REGISTERED CHARrrY NUMBE 1064392 Report gf the Trustee and Audlted Flnanclal Statemants for the Year Ended 30 June 2021 Tax Advisers. Charltable Trust Critchleys Audit LLP Statutory Auditors Beaver Housè 23-38 Hyihe Bridge Street Oxford Oxfordshire OX1 2EP
Tax Advisers. Charitable Trurt Contents of the Financial Statements forthe Year Ended 30 June 2021 Page Reference and Admlnlstratlve Detalls Report of the Trusts• Report of the Independent Auditors statement of Flnanclal Actlvltles Balance Sheet Notw to tho Flngnclal Ststemqnts 10 to 13
Tax Advisers, Charitable Trust Reference and Administrative Detai15 for the Year Ended 30 June 2021 REfj1ERED CHARITY NUMBER 1064392 PRINCIPAL ADDRESS 30 Monck Street London SW1 P 2AP TRUSTEE The Worshipful Company of Tax Advisers (incorporated by Royal Charter) HONORARY ALMONER J Dewhurst 30 Monck Street London SW1P 2AP HONORARY TREASURER H Ashmore 69 Knowl fvece, Wilbury Way Hitchin SG4 OTY AUDrroRS Critchleys Audit LLP StatLrtory Auditors Beaver House 23 -38 Hythe Bridge Street Oxford Oxfordshire OX12EP FINANaAL ADVISERS Quilter Cheviot Limited 90 Long Acre London WC2E 9RA BANKERS HSBC BANK PLC 19 Grosvenor Place London SW1X 7HT Pag¢ I
Tax Advr5ers' Charitable Trust Report of the Trustee for the Year Ended 30 June 2021 The Trustee presents its twenty-sixth annual report and financial statements of the charity for the year ended 30 June 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply wth the CharItS trust deed, the Charities Act 2011 and Accounting and Reporting by Charitie5: 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 l January 2019). STRucfuRI GOVERNANCE AND MANAGEMENT structure. govemance and management The Charity is a registered charity whose governing document is its Declaration of Trust dated 19th May 1997 las amended). The Charity changed its name from The Guild of Tax Advisers, Charity to Tax Advisers, Charitsble Trust by deed dated 1 5th February 2006. The sole power to appoint new additional Trustees is vested in 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 of the Company and are in their own right experienced tax practitioners with knowledge of the charitable needs of The City of London and of organisations providing tax advice to the needy. They are responsible for the system of internal financial control and setting overall financial objertives. There 15 a clear structure of authority and control responsibilities. They keep under review the risks which the Charity runs. Risk management The Charities Commi(tee 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 Charity'5 powers of investment are set out in its Declaration of Trust which states that the Trustee has power to invest Trust rnoney in any property or investments of whatever nature and wherever situated. Under its investment policy, the Charities Committee: tskes independent investment advice on longer term investments", regularly reviews the value of the funds the Charity requires to be held in investment, short-term deposits and cash. to ensure that they are adequaie to meet the obligations identified in the Charty's strategy document: regularly revrews with its investment advise the performance of longer-term investments". and invests liquid assets in short-term low risk inve5tment5. Based upon independent advice the Charities Committee invested a proportion of funds in corporate bonds during the year, reducing the ChariW5 exposure to equities. Page 2
Tax Advisers. Charitable Trust Report of the Trustee (continued..) for the Year Ended 30 June 2021 OBJECTIVES AND ACTniiTIES Objectives and aims The objects of the Charity are the advancement and promotion of such charitable object5 or purposes as shall be exclusively charitable according to the law of England and Wales. The Trustee has resolved that the Charity's income should generally be disbursed for the benefit of: charities involved with taxation. including education and the provision of tax advice to those who need it but are unable to afford it and other charities involved with the City or its immediate neighknurhotsj. The members of the Charities Committee confirm on behalf of the TNstee that they have had due regard to the guidance contained in the Charity Commission's general guidan on public benefit when reviewing the Charitys aims and objectives and in planning future activities and settling grant-making policy for the.year. The Charities Committee carried out those objectives by meeting four times during the year to make grants in accordance with the objects of the Charity. ACHIEVEMENT AND PERFORMANCE Charitable activities During the year the Charity made grdnts in accordance with its objectives amounting to £27.728 {2020: £38,224). Details of the beneficiaries are set out in note 6 to the accounts. FINANaAL REVIEW Flnancial position Reserves are held to provide financial stability and the means for the development of the Charitys principal objectives. Resetves at 30th June 2021 were £265,244 (2020: £209,601). The Charity is supported by donations from the liverymen and freemen of the Company and others. The Trustee is grateful for the voluntary help given in book keeping, accounting and ministration. Since no other party is bearing the financial cost of these donated resources their value has not been included in intangible income in the statement of financial activities. Page 3
Tax Adv15er5' Charitable Trust Report of the Trustee (continued..) for the Year Ended 30 June 2021 TRusfEE'S RESPONSIBILrrY STATEMENT The trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdwi Generally Accepted Accourrting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts arid Reports) Regulations 2008 and the provisions of the trust deed requires the trustee to prepare financial statements for each financial year vthich give a true and fair view of the stste of affairs of the charty 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 ststements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responsible for keepirKJ proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulatlons 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and olher irregularities. Approved by order of the court of the tNstee on .. by. signed on its behalf M F Gibbons Chairman of the Chartties Committee of The Worshipful Company of Tax Advisers Page 4
Report of the Independent Auditors to the Trustee of Tax Adviser5. Charitsble Trust Opinion We have audited Ihe financial statements of Tax Advisers. Charitable Trust Ithe 'charity) for the year ended 30 June 2021 whith comprtse the Statement of Financial Activilies, the Balance Sheet and notes to the financial ststements, induding 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 Reporting Standard applicable in the UK and Ireland Iunited Kingdom Generalty ACpted Accounting Practice). tn our opinion the finanaal statements: give a true and fair view of the state of the charitys affairs as at 30 June 2021 and of its incoming resources and application of resources. for the year then ended,. have been properly prepared in cOrdan with United Kingdom Generally Accepted AccountirvJ Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audrt in accordance with Intemational Standards on Auditing (UK) OSAS {UK)I and applicable law. Our responsibilitie5 ufKler those stsndards are further described in the Auditors. responsibilities for the audit of the finanoal statements section of our reporL 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 induding the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requiremen We believe that the audit evidence we have obtained is sufficient and appropriate to provlde a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statsments, we have concluded that the tnjstee's use of the going concem basls of accounting in the preparation of the financtal statements is appropriate. Based on the work we have performed. we have not identifTred any material uncertainties relating to events or conditions that, indiwdually or collective. may cast significant doubt on the charitys ability to continue as a going concern for a pericKI of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the resFxJnsibilities of the trustee with respert to going concern are described in the relevant secttons of this reporL Other information The trustee is responsible for the other informatFon. The other infomiation comprises the information included in the Annual ReporL other than the finanaal ststemerts 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 ststed in our reporL 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 infomiation is materially inconsistent with the financial statements or c)ur knowledge obtained in the audit or otheThvise appears to be materially misstated. If we identify such matertal inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misststement in the financia] statements themseives. If. based on the work we have perfom*d, we condude that there is a material misststement of this other information, we are required to report that fact We have nothing to reF)Ort in this regard.
Report of Ihe Independent Auditors to the Trustee of Tax Advisers. Charita>le Trnst MatteT5 on which we are required to report by exception We have nothing to repr)rt in respect of the following matters where the Charities (Accounts and Reports) Regulation5 2008 requires us to report to you if, in our opinion: the information given in the Report of the Trusiee is inconsistent in any material respect with the financial statement% or sufficient accounting records have not been kept or the finanaal statements are not in agreement with the accounttng 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 Responsibilities StstemenL 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 determine is necessary to enable Ihe preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststements, Ihe trustee is responsible for assessing the charftys abilty to continue as a going concern. disdosing, as applicable. matters Sated 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 realistlc altemative bjt to do so. Our responsibilities for the audlt of the finandal statements We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance wlth the Act and relevant regulations made or having effect theunder. Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always deted a material misstatement when it exists. Misstaternents 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-compllance with laws and regulations. We design procedures in line wth our SPOnSibl11t[e$, outlined above. to detect material misstatements in respect of irregularities. includir•J fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed belovr. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and thlls to identify or recognise non-compliance with applicable laws and regulations: we identified the laws and regulations applicable to the tharity through discusslons with th& trustee and other management and from our knoedge and experience of the client's sector, we focused on speafic laws and regulattons whid) we considered may have a direct material effect on the financial statements or the operations of the charity,. we assessed the extent of compliance tIR laws and regulations identified above through making enquiries of management and [rpectIng legal correspondence: and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instsnces of non-complian throughout the audit.
Report of the Independent Auditors to the Trustee of Tax Advisers, Charitable Trust We assessed the susceptibility of the charity'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 estimate5 were indicative of potential bias,. and investigated the rationale behind any signifscant or unusual transactions. Tn 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. Auditin9 Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustee and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detert 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.ff 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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Beaver House 23-38 Hythe Bridge Street Oxford Oxordshire OXI 2EP Date.. 24 September 2021 Pa¥e.7
Tax Athiisers" Charitable Trust Statement of financlal Activttles for the Year Ended 30 June 2021 30.6.21 Unre5tiicted fund 30.6.20 Total funds Notes INCOME AND ENDowME[S FROM Donations and legacies 33.972 18,741 Investment income 5.852 7.339 Tolal EXPENDTfuRE ON Raising funds 2.123 1,299 Charitable activitie5 Grants made 27.728 38,224 Other 2.923 3,561 Total 32.774 43.084 Net gains/llosses) on investments 48.573 (15.399) NEf INCOMV(EXPENDrruRE) 55.625 (31403) RECONCIuATN OF FUNDS Total funds brought fOard 209.621 242,024 TOTAL FUNDS CARRIED FORWARD 265.244 209,621 The notes forn] part ofth¢s¢ financial statements Pag&8
Tax Adviser< Chatitable Tntst Balan Sheet 30 June 2021 30.6.21 Unrestricted fund 30.6.20 Total fjJnds FIXED ASSErs Investments 29 cuRRETr ASSErs Stocks Debtors Cash at bank 5384 5.899 13.689 10 8.990 18,365 24.972 27.355 CREDrroRS Amounts falling due within one year 11 (5&858) (84.327) NEf CURRENT ASSEYS (33.886) (56,972) TOTAL ASSEfs LESS cuRREr UABIUTIES 265.244 209.621 ASSErs 265.244 209,621 FUNDS Unrestricted hnds 265.244 209,621 TOTAL FUNDS 265244 209,621 The financi statements were approved by the Court of the Trustee and authorised for issue on tXL. and were signed on its behalf ty. M F Gibbons Chairman of the Charities Committee of I Company of Tax Advisers Ashmore Treasure
Tax Advisers. Charitable Trust Note5 to the Finanoal Statements for the Year Ended 30 June 2021 ACCOUNTING pouaES Basis of preparing the financial statern The financial statements of the charty. which is a wblic benefft entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Ststement of Recommeryjed Practice applicable to charities preparing their accounts in accordan with the finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019),. Financial Reporting Standard 102 'The Financial Rewrting 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. wth the excepti)n of investments which are included at market value, as modified by the revaluation of rtain assets. Income Grants. legacies and donations are included in the Statement of financial Activities when the charity is Vlrtually certain they will be received. Incoming resources from tax reclairns are included in the Statement of Financial Actiwties at the same time as the gift5 to which they relate. Investment Income is included in the accounts when recewable. Investment gains and losses include ary gain or loss on the sale of investrnents and any gain or loss resulting from revaluing investments to market value at the end of the year. Expenditure Liabilities are recognised as expenditure a5 soon as there is a legal or constructive obligation committing the charity to that expendrture. it 15 probable that a transfer of economic benefits will be required in settlerrEnt and the amourrt of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings have been alIcted to actiwties on a basis consistent with the use of resource5. 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. Stocks Stocks are valued at lower of ct and net realisable Itdlue. after making due allowance for obsolete and slow moving ttems. Taxation The charity is exempt from tsx on its charitable Kiivities. Investments quoted on a recognsed stock exchange are valued at market value at the year end. DONATIONS AND LEGAaES 30.621 30.6.20 Donations INVESTMENT INCOME 30.621 30.6.20 Investment income P10 ecrfitlnu&L..
TJX Athii5ers' Charitable Tnt Notes to the Financial Statements - continued for the Year Ended 30 June 2021 RAISING FUNDS 30.6.21 30.6.20 Investment management fees Fund raising costs 1.638 1,299 2,123 1,299 TRusfEE REMUNERATION AND BENEFrrs The Trustee, members of the Charltles Commlttee and other volunteers receive no remuneration for their services. No claims have been made for reimbursement of travel expense5, CHARITABLE AciivmES GRANTS MADE 2021 2020 1,350 ADrr Bursary and Medal Big Curry Lunch Bridge the Gap City of London Poppy Appeal Clergy Support Trust (formerly Corporatlon of Sons of Clergy) CPO of HMS Belfast Marathon Cancer Fund Chlldren Hackney Quest Hawk Conservancy Trust Help Musicians Kings College London Lord Mayor's Appeal Mansion House Scholarship Scherne NE Sector ACF Sheriffs and Recorders Fund St Bartholomew the Great St Bartholomewthe Great Lady Chapel Roof Tax Volunteers Tax Aid Treloar Trust Trustees of United Guilds SeNlce CIOT Prize Medal Sub total Twenty Fifth Anniversary Grant to St John Ambulance Totsl 500 &¢)00 150 soo 100 soo 35 150 1,260 200 500 500 2,768 1,000 3,000 1,000 500 500 4,000 4.000 500 175 SIXI 1,000 27.728 13,224 PagGII ntinu¢d...
Tax Advisers. Charita)le Tntst Note5 to the financial Statements - continued for the Year Ended 30 June 2021 OTHER 30-6-21 30-6-20 Support costs 2.923 Support costs included in the above are as follows: Auditors. remuneration Bank fees Insuran Legal expenses Printing and stationery 1,553 19 128 1,320 123 378 1.740 FIXED ASSET INVESTMENTS 30.6.21 30.6.20 Fixed interest securities Equity investments 50.386 25,487 241 Addltional infomiation as follows: Listed Investments MARKET VALUE At l July 2020 Addltions Disposals 266.593 98.515 (114,550) 572 Revaluations At 30 June 2021 299.130 NET BOOK VALUE At 30 June 2021 299.130 At 30 June 2020 266,593 There were no investment assets outside the UL 30.6.21 30.6.20 Stocks Py12
Tax Advlsers. Charitable Trust Note5 to the Flnancial Ststements- continued for the Year Ended 30 June 2021 10. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 31x6.21 30.&20 Tax recoverable Crther debtors - The Tax Advisers, Benew)lent Fund Prepayments and accrued income 4A89 421 5.899 8.990 11. cREDOR&. AMouMfs FALLING DUE wmiiN ONE YEAR 30.6.21 30.6.20 Other loans (see note 12) Trade creditors Grants payable Accruals and deferred income 55.0(NJ 2.218 200 75,000 8,000 1327 5&858 84.327 12. LOANS An analysis of the maturity of loans is gprfen belovf. 30.6.21 30.6.20 Amounts falling due within one year on demand: Other loans 55.000 75.000 The loan from the Worshipful Company of Tax Advisers, which is the charity trustee, is interest free and repayable on demand. 13. RELATED PARTY DISCLOSURFS At the start of the year debtors included a loan made to The Tax Advisers, Benevolent.Fund of £4,489. This was fijlly repaid during the year. 1& CONNEcfED CHARrrY Tax Advisers. Charitable Tt and The Tax Advisers. Benevolent Fund are connected charities, because both have the same Trustee and a)arities committee. Neither Charity is subordinate to the other. Therefore consolid*ed finanaal statements have not been prepared. Page-13