TACT THE ASSOCIATION OF CORPORATE TRUSTEES Charity Number 1164602 Company Number 9744409 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 TAcf-The A550ciatlon of Corporate Trustees Report of the Trustees for the year ended 31 August 2024 The trustees Iwho are also the directors of the charirable company for the purposes of the Companie5 Act) present their combined directors, report and trustees, report, as required by company law, together with the financial statements of TAcf- The Association of Corporate Trustees {the Charity) for the year ended 31 August 2024. The trustees confirm that the trustees, report and financial statement5 of the Charity comply with the current statutory requirements, the requirements of the Charity's governin8 document and the provisions of the Statement of Recommend Practice ISORPI "Accounting and Reporting by Charities" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 2019). Objectives, Activities and Public Benefit The objects of the charity are specifically restricted to the following.. For the overriding benefit of the public by the odvoncement of educotion in trustlaw ondprortice through the provision ond disseminotion of informotion ond instrurtion. The trustees review the aims, objects and activities of the charity on a regular basis to ensure that the activities of the charity are in alignment with its objetts and that the charity continues to deliver public benefit in line with the Charity Commission's guidance. The charity advances its objects for the public benefit by lamongst other things): Disseminating information through updates and publications Tracking, influencing and informing regulatory developments and engaging it5 the members Providing updates on developments in the law Advancing the knowledge and practice of quality trusteeship Provide a forum for members, share knowledge and best practice The strategies employed to achieve the charitvs aims and objectives are to: Engage with similar bodies Engage with relevar¢t government and regulatory organisations Respond to consultations by HMRC and other government and regulatory organisations Proactively identify current and future industry issues Maintain and review professional codes and guidance for members In setting its aims and objectives and whilst exercising their powers and fulfilling their duties as charity trustees the trustees have had due regard to the Charity Commission's guirlance on public. Achievements and perfomiance Durin8 the period the charity has: Maintained a good level of membership Held regular sub-committee meetings where current industry topics are reviewed and discussed both in person and via video conferencing Regularly attended HMRC Capital Taxes Liaison Group Regularly attended and contributed to the HMRC Trust Registration Service sub-group assistin8 in the ongoing development of the TRS Regularly attended the HMRC Trust5 & Estates- Agents Advisory Group Maintained communication with the Financial Condurt Authority IFCAI about corporate trusteeship Responded to further HM Treasury consultation on the reform of the Anti-money Laundering and Counter-Terrorism Financing Supervisory Regime Held a conference of members providing an important update on the position in the Loan Capital and Capital Markets sector Responded to HM Treasury, HM Revenue & Customs and Department of Business and Trade consultation "Transparency of land ownership involving trusts" Maintained membership of the Investor Access to Regulated Bonds Working Group to help promote access to bonds Responded to HM Treasury consultation "Improving the effectiveness of the Money Laundering Regulations" Continued the 'TAcf Next Gen" initiative to connect the next generation of professionals acting as trustees Continued to edit Yrust Quarterly Review" with STEP (Society of Trust & Estate Practitioners) Celebrated its 50, anniversary and planned a conference in late 2024. The achievements of the charity have highlighted the importance of quality trusteeship. performance and governance. Attending liaison groups and responding to consultations has increased awareness of the charity's work and, it 15 hoped. influenced government detlsion making in this area. Financial review The Association is incorporated and re8iStered as a charity making it necessary to comply with the SORP applicable to charitie5. The charitls main source of income is from member subscriptions. Scott Clayton continues to act as Chief Executive and deals with the day-to-day administration and promotes awareness of the tharity. The Chief Executive's fee5 are currently the charitys largest overhead. The charivs retains a strong balance sheet with resetves held to cover future expenditure and promotional initiatives. Investment powers ondpolicy Under Article 51101 of the Articles of Association the Trustees have power to invest funds in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustees Act 20CX). The trustees, having regard to the liquidity requirements of the charity. have kept available funds in the charity bank account. Due to the need for immediate access to operating funds and ongoing economic circumstances the bank account Used is not interest bearing. The Trustees, have maintained the following investment policy.. "The charity wishes to achieve long-terrn growth and protection of capital with the assurance of liquidity should divestment be necessarf,. The trustees continue to invest the charity reserves in COIF Charities Global Equity Income Fund. On 31 AuBUSt 2024 the market value of the charity's investment was £86,222. The trustees, investment objective is to maintain the capital value of the invested reserves at least in line with inflation. This was exceeded dufing the period. The trustees review the performance of the investment against the trustee Managed Portfolio Indices IMPII and use this a5 a benchmark against which investment performance is measured. The investments outperformed this benchmark during the year. Reserve5policy ond g￿ng concern Re5erve5 are needed to bridge the gap between the spending and receiving of income and to cover any unplanned expenditure. The trustees have maintained the following reseNes policy: "The charity intends to increase its general information and instruction presence and expects to undertake sporadic 'large" projects. To this end. it considers holding up to 24 months, operating outgoings, as a reasonable reserve." The charity had reserves on unrestricted funds of £120,662 after allowing for surpluses in the year and setting aside funds to cover audit fees and Chief Executive fees which are detailed in note 9 of the accounts. This position shows an increase in the period which is attributable mainly to investmentgrowth. The balance sheet remains strong with net current assets of £120.662. The Trustees are aware that it is necessary to continue to maintain membership levels to meet operating expenditure and maintain reserves. Structure Governance and Management Govemlng Document TACT-The Association of Corporate Trustees is a company limited by guarantee governed by its Articles of Association adopted on incorporation on 21 August 201S. It registered as a charity with the Charity Commission on 30 November 2015. Any corporate trustee, or professional advising professional trustees. approved by the tharity trustees, agreeing to abide by the charitvs published code of conduct and payin8 the relevant subscription can become a member of the company. There were 61 members on 31 August 2024, each of whose liability is limited to a sum not exceeding £10, being the amount that each member undertakes to contribute to the assets of the charity in the event of its bein8 wound up. Orgunisationalstrurture The trustees are respofbsible for all decisions made by the charity. Appolntment of Trustees As set out in the Articles of Association the charity must have a minimum of five directors who are also the charity trustees. At the first AGM all of the directors retired and were re-elected. At each subsequent AGM one third lorthe number nearest to one thirdl must retire. The directors are elected bythe members of the company attending the AGM. The board has the power to co-opt directors to the board having regard to any specialist skills needed. Such an appointee must resign as a direttor at the followlng AGM and seek re-election by the members. Trustee indurtion, trolnlng & orqanlsotlon The board of directors, which administers the charity. is made up entirely of professionals whose day-to- day business consists of acting as professional trustees or who are fully aware of the requirements of the law relating to trusts. The board normally meets quarterly and there are sub-committees for Private Trusts, Pensions and Loan Capital & Capital Market5. A Chief Executive 15 appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority for operational matters including being a signatory on the charitws bank mandate which requires two signatures to complete withdrawals. Relotedportie5 and co-opemtion with otherorgonisation5 None of the directors receive remijneration or other benefit from their work with the charity. Any connection between the trustee and a third party that might cause a conflict of interest must be disclosed to the fu51 board of trustees. No such related party tran5action5 were reported in the current financial period. The charity recognises that it relies heavily on the voluntary efforts of the directors and others. The value of these services to the charity is considerable. PaypollcyAorseniorstaff The direttors consider the board of directors, who are the charity trustees, and the Chief Executive comprise the senior management personnel of the charity in charge of directing and controlling, running and operating the charityon a day-to-day basis. All directors give their time freely and no director received remuneration in the period. Details of any directors, expenses and related party transactions are disclosed in notes 8. 9 and 10 of the accounts. The trustees are contracted with the Chief Executive to pay fixed fees for his time dealing with the day- to-day management of the charity. The charity is invoiced by Renaissance Trust Corporation Limited which employs the Chief Executive. Risk Management The directors have a risk management strategy which comprises of: l. An annual review following the annual audit to assess the risks that the charity faces: and 2. The establishment and implementation of policies, systems and procedures to mitigate the risks identified in the annual review,. The last arbnual review has revealed that financial sustainability is the main risk to the charity and the following potential risk areas have been highlighted for ongoing review: Member subscription arrears Investment losses Event losses Reference and administrative details Charity name.. TACT- The Association of Corporate Trustees Charity number.. 1164602 Company number: 09744409 Principal Office: nd 2 Floor, 70 Gracechurch Street London EC3VOHR Registered Office- 2n¢ Floor, 70 Gracechurch Street London EC3V OHR Ouradvlsers.. Independent Examiners: Knox Cropper LLP, 65 Leadenhall Street, London EC3A 2AD Bankers- Barclays Bank PLC. 240 Whitechapel Rd, London El IBJ Director5 and trustees The directors of the charitable company Ithe charity) are its trustees for the purposes of charity law. The trustees and officers Se￿Ing during the period were as follows: Appointed 1111012018 1310412023 11/1012018 1811112016 2110612016 1010512016 1110712024 Resigned Jame5 Alexander Campbell Cheryl Leonie Farnham Sally Margaret Gilding Helena Anne Jane Giles Neil lan Long Andrew Michael Playle Jonathan Mark Proctor 1010712024 Key Management Personnel: President Vice President Chairman of Loan Capital & Capital Market5 Committee Vice-chairman of Loan Capital & Capital Markets Committee Chairman of Private Trusts Committee Vice-chairman of Private Trusts Committee Chief Executive Helena Giles Alex Campbell Helena Giles Alex Campbell Neil Long Andrew Playle Scott Clayton Statement of Trustees, Responsibilities The trustees (who are also the directors of TACT- The Associatlon of Corporate Trustees forthe purposes of company lawl are responsible for preparing the Trustees, Report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law ￿qUireS the trustees to prepare financial statements for each financial year which give true and fair view of the state of affairs of the charitable company and of the incoming resource5 and application of resource5. including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the trustees are required to select suitable accounting policies and then 3pply them consistently,. obseNe the methods and principles in the Charity SORP- make jud8ements and estimates that are reasonable and prudent- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the finantial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant information of which the charitable company's independent examiners are unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner5 are aware of that information. INDEPENDENT EXAMINERS Knox Cropper LLP, were appointed as Independent Examiners at the tharivs Annual General Meetin8 on 18 January 2024. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 10 April 2024 and signed on its behalf by: lena Giles President Independent Examiner's Report to the Trustees of TACT- The Association of Corporate Trustees I report to the trustees on my examination of the accounts of TA￿ - The Association of Corporate Trustees for the year ended 315t August 2024. Responsibilities and basls of report As the trustee5 of the Trust you are responsible for the preparatlon of the accounts in accordance with the requlrements of the Charities Act 2011 Cthe 2011 Act,). You a￿ satisfied that the accounts are not required by charity law to be audited and have chosen Instead to have an independent examination. l ￿port in ￿SpeCt of my examination of you're the Trusys accounts as carried out under section 145 of the 2011 Art. In carrying out my examination I have followed the applicable Direction5 given by the Charity Commlsslon under section 145(5)(b) of the 2011 Act. Independent Examinerfs Statement I have completed my examination. I confirm that no matters have come to my attention givin9 me cause to believe that In any material respect.. accounting records were not kept in resFect of the Trust as requlred by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3, the accounts do not comply with the accounting requirements of con￿mIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true 3nd falr vlew which is not a matter considered as part of an independent examination. I have no COn￿rnS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proter understsnding of the accounts to be reached. Shoalb Arshad Knox Cropper LLP Chartered Accountsnts 65 Leadenhall Street London EC3A 24D Date: 2025 TA￿- THE ASSOCIATION OF CORPORATE TRUSTEES Statement of Financial Activite5 for the year ended 31 August 2024 Ilncorporating an Income and Expenditure A(￿untI Unrestricted Funds 2024 Unrestricted Funds 2023 Note Income from: Charitable activities 50,027 44,465 Total Income 50,027 44.465 Expenditure on: Charitable activities 58.617 45.442 Total Expenditure 58.617 45.442 Net gain511105sesl on investments 9,925 3.602 Net incomellexpenditure) 1,335 2,625 Total fur¢ds brought forward 119,327 116,702 Total funds carried forward 120,662 119.327 All income and expenditure has arisen from continuing activities. The notes form part of these financial statements. TAcf- THE ASSOCIATION OF CORPORATE TRusfEES Balance Sheet as at 31 August 2024 Note 2024 2023 Current Assets: Debtors and prepayments Investments Cash at bank 30,430 86,222 5,989 17,981 76,297 28,569 Total current 05set5 122.641 122.847 Liab115tles: Creditors.. Amounts falling due within one year 1,979 3.520 Total Net Assets 120,662 119,327 The funds ofthe charity: Unrestricted funds: General Funds Total charity funds 120,662 120,662 119,327 119.327 The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reportin8 Standard 102. Approved on 10 April 2024 and signed on behalf of the Board Helena Giles The notes form part of these financial statements. Company number.. 09744409 io TACT- THE ASSOCIATION OF CORPORATE TRUSTEES Notes to the Account5 for the year ended 31 August 2024 Accounting policies al Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in attordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Art 2C(J6. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain a55ets. The presentational currency of the financial statements is Pound Sterlin81£1. bl The charity is a public benefit entity as defined by FRSIO2. cl Income represents membership fees and other membership income. Subscription income received in advance for subsequent years is deferred. d) The funds of the charity are all unrestricted, for use by the Directors in accordance with their powers. el Going Concern The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. Taxatlon The charity is exempt from corporation tax on its charitable activities. gl Flxed Asset Investments The Charity's investments are a form of basic financial instrument and are initially reco8nised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the bid price. The Statement of Financial Activities includes the net gains and losses arising on the revaluations and disposals throughout the year. Unrealised gains and losses represent the difference between rhe market value of investments stlll held at the Ènd of the financial year with their value at the beginning of the year or with their cost if purchased subsequently. TAcf- THE AssoaATION OF CORPORATE TRUSTEES Notes to the Accounts for the year ended 31 August 2024 2024 2023 2. Income from charltable attivities Member subscriptions Associate Member subscriptions Professional Member subscriptions Bank compensation 39,667 260 9.900 2C 38.675 390 5,400 50,027 44.465 3. Expenditure on charitable actlvities Computer software costs Webslte costs Chief Executive fees Event costs Promotion and Marketing Audit fees Le8al fees Compliance costs Bank charges Office costs Telephone costs Courier costs Charitable donation 312 1,838 31,952 13,324 360 1,956 6,852 17 1.638 31.368 1.932 9.990 35 1.669 114 143 12 17 2(KJ 36 58,617 45,442 4. Debtots and prepayments Trade debtors Prepaid website costs Prepaid office costs Prepaid event costs 2,495 1,492 875 1,092 1.285 14.729 26.443 30.430 17.981 11 TAcf- THE ASSOCIATION OF CORPORATE TRUSTEES Notes to the Accounts for the year ended 31 August 2024 2024 2023 Investments COIF Charities Global Equity Income Fund Accumulation Units 17,954.65 Units acquired 28 April 2016 Market Value I September 2019 Additions 2 820.48 Units sold 19 September 2019 Z Market Value I September 2023 Realised gains1llosses1 Unrealised gains/llossesl Market Value 31 August 2024 76.297 72.695 9,925 86,222 3,602 76,297 6. Cash at bank Barclays Bank PLC 5,989 28,569 5,989 28.569 7. c￿ditors.. Amounts falling due withln one year Independent Examination fees Website costs Compliance costs 1,956 1,836 1.638 46 23 1,979 3,520 8. Trustee expenses There were no trustees, remuneration or other benefit5 for the year ended 31 August 2024 or the previous year. Ig TAcf- THE ASSOCIATION OF CORPORATE TRUSTEES Notes to the Accounts for the year ended 31 August 2024 2024 2023 Remuneration re￿iVed by key management personnel Fees were paid to Renaissance Trust Corporation Limited for the services of Scott Clayton as the Chief Executive for day to day administration seNices and dinner organisation as follows.. Chief Executive fees (per Note 31 31.952 31,368 Total Chief Executive fees 31,952 31.368 10. Related party transartion5 Renaissance Trust Corporation Limited, which provides the services of the charity's Chief Executive. is a150 a member of the charity- It receives a 50% discount on its membership fees as part of the contract arrangements.