REGISTERED CHARITY NUMBER: 1162512 Report of the Trustees and Financial Statèmonts for tho Year Ended 31 December 2024 for Internatlonal Flscal Association UK Congress Trust
Internatlonal Fiscal Association UK Congress Trust Contents of the Financial Statoments for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examiner's Report statement of Financial Activities Balance Sheet Notes to the Flnanclal Statemgnts 8 to 13
International Fiscal Asso¢iation UK Congress Trust Report of the Trustees for the Year Ended 31 December 2024 The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of AccoLJnting and Reporting by Charities.. Statement Df Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1162512 Principal address Tanglewood 11 Ellwood Road Beaconsfield Bucks Hpg 1EN Trustees E G Tomsell (retired June 20241 O Davidson J Svasti-salee (Chairl RAJupp J G Connell D A Greenb8nk P W Baker KC Independent Examlner Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Malling ME19 4JQ
Intemational Flscal Association UK Congr¢s$ Trust Report of the Trustees for the Year Ended 31 December 2024 REFERENCE AND ADMINISTRATION: The official name of the charity is International Fiscal Association UK Congress Trust. The Trust was formed and registered as a Charitable Incorporated Organisalion on 2 July 2015. Its registration with the Charity Commission is numbered 1162512. During 2016 the Trust look over the assets and activities of an existing unincorporated trust (reg no 2685361 which had the same name, aim and objectives, in particular the hosting of the Annual Congress of the International Fiscal Association which was held in London in September 2019. AII the property, rights and assets in the old Trust vested in the CIO. The Trust has no office premises. The Trustees do any esSary work at their own office premises and hold formal meetings al convenient locations. The Trust's only address is Tanglewood, 11 Ellwood Road, Beaconsfield. Bucks HP9 1 EN, The Trust has no administrator or support staff, the work being done by the Trustees. The Trust has no sources of income other than its invested funds which derive from the surpluses arising from past Congresses. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is a Charitable Incorporated Organisation governed by ils Trustees in accordance with its onstilution. There are no formal procedures for the induction or training ofTrustees. The changes in Trustees during the year and lo date are given at the beginning of this report. All decisions are made by the Trustees, either in formal or informal meetings or by correspondence. The Trust supports members of the British Branch of the International Fiscal Association who play an active role in the annual Congresses of the As50cialion. This is done by making grants towards their expenses of allending the Congress. The Trustees have responsibility for ensuring that the charity has appropriate systems of control, both financial and operational. These systems are designed to provide reasonable, but not absolute, assurance against material misstalemenl or loss. During the period the Trustees continued to review the major financial and operational risks facing the Trust. They continued to monitor the implemenlalion of any changes necessary lo ensure that, as far as is reasonable, controls are in place to protect the charity, ils members and other stakeholders. OBJECTIVES & ACTIVITIES. ACHIEVEMENTS AND PERFORMANCE The object of the charity is the furtherance of education in the field of international laxalion in such ways as the Trustees think fit. In particular this includes organising the Annual Congress of the International Fiscal Association when il is held in the UK, and providing fi'nancial assistance to encourage the participation of members of academic institutions in Congresses when held overseas, or in academic studies and achievements in the fi'eld of international tsx.
Internatlonal Fiscal Assoclatlon UK Congress Trust Report of the Trustees forthe Year Ended 31 December 2024 The Trustees confi'rm that they had due regard to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. FINANCIAL REVIEW During the year there was no change in the holdings of the investments made in Charities unit trusts in the previous year. This accounts for £229,131 of the funds available. The balance is held in cash ready lo meet the cost of any grants etc. In furtherance of ils aims the Trustees made three grants during the period lo assist academics and others lo allend Congresses, and one for attendan at a meeting of the IFA Permanent Scientific Committee. A grant was also made in support of a laxalion workshop held at Oxford University. In addition, the Trustees awarded a prize of £3.000 to the student submitting the best essay on UK intemalional lax law. Apart from the provision for the Independent Examiner's fee and bank charges there have not been, and are unlikely to be, any management expenses. Total reserves at the year end amounted lo £263.970. The Trustees consider that the level of reserves is sufficient lo enable the trust lo fulfil its objectives. PLANS FOR FUTURE PERIODS The aim of the Trust is to distribute funds as and when suitable projects for support arise. No time frame has been set for this. If it is found that the Annual Congress is likely to be in London in the foreseeable future some funds may be designated to provide initial funding. GOING CONCERN Apart from those noted above, the trust has no commilmenls, and the Trustees consider that the Trust has adequate resources lo continue lo operate in the foreseeable future. They have therefore adopted the going concern basis of accounting In preparing the financial slalements.
Internatlonal Flscal Association UK Congress Trust Report of the Trustees for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate 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. Sn preparing those fi'nancial statements, the Trustees are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subje¢l to any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going conTrrn basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the charity and lo enable them lo ensure that the fi'nancial statements comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of Trustees on 2 tils...... and signed on its behalf J Svasli-sa
International Flscal Assoclatlon UK Congress Trust Year ended 31st December 2024 Independent Examiner'$ Report to the Trugtees of the International Flscal Assoclatlon UK Congress Tru$t I report lo the Trustees on my examination of the accounts of the International Fiscal Association UK Congress Trust for the year ended 31st December 2024. This report is made lo the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial slalemenls in accordance with the General Directions given by the Charity Commissioners. To the fullest extent pem)illed by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees, as a body, for my examination for this report or for the opinions I have formed. Responsibilities and basi$ of report The Charity's Trustees are responsible for the preparation of the financial stalemenls". The Charity's Trustees consider that an audit Is not required for this year lunder section 145 of the Charities Aot 2011 Ilhe Acll and that an independent examination is needed. 11 is my responsibility to examine the financial slalemenls (under section 145111181 of the Acll," to follow procedures laid down in the General Directions given by the Charity Commissioners under section 14515llbl of the Act, and to state whether particular matters have come lo my attention. Basis of Independent Examiner's Report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and comparison of the accounts presented with those records.11 also includes consideration of any unusua items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as lo whether the accounts present a true and fair view" and the report is limited lo those mallers sel out in the statement below. Independènt Examiner's statement I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause lo believe that in any material aspect". al accounting records were not kept in respect of the Trust as required by section 130 of the Act.. or bl that accounts do not accord with those records," or cl that accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a true and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which allenlion should be drawn in this report in order lo enable 8 proper understanding of the acco nts lo be reached. eg Stevenson Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Dale..
International Flscal A$soclatlon UK Congres8 Trust Statement of Financial Activitles For the Year Ended 31 December 2024 Unrestricted Funds 2024 Unrestricted Funds 2023 Notes INCOME AND ENDOWMENTS FROM Investment income 12,805 11,927 Total 12,805 11,927 EXPENDITURE ON Raising funds Charitable activities 12,160 4,793 Total 12,160 4,793 Net incominglloutgoingl resour¢e$ boforo investment gainlllossesl 645 7,134 Net gainsl{lossesl on invgstments 3,937 1,765 Net movements in funds 4,582 5,369 RECONCILIATION OF FUNDS Total funds brought forward 259,388 254 019 TOTAL FUNDS CARRIED FORWARD 263,970 259,388 The notes form part of these financial slalements
Internatlonal Flscal Assoclatlon UK Congress Trust Balance Sheet At 31 De¢¢mber 2024 2024 2023 Notes FIXED ASSETS Investments 229,131 225,194 CURRENT ASSETS Bank 36,939 36,939 36.234 36.234 CREDITORS Amounts falling due within one year 12,1001 12,0401 12,1001 {2,0401 NET CURRENT ASSETS 34,839 34,194 TOTAL ASSETS LESS CURRENT LIABILITIES 263,970 259,388 NET ASSETS 263,970 259,388 FUNDS 10 Unrestricted funds General funds ogsignated fund$ 263,970 259,388 263,970 259,388 The financial slalements were approved by the Board of Trustees on 2C)2S and were signed on ils behalf by.. J Svasli-salee O Davidson The notes form part of these financial slalemenls
Intemational Fiscal Asso¢iation UK Congress Trust Notgs to the Flnanclal Statements For the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordanee with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20231,, 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 rtain assets. The Trustees consider that there are no material UnrI21n11eS about the Trust's ability to continue as a going concern. The fi'nancial stslemenls are presented in pounds sterling. Incomg All income is recognised in the Ststemenl of Financial Activities once the eharily has entillemenl to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are rec(niSed as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, il 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 lo the category. Where costs cannot be directly allribuled lo particular headings they have been allocated lo activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been mel at the year end dale are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from lax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives al the discretion of the Trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Forelgn currencios Assets and liabilities in foreign currencies are translated into sterling al the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into slerfing at the rale of exchange ruling al the dale of transaction. Exchange differences are taken into account in arriving at the operating result.
Intgmational Flscal Association UK Congress Trust Notes to the Financial Statoments For tho Year Ended 31 December 2024 Financlal Instruments The Trust only has financial assets and liabilities of a kind that qualify as basic financial inslrumenls. These are initially recognised al transaction value and subsequently valued at their settlement value investment. Investment pollcy Investments are a form of basic financial instrument and are initially recognised al their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Intematlonal Flscal Assoclatlon UK Congre$$ Trust Notes to the Financial Statements For the Year Ended 31 December 2024 2. INVESTMENT INCOME 2024 2023 Dividends Interest 12,733 72 12,805 11,862 65 11.927 3. CHARITABLE ACTIVITIES Direct costs Support costs Total 2024 Other charitable activities 10.000 10,000 2,160 2.160 12,160 COMPARA TIVES 2023 Other charitable activities 2,690 2,690 2,103 2,103 4,793 4,793 Support Costs have been allocated based on the Direct Costs. 4. OTHER CHARITABLE ACTIVITIES 2024 2023 Grants lo attend Congress Grants lo attend PSC Meeting Writing competition prize Grant lo Taxation workshop 5,000 500 3,000 1,500 2,690 10,000 2,690 10
International Fi$¢al Association UK Congress Trust Notes to the Flnanclal Statements For the Year Ended 31 December 2024 5. SUPPORT COSTS 2024 2023 Independent ExaminerlAuditors' remuneration Bank charges 2,100 60 2,040 63 2,160 2,103 Governance costs included in Support Costs amounts to £2,10012023.' £2,040). 6. TRUSTEES. REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. There were no Trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. 7. STAFF COSTS There were no staff costs for the years ended 31 December 2024 or for 31 December 2023. 8. INVESTMENTS 2024 2023 LISTED INVESTMENTS Market value brought forward a11 January Additions Disposals Realised gainslllossesl Unrealised gainslllossesl 225.194 226,959 3.937 {1,7651 Market value carried forward al 31 December 229,131 225,194 Investments al market value comprised.. UK equities UK fixed interest 194,022 35,109 188,803 36,391 229,131 225,194 There were no investment assets outside the UK.
International Fiscal Associatlon UK Congress Trust Note$ to the Financial Statements For the Year Ended 31 December 2024 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals 2,100 2,040 2,040 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS General fund Oeslgnated fund Total 2024 Investments Current assets Current liabilities 229,131 36,939 2,100 263,970 229, 131 36,939 2,100 263,970 COMPARA TIVES 2023 General fund Designated fund Total 2023 Investments Current assets Current liabilities 225,194 36,234 2,040 259,388 225,194 36,234 2,040 259,388 12
Internatlonal Flscal A$sociation UK Congress Trust Notes to the Financlal Statements For the Year Ended 31 December 2024 11. MOVEMENT IN FUNDS Net movements n funds At 1.1.24 At 31.12.24 General fund Designated fund 259,388 4,582 263,970 Total Unrestricted fund 259,388 4,582 283,970 COMPARA TIVES 2023 Net movements in funds At 1.1.23 At 31.12.23 General fund Designated fund 254.019 5,369 259,388 Total Unrestricted fund 254,019 5,369 259.388 12. RELATED PARTY TRANSACTIONS There were no related party transactions during the year 13. GOING CONCERN There has been no material change in the Tru51's financial position since the balance sheet date, thus the going concern basis of accounting has been adopted in preparing the financial slalements. 13