THE ANDY TAYLOR FOUNDATION
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
REGISTERED CHARITY NO: 1198127
INDEX
| INDEX | |
|---|---|
| Page | |
| Reference and Administrative Information | 1 |
| Trustees’ Report | 2 - 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 13 |
THE ANDY TAYLOR FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2023
| Trustees | Lara Taylor |
|---|---|
| Selma Turajlic | |
| Kevin Gibbons | |
| Sophie Hakes | |
| James O’Brien | |
| Jason George | |
| Charity registered | |
| number | 1198127 |
| Registered office | Level 3, Old Truman Brewery |
| 91 Brick Lane | |
| London | |
| E1 6QL | |
| Independent examiner | Simon Goodridge FCA |
| Knox Cropper LLP | |
| 65 Leadenhall Street | |
| London | |
| EC3A 2AD | |
| Bankers | Barclays |
| 1 Churchill Place | |
| London, E14 5HP |
1
THE ANDY TAYLOR FOUNDATION
REPORT OF THE BOARD OF TRUSTEES
FOR THE PERIOD ENDED 31[ST] MARCH 2023
The trustees present their report with the financial statements of the Foundation for the period ended 31[st] March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Andy Taylor Foundation is a registered CIO in England and Wales (1198127). The Foundation was registered as a charity on 3[rd] March 2022
This first annual report and financial statements are for the 13 month period from 3[rd] March 2022 to 31[st] March 2023.
Public Benefit
The trustees confirm that they have complied with the duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit and seek to meet the Foundation‘s charitable purposes in following its objectives.
Objectives of the Foundation
The Foundation was established to act as a resource for young people from economically or socially disadvantaged backgrounds by providing advice assisting in the provision of educational programmes and other activities as a means of:
- advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals; relieving unemployment, with particular emphasis on media careers.
Activities
During the first year, to 31 March 2023 the Foundation has put in place the systems and infrastructure to manage a sustainable level of partnership with supporters, fundraisers and programme delivery partners over the next three years. It is a key priority to continue this activity to potentially grow the Foundation and reach larger groups of people in need of the services on offer.
The Foundation delivered the Foot In The Door pilot programme in partnership with Sharpfutures CIC. This was a 12 weeks programme for seven people aged 17-25 in Greater Manchester. The first six weeks was a bootcamp involving training, workshops and masterclasses. This was followed by a further six week traineeship with major media organisations in the North West gaining on the job experience and valuable insights into their future career options. Trainees were paid a full living wage for the full 12 weeks of the programme. Six of the trainees completed the programme and continued to be mentored by a matched media professional for a further six months.
2
THE ANDY TAYLOR FOUNDATION
REPORT OF THE BOARD OF TRUSTEES
FOR THE PERIOD ENDED 31[ST] MARCH 2023
Future Plans
The Foundation has identified three key focus areas shaped by the key life stages which have the greatest impact on static social mobility. Moving forward the Foundation will work closely with education and training providers to develop opportunities for post-16 education and the transition to work.
The Foundation has aspirations to drive long-term upward social mobility across all measures for the people, at the times and in the places it is needed most to deliver equitable opportunities and equality of outcomes. This will work concurrently with a second aspiration to work with the creative industries to develop a UKleading approach to social mobility that reports progress, reflects society and rewards talent at all levels and career stages.
Achieving these aspirations is dependent on impactful programmes throughout the lives of individuals from lower socio-economic backgrounds and within the creative industries. Focus in 2022-23 has been the Pathways programmes to create a premium training programme developed and delivered with industry partners, informed by academic research and robust data. This focus will continue in 2023-2024.
A fundamental principle has been to remove the barrier of unpaid professional training and experience. All trainees in 2022/23 were paid a living wage for the duration of the programme for both the training and placements.
Through partnerships within the creative industries, the Foundation will collaborate with existing creative engagement and education programmes where appropriate and share expertise and networks. The aim is to support early access to arts and culture while removing perceptions of implausible career pathways within them. Moving on to bridge the gap from early years to early careers, the Foundation will instil awareness of the opportunities and routes to careers in the creative industries and assured accessibility to achieve them.
The Foundation will deliver early career support through Accelerator programmes with focus on professional development, mentoring and networks. This will be underpinned by external research bridging the gaps between academia, public policy and industry. To ensure broader benefit and public benefit The Foundation will facilitate open and transparent knowledge exchange and shared learning.
3
THE ANDY TAYLOR FOUNDATION
REPORT OF THE BOARD OF TRUSTEES
FOR THE PERIOD ENDED 31[ST] MARCH 2023
Financial Review
In the period since registration the Foundation has raised over £390,000. These funds have been generated from Corporate and Personal donations, Crowdfunding, Auctions and through corporate matching funds.
Of the funds raised some £44,000 was donated directly for the employment costs of the Development Executive, all of the other funds were donated and raised without restrictions as to their use by the Trustees.
The costs of the first year’s programme was £242,000, the first fundraising event cost £35,000, governance costs were £12,000 and other support costs not covered by specific donations were £5,000.
The surplus for the period was £55,292. This surplus will be carried forward towards funding the next year’s programme.
Reserve policy
All reserves of the Foundation are intended to be carried forward for the purpose of funding the Foundation’s objectives in future years. At the 31[st] March 2023 the Foundation had unrestricted reserves totalling £55,575.
Risk Management
The Trustees have identified and addressed two primary areas of risk within the first year:
-
Governance has been addressed by a board of 6 Trustees who are responsible for all decisions made by the Foundation
-
Financial risk has been addressed by the appointment of an accounting firm to manage the day to day finances of the Foundation and the appointment of Independent Examiners to review and report on the Foundations Financial results
Going concern
The Trustees have reviewed The Andy Taylor Foundation financial position and have a reasonable expectation that the Foundation has adequate funds to continue in operational existence for the foreseeable future, and thus support the going concern basis in accounting in preparing the annual financial statements.
4
THE ANDY TAYLOR FOUNDATION
REPORT OF THE BOARD OF TRUSTEES
FOR THE PERIOD ENDED 31[ST] MARCH 2023
STATEMENT OF BOARD OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Board of Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, requires the Board of 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 incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently
-
observe the methods and principles in the Charity SORP
-
make judgements and estimates that are reasonable and prudent -State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the Board of Trustees on and signed on its behalf:
Trustee
5
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE ANDY TAYLOR FOUNDATION
FOR THE PERIOD ENDED 31[ST] MARCH 2023
I report to the charity trustees on my examination of the financial statements of The Andy Taylor Foundation for the period ended 31 March 2023.
Responsibilities and basis of report
As the charity’s trustees, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
For and on behalf of Knox Cropper LLP, Statutory Auditor 65 Leadenhall Street London EC3A 2AD
6
THE ANDY TAYLOR FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD ENDED 31[ST] MARCH 2023
| Notes INCOMING RESOURCES Grants and donations 2 Charitable activities Investment income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Raising funds Charitable Activities 3 TOTAL RESOURCES EXPENDED NET INCOME/(EXPENDITURE) NET MOVEMENT IN FUNDS FUND BALANCES BROUGHT FORWARD FUND BALANCES CARRIED FORWARD |
Unrestricted Funds Restricted Funds 2023 Total £ £ £ 307,150 43,707 350,857 41,303 - 41,303 148 - 148 |
|---|---|
| 348,601 43,707 392,308 |
|
| 34,531 - 34,531 258,495 43,990 302,485 |
|
| 293,026 43,990 337,016 |
|
| 55,575 (283) 55,292 |
|
| 55,575 (283) 55,292 - - - |
|
| 55,575 (283) 55,292 |
The notes form part of these financial statements.
7
THE ANDY TAYLOR FOUNDATION
BALANCE SHEET
AS AT 31[ST] MARCH 2023
| Notes CURRENT ASSETS Debtors 8 Cash at Bank and in Hand Creditors: Amounts falling due within one year 9 Net Current Assets Total Assets less Current Liabilities 11 Funds Restricted Funds 10 Unrestricted General Fund |
2023 £ £ - 63,560 (8,268) 55,292 55,292 (283) 55,575 55,292 |
2023 £ £ - 63,560 (8,268) 55,292 55,292 (283) 55,575 55,292 |
|---|---|---|
| 55,292 | ||
| 55,292 |
The notes form part of these financial statements.
Approved by the Trustees on and signed on their behalf:
Trustee
8
THE ANDY TAYLOR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31[ST] MARCH 2023
1. ACCOUNTING POLICIES
The principal accounting policies adopted and critical areas of judgements are as follows:
1.1 Basis of preparation
The financial statements of the Foundation have been prepared in accordance with the Charities SORP (FRS 102 second edition) “Accounting and Reporting by Charities: Statement of Recommended Practice” applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Andy Taylor Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the accounting policies notes.
1.2 Preparation of the financial statements on a going concern basis
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. Trustees have concluded that the Foundation has adequate resources to continue in operational existence for the foreseeable future. The Foundation therefore continues to adopt the going concern basis in preparing its financial statements.
1.3 Functional currency
The functional currency of the Foundation is considered to be in pounds sterling because that is the currency of the primary economic environment in which the Foundation operates. The financial statements are also presented in pounds sterling.
1.4 Income and Expenditure
Income
All income is included in the Statement of Financial Activities when the Foundation is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Support costs
Support costs are those functions that assist the work of the Foundation but do not directly undertake charitable activities. Support costs include premises, administrative and governance costs. These costs have been allocated to funds in accordance with the relevant restrictions.
9
THE ANDY TAYLOR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31[ST] MARCH 2023
1. ACCOUNTING POLICIES (Continued)
1.5 Financial Instruments
Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation.
1.6 Fund Accounting
Funds held by the Foundation are either:
-
Unrestricted funds – these are funds which can be used in accordance with the Foundation’s objects at the discretion of the trustees, some of which have been designated for specific purposes.
-
Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the Foundation. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. GRANTS AND DONATIONS
| RANTS AND DONATIONS | |
|---|---|
| Donations ARITABLE ACTIVITIES Sharp Future Programme Support costs funded by restricted donation Governance costs Other support costs |
Unrestricted Restricted Total 2023 £ £ £ 307,150 43,707 350,857 307,150 43,707 350,857 |
| Direct costs Support costs Total 2023 £ £ £ 242,020 - 242,020 - 43,990 43,990 - 11,925 11,925 - 4,550 4,550 242,020 60,465 302,485 |
2. CHARITABLE ACTIVITIES
10
FOR THE PERIOD ENDED 31[ST] MARCH 2023
THE ANDY TAYLOR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
4. SUPPORT COSTS
| Staff costs Accountancy fee Professional fees Staff expenses Other costs AFF COSTS Salaries costs Social security costs Pension costs Average number of employees |
Total 2023 £ 43,990 3,960 7,965 990 3,560 60,465 Total 2023 £ 38,215 5,115 660 43,990 1 |
|---|---|
5. STAFF COSTS
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Foundation, directly or indirectly, including any directors (whether executive or otherwise) of the Foundation. Key management personnel costs for the period amounted to £43,990.
There was one employee during the period. No employee received emoluments as defined for taxation purposes which amounted to over £60,000.
No trustee received any remuneration during the period. No trustees had reimbursed expenses during the period.
6. NET INCOME
This is stated after charging:
| is is stated after charging: | |
|---|---|
| Total | |
| 2023 | |
| £ | |
| Independent examination fee | 3,960 |
11
THE ANDY TAYLOR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31[ST] MARCH 2023
7. TAXATION
The Foundation is a registered charity and no taxation liabilities arise from its charitable activities.
8. DEBTORS – due within one year
| Debtors | Total 2023 £ - - |
|---|---|
9. CREDITORS: Amounts falling due within one year
| Trade creditors PAYE liability Accruals Other creditors |
Total 2023 £ 809 3,388 3,960 111 |
|---|---|
| 8,268 |
10. RESTRICTED FUNDS
The income funds of the Foundation include restricted funds comprising the following unexpended balances of donations and grants held on trust to be applied for specific purposes.
| Donation for salaries | Balance at 1st March 2022 Income Expenditure Transfers Balance at 31st March 2023 £ £ £ £ £ - 43,707 43,990 - (283) - 43,707 43,990 - (283) |
|---|---|
The deficit on the restricted fund arises due to timing differences which were fully funded in the financial year 2023-24.
12
FOR THE PERIOD ENDED 31[ST] MARCH 2023
THE ANDY TAYLOR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fund balances at 31st March 2023 are represented by Current Assets Current Liabilities Net Total Net Assets |
Unrestricted Funds £ 63,843 (8,268) 55,575 |
Restricted Funds £ (283) - (283) |
Total £ 63,560 (8,268) 55,292 |
|---|---|---|---|
12. RELATED PARTY TRANSACTIONS
During the period a donation of £50,000 was received from Little Dot Studios Limited and a donation of £50,000 was received from All3Media Limited. The Trustees consider All3Media and Little Dot Studios Limited to be related parties because one of the Trustees is a senior member of the Management Team of Little Dot Studios Limited which is under the same ultimate control as All3Media Limited. In addition, there are longstanding personal relationships between the Board Members of both companies and the Trustees.
A restricted donation of £43,707 was received from Lara Taylor, a trustee of the Foundation.
There were no other related party transactions in the period.
13
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