Company registrdtion number.. 04894491 Charitable company registration number= 1102276 (England & Wales) and SCO 45819 (Scotland) Tax Volunteers known as Tax Help For Older People IA company limited by guardn*e) Annual Report and Financial Stat¢ments for the Y¢ar Ended 31 March 2024
Tax Volunteers Contents R¢ferenc¢ and Administrdtive Details Chails Report Trustees, Report 3108 Sialement of Trustees, Responsibilities Independent Auditorfs Report 10 to 13 Statement of Financial Activities 14 Balance Sheei 15 Siatement of Cash Flows 16 Notes to the Financial Statements 17to30
Tax Volunteers Reference and Administrydtive Detai15 Trustees P A Hamilton J G Whitehead Csmuir A M Molleti (Marian Drew) B Chapman (resigned 20 April 2023) G J Jones A M Cullimore-T(xld J C Wakeman (apw)inted 17 May 2023) Secret9ry J , M Crump Chlef Exeeutlve Offleer Regl$tered Offiee Unit 10 Pineapple BUS1rSS Park Salw'ay Ash Bridp)rt Dor5ei DT6 5DB Chritble company Registradon Number 1102276 in England & Wales and SCO 45819 Scotland Company Reglstrtlon Number 04894491 Audltor Thompson Jenner LLP Stsiuiory Audiiors I Colldon Crescent Exer Devon EX? 41 Page I
Tax Volunteers Chair's Report for the Year Ended 31 March 2024 Tax Help for Older People seeks tu alleviate the hardship caused to vulnerable individuals by ¢ompli¢ations and misunderstandings in their tsx affairs. The Trustees. Report sets oui the scale of the Charity's response and the ways in which it tries to meei thosc nccds. but Ihe preSLribed fomi does noi do justice to the individual impact of what is done and the commitment put into it. l enLourage you lo read the compelling siories of meeiing individual need. During the year there no let up in demand and no sign that the tax system itself was becoming easier for the disadvantaged to engage with. So Tax Help for Older People remains as necessary as when it was founded over 20 years ago. Beneficiaries. needs are met by a team of paid staff and hundreds of volunteers. led by Valerie Boggs. Her calm leadership through unexpected events. such as the closure of HMRC'S self-assessment helpline for a period in 2023, is guided by her personal dedication Lo ihe charity's cause. with which she enthuses her tfam. My thanks go io all of them. We are keen to build partherships with other voluntary organisations and commerci81 firn15. as the success of these relationships enable5 Tax Help for Older People io reach more poiential beneficiaries. A crncial continuing alliance with TaxAid helps us to be an efficient organisation. None of this work Can happen without funding in cash from a rdnge of con¢erns and individuals and support in kind. This report provides assurance ihat their support has been used well. Our major funder is FtMRC and during 2023124 they ¢ommitt¢d to a further ihre¢ years, suppon from April 2024. This gives the charity a solid base lo develop in the fuiure. I thank everyone and every organiiation which has given lo T&x Help for Older People, whether £10 or £IOO,000, whether by organisin8 a walk or by recognizing thal thal the purpose and values of this charity match their organisaiion's. Ultimate responsibility for the charity rests with the trustee board. There has been a period of stability since Brian Chapman lefi in April 2023 aiid joined as Director of Finance and Infrdstructure in July ?023 and Jo Wakeman. with huge experience of HMRC. joined in May 2023. The apFK)intments of Gary Jones and Angela Cullimore-Todd the preyious year. combined with Jo Wakeman's. have given the trustee board valuable new and probing perspectives. The major change in the year for th¢ trustee board came with Penny Hamilton's retir¢meni as Chair in November 2024. Her four years as Chair wer¢ defined by the charity's response io Covid-19 and a strengthened relationship with TaxAid. The Trustees are hugely grateful for what she aLhieved for Tax Hclp l am grateful ihut she reTnains on the board. bringing a refreshing combination of enthusiasm and rigour. The day to day delivery to our beneficiaries is pardmount. bui we also have to make sure ihat we are reaching the widest range of the vulnerdble. and not just those we ha¢ reached before. Making the space to look forward, while delivering today, can be challenging. We have staned work on developing a benefi¢iary strategy for the nexi few years and we are seeking lo ensure thai our governanLe and delivery siruciures will be appropriate to tomorrow's needs. not jus1 ioday's. In all of ihis, our prime concem is the needs of beneficiarie5. The strdtegic report was approved by the trustees of the charitsble company on Ik. .... behalf by: signed on it5 vltsuthtr A M Molleii {Marian Drew) Trustee Page 2
Tax Volunteers Trustees, Report The ttusiees, who are directors for the purpose of c(Mnpany law, present the Annual Report together with the Finan¢ial Statements and Auditor'5 Rcport of the charitable company for the year endcd 31 March 2024. The references and administrative information set out on page I forms trt of this report. The charity is a company limited by guaranree and a registered charity, its governing dUMentS are its Memorandum and Articles of Association. Public benefit and how our activities deliver it We have a duty to report on our organisAtion's public benefit under Section 4 of the Charlties Act 2011. We gre confident that we meet those public benefit requirement5 having taken into Consideration the Charity Commission guidanee. Our vision is 'To provide tax help to all who need it.. We support peopl¢ over the age of aEK)Ut 60, who are in financial poverty, including that creaied by debt and thosc experiencing other hardships or disadvantages. Many have mental or physical health problems, are frail, disabled or recenily b¢reaved. We provide support for our beneficiaries by the provision of thx inforTnati(m and PIdlee as well as direct intervention by submitting fornis, claims, elections and appeals as appropriate lo HMRC. When possible, we enable our E£n¢ficiaries to help themselves and give them the tLKTrls and capability to have ownership of and manage their tax affairs in the fvture, tailoring our sernice to individual thx and personal circumstances. When our communtry highlights issues we cann(M resolve, such as fraud or external systemic issues. we work with HMRC to address these concerns. In addition we work closely with partners in the voluntary and community sector through an outreach programme to strengthen referrals to our service and educate partners aknul tax to reach more people and ensure that people with tax problems who cannot otherwise access suppori have a route io a fair outcome. We believe therefore thai we meei the public ixnefit requirements through our trtneficiary led tailored service which m&ximise5 the reach of our sernice. Ob'ective activitie5 and im Our objective as a charity is to help older people in poverty understand their t2x better and to empower them to be able to manage their tax themselve5. We are led by tho nocds of our benefici*rie5. We reduce poverty by supporting people to pay the right imoun¢ of tax. We do this by.. Proiiding stepby-step support to help people to resolve their lax problem. In the year to 31 March 2024. this hclp was providcd to 12.117 pcoplc, Icading to improvcd financial circurnstanccs and LTabling our benefi¢iaries io have a tter und¢rstandin8 of their w)sition and how to mana¥¢ th¢ir thx affairs in thc future. Page 3
Iniestlg4ilng lax debt and challenginR It when erroneous or Mhere ihere are legl¢lmte grounds 10 do 50. During tli¥ yiar, our in¢st1atIOnS and appcals rLsuItLxl in £120,657 of tax dLbi bL"inbJ wyiiien off. improving financial wellkin¥ and reduLing preveniing poverty. Improi'in2 ihe current finAnci41 position of di$4dvAnla2e people through taxes rittL'n off Ind rcfund5 gen¢rated. Adi'icc and casl 'ork ¥¥ncral¢d tax rlfunds o1.£195,167 in die yLar 10 31 March 2024. Our expercise in providing emphatic 8UPPOrt iogeiher wilh our knowledge of tax administration enables us to rcsolvc lax dcbt issues, likc Ihc problcin that BLrnie callcd us with. Bernie, an 80 year-old pensioner. came to us wirh a large lax debt. He had previously been self employed and had usLd an accountant to filL his tax returns. I IowLver. his incomc and circumstance5 changed in 2015 and his only income wa5 Irum his SiaiL Pcnsion and a small private pensiun. Bernie did nor know thar since ?015 his wife, rather than an acLountsnt, had completed his tax r¥turns. Nor was hc aware of the lax dcbi until he found dLbr colleLiion letters relaiing to a debi fr(Mn 2021-22. Flis wife had tri¢d to k¢ this from hiin and had bccn trying io pay oft thc dL'bi. Tax I Iclp spokL lo I IM RC and obrained a copy of his 2021122 and 2022123 tax returns. We were quickly able to ddermine thai thL issue was due iu il)c Stmte Pth15iim being declared twic¢ on th¥ rclurn. We requcsicd that I IMRC make an amendmLI)i as thiq was an obvious error, whiLh they did. As a rcsuli of our work, dL'bi collection ceased and Bernie received a refund of th¢ amount he had incorrccily paid, whiLh toiullLd £3,535. We ensure ihNI no one 15 dlsadi'antAged by the system Just beeuse they cAnnot acce55 the help they need. W¢ do this by Provldlng support that recognlses SndlvSdual need5 and clrcumstances and never leivcs a ¢as¢ unresolved. Each caller was supwirted with advice from our trained siaff and provided with accessible r¢sources giving our callers a betier understanding oftheir tsx affair5 and how to manage thLin. Whcre needed. a volunieer tax adviser provided furth¢r supp(Kt lo re501ve their problem directly with IIMRC. Reachlng out ¢0 dls#dvnlAged communltles through p*rtner5hlp wlth other volunlary communlty sector orgAnlsatlon In ihe past year. we Ftave been working to improve access to our services by delivering outrcach to voluntary and community seLlor {VCSI kMrmer5, eduL'ating ihem aiK)Ut our s¢Thi¢c and wthy, how and when 10 refer clienis io us. Using our reputation and the leArnlng gAlned to Influence the tax ecosystem for the bcneflt of those ile support. We adv(Katc for our iKncticiary group at relcvant HMRC user groups. working with parniLTS in the tax industry to highlight issue the impact oftax policy and thx administrati. W¢ also f8c¢d a si8nificanl challenge in 2023 when ihe unexpLYted closure of IIMRC'S self assessment helpline caused a significani and unforc5ceablc pcak in dLThand in June ?0?3 for 3 months. The dcmand placcd significant strain on our services at very short notice bui was managed through the outstanding LommiimLni of staff and volunieer5. Page 4
We contribute to the better long-term 00M1¢ security by empowering people to mngge their tax ffairs Aecompanying our benefici8ries as thev take charge of their tax 8ff%irs And build confidence. Our helpline provides immediate Supp and advice from trained, empathetic staff, enablin8 many beneficiaries to understand and manage their affairs. When further suppth is needed, 289 volunteer tax experts across the UK are able to provide case work thai is individual and accessible. Helping people to understand their taxe5 and where to find accessibl¢ and reliable resources and information Tax Help regards the education of its beneficiaries al)out their tax affair5 as critical to the support we provide. W)en we provide help to a person in need of help with their tai we not only help them to resolv¢ that particular problem bui also help them undersrand why the problem has arisen and how to manage their rax affairs in thc futurc. So, each person who contacts us for help. is supported ro better undcrstand their taxes so they can manage their affairs in fvrure or know where to get the help thcy need. One of the key resources thai we refcr our }efiCiar1es to is the LITRG website. We help people like Rob, who. follo7ng diagnosis of tern)inal cancer. cashed in hts pensi(vJs to clear his debis. Bui errors made his tsx return led to a debt of £54,000, which, through our adlce and support was cancelled. Respond to issues r4ised by our communlty both through the &dte we deliver and *dvoc4cy 1th H]Rc Tax Help for Older Peoplc has & tK)silive and Cooperative relationship HMRC, built over many years for the knefit of thosc we suppon. We share the trends that we see on the helpline and hclp to provide HMRC with an understanding of the barriers people in poverty can experiencc when trying to overcome tax problems. We attend workshops and consultation discussions, participate in forums and o(her meetings with HMRC, and we are able ro ktier adVate for our Etheficiaries E¢¢aus¢ of this close mutually beneficial relationship. Our relationship with HMRC ensures they will aler( us when they plan to communicate on certain issues. where these issues will be likely to lead to more queries (M our helpline. We can ihen k ready Thith help. guidance. and reassurdnce for those who are most in need. We 'ant to ensure thai the tax issues that arc specific to people in poverry are broughi lo the attention of HMRC. lo drive the change and action that can help resol¢ these issues in the long-terni. Our working relationship with HMRC not only equips us an understanding of the ditTiculties that older and vulnerable people face when navigaiing the lax system, but it helps u5 resolve individual tssueq on a case by case basis, helping people like Jack. Jack conthcted Tax Flelp as he had received a simple assessment demand of £2,785 for the tax year 2022-23 and had tyen advised by FIMRC'S debt management departtnent thai there would be a fither demand of £2.(K)O for a fi]rth¢r two tax years. He had not slept Since receiving the initial demand and was thinking of selling his car io help pay the debi. Jack's income was just £16.534 in 202?_23 and our hclplinc adviser recognised that the tax demand for that ycar appeared io k excessivc. Shc transfLrred Jack direcily to FIMRC'S Extra Suppurt Team to ask them to check the simple assessmeni calculation and issuc Jack wilh a copy so ihar we could support him furthcr if needed. Jack called Tax Help back later thai day to say that FIMRC had not allowed any Personal Allowance on thc original calculation. His lax debt had been recalculaied and was now just £1,240 across all threL" tax rs. Page 5
As a rcsult of Tax Help's support and our ability to 'ork cooperatively and directly with HMRC'S Extrd Support Team. Jack's tax debt was rcduccd by L3.545 and he is now able to mana8e the remaining debi through HMRC'S debt management department. Jack was delighted by the outcome, saying io ow helpline adviser, 'You do not know how much hoppier vou have mode me, I have been 50 Hvrried. A million rhankyous We helped over 12.0(KJ people like Jack in 2023:'24 but we want 10 help m(Ye and to Ix led by the needs of all our beneficiaries. To do this we arc und¢Jtaking a beneficiary assessment, using research lo inform our understanding of the current and fvrure needs of our beneficiaries. Wc will use this to inform our future strategy working (owards our vision ro providc tax help to all who need it. Financial rebiew Summary ofposition The statement of F5naneiAI ACtilIeS for the vear on page 14 shows a surplus of Income ower expenditure in the year of £14.893 (2022123 - deficit £14,257). Income increased by around £48,000 which wa5 offset part by an increase in expenditure of ground £19,000 (both figures exelude glfts In klnd). Income HMRC funding comprised the final year of ils three-year grant peri(Ml. We are pleased to report that we have been successful in being awarded a grant from FIMRC for a further three years, nmning to 31 March 2027. This amounts to £320,¢ pa. Tax Volw]teers re¢eived funding from the CIOT with the specific purpose of advartcing tax education. Th¢ support from our ¢orporate partrters continued. enabling us io help to demystify the taxation of pensions. We ould also enswe that pensioners claimed all their allowances, and so helping those on the lowest incomes lo maximise their pensions. In the light of the cosl-of-living crisis, fimding applications tix)k longer than usual to k considered given the pressure on Int$ and foundaiions. The total income from each source 15 shoiw] E¢low. Income Sources 15% HMRC Professional ass¢xiations Trusts & Foundations 21% Individual & othei donations Corporate5 Donated services 16% E.¥pendilure Page 6
Expenditure in the year ended 31 March 2024 (excluding donated services and faciltties) amounted to £630,330, an increase of 3./0 over the previous year. This was primarily due to increased siaff costs which reflecf the need to pay higher salaries in the light of inflation. As mentioned tn the prior years, reviews, we reduced the size of our office from two floors to one with effect from August 2022. Thc cost saNings from this were 1]Y realised in 2023124. Reserves The free rcserves at 31 March 2024 are £352.44? w'hich is more than five months. ¢xpert¢d expenditure for the current year. This Posltion is in line Trth our rcscrves policy which is to.. Provide stability and the means for th¢ development of the chariry's principal objects,. and In thc long term, achieve a sufficient level to provid¢ a cushion equivalent to six months, operaring expenditure. Risk The risks are maniged by the periodic monitoring of the risk register whi¢h idenlifies the key risks and plans ¢helr mltlgatlon. The primary risk facing the Chlty is financial instability created by the uncertainty around medium- lo long-temi nding. This arises from receivtng substantial fundin8 frorn one source, HMRC, bul this is miriga(ed by diversifying income streams. Our financial nwiagement procedures include the preparation of an annual budget and forecast with quarterly reporting againsi budgei provided to the Board Th¢ twste¢s have given consideration io the major risks to which the charity is exposed t4nd satisfied themselv¢$ that systems or procedures are esiablished in order to manage those risks. Structure overnance And man ement The ¢harity is mAngged by the Board of Trustees which meets quarterly. The Board delegates day to dgy management to the Chief Exeeuti>'e and the Senlor lIagement Team. The directors of the charitable company are its rrustees for the purposes of charity law. The names of the trustees who were in office during the year are lisied on page l. All members of the Trustee Board gave their time voluntarily and received no knefits frorn the charity. The iotal nUMr of truste¢s rnust not t¢ less than three but is not subject to any maximum. New trustees are identified with the necessary specialist expertise and appropriat¢ charirable, commercial, tax and legal experienc¢ to enrich the standing Board and are given induciion and training by rhe currLmt post holders. Trustees retire by rotation in a¢¢ordance wirh the provisions of rhe Memorandum and Articles of association but someone wllo retires can be ¢ligible for reappoinimeni as a ttusitt. wilh a maximum of 9 ycars, service permitted. DaY-ldaY managemeni is delegated io our Chief Executive. Valerie Boggs. who is supported by the Senior Managcment Team whose responsibility is to work to the strategic plan wthich coniains business, financial and service objectives. Tax Volunieffs continues io work closely with TAId. The two ¢harities share a Senior Management Team and work together under a collaEN)ration agreemeni which not only achieves cost-efficiencies through sharing back- oITice serviLes a150 facilitates syllcrgy between the two charities. Remuneraiion for key managemeni is sct with reference to market rates for similar roles and responsibiliries in the charitable sector, taking accouni of geographical differences. Page 7
Disc105ure of Informatlon to Auditor Each Irusree has taken the required steps to make themselves aware of any relevant audit Informati and to esiablish that the charity's auditor is aware of ihai InfomtiOn. Thc trust¢¢s confirn) that there is no relevant infomiation that they know of and of which they know the aLkditor is unaware. The annual report was approved by the trustees of the chariry . and signed on its E*half by: A M Molleit (Marian Drew) Trusree Page 8
Tax Volunteers Statement of Trustees, Responsibilities The irns¢ee% (who are al*0 the directors of Tax Volunieers for Ihe purposes of company lawl are responsible for preparing the Iruslees, report and the financial siaiemenis in accordance with applicable law and United Kingdom AccL)unting Stttndard4 IUniiLd Kingdom GL'nL'rally Acceptcd Aecounting Practiccl. including FRS 102 "The Financial Reporting Sthndard applicable in the UK And Republic of Ireland" Company law requir¢5 the trustees to prepare financial staiemenls for each financial year. Under company law the trustees musl not approv¢ ihe financial staiemenls unless ihey are sa¢i%fied thai Ihey give a Irue and fair view of the stal¢ of affairs of th¢ charitable company and of ihe incoming resources and applicaiion of re50urce5, including ii.q income and expendiiure, of the chaniable company for that period. In preparing these financial slaiements, the Irusiees are required to.. select sui¢able accouniing policies and apply Ihem consisienily; observe the methods and principles in the Charities SORP: make judgcments and estimates that are reasonable and prud¢nt.' stale whether applicable accounting slandard%. compri%ing FRS 102 have been followed, subject to any maierial departures disLIu5ed and LxplainLd in the financial slatements; and prepare Ihe financial slalemenls on the going conLern basis unless il is inappropriate to presume that th¢ charitable company will continue in business. Th¢ truste¢5 4r¢ responsible for ke¢ping proplr a¢couniin¥ reLords ihai can disclose wi(h reasonable accuracy al any lime the finanlial position of th¢ charitable company and enablL¥ thLm to LnsurL' that ihe finuncial slatLmenl comply with ihe Companies Aci 2006. ThLy arL' also fLsponsible for safcyuarding thc a%sets of (hL charitabli. company and hence for taking reasonable steps for the prevention and deteclion of fraud and other )esularl1Ie5. The Iruslees are respot)sible for the mainienance and inie8riiy of the corpornte &nd finuncial inforniation includLd on Ihe Lharilable company's web4ite. Legislation governing the preparation and dissemination of rinanLial yialemcnls may ditTer from ILgisluiion in oihL'r jurisdictions. Approved by the tru51¢es of the charitabl¢ company on .1). and signed on its behalf by.. A M Moll¢ll (Marian Drew) TNs¢C Page 9
Tax Volunteers Independent Auditor's Report to the Members and Trustees of Tax Volunteers Opinion WL have audited the financial statements of Tax Volunteers {the 'charitable company,) for the year ended 31 March 2024. which comprise the Statement of Financial A¢iiviti¢s, Balance Shee¢. Statement of Cash Flows, and Noles to the Financial Stalements. including a summary of significani accounting policies. The financial reporting framework thai has been applied in their preparation is United Kingdom Accounting Standards. comprising Charities SORP - FRS 102 The Financial Reporting S¢andard applicablc in thc UK and Republic of Ireland, and applicabl¢ law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a tnEe and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its results for the year then ended.. hav¢ been properly prepared in accordance with United Kingdom Generally Accepted Accounting PrdCtice- have been prepared in accordance with Ihe requirements of the Companies Act 2006, the Charities and Trustee Investment {Scoiland) Aci 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Bas1$ for oplnlon We conduLied our audit in accordance with International Siandards on ALEditing {UK) (ISAS (UK)) and appli¢abl¢ law. Our responsibiliii¢s under ihose siandards are further described in the auditor responsibiliti¢s for the audit of the financial 5tatement5 section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial siaiements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with thes¢ requirements. We believe that the audit evidence we have obtained is sutTicient and appropriate lo provide a basis for our opinion. Conclusion5 relating to going concern In auditing the financial statements, w'c have concluded that the trustees LLSe of the going concern basis of accounting in ihe preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material unc¢rtainties relating to evenis or condition5 ihat, individually or collectively, may cast significant doubl on ihe charitable company'5 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were auihorised for issue. Our responsibiliiies and the responsibilities of the trustees with respect to going concern are described in ihe relevant sections of this report. Other information The irustees are responsible for ihe oiher inforniation. The other inforn]ation comprises th¢ inforniation included in the annual report. other than the financial statements and our auditor's r¢tKlrt thereon. Our opinion on ihe financial siatcments does not cover the oiher information and, except to Lh¢ ¢xlent otherwise expliciily stated in our report. we do not express any form of assurdnce conclusion thereon. Page 10
Tax Volunteers Independent Auditor's Report to the Member5 and Trustees of Tax Volunteers In conncction with our audil of ihe findncial biaiemeni%, our responsibility is io read the oihLr infoma¢ion and, in doing so. eonsidcr whether the oihcr inforn)a¢ion is maierially inconsislenl with the financial sialementq or our knowledge obtained in thL audit or othenvisc appLars to bL' materially mi5staied. Ifwe idL'ntify such material inconsistencies or apparent material tni5statements, we are required io deierniine wheiher ihere is a maierial missiatement in the financial siat¢ments or a material misstatement of the other information. If, based on the work w¢ have perfornied, we concludL that there is d ma¢L'rial missiaiLment of ihis other infom)aiion, we are required to report that fact. We have nothing lo report in this regard. Oplnlon on other matter pr¢s¢rlbed by the CompAnles Act 2006 In our opinion, based on ihL work uiidL'riakL'n in the Lour%c of thL uudil.. the infomiaiion given in ihe Chair'4 Reporn and TNslees' Repon for the financial year for which the financial staiemL'nts are prL'pufLd is consistent wilh Ihe financial sia¢emenis; and the Chaifs Report and Trusiees, Report have been prepared in accordance wilh applicable legal requirements. Matters on whlch we Hre requlred to report by exceptlon In thL light uf our knuwlLdgL and undLrslai)dln of thL Lharitable company and 11$ environment obtained in the cour%L' of ihe audil. we havL not idcn¢ifiLd maiLrial mis%(IllL'mLn(s in ihL Chairfs Repuri und ihL Tru%icL%%' RL w)rt. We have noihing lo report in respeLI of Ihe following mallers where the Companies Act 2006 and the Charilies Accounts (Scoilandl Regulaiions 2006 las amended) requires us lo report lo you if. in our opinion.. ad¢quaie and proper accounling records have nol been kept. or relurn5 adequate for our audit have not been received from branches noi visited by us.. or Ihe financial stalements are nol in agreement with th¢ accounting ordS and turnS- or certain disclosures of trustee5' remuneratiort Specified by law are noi made: or we have not receivL'd all the infomiation and explanations we require for our audit. Responslbllltles of truytees A¥ ¢xplJin¢d mor¢. tully in Ihe Siatemenl of Trusl¢c8' Responsibilities {s¢t out on page 9). th¢ trustees are respon%iblL for Ihe prLparation vf IhL finaniial slatem¢nl% and for being satisfied that thL'y give a tru¢ and fair view, and for such internal conirol 0$ the Iru51e¢$ d¢l¢rmine is necessary lo enabl¢ the pr¢p8ralion of financial staiemenis thai are free from maierial mi5sthiement, wheiher due 10 fraud or error. In prL'paring the financial slaiemenls, the irus(ecs are re%ponsible for assessing the charitable company's ability lo continue 88 a going Concern. di[051n8. as appli¥able. matters related to going conLern and using the going concern basis of aLcouniing unless the trustees eiihcr iniend io liquidate Ihe charitable company or io cease operation5, or have no realistic alternative but io do so. Pag¢ 11
Tax Volunteers Independent Auditor's Report to the Members and Trustees of Tax Volunteers Auditor responsibilities for the Audit of the financlal stAtement5 We have bccn appuinted as audiior under seciion 4411 l{c) ot the Charities and Trustee Investment (Scotland) Act 2005 and under the Companie5 Aci 2006 and report in a¢cordanc¢ with the Acts and relevant regulations made or having effect thereunder. Our objectives are io obtain reasonable assurance about whether the financial siaiements as a whole are free from material mi55tatcment, whether due to fraud or error, and io issue an auditor's report that includes our opinion. ReasoTJablc assurnnce is a high level of assurdnce. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it ¢xists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggr¢gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS (UK). we exercise professional judgement and maintsin professional scepticism throughout the audil. Irregularilies, including fraud, are instances of non-compliance with laws and regulations. W¢ design pro¢edures in line with our r¢sponsibilities. outlined above. to detect material misstatements in respect of irregularities. in¢luding fraud. The extent to which our procedures are cap&ble of deiec¢in8 irregularities. including frdud is deiailed below. The extent to whlch the audlt was consldered capable of detectln% Irre%vl*rlties Including fraud Our approach to identifying and assessing ihe risks of maierial misstat¢m¢nt in respect of irregularities, including fraud and non•compliance with laws and regulations. was as follows: the engagement partner ensured thai (he engagement ieam colle¢tiv¢ly had the approprtate competence, capabilities and skills 10 identify or recognise non-Lomplianc¢ with applicabl¢ laws and regulations; we ideniified the laws and regulations applicable lo th¢ charity through dis¢ussions with directors and other management, and from our commercial knowledge and experi¢¢ of the charities sector. we focused on specific laws and regulations which we considered may have a direct maierial effeci on Ihe financial statements or the operations of the charity, including the Companies Aet 2006, Charities Act 201 I, taxation legislation, data proiection, employmeni and health and safety legislation: w¢ assessed the extent of compliance with the Imws and regulations ideniified above through making enquiri¢s of management. reviewing licenses. certificates and relevani correspondence including Ihe inspeciion of legal cotTespondence- and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the 5uscepiibilily of (he chariiy's financial s¢at¢ments 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 io fraud. their knowledge of acTual. suspecied 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 ihrough managemeni bias and override of controls. we.. perfomied analyiical procedures to identify any unusual or unexpected relalionships- tested joumal ¢ntri¢s lo identify unusual trnnsactions. Page 12
Tax Volunteers Independent Auditor's Report to the Members and Trustees of Tax Volunteers assessed whether judgements and &ssumptions made in detemining the accouniing estimates were indicaiive of potential bias; and invesligaled th¢ rationale behind significant or unusual transactions. In response io the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. bul werc not limited to.. agreeing financial sialemeni disclosures lo underlying 8UPPOrting doCumenlI0n. enquiring of management as lo actual and potential litigation and claims. ading the minutes of meetings of ihosL charged with goyernanLe; and reviewing correspondence with HMRC. relevant regulators and the company's legal advisors. There are inh¢r¢nt limitations in our audit proLedures dLscribed abovL. The more removed thai laws and regulations are from financial transactions, the le55 likely li is ihai we would become aware of non-Lompliance. Auditing stgndards also limit the audit procedures required iu idcntify non-compliance with laws and regulations lo enquiry of Ihe directors and other m4nagem¢nt and the inSptIon of gulatOry gnd leg81 corre5pond¢n¢e. if any. Material mi5slatemen(s that arise due to fruud Lan be harder io delect ihan ihose ihat arise from error as they may involve deliberate concealmenl or collusion. A fijrther description of our respon%ibiliii¢s is availabl¥ on the Financial Reportin¥ Council's websile at: ww.frc.org.uklauditorsresponsibiliiies. Thi% description fonns pan of our auditor's report. Use of our report This rLpon is made 501ely lo the charitable company's tru51ees. as a body, in accordance wilh Chapler 3 of Part 16 of ihL Companies Aci 2006. Our audii work has blen undcrtakLn so that we might slate lo the charilgble compdny's Irustees Ihose matters we are required lo slaie lo Ihem in an audiior's report and for no uther purpose. To th¢ full¢st ¢xt¢nl p¢rniitted by law, WL do not accept or a55ume re5ponsibiliiy lo anyone othL'r Ihan Ihe chariiable company 8nd its trust¢¢s 8s a l)ody, for our audil work, for this report, or for the opinion5 we have fomied. LP Mr David TuckLr (Senior Sialulory Audilor) For and on bL'haif ofThompson Jenncr LLP. Sialulory Auditor I CollLton Crescent Exeter Devon EX2 4DG Pag¢ 13
Tax Volunteers Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unre5trlcted Re5trleted Total 2024 2024 Note Income and Endoivmentg from: Donation% and ILgaLiL Charitsble Aciivilies Inv¢stmeni incom¢ 274,022 332,865 147.658 606.887 147.658 2,747 2,747 Tothl Income 276.769 480,523 757.292 Expendlture on: Raisin8 funds Charilabl¢ actiyities {42.094) 1219.782) 142,0941 (700,305) {480,5231 Total Expenditure {261,876 480.523) 742.399) Net income 14.893 14,893 Nel movement in funds 14.893 14,893 Reconclllatlon of funds Tu1 funds bruu¥hi forward Total funds carried forward 440,223 12,721 452.944 18 455,116 12.721 467.837 Unrestrlcted Rejtrlcted Toto12023 2023 Income xnd EDdoThments from: Donalions and l¢gaLie Ch&riiable activitils Inv¢slment income 304.847 313,233 147,638 618.080 147.658 896 896 Total Incom¢ 305,743 460.891 766.634 Expendlture on: Railing? fuiid chanb]e activitie5 (39.162) 1292.4881 (39.162) 741.7291 449,2411 Tolal Expenditure 1331.650) {449,?411 (780,891) N¢1 lexpendiiur¢Vincome (25.907) 11.650 114.257) Net mov¢m¢nt ii) funds (25,907) 11,650 (14,257) Retonelll*tlon of funds To1 funds broughi forward Total funds carried fotward 466,130 1,071 467.201 18 440.223 12,721 452.944 All of th¢ ¢haritable company's activili¢s derive from cofttinuing operation5 during the above Iwo periods. The funds. br¢akdown for 2023 is shown in note 18. The notes on pages 17 to 30 forni an integral part of these financial staiements. Pagc 14
Tax Volunteers (Registration number: 04894491) Balance Sheet as at 31 March 2024 2024 2023 Note Flxed assets Tangible assets 12 2,082 3,264 2,082 3.264 Current Assets DL'btors Cash at bank and in hand 13 14 90,390 411.682 139,066 351.426 502.072 490,492 Credltors: Amounts fAlllng due wlthln one year 15 {36,317 (40.812) Net current assets 465,755 449,680 Net Assets 467.837 Funds of the charltable Company: Restrlcted 12,721 12,721 Unrestrlcted Income funds UnrL'siriL¢ed 455,116 440,223 Total funds 18 467,837 452.944 The fi ancial siaiements on pages 14 to 30 were 3pprov¢d by the iru5te¢s. and lluthorised for issue on and signed on their behalf by.. J G Whiiehead Trustee A M Mollell Imanan Drew) Trusiee The notes on pages 17 to 30 forni an integrdl part of these financial statements. Page 15
Tax Volunteers Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Cosh flows from oper4tlng acrfvltles Nei cash incomel(expenditure) 14.893 (14,2571 Adjustments to Cash nows from non-cAsh Items Depreciation Invesimenl income 1.182 2,747) 3.780 (8961 13,328 111,373) Worklng eApltAI Adjustments Decreasellincreasel in debiors Decrease in creditors 13 15 48.676 4.495) 145,527) {4.815) Nel cash flows from operating activities 57,509 (61.715) Cash nows from InvegtlnR Actlvltles Interest rcc¢ivable and simil8r income Purchase of tangible fixed assets 2.747 896 (2,341) 12 Nel cash flows from investin8 aciiviiies Net 1ncr¢8selldecaseI in cash and cash equivalents 2,747 (1.4451 60,256 (63,160) Cash 8nd cash equivalenls HI l April 351.420 414.586 Cash and cash equivalen(s At 31 March 411,682 351,426 All ofthe cash flow5 d¢riv¢d from continuing operations durin8 the above two periods. The notes on pages 17 to 30 forni an integral pan of ihese financial statements. PagL 10
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 I Charitable company Status The charitable company is a charitable company limited by guarantee and consequ¢ntly does not have share capital. Each of the members is liable io contribute an amount not exceeding £10 towards the assets of the charitable company in the event of liquidation. The company was incorporated in England and Wales and also registered as a charity in Scotland, its registered otTice is Unit 10, Pineapple Business Park, Salway Ash, Bridport, Dorset, DT6 5DB. 2 Accounting pollcles Summary of slgnificsnt actountlng pollcles And key accoulltlng estlmates The principal accounting policies appliLd in ihe preparaiion of Ih¢s¢ financial stat¢ments are set out below. These policies have been consistently applied to all the years present¢d. unless otherwise stated. Statement of compllance The financial Statements have been prepared in accordance with Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. Basls of preparatlon Tax Volunteers meets ihe definiiion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised ai historical cost or transaction value ynless otherwise stated in the relevant accounting rM)licy notes. Golng concern The trustecs consider thai there are no maierial uncertainltes aboul the charitable company's ability to ¢ontinu¢ as a going concern nor any significant areas of uncenainty ihai affect th¢ carrying value of assets held by the charitsble company. Income and endoivments All incomc 15 recogni.d once the charity has entitlement to the income. it is probable that the income will be received and the amount of the inLome receivable can be measured reliably. Income d¢rived from the provision of goodslservices is stated after trade discounls, other sales taxes and net of VA T. Grants receivable. which include grants of a general nature provided by government, are aCcoUnd for when evidence of unconditional eniiilemeni is received except when they ar¢ subJt to donor-imposed conditions. Granis received which impose regional resirictions are treated as conlributing to the cost of providing frec tax advice in that speLified area and Losis are apportioned on a quarterly basis commencing in the quarter follow'ing the quarter in which the grant was receiN'ed. Income eamed for the provision of tax services under agreement with commercial organisations is invoiced on a quarterly basis in arrears following the delivery of the service. Pag¢ 17
Tax Volunteers INotes to the Financial Statements for the Year Ended 31 March 2024 Donafvons and l¢gllcies Donations are recognised when the charitable company has been noiified in writing of both the amount and se¢ilemenl date. In the event that a donation is subjcci 10 conditions that require a level of pcrforn]ance by the charitable company before the charitdble company is eniitled io the funds, Ihe income is deferred and not r¢cognised until either thos¢ condiiions are fvlly mei. or ihe fulfilmenl of Ihose condiiions is wholly within the control of the Charlble company and ii is probable ihat Ihe5e conditions will be fulfilled in the reporting period. Donaled service3 andfai'ililies Donated professional 4ervices and donated facilities are recognised as income when the chariiy has conirol over the ilem or received the service, any condiiions associaied with the dondiion have been mel, the receipt of economiL benefit from use by ihe charity of thL l¢cm is probable and thu¢ economic bcnefil can be measured reliably. In accordance wilh Ihe Charities SORP IFRS 1021. gLneral volunteer time is not rccogniscd so r¢fer to the truste¢s' annual r¢port for more inforniation gbout their contribution. On receipt. donat¢d gifts. professional servic¢5 and donated facilities are 08t}ISed on the bA8is of the v8lue of thL gift to thc charity which is the gmount the charity would have been willing lo pay lo obiain services. professional qualifi¢d tax personnel or facilili¢s of equiwalenl economic benefit on the open market,. a corresponding amouni iy then reco¥nised in expendiiure in (he period of reL'eipt. Dontsiiuns of gifts, services and facilities includL' s¢¢onded ¢mploy¢e5. IT sofiw8r¢ 8nd offic¥ space. Seconded siaffs %erviceq are providL'd free of LhargL' to the charity and the cost of thL'ir salary 15 incurred by a third party. IT software and otYILe spaLL are inLludcd at their estimut¢ mark¢( valuc when donaied. Inve.Itment income Bank inl¢re51 is cOniSed once Ihe inlere51 has been received. Eipendlture All LXP¥ndi(ure is recognised once ihere is a legal or constructive oblig8tion to thai expendituff, it is probable settlement is required and the amount can be m¢asur¢d reliably. All c05t5 are allocgled lo the gppliLabl¢ expLnditure heading that ag¥r¢¥alL similar costs lo that ¢al¥gory. Where costs cannot bl directly ullribuied lo particular heading5 IhLy haN'L b¢<'n alloc#led on a ba%14 consi%lcnl with the use of re40urcL4. wilh CLnlral blaff cos15 alloLaled on ihe basi5 of lime speni, and depreciaiion charges allocated on the portion of the assei'y use. Other support cosls are all¢xaled based on the spread of siaff cosls. Rai.¥in8lMnds These are costs inCued in al(racling voluntary income, the management of investments and those incurred in Irading aclivilies Ihal raise nds. Chqrilllble activlties Charitable expenditure comprises Iho%¢ costs incUed by the chariiable company in ihe delivery of its acliviiies and serviLL5 for it% benefiLiaries. li inLludes both cosis thai can be alloLated directly to Such activities and those costb. of an indirect na(ur¢ neLe55ary to sUPPOrt them. Pag¢ 18
Tax Volunteers 1Sotes to the Financial Statements for the Year Ended 31 March 2024 Support costs Resouwes expended are allocated to the particular activity where the cost Telates direcily to thal activiiy. However, the cosi of overall direciion and adminisiraiion of each activity. comprising the salary and overhead costs of the ceniral fimciion, is apportioned on the following basis which are an estimate, based on sthff time. of the amount attributhble to each activity. Where information about ihe aims. objectives and projects of the charity is provided to potential beneficiari¢5. the costs a5)CIated with this publicity are allocated to charitable ¢xp¢ndtture. Vhere such inforniation about the aims. obj¢ciiv¢s and projects of the chariry is also provided to poleniial donors, activity cosis are apportioned between fwidraising and Charlble activiiies on the basis of the personnel involved with each aclivity. 2024 83% 2023 83/0 Advice services Tax education Cost of rnising funds Governance costs 50/. 50/. Governance cojts These include the costs attributhble to the charithble company's compliance with constitutional and sthtutory requirements, including audii. strategic managemeni and trustees meetings and reimbursed expenses. Taxatlon The chariiable company is considered to pass the sei out in Parngrnph I Schedule 6 of the Finance Act 2010 and therefore li meets the definiiion of a charitable company for UK corwrntion tax purposes. Accordingly, the charitable company is poteniially exempi from Lation in respect of income or capital gains re¢¢ived M'ithin caiegories ¢overed by Chapt¢r 3 Part I l of the Cortxirdtion Tax Act 2010 or Section 256 of the Tat10Th of Chargeabl¢ Gains Act 1992, to the ¢xtent that such incom¢ or gains are appli¢d exclusively to haritable purposes. T*nglble flxed 95sets IndiN'idual fixed assets costing £5Th) or tN)re are initially recorded at cost. less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclatlon and amortlsatlon Depreciation is provided on thngible fixLxI assets so as to WTite off Ihe cost or valuation. less any eslimated residual value, over their expecied usefvl economic lifr as follows: A5Jet ¢19s5 Ledsehold improvements Office equipmeni Computer 4uipm¢nl Call-centre equipment Depreciation method and rat¢ Siraighi line over the life of the lease 4 years straighi line 4 Ye straight line 4 years straighi line Page 19
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfornied in the ordinary course of business. Trdde debtors are recognised initially al the transaclion price. They are subsequently measured at amortised cosl using the effective interest meihod, less provision for impairment. A provision for the tmpaimieni of irade debtor5 is established when there is objeciive evi(l¢n¢e that the charitsble company will noi be able io collect all amounts due according io the original tenns of the receivables. Cash and c5h equlTr'lents Cash and cash equii"alenis comprise cash on hand and call deSItS. and other short-terni highly liquid investments that ar¢ readily convertible to a known amouni of cash and are subject to an insilficant risk of change in value. Trade credltors Trade crediiors are obl1110n5 to pay for gocrfls or services thai have been acquired in the ordinary course of businw from suppliers. Accounts payable are classified as CWTeni liabiliii¢5 if the charitable company does not have an unconditional right. at the end of the rertIll8 period, to defer settlement of the creditor for ai least twelve months after the reporting dale. If there is an unconditional righi to defer settlement for ai l¢ast twelve months after the reporting date. they e presenied &$ non•current liabilities. Trdde creditor5 are recOlSed iniiially at the transaaion price and subs¢quently measured at amortised cosi Using the effective interest method. Fynd structsre Unrestricted income funds are general funds thai are available for use at the tnlee5 discretion in furtherance of th¢ objectives of the charitable company. Desigmated funds are unrestricied funds sel aside for spwific purposes at the discretion of the trusw. Restricted income are those don8 for use in a particular area or for specific puryx)ses, the use of which is restricted to thai area or purFx)se. Pensions and oiher post retlrement obllgatlons The charitable company operdtes a defined contribution pension scheme which 15 a pension plan under which fixed contributions are paid into a penston fvnd and the charitable company has no legal or consiruciive obligation to pay further contributions even if the does not hold sutTicient assets to pay all employees the benefits relating to employ¢¢ sffvice in the current and prior periods. Coniributions to defined contribution plan5 are recognised in the slemen1 of Finala1 Activities when they are due. If contribution payTh¢nts exceed the contribution due for service. Ihe excess is recognised as a prepayment. Page 20
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 Flngncllll Instruments Classificarlon Financial assets and financial liabilities are recognised when the charity b¢comes a party to the contrnciual provisions of the instsumenl. Financial liabilities and equity instnunents are classified according lo the subslance of the contractual aangeMentS entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are inilially m¢asured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profil or loss, which are initially measured al fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement consliiui¢s 8 financing ifdnsaction. the financial asset or financial liability is measured ai the pr¢s¢nt N'alue of the future payments discounted at a market rate of interest for a similar debt instrument. Financial ass¢ts and liabilities are only off5¢t in the statement of financial position when. and only when there exists a legally enforceable right lo sei off the r¢cosmised amounts and the charitable company intends either to settle on a net basis. or to realise the asset and settle the liability simultaneously. Financial assets are der¢cognised when and only when a) th¢ contractual righis lo the cash flows from the financial assei expire or are settled, b) the charitabl¢ company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charitable company, despite having reiained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilitie5 8r¢ derecognised only when the obligation specified in the cont1 l5 discharged, cancelled or expires. Impairment At ihe end of ea¢h reporting period financial assets measured ai amortised cosi are assessed for obje¢tive evidence of impairment. If an assei is impaired the impaimieni loss is the difference between the carying amount and the present value of the es(imat¢d cash flows discounied ai th¢ &sset's original effective tnt¢rest rdte. The impaimieni 1055 is reColSed in the Slemen1 of financial activites. Page21
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from dontlons and legacles Unrestrlcted funds Restrleted fund5 Total 2024 Gener1 2023 HM Revenue & Customs Chartered Instiiute of Tax4tion Association of Tax&iion Technicians 300.365 30,000 300,365 30,000 271,583 30,000 11,650 15,(M)O 4.(M>O 5,¢M)O xps Tax Advisers, Charithble Trust The Beeching Trusi Pos¢code Local Trusl Oakdene Foundation Charles French Charithble Trust Individual and other donalions Donated facilities and services 15.(K)O 4.IN)O 15,000 4,000 25,000 2.500 25,0(M) 2.500 2,500 115.453 12,069 2,500 115,453 112,069 111,628 169,219 Totsl income 2024 274,022 332.865 606,887 618,080 Tothl income 2023 304.847 313.233 618.080 Other donations include5 50% of the following amounts greAr than £3,¢X)O from organisations received through Bridge The Gap. This is a joint initiative set up by Tax Volunteers and TaxAid UK, whereby amounts received are split equally between the two charities. 2024 2023 Deloitte Kathleen Beryl Sleigh Charitsbl¢ Trust London Legal Support Norton Rose Fulbright Tax Advisers, Charitable Trusi (the Worshipful CompRny of Tax Advisers) Virtu&l CPD Events Freshfields BDO 14,352 5,000 3,537 5.(K)O 4.(K)O 18,882 10,000 4,000 26.171 9,998 7,755 5.000 Proskauer Rose Page 22
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 4 ID¢ome from eharÉtible actlvlties Restrlcted funds Total funds AVtVA Life Services Lid Rothesay Life Coal Board Pension TNslee Servic¢5 Ltd 32.650 84,000 31,008 32.650 84.000 31,008 Total for 2024 147,658 147,658 Total for 2023 147,658 147.658 5 Investment 5ncome Unrestrlcted funds General Totsl funds Inl¢rest receivabl¢ and similt4r income: Interest receivable on bank deposits 2,747 2,747 Total for 2024 2,747 2,747 Tot41 for 2023 896 896 Page 23
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 6 Expendlture on eharftable activities CO of rfrsln% funds Govern•nct cost5 Totsl 2024 Total 2023 Tax advlet Tx edmcxtioa SuPrt costs Staff costs Gifts in kind Deprecialion Telephone Post&ge and sthtionery Advertising Legal and professional fees Volunleer expenses Rent, rntes and services Bank charges Audit Insurnnce 21.824 249,918 112.(N59 16.544 14.080 2(K).9(A) 503.356 112.069 1.18? 15.967 4,514 471,130 169.219 3.780 13.808 3.710 1.182 15.967 1277 3237 1.582 1.049 345 11,927 2.(A)3 31.883 212 6.326 3.1 l.(K18 5.705 41.374 1.083 8,201 3.574 37,232 222 1554 31.883 212 6.326 413 1777 l.(M)8 5.475 41.374 1.083 3,402 9,224 Repairs and mainienance Staff trdv¢I and trdining Computer costs Sundry 230 42.076 667 21.824 20.270 381.015 240.340 16.544 14.478 33,450 14.478 289.566 (289.566) 742 J99 780.891 Support Costs Total expendiluTe 2024 42.094 621,355 31,022 47.928 74?.399 Totsl expenditure 2023 39.162 670?16 28.067 43.446 780.891 Page 24
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 7 Net Incomlngloutgolng resources Nei incominW(outgoing) resources for the year include: 2024 2023 Operating le85e8 - other assets Audit fees Depreciation of fixed 8&5ets 128,854) {6,326) (34.541) {6.000) {3,780) 8 Trustees, remuner*tlon and expenses No trustees. nor any per50n8 connected with any INs(e¢, h&8 received any remuneration from the charitable Company durin8 the year. The INslees' Irav¢lling expenses are reimbursed in respect of expenses incUed on charity business. In the year 6 trustees {2023 31 claim¢d r¢imbur5LmLn( of travellin8 and accommoduiion expenses lotalling £1,049 {2023 £723). 9 Staff costl The aBgr¢gat¢ payroll cosls were as follows.. 2024 2023 StAfT ¢oits durlng the ye4r were: Wages and salaries Social securiiy coyls Pension costs OthLr stdff costs 416.361 37,891 16.457 32,fv17 391,955 34,614 14.656 29,905 503.356 471,130 The monihly average number of persons employed by the charity or working for the bencfil of th¢ charity. inLluding thos¢ on joint employmenl contracts with TaxAid UK ((Nole 21) which inLludes th¢ s¢nior management leam). was 2112023 - 231. The monthly average number of per50ns employed by lh¢ charity or working for the benefil of the charity, expressed as full-time equivalents was as follows.. 2024 2023 Raising funds Advice service5 Tax educalion Support Governance 14.3 14.5 Pag¢ 25
Tax Volunteers Notes to the Financial Statement5 for the Year Ended 31 March 2024 During the year, the charitable company made redundancy an(Vor temiination payments which iotalled £Nil (2023 - £5.040). The terniination payments made in 2023 comprised ex-gratia payments made under settlement agreemenls during the period. No employee received emolumenls of more than £60,000 durin8 the year. The lo181 employee benefits of the key man8g¢m¢ni personnel of the charilable Lompany w¢re £46,145 {2023 £43.3321 which in¢ludLs the grossin¥ up of cos(s to cover (ravelling beiween two Pl¢5 of work. 10 Audltorj, remun¢rAtlon 2024 2023 Audii of the financi41 slalementy 6.326 6,000 Other feel to audltorg All oihLr non-audii services 3.860 3,860 I l Taxatlon Th¢ charitable company is a reBislered charity and 15 therefore exempl from corporation lax on ils income. 12 TAnglble flxed Assets Leasehold Improvements Offlce equlpment Computer cqulpment CAII-cen¢re equlpment Tot*1 Cost Ai l April 2023 654 5.417 15.511 5.261 26,843 At 31 March 2024 654 5.417 15.511 5,261 26.843 Depreclatlon Ai l April 2023 Charg¢ for the year 654 5.417 12,247 ,182 5.261 23,579 1.182 Ai 31 March 2024 654 5.417 13,429 5,261 24.761 et book value Ai 31 March 2024 2,082 2.082 Ai 31 March 2023 3.264 3.264 Page 26
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 13 Debtor$ 2024 2023 Trade debtors Prepayments Oiher debtors 527 5.752 84.111 15,527 5.480 118,059 90,390 139.066 14 Cash and tash equlvalents 2024 2023 Cash at bank 411,682 351,426 15 Credltors: amounts fAlllng due wlthln one ye*r 2024 2023 Trade creditors Other ttIOn and social security Other creditors Accruals 2.087 5.172 5.088 23.970 2.066 5.674 5.588 27,484 36.317 40,812 16 Obllgatlons under lea$ and hlre purchase contrActs Operatlng leA5e ¢ommltments To1 future minimum lease payments under non-cancellable operaling leases are as follows.. 2024 2023 Land and bulldlngs Within one ywar Between one and five years 21,450 7,150 21.450 28.600 28,600 50.050 Other Within one year Beiween on¢ and five years 260 1.042 3.208 1,302 3.208 Th¢ amounl of non-cancellable operating lease payments recognised as an expense during the year was £28.854 (2023 £34.541). Page 27
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 17 Penslon and other schemes Deflned contrlbutlon penslon scheme The charithble company operates a defined contribuiion pension scheme. The pension cost charge for the year represents contributions payable by the charitable company io the scheme and amounied io £16.457 {2023 £14,656). 18 Funds B#lAnce At 31 Marcb 2024 Balince at I Aprll 2023 Incoming resources Resourc¢5 expended TrAnsfers Unrestrlcted fund$ General General fund 440,223 276,769 (261,876) (114,324) 340,792 De51gntsred Designated fund 14,324 114,324 Total unrestrlcted funds 440.223 276,769 261,876) 455.116 Restrleted funds HM Rev¢nue & Customs Aviva Life Services Lid Chartered Insiiluie of Taxaiion Association of Taxation Technicians Esmée Fairbairn Roihesay Life Minework¢rs Pension Scheme & Brit15h Coal Staff Sup¢rannuation Scheme CSFCT Grdnt 300.365 32.650 (300.365) (32,650) 30,0(K) {30,000) 11,650 1.071 11,650 1,071 84.(K)O (84,000) 31.(K18 2,500 (31.008) {2,5001 Total reslrlcted funds 12,721 480.52.1 1480,5231 12,721 Total fundi 452.944 467.837 Page 28
Tydx Volunteer5 Note5 to the Financial Statements for the Year Ended 31 March 2024 Balance at I Aprll 2022 Incomlng resources Resource5 expended Balan¢e at 31 Mgrrb 2023 Unrestrlcted funds General General fLmd 466.130 305.743 (331,650) 440,223 Restrl¢ted HM Revenue & Cusioms Aviva Life Services LUJ Chartered Institute of Taxation Association of Taxation Technicians Esmée Fairbaim Rothesay Life Mineworkers Pension Scheme & British Coal Suiff Superannuation Scheme 271.583 32,650 30,IYK) (271.583) (32,650} (JO.IKK)) 11.650 11,650 1.071 1.071 84.¢XM) (84.OIK)) 31,(KJ8 {31,008) Total restrlcted funds 1.071 460.891 449.241) 12,721 Total funds 467.201 766,634 780,891 452,944 The specific purpose5 for which the funds are to be applied are a5 follows.. Advice services This fimd represenis income which is for (klivering the main charithble purpose of Tax Volunteers, that of advising older low income clienis and the gen¢ralist voluntary sector on tax matters. Tax education This fund represents income provided improv¢ a¢ces5 to infornwtion on tax so that older people on low incomes are aware of their rights 8nd reSnsIbIlItieS under the tax system. It is delivered through conferences. seminars, rraining and the Tax Volunteers website. The funds from th¢ Chartered Institute of Taxation and ihe Association of Tax Technicians are ¢xclusis'ely for tax educ&ion. Chher restricied and unrestricted fund5 deliver both advice services and tax education. Designated fimds This fund represents the calculated slatutory rdundancy costs and paymeni in Iteu of nolice that would be payable should the charitable company Ce w opernlc. Page 29
Tax Volunteers Notes to the Financial Statements for the Year Ended 31 March 2024 19 AnAlysls of net assets between funds Unres¢rlc¢ed funds Restrlcted runds Total funds It 31 March 2024 Tangible fixed assets Current aSts Current liabilities 2.082 489,351 36,317 2,082 502.072 36,317 12.721 Total nei assets 455.116 12.721 467.837 Unrutrlced funds Re5trlcted funds Tolal funds 1¢ 31 Mar¢h 2023 Tangible fixed asse Current assets Current liabilities 3.264 477.771 140,812 3,264 490,492 40.812 12,721 Tothl nei ae 440.223 12.721 45?.944 20 Analyils of net fundj Ai l Aprli 2023 Fln#ncln8 cash fl0Th5 At 31 March 2024 CAsh at bank and in hand 351.426 60.256 411.682 Total 351.4?6 60.256 411.682 21 Related Party tr•nJ•ctlOI TaxAid UK. a relaied party by virtue of shared CEO, Valerie Boggs. op¢rai¢d the payroll on behalf of Tax Volunleers during th¢ y¢ar in relation to employees held on joini employmenl contracts. Payroll Costs for the year and rharged frorn TAid UK to Tax Volunieers I01]ed £470.709 (2023 - £441 ?25). No amounts w¢r¢ outsthndin8 81 the year end in rcspecl of payroll co$l$. During th¢ year, income thI11n8 £85,405 {2023 £92.672) was coll¢ct¢d by TaxAid UK on behalf of Tax Volunt¢¢rs in connection with the Bridge The Gap fundrAi$in8 initiativ¢. At ihe year ¢nd. the amount due from TaxAid UK. included in other debtor5 in the financial Slements. w&5 £15.182 (2023 £36.277). A further £21.163 (2023 £37.520) included within other debtors is due from TaxAid iiK in relation to r¢charged shared cosi$ and £19.37312023 - £?3.461 l included within other creditors is due (o TaKAid UK in relation to r¢charged shared costs. Donaiions were received from Trusltts during th¢ ycar totslling £0 (2023: £6.200). No restriciions have been attached io these donations. Page 30