OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

COMPANY REGISTRATION NUMBER 01985617 CHARITY NUMBER 299665

CASSL

FINANCIAL STATEMENTS 31 DECEMBER 2022

AS AMENDED

CASSL FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

Contents PAGE
Reference and administrative details 1
Report of the Trustees 2
Statement of responsibilities of the Trustees 5
Independent Examiner’s report 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11

CASSL REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 31 DECEMBER 2022

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
President Malcolm Bacchus MA FCA FRSA
Vice Presidents Angus Farr FCA
Evie Bowyer FCA
Helen Brennan FCA
Vicky Andrew FCA
Key personnel
Chair Zeying Yang
Vice-chair Aishani Sinha
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
Independent Examiner DJH Mitten Clarke
Festival Way
Stoke-on-Trent
Staffordshire
ST1 5SQ

1

CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2022

The Trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 December 2022 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

2022 was a year of improving on the foundations that previous committees had put in place. The impact of Covid-19 could still be felt in the student body, and new strategies had to be developed in order to reach CASSL’s audience, who were now mostly working from home.

The mission statement of CASSL is to improve technical ability, career progression and the overall well being of London-based student Chartered Accountants. This year, whilst keeping these all in mind, we truly wanted to focus on diversity, equity and inclusiveness, ensuring that CASSL could reach new heights by involving firms who only had a few, or sometimes even one ACA student. We also wanted to work with more accounting societies such as the LSCA and ICAEW council whilst simultaneously involving young professionals from other professional qualifications who either didn’t have a student society or the funds to run events by themselves. In the simplest of terms, we wanted a CASSL that could really make a difference and help students that were perhaps the most in need of our support.

This year we have seen the redesign and reintroduction of the fantastic range of events that CASSL or other district student societies had run in their rich legacies, as well as hosting new in-person events. Most notably we saw the return of the CASSL Annual Ball which was attended by almost 150 guests. The night was rebranded to focus on the subject of celebrating diversity with speakers including Deborah Harris FCA, the first black woman president of the LSCA and myself, the first Chinese chair of CASSL. Students were encouraged to wear traditional dress or black tie with the aim of starting conversations of the rich wealth of culture and diversity within the London region. This success would not have been possible without the hard work of the committee, especially Matt Coote, Krita Shah and Junting Jiang.

Other noteworthy in-person events have been the newly rebranded networking events, in particular that at - 100 Wardour Street, wherein CASSL was able to raise money for the Prince’s Trust, as well as the ESG themed boat party to promote the ESG pillars to fellow ACA students and the wider CASSL committee. We have had students from many other professional qualifications and apprenticeships attend CASSL’s new networking events, which has been the largest contributor for the success at each event. ACA students were able to form valuable connections and share their experiences with ‘the outside world’.

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 the online platform, which we recognise as often being more accessible to members. With this focus, we saw the return of the online yoga series, which celebrated a similar level of success as we have seen in prior years, as well as hosting our ‘Introduction to CASSL’ event and AGM as hybrid meetings.

We also had a strong focus on development and mentorship this year, with a new mentorship scheme between CASSL and university students, and simultaneously including mentoring from senior ICAEW and LSCA members.

This year there was also a strong focus on sponsorship, we saw great success in this particular area. Securing sponsorships for various events, the team guaranteed funding contracts ranging from 2-3 years, which enabled the committee to organise various events for members at more affordable prices, making events more attractive for students.

Working with these sponsors has also opened our committee members to more opportunities, as they were able to meet the sponsors, alongside providing CASSL the ability to create more business relationships to utilise in the future.

CASSL has greatly benefited from the LSCA’s theme of Allyship this year and the team has been able to work on a number of meaningful projects,including the opportunity to have an exclusive audience with the

2

CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2022

Lord Mayor of London, His Eminence the Ambassador of Lebanon and the CFO of the Bank of England. In particular, we would like to give thanks to Deborah Harris FCA for her support.

The Committee has realised the economic challenges of being a student this year, in particular, the cost of living crisis; as students sometimes it is difficult to give feedback on certain aspects of student life. The Committee confronted this issue by inviting speakers and representatives from CABA and ICAEW to our events to spread awareness of the support available to all students.

Individual directors of CASSL have also been recognised in ICAEW publications and national awards in relation to their contributions on Diversity, Equity and Inclusiveness as well as their efforts in improving – student wellbeing. In particular, CASSL as a society won the Professional Qualifications Student Body of the Year award; this is also the first PQ award CASSL has ever won.

Lastly, I want to say thank you to all Committee members and honorary members, whether they are outgoing members or intending to stay on: the happy faces and feedback from students across London is testament to CASSL’s hard work and dedication this year.

Zeying Yang (Apr 28, 2023 11:04 GMT+1) Zeying Yang Chair Date: 28/04/2023

----- Start of picture text -----
Aishani Sinha (Apr 28, 2023 11:33 GMT+1)
----- End of picture text -----

Aishani Sinha Vice-chair

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

Objectives of CASSL

CASSL’s principal activities support the provision of educational and recreational services to its members in London 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 Trustee 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 ICAEW, accountable to the executive committee. The executive committee comprises up to 20 elected students plus senior representatives of The London

3

CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2022

Society of Chartered Accountants. The President and Vice Presidents are elected from the ICAEW membership. Vice-Presidents serve for a period of five years and may be re-elected.

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 9. It shows that CASSL has a loss for the year of £(26,631)£(2,230) (2021: £25,202 profit). Net assets on the balance sheet on page 10 are £234,636 (2021: £26,704 £210,590 £237,221)£237,221).

Investment and reserves policy

CASSL is expected to exist in perpetuity. Its investments and reserves should be managed to meet this expectation and ensure financial sustainability by fulfilling the investment objectives.

CASSL’s Investment Objectives are as follows:

CASSL generates income from some of its activities. The Trustees recognise that these streams of income are not guaranteed. As such, CASSL maintains a reserves policy to mitigate any loss of income. The Trustees of CASSL maintain a level of reserves sufficient to run CASSL for a minimum of two years. The accounts have therefore been prepared on a going concern basis.

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.


Society’s current andfuture activities.
Society’s current andfuture activities.
Reference and administrative details
Charity number: 299665
Company number: 01985617
Registered office: Chartered Accountants’ Hall, PO Box 433, London, EC2P 2BJ
CASSL’s advisors:
Independent Examiner DJH Mitten Clarke DJH Mitten Clarke, Festival Way, Stoke-on-
Trent, Staffordshire, ST1 5SQ
Bankers Natwest Bank 501 Silbury Boulevard, 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

4

CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2022

Trustees

The directors of CASSL, a charitable company, 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:

Chair Ben Currie resigned 27 April 2022
Zeying Yang appointed 27 April 2022
Vice-chair Olivia Carling resigned 27 April 2022
Aishani Sinha appointed 27 April 2022
Treasurer Matt Coote appointed 27 April 2022
Hon. Secretary Dmitry Lysenko resigned 27 April 2022
Richard Allen appointed 27 April 2022
resigned 1 November 2022
Elected trustees Temitayo Ayodeji appointed 27 April 2021
William Bryant appointed 27 April 2022
Alex Hunter appointed 27 April 2022
Krita Shah appointed 27 April 2022
Adam Trott appointed 27 April 2022
Afia Ahmad resigned 27 April 2022
Charlotte Blakeway resigned 27 April 2022
Kateryna Karpenko resigned 27 April 2022
Dahye Park resigned 27 April 2022
Aadya Rathore resigned 27 April 2022
Lucy Royds resigned 27 April 2022
Anand Thalava resigned 27 April 2022

The following senior members of CASSL have no formal role in the administration or management of the charitable company. The senior members serving during 2022 and since the year end were as follows:

Honorary President: Malcolm Bacchus
Honorary Vice Presidents Angus Farr
Helen Brennan
Evie Bowyer reappointed 27 April 2022
Vicky Andrew appointed 27 April 2022

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

The Trustees guarantee to contribute an amount not exceeding £1 to the assets of CASSL in the event of winding up. The total number of such guarantees at 31 December 2022 was £8 (2021: £14).

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

5

CASSL REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2022

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 28/04/2023 and signed on their behalf by:

Zeying Yang (Apr 28, 2023 11:04 GMT+1)

Zeying Yang Chair

Matt Coote Treasurer

Acting on behalf of CASSL Trustees

6

CASSL INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 DECEMBER 2022

Independent Examiner’s report to the Trustees of CASSL

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity’s trustees of the Company (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. I 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:

Susan Redmond FCA

DJH Mitten Clarke Festival Way Stoke-on-Trent Staffordshire ST1 5SQ

Date: 28/04/2023

Please note that the signed accounts have been adjusted subsequent to the auditor's examination.

7

CASSL INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 DECEMBER 2022

Note
Donations and legacies
3
Other trading activities:
Sports and social events
4
Sponsorship
4
Investment Income
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
Adjustment
Total funds carried forward		 12,933
11,493
10,110
12,690
8,038
1,206
1,308
33,529
(32,939)
(32,939)
(18,233)
26,114
26,704
210,517
-
237,221
2022 as
restated
Unrestricted Funds
£
£
2021
8,318
32,567
(40,965)
(40,965)
(26,631)
237,221
-
210,590
amended

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

8

CASSL BALANCE SHEET YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
2022 as
2021
restatedamended
Note
£ £
Non-current assets
Investments 9 191,481 208,507
191,481 208,507
Current assets
Debtors 10 12,500 944
Cash and cash equivalents 11 33,089 29,208
45,589 30,152
Total assets 237,070 238,659
Current liabilities
Creditors falling due within one year 12 (12,839) (1,438)
Non-current liabilities Non-current liabilities
Creditors falling due after more than one year (13,641) -
Creditors falling due after more than one year
Net assets 210,590 237,221
Funds of the charity
Unrestricted funds 13 210,590 237,221
----- End of picture text -----

For the year ended 31 December 2021 the company is entitled to the exemption from audit conferred by section 477 of the Companies Act 2006. No members have required the company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companies Act 2006. The directors’ acknowledge their responsibility for:

The financial statements are prepared in accordance with the special provisions section 381 of the Companies Act 2006.

The financial statements on pages 8 to 14 were approved by the Board of Directors were signed on its behalf on 28/04/2023 by:

Matt Coote

On behalf of the CASSL Trustees

Company registration number: 01985617

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

9

CASSL STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2022

CASSL
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2022
Note
Cash flows from operating activities
Net movement in funds
Adjustments for:
Dividend income from investments
Increase in debtors
Increase/(decrease) in creditors
Unrealised (gain)/loss 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)
£
(2,230)
(1,206)
(11,556)
641
18,233
3,881
(1,206)
1,206
-
3,881
29,208
33,089
2022 as
restated
£
amended
(856)
(1,308)
1,308
-
(856)
30,064
29,208

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

10

CASSL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

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
5.
Investment Income
Distributions in the Year
* See Note 17 for the updated sponsorship income		 £
12,433
500
12,933
£
£
1,206
2022 as
restated
2022 as
restated
10,110
8,318
18,428
2022 as
restated
amended		 2021
£
10,993
500
11,493
2021
£
12,690
8,038
20,728
2021
£
1308

11

CASSL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

6. Staff cost and numbers

The costs incurred in respect of staff were:

he costs incurred in respect of staff were:
Salaries and wages		 £
12,433
2022 as
restated
amended		 2021
£
10,993

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

During the year, no trustees were reimbursed for expenses.

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:

2022 2022 2022 as 2021
restated
amended
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
£
£
£
-
-
750
500
-
-
-
2022 as
restated
14,281
-
25,434
40,965
-
1,840
25,434
500
750
-
12,441
12,441
28,524
amended		 2021
£
20,029
10,993
417
1,000
500
-
32,939

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.

9. Investments

Market value at 1 January
Additions at cost
Unrealised gains/(loss) on revaluation
Market value at 31 December		 £
208,507
1,206
(18,233)
191,481
2022 as
restated
amended		 2021
£
181,085
1,308
26,114
208,507

12

CASSL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

10. Debtors

Trade debtors
Accrued Income
VAT debtor
11. Cash and cash equivalents
Bank account
12. Creditors: amounts falling due within one year
Trade creditors
Accruals
Deferred Income
VAT creditor
13. Movements in unrestricted funds
At 1 January
Surplus for the year
Adjustment
At 31 December
Adjustment
New total creditors		 £
12,500
-
-
12,500
£
33,089
£
-
883
301
2,434
£
237,221

2022 as
restated
2022 as
restated
1,250
(10,405)
(12,839)
2022 as
restated
2022 as
restated
-
210,590
(26,631)
amended
amended
amended
amended		 2021
£
944
-
-
944
2021
£
29,208
2021
£
-
1,000
-
438
1,438
2021
£
210,517
26,704
-
-
-
237,221

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

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.

13

CASSL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

16. Related Parties

During the year, 7 (2021: 2) trustees were reimbursed for expenses totaling £3,470.94. Expenses were incurred to support executive committee activities (£440.80), to advertise through social media (£561.96), to pay for events (£2,204.18) and to pay for trustees’ attendance at LSCA’s Pan-Accountancy Lunch (£264.00).

Reimbursements were also provided during the year to 3 members (2021: nil) incurring costs on CASSL’s behalf totaling £1,071.85. Expenses were incurred to support executive committee activities (£939.85) and to pay for members’ attendance at LSCA’s Pan-Accountancy Lunch (£132.00).

During the year an Honorary Member was reimbursed for expenses totaling £96.00. The expense was incurred to pay for the honorary member’s attendance at LSCA’s Pan-Accountancy Lunch (£96.00).

Expenses incurred and reimbursed (Trustees)
Expenses incurred and reimbursed (All other members)
At 31 December		 £
3,471
1,168
4,639
2022 as
restated
amended		 2021
£
209
0
209

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

17. Sponsorship income adjustment

The trustees identified that in the year ended 31 December 2022, sponsorship income amounting to £26,250 had been recognised all within the year of receiving, rather than apportioning the cash considerations across the period of the agreements - two and three years, respectively.

The impact of the restatement was to decrease sponsorship income for the year ended 31 December 2022 by £24,046, increase sponsorship income for the year ended 31 December 2023 by £10,405 and defer £13,641 of income to 2024 and 2025. The movement to the deficit in 2022 has been (£24,046) resulting in a new deficit for the year of (£26,276).

amended
Sponsorship income 32,364 8,038
Adjustment (24,046)
At 31 December 8,318 8,038

14