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2024-09-30-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

Date: 05

Registered Company No. 1084747 (England and Wales) Registered Charity No. 265139

Architects Benevolent Society Annual Report for the year ended 30 September 2024

CONTENTS

ONTENTS
cts Benevolent SocietyAnnual Report for the year ended 30 September 2024
Officers of the Society 2
Company Information and Contacts 3
Chair’s Statement
4
About ABS
5
Overview of the Year 7
Fundraising 10
Financial Summary and Key Risks 14
Future Plans and Objectives 18
Structure, Governance and Management 19
Responsibilities of Members of the Board 22
Independent Auditor's Report 24
Statement of Financial Activities 30
Balance Sheet 31
Statement of Cash Flows 32
Notes to the Account 33

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

COMPANY INFORMATION

OFFICERS OF THE SOCIETY

Patron His Royal Highness The Duke of Gloucester KG GCVO

President Eddie Weir PPCIAT

Trustees

Richard Brindley (Chair of Trustees since September 2024) Mark Grzegorczyk (Chair of Trustees until September 2024) Mark Hodgkinson (Hon Treasurer from June 2024 - Appointed February 2024) Christl Hughes (Appointed February 2025) Rick McCluggage Andy McLeish John Moakes Aled Rees

Karen Rogers (Retired June 2024 but remains a member of the Nominations & Remuneration Committee)

Sangeeta Shenoy Sumita Singha (Resigned September 2024) Nigel Thorne (Hon Treasurer to June 2024 - Resigned February 2025) Alison Thornton-Sykes (Resigned October 2024)

Non-trustee Committee Members

Katie Fisher (Development Committee) Kate Marks (Nominations & Remuneration Committee) Karen Rogers (Nominations & Remuneration Committee) Benna Schellhorn (Development Committee, resigned September 2024) Simon Still (Finance, Audit & Risk Committee)

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

COMPANY INFORMATION AND CONTACTS

Chief Executive Robert Ball (until April 2024)
Simon Ashmore (from January 2025)
Operations Manager Katie Vivian (Acting CEO from April 2024)
Chief Financial Officer Sarah Gartshore (until November 2023)
Tricia Johnstone (from November 2023)
Company number 1084747
Charity number 265139
Registered office 43 Portland Place,London W1B 1QH
Independent auditors Moore Kingston Smith
6th Floor, 9 Appold Street
London EC2A 2AP
Bankers C Hoare and Co
Lloyds Bank PLC
37 Fleet Street
25 Gresham Street
London EC4P 4DQ
London EC2V 7HN
Investment Managers Cazenove Capital
1 London Wall Place
London EC2Y 5AU
Investec Wealth and Investment Limited
30 Gresham Street
London EC2V 7QN
Solicitors Bates Wells Hunters
10 Queen Street Place 9 New Square, Lincoln’s Inn
London EC4R 1BE London WC2A 3QN

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

CHAIR’S STATEMENT

2024 has been a year of significant change for our Society. The economic pressures and trends within the profession has meant that our support is needed more now than ever before.

The charity continued to meet exceptional demand driven by the cost-of-living crisis combined with our successful awarenessraising activities. Enquiries have continued to increase and although the number of people we supported financially has remained largely flat, the average amount grant per person has risen considerably.

An enormous amount of work and dedication lies behind the support provided by the charity. The Trustees would like to thank all those who collectively helped those in need. I would like to thank our Ambassadors for their continued support raising awareness and helping our fundraising activities throughout the UK. We could not have achieved all that we have without their valuable contributions. Finally, the Trustees and I wish to offer our appreciation to the staff who have brought their professionalism and dedication to help achieve our goal of supporting those in the architectural community in need. Their efforts are greatly appreciated.

2024 was a difficult year for income generation. Gifts via legacies were down on previous years and - in the face of the cost-ofliving crisis – there was no growth in the level of donations. The post pandemic shift to hybrid working has increased the volatility of rental returns on our building assets. While reduced levels of income from fundraising and rent were significantly offset by the improved market return on invested funds, 2024 saw a significant deficit.

As with many charities the demand for support far outweighs our resources. The Trustees have had to weigh the present needs of the architectural community against the need of future generations. We have had to make changes to the way we provide support to ensure our long-term financial sustainability while, at the same time, striving to support as many of those in need as we can. These are never easy decisions to make.

In recent years the ABS has funded significant annual deficits from its reserves as the demand for support grew and income levels became more volatile. Recognising that such deficits are not sustainable in the long term, the Trustees have taken short term actions to amend the grant giving policy to reduce the financial deficit. 2025 will see ABS undertake a strategic review with the long-term aim of providing support to those in need in a financially sustainability manner.

Finally, during 2024 our CEO Rob Ball elected to leave the organisation after 23 years. Rob steered the ABS through challenging times for the architectural community and I would like to take this opportunity to thank Rob for his tireless effort and steady guidance, which brought the Society to a level of which we can all be proud. We wish him well in his next endeavour. I am pleased to announce that the Trustees have appointed Simon Ashmore to replace Rob Ball. We look forward to welcoming Simon in January 2025.

Mark Grzegorczyk

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

ABOUT ABS

Founded in 1850, Architects Benevolent Society is a charity dedicated to supporting past and present members of the architectural community and their families from the beginning of their careers to those who are now in retirement. We help people who are experiencing challenges such as illness, accident, redundancy, unemployment, or other personal difficulties. We provide a range of services including confidential advice, mental health and wellbeing support and financial assistance.

We support:

Objects and Activities

Objects

The charitable objects of the Society are:

Our Vision

People in the architectural community will flourish and live full and rewarding lives whilst following their passion for architecture and design.

Our mission

To provide holistic, tailored support to enable people in the architectural community to improve quality of life and to reach a point when they no longer need our help.

of Architecture Professionals, their spouse, civil partner, cohabitee, widow, widower, surviving civil partner or cohabitee, child or dependent.

How we help

Grants Debt advice Welfare benefits advice

Self-management support One to one therapy Workplace Wellbeing Essential

Job search support Assessment of needs from OT practice

Specialist advice from Shelter

Health and wellbeing advice and signposting

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

Our values

Public benefit

Architects Benevolent Society is a registered charity whose charitable purpose within the Charities Act 2011 is defined above (our objects). The Society provides public benefit through financial help and other assistance to past and present members of the architectural community and their dependants.

Aims for public benefit

ABS is the only occupational benevolent fund for the architectural community in the UK and its aim is to offer confidential advice, support and financial assistance to individuals and their families in times of need to achieve the following social outcomes:

Architects Benevolent Society Annual Report for the year ended 30 September 2024

OVERVIEW OF THE YEAR

Architects Benevolent Society Annual Report for the year ended 30 September 2024

Our support

We helped a total of 1,631 people this year. Demand for our support continues to increase year-on-year and we opened 16% more cases this year compared to the previous year.

The overwhelming majority of new clients sought our help with financial assistance (55%) and mental health (40%).

Outcomes

273 cases were closed this year, a 58% increase on the previous year. This is partially due to the introduction of limits to the duration of funding for some beneficiaries and the short term nature of support provided under the student hardship fund.

Continued exceptional demand for our grants programme once more resulted in the Society using more reserves than budgeted this year to meet the need.

The uncertain economic climate has also impacted specifically in the area of employment, and we have seen many redundancies in the architectural sector this year.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

ABS partners with other organisations who can provide specialist support to achieve our aims. This year we have referred more people to our partners than ever before.

----- Start of picture text -----
Direct support from a
personal job coach to
Advocacy, representation
those who have either
and specialist telephone Support and therapy to
experienced redundancy,
casework in order to keep those experiencing anxiety,
are at threat of being made
people safe in their homes stress and anxiety-based
redundant or who have
and to prevent depression.
been out of work for a
homelessness.
period of time and need
help securing employment.
We made 127 referrals to
We made 16 referrals to 117% increase in referrals
AUK (a 9% decrease
Shelter compared to 2022-23
compared to 2022-23)
----- End of picture text -----

ABS works with several specialist welfare benefits advisors who support beneficiaries to claim benefits that they are eligible for. The welfare benefits system can be difficult to navigate without guidance, and our welfare benefits advisors provide excellent support to help beneficiaries make successful benefits claims.

provide our beneficiaries with expert advice and support to help them navigate a range of issues.

These services, combined with our own grants programme and inhouse expertise offer a comprehensive package of assistance to those we support.

We also work with IncomeMax, Stepchange, Law Express and other charities and organisations that can

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

FUNDRAISING

Architects Benevolent Society Annual Report for the year ended 30 September 2024

The Society receives donations from individual and corporate/organisational donors through regular and one-off donations, events and legacies. We have a team of three fundraisers and do not use professional fundraisers.

2024 saw the implementation of a more focused approach to fundraising, building on the successes of the previous year. During the year considerable energy was put into reviewing and cleansing our supporter data.

Our events portfolio for the year fell into three categories: ABS-managed events, Ambassador events, and ‘challenge events’, which are new to our portfolio.

Events comprised 21% of our fundraising income this year. In addition to income directly generated through events, they provided our most significant engagement opportunity, laying the foundations to add further value to our fundraising efforts.

For the third year running, we saw record entries for all three of our internal events and recorded the highest individual fundraising income yet. Our much-loved Chicken Run generated an amazing £17,000 this year - roughly half of our events income for 23/24. The ambassadors kept the momentum going, too, hosting six events and raising £3,500.

The newly introduced challenge events are mass participation events such as marathons, triathlons, and Cycle races that our supporters enter to raise funds for the ABS. Our initial foray into this area was welcomed by our supporters.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

Ambassador Program

Particular thanks must be given to the Society’s Ambassadors who work on our behalf across the UK. We are indebted to their effort and commitment which enables us to reach more members of the architectural community and generate more support for our cause. Our Ambassadors are part of a regionally based network and play a key role in raising awareness of our cause within the architectural community and in leading regional fundraising initiatives.

their corporate social responsibility and support people in the architectural community.

Our corporate partners work with us to raise awareness of the work we do and how we can help, engage employees through event participation and competitions and transform people’s lives.

Keystone partners

We have also seen our Ambassadors take part in individual challenge events to raise money for the Society, showing a truly personal commitment to the cause. The Ambassadors are a vital pillar of our work, and we are truly grateful to them all.

– Corporate partners and donors together we become a lifeline

Foundation partners

Planit

We currently have 15 corporate partners and 73 practices that financially support ABS. Leveraging our internal ABS events continues to provide opportunities for staff to fundraise, complementing the traditional corporate donations we receive annually.

The organisations and practices across the UK who donate annually help us achieve much more than we could on our own to support people in times of need. The Society is working with organisations of all sizes across the UK that want to give something back to the profession, develop

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

Legacies

We are always grateful for the generosity of those who deem the Society as a cause worth committing to in their wills. The money we receive goes towards our charitable work.

Fundraising Code of Practice

ABS is registered with the Fundraising Regulator. This demonstrates a commitment to openness and honesty in our fundraising practice and enables us to keep up to date with current legislation, such as the Fundraising Code of Practice, taking into account the needs of any possible donor who may be in vulnerable circumstances or need extra care and support to make an informed decision. It also gives us access to resources and training, ensuring that staff and trustees are equipped with the skills and knowledge to carry out fundraising responsibly and effectively. The Development Manager reports regularly to the Development and Engagement Committee, where performance is monitored.

During 2023-2024 no complaints about fundraising conduct or practice were received.

Staff are kept informed of fundraising legislation updates through the monthly Fundraising Regulator newsletter to ensure they are aware of best practice, data protection and protection of the public from unreasonable, intrusive or persistent fundraising approaches. There are systems in place to flag up to staff when a donor should not be contacted for reasons such as ill health, disability or changes in their financial situation.

All volunteer Ambassadors attend an induction and have a handbook which outlines the Fundraising Code of Practice. Ambassadors are supported in their fundraising activities by a member of the Development Team, who advises on best practice and monitors methods used.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

FINANCIAL SUMMARY AND KEY RISKS

Architects Benevolent Society Annual Report for the year ended 30 September 2024

ABS continues to monitor its investments, in terms of portfolio structure, targets and ethical investing. We operate a disciplined approach to ethical investment and monitor investment holdings on a regular basis against our Ethical Investing Guidelines which were agreed in 2023. Our investment managers are required to screen all investments using the Ethical Investing Guidelines, and provide regular ethical screening reports to the Finance, Audit and Risk Committee.

Income

Income from donations and gifts totalled £184k, a 20% increase on the previous year.

Legacy income was £15k compared with £78k during 2022-23. The Society is extremely grateful to all those who have left legacies.

Income from commercial property of £642k was very similar to the previous year (£609k).

Investment income reduced slightly to £240k for the year (£257k last year).

The cost of running the commercial properties decreased to £130k from £240k the previous year when the costs of leasing empty units were incurred.

Charitable expenditure . The Society’s overall charitable expenditure in 2023-24 of £1.885m was very similar to last year (£1.869m). Net Expenditure The Society’s net expenditure for the year (before applying investment gains and losses) was a deficit of £1.380m, as we utilised our reserves to meet the increasing demand. The net result after applying net gains on financial and property investments was a small surplus of £176k.

Market value of land and buildings

43 Portland Place, purchased in July 2003 and 9 Weymouth Mews, purchased in 2007-8, are included within investment properties and were valued at 30 September 2024 by Cushman & Wakefield. Total values were at £19,500,000 at 30 September 2023 and had increased to £20,200,000 at 30 September 2024.

Expenditure

Costs of generating funds . Fundraising costs this year totalled £376k, a significant increase on last year due to expanding the development team and higher allocated costs.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

Reserves Policy

It is the view of the Board that the calls on the Society's funds will continue to increase over the years ahead, aligned to growing awareness of the Society’s work. The Reserves Policy which is reviewed each year therefore includes a continued commitment to maintain a stable level of investment capital in the medium to long term to ensure that the Society will be able to continue its important work in the future.

Reasons for reserves

ABS holds reserves in order to safeguard its operations in the event of an unexpected drop in income; an unexpected expense and to maintain sufficient liquid reserves to ensure the continuing smooth running of operations. A level of £550,000 has been agreed as a sufficient general reserve. With the reserves level currently well above that deemed as essential to protect the Charity, we are able to draw on reserves each year to fund our charitable activities.

As at 30 September 2024 the Society had total funds of £29,634,655. Of this total, £768,022 is held within the permanent endowment fund, £31,840 is a restricted fund and £28,834,793 is the total unrestricted fund. The unrestricted fund includes investment properties valued at £20,200,000.

The Society currently supports over 1,000 people each year and total annual expenditure at present stands at £2.5m per annum.

This expenditure is met from three main sources of income:

Voluntary income. The Society is grateful to its generous donors for their gifts and is seeking to increase voluntary income over the medium term. The implementation of the new fundraising strategy outlines how we intend to do this.

Income from commercial properties . Since the end of the pandemic, we have been able to increase occupancy, bringing income almost to target levels.

Investments . We have budgeted each year to utilise an agreed amount of reserves and release investments on a regular basis to do so. Longer term, we will be reviewing our asset structure and return on investment to ensure that we can continue to fund our charitable activities.

The Society is continually reviewing its investment strategy and the Investment Policy includes a Total Return strategy to ensure the Society can continue to support members of the architectural community in need during periods of economic uncertainty, as well as at other times. We are continuing to review in detail the current balance of the investment holdings, the medium to longer term projections for those investments and whether or not the

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

current balance between investment property and investment portfolios is appropriate.

With regards to liquidity, the Investment Policy ensures that the Society’s investment portfolios are not tied into long term funds, meaning the Society is able to realise investment assets quickly and in addition to the free reserves target detailed below.

The Society wishes to maintain a balance of free reserves in the Current Fund at an average of £525,000, a level sufficient for the Society to continue to operate and fulfil its obligations for a period of three months.

Range of reserves required

Direct financial assistance given to beneficiaries has been increasing in recent years and it is anticipated that calls on the Society will be greater still in the medium to long term as awareness of the Society’s work continues to grow, and external socio-economic factors create greater need.

Monitoring and review procedures

Monitoring of the financial performance of the investments is carried out by the Finance, Audit and Risk Committee which reports to the Board each time it meets. Formal reports are submitted by the investment managers each quarter.

Risk Management

The Society recently completed a full review of our approach to risk and the Risk Register. Each Committee is responsible for reviewing risks associated with their area of business. The higher ranked risks as detailed in the Risk Register will continue to be monitored and any action points identified and communicated to the individual or group responsible to ensure steps are taken to mitigate the risk.

Key Risks

Increased need

The increase in the number of beneficiaries and the level of financial support provided this year led to using more reserves than budgeted to fund our charitable activities. Following a review, amendments were made to the Grant Giving Policy (to be enacted in 2025) to enable the Society to support those in greatest need, and to make provision for increasing numbers of beneficiaries.

Long term sustainability

High levels of grants expenditure over several years has created a potential risk to the Society’s long term financial sustainability. Decisions were made during the year to review our Grant Giving Policy and other areas of expenditure. 2024-25 will see these changes implemented.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

FUTURE PLANS AND OBJECTIVES

Architects Benevolent Society Annual Report for the year ended 30 September 2024

During 2024-25 we plan to:

Continue to provide holistic support to individuals and families in need.

We will provide short term financial support and fund specialist support from our welfare partners to enable people to make a positive change in circumstances where possible.

Implement a revised Grant Giving Policy.

We will apply short term measures to manage expenditure so that it is at a level consistent with our resources, and to ensure the long-term sustainability of the Society. During the year we will undertake a thorough review of our support offer to ensure we best meet our beneficiaries’ needs within the resources of the Society.

Develop a new strategy and business delivery plan.

For delivering our charitable purposes in the short, medium and longer term The focus will be to maximise the support we provide to our beneficiaries and bringing us into line with current benevolent society practice, while safeguarding the charity’s long-term future.

Maintain relevance within the architectural community.

And understanding its needs through engagement and partnerships with relevant organisations and networks, engaging with volunteers and beneficiaries and involving them in our work.

Recruit new trustees and committee members.

To ensure that we have an effective Board, consisting of members with relevant skills and experience and continue to work towards a more diverse Board.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

ABS is a Registered Charity and a Company limited by guarantee governed by Articles of Association.

ABS currently has nine trustees.

The Nominations and Remuneration Committee continues to review the balance of skills, experience, diversity, professional and regional representation on the Board and Committees in pursuit of a diverse and skilled Board that can make effective decisions for the Charity. Becoming a trustee of ABS is by appointment by the Board of Trustees and is drawn from those who have been identified as bringing the skills and other criteria necessary to further the strategic work of the Society. It is not restricted to membership of the architectural community, and we welcome applications from those outside the architectural community who can bring a different perspective in specific areas. All trustees of the Society are entitled to attend, to speak and to vote at trustees’ meetings.

Any person who is willing to act as a trustee, and who would not be disqualified from acting under the provisions of Article 26, may be appointed to be a trustee by a resolution of the trustees for a term of up

to three years, renewable for two further terms of up to three years subject to Article 25.2. A trustee who has served for nine consecutive years of office must take a break from office and may not be reappointed until the first anniversary of the commencement of their break from office.

Trustees of the Society are the only Members and all trustees become a Member of the Board on appointment as a trustee. The Board of Trustees is the governing body of the Society and as well as being Members of the Board, trustees are also Directors of the Company for the purposes of company law.

Charity Governance Code

The Society formally adopted the Charity Governance Code in 2019, with the aim of developing high standards of governance in line with good practice and using the Code as a tool to support continuous improvement.

The Society will continue to review the seven principles of the Code and working towards making wellconsidered decisions as to how these principles should be applied to the charity.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

Management

ABS’ Board of Trustees meets three times each year to agree and review the strategic approach and areas of activity, including consideration of charitable activity, investments and reserves, risk management, long term strategic planning and all other policies and performance. Some of the task-focused work of the Society is overseen by formally appointed committees which report directly and regularly to the Board. At the heart of ABS’ committee structure is the Welfare Committee, which advises the Board on our charitable work. The Welfare Team assess all new applications for assistance and make informed decisions as how to best assist beneficiaries in line with our Grant Giving Policy. This policy is regularly reviewed, enabling a timely response to wider socio-economic issues.

Other Committees are the Finance, Audit and Risk Committee, the Development and Engagement Committee and the Nominations and Remuneration Committee.

Decision making

Our decision-making policies and procedures are detailed in ‘Board Instructions.’ It sets out the responsibilities and delegated decision-making powers of the committees and continues to be reviewed and amended as and when necessary.

There are additionally several other important policy documents which are reviewed on a regular basis within proscribed timeframes.

Relationships

ABS pursues a policy of engaging as closely as possible with the various organisations which represent the members of the architectural community and to ensure the work of the Society is effectively communicated to all eligible persons at national and regional levels. This work is essential in helping to ensure as many as possible are aware of the help that ABS can offer and to assist with income generation.

ABS has informal but close links with the Chartered Institute of Architectural Technologists, the Landscape Institute, the Royal Institute of British Architects, the Royal Incorporation of Architects in Scotland, the Royal Society of Ulster Architects, the Royal Society of Architects in Wales, the Architects Registration Board, the Worshipful Company of Chartered Architects, the Architects Mental Wellbeing Forum and others. It is also a subscribing member of the Association of Charitable Organisations and the Fundraising Regulator.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

Engagement with the community served by ABS has been greatly enhanced over recent years with the introduction of our Ambassador programme. There are approximately 80 Ambassadors based all over the UK and their role continues to be vital in raising awareness of our charity.

The trustees and staff would like to give our expression of thanks to Karen Rogers, Sumita Singha, Nigel Thorne and Alison Thornton-Sykes who left their roles as trustees, and to committee member Benna Schellhorn, after many years of valuable service and dedication to the charity.

Acknowledgements

The Society wishes to express its appreciation and gratitude to the following: CIAT, the Landscape Institute, the RIBA, the RIAS, the RSAW, the RSUA, the Architects Registration Board and other Regional and Branch Councils and many other architectural organisations throughout the UK for help in various ways.

The work carried out by the formal committees and working groups appointed by Board is done voluntarily. Many of the tasks involve a great deal of work in addition to attending meetings. We are particularly grateful to those people who are not trustees but who give up their evenings and weekends and even time during the working day to assist in this way.

Our professional advisers for their continuing guidance and support throughout 2023-24.

The staff team who have looked after the day-to-day business, and demonstrated commitment and passion for the cause during another challenging year.

All those members of the profession and others who continue to do so much in support of the charity, both financially and by giving generously of their time.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

RESPONSIBILITIES OF MEMBERS OF THE BOARD

The Members of the Board (who are also directors for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of the surplus or deficit of the Society for that period. In preparing those financial statements the members are required to:

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 which disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of

the Society and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Members of the Board is aware:

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

the trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Society’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Companies Act 2006 and the Statement of Recommended Practice for charities applying FRS 102, “Accounting and Reporting by Charities”, effective 1 January 2015.

The trustees have taken advantage of the small companies’ regime in preparing the Trustees’ Annual Report.

By order of the Board

Mark Hodgkinson 07/05/2025

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ARCHITECTS BENEVOLENT SOCIETY

Opinion

We have audited the financial statements of Architects Benevolent Society (‘the company’) for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, 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, including FRS 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:

give a true and fair view of the state of the charitable company’s affairs as at 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 charitable company 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.

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Architects Benevolent Society Annual Report for the year ended 30 September 2024

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 charitable company 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 charitable company'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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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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Architects Benevolent Society Annual Report for the year ended 30 September 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 22, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

26

Architects Benevolent Society Annual Report for the year ended 30 September 2024

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

27

Architects Benevolent Society Annual Report for the year ended 30 September 2024

and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility

for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

28

Architects Benevolent Society Annual Report for the year ended 30 September 2024

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Aikens (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

Date: 05/06/2025

29

Architects Benevolent Society

Statement of financial activities including the Income & Expenditure Account For the year ended 30 September 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Donations and gifts
Legacies
Investments
Commercial rent income
Other investment income
4
Charitable activities
Wellbeing programme
Student hardship fund
Other income
Total income and endowments
TOTAL EXPENDITURE ON
Raising funds
Fundraising
Investment management
Running Commercial Properties
Charitable activities
Relief of poverty
5
Wellbeing programme
Total expenditure
7
Net income/(expenditure) before
transfers and investments gains
Net gain/(loss) on financial investments
11
Net gain/(loss) on property investments
11
Net income/(expenditure)
Transfers between funds
Gain/ (loss) on revaluation of
Fixed assets
Net movements in funds
Fund balances brought forward
at 1 October 2023
Fund balances carried forward
at 30 September 2024
18		 Unrestricted
Endowment
Restricted
Total
Total
Fund
Fund
Fund
2024
2023
£
£
£
£
£
(as restated)
183,761
183,761
161,918
14,861
14,861
77,500
641,890
641,890
609,468
211,634
5,174
23,342
240,150
257,256
11,457
11,457
5,600
- -
71,090
-
20,985
1,063,603
5,174
23,342 1,092,119 1,203,817
375,896
375,896
178,656
77,722
4,129
81,851
104,473
129,740
129,740
240,147
583,358
4,129
-
587,487
523,276
1,680,383
62,592 1,742,975 1,754,013
142,305
142,305
115,732
2,406,046
4,129
62,592 2,472,767 2,393,021
(1,342,443)
1,045
(39,250) (1,380,648) (1,189,204)
785,294
71,529
-
856,823
144,275
700,000
-
700,000
-
142,851
72,574
(39,250)
176,175 (1,044,929)
17,963
(17,963)
- -
-
- -
- - (1,350,000)
160,814
54,611
(39,250)
176,175 (2,394,929)
28,673,979
713,411
71,090 29,458,480 31,853,409
28,834,793
768,022
31,840 29,634,655 29,458,480

All results during the year related to continuing operations.

The above statement of financial activities includes the Society's statement of total recognised gains and

losses. The notes on pages 33 to 41 form part of these financial statements

Date:

30

Architects Benevolent Society Balance Sheet For the year ended 30 September 2024

Fixed assets
Tangible assets
10
Investments
11
Programme related investments
12
Current assets
Debtors
13
Cash at bank
Creditors: Amounts falling due
within one year
14
Net current (liabilities)/assets
Net assets
Funds
15
Permanent Endowment Fund
Revaluations Reserve
Restricted Fund
Unrestricted funds:
Investment & Property Fund
16
17		 2024
£
-
29,174,844
250,271		 29,425,115
555,910
(346,370)
209,540
29,634,655
663,292
104,730
31,840
-
28,834,793
29,634,655		 2023
£
(as restated)
9,597
28,860,629
252,761		 29,122,987
690,718
(355,225)
335,493
155,612
400,298		 278,291
412,427
29,458,480
591,763
121,648
71,090
28,673,979
29,458,480

The notes on pages 33-41 form part of these financial statements. Approved by the Board of Trustees on 07/05/2025 and signed on its behalf by

Mark Hodgkinson

Mark Hodgkinson Honorary Treasurer Company No. 1084747 (England and Wales)

31

Architects Benevolent Society

Statement of cash flows For the year ended 30 September 2024

Notes
Cash flows from operating activities
Net cash provided by (used in) operating activities
20
Cash flows from investing activities:
Income from investments
Purchase of fixed assets
10
Purchase of investments
11
Proceeds from the sale of investments
11
Proceeds from the sale of fixed assets
10
(Descrese)/Increase in cash held for investment
Net cash flows provided by (used in) investing activities
Cash flows from financing activities
Cash receipts from lending
12
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2024
£
(2,139,510)
882,040
0
(2,772,131)
4,068,192
245
(53,454)
2,124,892
2,490
(12,129)
412,427
400,298		 2023
£
(as restated)
(1,057,969)
866,724
(2,190)
(4,116,500)
5,579,615
0
258,783
2,586,432
(1,550,710)
(22,247)
434,674
412,427		 2023
£
(as restated)
(1,057,969)
866,724
(2,190)
(4,116,500)
5,579,615
0
258,783
2,586,432
(1,550,710)
(22,247)
434,674
412,427
2,490
(22,247)
434,674
412,427

32

Architects Benevolent Society Notes to the financial statements For the year ended 30 September 2024

1. Accounting policies

1.1 Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Companies Act 2006 and the ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)’ and the Financial Reporting Standard

The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The Charity constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern

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.

1.3 Income

Income is recognised when it is probable, measurable and the charity is entitled to it.

All the income is included in the financial statements gross i.e. before taking account of any associated expenditure.

1.4 Allocation of costs

Direct costs are allocated to the relevant activity. Indirect costs are allocated on the same basis as staff costs, ie. on a time spent basis.

1.5 Costs of raising funds

Expenses are included as costs of raising funds if they can be directly related to a source of the Society’s income or are for publicity intended to raise the profile of the charity.

1.6 Grants payable

Grant expenditure is recognised upon commitment to making the expenditure.

1.7 Expenditure

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 reliably measured.

1.8 Governance costs

Governance costs, included within other direct costs (see Note 6) include all costs of maintaining the charity as a legal entity including audit fees, costs of trustee meetings and costs of complying with statutory requirements.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows: Motor Vehicles - 25% per annum straight line

Fixtures, fittings and equipment - 10% - 25% per annum straight line

33

Architects Benevolent Society Notes to the financial statements (continued) For the year ended 30 September 2024

Items purchased are capitalised where their cost is above £2,500 and they are expected to have an ongoing use in the charity’s operations. Purchases costing less than this are shown as part of expenditure in the Statement of the Financial Activities in the year of purchase.

1.10 Investments

Fixed asset investments are valued at the current market value at the balance sheet date. Any unrealised gains or losses are credited/charged to the Statement of Financial Activities. Realised gains or losses on disposal of investments are included in the Statement of Financial Activities as they arise.

Investment properties are included at the Trustees’ estimate of open market value and valuations are reviewed annually. No depreciation is charged on these assets in accordance with the Statement of Recommended Practice.

1.11 Programme related investments

The Society previously made loans to its beneficiaries that are interest free. The outstanding loans are secured. They are included at the amount advanced less any repayments and impairments.

1.12 Pension costs

The Charity operates a defined contribution scheme, which is a Group Personal Plan. Contributions to the Scheme are charged to the SOFA in the financial year in which they become payable.

1.13 Restricted funds

Restricted funds are those received which are earmarked for a specific purpose by the donors. Expenditure which meets the criteria specified is allocated directly to the fund.

1.14 Unrestricted funds

Funds received or generated for the objects of the Charity without a further specified purpose are treated as unrestricted funds. Some of these resources are designated by the Members of the Board for particular purposes as they deem appropriate.

1.15 Endowment Funds

The Sawyer Benevolent Fund was created with a legacy from Joseph Sawyer. The income from the fund is to be used for the relief of poverty of architects.

1.16 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The Charity has selected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

1.17 Cash at bank and in hand

Cash at bank and 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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that

34

Architects Benevolent Society Notes to the financial statements (continued) For the year ended 30 September 2024

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Provision for interest-free loans

Other than where there are exceptional circumstances, all secured interest free loans should be repaid in full. A non-recovery rate of 10% is applied to protect against any unforeseen circumstances beyond the Society’s Valuation of investment property

Property valuations are based on regularly updated, independent valuations carried out in accordance with the RICS Valuation – Professional Standards 2014.

3. Company status

The Architects Benevolent Society is a company limited by guarantee. The liability of each member is restricted to a maximum of £1 in the event of a winding up.

35

Architects Benevolent Society Notes to the financial statements (continued) For the year ended 30 September 2024

4 Investment income
Fixed asset investments
Gross interest receivable
Investment income includes £23,408 (2023: £22,29
5 Relief of Poverty
Regular grants
One-off grants
Other direct costs including welfare officers
Indirect costs
6 Governance costs
Trustees and committee meetings
Audit fee
Professional fees
7 Analysis of total expenditure
Raising Funds
Investments
Costs of runnning commercial properties
Relief of poverty
Wellbeing programme
Raising Funds
Investments
Costs of runnning commercial properties
Relief of poverty
Wellbeing programme
8 Net income/(expenditure) for the year
Net income/(expenditure) for the year is stated afte
Depreciation
Amounts paid to auditors
The Society made grants in the year to 412 (2023: 4
their families who were in need.
Costs include £4,130 (2023: £3,807) of restricted ex		 2) of restricted income in relation to th
Staff Costs
Grants and gifts
£
£
251,493
16,680
46,962
-
297,551
1,315,042
71,982
07) individual cases. All of these were
penditure in relation to the Sawyer Ben		 2024
£
180,046
60,104
240,150
e Sawyer Benevolent fund.
2024
£
1,062,343
-
550,749
129,883
1,742,975
2024
£
1,142
17,310
60,655
79,107
Other
Total direct costs
£
£
14,625
266,118
57,890
74,570
62,279
109,241
499
1,613,092
40,657
112,639
made for the welfare of members of t
evolent fund.		 2023
£
247,511
9,745
257,256
2023
£
1,066,276
250,208
342,300
95,229
1,754,013
2023
£
1,765
20,000
8,533
30,298

Head office costs other
Head office depreciation
Total costs 2024
£
£
£
109,778
375,896
7,281
81,851
11,147
9,352
129,740
129,883
1,742,975
29,666
142,305
he architectural community and
684,668
1,315,042		 175,950
2,175,660		 287,755
9,352
2,472,767
Staff Costs
Grants and gifts
£
£
132,764
-
25,962
-
74,492
-
341,372
1,316,484
74,263
-		 Other
Total direct costs
£
£
8,857
141,621
78,511
104,473
144,875
219,367
929
1,658,785
20,753
95,016
Head office costs other
Head office depreciation
Total costs 2023
£
£
£
37,035
-
178,656
-
-
104,473
15,464
5,316
240,147
95,228
-
1,754,013
20,716
-
115,732
648,853
1,316,484		 253,925
2,219,262		 168,443
5,316
2,393,021
r charging:
- audit		 2024
£
9,352
17,310		 2023
£
5,316
20,000

36

Architects Benevolent Society Notes to the financial statements (continued) For the year ended 30 September 2024

9 Staff costs

The average monthly number of persons employed by the
Society during the year was:
Office management and welfare
Staff costs (for the above persons)
Wages and salaries
Social security costs
Other pension costs
Health and other staff benefits
Recruitment costs
The number of staff paid over £60,000 in the year is as follows:
Between £60,000 and £70,000
Between £70,001 and £80,000
Between £90,000 and £100,000		 2024
£
Number
12
540,651
59,727
46,996
22,756
670,130
14,538
684,668
1
1
-
2		 2023
£
Number
12
508,462
57,729
47,037
25,936
639,165
9,688
648,853
1
-
1
2

The key management personnel of the charity consists of the Chief Executive Officer and Operations Manager. The Welfare Lead and Chief Financial Officer are also included in key management personnel this year. The total employee benefits of the key management personnel were £349,113 for the six employees (2023: £183,564 for two employees). Pension contributions in respect of the key management personnel were £23,131 (2023: No Trustees received any remuneration for their services, however travel and out of pocket expenses incurred in their work were reimbursed. The total amount of expenses reimbursed to Trustees was £683 (2023: £1,450). One termination payment of £3,000 was paid during the year and is included in the above analysis.

10 Tangible fixed assets
Cost
01.10.23
Additions
Disposals
Reclassification
30.09.24
Depreciation
01.10.23
Charge for year
Disposals
30.09.24
NBV 30.09.24
NBV 30.09.23		 Fittings &
Equipment
£
37,499
-
(245)
-
37,254
27,902
9,352
-
37,254
-
9,597		 Total
£
37,499
-
(245)
-
37,254
27,902
9,352
-
37,254
-
9,597

37

Architects Benevolent Society Notes to the financial statements (continued) For the year ended 30 September 2024

**11 ** Fixed asset investments
Market value
At 1 October 2023
Revaluations
Additions
Disposal
Net investment gain
Net movement in the year
At 30 September 2024
Fixed asset investments
Market value
At 1 October 2022
Revaluations
Additions
Disposal
Net investment gain
Net movement in the year
At 30 September 2023
Net investment gains in the year include gains of £888,464 and unrealised losses of £33,35
There were no investments in individual entities held at 30 September 2023 which are con
All investment assets are held in the United Kingdom.
Investment properties were last valued as at 30 September 2024 on an open market value		 Investment
Property
£
19,500,000
700,000
-
-
-
-
20,200,000
-
Investment
Property
£
20,850,000
(1,350,000)
19,500,000
5.
sidered material in the context of th
basis using a formal valuation carrie		 Quoted
Investment
equities
and unity
trusts
£
9,060,165
-
2,772,131
(4,068,192)
856,822
-
8,620,926
Quoted
Investment
equities
and unity
trusts
£
10,379,005
-
4,116,500
(5,579,615)
144,275
-
9,060,165
e market value of the portfolio.
d out by Cushman & Wakefield.		 Cash
Total
2024
£
£
300,464
28,860,629
700,000
-
2,772,131
-
(4,068,192)
-
856,822
53,454
53,454
353,918
29,174,844
Cash
Total
2023
£
£
559,247
31,788,252
-
(1,350,000)
-
4,116,500
-
(5,579,615)
-
144,275
(258,783)
(258,783)
300,464
28,860,629
12 Programme related investments
The charity makes interest free loans to its beneficiaries
At 1 October 2023
Loans made in year
Loans repaid in the year
At 30 September 2024
Total loans that were secured at 30 September 2024 was £250,271(2023: £252,761).
13 Debtors
Trade debtors
Other debtors
Prepayments and accrued income
Service charge account		 2024
£
252,761
-
(2,490)
250,271
-
2024
£
28,344
39,488
85,463
2,317
155,612
-		 2023
£
252,761
-
-
252,761
2023
£
97,242
157,221
23,828
278,291

38

Architects Benevolent Society Notes to the financial statements (continued) For the year ended 30 September 2024

14 Creditors

----- Start of picture text -----
Creditors 2024 2023
£ £
Trade creditors 30,521 60,367
Other tax and social security 41,246 34,606
Accruals and deferred income 70,666 63,729
Service charge account - -
Tenant deposit accounts 203,937 196,523
346,370 355,225
-
----- End of picture text -----

15 Permanent endowment fund

Sawyer Benevolent Fund

The Sawyer Benevolent Fund is the only permanent endowment that the charity administers.

----- Start of picture text -----
Total
£
At October 2023 713,411
Net movement in funds 72,574
Transfer between funds - 17,963
At 30 September 2024 768,022
- 0
Total
£
At October 2022 720,277
Net movement in funds (7,366)
Transfer between funds -
At 30 September 2023 713,411
----- End of picture text -----

16 Unrestricted funds

----- Start of picture text -----
Total
£
At 1 October 2023 28,673,979
Net movement in funds 160,814
Fund transfers -
At 30 September 2024 28,834,793
Total
£
At 1 October 2022 31,132,632
Net movement in funds (2,458,653)
Fund transfers -
At 30 September 2023 28,673,979
----- End of picture text -----

17 Restricted funds

S
At 1 October 2023
Income
Expenditure
Transfer between funds
At 30 September 2024
S
At 1 October 2022
Income
Expenditure
Transfer between funds
At 30 September 2023
The income from the Sawyer Benevolent Fund is treated as restricted income under the re		 awyer Benevolent fund
£
-
23,342
(23,342)
-
-
awyer Benevolent fund
£
-
22,292
(22,292)
-
-
stricted terms of the Endowment, al		 Middle Orchard Trust
£
71,090
-
(39,250)
-
31,840
Middle Orchard Trust
£
-
71,090
-
-
71,090
lowing for the income to be spent on the relief of poverty		 Total
£
71,090
23,342
(62,592)
-
31,840
Total
£
-
93,382
(22,292)
-
71,090
of architects.

Having been identified as a suitable recipients of the funds, the Society received a donation from the Middle Orchard Trust when it wound up operations in 2023. An agreement was made to administer these funds to students who meet agreed eligibility criteria and are experiencing significant and unexpected hardship.

18 Analysis of net assets between funds

Tangible fixed assets
Investments
Progamme related investments
Current assets/(liabilities)
Total net assets
Revaluation reserve
included above:
Investment properties
Other Investments
Revaluation reserve
at 30 September 2024		 Endowment
Fund
768,022
-
768,022
-
-
-		 Restricted
Fund
-
-
31,840
31,840
-
-
-		 Unrestricted
Fund
-
28,511,552
250,271
177,700
28,834,793
7,644,145
3,963,558
11,607,703		 Total
-
29,174,844
250,271
209,540
-
29,529,925
7,644,145
3,963,558
11,607,703

39

Architects Benevolent Society Notes to the financial statements (continued) For the year ended 30 September 2024

Tangible fixed assets
Investments
Progamme related investments
Current assets/(liabilities)
Total net assets
Revaluation reserve
included above:
Investment properties
Other investments
Revaluation reserve
at 30 September 2023
Fund balances at 30 September
2023 are represented by:		 Endowment
Fund
-
698,946
-
14,465
713,411
-
-
121,648
121,648		 Restricted
Fund
-
-
-
71,090
71,090
-
-
-
-		 Unrestricted
Fund
9,597
28,161,683
252,761
299,654
28,723,695
-
6,944,145
3,178,266
10,122,411		 Total
9,597
28,860,629
252,761
385,209
29,508,196
-
6,944,145
3,299,914
10,244,059

19 Related party transactions

No Trustees received any remuneration for their services, however travel and out of pocket expenses incurred in their work were reimbursed. The total amount of expenses reimbursed to 2 Trustees was £683 (2023: £1,450 to 4 Trustees).

During the year, unrestricted donations from Trustees amounted to £535 (2023: £615).

20 Reconciliation of net income/(expenditure)to net cash flow from operating activities

Net income/(expenditure) for the reporting period
Adjustments for:
Revaluation of fixed asset investment property
Depreciation
Net loss/(gain) on investments
Investment income
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash provided by (used in) operating activities		 2024
£
176,175
(700,000)
9,352
(856,822)
(882,040)
122,679
(8,855)
(2,139,510)		 2023
£
(as restated)
(2,394,929)
1,350,000
5,316
(144,275)
(866,724)
911,470
81,173
(1,057,969)

21 Prior year adjustment

The 2023 accounts included an over-accrual of rental income of £49,716. The compartive figures have been adjusted to reflect this, leading to a decrease in 2023 rental income reported in these accounts (reducing from £659,184 to £609,468).

Cash receipts in relation to rental income were shown as cashflow from operating activities in the cashflow statement included within the 2023 accounts. The 2023 cashflow statement has been amended to show this income (totalling £609,468 following the above adjustment) as cashflow from investing acivities.

A summary of this prior year adjustement is shown below:

Per 2023
accounts
Adjustmen
£
£
Commercial rent receivable
659,184
(49,716
Prepayments and accrued income
206,397
(49,716
Cashflow from operating activities
(448,501)
(609,468
Cashflow from investing activities
1,976,964
609,468
Comparative information
INCOME
AND
ENDOWMENTS
FROM
Donations and legacies
Donations and gifts
Legacies
Investments
Commercial rent receivable
Other investment income
Charitable activities
Wellbeing programme
Student hardship fund
Other income
Total income and endowments
TOTAL EXPENDITURE ON
Raising funds
Fundraising
Investment management
Running Commercial Properties
Charitable activities
Relief of poverty
Wellbeing programme
Total expenditure		 t
Per 2024
accounts

£
)
609,468
)
156,681
)
(1,057,969)

2,586,432
Unrestricted
Endowment
Restricted
Total
Fund
Fund
Fund
2023
£
£
£
£
(as restated)
161,918
- -
161,918
77,500
- -
77,500
609,468
- -
609,468
234,964
-
22,292
257,256
5,600
- -
5,600
0
-
71,090
71,090
20985
- -
20,985
1,110,435
-
93,382
1,203,817
178,656
- -
178,656
100,666
3,807
-
104,473
240,147
- -
240,147
519,469
3,807
-
523,276
1,731,721
-
22,292
1,754,013
115,732
-
-
115,732
2,366,922
3,807
22,292
2,393,021

22 Comparative information

Net income/(expenditure) before transfers and investments gains

(1,256,487) (3,807) 71,090 (1,189,204)

40

Architects Benevolent Society Notes to the financial statements (continued) For the year ended 30 September 2024

Net
gain/(loss)
on
financial
investments
Net
gain/(loss)
on
property
investments
Net income/(expenditure)
Transfers between funds
Gain/ (loss) on revaluation of
Fixed assets
Net movements in funds
Fund balances brought forward
at 1 October 2022
Fund balances carried forward
at 30 September 2023		 147,834
(3,559)
-
144,275
- -
- -
(1,108,653)
(7,366)
71,090
(1,044,929)
-
-
-
-
(1,350,000)
- -
(1,350,000)
(2,458,653)
(7,366)
71,090
(2,394,929)
31,132,632
720,777
-
31,853,409
28,673,979
713,411
71,090
29,458,480

41

We are a charity offering a wide variety of support to those in need in the architectural community and their families – from people just starting out in their careers, to those who are now in retirement.

Contact us

Architects Benevolent Society

43 Portland Place, London W1B 1QH

T . 020 7580 2823 E . help@absnet.org.uk W . www.absnet.org.uk

Registered Company No. 1084747 (England and Wales) Registered Charity No. 265139