**REGISTERED CHARITY NO: 1157439 (CHARITY COMMISSION)** **The Yusef Foundation** **Annual Accounts** **for the period ended 28 February 2022** **The Yusef Foundation.** ## **Contents of the Annual Accounts** ## **for the period ended 28 February 2022** ||**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 period ended 28 February 2022** The Trustees present their annual report and financial statements of the charity for the period ended 28 February 2022. ## **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. The financial period was extended to the 28 February 2022 to algin with reports from the manager of investments held by the charity. ## **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 seventh active period of operation. Donations were made as follows: |Duke of Edinburgh Awards
RNIB
Action Aid
Strongbones Children Charitable
Off the Fence
Orminton|£
20,000
1,000
4,000
1,000
1,000
2,000| |---|---| ||29,000| ## **SIGNED ON BEHALF OF THE TRUSTEES:** Mr A T Yusef Trustee 28 October 2022 Page 2 **The Yusef Foundation.** ## **Statement of financial activities for the period ended 28 February 2022** |**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|Period ended 28
February 2022
£
-
-
6,587
6,587
29,000
1,386
900
3,038
34,324
(27,737)
703,172
675,435|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| |---|---|---| Page 3 ## **The Yusef Foundation. (Registered Charity number: 1157439)** ## **Balance Sheet as at 28 February 2022** |**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
period
Surplus/(Deficit)
b/fwd
Realised Reserves
**Unrealised**
**Reserves**
Surplus/ (Deficit)
for period
Surplus/(Deficit)
b/fwd
Unrealised Reserves
**Total Reserves**|28 February 2022
£
165,334
512,546
(1,200)
1,920
(720)
677,160
(27,737)
703,172
675,435
(6,740)
8,465
1,725
677,160|31 December 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| |---|---|---| The annual accounts were approved by the trustees on 28 October 2022 and were signed by: Mr A T Yusef Trustee Page 4 **The Yusef Foundation (Registered Charity Number 1157439)** ## **Notes to the Annual Accounts** **for the period ended 28 February 2022** ## **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; - the trustees are virtually certain they will receive the resources; and - 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**|**28 February 2022 31 December 2020**|**28 February 2022 31 December 2020**| |---|---|---| |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|£1,386|£1,387| |Investment Portfolio management fees|£3,038|£3,361| |**4. Accrued Expenses**||| |Professional fees accrued for but not paid at period end.|£1,920|£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, but an additional £1,200 was repaid in error. This has now been reimbursed in full by Mr A. T. Yusef. The trustees received no remuneration or re-imbursement of expenses during the period. ## **Independent examiner’s report** ## **on the Accounts of the Yusef Foundation for the period ended 28 February 2022** I report to the trustees of The Yusef Foundation (charity number: 1157439) on the accounts for the period ended 28 February 2022 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 period under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the Charities Act, - 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 - 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 1. which gives me reasonable cause to believe that in, any material respect, the requirements: - to keep accounting records in accordance with section 130 of the Charities Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or 2. 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 28 October 2022