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Treasurer’s comments on the 2023 financial statements for the AGM

Author: ICAEW

Published: 27 May 2024

I present the financial statements for the Liverpool Society of Chartered Accountants for the year ended 31st December 2023.

View the previous AGM Accounts below:

The year was one of great change for the Society, with events and activities held possibly for the last time under the Society before they were transferred to the newly established ICAEW Liverpool network.

Overall income and expenditure for 2023 was up on 2022, but the number of events held was much reduced in both 2022 and 2023 compared to the pre-pandemic years.

The Liverpool Society Annual Dinner was held and reported a surplus of £2,911 (2022 – a similar surplus of £2,901). Other income received in 2023 included £5,000 from ICAEW for general support
as a one-off grant.

The Income & Expenditure account reports a surplus of £1,795 (2022 – a deficit of £6,197 after delayed 150th anniversary events, a surplus of £972 before the funded 150th events).

The individual results of the branches, after final adjustments, was as follows:

Liverpool    A surplus of £3,085 (after ICAEW support grants)
Southport A net surplus of £52
Chester & North Wales 

A net deficit of £1,342 (including an annual dinner deficit of £1,274)

Year end debtor and creditor balances remained broadly similar to 2022’s levels, which are historically low due to the reduced number of courses and events now carried out. Of the £4,603 creditors at the year end, £2,573 related to deferred income – grant funding from ICAEW that was received in previous years to part fund events such as outreach activities that have been limited in number over recent years.

Overall cash and bank balances remained similar to December 2022 at £66,846.

The brought forward 150th Anniversary fund of £3,801 remains unchanged.

Overheads/indirect expenditure (net of specific support grants) amounted to £5,485 across all branches, with £1,505 of this non-recurring going forward. On-going overheads such as storage rentals, insurance and prizes awarded each year, will have to be funded from interest/investment returns and reserves going forward if no surplus generating events or activities are to be carried out by the Society. With a reserve balance of £67,000+, overheads and prizes can be funded at their current levels in the short to medium term until future plans for the Society are finalised.