DAVID AND YUKO JUDA ART FOUNDATION (a Charitable Incorporated Organisation) REPORT AND UNAUDITED ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Charity number: 1171868
DAVID AND YUKO JUDA ART FOUNDATION l N D EX Year ended 31 December 2024 Page Report of the Trustees Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements
DAVID AND YUKO JUDA ART FOUNDATION REPOR T OF THE TRUSTEES Year end8d 31 December 2024 The trustees Pfesent their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the notes to the financial statements. 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 1 January 2019). The David and Yuko Juda Art Foundation is a charitable incorporated organisation and became a registered charity on 2 March 2017. Structure, govemance 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 govemed by a board of trustees who meet quartety 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 benefrt 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 charrty trustees see fit from time to time and in parbcular, but not limited to, the adVanrnent of the arts by makin9 grants to individuals. The David and Yuko Juda Art Foundation actively seeks projects to fund and does not accept unsolictted 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 objecttve. The trustees. having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section 17 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 andlor instituts'ons 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 vefbally and in writing to make sure that the grant is correctly utilised in meeting the objectives of the charity- Achievements and perfomance The Foundation achieved its objective of making an annual grant of £50,000 to one artist to help alleviate financial Pressures and give the artist freedom to concentrate on their practice. On occasion, an additional special grant of £10,000 is awarded to another artist for the same purpose at the trustees discretion. An independent curator put forward 7 artists for the grant. The grants were awarded by a panel of judges including the charity trustees and a selection of guest Judges and art experts from various institutions. The charity has no significant recurnng overheads and therefore has no need to maintain reserves at particular level in order to ensure its continued operation. The Foundation received donations of £Nil (2023 - £50.000) during the year.
DAVID AND YUKO JUDA ART FOUNDATION REPO R T OF THE TRUSTEES (contin ued) Year ended 31 December 2024 Risk management The trustee5 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 detsils Trustees P Calkin DFJuda Y Juda N Fellmann R Fau5kner Registered and principal office 71 Queen Victoria Street London EC4V 4AY Charity number 1171868 Bankers Barclays Bank PIC 1 Churchill Place London E14 5HP Independent examiner D C Mellor 22 Chancery Lane London WC2A 1LS 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.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP- make Judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements, prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charty 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 charty and taking reasonable steps for the prevention and detection of fraud and other irregularities.
DAVID AND YUKO JUDA ART FOUNDATION REPOR T OF THE TRUSTEES (continued) Yearendad 31 Dècember 2024 Declaration The trustees declare that they have approved the trustees, report above. On behalf of the board DFJUDA 2025
DAVID AND YUKO JUDA ART FOUNDATION ST A TEME NT OF FI NANCIAL ACTIVITI ES Year ended 31 December 2024 Total Unrestricted Funds Total Unrestricted Funds Note 2024 2023 Income and endowments from: Donations and legacies Total income 50,000 50,000 Expenditure on: Charitsble activities (66,226) (66,226) (79.347) (79,347) Total expenditure Net (expenditure)lincome {66,226) (29,347) Net movement in funds {66,226) 109,417 (29,347) 138, 764 Total funds brought foard Total funds Carried forward 43,191 109,417 The Ststement of Financial Activities includes all gains and losses for the year. All income and expenditure derive from continuing activities.
DAVID AND YUKO JUDA ART FOUNDATION Charity number: 1171868 BALANCE SHEET At 31 December 2024 Note 2024 2023 Current assets Cash at bank 44,991 111,517 44.991 111,517 Creditors: amounts falling due within one year Net current assets {1,800) 43,191 (2, 100) 109,417 Total assets18ss current liabilities 43,191 109,417 Total funds of the charity: Unrestricted income funds 43,191 109,417 Total 43,191 109,417 The accounts on pages 6 to 10 were apkyoved by the board of directors on 2Trh JA•4UA&Y 2025 and were signed on its behaff by.. DFJUDA Trustee Y JUDA Trustee /A74
DAVID AND YUKO JUDA ART FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year endèd 31 December 2024 Accounting policies The principal accounting policies adopted, judgement and key sources of estimation UnrtaInty in the preparation of the financial statements are as folb)ws: (al Basis of preparation and assessment of going concern The financial statements have been prepared in accordance wrth Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019}- (CharItS SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 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 a initialty recognised at historical cost or transath'on 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 fores&able future. The Foundation only makes grants available to individuals in line with its objectives, On funding for that grant has been receNed. (b) Fund accounting policy Unrestricted funds are general funds that are available for use at the trustees, discretion in fvrtheran of the objectives of the charity (c) Incoming resources Al income is recognised in the statement of financial activities when the David and Yuko Juda Art Foundation has entitlement to the inccffle, rt is probable that the income will be received and the amount of the income Can be measured reliabty. Donations are recognised when the Foundation has been notffied in Yfflting of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perfonman before the charity is entslled to the funds. the income is deferred and not recognised until either those conditions are ful met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those condrtions will be futfilled in the reFQrting period. (d) Resources expended Liabilities are recognised as soon as there is a *al or constwctNe obligation committing the charity to the expenditure, it is probable thal 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 bebw. (e) Financial instruments Financial instruments are recognised in the Foundation's Balance Sheet when the Foundation becomes paty 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.
DAVID AND YUKO JUDA ART FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 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 transacts'on is measured at present value of the future rlpt$ discounted at a market rate of interest. Basic financial liabslities Basic financial liabilities, including payables, are inits'alty 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. Donations and legacies 2024 2023 Unrestricted income from donations 50,000 50, 000 Analysis of charitable expenditure 2024 2023 Charitable activities Donations to individuals Support costs 50,000 16.526 60,000 19,347 66,526 79,347 Analysis of support costs 2024 2023 Accountancy fees Independent examination fees Curator fees PR Consultancy fees Nominated artists, costs 1,800 1,140 6,286 1,620 990 6, 737 2,000 8,000 7,000 16,226 19,347 Credltors: amounts falling due within one year 2024 2023 Accruals 1,800 2,100 1,800 2,100 Trustees, remuneratlon and related party transactions No trustees received remuneration or reimbursement of expenses during the period. The Foundation has no staff. During the year. no donations were received.
DAVID AND YUKO JUDA ART FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 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 purF>)ses. Analysts of funds At 1 January Incoming Resources At 31 December 2024 resources expended 2024 Analysis of fund movements Unrestricted fund 109,417 (66,226) 43,191 The above funds are explained further in the accounting policy on page 8. Analysis of funds between net assets Net current assets Total Unrestricted fund 43,191 42,891 Total funds 43,191 42,891 10