Unaudited Financial Statements The Young Fund For the year ended 30 June 2023
The Young Fund Contents Page Reference and admlnlstratlve details of the Trust, its Trustees and advisers Trustee's report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 9-16
The Young Fund Reference and admlnlstratlve detalls of the Trust, its Trustees and advisers For the year ended 30 June 2023 Trustees Clefivw Fulton Rankin Trustees Iinuted Charity registered number 104656 Principal office Cleaver Fulton Rankin TIu5tees IAmited 50 BcdloId Street Belfast BT2 7NV Accountants Grant Tliornton (ND LLP Chartered Accountants 12 - 15 DoncgAll Square Ivest Belfast BTI 6JH Bankers Danske Bank Donegall Square Ivest BellAst BTI 6JH P4e1
The Young Fund Trustee's report For the year ended 30 June 2023 Tlie Trustee prcscnt tlieir annual report togctlicI ivitli the fmancyal statemeots OE the Trust for the l Jul), 2022 to 30 June 2023. Tlie Charity iegistered numbcr is 104656 2nd the registcied office ts 50 Bedford Sttttt. BelfAst, BT2 7NXI Objectives and actlvities Policles and objectives Tlie I'iust's objcctivcs ts to m¢lnage a shaic poitfolio 2nd pay tlie net inconie generated fiom that portlolio to die cliaritable beneficiarics n%uned in tl)e Ivill of tlie IAte MargAret Edidi Young wlio dicd on 27th Januai}1 2003. b. Main activities undertaken to further the Trust's purposes for the public benefit The Trust meets die Public Benefit Requirement in tlie follthving IVAT. Througli tl)e Adirilnccnicnt of Ilcligton b}, pioviding fiinds to Clirist Cliurch. Churcli of IidAnd, Crro}vd0re to bc applied for tlie gener21 purposes OE die Cliulcli b}, tlie Select ITestTy as It in its sole djscretion s112ll decidc. Tlie direct benefits ivl]ich floiv froin tliis piirpose incliide tlie tncrrascd ability of tlie Cliurcli to use the Funds to 2diTance tlie Christian [.ltI] ind die belieE in its princAplc5 by 5g tlie money to continue its ivork of raising aivArcncss 2nd undeist1nding of die c11Stian f1 in the local area 2nd among tlie congregation OF the c11Cli. Tlie direct benefits Are demonstrated tlirougli regu]aL evaluation OF the valiie of the PlOlFISLOn OE funds to tlie Cliurcli. hoiv tl]is is impacting on indiiridu1i15 and Iioiv tlus promotes understanding And alrenesS of the Cliristlan Fth. Feedb¢ick is also obtained fL'OiI) beneficiaries. 'fiiis purpose does not le2d to 1i2rm. Thc bcncficiaries of tliis purpose Aic tlie congregation and Lnembersliip OF Chiist Cliurcli. Cliurcli 0£ Irelllnd. Carroivdore 2nd in tum ivider society and in particulai those ivlio live tn close proximity, to the c11ich. Tlicrc 15 no private benefit. Achievements and petforinance a. Review of activities Thcrc lia5 been no cliangc in tlie activities of the Trust during dic yttir. b. Investment policy and performance Tlie Trnst manages 11 share and property portlolio and pays the nct income generated ftoin tlIAt poItfolio to die beneficiarie5 named in tlic ivill of tlie late Nlargaret Edith Young. pe2
The Young Fund Trustee's report (continued) For the year ended 30 June 2023 Financial review At the end of the year, tlie charity had assets ol £612.295 (2022: £621870) and Iixbilities of £2,400 (2022: £600). The net funds ol the diAriti' have decreased by £12.375 (2022: £29.089). and die trustees are satisficd ividi tlic level of ietained funds at the )¥ear end. Of die net funds at 31 Dcccmber 2023 £609,895 is a1bUtb]e to restrLCted funds. a. Reserves pollcy Tlie'I'rust l)olds reserves sufficient to meet the da)r to da)r requirements of operations. Total restricted reserves at 30 Junc 2023 iveie £609.895 (2022: £622.270). b. Goin9 concern After making appropriate enquirie5, thc tru5tccs have a rca50nable eTpectation that the c1121Lt)' has adcquatc resources to continue ffin opeiational existence for tlie foreseeftble future. For this reason die)F continue to adopt tlie going concern basis in piepAring dic financial Statements. Furtlier details rerding tlie adoption of die going concern basis be lound in the accounting policie5. Sttiictiite) governance and management a. Constitution Tlie TIust's objective is to manage the investments and pay or appl). the capitAI or die net income from those investments to oi tthvards or for the benefit of the beneficiaries. There live been no changes in the objectives since the IAst annual repoKL b. Mothods of appointment or electlon of Trustee Tlie management of die tn]st is tlie rcsponsibilityF of the Trustee Ivho are elected and co-opted under the terms of die IVilL CleAver Fulton Rankin Trustees Limited ivas die sole trustee. and also the GoiTerning Trustee, of the Trust during die CreTht and prior year. The directors of Clekver Fulton Rankin Trustees LAmited are: I< L Blair J Foriester I K G Graliam Page 3
The Young Fund Trustee's report (continued) For the year ended 30 June 2023 Statement of Trusteg's responsibilities The Tru5tec is responsible foI prepating tlie Ttustee's report and tlie fmancial 5tRtcments in accordance ivitli applic2ble laiv and United Kiogdoin Accounting StandArds (Unltcd Kingdom GeneralEy Accepted Accounting Piactice). Tli¢ laiv appEicable iu ilixrLLiCb in Nvrthcrn Irdand rcquircs the Trnsree to prepare financial siAicnienis for each finstThciAI wl]ich give a truc and fAir vieiv OF tlie state of affairs OF the Trust and of its incoining resources and pplication of [c50ces, including its income and expenditur4 for that period. In prq)Aring tIic5c fiTh&qncial Statcments. the Trustee reguired to: select suitAble accounting poJicic5 and tlien apply them consistentl}'J ob5crve die mediods and piinciple5 OE die CharAties SORP (FRS 102). milke judgements And accounting e5timRtcs tliat are re2sonable and pmdcnt; state ivl)cthcr Applicible UK Accounting Standaid5 (FRS 102) have been folloived. subject to an), materi?1 dep¢ure5 disclosed and eyplained in tlie FanClI statemcnt5- piepare the Fm1ncial 5tAtcinents on tlie goinE concern basis unless It ts inappropriate to piesume t1141t the Trust ivill continue in business. The Trustee is te5ponsible loi keeping 2dequRtc accounting iecords that are sufficicnt to slioiv and explaiti tlie Tru5e5 trqnsactions and disclose Trvith reAsonible accuracy at an}r timc tlic financiql position of tlie Tiust and en14 ble tl)em to ensurc tliqt tlie financiAI statcmcThts coinpl}T ivith die Cl)arities Aci (Northein Ircland) 2008, tlie Cliarities (Accounts and Reports) Regulations (Nortliern Irel8nd) 2015 and the proiFisions of the 'l"rust deed. Tlie)1 14 re also responsible for S11 leguar(ling die assets ol tlje Tiust and licncc Eor taking reasonabk steps lor dic prcvcntion and detection of Frqud qnd otlier irregul¢iritic5. AppioiTed b)T oKder OF the mcmbcrs of the board oFTwstee on 29 April 2024 and signed on dieir bel)alf by: Cleav crtl15 iilton Rankin Tnistees IAmited P4e4