REGISTERED CHARITY NUMBER: 1049658 Report of the Trustee and Financial Statements for the Year Ended 30 June 2021 for Th? Tax Adv55ers' Benevolent Fund Critchleys Audfc LLP Statulory Auditors Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OX12EP
The Tax Advisers. Benevolert Fund Contents of the Financial Statements for the Year Ended 30 June 2021 Reference and AdfflinislrativE Iktsils Report of the Trustee 2 to 4 Report of the Independent Auditors 5 to 7 Statement of FiNncial Activities Balan Sheet Notes to the Financial Statements 10 to 13
The Tax Advisers. Benevolent Fund Reference and Administrative Details for the Year Ended 30 June 2021 REGISTERED CHARtrY NUMBER 1049658 PIUNapAL ADDRESS 30 Monck Street London SWIP 2AP TRUSTEE The Worshipful Company of Tax Advisers (incorporated by Royal Charter) HONORARY ALMQNER J Dewhurst 30 Monck Street London SW1 P 2AP HONORARY TREASURER H Ashmore 69 Knowl Piece, Wilbury Way Hitchin SG4 OTY AUDrroRS Critchleys Audit LLP statutory Auditors Beaver House 23 -38 Hythe Bridge Street Oxford Oxfordshire OX12EP FINANaAL ADVISERS Quilter Cheviot Mited 90 Long Acre London WC2E 9RA BANKERS HSBC BANK PLC 333 Vauxhall Bridge Rd London SW1V 1EJ Connected Charity Tax Advisers. Charitable Trust 30 Monck Street London SWIP 2AP Page I
The Tax Advisers. Benevolent Fund Report of the Trustee for the Year Ended 30 June 2021 The Trustee presents it5 twenty~second annual report and financial statements of the charity for the year ended 30 June 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effectlve l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Structure. governance and management The Charity is a registered charity whose governing document is its Trust Deed dated 11 September 1995 las amended). By variation of the Trust Deed dated 23 July 1996, the sole power to appoint new and additional Trustees is vested in the Master of The Guild of Tax Advisers, now the Master of The Worshipful Company of Tax Advisers. In the management of the Charity the Trustse Is represented by its Charities Committee whose members are drawn from the Court of the Company and are in thelr own right experienced tax practitioners with a knowledge of The Chartered Institute of Taxation and The Association of Taxation Technicians and of the needs of their members and dependants. They are responsible for the system of internal financial control and setting overall financial objectives. There Is a clear structure of authority and control re5ponslbilities. They keep under review the risks whlch the Charity runs. Rlsk Management The Charities Committee has on behalf of the Trustee considered the major risks to whlch the Charity is exposed and has reviewed those risks and established systems and procedures to manage those risks. The Charities Committee has a55e55ed the risk5 involved in the activities of the Charlty and recognises that in addition to receiving requests which may be met by single cash grants the Charity may receive requests requiring assistance over long periods of time. The current policy is therefore to meet approved claims for single cash grants and to transfer surpluses to reserve to enable the Charity to meet potential long-tem claims for assistance. The Charity's powers of investment are set rAJt in the Trust Deed which gives the Trustee power to invest trust moneys in any propety or investments of whatever nature and wherever situated. Under its investment policy. the Charities Committee: takes independent investment advlce on all longer-term Investments: regularly reviews the value of funds the Charity requires to be held in investrnent short-term deposits and cash, to ensure that they are adequate to meet the obligations identified in th& Charitys strategy docurnent-, regularly review5 With its inve5trnent advisers the performance of longer-term investments; and invests liquid assets in short-temi low-risk investments. Based upon independent advice the Charities Committee invested a proportion of funds in corporate bonds during the year, reducing the Charity's exposure to equities. Pag¢ 2
The Tax Advi5er5' Benevolent Fund Report of the Trustee for the Year Ended 30 June 2021 OBJECTIVES AND ACTIE5 Objectives and activities for the public beneflt The objects of the Benevolent Fund are: The relief of necessitous persons who are, or have been. members or students of The Chartered Institute of Taxation, or the predecessor body The Institute of Taxation. or of. the Association of Taxation Technicians. or who are the wives, husbands. widows. widowers. issue, or dependents of such persons,- and The advancement and promotion of such charitable objects or purposes as shall be exclusively charitable according to the law of England and Wales. The members of the Charities Committee confirm on behalf of the Trustee that they have had due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Benevolent Fund's aims and objectives and in planning future activities and setting grant-making policy for the year. The Charities Committee carried out those objectives by meeting four times during the year to consider applications from eligible beneficiaries and making grants in accordance with the objects of the Charity. Potential beneficiaries needing assistance contact the almoner of the Charity and ap asked to complete a claim form for consideration by the Charities Committee. ACHIEVEMETrrf AND PERFORMANCE Achievements and performance During the year the Charity approved grants in accordance with its objectives amounting to £11 h9712020: £3.720). Grants repaid of £nil (2020: £nil) are offset against new grants made. Grants approved in previous years unpaid are written back when the likelihcKJd of payment is unlikely. due. to exam results. During the year, the numbers of members or students of the Chartered Institute of Taxation and of the Association of Taxation Technician5 (or dependents of members) who were in financial need and received grants were 12 12020 61. The Trustee's normal practice is to make loan grants to students. HNANCIAL REVIEW Reserves are held to provide financial stability and the means for the development of the Charitys principal objerts. ReseTves at 30 June 2021 were £642,015 (2020: £557,198), which represent unrestricted funds. The Benevolent Fund is supported by donations from the Liverymen and Freeman of the Company. The Chartered Institute of Taxation and The Association of Taxation Technicians. The Twstee is grateful for the voluntsry help given in bookkeeping, accounting and administration. Since no other party is bearing the financial cost of these donated resources their value has not been included in intangible income in the statement of financial activities. P&ge 3
The Tax Advisers. Benevolent Fund Report of the Trustee forlhe Year Ended 30 June 2021 TRUSTEE'S RESPONSIBILrrY srATEMENT The trustee is responsiblo for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Er)gland and Wales, the Charities Act 2011, Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustee Is requlred to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent., prepare the financial ststements on the going concern basis unless It 15 inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records whlch disclose with reasonable accuracy at any time the f5nancial p051tion of the charity and to enable it to ensure that the financial staternents comply with the Charities Act 2011, the Charlty (Accounts and Reports) Regulatlons 2008 and the provision5 of the trust deed. It Is also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other Irregularlties. Approved by order of the court of the trustee on ........... by.. and signed on Its behalf M F Gibbons Chairman of the Charities Committee of The Worshipful Company of Tax Advisers Pa8e 4
Report of the Independent Auditors to the Trustee of The Tax Athiisers. Benevolent Fund Opinlon We have aud5ted the financial Statements of The Tax Advisers, Benevolent Fund (the 'charity') for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the.financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 30 June 2021 and of its incoming resources and application of resources. for the year then ended,. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice- and have been prepared In accordance with the requirements of the Charities Act 2011, Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) aSAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statement5 section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audlt of the financial staternents in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriats to provide a basis for our opinion. Concluslons relatlftg to going eoncem We have nothing to report in respect of the following matters in relation to which the ISAS {UKI require us to report to you where: the trustee's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate,. or the trustee has not disclosed in the finala1 statements any identified rnaterial uncertainties that may cast slgnificant doubl about the charity's ability to continue to adopt the going concern basis of accountlng for a perlcd of at least twelve months from the date when the financial statements are authorised for issue. Other information The trustee is responsible for the other Informatlon. The other infomation comprises the information included in the Annual Report, other than the financial statements and our Report of the Ir)dependent Auditors thereon. Our opinion on the flnanclal statements does not cover the other information and, except to the extent otheIse explicitly stated in our,report, we do not express any form of assurance conclusion thereon. In connection with our audlt of the financial statements, our responsibility is to read the other Information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that facL We have nothing to report in this regard. Pag¢ 5
Report of the Indeperbdont Auditors to the Trustee of The Tax Adviser5. Benevolent Fund Matters on which we are required to report by exception We have nothing to report in respett of the follcwng matters Whe the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of the Trustee is inconsistent in any material respert with the financial statements; or sufficient accounting records have not been kept or the financial ststements are not in agreement with the accounting records and returns: or we have not received all the infomiation and explanations we require for our audit. Responsibilities of the trustee As explained more fully in the Trustee's Responsbiilities Ststement the trustee are responsible for the preparation of the financial statements vthich gNe a true and fair view. and for such internal control as the tnjstee detennine 15 neSary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustee are responsible for assessing the charitys ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustee either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Our re5ponsibilitie5 for the audit of the financial statements We have been appointed as auditor under 5ectK)n 145 of the Charities Atct 2011 and report in accordance wth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurarKe about whether the financial statements as whole are free from material misststemen¢ whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable asswrarKe is a high level of assurance, but is not a guarantee that an audit conducted in attordance wtth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities. including fraud. are instances of non-compliance with laws and regulation5. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregulariknes. induding fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detsiled below. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identfy or recognise non-compliance with applicable laws and regulations: we identified the laws and regulations applioble to the charity through discussions with the trustee and other management, and from our kn(Ywledge and experience of the client's sector,. we focused on speofic laws and regulations which we considered may have a direct material effect on the financial statlynents or the operations of the tharity. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting *al correspondence: and identified laws and regulations were communicated vh1n the audit team regularly arKI the team remained alert to instances of non-compl1ae throughout the audiL PagL6
Report of the Independent Auditors to the Trustee of The Tax AthIlTS. Ben•volent Fund We assessed the susceptibility of the charitys financial ststements to material misstatement, including obtaining an understanding of how fraud might occur, by. making enquiries of management as to where they considered there was SusptibIlity to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships,- tested journal entries to identify unusual transactions; assessed whetherjudgements and assumptions made In deterrnlning the accountlng estlmates were indicative of potentlal blas,. and investigated the rationale behind any significant or unusual transattions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation: reading the minutes of meetings of those charged with governance,. and enquiring of management as to actual and potential litigation and claims.; There are inherent limitations in our audit procedures described above. The more removed that laws and regulation5 are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedure5 required to identify non-compliance with law5 ènd regulations to enquiry of the trustee and other management and the inspectlDn of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliborate concealment or collusion. A further descrlption of our responsibilities for the audit of the ftnanclal statements Is located on the Financial Reporting Council's website at,. www.frc.org.uk/auditorsresponsibilities. This desuiption forms part of our auditor's report Use of our report This report is made solely to the charity's trustee, as a body, in accordance wlth Sectlon 145 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and the charit5 trustee a5 a body. for our audit work, for this repor( or for the opinions we have formed. y& LLP Critchleys Audit LLP Eligible to act as an auditor in tems of Section 1212 of the Companies Act 2C Beaver House 23 -38 Hythe Bridge Street OxFord Oxford5hire OX12EP 30 Noveinber 2021 Page.7
Th• Tax Advisers. Benevolent Fund Statement of Knancial Activikne5 for the Year Ended 30 June 2021 30.621 Unrestricted fund 30.6.20 Total fvnds Note5 INCOME AND ENDOWMENTS FROM Donatlons and legacies 3.445 100 Investment income Other income 22,658 14,947 Total EXPENDrruRE ON Raising fund5 3.358 2,549 Charftable actlvttles Grants 11.497 3,720 Other 5.886 3,746 Total 20.741 10,015 Net gains/(losses) on inveslments 78.475 28.9181 NET INCOMV(EXPENI)rruRE) M817 (23,886) RECONCIUAIION OF FUNDS Total funds brought forward 557.198 581,084 TOTAL FUNDS CARIUED FORWARD 642.015 557,198 Then0 f(m ofthese financial statamts
The Tax Advisers. Benevolent FUT Balan Sheet 30 June 2021 30.6.21 30.6.20 Unrestricted Total fund funds Notes FIXED ASS$ Investments CURRENT ASSErs Debtors Cash at bank 2.125 36.049 1,816 41,843 38.174 43,659 CREDITORS Amounts falling due within one year 10 (3.689) (8,021) NET CURRENT ASSETS 34.485 35,638 TOTAL ASSEfs LESS CURRENT LIABILrnES 642.015 557,198 NEf ASSErs 642,015 557,198 FUNDS Unrestricted fijnds 642.015 557.198 TOTAL FUNDS 642.015 557,198 The fin nc I staternents were approved by the Court of the Trustee and authorised for issue on M F Gibbons Chairman of the Charities Committee of The hipful Company of Tax Advisers HAS Treasurer more Th¢ not&4 form part of these fin8n¢ial stateMts Pag¢.9
The Tax Advisers. Benevolent Fund Notes to the Finandal Ststemerbts for the Year Ended 30 June 2021 ACCOUNTING pouaES Basis of preparing the financial staternts The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accounting and Reporting by Charitie& Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (effective 1 January 20191,. Financial Reporting 51andard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statents have been prepared under the historical cost convention, with the exCeptiC of investments which are included at market value, as modified by the revaluation of certain assets. Incom• Grants, legacies and donations are included in the Ststement of Financial Activities when the charity is virtually certain they will be received. Incoming resources from tax reclaims are Included In the Ststsment (rf Flnancial Activities at the same time as the gifts to which they relate. Investment Income is included in the accounts when receyvabl Investment gains and losses include any gain or IDSS on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Expenditure Llabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the tharity to that expenditure. tt Is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured lIablY. Expenditure is accounted for on an accwals basis and has been classified under headings that aggregate all cost related to the category. Vthere costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a ccmmitment but not accrued as expenditure. Taxation The charity is exempt from tax on its charitable activitie Investments quoted on a recognised stock exchange are valued at market value at the year end. Basls of accounting The Tax Advisers, Benevolent Fund meets the definition of a public benefit entity. A55ets and liabilities are initially recognised at historical cost or transaction value unle55 Otherwise stated in the relevant accounting policy note, investrnents are revalued to market value. DONATIONS AND LEGAaES 30.6.21 30.6.20 Donations 3,445 100 Pagolo ItinueiL..
The Tax Advisers. Benevolént Fund Notes to the Financial Statements - contlnued for the Year End 30 June 2021 INVESTMENT INCOME 30.6.21 30.6.20 Investment Income Deposit account interest 22.658 14,941 22.658 14,947 RAISING FUNDS 30.6.21 30.6.20 Investment Management Fees 3.358 2,549 GRANTS PAYABLE 30.6.21 30.6.20 Grants to members. students or dependents OTHER 30.6.21 30.6.20 Support costs 5.886 3,746 Support costs, included in the above, are as follows: 30.6.21 30.6.20 Auditors. remuneration Insurance Accountsncy and legal fee5 1,786 203 1.327 199 TRUSTEE REMUNERATION AND BENEFrrs The trustee, members of the Charities Committee and other volunteers receive no remuneratlon for their ServiS. No claims have been made for reimbursement of travel expenses. P8g&ll continued...
The Tax Advi5ws' Benavolent Fund Note5 to the Financial Statements - continued for the Year Ended 30 June 2021 HXED ASSEf INVESTMEMrs 3Q621 30.6.20 Fixed interest securitres Equity investments 96.590 81,192 Additional infomation as follows: Listed investments RKET VALUE At 1 July 2020 Additions Disposals Revaluations At 30 June 2021 NEf BOOK VALUE At 30 June 2021 521.560 257.053 (249.560) 607.530 At 30 June 2020 521560 There were no investment assets outside the U DEBTORS: AMOUNTS FALUNG DUE wrrHIN IX4E YEAR 30.6.21 30.6.20 Other debtors - Loans Accrued income 856 960 1.525 1,816 10. CREDrroRS: Amoumfs FALUNG DUE wrrHIN ONE YEAR 30.621 30.6.20 Other creditors- Tax Advisers. Charitable Tt Grants payable Accruals 4,489 2,197 2,129 8,021 11. RELATED PARTY DISCLOSURES At the start of the year The fax Advtsers. Benevolent Fund owed a hjan of £4,489 to Tax Advisers, Charitable Trust. This loan was fulty repaKI during the year. PAga12 continued...
The Tax Advlsers. Benevolent Fund Note5 to the financial Slatements - continued for the Year Ended 30 June 2021 12. CONNEcfED CHARrrY The Tax Advisers. Benevotent Fund and Tax Advisers, Charitable Trust are connected charities. because both have the same Trustee and Charities committee. Neither Charity is subordinate to the other. Therefore consolidated financial statements have not been prepared. PagL13