes to the financial statements for the year ended 31 December 2023
1. ACCOUNTING POLICIES
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a. Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The charity has applied the exemption available to small charities in the Charities SORP (FRS 102) and does not include a Statement of Cash Flows in these Financial Statements.
The accounts (financial statements) have been prepared to give a ’true and fair view’ and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ’true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition - October 2019, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Manchester Chartered Accountants Students’ Society meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b. Preparation of the accounts on a going concern basis
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
There are no key judgments which the trustees have made which have a significant effect on the accounts.
The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
The Manchester Chartered Accountants Students’ Society Notes to the financial statements (continued) for the year ended 31 December 2023
c. Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
d. Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
e Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
e. Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
f. Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
g. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due.
h. Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
The Manchester Chartered Accountants Students’ Society Notes to the financial statements (continued) for the year ended 31 December 2023
2. LEGAL STATUS OF THE CHARITY
The charity is a unincorporated charity organisation, registered as a charity in England & Wales.
3. INCOME FROM OTHER TRADING ACTIVITIES
| Revision Sessions Sports & Wellbeing Events Social Events Annual Ball Sundry Income Total income |
2023 £ 350 1,248 12,222 31,925 200 45,945 |
2022 £ 100 1,153 6,518 36,460 - 44,231 |
|---|---|---|
4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
| Events cost Governance costs (see note Other costs Total expenditure |
2023 £ 49,146 500 356 50,002 |
2022 £ 52,545 500 759 |
|---|---|---|
| 53,804 |
The Manchester Chartered Accountants Students’ Society Notes to the financial statements (continued) for the year ended 31 December 2023
5. ANALYSIS OF GOVERNANCE COSTS
| Independent examination Total expenditure |
2023 £ 500 500 |
2022 £ 500 |
|---|---|---|
| 500 |
6. TRUSTEE REMUNERATION AND EXPENSES, AND RELATED PARTY TRANSACTIONS
Neither the trustees nor any persons connected with them received any remuneration during the year (2022: nil).
No trustees received travel and subsistence expenses during the year (2022:nil).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2022: nil).
7. DEBTORS
| Trade debtors Total debtors REDITORS Trade creditors Taxation and social security Other creditors Total creditors |
2023 £ 5,940 5,940 2023 £ 872 - 1,467 2,339 |
2022 £ 16,029 |
|---|---|---|
| 16,029 | ||
| 2022 £ 55 - 2,500 |
||
| 2,555 |
8. CREDITORS
The Manchester Chartered Accountants Students’ Society Notes to the financial statements (continued) for the year ended 31 December 2023
9. ANALYSIS OF MOVEMENT IN UNRESTRICTED FUNDS
| General fund | Balance at 1 January 2023 £ 20,592 20,592 |
Income £ 45,945 45,945 |
Expenditure £ (50,003) (50,003) |
Transfers £ - - |
As at 31 December 20223 £ 16,534 |
|---|---|---|---|---|---|
| 16,534 |
Name of Description, nature and purposes of the fund
General fund The free reserves after allowing for all designated funds