THE CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS’ GENERAL CHARITABLE TRUST FUND
Financial Statements For the year ended 31 December 2020
Charity Registration no: 257750
The Chartered Institute of Management Accountants’ General Charitable Trust Fund Charity number 257750 The Helicon One South Place, London EC2M 2RB T: +44 (0)208 849 2251 www.cimaglobal.com
The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Annual report of the Trustees For the year ended 31 December 2020
Structure, Governance and Management
Legal status
The Chartered Institute of Management Accountants’ General Charitable Trust Fund (GCT) is a Charity registered in England & Wales. The activities of the GCT are governed by its trust deed. The Trustees are listed on page 3.
Appointment of Trustees
A Deed of Variation was approved on 30 July 2010 which provides that the power to appoint new Trustees is vested in the existing Trustees. Trustees serve for a period of three years after which they may be eligible for reappointment for one or more further periods of not more than three years from the date of re-appointment. Trustees can serve a maximum of four terms.
The Trustees are: Glynn Lowth, Past President of CIMA, who has held a wide range of financial and commercial positions in major multi-national companies, Robert Beedham, retired Financial Director of a company that distributes products for the leisure and amenity industries, Ivan Court, who has held a wide range of financial and commercial roles in the private and public sector, including the NHS, Francesca Windsor, Company Director with responsibility for, and experience of, reporting on charities, and Rod Hill, Ambassador Fellow of Liverpool John Moores University and Past President of CIMA. The Trustees meet at least three times a year to decide what grants they wish to make out of the funds available, in accordance with the grant making policy.
New Trustees are given a briefing on the work of the Trust by the Chair and are provided with an induction pack which includes minutes of the previous Trustees meetings, the last set of financial statements and the Trust Deed, together with other information regarding the administration of the Trust. For all Trustees ongoing training needs are identified on an ad-hoc basis.
Risk management statement
The Trustees have reviewed the risks to which the GCT is exposed and consider them to be adequately managed given the current economic climate. A particular risk facing the GCT is having insufficient funds to meet requests for grants. The Trustees manage this risk by only making grants where they are completely satisfied that charitable objectives are met, and for which funds are available and already in hand. Another risk of the GCT is external factors such as COVID-19 affecting the operations of the Trust and researchers. This risk is managed by planning projects with staged payments and recoverable outputs as well as modifying the operation of the Trust through the use of virtual meeting technology. The Trustees will continue to review these and any other risks at their future meetings.
Objectives and Activities
The objectives of the GCT are the advancement of education in the subjects of accounting, management accounting, electronic data processing, costing, auditing, taxation, applied economics, finance and other related subjects of an educational nature. The Trustees confirm that they have referred to the guidance contained in The Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
The Trust carries out these objectives by funding research during the year in the areas of accounting and management accounting.
The Trustees seek written confirmation on all projects to ensure that funds are only applied in accordance with the terms of the GCT. If expenditure is likely to exceed the authorised amount, the Trustees investigate and take appropriate action.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Annual report of the Trustees For the year ended 31 December 2020
The Trustees review performance of the activities that the Trust funds at each Trustees meeting, primarily through qualitative feedback provided by The Chartered Institute of Management Accountants’ Research & Development team who manage the portfolio of activity on the Trusts’ behalf. Although no formal measures or targets are set for the activities of the Trust funds, feedback from stakeholders is considered by the Trustees and used to inform future funding decisions.
Grant making policy
The funds available are used to meet requests for grants in accordance with the objectives of the GCT. The Trustees review grant applications and decide those that they wish to authorise on the basis that they satisfy the charitable objectives of the Trust.
Achievements and Performance
In accordance with the grant making policy, in 2019 the GCT approved funding and in 2020 a contractual commitment commenced for one new research project as follows:
- Blockchain and AI in the Italian and Australian wine industry (University of South Australia)
Two projects were approved in December with contractual commitment to commence in 2021 as follows:
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Building KPIs to enhance organisational resilience: before and after COVID-19 (University of Roehampton, UK)
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Navigating climate change risk: the role of management accountants in implementing the TCFD framework (Royal Melbourne Institute of Technology, Australia)
In addition, a number of research projects approved in previous years have been completed and published. The progress of all open projects is kept under constant review. A report is produced as an output of each research project and is disseminated on behalf of the GCT by all, or some of, The Chartered Institute of Management Accountants, the American Institute of Certified Public Accountants, the Association of International Certified Professional Accountants and the research teams themselves. Research results are used in conferences around the world, and reports are published through a number of channels. These channels include hard-copy reports, on-line reports, articles in a wide variety of academic and professional journals, international professional and academic conferences, and through public relations events. No charge is made for the output of the research, and executive summary reports are publicly available on-line from the CIMA website.
The Trustees consider that the achievements of the GCT’s research funding programme are as follows:
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The enhancement of the knowledge of the value of management accounting in the business and wider public arena.
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The development of the techniques of management accounting through the funding of research partnerships with academic institutions around the world. This also helps to maintain the important bridge between practitioners of management accounting and the academic community.
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Through the funding of low-cost seedcorn research initiatives:
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provide the opportunity to test research initiatives before larger-scale projects are undertaken, and
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support early career researchers on small projects, enabling them to play an important role in the development of management accounting knowledge, whilst also enhancing their research competence.
The Trustees consider that the continuing investment in a range of projects will play an important part in the further development of management accounting for practitioners, in both the public and private sectors.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Annual report of the Trustees For the year ended 31 December 2020
Financial Review
During 2020 the GCT received £154k in donations. Donations received were from The Chartered Institute of Management Accountants of which £95k was a donation of cash and £59k was for staff services and facilities.
Expenditure of £89k was £39k (30%) lower than the previous year. This decrease was a result of fewer projects approved and signed in 2020 as well as less spent on events and conferences in 2020. Included within expenditure is £59k related to use of staff services and facilities provided by The Chartered Institute of Management Accountants.
Liabilities have decreased by £35k (31%). There was only one new project that commenced in 2020 but there were several that were completed. Progress was made on other projects as well.
Reserves policy
As the amount and sources of income receivable are not known more than twelve months in advance, long term plans are not prepared. The resources of the GCT are used to the full extent available and any accumulation of assets is for future research under the terms of the GCT. Reserves are not intentionally held at a defined level but are used as and when appropriate activities are approved that fulfil the objectives of the Trust.
Plans for future periods
The GCT intends to continue to provide funding for projects which advance education in the accounting, finance and economic arenas, in line with The Charity’s objectives.
Reference and Administrative Information
Trustees
The following held office as Trustees during the year:
Glynn Lowth (Chair) Rod Hill (Vice Chair) Robert Beedham Ivan Court Francesca Windsor
Secretary
Baljeet Basra
Principal address
The Helicon One South Place London EC2M 2RB
Bankers
Barclays Bank plc London Corporate Banking 1 Churchill Place London E14 5HP
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Annual report of the Trustees For the year ended 31 December 2020
Solicitors
Maurice Turnor Gardner LLP Milton House, 1 Milton Street London EC2Y 9BH
Auditor
Saffery Champness LLP Unex House Bourges Boulevard Peterborough PE1 1NG
Registered Charity Number
257750
Approved by the Trustees
Glynn Lowth Chair 12 May 2021
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Trustees' responsibilities statement For the year ended 31 December 2020
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of The Charity and of the incoming resources and application of resources of The Charity for that period. In preparing these financial statements, the Trustees are required to:
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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 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of The Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations. 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.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Independent auditors’ report to the Trustees of The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Opinion
We have audited the financial statements of The Chartered Institute of Management Accountants’ General Charitable Trust Fund for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Statement of Position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a 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 information; we are required to report that fact.
We have nothing to report in this regard.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Independent auditors’ report to the Trustees of The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
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the charity has not kept sufficient accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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• we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Independent auditors’ report to the Trustees of The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Saffery Champness LLP Chartered Accountants
Statutory Auditors
Date: 1 June 2021
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Statements of Financial Activities For the year ended 31 December 2020
| Note Income and endowments from Donations - Donations from CIMA 2 Investments - Bank deposit interest Total Income Expenditure on Charitable activities - Research grants 3a - Events and conferences 3b - Other expenditure 3c Net income Reconciliation of funds: Total funds brought forward Total funds carried forward 4 |
£000 154 |
2020 Unrestricted funds £000 154 - 154 (89) 65 109 174 |
£000 162 |
2019 Unrestricted funds £000 162 1 |
|---|---|---|---|---|
| (23) - (66) |
(38) (10) (80) |
|||
| 163 (128) |
||||
| 35 74 |
||||
| 109 |
All results are from continuing operations.
The SOFA includes all gains and losses recognised in the year.
The notes on pages 12 to 16 form part of the financial statements.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Statements of Financial Position For the year ended 31 December 2020
| Notes Current assets Cash 7 Current liabilities Trade and other payables 8 Net current assets Total net assets Net incoming resources for the year Unrestricted funds 4 |
2020 £000 252 78 174 174 174 |
2019 £000 222 113 |
|---|---|---|
| 109 | ||
| 109 | ||
| 109 |
The financial statements on pages 9 to 16 were approved by the Board on 12 May 2021 and signed on its behalf by Glynn Lowth.
Glynn Lowth
Chair
The notes on pages 12 to 16 form part of the financial statements.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Statements of Financial Activities For the year ended 31 December 2019
| ______ Income and endowments from Donations - Donations from CIMA Investments - Bank deposit interest Total Income Expenditure on Charitable activities - Research grants - Events and conferences - Other expenditure Net income Reconciliation of funds: Total funds brought forward Total funds carried forward |
_ £000 162 |
____ 2019 Unrestricted funds £000 162 1 163 (128) 35 74 109 |
______ £000 80 |
____ 2018 Unrestricted funds £000 80 1 |
|---|---|---|---|---|
| (38) (10) (80) |
(45) 5 (90) |
|||
| 81 (130) |
||||
| (49) 123 |
||||
| 74 |
All results are from continuing operations.
The SOFA includes all gains and losses recognised in the year.
.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Notes to the financial statements For the year ended 31 December 2020
Charity information
The Chartered Institute of Management Accountants General Charitable Trust (GCT) is a registered charity in England and Wales. Its principal address is The Helicon, One South Place, London, EC2M 2RB.
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Financial Reporting Standard 102: “The financial reporting standard applicable in the UK and Ireland”, the Charities Statement of Recommended Practice, and The Charities Act 2011. Consistent accounting standards have been applied in preparation of these financial statements.
Preparation of the accounts on a going concern basis
At the time of approving the financial statements, the Trustees have a reasonable expectation that The Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Income
Donations and similar incoming resources are included in the Statement of Financial Activities (SOFA) when received. Bank interest is also included on a receivable basis.
Expenditure
Expenditure has been included in the Statement of Financial Activities on an accrual basis. The recognition of charitable activities is as follows:
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Grants for commissioned research projects are recognised when the contract for the project is approved by the Trustees and has been signed by all parties.
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Costs of events, conferences and other expenditures are recognised on an accrual basis in the period in which the expenditure was incurred.
Where research projects, which are paid in arrears, are completed during the year below the level of approved grant funding, the unused funds are released to the Statement of Financial Activities.
Valuation of services and facilities provided free of charge
The Chartered Institute of Management Accountants provides staff and facilities free of charge to The Charity in order to fulfil its charitable objectives. Valuation of the services and facilities has been included as follows:
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Staff are valued as a proportion of salary and related costs based on an estimate of the amount of time relevant CIMA staff members spend on GCT activities over the period the financial statements are prepared.
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Facilities provided by CIMA for hosting charity meetings are valued using a delegate rate for hiring similar venues from a third-party venue provider.
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These methods approximate fair value.
Taxation
The Chartered Institute of Management Accountants’ General Charitable Trust Fund is a registered Charity, and as such is entitled to certain tax exemptions on income and profits from exemptions, and surpluses on any activities carried on in furtherance of The Charity’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.
Trade and other payables
Trade and other payables are recognised at amortised cost.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Notes to the financial statements For the year ended 31 December 2020
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities.
Funds
As the amount and sources of income receivable are not known more than twelve months in advance, long term plans are not prepared. The resources of the GCT are used to the full extent available and any accumulation of assets is for future research under the terms of the GCT. Reserves are not intentionally held at a defined level but are used as and when appropriate activities are approved that fulfil the objectives of the Trust.
2 Donations
| Donations from CIMA - Advancement in education - Facilities and services Total donations received from CIMA 3 Expenditure on charitable activities a Research grants in furtherance of GCT objectives are University of South Australia (Adelaide, Australia) ESSEC School of Business (Paris, France) Griffith University (Queensland, Australia) Maastricht University (Maastricht, Netherlands) Monash University (Melbourne Australia) Less unused funds from completed projects released to SOFA Net outgoing resources for the year |
2020 £000 95 59 154 2020 £000 29 - - - - 29 (6) 23 |
2019 £000 95 67 162 2019 £000 - 23 2 8 15 |
|---|---|---|
| 48 (10) |
||
| 38 |
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Notes to the financial statements For the year ended 31 December 2020
| b Events and conferences in furtherance of GCT objectives are BAFA Accounting Education (Edinburgh, United Kingdom) GMARS Conference at Michigan State University (Michigan, USA) Make Sustainable and Impactful Strategy Happen (Rome, Italy) Net outgoing resources for the year c Other expenditure in furtherance of GCT objectives are Travel expenses Audit fees Donated services Meeting rooms Miscellaneous Net outgoing resources for the year |
2020 £000 - - - - 2020 £000 - 7 58 1 - 66 |
2019 £000 5 4 1 10 2019 £000 3 9 64 3 1 |
|---|---|---|
| 80 |
4 Movement in funds (£000)
| Unrestricted funds | Balance at 31 December 2019 Incoming resources Expenditures Balance at 31 December 2020 |
|---|---|
| 109 154 (89) 174 |
5 Transactions with Trustees
No remuneration has been paid to any Trustee in either year.
Two Trustees received expense reimbursements during 2020 (2019: 5). Expenses paid to and on behalf of Trustees in the year amounted to £431 (2019: £2,706) and were for travel and accommodation related to attending Trustees’ meetings.
6 Taxation
No tax is payable for either financial year.
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Notes to the financial statements For the year ended 31 December 2020
7 Cash
| Cash comprises | 2020 | 2019 |
|---|---|---|
| £000 | £000 | |
| Cash on hand and at bank | 252 | 222 |
8 Liabilities
Trade and other payables
| Balances at year end on committed research projects are R514 - How business partners can facilitate value creation through Maieutic Thinking R518 - Accountability patterns and performance measurement in co-production of public services R523 - In search for contemporaneous costing practices in the Australian not-for-profit sector R524 - The role of corporate culture in the choice of integrated reporting R526 - Integrating big data with traditional data: implications for management accounting R527 - Professional accountants, management accounting and control systems and business growth R528 - Make sustainable strategy happen through integrated thinking R529 - Impact of employee control problem and past controls on management control system design R530 – The interplay of centralized and decentralized forecasting in the digital age R531 – From digitization to digital transformation R532 – The effect of digital business strategy on organisations R533 – Blockchain and AI in the Italian and Australian wine industry Total Committed research projects Accruals Total trade and other payables |
2020 £000 - 1 1 - - - 9 12 9 2 8 29 71 7 78 |
2019 £000 3 1 1 1 5 7 30 12 15 19 9 - |
|---|---|---|
| 103 10 |
||
| 113 |
Total trade and other payables
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The Chartered Institute of Management Accountants’ General Charitable Trust Fund
Notes to the financial statements For the year ended 31 December 2020
9 Related party transactions
The Chartered Institute of Management Accountants
The Chartered Institute of Management Accountants is the main contributor of donations to The Chartered Institute of Management Accountants’ General Charitable Trust and also donates staff and facilities to the Trust in respect of governance of The Charity, managing the finances of The Charity and supports the activities of The Charity in accordance with the charitable objectives. In 2020 donated staff costs were valued at £58k and facilities rental was valued at £1k.
Robert Beedham, a Trustee of The Chartered Institute of Management Accountants General Charitable Trust also held the position of Council Member for The Chartered Institute of Management Accountants during the period of these financial statements.
The Trustees of the GCT make independent, arm’s length, decisions in matters of funding grants for research and other charitable activities.
10 Employees
The average monthly number of persons (including directors) employed by The Company during the year was 0 (2019: 0).
There were no employees (including directors) who received benefits of more than £60,000.
11 Legal Form
The Chartered Institute of Management Accountants’ General Charitable Trust is an unincorporated charity registered in England and Wales (registration number 257750). The registered office is as follows:
The Helicon One South Place London EC2M 2RB
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