Stephen Taylor Foundation
Annual report and financial statements
For the year ended 31 July 2025
Charity Registration Number 1168032
Contents
| Reports | |
|---|---|
| Reference and administrative details | 1 |
| Trustees’ report | 2 |
| Independent auditor’s report | 6 |
| Financial statements | |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Principal accounting policies | 13 |
| Notes to the accounts | 15 |
Stephen Taylor Foundation
Reference and administrative information
| 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 Audit 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 |
Stephen Taylor Foundation 1
Trustees’ report Year ended 31 July 2025
The trustees present their statutory report along with the financial statements of the Stephen Taylor Foundation for the year ended 31 July 2025.
The financial statements have been prepared in accordance with the accounting policies set out on pages 13 and 14 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
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 2025 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.
Stephen Taylor Foundation 2
Trustees’ report Year ended 31 July 2025
Achievements and Performance
During the year ended 31 July 2025, the Stephen Taylor Foundation awarded grants to thirteen charitable organisations. These were predominantly focused on the 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.
With regards to these core areas of interest, education grants were given to Bear Cubs preschool nursery in Deptford, Thomas Tallis School in Kidbrooke, Montessori Education for Autism in Greenwich and the Cannon Collins Trust to advance educational opportunities for the disadvantaged in South Africa. We also added the Child Accident Prevention Trust as a beneficiary.
With regards to the inner city, we also made renewed grants to Lee Green Lives in Lewisham, May and Baker FC in Dagenham and also added the Bloomsbury Football Foundation, which works with children across inner London and increasingly in other cities too.
With regard to environmental matters, the Friends of the Earth were given a general grant to assist their much admired environmental campaigning, a proportion of which was directed via The Big Give, in order to receive very welcome match funding for the underlying recipient. The charity also made environmental grants to Prickles Hedgehog Rescue and Chaldon Church in Surrey to help preserve its listed fabric for future generations.
In the field of reducing inequality, the Foundation made grants to the campaigning charity, Hope Not Hate and further grants to King’s College Cambridge, to support greater access to this world class educational institution for those from disadvantaged backgrounds.
Fundraising
The charity does not actively solicit donations and therefore is not registered with the Fundraising Regulator and does not subscribe to any fundraising codes of practice.
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 10. During the year ended 31 July 2025, the charity received donations of £56,151,250 (2024: £5,762,500) and investment income of £4,912,091 (2024: £4,425,876).
The Foundation made grants to charitable organisations totalling £20,026,100 (2024: £241,600). Support costs for the year totalled £12,218 (2024: £9,030). The balance of the charity’s reserves as at 31 July 2025 was £127,342,727 (2024: £86,317,704). 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
Stephen Taylor Foundation 3
Trustees’ report Year ended 31 July 2025
further grant giving and social investment from both the capital of the charity and the income generated thereon. As noted above, the trustees have been in negotiations to fund a longterm project, in conjunction with one of the UK’s leading universities, to widen participation and inclusion at the seat of learning. This project will involve building material amounts of new student accommodation and require considerable capital to complete. The trustees currently believe it is prudent to build up the reserves of the charity, with the intention to expend them on this project over the ten years of funding it is likely to require.
Investment policy
The investment policy of the charity is conservative and risk adverse, consisting principally of investment in bank deposits to maximise interest income, but without incurring capital risk.
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:
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select suitable accounting policies and then apply them consistently;
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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;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to 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.
Stephen Taylor Foundation 4
Trustees’ report Year ended 31 July 2025
Stephen Taylor Foundation 5
Independent auditor’s report For the year ended 31 July 2025
Independent auditor’s report to the Trustees of Stephen Taylor Foundation
Opinion
We have audited the accounts of Stephen Taylor Foundation (the ‘charity’) for the year ended 31 July 2025 which comprise the statement of financial activities, the balance sheet, the statements of cash flows, principal accounting policies and the notes to the accounts. 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:
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give a true and fair view of the state of the charity’s affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our 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 we do not express any form of assurance conclusion thereon.
Stephen Taylor Foundation 6
Independent auditor’s report For the year ended 31 July 2025
Other information (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity 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 Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the trustees’ annual report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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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 set out on page 4, 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 accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, 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 accounts
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the accounts 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.
Stephen Taylor Foundation 7
Independent auditor’s report For the year ended 31 July 2025
Auditor’s responsibilities for the audit of the accounts (continued)
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 accounts.
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:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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We identified the laws and regulations applicable to the charity through discussions with management and from our knowledge and experience of the charity sector;
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We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to 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 to the United Kingdom and Republic of Ireland (FRS 102); and
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We assessed the extent of compliance with the laws and regulations identified above through making enquiries with management and those charged with governance and review of minutes of trustees’ meetings.
We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
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Making enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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Performed analytical procedures to identify any unusual or unexpected relationships;
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Carried out substantive testing of expenditure; and
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Investigated the rationale behind significant or unusual transactions.
Stephen Taylor Foundation 8
Independent auditor’s report For the year ended 31 July 2025
Auditor’s responsibilities for the audit of the accounts (continued)
How the audit was considered capable of detecting irregularities including fraud (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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Agreeing accounts disclosures to underlying supporting documentation; and
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Reading the minutes of meetings of trustees.
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 non-compliance. 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.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an 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.
13 May 2026
Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL
Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Stephen Taylor Foundation 9
Statement of financial activities For the year ended 31 July 2025
| Notes | Unrestricted funds £ |
Year ended 31 July 2025 £ |
Unrestricted funds £ |
Year ended 31 July 2024 £ |
|---|---|---|---|---|
| Income from: Donations Investments – Interest receivable Total income Expenditure on: Charitable activities Total expenditure 2 Net income and net movement in funds 4 Reconciliation of funds: Total funds brought forward at 1 August 2024 Total funds carried forward at 31 July 2025 |
56,151,250 4,912,091 |
56,151,250 4,912,091 |
5,762,500 4,425,876 |
5,762,500 4,425,876 |
| 61,063,341 | 61,063,341 | 10,188,376 | 10,188,376 | |
| 20,038,318 | 20,038,318 | 250,630 | 250,630 | |
| 20,038,318 | 20,038,318 | 250,630 | 250,630 | |
| 41,025,023 | 41,025,023 | 9,937,746 | 9,937,746 | |
| 86,317,704 | 86,317,704 | 76,379,958 | 76,379,958 | |
| **127,342,727 ** | 127,342,727 | 86,317,704 | 86,317,704 |
All activities relate to continuing operations. The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 16 form part of these financial statements.
Stephen Taylor Foundation 10
Balance Sheet 31 July 2025
Stephen Taylor Foundation 11
Statement of cash flows Year to 31 July 2025
| Year ended 31 July 2025 £ |
Year ended 31 July 2024 £ £ 9,937,746 (4,425,876) (1,305,903) (5,346) 6,823,119 2,050,812 (3,144,874) (1,094,062) 5,729,057 1,737,114 7,466,171 |
|
|---|---|---|
| Cash flows from operating activities Net income for the year Interest receivable Increase in debtors Decrease in creditors Net cash provided by operating activities Cash flows from investing activities Interest received Purchase of short-term deposits Net cash (used in) provided by investing activities Increase in cash in the year Cash and cash equivalents at 1 August 2024 Cash and cash equivalents at 31 July 2025 |
£ 41,025,023 (4,912,091) (8,855,186) (7,740) |
|
| 27,520,006 | ||
| 3,551,876 (11,753,964) |
||
| (8,202,088) | ||
| 19,047,918 7,466,171 |
||
| 26,514,089 |
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.
Stephen Taylor Foundation 12
Principal accounting policies For the year ended 31 July 2025
Basis of preparation
These accounts have been prepared for the year to 31 July 2025. 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.
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.
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.
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.
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.
Stephen Taylor Foundation 13
Principal accounting policies For the year ended 31 July 2025
Expenditure (continued)
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.
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.
Cash at bank and in hand and short term deposits
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. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
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.
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.
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.
Stephen Taylor Foundation 14
Notes to the financial statements For the year ended 31 July 2025
1. Expenditure
| Expenditure | ||||
|---|---|---|---|---|
| Unrestricted 2025 £ |
Total funds 2025 £ |
Unrestricted 2024 £ |
Total funds 2024 £ |
|
| Grants awarded (note 2) Support costs: Bank charges Audit and accountancy fees |
20,026,100 350 11,868 |
20,026,100 350 11,868 |
241,600 450 8,580 |
241,600 450 8,580 |
| 20,038,318 | 20,038,318 |
250,630 |
250,630 |
2. Grants awarded
| Grants awarded | ||
|---|---|---|
| Total funds 2025 £ |
Total funds 2024 £ |
|
| Recipient organisations: . Bear Cubs Pre-school, Deptford . Bloomsbury Football Foundation . Canon Collins Trust . Child Accident Prevention Trust . Mary and Baker Eastbrook Community FC Youth . Friends of the Earth . Hope Not Hate . King's College, Cambridge . Lee Green Lives . Montessori Education for Autism . PCC of St Peter and St Paul Chaldon . Prickles Hedgehog Rescue . The Bear Church . Thomas Tallis School, Kidbrooke, London . Toynbee Hall |
— 150,000 40,000 25,000 5,000 75,000 100,000 19,385,600 10,000 12,000 130,000 30,000 43,500 20,000 — |
39,600 — 40,000 — — 75,000 — — 20,000 12,000 — 15,000 — 20,000 20,000 |
| 20,026,100 | 241,600 |
3. Net movement in funds
The net movement in funds for the financial year is stated after charging:
| Total funds 2025 £ |
Total funds 2024 £ |
|
|---|---|---|
| Current year: . Audit fees . Non audit fees |
6,000 5,868 |
5,700 2,880 |
4. Trustees’ remuneration
No trustees received any emoluments for their services as trustees during the year (2024 - none). No trustees were reimbursed any expenses during the year (2024 - none).
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Notes to the financial statements For the year ended 31 July 2025
5. Debtors
| 2025 £ |
2024 £ |
|
|---|---|---|
| Gift aid Accrued interest |
1,360,215 11,230,250 |
— 2,375,064 |
| 12,590,465 | 2,375,064 |
6. Creditors: amounts falling due within one year
| 2025 £ |
2024 £ |
|
|---|---|---|
| Accruals | 9,000 | 16,740 |
| 9,000 | 16,740 |
7. Related party transactions
During the year, two trustees made donations to the Foundation totalling £56,151,250 (2024: two trustees made donations totalling £5,762,500).
There were no other related party transactions during the year requiring disclosure (2024: none).
Stephen Taylor Foundation 16