DAVID AND YUKO JUDA ART FOUNDATION (a Charitable Incorporated Organisation) REPORT AND UNAUDITED ACCOUNTS YEAR ENDED J I DECEMBER 2022 Charfty number. 1171868
DAVID AND YUKO JUDA ART FOUNDATION INDEX Year ended 31 December 2022 Report of the TrUSe$ Independent Examiner's report atement of financial activ7ties Balante sheet Note5 to the financ statemen
DAVID AND YUKO JUDA ART FOUNDATION REPOR T OF THE TRUSTEES Year ended 31 December 2022 The trustees present their report and financial $tstements for the year ended 31 December 2022. The financlal ststemeTrts hive been prepared in accordance with the accounting policie5 set ou¢ in n¢xe l of the rhote5 to the financial statement& with the Acconting and Reporting by Charities.. Sratement of Recornmended Prartlce applicable to charities preparing their accouTrts in accordan with the financi Reporting Standard applieable in the UK and Republle of Irelan¢J IFRS102) (efftttive I janry 2019)- The David and Yuko lu(kn Art Foundation is a eharitable tntorporated orRani5ation and became a regtStered charity on 2 March 2017. Strutture governance and management The names of the trustees who Served throughout the year are ststed on page 3. The David and Yuko luda Art Foundation is governed by a board of trustees who meet quartet4y to discus5 the foundation's strategy. including grant makln& SnvestmenL risk managemeni policies and performance. The board crndY conststs of five tru5tee5 liSd on page 3. New members of th¢$ board will be seletted and apptynted by existing truttees. New trustees a proded with guidance as to theTrr responsibilities from existing truse5. The David and Yuko Juda Art Foundation È5 governed by a Constytutson thted 25 January 2017. APleaon of income of the charity is limited to the promotion of its objKts. Decisions are made by Simple majority of vote$ Cast at a meetyn8 of the trustee Objert5 and actfvltles ftir the publlc benefit The DavSd and Yuko Juda Art Foundation is a grant charity funded by Yuko and David luda and Annety luda fine Art Limited. The Foundauon's matn objetf 15 to advante Such charitable purposes (according to the law of England and Wales) as the charity trustees see fft from time to time and in partiCUr, but not limlted to. the advancernent of the arts by mang grants to individuals. The David and Yuko Juda Art Foundation actively Seeks projects w fund and does not accept unsolicited applications for grants. The policy of the charity is to continue to appty the Unrestric¢ed Funds for generat charitable pUre5 in fvrthet7nce of the marn objecti The trustees, having regard to the Public Benefit Guidanee published by the Charity Commission in aecordafice with section 17 of The Charltie$ Act 2011. tonsider that the purpose and activities of The Da¥id and Yuko luda Art Foundation satisfy the requiremerrt5 of the public benefit test set out in sec¥ion 4 of the same Att by emplowrg a respetted and knowledgeable curyator to put foryRrd approximately 8 - 20 artists for consideration for one or rnore grants. These are to be chosen by five trustee$ and advised by 3 senior member5 of museums andlor institutioll5 through a judging process for one or more arrists ¢0 receive a grant to fLSrther their career in the public domain. which would be a benefit to the cultural envtrcfÈment and general pubil¢ The trustees require the recipients of the grant to keep them ful updated both verb211y and in writin8 to make sure that the grdnt is correcdy utilised in meeting the objethes of the charity. Achievements and performance The Foundation achieved Sts objective of making 3n annual grant of £50.000 to one artist to help alle¥ia¢e financial pressures and g*ve the artyst freedom to eon¢entsate their practice. An independent curator put forvrdrd 8 arrists for the grnnL The grnnt was adrded by a panel of jvdge5 including the charlty tnJ$tees and a selecdon of gu¢sr judy and art expert5 from various institution& The charity has no syificant recurring overheads and therefore has no need to maintsin reserves at a particular level in order to ensure its continued operatton. The Foundation received donation5 of £ l(Q,CQO12021- £nill during the year.
DAVID AND YUKO JUDA ART FOUNDATION Year ended 31 De¢•mber 2022 Future developments For the year ending 31 st December 2021 the Foundatlon haij $ufflclen¢ f¥Jnds to pay its overhead expenses and ommitted grants. Risk mana8emert The trustees have assessed the major risks to which the Fwndatyon 1$ exposed. In partycular those related to the operations and ffinantes of the Foundation, and are satisfied that systems are in place to manage the exp95ure to the major risk Referènct and administrative details Trustees P Calkin D Fjuda Y luda N Fellrnann R Faulkner Reglstered and prlnc5pal office 71 Queen Vl¢totia Street London EC4V 4AY Chadty number 1171868 Bankers 8ar¢lays Bank W¢ I Churchill Place London E145HP Independent examiner D C Mellor Trustees. r¢spon51bllltles lrt relation to the financial statÈmèftts The charity trvst•e5 are responsible for preparing a triJ5tse5' annuat report and financial stamentS in accordance wtth applicable law and United Klngdom Accountyng standards. The law applicable to charities in England and Wales requires the tharity trnstees to prepare fiThancial sratemth for eath year. which wve a tnje anfl fwr view of the state of the affairs of the charity and of the incoming resources and appliratyon of resourc4 of the charity for that period. In preparing the financial statementy the trustees ¥e required to.. selett suitable accounting policie5 and then apply them con5iStendT. observe the methods artd principle$ in the applKable Charirie$ SORP: make judgements and estimates that are reasonable and prudeni state whether applitable accounting stsndard5 have been followed. subject to any materfal departure5 that must be dlsclosed and explained in the financial st3ments.. prepare the financial staTrments on the going concern basis unless it is inappropriate to presume that the charity will continue in bussness. The trustees are responsible for keeping proper 2ccounting records that disclose with reasonable accuracy at any time the ffinanci position of the charity and to enable them to ensure that the financial statements comply with the Charitie$ Att 2011. the applicable Charities (Accounts and Reports) Regulation& and the provisions of the Trust deed. They are also responsible for safegvarding the assets of the charY and tsking reasonable steps for the prevention and detecuon of fraud and other irre8ularitie&
DAVID AND YUKO JUDA ART FOUNDATION REPO R T OF TH E TRUSTEES (contin u ed} Year *nded 31 December 2022 Declaratlon The trustees detlare that they kve approved the trus¢ee5' rep?rt above. On behf ofthe board D FIUDA r<1 ac)- 2023
DAVID AND YUKO JUDA ART FOUNDATION INDEPENDENT EXAMINER'S REPOR T Year ended 31 December 2022 Independent examine$ report to the trurtees of the The David and Yuko Juda Art Foundatlon. I report to the ¢txJstees on my examination of the attounts of the Trust for the year ended 31 December 2022. Responsibilrties and basis ol report As the chartty tru$tees of the Trust you are responsible for the preparatson of the accounts in accordante with the requirements of the Charities Act 2011 I'the Ac¢'}. You are satisfied that an audit is not regtsired for thi5 year under charY law and that independent examination 15 needed. I report in respect of my examinaOn of the Trust's accounts carried out under secdon 145 of the 2011 Act and In carrysng out rny exambnation I have followed all the ¥plicable Directions glven by the Charfty COMMI10 under secuon 14515){bl of the ACL An independen¢ examlnati¢)n does not involve pthering all the evidence that w¢yJld be required in an audit and consequendy doe5 not cover all the matters that an audtor considers in giving their opinion on the accounts. The PnnIng and conduet of an audit goe5 beyond the limited assurance that an Independent examination can provide. Con5equendy l express n¢ oplnion a5 co Ythether the accounts present a 'true and fair. vlew and my report 1$ limTrted to those specific matters set out in the independen¢ ¥x2miner's st3temenL Independent examiner's statement l am qualified to undertske the examination by bel a qualffied member of the Instiwte of Chartered Accountants in En813nd and we$. I have completed my examination. I confirn) that no material matters have come to my attention in connection with the examination yving me cause to believe that in any material re5pecL aecounting retonls were not kept in respect of the Trust as required by sectton 130 of the ACL or 2. the accounts do not accord with those records,. or 3. the accounts do not comply wsth the applieable requirements concerning the form ènd content of accounts set out in the Charities (Aecounts and Report51 Regtslation$ 2008 other than any requirement that the aecounfs Oye a 'true and view, Ithich is not a marter considered a5 part of an independent ex3minatyon. 4. the aOnts have not been prepared in a(rd3re w4th the methods and principles of the Statement of fte¢¢)mmended Practice for accountyng and porting by tharities applicable to charities preparing their aecounts in accordance with the Finan¢ial Reporrin8 Stan&rd applicable in the UK and Republic of Ireland {FRS 102). have no coTrcerThs and have tome across no matters in connettion wlth the examination to which attention should be drawn in thls report in order to enable a proper understandlng ol the accounts to be reached. D C MELLOR ACA cfA STEP Dixon Wi150D 22 Chancery Lane London WC2A ILS 25 July 2023
DAVID AND YUKO JUDA ART FOUNDATION ST A TE M ENT OF FI NANCIAL ACTI VI TI ES Year èndèd 31 December 2022 Totsl Unrestrlcted Unres¢rf¢ted Funds Fund5 Note 2022 2021 Income and endowme¥rts from: Donations and legacies Total income 100.0 100.oc Expenditure on: Charitable acuvities (68,801} (68,801) (68.744) {68,744) Total expenditure Net ineome 31,199 {68,744) Net movement in funds 31.199 (6&744) 176,309 Total funds brought forward Total fvnds carrled forward 107.565 138.764 107.565 The Staoment of F4nancial Activities includes all gwns and 10$5es for the year. All income and expenditure deri from c¢)nunuing a¢ti¥itie$.
DAVID AND YUKO JUDA ART FOUNDATION Charlty number. 1171868 BALANCE SHEET At 31 December 2022 Note 2022 2021 Cash at bank 141,254 109.065 141.254 109.065 Creditor* amounts falllng wlthln onè y Net current asjets 114901 13&764 11,500) 107.565 Total assets less currert Ilabilrties 13&764 107.565 Total funds of the ¢hwity. Unrestritted intome funds 13&764 107.565 13&764 107,565 The accounts on pages 6 to 10 were approved ty the board of direttor5 on 30 May its behalf by. 2023 and were sied c D FIUDA Trustee YIUDA Trustee
DAVID AND YUKO JUDA ART FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Yvar ended 31 Oecember 2022 Accountsng polldes The priTrcipJ accounting policies 2dcye4 judgement and key sources of estimation uncertainty in the prepardtion of the fitsana are as follows.. (a) Basis of preparatlon and assessment of going concern The fiTranQ slatements have been prepared in accordance with Accountir¢ and Reporting by Chariyes: Statement of Recommended Practice apF4icable to charities preparing their accounts in accordartt with the Financial Reptyrting Stsndard 3pplicable in the UK and Republic of Ireland {FPS 1021 (effective l January 20191- (Charities SORP IFRS 10211. the Financial Keportin8 Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Att 2011. David and Yuko ld• Art Foundatioft meets the definition of a public benefit entity under FRS 102. Assets and liabilities are iniually recognised at historical c05t or transaction ue unless otherwise stated in the r¢levant accounung poli The trustees consider that there are no Materi untertainties about the Foundation's ability to continue as a goir concern for the next 12 months and foreseeable futuro The Foundation onty Ma1 grants aydilable to indidL1$ in line with its objeetives, once funding for thatgrant has been receNed. (b) Fund accounting policy Unrestricted fijnds are gener fund5 that are ardilabie for use at the trustees. discretlon in rtherance of the objettives of the charity. (c) Incomlng resources AJI income 15 recognised in the stttement of financial actiTrrioes vthen the David and Yuko luda Ar¢ Foundatim has entidement to the in¢om& it is probable tPAt the income wll be received and the amount of the Income can be measured llabty. tknnations are reeognised when the Foundation has been notified in Nyrfting of both the amount and settiement (kts. In the event that a donation 15 sutyect to c¢)Thditton$ that require a level of performance before the charity is entided to the fiJThd& the Income is deferred and not recwised unvl either those conditiLW are fully met or the fuhllment of those conditions is wholly the control of the charity and it is probable that those condOnS will be fijlfilled in the reporring period. (d) Resour5 expended LlItieS are retggni5ed 3$ 500n as there ts a I or constnJctNe obligawon committing the charity to the eXPendtttj Ss probable that setdement will required and the amoun¢ of the oblipti¢Jn can be measured reliably. All eypenditure is accountrd for on an accru$ basi$ and has been ¢13ssffied under heading5 that ¢05ts related to the ¢2tegory. for frjrther infornution on the all0¢>n and apportionmerst of 5UPPOrt Costs acrw these categorles refer to note 3 below. (e) Flnanclal Instruments Financial instruments are recognised in the Foundation's Balan Sheet when the Fn&ton becomes party to the contrac0j provisions of the instrumenL Financi assets and Ik?bilmes are offsel the net amounts presented in the finanoal statements when the 1$ a legalty enforceable ri8ht to Set off the recognised •nounts and there an tncention to setde on a net basis or to realise the aet and setde the li3bility simultaneously. ic finaneial assets. which include receivables and cash at banl are initially measured at transacuon price induding transaction costs and are Subsequently carried at amortised Cost USirn8 the effective intrrest method unle55 the arrangement constitutes a fiThanctng tTrn5action. where the tyansactson 1$ measured at present value of the fvture receipt5 di%covnted at a market rate of in¢ewL
DAVID AND YUKO JUDA ART FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 D¢¢•mbèr 2022 Ac¢ountln8 policies (continued) (e) Financial instruments {contlnu•d) Bas1¢ finandal liabilities 81sic financial liabilitie5, including PableS. are initAlly recwised at transa¢tlon price the arrnngement constitUTr5 a financing ttyhsactson. vthere the debt instrument is measured at the presen¢ yUe of the fu¢ure y1neDts di$coLtntsd at a market rdte of In¢e$L Donatlons and legatits 2022 2021 Unrestricted income from donations IC¥),( 100.C#)O Analygls of charitable expendlture 2022 2021 Charitable artiv5tle$ Don2ts0n$ to indimdus Support Costs 50.oc 1&801 60,000 8.744 6&801 68,744 Analygls of support Costs 2022 2021 Accountancx fee5 Independent examinati¢)n fees Legal Fees Subscriptions Curator fee5 Bank charges PR Coftsultancy fees Nominated aru5ts' Costs 1.500 990 1500 144 3JlXI 3.500 23 1,800 &ooo 3,600 1 &801 8,744
DAVID AND YUKO JUDA ART FOVNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 Dttembw 2021 Cash at bank 2022 2021 Barclays current account 141.254 109.065 141.254 109.065 CredIto. amounts falllng duè within onè year 2022 2021 Accnjals 2,490 1,500 1490 1.500 TNstees' remunerntlon and related party transartlons No trustees reeeived remuneration or reimbursement of expenses during the period. The Foundation has no staff. DuriThg the year, a donation ol Él.0¢1202I- £nill was recelved from a company which is controlled by one of the tnJ5tee5. The donation vns received wÈthoyt conditions. Taxation The David and Yuko lu& Art Foundation is a ws¢ered charity and as suth is exempt from tax on its income to the extent thi5 15 applied for charitable purp95es. Analysls of funds At l January Incomlng Resources At 31 Dècembèr 2022 resources expended 2022 Analysls of fund movements Unrestricted fund 107.565 100.oc 168O011 13&764 The above are explwned ffijrther in the accounting pdicy on page 8. Analysis of fvnds between net assets Net current assets Unrestrirted fund 13&764 13&764 Tot funds 13&764 13&764 10