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 ACTI￿E5
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 fina￿la1 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 othe￿Ise 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 ne￿Sary 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 v￿h1n the audit team regularly arKI the
team remained alert to instances of non-compl1a￿e throughout the audiL
PagL6

Report of the Independent Auditors to the Trustee of
The Tax AthIl￿TS. 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 Sus￿ptibIlity 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 charit￿5 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 stateM￿ts
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 statern￿ts
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 state￿￿nts 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 Servi￿S.
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 T￿￿t
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