ICAEW CHARITABLE TRUSTS Regi8t8rad Charity No. 313983 ICAEW FOUNDA TION and its linked charities TRUSTEE'S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ICAEW FOUNDA TION CONTENTS Page Trustee's annual report: The charitable trusts and their sole corporate trustee Public benefit aims Structure, organisats'on and management Strategy for achieving objectives 2024 activities and achievements Plans for the future 24 Reserves levels and policy Major risks Investment policy and performance Matters affecting the financial position of the char'rtable trusts Statement of trustee's responsibilities 24 25 26 28 29 Independent Auditor's report to the trustee of ICAEW Foundation 30 Statement of financial actlvltles 33 Balance sheet Statement of cash flows 35 Notes to the financial statements Advisers, agents and administralors 45
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 THE LINKED CHARITABLE TRUSTS AND THEIR SOLE CORPORATE TRUSTEE The names and registration numbers of the ICAEWS charitable trusts linked with the Foundats"on on the Charity Commission website, and which although separately administered are accounted for as if they and the Foundation were a single charity, under the authority of a uniting direction from the Charity Commission, are as set out below.. 3139834)01 313983-002 313983-003 313983-009 The Chartered Accountants, Charities Investment Pool (CACIPI P D Leake Trust (PDLT) Chartered Accountants, Trust for Education and Research (CATER) Chartered Accountants, Permanent Education Trust (CAPET) The sole trustee of all these charities is Chartered Accountants, Trustees Limited (CAT). The directors of the Trustee company at present and those in office during the period covered by this report are.. Iliam Arthur Bailey Chairman until 4 June 2Q24 Richard Baylis Appointed 4 June 2024 Shauna Bevan Michael Hicks Andrew Ratcliffe Susan Smith Christopher Soan Andrew Wauchope Chaiman from 4 June 2024 Resigned 28 Juty 2024 Appointed 4 June 2024 Further administrative information will be found on page 47. The registered office of the trustee and principal office of each of the charities is: Chartered Accountsnts, Hall 1 Moorgate Place London EC2R 6EA UK PUBLIC BENEFIT AIMS The trustee presents its annual report and financial statements for ICAEW Foundation (the Foundation) which include its linked charities for the year ended 31 December 2024. The aim of the Foundation is to support and provide donations to bodies, charitable trusts or funds for the publ1¢ benefit in areas which are of particular interest to the Institute of Chartered Accountants in England and Vvales IICAEv. The aims of the linked chariti&s (apart from CACIP which is CAT'S collective investmenl vehicle) are as follows.. CATER.. the advancement of education, particularly in accounting and related subjects, by maintaining and operating the ICAEW Library and by supporting qualifying education and research projects initiated by the ICAEW and others. CAPET.. the advancement of education, particularly in accounting and related subjects, by funding the prizes awarded through ICAEWS examinations and funding bursaries in accordance with the secondary objectives of the trust,, PDLT.. the advanGement of the sciences of accounting and political economy, including public finance and tsxation, by funding academic research projects and events. When pursuing these public benefit aims and when setting annual objectives and planning future activities, the trustee has given due consideration to the Charity Commission's general and sub-sector guidance on public benefit.
ICAEW FOUNDA TIOIV TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, ORGANISATION AND MANAGEMENT The Foundation is governed by a Deed of Trust last updated on 18 May 20Q7. CATER is govemed by an administrative scheme of December 1971 made by the Secretary of State for Education and Science. Chartered Accountsnts, Library Limited (CALL) is a wholly owned subsidiary tradlng company of CATER which became dormant at the end of 2018. CAPET is governed by a Charity Commission scheme of October 1975. PDLT (the 1952 will trust of the late Percy Dewe Leake) is govemed by an October 1975 Charity Commission scheme. CACIP, the investment pooling charity, is established and governed by a Charity Commission scheme of Derntser 1996. ICAEW is the beneficial owner of the shares of CAT, which has no corporate assets and is active only as sole trustee of the charities and so is dormant for accounting under company law. In accordance with IFRS10, however, the financial statements of all the charities administered by CAT are consolidated in ICAEWS financial statements. Details of the charities, transactlons with related parties are shown in thé notes to the financial statements. Appoinlmont of trustee's dlrectorn The appointment of directors of CAT is proposed by CAT'S Board of Directors and appioved by ICAEWS Volunteer Nomination Committee. Temi of appolntment as a dlroctor of CAT The Articles of Association of CAT do not limit the term of appointment. However, by agreement with ICAEW. the trustee directors normally hold office for eight years at a maximum, and the chairman for five years maximum, having seD4ed at least one year as a trustee director before becoming chairman. Inductlon and trainlng As part of their induction, new directors of CAT are given a briefing pack which includes information relatlng to the powers and responsibilities of CAT as a corporate trustee, copies of papers and minutes of board meetings, copies of annual reports and financial statements of the trusts and information relating to the work of the charitable trusis rt administers. An opportunity is offered to new trustee directors to meet with the chair and existing trusiee directors and members involved in managing the trusts to obtain briefing on the grant making process. The trustee diiectors consider periodically whether further training on their role and responsibililies as directors is needed as part of their terms of appointment. ithere it is considered appropriate. regular updates and training are provided in conjunction with the charities, investment. other advisers and other external Sour8. Dlrectors, Meetlngs The trustee directors meet at least three times a year. in order to manage the charities, to review investment and financial perfomance, to assess new grant applications and to consider feedback and reports on previous grant awards. The trustee directors have appropriate policies and procedures in place for managing any conflicts of interest arising in the course of its trusteeship. Key management personnel remuneration The CAT Board considers the trustee's directors and the Head of the Library & Information Services (LIS) as comprising the key management personnel of the charity in charge of directing and controlling the charity and wnning and operating the charity on a day-to-day basis. The twstee's directors give their time freely. Details of expenses claimed and related party transactions are disclosed in notes 6 and 15 to the financial statements. The pay of the head of LIS is borne by ICAEW and reviewed annually in accordance with the ICAEW remuneration policy.
JCAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGY FOR ACHIEVING OBJECTIVES Foundatlon The trustee's strategy is to make grants for selected inits'atives where the contribution made by the trust can make a positive drfference to the outcome. The initiatives supported within the trustee's ongoing aims and objectives can be summarised as follows.. Bursarfes Offering life-changing opportunities to talented individuals who may not otherwise have the opportunty to join the next generation of finance professionals. Prizes Rewarding academic excellence and outstanding contributions to society as an inspiration to others. Research and PhD fellowshlps Supporting high quality research that challenges perceptions of the future of accounting and finance. Teachlng fellowshlps Fostering change in education, bringing to academic tuition the practical insight for which the profession is renowned. Llbrary servlces and herftage Preserving and enhancing through CATER (see below) ICAEWS heritsge that symbolises its position as a most highly respected professional body. GRANTMAKING AND POLICY Foundatlon Any applications for grants and bursaries are put to the CAT Board for approval via the Foundation office. If a bursary to a university is appmed, then a Memorandum of Understanding is signed by both parties. CATER & PDLT The trustee has a process for the review of grant applications. The Research Advisory Board {RAB) considers all grant applications for research projects and events and makes its recommendations to the trustee. Each grant application includes details of the purpose and contribution of the research project or event and a summary of expected expenditure under such headings as.. staff costs travel costs research instruments and access to data sources other relevant specified costs The RAB also commissions leading academics, from both the UK and around the world. to write papers and present on issues of key importance to the accountancy profession, particularly on aspects of financial reporting. An annual conference and lecture are both held at which these papers are presented before they appear in a special issue of the journal Accounting and Business Research. Requests for funding for the papers and events are put to the trustees in the usual way. The RAB meets three times a year. It includes senior academics from various universities. including at least one overseas university, as well as other practitioner members. IAlhere appropriate, members of the RAB personally interview the person or team making the grant application and always obtsin independent academic and practitioner reviews. The trustee may at its own discrets.on accept or reject any grant application which has been considered by the RAB. The charitable trusts are committed only to reimburse qualifying research expenditure incurred, together wrth buyout replacement teaching if appropriate. The trustee encourages the publication and distribution of the grantees, research findings to the widest possible audience. This may be through ICAEW to its members and others or by olher academic journals and external publishers. The trustee gratefvlly acknowledges the assistan of ICAEW and ts help in publicising the work of the charitable trusts.
JCAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 CATER'S budget for the ICAEW Library is formalty reviewed with the Head of the LIS each year to review progress against budget. progress with ongoing development of the LIS and to agree priorities for the year ahead. The reSoUrS spent on this Servi in 2024 anJ)unted to £736,000 (2023. £650,000). CAPET The trustee's policy is to.. assist with the general professional education of suitable persons who are preparing for. entering, or engaged in the profession of accountancy, such as by providing books or paying fees. subject to applicants rrEeting the trustee's criteria for grant eligibility,. and award prizes in connection with ICAEWS examinations. CACIP This charity exists onty to manage the pooled investments of the above charitses administered by CAT. FUNDRAISING Foundatlon The Foundation launched in 2007. Actual donations totalling £51,368 {induding gift aid and accrued income) were received during 2024. Total pledges since the launch of the Foundation, including legacies. donations and gift aid, stood at £2,963,466 at the end of the year. Since the launch of the Foundation, actual donations (which mainly accrued to expendable endowment capital) received up to 31 December 2024, Including glft ald. were £2,323.466 before investment retums, and can be categorised as follows.. Funds to be used at the trustee's discretion Bursaries Prizes Research Libra services and herita PhD fellowshi CABA awards Combined Code Research Fund Start Pr ramme Ernst & Youn Smart Futures Challen e 10 Initiative Le 8cies Chen Bursa Total 1493 033 211992 110378 104 783 143 475 2 323 466 The table below detsils the number of bursaries awarded by county to date.. COUNTRY UK CYPRUS GREECE HONG KONG TOTAL CHANGING FUTURE BURSARIES MALAWI SRI LANKA GHANA CAMBODIA ZM8ABWE LESOTHO TOTAL BUILDING FUTURE BURSARIES NUMBER OF BUR8AR1&8 AWARDED 86 10 49 40 19 10 10 134 GRAND TOTAL 235
JCAEW FOUJVDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 ACTIVITIES AND ACHIEVEMENTS FOUNDATION Grant funded actlvlties Historically, the Foundation made an annual award of £6k to Humentum to fund bursaries for its charitable training in accountancy to individuals working in non-governmental organisations. Over time, this pool of funds built up but during the year the trustees approved a reclassification of these funds to support financial skills training targeted within organisations as opposed to individuals with an aim to further the reach of the training provided. The removal of barriers and more targeted approach resulted in 40 participants being trained during th6 year in financial management and sustainability thus fully utilising the remaining funds available. No further funding is anticipated at this time. Grants awarded The main strategic focus of the Foundation is the creation and granting of bursaries. New bursaries will be funded trom ihe income generated on the investment of current donations or the release of expendable endowment. Total bursaries awarded during the year (net of write backs) were £144,000 (2023: £194,000) UK bursaries are usually awarded for a period of three or four years and are accrued in the accounts for the whole period in the firsl year when the bursary is approved. Therefore, the awards payable to UK universities shown in note 6 are for new bursaries, including arnounts payable over future years. The ICAEW Foundation Changing Futures Bursary Pmgramme To date, the ICAEW Foundation Changing Futures bursary programme has supported 101 undergraduate students of accountancy and finance in universities across the UK, and in Hong Kong, Cyprus and Greece. ICAEW members can see how their donations to the Foundation are making a real difference and having a positive impact. They may also be encouraged to engage with their local student. ICAEW Foundation is immensely proud of our work with students through the bursary programmes but we do need the support of our members to continue to grow our imp8Ct and reach. Here are some of our student bursary recipient stories from this past year. You can read about the difference the bursary has made to these talented and ambitious individuals and how the educational experience has already nurtured and developed them. The process for collecting Student reports was updated in 2024 and students were sent a questionnaire and given the opportunity to complete it via 'DotDigital'. Responses received are below.. Elenl Ktorldes, Eumpean University of Cyprus (year 3) How has the bursary contributed to the past academlc year7 The bursary has been invaluable in providing me with financial stability. allowing me to attend university without the constant worry of economic strain. This support enabled me to fully focus on my sludies, significantly enhancing my academic performance. It also gave me a sense of independence and confidence, knowing that I have additional support beyond my parents. Furthermore. the bursary has opened doors for new opportunities, such as participating in the Erasmus+ program next semester. which will enrich my academic and personal grovrth. This assistsnce has truly empowered me to make the most of my university experience. Have you been involved in any extracurrlcular actlvltles at unlverslty71've been to a couple of presentations & seminars that took place at EUC. l also attended an accountsng qualification presentation event that took place outside my University. I did 2 internships during the summer. Lastly, I'm excited for the upcoming Erasmus * program. I'm going lo take part in. Have you got a part-time job outslde of your studles7 No, just some inlernships during the summer holidays to enhance my CV and get experience What are your future ambltions7 My future ambitr'on is io become the best accountant I can be, striving for self-actualization through continuous learning and professional growth. Once l am financially stable, I aim to give back to the community, using my skills and resources to make a positive impact. Additionally, I hope to incorporate my artistic talents, such as drawing and singing, to bring joy to others. Vvhether through creative initiatives, community outreach. or combining my expertsse in accounting with my passion for art. l aspire to build a fulfilling career that leaves a meaningful mark on the world.
JCAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Any other comments? Thank you for making all of this possible! Rebecca Abraham, Cardlff Metropolltan Unlverslty (year l) How has the bursary contrlbuted to the past academlc year? The bursary has helped to reduce financial pressure through the past year. It has allowed me to buy books. as I prefer a hard copy of the resources rather than use online methods because this allows me to make notes and mark pages that I need so I c8n refer back to them at any time and take them with me when l am on the go, The bursary has also allc)wed me to be able to pay for afterschool facilities for my children, my younger son has joined a rugby team, and my eldest son has signed up to a local football team, This has meant I now benefit from extra quiet lime to focus on my studies I have been able to buy ink and paper for my printer when needed and the bursary has helped wilh the cost of traveling to university so that I was able to attend all lectures and seminars throughout the year, which I know contributed to me being given a progression award for receiving high results within my first year Have you been Involved In any extracurrlcular actlvltles at univorsity? I have taken part in extra classes to help assist with my studies These optional workshops have helped me build academic skills including referencing and note taking Being on campus for all my lectures and seminars has helped me get to know my lecturers and spend some one-to-one time with them when I had questions This woulcl not have been possible if I had not had financial support to help with childcare. I have also made contact with a recent graduate from the course l arn Studying who has coped with studying and parenting duties and now has a graduate role in accounting. I was encouraged to make contact with her by my programme director and thanks to the bursary have time lo speak to her and benefit from the knowledge, experience and resources she is able to share wrth me. Have you got a part-time job outslde of your studle87 Yes, I have a part time job outside of my studies. I work as a self-employed cleaner on a fortnightly basis cleaning for regular clients. The bursary has helped with reducing the amount of clients I have to allow me to still work and earn extra income but also to manage my time to be able to have free days to study without the added money worry. What are your future ambltlons? My futu ambition is to be a qualified accountant. I would like to have my own successful accounting business to allow myself and my children to live a more comfortable life without any money worries whilst showing them it is never too late to go back to studies, and you can achieve anything you want to if you are committed. Any other comments? 1 would like to say thank you for believing in me and awarding me the bursary. 1 am extremely grateful, and I will continue to show my determination towards achieving my end goal. Without this opportunity I would not have been able to alleviate the pressure of study and home life balance. Ryan Mahaml, University of Readlng (year 3) How has the bursary contrlbuted to Ihe past academlc year? Financially, Ihe bursary crucially supported my expenses. such as accommodation, food, and study materials. It allowed me more tirne for studying, as it reduced the need for a part-time job, enabling me to dedicate extra time to my academic work. This also alleviated the stress of managing costs. allowing me to concentrate more on my sludies. However, early last year was a struggle due to the passing of a close family member. The bursary allowed me to travel home to see them just before it happened. for which I will be forever grateful, It was 8 difficult year. but not having to worry about finances significantly benefitted me. The books for my modules were quite expensive, and being able to purchase ihem thanks to the bursary ensured I had the correct materials for my exams. I signifioantty enjoyed the AC221 Personal Tax module, where I learned how to calculate Income Tax, Inheritance Tax, and Capital Gains Tax. These are important areas that play significant roles in our day-to- d8y lives, making it essential to have a strong understanding of them. I was very pleased to re1ve 74°A in my final exam. l also enjoyed the IC201 Corporate Finance module, which provided me with valuable knowledge in financial management, including capital structures, mergers and acquisitions, risk, and investmenl strategies. This module developed skills crucial for management consulting and enhanced my mathematical abilities, which l always enjoy improving. In the final exam, I scored 71°/c+, reflecting my hard woik. Have you been Involved In any extracurricular activities at university7 Moreover, I was able to Join the golf society, where I played golf and met many new friends at social events. This enhanced my university experien, allowing me to enjoy my free time while balancing my sludies and extracurricular acts'vities.
ICAEW FOUIVDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Joining the society also taught me valuable skills, such as discipline and networking, which greatly benefitted my well-being last year. I hope to continue this again this year. Havè you got a part-tlme Job outslde of your studies? At home, I have two jobs: I work as an assistant for 8 plumbing and heating company. and l also detail car5. These Jobs allow me to perform hands-on work, which is a valuable life skill l interact directly with customers, providing services and ensuring I meet their needs to the best of my ability. Detailing requires great attention to detail, and it has taught me a lot about professionalism, as every wash must be precise and thorough. These skills will hopefully benefit me in future career paths. Additionally, these jobs offer me flexityility. What are your future ambltlons? My future ambition is to become an ACA-qualified accountant, as l am passionate about accounting Also participating in AC221 will enable 'Credit for Prior Learning, if in the business tax module, this year, l also achieve a mark over 50 %. Achieving this qualification will provide me with a strong foundation in the financial world. After that, I may move into propety development, combining my financial expertise with the hands-on skills I've gained through plumbing and heating. This could give me ihe flexibility I desire in the future, especially as I start a family, allowing me to spend as much time with them as possible Any other Gomments? Would once again like lo send my thanks and appreciation to everyone involved James Wyles, Bournemouth Universlty (year 2) How has the bursary contributed to the past academlc year? The fundlng has helped me massively in first year as it has taken financial pressure of me. so I have been able to concentrate fully on my studies. I have been able to gain a good understanding of the modules on my course and have managed to do well in these. It has allowed me to also have free time to do things such as sports and meeting new people which has helped me develop on my communicating skills. all of this has helped me succeed and like my first year at university. Have you been Involved in any extracurricular a¢tiviti•8 at universlty? No, I have nol but have participated in activities outside of university. Have you got a part-time job outside of your 8tudle87 No as the funding has helped me be able to focus on my studies. What are your future ambltlons? To work for a big firm in the accounting and finance sector and try to work my way up.
JCAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 During 2023, 8 new 4-year scholarship with the Chinese University of Hong Kong was signed. This was enb'tled tho"Paul Kwok Kin Cheng ICAEW Bursary" and will be fully sponsored by the family of the late Paul KK Cheng. Paul Cheng was extremely proud to represent the accountancy profession having been a longstanding member of ICAEW since 1976. The family are SkK)nsoring this scholarship as a way of continuing his rnemory and to help other aspiring professionals achieve their career goals within the accountancy profession. The 2024 bursary was awarded to Year 3 student, Ho Wing, studying Profession81 Accountancy. See her report below.. l am writing to express my heartfelt gratitude for the scholarship you generously provided. Your support has made a significant impact on my academic joumey and my life. 41 Thanks to your generosity. I have been able to focus on my studies without the added stress of financial burdens. l sm proud to share that I achieved a term GPA of 3.94 out of 4.00 in the 202412025 firsi term. Your scholarship has motivated me to strive for excellence in all my endeavours. In addition to my academic achievements. I have joined a volunteer programme where I serve as a mentor for secondary school students. This experience has been incredibly rewafding, and I am committed to giving back to society to honour your generosity. A slion pi'¢s¢iit4711011 ¢1t tli¢ college asseiiibly l am al80 actively se8rching for an intemship to gain practical experience in my lield of study. I promise to continue working hard in both my life and studies to embody the same spirit of kindness and support you have shown me. Thank you once again for your incredible support. l aspire to make a difference in the world, just as you have done for me. The ICAEW Foundation Building Futures Bursary Pmgramme Our Building Futures bursary programme, for students of new professional accountsncy qualificats.ons across Africa and Asia has allocated funds for 134 bursaries since its launch in 2015. GHANA (ICAG) Khadijah Iddris was previously featured in our foundation video in 2018 and has received support from the ICAEW Foundation throughout her PhD stu¢Jies in finance, her ultimate ambition being that of becoming a lecturer in the subject. Khadijah was awarded her PhD during 2023, gaining top marks. During the year the trustees agreed to provide additional funding to enable publication of her recent book 'Infraslructure Finance,. A publisher has been selected, and the book will be published during 2025. 10
JCAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 UN Sustainable Development Goals As the world increasingly focuses on the importance of the UN Sustsinable Development Goals (SDG'S), we too continue to collaborate and work together with our partners to help contribute to their own achievement aims. ZERO HUNGEk GOOD HEALTH AND WEIL.BEING QUALITY EDUCATION GENDER EQUALITY ((( DECEKt WORK AND ECONOMIC GROWTH CLIMATE ACTION 10 REOUCED INEQUALITIES 13 are conscious of how the objectives and work of Ihe ICAEW Foundation contributes to achieving Goals 2, 3, 4, 5, 8, 10 and 13. As a member of the Association of Corporate Foundations and 601h signatory to thelr Funders, Commltment on Climate Change, we continue to play our part for climate action. CATER LIBRARY AND INFORMATION SERVICE The Library & Infomation Service (LIS or 'Library') SUPFQrts the current and future research needs of the accountancy profession by collating and preserving information and by providing an enquiry and research setvice. LIS also supports ICAEW by delivering a quality benefit to ICAEW Members. For 150 years the Library has been the only Library in the United Kingdom to have comprehensively collected material in this sector. effectively creating a national Library of accountancy. including plenty of material not held by The British Library. The Library remains one of the world's largest and most important collectlons of material for the accountancy profession. In 2024 the ICAEW Library teams have once again provided a widety appreciated Servi to high levels of user satisfaction against the backdrop of a rapidly shifting information landscape with its many challenges The year has also brought about some fresh OPFQrtunities, notably with developments in artificial intelligence (Al) and the introduction of new CPD requirements. The new CPD requirements saw a noliceable change in usage of the website. At its peak around half of Visits to the website were recorded as being for CPD. A cross-team effort has ensured that the Library's digital resources can be counted towards members, verifiable CPD requirements. Last year we idenlified that Al was an opportunty to do things differently After an exploratory phase some of these Al tools have now been integrated as part of business-as-usual operations, particularly with the digitsl archive, where OpenAI's Ilthisper is being used to transcribe ICAEW webinars at scale. opening up access in a way that has not been possible before.
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Alongside this, improvements to the experience for library users have included the launch of a new, much improved calalogue interface for users, offering a more responsive desn. enhand search functionality and clearer displays: a new series of library guides to support users on a range of topics., and improvements to the searchability of our digrtal archive. Outreach has proven to be important in promting the library resources and services to our core aUdienS. In 2024 the Library teams were able to carry out more promotion of the sep4ice than has been possible in recent years, ranging from attendance at every New Member Ceremny to a series of promotions in Insights emails to members. Our dlIa1 archive work continues to be at the cutting edge. One significant step taken in this area last year saw the ICAEW Library join the international Digital PreseNation Coalition (DPC). Joining the DPC gives us access to the global digital preservation community and tools that we can use to benchmark our progress against other organisations. LIS management and structure The Library collection (including third paty digital information resources), and supports'ng software system and catalogue, are maintained and operated by CATER on behalf of ICAEW and the wider public. There are currently 5.4 full time equivalent staff posts funded by CATER for this purpose. The Library staff operating the Enquiry Service and looking after the Library website are currently funded by ICAEW rather than CATER. ICAEW funded staff report to directors in 8elonging & Supporting and in Digital & Publishing respectively. CATER staff conh'nue to contribLtte to the answering of enqulrles, gaining valuable knowledge that feeds into stock selection and cataloguing, The Rare Books collection, an asset owned by ICAEW. falls outside the remit of CATER. However, the Library team help to manage and support this collection. Enqulry, Document Dallvery and Loan Servlces The LIS information professionals provide a valuable business information research seNice to members and the profession. The enquiry service remains a popular point-of*contact for members with 10,853 enquiries resolved Ihis year. The Library enquiry service is managed by the Library Enquiry Team, funded by ICAEW. and operated in collaboration with CATER funded library staff. Buslne88 Centre The Business Centre continues to operate as a flexible working space for members and 2024 has seen visible increase in recurring usage. With the rise in 'working from home,. members appreciate the opportunities provided by the Business Centre for networking and socialisation, We have also noticed that the space has become more popular for members who are behveen jobs. and we are pleased that we have been able to support such members with theirjob searches. Enqulrle8 Client screening remains the most popular service (by volume) offered by the enquiry team, accompanied by queri65 on taxation, companylindustry information and model documents. The Library Enquiry and the Technical Advisory Service (TAS) teams continue to work collaboratively to support member enquiries. The enquiry team's webchat support provided to TAS in 2023 ended in mid- January 2024 once vacancies had been filled in the TAS team. Several members of the TAS frontline team returned the favour later in 2024 by providing resource to support client screening requests. 12
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 On top of our more common enquiries, 2024 has seen an increase in industry and market dats requests. The research output of such requests has been remarked upon as being very useful to members and their clients. Other noteworthy enquiry topics of 2024 include in-depth research into the history of Chartered Accountants Hall, assisting a Japanese academic with the history of ICAEWS professional conduct regulations and the introduction of fines to ICAEW members, as well as assisting new ICAEW Directors with research information that have fed into ICAEW strategy discussions. Customer satisfaction surveys for 2024 showed that 96% of Library & Information Service users found the service was easy or fairly easy to use which was a sli9ht increase on the last Iwo years. The appreciation for the service provided by the enquiry team is reflected in 298 direct compliments considered worthy of note having been received by the team across 2Q24. Many users commented on how impressed they were that their requests were dealt with by information professionals with the expertise to understand and deal with their needs. Testimonials from users included.. "This is a brilliant service, the Law Society has nothing like this. l am so happy to be a member of this Institute 'Your great help has saved our bacon (or may be caviar). As always, we are grateful for the generous services of ICAEW Library whenever we are in a tight corner." 'Very helpful librarian - understood my query and went out of his way to enable me to attend client meeting with resources that added value." "I have always experienced an exceptionally g¢X)d service from the ICAEW Library but this experience went even further than my high expectations.. "The person who responded went above and beyond to help me get the data I was looking for. It was much appreciated and extremely helpful - it helped me with some marketing information and helped me motivate my employees." Contact was straight forward. Researcher was knowledgeable and engaging. Information provided was just what I needed." CATER collection and dlgltal resources The ICAEW Library is a modem, hybrid service comprising of a physical collection of loan and reference material, and a suite of online, third-party resources to support user needs. Most of the physical collection is held at an offsite warehouse in Milton Keynes. The Resources team manage the life cycle of resources in the Library collection from acqulsition to disposal, covering both print to digital. The majority of ICAEW publications are now captured in digital format rather than added physically to the collection. reducing the resources needed to process and shelve them. Supply of print resources hilst the Library continues to purchase and maintain a comprehensive print collection to support the enquiry and loan services. Ihe decline in the number of book titles published in print format continues. The managed reduction in ICAEW print materials also continues, particularly with the changes to local ICAEW member groups and Societies. Our print journal subscriptions have remained steady. We currently take 44 non-ICAEW titles, including CIPFA titles donated to us - Public Finance and Public Money & Management. 13
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Supply of digital resources Third paty online resources are a key component of our hybr collection and now accounts for over 800A of CATER'S annual budget for library stocklresources. As last year. our most expensive licence contracis have been agreed on 8 multi-year basis to secure discounts. In May 2024, we agreed a new contract to licen¢e the l BISWorld market and industy sector reports. allowing us to suppty this usually expensive information to Library users. As the cost was shared with another department within ICAEW, the cost to the Library has been minimal. Overall, our 2024 online sOUrce costs have therefore remained steady. We have increased our eBooks collection by 16 ts'tles since the18St CAT report and usage remains high, wrth an average of over 1700 views per month. We undertook a trial of Sweet & Maxwell's eBooks platform, Proview. but decided not to purchase a licence. The EBSCO platform is undergoing a change of platform later this year, which we hope will not impact on the user experience of the databa. However, EBSCO have rentlY removed some key finance titles from their database. such as International Tax Review, which will impact what we can supply to users. Warèhou8• store The majority of the print Ilbrary collecb'on Is stored offsite In Milton Keynes. A project, which began in 2023 to tidy, weed and reorganise the materials held there, is ongoing. CATER stock valuatlon It was agreed that the CATER collection will be insured for £900,000. In practice, the unique nature of the collection means that many of the books would not be replaceable. Uago and development of onllne resources vOrk to increase the visibility of third-paty resources licensed by the Library on the ICAEW website continued through 2024, In particular, the Content Curation team redesigned 168 tax by country pages to better promote IBFD database content. EBSCO articles from International Tax Review and eBook5. Stock cataloguing The library catalogue provides a record of electronic and print resources held by the library - books, rare books, articles, serials held by the library. as well as all ICAEW-produced documents. The catabgue supports the Library enquiry seryice and the websits, with the aim of helping our users find and use our collections. This year we have catalogued a total of 928 items, reflecting a significant increase from the previous yearfs figure of 573 items. The distribution of items catalogued this year shows 68¥0 ICAEW digital materials and eBooks versus 32% printed books. In addition to traditional cataloguing efforts. we have made SnIfICant strides in adding relevant free web- based materials to our catalogue (linking up with the Intemet Archive to ensure long term availability). This initiative aims to enhance enquiry reference capabilities, providing users with easy a¢sS to valuable resour$ that complement our physical and digital colleotions. Enterprlse - our now di8covery platfomi Our primary project this year has been the replacement of our Iwenty-year-old online catalo9ue, iLink, with the Enterprise discovery platform. 14
JCAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Log In i MyAccount . My Ll8tl i $•nd a R•qu•$f l O l O ICAEW ICAEW Everythlr Fldd$ SEARCH Adv4rr•rt Se¥c Need help? ExOor•ouvworfd4•iJ ¢dfecUcffl olbtyjks, loumals dlgmal weaources uslr4J lh8 LW)r8rfs calW8. Openlng hours Have a •1 the Llbfaty$ websfeor nlxl the Enqvlry Sel¢tIOr m• hilorniOn. FJTh1 OIN opew hwi$en thè Llbrgry webslte Useful Itnks Bollow ng and f61urnlno Uslng the catalogue Ronewlw Ilemi éBc4Jky 11 YYJU rwed Itelp wr Journal$ e gu.le on the Library web$lieor the Lltary Y•1• llbr3ry@lu¢.rorn 11 01giialAr¢ht Rare book$ rAtak)gue Mlo¢lh)n cover$ 4 wlde r•ty¢ of gublects thdudth9 at41I1rhlary. aud¥ng. law. tAxallL*). llnanrL and Mar$Tr•t The new interface lor tha library cat81ogue at Thls transltion has proven to be more complex than initially anticipated, requiring extensive behind-the- scenes editing and record clean-ups to ensure the accuracy and clarty of the data presented to our users, as well as input from our suppliers. SirsiDynix. The platform upgrade was successfulty completed and launched to users at the end of September 2024. The coll8bor8tive effort to overcome challenges with the platform's display involved various team members, demonstrating our commitment to improving user experience. The new discovery plafform offers many benefits to users including.. A more responsive design to work with all devices Enhanced search functionality using fuzzy search algorithms and relevance ranking More intuitive search including search suggestions based on trending topics Clearer displays and easier navigation The new platform will run side-by-side with the old plafft)rm during a transrtional period while links are switched over. ensuring no disruption to users. The extensive record cleaning carried out as part of this project will put us in a much better position for future upgrddes. Rare books The Library team continue to look after the ICAEW collection of rare books on accountancy, which is widely recognised as one of the finest collections in the world. Developments in 2024 have included an improved rare book catalogue, using our new Enterprise discovery platform. and an upgrade to the Turning the Pages platform used to display digital versions of four of our rarest books, 15
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Log In MyAc¢ount I PtyLhi$ S•nd a R•qu•st i .0 i o ICAEW. ICAEW Rare Books Catalo ue Flds SEARCH l Advanc Search About U ow c11 ¢atatogue 3.IXO raftbookn ICAEYA trllslorkal Accwnllng Llleraluieflledrh_ Openlng hours At¥Jul Ihe e¢iie¢iion Flnd owopenlng r on lh• Llbrary web5Ue HWfjghl$ ol Ihe tK)Il¢%ii TnIng The Pages kJlltse¢J iare books Useful Ilnks BNro%thg •)¢J weMO books Need h¢lp7 Hav¢ a •1 Iho LlbTaWs web$iieor laclthe Enquiry Servlce for mi• Renebvlng em$ eeooks jon418 rhgiial Aiehtye LJrary¢4lalogue Uslng th• calalogu• lak • Icok at Ihe gulde on Ihe Llbrary webslle or contAd lh• Ubr•ry llbrary@luew.com The new interface for the rare book catalogue at icaew.¢omlrarebookcal An article on what happened to the rare books collection and the library during WbV2 was published in Insights in June 2024, revealing Ihe details of the re-location of the rarest books to Truro for the duration of the war. The article can be seen at icaew.comlrarebookslww2 Dlgltal PreseNatlon The Digital Archive Project 15 an initiative aimed at creating a digital repository for all maierial released by ICAEW into the public domain. This includes ICAEWS digitsl publications, regular snapsttots of the ICAEW website and digitised materials from the library's print collection. By preserving these assets, the project plays a vital role in reinforcing the library's mission to capture and disseminate organisational knowledge ft)r the benefit of researchers. ICAEW joins the D5gllal Preservatlon Coalltlon (DPC) In Derntser 2023 the ICAEW Library joined the Digital Preseprfation Coalition (DPC), the international foundation which supports a wide range of government bodies, businesses and libraries in their efforts to secure their digital legacy. Since then, the team have drawn upon the resources available through the DPC to develop a Digilal Archive policy for the organisation. The DPC provide a rapid assessment model (DPC RAM) that allows us to assess the current posib'on of the ICAEW digilal archive and measure our progress towards our target state. This model will be run annually to assess our progress and track this against industry benchmarks. The initial assessment shows that our Digital Archive is in reasonably good shape for a relatively young digital archive with a particularly strong result for critical IT capabilities. 16
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Progress in building tho digital archive The project to build a digital archive is progressing well and Ihe collection continues to grow as new digital materials and website snapshots are added. We now have over 24.000 files (documents and audio-visual media) and more than 1.5TB of data in our Preservica archive and nine complete ICAEW.com website captures. The archive has been well used by staff and members looking to retrieve older material, including instsnces where il has been used to inform current projects and to generate new content from old. The digital archive field continues to experience rapid growth. Our project at ICAEW continues to be at the cutting edge in tackling technical challenges. This technological expertise has been recognised by our suppliers at Preservica, who sought information on our experience with web archiving while they thrked on the integration of similar functionality into their plafftirm. We also play an active role in the broader digital archiving community, through the Preservica London User Group and Digital Preser¥ation Coalition events for example. sharing our experience and expertise. Across ICAEW we have seen strong engagement with the digital archive team, prompted by an Intranet article in late 2023 and through ongoing promotion of the team's work by the content design team. This engagement has resulted in a series of projects to archive content in areas ranging from Technical Advlsory to Professional Standards. Projects have included.. Audit Monitoring Reports Statements of Insolvency Practice (SIPS) ICAEW Regulation5, Principal Bye-Laws and the Royal Charter TAS Help sheets In addition, we are proactively ingesting multimedia content, including audio-visual materials from platforms such as Soundcloud. StreamAMG. Vimeo, and YouTube. The multimedia project is a large undertaking, with the StreamAMG content alone totalling at around 1,500 assets. To streamline this process, we developed aulomated methods to leverage APIS lo facilitale batch exportation of content along with its original metadata. This project was given added urgency following the announcement that StreamAMG is set to close their multimedia platforrn at the end of 2025, rnaking it necessary to ensure that all relevant ICAEW content hosted on the platform was securely removed and in9ested into Preservica to mitigate any risk of loss. ICAEW has installed new printers at Chartered Accountants, Hall and at the ICAEWwarehouse at Wolverton which feature advanced scanning capabilities (e.g. background suppression) which are particularly well suited to digitisatr'on. An initial project to digitise past ICAEW annual reports using these hybrid printer-scanners is undenvay. Technlcal developments In 2024 we built upon our previous innovations in the digital preseprfation workflow. These are now being used at scale and becoming part of business-as-usual digitsl archiving. Technical developments Included". Further development of Python-based ingest tools to automate a significant portion of the pre- ingest workflow, which we aim to share with the wider digital preservatson community. The integration of specialist digitsl preservation tools. such as Brunnhilde, for file forrnat identification and virus scanning.
ICAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Incorporation of ICAEWS taxonomy for automatic content classification, resulting in improved metadata production. Utilisation of OpenAI's Whisper to produce transcripts of our audio-visual materials, enhancing discovery and acSsibl11ty. Webslte captures As ICAEW increasingly offers content through its websile rather than in traditional document formats, preserving the website's content becomes pivotsl to ensuring access to the full spectrum of ICAEW output for future researchers. Snapshots of the complete ICAEW website a taken every six months, a proSS that involves complex technical selection and capture procedures. In 2024, we added a new tool from the Webrecorder project, which greally sped up the process, reducing the time it takes to capture the site from weeks to just a few days. This efficient capture strategy now ensures that content can be swiftty archived before website sections undergo redevelopment, preserving it for Ihe benefit of future researchers. Ad hoc Captur of external publlcatlon8 As a matter of routine, the library team now use the functionality in the Inlernet Archive's Wayback Machine to request that relevant pages and publications on external websites get added to their archive, ensuring their long term preservation. Llbrary webslte The Library microsite is an important channel for providing inforrnation about our seNices, promoting the Library, and a5 an entry point for digital resources acquired and managed by the Library. The Content Curation team is responsible for creating, updating. and maintaining these web pages, as well highlighting relevant eBook titles, chapters, and online articles on technical topic pages across icaew com. The emphasis is on putting library information in front of users where they need it, rather than expecting users to come directly to us. Changing web8lte usage for CPD ICAEWS new CPO requirements for members came into effect in November 2023. This has resulted in a noticeable change lo usage of the website witt) a substantial increase in visits to fulfil CPD, In September 2024 this reached a peak with 490h of visits to the website recorded as being for CPD. This has opened up a new angle to library usage. In 2024, we worked closely with the Digital Product and Experience team to ensure that the Library's digital resources (such as eBooks) would be included as part of the website's new AddCPD tool. This will ensure that Library resources are counted towards members. verifiable CPD requirements. Ccou ' 20 ae lor i<codn19ntA lJ<e in •t eg11 Irish comploto tim•. Afj •¢<eaJible ItitMey¢ion to ihe •ccoJniffj9 • In L*. The add CPD tool in use 18
ICAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 In ongoing work from 2023, we continue to assist the Digital Product and Experience team in integrating the laxonomy into the CPD record. The AddCPD tool will allow members to categorise their CPD activities using topics from the taxonomy, enabling consistent tracking of CPD topics. New research guides In 2024 the Content Curalion Team have focused on producing fresh content based on popular library enquiries,. topics that members may not know that the library can help with. and key highlights from the collection. The team produced 12 new Research Guides (htt s Ilwww.icaew comlli Ir explain how to research more difficult topics and locate ICAEW malerial from reliable sources. The latest additions cover.. } which Audit fees and surveys Business and share valuation Flnance Acts and Bills ICAEW Technical Releases and representations Internab'onal tax rates UK tax rates Researching case law Measuring the length of the UK tax code Historical members handbook and regulations The Black-scholes model V4fjthdrawn and superseded Financial Reportlng Standards (FRSS) Withdrawn and superseded IFRS Accounting Standards collectlon gukles Three new Colleciion Guides have also been published in 2024. These guides highlight key resources in the Library collection that researchers may not be aware of: Financial reporting- a survey of UK reporting practice 1968-1996 Orange and Yellow tax annuals The Corporate Report discussion paper 1975 19
JCAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Survey of Published Accounts B•tMM 19711 •nd t9 ICAEWpubllth•d o ••rfw gl•nrwol iuN•pof UKIINrfl•l Mp•rfng prndlc•.Ih•Ubrnry kn1&• tgpyd•v•ry •diliM. oIUKfiMnrbil prn¢ll¢•. publl¥lwd •nnu•lty by ICAEW b•lw••Th 1970 •nd 1990.Th• i•d•• $•d k•y tr•n&•nd ••dUrIng thli not•w•rthy p•rfod Inth• hl•tory 01t¢OAtn4fftd ptsy•d • Wlhih•pln91ts ¢oui••. f wryh•lp F_r thqu.T•i•4 th•i•r* IMP1? PINANCIAL EPORTING 1902 83 One of the new guid8s publlshed In 2024 New enqulry 8ervlce guldes Four new enquiry seNice guides have been published in 2024 which promote pro-forma documents and resources that the Enquiry Sep4ice can help provide.. AML resources Commercial contracts Employment contracts Non-disclosure agreements Publlclty and Promotlon We continue to promote the Library and the enquiry service through ICAEWS website, social media channels and email newsletters. The Enquiry Team attended all "New Members Ceremonies" held at Chartered Accountsnts Hall in 2024 rneeting with new members. The Library is specifically mentioned in the main presentation at ihe event and this direct engagement has resulted in new users to the Library. The Library content and services have been promted in ICAEW Insights emails to members throughout the year. Promotion has included the client screening service: country resources (doing business in and tax infomiation for different jurisdictions),. industry data,. company research,. and the new library guides published in 2024. Sessions to better understand how the Library is a benefit to members have been held with member-facin9 teams in Milton Keynes. They now have an even better understanding of the range of enquiries the Ilbrary can answer. enabling them to be ambassadors for the library. Celebratlng Chartered Accountants, Hall The Library teams built on last years role in the hosting of tours of Chartered Accountants, Hall (CAH} during London's Open House Festival. New for 2024 were room-specific historical tour notes for CAH used 20
JCAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 by the CEO. Council members, ICAEW staff and volunteers for the popular Open House weekends and vip iours. The Library teams created and provided training and support materials to Front of House stsff at CAH to help them describe key features of the building to ICAEW guests. The Head of Curation and Library Collection took tour groups around the buildirng during the Open House Festival. Over 570 visitors explored the building over the two4ay event. The Library teams have also continued to develop and update the information on the website about the building. particularly focused on the artworks on display in the building which has involved new research and fresh information from the artists whose works are on display. In addition, the team fact checked 'Chartered Accountants, Hall: Balancing history with shaping the future,, the new book about Chartered Accountants, Hall published in 2024. This Involved determining the truth from several myths and unreliable facts that had built up over the years. Key perfomwnce Indicators KPIS in 2024 show healthy figures across the board. 20 202 202 2021 En uiries Webchat en uiries Book loans excludin renewals Document Delive excl. client screenin Client screenin total re rtsre uested Items (print vols, digital copies and ebooks) ac uired and catal ued Journal articles abstracted and indexed on Libcat Total number of 'ournal articles on Libcat Ebook views and downloads Files added to the Di ital Archive Total files in the Di ital Archive 301 441 2.754 467 407 2,233 32 46 1,76 273 2,78 92 572 1,09 1,513 61 530 47 334 14.71 5,76 2,951 2,95 10,610 1 Enquiry slati81ics exclud8 quick Business Cenlre enquiries 2 The laun¢h of Ihe new CRM platfonn in April 2022 introduced a new Webchat system thich has been offered through fewer library pages and functions in a diffeffjnl way. allowing users to choose which team lo conlad. This has seen more enquiries rouled to the Service ¢enlre In Milton Keynes. 3 Webchat enquiry numbers have decreased in 2024 due to the cessation of assistance provided lo TAS which temporarily in¢rea$ed numbers in 2023. 4 Publishers continue to reduce the range of updated popular titles produced in print fom)al$. dI¢11Y affecting the volume of book loans. 5 Figure taken from the Preservlca dashboard. The slower pace of additions to the Digital Archive in 2024 is due to a focus on rnore Complex series of documents and improving the searchability of existing digital archive content through various melhods. such as improved metadata and Al generated transcTiptsons. 21
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 CAPET CAPET'S primary objective is the advancement of education, particularfy in accounting and related subjects. by funding the ICAEW International ACA annual prizes and various district society prizes. During the year, 60 awards were given at Certificate and CFAB Level, 76 awards given at Professional Level and Advanced Level and 3 awards given at Level 4. During 2024 in association with CAPET, ICAEW held a competition for a research proposal addressing how the UK'S VAT system can be reformed to make it fit for the 2030s. The prize of £5,000 was awarded to Cheryl Ong, Sze Teen Wong and Anna Poh for their research proposal, Reforming the UK VAT system- comparative analysis and reform design. V rm winnin AEW Climate change is one of the most pressing challenges of our time. and it requires urgent and collective action from all sectors of society. The accountancy profession has a vital role to play in driving and supporting climate action, both within and beyond their organisations. In association with ICAEW, in 2022, the trustees launched the first essay competition to motivate students and recently qualified members to consider how the profession can act on the climate crisis. Sofia Tziortzi, an ICAEW student, submitted the 2024 winning entry, providing her unique and personal perspective on the role of accountants in leading on climate action. The views expressed are those of the individual and do not represent the employer. CHAA7EPID ACCQVNTAPITS Accountants as Climate Champions Why and how should the profession lead on cllmate action ICAEW Climate Essay Competition 2024 Name.. 5olw Tziortlry word Couibl.. SWO The full report can be found here sofia-1ziortzi.ashx Total expenditure on prizes and bursaries awarded during 2024 amounted to £35,00012023'. £50.0001 £1 SO,000 during the year (2023-. £150,000) was transferred to the Foundation to fund bursaries. This is in line with the secondary objects of CAPET. 22
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 PDLT The following new academic research piojects and event funding requests were approved in 2024: InstltutlonlHost Fund5ng Approved Research projects Sustainability and the Profession (additional approval) HEC Paris University of Bristol Professor Ambika Zutshi Professor Toni Bracken Professor Crawford Spence {Kings College London) Professor Karthik Ramana, University of Oxford Investigating how accountants use information on beneficlal ownership Paul Gilmour to manage money-laundering and terrorist-financing risk Total research proJe¢ts 9,000 Vthy do companies fail? _ second research paper on the role of governance and business ethics in preventing business failures 5,000 Al and the profession - empirical paper 15,000 Emissions reporting.. eLiability accounting - lecture and paper 10,000 15,000 54,000 Early Career Researchor Grants 'Leaming to play the game. _ a case analysis of the experiences of junior auditors in a Big 4 firm, Al Impact on Accounting= Implicalions for Practice and Education Challenges, irnplications, and implementation of digital corporate reporbng In the UK Accounting for Private Finance Initiatives., The real effects on budgeting decisions and operational efficiency in the public sector Total Early Career Researcher Grants 2,500 2,500 2,500 2,500 10,000 Events International Conference on Behavioural Finance Queen Mary University and Cardiff University Accounting and Business Research (ABRI University of Zimbabwe Cardiff University Queen Mary University Athens University of Economics and Business. Ulster Universty 3,500 International Accounting Policy Forum and evolution of IFBM conference {16 - 17 December 2024) 31,646 African Accounting and Finance Conference {4 - 6 September 2024) 2,000 Tax Research NelAvork (TRN) Conference (9-11 Sepl 20241 2,500 The landscape of climate change reporting (was originally 'Environmental Challenges and Corporate Policies,) 20th Comparative International Governmental Accounting Research (CIGAR) Conference, 25 - 27 June 2025 at Athens University of Economics and Business. 2,000 1.245 Brf(ish Accounting and Finance Association (BAFA) 2025 Doctoral Masterclass, 15 April 2025 4,000 23
JCAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Business School Total events Post Graduate Bursaries 46,891 20,000 Total 2024: 130,891 Total 2023 for comparison: 97,540 The increase in grant expenditure compared to the prior year is predominantly due grants awarded to support events and post graduate bursaries which were awarded for the first time during 2024 after review and discussions on a change in interpretation of the objects of the trust. Achlevements The charitable objective for the PD Leake trust is to 'advance the theory and practice of accountancy, finance, business and commerce in all their aspects, including in particular auditing, financial management and taxats'on,. During 2024. and at the recommendation of the Research Advisory Board, the Truslees estsblished the followin9 aims for our research activities, to deliver the charitable objeGtive: 1. Su with evidence.. generate research evidence that is relevant, timely and reliable to contribute to policy initiatives by government and other bodies. To enable this. we have commenced six research workstreams in 2024, each aligned with ICAEWS strategy and aimed at providing input to specific areas of policy. generate practical tools and guidance th8t Professional accountants can apply directly in their work. i14le have updated and expanded our webpages to enable better engagement with academic iesources. demic communi take an inclusive approach to engaging with the academic community to maximise engagement with our resources. ICAEW sponsored eight academic conferences in 2024, including for the first time in Germany and Africa, enabling wide participation across the academic community. ild ICAEWS re utation.. through the promotion of our research activitles and funding. We have been promoting the research funding across the UK business schools. resulting in an inGrease in applications received. 5. Make in following a period of growing reserves, to make effective use of the trust resources. Proposals presented to the Trustees in 2024 made full use of the iesearch allocation of £150.000, although only a minority of this amount had been disbursed by the year-end, Research programmes By the end of 2024, the following Search projects were in progress, with outpuls during the year as set out below.. 1. How should we account for intanglble and digital aGsets7 ICAEW has been carrying out a research fellowship with the Chinese Ministry of Finance and in 2023 we hosted the residency of a scholar from the Harbin Instilute of Technology, Eugene Wu. Dr Wu delivered a draft paper to ICAEW in 2024 on data assets: a new emerging form of intangible and the trust allocated a fee of £6.000 to Professor Andrew Stark of Manchester University for supervision of the paper. It is hoped that the paper will make a valuable contribution to the IASB project on intangible assets as well as to the China Accounting Standards Committee, which is investigating this area. 2. Why do Companles fai17 This workstream aims to investigate why companies fail and the role of internal control and corporate goveinance in mitigating failures. This includes exploring internal mechanisms (such as the board and audit commiitee) and external mechanisms (such as the regulator, market and social actors) that play a role in preventing failures. ICAEWS Corporate Governance Committee has identified internal control failin9s as a significant contributor to corporate failures, particularly surprise failures, where risks leading to failure are nol appropriately portrayed in financial statemenls. We are interested in investigating dynamic approaches like out-of-the-box thinking and reverse stress testing to anticipate failure in changing markets. In 2023, ICAEW invited scholars to submit proposals for a literature review, the Trustees awarded two grants of £15,000 to teams of researchers led by Professor Ania Zaleweska at Leicester University and 24
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Professor Ambika Zutshi at Australian Catholic University. Both projects were underway at the end of 2024. On 16 December 2024. ICAEW co-hosted the 18th International Accounting Policy Forum with the journal Accounting and Business Research at ESMT Berlin. The first day of the forum considered corporate failure and how regulation could help reduce the risk of disorderly failure. Papers were presented by Professor Mark deFond of USC Marshall on Audit Failures.. why they occur and some suggestions for reducing them, and Professor Maria Correia of LSE on AcGounting and Corporate Failu.. The Evolving Role of Accounting Information in Bankruptcy PrediGtion. These papers will appear in a special edition of Accounting and Business Research in 2025. Professor Zaleweska presented her initial findings at an ICAEW panel session during the conferen. The Trustees provided funding of £31,646 for the conference. 3. What Is th¢ purpose of local government reportlng? Despite the effort that goes into producing and auditing local government accounts, they are little used or understood. During 2024 ICAEW promoted a call for papers with academic journal Public Money and Management IPMM), aiming to explore ways in which financial statements can enhance local government eff'veneSS and accountability for a future special edition of the journal. Unfortunately, responses to the call for papers were disappointing, demonstrating the current research gaps in this area, particularly in the UK. Therefore in 2025 ICAEW will be pursing iwo additional initiatives on this topic to help develop the research base. We have been successful in securing funding for a PhD studentship from a consortium of London universities and intend to use this opportunity to explore the topic in more detail. Although no funding has been committed from the trust toward the studentship, the Trustees have allocated £8.000 to this topic and we anticipate making this funding available during the studentship, subject to further approval in 2025. The Trustees have also confirmed sponsorship of E1,500 for the 20th Comparative International Governmental Accounting Research NeOrk conference, which will be held at Athens University of Economics and Business in Greece from 25-27 June 2025. We are pleased to be supporting again a conference outside of the UK, particularly as ICAEWS largest concentration of members in the EU is in Greece and Cyprus and we will be promoting the conference to them. This is the first time we will be supporting the CIGAR conference. 4. Emlsslons reportlng and the sustalnable doveloprnent goals. The Trustees have approved funding for a number of projects linked to the sustainable development goals.. limate Dis rm com anies li hin Zi Wei, Central University of Finance and Economics and Richard Barker, Oxford University. This report was published by ICAEW in September 2024. The twstees provided a supervision fee of £5,000. climate-disclosure-re 0rt-2024.ashx nfli me es on female senior mana ement issues in Annual Re orts in cultur in uth Korea. Amee Kim, Canterbury Christ Church Universty. £15,000 was awarded in 2023 for Ihis research. which is under¥vay. F od Waste Re ortin -em irical research, Silvia Gaia, University of Essex. £15,000 was awarded in 2023 for this research, which is underway. ina and the accountanc rofession, Keith Robson, Xiaoyu Xu, HEC Paris and Chiara Bottausci University of Bristol. Funding of £15,000 was awarded in 2024 for this research project. subject to contract. Sustainable develo ment oals.. where are we now? lan Thompson. University of Dundee. Professor Thompson delivered a lecture on this topic at the ICAEW Climate Summit on 5 November 2024. Emissions re ortin Karthik Ramanna, University of Oxford. The Trustees have approved £10,000 for a lecture on this topic, which will be held in 2025. 5. How can the accountancy profession benefit from A17 Our slxth project aims to investigate the transformative effect of Al on the accountancy profession. The trustees have approved funding of £15,000 to Crawford Spence and Rita Samiolo at the Kings College London Finworks centre, subject to contact. The study aims lo investigate Technological adoption and barriers in the middle market for audit in the UK. 25
JCAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Conferences During 2024 the Trustees supported the following academic conferences.. British Accounting and Finance Association 2024 Doctoral Masterclass (8 April 2024, Portsmouth University) The landscape of climate change reporting (5 June 2024, Queen Mary School of Business and Management. University of London) Behavioural Finance Working Group annual conference112-13 June 2024, Kensington, London) Accounting History Review conference (13 - 14 June 2024, Edge Hill University) Journal of International Accounting Research annual conference {21-24 June 2024, University of East Anglia) Financial Repoth'ng and Business Communication Conference {4- 5 July 2024, University of Bristol) African Accounting and Finance Conference (4 - 6 September 2024, Cresta Lodge, Sango Conference Centre, Harare, Zimbabwe) Tax Research Nefvrfork Conference (9-11 Sept 2024, Cardiff Business School) Internation81 Accounting Policy Fowm and evolution of Information for Better Markets conference (16 - 17 December 2024, ESMT Berlinl Some research projects and other events will continue or take place beyond 2024. At 31 December 2024 a total of hvelve research projects, nine events, four early Caer research projects and three legacy projects were in progress and their achievements will be reported on subsequently. All these activities and events. whether held in-person or online, allow both members of the public and ICAEW members to engage with world-class research and hear from academics from the UK and beyond. PLANS FOR THE FUTURE Foundatlon The trustee intends to contlnue to identify and supp)rt relevant initiatives where the grant given by the Foundation has 8 definable outcome and where the contribution made can make an appreciable difference to the recipient. PDLT The trustee intends to Gontinue to support funding academic research and events as proposed by the RAB approved within PDLT using the same processes which currently apply. The value of the annual grant is currently under review with an appetite to increase funding depending upon the quality and volume of proposals coming through. Following a review at the end of 2022 of PD Leake's Will and the Charity Commission Register. in which the objects of the PDLT were defined as, 'The advancement of the Science of Accounting and knowledge of Political Economy, including the subject of Public Finance and Taxation,, it was assessed that in addition to current applications. POLT funds can be used to provide educational bursaries to postgraduate students. This commenced in 2024 and will be subject to annual review thereafter. CATER The trustee intends to promote and support the on-going development of a world-class Library and information service for the accountancy profession as well as the advanrnent of an educalion and training programme. This will include further development of the Library collection. digitising the resources. developing the Library management system and promoting LIS services. CAPET The Trustee intends to continue to award prizes in connection with ICAEWS examinat*Jns. At the November 2023 CAT meeting, the trustees unanimously suprJ)rted the proposal to allocate £150k per annum from 2024 onwards for the duration of two to three years from CAPET resetves to fund new UK bursaries. This is in line wilh the secondary objects of CAPET and will be reviewed on a regular basis. RESERVES LEVELS AND POLICY All the charities administered by the Iwstee depend on investment income for the funding of their annual charitable expenditure. Only the Foundation's unrestricted income reserves (augmented from lime to time by 26
ICAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 drawing down from its discretionary expendable endowment to cover exceptional spending) are eXpendae entirely at the trustee's own discretion. Therefore, the unrestricted income of the educational trusts is 211 accounted for in these combined accounts as restricted income. However, the trustee's reserves policy for each of the charities is separately determined and reported as below. Foundatlon The trustee reviewed the policy during the year and approved that the level of free reseDies should be a minimum of 12 months and a maximum of 24 months of the average total expendrture incurred by the trust over the prior three years. This will allow the trust to continue to meet its ongoing commltments and plan for future expenditure. At 2024 levels this results in a minimum level of £168,000 and a maximum level of £336.000. Current reseNes are £356,000 so slightly above the maximum level. The Trust also holds a discrets'onary expendable endowment. The irustee monitors and reviews the level of income reserves against policy, along with this endowment at each Board meeting. As at 31 December 2024 unrestricted reserves stood at £356,000 (2023.. £244,000) and the expendable endowment was over £2.6m. The Trustees will continue to review this overall position and should the opportunity 8nse consider use of the expendable endowment to further its charitable aims. The Foundation depends on investment income frorn the discretionary endowment resulting from its ongoing Foundation Campaign appeal, whose terms of trust have created an expendable endowment for the funding of the Foundation's charitable activities contemplated by the donor. Any unused donations and their investment returns are expendable at the trustee's own discretion. CATER CATER mainty depends on voluntary income for the funding of its charitable expenditure on educational purposes. With this in mind, the trustee's reserves policy requires a minimum of six months and a maximum of 12 months, of CATER expendrture as freely available income reserves. As at 31 December 2024 CATER'S unde$nated free reseDies were running slightly high at £845,OOQ equating to 14 months, expenditure, as per the maximum level under this policy (2023.. 1 S months). PDLT The trustee believes It Is prudenl to keep a balance of at least the exlsting and one year's prospective commitments and one year's adrninistrative expenses in unrestricted PDLT reserves against the risk of a sustained decline in investment income. This is based on an average of the last three years results and would require maximum incorne reserves of £181,000. Unrestricted reserves as at 31 December 2024 amounted to £1,003,00012023'. £943,000), which equated to 79 months total expenditure. Following a review of PD Leake's Will and the Charity Commission Register it was assessed that in addition to current applications. from 2023, PDLT funds can be used to provide educational bursarles to postgraduate students. This decision will reduce reseryes over the long term. CAPET The trustee believes it is prudent to keep a minimum of Iwo years. forecast examination prEe expenditure and a maximum of three times forecast total expenditu in unrestricted income reserves against the risk of a sustained decline in investment income. Thai would indicate income reserves of beeen £70,000 and £161,000. The reserves of £620,000 as at 31 December 2024 are in excess of the reserves policy (2023.. £674,000.. in excess of policy). In line wilh CAPET'S secondary objectives. the trustees approved additional annual expenditure to fund student bursaries of £150,000 for 2024-2026, this will bring reserves below the maximum level over the medium term. The trustee monitors and reviews the level of reserves for all of the charities above at each meeting of its directors. MAJOR RISKS The principal risks faced by the chariiable trusts as identified by the trustee lie in the performance of investments and operational risks from ineffective grant making and, more fundamentally, major incidents such as fluctuations in interest rates, inflation, cyber-attacks, global pandemics, political unresi and the effects of terrorist activity. 27
ICAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustee considers the volatility of investment retums and long-term losses on the pemianent endowment fund to be the charity's major financial risk. It accepts some short-term variability as part of its long-tefm investment strategy. This is mitigated by retaining the appropriate expertise from the investment managers and by having a diversified investment portfolio. The reputational risk from making inappropriate grants is managed by a reporting and review pr¢xess. This assists us in keeping track of developments and to focus on the public benefit derived from our fundin9 of their work. Major incidents could disiupt Library operations and result in loss of property, dats and staff. The Library participates in ICAEWS business continuity plans which are subject to regular review. The trustee has an established risk analysis process which identifies the major risks to which the charitable trusts are exposed and the ways in which those risks can be mitigated. The risk analysis is reviewed on a regular basis. The D1ctOrS regularly review current practice against the charity governance code. INVESTMENT POLICY AND PERFORMANCE All the charitable trusts, investments are pooled in CACIP. The trustee regularly reviews its Investment Policy to ensure the suitability of inveslments for the participating charitable trusts, in line wrth the Trustee Act 2000, adequate dwersification and adherence to the internationally recognised Principles of Responsible Investment (PRI). Waverton Investment Management Limited manage the endowment and part of the cash fund. In order to maximise investment retums. the cash fund moved from a cautious to balanced portfolio in April 2024. Royal London Asset Management also manage part of the trusts liquld fund, The trustee's aim for the W8verton funds is to generate resources on a recurring basis for spending on the objectives of the Foundation and other charities at a sustainable rate, while seeking sufficient capital growth over the long term to ensure that the endowment's real spending power is maintained. Waverton funds are invested to provide an optimal mix of income returns and long-temi capital growth. Distributable funds are invested to provide a secure income and to reduce the risk of substantial fluctuations in capital values. The liquid fund5 are invested in the Royal London Short Term Fixed Income Fund. The trustee receives regular investment performance reports and reviews them against industry benchmarks as delailed in the tables below. Endowment Funds - Wav•rton In¢aptlon. 0210312021 Total Return Not of Fe 3 Months 9 Month8 1 Year Portfolio Percentage Return 1.OQ 4.20 11.0% 33.4% Balanced Index 2.8¥0 12.1Yo 24.2V. ARC Steady Growth Charily Survey 1.10 4.1% 8.20/0 17.4% CPI + 3.OQ/o 1.70 4.1% 5.5Yo 37.9%
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Liquid Funds- Waverton These funds moved from a cautious to balanced mandate in April 2024, blended comparatives are shown below. Inceptlon 3010412021 Total Return Net of Fees 3 Month8 9 Months 1 Yoar Portfolio Percentage Return 2.2% 5.00/0 9.8% 16.5% Cautious I ndex 1.60 5.10 9.4% 12.4% Bk8nded IrKle 2.80h 6.2% 10.60 13.7Yo ARC Cautious Charity Survey 0.7% 3.4% 4.5% 2.9% CPI +2.5% 1.7% 3.8Vo 5.OVo 34.1% Blended CPI Target ' 1.70 4.1% 5.30/0 34.5¥0 Benchmark Changed from Cautious to Balanced Index, effe¢live from 27,104,2024. •lnflalion target changed from CPI +2.50/0 to 3.0010, effeciive from 2710412024. Combined Investments at the end of 2024 stood at £18.6m (2023.. £17.1m), comprising of £15.9m in the endowment fund and £2.7m of liquid assets as detailed in the table below. This increase in value of the portft)lio is mainly attributable to continued stability in performance in the equity markets resulting in an unrealised market gain of £1.5m12023: £1.5m gain). rnovam•ntln funds D•c24 SW24 Jun•24 1284 15,848 15,782 15,666 1,449 1,437 1,423 17,296 17319 17I89 £'ooo Equity Flmds (Waverton 1) Equity F(mds (Waverton 2> Totsl Equlty Funds Mar24 D•c 23 15,455 14.562 1,415 1,364 18.870 10.926 1A69 LiquKI Fwds (Royal LoNlon) 139 1.280 1.434 1,388 1 .277 Total Funds 1 JOB 18.076 18163 18877 18.147 17,087 Income generated was £0.36m12023: £0.35m). 2024 was a good year for the investments, with the larger No.1 portfolio having risen in value by +11.0%. whilst the smaller No.2 portfolio increased by +9.10/0 (net of costs). The No,2 portfolio was reaorganised during the year, where the risk profile was InCaSed to match that of the No.1 portfolio. which should result in the performance of the two portfolios being more closely aligned in future years, 2024 was marked by a strong rally in risk assets, with equrties leading in terms of returns. The portfol5 held c.65ts/0 in equities for the majority of the year, with smaller allocations to bonds, altematives and cash. The equity asset class return was dominated by an extraordinary concentration in a small number of American technology-related companies. The S&P500 inLlex of the largest US companies rose in value by 27.30 in sterling terms, and the US market now makes up almost 70°A of the global market as measured by the MSCI AC World Index. The portfolios held three of the largest seven US companies as Waverton preferred to structure a more diversified list of securities than a neutral market weight might have dictated. Overall, the equities in the No.1 FX)rtfolio rallied by +17.2 % . Bonds and alternatives {property, infrastructure and gold) were disappointing in terms of returns In 2024. UK government bonds (gilts) declined in value, although corporate bonds rallied, which resulted in the overall bond allocation suffering only a small negative return for the portfolio of-0.6Yo. Alternatives 29
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 were assisted by a good performance from gold. which sUlted in a positive return of +3.6Oh. whilst cash produced +4.7OA. CUSTODY OF INVESTMENTS All cash and investments managed by the investment managets are held on CACIP'S behalf at independent custodians, in the name of the custodian's nominee company. Cash awaiting investment is held by the investment manager as clients. money according to the rules of the Financial Conduct Authority and is deposited to earn interest with the custodian or a wholly owned subsidiary of the custodian. As at 31 December 2024, the trustee has received and relied upon nfirmationS from the investment managers a5 to proper custodianship of investments. It has also received and relied upon confirmation from their respective auditors that, in their opinion. the internal controls and systems of each organisation are sufficient to prevent or detect material errors or irregularities. In July 2024, Waverton Asset management announced the merger of London & Capital and Waverton Group. Integration is progrossing well, and communication has been received that in June 2025 the London & Capital and Waverton businesses will be uniling under a single new brand, W1M. There has been increased volatility in the stock markets post year end predominantly following the introduction of new tariff policies by United States, this is being carefully monitored by the trustee directors.
ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEE'S RESPONSIBILITIES The trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and regulations. The Charities Act 2011 requires the trustee to prepare financial statements for each financial year. The trustee prepare5 the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kin9dom Accounting Standards and applicable law). The trustee must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affsirs of the charities and of the incoming resources and application of resources, including the income and expenditure, of the charities for that period. In preparing these financial statements, the trustee Is required to.. select the most suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation or a linked charity will continue in business. The trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charities, transactions and disclose with reasonable accuracy 8t any time th8 financial position of Ihe charities and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deeds or other governing documents. The trustee is also responsible for safeguarding the assets of the Foundation and its linked charities and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR On the 18 November 2024 the auditor to ICAEW Foundation changed its name from Haysmacintyre LLP to Haysmac LLP. Haysmac LLP has been proposed for reappointment as auditor. Approved by the trustee's board of directors on 5 August 2025 and signed on their behalf by Andrew Ratcliffe Chaimpn 31
ICAEW FOUNDA TION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ICAEW FOUNDATION Opinion We have audited the financial statements of ICAEW Foundation for the year ended 31 December 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 Th8 Financial Reporting Standard applicable in the UK and Republ 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 charity's affairs as at 31 December 2024 and of the charity's net movement in funds 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 Charities Act 2011. Basls for oplnlon We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical resF)onsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for Ouf opinion. Concluslons relallng to golng concem In auditing the financial statements, we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually Of collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going concem are described in the relevant sections of this report. Other Infomiatlon The trustee is responsible for the other information. The other information comprises the information included in the Trustee's Annual Report. Our opinion on the financial stalements does not cover the other information and, except to the extent otherwise explicitly staled 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 Ihe 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 inconsistencios or apparent material misstatements, we are required to determine whether there is a material misstatement in the firbancial ststements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslatement of this other information, we are required to report that fact. We have nolhing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which Ihe Charities (Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion. adequate accounting records have not been kept by the charity. or returns adequate for our audit
JCAEW FOUNDA TION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ICAEW FOUNDATION have not been received from branches not visited by us., or SLtfficient accounting records have not been kept" or the charity financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responslbilities of the Iru8tee for the flnanclal statements As explained mre fully in the trustee's responsibilities statement set out on p8ge 31, the trustee is responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing Ihe financial statements, the trustee is responsible for assessing the charity's ability to continue ss a going concern. disclosing, as applicable, matters related to going conrn and using the going concern basis of accounting unless the trustee eithor intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. Auditor's responslbllltles for the audlt of the financial 8tatem•nts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frorn material misslatement, 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 the aggregate. they could reasonably be expected to influence the economic decisions of users laken on tho basis of these financial Statements. Irregularities, including fraud. are instances of non<ompliance 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.. We obtained an understanding of the legal and regulatory frameworks ihat are applicable to the charlty and determined that the most signifi'cant are those related to compliance with charity law, and with the reportin9 framework, being the Charities SORP (FRS 102) 2019 and the Charities Act 2011. We undertook audit procedures to assess the extent of compliance with these laws and regulations and ensured Ihat these were communicated within the audit team regularly. The audit team remained alert to instances of non- compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including Ihe risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries and management bias in accounting estimates and judgements. Audit procedures performed by the engagement team included.. inspecting correspondence with regulators., discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud,. evaluating management's controls designed to prevent and detect irregularities; review of the meeting minutes of the trustee's directors" undertaking procedures to identify and test journals, in particular journal entries posted with unusual descriptions or in seldom used accounts and those that significantly impact on the result or financial position of the charity,, and challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent lirnitation5 of an audit, there is a risk that we will not detect all irre9ulanties. including those leading to a material mi5Statement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather 33
JCAEW FOUNDA TION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ICAEW FOUNDATION than error, as fraud involves Intents'onal concealment. forgery, collusion, omission or mispresentatn. A further deSIptIon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or . uklauditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustee in accordance with section 144 of the Charilies Aci 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we rnight state to the charity's trustee those mattefs we are required to state to it in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustee, for our audit work, for this report. or for the opinions we have formed. r/ikn LLf 0710812025 Haysmac LLP Statutory Auditor 10 Queen Street Place London EC4R 1AG Haysmac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
ICAEW FOUNDA TION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted income funds 2024 £'ooo Rostrlcted 5ncome funds 2024 £'ooo Endowment funds 2024 £'ooo Total 2024 £'ooo Total 2023 £'ooo Note Income and endowments from: Donations and legacies Incorne from investments 26 58 721 300 754 364 751 351 Total Incom• 1,021 13 1,102 Expendlture on: Charitabl¢ Acllvltles Grant funded and direct (162) (215) (377) (387) Library 1736) (736) (650) Ralslng funds Investment management fees (82) (82) (71) Tolal expondlture (162) 19611 182) 11,108) Net gains on investments 40 116 1,358 1,514 1,542 Transfer between funds 13 150 1150) Net Income and movement ol endowed funds for the year 112 36 1,289 IN37 1,536 Reconclllatlon of funds: Fund balance brought forward at 1 January 13 2.439 14,249 16,932 15.396 Fund balance carrled forward at 31 December 13 356 2,475 15,538 18.369 16.932 The accompanying notes form part of these financial ststements.
ICAEW FOU]VDA TJON BALANCE SHEET AT 31 DECEMBER 2024 2024 £'ooo 18,576 2023 £'ooo 17,067 Nots 819 Flxed asset Investments Current assets Debtors Cash and cash equivalents 10 164 166 330 188 155 343 Creditors.. amounts failing due within one year Net current Ilabllltles 11 (448) ¢118) (401) 158) Totsl assets less current Ilabllltles 18,468 17,009 Creditors: amounts falling due after more than one year 11 (891 (77) Total net a88•ts The funds of the charftable trusts.. Endowment capital (permanent & expendable) Restricted funds Unrestricted funds Total fund8 13 13 13 12 15,538 2,475 356 14,249 2,439 244 Approved and authorised for issue by the trustee's board of directors on 05 August 2025 and signed on their behalf by.. Andrew Ratcliffe Chainnan The accompanying notes form part of these financial statements. 36
JCAEW FOUNDA TION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 £'ooo 2023 £'ooo Not movement in funds 1,437 1,536 Ca8h flows from operatlng actlvltles Deduct gainsladd back losses on investments Decrease in debtors Increase in cdItorS (1,514) 24 59 (1,5421 90 34 Net cash providéd by operatlng actlvftles Cash flows from Investlng actlvltles Purchase of investrnents Proceeds of sales of investments Net moverrent in cash held not yet invested (3,230) 3215 20 (2,723) 2,448 170 Net cash provlded by (us¢d In) Investing activlti08 1105) Change In cash and cash equlvalents In the year 11 13 Cash and cash equivalents brought forward 155 142 Cash and cash equlvalents ¢arrled forward 166 155 No separate analysis of changes in net funds has been presented as the charity has no borr¢)wings in the current and prior year. The accompanying Trotes forrn part of these financial statements 37
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Accountlng policies Accounllng convention and basls of preparatlon a. The financial statements have been prepared in accordance wilh Ihe Accounting and Reporting by Charities.. Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) second editson effective 1 January 2019 and the Financial Repo.ng Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exient required to provide a 'true and fai view. The departure has involved following Accounting and Reporting by Charities (SORP FRS 102) rather than SORP effects've from 1 April 2005 which has since been withdrawn. b. Tho trust constitutes a public benefit entity as defined by FRS 102. c. The financial ststements of the Foundation aggregate a number of charitable trusts under the authority of a uniting direction from The Charity Commission as sel out in the Trustees, Annual Report. These separate trusts are presented as restricted funds within these financial statements. d. The investments of The Foundation and its linked charitable trusts are subject to a pooling arrangement under CACIP. The underlying investment additions, purchases and movements in cash held not yet reinvested are all reported in the Statement of Cash Flows under cash flows from investing activities. Golng COnM e, After reviewing the forecasts, projeciions and giving considerats-on to the current position of the world economy with regard to inflation, interest rates and market fluctuations as a result of the recent us tanff announcements, the trustee has a reasonable expectation that the Foundation and each linked charity has adequate resources io continue In operational existence for the foreseeable future. At the end of the year, although our results are presenting as net current liabilities. careful management of grant liabilrties and the availability of cash presented within fixed asset investments are considered when reviewing our year end results. The trustee therefore continues to adopt the going concern basis In preparing its financial statements for the charilies. Income recognltlon All income is recognised once the charty has an entitlement to the incoff*, it is probable that the incorr will be received and the amount of income receivable can be measUd reliably. g. Gift aid is allocated between the restricted and unrestricted funds of each charitsble trust in line with the qualifying donations accruing thereto. h. Investment income is taken into account on entitlement. Voluntary income is recognised when receivable. Donations in kind reflect governance costs directly funded by ICAEW. The surplus or deficit on a partial investment sale is calculated pro rata to the cost of the investment. Expendfture recognltion k. Grant making includes grants payable and the associated support costs. Grants are accounted for in the year they are approved, irrespects've of Ihe period they cover except for performance-relaled grants, which are accounted for only when the beneficiary has met the performance conditions. Granis awarded but not yet paid are recorded as grant commitments in ihe balance sheet. Governance costs. ICAEW holds a blanket indemnity insurance policy for all employees and directors. The amount allocated to the charitable trusts is estimated based on the number of people covered by the scheme. Govemance costs also include annual external audit fees and any costs reimbursed in
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 respect of out-of-pc¢ket expenses of the trustee's directors. The trustee does not re1ve any remuneration or other benefits for its services. m. Costs of raising funds. The costs of generating funds consist of investment management costs and applicable legal fees. Expenditure on charitable activities. Costs of charitable activrties include grants made, governance costs and support Costs. other Taxatlon o. The Foundation and constituent charities are exempt from corporation tax on income and gains applied in furtherance of their charitable objects so there is no liabilty in respect of its activities. Flxed asset Inve8tm•nts p. Listed investments a initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. The Statement of Financial Acts'vities includes the net unrealised gains and losses arising on revaluation and realised gains and losses arising from disposals dun'ng the year. Cash and cash equlvalents q. Cash and cash equivalents Includes cash in hand, deposits held in banks and other short-term highty liquid investments with original maturity of three rnonths or less. Fund accountlng Endowment funds consist of both permanent endowment funds and expendable endowment funds. Permanent endowment funds represent amounts for which the capital must be retained. Expendable endowment funds are considered to be those unused donations which have been invested alongside the charity's permanent endowment funds in order to generate investment returns. They remain expendable for the furtherance of the charity's objectives. Restricted funds are funds which are subject to restrictions imposed by donors or have b8en raised by the charity for particular purposes. s. The trustee identifies those funds which are expendable in frjll alongside those generated through investment returns as set out in the Investment Policy and Performance section of the annual report.
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2 Statement of financlal acllvlties 2023 comparison by fund Unrestricted Income funds 2023 £'ooo Restricted Income funds 2023 £'ooo Endowment funds 2023 £'ooo Total 2023 £'ooo Income and endowments from: Donations and legaGies Income from investments 35 51 703 294 13 751 351 Total Income 997 19 1,102 Expendlture on: Charftable Actlvltles Grant funded and direct (203) (184) (387) Library (650) (650) Rai8ing funds Investment management fees (71) (71) Total •xpendltur• 1203) (834) Net gains on investments 28 110 1,404 1,542 Transfer betsveen funds 150 (150) Net Incomo and movement of ¢ndowed funds for the year 61 123 1,352 1,536 Reconclllatlon of funds: Fd balance brought forward at 1 January 183 2,316 12,897 15,396 Fund balance carrled forward at 31 December 2024 £'ooo 2023 £'ooo 3 Donatlons and 18gaci•s Unrestrlcted fund Foundation donations Donations in kind 25 34 26 35 Restrlcted Fund Gift aid donations from ICAEW Donations in kind 700 21 721 700 703 Endowment Fund Foundation donations 13 764 761
JCAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 £'ooo 2023 £'ooo 4 Income from investments Unrestricted Funds Equities, Bonds, Altern8tives and cash 58 51 51 Restrlcted Funds Fixed interest securities Equities, Bonds, Alternatives and cash 28 272 35 259 Endowment Funds 361 S Cost of ralslng funds 2024 2023 £'ooo 71 71 Investment managers fees 82 82 6 Exp•ndituro on grant funded and charitable actlvftles undertaken dlrectly Unr•8trlcted £'ooo Re8trlcted £'ooo Endowm•nt £'ooo 2024 £'ooo Grant maklng actlvttles Foundation grants approved PDLT grants approved Foundation grants written back (no longer required) Total grant8 168 168 131 124) 131 (24) 144 131 275 Activlti88 undortaken dlrectly Exam prizes 35 35 Support and governance costs Management and support costs Audit fee Indemnity insurance and other trustee director's expenses 18 37 55 Total Expendlture on grant funded and charltable actlvltles undertaken directly 162 215 377 Foundation grants approved relate to student bursaries as detailed in the trustee's port pages 6-10. PDLT grants relate to research, events and post graduale bursaries as listed on page 23-26 of the trustee's report, 41
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6a Expendlture on grant funded and charitable act5vltle8 undertaken dlrectly- 2023 for comparl8on Unrestrlcted £'ooo Re8tr1cted £'ooo Endowment £'ooo 2023 £'ooo Grant making actfvltles Foundation grants approved PDLT grants approved PDLT grants written back (no longer required) Total grants 183 194 98 (26) 98 (261 183 83 Act5vltles undertaken dlre¢tly Exam prizes 50 50 Support and governance co3t$ Management and support costs Audit fee Indemnity insurance and other trustee director's expenses 20 38 11 58 11 Total Expendlturo on grant funded and charltable actlvlti08 undertakon dlrectly 203 387 Trustee expenses reimbursed during 2024 in relation to travel costs wero £470 (2023: £400). The trustee directors did not receive any remuneration or other benefits for their services during the year (2023.. £nill. 2024 £'ooo 2023 £'ooo 7 Llbrary oxpondlture Cost of ICAEW seconded staff 263 215 Books and journals Accommodation and facility costs Office services and computer costs 240 220 23 483 197 221 17 435 Total 736 650 The ICAEW Foundation has no employees. All Library staff are employees of ICAEW who are seconded to the Library and the related employment costs are met by the charity An average of 5.0 employees were seconded from ICAEW for the year (2023.. 4.2 employees). 42
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 Movements In part5clpatlng charltles, Interests In pooled investments Balanco at January 2023 £'ooo Now Amounts Inveslment money wlthdrawn Income Invo8t•d Gains on Balance at Investments 31 December 2023 £'ooo 5.912 8.740 3,256 668 Nole: Fees not yet dablted £'ooo {7) (10) (3) £'ooo £'ooo £'ooo (244) (121) (99) (75S) £'ooo 122 170 59 13 CAPET POLT Foundation CATER Total 5,532 7.970 2.898 667 502 721 248 43 150 700 850 20 9 Investments 2024 £'ooo Market value at 1 January Additions Net cash movemenl in year not yet invested Disposal proceeds Gains on investment Marf(et value at 31 Decombor 17,087 3,230 20 13,215) 1.514 Investments at market value comprlsed: Listed Investments Cash 18,464 112 Historlcal cost: Restricted fund Endowment fund 2,576 13,405 2024 £'ooo 2023 £'ooo 10 Debtors Amounts owed by group and related undertakings Prepayments and accrued income 10 154 14 174 2024 £'ooo 2023 £'ooo 11 Credltors Due within one year: Grants payable Accruals Tax and social security Amounts owed to group and related undertakings 360 61 310 64 22 22 401 Due after one year: Grants 89 537 77 478 43
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 Analysls of not assets between funds Unrestricled fund £'ooo 828 {472) 356 Restricted funds £'ooo 1,902 573 Endowment fvnds £'ooo 15,846 (308) 2024 Totsl £'ooo 18,576 (207) 2023 Total £'ooo 17,067 (135) Fixed asset investmenls Other net (liabilities)lassets Total value of the fund Anatysl8 by trust Is shown below: Unrestrlcted fund £'ooo Restricted Endowment funds funds £'ooo £'ooo 620 5,293 1.003 7,580 2,665 2024 Total £'ooo 5,913 8,583 3,028 2023 Total £'ooo 5,520 7,884 2,695 833 CAPET PDLT Foundation CATER 356 845 356 Analy818 of net a880t8 between funds - 2023 comparlson Unrestricted Restricted Endowment fund funds funds £'ooo £'ooo £'ooo 668 1,837 14,562 (424) 602 (313) 244 2023 Total £'ooo 17,067 (135> Fixed asset investments Other net (liabilities)lassets Total value of the fund Analysls by trust Is shown below: Unrestricted fund £'ooo Restricted Endowment funds funds £'ooo £'ooo 674 4,846 943 6,941 (111 2,462 833 2023 Total £'ooo 5,520 7,884 2,695 833 CAPET PDLT Foundation CATER 244 13 Summary of 2024 lund movements by trust and prior year comparlson: Unrestrlcted funds Balance at 1 January 2023 £'ooo 183 183 Income Expendlture Transf•rs Galns Balance at 31 December 2023 £'ooo 244 244 £'ooo £'ooo 86 86 £'ooo (203) 203 £'ooo 150 150 Foundation Total 28 28 44
JCAEW FOUNDA TJON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Balancè at 1 January 2024 £'ooo 244 Incom• Expendlture Transfers Galns Balance at 31 December 2024 £'ooo 356 356 £'ooo £'ooo £'ooo (162) 162 £'ooo 150 150 Foundation Total 40 40 Rèstrlcted funds Balance at 1 January 2023 £'ooo 740 841 735 Income expendituro Tran8f•rs Galns Balance at 31 December 2023 £'ooo 674 943 833 {11} £'ooo £'ooo 121 161 715 £'ooo (70) (93) (660) {11) B34 £'ooo (150) CAPET PDLT CATER FOUNDATION Total 33 34 43 997 Iso 110 Balance at l January 2024 £'ooo 674 943 833 (11) Incom• Expendlture Transfern Galn• Balance at 31 December 2024 £'ooo 620 1,003 845 £'ooo £'ooo 121 168 714 18 £'ooo (54) (152) (745) £'ooo {150) CAPET PDLT CATER FOUNDATION Total 29 44 43 951 150 116 The above restricted funds are trust incom8 that must be spent on that specific charity's general purposes at the discretion of the trustee as detailed on page 5. During the year. the trustees approved a transfer from CAPET of £150,000 to the Foundation to fund bursaries. This is in line with the secondary objectives of CAPET. Endowmenl funds Balance at 1 January 2023 £'ooo 4,380 6,273 2,244 Income Exp8ndftur• Transfers Galns Balance at 31 December 2023 £'ooo £'ooo £'ooo £'ooo 125) (35) (11) 71 £'ooo CAPET PDLT Foundation Total 489 700 215 4,846 6,941 2,462 14 19 Balance at 1 January 2024 £'ooo 4.846 6.941 2.462 Income Expendlture Transfers Galn• Balance at 31 December 2024 £'ooo 5,293 7,580 2,665 £'ooo £'ooo £'ooo (28) (41) (13) 82 £'ooo CAPET PDLT Foundation Total 473 677 208 13 CAPET and PDLT'S endowment funds are permanent but the Foundation endowment is expendable for general purposes at the discretion of the trustee in furtherance of the objects of that charity as set out in the trustee's report on page 5. During the year no Iransfers were made from the expendable endowment (2023:nil). 45
JCAEW FOUNDA TJON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 Library book stock The working stock of the Library was oroinally donated by ICAEW to CATER and is currently valued for insurance purposes at £900,000 {2023'. £900,000). The st(xk is not included on the balan sheet but Library expendrture includes the cost of maintaining and adding to It. The aggregate cost and depreciation of the Library stock is not known and cannot be estimated with any reasonable degree of accuracy. Addrtions during the year are expensed as incurred and included within Library expenditure as they are below the caprtalisation ihreshold. 15 Related party transactlons There is an agreement behveen CAT and ICAEW to provide administrative ser¥ices to the Foundation and linked charities. The total of the Iransacts'ons amounted to £239,00012023'. £221,000), in addition to the costs of the Library. At the year end £12,000 (2023: £8,000) was owed to ICAEW. Management and miscellaneous support costs include direct costs and related charges on a time spent basis and an allocation of overheads split betrween CATER, PDLT, CAPET and the Foundation. ICAEW provides gift aid to support the running of the Library. This amounted to £0.7m for 2024 (2023,. £0.7m). CATER make an annual charge to the ICAEW for staff use of Library seryices., this amounted to £25.00012023: £25,000). All Library staff are employees of ICAEW who are seconded to the Library and the related employment costs are charged to the charity, This amounted to £253,000 for 202412023.. £215.000>. There were no transactions with CAT or its directors in the year and prior year other than the reimbursement of expenses as set out in Note 6 to the accounts. 16 Group financial 8tatemonts ICAEW is the beneficial owner of the shares in CAT, the sole trustee of the Foundation. ICAEW is a body incorporated by Royal Charter in the United Kingdom (Company registration no. RC000246). Under International Financial Reporting Stsndards ICAEW has prepared group financial statements which include the results and net assets of the Foundation and linked charities as well as any non-UK charities CAT administers. You can read the group financial statements online at vMw.icaew.comlreview, or you an requesl a copy from the Chief Financial Officer, The Institute of Chartered Accountsnts in England and Wales, Metropolitan House, 321 Avebury Boulevard, Milton Keynes, MK9 2FZ. 46
ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ADVISERS AGENTS AND ADMINISTRATOR Investment managers.. Royal London Asset Management 55 GrahUrch Street London EC3V ORL Waverton Investment Management Limited 16 Babmaes Street London SW1Y 6AH Independent audrtor.. Haysmac LLP 10 Queen Street Place London EC4R 1AG Solicitors: DAC Beachcroft LLP 100 Fetter Lane London EC4A 1 BN Bankers.. National Westminster plc 164-166 Midsummer Arcade cent Milton Keynes Milton Keynes MK9 3BA Administrator Jennifer Smlth Govemance Manager ICAEW Chartered Accountants, Hall 1 Moorgate Pla London EC2R 6EA 47