SCABA publishes annual report and announces 2023 AGM
The Scottish Chartered Accountants’ Benevolent Association annual report for 2022.
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 or the challenges presented by the current economic climate. In many cases, these needs are long term. Others needs are one off, and during the year, included emergency funding and support for specialised medical treatment, legal advice, and education and training. Due to the sudden and significant increase in the cost of living and particularly energy costs, additional financial assistance was given to beneficiaries receiving income support grants.
The Outreach Coordinator resumed in person visits with beneficiaries in 2022 which was much appreciated. The outreach service provides emotional support by offering time and active listening to help understand the impact of any given situation and to assist applicants and beneficiaries to identify and explore solutions. Advice is available to maximise state benefits and improve health and wellbeing, including signposting and referral to other organisations.
Total funds decreased by £235,959 compared to an increase of £172,898 in 2021. This was mainly driven by a net loss on investments in the year of £218,131 compared to a net gain of £158,963 in 2021. This performance was better than the benchmark index and the value of the portfolio decreased by 7.84% compared to the decrease in the index of 9.14%. Before net gains/(losses) on investments the net expenditure was £17,828 compared to net income of £13,935 in 2021. Member donations fell by 9%. There was a fall in investment income due to the negative impact from the pandemic, Brexit and the conflict in Ukraine and implementation of a total return policy investment. Grants awarded however increased by 23%. 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 £84,849 to our beneficiaries from the General Fund. £2,500 was disbursed from the Alan Finnie & David Emery Grant Fund and £9,083 from the Finnie & Emery Education fund. Of these endowed fund distributions, £10,000 was donated to the ICAS Foundation. Our total giving to beneficiaries was £96,432. In addition, we provided practical advice and support at a cost of £12,494.
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 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Income and endowments from | ||
| Donations | 62,424 | 68,218 |
| Investment Income | 47,469 | 52,394 |
| ICAS Grant | 20,480 | 23,506 |
| Total Income | 130,373 | 144,118 |
| Expenditure | ||
| Charitable Expenditure | (108,926) | (88,199) |
| Investment Management | (12,915) | (13,454) |
| Administration | (26,360) | (28,530) |
| Total Expenditure | (148,201) | (130,183) |
| Net Income before gains and losses on investments | (17,828) | 13,935 |
| Net Gains / (Losses) on investments | (218,131) | 158,963 |
| Net Income / (Expenditure) | (235,959) | 172,898 |
| Funds Reconciliation | ||
| Total Funds Brought Forward | 2,373,713 | 2,200,815 |
| Total Funds Carried Forward | 2,137,754 | 2,373,713 |
Abbreviated balance sheet
As at 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| FIXED ASSETS | - | 154 |
| INVESTMENTS | 2,085,546 | 2,304,797 |
| CURRENT ASSETS | 95,326 | 109,975 |
| CURRENT LIABILITIES | (43,118) | (41,213) |
| NET ASSETS | 2,137,754 | 2,373,713 |
| General Fund | 1,537,425 | 1,715,010 |
| Finnie & Emery Grant Fund | 199,370 | 217,133 |
| Finnie & Emery Education Fund | 400,959 | 441,570 |
| 2,137,754 | 2,373,713 |
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 5 May 2023. 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 93rd Annual General Meeting of the Association will be held at 10.30am on Friday 23 June 2023 online for the following purposes:
1. Adoption of the Report and Accounts for 2022
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.
5 May 2023
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