PDF - CABA Impact Report 2014

Transcription

caba.org.uk
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 DECEMBER 2014
Chartered Accountants’ Benevolent Association
(a company limited by guarantee)
Charity number 1116973
Company number 5970606
Contents
“Having someone there
to hold your hand as
you go through some of
the toughest times in
your life should never
be underestimated”
Report of the Trustees for the year ending 31 December 2014
Reference and administrative information
4
CABA objectives and activities
5
Wellbeing at the heart of CABA
6
Public benefit and access
8
How we reached people in 2014
9
9
CABA’s progress against 2014 priorities 14
Looking ahead: priorities for 2015
16
Financial summary and principal risks
17
Structure, governance and management
19
Trustees’ responsibilities statement
21
Audit opinion
Independent auditor’s report
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CABA Trustees Report 2014
Financial statements
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Statement of financial activities
24
Balance sheet
25
25
Accounting policies
26
Notes to the accounts
30
caba.org.uk Click on external links for further information
3
Reference and administrative information
CABA objectives and activities
Patron
Principal advisors
Who we are
Our mission
The President of the Institute of Chartered
Accountants in England and Wales.
Investments
The Charity was founded in 1886 by many of the
founders of the Institute of Chartered Accountants
England and Wales (ICAEW). Our continued existence
is a result of the generous support and contribution
from our community. The Charity was incorporated in
2005, and is limited by guarantee. We are independent
from ICAEW, although we work closely together where
appropriate to support the needs of our shared community.
CABA provides support to the chartered accountant
community and information and resources to enable
individuals to promote their wellbeing.
Our objects
Wellbeing is at the heart of everything we do, from
providing advice and guidance, to being there if things
go wrong, through all of life’s ups and downs.
The Trustees have all served for a full year unless
otherwise stated
Cambridge Associates Limited
80 Victoria Street
Cardinal Place
London
SW1E 5JL
Richard Wade (President)
Cash management
Tom Hughes Parry (Vice President)
Royal London Cash Management Limited
55 Gracechurch Street
London
EC3V 0UF
Our Trustees
Hilary Lindsay (Vice President)
David Adams
Susan Field
The Charity’s objects are:
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Robin Fieth
Bankers
Caitriona Flynn (Appointed 20/08/14)
The Royal Bank of Scotland
62/63 Threadneedle Street
London
EC2R 8LA
Derek Hall
Liz Hazell
John Heskett
Kaaeed Mamujee (Appointed 20/08/14)
Heather Lamont
Richard Wyber
Co-opted committee members
David Leafe
Solicitors
Bates Wells & Braithwaite
2-6 Cannon Street
London
EC2M 6YH
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the relief of poverty and sickness and the preservation
of good health of the beneficiaries; and
such other purposes as are charitable under the laws
of England and Wales for the beneficiaries.
Who we support
CABA provides lifelong support to chartered accountants
and their families (including widows & widowers) –
whether they’re training, in practice or business, have
left the profession or have retired. A comprehensive
list of who we support is included on our website.
Our charitable aims
The aim of the Charity is to enable our beneficiaries
and their families to have the tools to promote their
own wellbeing and feel supported.
Although we are no longer only a traditional
benevolent organisation helping those in financial
hardship, financial assistance is still one of our core
services. In 2014 we provided financial assistance to
292 clients (355 in 2013), amounting to £676k (£675k
in 2013). In addition, we also offer advice on benefits,
budgeting and income maximisation.
CMS Cameron McKenna
160 Aldersgate Street
London
EC1A 4DD
Nigel Holland
Ken Solomons
Mark Chaloner
Auditor
Stephanie Warboys
Executive team
Kathryn Haines - Chief Executive and Company Secretary
Rachel Bodill - Finance and Resources Director
Grant Thornton UK LLP
202 Silbury Boulevard
Milton Keynes
MK9 1LW
Registered office
8 Mitchell Court
Castle Mound Way
Rugby
Warwickshire
CV23 0UY
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Wellbeing at the heart of CABA
We all aim to be happy. For some that means a
successful career, for others, it might mean a family.
For most, being happy depends on a number of factors
which combine to create our own sense of wellbeing.
And because wellbeing is at the heart of everything we
do at CABA, our services reflect the unique aspirations
and circumstances of every individual – we support
specific needs and help to promote wellbeing in every
area of our clients’ lives. We have developed the CABA
wellbeing tree to illustrate this.
The wellbeing tree
Emotional
Career
The CABA wellbeing tree was developed in 2014
to illustrate our holistic approach to wellbeing.
This concept is now embedded in the organisation
through changes to our support services guidelines,
our assessment processes and our financial reporting.
It is used to create a more rounded view of our clients’
needs and how to support them.
A person’s emotional state has an impact on
every area of their life – whether that is positive
or negative. Stress and anxiety, depression, the
emotional trauma of bereavement, redundancy
or relationship problems can all have a profound
effect on work, relationships, physical health
and more. A third of the chartered accountant
community report feeling stressed on a dayto-day basis, and 25% report having a mental
health condition - in line with the UK population
as a whole.
Whatever stage of a person’s working life –
from training to planning for retirement – their
career often defines who a person is, how they
feel and their ability to provide for themselves
and their loved ones. Throughout professional
life we encounter successes and challenges, as
well as changes in personal circumstance that
affect work. This was the number one reason
why people approached us for support in 2014.
Physical
A person’s physical health, and that of their
close family members, has a dramatic impact on
how they live. They may be very active and feel
great. Or they may find themselves suffering
from an illness, addiction or mobility problems.
How a person feels ‘physically’ is intrinsically
linked to their overall sense of wellbeing.
Community
For many people, giving back is an intensely
satisfying experience – particularly if they’ve been
in receipt of support in the past. Volunteering
and mentoring activities enhance a sense of
self, while community wellbeing programmes
promote connections with others to prevent
feelings of isolation – particularly in retirement.
Financial
For someone facing financial hardship, the
reality of missed payments, growing debts and
the costs of daily living impacts every area of
their life – putting pressure on relationships,
emotional health and more.
Values
Our values define us: who we are, what we think
and how we act. They are the principles and
ethics that guide our personal and professional
lives, and influence how we relate to ourselves
and others. Uncovering and understanding our
own particular set of values helps us stay true
to ourselves - so the decisions we make are the
right ones…for us, and our families.
Friends and family
Acceptance, respect, care and support.
They’re all founded on strong relationships and
highlight the critical role of family and friends
in supporting, enhancing and indeed sharing
in a person’s own wellbeing. The presence of
a support network cannot be underestimated
and we see this particularly in care-givers who
offer practical and emotional support during
illness or disability.
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Public benefit and access
The Trustees have given due consideration to the
Charity Commission’s published guidance on the
operations of the public benefit requirement. In line with
this, we are committed to providing high quality services
to the chartered accountant community. Where we are
not able to provide the support in-house, we will help
find the support elsewhere. We have a wide range of
support and services, and because we offer a holistic
approach, we often provide tailored, one-off support.
For example, we can provide a volunteer to help a client
obtain a refund on their incorrect electricity bill.
Our services are based in the UK, and can be accessed
by eligible UK residents. For those who live abroad, we
provide our services online or by telephone, as well as
organising overseas events.
Our support is impartial and completely conﬁdential.
We are not funded by ICAEW, and we are exempt
from any duty to disclose information about our clients
to them. Our services are also free, and only those
requesting ﬁnancial assistance are means tested.
How we reached people in 2014
Our goal is to make CABA become the ‘go-to’ place
for the chartered accountant community.
1,044
Clients
supported
3,573
Event
attendees
1,366
Enquiries
We support clients with a wide range of needs.
We advise on how to access residential care, assess
entitlement to attendance allowance and can help
clients think through a range of challenges and
transitions. Our team has sound knowledge of
statutory entitlements, and if we can’t help, we can
signpost people to an organisation that can.
Enquiries
1,277
Delegates
trained
Of the 1,366 enquiries (1,397 in 2013) received,
40% of enquiries resulted in clients using one or
more of our services. 16% used our legal advice
helpline and 24% received immediate advice to
resolve their query. 12% were signposted to another
organisation appropriate to meet their needs, and
some clients had more than one of these outcomes.
2%
In 2014, we reached over 5,500 people - over 2,000
more than in 2013. This included 1,044 clients, 1,366
enquiries, 3,573 event attendees, and 1,277 delegates.
5%
20%
13%
16%
“It’s important that people are not put
off asking for assistance. I have gone
to CABA three times, and each time
they have helped. It could have become
quite a desperate and sad situation,
but now I feel extremely positive about
the future.” Thelma
2%
18%
24%
Carer
Debt
Financial
Physical health
Mental health
Employment
Legal advice
General information
Clients call for a wide range of reasons. The top
reasons being employment (24%), mental health
(18%), legal advice (16%) and financial assistance
(13%). These can be seen on the graph above.
For more information about the support we offer visit
caba.org.uk/support or call +44 (0) 1788 556 366
or email enquiries@caba.org.uk
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How we reached people in 2014 (continued)
Clients
77% of clients reported feeling less
worried, anxious or stressed after
accessing support from CABA
Our holistic approach means that we listen to the
needs of our clients using a variety of channels,
including discussion, surveys, research, and customer
feedback forms.
We then introduce new services or develop our
support to meet the changing needs of the chartered
accountant community. However, everything we do is
tailored to the individual. It may be that an individual
accesses part, one or several of our services at the
same time, or they may require a service that we
commission from an external organisation. We will
always put the individual and their needs at the
centre of our work.
Career coaching – “It has been brilliant
training and I have got a job because I
feel better about myself and had access
to tools to enable me to get back into the
job market successfully and in a really
professional way.”
Debt management advice
Carer support
Career coaching
Explore debt options, prioritise debts and
negotiate with creditors. We understand the
implications of a debt management plan on
ICAEW membership
Advice on accessing statutory carer support.
We provide funding for care in the home and
respite for carers
Online and face-to-face programmes, tailored
to met your needs
105 (123 in 2013) clients supported with debt advice
22% are a spouse or life partner of an
ICAEW member
74% of these clients are aged 50+
Credit card debt is the most common, with 59%
of clients having this type of debt
114 (113 in 2013) carers supported
59% are aged 50+
400 (263 in 2013) clients used this service
59% of our clients who used this service were aged
between 36-49
On completion, 58% (65% in 2013) had a positive
outcome (became newly employed, self-employed,
volunteered, began studying or took a sabbatical)
Clients’ debt in the year amounted to £3.3m
83% reported that they now have a better
understanding of health and social services
We helped 5 clients avoid homelessness
89% feel that they have someone to speak to for help
84% reported having more confidence about
their skill set
Counselling
Financial support
Health and care
Face to face, telephone or online Cognitive
Behavioural Therapy
Short-term financial support
Advice on accessing statutory services.
Support when dealing with social services
or the NHS
215 (161 in 2013) clients accessed counselling, which
is provided for individuals, couples and families
40% of our clients who used this service were
aged under 35
59% were female
86% reported they felt more in control of their situation
292 clients (355 in 2013) received over £676k
(£675k in 2013)
Traditionally clients in later life access this service
(51%), although we have seen the under-35 age
group grow by 65% in 2014
39 (26 in 2013) clients accessed support
93% of clients reported that the financial assistance
received gave them the breathing space they needed
to move forward
100% of clients reported feeling supported as they
have someone they can speak to for help
10 clients accessed job search funding totalling £7k,
14 clients accessed funding for moving house totalling
£17k, and 57 clients were awarded donations for
essential household repairs amounting to £59k
59% are aged 65+ and 83% are male
We arranged and funded 13 occupational therapist
assessments (9 in 2013)
Funded adaptations and equipment for 25 clients
(48 in 2013) amounting to £136k (£96k in 2013)
UK legal helpline
Covers a wide range of topics from
employment law through to family law
192 (142 in 2013) clients used this service in the year
67% (58% in 2013) sought legal employment advice
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How we reached people in 2014 (continued)
Delegates
Attending events
Course attendance
Our eight career adaptability courses are designed to
help members and their families get the most from
their personal and professional lives.
4%
8%
28%
In 2014, 99.5% (99% in 2013) of delegates felt that
their wellbeing had been improved by attending a
course, and 95% (93% in 2013) would recommend
our courses.
14%
For ICAEW staff we have provided training, workshops
and webinars to 137 delegates (283 in 2013).
13%
Individuals can attend courses in London, Birmingham,
Cardiff, Manchester, Leeds and Bristol.
Our free courses cover a wide range of topics, from our
most popular ‘building your resilience’ to ‘where next?
Planning the next step in your career’.
12%
9%
Building your resilience
Developing and maintaining a growth mindset
Managing personal change effectively
Where next? Planning the next step in your career
Develop your personal brand
Emotional intelligence for success
Introduction to mindfulness
Managing stress for managers
We use feedback to develop new courses such as our
‘introduction to mindfulness’, launched in October, which
for the first time included a series of podcasts designed to
complement and embed learning from the course.
“Reminded me of who I can be when I am
at my best.”
Find out more at caba.org.uk/courses
We provided ongoing access to a stress management
course in Hong Kong in partnership with Hong Kong
Institute of Certified Public Accountants (HKICPA).
For the second year in a row, we provided training
in Cyprus with the Institute of Certified Public
Accountants of Cyprus (ICPAC).
“This was a very helpful course. Part of
the benefit is meeting other people who
have had similar issues/concerns and can
offer support and learning to each other.”
11%
15%
11%
15%
11%
12%
“Brilliant material and good space, greater
facilitator. I can’t believe it is free!”
Attending, and sometimes funding, ICAEW events
gives us the opportunity to engage with the chartered
accountant community. In total, 72 events (38 in 2013)
have been attended with 3,573 attendees (1,301 in
2013). We have funded 29 events (15 in 2013) across
eight regions.
Event attendance
“Thank you for the presentation. I found
it really helpful and will be making a few
basic changes to improve my feeling of
wellbeing. Thank you.”
Attendees receive tips and advice to help them to
promote their own wellbeing. Many attendees take
the opportunity to find out more about the support
they can access at CABA, and 3% of enquiries come
through this route.
15%
22%
East of England
North West
London
Northern & Scotland
South West
Wales
Yorkshire & Humberside
“The CABA presentation was useful
in that, while I am aware of them and
know where to look for information,
I would not have been aware of the
breadth of assistance they offer, or
when their interventions would be
available. That said, I hope I don’t
need to investigate further!”
“Possibly the best course I have ever
attended. Great tutor - incredibly engaging
and responsive. Obviously an expert.”
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CABA’s progress against 2014 priorities
Our priority: Implement wellbeing at the
heart of CABA
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Our progress
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We developed the holistic wellbeing model,
illustrated by the CABA wellbeing tree. As part
of this development we have made changes to
our support services guidelines, our assessment
processes and our financial reporting
This model can now be used to create a more
rounded view of our clients’ needs. It also provides
a consistent approach to evaluating our service
delivery and analysing our spending on direct aid
Our priority: Develop relevant services,
working with partners to achieve this
Our progress
A number of new services have been developed, aimed
at improving the wellbeing of our clients in a number of
different areas. Grants and donations are now available for:
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Unemployed members who are looking to start their
own business
Clients with moderate care needs, who after recent
changes in legislation are no longer entitled to
statutory funding for care
Clients who are entitled to housing benefit, but who
are required by their landlord to pay six month’s rent
in advance. We introduced short-term, interest-free
loans to address this
With our partners we have developed new self-help
tools and information resources accessible via our
website and other media.
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We worked with our legal helpline partner Law
Express to provide an online legal resource which
covers a wide range of topics aimed at both
individuals and businesses caba.org.uk/legaladvice
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Working with our career coaching partner Renovo,
we launched a ‘Supercharge your career’ campaign
that generated a significant number of enquiries,
web visits and social media interactions
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Clients can now also access the Turn2Us Benefits
Calculator direct from the CABA website
We also created self-help guides on a range of
subjects from ‘money matters’ to ‘career matters’
We developed our wellbeing offer further through our
training courses. In 2014, 516 members attended one
or more of our Career Adaptability training courses a 73% increase from the previous year. We now deliver
eight courses that help members to make the most
of their careers, and cope with the many stresses
and changes they face. 100% of delegates said their
wellbeing had been improved by attending the course
Our priority: Increase CABA’s engagement
with ICAEW members
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Our priority: Develop and implement our
international strategy
Our progress
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Our progress
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We further increased our profile within the
accountancy community through relevant and
topical public relations activities
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We delivered integrated marketing campaigns to
engage priority target groups – for example, those
on reduced ICAEW subscriptions, people in later life
and people who are currently unemployed
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We conducted brand awareness and messaging
research to determine potential needs and
requirements. This is now being used to inform
our future marketing strategies
We worked with ICAEW business department to
explore how we could work together to reach more
business members
Our priority: Further develop ICAEW
relationships, exploring new opportunities
for joint working
Our progress
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We recruited four CABA champions to help represent
CABA at ICAEW district society events, and to help
promote CABA’s services to members
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We presented at ICAEW’s Support Members Scheme
conference, informing members about the range of
CABA services
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Michael Izza, ICAEW’s Chief Executive, presented
to CABA’s trustees. This helped improve strategic
understanding between the two organisations
We now help fund ICAEW annual subscriptions
for households with a low income
We worked with ICAEW to see what support CABA
could provide to students who require a reader or
scribe during exams
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A member of staff has been appointed to lead a
project to explore how we can improve the support
we offer to members outside the UK
They are currently conducting research on the
distribution and accessibility of ICAEW members
overseas and their potential needs. In the meantime
we have continued to develop our links with
members overseas
CABA presented to the AGIG (Accountants Group
in Germany) in November to help raise awareness
of CABA’s services amongst their members and
to offer support to those who were out of work.
Following the conference five members were
offered career coaching
In June CABA delivered a series of career development
sessions in Cyprus, in conjunction with ICAEW and
ICPAC, to support over 100 ICAEW members during
the island’s current economic pressures
We were in regular contact with ICAEW regional
staff, exploring ways we could work together to
support the membership
We delivered our third wellbeing week to over
600 ICAEW staff, improving their wellbeing and
enhancing their knowledge of CABA services
We delivered our second student wellbeing week
in conjunction with ICAEW’s ACA department
We held 72 joint events with ICAEW, attended by
3,573 members. These events supported members to
find employment, set up their own practice, prepare
for retirement and succeed as sole practitioners
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Looking ahead: Priorities for 2015
Financial summary and principal risks
Each year we set corporate priorities, which focuses our work and helps us to deliver our
longer-term strategic objectives. Our priorities for 2014 are:
Financial review
2015: Introduce quality services to support the
needs of the chartered accountant community
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With partners, introduce additional support for those
with mental health issues
Plan, develop and launch a befriending service using
a third party provider
Explore potential partnerships to support other
significant needs that have been identified
Deliver the Wellbeing Resource Project to provide
online resources to help people address specific
areas of their personal wellbeing
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Research, develop and introduce assessment tools
to help members assess their personal wellbeing,
and identify where action is needed
Research and pilot active learning opportunities to
help delegates embed their own learning using a
variety of formats
Undertake research with members outside the UK to
identify their needs, and run pilots to meet these needs
2015: Continuously review and improve the
quality of our work in all areas
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Research, plan and introduce an appropriate quality
measure for our services
Regularly review the content of CABA’s courses
to ensure that they continue to deliver relevant,
evidence-based content
Review our service delivery mechanisms to confirm
they continue to offer value for money
2015: Increase the engagement of the
chartered accountant community
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Review our internal structure and operating
processes to ensure efficiency is achieved and
best practice is maintained
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Offer more direct contact with each member with
a variety of media
Strengthen our strategic partnership with ICAEW
Increase contact with ICAEW firms to reach
their employees
Start collaborative partnerships to reach those who
may need support, but aren’t in touch with either
ICAEW or CABA
2015: Plan ahead for further strategic
development
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Prepare an international strategy based on research
and the outcomes of pilots carried out during the year
Develop ideas into a long-term strategy
Develop and implement a comprehensive
data strategy to ensure that we can continue
to communicate effectively with the ICAEW
membership and their families
Develop a comprehensive informations systems (IS)
strategy to establish future requirements, maximise
integration and introduce efficient processes
2014 was another exceptional year in terms of legacy
income for CABA. We received legacies amounting
to £2.3m from the estates of 15 individuals. We also
received donations totalling £0.2m from more than
2,500 donors.
Investment income increased from 2013 by £0.2m to
£2.1m (see note 3).
During the year we changed how we recognise loans
made to beneficiaries. Previously all loans were written
off in full when issued, but they are now recognised
as programme related investments and held at fair
value. The initial recognition of the loan book resulted
in a credit to other income of £284k which includes
loan repayments received during the year (see note on
accounting policies).
In 2014 we developed our financial reporting to allow
the allocation of expenditure across the categories in
our wellbeing model – see note 5 for analysis. Total
resources expended increased by £0.4m to £3.5m.
CABA’s investment portfolio again delivered a satisfactory
total return of 7.7%, in line with the benchmarks we
use to monitor performance. This is less than the
return of 14% achieved in 2013, but that was a year
of exceptional performance in equity markets when,
for example, the FTSE All Share Index rose by 20.8%,
as against 1.2% in 2014. At 31 December 2014 the
market value of the portfolio including cash deposits
was £99.7m (2013 £95.1m).
Individual holdings within and across asset classes
delivered a range of performance, but none of our
holdings gave serious cause for concern. The portfolio
is diversified across asset classes in order to provide a
measure of protection in all market conditions. Equity
exposure was modestly reduced in the course of the
year in view of the uncertain prospects for 2015.
Over the last five years, the portfolio has achieved an
average annual inflation adjusted return of 8.6%, well
in excess of our long-term investment objective of an
average real return of 3%.
Direct charitable expenditure rose by £0.2m to £1.8m.
This is due in part to a change in our policy regarding
how we recognise the commitment of grants and
donations. Year on year the level of financial support
given by way of grants and donations has remained
static, however there has been a fall in longer term
grants and a corresponding increase in donations.
Costs for CABA’s open courses increased by £31k to
£145k, as we ran 72 open courses in 2014 (42 in 2013)
which were attended by 890 delegates (421 in 2013).
Support costs increased by £0.1m to £1.7m - see note
7 for analysis.
Overall this results in a surplus of £1.4m before gains
and losses. The net assets at the year end are £103.4m
with the net movement in funds showing an increase
of £6.1m.
To hear CABA’s President Richard Wade and Chief Executive Kath Haines on their review of the year and
looking ahead at their vision for CABA’s future go to cabaimpact.org.uk
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Financial summary and principal risks (continued)
Structure, governance and management
Investment policy
Group structure
The investment objective is to achieve such return
as is consistent with a moderate level of risk and
avoidance of the extremes of volatility. In furtherance
of this objective, the portfolio is invested across a
range of asset classes, and is mainly invested in funds,
thereby limiting exposure to individual managers and
to specific stocks and other investments. At present,
the target is to achieve an average annual real return
of at least 3%.
CABA’s investment portfolio is managed by the
Trustees through their Investment Committee, with
advice from Cambridge Associates Ltd (‘Cambridge’).
Cambridge advises on asset allocation, and on the
selection of investments, primarily funds and other
collective investment vehicles, to populate the agreed
allocation. Under its terms of reference, the Investment
Committee may not act without or against the advice
of Cambridge.
The Investment Committee presently comprises both
Trustees and two co-opted members, all of whom have
substantial professional investment experience.
The Charity’s operations expose it to a variety of
financial risks including the effects of changes in
interest rates, securities price risk, foreign currency
exchange rates and credit risk. The prime risk arising
from the Charity’s financial instruments is the price risk
resulting from our significant exposure to securities.
In order to contain this risk as far as possible, the
Charity maintains a diversified portfolio. The Charity’s
principal financial instruments comprise investments
in managed funds and exchange traded funds
denominated in sterling, US dollars and euros, sterling
cash and bank deposits, together with debtors and
creditors that arise directly from its operations.
Reserves policy
CABA has been very fortunate over the years in
receiving some large legacies, which have significantly
increased the Charity’s unrestricted reserves.
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After increases in capital and investment returns,
the Charity now has unrestricted funds of £103.2m
of which £100.9m are considered to be ‘free reserves’.
These are funds that are not tied up in fixed assets
or otherwise allocated.
The Trustees consider that the Charity should take
a long-term view. It has been supporting clients for
over 125 years and wants to be able to continue to do
so for many years to come. The free reserves enable
the Trustees to fulfil their stated objectives, maintain
service delivery and develop other activities.
The Trustees consider how, if, and when to broaden
the range of services offered to clients to cover other
aspects of wellbeing. The Trustees review the reserves
policy annually.
Risk management
The Trustees conducted regular reviews of the major
risks to which the Charity is exposed. The Charity’s
current identified top risks are:
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losing ‘traditional’ clients as we reposition ourselves
with the ICAEW membership;
current levels of momentum and engagement failing
to be maintained as the organisation goes through
this period of significant organisational change; and
breaches in data security
Care will be taken to mitigate these risks including
development and implementation of:
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our engagement strategy
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our change management programme
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our new data strategy and data protection training
for all staff
The risk register is updated regularly, and the top
risks reported to the Board each quarter. In addition,
significant external risks to investments have led to
the development of a strategic investment plan to
help minimise these risks.
This report presents information about the Charity and
its subsidiary undertakings, CABA Trustees Limited
(Company no. 01600366) and CABA Housing Limited
(Company no. 01863595).
Board of Trustees
The directors of the Charity, as defined in the
Companies Act 2006, are also Charity Trustees for the
purposes of charity law. Under the Charity’s Articles
they are known as Trustees. Eligibility for election to
the Board of Trustees is governed by the Articles, a
copy of which may be obtained from the Secretary or
on the website.
The applicable rules state that the Trustees may appoint
members to fill casual vacancies. Any member so
appointed shall retire at the Annual General Meeting
following their appointment, but shall be eligible
for re-election. A Trustee is eligible to serve for three
consecutive terms of office, after which they must take
a break from office and may not be reappointed until the
annual general meeting following the Annual General
Meeting at which their break from office commenced.
The Charity uses a formal recruitment process in
appointing Trustees. Formal training of Trustees is
carried out at least once a year and a full day of
induction training is given to all new Trustees.
If you are interested in becoming a Trustee, please
contact lesley.downham@caba.org.uk to apply.
No Trustees had any disclosable interests under the
Companies Act 2006.
The Board of Trustees, which meets quarterly, is
responsible for the strategic direction and policy of
the Charity. At present there are fourteen Trustees
who are all chartered accountants.
the Audit and Risk Committee and the Support Services
Committee. Each committee has its own terms of
reference with regard to its duties, responsibilities
and delegated authorities, all of which were updated
and approved in 2013. We have five experienced,
independent co-opted members. Two of these sit on the
Investment Committee, two on the Support Services
Committee, and one on the Audit and Risk Committee.
Co-opted committee members
Thanks to David Leafe, Ken Solomons, Mark Chaloner,
Stephanie Warboys, Nigel Holland and to Susannah
Lloyd who retired earlier in the year.
Executive
The day-to-day management of the Charity has been
delegated to the Chief Executive, Kathryn Haines,
supported by one executive, Rachel Bodill, Finance
and Resources Director. During 2015 we recruited a
Services Director who will join us on 20 April 2015 and
will be recruiting an Engagement and Communications
Director. The Executive are supported by passionate,
experienced and knowledgeable managers and staff.
Reports on the activities of the Charity, including
management accounts, are presented quarterly,
at the Trustees meetings.
Employees
The quality and commitment of our staff play a major
role in our success. Members of staff who directly work
with our clients are committed to providing quality
support. They are highly trained, and each member has
their own specialism, be it debt management, carer
and health support or maximising income.
We have a dedicated team that provides our career
adaptability courses, they ensure that our community
can access relevant courses designed to help delegates
get the most out of their professional and personal lives.
To enable the Trustees to manage the Charity
effectively, a number of sub-committees have been
established to oversee, advise and act on behalf
of the Board of Trustees on specialist areas of the
organisation. These are the Investment Committee,
19
Structure, governance and management (continued)
Staff providing help to clients and delegates are supported
by professional colleagues in HR, Marketing, Finance, and
Information Systems.
The Trustees wish to thank and congratulate the staff
team on their performance in the year, supporting ever
more clients and delegates.
For more information on staff profiles please see our
website caba.org.uk/cabastaff
Partners
To support us in the delivery of our services, we work
with partners who are experts in the following fields:
career coaching, counselling, law and training.
Volunteers
Volunteers are an essential component of CABA’s
team. The Trustees would like to thank them for their
contribution in the year.
Support volunteers
CABA champions
We have four CABA champions who each cover
a different region of the country. Their help is
invaluable as they identify and attend local district
society events where they spread the word about
our services.
CABA members
CABA members are an essential link with the
chartered accountant community. They also help us
spread the word about the support and information
available to ICAEW members and their families.
As a CABA member you will be eligible to:
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attend and vote at the AGM;
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participate in CABA member forums and events;
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Our network of support volunteers covers both the
UK and overseas. They provide an essential service
assisting clients in a variety of ways, from befriending
to supporting them with administrative tasks.
If you are interested in providing support to the
community and would like to apply, please email
david.ashby@caba.org.uk
contribute ideas for new areas of service
development; and
participate in surveys and focus groups
To find out more email us at
caba.members@caba.org.uk
Trustees’ responsibilities statement
The Trustees (who are also directors of Chartered
Accountants’ Benevolent Association for the purposes
of company law) are responsible for preparing the
Trustees’ Annual Report and the financial statements
in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial
statements for each financial year. Under that law
the Trustees have elected to prepare the financial
statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law).
Under company law the Trustees must not approve the
financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the
charitable company and the group and of the incoming
resources and application of resources, including the
income and expenditure, of the charitable group for
that period. In preparing these financial statements,
the Trustees are required to:
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20
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select 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;
The Trustees are responsible for keeping adequate
accounting records that are sufficient to show and
explain the charitable company’s transactions and
disclose with reasonable accuracy at any time the
financial position of the company and enable them to
ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for
safeguarding the assets of the charitable company and
hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The Trustees confirm that:
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so far as each Trustee is aware, there is no relevant
audit information of which the charitable company’s
auditor is unaware; and
the Trustees have taken all the steps that they
ought to have taken as Trustees in order to make
themselves aware of any relevant audit information
and to establish that the charitable company’s
auditor is aware of that information
The Trustees are responsible for the maintenance and
integrity of the corporate and financial information
included on the charitable company’s website.
Legislation in the United Kingdom governing the
preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
state whether applicable UK Accounting Standards
have been followed, subject to any material departures
disclosed and explained in the financial statements;
prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the charitable group will continue in business
Richard Wade
President
21
Audit opinion
Independent auditor’s report to the
members of Chartered Accountants’
Benevolent Association
We have audited the financial statements of Chartered
Accountants’ Benevolent Association for the year
ended 31 December 2014 which comprise the group
and parent charitable company balance sheets, the
group statement of financial activities, and the related
notes. The financial reporting framework that has
been applied in their preparation is applicable law
and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice).
This report is made solely to the charitable 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
charitable company’s members those matters we are
required to state to them in an auditor’s 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 charitable company and its
members as a body, for our audit work, for this report,
or for the opinions we have formed.
Scope of the audit of the financial statements
A description of the scope of an audit of financial
statements is provided on the Financial Reporting
Council’s website at frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion the financial statements:
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give a true and fair view of the state of the group’s
and parent charitable company’s affairs as at 31
December 2014 and of application of resources,
including the group’s and the parent’s income and
expenditure 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 Companies Act 2006
Opinion on other matters prescribed by the
Companies Act 2006
In our opinion the information given in the Trustees’
Annual Report for the financial year for which the
financial statements are prepared is consistent with
the financial statements.
Matters on which we are required to report
by exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
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Respective responsibilities of Trustees
and auditor
As explained more fully in the Trustees’
Responsibilities Statement set out on page 21, the
trustees (who are also the directors of the charitable
company for the purposes of company law) are
responsible for the preparation of the financial
statements and for being satisfied that they give a true
and fair view. Our responsibility is to audit and express
an opinion on the financial statements in accordance
with applicable law and International Standards on
Auditing (UK and Ireland). Those standards require us
to comply with the Auditing Practices Board’s Ethical
Standards for Auditors.
22
CABA Audit opinion
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l
adequate accounting records have not been kept by
the parent charitable company, or returns adequate
for our audit have not been received from branches
not visited by us; or
the parent charitable company’s financial statements
are not in agreement with the accounting records
and returns; or
certain disclosures of Trustees’ remuneration
specified by law are not made; or
we have not received all the information and
explanations we require for our audit; or
the Trustees were not entitled to take advantage
of the small companies exemption from the
requirement to prepare a Strategic Report
Steve Robinson
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Milton Keynes
Date: 31 March 2015
CABA Audit opinion
23
Consolidated statement of financial activities
(including income and expenditure account)
for the year ended 31 December 2014
Notes
Incoming resources from
generated funds
Voluntary income
Investment income
Endowment
funds
£000
Restricted
funds
£000
Total
2014
£000
Company number 5970606
2,491.2
-
-
2,491.2
2,211.1
3
2,100.1
-
1.2
2,101.3
1,889.1
-
-
-
-
0.7
286.6
-
-
286.6
66.0
4,877.9
-
1.2
4,879.1
4,166.9
4
Total incoming resources
Group
Total
2013
£000
2
Incoming resources from
charitable activities
Other incoming resources
Unrestricted
funds
£000
Consolidated and Charity balance sheets as at
31 December 2014
Notes
Fixed assets
Tangible fixed assets
Investments
Investment properties
Programme related investments
CABA Housing
Total resources expended
5/7
180.2
-
-
180.2
162.6
5/7
5/7
3,226.0
-
4.9
3,230.9
2,890.1
106.2
-
-
106.2
116.7
5
8.5
-
-
8.5
0.3
5
3,521.0
-
4.9
3,525.8
3,169.7
1,356.9
-
(3.7)
1,353.3
997.2
Net incoming / (outgoing)
resources before other
recognised gains and losses
Realised gains on revaluation
and disposals of fixed assets
and investments
11 / 16
Net income
Unrealised gains / (losses)
on revaluation of investments
5,379.4
6,736.4
-
-
5,379.4
(3.7)
6,732.6
11 / 16
(386.3)
(4.8)
(0.4)
(391.5)
7,501.7
6,350.1
(4.8)
(4.1)
6,341.3
10,991.7
57.1
97,283.8
86,292.1
103,625.0
97,283.8
Funds brought forward
16 / 17
97,027.4
199.3
Total funds carried forward as
at 31 December 2014
16 / 17
103,377.5
194.5
53.0
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.
CABA Financial statements
3,490.0
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2014
£000
2013
£000
2,048.2
2,058.0
1,353.2
1,424.0
92,781.7
90,321.9
93,305.0
90,757.0
11
11
256.0
251.1
256.0
-
256.0
251.1
256.0
-
95,337.0
92,635.9
95,165.3
92,437.0
12
2,027.1
261.7
2,027.1
261.6
13
6,930.7
4,825.3
6,929.4
4,824.2
8,957.8
5,087.0
8,956.5
5,085.8
497.8
238.5
496.0
237.5
8,460.0
4,848.5
8,460.5
4,848.3
103,797.0
97,484.4
103,625.8
97,285.3
14
Net current assets
Total assets less current liabilities
Creditors falling due after more
than one year
14
172.0
200.6
-
-
Net assets
15
103,625.0
97,283.8
103,625.8
97,285.3
16
103,377.5
97,027.4
103,378.3
97,028.9
17
194.5
199.3
194.5
199.3
17
53.0
57.1
53.0
57.1
103,625.0
97,283.8
103,625.8
97,285.3
Funds
Unrestricted funds
Endowment funds
Restricted funds
Total funds
Net movements in funds
24
2,492.8
Creditors falling due within one year
2013
£000
11
Resources expended
Charitable activities
Costs of generating funds
Charitable activities
Governance costs
2014
£000
10
Total fixed assets
Current assets
Debtors falling due within one year
Current asset investments
Charity
Approved by the board on 16 March 2015 and signed on its behalf by:
Richard Wade
President
Derek Hall
Chair of Audit and Risk Committee
25
Accounting policies
Accounting convention
Basis of consolidation
The financial statements have been prepared on a going concern basis under the historical cost convention,
except for investments and the property owned by CABA Housing which have been included at revalued
amounts, and in accordance with the Companies Act 2006 and applicable accounting standards. In preparing
the financial statements the Charity follows best practice as set out in the Statement of Recommended Practice
“Accounting and Reporting by Charities” (SORP) issued in April 2005. Except as set out below the accounting
policies have remained unchanged from the prior year.
The Financial Statements of the subsidiaries CABA Housing Limited and CABA Trustees Limited have been
consolidated on a line by line basis within these financial statements.
Changes to accounting policies
There were changes to two accounting policies during the year. Both changes are for the purpose of showing a
true and fair view and are set out below.
Grants and donations payable are now recognised as expenditure in full in the year in which they are approved
by the charity and the receipt can be reasonably expected by the recipient. Previously grants and donations were
recognised in the year in which they were paid.
The change in accounting policy has resulted in an increase in direct charitable expenditure for 2014 of £157k
and a corresponding decrease to the net assets represented by an increase in creditors.
Loans made to beneficiaries for charitable purposes are now recognised as programme related investments
and shown at fair value. Previously loans were written off in full in the year in which they were made.
The change in accounting policy has resulted in an increase in other income of £183.2k and a decrease in
charitable expenditure of £35.1k with a corresponding net increase to the net assets of £218.3k.
Increase in
other income
£000
Increase in
net assets
£000
Fair value at 31 December 2014
251.1
Increase in other income
Repayments in year
(67.9)
Loans made in year
183.2
183.2
35.1
218.3
Incoming resources
Income from donations and subscriptions is accounted for on an accruals basis. Pecuniary and residuary legacies
are recognised when they meet the criteria of entitlement, certainty and measurement. Legacies are applied for
the general use of the Charity unless directed otherwise. No account is taken of future contributions under deeds
of covenant.
Equity investment income is recognised when the underlying investment is marked ex-dividend. Interest on fixed
interest investments and deposits is accounted for on an accruals basis.
Gift Aid recoverable is accounted for in the same period as the related income is received.
Resources expended and basis of cost allocation
Grants and donations payable (all to individuals) are recognised as expenditure in the year in which they are
approved by the charity and communicated to the recipient and where any conditions attached to the grant are
outside of the control of the charity.
Where possible costs are directly attributed to specific activities. Certain shared costs, including staff costs, are
apportioned to activities on the basis of individual duties and responsibilities. Office costs, including rent, rates
and services, are apportioned to support activities based on time spent by each member of staff across the seven
areas of wellbeing.
The principal activities are those of direct aid, support, cost of generating funds and governance. Included within
governance are the administrative, legal and professional costs of running the Charity.
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Pensions
The Group’s personal pension scheme contributions are shown in the statement of financial activities as incurred.
The above changes in accounting policy were not considered material and as such no adjustments were made to
prior year comparatives.
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27
Accounting policies (continued)
Furniture and equipment
Cash and cash equivalents
All assets costing more than £500 are capitalised and are depreciated over a three year period using the straight
line method.
Cash and cash equivalents comprise cash in hand, balances with banks and investments in money market instruments
representing short-term, highly liquid investments that are readily convertible to known amounts of cash.
Residential properties
Currency
Residential properties for occupation by clients are shown at cost. The properties are fully maintained with a view
to ensuring that the total residual values are not less than cost. Accordingly, depreciation has been calculated as
immaterial and an impairment review held.
Cash is shown in sterling, translated at the published Bank of England rate. Any gain or loss on exchange is taken
to the statement of financial activities.
Freehold property
Residential property occupied by the annuitant is revalued at no longer than three yearly intervals.
CABA Housing has a present obligation to provide a cost of living-linked annuity to the occupant of its freehold
property. The Company reviews the adequacy of this provision annually and assesses its liability to annuitants,
by reference to external actuarial advice, at no longer than three year intervals. The results of changes in this
assessment are charged or credited to the statement of financial activities. AON Hewitt Limited assessed the
value of the Company’s liability for annuity payments and associated costs as £172,000 at 31 December 2014.
Annuities and associated costs paid are set against the provision in the year they are paid.
Investments
Unrestricted, restricted and endowment funds
Marketable investments are shown at market value. Any gain or loss on revaluation is taken to the statement
of financial activities.
Unrestricted general funds can be used in accordance with the charitable objects at the discretion of the Board.
The cost of the office building at Rugby, excluding the cost of the land, is depreciated over a twenty five year
period using the straight line method.
CABA Housing freehold property
Investment properties
Provision for annuity
Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.
Investment property is shown at estimated market value based on existing use.
Endowment funds are classified as permanent endowments and the capital of these funds is held in perpetuity.
Further explanation of the nature and purpose of each fund is included in the notes to the Financial Statements
(note 17).
Programme related investments consist entirely of loans to beneficiaries and are shown at fair value. An
impairment review is held annually and any impairments are taken to the statement of financial activities.
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29
Notes forming part of the financial statements
for the year ended 31 December 2014
1. Preparation of accounts
5. Analysis of resources expended
These financial statements have been prepared for the year ended 31 December 2014 and present information
about the Charity and its subsidiary undertakings.
The Charity has not shown its own statement of financial activities as advantage has been taken of Section 408
of the Companies Act 2006.
The net movement in funds of the unconsolidated Charity amounted to an increase of £6,349.4k (2013 - increase
of £10,992.0k).
2. Voluntary income
Unrestricted
funds
£000
Donations and subscriptions
Legacies
Endowment
funds
£000
Restricted
funds
£000
Total
2014
£000
Total
2013
£000
205.0
-
-
205.0
230.3
2,286.2
-
-
2,286.2
1,980.8
2,491.2
-
-
2,491.2
2,211.1
£1.6m included within legacies relates to the amounts received from the estate of Mr Hubert Wright.
3. Investment income
Unrestricted
funds
£000
Endowment
funds
£000
Restricted
funds
£000
Total
2014
£000
Total
2013
£000
Direct charitable expenditure
Career
Community
Emotional
Friends and family
Financial
Physical
Values
Direct
aid
£000
Support
costs
£000
Total
2014
£000
Total
2013
£000
331.1
220.5
551.6
514.7
111.8
189.2
301.0
286.0
306.2
258.1
564.3
549.1
109.5
189.2
298.7
286.0
655.8
221.1
876.9
716.9
258.2
189.2
447.4
286.0
40.1
150.9
191.0
251.4
1,812.7
1,418.3
3,230.9
2,890.1
Cost of generating funds
-
180.2
180.2
162.6
Governance costs
-
106.2
106.2
116.7
CABA Housing
-
8.5
8.5
0.3
Resources expended 2014
1,812.7
1,713.2
3,525.8
Resources expended 2013
1,608.1
1,561.6
3,169.7
Included within direct aid are £676k of grants and donations made to 292 clients. (2013 £675k to 355 clients)
6. Net incoming / (outgoing) resources before other recognised gains and losses
Dividends and interest on
quoted investments
2,056.6
-
1.2
2,057.8
1,849.2
Other interest
31.1
-
-
31.1
27.8
Net property income
12.4
-
-
12.4
12.1
Total
2014
£000
Total
2013
£000
Depreciation
79.0
77.3
Auditor’s remuneration: - Audit services
17.5
15.9
These are stated after charging
2,100.1
-
1.2
2,101.3
1,889.1
4. Other incoming resources
Other incoming resources consist principally of the recognition of the programme related investment asset.
See note 11 (c) for further details.
30
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31
for the year ended 31 December 2014 (continued)
7. Support costs
Charitable
activities
£000
Costs of
generating
funds
£000
8. Staff costs and numbers
Governance
costs
£000
Total
2014
£000
Total
2013
£000
Total
2014
£000
Total
2013
£000
Wages and salaries
945.3
946.9
42.5
10.9
102.8
104.6
Employment costs
715.8
8.8
39.4
764.0
752.6
Restructuring costs
Other staff costs
184.1
-
18.8
202.9
138.7
Employer's NIC
Office costs
178.4
-
14.5
193.0
188.1
Pension contributions
80.0
78.1
-
-
17.1
17.1
15.6
Other benefits
51.6
43.6
38.4
-
10.2
48.6
20.6
1,222.2
1,184.1
-
171.4
-
171.4
156.0
Less staff costs transferred to direct aid
458.2
431.5
Marketing and awareness
208.7
-
6.2
214.9
172.0
Total staff costs charged to support
764.0
752.6
Research and development
13.8
-
-
13.8
40.4
Depreciation
79.0
-
-
79.0
77.3
1,418.3
180.2
106.2
1,704.6
1,561.3
8.1
-
-
8.1
-
0.4
-
-
0.4
0.3
1,426.7
180.2
106.2
1,713.2
1,561.6
Auditor's fees
Legal and professional fees
Investment and advisory fees
for fund management
Support costs
CABA Housing
CABA Housing - Audit fees
Total support costs
Total staff costs
The average number of employees during the year was 29; FTE 27.5 (2013 - 32; FTE 30.5).
The Group had 1 employee with emoluments in the band £100k - £110k and 1 employee with emoluments in
the band £70k - £80k (excluding redundancy payment) during the year who also contributed to the group
personal pension scheme. The Charity’s contributions relating to these employees during the year were £9.2k
and £6.9k respectively. (2013 - one employee with emoluments in the band £100k - £110k and one employee
with emoluments in the band £70k - £80k, with pension contributions of £9.1k and £6.8k respectively).
Group personal pension scheme
Costs of generating funds largely relates to the cost of generating investment income. Costs are allocated
specifically where appropriate and practical. Other staff costs include agency costs, recruitment costs, travel
and staff training. Fund management fees relate to the services provided by the Charity’s investment advisors,
Cambridge Associates Limited and Royal London Asset Management and include transaction costs.
Staff are eligible to participate in the group personal pension scheme with Aegon Scottish Equitable.
The Charity operates a group personal pension scheme for employees. This scheme is managed by Aegon
Scottish Equitable and provides benefits based upon contributions made and investment returns achieved.
The scheme first received contributions in May 2008. The assets of the scheme are held in a separate trustee
administered fund. The employees themselves contribute a minimum of 3%. The Charity contributes twice that
of the employee up to a maximum of 10% of pensionable earnings for participating employees.
The amount charged to the statement of financial activities during the year in respect of the group personal
pension scheme was £80k (2013 - £78.1k). 28 employees contributed to the pension scheme during the year
(2013 - 30 employees).
32
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33
9. Trustee remuneration and related party transactions
10 (a). Tangible fixed assets - Charity
None of the trustees received any remuneration during the year (2013 - nil). Expenses were reimbursed or paid
on behalf of 12 trustees (2013 - 11) for travel, accommodation and subsistence, totalling £11.8k (2013 - £10.8k).
Freehold
offices
£000
In 2013 there were no related party transactions. No trustee or any person related to the Charity had any personal
interest in any contract or transaction entered into by the Charity in the period.
Cost or valuation at 1 January 2014
CABA has taken advantage of the FRS 8 exemption from disclosure of certain intra group transactions.
10. Tangible fixed assets - Group
CABA Housing
freehold property
£000
Freehold
residential
properties
£000
Furniture &
equipment
£000
Total
£000
Cost or valuation at
1 January 2014
634.0
1,648.7
145.4
267.4
2,695.5
Gain on revaluation
61.0
-
-
-
61.0
Acquisitions in the year
-
-
-
8.3
8.3
Disposals in the year
-
-
-
(4.3)
(4.3)
At 31 December 2014
1,648.7
145.4
271.4
2,760.5
Accumulated depreciation
at 1 January 2014
-
407.4
-
230.0
637.4
Charge in the year
-
61.9
-
17.1
79.0
-
-
-
(4.1)
(4.1)
At 31 December 2014
-
469.3
-
243.0
712.3
Net book value at 31
December 2014
695.0
1,179.4
145.4
28.4
2,048.2
Net book value at
1 January 2014
634.0
1,241.3
145.4
37.4
2,058.0
Total
£000
145.4
267.4
2,061.5
Acquisitions in the year
-
-
8.3
8.3
-
-
(4.3)
(4.3)
1,648.7
145.4
271.4
2,065.5
407.4
-
230.0
637.4
61.9
-
17.1
79.0
-
-
(4.1)
(4.1)
469.3
-
243.0
712.3
Net book value at
31 December 2014
1,179.4
145.4
28.4
1,353.2
Net book value at
1 January 2014
1,241.3
145.4
37.4
1,424.0
Accumulated depreciation at
1 January 2014
Charge in the year
695.0
Furniture &
equipment
£000
1,648.7
At 31 December 2014
Freehold
offices
£000
Freehold
residential
properties
£000
At 31 December 2014
CABA Housing owns one freehold property. At 31 December 2014 the property is stated in the accounts at
£682.2k being market value (which was assessed by Smiths Gore) less the costs of realisation (which were
estimated by AON Hewitt Limited) at 31 December 2014. The value on the historical cost basis is £310.0k.
There are three freehold properties owned by the Charity with a net book value of £145.4k which represent
the historical cost value.
34
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35
11. Investments – Group
Listed
securities
£000
Investment
properties
£000
11 (b). Investments Group and Charity - continued
The following investments represent more than 5% of the value of the total investment portfolio at
31 December 2014;
Total
£000
Market value at 1 January 2014
90,321.9
256.0
90,577.9
Additions at cost
Disposals at market value
22,084.9
-
22,084.9
(24,567.6)
-
(24,567.6)
Net investment gains/(losses):
Unrestricted funds
Unrealised
Realised
(431.9)
-
(431.9)
5,379.6
-
5,379.6
(5.2)
-
(5.2)
-
-
-
Market value at 31 December 2014
92,781.7
256.0
93,037.7
Cost at 31 December 2014
75,502.4
237.2
75,739.6
Cost at 1 January 2014
72,605.5
237.2
72,842.7
Endowment / restricted funds
Unrealised
Realised
11 (a). Investments - Charity
Market value at 1 January 2014
CABA Housing
Limited
£000
Investment
properties
£000
Investment focus
Acadian Global Equity UCITS
Global equity
5.4%
BlackRock Developed World Index GBP Flex Dist
Global equity
8.4%
Forester Diversified Ltd Class D2
Marketable alternatives
7.7%
Charities Property Fund
Inflation hedging
7.1%
Mayfair Property Income Trust for Charities
Inflation hedging
5.3%
The Charity owns 100% of its subsidiary CABA Trustees Limited which owns 100% of CABA Housing Limited.
The Charity guarantees the obligations of CABA Housing, whose assets consist of one residential property,
which was acquired in 1989 in exchange for the provision of an annuity, the payment of which amounted to
£28.9k in the year.
The investment properties represent:
Total
£000
256.0
91,012.9
122.6
22,084.9
-
22,207.5
-
(24,567.6)
-
(24,567.6)
During 2011 the Charity purchased an office building which is being let as a short term rental property.
Howkins & Harrison LLP, Chartered Surveyors, assessed the market value of the property at 31 December 2012
as £235.0k. The cost of the property was £235.0k.
11 (c). Investments - programme related investments
Net investment gains/(losses):
Unrestricted funds
Unrealised
Realised
Endowment / restricted funds
Unrealised
Realised
Percentage of portfolio
%
3 acres of land valued at £20.0k, which is let to Bracknell Forest Borough Council for use as allotments.
60 acres of land to be utilised as a country park for the benefit of the community is leased to Bracknell Forest
Borough Council at no cost and has been valued nominally at £1.0k.
90,322.2
434.8
Additions at cost
Disposals at market value
Listed
securities
£000
Name of Fund
(34.4)
(431.9)
-
(466.2)
-
5,379.6
-
5,379.6
Loans to
beneficiaries
£000
Additions
Repayments
Initial recognition adjustment
(67.9)
251.1
35.1
-
(5.2)
-
(5.2)
-
-
-
-
523.0
92,782.0
256.0
93,561.0
Fair value at 31 December 2014
Cost at 31 December 2014
1,836.2
75,502.4
237.2
77,575.8
Cost at 1 January 2014
1,713.6
72,605.5
237.2
74,556.3
Programme related investments consist entirely of interest free loans made by the Charity to its beneficiaries.
During the year the Charity made loans of £35.1k to 6 individuals (2013 - £16.8k to 8 individuals) and received
repayments of £67.9k (2013 £64k). The loans are reviewed annually for impairment and are held at fair value
as assessed by AON Hewitt.
Market value at 31 December 2014
283.9
The loan to CABA Housing Limited is shown net of a provision for possible future loss.
36
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37
12. Debtors
Group
15. Analysis of net assets between funds - Group
Charity
2014
£000
2013
£000
2014
£000
2013
£000
1,919.1
148.5
1,919.1
148.5
Prepayments
94.6
99.3
94.6
99.2
Other debtors
13.4
13.9
13.4
13.9
Investments
2,027.1
261.7
2,027.1
261.6
Accrued income
13. Current asset investments
Group
Unrestricted
funds
£000
2013
£000
2014
£000
2013
£000
Cash at bank
1,288.5
3,017.4
1,287.2
3,016.3
Short term investments
5,642.2
1,807.9
5,642.2
1,807.9
6,930.7
4,825.3
6,929.4
4,824.2
-
2,048.2
92,839.2
182.3
16.2
93,037.7
251.1
-
-
251.1
6,881.7
12.2
36.8
6,930.7
Other net assets
1,357.3
-
-
1,357.3
103,377.5
194.5
53.0
103,625.0
15 (a). Analysis of net assets between funds - Charity
Unrestricted
funds
£000
14. Creditors
Group
2014
£000
Charity
2013
£000
2014
£000
Trade creditors
224.9
103.0
223.1
103.0
Committed grants and donations
157.8
-
157.8
-
Accruals and deferred income
115.1
135.5
115.1
134.5
497.8
238.5
496.0
237.5
172.0
200.6
-
-
Restricted
funds
£000
Total
£000
-
-
1,353.2
93,362.5
182.3
16.2
93,561.0
251.1
-
-
251.1
6,880.4
12.2
36.8
6,929.4
Other net assets
1,531.1
-
-
1,531.1
103,378.3
194.5
53.0
103,625.8
Creditors falling due within one year
Endowment
funds
£000
1,353.2
Investments
2013
£000
Total
£000
-
2014
£000
Restricted
funds
£000
2,048.2
Charity
Endowment
funds
£000
Creditors falling due after more than one year
Provision for annuity (CABA Housing)
Included within trade creditors are amounts due in respect of pension contributions of £14k (2013 - £11k).
38
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39
16. Unrestricted funds – Group
17. Endowment and restricted funds
Fixed assets and investment
gains / (losses)
Realised
Unrealised
£000
£000
At 1 January
2014
£000
Increase in
resources
£000
At 31 December
2014
£000
General fund
75,806.7
1,356.9
10,087.7
-
87,251.4
Revaluation fund
21,220.7
-
(4,708.3)
(386.3)
16,126.2
97,027.4
1,356.9
5,379.4
(386.3)
103,377.5
Endowment funds are classified as permanent and the capital of these funds is held in perpetuity.
Except as shown in table 17 (b) all income is unrestricted.
The Special Fund - Created in 1887 to assist former long serving unqualified employees of Chartered Accountants
and their dependants.
The Caspar and Sidney Van de Linde Memorial Fund - Created in 1908 to contribute to administration expenses.
W. B. Peat Memorial Scholarship Fund - Created in 1936 to assist with the education of children of beneficiaries.
The Bramley Fund - Created in 2011 to contribute to the cost of gifts to beneficiaries.
17 (a). Endowment funds - Group and Charity
Realised gains are made up of:
Gains on listed securities
Losses on disposal of fixed assets
5,379.6
At 1 January
2014
£000
(0.2)
5,379.4
Unrealised losses are made up of:
Losses on listed securities
The Casper and Sidney
Van de Linde Memorial fund
(431.9)
CABA Housing - Property revaluation
Currency conversion
61.0
The W.B. Peat Memorial Scholarship fund
(15.4)
(386.3)
At 31 December
2014
£000
172.8
-
(4.2)
168.6
26.5
-
(0.6)
25.9
199.3
-
(4.8)
194.5
17 (b). Restricted funds - Group and Charity
16 (a). Unrestricted funds - Charity
Fixed assets and investment
gains / (losses)
Realised
Unrealised
£000
£000
At 1 January
2014
£000
Increase in
resources
£000
General fund
76,157.0
1,451.6
10,087.7
-
87,696.3
Revaluation fund
20,871.9
-
(4,708.3)
(481.6)
15,682.0
97,028.9
1,451.6
5,379.4
(481.6)
103,378.3
Realised gains are made up of:
Gains on listed securities
Losses on disposal of fixed assets
Investment gains / (losses)
Realised
Unrealised
£000
£000
5,379.6
At 31 December
2014
£000
At 1 January
2014
£000
The Special fund
Income
£000
Expenditure
£000
Investment
gains / (losses)
£000
At 31 December
2014
£000
44.2
0.5
-
(0.4)
44.3
The W.B. Peat Memorial
Scholarship fund
9.1
0.7
(1.1)
-
8.7
The Bramley fund
3.8
-
(3.8)
-
-
57.1
1.2
(4.9)
(0.4)
53.0
Income is restricted and is applied in accordance with the respective terms of the trust indicated.
(0.2)
5,379.4
18. Contingent liabilities and commitments
Unrealised gains are made up of:
Losses on listed securities
Currency conversion
(466.2)
(15.4)
(481.6)
40
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The Charity has committed to invest £3,203.5k in the Ardian AXA Secondary Fund VI in unspecified instalments.
At 31 December 2014 £2,314.0k remained un-called. Under the terms of the agreement the Charity could be
required to settle the outstanding liability in full during 2015.
41
CABA: a whole-person, whole-family approach
“Our 24 hour helpline means that past and
present ICAEW members and their families can
access support any time of the day or night”
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Free independent support for chartered accountants and their families
Call CABA 24 hours a day +44 (0) 1788 556 366
CABA 24 hour helpline 0800 107 6163 (UK only)
Email enquiries@caba.org.uk
caba.org.uk
8 Mitchell Court, Castle Mound Way,
Rugby, Warks, UK CV23 OUY
All calls are confidential
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Chartered Accountants’ Benevolent Association
A Company Limited by Guarantee, registered in
England and Wales, No.5970606, Charity No. 1116973
If you would like to change your communication preferences with CABA please
write to us, email marketing@caba.org.uk or phone +44 (0) 1788 556 366

PDF - CABA Impact Report 2014

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