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 Re￿rt 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 S￿￿rnents
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 W￿H1N 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 D￿cLOsUREs
There were no related party transactions during the year.
Page 13