REGISTERED CHARITY NUMBER: 1162512 Report of tho Trustees and Flnanclal Statements for the Year Ended 31 Decembèr 2025 for lntornational Fiscal Assoclation UK Congress Trust
International Flscal A8soclatlon UK Congress Trust Contents of the Flnanclal Statem8nts for thg Yèar Ended 31 December 2025 Page Report of the Trustees Independent Examlner'8 Report Statement of Flnanclal Actlvltles Balance Sheet Notes to the Flnanclal Statements 8 10 13
Intemational Flscal Assoclation UK Congress Trust Rgport of the Trustees for the Year Ended 31 December 2025 The Trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The Tmslees have adopted the provisions of Accounting and Reporting by Charilles., Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the FinanGial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1162512 Prlncipal address Tanglewood 11 ElOOd Road Beaconsfield Bucks HP9 IEN Trustees E G Tomsetl (retsred June 20251 O Davidson J Svasli-Sale8 (Chair) RAJupp J G Connell D A Greenbank P W Baker KC Indopendent ExAmlner Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers CAF Bank 25 Kings Hill Avenue Klngs Hill Wèst Malllng ME19 4JQ
International Fi$eal Assoclation UK Congro$s Trust Report of the Trustees for the Year Ended 31 Docemb¢r 2025 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. Ils 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 Ihe Annual Congress of the International Fiscal Association which was held in London in September 2019. AII the property, rights and assets in the old Trusl vested in the CIO. The Trust has no office premises. The Trustees do any necessary work at their own office premises and hold formal meetings al convenient locations. The Trust's only address is Tanglewood, 11 Ellwood Road, Beacon5fÉd, 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 its Trustees sn accordance with its conslilulion, There are no formal procedures for the induction or training of Trustees. The changes in Trustees during the year and to date are given al the beginning of this report. All decisions are made by the Tmstees, either in formal or informal meetings or by correspondence. The Trustees have responsibility for ensuring that the charity has appropriate systems of control, both linancsal and operational. These systems are designed lo provide reasonable, bul not absolute, assurance against material misslalemenl or loss. During the period the Trustees conlinuod lo review the major financial and operational risks facing the Trust. They continued to monitor the impl8menlation of any changes necessary lo ensure that, as far as is reasonable, controls are in place lo protect the charity, ils members and other stakeholders. OBJECTIVES & ACTIVITIES. ACHIEVEMENTS AND PERFORMANCE The object of the charity is the furtheranc8 of education in the field of inlernalional taxation in such ways as the Trustees think fil. In particular this may include supporting the organisalion of the Global Annual Congress and the European Region Congress of the International Fiscal Association whgn they are to be hekl in the UK, and providing financi81 assistance to encourage the parttcipation of members of academic institutions in Congresses when held overseas. or in academic studies and achievements in the field of intewnalional lax.
International Fi$¢al A$$oclatlon UK Congress Trust Report of the Trustees for the Year Ended 31 December 2026 The Trustees confirm that they had due regard to the guidance contained in the Charity Commission's general guKlance on public benefit when reviewlng the Charity's aims and objectives and in planning future aGlivilies. FINANCIAL REIIIEW During the year one of the unit trusts held was closed and so the fun(Js were reinvested in another of Ihe existing holdings. Th8 total holding in Charity unil Irusls amounts lo £263,510. The balance of reserves is held in cash ready to meet th8 cost of any grants etc. In lurlheranGe of ils 8ims the Trustees made one giant during the period lo assist 2 member allend and play an aGtive role in the annual Congress. In addition, the Trustees are awarding the 2025 prize of £3,000 lo the sludenl who submilled the best essay on UK inlemats'onal tax law in 2025. Apart from the provision for the Independent Examinerfs fee and bank charges there have not been. and are unlikely to be, any management expenses. Total reserves 8t the year end amouriled lo £204,465. The Trustees consider that the level of reserves is sufficient lo enabl& th& trkjst lo fulfil ils objectives. PLANS FOR FUTURE PERIODS The aim of the Trust is to distribltle funds as anij when suitable projects for support arise. No lime frame has been sel for this. 11 il is found that the Annual Congress is likely to be in London in the foresgeable future some lunds may be designated to provide Iriitial funding. GOING CONCERN Apart from those noted above, the trust has no commitments, and the Trustees consider that the Trust has adequate resources to continue lo operate in the foreseeable future. They have therefore adopted the going concern basis of accounting in preparing the fi"nanGial statements.
Intematlonal Fiscal Asso¢latlon UK Congress Trust Report of the Trustees tor the Year Ended 31 December 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responslble for preparing the Report of the Trustees and the linan¢lal ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The18w applicable to charities in England and Wales, the Charities Act 2011. Charily {Accounls and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustees to prepare financial statements for each financial year which glvè a true and fair view of the slate ol affairs of the charity and of the incoming resources and application of resources, incILing the income and expenditure. of the charity for that period. In preparing those flnancial statements, the Ttustees are required lo select suitable 8ccounlirÈg policies and then apply them consistently.. observe the methods and principlos it7 the Charity SORP,. make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed. subject lo any material departures disclosed and explair¢ed in the financi21 slatemenls., prepare the financial statements on the golng concern basis unless it Is Inappropriate to presume that the ¢harily will continue in buslness. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fi'nancial position of the charlty and lo enable them lo ensure that the financial ststements comply with the Charities Act 2011, the Charity (Accounts and Reports} Regulations 2008 and the provisions ol the trust deed. They are a150 responsible for safeguarding the assets of the charity and hence for taking aSonable steps for the prevention and detection of fraud and other irregularlieS. Approved by order of the board of Trustees on by.. and signed on ils behalf J Svas
Internatlonal Flscal Agsoclatlon UK Congress Trust Y¢ar ended 318t December 2025 Independent Examlner's Report to the Trustee8 of the International Fiscal A$soclatlon UK Congress Tru$t I report lo the Trustees on my examination of the accounts of the Inlernatlonal Flscal Association UK Congress Trust for the year ended 31$l December 2025. This report is made to 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 fin8ncial statements in ac¢ordan¢e with the General Dlreclions glven by the Charity Commissioners, To the fullest exlenl permilled by L8w, I do not accept or assume responsibility lo anyone other than Ihe Charity and the Charity's Trustees. as 8 body, for my examination for this report or for the opinions I have formed. Responsibllitles and ba$1$ of ieport The Charity's Trustees are responsible for the preparation of the financial statements.. The Charity's Trustees consider that an audit is not required for this year (under sèction 145 of the Charities Act 2011 {Ihe Acll and that an independent examinatlon Is needed. 11 is my responsibility lo examine the financial statements (under Section 145(1)(a) of the Act)., to follow procedures laid down in the Gener81 Directions given by the Charity CommiSsnerS under section 14515llb} of the Act, and to slate whether particular matters have Come lo my attentlon. Basls of Indèpendent Examiner's Report My examination was carried out in accordance with the General Directions given by the Charity Commission. Ar¢ examination includes a review of the accounting records kept by the charity and a comparison ofthe accounts presented with those records.11 also includes consideration of any unusual rtems or disclosures in the accounts, and se9king explanations from you as Trustees concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion is gwen as lo whether the accounts present a 'lrue and fair vie, and the report is limited to those matters sel out in the statement below. Indepgndent Examlner'$ statement I have completed my examination. I confirm that no materlal matters have come to ry 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 Twst 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 ¢ont8nl of accounts sel 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 ma119r considered as part of an independent examination, I have no concems and have come across no other matters in connection with the examination to which attention should be drawn ITI this Teport in order lo enable a proper understanding of the accounts to be reached. Greg Stevenson Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Dale.. gD' Ap 2026
Internatlonal Fiscal Association UK Congress Trust statement of Flnancial Actlvltles For the Yèar Ended 31 Decgmber 2025 Unrestricted Funds 2025 Unrestrlctgd Funds 2024 Noto$ INCOME AND ENDOWMENTS FROM Investment income 13,528 12,805 Total 13,528 12,805 EXPENDITURE ON Raising funds Charitable activities 7,412 Total 7,412 12,160 Net Incomlngl{outgolng) re50urc8s bofore investment galnlllossesl 6,116 645 Net gainslllossesl on Investments 34,379 3,937 Net movements In funds 40,495 4,582 RECONCILIATION OF FUNDS Total funds brought forward 283 970 259 388 TOTAL FUNDS CARRIED FORWARD 304 465 263 970 The notes form part of these financlal statements
Intornallonal Fiscal Assoclatlon UK Congress Trust Balance Sheel At 31 December 2025 2025 2024 Note8 FIXED ASSETS Irlvestments 263.510 229,131 CURRENT ASSETS Bank 36 939 36,939 46,305 CREDITORS Amounts falling due within on6 year 15,350) 12.100} 15,350 12,1001 NET CURRENT ASSETS 40,955 34,839 TOTAL ASSETS LESS CURRENT LIABILITIES 304,465 263.970 NET ASSETS 304 465 263 970 FUNDS 10 Uniestrlcted funds General funds Deslgnatgd fund8 304,465 263,970 304,465 263,970 The financial statement5 were approved by the Board of Trustees on and were signed on ils b&half by.. asli-salee O Davidson The notes form part of these financial statement8
Internatlonal Flscal Asso¢l4tlon UK Congress Trust Notes to the Flnanclal Statomgnts For the Year Ended 31 December 2025 ACCOUNTING POLICIES Ba$ls of preparlng the financlal statements The financial statements of the charity, wlich Is a public benefit enlity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102) 'Accounling and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their aOunt8 in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Irelan¢J (FRS 1021 (effective 1 January 2024),. Financial Reporting Standard 102 'The Financial Reporling Standard applicable in the UK and Republic of Ireland, and the Charities AGt 2011. The financial statements have been prepared under the historical cost convention. with the exception of investments which are included al markel value, as modified by the revaluation of certain assets. The Trustees consider that the are no material uncerlalnlies about the Trust's ability to continue as a going concern. The financial statements are presented in pounds slerllng. Income All income is recognised in the Statement of Financial AGlivitses once the charity has enlitlemenl lo the funds, it is probable that tho inGome will ts received and the amount can be asured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constru¢live obligation committing the charity to that expenditure. it is probable that a transfer of economi¢ benefits will be iequlred in selllement and the amount of the obligation carl be measured reliably, Expenditure is aecounted for on an accruals basis and has been classifled under headings that aggregate all cost related lo the category, Where costs cannot be directly atlribuled lo particular headings they have bee allocated lo activities on a basls consislenl with the uso ol resources. Grants offered subject to conditions which havè not been mel al the year end dale are noted as a commitment but not accrued as expenditure. Taxatlon 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 object8 of the charlly. Restrictions artse when specified by the donor or when funds are raised for parliculaT restrlcted purposes. Foreign ¢urren¢le8 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 steTling at the rate of exchange ruling at the dale of Iran52Ction. Exchange differences are taken into account in arriving at tho operating result.
Internatlonal Flscal Associatlon UK Congress Trust Notes to the Flnanclal Statements Forthe Year Ended 31 December 2025 Flnanclal Instruments The Trust only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised al transaction value and subsequently valued al their settlemenl value investment. Investment pollcy Invèstments are a form of basic finan¢ial instrument and are initially reoognised al their transaction value and subsequently measured at their fair value as al the balance sheet date using the closing quoted market price. The statement of financial activities includ85 the nel gains and losses arising on revaluation and disposals throughout the year.
International Flscal Assoclatlon UK Congress Trust Notes to the Flnanclal Statements For the Year Ended 31 December 2025 2. INVESTMENT INCOME 2025 2024 Dividends Interest 13,448 80 13.528 12,733 72 12 805 3. CHARITABLE ACTIVITIES Direct Costs Support costs Total 2025 Olhgr charitable activities 7,412 COMPARA TIVES 2024 Other charitable activities 10,000 10,ooD 2,160 12,160 Suppx)rt Costs have been allocated based on the Direct Costs. 4. OTHER CHARITABLE ACTIVITIES 2025 2024 Grants to ellend Congress Grants lo attend PSC Meellng Writing competition prize Grant lo Taxation workshop 2,000 5,000 500 3,000 1,500 3,000 10
Intomatlonal Flscal Association UK Congress Trust Notes to the Flnanclal Statements FOY the Year Ended 31 Dec&mber 2025 S. SUPPORT COSTS 2025 2024 Independent ExaminerlAuditors' remuneration Bank charges 2,350 62 2,100 60 2,412 2.160 Governance costs included in Support Costs amounts to £2,35012024.' £2,100), 6. TRUSTEES, REMUNERATION ANO BENEFITS There were no Trustees, remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024. There were no Trustees, expenses paid for the year ended 31 December 2025 nor for the yeer ended 31 December 2024. 7. STAFF COSTS There were no staff costs for the years ended 31 December 2025 or for 31 December 2024. 8. INVESTMENTS 2025 2024 LISTED INVESTMENTS Market value brought fo¢ward at 1 Janlfary Additions Disposals Realised gainslllossesl Unrealised gainslllossesl 229,131 34,911 134,9111 11981 34,577 225,194 3,937 Market value carried forward al 31 Dernber 263,510 229,131 Investments at market value compri$ed'. UKequities UK fixed interest 263,510 194,022 35,109 263 510 229 131 The were no investment assets outside the UK.
International Fls¢al Associatlon UK Congress Trust Notes to the Flnancial Statements For the Yoar Ended 310gcen7ber 2025 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2026 2024 Accruals 5.350 5,350 2,100 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Gonèral fvnd Deslgnated fund Total 2025 Investments Current assets Current liabilili8s 263,510 46,305 263,510 46.305 5,350 304 465 304 465 COMPARA TIVES 2024 General fund Deslgnated fund Total 2024 Investments Current assets Current liabilities 229,131 36,939 229,131 36,939 263 970 263,970 12
International Flscal Assoclatlon UK Congre88 Trust Notes to the Financial Statements For the Year Ended 31 De¢ember 2025 11. MOVEMENT IN FUNDS Ngt movgments In funds At1.1.25 At 31.12.26 General fund Designated fund 263,970 40,495 304,465 Total UnrestriGled fund 263,970 304 465 COMPARAfivES 2024 Net movemonts in funds At 1.1.24 At 31.12.24 General fund DeSnated fund 259,388 4,582 263,970 Total Unreslricled fund 259.388 263 970 12. RELATED PARTY TRANSACTIONS There were no related party transactions during the year 13. GOING CONCERN Th9re has been no material change in the Trust's financial position since the balance sheet dale, thus the going concern basis of accounting has been adopted in preparing the financial slalements. 13