DocuSign Envelope ID: EB2F2A71-BC3E-4E1B-84C5-095E15343606
Charity number: 1059891
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
DocuSign Envelope ID: EB2F2A71-BC3E-4E1B-84C5-095E15343606
THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Auditors' Report on the Financial Statements | 5 - 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 20 |
DocuSign Envelope ID: EB2F2A71-BC3E-4E1B-84C5-095E15343606
THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021
Trustees
Mr Stephen Pritchard Mr Charles Pfister
Charity registered number 1059891
Principal office C/o Menzies LLP Wentworth House 3000a Parkway Whiteley Hants PO15 7FX Independent auditors Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR Bankers HSBC Bank PLC PO Box 160 12A North Street Guildford GU1 4AF Investment Manager Investec Wealth & Investment Ltd Unit 4 The Billings 3 Walnut Tree Close Guildford GU1 4UL
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021
The trustees' present their report and financial statements of the Charity for the year ended 5 April 2021.
PURPOSE AND AIMS OF THE TRUST
The Gail Taylor Trust was constituted by a Settlement Deed dated 22 November 1996 and is a registered charity, number 1059891. During the year, the charity changed its name to The Gail Taylor Charity. The object of the charity is to make provision for the care, maintenance, support and benefit of any person or persons who, while suffering from cerebral palsy, also suffer from other disabilities and in particular blindness. Applications are invited from potential beneficiaries and these are considered by the trustees to ensure that they meet the object of the charity. In addition, an adapted vehicle is owned by the Charity which is made available to beneficiaries.
ADMINSTRATIVE STRUCTURE
The Deed of Trust details the trustees' appointment which must not exceed four in number. New trustees can be appointed by trustee resolution.
The Charity is administered by the Trustees and the Trustees who served the charity during the period were as follows:
Mr Stephen Pritchard Mr Charles Pfister Mrs Doris Marjoram (resigned 14 December 2020)
The Charity�s address is:
c/o Menzies LLP 3000a Parkway Whiteley Hants PO15 7FX
The Charity has a �Beneficiaries Committee� which reviews applications and decides on donations and support to be given by the Charity.
The Charity�s bank account is operated at HSBC Bank Plc.
Bookkeeping throughout the year, and the preparation of the Annual accounts, is undertaken by Menzies LLP, 3000a Parkway, Whiteley, Hants, PO15 7FX.
ACTIVITIES AND ACHIEVEMENTS
During the year, the Charity received a significant bequest valued at £1,568,987 from the Estate of the late Pamela Taylor in the form of Property, comprising 5 leasehold flats valued at £1.12m, and an investment portfolio valued at £448,987. The trustees continue to hold these assets to generate income for the charity and to further its charitable aims. The trustees, however, have the right to spend the capital as well as the income arising from the bequest. Accordingly, the bequest is categorised as an expendable endowment in these accounts.
Some of the properties bequeathed required work to upgrade them prior to letting but the current aim of the Trustees is to let 4 of the 5 flats to third parties on commercial rents, via a lettings agency. The 5th flat has previously been converted to enable occupation by a disabled person and the Trustees are considering the best use of this property to meet the aims of the Charity.
Professional fees were incurred in relation to the receipts under the bequest, and the trustees have requested an Audit to demonstrate good governance of such a significant receipt.
Various donations were made to applicants during the year, totalling £10,597. These payments were to cover assistance in purchasing wheelchairs and adapted tricycles, and support for the tuition costs of an under-graduate. Other money expended during the year covered the operation of the Trust�s vehicle to provide transport for applicants, and repairs to assets owned by the Trust.
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
In planning the grant payments, the Trustees kept in mind the Charity Commission�s guidance on public benefit.
FINANCIAL REVIEW
As detailed above, a bequest of £1,568,987 was received during the year. Rental income received from the letting of the flats amounted to £16,585 and investment income was £2,450. Grants paid to applicants amounted to £10,597. The costs relating to the flats totalled £17,979 and support costs totalled £23,167. Accordingly, net income before investment gains was £1,536,279. Realised gains on investments was £8,446 and unrealised were £32,524. Funds held at 5 April 2021 consisted of Expendable Endowment Funds of £1,575,809 and a small negative balance on general funds of £4,612. The Trustees anticipate that the negative balance on general funds will be cleared shortly and that sufficient funds will be available to meet all anticipated outgoings.
The Trustees aim to keep reserves of approximately three months of normal expenditure or £7,500 to protect against fluctauations in income or unanticipated costs.
POLICIES
With the receipt of the investment portfolio, the Trustees have agreed upon an investment strategy and have given this to the Brokers.
The aim of the Charity is to provide small grants and donations in accordance with the objects of the Charity. We have referred to the guidance in the Charity Commission�s general guidance on public benefit when reviewing our objects and in planning our activities and grant policies. In particular, the trustees consider how individual grants will contribute to the objects set. During the year, a variety of donations were made to applicants seeking funding for equipment or courses that would help improve their lives.
In addition to direct financial assistance, the Charity owns a vehicle adapted to carry a wheelchair. This is made available, at the Charities expense, to applicants who require such transport.
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
RESPONSIBILITIES OF THE TRUSTEES'
The Trustees 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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Settlement 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 members of the board of Trustees and signed on their behalf by:
Mr Stephen Pritchard Trustee Date: 09-Mar-2022
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES AS A BODY OF THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
Opinion
We have audited the financial statements of The Gail Taylor Charity (Formerly The Gail Taylor Trust) (the 'charity') for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES AS A BODY OF THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Auditing the risk of management override of controls including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. - Discuss matters around non-compliance with laws and regulations and how fraud may occur including assessment of how and where the financial statements may be susceptible to fraud.
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Auditing the risk of management override of controls including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporti
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES AS A BODY OF THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Report of the Independent Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Sheen Stickland
Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR Date: 09-Mar-2022
Sheen Stickland are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Investments 6 Total income and endowments Expenditure on: Raising funds 7 Charitable activities 9 Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net (expenditure)/income Transfers between funds 19 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ - 16,585 2,450 19,035 17,979 35,924 53,903 (34,868) - (34,868) 29,126 (5,742) 1,130 (5,742) (4,612) |
Endowment funds 2021 £ 1,568,987 - - 1,568,987 - 5,022 5,022 1,563,965 40,970 1,604,935 (29,126) 1,575,809 - 1,575,809 1,575,809 |
Total funds 2021 £ 1,568,987 16,585 2,450 1,588,022 17,979 40,946 58,925 1,529,097 40,970 1,570,067 - 1,570,067 1,130 1,570,067 1,571,197 |
Total funds 2020 £ 6,250 - - 6,250 - 10,618 10,618 (4,368) - (4,368) - (4,368) 5,498 (4,368) 1,130 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 20 form part of these financial statements.
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
BALANCE SHEET AS AT 5 APRIL 2021
| Note Fixed assets Tangible assets 14 Investments 16 Investment property 15 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current liabilities / assets Total assets less current liabilities Total net assets Charity funds Endowment funds 19 Restricted funds 19 Unrestricted funds 19 Total funds |
7,038 7,038 (11,650) |
2021 £ 246,058 455,431 874,320 1,575,809 (4,612) 1,571,197 1,571,197 1,575,809 - (4,612) 1,571,197 |
1,130 1,130 - |
2020 £ - - - |
|---|---|---|---|---|
| - 1,130 |
||||
| 1,130 | ||||
| 1,130 | ||||
| - - 1,130 |
||||
| 1,130 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Mr Stephen Pritchard
Date: 09-Mar-2022
The notes on pages 10 to 20 form part of these financial statements.
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. General information
The Gail Taylor Charity is an unicorporated charity registered in England and Wales. The address of the registered office is disclosed on the company information page. The functional and presentation currency of the charity is GBP.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Gail Taylor Charity (Formerly The Gail Taylor Trust) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Financial reporting standard 102 � reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 �The Financial Reporting Standard applicable in the UK and Republic of Ireland�:
- The requirements of Section 7 Statement of Cash Flows.
2.2 Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Having considered the potential impact of Covid-19 on the charity�s income streams and costs, the trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period or to the ability of the group to continue in operation.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
2.4 Expenditure
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2. Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset�s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Long-term leasehold property - 2% Straight line basis Motor vehicles - 25% Reducing balance basis Office equipment - 33% Reducing balance basis
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2. Accounting policies (continued)
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as �Gains/(Losses) on investments� in the Statement of Financial Activities.
Investments held as fixed assets are shown at cost less provision for impairment.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In the opinion of the trustees there are no significant estimates or areas of judgement that would have a material impact on the financial statements.
Critical accounting estimates and assumptions:
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
4. Income from donations and legacies
| Donations Legacies Total 2020 5. Income from charitable activities Rental income 6. Investment income Investment income |
Unrestricted funds 2021 £ - - - 6,250 |
Endowment funds 2021 £ - 1,568,987 1,568,987 - Unrestricted funds 2021 £ 16,585 Unrestricted funds 2021 £ 2,450 |
Total funds 2021 £ - 1,568,987 1,568,987 6,250 Total funds 2021 £ 16,585 Total funds 2021 £ 2,450 |
Total funds 2020 £ 6,250 - 6,250 Total funds 2020 £ - Total funds 2020 £ - |
|---|---|---|---|---|
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
7. Expenditure on raising funds
Costs of raising income
| Service charges Agent fees Repairs and maintenance Rates |
Unrestricted funds 2021 £ 6,000 2,614 8,672 693 17,979 |
Total funds 2021 £ 6,000 2,614 8,672 693 17,979 |
Total funds 2020 £ - - - - - |
|---|---|---|---|
8. Analysis of grants
| Grants paid Total 2020 |
Grants to Individuals 2021 £ 10,597 4,750 |
Total funds 2021 £ 10,597 4,750 |
Total funds 2020 £ 4,750 |
|---|---|---|---|
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
9. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable activities Total 2020 |
Unrestricted funds 2021 £ 35,924 10,618 |
Endowment funds 2021 £ 5,022 - |
Total funds 2021 £ 40,946 10,618 |
Total funds 2020 £ 10,618 |
|---|---|---|---|---|
10. Analysis of expenditure by activities
| Charitable activities Total 2020 |
Grant funding of activities 2021 £ 10,597 4,750 |
Support costs 2021 £ 30,349 5,868 |
Total funds 2021 £ 40,946 10,618 |
Total funds 2020 £ 10,618 |
|---|---|---|---|---|
Analysis of direct costs
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
10. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Bank and broker fees Legal and professional fees Motor vehicle expenses Sundries Accountancy fees Total 2020 |
Activities 2021 £ 5,022 1,992 13,753 1,912 110 7,560 30,349 5,868 |
Total funds 2021 £ 5,022 1,992 13,753 1,912 110 7,560 30,349 5,868 |
Total funds 2020 £ - - 1,118 1,937 53 2,760 5,868 |
|---|---|---|---|
Governance costs for the year were £21,313 (2020: £3,878) and are included within support costs above.
11. Auditors' remuneration
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor in respect of: | ||
| Audit of the Charity's annual accounts | 4,800 | - |
| Preparation of the Charity's annual accounts | 2,760 | 2,760 |
12. Staff costs
The average number of persons employed by the Charity during the year was nil (2020: nil)
No employee received remuneration amounting to more than £60,000 in either year.
13. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 5 April 2021, no Trustee expenses have been incurred (2020 - £NIL) .
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
14. Tangible fixed assets
| Cost or valuation At 6 April 2020 Additions At 5 April 2021 Depreciation At 6 April 2020 Charge for the year At 5 April 2021 Net book value At 5 April 2021 At 5 April 2020 |
Long-term leasehold property £ - 251,080 251,080 - 5,022 5,022 246,058 - |
Motor vehicles £ 36,700 - 36,700 36,700 - 36,700 - - |
Office equipment £ 1,030 - 1,030 1,030 - 1,030 - - |
Total £ 37,730 251,080 288,810 |
|---|---|---|---|---|
| 37,730 5,022 42,752 |
||||
| 246,058 - |
15. Investment property
| Valuation Additions At 5 April 2021 |
Long term leasehold investment property £ 874,320 |
|---|---|
| 874,320 |
The investment property was transferred to The Gail Taylor Charity at probate value. The trustees consider probate value to reflect the market value of the properties at the year end.
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DocuSign Envelope ID: EB2F2A71-BC3E-4E1B-84C5-095E15343606
THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
16. Fixed asset investments
| Listed investments £ Cost or valuation Additions 534,016 Disposals (129,480) Revaluations 32,524 At 5 April 2021 437,060 Net book value At 5 April 2021 437,060 17. Creditors: Amounts falling due within one year Accruals and deferred income 18. Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
Cash £ 156,345 (137,974) - 18,371 18,371 2021 £ 11,650 2021 £ 455,431 |
Total £ 690,361 (267,454) 32,524 455,431 455,431 2020 £ - 2020 £ - |
|
|---|---|---|---|
Financial assets measured at fair value through income and expenditure comprise fixed asset investments.
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DocuSign Envelope ID: EB2F2A71-BC3E-4E1B-84C5-095E15343606
THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
19. Statement of funds
Statement of funds - current year
| Income £ 19,035 1,568,987 1,588,022 |
Expenditure £ (53,903) (5,022) (58,925) Balance at 1 April 2019 £ 5,498 |
Transfers in/out £ 29,126 (29,126) - Income £ 6,250 |
Gains/ (Losses) £ - 40,970 40,970 Expenditure £ (10,618) |
Balance at 5 April 2021 £ (4,612) 1,575,809 1,571,197 Balance at 5 April 2020 £ 1,130 |
|---|---|---|---|---|
General funds are used for the objects of the charity, to make provision for the care, maintenance, support and benefit of any persons who, while suffering from cerebral palsy, also suffer from other disabilities and in particular blindness.
During the year the charity received £1,568,987 from the estate of the late Pamela Taylor in the form of Property with a value of £1,120,000 and an investment portfolio with a value of £448,987. The trustees continue to hold these assets to generate income for the charity and to further its charitable aims. The trustees however have the right to spend the capital as well as the income arising from bequest. The bequest accordingly categorised as an expendable endowment in these accounts.
£29,126 has been transferred to general funds in respect of money drawn from the investment portfolio.
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THE GAIL TAYLOR CHARITY (FORMERLY THE GAIL TAYLOR TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
20. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ - - - 7,038 (11,650) (4,612) |
Endowment funds 2021 £ 246,058 455,431 874,320 - - 1,575,809 |
Total funds 2021 £ 246,058 455,431 874,320 7,038 (11,650) 1,571,197 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Current assets Total |
Unrestricted funds 2020 £ 1,130 1,130 |
Total funds 2020 £ 1,130 1,130 |
|---|---|---|
21. Related party transactions
During the year ended 5 April 2021 the charity incurred expenditure of £15,523 relating to legal and professional fees with Menzies LLP, a company in which Stephen Pritchard is a Partner.
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