REGISTERED CHARrrY NUMBEIL" 1064392 Report of the Tntstee and Audited Financial Statements for the Year Ended 30 June 2022 The Tax Adviser5. Charitable Tt Crttchleys Audit LLP ststutory AuditotS Beaver House 23-38 Hythe Bridge Street Oxford Oxford5hire OXI 2EP
The Tax Advisers. Charltable Trust Contents of the Financial Statements for the Year Ended 30 June 2022 Page Reference and Administratlve Details Report of the Trustee 2 to 4 Report of the Independent Auditors 5 to 7 Statement of Financial Activities Balance Sheet Note5 to the Financial Statements 10 to 14
The Tax Advisers. Charitable Trust Referen and Administrative Details for the Year Ended 30 June 2022 REGISTERED CHARrrY 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 SW1 P 2AP HONARARY TREASURER L Parkin. 3 The Moat Traps Lane. New Malden, KT3 4SB AUDITORS Critchleys Audit LLP Statutory Auditors Beaver House 23 -38 Hythe Bridge Street Oxford Oxfordshire OX12EP FINANcL ADVISERS Quilter Cheviot Limited 90 Long Acre London WC2E 9PA BANKERS HSBC BANK PLC 19 Grosvenor Place London SW1X 7HT Pag¢ I
The Tax Advisers. Charitable Trust Report ol the Tntee for the Year Ended 30 June 2022 The Trustee presents its twenty-sixth annual report and financial statements of the charity for the year ended 30 June 2022. 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 Stsndard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). STRUCTURE. GOVERNANCE AND MANAGEMENT Structure. governance and management The Charity is a re9lStered charity whose goveming document is its Declaration of Trust dated 19th May 1997 (as amended). The Charity changed its name from The Guild of Tax Advisers Charity to The Tax Advisers, Charitable Trust by deed dated 1 5th February 2006. The sole power to appoint new additional Twstees 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 charitsbSe needs of The City of London and of organisations provlding tax advice to the needy. They are responsible for the system of intemal financial control and setting overall financial objectives. There is a clear structure of authority and control responsibilities. They keep under rewew the risks vthich the Charity njns. Risk management The Charities Committee ha5 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's powers of investment are set out in its Declaration of Trust which states that the Trustee has power to invest Twst money in any property or investments of whatever nature and wherever situated. Under its investment policy, the Charities Committee: - takes independent investment advice on longer tenn investments,. regularly reviews the value of the funds the Charty requires to be held in investment, 5hort-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-tenn investments.. and invests liquid assets in short-term low risk investments. 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. Charitable TNst Report of the Trustee (continued) for the Year Ended 30 June 2022 OBJECrnIES AND AcrnirriES Objectives and alms The objects of the Charity are the advancement and promotion of such charitable objects or purposes as shal5 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 ofr. charities involved with taxation. including education and the provision of tsx admce to those who need it but are unable to afford it and other charities involved llth the City or its immediate neighbourhood. The members of the Charities Committee confimi on behalf of the Trustee that they have had due regard to the guidance contsined in the Charity Commission's general guidance on public benefit when reviewing the Charity's 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 grants in accordance with its objectives amounting to £22,616 (2021: £27,728). Details of the beneficiaries are set out in note 5 to the accoun FINANaAL REVtEW Financial posltlon Reserves are held to promde finanaal stability and the means for the development of the Charity's principal objectives. Reserves at 30th June 2022 were £239.381 (2021". £265.244). The Charty is supported by donations from the liverymen and freemen of the Company and others. The Trustee is grateful for the voluntsry help given in book keeping, accounting and administration. Since no other party is bearing the financial c05t of these donated resources their value has not been included in intangible income in the ststement of financial activities. Page 3
The Tax AdvEsers' Charitable Trnst Report of the Trustee (continued) for the Year Ended 30 June 2022 TRUSTEE'S RESPONSIBILrrY STATEMENr 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 requires the trustee to prepare financial statements for each financial year which give a true and fair wew 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 15 required to select suitable accounting policies and then apply them consistenty, 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 concem basis unless it is inappropriate to presume that the charitywill 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 tharity 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 28 September 2022 and signed on its behalf by: M F Gibbons Chairman 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. Charitable Trust Opinion We have audited the financial statements of The Tax Advisers Charitsble Trust (the 'charity') for the year ended 30 June 2022 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 reportin9 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 (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stste of the charity's affairs as at 30 June 2022 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance Vth the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) USAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our 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 obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going conc•rn In auditing the financial statements, have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant settions of this reporL Other Informatlon 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 inforniation and, except to the extent otherwise explicitly stated in our report we do not express any fomi of assurance conclusion thereon. In connettion with our audit of the financial statements. our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material rnisstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. Lf, based on the work we have performed, we conclude that there is a material misststement of this other infomiation, we are required to report that fatt. We have nothing to report in this regard. Page.5
Report of the Independent Auditors to the Trustee of The Tax Advisers. Charitable TNst Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires US to report to you if. in our opinion. the information given in the Report of the Trustee is inconsistsnt 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 infonnation and explanations we require for our audit Responslbllltles of the trnstee As explained more fully in the Trustee's Responsibilities Statement, the trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the trustee detemines is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error. In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue as a going concem. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Our responsibilitie5 for the audit of the financlal statements We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect theunder. Our objectives are to obtsin reasonable assurance about whether the financial statements as whole are free from material misstatement whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instan$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, Outlined above, to detect material misstatements in respec( of irregularities, including fraud. The extent to whith our procedures are capable of detecting irregularities. including fraud is detailed belovi. 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 trustee and other management and from our knowledge and experience of the dient's sector, focused on specific laws and regulations which we considered may have a direct material effect on the finanaal ststements 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 inspecting legal correspondence,- and identified laws and regulations were communicated within the audit team regularly and the tsam remained alert to instsnces of non-compliance throughout the audit. Pag¢.6
Report of the Indepèndent Auditors to the Tnts of The Tax Advisers. Charitable Trust We assessed the susceptibility of the charitys financial ststements to material misstatement, including obtaining an understsnding 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 detemining the accounting estimates were indicative of potential bias-. and investigatèd the rationale behind any significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulation5, 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 limitstions in our audit ProduS 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 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 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 This description forms part of our auditorfs reporL Use of our report This POrt 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 stste to them in an auditors, report and for no other purpose. To the fullest extent pemiitted 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 fonned. Critchleys Audit LLP Statutory Auditors Eligible to act as an auditor in temis of Section 1212 of the Companies Act 2C(J6 Beaver House 23-38 Hythe Bridge Street Oxford Oxordshire OX12EP Date: .....3..NOx£.ber 2.9.22 Page.7
The Tax Advisers. Charitable Trust Statement of Financial Activities for the Year Ended 30 June 2022 30.622 Unrestricted fund 30.6.21 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 25.989 33,972 Merchandise 4,590 Investment income 7.064 5,852 Total 37,643 39,824 EXPENDMJRE ON Raising funds 5,560 2,123 Charitable actlvltles Grants made 22.616 27,728 Other 2.331 2,923 Total 30.507 32,774 Net gains/(losses) on investments (32.999) 48,573 NET INCOMV(EXPENDrruRE) {25,863) 55,623 RECONauAnON OF FUNDS Total funds brought loard 265.244 209,621 TOTAL FUNDS CARRIED FORWARD 239.381 265,244 The notes form part of these financial ststements Pag&8
The Tax Advisers. Charitable Trust Balance Sheet 30 June 2022 30.6.22 Unrestricted fund 30.6.21 Total funds Notes FIXED ASSETS Investments 261.888 299,130 CURRENT ASSETS Stocks Debtors Cash at bank 3.165 6.324 20,608 5,384 5,899 13,689 30.097 24,972 CREDrroRS Amounts falling due within one year 10 (52,606) 158,858) NEf CURREKf ASSErs (22.509) 33.886) TOTAL ASSETS LESS CURREKr UABILrriES 239.379 265,244 NEf ASSErs 239.379 265,244 FUNDS Unrestricted funds 239.379 265,244 TOTAL FUNDS Z39.379 265,244 The financial statements were approved by the Court of the TNstee and authorised for issue on th 28 September 2022 and were signed on its behalf by. M F Gibbons Chairman of the Charities Committee of ful Company of Tax Advisers L Parkin Treasurer Th¢ not¢s forni wt of these financial srAtsm¢nts Page.9
The Tax Advisers. Charltable Trust Notes to the Financial Statements for the Year Ended 30 June 2022 ACCOUNTING pouaES Basis of preparing the financial statements The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practtce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effertive 1 January 2019),, Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income Grants, legacies and donations are included in the Ststement of Financial Activities when the harity 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 ceivable. 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. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount 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 they have been allocated to activities on a basis consistent with the use of resources. 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 a valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow momng items. Taxation The charity is exempt from tax on its charitable activities. Assets Investments quoted on a recognised stock exchange are valued at market value at the year end. INVESTMENT INCOME .30.6.22 30.6.21 Other fixed asset invest - Ftt 7.064 5,852 Page.10 Continu1...
The Tax Advisers. Charitable Trust Notes to the Financial Statements - contlnued for the Year Ended 30 June 2022 RAISING FUNDS 30.6.22 30.6.21 Investment management fee5 Fund raising costs Cost of item5 for resale 1.866 1,638 485 31 5.560 2,123 TRUSTEE'S REMUNERATION AND BENEFtrs Members of the Charities Committee and other volunteers receive no remuneration for their seNces. TNstee's expenses No claims have been made for reimbursement of travel expenses. CHARITABLE ACriEs GRAiifs MADE 30.6.22 30.6.21 500 8,000 Big Curry Lunch Bridge the Gap (TaxAid and Tax Volunteer5) City for Kids Foundation City of London Police Cadets City of London Poppy Appeal Clergy Support Trust {fomiedy Corporation of Sons of Clergy) CPO of HMS Belfast Marathon Cancer Fund Children Hackney Quest Hawk Conservancy Trust Help Musicians Kings College London very Schools Link Ltd Opportunity Fund London Air Ambulan Lord Mayorfs Appeal Mansion House Scholarship Scheme NE Sector ACF Sheriffs and Recorders Fund Spitalfields Crypt Trust St Bartholomew the Great St Bartholomew the Great Lady Chapel Roof St John's Ambulance Tax Volunteers TaxAid Treloar Trust Trustees of United Guilds Service 4.000 soo 500 190 250 150 500 100 500 35 35 200 500 1.000 500 1,386 500 1.500 500 2,768 1,000 3,000 1,000 500 500 500 500 4.000 4.000 500 175 4,000 4,000 500 175 Total Pag&ll ¢onlinued...
The Tax Advisers. Charltable Trust Note5 to the Financial Statements - continued for the Year Ended 30 June 2022 OTHER 30.6.22 30.6.21 Support costs 2.331 2,923 Support costs included in the above are as follows: Auditors, remuneration Bank fees Insurance Legal expenses Postsge freight & courier Printing and stationery Sundry expenses 1.697 37 202 1,553 19 128 444 779 140 FIXED ASSET INVESTMENTS 30.6.22 30.6.21 Fixed intsrest securities Equity investrnents 36,254 225 634 50,386 248 Additional infonnation as follows: Listed investments MARKEf VALUE At l July 2021 Additions Disposals Revaluations 299.130 153,583 (157.826) (32.999) At 30 June 2022 261.888 NET BOOK VALUE At 30 June 2022 261.888 At 30 June 2021 299,130 There were no investment assets outside the UL Page.12 continued...
The Tax Advisers. Charitable Trust Notes to the Financial Statements - continued for the Year Ended 30 June 2022 STOCKS 30.6.22 30.6.21 Stocks DEBTOR&. AMOUNTS FALUNG DUE wrrHIN ONE YEAR 30.6.22 30.6.21 Tax recoverable Other debtors - ThÈ Tax Advisers. Benevolent Fund Prepayments and accrued income 5,469 5,295 855 604 6.324 5,899 10. CREDrroRS: AMouTrifs FALUNG DUE WITHIN ONE YEAR 30.6.22 30.6.21 Other loans (see note 11) Trade creditors Grants payable Accruals and deferred income 50.000 281 200 2,125 55,000 2,218 200 1,440 52,606 58,858 11. LOAN5 An analysis of the maturity of loans is given below. 30.6.22 30.6.21 Amounts falling due within one year on demand: Other loans 50.000 55,000 The loan from the Worshipful Company of Tax Advisers, which is the charity trustee, is interest free and repayable on demand. 12. CONNECTED CHARtrY The Tax Advisers, Benevolent Fund is a connected charity in that it has the same Trustee and Charities Committee but it is not subordinate to the Tax Advisers. Charitable Trust and therefore consolidated financial statements have not been prepared. Page.13
The Tax Advisers. Charitable Trust Notes to the Financial Statements - continued for the Year Ended 30 June 2022 13. RELATED PARTY DcLOsUREs There were no related party transactions during the year other than the loans disclosed in note 11. Page.14