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SCABA publishes annual report and announces 2022 AGM

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By Kirsty Gray, SCABA Charity Manager

17 May 2022

The Scottish Chartered Accountants’ Benevolent Association annual report for 2021.

The Association continues to support CAs, their dependants and prospective CAs who are in need. Many of our beneficiaries have complex needs, often resulting from their own or a family member’s health issue or because of loss of employment. In many cases, these needs are long term. Others needs are one off, and during the year, included support for medical treatment, legal advice, and counselling.

Whilst delivered remotely in 2021, SCABA’s outreach support and advice to both new and existing beneficiaries to maximise state benefits and improve health and wellbeing, remains an essential and valued part of the service provided.

Total funds increased by £172,898 compared to a decrease of £25,670 in 2020. This was mainly driven by a net gain on investments in the year of £158,963 compared to a net loss of £58,618 in 2020. This performance was in keeping with the benchmark index and the value of the portfolio increased by 7.42% compared to the increase in the index of 7.64%. Before net gains on investments the net of income and expenditure was a net income of £13,935 compared to £32,948 in 2020. No legacies were received in 2021. There was a fall in investment income due the impact of the Coronavirus pandemic on dividend distributions and a move to a total return policy during the year. Grants awarded decreased by 9%. The demands on our resources for grant giving vary from year to year and the Trustees are mindful of the need to meet those demands while taking a long-term view of the need for sustainability in grant giving.

The income from our investments plus the generosity of fellow chartered accountants meant that we were able to make grants of £60,438 to our beneficiaries from the General Fund. £7,150 was disbursed from the Alan Finnie & David Emery Grant Fund and £10,509 from the Finnie & Emery Education fund. Of these endowed fund distributions, £15,000 was donated to the ICAS Foundation. Our total giving to beneficiaries was £78,097. In addition, we provided practical advice and support at a cost of £10,102.

We remain dependent on the continued generosity of the ICAS member community to enable us to continue to provide this service to our fellow members. The Council would like to take this opportunity to thank all members who have made donations for their generosity; especially those who have donated anonymously.

We are also grateful to the Institute for its grant which covers our administration costs and ensures that all donations are used for direct charitable purposes.

Summary financial statements

Summarised statement of financial activities  

For the year ended 31st December 2021

 20212020
 ££
Income and endowments from  
Donations68,21866,260
Legacies-21,000
Investment Income52,39462,236
ICAS Grant23,50621,540
Total Income144,118171,036
   
Expenditure  
Charitable Expenditure(88,199)(100,331)
Investment Management (13,454)(12,233)
Administration(28,530)(25,524)
Total Expenditure(130,183)(138,088)
   
Net Income before gains and losses on investments13,93532,948
Net Gains / (Losses) on investments158,963(58,618)
Net Income / (Expenditure)172,898(25,670)
Funds Reconciliation  
Total Funds Brought Forward2,200,8152,226,485
Total Funds Carried Forward2,373,7132,200,815

Abbreviated balance sheet

As at 31 December 2021

 20212020
 ££
FIXED ASSETS154315
INVESTMENTS2,304,7972,145,906
CURRENT ASSETS109,97597,674
CURRENT LIABILITIES(41,213)(43,080)
NET ASSETS  2,373,7132,200,815
General Fund1,715,0101,583,043
Finnie & Emery Grant Fund217,133203,811
Finnie & Emery Education Fund441,570413,961
 2,373,7132,200,815

The full financial statements, which were independently examined by P. Mannings CA of AH&Co, and received an unqualified report, were approved by the Council on 25 March 2022. These summarised financial statements may not contain sufficient information to allow for a full financial understanding of the Association. For further information, the full annual financial statements, the independent examiner’s report on those accounts and the Council’s annual report should be consulted. Copies of these can be obtained from the Manager, Kirsty Gray CA, PO Box 29482, Cupar, KY15 9AZ.

Notice of Annual General Meeting

Notice is hereby given that the 92nd Annual General Meeting of the Association will be held at 10.30am on Friday 24 June 2022 online for the following purposes:

1. Adoption of the Report and Accounts for 2021

2. Election of the Independent Examiner

3. Election of the Council for the ensuing year

Anyone planning to attend the meeting should please contact the SCABA Manager by email to manager@scaba.org.uk nearer the meeting date to obtain joining instructions.

4 May 2022

Kirsty Gray
Charity Manager
The Scottish Chartered Accountants’ Benevolent Association
PO Box 29482, Cupar, KY15 9AZ

The Scottish Chartered Accountants’ Benevolent Association is a Scottish Registered Charity. Registration No. SC008365

2023-05-charlestyrwhitt 2023-05-charlestyrwhitt

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