THE CYRIL TAYLOR CHARITABLE FOUNDATION
(A company limited by guarantee)
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended
31 December 2023

THE CYRIL TAYLOR CHARITABLE FOUNDATION
CONTENTS
Page
Reference and Adminislralive Details
Report of the Trustees (including Strategic Report}
Statement of Trustees, Responsibilities
Independent Auditor's Report
9-11
Statement of Finan¢ial Activities
12
Balance Sheet
13
Statement of Cash Flow$
14
Accounting Policies
15-18
Notes lo the Financial Slalements
19-24
Page12

THE CYRIL TAYLOR CHARITABLE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
JMBerry
A J Brookes
JA8urg
P Egan
WLGertz
E Hawksworth
J Husband
C D Joseph
T O Kiechle
M Kim (Appointed 15th June 20231
E O'Neill (Appointed 21 sl February 20241
R W Maas (Resigned 22nd February 2023)
S Rasch
C Tucker
D G Wilson
P Woodthorpe (Resigned 7th May 20231
Company Secretary
D G Wilson
Principal Office &
Registered Office
37 Queen's Gate
London
SW7 SHR
Foundation Number
1152058 (England and Wales)
Company Number
08524472 (England and Wales)
Auditor
Buzzacotl LLP
130 Wood Street
London
EC2V 6DL
Investment Managers
UBS
5 Broad Gale
London
EC2M 2QS
Fidelity Investments
Operations Company Inc.
82 DeVonsh￿re Street
Boslon MA 02109
Fransad Geslion SA
Place de I'universilé 7
Case Poslale 5054
1211 Genève11
UBS Financial Services
1285 Avenue of the Americas
1911 Floor, New York
NY 10019
Legal AdvisoTS
Loeb. Block & Partners LLP
505 Park Avenue
New York
NY10022
Penningtons Manches Cooper LLP
125 Wood Street
London
EC2V 7AW
Page13

THE CYRIL TAYLOR CHARITABLE FOUNDATION
REPORT OF THE TRUSTEES
The Trustees present their annual report together with the financial statements and auditor's report of
the charltable company for the year 1 January 2023 10 31 December 2023. The report serves the
purposes of both a Trustees, report, and a Directors, report under company law.
Structure, Governance and Manag8m8nt
Governing document
The Cyril Taylor Charitable Foundation {hereinafteT referred lo as the Foundalionl registered in England
and Wales under charity registration nurNber 1152058, is conlro15ed by ils governing document, the
memorandum and articles of association, and conslilules a limited company, limited by guarantee, as
defined by the Companies Act 2006. The charitable company was incorporated on 10 May 2013 under
registration number 08524472.
Organisational structure
The Foundation Trustees, who are also directors for the purposes of company law, are responsible for
the general control and management of the Foundation. All Trustees give their lime freely and receive
no remuneration or other financial benefits The Chairman of the Trustees is Stephen Rasch, who was
appointed for an initial three year term, extended for a further three years which expired in July 2023.
This was extended on 7 February 2022 to a further thTee years under the revised articles of association.
The Foundation is adrninislered on a daily basis by a Iruslee who is an employee of American Inslilule
For Foreign Study IUKI Limited IAIFS IUKI Limiledl. ATFS IUKI Limited is an indirect subsidiary of AIFS
Inc., a company that specialises in educational and cultural exchange. William Gertz, a Iruslee of the
Foundation, is also the chairman of ALFS Inc. Trustees currently meet ￿l¢e a year, bul other meetings
are convened when required.
Appointment, induction and training of Trustees
If a Iruslee vacancy arises, Ihe Chairman convenes the Nominations Committee lo review applications
and make recommendations lo the Board. There musl be a minimum of 6 and a maximum of 16
Trustees. There are currently 14 Trustees. The leve5 of competence required of a Iruslee is explained
in ils memorandum and articles of association New Trustees are inducted by an existing Iruslee,
briefing from the chairman and trained through regular attendance al meetings as well. All Trustees
undertook training al the annual Iruslees meetings held over the last 4 years and annually receive the
Essentia5 Trustee published by the Charity Commission.
Third party indemnlty provlsion for Trustees
Qualrfying third party indemnity provision is in place for the benefit of all Trustees (who are also
direclorsl of the Foundation at the reporting date and was in place throughout the twelve month period.
Risk management
The Trustees have a duly to identify and review the risks lo which the Foundation Is exposed and lo
ensure appropriate controls are in place lo provide reasonable assurance against fraud and Èrror. A
number of internal controls have been implemented lo provide assurance against fraud and eTfoT. The
Trustees also consider variability (rf investment returns, lo constitute towards the financial Tisk of the
Foundation. This is mitigated by retaining expert Investment managers and having a diversified
investment portfolio.
Transfer of shargs during the year
In December 2023 a new structure was created to hold the AIFS Inc. A Shares lo satisfy both the US
Siale Department and the Charity Commission. The AIFS Inc. A Shares are currenlly held in the Cyri
J H Taylor Capital Trust, New York with the sole beneficiary being the Foundation. The role of the CT
Capital Purpose Trust is only lo own the shares of the Capital Trust LLC and has no other rights over
them.
Page14

THE CYRIL TAYLOR CHARITABLE FOUNDATION
REPORT OF THE TRUSTEES (CONTINUED)
Objectives and activities
Objectives and aims
The objectives of this Foundation, as set out in the Foundation's memorandum and articles of
association, are as follows..
"To further such charitable purposes and lo make donations to such charitable institution, or instilulions.
al such lime, OT limes, and in such manner as the directors may. in their absolute discretion, think f1t.
For the public, by enabling citizens of the UK and other countries lo participate in educalionaS exchanges
between those countries and support charities which promote international educational exchange and
to make donations lo such institutions at such lime or limes and in such manner as the diTecloTS may
in their absolute discretion think fil.
On his death in 2018, Sir Cyril Taylor bequeathed the bulk of his Eslale lo the Foundation lo invest in
order lo generate income for the Foundation. The adminislralion of Sir Cyril's Estate has not yet been
completed so the full and final amount of the bequest cannot yet be quantified. The eslimaled nel fair
value after fees of the remaining legacy as al 31 December 2023 totals $1 m. The major asset of the
Estate was the holding ofA shares in AIFS Inc which conslitules a 99.9'/0 shareholding in that company.
However, the rights of the B shareholders restri￿ the ability of the Foundation lo dispose of ils shares
in the company, which is why the A shares in AIFS Inc. has been held for investment purposes only
and therefore shown on the balance sheet as a f1xed assel investment. The shares bequeathed lo the
Foundation were valued al $274,929,908 as al 29 January 2018 Isee note 8). Although beneficial
ownership rests wrth the Foundation. the title lo the shares is held in the Cyril J H Taylor Capital Trust,
New York.
strategic rgport
Achievemenl and performance
During the year ended 31 December 2023, the Trustees made charitable grants of $769,27512022..
$955,580). The donations made reflect the objective lo donate lo institutions as Trustees think fil land
which support education, local work w((h vulnerable people, supporting research into how to improve
educational opportunities elcl.
Amongst the charities that have been SLJPPOrted during the year are the Buttle Trust, providing boarding
school places for vulnerable young people which has given them stability and academic security., grants
have been made lo support Ukrainian students displaced by the geo-political situation in Ukraine
through thè IIE Emergency Sludenl Fund and Balliol College Ukraine Fund lo ensure their education is
not inlerrupled. The Foundation has also supported educational exchange and expanding access lo
intercultural education through AFS Inlercullural Programmes, IIE, CLJltur81 Vistas, and the UK-US
Fulbright Commission. Locally, the Foundation provided support lo Norden Farm which
provides educational and creative workshops for school age children land increasingly migrant
Children} lo keep them occupied through holiday periods and lo Waging Peace which assists Sudanese
genocide survivors lo re-train and rebuild their lives. A full list of grants is in note 5 to the accounts.
Publlc beneflt
The Trustees, as required by charity law. have paid due regard lo the Charity Commission's guidance
on Providillg public benefit while reviewing the Foundation's aims and objectives, and while deciding
what activities the Foundation should undertake and how the donations made will help the Foundation
meet ils objectives.
Page15

THE CYRIL TAYLOR CHARITABLE FOUNDATION
REPORT OF THE TRUSTEES (CONTINUED)
Financial review
The nel income before gains on investments for the year ended 31 December 2023 is $224,40812022'.
$2,482,584). Income from donations and legacies tolalled $Nil12022'. $2,375,3161, this was due lo the
not recognising the remaining portion of the remaining legacy. The Foundation received a dividend
from AIFS Inc. during the year lolalling $1,000,000 12022.. $796,408). Total expenditure for the year
was $1.345,02412022'. $,1,383,8581, this includes grants made lo inslilLJlions lolalling $769,275 {2022.'
$g55,5801. Total expenditure also includes $269,25212022'. $256,634) of legal and professional fees
in respect of the work involved in dealing with the new slructure of the AIFS Inc. A Shares and the 2023
AIFS Inc. valuation. The total gain on investments was $24,587,87012022.. $11,105.2711 including a
nel gain on the investment of AIFS Inc., amounting lo $22,794,18912022'. $13,096,661) and a nel gain
on listed fixed asset investments of $1,793,681 12022.. $1,991,390).
The Iruslees are of the view that the financial position of the Foundation remains strong with a nel
assets of $329,094,947 {2021 $304,282,669)
Reserves policy
The Iruslees have been advised that the shares in AIFS Inc bequeathed by Sir Cyril Taylor constitute
permanent endowmenl. The Iruslees have resolved lo regard the remainder of the bequest from Sir
Cyril as expendable endowment available for distribution. The Iruslees do not see a need al the present
time lo build up further reserves.
As at 31 December 2023, the Foundation has lolal reserves of $329,094,94712022'. $304,282,669) of
which $300,382,92712022'. $277,588,739) was represented by the permanent endowment fund.
Following the death of Sir Cyril Taylor, his donations lo the Foundation have ceased leaving the
Foundation reliant on ils investments lo continue to pay substantial dividends lo enable the Foundation
lo pursue ils objectives.
The Foundation's resetves will include the remaining legac￿e$ that are yet lo be transferred lo the
Foundation, dividends from AIFS Inc. and fixed asset investment growth. With the strong growth in AIFS
Inc., the Foundation expects lo ￿CeIve annual dividends. Current general unreslricled reserves are
$28.712,01912022.. $26,693,930).
Investment policy and objectives
The objective of the Foundation's investment policy is lo achieve a rising income for use in accordance
with the Foundation's principal objectives. The value of unquoted fixed asset investments increased by
$22,794,189. this was due to the rise in the valuation of AIFS Inc., as the 31 December 2023. Unrealised
gains on the quoted fixed asset investments tolalled $1,714,940 during the year.
The investment committee will continue reviewing performance annually with investment managers.
Through a diversrfied portfolio Trustees hope lo contain any losses and be poised for growth.
Investment performance is measured against certain benchmark indices. The Foundation priorilises
trades in ethical securities.
Grant making policy and fundraising
The Trustees apply the funds of the Foundation at their discretion and in accordance with the ¢harilable
purpose and objectives of the Foundation. The grants committee is particularly interested in grant
requests from charities which offgr scholarships and special educational programmes for young people
and sludenls," as well as from those whose activities enhance the life chances of young people and
students who may be socially or financially disadvantaged. The grants committee, which is made up of
9 Trustees, and meets once a year typically in May, receives proposals for grants both from charities
and from the other Tmslees. The proposals are then evaluated against its criteria above, and
recommendations made lo the main Board for approval al ils annual meeting. The Foundation does not
undertake any fundraising activities and il uses no third parties to do so either. Refer lo note 5 for details
of causes supported during the year to 31 DeceTnber 2023.
Page16

THE CYRIL TAYLOR CHARITABLE FOUNDATION
REPORT OF THE TRUSTEES (CONTINUED)
Pay policy for senior staff
The board of Trustees are considered to be the key management personnel of the Foundation, in
charge of directing and controlling, running and operating the Foundation on a day lo day basis. All
Trustees give up their lime freely and no Trustee received Temuneralion in the year. Certain Trustees
are employed by ATFS Inc group and receive remuneration for the services they provide lo the AIFS
Group. There is no senior management team.
Princlpal risks and uncertalnties
Th8 main form of financial risk faced by the Foundation is the reliance of dividends from AIFS Inc. Other
risks are the volatility in equity markets and investment markets due lo wider economic conditions, the
allilude of investors to investment risk, and changes in sentiment concerning equities and within
particular sectors or sub sectors, and adverse foreign exchange movements. This is mitigated by
investing in a diversif1ed investment portfolio.
Plans for future perlods
Thè Foundation is reliant on the generation of income from ils investment portfolio, particularly from
AIFS Inc, lo enable the Foundation lo pursue its objectives. With the strong growth in AIFS Inc., the
Foundation expects lo receive annual dividends from AIFS Inc.
Going concern
The Trustees assess whether the application of going concern is appropriate, i.e. whether there are any
material uncertainties related lo events or conditions that may cast signif1cant doubl on the ability of the
FoLJndation lo continue as a going concern. The Trustees make this assessment in Tespecl of a period
of al least 12 months from the dale of aulhorisalion for issue of these financial statements and have
concluded that as the Foundation has adequate resources lo continue in operational existence and for
the foreseeable future there are no material uncertainties about the Foundation's ability lo continue as
a going concern. Thus, they continue lo adopt the going concern basis.
In making the assessment the Trustees have taken into consideration the strong gTQWth in AIFS Inc.,
and an expecl8tion of receiving future dividends on an annual basis. The Foundation has unrestricted
general reserves. that are held in highly liquid assets, lola11ing $28,712,019 al 31 December 2023, and
the Iruslees consider that Ihis1evel of reserves is adequate for the needs of the Foundation.
Audttor
In accordance with section 485 of the Companies Act 2006, 8 resolution proposing that Buzzacotl LLP
be reappointed will be pul lo the Annual General Meeting. Buzzacott LLP have expressed their
willingness lo continue in office.
In so far as the Trustees are aware al the lime of approving our Trustees, annual report..
there is no relevant aucjil information of which the charitable cornpany's auditor is unaware., and
the Trustees have taken all steps that they ought to have taken lo make themselves aware of
any relevant audit information and lo establish that the charitable company's auditor is aware
of that information.
The Report of the Trustees, which includes the directors report as required by company law and the
strategic report, is approved by the Trustees in their capacity as the directors.
ON BEHALF OF THE BOARD
l< Lo>
S Rasc
Trustee
Dale
Page17

THE CYRIL TAYLOR CHARITABLE FOUNDATION
STATEMENT OF TRUSTEES, RESPONSIBILITIES
For the year ended 31 December 2023
The Trustees {who are 8180 directors of The Cyril Taylor Charitable Foundation for the purposes of
company lawl are responsible for preparing the Trustees, Annual Report and the financial slalemenls
in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom
Generally Accepted Accounting Praclicel.
Company law requires the Trustees lo prepare financial statements for each financial year which give
a true and fair view of the stale of affairs of the charitablè company and of the incoming resources and
application of resourTrs, including the income and expenditure, of the charitable company for that
period.
In preparing these financial stalemenls. the Trustees are required lo..
select suitable accounting policies and then apply them ¢onsistently',
observe the rnelhods and principles In the Charities SORP FRS102.,
make judgements and estimates that are reasonable and prudent.,
slate whether applicable UK Accounting Standards have been followed, subject lo any material
departures disclosed and explain8d in the financia1 stalemenls., and
prepare the f1nancial statements on the going concern basis unless il is inappropriate to
presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with Teasonable
accuracy al any lime the financial position of the charitable company and enable them lo ensure that
the financial slalemenls 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.
The Trustees are responsible for the maintenance and integrity of the corporate and financial
information included on the Foundationlcompany's website. Legislation in the United Kingdom
governing the preparation and dissèmination of financial slalemenls may drffer from legislation in other
jurisdictions.
BY ORDER OF THE BOARD OF TRUSTEES
Rasch
Trustee
Dale
Page18

THE CYRIL TAYLOR CHARITABLE FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CYRIL TAYLOR CHARITABLE
FOUNDATION
Opinlon
We hav8 audited th8 accounts of The Cyril Taylor Charitable Foundatlon Ithe '¢haril8ble company'l for the year
ended 31 Decembèr 2023 which comprise the statement of financi81 activities, the balan¢& sheet, the statement of
cash flows. the principal accounting polioies and notes to the accounts. The financial reporting IFamework that has
been applied in their preparation is applicable law United Kingdom Accounting Standards, including Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited
Kingdom Generally Accepted Accounting Practice).
In our opinion, the accounts..
give a true and fair view of the slate of th8 Gharitable company's affaiTS as al 31 December 2023 and of ils
income and èxpondilure for the year then end6d.,
have been PToperfy prepared in accordance with United Kingdom Gènorally Accepted Accounting Praetice-,
and
have been prepared in accordance wth the r8quir8rnents of the Companigs Act 2006.
Basls for opinion
Wè conducted our audit in accordance wrth Inlemalional Standards tsn Auditing IUKI IISAS IUKII and applicab18
law. Our responsibilities under those standards are further described in the audilorfs responsibilities for the audit
of the accounts seetion of OUT report. We are independent of tre charitable company in accordan￿ wilh the ethical
requirements that are relevant to our audit of the accounts in th8 UK, including Ihe FRC'S Ethical Stsndard. and
w8 have fulfilled our other ethical responsibiliti8s in accordance with thesè requirements. We believe that the audf(
èvid8ncg we have obtained is sufficient and appropriate to provide a ba￿$ for our opinion.
Concluslons relatlng lo golng concern
In auditing the accounts. we have concluded that the Iruslees use of the going eon¢em basis of accounting in thè
preparation of th8 acoounts is appropriate.
Based on the work we have perfomied, w& havè not idgntifieLI any material uneertainlies relating to events or
condilions that, indlvidually or collgctive1y. may cast S￿anIficant doubl on the charitable company's ability lo continue
as a going concern for a period of 8t1east twelve months from when the aLLounts are authoris8d for issue.
Our responsibilitias and the responsibilities of the truste8s with respect to going coneeTn 8re described in the
relevant sections of this rgport
Other Infomi*ltsn
The other inft>rmalion cornprises the infom)ation included in the annual report othèr than the financial ststemenls
and our auditorfs ￿portthere0rn. The trustees are responsible forthe other information contained within the annual
report. Our opinion on the financial statements does not cover the other infom)ation and. except to the extent
otherwise expliciuy stated In our roport, we do not express any form of assurance condusion thereon.
Our responsibllity is to read the other infomiatlon and, in doing so. consider whether other inforrnation is
malorially incorisistent with the flnan¢i81 Statements or our knowledge obtsined in the course of the audit or
otherwise appears to bè materially mis6tated. If we identfy such m*erial inconsistencies or apparent rnaterial
misstat8menls, we are required to detem)ine whather this gives rise to a malarial mi88tatement in the finanGi81
statements themselves. If, based on Iheworkwe have perfomèd, wa conclude thatthere is a malgrial mi88t8tement
of this other infomation, we are required to report tral fact.
We have nothing to report in this regard.
Page19

THE CYRIL TAYLOR CHARITABLE FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CYRIL TAYLOR CHARITABLE
FOUNDATION ICONTINUED)
Opinions on othtsr matters prescribed by the Companies Act 2006
In our opinion, based on the wotl( undertaken in the course ol the audit..
thè infom)ation given in the trustees, report, which is also the dir8thr5' report for the purposes of company
law, for the financia1 year for which the financial slalemenls are pr&par8d is consistent with the financial
statements., and
the trL5Stees' ￿pOrt, which is also the directors. rsport forthe purposes of company law. has been prepared in
accord8ncts wlh applicable legal requirements
Matters on which we are requirtrd to roport by exeeptlon
In the light ol th8 kno￿edge and understandiry ol Ihe charitable cornpany and ts enviTonment obtained in the
course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report
in respect of the following matters in relation to which the Companies Act 2006 requires us to ￿POrt lo you if, in
our opinion..
adequate accounting record5 havg not been kept. or retums adequate for our audit have not been received
from brdnches not visi18d by us., or
the financial statements are not in ag￿ement with the accounting records and retum8', or
certain disclosures of tnjstees. romunera￿Qn spec1fied by law are not made.. or
we have not rec8wtsd all the informadon and explanations we require for our audf(.
Responslbllltlgs of trust••$
As explained rnore fully In the trustees, responsibilities statement. the trustoes (who 8ra also Ihe d1r&ctors of the
charrtable companyforthe purposes of company18wI are responsible forthe preparation of the f1nancial staternents
and for being satisfied that they give a true and lair view, and lor such intemal control as the trustees deterrnine is
necessary lo gnabl8 the preparation of financial statements that are free from material rnisslatBment, whether due
lo fraud or orror.
In preparing the financial statements, the trustees are responsible for assessing the ¢harilabl$ ¢ompany's ability to
continue as a going concern. disclosing. as applicable, matters related to going concem and using the going
concem basis of accounting unle$5 th& trustees either intend to liquidate the Charits￿e company or lo cease
operations, or have no realistic 8lt9m81ivè but to do so.
Auditor's r*sponslbllltl•s for the audlt of the flnanclal statements
Our objectives are to obtain reasonable assur8llGe about whethèr thè financial statements as a whole are free from
material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion.
Reasonable assur8n¢g is a high level of assurance but is not a guarantee that an audit conduoted in ac¢c>rdan¢e
with ISAslUKlwill always detecta material rnisstaternenlwhen ilexists. Misstatements can arise from fraud or error
and are considered material if, individually or ir? the aggregate, they could reasonably be expected to influence the
$¢onomlc dec1sions of users taken on the basis of thase finan¢ialstataments.
Irwularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our respon51bilili&s, outlined above, to detect material misstatements in respect of irregularities,
including fr8ud. Tho oxlontto which our procedures are capable of detecting irrg9ularitie5, including fraud isdetailed
below..
We oblaingd an undèrstanding of the legal and regulatory frarneworks that gTe applicab18 to thè charitable
¢ompany and determined Ihal the m051 significant ar8 the Companies Act 2006, the Charities SORP FRS
102 and the Charilies Act 2011.
Page | 10

THE CYRIL TAYLOR CHARITABLE FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE PhEMBERS OF THE CYRIL TAYLOR CHARITABLE
FOUNDATION ICONTINUEDI
We understood how the charitable company is comp￿Ing wrth those legal and regulatory frameworks by
making inquines to management and those responsible for legal, compliance and govemanca proc8dures.
We com)boraled our inquiries through our review of trustee meetings and papers provided to the tnjstèès.
We assessed the SUS￿Pilb1lity of the charitablè ¢ompany's financial statern8nts to rnaterial misstatements,
including how fraud might occur. Audil proCedU￿S perfomed by the engagemtsnl team included..
Identifying and assessing the (58sign and implementation of controls in place to prevent aTxI deteol
fraud;
ChallgngirvJ assurrptions and judgments made by managern¢nt and the Iruslees in its signrficant
a¢counling estimates.,
Identifying and tèsting joumal gnlries, in particular adjustments made at the year-end for flnanci81
statement preparation". and
Assessin9 the extent of complianc8 with relevant laws and regulations by reviewing corresFrt)ndencè
with regulators and legal advisors.
A further descrfptlon of our responsibilities for the audr( of the accounts is located on the Financi91 ReportiThJ
Council's website at www.frc.o
.uklauditorsTes
onsibilities. This description foms part of our auditorfs Teport.
Use of this report
This report is made solely to the charitable mmpany's members. as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit wort( has b88n und8rtak8n so that we might state to ihe charitab
ctsmpany'5 rll8mb8TS Ih05e rn8tters w8 are required to state lo them In an audilc>rfs roport and for no other purpose.
To Ihe fullest extent pemitted by law, we do not accept or assume responsibility to anyone otherthan the eharilable
company and the chariiable companys members as a body, for our audit work, for this report, or for the opinions
we have fornied.
Edward Finch (Senior Statutory Auditr)rl
For and behalf of Buzzacott LLP. Statutory Auditor
130 Wood Street
London
EC2V 6DL
16 July 2024
Date
Pagel 11

THE CYRIL TAYLOR CHARITABLE FOUNDATION
STATEMENT OF FINANCIALA￿1VITIES linclLvlin8 Inccthe expenditure accountl
For the year Ènded 31 Decem￿￿ 2023
Unrestricted
Funds
Endowment
Funds
Total
Total
Year ended
31 Oecember
2022
2023
2023
2023
Note5
INCOME FROM".
D￿at1￿5 and legacies
1375.316
Investments
1,569,432
1.569.432
1,491,126
TOTAL INCOME
1,569,432
1,569,432
3,866,442
EXPENDITURE ON..
Raising funds
185,810
185.810
138,385
Charitable actmties
1,159,214
1,159.214
1.245,473
TOTAL EXPENDITURE
1,345,024
1,345,024
L383,858
NET INCOME AND NET MOVEMENT
IN FUNDS BEFORE GAINS
ON INVESrMEf￿5
224,408
224,408
2,482,S84
Net gainson investment5
1,793,681
22,794.189
24.587.870
11.105.271
NET INCOME
2,018,089
22.794.189
24,812,278
13,587.855
Reconclllation of fund
Total funds brought forward
26,693,930
277,588,739
304,282,669
290.694,814
TOTAL FVNDSCARRIEO FORWARD
28,712,019
3m,382,928
329,094.947
304.282,669
The staternent offinancial attivities includes all gain5 and1055e5 inthe year. All inci)rnin8 re￿urCeS and resources eXpen￿d derive
frcrfn continuing activities.
Page | 12

THE CYRIL TAYLOR CHARITABLE FOUNDATION
BALANCE SHEET
At 31 December 2023
Cotnpany number.. 08524472
Registered charity number.. 1152058
2023
2023
2022
2022
Notes
FIXED ASSETS
InvÈstments
328,795,718
304,415,485
328,795.718
304.415,485
CURRENT ASSEtS
Sundry debtors
•$hat￿nk8ndinh3nd
652,159
110,483
31,192
267,7rK)
762,642
298,892
CURRENT LIABILITIES
CREDITORS.. Amounts falling dL
within one yÈar
Trade creditors
Accruals
101,691
361,722
64,029
367.679
463.413
431,708
NET CUFiFiENT LIABILITIES
299,229
1132.8161
NET ASSErs
329,094,947
304,222,669
THE FUNDS OFTHE FOUNDATION..
ENDOWMENT FUNDS
UNREStRicfED FUNDS
General Funds
300,382,928
277,588,739
28,712,019
26,693,930
TOTAL FUNOS
329,094,947
304,282,669
The financial statements on pages 12 to 24 We￿ approved by the Trusrees and aurhortsed for ISS￿ on....
nd a￿ signed on their khalf by.
MSRa
Trustee
Page | 13

THE CYRIL TAYLOR CHARITABLE FOUNDATION
STATEMENT OF CASH FLOWS
For the year ellded 31 Decernber 2023
Year ended
2023
Year ended
2022
Nores
CASH FLOWS FROM OPERATING AcmvmES
Net incomefor thefin3ncial year
24,812.278
13,587.855
Adjustments for..
Inter￿t receivable
1233,5121
1185,2141
Dividend I ncome
11.335.920>
11,305,912)
111,105,271)
Net gains on Investments
124,587,8701
Decreasellincreasel in debtors
1620,9681
17,2521
Increase/ldecrea5el i n creditors
31.705
1617,6191
Donation of inve5trnenls frorn Sir Cyril TayloT'S Estate
12.122.172)
NET CASH USED IN OPERATINGACTrVThIES
11,934.2871
11.755.585>
H FLOWS FROM INVEsnNG ACTNMES
Purchase of inve5tmwts
19,156.5541
118.272.9391
Proc￿$ from saleof Investments
7.343.295
19,059,802
Movement in investment cash account
2,020,897
11,332,011]
Interest
233.512
185.214
Oividends received
1,335.920
1.305,912
N￿cAsH GENERATED FROM INVESllNG Acllv
1,777.070
945,978
DECREASE IN CASH AND CASH EQUWALENTS
1157.2171
1809,6071
CASH AND EQUIVALENfs ATTHE BEGINNING OF ThE YEAR
267,700
1,077,307
TOT￿C4SH AND EQUIVALENTS AT THE END OF THE YEAR
110.483
267.700
ANALYSIS OF CHANGE IN NET FUNDS
l January
2023
Cash Flows
31 De￿rnber
2D23
Cash
267,700
1157,2171
110.483
Page114

THE CYRIL TAYLOR CHARITABLE FOUNDATION
ACCOUNTING POLICIES
For the yoar onded 31 December 2023
The financial statements have been prepared in accordance with applicable UK accounting standards and the
Companies Act 2006. The principal accounting policies adopted, judgements and key sources of eslimalion
in the preparation of the financial statements are as follows..
BASIS OF PREPARATION
The financial slalemenls have been prepared under the historical cost convention, unless Tnodrfied lo fair value
as specified in the accounting policies below. The financial statements have been prepared in accordance with
the Slalemenl of Recommended Practice.. Accounting and Reporting by Charities Preparing their accounts in
accordance with the Financial Reporting SlandaTd applicable in the UK and Republic of Irelarnd (FRS 1021.
and the Companies Act 2006.
The financial statements are those of the Cyril TayloT Charitable Foundation as a separate entity.
The Foundation meets the definition of a public benefit enlily under FRS 102.
The financial statements have been rounded up or down to the nearest whole US dollar and the reporting and
functional currency is US dollars.
FUNCTIONAL AND PRESENTATIONAL CURRENCY
The Foundation's functional and presenlalional currency is US Dollars.
GOING CONCERN
The Trustees assess whether the application of going concem is appropriate, i.e., whether there are any
material uncertainties related to events or conditions that may cast significant doubl on the ability of the
Foundation lo continue as a going concern. The Trustees make this assessment in respect of a period of al
least 12 months from the dale of aulhorisalion for issue of these financial statements and have concluded that
as the Foundation has adequate resources lo continue in operational existence and for the foreseeable future
there are no material uncertainties about the Foundation's ability lo continue as a going concern. Thus, they
continue to adopt the going concern basis.
In making the assessment the Trustees have taken into consideration the strong growth in AIFS Inc. and
expect lo receive dividends on an annual basis. The Foundation has unrestricted general reserves, that are
held in highly liquid assets, lolalling $28,712,019 al 31 De￿rnber 2023, and the tnjslees consider that this
level of reserves is adequate for th8 needs of the Foundation
UNRESTRICTED FUNDS - GENERAL
Unrestricted general funds comprise of funds which the Trustees are free lo use for any purpose in the
furtherance of the charitable objectives and which have not been designated for other purposes.
ENDOWMENT FUNDS
The endowment funds are considered lo be permanent Èndowment funds. Due to a conslruclive Irusl, the
Foundation CUTTenlly has no power lo convert the capital element of the original gift into income. The permanent
endowm8nl funds are required to be held by the Foundation as the related investments cannot be sold unless
the Foundation receives specific investment advice lo do so. At this point, the related investments would
become unreslricled and the proceeds could then lawfully be expended. Income generated by the permanent
endowment assets is available for use for the general purposes of the Foundation and as such is treated as
unrestricted. The endowment fund represents the market value of the Foundation's investment in AIFS Inc.
grfted by Sir Cyril Taylor. The structur& of the bequest requires the Foundation lo hold the shares indefinitely.
INCOMING RESOURCES
All income is recognised once the Foundation has enlillemenl lo the income, il is probable that the income will
be received, and the amount of income receivable can be measured reliably. All incoming resources are
included on the Statement of Financial Aclivilies.
Page | 15

THE CYRIL TAYLOR CHARITABLE FOUNDATION
ACCOUNTING POLICIES ICONTINUED>
For the year ended 31 December 2023
LEGACY INCOME
For legacy income, enlillemenl is taken as the earlier of the dale on which either the Foundation is aware that
probate has been granted, the estate has been finalised and nolificalion has been made by the executor lo
the Foundation that a distribution will be made, or when a distribution is received from the eslale.
Receipt of a legacy, in whole or in part, is only considered PTobabl8 when the amount can be measured reliably,
and the Foundation has been notified of the executor's intention lo make a dislribulion. Where legacies have
been notified to the Foundation or the Foundation is aware of the granting of probate, and the criteria for
income recognition have not been mel, then the legacy is Irealed as a conlingenl asset and disclosed if
material.
INTEREST RECEIVABLE
Interest on funds held on deposit is included when Teceivable and the amount can be measured reliably by the
Foundation,. this is normally upon nolificalion of the interest paid or payable by the bank.
EXPENDITURE RECOGNITION
Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation commilling the
Foundation lo that expenditure, it is probable that settlement will be required, and the amount of the obligation
can be measured reliably.
GRANTS PAYABLE
Grants payable are included in the Statement of Financial Activities when they have been approved for
payment or the recipient has been informed of this decision.
IRRECOVERABLE VAT
Irrecoverable VAT is Charged against the expenditure heading for which il was incurred.
ALLOCATION OF SUPPORT AND GOVERNANCE COSTS
Support costs comprise governance costs and other support costs and have been allocated lo charitable
aclivilies. Governance costs comprise all costs involving the public accountability of the Foundation and ils
compliance with regulation and good practice. These costs include costs related to slatulory audit and legal
fees together with an apporlionmenl of overhead and support costs.
COSTS OF RAISING FUNDS
The costs of generating funds consist of investment management and certain legal fees.
CHARITABLE ACTIVITIES
Costs of charitable activities includes charitable donations IgTanlsl, governance and other support costs.
TAXATION
The Foundation is exempl from lax on income and gains falling under section 466 10 493 of the Corporation
Tax Act 2010. to the extent thal these are applied lo ils charitable objects. No PTovision is made for current or
deferred tax.
Page | 16

THE CYRIL TAYLOR CHARITABLE FOUNDATION
ACCOUNTING POLICIES (CONTINUED}
For the year ended 31 December 2023
FIXED ASSET INVESTMENTS
Fixed asset investments are a form of basic financial instrument and are initially recognised al their transaction
value, unless they are a gift that is initially recognised al ils fair value al the dale of the gift. Fixed asset
investments are all subsequently measured al their fair value as al the balance sheet dale. The Statement of
Financial Activities includes the nel gains and losses arising on revaluation and disposals throughout the year.
The fixed asset investments are aSs0 revalued using the closing spot rale at the balance sheet dale and any
foreign excharigè gain or loss is included in the Slalemenl Df Financial Aclivilies.
The Foundation only trades in ethical investment portfolios and does not acquire put options, derivatives or
other complex financial inslTumenls.
The main form of financial risk faced by the Foundation is that of volalilrty in equity maTkels ancl investment
markets due to wider economic conditions, the attitude of investors to investment risk, and changes in
sentiment concerning equities and within particular sectors or sub sectors.
INVESTMENT GAINS AND LOSSES
All gains and losses are taken lo the Staterllenl of Financial Activrties as they arise. Realised gains and losses
on investments are calculated as the difference between sales proceeds and their opening carrying value or
their purchase value rf acquired subsequent lo the first day of the financial year.
Unrealised gains and losses on investments are calculated as the difference between the fair value al the year
end and their carrying value. Realised and unrealised investment gains and losses are amalgamated in the
Slalemenl of Financial Aclivilies.
FINANCIAL INSTRUMENTS
The Foundation only has financial assets and f1nancial liabilities of a kind that qualify as basic financial
inslrumenls. The policy for investments is as described above, other basic financial inslrumenls, which include
other debtors, are initially recognised al transaction value and subsequently measured al their settlement
value.
CASH AT BANK AND IN HAND
Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of
three months OT less from the date of acquisition or opening of the deposit or similar account.
FOREIGN EXCHANGE
Transactions in Currencies other than the functional currency {foreign currency) are initially Tecorded al the
exchange rale prevailing on the dale of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated al the rale of exchange ruling
al the reporting dale. Non-monelary assets and liabilities denominated in foreign currencies are translated al
the rale ruling al the dale of the Iransaclion, or, if the asset or liability is measured al fair value, the rale when
that fair value was determined.
All translatlon differences are taken to the Stsiemenl of Financial Activities.
Page | 17

THE CYRIL TAYLOR CHARITABLE FOUNDATION
ACCOUNTING POLICIES ICONTINUEDI
For the year ended 31 December 2023
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Eslimales and judgements are cotTrlinually èva1ualed and are based on historical experience and other factors,
including expectations of future events that are believed lo be reasonable under the circumstances. The key
eslimales and judgenenls adopted when preparing the financial statements were..
Non-consolidstion of AIFS Inc.
As a result of Sir Cyril Taylor's death, the Foundation became entitled lo receive the bulk of his estate, including
99.90/ts of the unlisted A shares of AIFS Inc., which 15 incorporated in the United Slates under registration
nurllber EIN06-0890698-DEL. The Trustees have assessed whether this entity should be consolidated into the
financial slalemenls of the Foundation as a subsidiary undertaking. The Trustees have concluded that the
subsidiary should be excluded from any consolidated financial statements on the basis that the Foundation
has no power or influence over the day lo day operational or strategic decisions of the AIFS Inc. and in
accordance with 9.9C lal and 9.9 Ibl of FRS 102 the subsidiary is excluded from consolidation and 15 held a5
a fixed asset investment measured at its fair value with any changes in fair value recognised in income and
expenditure.
Estimate of fair value for the investrllenls in AIFS Inc.
The Trustees have exercised judgement over the valuation of unlisted shares included within fixed asset
investments Inole 81 The investment in A1FS was valued by Kroll Advisory Ltd., an independent valuer. al 29
January 2018, 31 December 2018, 31 December 2019, 31 July 2020. 31 December 2021, 31 December 2022
and 31 December 2023 using an approach that provides an eslimalion of the fair value of an investment based
on the expectations about the cashflows that an investment generates over lime. The latest valuation
undertaken in May 2024, for the year ended 31 December 2023, shows an increase in value of $22,794,189,
which represents the strong growth in AIFS Inc. Kroll Advisory Ltd. made several assumptions when valuing
AIFS Inc., the most significant one being extending management forecast projections lo 2025. The Trustees
consider the valuation method applied lo be appropriate on the basis of available information.
Estimate of fair value for residual assets held in the C ril T?
lor estate.
As al 31 December 2023, the Trustees are aware of further assets, with an estimated nel fair value after fees
of $1 m, that are likely lo be bequeathed lo the Foundation from Sir Cyril Taylor's Estate. However, al the year
end the eslale accounts have not yet been finalised. As such, the Trustees feel that there is sufficient
uncertainly as lo the amounts that are likely lo be ultimately realised by the Foundation from the Temaining
legacy due lo potential liabilities lo the IRS and HMRC. As the value cannot yel be Teliably measured those
additional assets have not been recognised in these financial slalemenls.
Page118

THE CYRIL TAYLOR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
For thg ygar 9nd9d 31 DgC9mbgr 2023
DONATIONSAND LEGACIES
2023
2022
Legacies
2,375.316
2,375,316
The income from ￿gaCleS 8nd (kMaterS services in kind of Nil12022.. $2.375.3161 was unrestricted and Snil12021.. Snill was
endowment.
INVEgrMENT INCOME
2023
2022
ank and other interest receivab
I￿oMe from listed investments
IrKome from unlisted inve5trnents
233,512
335,920
I,￿0,000
1,569.432
185,214
509,504
796,408
1,491,126
The lnveStrr￿nt income ol $1.569.43212022.. $1.491,1261 was unrestricted.
COSTS OF RAISING FUNDS
2023
2022
Investment wrtfollo management fees
185,810
138,385
The costsof raising funds of 185,81012022.. $138,385) was unrestritted.
CHARITABLE A￿1VITE5- EXPENDITURE
2023
2022
Grants
Other supwrt Costs
GoVernar￿e costs
769,275
63,421
326.518
1,159,214
955,580
58,619
231,274
1,245,473
The costsof charTtable actlvf(iesof $1.159.21412022.. $1,24S,4731 was unrestricted.
Page | 19

THE CYRIL TAYLOR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
ANALY&S OF GRANTS
2023
2022
AFS Intercultural Prograrnmes.. &r Cyril Taylcy Your¥ LeadersAw3rd5
EX￿nd a¢¢ess to intercultural education wlth scFK)larships and outreach
AIFS Foundation
Scholarships for international 5tudent5 to come to Uson AYA programrne
American International Recrultment Councll
Protnotes ethic31, standard-based international student recruitment strategies
Artlcle i/w3glng Peace
elping 5udan@se genoclde survfvors rebulld thelr Ilves In UK
BallK)I College Ukraine Fund
Asslst refugees fleelng the war in Ukraine
8urrLE UK
Supporting b)arding 5chod places forY￿n6 peop
Cultur81 Vlst8S
kholarshipsdesigned to help enhance thelr intercultural awa￿ne$S
Fulbright Foundation UK
Granting highly q￿litIed schdars financial yjpport to study abr03d
Fund Education Abroad
kholarshi￿ to under-represented ArrErican colle8e st￿ent5t0 Stu(ty in the UK
Green Kordof3n
EmpDwer children displaced from their homes due to confiicts
Institute International Education
Emergencyscholarshipsfor international students in the US
Lee AbiEy Internationèl Students, Oub
Running a students, hostel for students of all nationalit*s.
Norden Farm
Surn-Art Titne creative Worksho￿ for children
The Open University Black Students Support Fund
Provides SUPKX)rt & serwcesto students ofThe Open Uniyerslty
50,(MXI
50,C
50,(KK>
115,(KJO
115,(KiQ
167,670
2,484
82.240
44.712
60,480
176,000
57,500
50,000
28.270
I￿,[M)0
2￿,000
65,150
59,312
57.825
40,402
84,810
769,275
955,580
GOVERNANCE AND SUPPORT C05rs- EXPENDITUAE
2023
2022
5upwrt C05t5.'
Staff time
Rent & Rates
56,729
6,565
127
63,421
52,409
6,000
210
58,619
2023
2022
Gfftrnance costs..
A￿ltorS remuneration..
Audit fees- Bu2tacott
Legal & profes￿0￿21 fees
AdministratDie expenses
Foreign exchange loss/(gainl
18,128
269,252
33,929
5,209
326,518
16,804
256,634
26,752
168,9161
231.274
Governance and support costsof $326,51812022.. $231,274) wa5 unrestricted.
Page | 20

THE CYRIL TAYLOR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
For the year ended 31 December 2023
TRUSTEES, EXPEN￿SAND REMUNERATiof4
Trustees, travel expenses reimbursedforthe yearended 31 December 2023 amountedto SNil12022.. SNill.
All trustees are considered key rnanagement pers￿ne1. No trustees were ￿ld remuneration or recewed other benefitsfrom
an employment wlth the Foundation or from a related entlty12022.. Nill.
FIXED ASSET INVESTMENTS
2023
2022
Unlisted inve5trnents
Quoted inveSt￿ntS
299.523,639
29,272,079
328.795.718
276,729,450
27,686,035
304.415,485
2023
2022
UNLlSfED-AIFS Inc.
FAIR VALUE
At l January
Unre31i5ed gains on investrnents
At 31 December
276,729,450
22,794,189
299,523,639
263,632,789
13,096,661
276,729,450
2023
2022
QUOTED
FAIR VALUE
At I january
Transfer from Sir Cyril Taylor'sesrate
Additions it cost
27,686,035
27.010,105
2,122,172
18.272,939
47,405,216
117,121,422)
13,721,060)
1208,7101
26,354,024
1,332,011
27,686,035
9,156,554
36,842,589
17,369,6661
1,714,940
105,113
31,292,976
12,020,897)
29,272,079
Dispo-4ls at carrylrg value
Unrealised g3insll105sI on investments
F￿e18n exchang@ ga1n01k)￿5I on investments
Movement in cash accounts
Fairvalue at 310ecember
Proceedsfrom the ￿le of investments
0i5tw15 at carrying value
Reallsed galnson Invest￿nIS
Unreali5ed gains111￿) on inve5trnent5
Foreign exchange gainslllossesl on Investments
Tot31 gaiw/lloss1 on inve5trllents
7,343,295
17,369,666)
126,371)
1.714.940
105,113
1,793,682
19,059,802
117,121,4221
1,938,380
13,721.0601
1208,7101
11,991,390)
Page | 21

THE CYRIL TAYLOR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
For the year ended 31 December 2023
Q￿ted investments3￿ analysed by class#sfollows'.
2023
2022
Fixed interest- UK
Fixed interèst- (knrseas
Equities
Credft guarantees
Cash
All Investmentszre carried at fairv31L
14.705,001
12,889,139
1562.2301
2,240.169
29,272,079
15.298,574
11.048,256
1562,2301
1,901,435
27,686,035
Unlisted investmtnt$
The investments are carrled at their falr ￿lUe. The Investment In AIFS was valued by Kroll A(fvlsory Limfced, an Independent
valuer, 8t 31 December 2023. ugng an approach that prowdes an estimation olthe fairv31ue of 3n investment based on the
expectati0Tr5 aiout the cashflows that an investment generates over time. The valuation for the ye8r ended 31 December
2023, shows an increase in valuation due to the Strong growth in AIFS Inc. The methLNJ Kroll A(fvwy Litnited used tov3lue
AIFS Inc. 15 based on the income approach, whith relied on management financial projections for 2024 and 2025. Kroll
Advisory Limited made several a5WrnPtions when valuing AIFS Inc., the most 5i8nificant one iEing extendin8 mana8ement
forecast projectlonsto 2025.
Quoted rnve5trnents
Quoted inwestments are carrled at their fair value. Investments in equities and fixed interest securities are all traded in
quoted public market5. Holdings in corntnon investment fvnds, unit trusts and open ended investments companies3re at the
bid prite. The basisof fair value for quoted inv&5tmentS Is equivalent to the r￿rket valu&, u%ng the bid price. Asset salesand
purchases are recogni5ed at the date of trade at f05t Ithat 15 their transact￿n value).
Page | 22

THE CYRIL TAYLOR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
For the year ended 31 December 2023
ANAYLYSOF CHARITABLE FUNDS
l January
2023
Incoming
resources
A*￿UrceS
expended
Net gain5
Ilossesl
31 December
2023
Endowrnent Funds
Unrestricted Fund5
General Funds
277,588.739
22,794,189
3￿,382,928
26,693,930
1,569.432
11,345,024]
1,793,681
28,712,019
304,282,669
1,569,432
11,345,024)
24,587,870
329,094,947
31 December
2022
Incoming
resources
Resources
expended
Net
gains
31 December
2022
Endowment Funds
Unrestricted Funds
General Funds
264,492,078
13,096,661
277,588,739
26,202,736
3,866,442
11,383,858)
11,991,390)
26,693,930
290,694,814
3,866,442
11,383,858)
11,105,271
304,282.669
10 ANAYLSSOF NET ASSETS BETWEEN FUNDS
EndowrrÉnt
Fund
General
Fund
Total
31 Dec 2023
2023
Fixed awl Inve#ments
sh at I￿nk and in hand
Curfent assets
300,382,928
28,412,790
110,483
652,159
1463,4131
328,795.718
110,483
652.159
1463,4131
Total
300,382,928
28,712,019
329,0)4,947
Endowfflent
Fund
General
Fund
Total
31 Dec 2022
2022
Flxed asser InVest￿￿￿t$
Cash at bank and in hand
Current 8sset5
277,588,739
26,826,746
267,700
31,192
1431,7081
304,415,485
267,700
31,192
1431,7081
Total
277.588,739
26,693,930
304,282,669
Page | 23

THE CYRIL TAYLOR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
For the year ended 31 December 2023
11 RELATED PARTY TRANsA￿lON5
Trustees declare any conflict5 of interest in writing through thelr annual declaratlons of interest. and In addftSon at the
bÈ8innin8 of any meetlng Trusteesdeclar& any interest, and do not take part in any discusy￿, where they may be conflicted.
The Foundation received services in respect of staff time, rent, rate5 and utilities from The American Insiitute of Foreign Study
IUKI Ltd., an or8ani5ation under common Trusteeship. A service agreement is in place, and for the year ended 31 December
2023. thls amounted to $63,421 12022.. $58,619). At the balance sheet date, $63,421 wa5 owed tothe AIFS IUKI Ltd.12022..
$58,619).
Durlng the year the Foundati(￿ received legal athice fr￿ffl Loeb, Block & Partners LLP at a cost of $150,78612022.. $74,162)
in which one of the partners, Stephen R85ch, 15 a150 the Chairman ofthe Fovndation. During the yearthe Foundation recenied
legal advice from Clifford joseph at a cost of $2,485 12022.. $8,694) and made a donation of $57,825 12022.. $40,402) to
Norden Farm. Cliffiyd Joseph, is also a trustee of the Foundatlon and Norden Farm. There is a service agreement in place
between the Foundation and arfford Joseph. The Foundation made 3 donation of $28.27012022= SNill to G￿en Kor(bfan
durin8 the year, All￿ Brookes is a tTUStÈe of the Foundation and Green Kordofan.
During the year the Foundation Lk)nated $68,QJO12022.. $50,CK)01 to the AIFSFoundation, in wh￿h William Gerti, Jack Burg
andThomas Kiechle arè also trustees.
12 LEGAL STATUS OF THE FOUNDATION
The Foundation is a private charitab￿ company limiced by g￿rantee and ha5 no share capital, i(5 registered address can LE
found on page 3. In the event of the Foundation being wound up, the li8bility in respect of the guarantee is limited to Si per
member whlle helshe re￿In$ a memter or wlthln one year after hel5he ceasesto rnernber.
Page | 24