REGISTERED CHARITY NUMBER: 1049658 Report of the Trustee and Audited Financial Statements for the Year Ended 30 June 2024 for The Tax Advisers. Benevolent Fund Critchleys Audit LLP Statutory Auditors Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OXI 2EP
The Tax Advisers. Benevolent Fund Contents of the Financial Statements for the Year Ended 30 June 2024 Page Reference and Administrative Details Report of the Trustee 2to4 Report of the Independent Auditors 5t07 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10t014
The Tax Advisers. Benevolent Fund Reference and Administrative Details for the Year Ended 30 June 2024 Registered Charity Number 1049658 Registered Office and Principal Address 30 Monck Street London SW1 P 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 5LD Honorary Treasurer D Scott, c/0 Chartered Institute of Taxation,30 Monck Street, London SW1 P 2AP Auditors Critchleys Audit LLP Statutory Auditors Beaver House 23 -38 Hythe Bridge Street Oxford Oxfordshire OX1 2EP Financial Advisers Quilter Cheviot Limited 90 Long Acre London WC2E 9RA Bankers Barclays Bank UK PLC Leicester LE87 2BB Connected Charity The Tax Advisers, Charitable Trust 30 Monck Street London SW1 P 2AP Page I
Tax Advisers. Benevolent Fund Report of the Trustee for the Year Ended 30 June 2024 The Trustee presents its 24th annual report and financial statements of the Charity for the year ended 30 June 2024. 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 (FRS 102) {effective 1 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 {as 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 Court and livery of the Company and are in their own right experienced tax practitioners Wlth 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 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 propety or investments of whatever nature and wherever situated. Under its investment policy, the Charities Committee: takes independent investment advice on all longer-term investments,. regularly reviews the value of funds the Charity requires 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 performance 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 Advisers. Benevolent Fund Report of the Trustee for the Year Ended 30 June 2024 OBJECTIVES AND ACTIVITIES Objectives and activities 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 predecessor body The Institute of Taxation, or of the Association of Taxation Technicians, or who are the wives, husbands, widows, widowers, issue, or dependants 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 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 £8,622 (2023.. £16,143). Grants repaid of £nil (2023-. £nil) 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 {CIOT) and of the Association of Taxation Technicians (ATT) {or dependants of members) who were in financial need and received grants were 12 (2023 - 16). FINANCIAL REVIEW Reserves are held to provide financial stability and the means for the development of the Charity's principal objects. Reserves at 30 June 2024 were £668,957 (2023: £591,392). £652,170 represent unrestricted funds {2023'. £583,483) and £16,787 (2023: £7,909) represent restricted funds. The Benevolent Fund is supported by grants from the CIOT of £75,0 and the ATT of £2,500 specifically to support 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 paty 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 2024 TRUSTEE'S RESPONSIBIUTY 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 (United 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 11 +k tsand signed on its behalf by.. Ms L Parkin Chair of the Charities Committee of The Worshipful Company of Tax Advisers Page 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 (the 'charity') for the year ended 30 June 2024 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 2024 and of its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) USAS (UK)) 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 report. 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 suff icient and appropriate to provide a basis for our opinion. Conclusions 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 eversts 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 twelve 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 report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated 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 inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Paoo 5
Report of the Independent Auditors to the Trustee of The Tax Advisers. Benevolent Fund Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion- the information given in the Report of the Trustee is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kept," or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information 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 statements which give a true and fair view, and for such internal 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 concern 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 a 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 collectively 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's 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 5
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 Act 201 l 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 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. fr,tcLLeyr -kka F LLP Critchleys Audit LLV 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.. 3 December 2024
The Tax Advisers. Benevolent Fund Statement of Financial Activities for the Year Ended 30 June 2024 Unrestricted Restricted Funds Funds Total Funds Total Funds 30.6.24 30.6.24 30.6.24 30.6.23 Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total 3,185 17.500 20,685 19,100 EXPENDrruRE ON Raising Funds Investment management costs 3.548 3.548 3,469 Charitable artivities Grants made 8.622 8.622 16,143 Other Total NET INCOME 13.372 8.878 22,250 14,848 Other recognised gains/losses Gains on investment assets Net movement in funds 68,687 8.878 77,565 17,376 RECONCIUATION OF FUNDS Total funds brought forward 583 483 591392 574016 TOTAL FUNDS CARRIED FORWARD 652 170 16 787 668 957 591392 The noles fom) pan of ih¢s¢ financial statements
The Tax Advisers. Benevolent Fund Balance Sheet At 30 June 2024 30.6.24 30.6.23 FIXED ASSETS Investments 623 367 559711 CURRENT ASSETS Debtors Cash at bank 37.579 2,418 69.691 37,080 CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT UABIUTIES 668 657 591392 NET ASSETS 668 957 FUNDS Unrestricted fund Restricted fund 652,170 583,483 TOTAL FUNDS 668 957 591392 The financial statements were approved by the Court of the Trustee on zi totF and were signed on 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 Fund Notes to the Financial Statements for the Year Ended 30 June 2024 ACCOUNTING POUCIES 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 (FRS 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 102) (effective 1 January 2019),, Financial Reporting Standard 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 modified by the revaluation of certain assets. Amounts are rounded to the nearest £. Incoming resources 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 or loss 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 liabilities Liabilities 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 commitment has been made and there are no conditions to be met relating to the grant which remain under the control of the Charity. Loan grants are made without the security of a charge on the beneficiaries, assets and no interest is payable. Loan5 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 charitable 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.
The Tax Advisers, Benevolent Fund Notes to the Financial Statements - continued for the Year Ended 30 June 2024 DONATIONS AND LEGACIES 30.6.24 30.6.23 Grants from CIOT and Arr to support students (restricted funds) Donations 17.500 18,000 Total 20.685 INVESTMENT INCOME 30.6.24 30.6.23 Investment Income 20,397 INVESTMENT MANAGEMENT COSTS 30.6.24 30.6.23 Investment Management Fees 3,548 3,469 GRANTS MADE 30.6.24 30.6.23 Grants to support students from restricted funds Other grants 8.622 10,091 £622 ffiJ43 Page11
The Tax Advisers, Benevolent Fund Notes to the Financial Statements - continued for the Year Ended 30 June 2024 OTHER COSTS 30.6.24 30.6.23 Direct expenses - merchandise Support costs 2.604 6.66_Z Support costs, included in the above, are as follows: 30.6.24 30.6.23 Auditors, remuneration Bank fees Insurance Legal expenses 2.085 21 272 1,905 30 88 TRUSTEE'S REMUNERATION AND BENETs 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 30.6.24 30.6.23 Fixed i nterest securities Equity investments 98,307 525 060 70,484 489 227 Additional information as follows- Listed investment MARKET VALUE At 1 July 2023 Additions Disposals Revaluations At 30 June 2024 559.711 28,355 (20,014) fi23,3R7 NET BOOK VALUE At 30 June 2024 At 30 June 2023 SS9,7J1. Page 12
The Tax Advisers. Benevolent Fund Notes to the Financial Statements - continued for the Year Ended 30 June 2024 DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 30.6.24 30.6.23 Income tax recoverable Other debtors Grants receivable from CIOT and ATT Other accrued income 100 600 35.000 100 600 37.579. 10. CREDITORS: AMOUNTS FALUNG DUE wTfHIN ONE YEAR 30.6.24 30.6.23 Trade creditors Grants payable Accruals, and deferred income ' 136 4,337 90 3.359 Deterred income brouglit *orward Released iii the year Defei led 11) tlie year Deferied Incoine carried fotward .17.50Q 11. CONNECTED CHARrrY The Tax Advisers, Charitable Trust is a connected charity in that it has the same 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 DISCLOSURES The Tax Advisers, Benevolent Fund paid the Worshipful Company of Tax Advisers £2,400 for playing cards and £272 for insurance during the year. 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS At 30 June 2024 Unrestricted Restricted Total Fixed assets - Investments Current assets Current liabilities Net assets 623.367 35,404 623.367 69.691 34,287 652 170 668 957 At 30 June 2023 Fixed assets Investments Current assets Current liabilities 559,711 26,171 559,711 37,080 7,909 583 483 591392 Page 13
The Tax Advisers. Benevolent Fund Notes to the Financial Statements - continued for the Year Ended 30 June 2024 14. MOVEMENTS IN FUNDS At 1.7.2023 Incoming Resources (income and gains) Outgoing At 30.6.2024 Resources Restricted funds Unrestricted funds 7.909 583 483 591392 17.SOO (8.622) 16.787 652 170 668 957 * Grants from CIOT and ATT to support At 1.7.2022 Incoming Resources (income and gains) Outgoing Resources At 30.6.2023 Restricted funds Unrestricted funds 18,000 (10,091) 7,909 583 483 591392 574016 574016 Page 13