DAVID AND YUKO JUDA ART FOUNDATION (a Charitable Incorporated Organisation)
REPORT AND UNAUDITED ACCOUNTS
YEAR ENDED 3! DECEMBER 2021
Charity number: | 171868
DAVID AND YUKO JUDA ART FOUNDATION
INDEX
Year ended 3! December 2021
| Page | |
|---|---|
| Report ofthe Trustees | 2 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notestothefinancialstatements | 7 |
|
DAVID AND YUKO JUDA ART FOUNDATION
REPORT OF THE TRUSTEES
Year ended 31 December 2021
The trustees present their report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 7 and 8, with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective | January 2019).
The David and Yuko Juda Art Foundation is a charitable incorporated organisation and became a registered charity on 2 March 2017.
Structure, governance and management
The names of the trustees who served throughout the year are stated on page 3.
The David and Yuko Juda Art Foundation is governed by a board of trustees who meet quarterly to discuss the foundation’s strategy, including grant making, investment, risk management, policies and performance. The board currently consists of five trustees listed on page 3. New members of this board will be selected and appointed by existing trustees. New trustees are provided with guidance as to their responsibilities from existing trustees.
The David and Yuko Juda Art Foundation is governed by a Constitution dated 25 January 2017.
Application of income of the charity is limited to the promotion of its objects. Decisions are made by simple majority of votes cast at a meeting of the trustees.
Objects and activities for the public benefit
The David and Yuko Juda Art Foundation is a grant giving charity funded by Yuko and David Juda and Annely Juda Fine Art Limited.
The Foundation’s main object is to advance such charitable purposes (according to the law of England and Wales) as the charity trustees see fit from time to time and in particular, but not limited to, the advancement of the arts by making grants to individuals.
The David and Yuko Juda Art Foundation actively seeks projects to fund and does not accept unsolicited applications for grants.
The policy of the charity is to continue to apply the Unrestricted Funds for general charitable purposes in furtherance of the main objective.
The trustees, having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section I|7 of The Charities Act 2011, consider that the purpose and activities of The David and Yuko Juda Art Foundation satisfy the requirements of the public benefit test set out in section 4 of the same Act by employing a respected and knowledgeable curator to put forward approximately 8 — 20 artists for consideration for one or more grants. These are to be chosen by five trustees and advised by 3 senior members of museums and/or institutions through a judging process for one or more artists to receive a grant to further their career in the public domain, which would be a benefit to the cultural environment and general public. The trustees require the recipients of the grant to keep them fully updated both verbally and in writing to make sure that the grant is correctly utilised in meeting the objectives of the charity.
Achievements and performance
The total amount of grants awarded this financial period was £60,000 (2020 - fnil). The charity has no significant recurring overheads and therefore has no need to maintain reserves at a particular level in order to ensure its continued operation.
The Foundation received donations of £nil (2020 - £100,000) during the year.
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DAVID AND YUKO JUDA ART FOUNDATION
REPORT OF THE TRUSTEES (continued)
Year ended 3! December 2021
Future developments
For the year ending 3lst December 2021, the Foundation has sufficient funds to pay its overhead expenses and committed grants, even if no donations are forthcoming in this period. The trustees are hoping to give grants in the year ending 31st December 2022.
Risk management
The trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation, and are satisfied that systems are in place to manage the exposure to the major risks.
Reference and administrative details
Trustees
P Calkin D F[Juda] Y Juda N Fellmann R Faulkner
Registered and principal office
71 Queen Victoria Street London EC4V 4AY
Charity number 1171868 Bankers Barclays Bank Plc | Churchill Place London E14 5HP
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting standards.
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year, which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
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e select suitable accounting policies and then apply them consistently;
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e observe the methods and principles in the applicable Charities SORP;
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e make judgements and estimates that are reasonable and prudent;
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e state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DAVID AND YUKO JUDA ART FOUNDATION
REPORT OF THE TRUSTEES (continued)
Year ended 31 December 2021
Declaration
The trustees declare that they have approved the trustees’ report above. On behalf of the board
Bia D FJUDA Aprl 2D A 20
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DAVID AND YUKO JUDA ART FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 December 2021
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| Note | 2021 | 2021 | 2020 | |
| £ | £ | £ | ||
| Income and endowments from: | ||||
| Donations and legacies | 2 | - | - | 100,000 |
| Total income | - | - | 100,000 | |
| Expenditure on: | ||||
| Charitable activities | 3 | (68,744) | (68,744) | (2,544) |
| Total expenditure | (68,744) | (68,744) | (2,544) | |
| Net (expenditure)/income | (68,744) | (68,744) | 97,456 | |
| Net movement in funds | (68,744) | (68,744) | 97,456 | |
| Total funds brought forward | 176,309 | 176,309 | 78,853 | |
| Totalfundscarriedforward | 107,565 | 107,656 | 176,309 |
The Statement of Financial Activities includes all gains and losses for the year. All income and expenditure derive from continuing activities.
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DAVID AND YUKO JUDA ART FOUNDATION
Charity number: | 171868
BALANCE SHEET
At 31 December 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| Cash at bank | 4 | 109,065 | 178,709 |
| 109,065 | 178,709 | ||
| Creditors: amounts fallingduewithin oneyear | 5 | (1,500) | (2,400) |
| Net current assets | 107,565 | 176,309 | |
| Total assets less current liabilities | 107,565 | 176,309 | |
| Total funds ofthe charity: | |||
| Unrestricted income funds | 8 | 107,565 | 176,309 |
| Total | 107,565 | 176,309 |
The accounts on pages 5 to 9 were approved by the board of directors on behalf by:
2022 and were signed on its
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SSS, firs
Y JUDA
Trustee
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D FJUDA Trustee
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DAVID AND YUKO JUDA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2021
I. Accounting policies
The principal accounting policies adopted, judgement and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective | January 2019) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
David and Yuko Juda Art Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern for the next 12 months and foreseeable future. The Foundation only makes grants available to individuals in line with its objectives, once funding for that grant has been received.
(b) Fund accounting policy
Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.
(c) Incoming resources
All income is recognised in the statement of financial activities when the David and Yuko Juda Art Foundation has entitlement to the income, it is probable that the income will be received and the amount of the income can be measured reliably.
Donations are recognised when the Foundation has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require 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 the 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.
(d) Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, for further information on the allocation and apportionment of support costs across these categories refer to note 3 below.
(e) Financial instruments
Financial instruments are recognised in the Foundation’s Balance Sheet when the Foundation becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include receivables and cash at bank, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest.
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DAVID AND YUKO JUDA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2021
I. Accounting policies (continued)
(e) Financial instruments (continued)
Basic financial liabilities
Basic financial liabilities, including payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
| 2. Donations and legacies |
2021 | 2020 |
|---|---|---|
| £ | £ | |
| Unrestricted income from donations | - | 100,000 |
| - | 100,000 | |
| 3. Analysis ofcharitable expenditure |
202! | 2020 |
| £ | £ | |
| Charitable activities | ||
| Donations to individuals | 60,000 | - |
| Support costs | 8,744 | 2,544 |
| 68,744 | 2,544 | |
| Analysis ofsupport costs | ||
| 2021 | 2020 | |
| £ | £ | |
| Accountancy fees | 1,500 | 1,500 |
| Independent examination fees | - | 900 |
| Subscriptions | 144 | 144 |
| Curator fees | 3,500 | - |
| Nominated artists’ costs | 3,600 | - |
| 8,744 | 2,544 |
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DAVID AND YUKO JUDA ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2020
| 4. | Cash at bank | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Barclays current account | 109,065 | 178,709 | |
| 109,065 | 178,709 | ||
| 5. | Creditors: amounts falling due within one year | 2021 | 2020 |
| £ | £ | ||
| Accruals | 1,500 | 2,400 | |
| 1,500 | 2,400 |
6. Trustees’ remuneration and related party transactions
No trustees received remuneration or reimbursement of expenses during the period. The Foundation has no staff. During the year, donations of £nil (2020 - £100,000) were received.
7. Taxation
The David and Yuko Juda Art Foundation is a registered charity and as such is exempt from tax on its income to the extent this is applied for charitable purposes.
| 8. Analysis offunds |
At | I January | Incoming | Resources At 31 December | Resources At 31 December |
|---|---|---|---|---|---|
| 2021 | resources | expended | 2021 | ||
| £ | £ | £ | £ | ||
| Analysis offund movements | |||||
| Unrestrictedfund | 176,309 | - | (68,744) | 107,565 |
The above funds are explained further in the accounting policy on page 7.
Analysis of funds between net assets
| Analysis of fundsfunds between net assets | ||
|---|---|---|
| Net current | ||
| assets | Total | |
| £ | £ | |
| Unrestricted fund | 107,565 | 107,565 |
| Totalfunds | 107,565 | 107,565 |
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