Registered number: NI 22315 Charity number: 101453
Chartered Accountants Support Limited Director's Report and Financial Statements For the financial year ended 31 December 2023
Chartered Accountants Support Limited
Contents
| Page | |
|---|---|
| Directors and Other Information | 1 |
| Directors' Report | 2 - 5 |
| Directors' Responsibilities Statement | 6 |
| Independent Auditors' Report | 7 - 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 - 21 |
Chartered Accountants Support Limited
| Directors and Other Information | |
|---|---|
| For the year ended 31 December 2023 | |
| Directors | B. Delahunt |
| C. Horne | |
| Company Secretary | G. Lyons (appointed 19/05/2023) |
| F. Meagher (resigned 19/05/2023) | |
| Company registered | |
| number | NI 22315 |
| Charity Registered | |
| Number (RCN) | 101453 |
| Registered office | Chartered Accountants House |
| The Linenhall | |
| 32-38 Linenhall Street | |
| Belfast | |
| Northern Ireland | |
| BT2 8BG | |
| Bankers | Bank of Ireland |
| Belfast City Branch | |
| Belfast | |
| BT1 2BA | |
| Auditors | BDO |
| Statutory Audit Firm | |
| Block 3 Miesian Plaza | |
| 50-58 Baggot Street Lower | |
| Dublin 2 |
Page 1
Chartered Accountants Support Limited
Directors' Report
For the financial year ended 31 December 2023
The directors, who are the charity's trustees, present their report and the financial statements of the company for the ended 31 December 2023.
Structure, governance and management
Chartered Accountants Support Limited is a company registered in Northern Ireland, which was incorporated under the Companies (Northern Ireland) Order 1986 on 27 January 1989. The company is governed by its memorandum and articles of association. The objects of the company are charitable in nature, and it has established charitable status. The company was registered with the Charity Commission for Northern Ireland on 6 November 2015.
In the late 1980s the charity was revitalised and two legal entities were incorporated and registered as charities. These are Chartered Accountants Support Limited, a Northern Ireland registered company, and its sister company, Chartered Accountants Support Designated Activity Company (DAC), a Republic of Ireland registered company. Both companies are wholly owned subsidiaries of Chartered Accountants Ireland.
The company’s charitable activities are performed in association with the Republic of Ireland registered Chartered Accountants Support company. Mr. B. Delahunt is a member of the board of directors of both companies. A manager is employed by Chartered Accountants Ireland who acts as principal contact between Chartered Accountants Support Limited and its beneficiaries. The day-to- day management of the company is carried out by the manager and staff of Chartered Accountants Ireland and is overseen by the board and the secretary of Chartered Accountants Support DAC. The company does not distinguish between beneficiaries on the basis of country or residence. In the event of approved benefits exceeding donations received there from, Chartered Accountants Support DAC will fund any such additional amounts payable. By the same token a shortfall occurring in Chartered Accountants Support DAC will be met by this company.
Directors are appointed to the company in consultation with Chartered Accountants Ireland. The articles of association require that the number of directors shall be not less than two nor more than seven. The articles of association require that one half of the directors for the time being retire each financial year by rotation.
Chartered Accountants Support Limited is registered as a charity in Northern Ireland and complies with all relevant legislation and the Charities Regulator Governance Code. The overall governance structure is set out in the Governance Handbook which is available at: https://www.nicva.org/resource/running-charitablecompany.
Principal risks and uncertainties
The directors have considered the major risks to which the charity is exposed, and have reviewed those risks and established, under the administrative oversight of Chartered Accountants Ireland, systems, and procedures to manage those risks. All grant expenditure is approved by the Board. The financial statements are subject to an independent external audit.
The directors believe that adequate measures and controls are in place to mitigate risks and uncertainties to ensure the company continues to maintain a satisfactory level of funding to support grant application and also the ability to perform all day to day activities.
Page 2
Chartered Accountants Support Limited
Directors' Report (continued) For the financial year ended 31 December 2023
Objectives and Activities
The charity was established for the relief of necessitous persons who are or have been: - a) members of Chartered Accountants Ireland, or Accounting Technicians Ireland at any time, b) trainee accountants or accounting technicians who have trained with but are not members of the aforesaid Institutes, and c) necessitous persons connected by ties of relationship or dependency at any time with persons included in the above categories. Grievous misfortune or illness can visit any of us, at any time, with serious effect. Chartered Accountants Support carefully considers the requirements of each situation and offers appropriate support including, but not limited to, training and development and financial assistance in the form of monthly payments or emergency grants.
The company has a policy of issuing grants in accordance with its charitable objectives. All such payments receive specific board approval following a process of appropriate contact by the manager.
The company’s main income derives from annual contributions made by members of Chartered Accountants Ireland and also through various fundraising activities. Income is also derived from interest and recoverable tax. Support in kind includes a value for support provided by Chartered Accountants Ireland.
Income is expended on grants and other payments to beneficiaries in the Republic of Ireland, Northern Ireland and overseas.
In setting our objectives and planning our activities for the year the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charity's purposes and provide a benefit to the beneficiaries.
Achievements and performance
The board and beneficiaries wish to express thanks for the continuing donations received from a small group of Institute members, who, over the years have contributed to the funds of Chartered Accountants Support. The clear objective of the Board is to pro-actively engage with members and increase the percentage of donating members.
There was no change during the financial year in the development or the nature of the charity’s activities. Grants totaling £56,878 (2022 - £66,500) were made towards the support and maintenance of necessitous persons.
Public Benefit
The main public benefits arising from the aims, objectives and activities of the charity are a reduction in poverty, unemployment and hardship leading to a better quality of life for the beneficiaries and consequent improvements in health and well-being, in turn leading to an ability to again play a useful role in society in general.
The directors confirm that they have complied with the requirements of Section 4 of the Charities Act 2008 to have due regard to the public benefit guidelines published by the Charities Commission for Northern Ireland.
Page 3
Chartered Accountants Support Limited
Directors' Report (continued) For the financial year ended 31 December 2023
Financial review
Donations received from members for 2023 were £57,350 (2022 - £58,148) , a decrease of £798. Other donations were £10,748 (2022 - £10,572) .
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, issued by the Financial Reporting Council and with reference to the recommendations of the revised Statement of Recommended Practice (SORP) Accounting and Reporting by Charities. In order to comply with the SORP an amount totaling £16,707 (2022 - £13,913) has been included in both total income and total expenditure in respect of support costs donated by Chartered Accountants Ireland. The net movements in funds was a surplus of £11,021 (2022 - £2,026) .
The company operates a current bank account.
Reserves policy
The unrestricted funds of the company at 31 December 2023 were £47,120 (2022 - £ 36,099 ) . The company does not have a target amount for holding reserves as it operates in conjunction with Chartered Accountants Support DAC and Chartered Accountants Ireland.
As outlined in note 16, in the event of approved benefits exceeding donations, Chartered Accountants Support DAC will fund any additional amounts payable.
Plans for the future
The company will continue to provide assistance of both a financial and non-financial nature to members and their families who find themselves in difficult circumstances. Following a review of projected income the board has taken steps to ensure effective control of grants. This has been done with the full co-operation of beneficiaries and an awareness of their needs.
Going concern
The directors have considered the forecast for the next 12 months from the date of approval of these financial statements and are confident that, with the plans for 2024, and the continuing support from Chartered Accountants Ireland, the company has adequate resources to continue its operations for the foreseeable future.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
-
so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware, and
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that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information
Small companies exemption
The report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.
Other matters
The Board wishes to sincerely thank the manager and staff of Chartered Accountants Ireland and the board and secretary of Chartered Accountants Support DAC for their time, wise counsel and support during the past financial year.
Page 4
Chartered Accountants Support Limited
Directors' Report (continued) For the financial year ended 31 December 2023
Auditors
The auditors, BDO, Statutory Audit Firm, are deemed to be re-appointed under section 485 of the Companies Act 2006.
This report was approved by the directors, and signed on their behalf:
_____ _______ C. Horne B. Delahunt Director Director Date: 03/05/2024
Page 5
Chartered Accountants Support Limited
Director's Responsibilities Statement For the financial year ended 31 December 2023
The directors are responsible for preparing the Directors report and the financial statements in accordance with applicable law and regulations.
Company and charity law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the financial statements in accordance with Companies Act 2006 and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council.
Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the surplus or deficit of the company for the financial year and otherwise comply with the Companies Act 2006.
In preparing these financial statements, the directors are required to
-
select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The directors are responsible for ensuring that the company keeps or causes to be kept adequate accounting records which correctly explain and record transactions of the company, enable at any time the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and directors report comply with the Companies Act 2006 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other.
Approved by order of the members of the board of director and signed on its behalf by:
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_________
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_____ _______ C.Horne B.Delahunt Director Director Date: 03/05/2024
Page 6
Chartered Accountants Support Limited
Independent Auditors' Report to the Members of Chartered Accountants Support Limited
Opinion
We have audited the financial statements of Chartered Accountants Support Limited for the financial year ended 31 December 2023 which comprise the Statement of Financial Activities incorporating the Income and Expenditure Account, the Balance Sheet, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and FRS 102 The Financial Reporting standard applicable in the UK and Republic of Ireland issued in the United Kingdom by the Financial Reporting Council.
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of it surplus for the financial year then ended;
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have been properly prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 7
Chartered Accountants Support Limited
Independent Auditors' Report to the Members of Chartered Accountants Support Limited (continued)
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Director's Report is consistent with the financial statements.
-
the Director's Report has been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of director's remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the director were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 8
Chartered Accountants Support Limited
Independent Auditors' Report to the Members of Chartered Accountants Support Limited (continued)
Auditors' responsibilities for the audit of the financial statements
Our report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities 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:
As part of the audit we gained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We considered the company’s own assessment of the risks that irregularities may occur either as a result of fraud or error, the company’s compliance with laws and regulations that have a direct impact on the financial statements such as the Charities Act and other laws and regulations applicable to the company such as employment law, data protection and health and safety legislation. We considered financial performance, key performance indicators and other performance targets. We also considered the risks of non-compliance with requirements imposed by the Charity Commission, and other regulators, and we considered the extent to which non-compliance might have a material effect on the company financial statements.
We also communicated relevant identified laws and regulations, potential fraud risks and that there were no known matters of significant non-compliance with laws and regulations, to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: donations and revenue recognition.
Our tests included:
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agreeing the financial statement disclosures
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enquiries of management
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review of minutes of meetings of those charged with governance • audit testing a sample of donations
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performed audit procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluations, whether there was evidence of bias in accounting estimates by management or the Board that represented a risk of material misstatement due to fraud.
Page 9
Chartered Accountants Support Limited
Independent Auditors' Report to the Members of Chartered Accountants Support Limited (continued)
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Simon Carbery Senior Statutory Auditor for and on behalf of BDO Statutory Audit Firm Block 3, Miesian Plaza, 50-58 Baggot Street Lower, Dublin 2, D02Y754
Date: 03/05/2024
Page 10
Chartered Accountants Support Limited
Statement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2023
| Note Income from: Donations 4 Total income Expenditure on: Delivering services and raising funds Charitable activities Total expenditure 5 Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 84,805 84,805 16,906 56,878 73,784 11,021 36,099 47,120 |
Total funds 2023 £ 84,805 84,805 16,906 56,878 73,784 11,021 36,099 47,120 |
Total funds 2022 £ 82,633 |
|---|---|---|---|
| 82,633 | |||
| 14,107 66,500 |
|||
| 80,607 | |||
| 2,026 | |||
| 34,073 | |||
| 36,099 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
All activities related to continuing operations.
All amounts relate to unrestricted funds.
The notes on pages 14 to 21 form part of these financial statements.
Page 11
Chartered Accountants Support Limited Registered number: NI 22315
Balance Sheet As at 31 December 2023
| Note Current assets Cash at bank 9 Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Called up share capital presented as equity Unrestricted funds Total Charity funds |
127,284 127,284 (80,162) |
2023 £ 47,122 47,122 2 47,120 47,122 |
116,117 116,117 (80,016) |
2022 £ 36,101 |
|---|---|---|---|---|
| 36,101 | ||||
| 2 36,099 |
||||
| 36,101 |
The financial statements were approved and authorised for issue by the board and were signed on its behalf:
____ _______ C.Horne B. Delahunt Director Director Date: 03/05/2024
The notes on pages 14 to 21 form part of these financial statements.
Page 12
Chartered Accountants Support Limited
Statement of Cash Flows For the year ended 31 December 2023
| Note Cash flows from operating activities Net cash provided by operating activities 15 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 21 form part of these financial statements. |
2023 £ 11,167 11,167 116,117 127,284 |
2022 £ 179 |
|---|---|---|
| 179 115,938 |
||
| 116,117 | ||
Page 13
Chartered Accountants Support Limited
Notes to the Financial Statements For the year ended 31 December 2023
1. General information
These financial statements comprising the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes constitute the individual financial statements of Chartered Accountants Support Limited for the financial year ended 31 December 2023.
Chartered Accountants Support Limited is a company registered in Northern Ireland, which was incorporated under the Companies (Northern Ireland) Order 1986 on the 27th January 1989. The Registered Office is Chartered Accountants Ireland The Linenhall, 32-38 Linenhall Street, Belfast, Northern Ireland, BT2 8BG. The nature of the company’s operations and its principal activities are set out in the Director’s Report.
The company is a Public Benefit Entity.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared on a going concern basis in accordance with the Companies Act 2006 and with reference to the recommendations of the revised Statement of Recommended Practice (SORP) Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Accounting Standards, generally accepted in the UK and Ireland in preparing financial statements giving a true and fair view, are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council.
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.
2.2 Going concern
The directors have considered the forecast for the next 12 months from the date of approval of these financial statements and are confident that, with the plans for 2024, and the continuing support from Chartered Accountants Ireland, the company has adequate resources to continue its operations for the foreseeable future.
2.3 Income recognition
Donations and legacies are included in full in the statement of financial activities when receivable. Repayments of grants are credited to the statement of financial activities on receipt. The value of support provided by Chartered Accountants Ireland, for which they do not charge, has been included in support in kind for the relevant financial year on the basis of amounts expended by Chartered Accountants Ireland.
2.4 Support in Kind
Support in kind is included at fair value, unless it is impractical to measure this value reliably.
Page 14
Chartered Accountants Support Limited
Notes to the Financial Statements For the year ended 31 December 2023
2. Accounting policies (continued)
2.5 Expenditure
Expenditure for the relief of necessitous persons by way of grant are included in the statement of financial activities as of date of payment. The value of support donated by Chartered Accountants Ireland is included in total expenditure. The salaries and certain overhead costs are apportioned on the following bases which are an estimate, based on staff time, of the amount attributable to each activity:
| 2023 | 2022 | |
|---|---|---|
| Fundraising, marketing and charitable activities | 80% | 80% |
| Management and administration of the charity | 20% | 20% |
Governance costs comprise only the costs of external audit.
2.6 Debtors
Short term debtors are measured at transaction price, less any impairment.
2.7 Cash at bank
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.8 Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.9 Reserves policy
The unrestricted funds of the company at 31 December 2023 were £47,120 (2022 - £ 36,099 ) . The company does not have a target amount for holding reserves as it operates in conjunction with Chartered Accountants Support DAC and Chartered Accountants Ireland.
As outlined in note 16, in the event of approved benefits exceeding donations, Chartered Accountants Support DAC will fund any additional amounts payable.
2.10 Unrestricted funds
Unrestricted funds are those which are expendable at the discretion of the company in furtherance of the objects of the charity. If part of an unrestricted fund is earmarked for a particular project, it may be designated as a separate fund, but the designation has an administrative purpose only, and does not legally restrict the company's discretion to apply the fund.
2.11 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 15
Chartered Accountants Support Limited
Notes to the Financial Statements For the year ended 31 December 2023
2. Accounting policies (continued)
2.12 Foreign currencies
The financial statements are prepared in pounds sterling, denoted by £. Transactions in currencies other than sterling are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are translated into sterling at the rate ruling at the statement of financial position date. Exchange differences are dealt with in the statement of financial activities.
3. Judgments in applying accounting policies and key sources of estimation uncertainty
The directors do not have any accounting estimates and assumptions which they consider to be critical accounting estimates and judgments.
4. Donations
| Unrestricted funds 2023 £ Donations from members 57,350 Other donations 10,748 Donations: support in kind 16,707 84,805 Unrestricted funds 2022 £ Donations from members 58,148 Other donations 10,572 Donations: support in kind 13,913 82,633 |
Total funds 2023 £ 57,350 10,748 16,707 |
|---|---|
| 84,805 | |
| Total funds 2022 £ 58,148 10,572 13,913 |
|
| 82,633 |
All income is related to unrestricted funds in both the current and prior year.
As disclosed in note 18, the company received support in kind from Chartered Accountants Ireland to include administration, secretarial and accounting support free of charge to the company as well as payment of certain other costs including staff costs and professional and accountancy fees.
Page 16
Chartered Accountants Support Limited
Notes to the Financial Statements For the year ended 31 December 2023
5. Total expenditure
| Charitable activities Cost of delivering services and raising funds |
2023 £ 56,878 16,906 73,784 |
2022 £ 66,500 14,107 |
|---|---|---|
| 80,607 |
Support costs and allocation of expenditure
| Grants approved Telephone and postage Professional fees Printing and stationary Functions and hospitality Accommodation costs Visiting and other expenses Bank charges Audit fees Advertising Total Expenditure |
Grants Fundraising and publicity Management and administration Governance costs £ £ £ £ 56,878 - - - - 99 397 - - - 1,269 - - - - - - 197 - - - 728 2,911 - - - 2,135 - - 199 - - - - 6,439 - 2,532 - - - 3,556 6,911 6,439 56,878 3,556 6,911 6,439 |
2023 £ 56,878 496 1,269 - 197 3,639 2,135 199 6,439 2,532 16,906 73,784 |
2022 £ 66,500 213 583 3 49 3,316 1,867 194 5,990 1,892 14,107 80,607 |
|---|---|---|---|
All expenditure is related to unrestricted funds in both the current and prior year. Expenditure on charitable activities as noted above includes amounts borne by Chartered Accountants Ireland and not charged to the company as disclosed in note 18. All grants paid during the year were to individuals for the relief of necessitous persons. 122 grants were paid during the financial year to 11 individuals. In the financial year ended 31 December 2022, 135 grants were paid to 11 individuals.
Page 17
Chartered Accountants Support Limited
Notes to the Financial Statements For the year ended 31 December 2023
6. Net expenditure
This is stated after charging:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Audit fees | 6,439 | 5,990 |
Members of the board of directors do not receive remuneration for their services as directors.
No directors received reimbursement of expenses during the year (2022 - £NIL)
7. Staff costs
The total compensation paid to key management personnel during the financial year was £NIL (2022 - £NIL) .
No employee received remuneration in excess of £60,000 (2022 - £NIL) .
The company had no employees during the financial year (2022 - 0.25) .
8. Taxation
The company is a private company limited by shares. The company has been recognised as a charity by HM Revenue and Customs (XN 47031) and, as such, is exempt from taxation.
9. Cash at bank
| Cash at bank | 2023 £ 127,284 127,284 |
2022 £ 116,117 |
|---|---|---|
| 116,117 |
Page 18
Chartered Accountants Support Limited
Notes to the Financial Statements For the year ended 31 December 2023
10. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Chartered Accountants Ireland | 80,162 | 80,016 |
Amounts due to related parties are unsecured, interest free and repayable on demand.
As outlined in note 16, the company's charitable activities are performed in association with Chartered Accountants Support DAC.
11. Financial instruments
The analysis of the carrying amounts of the financial instruments of the company required under section 11 of FRS 102 is as follows:
| Financial assets Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2023 £ 127,284 2023 £ 80,162 |
2022 £ 116,117 |
|---|---|---|
| 2022 £ 80,016 |
Financial assets measured at amortised cost comprise cash at bank and in hand.
Financial liabilities measured at amortised cost comprise amounts owed to related parties.
12. Called up share capital
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Authorised | ||
| 100 ordinary shares of £1 each | 100 | 100 |
| Allotted, called-up and fully paid | ||
| 2 ordinary shares of £1 each | 2 | 2 |
The ordinary shares have no right to fixed income.
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Chartered Accountants Support Limited
Notes to the Financial Statements For the year ended 31 December 2023
13. Unrestricted fund
| Opening balance Net movement during the financial year Closing balance |
2023 £ 36,099 11,021 47,120 |
2022 £ 34,073 2,026 |
|---|---|---|
| 36,099 |
Unrestricted funds are funds that have been raised by the company and which are expendable at the discretion of the company in furtherance of the objects of the charity.
14. Analysis of net assets
As at December 2023
| Unrestricted funds 2023 £ Fund balances are represented by: - Current assets 127,284 Current liabilities (80,162) Total 47,122 |
Total funds 2023 £ - 127,284 (80,162) 47,122 |
|---|---|
As at December 2022
| Fund balances are presented by: Current assets Current liabilities Total |
Unrestricted funds 2022 £ - 116,117 (80,016) 36,101 |
Total funds 2022 £ - 116,117 (80,016) 36,101 |
|---|---|---|
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Chartered Accountants Support Limited
Notes to the Financial Statements For the year ended 31 December 2023
15. Reconciliation of net movement in funds to net cash flow from operating activities
| Net movements in funds (as per Statement of Financial Activities) Adjustment for: Increase/(decrease) in amounts owed to related parties Net cash provided by operating activities |
2023 £ 11,021 - 146 11,167 |
2022 £ 2,026 - (1,847) 179 |
|---|---|---|
16. Contingent liabilities
The company's charitable activities are performed in association with Chartered Accountants Support DAC, a company registered in the Republic of Ireland. The company does not distinguish between beneficiaries on the basis of country or residence. In the event of approved benefits exceeding donations received there from, Chartered Accountants Support DAC will fund any additional amounts payable. By the same token a shortfall occurring in Chartered Accountants Support DAC will be met by this company.
17. Capital commitments
There were no capital commitments at the financial year end (2022 - £NIL) .
18. Related party transactions
The company is a wholly owned subsidiary of Chartered Accountants Ireland, which is the ultimate parent undertaking. Chartered Accountants Ireland provides administration, secretarial and accounting support free of charge to the company as well as payment of certain other costs including staff costs and professional and accountancy fees. The total of such costs incurred by Chartered Accountants Ireland but not charged to the company during 2023 was £16,707 (2022 - £13,913) . During the financial year Chartered Accountants Ireland received donations on behalf of the company amounting to £54,482 (2022 - £54,077) . £54,628 was transferred to the company during the financial year (2022 - £52,231) . At the financial year end the company owed Chartered Accountants Ireland £80,162 (2022 - £80,016) .
Donations from Directors of Chartered Accountants Support Limited totalled £80 (2022 - £160) .
19. Approval of financial statements
The financial statements were approved and authorised for issue by the directors on
03/05/2024
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