REGISTERED CHARITY NUMBER: 1049658 Report of the Trustee and Audited Financial Statements for the Year Ended 30 June 2023 for The Tax Adviser5. Benevolent Fund Critchleys Audit LLP Statutory Auditors 8eaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OX12EP
The Tax Advisers. Benevolent Fund Contents of the Financial Ststements for the Year Ended 30 June 2023 Page Reference and Administrative Details Report of the Trustee 2to4 Report of the Independent Auditors Sto7 Statement of Financial Activities Balance Sheet Notes to the Financial Statements IOto13
The Tax Advisers, Benevolent Fund Reference and Administrative Detsils for the Year Ended 30 June 2023 Registered Charity Number 1049658 Registered Office and Principal Addre55 30 Monck Street London SW1P 2AP Trustee The Worshipful Company of Tax Advisers {incorporated by Royal Charter) Honorary Almoner J Dewhurst c/0 The Clerk The Mill House New Mill Pewsey Wiltshire SN9 SLD Honorary Treasurer D Scott c/0 Chartered Institute of Taxation 30 Monck Street London SWIP 2AP Auditors Critchleys Audit LLP Statutory Auditors Beaver House 23 -38 Hythe Bridge Street Oxford Oxfordshire OXI 2EP Flnancial Advlsers Quilter Cheviot Limited 90 Long Acre London WC2E 9RA Bankers Barclays Bank UK PLC Leicester LE87 2B8 Connected Charity The 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 2023 The Trustee presents its twenty-third annual report and financial statements of the Charity for the year ended 30 June 2023. 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) (effective 1 January 20191. STRucfuRE. GOVERNANCE AND MANAGEMENT Structure. governance and management The Charity 15 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 Trustee is represented by its Charities Committee whose members are drawn from the Courtand livery of the Company and are in their 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 resporisible for the system of internal financial control and setting overall financial objectives. There is a clear structure of authority and control responsibilities. They keep under review the risks which the Charity runs. Risk Management The Charities Committee has on behalf of the Trustee considered the major risks to which the Charity is exposed and has reviewed those risks and established systems and procedures to manage those risks. The Charities Committee has assessed the risks involved in the activities of the Charity 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-term claims for assistance. The Charity's powers of investment are set out in the Trust Deed which gives the Trustee power to invest trust moneys in any property or investments of whatever nature and wherever situated. Under its investment policy. the Charities Committee- tskes independent investment advice on all longer-term investments,. regularly reviews the value of funds the Charity require5 to be held in investment, short-term deposits and cash, to ensure that they are adequate to meet the obligations identified in the Charity's strategy document regularly reviews with its investment advisers the perfomance of longer-term investments., and invests liquid assets in short-term low-risk investments. After a review of investment managers in 2022, Quilter Cheviot were reappointed. 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. Page 2
The Tax Adviser5. Benevolent Fund Report of the Trustee for the Year Ended 30 June 2023 OBJECrnIES AND ACTIVrnES Objectives and artivities for the public benefit 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 predece55or 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 settin9 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 contsct the almoner of the Charity and are asked to complete a claim form for consideration by the Charities Committee. ACHIEVEMENT AND PERFORMANCE Achievements and performance During the year the Charity approved grants in accordance with its objectives amounting to £16,143 12022= £19,473). Grants repaid of £nil 12022.. £nill are offset against new grants made. Grants approved in previous years unpaid are written back when repayment is unlikely. During the year, the numbers of members or students of the Chartered Institute of Taxation {CIOTI and of the Association of Taxation Technicians (Arr) {or dependents of members) who were in financial need and received grants were 1612022 - 17). FINANaAL REVIEW Reserves are held to provide financial stability and the means for the development of the Charity's principal objects. Reserves at 30 June 2023 were £591,392 12022.. £574,016), £583.483 represent unrestricted funds 12022.. £574,016) and £7,90912022'. £nill represent restricted funds. The 8enevolent Fund is supported by grants from the CIOT of £15.000 and the ATT of £3,000 specifically to SUPF)Ort students through their exams and, therefore. treated as restricted funds, and by donations from the Liverymen and Freeman of the Company which are unrestricted funds. The Trustee is grateful for the voluntary 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. Page 3
The Tax Advisers. Benevolent Fund Report of the Trustee for the Year Ended 30 June 2023 TRUSTEE'S RESPONSIBILrrY STATEMENT The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require 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 required 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 statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable the Trustee to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the court of the trustee on Ll 13 and signed on its behalf by.. Ms L Parkin Chair of the Charities Committee of The Worshipful Company of Tax Advisers Pa9e 4
Report of the Independent Auditors to the Trustee of The Tax Advisers. Benevolent Fund Opinion We have audited the financial statements of The Tax Advisers Benevolent Fund Ithe 'charity'l for the year ended 30 June 2023 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 Standards, 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 2023 and of its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI USAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our reF)Ort. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. Other information The Trustee is responsible for the other information. The other information comprises the information included in the annual reporL other than the financial statements and our Report of the Independent AL*ditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion thereon. In connection with our audit 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 appears to be materially misstated. If we identify such material incon515tencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or material mi55tatement of the other information. If, based on the work we have perfornied, we conclude that there is a material misstaterrsent of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
Report of the Independent Auditors to the Trustee of The Tax Advisers. Benevolent Fund Mattevs on vthich we are required to report by exception We have nothing to report in respert of the following matters where the Charities Art 201 I requires us to report to you if. in our opinion- the information given in the Rert of the Trustee 15 inconsistent in any material respect with the financial ststements . or sufficient accounting records have not been kept., or the financial statements are not in agreement w¢th the accounting records and returns,. or we have not received all the infomation and explanations we require for our audit. Responsibilities of the Trustee As explained more fully in the Trustee's Responsibility Statement, the Trustee is responsible for the preparation of the financial ststements which give a true and fair view. and for such intemal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibilities of Trustee In preparing the financial statements. the Trustee is responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustee either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below- the engagement partner ensured that the engagement team collertively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.. we identified the laws and regulations applicable to the Charity through discussions with the Trustee and other management and from our knowledge and experience of the client 5 sector, we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity-, we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit Page 6
Report of the Independent Auditors to the Trustee of The Tax Advisers. Benevolent Fund We assessed the susceptibility of the Trust's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by. making enquiries of management as to where they considered there was susceptibility 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 whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias., and investigated the rationale behind any significant or unusual transactions. 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 regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection 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 deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description 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 with Section 145 of the Charities Att 2011 and regulation5 made under Section l 54 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 the Trustee in an auditors. 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 Charity and the Charity's Trustee as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Beaver House 23 -38 Hythe Bridge Street Oxford Oxfordshire OXI 2EP Date.. 21 November 2023 Page 7
The Tax Advisers. BenLwolent Fund Statement of Financial Artiviknes for the Year Ended 30 June 2023 Unrestricted Restricted Fund5 Funds Totsl Funds Total Funds 30.6.23 30.&23 30.6.23 30.6.22 Notes INCOME AND ENDOWMEiifs FROM Donations and legacies Investment income Total 18.000 19.11X) 355 17 EXPENDrnJRE ON Raising Funds Investment and management costs Charitable activities Other Totsl 3.469 6.052 3.828 19,473 10.091 16.143 NET INCOMEIEXPENDMJRE 6.939 7.909 14.848 {7,881) Othff recogni5ed gain511055es Gains/losses on investrnent asserts Net movement in funds 9.467 17.376 167.999) RECONCIUATION OF FVNDS Total funds brought forward 574016 TOTAL FUNDS CARIUED FORWARD 7 909 $91392 74 The rtotes fomi part of ibese financial Srnents Page 8
The Tax Advisers. Benevolent Fund Balance Sheet At 30 June 2023 30.6.23 30.6.22 Notes FIXED ASSErs Investments CURRENT ASSETS Debtors Cash at bank 2.418 2,679 37.080 4S,039 CREDrroRS Amounts falling due within one year io 15,5051 NET CURRENT ASSETS TOTAL ASSEfs LESS CURRENT UABILrtlES 74 NET ASSETS 74 FUNDS Unrestricted fund Re5trirted fund 583.483 574,016 TOTAL FUNDS The financial statements wefe approved by the Court of the Trustee on i3 and n its behalf by. Ms L Parkin Chair of the Charities Committee of The Worshipful Company of Tax Advisers D Scott Treasurer Page 9
The Tax Advisers. Benevolent Furh Notes to the Financial Statements for the Year Ended 30 June 2023 ACCOUNTING pouaES Basis of preparing the financial statements The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102) '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 1021 (effective 1 January 20191.. Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments that are included at market value. as m¢)dified by the revaluation of certain assets. Amounts are rounded to the nearest £. Incoming re50ur¢es Grants, legacies and donations are included in the Statement of Financial Activities when the Charity is virtually certain they will be received. Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gifts to which they relate. Investment Income is included in the accounts when receivable. Investment gains and losses include any gain or10s5 on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Expenditure and liabilitles Liabilitie5 are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Grants are recognised in the accounts when a commitrnent has been made and there are no onditions to be met relating to the grant which remain under the control of the Charity. Loan grants are made without the security of a change on the beneficiaries. assets and no interest is payable. Loans repaid are netted off grants payable. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from tax on its charitsble activities. Basis of accounting The Tax Advisers, Benevolent Fund meets the definition of a public benefit entity. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. investments are revalued to market value. Page 10
The Tax Advisers. Benevolent Fund Notes to the Financol Statements - continued for the Year Ended 30 June 2023 DONATIONS AND LEGAaES 30.6.23 30.6.22 Grants from CIOT and ATh to support students {restricted funds) Donations 18.000 19.100 355 INVESTMENT INCOME 30.6.23 30.6.22 Investment Income Deposit account interest 18,532 17,824 18.532 17.824 INVESTMENT MANAGEMENT COSTS 30.6.23 30.6.22 Investment Management Fees 3.469 3,828 GRANTS PAYABLE 30.6.23 30.6.22 Grants to support students from restricted funds Other grants 10.091 Pagell
The Tax Advisers. Benevolent Fund Notes to the Financial Statements - continued for the Year Ended 30 June 2023 SUPPORT COSTS 30.6.23 30.6.22 Other Support costs, included in the above, are as follows.. 30.6.23 30.6.22 Auditors, remuneration Bank fees Insurance Legal expenses 1.905 30 1,560 137 L062 1.149 3.172 2,759 TRUSTEE'S REMUNERATION AND BENE Members of the Charities Committee and other volunteers receive no remuneration for their services. Trustee's expenses No claims have been made for reimbursement of travel expenses. FIXED ASSET INVESTMENTS Listed Investment MARKEf VALUE At 1 July 2022 Additions Disposals Revaluations 534,482 39,297 (16.596) 2.528 At 30 June 2023 559.711 NET BOOK VALUE At 30 June 2023 559.711 At 30 June 2022 534,482 Page 12
The Tax Advisers. Benevolent Fund Notes to the Financial Statements - continued for the Year Ended 30 June 2023 DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 30.6.23 30.6.22 Income tax recoverable Other debtors Accrued income 100 600 600 2.418 2,679 10. CREDrroRS: AMOUNTS FALUNG DUE WH1N ONE YEAR 30.6.23 30.6.22 Trade creditors Grants payable Accruals 90 3,807 3.359 5,399 5.505 11. CONNECTED CHARrrY The Tax Advisers. Charitable Trust is a connerted charity in that it has the sarne Trustee and Charities Committee but it is not subordinate to The Tax Advisers, Benevolent Fund and therefore consolidated financial statements have not been prepared. 12. RELATED PARTY DcLOsUREs There were no related party transactions during the year. Page 13