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2021-12-31-accounts

DocuSign Envelope ID: E5EAEF6C-C535-4D85-A772-05880242162C

COMPANY REGISTRATION NUMBER 01985617 CHARITY NUMBER 299665

CASSL

FINANCIAL STATEMENTS

31 DECEMBER 2021

DocuSign Envelope ID: E5EAEF6C-C535-4D85-A772-05880242162C

CASSL FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

Contents PAGE
Reference and administrative details 1
Report of the Trustees 2
Statement of responsibilities of the Trustees 6
Independent Examiner’s report 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11

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CASSL REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 31 DECEMBER 2021

CASSL The Chartered Accountants Student Society of London
Status The organisation is a charitable company limited by
guarantee, incorporated on 4 February 1986 and
registered as a charity on 23 June 1988.
Governing document CASSL was established under bye-laws which established
the objects and powers of the charitable company and is
governed under its articles of association.
Registered office and Chartered Accountants’ Hall
principal place of business Moorgate Place
London
EC2R 6EA
Key personnel
President Malcolm Bacchus BA FCA FRSA
Vice Presidents Angus Farr FCA
Helen Brennan FCA
Chair Ben Currie
Vice-chair Olivia Carling
Treasurer Matt Coote
Bankers NatWest Bank
501 Silbury Boulevard
Saxon Gate East
Milton Keynes
MK9 3ER
Solicitors Taylor Wessing LLP
5 New Street Square
London
EC4A 3TW
Investment Advisors M&G Investments
Governors House
London
EC4R 0HH
CCLA Investment Management Ltd
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Independent Examiner Karon Cook FCA
Infinity Accountants Ltd
1 Therapia Road
London
SE22 0SF

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CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2021

The Trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 December 2021, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Statement from the Chair of CASSL

This was a year of relearning old skills for the Committee. As we all had joined Committee either in the 2020 AGM during the pandemic or joined in the 2021 AGM, none of us had experience being a part of the Committee out of lockdown. We worked together to discover how to operate out of lockdown, putting in person events again and adapting to the changing needs of our members during this time.

The mission statement of CASSL is: to improve technical ability, career progression and overall wellbeing of London based student Chartered Accountants. This year, whilst keeping these all in mind, we truly wanted to focus on Accessibility ensuring that both us as a community was truly accessible to all members, but also that the ICAEW as an overall body was accessible to London students.

This year we have seen many events go back to an in person format, as well as putting on new in person events. Most notably we saw the return of the CASSL Annual Ball, which was attended by almost 200 guests, after tickets sold out. We were pleased to be able to run the Annual Ball close to breakeven, marking a break from previous instalments, some of which made sizeable losses. This success would not have been possible without the hard work of the committee, especially Matt Coote and Charlotte Blakeway. Other noteworthy in-person events have been the weekly running club and a pub quiz, scheduled for the new Committee term.

Whilst we did have a return of in person events, we did not forget the lessons we learnt during lockdown and continued to make use of online events, which we have recognised can often be more accessible to members. With this focus, we saw the return of the online yoga series, which celebrated a similar level of success to the prior year. CASSL member Emily Bowles worked together to put together a successful panel on tech within audit, an insightful event enjoyed by all those in atendence.

We also had a strong focus on development and mentorship this year, as started last year with our mentorship scheme. A collaboration of Committee members developed this area, in particular working on ways to prepare our members for their future careers post qualification. This was carried out by beginning to prepare a compilation of testimonies from various qualified accountants, providing insight and advice for trainees. The sub-group also launched a roundtable event, hopefully the start of a series of events where students can hear from experienced ACA members and ask questions to a for the benefit of theircareers. The pilot roundtable event was in December on the theme of “Women in the workplace” with an all women panel giving advice to current students. The pilot was a strong success and we look forward to seeing similar events in the next year. This event was also the first hybrid type event CASSL hosted, allowing members to attend virtually or in person, which proved to be a popular format.

This year there was also a strong focus on sponsorship, spearheaded by Lucy Royds and Sunny Yang we saw great success in this particular area. Securing sponsorships for various events the team guaranteed funding to allow us to put on various events for members at more affordable prices, making events more attractive for students. Working with these sponsors also opened up our members to more opportunities as they were able to meet the sponsors and it has allowed CASSL to create more business relationships that can hopefully be utilised in the future.

The Committee continued to work closely with the London district society in the year, the LSCA, working with them on issues and attending their meetings monthly. Through the closer working relationship with the district society, CASSL has been able to effectively communicate frustrations faced by students and successfully communicate with those in a position to make change in order to get answers. The LCSA has also been an advocate for CASSL members, supporting CASSL issues and offering members the opportunity to attend a range of interesting and insightful events.

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CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2021

The Committee championed on giving a voice to the London body of students, as students sometimes it is difficult to give feedback on certain aspects of student life. The Committee confronted this issue by ensuring to gather feedback form our members and representing them to various bodies within the ICAEW and beyond. The main form this took this year was giving feedback on the exam technical difficulties that occurred in the year, where the Committee was able to gather opinions on the issues then directly feed this back to the body in charge of exams within the ICAEW.

With the support of the LSCA, CASSL committee members have also written on a series of topics in the London Accountant. These have range from the struggles of balancing life as a student, to technology. CASSL has also been recognised in the ICAEW publication Audit and Beyond, with Chair Ben Currie speaking on his experience as a student accountant, and Vice Chair, Olivia Carling discussing mentorship carried out by CASSL.

Lastly, I want to say thank you to all Committee members and honorary members, whether they are outgoing members or planning to stay on, everyone has worked so hard this year and it can be seen through CASSL’s many successes this year.

Ben Currie Chair

Olivia Carling Vice-chair

Date: 27/04/2022

Visit our website www.icaew.com/cassl Like us on Facebook www.facebook.com/TheCharteredAccountantStudentsSocietyOfLondon Connect with us on www.linkedin.com/groups/5101657 Speak to us on +44 (0)20 7920 3515

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CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2021

Objectives of CASSL

CASSL’s principal activities support the provision of educational and recreational services to its members in London and the Channel Islands and enable communication between its members and the Institute of Chartered Accountants in England and Wales (“ICAEW”).

Status of CASSL

CASSL is a company limited by guarantee and does not have a share capital.

Every Member of CASSL undertakes to contribute to the assets of CASSL in the event of the same being wound up while he or she is a Trustee, or within one year after he or she ceases to be a Trustee, for payment of the debts and liabilities of CASSL contracted before he or she ceases to be a Trustee, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amounts as may be required not exceeding £1.

Organisational structure

CASSL is a structurally flat organisation supported by a Regional Executive, accountable to the executive committee. The executive committee comprises up to 20 elected students plus senior representatives of The London Society of Chartered Accountants. The President and Vice Presidents are elected from within the profession for a period of five years.

Connected organisations

The ICAEW provides CASSL with various services and consumables in return for due consideration. The most important of these services and consumables are website hosting facilities and Regional support staff.

Results

The statement of financial activities is set out on page 8. It shows that CASSL has a profit for the year of £26,704 (2020: £8,117). Net assets on the balance sheet on page 9 are £237,221 (2020: £210,517).

Investment and reserves policy

CASSL is expected to exist in perpetuity, investments and reserves should be managed to meet the investment objectives below and ensure sustainability.

CASSL’s Investment Objectives are as follows:

CASSL is currently dependent on its various streams of income to sustain activities, the members recognise that these streams are not guaranteed and as such maintain a reserves policy to mitigate any loss of income. The Members of CASSL maintain a level of reserves sufficient to run CASSL for a minimum of two years.

Risk statement

The Trustees have complied with their duty to have due regard to the Charity Commission’s public benefit guidance when exercising their powers and duties and in determining the Chartered Accountants Student Society’s current and future activities.

Reference and administrative details

All relevant details are included on the cover and page 1 of this report.

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CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2021

Senior Members

The senior membership of CASSL includes an honorary president and honorary vice-presidents. Office holders are elected from the ICAEW membership. Their knowledge of the Institute improves the effectiveness of CASSL’s activities and the engagement of its trustees and directors with ICAEW. The senior members serving during the year and since the year end were as follows:

Honorary President: Malcolm Bacchus Honorary Vice Presidents: Angus Farr FCA appointed 24 April 2019 Helen Brennan FCA appointed 24 April 2019

Trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year end were as follows:

Key management personnel: Trustees and Directors

CASSL-nominated Chair: Anne-Marie Asenso resigned 27 April 2021
Ben Currie appointed 27 April 2021
CASSL-nominated Vice-chair: Rozalie Boyle resigned 27 April 2021
Olivia Carling appointed 27 April 2021
CASSL-nominated Treasurer: Matt Coote appointed 27 April 2021
Elected trustees: Olubumni Abegunde resigned 27 April 2021
Anne-Marie Asenso resigned 27 April 2021
Rozalie Boyle resigned 27 April 2021
Harry Carlisle resigned 27 April 2021
Jennifer Enenapodia resigned 27 April 2021
Alice Fanner resigned 27 April 2021
Qizhi Jiang resigned 27 April 2021
Saffron Lawrence resigned 27 April 2021
Freddie Mardlin resigned 27 April 2021
Tim Reilly resigned 27 April 2021
Alexandra Zissimides resigned 27 April 2021
Olivia Carling appointed 01 June 2020
Matt Coote appointed 01 June 2020
Ben Currie appointed 01 June 2020
Aadya Rathore appointed 01 June 2020
Lucy Royds appointed 01 June 2020
Anand Thalava appointed 01 June 2020
Afia Ahmad appointed 27 April 2021
Temitayo Ayodeji appointed 27 April 2021
Chalotte Blakeway appointed 27 April 2021
Martijn Breden appointed 27 April 2021
resigned 12 October 2021
Kateryna Karpenko appointed 27 April 2021
Dmitry Lysenko appointed 27 April 2021
Dahye Park appointed 27 April 2021
Zeying Yang appointed 27 April 2021
Secretary : Dmitry Lysenko appointed 27 April 2021

As per CASSL’s bye-laws, all Trustees resign at the annual AGM, after which they can subsequently stand for reappointment. Unless indicated otherwise, all active Trustees listed above who have served for more than one year have followed this procedure.

The Members guarantee to contribute an amount not exceeding £1 to the assets of CASSL in the event of winding up. The total amount of such guarantees at 31 December 2021 was £14 (2020: £18).

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CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2021

The Trustees are members of CASSL but this entitles them only to voting rights. It is the policy of CASSL not to remunerate key management personnel.

Reporting accountant

The yearly income continues to be below the required threshold for a mandatory audit.

Special provisions relating to small companies

This report is prepared in accordance with section 381 of the Companies Act 2006.

Statement of responsibilities of the Trustees

The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including the net income or expenditure, for the period. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of CASSL and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of CASSL and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 27/04/2022 and signed on their behalf by:

Ben Currie Chair

Matt Coote Treasurer

Acting on behalf of CASSL Trustees

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CASSL INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 DECEMBER 2021

Independent Examiner’s Report to the Trustees of CASSL

I report to the charity trustees on my examination of the accounts of CASSL (company no: 01985617 and charity no: 299665 ) for the year ended 31 December 2021 set out on pages 8 to 14.

Responsibilities and basis of report

As the charity’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’).

In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination and confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Karon Cook FCA Infinity Accountants Ltd 1 Therapia Road London SE22 0SF

Date: 27/04/2022

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DocuSign Envelope ID: E5EAEF6C-C535-4D85-A772-05880242162C

CASSL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021

Note
Income from:
Donations and legacies
3
Other trading activities:
Sports and social events
4
Sponsorship
4
Investments
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net gain/(loss) on investment
9
Net income/(expenditure) and net movement in
funds for the year
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted Funds
2021
2020
£
£
11,493
10,648
12,690
36
8,038
439
1,308
1,270
33,529
12,393
(32,939)
(12,313)
(32,939)
(12,313)
26,114
8,037
26,704
8,117
210,517
202,400
237,221
210,517		 Unrestricted Funds
2021
2020
£
£
11,493
10,648
12,690
36
8,038
439
1,308
1,270
33,529
12,393
(32,939)
(12,313)
(32,939)
(12,313)
26,114
8,037
26,704
8,117
210,517
202,400
237,221
210,517
12,393
(12,313)
(12,313)
8,037
8,117
202,400
210,517

All the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

The notes on pages 11 to 14 form part of these financial statements

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DocuSign Envelope ID: E5EAEF6C-C535-4D85-A772-05880242162C

CASSL BALANCE SHEET YEAR ENDED 31 DECEMBER 2021

Note
Non-current assets
Investments
9
Current assets
Debtors
10
Cash and cash equivalents
11
Total assets
Current liabilities
Creditors falling due within one year
12
Net assets
Funds of the charity
Unrestricted funds
13		 2021
£
208,507
208,507
944
29,208
30,152
238,659
(1,438)
237,221
237,221		 2020
£
181,085
181,085
529
30,064
30,593
211,678
(1,161)
210,517
210,517

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements on pages 8 to 14 were approved by the Board of Directors were signed on its behalf on 27/04/2022 by:

Matt Coote Director

On behalf of the CASSL Trustees

Company registration number: 01985617

The notes on pages 11 to 14 form part of these financial statements

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DocuSign Envelope ID: E5EAEF6C-C535-4D85-A772-05880242162C

CASSL STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2021

Note
Cash flows from operating activities
Net movement in funds
Adjustments for:
Dividend income from investments
Increase in debtors
Increase/(decrease) in creditors
Unrealised gains on investments
9
Net cash used in operating activities
Cash flows from investing activities
Purchase of investments
9
Dividend income from investments
Net cash used in investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
26,704
(1,308)
(415)
277
(26,114)
(856)
(1,308)
1,308
-
(856)
30,064
29,208		 2020
£
8,117
(1,270)
(480)
(109)
(8,037)
(1,779)
(1,270)
1,270
-
(1,779)
31,843
30,064

The notes on pages 11 to 14 form part of these financial statements 10

DocuSign Envelope ID: E5EAEF6C-C535-4D85-A772-05880242162C

CASSL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

2. Going concern

These financial statements have been prepared on a going concern basis, which assumes the company will have the ability to continue its operations to its members for a period of at least 12 months from the approval of these financial statements.

In the opinion of the directors, circumstances following from the Covid-19 pandemic do not undermine the appropriateness of the going concern basis for CASSL. The charity is expected to exist in perpetuity and reserves that have been maintained are more than sufficient to cover operational costs.

3. Donations and legacies

Donated services from ICAEW
CASSL Howitt Prize Fund
4.
Income from other trading activities
Sports and social events
Sponsorship		 2021
£
10,993
500
11,493
2021
£
12,690
8,038
20,728		 2020
£
10,648
-
10,648
2020
£
36
439
475

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CASSL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

5. Investment income

Distributions in the year 2021
£
1,308		 2020
£
1,270

6. Staff cost and numbers

The costs incurred in respect of staff were:

Salaries and wages 2021
£
10,993		 2020
£
10,648

Salaries and wages do not relate to key management personnel; it is the policy of CASSL not to remunerate such individuals.

CASSL does not directly employ any staff. Instead the services of a member of staff are supplied by the ICAEW.

The average number of full time staff employed during the year under review was:

2021 2020
Office and administration 1 1
Direct charitable work 1 1

7. Analysis of charitable expenditure

Sports and social events
Support costs
Management and administration
Independent examination fee
CASSL Howitt Prize
Legal and professional		 Staff Costs
Other
2021
£
£
£
- 20,029
20,029
10,993
-
10,993
-
417
417
-
1,000
1,000
-
500
500
-
-
-
10,993 21,946
32,939		 2020
£
475
10,648
290
900
-
-
12,313

8. Corporation tax

CASSL is a registered charity and as such is potentially exempt from taxation of its income and gains to the extent that they fall within the exemptions available to charities under the Taxes Act and are applied to its charitable objectives.

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DocuSign Envelope ID: E5EAEF6C-C535-4D85-A772-05880242162C

CASSL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

9. Investments

CASSL holds investments in fund products offered by its investment adviors. These products are tailored to the needs of charities and have been selected in accordance with CASSL’s investment policy.

Market value at 1 January
Additions at cost
Unrealised gains on revaluation
Market value at 31 December		 2021
£
181,085

1,308
26,114
208,507
 2020
£
171,778
1,270
8,037
181,085

10. Debtors

Trade debtors
Accrued Income
VAT debtor
1. Cash and cash equivalents
Bank account
2. Creditors: amounts falling due within one year
Trade creditors
Accruals
Deferred Income
VAT creditor
3. Movements in unrestricted funds
At 1 January
Surplus for the year
At 31 December		 2021
£
944
-
-
944
2021
£
29,208
2021
£
-
1000
-
438
1,438
2021
£
210,517

26,704
237,221
 2020
£
29
500
-
529
2020
£
30,064
2020
£
250
875
24
12
1,161
2020
£
202,400
8,117
210,517

11. Cash and cash equivalents

12. Creditors: amounts falling due within one year

13. Movements in unrestricted funds

Unrestricted funds relate to the general reserve which is retained to provide working capital.

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CASSL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

14. Contingent liabilities

At 31 December 2021 the company had no contingent liabilities or capital commitments.

15. Post balance sheet events

There are no post balance sheet events.

16. Related parties

During the year, 2 trustees were reimbursed for expenses totalling £209. Expenses were incurred to support executive committee activities (£121) and to provide gifts for three speakers at panel event (£88).

Expenses incurred and reimbursed
At 31 December		 2021
£
209
209		 2020
£
-
-

Trustees did not receive any remuneration in the year. There were no related party transactions during the year.

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