2021-12-31-accounts

Charity Registration No. 296318

THE STUART YOUNG FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE STUART YOUNG FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Rt Hon Lord Young of Graffham CH
	Lesley Aaronson
	Henry Grunwald
	Ernest Kochmann
	Martin Paisner CBE
	Lady Karen Rix
	Shirley Young
	Mark Mishon
Charity number	296318
Principal address	Payne Hicks Beach
	10 New Square
	Lincoln's Inn
	London
	WC2A 3QG
Independent examiner	Andrew Rich
	c/o HW Fisher LLP
	Chartered Accountant
	Acre House
	11-15 William Road
	London
	NW1 3ER
Bankers	Barclays Bank PLC
	99 Hatton Garden
	London
	EC1N 8DN
	HSBC plc
	18 Ballards Lane
	London
	N3 2BH
Solicitors	Payne Hicks Beach
	10 New Square
	Lincoln's Inn
	London
	WC2A 3QG
Investment advisors	Veritas Investment Partners (UK) Limited
	Riverside House
	2a Southwark Bridge Road
	London
	SE1 9HA

THE STUART YOUNG FOUNDATION

CONTENTS

	Page
Trustees' report	1 - 2
Independent examiner's report	3
Statement of financial activities	4
Balance sheet	5
Statement of cash flows	6
Notes to the accounts	7 - 13

THE STUART YOUNG FOUNDATION

TRUSTEES' REPORT

FOR THE 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 in note 1 to the financial statements and comply with the trust's trust deed, the Charities Act 2011 and “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 from 1 January 2019).

Objectives and activities

The objectives are to apply the capital and income of the trust fund for such charitable purposes as the trustees in their absolute discretion think fit.

All proposals for grants are generated internally and the trustees advise that external applications for funding will not be considered.

Public Benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance

During the year 24 unrestricted grants ( 20 20 : 24) and 10 restricted grants ( 20 20 : 16) to individuals, totalling to £ 36,000 unrestricted ( 20 20 : £ 28 ,000 ) and £ 25,000 restricted ( 20 20 : £ 39 ,000 ) were approved. The trustees consider that these represent an appropriate exercise of their discretionary powers.

Financial review

Apart from restricted donations received for £17,963 (2020 : £13,500) , t he trust relies on the income from its investments which amounted to £12,288 (2020: £ 12,418) for the year ended 31 December 2021 .

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. The level of unrestricted fund s at 31 December 2021 was £666,410 (2020: £531,529) and restricted funds was £618,280 (2020: £625,317).

Investment policy

There are no restrictions on the trust's power to invest and the trustees have not adopted an ethical investment policy. The investment managers have been instructed to manage the portfolio on the basis of greatest income consistent with security and protection. Investment performance during the year was considered satisfactory.

Risk Management

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. In particular, the trustees have delegated the management of their portfolio to a reputable firm of investment managers and subject their performance to regular review.

The trustees have no immediate plans to modify or radically change any of the objects, activities or policies described above.

• 1 -

THE STUART YOUNG FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management

The trust is an unincorporated body, constituted under a trust deed dated 20 February 1987 and is a registered charity. The trust was established by an initial gift of £1,000 from Mrs Shirley Young. The trust does not actively fundraise, however it maintains a careful stewardship of its existing resources.

The trustees who served during the year and up to the date of signature of the financial statements were: Rt Hon Lord Young of Graffham CH

Lesley Aaronson Henry Grunwald Ernest Kochmann Martin Paisner CBE Lady Karen Rix Shirley Young Mark Mishon

The trust deed provides a minimum of three trustees and a maximum of eight trustees as agreed at AGM on 14 December 2021 . The power of appointing new or additional trustees is exercisable by the trustees. The trustees meet at such intervals as they consider appropriate.

The trust has no full or part time employees to assist in the running of the charity.

On behalf of the board of trustees

Lesley Aaronson

Trustee Dated: 23 September 2022

Martin Paisner CBE

Trustee Dated:23 September 2022

• 2 -

THE STUART YOUNG FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE STUART YOUNG FOUNDATION

I report to the trustees on my examination of the financial statements of The Stuart Young Foundation (the trust) for the year ended 31 December 2021.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

• 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Andrew Rich c/o HW Fisher LLP Chartered Accountant Acre House 11-15 William Road London NW1 3ER

Dated: 27 September 2022

• 3 -

THE STUART YOUNG FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted funds 2021 Notes £ Income from: Donations and legacies 3 - Investments 4 12,288 Total income 12,288 Expenditure on: Raising funds 5 1,389 Charitable activities 6 51,649 Total resources expended 53,038 Net gains/(losses) on investments 11 175,631 Net movement in funds 134,881 Fund balances at 1 January 2021 531,529 Fund balances at 31 December 2021 666,410	Restricted funds 2021 £ 17,963 - 17,963 - 25,000 25,000 - (7,037) 625,317 618,280	Total Unrestricted funds 2021 2020 £ £ 17,963 - 12,288 12,418 30,251 12,418 1,389 3,347 76,649 47,753 78,038 51,100 175,631 102,182 127,844 63,500 1,156,846 468,029 1,284,690 531,529	Restricted funds 2020 £ 13,500 - 13,500 - 39,000 39,000 - (25,500) 650,817 625,317	Total 2020 £ 13,500 12,418
				25,918
				3,347
				86,753
				90,100
				102,182
				38,000 1,118,846
				1,156,846

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 4 -

THE STUART YOUNG FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes Fixed assets Investments 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Restricted funds 14 Unrestricted funds	2021 £ 74,139 (15,106)	£ 1,225,657 59,033 1,284,690 618,280 666,410 1,284,690	2020 £ 118,013 (11,193)	£ 1,050,026 106,820 1,156,846 625,317 531,529 1,156,846

The financial statements were approved by the Trustees on 23 September 2022

Lesley Aaronson Martin Paisner CBE Trustee Trustee

• 5 -

THE STUART YOUNG FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes Cash flows from operating activities Cash absorbed by operations 17 Investing activities Purchase of investments Investment income received Net cash generated from/(used in) investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2021 £ - 12,288	2020 £ £ £ (56,162) (69,547) (195,000) 12,418 12,288 (182,582) (43,874) (252,129) 118,013 370,142 74,139 118,013

• 6 -

THE STUART YOUNG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

The Stuart Young Foundation is a charity registered in England and Wales constituted under a trust deed dated 20 February 1987. The registered office is Payne Hicks Beach , 10 New Square , Lincoln's Inn , London , WC2A 3QG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011 and "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 from 1 January 201 9 ). The trust is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial instruments are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies are set out below.

1.2 Going concern

The trustees have considered the effect of the prolonged Covid-19 outbreak. The trustees consider that the outbreak is unlikely to impact the charity or its activities.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Donations and income tax recoverable in relation to donations received under Gift Aid or deeds of covenant are recognised on receipt.

Dividends arising on equity investments are accounted for in the year they are due and receivable.

Interest receivable on fixed interest securities and cash deposits is accrued.

1.5 Resources expended

Liabilities are recognised as expenditure once there is a legal and constructive obligation committing the charity to that 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. All expenses, including support costs and governance costs, are allocated to the one charitable activity in the statement of financial activities.

The costs of generating funds consist of investments management fees.

Costs of charitable activities include grants made. Grants payable are payments made to third parties in the furtherance of the charity's objectives. The grants are accounted for where either trustees have agreed to pay a grant without condition and the recipient has a reasonable expectation that they receive a grant, or any condition attaching to the grant is outside the control of the charity.

• 7 -

THE STUART YOUNG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.8 Financial instruments

The c harity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees do not believe there to be judgements or estimates that would be considered critical to the financial statements.

3 Donations and legacies

	Restricted	Restricted
	funds	funds
	2021	2020
	£	£
Donations and gifts	17,963	13,500

• 8 -

THE STUART YOUNG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

4	Investments
		Unrestricted	Unrestricted
		funds	funds
		2021	2020
		£	£
	Dividends	12,288	12,376
	Interest receivable	-	42
		12,288	12,418

5	Raising funds
		Unrestricted	Unrestricted
		funds	funds
		2021	2020
		£	£
	Investment management costs	1,389	3,347
		1,389	3,347
6	Charitable activities

Grant funding of activities (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds Restricted funds	2021 £ 61,000 9,856 5,793 76,649 51,649 25,000 76,649	2020 £ 67,000 12,913 6,840
		86,753
		47,753 39,000
		86,753

• 9 -

THE STUART YOUNG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

7 Grants payable

Grants to individuals Analysis by fund Unrestricted funds Restricted funds	2021 £ 61,000 61,000 36,000 25,000 61,000	2020 £ 67,000
		67,000
		28,000 39,000
		67,000

8 Support costs

Support costs Governance costs £ £ IT expenses 468 - Professional fees 9,388 - Admin fee - - Independent examination fees - 5,793 9,856 5,793 Analysed between Charitable activities 9,856 5,793	2021 Support costs Governance costs £ £ £ 468 - - 9,388 5,213 - - 7,700 - 5,793 - 6,840 15,649 12,913 6,840 15,649 12,913 6,840	2020 £ - 5,213 7,700 6,840
		19,753
		19,753

Governance costs includes payment to the independent examiner of £5,793 ( 20 20: £6,840) for the independent examination fees.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration, expenses or benefits from the Trust during the current or prior year.

10 Employees

There were no employees during the current or prior year.

• 10 -

THE STUART YOUNG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

11	Net gains/(losses) on investments
		Unrestricted	Unrestricted
		funds	funds
		2021	2020
		£	£
	Revaluation of investments	175,631	102,182

12	Fixed asset investments
		Listed investments
		£
	Cost or valuation
	At 1 January 2021	1,050,026
	Valuation changes	175,631
	At 31 December 2021	1,225,657
	Carrying amount
	At 31 December 2021	1,225,657
	At 31 December 2020	1,050,026

13 Creditors: amounts falling due within one year

Other creditors Accruals and deferred income	2021 £ 9,448 5,658 15,106	2020 £ 5,793 5,400
		11,193

• 11 -

THE STUART YOUNG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at 1 January 2020 £ Leo Baeck Fund 650,817 Aja Karten Scholarship Fund - Anglo Jewish Association - 650,817	Movement in funds Incoming resources Resources expended Balance at 1 January 2021 £ £ £ - (26,000) 624,817 13,500 (13,000) 500 - - - 13,500 (39,000) 625,317	Movement in funds Incoming resources Resources expended Balance at 31 December 2021 £ £ £ 5,963 (18,500) 612,280 - (500) - 12,000 (6,000) 6,000 17,963 (25,000) 618,280	Movement in funds Incoming resources Resources expended Balance at 31 December 2021 £ £ £ 5,963 (18,500) 612,280 - (500) - 12,000 (6,000) 6,000 17,963 (25,000) 618,280
			618,280

Leo Baeck Fund: To promote the advancement of education and in particular by the provision of awards (known as the Leo Baeck Awards) for Jewish post-graduate students.

Aja Karten Scholarship Fund : To promote the advancement of students education.

Anglo Jewish Association - T he donation was specifically t o promote the advancement of education for graduates of the Bar Ilan and Hebrew Universities studying for doctorates in the UK.

15

Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted funds 2021 £ Fund balances at 31 December 2021 are represented by: Investments 1,225,657 Current assets/(liabilities) (559,247) 666,410	Restricted funds 2021 £ - 618,280 618,280	Total Unrestricted funds 2021 2020 £ £ 1,225,657 424,709 59,033 106,820 1,284,690 531,529	Restricted funds 2020 £ 625,317 - 625,317	Total 2020 £ 1,050,026 106,820
				1,156,846

16 Related party transactions

During the current year, the charity received a restricted donation from Leo Baeck Lodge Trust Fund for £5,963 in which Ernest Kochmann and Henry Grunwald, the trustees for The Stuart Young Foundation, share common trusteeship (2020 - none) .

• 12 -

THE STUART YOUNG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

17	Cash generated from operations	2021	2020
		£	£
	Surplus for the year	127,844	38,000
	Adjustments for:
	Investment income recognised in statement of financial activities	(12,288)	(12,418)
	Fair value gains and losses on investments	(175,631)	(102,182)
	Movements in working capital:
	Increase in creditors	3,913	7,053
	Cash absorbed by operations	(56,162)	(69,547)
18	Analysis of changes in net funds

The trust had no debt during the year.

• 13 -