The Young Fund Statement of fmancial activities For the year ended 30 June 2023 Rcstticted fiinds 2023 Total funds 2023 TotAI funds 2022 Note Income from: Invcstmcnts 2,347 2J47 3.705 Total income 2,347 2,347 3,705 Expgnditure on: cl]ltbIc actiirfities: Disbursements to beneficlary Governance costs 4,023 15,194 4,023 15,194 3,553 13,811 Total expenditure 19.217 19,217 17,364 Net gakns/Oosses) on investments 4,495 4,495 (15,430) Net movement In funds (12,375) (12,375) (29,089) Reconclllatlon of funds: Total funds brougl)t fonvard Net movement in ndS 622,270 (12,375) 622,270 (12,375) 651,359 (29,089) Total fund5 carrled forward 609,895 609,895 622,270 All amounts re12te to continuing operations. The Statement of fin2ncAAI actkvities indudes all gains and1055es recognised in the year. Tlie notc5 OTh pages 9 to 16 form part of these financial statement5. P¢7
The Young Fund Balance sheet For the year ended 30 June 2023 2023 2022 Note Fixed assets Tangible a55ets Investment5 407,846 203,533 417,696 203.0fv1 611,379 620,760 Current assets Debtors: amounts Falling due ivithin onc )FeAr Casli at bank and in Iiand io 495 497 421 1,613 916 2.110 Creditors: amounts Falling due ivitliin onc JFear li (2,400) (600) Net current liabilities l assets (1,484) 1,510 Total net assets 609,895 621270 Charlty funds RestLlCted funds 12 609,895 622.270 Total funds 609,895 622,270 "rile fixiaiicial statelnents l)ire been prered in accordance ivith thc pioilisions of IIRS 102 - Section IA sniqll entitie5. Tlic finaiici21 sttcmcnts ivere approved and autllorised For issue b), tlie Trustcc on 29 April 2024 and signed on tlieir belisdf b)'- Cleavet F (rrustee) ton Rankin Ttustees Limited Tlie notes on pAge5 9 to 16 form psEtt of these financial statements. P4e8
The Young Fund Notes to the financial statements For the year ended 30 June 2023 General informatlon Tlie Young Fund is xn unincorpoiated tLUSt. Its principal o[re is 50 Bedlord Street, Bclfasc. BT2 7FKXI and it l)as a charity registration number of 104656. Accounting pollcles 2.1 Basis of preparation of financial statements Tlie [anCIal statements 2re pIepared on a going concern basis, undcr die historical cost convention unless otlieThvise noted An the accounting policies beIv. They liave been prepared in accordance iwtli applicable Ixiv and accounting stondards issued by the Financi21 Reporting Council. including FRSI 02 "Tlie FanCIaL Reporting Stsndard Applic2ble in tlie UK and Republic ol Ireland" ("FRS102"), And tlie StAtcment of Recommended PrActice - Accounting and Repoiting by Charities, effectiire l Januar}1 2019 C'SORP,). The Young Fund constitutes a pub]ic benefrt entity 25 defincd b), FRS 102. The fin2nci21 ststemcnts are presented in Sterling (£). 2.2 Going concem The trustees have assessed that The Young Fund lias adequate resources to meet die ongoing costs of tlie enUtI' For a minimum of 12 mond15 from thc date of signing die finarAcial statements. For diis eason the financial stAtcmcnts have been prepared on A going concein basis ivhicli Prc5e5 tlie ieali5Ation ol as5Cts and liabilitses dic normal course of business. 2.3 Income All irLcome 15 iecognised once the Tst has cntitlement to tlie income, it 15 probable that tl)e income vill be received and tlie amount of income receivable be meased reliabl),. Investmcnt income is included when receivable. 2.4 Expenditiite Expendire 15 Iccognised once the is a legAI or consttuctiire obligation to trAnsfer economic benefit to a diird part),, It is pxob2ble diat a transfer of economic benefits iirill bc required in settlement and the amount of the oblgation can be measured reliabl}'. Expcnditute is dassified by %ctiviti'. The costs ol cAclI actiVityF ate made up of thc total of direct costs and sl)2red costs, including suppoit costs involved in undeitaking each activity. Direct costs 2ttributablc to a single actiirAtyy are 8llocsLted directl>, to tliat ctivAtI,. SlIArcd costs ivllldi contrlbutc to Anore tlian one activityr and support costs ivl]icl) qre not attributable to 3 single Activitsi are apportioned bettveen diose activities on a basi5 COnSlStent ivitl) tlie use OE resourcc5. Central staff costs are Allocated on die basis of time spent, and depIectation chargcs llocated on the portion of die Asset's use. Governance costs include those costs associated ivith meeting the constitutional and stattltory iequircments of the twst. Illl expenditure 15 inclusive of irrecoverAble VAT. Page 9
The Young Fund Notes to the financial statements For the year ended 30 June 2023 Accounting policies (continued) 2.5 Tangible fixed assets and depreciation Tangible fixcd assets are initiall}. recogntsed 2t cost. After re.MltIn. linder tlie cost model. tingible fLNed assets are measurcd At cost less accumu]ated depreciation And any accumulated impairnicnt losscs. All costs incurred to bring a tangible fixed asset Anto its intended ivorking condition should be included in tlic Lneasurement of cost. Depieciation 15 cl)arged so As to allocate tl)e cost of tangiblc fix-cd assets less tlieir rc5idual value over tlieit cstin]ated useful lives. on thc folloiving bAsi5: FKeeliold property 50 }rears 2.6 Investinents Filed asset vestmentS are a form of EancIal instruinent and are initiall}T Tecognised at tlicir transRction cost and subscquendy measuicd At fAir value at the BalAnce slieet date. unlc5S the value cannot be mellsuied ieliably in ivliicli case it As measured at cost less impairmcnt. Investment gains and 105ses, vliedier realised or unre21ised. are combined 2nd presentcd as 'Gains/(Losses) on iniFestmeThts' in tlie Statcment of financial actiiTities. 2.7 Debtots Trade and other dcbtors Are recogni5cd at the settlement amount after an), trade discouot offered. I)tCPiq)Tments are valued 14 t tlic amount prepaid net of An}, trAde discounts duc. 2.8 Casli at bqnk and in hand C2sli at bank and in hand mcEudes cAsli and sliort-term Iiighl), liquid investments IVLtli a sliort m2turi0' of dirce montlis or less from the date of acquisition or opening of the dep05Lt Ol similar accoiint. 2.9 Liabilitles and provisions Liabilities arc Iccognised ivhen there is an obhgation at tl)e Balance slieet date as a rcsult of a past event, it fjs probqble tliat a transler ol cconomic benefit ivill be iequired in settlement, nd tlie amount OF tlic settlement cAn be estiinated Ieliabl}'. Liabilities Arc recolsed at the amount diat tlie Trust #nticlpates At ivill pa}, to 5Ctdc die debt or the amount it l)2s rcccivcd as advanced payments for the goods or service5 It must provide. Provision5 are measured at the best esttn]2te of the Amounts required to settle thc obligation. IX41eKe the cfEcct of the time value of mone}F is material. tlic provision is ba5cd on the present v2lue of tliose amounts. discounted At die pre-tax discount rate that tcflccts die risks specific to the li2bi]its,. Tlie univinding ol the dA5count ts iecognised in dic Statement of financtal activities as a fioance cost. Page 10
The Young Fund Notes to the ffftancial statements For the year ended 30 June 2023 Accounting policies (continued) 2.10 Fiind accounting GenerAI ndS ire unrestrictcd funds ivhicli are Available for use at the discretion of tlic Tiustee in furtlierance of the general objectivc5 01 the TKust and ivliicb liave not bccn dc51gn%ted foi otlier purposes. Restricted fi]nds are EuThds ivliicli are to be used in accord2nce ivitli specific restrictions imposed b}, donors or ivhich have been raised by the Trust for particular purposes. The costs of iaising Rnd administtig sucli fi]nds are chargcd against the specific fund. Tlie Aim usc of each restrACted futid 15 set out in the notes to the fiAaocA21 statements. Critical accounting estimates and areas of judgement Estimates and judgements are iequired ivlien applying accounting policies. 11iese are continuall), evaluated and are based on Iiistoiical cxpcricnce and otlier factors, induding expectation5 01 Future events d)at are bclicvcd to be reA50nxble under tlie circumstances. The trust makes estimates and assumption5 conceming the future, Ivl]icli cfin inirolirc a l]igli degree of judgemcnt or complcNit5'. The resulting #ccounting estimAtCs ivill. b), defmiuon. seldom equal tlie relRted actual results. Tlie estimates 2nd assumption5 that haire x significant tisk of cAus1t a inatcrixl adjustsnent to the cAr4ring amout]ts ol A55Cts And li2bilities ivid)in tlye neyt [8ciAl }Tear are Addics5cd beloiw. Fait value of iThvestments Uses v%krious valuation techniques to detemiine the fair value of financial instruments (Ivliere 2ctive mArkct quotes are not ayaable} and non-financial asscts. Tl]i5 involves deireloping estimatC5 and assumptions consistent ivitli Iioiv market patticipAnts ivold price tlie instnllnent. Tlic trustee bases its assumptions on obseThrable data as far as possible but d]is ts not alivays avxilable. In tl)ftt case, management uscs die best inlonnation availAble. Estimated fair values may vafj, From the actu21 prtccs that ivould be acl]ieired in an arm's length transacuon At die reporting date Usefiil economic lives of tangible assets The annual depreciation charge for tnble a55cts AS sensitive to changes in the cstimated use1 economic lives and residufil vAlues of the Assets. The use1 economic IiiTes fLnd rcsidukl values are re-assessed annuaU}'. The}r ate amended ivlien necessar), to rcflect current estimates. based on tll[e investtncnts, cconomic utilisatson ind die physical condition ol the assets. Page11
The Young Fund Notes to the fanCIal statements For the year ended 30 June 2023 Investment income Restticted funds 2023 Total fiinds 2023 Listed inire5tments 2,347 2,347 Total 2023 2,347 2,347 Restricted fi]nds 2022 Total Funds 2022 Listed iniTCStnients 3,703 3,703 Investment income- otlicr Tot812022 3,705 3,705 Analysls of expenditure on charitable activities Siinimary b). fiiiid type Restricted fiiiids 2023 Total 2023 Disbutsements to benefici41ry Inirestment cypcnses Govern&nce aypenditure 4,023 13.080 2,114 4,023 13,080 2,114 19.217 19,217 Page 12
The Young Fund Notes to the fmancial statements For the year ended 30 June 2023 Analysis of expenditure on charitable actlvltles (contlnued) Summary by fund type (continued) Restricted funds 2022 Total 2022 Disbursements to beneficiary Investment expenses GovcInAncc LNpcnditurc 3.553 10.970 2,841 3,553 10,970 2,841 17,364 17.364 Independent gxaminor's remuneration The independent examinegs iemuneration amounts to an independent examiner fee of £1,800 (2022 - £600). Resources expended During the )iear. no Twstees received any remUnatIOn (2022 - £NIL). Diiring the }Icar, no Trustce5 received Rn}. benefits in kind (2022 - £NIL). During the year, no Trustees ieceiired any reimbursement of expenses (2022 - £NIL). As detailed in Note 14, the Trnstee5 received remuneration for sen*ices fidered to the Tmst in die cuirent ycar. Pa9e 13
The Young Fund Notes to the financial statements For the year ended 30 June 2023 Tangible fixed assets Fteeliold propeity Cost ot valiiation tlt l July 2022 492,500 At 30 June 2023 492,500 Depteciation At l Jul), 2022 cli¢ge for the year 74,804 9,850 At 30 June 2023 84,654 Net book valiie At 30 June 2023 407,846 At 30 June 2022 417,696 Fixed asset investments Listed investineiits Cost ot valiiation At l Jul), 2022 Additions Disposals Chi1ngc in market value 203,064 118,414 (122,441) 4,495 At 30 June 2023 203,533 Net book valiie At 30 Junc 2023 203,533 At 30 Juoe 2022 203,064 Page 14
The Young Fund Notes to the fancial statements For the year ended 30 June 2023 10. Debtors: Amounts falling due wlthln one year 2023 2022 PIepayments and accrued income 495 497 495 497 Creditors: Amounts falling due within one year 2023 2022 Accruals and deferred income 2,400 600 12. statement of funds statement of funds - current year Balance at I July 2022 Gains/ Balance at (Losses) 30 June 2023 Income Expenditiite Restticted fijnds Restricted Funds - oll ndS 622,270 2,347 (19,217) 4,495 609,895 Statement of funds - prior year BAIAncc at Gains/ Balance at (L05scs) 30 June 2022 l July 2021 Income Expcnditurc Restricted fiinds Restricted Funds - Ill ndS 651.359 3,705 (17,364) (15,430) 622.270 Page 15
The Young Fund Notes to the financial statements For the year ended 30 June 2023 13. Analysis of net asset5 between funds Analysis of net assets between funds - current year Restricted fiinds 2023 Total riinds 2023 Tangible fLYed assets FiNcd Asset investments 407,846 203.533 916 407,846 203,533 916 Current assets Cieditors due iVAtliin one yeat (2,400) (2,400) Total 609.895 609,895 Analysis of net assets between funds - prior year Restricted fiTnds 2022 Total fiinds 2022 Tangible fixed assets Fiyed asset investmcnts Current assets Credit015 due iwtliin one year 417.696 203,064 2,110 (600) 417.696 203,064 2,110 (600) Total 622,270 622,270 14. Related party transactions During the year to 30 June 2023, Ic8al Eces of £1,430 (2022.. £984) Ivere paid to Clcaver Fulton Rankt 501icitors. Clexver Fulton Rankin Trustees Limited is tile sole CoOte trustee of tlie tLUSt. Page 16