Company registration number: 03374001 Charity registration number.. 1062852 TaxAid UK (A company limited by guarantee} Annual Report and Financial Statements for the Year Ended 31 March 2024 Thompson Jenner l.l.P Statutory Auditor5 I Culleion Cr¢bi¢nl Excter D￿on EX2 4DG TaxAid UK Contents Reference and Administrative Details Chaiffs Rep)rt Tru5tees' Report 3to8 Independent Auditofs ReFQrt 9t012 Statement of Financial Activities 13 B￿ance Sheel 14 Ststement ot-cash Flowj 15 Notes lo th¢ Financial Ststements 16to30 TaxAid UK Reference and Administrative Details Chair Kevin Nicholson Trustees Stephen Banyard Kevin Nicholson Jonathan Ptrdcock KC Paul Morton Emma C1￿ke Nichol&q Edwards Victoria Heard M￿the￿. r..Ili5 Cbief Executive Officer Valerie Bog8S Charity Registration Number 1062852 Company Reglstr*tlon Numbtr 03374001 Registered Offi¢e 30 Monck Street London SWIP 2AP Audilor Thompson Jenner LLP Statulory Auditors I Colleion CresLenl E￿tter Devon EX2 4DG BAllkers CAF Bank Limit¢d Kings Hill West Malling Kenl Ml.:1941'A Page I TaxAid UK Chair'$ Report for the Year Ended 31 March 2024 There h&¥ b¢¢n a gr¢ttt deal of focus ov¢r the 1&8l yemr on the "cost of living crisis" and its impact on heating homes. the cost of food in the SUFtrniarketS. 50arin8 rents and finding Suitable hou5in8. Among all of this. I"ax is not an ob%'ious challenge facing some of the ￿TeSt in society. f￿￿r¢S at itmes of eleciions and bud8ets bul the debate is oflen locused an)unJ how. to ¢&x those M'ith the broadest shoulders and bwden the) should But the system applies to ei'eTriyne in ￿)me way and often impacts most on those who are least able to deal with the incre&sin8 complexity and th th)n t know ￿'here to turn for help. T&xAid helps wple on low iftwmes understand the th svslem gs it appli¢$ to thun. pay only the right amount of and help them rex)Ive crises when things 80 WTon8. It Is a small charity. but the work of its S￿(r and voluni¢ers hus enom)ous imwaii on th¢ lives uf thv5e li hrlps. Pwpl¢ have l(151 jubs du¢ lu hralth issues. those M'hn lake on multiple jobs to earn a living ￿1th numerous and apparently ￿ntU￿1n8 and competing l&x demands: and those that have been rec¢i%'ing d¢mands b¢¢n too frighi¢n¢d to &sk for help. Ple&se take time to read Ke￿. 5 510ry in the Truslecs rewrt and reach ou( ￿ us here ai T&KAid wmw.t￿aId.0rB.Uk for more examplcs ol" thc Charity helps thousands Ill px)plc like Kerry th'cry )ear. I said1&81 year thai the Charii). M'as looking to the tiiturc. There have been four key projects this >'ear lookin8 al how we besl med the needs of ￿neficI￿leS in the future. how we unlock the ￿)Iential io do ei'en more ivith ihe funds available. how w¢ work ¢v¢n iloser with our sister charity Ilelp for Older People. hi)u' we shi)uld be governed and how we broaden our supp)rt across the prolession. It is already makins a dilleren¢e wiihin the or8anisaiion gnd allowin8 us io resp)nd more quickl>. to increase5 in demund: such as ￿hen the HMRC. Helpline losed for a periud in the summer. W'e will Lontinue thal Hork and rewrt baik ￿ you nexi year. TAxAid an amazing senior mana8emenl leam led by Valerie Bi)88s' ￿'1th sthtT who are dedicated ic) making a dillcrcnLe to all they help. ThLy also wvrk with HMRC to identify areas of the tax sy51cm ihal can bc improvcd to make il casicr for thosc on low incomcs to compl).. W¢ are also supw)rtcd by hundrcds of volunteers 8ive their time to supp)rt the charity in many different WBy$. We are indebted to HMRC for continued rtnancial suP￿rt and al30 to Deloitte. EY. KPMG and alon8 with BDO and other firnis and or8anisaiions such &8 Blick Rothenberg. the Chartered Institute of T￿allOn and the Ihc Ilor5hiplul Compan>. ol. Tax Adv'isors: as Ivell as lrysis and loundations such a5 City Bridgc Trust in London and ihe many indi￿.idu￿S who 8iNe (lonations and their time. W'ithoui this SUp￿rt the Charity could not exiyl. T￿id and Tax Ilelp for Older People are in many ways th¢ charitics for the l&x profession. Their work doesn't have th¢ same ¢xEx)sure as man) othcr area5 of charity ￿￿rk. But il is vital iNork and an OPFX)rtunity for thosc in the pmfession to '"8iv¢ yJm¢thin8 ba¢k-. ￿,¢ uc looking to Incre￿ the numlKY of fimis and indifviduais a¥mss the profession Mho SUPFX>rt the Charitv. Please gd in t()u¢h il J'ou think vou can help. The strate81¢ rewbrt was aprrov¢d by the trusttts ofthe charity on 18 Noi¢mber 2024 and signed on its bchalf Kevin NiLh Chair and trusttt Pa8c 2 TaxAid Trustees, Report The trustees. who are directors for the purpose of company law. presenl the annual report together with the financial slalements and auditor's report of the charitable ¢ompany for the year ended 31 March 2024. Reference and administrative information sel out on page I fornis part of this report. The ¢harity is a company limiied by guaianlee and a registered charity, its governing documents are its memorandum and articles of association. The charity's formal objectives are.. To provide advi¢¢ and assislance in tsx and fmancial matters to persons in financial need To advance public education about all aspects of tax and t&x debt Publi¢ benefit and hoiv our activities deliver it We have a duty to report on our organisAtlon's public benefit under S.4 of the Charities Act 2011. We are confident that we meet those public benefit requirements hAvinE tAken into tonsiderAtion the Charity Commission guidance. Our vision is. To provide lax advice to all who need it. We support people to people before retirement or self employed of all ages who are in financial poverty, including that created by debi and those experiencing other hardships or disadvantages. Many hav¢ menlal or physi¢al health problems. We provide support for our beneficiaries by the provision of tax infonnation and advice as well as direct intervention by submitting fornis, Claims, elections and appeals as appropriate to HMRC. When possible, we enable our beneficiaries to help themselves and give them the tools and capability to have ownership of and manage their lax affairs in the future. lailoring our service to individual tax and personal circumstances. When our community highlights issues we cannot resolve, such as fraud or external systemic issues, we work with HMRC lo address these concerns. In addition we work closely with partners in the volunlary and community sector through an outreach programm¢ to strengthen refe￿al5 to our service and educate partners about tax to reach more of people and ensure that people with tax problcms who cannot otherwise acLess support have a route to a fair oulLome. We believe therefore that we meet the public benefit requirements through our beneficiary led tailored service which maximises the reach of our service. Ob"ectives 4ctivities and im Our objective as a charity is to help people in poverty understand their tax better and to empower them to be able to manage their tax themselves. Ive are led b). the needs of our beneficiaries. We reduce poverty by supporting people to pay the right amount of tax. We do this by: Providing step-by-step support to help people to resolve their tax problem. In the year to 31 March 2024. this help was provided lo 6,550 people, leading io improved financial circumstances and enabling our beneficiaries to have a better understanding of their tax position and how to manage their tax affairs in the future. Investlgating tax debt and challenging it when erroneous or where there are legitimate grounds to do so. During (he year, our investigations and appeals resulted in £928,562 of tax debt being written off, improving financial wellbeing and reducing or preventing poverty. It is our expertise in providing emphatic support together with our knowledge of tax adtnLnistraiion etLables that enables us to resolve tax debt issues. Improving the current financial position of disadvantage people through tgxes written off and refunds generaled. Advice and case work generated tax refunds of £120,725 in ihe year to 31 March 2024. We aim to ensure that no one Is disadvantaged by the tax system just because they cannot access the help they need. We do Ihis by Providing support that recognlses indfftvidual needs and circumstances and never leaves a ease unre501I'ed. Each caller was supported with advice from our trained staff and provided accessible resources giving our callers a better understanding of their tax affairs and how lo manage them. Where needed, a volunieer tsx adviser provided furtber support to resolve their problem directly with HMRC. Reaching out to dlsadvantaged communltles through partnershlp wlth other voltsntary And community sector organisations. In Ihe past year, we have been working lo improve access to our services by delivering outreach to voluniary and community sector (VCS) partners, educating them about our service and why. how and when to refer clienls to us. Using our reputation and the learning gained to influence the tax tcosystem for the benefit of those we supporl. We advo¢at¢ for our beneficiary group at relevant HMRC user groups, working with partners in the lax industry lo highlight issues and the impact of tax policy and lax adminis(raiion. We also faced a significanl challenge ID 2023 when the unexpe¢led closure of HMRC'S self assessment helpline caused a signilicanl and unforeseeable peak in demand in June 2023 for 3 months. The detnand placed stgnificant strdill on our services at very short notice but was managed through the outstanding commitment of staff and volunteers. We contribute to the better long-term economic security by empowering people to manage their tax affairs We build confidence by accompanying our beneficijries 45 they lake charge of their tax affairs. Our helpline provides immedtate support and advice from trained. empathetic staff, enabling many b¢nefi¢iaries to understand and manage their affairs. When further support is needed. 120 volunteer tax experts across the UK are able to provide case work that is individual and accessible. Help people to und¢ntxttd th¢lr t21¢s Ind where to flnd aeeessible and rellable resources And Information TaxAid regards the education of its beneficiaries about their tax affairs as critical lo the support we provide. When we provide help to a person in need of help with their tax, we not only help them to resolve that panicular problem but also help them understand why the problem ha5 arisen and how to manage their tax affairs in the future. So. ¢ach person who conthcts us for help, is supported to better undeTStand their taxes so they can manage their affairs in future or know where to g¢1 the help they need. One of the key resources that w¢ refer our beneficiaries lo is the LITRG website. We help people like K￿. In 2023, Kerry. was referred ￿ us from Citizen's Advice with a tax debt of £9.565. She had an incorne of jusi £12.0(K) per year from a zero hours, contraci and no savings- so she was worried aboui how she could ever repay this unexpected debt. Kery works in the care sector and although her English language skills had improved since she moved from Ethiopia and started work in London in 2017, she needed an interpreter and struggled to understand her taxes and letters frorn HMRC. She had always re¢¢ived payslips and had assumed she w&8 paying the right amount through her salary. We discovered that Kry's tsx debi had accumulaied over a number of years (2018-2022) after she took a Job with a second care provider. The problem arose because of errors when she started with her new employer- leading to her Personal Allowance being claimed ￿1¢¢. This led io the underpaymenl of PAYE. We appealed ihe debi with HMRC but this was unsuccessful. We then made a second appeal on the grounds of hardship and this tim¢ we were successful and KeTry'5 debt was cancelled. HMRC wrote to Kerry to inform her of their decision but she could not understand the le1t￿. So, when we Call￿ to let her know 5b¢ wa5 hugely grdleful. Respond to issues raised by our community both through Ihe advi¢e we deliver and advoca¢y wlth HNIRC T&KAid has a positive and cooperative relationship with HMRC. built over many years for the benefit of those we support. We shar¢ the trends that we see on the helpline and help to Provide HMRC with an understanding of the barriers peoplc in povcrty can experience when tying to overcome tax probluns. We altend workshops and consultation th'scussions. participat¢ in fonllDS and other meetings with HMRC. and we are able io better advocate for our beneficiaries because of this close mutually beneficial relationship. Our relationship with HMRC ensu￿$ they will alert ￿ when they plan to communicate on certain issues, where issu¢5 will be likely to lead to more queries on our helpline. We can then be ready with help, guidance. and reassufdnce for those who are most in need. We want to ensure that the tax issues thai are specific to people in poverty are brought lo the attention of HMRC, ￿ drive the ¢hange and action that can help resolve these issues tn the long-teTm. We helped over 65(X) people in 2023124 but we want to help more and to ￿ led by the needs of all our beneficiaries. To do this we are undertsking a beneficiary a&wsmenL using research to inform our understanding of the Current and futLwe needs of our beneficiaries. We will use this to infomi our fuiure strategy working towards our vision to provide tsx help to all who need it. Financial reviejv Summary ofposition The statement of Financi#l Activities for the year page 13 Shows surplus of income over expenditure in the year of £98,055 (2022123 - surplus £62,154). Income increased by Around £55,000 which was offset in part by an in¢r¢ase in expenditure of around £19,000 (both figures exclude gifts in kind). Income HMRC funding comprised the final year of its three-year grant period. We are pleased to report that we have been successful in being awarded a grant from HMRC for a further three years, running to 31 March 2027. This amounts to £470.000 pa. TaxAid received funding from the CIOT with the specific purpose of advancing tax education. In the light of the cost-of-living crisis. funding applications took longer than usual to be considered given the pressure on tn￿tS and foundations. The total income from each source ts shown below. Income Sources IIHMRC Professional associations 26% 42% •Trusts & Foundations Bridge the Gap & other 15% Professional firms & corporates Donated selvices 3% Expendithre Expenditure in the year ended 31 March 2024 (excluding donated services and facilities} amounted to £701,317, an increase of 3D/o over the previous year. Thi5 was primarily due to increased staff costs which reflect the need to pay higher salari¢s in the light of inflation. Reserves The free reserves at 31 March 2024 are £248,945 which is just under four months, expected expenditure for the current year. This posilion is in line with our reserves policy which is lo: Provide stability and the means for the development of the charity's principal objects; and In the long terni, achieve a sufficient level to provide a cushion equivalent to three lo six months. operating cash expenditure. Rlsk The rlsks Are manAged by the p¢rlodl¢ monltorlng of the rl$k reglster whlch Identifies the key risks and plllns thelr mltlgatlon. The primary risk tacing the charity is financial insiabilily created by the uncertainly around medium- to long-terni funding. This arises from receiving substantial funding Irom one source, HMRC. but this is mitigated by diversifying income slreams. Our financial mand¥L'meni proLedure% inLlude the preparalion of an annual bud8el and fore¢ast wilh guarterly reporting againsl budget providcd to thu Board. The trustees have given consideration lo the major risk5 to which the charity is exposed and 5atlsfied Ihemselves Ihat systems or procedures are established in order to manage Ihose risks. Slructure overnance and msn ement The charlty Is m4n4ged by the Board of Trustees whlch meets quarterly. The directors of the charitable company are ils Iruslee% for the purposes of charity law. The names of the trustees who were in 0￿1(e during Ihc year are listed on pagc l. All mcmbers of the Trustce Board gave their lime voluntarily and received no benefi15 from the charity. The lolal number of Iruslccs musl not bc less than Ihrec and no more than len. New trustees are identified with th¢ n¢¢¢ssary sp¢cialist L'xp¢*rtise and appropriat¢ ¢haritable. commercial, tax and ILgal experience to enrich Ihe standing Board and are given induction and training by the currenl post holders. Truslees shall retire by rotation in accordance with the provi%ions of the Memorandum and Articles of association. Any person so reliring shall be eli8ibl¢ for reappoinlmenl as a tru5t¢¢. Day-to-day management is delegated lo our Chief Exc¢ulive who 15 5UPPOrted by the Senior Management Team whos¢ responsibility is to work to the 8tr4te¥ic plan whiih wntains business, financial and serviLe objectives. TaxAid continues to work closely with Tax Help for Older People and the two Lharilies have a joint Senior Management Team. In addition to the cosl-efficiencies achieved through sharing back office services, this facilitates synergy between them. Remuneration for key management is set wilh reference to market rates for similar roles and responsibilities in the charilable sector, taking acLouni of geographiLal dirrerences. Dls¢losure of information to auditor Each truslee has taken the required steps to make themselves aware of any relevant audit inforniation and to eslablish Ihat the charity's auditor is aware ol that infomiation. The trustees confirni thai there is no relevanl infonnation that they know of and of which they know the aUdI￿r is unaware. Statement of Trustees. Res onsibilitie5 The trustees (who are also the directors of TaxAid UK foT the putP05¢s of company law) are responsible for preparing tbe tn￿tees. report and the financial statements in 3¢cordan¢¢ with the applicable law and United Kingdom Accouniing Standards (Uniled Kingdom Generally Accepled Accounting Prd¢ti¢¢. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each fmancial y¢ar. Under company law the trustee5 rnust noi approve the financial statements unless they are satisfied thal they give a true and fair view of the state of affair5 of the charitable company and of its incoming resources and applicalion of resources. including it5 income and expenditure. for that period. In preparing these fmancial statements. the t￿sleeS are required io: select suitable accounting policies and apply them consistently- observe the methods and principles in thc Charlhes SORP; make judgements and estimales that are reasonable and prudent. state whether applicable accounting stsndards. comprising FRS 102 have been followed, subject to any material departures di5c105¢d and ¢xplain¢d in the financial staiemenls; and prepare the financial stalements on the going concern basis unless it is inappropriate to presume that the cbaritable company will continue in business. The trustees are responsible for keeping proper a¢countiDg rwords that can dI￿lose with reasonabl¢ a¢¢ur8cy at any tirne the financial position of the charitable cornpany and enable them to ensure that the financial statements omply with the Companies Act 2006. They are also reS￿nSIble for safeguarding the assets of the charithble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The tNstees are responsible for the mainlenance and integnty of the COTpofdte and financial iThfonnation included on the charilable company's website. Legislation gO￿ernIng the preparation and dissemination of fmancial statements may differ from legislalion in other jurisdictions. The annual report was approved by the trnstees of the chariry on 18 November 2024 and stgned on its behalf by.. Kevin Ni¢holson (Chair) TaxAid UK Independent Auditor's Report to the Members of TaxAid UK Opillioll We hai'e audited the financial statements of T&xAid UK {the'charttr'l for the )'ear ended 31 March 2024. w'hich comprise the Sthiement of Financial Actii"ities, Balance SheeL Sthtement of Cash Flo￿5, and Notes to the Financial Statements, including a summary. of signilicant accouniin8 wlicies. Th¢ linancial ￿portIng framem'ork that h&$ been applied in their preparation is United Kingdom Accounting Standards, comprising Charilies SORP - FRS 102 The FinamLial Rewbrting S&￿dard applicable in the UK and Republic of Ireland, and applicahlc law Il Initcd Kingdnm liencrnll}" A¢¥eptrd Ac¢nunling Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs &s ai 31 March 2024 and of its i￿￿)Ming resources and application of resources. including its inu)me and expenditure, for the year th¢n eftded. haN"e been properly Prepared in accordanc¢ with Uniled Kingthm Genernll>' Accepted Accounting Practice. and hai'¢ ken prepared in a¢cordan¢e th'ith the requirements of the Companies Aa 2006. B*515 for opillion We conducted our audit in accordance ilith International Standard5 on Auditing (UK) (ISAS (UKI) and applii-ablc law. Our rtswnsibililic5 undcr thusc Stsndar(ts are further des¢rIb￿ in th¢ dudii()r rc5p)n5ibiliti¢s for the audit of the financial statements section of our reFrf)rt. We arc independent of the charity in accordance with the ethical requirements that are relei.ant to our audit of the financial sthtements in the LK. including the FRC'S Ethi¢￿ Standard. and ￿ have fulfilled our oth¢r ethitrdl resp)nsibilities in accordance with these requirements. We beliei'e that the audit evidence li'e have obthincd is sufficicnt and appropriate to proi'ide a basis for our opinion. CoDcIu5ions relating to goillg concern In auditing the financial s￿eMents. we have concluded thai the trustCCS Use of the going concem basi5 of accounting in the preparation olthe financial ststements is appropriaie. Based on the ￿ork M'e have perfomieLt ￿¢ ha%'e noi ideniified an!" ma￿n8] uncenainties rel￿1n8 to ei'ents or ¢ondiiions thaL individuatly or ¢olleaii'el)'. ma)" Ast significant thubt on the charity's ability. io Continue as 8 going concern for a period of at least tivelve months from when the original financial statements ￿"Cre authorised for issue. ()ur resw>nsihililie8 and th¢ resp)nsihilities nf the In￿te¢S Mith respect to going ￿nCern are described in th¢ relevani sections olthis rep)rt. Other ittforniation The trustees are resTxJnsiblc for thc othcr inforniation. The other inf0m1￿10n comprises the infomi4¢ion included in the annual r¢pirt. other than th¢ finan¥ial statements and our auditor's rewn thcreon. Our opinion on the financial statements does nol cover the other information and, except to the exteni otherwise explicitlv stated in our reporL we do not cxprc55 any form of assuranc¢ conclusion thereon. In cormection with our audit of the financial slatements, our reswnsibility is ￿ read the other inf0m1￿10n and. irt doing so: ¢on$kd¢r %vh¥xh¢r the other inforniation is materially inconsistent with the tinanLiai statements or our knoivledge obtained in the audit or other%%ise appears ts) be materially misststed. If we identify such material inconsistencies or apparen( matcrial mi&statcmcnl& w'c arc rcquirvj to ddcrtTLin¢ whether th¢￿ is a m&erial misstatement in the tinancial slalcmcnts or 8 matcrial mi.kslatcm¢nl ol" th¢ oth¢r infomjatinn. If. b&s¢d on th¢ work we hai¢ p¢rfomied we conclude that there is a maierial misstatement of this other inforniaiion. we are required to rewTrrt that fact. We have [￿thing to rep)rt in this regard. Pa8¢ 9 TaxAid UK Independent Auditor's Report to the Members of TaxAid UK Opinlon on o¢ber matter prescribed by the Companies A¢t 2006 In our opinion, b￿ed on the ￿'ork undertaken in the Lourse of the audil: the inlomiaiion 8iv¢n in the Chails Report and Trustccs, Report for the financial year tor whiLh the tinancial stalements are prepared is consi5(ent 1s.ith the finantiial stat¢ments: and thc ChaiVs R¢wrt and TrustLLS' Rcwrt havc bccn prcpar¢d in accordance with applicable IL8al requirements. M*tters on which we are required to report by tx¢eptlon In the light ol'i)ur knowledge and understanding ol. the Lharity and its environment obtained in the course of the Audit, have not idenlili¢d moteriol mis5th1Lments in the C huivs Report ond the 'l'ruste¢s' Report. We hai'e nathin8 tn repnri in respeLt ol. the lollowing ma(ters ivhere the C'.ompanie8 Act 2006 require.s us lo report lo you if. in our opinion.. adequate accounting records have not been kepl, or returns &dequate for our audit have nol been received from branches not visil¢d by us. or the linancial statemen(s are nol in a8reemenl with Ihe ￿￿unting records and returns. or certain disclosurcs (?rtrusl¢c8 rL'munLrali()n sp¢ciliLd by law arc not mudL: or we havL nol rL'LLiI'Ld all the inlormation and explanations we requir¢ lor our audit. Respon$lbllltles of trustee5 Ab ¢.xplJin¥d m()r¢ lully in the lset out on pagc 3 1, the trustees are respnnsible for the preparation of the rinanLial statcmLm¢s ond li)r bein8 satislied thai thev give a truL and lair i'iew, and l()r suLh iniemal ¢i)nlr()l as the ¢ruslees delerniine is necessary to enable the preparation of linanLial slatemenls thal are tree from material misstsi¢m¢nl. whether due to fraud or e￿Or. In pieparing lh¢ linuncial statement5. the trustees ure responsible tor assessing the charity's abililj. ts) continue as Ll)nLern. dis¥lvsin¥. d5 appliLabl¥. m#ll¢t¥ r¢lul¢d lu g(iin¥ ion¥ern dnd using ihe going LvnLern bdsis ur aecoun¢ing unl¢$s the Iru8t¢¢8 either intend in li4uidate the charity or to cease (Trpcralion$, or hai"e no realistic 4lternaliv¢ but to do s(). Audl¢or responsibllities for the *udll of the fin*nrl41 st4¢ementy Our l)bjCLti￿rs JrL" [() obtdlii reJwndblL' 4155uranLe ab()ut w,hether the financial statements as A whole are free Irom ma(crial misstat¢m¢nl. ￿'h¢th(r du¢ lo Iraud or Lrror. and to issuc an auditor's rcw>rt that inlludcs our opinion. Reasonable assurance is a high level of assurance. but is not a ¥uar#nt¢¢ that 9n audit conducted in acLiirdance with ISA5 IUKI th'ill ali¥a)'s d¢l¢¢l a mal¢rial misstalement when it exists. Misstatements can arise fn)m Iraud or ¢rror l￿d are considered material if. individually or in the a8gregale, they c()uld re￿nablY be expected to intluence the economic decision5 of users (aken on the basis of these linan¢ial statements. Page 10 Ta￿ld UK IndepeDdeDt Auditor's Report lo the Members of TaxAid UK As part of an audil in aCcOrth￿L￿ with IS.45 (UK), we exerciK professional judgement muintain professional scepticism throughout the audit. Irregularities, including frnu& are ins&mces of non-compliance thith laws and regulations. We design procedures in line with our res￿nsIbIlIties. outlined atrmive. to detect m*erial misstaiemenLS in restttt of irregularities, including Iraud. The extent to ￿th]Ch our procedures are capable of detecting irregularities. including frdud is detailed below. Tbe extent ¢0 whi¢b the *udlt ¢oDsldered ¢*p*ble of d¢¢etting Irregul*rities lll¢ludiDg fr*ud Our approach to ideniifying and assessing the risks of material misstatement in respecl of irregularities, including fraud and non-(x)mpliance ivith laivs and regulations. Ivas &8 follo1￿.5.. thc cngag¢m¢nt partner ensured thai the engogemeni team collcctii.clv had the appropriate competence, capabilities and skills to ideniify. or recognise non•compliance ￿'1th applicable laws and regulations- we identified the laws and regulations applicable to th¢ ¢omwy through discussions with directors and other managemenL and from our commercial knowledge and experience of the charities sector" focused on spccific laws and rcgulations w'hich we considered ma%. have a dircct material effect on the financial statements or the ortrations of the comFan)'. including the ComFYdnies Act 2￿6. Charities Act 2011. I￿allOn Icgi51ation, dala protection. cmplo)'mcni and hcalth and safcty Icgislation. we assessed the exlcnt of complianc¢ with thc laws and r¢8ulatii)ns identified aEK)vc through making eii4uiries of mana8emenL ￿l'le￿ing licenses. certificates and relei'ant corresrx)ndence including the inspection of legal correspondence; and identified lam"5 and regulations m.ere c(ymmunicAted within the audit team regularly and the ieam remained alen to instan¢es of non•compliance throughout the audit. W¢ ￿e&sed the 5115ceptibility of the charit). s financial statements to material mi5StatemenL including obtaining an understanding of how fraud might occur. by: making enquiries of management &s to wthere tho. considered there was susceptibility to fraud. their knowledge of acttMI, suspected atml alleged fraud: and con5idcring the internal controls in place ¢0 mitigatr risL8 of fraud and non-wmplign¢e ￿'1th laws and regulations. To addre55 the risk of fraud through management bias and override of controls, M"e: perfornied analyti￿ procedure5 to identify an?. unusual or uneXpeC￿d re1￿lOnShiPs. sted journal entries to identifv unusual trdnsactions: assessed ivhether judgements and &ssumptions made in detennining the accounting estimates were indicative of potential bias- and investigaled the rationale behind significant or unusual transactions. In resFK>n5e to the risk of irregularities and non-compliance with laws and regulations. we design￿ proc¢dur¢s whiLh inLluded. but Mere noi limited io= a8reein8 financial statement disclosures to underl)'ing SUPFX)rting Ik)cumentation: enquiring of managem¢nt Ls to actual and wtential litigation and claims: and revicwing corresp)nden¢e iiith IIMRC. relevant regula￿rS and the company's legal advisors. Pa8ell Ta￿ld UK Independent Auditor's Report to the Members of TaxAid UK There ar¢ inherent limitalions in our audil procedures (k$L'rit￿ atx)v¢. The more remov￿1 that I#ws l￿d regulations are from financial transactions, the less likelv it is that %ve would become a￿.are of non-compliance. Auditing stsindurds &lw limit the audil procedures required ￿ identifv rKyllrycompliance with laws and regulations to enquir) ol" the dir¢¢tors and other management and the inspcclion of re8ulator)' and legal corr¢swnden¥e. if any. Material misstaiements that arise du¢ to fraud can be harder to detect than those that arise from error as they may involve deliberate concealmcnl vr cullusivn. A further description of our reswnsibililies is available on the Financial Retx)rting CoLkncil's website al- wWw.tw.org.u￿audltOrSresp0n5lb]lLI1￿. This descripiion fom)s part of our audI￿r'S re￿rt. Use of our report This rcFK)rt is made solely io the charitable company's trustees. a IM)dy. in Rccordance w'ith Chapter 3 of Part 16 01" the Companies Act 2006. Our audit work h&$ been undcrtsken so that we might stalc to the chariiv's trustees those matter5 we are required to Sta￿ ￿ them in on audits)r s r¢p)n and for no other puryx)se. To the rullesl exienl pemiitled by law. w¢ noi aLiep( or &ssume reswnsibilily ￿ anvone vther the Lharitsbl ¢ompan) and its Irusltts as a l)nd>'. f(Trr nur audil ivnrk. for this reEYJrt Dr for the opinions ive have forn)ed. LLP Mr David Tucker (Senior Sthtutory Auditor) For and un behaifvf Thompx)n Jenn¢r LLP. s￿[Ul0ry Auditor I Coll¢ton cr￿ent Exeter Dcvon EX2 4DCI Page 12 T#￿id UK Statement of Financial Activities for the Year Ended 31 March 2024 Oncluding Income and Expenditure Account and Statement of Tolal Recognised Gains and Losses) Total 2024 Lnres¢rit¢ed Restrieted 2024 Illeome and Endowments from: Donations and legacies Charitsble actii'ities Investment income 266.079 281.668 445 48,000 484.847 3 14.079 766.515 445 Total Income 548.192 532.847 1.081.039 Expenditu￿ on: Charitsble activities {450.137} (532.847) 1982.9841 Total Ex[￿ndituTe {450.137} 1532.847) 1982.9841 N¢t income 98,055 98.055 Net movement in fimds 98.055 98,055 Re¢oncili*tion of funds Total fimds brought forw7rd 3j12?2 13.259 344.481 Total fi￿d5 carried forward 18 429,277 13259 442,536 Total 2023 Lllrestricted Restricted 2023 .Yote lll¢ome *nd Endowmeots from: Donation5 and legacies C.'haritablc actii'itics Inl'estment income 289.761 382,937 295 289.761 837.515 295 454.578 Tothl Income 67?.993 454.578 1.127.571 Exp¢ttditur¢ oth: Charithbll actii'ities (622.489) 1442,9281 11,065.4171 Tothl Ex￿id11Ure (622.489) 1442,9281 11,065.4171 Net income 50.504 1.650 62.154 Net mvement in funds 50.504 11.650 62,154 RecoDcili8tioD or runds Total funds briyughi fon%ard 280,718 1.609 282,327 To¢81 funds c4tried forward 18 331 ?22 344.481 All of the chariry's activities derive fmm continuin8 operdtions during the al￿%,e two periods. The fimds breakdoi%n for 2023 is shown in Th)te 18. The notes on pages 16 to 30 form an integral part of these financial statements. P4¢ 13 TaxAid UK {Registration number: 03374001) Balance Sheel as at 31 March 2024 2024 2023 Note Fixed assets Tangible &ssets 12 707 1.581 707 1,581 Cvrrent assets l)ebior8 Cash at bank und in hand 13 14 116.050 417,888 221,575 250,251 533,938 471.826 Creditors: Amounts falling due within one year 15 (92,109) (128,9261 Net curreDt assets 441,829 342,900 Net assets 442,536 344,481 Funds of the charity: Restricted 13,259 13.259 Unre$tri¢ttd income funds Unr¢5lriil¢d 429,277 331,222 TotAI funds 18 442,536 344,481 The financial 5tatcmcnts on pages 13 to 30 were approved by the trustees. and authnrised for issue on 18 November 2024 and signed on their behalf b).. Kevin Nicholson Chair and trust¢¢ The notes on pages 16 to 30 form an integral part of these financial statements. Page 14 TaxAid UK Slatement of Cash Flows for tbe Year Ended 31 Marcb 2024 2024 2023 ote Cash flows from operAting xrtivities Nct cash inLY)mc 98,055 62,154 Adjustments to c•sb IIow5 from Dvn-r*sh item$ Depreciaticin Ini'estment inLiime 874 14451 1.080 2951 98.484 62.939 Working ¢apitsl adjustments Decrease lincre&sel in delmors IDe¢reaseyincrease in Creditors 13 105,525 (36.817) 181,6191 27.004 15 Net cash flows from opera¢in8 activities 167.192 8,324 Cash flow5 from iDvestitig *rtivitieg Interest receiN'able and Similar incom¢ Pu￿h￿se of tangible fixed &%sets Sale of tangible fixed a￿Ls 445 295 ((X)41 12 Net c&sh flows from investing actis'ities 445 (6081 Net incrcase in Lash and (wh e4uiiai¢YLS 167.637 7.716 Cash and c&sh equivalents at l April 250.251 242,535 C&sh and c&sh equivalents at 31 March 417.888 250.251 All of the cash flows are derived from continuing operations during the above ¢wo periods. The notes on pages 16 to 30 form an integral part of these financiat s￿Lements. Pag¢ 15 T8xAid UK Notes to tbe Financial Statements for the Year Ended 31 March 2024 I Charity st*tUS The ¢haritv is a charitv lirnited bv guarantee consequently thes not have share capitsl. Each of the members 15 liabl¢ lo contribute an amount not exceeding £1 I0￿￿d5 the ass¢LS of the charity in the event ol liquidation. The chariry is incorFx)rdted in England and Wales and its registered oftfice is 30 Monck StreeL Lon&Jn. SWI P 2 Accomllllng poll¢ies Summgry of significant *ecountiDg polities and key accounting tstim*tes The principal accounting plicies applied in ihe preparation of the5c financial slatements are set out below. These poli¢i¢s hav¢ been consistently applied to all the years presenfrd unless otheThvise stated. St*temeot of compllan¢e The financial statements have been Prepared in accordance with Accounting and Reporting by Charities: Ststem¢nt ot. R¢comm¢nded PradiLY (applicable to charities preparing thcir accounts in a¢¢ordan¢¢ m.ith the Financial ReFK)rting Standard applicable in the UK and Republic of Ireland (FRS 102)) leffective l January 2019) - IChariti¢s SORP {FRS 10211. the FinanLial ReFOrting Standard appliiablc in the UK and R¢publi¢ of Ircland IFRS 102) and th¢ Lompanies Act 2006. Basi5 of prep*r*tion T&xAid LiK meets the definition of a public benefii eniity. under FRS 102. Assets and liabilities are initially recogni5ed at hists)riL￿ cosi or transaciion N'alue unless otherwise stafrd in the rclcl'anl accounling policy nutes. Going ¢on¢trn Thc tru￿CeS consider there are no material uncertainiies aboui the charity's ability. to conlinuc as a going Concern nor an). signifiL￿t areas of unLYrtainty' that aff<￿ the Lwing Nalue of a￿ets held b). the charity. lllcome alld endowments In¢ome from govemment and other grdnts. i%'hether capital grdnts or rcvenue grgnts. is rewgnised when the ¢harity h&$ entiilcment to the funds. anv pcrforniancc conditions attached 10 the 8rants have b¢en mel it is probable that the income M'ill be r¢c¢ii'ed and the amount can be measured reliabl>. and is noi deferred. Income recogni5ed in ads'ance of the provision of a srrtified setvice is deferred untsl th¢ criteria for income re¢ogni¢ion are meL Donarfons and legacles Donations are recognised wthen the chariry. has been notified in ￿￿tIng of EK)th the amount and Settlement date. In thc ￿￿nI a (kFnation is subjthi io i￿ndItIOnS that require a level of perfor[nan￿ bv th¢ ¥haril) th¢ charity is entitled to the funds. the income is deferred and not recogni5cd unlil either those conditions are ￿llY meL or the fvlfilmeni of those conditions is iThholly Thithin the control olthe charity and il is probable that these conditions w'ill be fulfilled in the rep)rtin8 period. Grunts receivable Grants are recogni5ed when the charil%. has an entitlement to the fun(ts and anv condiiions linked to the grdnts haye b¢¢n md. W'here perfomiance conditions are atwhed w the grant and are yet to be mel the income is recognised a5 a liability and included on the balance shert as deferred income to be rele&8ed. Pagc 16 TaxAid UK Notes to tbe Financial Statements for the Year Ended 31 March 2024 Donutedseryices andfaciliiles Donated professional service5 and dona*d facilities are recognised as income when the charity, h&s control oN'er the item or receik'cd thc s¢Tr'ic¢, an}" conditions &SYA)ciaied *'ith the donation have been meL the receipl of economic benefii from use by the charit) of the item is probable and that economic i*nelil can be mwured reliably. In accordance ivith th¢ Charili¢5 SORP IFRS 102), genernl volunteer time is rK)t Tecognised so refer to the trustecs, annual re￿rt tor more infomation aEM)ut their contribution. On receipt. &)nated gift& professional ser¥'ices and (k>natcd facilili¢5 are tt¢o8nis¢d on the basis of the i.alue of the gift to the charity" wthich is thc amount th¢ charits ￿￿Uld hai"e been i%'illing to paj to obtain serviccs. professional qualified ￿ wnnel or facilities of equiialent econornic benefit on the open markeL a COTrewnding arnount 15 then rccogniscd in expend1ft￿¢ in the ptriod of receir Donations of 8itts. services and lacilities include seconded employees. IT SOft￿￿e and office space. Seconded $tstTs services are proi'ided tree of chargc to th¢ chtsrii! and the ¢osi of their salary is incurred by a third party. IT SOft￿.are and office space are included ai their euimatr mark¢i i'alue when donated. Inv￿1￿￿￿1 income Bank intcrest is re¢o8nised once the inlerest has bttn receii'ed Exptnditur¢ All expenditure is recognised once ther¢ is a legal or constructive obligation to expendilure, it is probable settlement is required and the amount can k measured reliably. All costs are allocated to the applicable expenditurc hcading that aggr¢gal¢ similar ¢osts ts) that category. Whcrc costs cannot be directl!" ￿tribUted to particular headings tho. hai¢ been allocated on a basis consistent with the use of resources. with Cen￿41 stsff costs allocated on the b&8is of time spenL and dcprcciation charges gllo¢atrd on the tM)rtion of the asset'5 use. Other supFrt)rt cosLs are allocatcd b￿¢d on the spr¢ad olstaff costs. All resources expended are inclusii'e ot irrecoi*'erable VA T. Rq15ingfunds These are costs incurred irt attracling volunwy incom¢. the management of InV￿ents and those incurred in trading actiN'ilies that rais¢ funds. Charlldble aclivili Charitable exrKndilurc comprises those costs inLurr¢d by the charity in the delivery of its aLlii'ilics and services for its bencficiaries. It includes costs that can be allocated directlv to such activitics ond those costs of an indireL1 natur¢ necessary to suptK)rt them. Support ¢ost$ Rcsourccs ¢xp¢nded are allocated to the particular xtivity ￿there the cosi rela￿ dirertly to that activity. However. the cost of oi'erdll dircction and adrninistralion ol each ￿tIVity. wmprising thc salary and ovcrhead cO￿S of the central fimction, is aprKirt1on￿ on the follow'ing iwis which are an esiimate. b&8ed on staff lime. of the amount attribulabl¢ to each aaiYil}'. Where inforniation aEM)ut the aim& objectiN'es and projects of the charity is provided ts) wtential beneficiaries. the costs as￿)C]a1¢d ii'ith this publicil!. are allocated io charitable expenditure. Where such inforniation aiM)ui th¢ aims. obj¢¥ti%'es and projects of the charits. 15 a150 provided to wi¢ntial donors #¢tivity costs are aP￿rtiOned bettveen fundraising and charithble a¢ii%"iiies on the basis of the personnel inN'olved with each actiN"ity. Po8e 17 Ta￿ld UK Notes ¢0 the Financial Statements for the Year Ended 31 Marcb 2024 Advice services Tax education Cost of raising fi￿d5 Governance costs 7•/• ¢Y/• GovernaDce eosts 'I"hese in¢lude the costs attributable ts) the charity's compliance ivith constitutional and statulory requirements. including audii. strai¢gi¢ management and trustees, meetings and reimbursed expenses. Gov¢rnm¢nt gr*ttts c￿Vern[￿¢￿t grants ore recognised based on the accnjal model and ar¢ mwured at the fair valu¢ of the asset r¢ceiv¢d or r￿e¢vable. Grants ar¢ ¢1&s5ified as relating either to revenu¢ or to assets. Grants relating lo revenu¢ are recognised in In￿rne Os'er the period in which the rel￿ed costs are re￿gnIsed. Grdnts relating to &S5ets are rttogni*d ov¢r thc ¢xp¢¢i¢d useful life of the osset. whe￿ of o grani relating to assd is d¢fcrrc& il is re¢ognised ￿ delerred income. Taxation The charity. is considered to pass the tests set out in Pardgrdph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitsble compan). for UK cortM)ration t&x purwses. A¢cordingl)'. th¢ charity. is ￿tentIall>. exempt from t&Kation in reSp￿t of income or capital gains received iN'ithin categories vvcr¢d bv Chapter J Part I l of thc COrW￿L0n Act 2010 or SeLtion ?56 of the T￿lion of Chlwgeable Ciains Act 1992. to the extrni that such income or gains are awlied ex¢lusivel)" to charithble purFKJSCS. Tangible flled &ssets Indi¥'idual fix¢d assets cosiing £500 or more are initiall!. recorded at cosL less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. Dtpreciation and *mortis*tlOD Depr¢¢iativn is prvi.ida vn langible fixed so as to ￿￿TIte off the cost or valuation, less any estimated residual %alue. over their expected useful e¢onomi¢ life as follows: Asset class Computer equipment Fixtures and fittings Depredxtlon mttbod r*te i ) ears strdight line 6 y¢ar3 straight line Trade debtors Trad¢ d¢btur5 arc amounts duc from customcr5 for mcTdwidi5e ￿ld or services perfornied in the ordinary cour5c of business. Trade debtors are r¢¢o8nised inilially at the transaction Krice. They are subscquenily measured at amortised cost using the ¢lTe¢tive interes( method. less provision for impairnienL A proN'ision for the impairnient of trade debtors is established when there is objectii'¢ ei'idence thai the ¢harir¥ will not be able to collect all amounts due accordtng to the original t¢rn15 01-Ihc re¢¢i%'ables. Page 18 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 C*sb and ¢asb equiv*ltnts Cash and cash equivalents comprise cash on hand and call deFosits. and other 5hort-terni highly liquid inN"estments that are readily convertible to a known amount of Cash and are subject to an insignificant risk of change in i'alue. Trade ¢reditors Trade Crediiors ar¢ obli8&ions to pay for goods or sep+'ices that have been acquired in the ordinary course of business from suppliers. AcLounts payable are Classifi￿ as CUTrcnt liabili(i¢s if the Lh4Wity d()¢s not hai'e an uncnnditional righL ai the end ol the rewrting ￿riod. to defer settlement of thc creditor for at Iu5t ￿'¢Iv¢ months after th¢ reF￿rtIng date. If there is an unconditiona] right to defer settlement lor at leasi tweli'e months after the reFX)rting date, the). are pr￿n￿d a5 non￿Urrent liabiliiies. Trode Creditors are recognised initially at the transaction price and subsequently measured at amortised wst using the effective interest method. Futhd strnctllre Unrestricted income fimds are genernl funds that are available for at the trustees. discretion in firtherance of the objectives of the charity.. Designated funds are unrestrirted fun(ts set aside for specific purEx>ses at the discretion of the trustees. R¢stri¢ted income funds are those donated for usc in a particular area or for SP￿lf1¢ PUryM)ses, th¢ use of which is restricted to that arva or putw>se. PtnslOD5 *Dd other posi Tetirtmtllt obligations The ¢harit)' op¢rat¢$ a defined contribut&on pension ￿eme which is a ￿Ls1on plan under which fixed contributions are paid into a pension fimd and the chari¢v has no legal or constructii'e obligation to pav further contributions even if the fund does not hold sufficieni &sseLs ￿ pay all emplo)'ees the benefits rel81ing employee service in the current and prior periods. Contributions to dcfincd contribution plans are r¢LM)gnised in the Stathent of Financial Artivities Vi'hcn thcy are due. If contribution paymenLS exceed the contribution due for 5¢rvice, the ex¢e&s is recognised &s a prepayment. Fin4nti41 in$trnments cla￿1￿C￿￿On Financial Lssets and financial liabiliti&s tsre recognised ￿'he￿ the charity becom&s a partv to the contractual provisions of the instrum¢nt. Financial liabilitics and equiiy instnllnents are cllssified according to the substanc¢ of the contractual arfdngements entered into. An equity. instrwnent is any ￿ntraCt that evidences a residual interest in the assets of thc charitv after dedu¢tin8 ail of its liabilities. Pag¢ 19 TaxAid UK Notes to Ibe Financial Statements for the Year Ended 31 March 2024 Reeo8Ailion ond ￿t￿￿Temen* All linancial ￿sets and liabiliiies are initially measured at trdnsaction price (including transaclion costs). excepl lor those financial assets classilied as at tair *alue through prolit or loss, which are initiallv measured at tair value Iwhich is rtonnally the transaction price excluding tranwtion costs). unless the arrangement constitutes fin￿LIng transaL(ion. It" an arrdngemenl Lonslilul¢s a finanLill8 tTansaLtion. the finanLial ￿$S￿ or finanLial liability is me&surcd ai the preseni value of Ihe lulure pa}'m¢nts discounted at a mark-et ratc ot intercst tnr a similar debt instrumeni. Financial as%ts and liabilitics arc only offset in thc sthtement of financial wgsition whcn. and only M'hcn therc exists a legallv enforceable ri8ht to set off the reu>8nised amounts and the charitv intends either to settle on a net basis. or to realise the a￿1 and settle the liability simultan&)usly. Financial assets are dere¢o8nised when and only when a) the Contr￿lU41 rights to the flows trom the linancial assel expire or are settled. b) the charity transfers to another party subslantiallv all of ihe risks and rewards of owiership of the Iinancial &sseL or cl the charity, despiie hai'in8 ￿taIned some. but nol all, signifiLanl riyks and re￿ardS ofvwn¢r5hip. has transferre(l Lontrol ofthe ￿Se1 lo arH)ther party. Financial liabilities ar¢ der￿OgniSed only when the obli8aiion Specifi￿ in the contract 1$ discharged. ¢gnc¢lled or expires. Page 20 TaxAid UK Notes to the Financial Statemenls for the l'ear Ended 31 March 2024 3 Income from donations *nd legacies Uore$iricted funds GtDeral Restricted funds Tot41 funds Donations and legactes: Donation5 from professional fwms and supEx)rters Othcr donations 164.(KK) 10?.079 164.(K>O 150.079 48.0(M) Total for 2024 266,079 48,OIK) 314.079 Totsl for 2023 289.761 ?89.761 Summary oldonations from professional fums and SUPEX>rtetS 2024 2023 Dcluittc EY KPNIG pwc 'ujitsu BIiLk Rothenberg Ath'isers Charitable Tn￿l (Thc Worshipful Companj" of Tax Advisers) 50.¢N)O 20,OIKI 50.0(KI 30.0(KI 30,000 20,000 40.000 60.000 20.1)00 io.( 164,OIKI 174,000 For the >'car cnded 31 March 2025, Deloitte, EY. KPMG and PWC have committed to providing donations ot" £50.0￿ each. Other donations inclu' ol. F.dinburgh 454,847 454,847 281,668 411,183 382.937 1.745 281,668 281,668 454,847 736,515 795,865 TIA tdur*tlon Chart¢rLd In51itu¢e of T￿allOn Association of T&xalion Technicians ATTI 30.1)00 30.000 30,000 11.650 30,000 30,000 41,650 Income from choritable activities 2024 281,668 4114.847 766,515 837.515 Income from charitable activities 2023 382,9.17 4.54.578 837,515 3 Investm¢n¢ Ineome Unre5tTlc¢ed funds Gener41 Total 2024 Total 2023 Interest re¢eiK'abl¢ and similar inioi))e', Interest receivable on bank deposi15 445 445 295 Page 22 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 6 Expendlture on eharltible *etlvltl Cost of r*l$lu£ funds Advlee servicey Edueatlon Governance COSt5 Support COSts 2024 Total 2023 Tot*l Stall. ¢osls (pills in kind l)r¥'mis¢s and other ¢()sts Website. ICI. 4nd L4uipmcn( LostS' Legal. insurance and prolessional CommuniLation and trnvel Oiher LOSIS RL%carLh and ci)n.8ultsncy 35.44 271.751 281.()68 25.590 16.499 6.556 1.903 23.631 23.630 236.305 590.763 281.668 55.629 35.869 14.254 4.135 667 562.858 382.937 61.070 39,335 11,374 4.970 689 2.1114 3,338 2,152 855 248 2.225 1.435 570 165 2.225 ,435 571 165 22.251 14.348 5.702 .fi54 667 42,039 25,283 4.76Y 603.967 216.314 39.1117 28.026 19.665 3.815 28.026 l Y.665 147.6Y I I 280.927 1280.927) 982,984 1.065.417 Support Costs G()vernanLe costs .1 otsl expenditure 21124 72,091 859.388 51.506 982.984 ,065,417 Totsl expenditure 2023 70,499 944.811 50.107 1.065.417 £450,137 (2023.. £022,489) vfthe aix)vr expcndilure was atiributsble io unrestric(ed funds and £532,847 {2023: £442,928> ts) r¢slriil¢d fun&s. Page 23 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 7 Net lo¢omingloutzoiDg rtsourees Net inLoming resources for the year include: 2024 2023 Oper41ing leases- other assets Audii l-ees Depreciation orrix¢d a￿lS (36,0001 (6,300) 136.9231 (6,0001 8 Trnsteey remuner*tl•n 4nd expenses No Irustees, nor an), ￿r$onS LonnLLied with any Irus*e. re¢¢ived any remuneTation from the charity during the year. No trustees have received any reimbursed expenses from the chaTity during the year. 9 Staff eostj The a88regaie payroll costs wrre as follows: 2024 2023 Stair costs durin% the ye*r were: Wages and salaries Solial security ¢osts Pension costs Other sthtTeosts 514.-196 46.991 8.914 20.462 477.087 43.213 15.815 26,743 590.763 562.858 The monthly avera8e numlxr ol" persons (including senior management ¢urn) employed by the charity durin8 the year was 19 (2023 - 18). 'I'he mnnthly average number of persons (in¢luding Senior management team) employed by the charity during the year expressed as full lime ¢quivalents &$ folloths: 2024 2023 Raising funds Advice .services Tox ¢dU￿tIOn Supry)rt Governance 10.7 No employee received emolumenL8 of more than £60.IX)O durin8 the year. The total employee benefits of th¢ kev mana8¢m¢nt personnel of the charit). werc £44.562 (2023 - £43.332). Page 24 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 10 Auditors, remuneration 2024 2023 Audit of the financial statements 6,300 6,000 Other fees to auditors All other nOn￿UdIt services 3.432 3.611 11 Taxation The charity is a registered charity and is therefore exempt from taxation. 12 Tangible fixed assets Furniture and equipment Computer equipment Total Cost Ai l April 2023 Disposals 648 164R 3,542 4.190 At 31 March 2024 3,542 3.)42 Depreeiation Ai l April 202) Charge for the year Eliminated on disposals 621 27 1648} 1,988 847 2,609 874 {648} At 31 March 2024 2.835 2.835 Net book v*lut At 31 March 2024 707 707 Al 31 Marih 2023 27 ,ii4 I,)81 Page 25 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 13 Debtors 2024 2023 Trade debtors Prepayments and a¢¢ru¢d in¢4)me Othcr dcbi()rs 60,621 41.676 13,753 150.621 53,659 17,295 116.050 221.575 14 Cash cash equivalents 2024 2023 Cash on hand Cash at bank 333 417,555 333 249,918 417,888 250.251 IS Creditors: amounts falling due within one year 2024 2023 Trade ¢r¢ditors Other t&xation and social se¢urily Other creditors A¥¢rwdls and deferred income 2.698 21,318 46,964 21,129 1,057 20,991 78.470 28.408 92,109 128.926 2024 2023 Deferred income at l April 2023 Resources deferred in the period Amounts relvased frotn prci'ious pcriods 7,500 li,250 (7.7501 Dcfcrred iniome at year end 7.500 7.500 Deterred income relates to the B TG Gala Dinncr iihich ivas Cancelled as a result ol- Covid-19. The remaining balance is to be carried forward to enable ￿tendance at a fuiure event. Pa8e 26 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 16 Oblizations undtr leases and bire purcbase contracts Oper*¢lng lease eommltmtnts Toial lu(ure minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Land and buildinEs Within one year 9.000 9.000 17 Pensltsll and other Schemes Defined eontrlbutlon pension scheme The charity operat¢s o d¢fin¢d contribution pension whem¢. The pension cost Char8¢ for the year represents contributions pa)'able by Ihe charity to the scheme and amounted to £8.9141?023 - £15,815). Contributions lotalling £3,368 {2023 - £4.6851 were payable to the sch¢m¢ at th¢ ¢nd of th¢ year and are inLluded in LreditOT¥. Page 27 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 18 Funds Balance at 31 March 2024 Balanet ¥t I April 2023 Incoming resources Resourees expended TrAnsfers Unrestricted funds General General 329.641 548,192 1449.263) {180.332) 248,238 Desigrtaled Lapital depr¢ciation Designat¢d fund ,581 1874) 707 180,332 180.332 1.581 (874) 180.332 181.OJ9 Total unrestrirted funds 33 1,222 548,192 {4iO,137) 429.277 Re5tricled funds GoVern￿Ce Advice service3 education .071 538 11,650 1,071 538 11,650 502.847 30.000 1502,847) (30,0001 Total restricted funds 13,259 532,847 {532,847) 13,259 Total funds 344,481 1,081.039 {982,984) 442,536 Bglance at I April 2022 Incoming resour¢e$ Resources expendtd Balance at 31 March 2023 Unrestrle¢td funds General General 278.961 672,089 1621.409) 329,641 Designoled Capital depreciation 1,757 904 11.0801 1,581 Total unrestrieted funds 280,718 672,993 1622,4891 331.222 Restricted Governance Advi¢e s¢rvi¢¢s edu¢ation 1.071 i38 1.071 538 11,650 412,928 41,650 1412,928) (30,000} Total restricted funds 1,609 454,578 1442.928) 13,259 Total funds 282,327 1.127,571 I I,065,4l7) 344,481 Page 28 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 The spccific purposes for which the funds &re to bc applied arc as follows: Advice services This lund represents income which 1$ for delivering the main charitable purpose of TaxAid UK. Ihot of advisin8 low in¢ome clients and the generaligl volunwy seitor un l&¥ mallers. Tax education This fund represenls income provided 10 impr()ve aLLess to infomalion on ￿ so thdl ihuse un low inLume5 are awdrc of their ri8ht.s and resrA)nsihilitie.s undcr the lax systcm. It is dclivcrcd Ihmugh iraining, printcd material and guides, and thL T￿lId UK website. Desi8natLsd lund5 The design&ied lund represents the net ix)ok value of assets purchased from unrestricted tunds to be depr¢ciat¢d in the luture and c81Lulat¢d slatulory redundaniy Losis and payment in lieu ol. noiice that ivould be payable should the charit4bl¢ ￿rnPanY ¢eas¢ to op¢ral¢. 19 AllAlysls of Det gssets between funds Total funds #t 31 March 2024 Unrejtrlcted funds Restrleted funds 'I'an8ihle lixed assets Curr¢nl Jbsels. Current liabilities 707 707 533.938 192.1091 520.679 192,109) 13.259 Total net as5e15 42Y.277 13.259 442.536 TotAI funds 4t 31 March 2023 Unrestrlcted funds Restrl¢ted nds Tan8ible lixed assets Current ass¢ts Current liabilitics 1.581 458,567 1128,9261 1,581 471.826 1128,9261 13.259 Total nel &%sels 331,22? 344,481 Page 29 TaxAid UK Notes to the Financial Statements for the Year Ended 31 March 2024 20 Analysis of Det fundj Ai l April 2023 FiD*nelng ¢ash At 31 March Ilows 2024 C&sh at bank and in hand 2iO.251 167.637 417,888 Totsl 250.251 167.637 417.888 At l Aprll 2022 FID*n¢iDE ¢ash Ilows At 31 ￿l￿re￿ 2023 Cash at bank and in hand 242.535 7.716 250.251 Total 242.535 7,716 250.251 21 Related party tr*ttsaetiODS Donations were received from KPMCi. w.here Vi¢toria Ileard is a partner. The total of these th)nations amount to £50,000 (2023 - £40.0￿). Donations wcrc received from Tn￿¢¢5 during the )'ear ts)talling £1 1.2(M) 12023 - £12.220). These donations were shared with Help For Older People. No restrictions have been atwhed to these donations. T&xAid UK operated the payroll on behalf ol Tax Help For Old¢r People during the year. Payroll costs for the year and recharged from T&xAid UK to T&x Help For Older People totalled £470.709 (2023- £441.2251. No amounts were outstsndin8 at the year end in rc¥Kct of pa)'roll costs. During the year. nc¢ incry)m¢ loulllng £85.405 (2023 - £9?.6721 wa5 collected b). TaxAid UK on behalf ofT& Trlelp l.'nr ()Ider People. At the year en& th¢ amount due kn "f&x Ilelp For Older PLM)ple. included in other creditors in the financial $￿teMents, was £15,182 12023 £36.2771. A further £21,163 (2023 - £37,520) included ￿7th1￿ other ¢redilors is due to T&K Help For Older People in rclation to rechar8ed shared costs and £19,373 12023 - £23.4611 included within dcbtors is due from Tax Help For Older People in relation to recharged shared costs. Page 30