Reglstered Charlty Number: 217014 Report of the Trustees and Unaudited Financial Statements For the year ended 31 December 2024 For The Manchester Chartered Accountants Students, Society Manchester Chartered Accountants Student Society
The Manchester Chartered Accountants Students. Society Charity Infomiation for the year ended 31 December 2024 The trustees present their retx)rt with the financial statements of the charity for the year ended 31 December 2024. The Iruslees have adopted the provisions of the Stslement of Recommended practi - AOUntIng and Reporting by Charities.. SORP applicable to charities preparing their accounts in accordance with FRS 102. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number 217014 Prlnclpal address Metropolitsn House 321 Avebury Boulevard Millon Keynes MK9 2FZ Trustees The Trustees Committee member serving in the year end and since the year end were as follows., Belay Mistry Tristan Robin50n Miles Dolman Myles Ley Pedro Malheiro Jack Marshall Ebube Anaduaka Maddison Turner Daniela Chiosa Anna Rigby Ronnie Rowe Iresigned 11 August 20251 Iresigned 11 August 20251 Iresigned 11 August 20251 Iresigned 11 August 20251 lappoinled 29 July 20241 lappointed 11 August 20251 lappoinled 11 August 20251 lapFioinled 11 August 20251 lappointed 11 August 20251 INDEPENDENTEXAMINER Jennifer Daniel FCCA DChA Slade & Cooper Limited Beehive Mill, Jersey Street, Manchester, M4 6JG Independent examiner
Contents Trustees, Annual Report.............................................................................................................................................. Independent examinerts report.................................................................................................................................... Stalementof Financial Aclivilies.................................................................................................................................. Balance Sheet . Notes to the financial statements .
The Manchester Chartered Accountants Students, Society Trustees, Annual Report For the year ended 31 December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The charity is controlled by ils governing document, a deed of Irusl, and conslitules an unincorporated charity. The Manchester Chartered Accountants Students, So¢iety IMCASSI 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 TrLJStees are advised by the existing and previoLJS members, and receive guidance from the Institute of Chartered Accounlanls in England and Wales IICAEWI. Organisational structure Day lo day management of the Society is delegated to a committee which is aLJthorised 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 duly to identify and review the risks lo which the charity is exposed and to ensure appropriate controls are in place lo 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 sludenl 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 2024 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 ils first Annual Ball at a new venue in re¢enl 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 lo strive toward promoting a diverse range of events to ensure that our offering remains relevant, inclusive and meets our society's objectives. The society made a modest surplus from its activities during the year as it has continued lo build both the variety and the level of attendance al its events. We have continued lo host free revision sessions to meet our charitable aims and continue to engage with and expand our membership. Publlc Beneflt The society provides events that are open lo 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 Mustsrd Tree at the Annual Ball this year by hosting a charity raffle in order lo raise funds for the charity. MCASS undertook no other charitable activities in the financial year other than those events held in order lo meet ils own charitable objectives. Fundraising activities The Society undertook no direct fundraising a¢livilies in the year. Financial Performance The results for the year are set out on page 61 onwards of the financial statements. During the year the Society's reported a profil of £5,23212023'. -£4,058), while expenses of £57,86812023= £50,003) were incurred in achieving the key objectives of MCASS. The total accumulated funds of the Society at 31 December 2024 amounted lo £21,76612023'. £16,534).
The Manchester Chartered Accountants Students. Society Trustees. annual report (continued) for the year ended 31 December 2024 Intemal and external factors The major risk factors to which MCASS are exposed are.. A reduction in allendee numbers which reduces ticket revenue., A reduction in third party sponsorship., A reduction in grantlEvent Support Funding from the ICAEW., An increase in competitor events in the Manchester area., The GDPR rules which may impact the committee's ability lo maintain membership data., The general economic climate and rising costs involved in holding networking events requested by members., The high workload of committee members in addition to their MCASS responsibilities, particularly during study periods., Inadequate record keeping and handover of accounts to incoming Trustees by past commillees. The Trustees continue to pul in place safeguards lo the above risks and feel satisfied that the appropriate steps are being tsken to miligale these factors. FINANCIAL REVIEW Reserves policy 11 is the policy of the charity to maintain unrestricted funds which are the free reserves of the charity. The charity has free reseNes of £21,766 12023.. £16,534). All funds are unrestricted. The Society required cash reserves to meet the funding requirements of its Annual Ball which is ils most signtficant cash outflow in the period. The Trustees have deemed the amount of reserves held sufficient to meet ils objectives as set out in the conslitulion. 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 lo attract good levels of event allendance, 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.. Sponsorship of events by recruilmenl firms and other third parties., and Proceeds of ticket Sales from sporting and social events. FUTURE DEVELOPMENTS The pallern of work has changed such that employees have more flexibility over where they work from albeit with employers retsining the ability to require employees lo be present in the office a sel number of days per week. In light of this the committee has continued to review the society's offering of events lo ensure that they remain appealing lo 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 2024 FUNDS HELDAS CUSTODIAN FOR OTHERS Neither the Society nor its Trustees act as custodian Trustee on behalf of others. TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remuneration, expenses or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. STATEMENTOF RESPONSIBILITIES OFTHE TRUSTEES Law applicable lo charities in England and Wales requires the trustees lo 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 ils 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.. Select suitable accounting policies and then apply them wnsislenlly Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent 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 Prepare the financial statements on the going concern basis unless il 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 lime 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 tsking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information inclLJded 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 3011012025 and signed on their behalf by Daniela Chiosa Chair
Independent examiner's report to the members of The Manchester Chartered Accountsnts Students. Society I report lo the Iruslees on my examination of the accounts of The Manchester Chartered Accountants Students, Society for the year ended 31 December 2024 which are set out on pages 8 to 15. 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 20111'the Acl'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in ¢arrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151{bl 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 lo believe that in any material respect.. 11 } accounting records were not kept in respect of the Trust as required by section 130 of the Act., or 12} the accounts do not a¢cord with those records., or 13} the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts set OLJt in the Charities IAccoLJnts 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 lo which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Jennifor Daniel FCCA DChA Date 3111012025 Slade & Cooper Ltd. Beehive Mill Jersey Street Manchester M4 6JG Chartered Certified Accountants
The Manchester Chartered Accountants Students, Society Statement of Financial Activities for the year ended 31 December 2024 2024 2023 Note Income from: Other Irading activities 63.100 45.945 Total income 63,100 45,945 Expenditure on: Charitable activities 4 (57,868) (50,003) Total expenditure 157,868) 150,003) Net income for the year 5,232 14,058) Transfer between funds Net movement In funds for the year 5,232 14,058) Reconciliation of funds Total funds brough fomard 16.534 20.592 Total funds carried for4vard 21,766 16,534 All income and expenditure derive from continuing activities.
The Manchester Chartered Accountants Students, Society Balance Sheet as at 31 December 2024 2024 2023 Current assets Note Debtors 2,425 5,940 Prepayments 519 Cash at bank and in hand 19,934 12,933 Total current assets 22,877 18,873 Current liabilities Creditors -1,111 -2,339 due in less than one year Net current assets 21,766 16,534 Total assets less current liabilities 21,766 16,534 Net assets 21,766 16,534 Funds of the charity- Unrestricted income funds 21,766 16,534 Total charity funds 21,766 16,534 The notes on pages 11 to 15 form part of these accounts. Approved by the trustees on 3011012025 and signed on their behalf by-. Daniela Chiosa Chair
The Manchester Chartered Accountants Students, Society Notes to the financial statements for the year ended 31 December 2024 ACCOUNTING POLICIES The principal accounting policies adopted, judgments and key sources of estimation uncertainly in the preparation of the financial statements are as follows.. 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 IFRS 1021, second edition - October 2019 (Charities SORP IFRS 102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity has applied the exemption available lo small charities in the Charities SORP IFRS 1021 and does not include a Statement of Cash Flows in these Financial Stalemenls. The accounts Ifinancial statements) have been prepared to give a 'true and fair view, and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. second edition October 2019, rather than the Accounting and Reporting by Charities.. Slalement of Recommended Practice effective from 1 April 2005 whi¢h has since been withdrawn. The Manchester Chartered Accountsnls 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 staled in the relevant accounting policy note. b. Preparation of th8 accounts on a going concern basi$ The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going conc8rn. 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 uncertainly al the reporting dale that have a significant risk of causing a material adjustment to the carying 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 2024 Income Income is recognised when the charity has enlitlemenl lo the funds, any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be reiVed 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 entiuemenl lo the funds, any performance conditions attached lo the grants have been met, it is probable that the income will be reiVed and the amount can be measured reliably and is not deferred. Incorne 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 lo 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 conslruclive 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 measLJred reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. f. Cash at bank and In hand Cash al bank and cash in hand includes cash and short lem 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. Credltors and provlslons 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 lo settle the obligation be measured or eslimaled reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts duo. 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 al 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 2024 LEGAL STATUS OFTHE CHARITY The charity is a unincorporated charity organisalion, registered as a charity in England & Wales. INCOME FROM OTHER TRADING ACTIVITIES 2024 2023 Revision Sessions 1,156 1,935 8,596 350 Sports & Wellbeing Events Social Events 1,248 12,222 Annual Ball 50,788 625 31,925 200 Sundry Income Total income 63,100 45,945 4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Events cost 58,055 49,146 Governance costs (see note Other costs 14751 500 288 356 Total axpanditure 57.868 50,002
The Manchester Chartered Accountants Students, Society Notes to the financial statements (continued) for the year ended 31 December 2024 ANALYSIS OF GOVERNANCE COSTS 2024 2023 Negative balance on the independent examination fees which was over accrued by in the prior year and was released in 2024. An independent examiners fee of £525 has been accrued as part of this. Independent examination £1,000 14751 500 Total expenditure 14751 500 6. TRUSTEE REMUNERATION AND EXPENSES. AND RELATED PARTYTRANSACTIONS Neither the Iruslees nor any persons connected with them reiVed any remuneration during the year12023.' nill. No trustees received travel and subsistence expenses during the year12023.' nill- There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. No Iruslee 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 year12023'. nill. 7. DEBTORS 2024 2023 Trade debtors 2.060 5,940 Other debtors 365 Total expenditure 2,425 5,940
- CREDITORS 2024 2023 Trade creditors 500 872 Taxation and social security Other creditors 611 1,467 Total creditors I,iii 2,339 ANALYSIS OF MOVEMENT IN UNRESTRICTED FUNDS Balance at1 January 2024 Asat31 December 2024 Income Expondilure Transfers General fund 16,534 63,100 157,8681 21,766 16,534 63,100 157,8681 21,766 Name of Generalfund Descrlptlon. nature and purposes of the fund The free reserves after allowing for all designated funds