REGISTERED CHARITY NO: 1157439 (CHARITY COMMISSION)
The Yusef Foundation
Annual Accounts
for the period ended 31 December 2020
The Yusef Foundation.
Contents of the Annual Accounts
for the period ended 31 December 2020
| Page | |
|---|---|
| Charity Information | 1 |
| Trustees annual report | 2 |
| Balance Sheet | 3 |
| Statement of financial activities | 4 |
| Notes to the accounts | 5 |
The Yusef Foundation.
Charity Information
CHARITY NAME: The Yusef Foundation REGISTERED NUMBER: 1157439 (Charity Commission) POSTAL ADDRESS: c/o Buffery & Co Ltd 2 West Street Henley on Thames Oxfordshire RG9 2DU TRUSTEES: Mr A T Yusef Mrs C Yusef Miss T M Yusef Mr S J Norton ACCOUNTANTS: Buffery & Co Ltd 2 West Street Henley on Thames Oxfordshire RG9 2DU
Page 1
The Yusef Foundation
Trustees’ annual report For the year ended 31 December 2020
The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2020.
Achievements and Performance
The Charity was formed on 3 April 2014. The first funds were disbursed during 2015.
Financial Review and Policy on reserves
The Trustees seek to maximise the resources available to the charity. They have taken no expenses or remuneration. There was also income during the year consisting of gift aid receipts from HMRC relating to donations made in the year.
Structure Governance and Management
The Foundation is a Charitable Incorporated Organisation, with a constitution and objects approved by the Charities Commission. The Trustees keep a tight control of expenditure and approve all disbursements.
Objectives and Activities
The main objective of the charity is to promote the education (including social and physical training) of children and young persons under the age of 21 years (at the time the application is approved), being permanent residents of the United Kingdom and the Island of Cyprus, in such ways as the charity trustees think fit.
This was the sixth active year of operation. Donations were made as follows:
| Duke of Edinburgh Awards AD 4 Young People Twenty Twenty Happy Days Yeşilyurt Special Needs School (Cyprus) The Alcohol Education Trust |
£ 20,000 1,000 3,000 1,000 4,000 5,000 |
|---|---|
| 34,000 |
SIGNED ON BEHALF OF THE TRUSTEES:
Mr A T Yusef
Trustee
25 October 2021
Page 2
The Yusef Foundation.
Statement of financial activities for the year ended 31 December 2020
| Incoming resources Donations received Gift Aid from HMRC Income received from Investment Portfolio (re-invested) Total Incoming resources Resources expended Donations Accountancy and administration Examination fee Investment Portfolio management fee Total resources expended Net incoming/(outgoing) resources Net surplus brought forward Net realised surplus (deficit) carried forward |
Year ended 31 December 2020 £ 100,000 25,000 8,295 133,295 34,000 1,387 900 3,361 39,648 93,647 609,525 703,172 |
Year ended 31 December 2019 £ 130,000 32,500 5,838 168,338 30,100 1,357 900 3,500 35,857 132,481 477,044 609,525 |
|---|---|---|
Page 3
The Yusef Foundation. (Registered Charity number: 1157439)
Balance Sheet as at 31 December 2020
| Current Assets Cash at Bank Investment Portfolio Current Liabilities Loan from Trustees Accrued Expenses Net Current Assets (Liability) Financed by Realised Reserves Surplus/(Deficit) for year Surplus/(Deficit) b/fwd Realised Reserves Unrealised Reserves Surplus/ (Deficit) for year Surplus/(Deficit) b/fwd Unrealised Reserves Total Reserves |
2020 £ 196,500 515,737 (1,200) 1,800 (600) 711,637 93,647 609,525 703,172 (4,496) 12,961 8,465 711,637 |
2019 £ 141,190 515,299 32,203 1,800 (34,003) 622,486 132,481 477,044 609,525 12,961 - 12,961 622,486 |
|---|---|---|
The annual accounts were approved by the trustees on 25 October 2021and were signed by:
Mr A T Yusef
Trustee
Page 4
The Yusef Foundation (Registered Charity Number 1157439)
Notes to the Annual Accounts
for the year ended 31 December 2020
1. Basis of preparation
Basis of accounting
These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with Charities SORP (FRS 102); and with the Charities Act.
2. Accounting policies
INCOMING RESOURCES
Recognition of incoming resources
These are included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
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the trustees are virtually certain they will receive the resources; and
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the monetary value can be measured with sufficient reliability.
Valuation of Investment Portfolio
The portfolio is shown at market value, including re-invested income net of fund management fees. Any change in the valuation, based on unrealised gains or losses are shown in the unrealised gains/losses reserve.
EXPENDITURE AND LIABILITIES
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance costs
Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
3. Details of certain items of expenditure
| Trustee expenses | 2020 | 2019 |
|---|---|---|
| No expenses were paid in period | ||
| Professional Fees | ||
| Independent examiner’s fees for reporting on the accounts | £900 | £900 |
| Other fees for accountancy and administration | £1,387 | £1,357 |
| Investment Portfolio management fees | £3,361 | £3,500 |
| 4. Accrued Expenses | ||
| Professional fees accrued for but not paid at year end. | £1,800 | £1,800 |
5. Transaction with related parties
Funds were advanced to the charity by one of the Trustees, Mr A. T. Yusef, during 2015 so that it could satisfy its objectives. No interest has been charged on this loan. £33,403 of this loan was repaid during the year. The additional £1,200 was repaid in error and has been reimbursed by Mr A. T. Yusef in 2021.
The trustees received no remuneration or re-imbursement of expenses during the year.
Independent examiner’s report
on the Accounts of the Yusef Foundation for the year ended 31 December 2020
I report to the trustees of The Yusef Foundation (charity number: 1157439) on the accounts for the period ended 31 December 2020 set out on pages 2 – 5 of this report.
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
In connection with my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mark Buffery FCA
Buffery & Co Ltd 2 West Street Henley on Thames Oxfordshire RG9 2DU
25 October 2021