THE TAYLOR FAMILY FOUNDATION Registered Charity No. 1118032
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
THE TAYLOR FAMILY FOUNDATION
CONTENTS
Page Trustees and Advisors Report of the Trustees 3 - 5 Report of the Independent Auditors 6 -8 Statement of Financial Activities Balance Sheet 10 Cashflow statement 11 Notes to the Financial Statements 12 - 18
THE TAYLOR FAMILY FOUNDATION
TRUSTEES AND ADVISORS
Trustees Cristina A Taylor Neville P Shepherd Lisa Vaughan Principal Address Hill Place House 55a High Street Wimbledon London SW19 5BA Auditors PKF Littlejohn LLP Chartered Accountants and Statutory Auditors 15 Westferry Circus Canary Wharf London E14 4HD Bankers Coutts and Co 440 Strand London WC2R 0QS Charity Registration Number 1118032
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THE TAYLOR FAMILY FOUNDATION
REPORT OF THE TRUSTEES
The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (“FRS 102 SORP”) in preparing the annual report and financial statements of the charity.
Reference and Administrative Information
The Taylor Family Foundation was registered as a charity on 20 February 2007 and began operating in June 2007.
The Trustees of the Charity are listed on page 2. Day to day management of the Charity is delegated to one of the Trustees. The principal address and professional advisors of the Charity are given on page 2.
Structure, Governance and Management
Organisational Structure
The Charity is registered with the Charity Commission for England and Wales and is established under a Deed of Trust dated 23 January 2007.
In accordance with the terms of the Deed of Trust, the Trustees have agreed that one of the Charity’s Trustees should be remunerated to undertake the day to day management of the Charity.
Governance
The governing body of the Charity is the Board of Trustees, the members of which are listed on page 2. There must be at least three Trustees.
There are no formal induction and training procedures for Trustees at present as they have all been closely involved with the activities of the Charity since its inception. Trustees appointed subsequently will be given copies of the Deed of Trust and the Charity’s most recent annual reports and accounts.
Management
The Board is responsible for setting strategies and policies for the Charity and for ensuring that these are implemented.
The day to day running of the Charity is delegated to one of the Trustees and one member of staff. All Trustees take responsibility for the implementation of policies and strategies.
Risk Management
The Trustees confirm that they have identified and reviewed the major risks to which the Charity is exposed and have established systems to mitigate those risks.
Objectives and Activities
Objectives
The objects of the charity are:
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To advance the education of children at school, playgroups and colleges by working with approved agencies, charities or statutory bodies in providing facilities and resources not normally provided for by the Local Education Authority;
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To promote the Arts by working with approved agencies and other charities providing children and adults access to training and tutoring, and performances in the discipline of Drama and Dance;
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THE TAYLOR FAMILY FOUNDATION
REPORT OF THE TRUSTEES
Objectives and Activities (continued)
Objectives (continued)
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To provide or assist in the provision of facilities for recreation and other leisure-time occupation for young people and children by working with approved agencies and other charities to help enhance sports and recreational facilities in the community; and
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To further such other purposes charitable under the law of England and Wales as the Trustees see fit.
To enable the Trustees to deliver the Charity’s objects, the strategy is to make grants to registered charities in order for them to deliver services of the highest quality both in the UK and overseas.
Activities during the Year
In the year to 31 March 2022 the Charity has made 42 (2021 - 33) grants to 38 (2021 - 28) recipient charities, operating primarily in the fields of the environment, education, the Arts, health, children’s services and humanitarian aid. Of the grants made, 28 (2021 – 23) were under £25,000, nine (2021 – three) were between £25,000 and £100,000 and five (2021 – seven) were in excess of £100,000.
Achievements, Performance and Public Benefit
The Board is pleased to report significant progress towards achieving its objectives in its ninth period of operation. The Trustees confirm that they have had due regard to the guidance issued by the Charity Commission in respect of public benefit when reviewing the Charity’s activities and performance.
Financial Review
During the year to 31 March 2022, the Charity received voluntary income of £3,023,566 (2021 - £2,707,365). Total incoming resources including bank interest amounted to £3,023,572 (2021 - £2,707,419). Grants of £1,944,000 (2021 - £2,131,000) were made and after support costs the Charity had £4,361,803 (2021 - £3,494,212) to carry forward in unrestricted funds at the year end.
Responsibilities for the Financial Statements
Charity law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its financial activities for the year. In preparing those financial statements the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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observe the methods and principles of the Charities’ SORP;
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state whether the policies are in accordance with applicable United Kingdom Accounting Standards, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
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THE TAYLOR FAMILY FOUNDATION
REPORT OF THE TRUSTEES
Investment Policy and Performance
The Charity holds cash and an investment in Snowball Impact Management Limited (Project Snowball LLP), an investment organisation that targets social and environmental impact alongside financial return.
Reserves
The Trustees do not see the need for holding substantial reserves in cash, and they do not want the Charity to hold money under management. The Trustees are happy to hold only sufficient cash to cover grant making and ongoing operational expenses. The Trustees look at grant making propositions at least half yearly in advance, ensuring there are sufficient funds available to cover the charity’s commitments.
Grant making policy
The Trustees grant making policy is to award funding to UK registered charitable bodies which deliver services or run projects in the areas primarily of support to young people from disadvantaged backgrounds or that operate in the areas of health, recreation and performing arts. Grants are also made to charitable organisations both in the UK and overseas that operate in other areas, at the discretion of the Trustees.
The Trustees monitor actively the organisations that the Charity supports.
Plans for Future Years
The ongoing Coronavirus pandemic continues to impact the way that grants are processed and monitored. Looking forward, the Charity will continue to ensure that grants are given to organisations that meet the Charity’s award criteria. Our key aims for the coming year are:
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to maintain a close interest in the application of funds already donated;
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to build on relationships with a chosen few of our existing recipient charities; and
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to seek a few additional charities with whom we would like to work.
Auditors
Our independent auditors PKF Littlejohn LLP have indicated their willingness to continue in office.
By Order of the Trustees
N P Shepherd
2023
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THE TAYLOR FAMILY FOUNDATION
INDEPENDENT AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TAYLOR FAMILY FOUNDATION
Opinion
We have audited the financial statements of The Taylor Family Foundation (the ‘charity’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
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give a true and fair view of the state of the charity’s affairs as at 31 March 2022, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditor’s 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 UK, including the FRC’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 Report of the Trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report of the Trustees. Our opinion on the financial statements does not cover the other information and 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 TAYLOR FAMILY FOUNDATION
INDEPENDENT AUDITOR’S REPORT
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Report of the Trustees; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of the Trustees
As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of 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.
Auditor’s 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 auditor’s report 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:
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We obtained an understanding of the charity and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, sector research and application of cumulative audit knowledge and experience.
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We determined the principal laws and regulations relevant to the charity in this regard to be those arising from the Charities Act 2011, Financial Reporting Standard 102, and relevant employee legislation.
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We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to enquiries of management, review of minutes and review of legal and regulatory correspondence.
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We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that there was potential for management bias in the valuation of the investment. We addressed this through review of the valuation report.
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THE TAYLOR FAMILY FOUNDATION
INDEPENDENT AUDITOR’S REPORT
- As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 auditor’s report.
Use of our report
This report is made solely to the Trustees, as a corporate 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 auditor’s report 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 the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
PKF Littlejohn LLP Statutory Auditor
15 Westferry Circus Canary Wharf London E14 4HD
Date: 27 January 2023
PKF Littlejohn LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
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THE TAYLOR FAMILY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022
| Note Income and endowments from: Donations and voluntary income 1 Investment income 2 Total Expenditure on charitable activities Grant giving 4 Support costs 3 Total expenditure Net income Revaluation of investments Reconciliation of funds: Total funds brought forward 9 Total funds carried forward 9 |
Unrestricted funds £ 3,023,566 6 3,023,572 1,944,000 94,457 2,038,457 985,115 (117,524) 3,494,212 4,361,803 |
Total 2022 £ 3,023,566 6 3,023,572 1,944,000 94,457 2,038,457 985,115 (117,524) 3,494,212 4,361,803 |
Total 2021 £ 2,707,365 54 |
|---|---|---|---|
| 2,707,419 2,131,000 141,521 |
|||
| 2,272,521 | |||
| 434,898 (116,215) 3,175,529 |
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| 3,494,212 |
The Charity has no recognised gains or losses other than as stated above.
All of the activities of the Charity are continuing.
The Accounting Policies and Notes on pages 12 to 18 form part of these financial statements.
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THE TAYLOR FAMILY FOUNDATION
BALANCE SHEET YEAR ENDED 31 MARCH 2022
| Note Fixed Assets Investments 7 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Net assets Charity Funds Unrestricted funds 9 Total charity funds 9 |
2022 £ 2,427,570 1,939,194 (4,961) 1,934,333 4,361,803 4,361,803 4,361,803 4,361,803 |
2021 £ 2,545,094 956,069 (6,951) |
|---|---|---|
| 949,118 | ||
| 3,494,212 | ||
| 3,494,212 | ||
| 3,494,212 | ||
| 3,494,212 |
The financial statements were approved and authorised for issue by the Board on 2023.
Signed on behalf of the board of trustees
N P Shepherd, Trustee
The Accounting Policies and Notes on pages 12 to 18 form part of these financial statements.
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THE TAYLOR FAMILY FOUNDATION
STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2022
| 2022 Note £ Cash flow from operating activities 10 983,119 Investment income 6 Net cash flow provided by/(used in) operating activities 983,125 Investment Activities Change in cash and cash equivalents in the year 983,125 Cash and cash equivalents at 1 April 956,069 Cash and cash equivalents at 31 March 1,939,194 |
2021 £ 434,773 54 |
|---|---|
| 434,827 | |
| 434,827 521,242 |
|
| 956,069 |
The Accounting Policies and Notes on pages 12 to 18 form part of these financial statements.
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THE TAYLOR FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
(a) General information and basis of preparation
The Taylor Family Foundation is a charity in the United Kingdom. The address of the registered office is given in the charity information on page 2 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds 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 management charges and legal advice relating to the fund are charged against the fund.
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income, after any performance conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received.
Income from donations is recognised on receipt, unless there are conditions attached to the donation that require a level of performance before entitlement can be obtained. In this case income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP.
Donations in kind are accounted for at fair value.
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THE TAYLOR FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Expenditure on charitable activities includes grants payable (see note 4).
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Support costs
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are included in expenditure on charitable activities. Where unconditional grants are made, these amounts are recognised when a constructive obligation is created, typically when the recipient is notified that a grant will be made to them. Where grants are conditional on performance, then the grant is only recognised once any unfulfilled conditions are outside of the control of the charity.
(e) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010. It therefore meets the definition of a charitable company for UK corporation tax purposes.
(e) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price, where available. Programme related investments are valued at the fair value. Where a reasonable fair value is not practicable to obtain, social investments are recognised at cost less impairment.
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THE TAYLOR FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
| 1. Income from donations and legacies Donations and voluntary income 2. Income from investments Bank Interest 3. Support costs Staff costs Office costs including rent |
2022 £ 3,023,566 3,023,566 2022 £ 6 2022 £ 59,612 34,845 94,457 |
2021 £ 2,707,365 2,707,365 2021 £ 54 |
|---|---|---|
| 2021 £ 105,112 36,409 |
||
| 141,521 |
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NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
THE TAYLOR FAMILY FOUNDATION
| 4.Grant giving Grants payable as follows: The Institute of Cancer Research Royal Opera House Convent Garden Foundation MSF UK The Prince’s Trust Centrepoint Buttle UK Beanstalk Momentum Children’s Charity St Giles Croydon Legacy Youth Zone Chance to Shine Foundation Rainbow Trust Children’s Charity University of Stirling The Wimbledon Civic Theatre Trust Jigsaw4u Reedham Children’s Trust The Brilliant Club Create Arts Magic Breakfast Polka Children’s Theatre Prisoners’ Education Trust Hall for Cornwall Trust MyBnk World Heartbeat Music Academy Zero Gravity Fund Ballet Rambert Read for Good Home Start Merton Honeypot Childrens Charity Mitcham Town Community Trust Childhood First Wimbledon Arts Barnardos React Wimbledon Music Festival Linden Lodge Charitable Trust Merton Mencap Power to Connect Kings College School Dreamchasing – NHS Depaul Power to Connect CIC Merton Music Foundation The Children’s Society Forward Trust Total |
2022 £ 1,000,000 250,000 60,000 50,000 30,000 30,000 30,000 25,000 25,000 25,000 25,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 18,500 15,000 10,000 10,000 10,000 10,000 8,000 7,500 5,000 5,000 5,000 5,000 5,000 - - - - - - - _ 1,944,000 _ |
2021 £ 1,000,000 500,000 10,000 50,000 30,000 - - 20,000 10,000 - - 20,000 20,000 20,000 20,000 20,000 20,000 20,000 15,000 - - - - - - - - 10,000 10,000 10,000 - 8,000 - 5,000 5,000 - - - 200,000 50,000 15,000 13,000 10,000 10,000 10,000 _ 2,131,000 _ |
|---|---|---|
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THE TAYLOR FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
5. Auditor’s remuneration
The auditor’s remuneration amounts to an audit fee of £3,980 (2021 - £3,950).
6. Trustees' and key management personnel remuneration and expenses
| Staff costs: Salaries Social security costs Pension costs The average number of employees, analysed by function, was: Charitable activities Governance |
2022 2021 £ £ 42,312 75,666 15,798 25,302 1,502 4,144 __ _ 59,612 105,112 No. No. 1 2 1 1 2 3 ___ |
|---|---|
No employee received emoluments of more than £60,000 in the year ended 31 March 2022 or the previous year.
Remuneration of £31,675 (2021 – £31,675) was paid to one of the Trustees. No other expenses were paid or reimbursed to Trustees.
7. Investments
| Programme related investment Value at start of year Revaluation Value at end of year |
2022 £ 2,545,094 (117,524) _ 2,427,570 _ |
2021 £ 2,661,309 (116,215) _ 2,545,094 _ |
|---|---|---|
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THE TAYLOR FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
8. Creditors: amounts falling due within one year
| Tax and Social Security Accruals |
2022 £ 961 4,000 4,961 |
2021 £ 2,618 4,333 |
|---|---|---|
| 6,951 |
9. Fund reconciliation
Unrestricted funds
| Unrestricted | Balance at 01/04/21 £ Income £ Expenditure £ Gains / (losses) £ Balance at 31/03/2022 £ 3,494,212 3,023,572 (2,038,457) (117,524) 4,361,803 |
|---|---|
| 3,494,212 3,023,572 (2,038,457) (117,524) 4,361,803 |
Unrestricted funds
| Unrestricted | Balance at 01/04/20 £ Income £ Expenditure £ Gains / (losses) £ Balance at 31/03/2021 £ 3,175,529 2,707,419 (2,272,521) (116,215) 3,494,212 |
|---|---|
| 3,175,529 2,707,419 (2,272,521) (116,215) 3,494,212 |
10. Reconciliation of net income/(expenditure) to net cash flow from operating activities
| 2022 £ Net income/(expenditure) for the reporting period 985,115 Adjusted for: Investment income (6) Decrease in creditors (1,990) ______ Net cash provided by/(used in) operating activities 983,119 |
2021 £ 434,898 (54) (71) _ 434,773 |
|---|---|
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THE TAYLOR FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
11. Related party transactions
During the year transfers were made totalling £3,023,566 (2021 - £2,707,365) from the Taylor family office, representing the Taylor family. No gift aid can be claimed on these transfers.
During the year £30,000 was paid to Cristina Taylor as a contribution towards office rent (2021 – £30,000).
12 . Pledged Donations
The Trustees have committed to a number of multi-year grants the payment of which is, in each case, contingent on the stipulated conditions being met following a review by the Trustees. Therefore, in accordance with the Charities’ SORP, these commitments are not accounted for in these financial statements.
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