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 BENE￿Ts
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