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 De￿rntser 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 Sour￿8. 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 reSoUr￿S 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 re￿1ve 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 des￿n. enhan￿d 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 aUdien￿S. 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 d￿lIa1 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 re￿ntlY 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. U*ago and development of onllne resources v￿Ork 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 S￿nIfICant 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 Se￿l¢tIOr m￿• hilorni￿On. 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$lieor the Llt*ary Y•1• llbr3ry@lu¢￿.rorn 11 01giialAr¢h￿t Rare book$ rAtak)gue Mlo¢lh)n cover$ 4 wlde r•ty¢ of gublects thdudth9 at*41I1rhlar￿y. 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 F*lds SEARCH l Advanc￿ Search About U* ow c￿11￿ ¢atatogue 3.IXO raftbookn ICAEYA trllslorkal Accwnllng Llleraluief*lledr*h_ Openlng hours At¥Jul Ihe e¢iie¢iion Flnd owopenlng ￿￿r* on lh• Llbrary web5Ue HWfjghl$ ol Ihe tK)Il¢%ii T￿nIng The Pages kJlltse¢J iare books Useful Ilnks BNro%thg •)¢J we￿M￿O books Need h¢lp7 Hav¢ a •1 Iho LlbTaWs web$iieor laclthe Enquiry Servlce for mi• Renebvlng *em$ eeooks jo￿n418 rhgiial Aiehtye L*Jrary¢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 De￿rntser 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 th￿rked 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 ac￿Ssibl11ty. 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 pro￿SS 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 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 InC￿aSed 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 portfol￿5 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 con￿rn 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 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 Gra￿hUrch 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