REGISTERED COMPANY NUMBER: 08542451 (England and Wales) REGISTERED CHARITY NUMBER: 1155281 Trustees. Report and Unaudited Financial Statements forthe Year Ended 31 May 2024 for The Manny Cussins Foundation (A Company Limited by Guarantee) FORD CAMPBELL FREEOMAN
The Manny Cussins Foundation Contents of the Financial Statements for the Year Ended 31 2024 Page Trustees. Report 1 to 3 Independent Examiners Report statement of Financial Activities Statement of Financlal Posltlon Notes to the Financial Ststements 7 to 12
The Manny Cussins Foundation Trustees. Report for the Year Ended 31 2024 The trustees who are also directors of the charrty ft)r the purpx)ses of the Companies Act IQ6, present their report wth the financial staterllents of the charty for the yeai ended 31 May 2024. The trustees have adopted the piovisions of Accounting and Reporting by Charities.. Statement of Recommended Prath"ce applicable to charities preparing their accounts in acwrdance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OPJECTIVES AND ACTIVITIES Objectives and aims The Trustees have referred to the guidan contained in the Charity CommiSsic'S general guidance on public beneftt when reviewng the aims and objectives of the Foundation and in planning future activities. The Manny Cussins Foundation is governed by its Articles of Association dated 23 May 2013 lch states that the objects of the charity are 'such charrtable purposes as the Trustees may in their absolute discretion decide,. It is the intention of the Trustees to continue the rk of the charity from vthich it receNed its assets, The Manny Cussins Foundation, being to 'apply monies available lor distribution for charitable purposes or pay in the form of subscriptions to existing charities, keeping in mind the pattern of charitable donations made by the Foundation during the lifetime of the late Manny Cussins. Areas of particular interest for The Manny Cussins Foundation have included.. the elfare and care of the elderly,. charitable causes in Yorkshire and Humberside.. the lfare and care of chiklren at risK charrtable needs amongstthe Jewsh Communib'es in the Unrted Kingdom and abroad., the provision of healthcare in the Yorkshire region and abroad., - other deserving causes approvéd by the Trustees. The Trustees have in the past. generally. confi'ned themsefves to charities registered vAth the Charity Commission. They receive a large number of outside applications 1¢h are reviewed by the Administrator and then considered by the trustees, in addition they brought their own rQMmendatIonS to their discussions vh)ilst endeavouring to ensure that the causes supported were well constrtuted and fully desetving of their support With this in mind the Trustees have adopted the followng crrteria in respert of 'giving': The Trust wll concentrate rts efforts on SuppO.n9 Yorkshire based Charrties thich principally work either to provide care and development opportunleS for Children to meet Medical needs, wth a preference, but not excluswely so, for these Charrties to be Jewsh. The Trustees wsh that all substantial or repeat regular donabons be considered from a perspective that they shoukl make a material drfference to a Farticular project. as opposed to supporting the general fund of a Charty. The Trustees generally seek to disburse the Foundation's Inco but not ts capital, expt in exceptional circumstances. They aim to support charitsble causes that are local to the Leeds area and have some Jewsh and medical content in a that wll perpetuate the name and work of the settlor. the late Manny Cussins. strategic report The followng sections of the achievements and performan and financpl review form the strategic report of the charty. ACHIEVEMENT AND PERFORMANCE Charitable activities The investment strategy has centred on having a balan and mixed portfolio of investments. £3,852,935 (2023 £3,625,278) Wds invested in the stock market. The charity is comfortable with the return available to them through more traditional means and as such are Iwking to hokl monies on bank deposlt as an investment strategy. Page 1
The Manny Cussins Foundation
Trustees' Report for the Year Ended 31 May 2024
FINANCIAL REVIEW
Financial position
During the period the Foundation has made a deficit of £156,860 (2023 deficit: £606,901) as shown in the Statement of Financial Activities. Income arising from investments in the year totalled £62,988 (2023: £73,224) and donations totalling £245,269 (2023: £466,363) were made. Investments were sold for a loss of £121,418 (2023: gain of £20,974) and unrealised gain of £201,840 (2023 deficit: £178,553) was recognised on the listed investments. The Trustees are happy with the performance of the investments, given market conditions at the time.
Going concern
There are no material uncertainties about the charity's ability to continue as a going concern.
FUTURE PLANS
The main donation focus in the coming years ahead is the charity's work with Leeds Mind, Momentum Children Charity, The Zone, Leeds Jewish Free School and the new centre in Bradford for Into University. The Trustees will continue to identify and make donations to causes that they consider eligible.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Manny Cussins Foundation was incorporated on 23 May 2013. On 10 January 2014 the unincorporated charity known as The Manny Cussins Foundation (Charity Number 219661) transferred all its assets and undertakings to the Charity under a Transfer Agreement. These assets comprised freehold land, quoted investments and cash at bank. The freehold land has subsequently been sold.
The Trustees engage in no fund raising activities. They meet formally twice a year to consider inter alia investment policy, including the generation of sufficient income to continue the Charity's activities. No expenses are drawn by the Trustees.
Trustees recruitment and training
The majority of the Trustees are members of the family of the late Manny Cussins, with all trustees committed to continuing his work through the charity. Trustees training consists of regular meetings and ongoing support and mentoring from the other Trustees.
Related parties
Anne Cussins the charity administrator, is a family member of the Trustees.
Risks
The major risks to which the Charity is exposed, as identified by the trustees, have been reviewed and systems have been established to manage those risks.
In particular, the major risk to the Charity is a fall in investment income and/or value. The Trustees have a prudent investment policy and employ the services of a respected investment management firm in order to manage this risk.
As the charity also has significant cash reserves securing this cash is key. Currently this is held with a main stream bank.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08542451 (England and Wales)
Registered Charity number
1155281
Registered office
c/o Ford Campbell Freedman Limited 33 Park Place 2nd Floor Leeds West Yorkshire LS1 2RY
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The Manny Cussins Foundation Trustees. Report for the Year Ended 31 2024 Trustees A J Cussins B M Cussins T Cussins A Cussins Miss E Cussins C P Easton A M Sacks Ms J M Bawck-Bell N O Cussins Independent Examiner Dale Coleman Ford Campbell Freedman Limrted Chartered accountants 2nd Floor 33 Park Place Leeds LS12RY 26102125 Approved by order of the board of trustees on and signed on its behalf by.. Benjamin Cussins (Feb 26, 2025 15'.39 GMTI B Cussins- Trustee Page 3
Independent Examiner's Report to the Trustees of The Manny Cussins Foundation Independent examiners report to the trustees of The Manny Cussins Foundation {'the Companw) I report to the charity trustees on my examinab)n of the accounts of the Company for the year ended 31 May 2024. Responsibilities and basis of report As the charitls trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 ACV). Having satisfied myself that the accxjunts of the Company are not ruIr1 to be audrted under Part 16 of the 2(YJ6 Act and are eligible for independent examination, I report in respect of my examination of your charty's accounts as carried out under Section 145 of the Charities Act 2011 (the 2011 Art). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(9 (b) of the 2011 Act. Independent examiners statement I have completed my examination. l Confirm that no matters have come to my attention in connection with the examination gDiing me cause to believe.. accounting records were not kept in respect of the Company as r4uired by Section 386 of the 2006 Act., or the accounts do not accord wth those records., or the accounts do not comply wth the accounting requirements of Section 396 of the 20C6 Act other than any requirement that the accounts give a true and fair vw Ithich is Th)t a matter considered as part of an independent examination", or the accounts have not been prepared in accordance knith the metrKJds and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charrf(ies preparing their accounts in accordance wth the Financ1 Reportsng Standafd applicable in the UK and Republic of lieland (FRS 10211, I have no concerns and have come across no other matters in connection wth the examination to kn1¢h attention should be draM in this report in order to enable a proper understanding of the accounts to be reached. Dale Coleman (Feb 26, 2025 15:59 GMT) Dale Coleman Ford Campbell Freedman Limrted Chartered accountants 2nd Floor 33 Park Plac8 Leeds LS12RY 26102125 Date.. Page 4
The Manny Cussins Foundation statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 2024 2024 Unrestricted fund Total funds 2023 Notes INCOME AND ENDOWMENTS FROM Investment income Other income 61.611 1.377 73,224 Total 62.988 73,224 EXPENDITURE ON Raising funds 37.972 38,795 Charitable activities Expenditure on charitsble activtties 262.298 483,751 Total 300.270 522,546 Net gainslllossesl on investments 80.422 1157,5791 NET INCOMEI(EXPENDITURE) 1156.860) 1606,9011 RECONCILIATION OF FUNDS Total funds brought fowdrd 4,272,540 4,879,441 TOTAL FUNDS CARRIED FORWARD 4.115,680 4,272,540 The notes form part of these financial statements Page 5
The Manny Cussins Foundation statement of Financial Position 31 May 2024 2024 Unrestricted fund Total funds 2023 Notes FIXED ASSETS Investments 11 3.852.935 3,625,278 CURRENT ASSETS Debtors Cash at bank 12 1.441 410,507 172,735 973,872 411,948 1,146,607 CREDITORS Amounts falling due wthin one year 13 1149,203) 1499,3451 NET CURRENT ASSETS 262.745 647,262 TOTAL ASSETS LESS CURRENT LIABILITIES 4.115.680 4,272,540 NET ASSETS 4.115.680 4,272,540 FUNDS Unrestricted funds 14 4,115.680 4,272,540 TOTAL FUNDS 4,115,6 4,272,540 The charitable company is ented to exemption from audit under Section 477 of the Companies Act 2Crf)6 for the year ended 31 May 2024. The members have not requir the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the CompanEs Act 2006. The trustees aCknOedge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply wth Sectts)ns 386 and 387 of the Companies Act 2006 and preparing financial statements thich give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordan wth the requirements of Sections 394 and 395 and thich othewse comply wth the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable Mpany. (b) These financial ststements have been prepared in accordance Y*th the provisions applicable to charitable companies subjert to the small companies regime. The financial statements approved by the Board of Trustees and authortsed for issue on 26102125 . and were signed on ts behalf by". B Cussins- Trustee The notes form part of these financial statements Page 6
The Manny Cussins Foundation Notes to the Financial Statements for the Year Ended 31 2024 GENERAL INFORMATION The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the legiste11 office is clo Ford Campbell Freedman Limited, 33 Park Place, 2nd Floor, Leeds, LS12RY ststement of compliance These financial statements have been prepared in compliance wth FRS 102, The Financial Reportr'ng Standard applicable in the U K and Republic of Ireland,, the Statement of Recommended Practice applicable to chartties preparing their accounts in accordance wtth the Financial Reporb'ng &andard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. The Manny Cussins Foundation meets the definition of a wblic benefit entity under FRS 102. Assets and liabi11ties are inrtially recognised at historic or transaction value unless othewse ststed in the relevant accounting policy notes. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements have been prepared on the historical cost basis, as Mcdifd by the revaluation of certain financial assets and liabilities. The financial statements are preparèd in sterling, 1¢h is the functional currency of th8 entity. Going concern There are no material uncertainties aboutthe Charitys ability to continue as a going cOnrn. Critical accounting judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. TIse estimates and judgements are continually reviewed and are based on experience and other factors, including exFectations of future events that are believed to be reasonable under the circumstances. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are Continually reviewed and are based on experien and other factors, including exFectations of future events that are believed to be reasonable under the circumstances. Incom ing resources All incoming resources are included in the statement of financial actwrties then entrtlement has passed to the charity,. it is probable that the economic benefrts associated wth the transaction wll flow to the charity and the amount can be reliably measured. The following specific wlicies are applied to particular categories of income. Resources expended Expendrture is allwated in the Slatement of Financial Athibes based on the type of expense incurred. Charitable expendrture includes donations made in the furtherance of the Charitys objectwes. Governance costs include costs relats'ng to the administratton of the Charty. Grants offered subject to Condin5 thich have not keen met at the year end date are noted as a commibnent but not accrued as expendrture. Taxation The charity is exem0 from corporation tax on its charitable activities. Investm ents Listed investments are measured at fair value wth changes in fair value being rognISed in income or expenditure. Financial Instruments Page 7 continued...
The Manny Cussins Foundation Notes to the Financial Statements - continued for the Year Ended 31 2024 ACCOUNTING POLICIES- continued Investm ents A financial asset or a fv'nancial liability recognIs only en the entty becomes a party to the contractual provisions of the instrument. Where investments in shares or preference shares are publrcly tre or their fair value can otherwse be measured reliably, the investment is subsequently measured at fair value vAth changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. INVESTMENT INCOME 2024 2023 Income from listed investments Other income 58,572 3.039 47,747 25,477 61.611 73,224 OTHER INCOME 2024 2023 HMRC interest received 1,377 RAISING FUNDS In¥Estment management costs 2024 2023 Portfolio managem8nt 37,972 38,795 CHARITABLE ACTIWTIES COSTS Grant furKling of activities (see mte 71 Support costs (see note 81 Totals Expenditure on charitable actNth'es 245.269 17.029 262.298 GRANTS PAYABLE 2024 2023 Expendf(ure on charttable actNrties 245,269 466,363 Page 8 continued...
The Manny Cussins Foundation Notes to the Financial Statements - continued for the Year Ended 31 2024 GRANTS PAYABLE- continued The total grants paid to instrtutions during the year vrds as follov*S'. 2024 2023 Into University The Zone in Leeds Street Angels Leeds Jewsh Free School Leeds Kollel Momentum Children Northern Ballet Africa Children Simon on the Streets 8ear Brodetsky Link PTA Chabad Lubavitch CAPA Leeds Jewsh Representitive Council Wiener Holocaust Library Leeds Mind Dorothy House Hospic8 Somerset Sight Bradford District Care Magen David Adom Yad Vashem 200,000 69,894 18,000 35,069 15,000 66,800 6,600 5,000 5,000 40,000 5,000 18,000 29.000 10.000 67.000 20.000 5,000 1.500 20.000 5.000 {231) 2,500 2.500 10.000 50,000 5.000 245,269 466,363 SUPPORT COSTS Governan costs Expenditure on charttable actNrties 17,029 Support costs, included in the above. are as follN6'. 2024 ExFenditure on charitable activities 2023 Total activities Independent examination of financsal statements Other financial services Administration fees Bank charges 1,800 3.212 12,OCKI 17 1,800 3.570 12,OiXI 18 17.029 17,388 Page 9 continued...
The Manny Cussins Foundation Notes to the Financial Statements - continued for the Year Ended 31 2024 NET INCOMEIIEXPENDITURE} Net incomel(expendtture) is stated after chargingl(crediting)'. 2024 2023 Independent examination of financial statements Other financial services 1.800 3.212 1,800 3,570 10. TRUSTEES. REMUNERATION AND BENEFITS There ere no trustees, remuneration or other benefts for the year ended 31 May 2024 nor for the year ended 31 May 2023. Trustees. expenses There were no trust8es' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 June 2023 Addttions Disposals Revaluations 3,625.278 1,064,264 (1,038.4471 201,840 At 31 May 2024 3,852.935 NET BOOK VALUE At 31 May 2024 3,852,935 At 31 May 2023 3,625, 278 There were no investment assets outs*Je the UK Financial assets held at fair value The listed investments are shoM at market value as provided by the charitys investment manager J M Finn & Co. 12. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayments and accrued income 169,OlXJ 3,735 1.441 1.441 172,735 Page 10 continued...
The Manny Cussins Foundation Notes to the Financial Statements - continued for the Year Ended 31 2024 13. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other credrtors Accruals and deferred income 36 4,3( 149.203 149.203 4gJ,345 14. MOVEMENT IN FUNDS Net movement in funds At 1.6.23 At 31.5.24 Unrestricted funds General fund 4.272.540 (156.860) 4,115.680 TOTAL FUNDS 4.272.540 (156.860) 4,115.680 Net movement in funds, ircluded in the above are as follov+S'. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund {3Q).270) 80.422 (156,860) TOTAL FUNDS 62.988 13Q).270) 80.422 {156,8601 Comparatlves for movement In funds Net movement in funds At 1.6.22 At 31.5.23 Unrestricted funds General fund 4,879,441 (6,931) 4,272,540 TOTAL FUNDS 4,879.441 (6C6,901) 4,272,540 Comparative net rn¢ernent in funds, included in the above are as folIcy•'. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 73,224 (522,546) (157,579) (6C6, 901) TOTAL FUNDS 73.224 (522.546) {157,579) (606,)1) Page11 continued...
The Manny Cussins Foundation Notes to the Financial Statements - continued for the Year Ended 31 2024 14. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined WSIti is as follows.. Net movement in funds At 1.6.22 At 31.5.24 Unrestricted funds General fund 4,879,441 (763,761) 4,115,680 TOTAL FUNDS 4,879,441 (763, 761) 4,115,680 A current year 12 months and WILV year 12 rTr)nths ccmbined net rr#)vement in funds. included in the above are as follows. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlctsd funds General fund 136,212 (822,816) (Tl,157) 1763, 761) TOTAL FUNDS 136,212 {822.816) (77,157) 1763,7611 15. RELATED PARTY DISCLOSURES Anne Cussins, a family member of the Trustees, was engaged as an administrator of the charity and was paid £12,00012023'. £12,OCQI for her Servi during the period. As reported in the previous years accx)unts loans were made by the charity to Andrew Cussins. Interest on this loan received of £3,039 (2023 £25,477). The Icans V*pre fulty repaid on 1 Decem1r 2022. Andrewcussins is a trustee of the charty. 16. FINANCIAL INSTRUMENT The carrying amount for each category of financial instruments is as follows.. 2024 3,852,935 2023 3.625,278 Financial assets measured at fair value through the income and expendrture Page 12