2023-02-28-accounts - The Yusef Foundation

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REGISTERED CHARITY NO: 1157439 (CHARITY COMMISSION)

The Yusef Foundation

Annual Accounts

for the year ended 28 February 2023

The Yusef Foundation.

Contents of the Annual Accounts

for the year ended 28 February 2023

	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 28 February 2023

The Trustees present their annual report and financial statements of the charity for the year ended 28 February 2023.

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.

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 eighth active period of operation. Donations were made as follows:

Freedom From Torture Charity Strongbones Children Charitable Twenty Twenty Harry John Charity Potential Plus UK Make Them Smile Happy Days Alcohol Education Trust Kids N’ Action	£ 2,400 2,000 3,000 10,000 1,500 2,500 1,000 5,000 2,500
	29,900

SIGNED ON BEHALF OF THE TRUSTEES:

Mr A T Yusef

Trustee

Page 2

The Yusef Foundation.

Statement of financial activities for the year ended 28 February 2023

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 fees Total resources expended Net incoming/(outgoing) resources Net realised reserves brought forward Realised loss on investments Net realised reserves carried forward	Year ended 28 February 2023 £ - - 6,438 6,438 29,900 1,020 900 3,000 34,820 (28,382) 675,435 (50,571) 596,482	14 months ended 28 February 2022 £ - - 6,587 6,587 29,000 1,386 900 3,038 34,324 (27,737) 703,172 - 675,435

Page 3

The Yusef Foundation. (Registered Charity number: 1157439)

Balance Sheet as at 28 February 2023

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 2023 £ 78,402 526,740 - 1,920 (1,920) 603,222 (78,953) 675,435 596,482 5,015 1,725 6,740 603,222	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

The annual accounts were approved by the trustees on 14 November 2023 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 year ended 28 February 2023

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 2023 28 February 2022	28 February 2023 28 February 2022
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	£1,020	£1,386
Investment Portfolio management fees	£3,000	£3,038
4. Accrued Expenses
Professional fees accrued for but not paid at period end.	£1,920	£1,920

5. Transaction with related parties

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 year ended 28 February 2023

I report to the trustees of The Yusef Foundation (charity number: 1157439) on the accounts for the year ended 28 February 2023 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

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
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

14 November 2023