## **Stephen Taylor Foundation** ## **Report and financial statements** For the year ended 31 July 2020 Charity Registration Number 1168032 ## **Stephen Taylor Foundation** ## **Contents** ||Page| |---|---| |Reference and administrative details|1| |Trustees’ report|2| |Independent auditor’s report|5| |Statement of financial activities|8| |Balance sheet|9| |Statement of cash flows|10| |Principal accounting policies|11| |Notes to the accounts|13| Stephen Taylor Foundation **Stephen Taylor Foundation** ## **Reference and administrative information** For the year ended 31 July 2020 ## **Trustees** Mr M E Taylor (Chair) Mrs L J Taylor Mr R J Walker **Charity registered number** 1168032 **Registered office** 65-66 Lincoln’s Inn Fields London WC2A 3LH **Auditor** Buzzacott LLP 130 Wood Street London EC2V 6DL **Bankers** UBS AG 5 Broadgate London EC2M 2QS **Solicitor** Farrer and Co 65-66 Lincoln’s Inn Fields London WC2A 3LH **1** ## **Stephen Taylor Foundation** The trustees present their statutory report along with the financial statements of the Stephen Taylor Foundation for the year ended 31 July 2020. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 and 12 and comply with the charity’s governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). ## **Structure** The Stephen Taylor Foundation (“the charity”) is a charitable incorporated organisation (CIO), not having a share capital and was incorporated on 5 July 2016. It operates in accordance with a governing document adopted on 5 July 2016. If the charity is wound up, the members have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. ## **Governance and Management** The trustees (who are the key management personnel of the charity) make the key decisions about the conduct of the charity. The trustees do not receive any remuneration for their services to the charity. ## **Recruitment and Appointment of Trustees** Trustees are appointed in accordance with the charity’s governing document which states that there must be a minimum of three charity trustees. The trustees of the charity during the year ended 31 July 2020 and up to the date of approval of the financial statements were: ## **Trustees** Mr M E Taylor (Chair) Mrs L J Taylor Mr R J Walker ## **Trustee Induction and Training** The charity trustees control the charity and its funds. Each trustee is made aware of their duties as a trustee upon appointment and accept their responsibility to keep up to date with changes in statutory requirements that affect the role and responsibilities of trustees. ## **Risk Management** Business decisions and the associated risk factors are considered at least annually. As part of this process the internal controls that are in place are reviewed. Internal control risks are minimised by a clear system of delegated authority and control, and procedures for the authorisation of all financial transactions. The trustees are satisfied that these are currently adequate to manage and reduce the risks identified. ## **Objectives and Activities of the Charity** The objective of the charity is to promote, for the public benefit, the exclusively charitable purposes through the awarding of grants to, and social investment in, charitable organisations. **2** **Stephen Taylor Foundation** ## **Achievements and Performance** During the year ended 31 July 2020, the Stephen Taylor Foundation awarded grants to ten charitable organisations. These were focused on four overlapping themes that are close to the heart of the charity, namely; education, improving life chances in the inner city, reducing inequality and improving the environment. To these ends grants were given to the Bear Cubs pre-school nursery, Deptford, Youth First Limited, which operates youth clubs in Deptford, and Montessori Education for Autism in Greenwich. Educational giving was also augmented by a grant to the Thomas Tallis School in Kidbrooke and a grant to the Stephen Lawrence Day Foundation, to aid its mission in combatting racism. The Foundation also made a final payment of £578,500 to King’s College, Cambridge with regard to a project to complete the building of the first of what we hope will eventually become two new student halls of residence. This project also aims to provide long term funding to the College so it can provide thirty additional undergraduate places for students from disadvantaged backgrounds. The Foundation also gave a grant of £608,111 to the Deptford Ragged Trust to purchase the freehold of a building in Deptford which will then unlock public body grants to convert this building into both a community space and low cost rental housing for the disadvantaged. The Institute for Public Policy Research was awarded a grant specifically to help complete its Commission on Economic Justice, which has identified ways in which public policy can be changed to both improve the UK’s economic performance and reduce inequality. Age UK were given a grant of £150,000 for their emergency appeal, in order to support the elderly during the COVID19 pandemic. The Friends of the Earth were given a general grant to assist their much admired environmental campaigning. ## **Public Benefit Statement** The trustees of the charity have given due regard to the Charity Commission’s guidance on public benefit and have taken reasonable steps to ensure that this guidance has been considered in the activities undertaken by the charity to deliver its charitable purposes. ## **Financial Review** The results for the year are shown in the statement of the financial activities on page 8. During the year ended 31 July 2020, the charity received investment income of £269,269 (2019: £347,206). The Foundation made grants to charitable organisations totalling £1,548,241 (2019: £386,975). Support costs for the year totalled £41,881 (2019: £53,273). The balance of the charity’s reserves as at 31 July 2020 was £22,266,235 (2019: £23,587,088). The level of funds held by the charity will be utilised for further grant giving and also for the generation of further income. ## **Reserves Policy and Financial Position** The level of reserves is monitored and reviewed by the trustees at least annually. The trustees believe that the charity should target to hold unrestricted reserves at a level which will enable further grant giving and social investment from both the capital of the charity and the income generated thereon. **3** ## **Stephen Taylor Foundation** ## **Plans for Future Years** The charity plans to continue to expand its grant giving activities. This will involve supporting some existing beneficiaries, where their work continues to conform with the goals of the Foundation and the aims of the trustees, and by identifying new beneficiaries. ## **Trustees' Responsibilities Statement** The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for the year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in “Accounting and Reporting by Charities; Statement of recommended practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulation 2008 and the provisions of the governing document. They are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions. This report was approved by the trustees on and signed on their behalf by: Chair of the Board of Trustees Date: 17.4.2021________________ **4** **Independent auditor’s report to the Trustees of Stephen Taylor Foundation** For the year ended 31 July 2020 ## **Opinion** We have audited the financial statements of the Stephen Taylor Foundation (the ‘charity’) for the year ended 31 July 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and 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: - give a true and fair view of the state of the charity’s affairs as at 31 July 2020 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a year of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. **5** ## **Independent auditor’s report to the Trustees of Stephen Taylor Foundation** For the year ended 31 July 2020 In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: - the information given in the trustees’ annual report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. **6** **Independent auditor’s report to the Trustees of Stephen Taylor Foundation** For the year ended 31 July 2020 ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Date: 21 April 2021 Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 **7** ## **Stephen Taylor Foundation** ## **Statement of financial activities** For the year ended 31 July 2020 |**Note**
**Income from:**
Investments income
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**2**
**Net expenditure and net movement in**
**funds**
**4**
**Reconciliation of funds:**
**Total funds brought forward at 1**
**August 2019**
**Total funds carried forward at 31 July**
**2020**|**Unrestricted**
**funds**
**£**
**269,269**
**269,269**
**1,590,122**
**1,590,122**
**(1,320,853)**
**23,587,088**
**22,266,235**|**Year**
**ended 31**
**July 2020**
**£**
**269,269**
**269,269**
**1,590,122**
**1,590,122**
**(1,320,853)**
**23,587,088**
**22,266,235**|Unrestricted
funds
£
347,206
347,206
440,248
440,248
(93,042)
23,680,130
23,587,088|Year
ended 31
July 2019
£
347,206| |---|---|---|---|---| |||||347,206| |||||440,248| |||||440,248| |||||(93,042)
23,680,130| |||||23,587,088| All activities relate to continuing operations. The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 11 to 14 form part of these financial statements. **8** ## **Stephen Taylor Foundation** ## **Balance Sheet** 31 July 2020 **----- Start of picture text -----**
2020 2020 2019 2019
Note £ £ £ £
Current assets
Cash at bank and in hand 22,271,935 23,605,988
Creditors: amounts falling due
within one year 6 (5,700) (18,900)
Net current assets 22,266,235 23,587,088
Net assets 22,266,235 23,587,088
Charity Funds
Represented by:
Unrestricted funds 22,266,235 23,587,088
Total funds 22,266,235 23,587,088
**----- End of picture text -----**
The financial statements were approved by the trustees and signed on their behalf, by: - Chair of the Board of Trustees Date: 17 April 2021 The notes on pages 11 to 14 form part of these financial statements. **9** **Stephen Taylor Foundation** ## **Statement of cash flows** Year to 31 July 2020 |**Cash flows from operating activities**
Net expenditure for the year
Interest received
Decrease in creditors
Net cash provided by operating activities
**Cash flows from investing activities**
Interest received
**Decrease in cash in the year**
**Cash and cash equivalents at 1 August 2019**
**Cash and cash equivalents at 31 July 2020**|**Year ended**
**31 July**
**2020**
**£**
**(1,320,853)**
**(269,269)**
**(13,200)**
**(1,603,322)**
**269,269**
**(1,334,053)**
**23,605,988**
**22,271,935**|Year ended
31 July
2019
£
(93,042)
(347,206)
(8,651,450)| |---|---|---| |||(9,091,698)
347,206| |||(8,744,492)
32,350,480| |||23,605,988| No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents **10** **Stephen Taylor Foundation** ## **Notes to the financial statements** For the year ended 31 July 2020 ## **1. Principal accounting policies** ## **1.1 Basis of preparation** These accounts have been prepared for the year to 31 July 2020. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or in the notes to these accounts. The accounts have been prepared in accordance with “Accounting and Reporting by Charites: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the financial reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)”, the financial reporting standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes as public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. ## **1.2 Critical accounting estimates and areas of judgement** There are currently no significant judgements and estimates made by the trustees in the preparation of the accounts. As set out in these accounting policies under “going concern”, the trustees have considered the impact of the coronavirus pandemic on the charity and have concluded that although there may be some negative consequences, given the charity’s reserves at 31 July 2020, it is appropriate for the charity to continue to prepare its accounts on the going concern basis. ## **1.3 Assessment of going concern** The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a year of one year from the date of approval of these accounts. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. ## **1.4 Income recognition** Income is recognised in the year in which the charity is entitled to receipt, the amount can be measured reliably and it is probable that income will be received. Where income relates to future years, this income will be deferred. Donations received for the general purposes of the charitable company are included as unrestricted funds; grants and donations for activities restricted by the wishes of the donor are taken to restricted funds. **11** **Stephen Taylor Foundation** ## **Notes to the financial statements** For the year ended 31 July 2020 ## **Principal accounting policies (continued)** ## **1.5 Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that ta transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is included in the accounts on an accruals basis and includes attributable VAT which cannot be recovered. Expenditure comprises the following: a. The costs of charitable activities comprise expenditure related to the charity‘s primary charitable purposes, primarily the cost of grants awarded. b. Support costs are the costs associated with the governance arrangements of the charity and the general running of the charity. ## **1.6 Debtors** Debtors are recognised at their settlement amount, less any provisions for non-recoverability. Prepayment are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. ## **1.7 Cash at bank and in hand** Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisitions. ## **1.8 Creditors and provisions** Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. ## **1.9 Taxation** Stephen Taylor Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. ## **1.10 Fund accounting** General unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the charity. **12** **Stephen Taylor Foundation** ## **Notes to the financial statements** For the year ended 31 July 2020 ## **2. Expenditure** |**Grants awarded (note 3)**
**Support costs:**
Bank charges
Audit and accountancy fees|**Unrestricted**
**2020**
**£**
**1,548,241**
**34,141**
**7,740**
**1,590,122**|**Total funds**
**2020**
**£**
**1,548,241**
**34,141**
**7,740**
**1,590,122**|Unrestricted
2019
£
386,975
44,723
8,550
440,248|Total funds
2019
£
386,975
44,723
8,550| |---|---|---|---|---| |||||440,248| ## **3. Grants awarded** |Recipient organisations:
. Age UK
. Bear Cubs Pre-school, Deptford
. Deptford Ragged Trust
. Friends of the Earth
. Institute for Public Policy Research
. King's College Cambridge
. Montessori Education for Autism
. Rockbourne Road Youth Club
. Stephen Lawrence Day Foundation
. Sutton Trust
. Target Oxbridge
. Thomas Tallis School, Kidbrooke, London
. Youth First Ltd|**Total**
**Funds**
**2020**
**£**
**150,000**
**31,000**
**608,111**
**50,000**
**50,000**
**578,500**
**10,000**
**—**
**35,000**
**—**
**—**
**20,000**
**15,630**
**1,548,241**|Total
funds
2019
£
—
31,000
—
50,000
225,000
—
10,000
22,475
—
33,500
15,000
—
—| |---|---|---| |||386,975| ## **4. Net movement in funds** The net movement in funds for the financial year is stated after charging: |Current year:
Audit fees
Non audit fees|**Total**
Total
**funds**
funds
**2020**
2019
**£**
£
**3,650**
3,500
**4,090**
1,900| |---|---| ## **5. Trustees’ remuneration** No trustees received any emoluments for their services as trustees during the year (2019 - none). No trustees were reimbursed any expenses during the year (2019 - none). **13** ## **Stephen Taylor Foundation** ## **Notes to the financial statements** For the year ended 31 July 2020 ## **6. Creditors: amounts falling due within one year** |Accruals|**2020**
**£**
**5,700**
**5,700**|2019
£
18,900| |---|---|---| |||18,900| **14**