REGISTERED CHARITY NUMBEIL. 1064392 Report of the Trustee and Audited Financial Statements for the Year Ended 30 June 2023 for The Tax Advisers. Charitable Trust Critchleys Audit LLP ststutory Auditors Beaver Hoijse 23-38 Hythe Bridgè Strèet Oxtord Oxfordshire OXI 2EP
The Tax Advisers. Charitsble Trust Contents of the Financial Statements for the Year End 30 June 2023 Page Reference and Admlnlstratlve Detalls Report of the Trustee Report of the Independent Auditors ststement of Flnanclal Actlvities Balancè Sho•t Notes to the Fln•nclal St•tem•nts 10 to 14
The Tax Advisers. Charitable Trust Reference and Administrative Detai15 for the Year Ended 30 June 2023 REGISTERED CHARrrY 1064392 NUMBER REGISTERED OFFICE AND PIUNapAL ADDRESS 30 Monck Street London SWIP 2AP TRUSTEE The Worshipful Company of Tax Advisers (incorporated by Royal Charter) HONORARY ALMONER J Dewhurst c/0 The Clerk The Mill House New Mill Pewsey Wiltshire SN9 SLD HONORARY TREASURER D Scott clo Chartered Institute of Taxation 30 Monck Street London SW1 P 2AP AUDITORS Critchleys Audit LLP Statutory Auditors Beaver House 23 -38 Hythe Bridge Street Oxford Oxfordshire OX12EP FINANaAL ADVISERS Quilter Cheviot Limited 90 Long Acre London WC2E 9RA BANKERS HSBC BANK PLC 19 Grosvenor Place London SW1X 7HT Pagè 1
The Tax Advisers. Charitsble Trust Report of the Trustee for the Year Ended 30 June 2023 The Trustee presents its twenty-sixth annual report and financial statements of the Charity for the year ended 30 June 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 2019). STRUCTURE. GOVERNANCE AND MANAGEMENT Strurture. governance and management The Charity is a registered charity whose goveming document is its Declaration of Trust dated 19th May 1997 las amended). The Charity changed it5 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 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 and livery 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 objectives. There is a clear structure of authority and control responsibilitie5. They keep under review the risks which the Charity runs. Risk management The Charities Committee has on behalf of the Trustee considered the major risks to which the Charity is exposed and has reviewed those risks and established systems and procedures to manage those risks. The Charity's powers of investment are set out in its Declaration of Trust which states that the Trustee has power to invest Trust money in any propety or investments of whatever nature and wherever situated. Under its investment policy, the Charities Committee.. tske5 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 adequate to meet the obligations identified in the Charity's strategy document- regularly reviews with its investment advisers the performance of longer-term investments- and invests liquid assets in short-term low risk investments. After a review of investment managers in 2022 Quilter Cheviot were reappointed. Based upon independent advice the Charities Committee invested a proportion of funds in corporate bonds during the year. reducing the Charity's exposure to equities. Page 2
The Tax Adviser5. Charilable Trust Report of the Trustee (continued) for the Year Ended 30 June 2023 OBJECTIVES AND ACTIVrnES Objectives and aims The objects of the Charity are the advancement and promotion of such charitable objects or purpjses 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 as follows..: 50% 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 50% for the benefit of other charities involved with the City or its neighbouring boroughs with an emphasis on youth, education and the armed forces. The members of the Charities Committee confirm on behalf of the Trustee that they have had due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the 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 actlvltles During the year the Charity made grants in accordance with its objectives amounting to £24,088 12022.. £22,616) Details of the beneficiaries are set out in note 5 to the accounts. FINANCIAL REVIEW Financial position Resefves are held to provide financial stability and the means for the development of the Charity's principal objectives. Reserves at 30th June 2023 were £245,32812022'. £239,3791. 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 bookkeeping, accounting and administration. 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
The Tax Athiisers. Charitsble Trust Report of the Trustee {continued} for the Year Ended 30 June 2023 TRUSTEE'S RESPONSIBILtrY STATEMEI The Trustee is responsible lor 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 Att 2011. Charity (Accounts and Reports) Regulations 21YJ8 and the provisions of the trust deed require the Trustee to prepare financial statements for each financial year whKh give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources. including the income and expenditure, of the Charity for that period. In preparing those financial statements. the Trustee is required to select suitable accounting Frf)licies and then apply them consistentl 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 concem basis unless it IS Inappropriate to presur that the Charity will continue in busine5S. The Tnjstee is Tesp)nsible for keeping proper accounting rÉrords which disclose wth reasonable accuracy at any time the financial position of the Charity and to enable the Trustee to ensure that the financial statements compfy with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 28 and the provisions of the trust deed. The Trustee is also responsible for safeguarding the asset5 of the Charity and hence for taking reasonable steps for the pventIOn and detection of fraud and other irregularities. Approved by order of the court of the Trustee on ti I'q l 3 and signed on its behalf by. Ms L Parkin Chair of the Charities Committee of The Worshipful Company of Tax Advisers Page 4
Report of the Independent Auditors to the Trustee of The Tax Advisers. Charitsble Trust Opinion We have audited the financial ststements of The Tax AdviseTS Charitable Trust (the 'Charity') for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Balance Sheet and Dotes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling 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 firsancial statements: give a true and fair view of the state of the Charity's affairs as at 30 June 2023 and of its incoming resources and application of resources. for the year then ended.. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice.. and have been prepared in accordance with the reqU1reffnts of the Charities Act 2011. B•5is for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII arKI applicable law. Our responsibilities under those standards are fijrther described in the Auditors, responsibilities for the audit of the financial ststemenls section of our report. We are independent of the Charity in accordance with the ethical requirements thal are leVant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustee's use of the going concern basis of accounting in the preparotion of the financial ststements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions thaL individually OT collectively. may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are aUtriSed for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. Other inform•tion The Trustee is responsible for other information. T1 other information comprises the information included in the Annual Repor( other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent Otheil5e explicit stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
Report of the Independent Auditors to the Trustee of The Tax Advisers, Charitable Trust Matters on which we are required to report by exceptlon 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 inconsistent in any material respect with the financial statements.. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we ¥equire for our audit. Responslbllltles of the Trustee 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 internal control as the Trustee determines 15 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounling unless the Trustee either intends to liquidate the charity or to cease operations. oi have no realistic alternative but to do so. Our responsibilities for the audit of the financial 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 thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material mi55latements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the Charity thfough discussions with trustee and other management, and from our knowledge and experience of the client's sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation5 of the Chaiity.. 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 gUlationS were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. Page 6
Report of the Independènt Auditors to the Trustee of The 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 estimates were indicative of potential bias., and investigated the rationale behind any Significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to= agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance-, and enquiring of management as to actual and potential litigation and claims.- There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non- compliance with laws and regulations to enquiry of the trustee and other management and the inspection of regulatory and legal correspondence. if any. Material misstatement5 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 OUT responsibilities for the audit of the financial statements is l¢xated on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solelyto the Charity's Tnjstee. 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 Oxfordshire OX1 2EP Date.. 21 November 2023 Page 7
The Tax Advisers. Charitsble Trust Statement of Financial Artivitie5 for the Year Ended 30 June 2023 30.6.23 Tolal funds 30.6.22 Total funds Notes INCOME AND ENDOWMENfs FROM Donations and legacies 25.652 25,989 Merchandise 3.324 4,590 Investment incorne 9.109 7.064 Total EXPENDrruRE ON Ralsing funds 5.098 5.560 Charltable artlvltles Grants made 24,088 22,616 Oth•r 2.077 2,331 Totsl INCOME LESS EXPENDrruRE 6.822 7,136 Net gains/llossesl on investments {874) 32,999) NET INCOMV(EXPENDrruRE) 5.948 125,863) RECONCIUATION OF FUNDS Total funds brought forward 239.379 265,244 TOTAL FUNDS CARRIED FORWARD 245.328 239.379 The funds ar¢ unrestricted The notes form part of these financial statements Page 8
The Tax Advlsets. Charltsble Trust Balance Sheet 30 June 2023 30.6.23 30.6.22 Unrestrirted Total fund funds Notes FIXED ASSETS Investments CURRENT ASSETS Stocks Debtor5 Cash at bank 3,165 6,324 20,608 7.123 18.936 26,059 30.097 CREDrroRS Amounts falling due within one year 10 151,640} 152,6061 NET CURRENT UABILMES 125,581) 22,5091 TOTAL ASSEfs LESS CURRENT LIABILMES 245.328 239.379 NET ASSETS 245.328 239.379 FUNDS Unrestricted funds 245.328 239,379 TOTAL FUNDS 44 The financial statements were approved by the Court of the Trustee and authorised for issue __ l3 and were signed on its behalf by.. M5 L Parkin Chairman of the Charities Committee of The Worshipf¢Jl Company of Tax Advisers D Scott Treasurer The notes form part of these financial statements Pa9e 9
The Tax Advisers. Charitable Trust Notes lo the Financial Statements for the Year Ended 30 June 2023 ACCOUNTING POUCIES Basis of preparing the financial statements The financial statements of the Charity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Amounts are rounded to ihe nearest £. Income Grants, legacies and donations are included in the Statement of Financial Activities when the Charity is virtually certain they will be received. Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gifts to which they relate. Investment Income is included in the accounts when receivable. Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Expenditure 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 measvred 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 s a commitment but not accrued as expenditure. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Taxation The charity is exempt from tax on its charitable activities. Assets Investments quoted on a fecognised strxk exchange are valued at market value at the year end. INVESTMENT INCOME 30.6.23 30.6.22 Dividends and other fund income 9.109 7,064 Pagelo continued...
The Tax Advisers. Charitsble Trust Notes to the Financial Statements - continued for the Year Ended 30 June 2023 RAISING FUNDS 30.6.23 30.6.22 Investment management fees Fund raising costs Cost of items for resale 1.690 242 1,866 5.098 5,560 TRUSTEE'S REMUNERATION AND BENEFrrs Members of the Charities Committee and other volunteers receive no remuneration for their services. Trnstee's expenses No claims have been made for reimbursement of travel expenses. CHARrrABLE ACTMllES GRANTS MADE 30.6.23 30.6.22 ADIT Prize Bridge the Gap ITaxAid and Tax Volunteers) City Harvest Ltd - Livery Food Initiative City for Kids Foundation City of London Police Cadets City of London Poppy Appeal Cler9y Support Trust (formerly Corporation of Sons of Clergy) Guildhall School Trust- Welfare and Wellbeing Appeal Hackney Quest Hawk Consetvancy Trust Help Musicians UK Livery Schools Link Ltd Opportunity Fund London Air Arnbulance London Air Ambulance- Up Against Time Appeal Lord Mayor's Appeal Mansion House Scholarship Scheme NE Sector ACF Sheriffs and Recorders Fund Spitalfield5 Crypt Trust St Bartholomew the Great St John's Ambulance Cadets-westminster Tax Volunteers TaxAid Treloar Trust Tnjstees of United Guilds Seice Total 200 4.000 1.500 4,000 500 500 190 250 500 200 500 1.400 1.400 35 200 1,000 500 150 1,000 1.500 1.388 500 1.500 500 1.386 500 1.500 500 480 500 500 4,000 4,000 500 175 50 500 4.000 4.000 500 200 Pagell continued...
The Tax Advisers. Charltsble Trust Notes to the Financlal Statements - continued for the Year End 30 June 2023 OTHER 30.6.23 30.6.22 Support costs 2.077 Support costs included in the above are as follows.. Auditors, remuneration Bank fees Insurance Postage freight & courier Printing and stationery Sundry expenses 1.840 93 125 1,697 37 202 140 140 19 FIXED ASSET INVESTMENTS 30.6.23 30.6.22 Fixed interest securities Equity investments 33.073 237 836 36,254 225 634 Additional information as follows= Listed investments MARKET VALUE At 1 July 2022 Additions Disposals Revaluations / other 261.888 13.586 (3.691) {874) At 30 June 2023 270.909 NET B¢)OK VALUE At 30 June 2023 270.909 At 30 June 2022 261.888 There were no investment assets outside the UK. Page12 continued...
The Tax Advisers. Charitable Trust Notes to the Financial Ststements - contlnued for the Year Ended 30 June 2023 STOCKS 30.6.23 30.6.22 Stocks DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 30.6.23 30.6.22 Tax recoverable Other debtors - The Tax Advisers, Benevolent Fund Prepayments and accrued income 6.165 5,469 958 855 7,123 6,324 10. CREDrroRS: AMOUNTS FALUNG DUE wmiiN ONE YEAR 30.6.23 30.6.22 Other loans (see note 111 Trade creditors Grants payable Accruals and deferred income 47.500 50,000 281 200 2.125 200 3.940 51,640 52,606 11. LOANS An analysis of the maturity of loans is given below.. 30.6.23 30.6.22 Amounts falling due within one year on demand.. Other loans 47.500 50,000 The loan from the Worshipful Company of Tax Advisers, which is the charity trustee, is interest free and repayable on demand. 12. CONNEcfED CHARrrY 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 AdviseT5' Charitable Trust and therefore consolidated financial statements have not been prepared. Page 13
The Tax Advlsers. Charitable Trust Notes to the Financial Ststements - continued for the Year Ended 30 June 2023 13. RELATED PARTY DISCLOSURES The related party transactions during the year included £3,120 12022: £nill from the sale of merchandise to the Worshipful Company of Tax Advisers with £2.500 of this amount set against the loan disclosed in note 11. Page 14