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← The Cyril Taylor Charitable Foundation

2024-12-31-accounts

THE CYRIL TAYLOR CHARITABLE FOUNDATION (A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2024

THE CYRIL TAYLOR CHARITABLE FOUNDATION

CONTENTS

Page
Reference and Administrative Details 3
Report of the Trustees (including Strategic Report) 4 – 7
Statement of Trustees' Responsibilities 8
Independent Auditor's Report 9–12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Accounting Policies 16–19
Notes to the Financial Statements 20 – 25

Page | 2

THE CYRIL TAYLOR CHARITABLE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees J M Berry A J Brookes J A Burg P Egan W L Gertz E Hawksworth J Husband C D Joseph T O Kiechle M Kim E O’Neill (Appointed 2[nd] March 2024) M S Rasch C Tucker D G Wilson V Holzer (Appointed 24[th] June 2024) Company Secretary D G Wilson Principal Office & 37 Queen's Gate Registered Office London SW7 5HR Foundation Number 1152058 (England and Wales) Company Number 08524472 (England and Wales) Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Investment Managers UBS Fidelity Investments 5 Broad Gate Operations Company Inc. London 82 Devonshire Street EC2M 2QS Boston MA 02109 Fransad Gestion SA UBS Financial Services Place de l'Université 7 1285 Avenue of the Americas Case Postale 5054 19[th ] Floor, New York 1211 Genève 11 NY 10019 Legal Advisors Loeb, Block & Partners LLP Penningtons Manches Cooper LLP 505 Park Avenue 125 Wood Street New York London NY10022 EC2V 7AW

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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 charitable company for the year 1 January 2024 to 31 December 2024. The report serves the purposes of both a Trustees' report, and a Directors' report under company law.

Structure, Governance and Management Governing document

The Cyril Taylor Charitable Foundation (hereinafter referred to as the Foundation) registered in England and Wales under charity registration number 1152058, is controlled by its governing document, the memorandum and articles of association, and constitutes 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 time 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 three years under the revised articles of association. The Foundation is administered on a daily basis by a trustee who is an employee of American Institute For Foreign Study (UK) Limited (AIFS (UK) Limited). AIFS (UK) Limited is an indirect subsidiary of AIFS Inc., a company that specialises in educational and cultural exchange. William Gertz, a trustee of the Foundation, is also the chairman of AIFS Inc. Trustees currently meet twice a year, but other meetings are convened when required.

Appointment, induction and training of Trustees

If a trustee vacancy arises, the Chairman convenes the Nominations Committee to review applications and make recommendations to the Board. There must be a minimum of 6 and a maximum of 16 Trustees. There are currently 15 Trustees. The level of competence required of a trustee is explained in its memorandum and articles of association. New Trustees are inducted by an existing trustee, briefing from the chairman and trained through regular attendance at meetings as well. All Trustees undertook training at the annual trustees meetings held over the last 4 years and annually receive the Essential Trustee published by the Charity Commission.

Third party indemnity provision for Trustees

Qualifying third party indemnity provision is in place for the benefit of all Trustees (who are also directors) of the Foundation at the reporting date and was in place throughout the twelve month period.

Risk management

The Trustees have a duty to identify and review the risks to which the Foundation is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A number of internal controls have been implemented to provide assurance against fraud and error. The Trustees also consider variability of investment returns, to constitute towards the financial risk of the Foundation. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.

Transfer of shares during the prior year

In December 2023 a new structure was created to hold the AIFS Inc. A Shares to satisfy both the US State Department and the Charity Commission. The AIFS Inc. A Shares are currently held in the Cyril J H Taylor Capital Trust, New York with the sole beneficiary being the Foundation. The role of the CT Capital Purpose Trust is only to own the shares of the Capital Trust LLC and has no other rights over them.

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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 to make donations to such charitable institution, or institutions, at such time, or times, and in such manner as the directors may, in their absolute discretion, think fit.

For the public, by enabling citizens of the UK and other countries to participate in educational exchanges between those countries and support charities which promote international educational exchange and to make donations to such institutions at such time or times and in such manner as the directors may in their absolute discretion think fit.”

On his death in 2018, Sir Cyril Taylor bequeathed the bulk of his Estate to the Foundation to invest in order to generate income for the Foundation. The administration of Sir Cyril’s Estate has not yet been completed so the full and final amount of the bequest cannot yet be quantified. The estimated net fair value after fees of the remaining legacy as at 31 December 2024 totals $400,000. The major asset of the Estate was the holding of A shares in AIFS Inc which constitutes a 99.9% shareholding in that company. However, the rights of the B shareholders restrict the ability of the Foundation to dispose of its 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 fixed asset investment. The shares bequeathed to the Foundation were valued at $274,929,908 as at 29 January 2018 (see note 8). Although beneficial ownership rests with the Foundation, the title to the shares is held in the Cyril J H Taylor Capital Trust, New York.

Strategic report

Achievement and performance

During the year ended 31 December 2024, the Trustees made charitable grants of $2,131,249 (2023: $769,275). The donations made reflect the objective to donate to institutions as Trustees think fit (and which support education, local work with vulnerable people, supporting research into how to improve educational opportunities etc).

Amongst the charities that have been supported 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 to support Ukrainian students displaced by the geo-political situation in Ukraine through the IIE Emergency Student Fund and Balliol College Ukraine Fund to ensure their education is not interrupted. The Foundation has also supported educational exchange and expanding access to intercultural education through AFS Intercultural Programmes, IIE, Cultural Vistas, and the UK-US Fulbright Commission. Locally, the Foundation provided support to Norden Farm which provides educational and creative workshops for school age children (and increasingly migrant children) to keep them occupied through holiday periods and to Waging Peace which assists Sudanese genocide survivors to re-train and rebuild their lives. A full list of grants is in note 5 to the accounts .

Public benefit

The Trustees, as required by charity law, have paid due regard to the Charity Commission’s guidance on providing 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 its objectives.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES (CONTINUED)

Financial review

The net income before gains on investments for the year ended 31 December 2024 is $612,297 (2023: $224,408). Income from donations and legacies totalled $237,620 (2023: $Nil). The Foundation received a dividend from AIFS Inc. during the year totalling $2,500,000 (2023: $1,000,000). Total expenditure for the year was $2,755,791 (2023: $1,345,024), this includes grants made to institutions totalling $2,131,249 (2023: $769,275). Total expenditure also includes $176,310 (2023: $269,252) of legal and professional fees in respect of the work involved in dealing with the new structure of the AIFS Inc. A Shares and the 2024 AIFS Inc. valuation. The total gain on investments was $3,858,330 (2023: $24,587,870) including a net gain on the investment of AIFS Inc., amounting to $1,499,618 (2023: $22,794,189) and a net gain on listed fixed asset investments of $2,396,574 (2023: $1,793,681).

The trustees are of the view that the financial position of the Foundation remains strong with a net assets of $333,603,436 (2023: $329,094,947).

Reserves policy

The trustees have been advised that the shares in AIFS Inc bequeathed by Sir Cyril Taylor constitute permanent endowment. The trustees have resolved to regard the remainder of the bequest from Sir Cyril as expendable endowment available for distribution. The trustees do not see a need at the present time to build up further reserves.

As at 31 December 2024, the Foundation has total reserves of $333,603,436 (2023: $329,094,947) of which $301,882,546 (2023: $300,382,928) was represented by the permanent endowment fund.

Following the death of Sir Cyril Taylor, his donations to the Foundation have ceased leaving the Foundation reliant on its investments to continue to pay substantial dividends to enable the Foundation to pursue its objectives.

The Foundation’s reserves will include the remaining legacies that are yet to be transferred to the Foundation, dividends from AIFS Inc. and fixed asset investment growth. With the strong growth in AIFS Inc., the Foundation expects to receive annual dividends. Current general unrestricted reserves are $31,720,890 (2023: $28,712,019).

Investment policy and objectives

The objective of the Foundation's investment policy is to achieve a rising income for use in accordance with the Foundation's principal objectives. The value of unquoted fixed asset investments increased by $1,499,618, this was due to the rise in the valuation of AIFS Inc., as the 31 December 2024. Unrealised gains on the quoted fixed asset investments totalled $2,918,706 during the year.

The investment committee will continue reviewing performance annually with investment managers. Through a diversified portfolio Trustees hope to contain any losses and be poised for growth. Investment performance is measured against certain benchmark indices. The Foundation prioritises 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 charitable purpose and objectives of the Foundation. The grants committee is particularly interested in grant requests from charities which offer scholarships and special educational programmes for young people and students; 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 Trustees. The proposals are then evaluated against its criteria above, and recommendations made to the main Board for approval at its annual meeting. The Foundation does not undertake any fundraising activities and it uses no third parties to do so either. Refer to note 5 for details of causes supported during the year to 31 December 2024.

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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 to day basis. All Trustees give up their time freely and no Trustee received remuneration in the year. Certain Trustees are employed by AIFS Inc group and receive remuneration for the services they provide to the AIFS Group. There is no senior management team.

Principal risks and uncertainties

The 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 to wider economic conditions, the attitude 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 diversified investment portfolio.

Plans for future periods

The Foundation is reliant on the generation of income from its investment portfolio, particularly from AIFS Inc, to enable the Foundation to pursue its objectives. With the strong growth in AIFS Inc., the Foundation expects to 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 to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. The Trustees make this assessment in respect of a period of at least 12 months from the date of authorisation for issue of these financial statements and have concluded that as the Foundation has adequate resources to continue in operational existence and for the foreseeable future there are no material uncertainties about the Foundation’s ability to 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 an expectation of receiving future dividends on an annual basis. The Foundation has unrestricted general reserves, that are held in highly liquid assets, totalling $31,720,890 at 31 December 2024, and the trustees consider that this level of reserves is adequate for the needs of the Foundation.

Auditor

In accordance with section 485 of the Companies Act 2006, a resolution proposing that Buzzacott LLP be reappointed will be put to the Annual General Meeting. Buzzacott LLP have expressed their willingness to continue in office.

In so far as the Trustees are aware at the time of approving our Trustees’ annual report:

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

September 10, 2025

…………………………. M S Rasch Trustee

…………………………. Date

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

For the year ended 31 December 2024

The Trustees (who are also directors of The Cyril Taylor Charitable Foundation for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Foundation/company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

BY ORDER OF THE BOARD OF TRUSTEES

September 10. 2025

…………………………. M S Rasch Trustee

…………………………. Date

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

Independent auditor’s report to the members of The Cyril Taylor Charitable Foundation

Opinion

We have audited the financial statements of The Cyril Taylor Charitable Foundation (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. 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:

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 charitable company 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 charitable company’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 , including the trustees’ report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

Independent auditor’s report to the members of The Cyril Taylor Charitable Foundation (continued)

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment 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 report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

Independent auditor’s report to the members of The Cyril Taylor Charitable Foundation (continued)

Auditor’s responsibilities for the audit of the financial statements

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:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

Independent auditor’s report to the members of The Cyril Taylor Charitable Foundation (continued)

A further description of our responsibilities is available 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 charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Edward Finch (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

10 September 2025

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) For the year ended 31 December 2024

Notes
INCOME FROM:
Donations and legacies
1
Investments
2
TOTAL INCOME
EXPENDITURE ON:
Raising funds
3
Charitable activities
4
TOTAL EXPENDITURE
NET INCOME AND NET MOVEMENT IN FUNDS BEFORE
GAINS ON INVESTMENTS
Net gains on investments
8
NET INCOME
Reconciliation of funds:
Tota. Funds brought forward
TOTAL FUNDS CARRIED FORWARD
10		 Unrestricted
Funds
2024
$ 237,620
3,130,468
3,368,088
223,665
2,532,126
2,755,791
612,297
2,396,574
3,008,871
28,712,019
31,720,890		 Endowment
Funds
2024
$ -
-
-
-
-
-
-
1,499,618
1,499,618
300,382,928
301,882,546		 2024
Total
funds
$ 237,620
3,130,468
3,368,088
223,665
2,532,126
2,755,791
612,297
3,896,192
4,508,489
329,094,947
333,603,436		 2023
Total
funds
$
-
1,569,432
1,569,432
185,810
1,159,214
1,345,024
224,408
24,587,870
24,812,278
304,282,669
329,094,947

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION BALANCE SHEET

At 31 December 2024

Company number: 08524472 Registered charity number: 1152058

Notes
FIXED ASSETS
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
CURRENT LIABILITIES
CREDITORS: Amounts falling due within one year
Trade creditors
Accruals
NET CURRENT ASSETS
10
NET ASSETS
THE FUNDS OF THE FOUNDATION:
ENDOWMENT FUNDS
10
UNRESTRICTED FUNDS
General Funds
10
TOTAL FUNDS
10		 2024
$ 332,654,048
884,929
939,147
1,824,076
76,017
798,671
874,688		 2024
$ 332,654,048
949,388
333,603,436
301,882,546
31,720,890
333,603,436		 2023
$ 328,795,718
652,159
110,483
762,642
101,691
361,722
463,413		 2023
$
328,795,718
299,229
329,094,947
300,382,928
28,712,019
329,094,947

The financial statements on pages 13 to 25 were approved by the Trustees and authorised for issue on …………………......…………..... and are signed on their behalf by:

………………………….

M S Rasch Trustee 10 September 2025

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS

For the year ended 31 December 2024

Notes
2
2
1
8
2
2
1 January
2024
$		 Year ended
2024
$ 4,508,489
(357,926)
(2,772,542)
(3,896,192)
(232,768)
411,275
(237,620)
(2,577,284)
(12,647,820)
12,565,174
(16,961)
357,926
2,772,542
375,087
3,405,948
828,664
110,483
939,147
Cash Flows
2024
$		 Year ended
2023
$
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the financial year
Adjustments for:
. Interest receivable
. Dividend income
Net gains on investments
. (Increase) in debtors
. Increase in creditors
Donation of investments from Sir Cyril Taylor's Estate
NET CASH USED IN OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments
Proceeds from sale of investments
Movement in investment cash account
Interest
Dividends received
Cash drawdown
NET CASH GENERATED FROM INVESTING ACTIVITES
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
ANALYSIS OF CHANGE IN NET FUNDS
Cash		 24,812,278
(233,512)
(1,335,920)
(24,587,870)
(620,968)
31,705
—
(1,934,287)
(9,156,554)
7,343,295
2,020,897
233,512
1,335,920
—
1,777,070
(157,217)
267,700
110,483
31 December
2024
$
939,147
110,483 828,664

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

ACCOUNTING POLICIES

For the year ended 31 December 2024

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 estimation in the preparation of the financial statements are as follows:

BASIS OF PREPARATION

The financial statements have been prepared under the historical cost convention, unless modified to fair value as specified in the accounting policies below. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

The financial statements are those of the Cyril Taylor Charitable Foundation as a separate entity.

The Foundation meets the definition of a public benefit entity 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 presentational currency is US Dollars.

GOING CONCERN

The Trustees assess whether the application of going concern is appropriate, i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. The Trustees make this assessment in respect of a period of at least 12 months from the date of authorisation for issue of these financial statements and have concluded that as the Foundation has adequate resources to continue in operational existence and for the foreseeable future there are no material uncertainties about the Foundation’s ability to 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 to receive dividends on an annual basis. The Foundation has unrestricted general reserves, that are held in highly liquid assets, totalling $31,720,890 at 31 December 2024, and the trustees consider that this level of reserves is adequate for the needs of the Foundation

UNRESTRICTED FUNDS - GENERAL

Unrestricted general funds comprise of funds which the Trustees are free to 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 to be permanent endowment funds. Due to a constructive trust, the Foundation currently has no power to convert the capital element of the original gift into income. The permanent endowment funds are required to be held by the Foundation as the related investments cannot be sold unless the Foundation receives specific investment advice to do so. At this point, the related investments would become unrestricted 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. gifted by Sir Cyril Taylor. The structure of the bequest requires the Foundation to hold the shares indefinitely.

INCOMING RESOURCES

All income is recognised once the Foundation has entitlement to the income, it 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 Activities.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

ACCOUNTING POLICIES (CONTINUED) For the year ended 31 December 2024

LEGACY INCOME

For legacy income, entitlement is taken as the earlier of the date on which either the Foundation is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Foundation that a distribution will be made, or when a distribution is received from the estate.

Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the Foundation has been notified of the executor’s intention to make a distribution. 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 met, then the legacy is treated as a contingent asset and disclosed if material.

INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the bank.

EXPENDITURE RECOGNITION

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to 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 it was incurred.

ALLOCATION OF SUPPORT AND GOVERNANCE COSTS

Support costs comprise governance costs and other support costs and have been allocated to charitable activities. Governance costs comprise all costs involving the public accountability of the Foundation and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment 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 (grants), governance and other support costs.

TAXATION

The Foundation is exempt from tax on income and gains falling under section 466 to 493 of the Corporation Tax Act 2010, to the extent that these are applied to its charitable objects. No provision is made for current or deferred tax.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

ACCOUNTING POLICIES (CONTINUED) For the year ended 31 December 2024

FIXED ASSET INVESTMENTS

Fixed asset investments are a form of basic financial instrument and are initially recognised at their transaction value, unless they are a gift that is initially recognised at its fair value at the date of the gift. Fixed asset investments are all subsequently measured at their fair value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The fixed asset investments are also revalued using the closing spot rate at the balance sheet date and any foreign exchange gain or loss is included in the Statement of Financial Activities.

The Foundation only trades in ethical investment portfolios and does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Foundation is that of volatility in equity markets and 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 to the Statement of Financial Activities 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 if acquired subsequent to the first day of the financial year.

Unrealised gains and losses on investments are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are amalgamated in the Statement of Financial Activities.

FINANCIAL INSTRUMENTS

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. The policy for investments is as described above, other basic financial instruments, which include other debtors, are initially recognised at transaction value and subsequently measured at their settlement value.

CASH AT BANK AND IN HAND

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or 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 recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to the Statement of Financial Activities.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

ACCOUNTING POLICIES (CONTINUED) For the year ended 31 December 2024

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. The key estimates and judgements adopted when preparing the financial statements were:

Non-consolidation of AIFS Inc.

As a result of Sir Cyril Taylor’s death, the Foundation became entitled to receive the bulk of his estate, including 99.9% of the unlisted A shares of AIFS Inc., which is incorporated in the United States under registration number EIN06-0890698-DEL. The Trustees have assessed whether this entity should be consolidated into the financial statements 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 to day operational or strategic decisions of the AIFS Inc. and in accordance with 9.9C (a) and 9.9 (b) of FRS 102 the subsidiary is excluded from consolidation and is held as 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 investments in AIFS Inc.

The Trustees have exercised judgement over the valuation of unlisted shares included within fixed asset investments (note 8) The investment in AIFS was valued by Kroll Advisory Ltd., an independent valuer, at 29 January 2018, 31 December 2018, 31 December 2019, 31 July 2020, 31 December 2021, 31 December 2022, 31 December 2023 and 31 December 2024 using an approach that provides an estimation of the fair value of an investment based on the expectations about the cashflows that an investment generates over time. The latest valuation undertaken in May 2025, for the year ended 31 December 2024, shows an increase in value of $1,499,618, 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 to 2026. The Trustees consider the valuation method applied to be appropriate on the basis of available information.

Estimate of fair value for residual assets held in the Cyril Taylor estate.

As at 31 December 2024, the Trustees are aware of further assets, with an estimated net fair value after fees of $400,000, that are likely to be bequeathed to the Foundation from Sir Cyril Taylor's Estate. However, at the year end the estate accounts have not yet been finalised. As such, the Trustees feel that there is sufficient uncertainty as to the amounts that are likely to be ultimately realised by the Foundation from the remaining legacy due to potential liabilities to the IRS and HMRC. As the value cannot yet be reliably measured these additional assets have not been recognised in these financial statements.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

1. DONATIONS AND LEGACIES

2024 2023
$ $
Legacies 237,620 -

The income from legacies and donated services in kind of $237,620 (2023: $nil) was unrestricted and $nil (2023: $nil) was endowment.

2. INVESTMENT INCOME

Bank and other interest receivable
Income from listed investments
Income from unlisted investments		 2024
$ 357,926
272,542
2,500,000
3,130,468		 2023
$ 233,512
335,920
1,000,000
1,569,432

The investment income of $3,069,660 (2023: $1,569,432) was unrestricted.

3. COST OF RAISING FUNDS

2024 2023
$ $
Investment portfolio management fees 223,665 185,810

The costs of raising funds of $223,665 (2023: $185,810) was unrestricted.

4. CHARITABLE ACTIVITES - EXPENDITURE

2024 2023
$ $
Grants 2,131,249 769,275
Other support costs 65,438 63,421
Governance costs 335,439 326,518
2,532,126 1,159,214

The costs of charitable activities of $2,527,606 (2023: $1,159,214) was unrestricted.

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

  1. CHARITABLE ACTIVITES - EXPENDITURE
AFS Intercultural Programmes: Sir Cyril Taylor Young Leaders Awards
. Expand access to intercultural education with scholarships and outreach
AIFS Foundation
. Scholarships for international students to come to US on AYA programme
American International Recruitment Council
. Promotes ethical, standard-based international student recruitment strategies
Article 1/Waging Peace
. Helping Sudanese genocide survivors rebuild their lives in UK
Association of Community Colleges Trustees
. Developing exchange programmes for colleges with low student mobility
Balliol College Ukraine Fund
. Assist refugees fleeing the war in Ukraine
British Friends Hebrew University
BUTTLE UK
. Supporting boarding school places for young people
Cultural Vistas
. Scholarships designed to help people enhance their intercultural awareness
Fulbright CT Memorial Award
. Granting highly qualified scholars financial support to study abroad
Fund Education Abroad
. Scholarships to under-represented American college students to study in the UK
Green Kordofan
. Empower children displaced from their homes due to conflicts
Institute International Education
. Emergency scholarships for international students in the US
Lee Abbey International Students' Club
. Running a students' hostel for students of all nationalities.
One to World
. Provision of cultural enrichment and immersive experiences for international students
Norden Farm
. Sum-Art Time creative workshops for children
Resurgo: Spear North Kensington
. Equip unemployed young people to succeed in education or enter and sustain employment
The Open University Black Students Support Fund
. Provides support & services to students of The Open University		 2024
$ 100,000
86,000
115,000
225,147
75,000
63,230
63,230
452,328
84,700
172,500
65,000
50,584
150,000
93,214
50,000
81,756
77,100
126,460
2,131,249		 2023
$ 50,000
68,000
115,000
—
—
—
—
82,240
60,480
—
57,500
28,270
100,000
65,150
—
57,825
—
84,810
769,275

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

6. GOVERNANCE AND SUPPORT COSTS - EXPENDITURE

Support costs:
Staff time
Rent & Rates
Utilities
Governance costs:
Auditors remuneration:
Audit fees - Buzzacott
Legal & Professional fees
Administrative expenses
Foreign exchange loss/(gain)		 2024
$ 58,518
6,788
132		 2023
$ 56,729
6,565
127
65,438 63,421
2024
$ 10,977
176,310
39,052
109,100		 2023
$ 18,128
269,252
33,929
5,209
335,439 326,518

Governance and support costs of $335,439 (2023: $326,518) was unrestricted.

7. TRUSTEES' EXPENSES AND REMUNERATION

Trustees' travel expenses reimbursed for the year ended 31 December 2024 amounted to $4,510 (2023: $Nil).

All trustees are considered key management personnel. No trustees were paid remuneration or received other benefits from an employment with the Foundation or from a related entity (2023: Nil).

8. FIXED ASSET INVESTMENTS

Unlisted investments
Quoted investments
UNLISTED - AIFS Inc. FAIR VALUE
At 1 January
Unrealised gains on investments
At 31 December		 2024
$ 301,023,256
31,630,792		 2023
$ 299,523,639
29,272,079
332,654,048 328,795,718
2024
$ 299,523,639
1,499,617		 2023
$ 276,729,450
22,794,189
301,023,256 299,523,639

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

QUOTED
FAIR VALUE
At 1 January
Transfer in
Additions at cost
Disposals at carrying value
Unrealised gains/(loss) on investments
Foreign exchange gains/(losses) on investments
Movement in cash accounts
Fair value at 31 December
Proceeds from the sale of investments
Disposals at carrying value
Realised gains on investments
Unrealised gains/(loss) on investments
Foreign exchange gains/(losses) on investments
Total gains/(loss) on investments
Quoted investments are analysed by class as follows:
Fixed interest- Overseas
Equities
Credit guarantees
Other
Cash
All investments are carried at fair value		 2024
$ 29,272,079
(375,087)
12,647,820
41,544,812
(12,020,944)
2,089,961
—
31,613,829
16,961
31,630,792
26,354,477
(26,047,864)
306,613
2,089,961
—
2,396,574
2024
$ 14,199,770
15,184,562
(562,230)
1,010,150
1,798,539
31,630,791		 2023
$ 27,686,035
—
9,156,554
36,842,589
(7,369,666)
1,714,940
105,113
31,292,976
(2,020,897)
29,272,079
7,343,295
(7,369,666)
(26,371)
1,714,940
105,113
1,793,682
2023
$ 14,705,001
12,889,139
(562,230)
—
2,240,169
29,272,079

Unlisted investments

The investments are carried at their fair value. The investment in AIFS was valued by Kroll Advisory Limited, an independent valuer, at 31 December 2024, using an approach that provides an estimation of the fair value of an investment based on the expectations about the cashflows that an investment generates over time. The valuation for the year ended 31 December 2024, shows an increase in valuation due to the strong growth in AIFS Inc. The method Kroll Advisory Limited used to value AIFS Inc. is based on the income approach, which relied on management financial projections for 2025 and 2026. Kroll Advisory Limited made several assumptions when valuing AIFS Inc., the most significant one being extending management forecast projections to 2026.

Quoted investments

Quoted investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and open ended investments companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

9. DEBTORS

Other debtors
Prepayments		 Year to 31
December 2024
$ 861,860
23,069
884,929		 Year to 31
December 2023
$
624,238
27,921
652,159

10. ANALYSIS OF CHARITABLE FUNDS

Endowment Funds
Unrestricted General Funds
Total
Endowment Funds
Unrestricted General Funds
Total		 1 January
2024
$ 300,382,928
28,712,019
329,094,947
1 January
2023
$ 277,588,739
26,693,930
304,282,669		 Incoming
resources
$ —
3,368,088
3,368,088
Incoming
resources
$ —
1,569,432
1,569,432		 Resources
expended
$ —
(2,755,791)
(2,755,791)
Resources
expended
$ —-
(1,345,024)
(1,345,024)		 Net gains
(losses)
$ 1,499,618
2,396,574
3,896,192
Net gains
(losses)
$ 22,794,189
1,793,681
24,587,870		 31 December
2024
$
301,882,546
31,720,890
333,603,436
31 December
2023
$
300,382,928
28,712,019
329,094,947

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THE CYRIL TAYLOR CHARITABLE FOUNDATION

THE CYRIL TAYLOR CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024
Fixed asset investments
Cash at bank and in hand
Current assets
Current liabilities
Total
2023
Fixed asset investments
Cash at bank and in hand
Current assets
Current liabilities
Total		 Endowment
Fund
$ 301,882,546
-
-
-
301,882,546 -
Endowment
Fund
$ 300,382,928
-
-
-
300,382,928 -		 General Fund
$ 30,771,504
939,147
884,927
(874,688)
31,720,890
General Fund
$ 28,412,790
110,483
652,159
(463,413)
28,712,019		 Total
31 December 2024
$
332,654,050
939,147
884,927
(874,688)
333,603,436
Total
31 December 2023
$
328,795,718
110,483
652,159
(463,413)
329,094,947

12. RELATED PARTY TRANSACTIONS

Trustees declare any conflicts of interest in writing through their annual declarations of interest, and in addition at the beginning of any meeting Trustees declare any interest, and do not take part in any discussion, where they may be conflicted.

The Foundation received services in respect of staff time, rent, rates and utilities from The American Institute of Foreign Study (UK) Ltd., an organisation under common Trusteeship. A service agreement is in place, and for the year ended 31 December 2024, this amounted to $65,438 (2023: $63,421). At the balance sheet date, $65,438 was owed to the AIFS (UK) Ltd. (2023: $63,421).

During the year the Foundation received legal advice from Loeb, Block & Partners LLP at a cost of $88,103 (2023: $150,786) in which one of the partners, Stephen Rasch, is also the Chairman of the Foundation. During the year the Foundation received legal advice from Clifford Joseph at a cost of $Nil (2023: $2,485) and made a donation of $81,756 (2023: $57,825) to Norden Farm. Clifford Joseph, is also a trustee of the Foundation and Norden Farm. There is a service agreement in place between the Foundation and Clifford Joseph. The Foundation made a donation of $50,584 (2023: $28,270) to Green Kordofan during the year, Ailsa Brookes is a trustee of the Foundation and Green Kordofan.

During the year the Foundation donated $86,600 (2023: $68,000) to the AIFS Foundation, in which William Gertz, Jack Burg and Thomas Kiechle are also trustees.

13. LEGAL STATUS OF THE FOUNDATION

The Foundation is a private charitable company limited by guarantee and has no share capital, its registered address can be found on page 3. In the event of the Foundation being wound up, the liability in respect of the guarantee is limited to $1 per member while he/she remains a member or within one year after he/she ceases to be a member.

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