REGISTERED CHARrrY NUMBER: 1064392 Report of the Trustee and Audited Financial Statements for the Year Ended 30 June 2024 for The Tax Advisers. Charitable Trust Critchleys Audit LLP Statutory Auditors Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OXI 2EP
The Tax Advisers, Charitable Trust Contents of the Financial Statements for the Year Ended 30 June 2024 Page Reference and Administrative Details Report of the Trustee Report of the Independent Auditors Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10 to 14
The Tax Advisers. Charitable Trust Reference and Administrative Details for the Year Ended 30 June 2024 REGISTERED CHARITY 1064392 NUMBER REGISTERED AND PRINCIPAL ADDRESS 30 Monck Street London SW1 P 2AP TRUSTEE The Worshipful Company of Tax Advisers (incorporated by Royal Charter) HONORARY ALMONER J Dewhurst, c/0 The Clerk, The Mill House, New Mill, Pewsey, Wiltshire, SN9 5LD HONORARY TREASURER D Scott c/0 Chartered Institute of Taxation, 30 Monck Street, London, SWIP 2AP AUDITORS Critchleys Audit LLP Statutory Auditors Beaver House 23 -38 Hythe Bridge Street Oxford Oxfordshire OX12EP FINANCIAL ADVISERS Quilter Cheviot Limited 90 Long Acre London WC2E 9RA BANKERS HSBC BANK PLC 19 Grosvenor Place London SWIX 7HT Page 1
The Tax Advisers, Charitable Trust Report of the Trustee for the Year Ended 30 June 2024 The Trustee presents its twenty-seventh annual report and financial statements of the Charity for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 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 (FRS 102) (effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, governance and management The Charity is a registered charity whose governing document is its 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 15th 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 responsibilities. They keep under review the risks which the Charity runs. Risk management The Charities Committee has on behalf of the Trustee considered the major risks to which the Charity is exposed and has reviewed those risks and established systems and procedures to manage those risks. The 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- takes 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.
The Tax Advisers. Charitable Trust Report of the Trustee (continued) for the Year Ended 30 June 2024 OBJECTIVES AND ACTIVMES Objectives and aims The objects of the Charity are the advancement and promotion of such charitable objects 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 as follows".: SOVO 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 50Q/o 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 activities During the year the Charity made grants in accordance with its objectives amounting to £28,780 (2023. £24,088) Details of the beneficiaries are set out in note 5 to the accounts. FINANCIAL REEw Financial position Reserves are held to provide financial stability and the means for the development of the Charity's principal objectives. Reserves at 30th June 2024 were £274,332 (2023.. £245,328). 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. Paae ?
The Tax Advisers. Charitable Trust Report of the Trustee (continued) for the Year Ended 30 June 2024 TRUSTEE'S RESPONSIBIUTY STATEMENT The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 201 I, Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed require the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing those financial statements, the Trustee is required to select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable the Trustee to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of f raud and other irregu larities. Approved by order of the court of the Trustee on is 8 h 154 and signed on its behalf by.. Ms L Parkin Chair of the Charities Committee of The Worshipful Company of Tax Advisers P39e 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 Charitable Trust (the 'Charity') for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The 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 state of the Charity's affairs as at 30 June 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) USAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is 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 accountin9 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 orconditions that, individually orcollectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. Other information The Trustee is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 this 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. P3ge 5
Report of the Independent Auditors to the Trustee of The Tax Advisers, Charitable Trust Matters on which we are required 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 inconsistent in any material respect with the financial statements,. or suff icient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of the Trustee As explained more fully in the Trustee's 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 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 concern, 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 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 3uditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the Charity through discussions with trustee and other management, and from our knowledge and experience of the client's sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. Page 6
Report of the Independent 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- 3ssessed 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-compSiance 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 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.. auditoisies oiisibililies. 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. -fk£ F LLP 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 OX12EP 3 December 2024 Page 7
The Tax Advisers. Charitable Trust Statement of Financial Artivities for the Year Ended 30 June 2024 30.6.24 Total funds 30.6.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 25.370 25,652 Merchandise 3,324 Investment income 9.956 9,109 Total EXPENDrruRE ON Raising funds 1.964 5,098 Charitable activities Grants made 28,780 24,088 Other 2,593 2,077 Total INCOME LESS EXPENDrruRE 1.989 6,822 Net gains/(losses) on investments 27,015 (874) NET INCOME 29.004 5,948 RECONCIUATION OF FUNDS Total funds brought forward 245.328 239,380 TOTAL FUNDS CARRIED FORWARD 274.332 245,328 The t-unds are unreslriLled The notes form part of these financial statements Paoe 8
The Tax Advisers. Charitable Trust Balance Sheet 30 June 2024 30.6.24 Unrestricted fund 30.6.23 Total funds Notes FIXED ASSETS Investments 296 337 270 909 CURRENT ASSETS Stocks Debtors Cash at bank 8.186 7.084 7,123 18,936 15.270 26,059 CREDITORS Amounts falling due within one year 10 (37,275) (51,640) NET CURRENT UABILITIES (22,005) (25,581) TOTAL ASSETS LESS CURRENT UABILMES 274.332 245,328 NET ASSETS 274,332 245,328 FUNDS Unrestricted funds 274,332 245,328 TOTAL FUNDS 274.332 The financial statements were approved by the Court of the Trustee and authorised for issue 3 &fFeMboA L*and were signed on its behalf by.. Ms L Parkin Chairman of the Charities Committee of The Worshipful Company of Tax Advisers D Scott Treasurer The notes form part of these financial statements Page 9
The Tax Advisers. Charitable Trust Notes to the Financial Statements for the Year Ended 30 June 2024 ACCOUNTING POUCIES Basis of preparing the financial statements The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Amounts are rounded to the 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 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 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 recognised stock exchange are valued at market value at the year end. INVESTMENT INCOME 30.6.24 30.6.23 Dividends and other fund income 9.956 9,109 continued...
The Tax Advisers. Charitable Trust Notes to the Financial Statements - continued for the Year Ended 30 June 2024 RAISING FUNDS 30.6.24 30.6.23 Investment management fees Fund raising costs Cost of items for resale 1.748 216 1,690 242 1.964 5,098 TRUSTEE'S REMUNERATION AND BENEFITS Members of the Charities Committee and other volunteers receive no remuneration for their services. Trustee's expenses No claims have been made for reimbursement of travel expenses. CHARrrABLE ACTnirnES GRANTS MADE 30.6.24 30.6.23 ADIT Prize Barts Charity 900 Livery Campaign Bridge the Gap {TaxAid and Tax Volunteers) City Harvest Livery Food Initiative City of London Police Cadets City of London Poppy Appeal City University of London Guildhall School Trust Hackney Quest Help Musicians UK London Air Ambulance London Air Ambulance- Up Against Time Appeal Lord Mayor's Appeal Mansion House Scholarship Scheme Mulberry UTC - A Prize Fund NE Sector ACF Sheriffs and Recorders Fund St Bartholomew the Great St John's Ambulance Cadets-westminster Tax Volunteers / Tax Help for Older People TaxAid Treloar Trust Trustees of United Guilds Service Total 200 900 4,000 1,500 500 200 1.800 200 750 500 2,800 500 1,400 150 1,000 1,500 1,388 500 1,300 2,780 1,500 300 1.500 500 500 500 6.000 6,000 750 200 1,500 500 50 500 4,000 4,000 500 200 Page11 continued
The Tax Advisers, Charitable Trust Notes to the Financial Statements - continued for the Year Ended 30 June 2024 OTHER 30.6.24 30.6.23 Support costs 2.593 Support costs included in the above are as follows.. Auditors, remuneration Bank fees Insurance Postage freight & courier Printing and stationery Sundry expenses 2,297 60 236 1,840 93 125 19 2,593 FIXED ASSET INVESTMENTS 30.6.24 30.6.23 Fixed interest securities Equity investments 46,662 249 675 296,337 33,073 237 836 .909 Additional information as follows- Listed investments MARKET VALUE At 1 July 2023 Additions Disposals Gains on revaluations and disposals 270,909 13,958 (15,545) 27,015 At 30 June 2024 296,337 NET BOOK VALUE At 30 June 2024 296,337 At 30 June 2023 270,909 Page12 continued
The Tax Advisers, Charitable Trust Notes to the Financial Statements - continued for the Year Ended 30 June 2023 STOCKS 30.6.24 30.6.23 Stocks DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 30.6.24 30.6.23 Tax recoverable Other debtors The Tax Advisers, Benevolent Fund Prepayments and accrued income 7,307 6,165 879 958 8.186 7,123 10. CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 30.6.24 30.6.23 Other loans (see note 11) Trade creditors Grants payable Accruals and deferred income 32.500 47,500 200 4,575 200 3,940 37.275 51,640 11. LOANS An analysis of the maturity of loans is given below: 30.6.24 30.6.23 Amounts falling due within one year on demand: Other loans 32.500 47,500 The loan from the Worshipful Company of Tax Advisers, which is the charity trustee, is interest free and repayable on demand. 12. CONNECTED 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 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 2024 13. RELATED PARTY DISCLOSURES The related party transactions during the year included £nil (2023-. £3,120) 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