THE J L YEARSLEY FAMILY FOUNDATION REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Registered Charlly Number= 1111517 BK PLUS LIPAITED Chartered Certified Accounlanls Sterling House 501 Middleton Road Chadderlon Oldham OL9 9LY
THE J L YEARSLEY FAMILY FOUNDATION CONTENTS Pa eNo. Trustees, Report Indepèndént Examiners Report Statement of Flnancial Activilias Balanc8 Sheet Slal8menl of Cash Flows Notes lo the FinancSal Statements 8-11
THE J L YEARSLEY FAMILY FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Tru51ees present their Annual Report together with the financial slalements of The J L Yearsley Family Foundation for the year ended 31 March 2024. Referen¢0 and Administrative Informatlon Chari number: 1111517 al Address.. Kinglhorpe 18 Bury & Ro¢hdale Old Road Bury Lancashire BL9 7TZ Trustees.. The Iruslees serving during the year wer8.. J L Yearsley L Russell R l Nicholson Inde end8nt examiner.. Dominic Huxley BK Plus Limllod Sterling House 501 Middleton Road Chadderton Oldham OL9 9LY Investment mana ers.. Char185 Stanley 61h Floor. Sunlight House Quay Slre8t Manchesl8r M3 3JZ Nalwesl 36 The Rock Bury Lancashire BL9 ONU StfLlCture Gov•rnan¢e and M ement The charlty has been Set up as an unincorporated charilable Irusl and is govemed by ils trust deed. A board of Iruslee3, who meet on a regular basls, administer the charity. The charivs investments are managed by Charles Stanley. New ITUStees are appoinled by a resolution of a meeting of the Iruslees and may be appointed at any lime, provided that the total number of Iruslees does not exceed 4. Th8re is no fornial training provided for trustees bul they are advised lo read literature available from the Charity Commission and Ihey gre made aware of their gefteral duties and responsibilities 35 part of the recrullment process and once they join the board and altend meetings. The charity has no personnel other than Ihe Irustees and no remuneraiion rs paid.
THE J L YEARSLEY FAMILY FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 contlnu8d Rlsk Mana ement The trustees actively review any major risks which the charity faces on a regular basis and believe Ihal the level of res8eS maintain8d, combined with an annual review of the controls over key financial systems, will provlde sufficient resources in the event of adverse conditions. The Iruslees have also examined other operalion81 and business risks f8ced by the charity and confirm that Ih8y hav8 established syslams lo mitigate the most signilicant risks. Ob o¢tlveg and Activitles The objectives of the charity are to provide monie5 towards local charities, sports activities and general worlhy causes. The charity's funds are mainly inv8sled in a portlolio ol listed securities and in shares of its subsidiary company. The truslees intend to make regular gifts lo suilabl8 worthy causes out ol the returns on those inveslmenls. During the year thé charity made donations lo local and other charities amounting lo a lolal of £53,029. In shaping our objectives for the yéar and planning our aclivilies, the trusl8es have considered Ihe Charity Commission's guidance on public benefit. including the guidance "public bènefit.. running a charity IPB2}" Achiavements Performance an inanclal Revlew Th8 chority's income during the year amounted lo a lolal of £81,816 {2023.. £776,109). consisting of donations receSved of £50,000, interest received of £13,010 and dividends received on listed investments of £18,806. In addition, there was a loss 01 £37,443 on Ihe sale of listed securities, and an unreali58d profil of £255,517 on the r8valualion of investments held at the balance 3h881 dale. The net movement in funds during the year was an increase of £236,130 (2023.. increase of £609,996) and the total funds of the charity at the ond of th8 year, all of which are unreslricled, were £2,579,004 12023.. £2,342,874). Reserves Pollc The r8S8rves of the charity, which are all unrestricled. are mostly held in a porrfolio of listed secLtrilies and in shares in its subsidiary company. The current intention is lo maintain the real capital value of those investments over the medium lerm and incfease il through further donations received. lo enable the obieclives of the charity lo be funded out of Ihe returns on those investmen15 for many years. The level of feseNes at 31 March 2024 was £2,579,00412023- £2,342.874). which is considered lo bo an acceptable levgl and is consis16nl with the reserves policy.
THE J L YEARSLEY FAMILY FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 conllnued Plans for Future Periods 11 is intended that the investment portfolio of listed securities will continue to grow and that regular gifts to suitable worthy causes will be made out of the returns on those investments. Trustees. Res onsibllltles In Relation to the Flnanclal Statements Law applicable lo charities in England and Wales requires Ihe trustees to prepare accounts for each financial year which give a true and fair view of the charivs financial activities duf ing the year and of Its financial position at the end of the year. In preparing those accounts, the trustees are required to., select suitable accounting policies and apply them consistently; observe the methods and principles of the Charities SORP; make judgements and èstimates that are reasonable and prudent; prepare the accounts on the going concern basis unl8SS It is inappropriate to presume that the charity will continue in operation, The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure Ihal the accounts comply with the Charitles Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of Ihe charity and henGe for taking reasonable steps for the prevention and detection of fraud and other irregularities. Com Ilance with Accountln Standards The trustees confirm thal the financial statements comply with the current statutory requirements, the Charities Act 2011, the provisions of the trust d8èd and the requirements of the Charities SORP (FRS 1021. Declaratlon The trustees declare that they have approved the Trustees, Report above. Signed on behalf of the Charity's Trustees 7:08 20.+...,..,... earsley (Truste Date
THE J L YEARSLEY FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE J L YEARSLEY FAMILY FOUNDATION I report lo the Irtsslees on my examination of Ihe accounts of the charity for the year ended 31 March 2024 which comprise the Slalemenl ol Financial Aclivilie5. the Balartce Sheet. and the related noles. Ros onsibilltlos and basls of fe ort As the Iruslee5 of the charity you are rèsponsible for the prepar81ion of the accounts in accordanc8 with the requirements of Ihe Charities Act 20111.lhe Act"). I report in fespect of my examlnalion of the charity's accounts c8rri8d out under section 145 of the 2011 Act and in carrying out my examination I have lollowed all the appllcabl6 Difeclions giv8n by the Charity Commission undei section 145151{bl of the Act. endenl examiner's ¥tatement I have compleled my examlnalion. I conlifm Ihal no m8ler¢al matters have Come lo my altenlion in conn8cl#)n with the examination giving me cause lo believe that in any malerial fospect.. accounting records were not kept in respècl of Ihe charity as rèquired by secllon 130 01 the Act; or Ihg ocGounls do nol accord wilh thos8 records: OT th• accounls do not comply with the applioable r8quifements concerning th8 lorm and conl8nt of accounts $01 out in the Charllies {Accounts and Report81 Regulations 2008 olhef Ihan any requirement that the accounts give a 'lrue and fair, view whi¢h is nol a matter Considered as part of an independgnl exominalion. 121 131 I hav8 no concerns and have come across no other matters in connaction wilh the examinalion lo which attonlic)n should be drawn in this report In order lo enable a proper understanding of Ihe accounts lo be reached. • /({ Domlnlc Huxley ACA For and on bohalf of BK Plus Llmltod Chartered Cortlfled Accountants Slerlbng House 501 Middleton Road Chadderton Oklham OL9 9LY 7 fvstrik 2D2V Dal8 '.
THE J L YEARSLEY FAMILY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES {includSng income and expendlture account) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds Unrestricted funds 2024 2023 INCOME Donations and legacies 50.000 743,744 Investment income 31,816 32,365 Total Incomlng resource8 81,816 776,109 EXPENDITURE Charitable activiti8s Total resources expended 63,760 18,672 63,760 18,672 Net Incomlng resources before other recognlsed galns and losses 18,056 757,437 OTHER RECOGNISED GAINS AND LOSSES: Gains and lossés on investment assets 218,074 (147,4411 Net income and net movement In funds for the year 236,130 609,996 Reconcillatlon of funds Total funds brought foNard Total funds carrled forward 2,342.874 2,579,004 1,732,878 2,342,874 The statement of financial aclivities includes all gains and losses in the year. All incom8 and expenditure derive from continuing activities. The accompanying notes are an integral part of this statement of financial activities.
THE J L YEARSLEY FAMILY FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note FIXED ASSETS Investments Total fixed assets 2,768,494 2,768,494 2,381,219 2,381,219 CURRENT ASSETS Debtors Cash at bank and in hand Total current assèts 5,819 5.819 154,576 154,576 LIABILITIES Amounts falllng due within one year 195.309 192,921 Net current assets (189,490) (38,345) Net asse18 2,579,004 2,342,874 THE FUNOS OF THE CHARITY Unrestricted funds Total charity funds 2,579,004 2,579.004 2,342,874 2,342,874 These accounls were approved by the board on,........... and signed on ils behalf by.. Trustee MrJL rs The accompanying notes are an integral part of this balance sheet.
THE J L YEARSLEY FAMILY FOUNDATION STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 Note 2024 2023 Cash used In operatlng actlvltles 11 11.372 235.059 Cash flows from Investlng actlvities Interest income 13,010 12,297 Dividend income 18,806 20,068 Purchase of fixed asset investments (2,028.366) (2.274,729) Proceeds from fixed asset disposals 1.859,165 2,058,374 Cash provlded by {used In) Investlng activltles (137,385 183,990 Increasel(decrease) in cash and cash equivalents in th6 year (148,757) 51,069 Cash and cash equivalents at the beginning of the year 154,576 103,507 Total cash and cash equlvalents al the end of the year 5,819 154,576
THE J L YEARSLEY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1) ACCOUNTING POLICIES 1.1 Basis of re aratlon of accounts The financial statement5 have been prepared in accordance wilh 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 the Republic of Ireland (FRS 102) and the Charities Act 2011. The charity meets the definition of a public b8nefit entity under FRS 102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the r8levant accounting policy note(s). 1.2 Income reeo nitlon All income is recognised once the chaflty has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. Donations are recognised once received. In the event that a donation is subject to condltions that raquire a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or Ihe fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Incoming resources from tax reclaims are recognised at th8 samè time as the gift to which they relale. Investment income is recognised when receivable. Investment gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of Ihe period. 1.3 Ex endlture reco nltlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligalion committing the charity to that expenditure. it is probable Ihat settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Governance costs are those incurred in connection with the constitutional and statutory requirements of the charity. Support costs include central functions and have been allocated lo activity cost categories on a basis consistent with the use of resources.
THE J L YEARSLEY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1) ACCOUNTING POLICIES CONTINUED 1.4 Investmenls Investments quoted on a recognised Stock Exchange are valued at market value al the year end. Investment in shares of subsidiafy company are staled at historic cost less impairment. 1.5 Short term debtors and credltor5 Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities as administrative expenses. 1.6 Cash and cash e ulvalents Cash and cash equivalents comprise cash at bank and in hand. 1.7 Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended for which it was incurred. 1.8 Fund accountln Unrestrictsd funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the Iruslees in furtherance of the general objectives of the charity and that have not been designated for other purposes. Restricted funds are funds subject to restrictions imposed by the donor or by tha specific terms of the appeal under which the funds are raised. 1.9 Assessment of oln concern The trustees consider that there are no material uncertainties about the charitls ability to continue as a going concern and the accounts have been drawn up on the going concern basis which assumes that the charity will continue in operation for the forseeable futur8.
THE J L YEARSLEY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 conllnuÈd 2024 2023 21 In¢om& from donations and le acies Donallon of shares Sn subsidtary company (see note 6) Donatton5 from subsidiary company 671,038 72,706 743.744 50,000 50,000 2024 2023 31 vestment Income Interest received Dividends 13,010 18.806 31.816 12,297 20,068 32,365 4} Cost of ¢harltable activStlos Don•llon* Gov•rn•n Costs 2024 2023 Total mlldo Total Costs directly allocated to activllies- Donatlons 53,029 53,029 6,606 Support Costs.. Stockbrokers fees Legal lees Bank charg88 Independent examiners lees.. examination of 8ccount5 8.301 8.301 9,888 78 30 2,400 10,731 30 2,400 10,731 2,100 12,OS6 Total Resourees Exp8nded 53,029 10,731 63,760 18.672 and1089os on Investmont assetg 2024 2023 ProfiV{lossl on sale of inve51menls ProfiV{lossl resulting from revaluation lo mafket value 137,4431 255,517 218,074 233,050 380,491 147,441 61 Flxed a580t Investments Llst•d on recogni5ed Slock Exehing• Shares In subsldtary Totol Cost or valuation Al 1 April 2023 Additions Disposals Revaluation A131 March 2024 1.710,181 2,028.366 (1.896.608) 255.517 2,097.456 671,038 2,381,219 2.028,366 {1,896,608) 255,517 2,768,494 671,038 10
THE J L YEARSLEY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 ¢ont4nued 2024 2023 71 Dèbtors Gift aid 2024 2023 8) Cash at bank and In hand Cash at bank 5.819 154,576 2024 2023 91 Creditors fallln due withln one oar Amounts owed lo sub8idiary company Accruals 192.90g 2,400 195,309 190,821 2,100 192,921 10} R#lat4d transOCtion$ Al 31 March 2024 there was an Amount of £192,90912023'. £190,8?.11 outstanding to Belfield Hall Developmen15 Ltd., a subsidiary company in which the Iruslees of tha charity are directors. During the year donallons amounting lo £50.00012023.. £72,706) were received from Belfield Hall Developments Ltd. Also during the year, donations amounting lo a lotal of £NII (2023. £671,038) were received from famity members of the Ifuslees. 2024 2023 111 Reconclllatlon of net m eratln actlvltles vement In fund$ to net cash flow Irom Nel movement in funds Add back Iprofllllloss on dispos81 of Inveslmenl3 Add back Iprofitllloss on revaluation of inveslmenls Deduct interest income shown in investing aclivilies Deduct divid8nd income shown in investing aclivilies Dedu¢l fixed asset investment addition receiv8d as a donalton Incre8selldecreasel In Gfedilors 236,130 609,996 37,443 1233,0501 (255,517) 380,491 113,010) 112,2971 118,806) 120,068} 1671,0381 181,025 235,059 2,388 11,372 11