SCABA publishes annual report and announces 2024 AGM
Please note: Since this article was published, SCABA has been reborn as ICAS Cares. The name and look may be new, but the charity’s purpose remains the same.
The Scottish Chartered Accountants’ Benevolent Association annual report for 2023.
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 whilst for other clients their needs are one off. In 2023 SCABA has provided short term emergency funding and one-off financial support to resolve specific needs such as specialised medical treatment, household adaptions, return to work support, unexpected property repair, and education and training support.
The Outreach Coordinator in person visits with beneficiaries in 2023 included state benefit reviews and assistance with accessing increased funding. 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 also available to improve health and wellbeing, including signposting and referral to other organisations.
Total funds increased by £218,543 compared to a decrease of £235,958 in 2022. This was largely driven by notification of a £100,000 legacy at the very end of the year, and a net gain on investments in the year of £81,754 compared to a net loss of £218,131 in 2022. The investment performance was better than the benchmark index and the value of the portfolio increased by 5.79% compared to the increase in the index of 4.67%.
Before net gains/(losses) on investments the net income was £136,789 compared to net expenditure of £17,827 in 2022. Member donations increased because of a large one-off donation. Grants awarded decreased by £40,225 due to the extra funds allocated in 2022 for cost-of-living awards and conversion of a loan to a tracker grant. Beneficiaries have adapted in 2023 to the new reality and in several cases receive additional state support. The number of income grant beneficiaries has also reduced due to death, or a positive change in financial circumstances. 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 £44,269 to our beneficiaries from the General Fund. £2,500 was disbursed from the Alan Finnie & David Emery Grant Fund and £9,338 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 £56,107. In addition, we provided practical advice and support at a cost of £13,708.
We remain dependent on the continued generosity of the ICAS member community to enable us to maintain 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.
Following a governance review members approved a Special Resolution, at a Special General meeting of the Association on 22 March 2024, to transfer the surplus assets of the Scottish Chartered Accountants’ Benevolent Association to ICAS Cares, a Scottish Charitable Incorporated Organisation (SC052865). The transfer and wind up of the Association will be implemented during 2024. ICAS Cares will take forward the important work of SCABA and build on its achievements over the past 100 years.
Summary financial statements
Summarised statement of financial activities for the year ended 31 December 2023:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments from | ||
| Donations | 77,204 | 62,424 |
| Legacies | 101,000 | - |
| Investment Income | 49,206 | 47,469 |
| ICAS Grant | 22,213 | 20,480 |
| Total Income | 249,623 | 130,373 |
| Expenditure | ||
| Charitable Expenditure | (69,815) | (108,926) |
| Investment Management | (12,758) | (12,915) |
| Administration | (30,261) | (26,359) |
| Total Expenditure | (112,834) | (148,200) |
| Net Income / (Expenditure) | 136,789 | (17,827) |
| Net Gains / (Losses) on investments | 81,754 | (218,131) |
| Net Income / (Expenditure) | 218,543 | (235,958) |
| Funds Reconciliation | ||
| Total Funds Brought Forward | 2,137,755 | 2,373,713 |
| Total Funds Carried Forward | 2,356,298 | 2,137,755 |
Abbreviated balance sheet
As at 31 December 2023:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INVESTMENTS | 2,166,962 | 2,085,546 |
| CURRENT ASSETS | 212,056 | 95,326 |
| CURRENT LIABILITIES | (22,720) | (43,117) |
| NET ASSETS | 2,356,298 | 2,137,755 |
| General Fund | 1,737,618 | 1,537,426 |
| Finnie & Emery Grant Fund | 208,708 | 199,370 |
| Finnie & Emery Education Fund | 409,972 | 400,959 |
| 2,356,298 | 2,137,755 |
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 20 May 2024. 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 94th Annual General Meeting of the Association will be held at 10.00am on Friday 21 June 2024 online for the following purposes:
1. Adoption of the Report and Accounts for 2023
2. 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.
20 May 2024
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
