**Charity registration number 1078746 (England and Wales)**
# **THE LOWY-DENES CHARITABLE FOUNDATION**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr. Mark Sassoon Mr. Joseph Pearlman Mr. Stephen Goldberg Mr. Benjamin Sassoon Mr Ezra Sassoon
## **Charity number (England and Wales)**
1078746
## **Independent examiner**
Pasha & Co. 220 The Vale London NW11 8SR
## **Bankers**
## HSBC
40 Temple Fortune Parade Golders Green London NW11 0QU
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 11|
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
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 charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
## **Objectives and activities**
The objectives of the charity , as established, continued unchanged are:
1 The advancement of education according to the tenets of the Orthodox Jewish faith
2 The Alleviation of poverty
3 The relief and care of orphans, the elderly and the infirm
4 The Preservation and protection of mental and physical health
## _Public benefit_
## **Public Benefit**
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## _Grant making policy_
## **Grant making policy**
The Charity's distribution policy is to avail the intended beneficiaries of funds according to the objects of the charity as soon as they are in hand.
## **Achievements and performance**
## _Significant activities and achievements against objectives_ **Financial review**
In the period under review, the charity made a Surplus of £27,411 (2024: deficit £439,276).
## _Reserves policy_
It is the policy of the charity 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 charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## _Major risks_
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for future periods**
The charity accepts requests from improvised individuals and families and on the basis applies to individuals for donations in order to alleviate property and payment are made by the Trustees as and when they see fit.
## **Structure, governance and management**
The Lowy-Denes Charitable Foundation is a legal registered charity (No. 1078746) and constituted by Deed of Trust.
- 1 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr. Mark Sassoon
Mr. Joseph Pearlman
Mr. Stephen Goldberg
Mr. Benjamin Sassoon
Mr Ezra Sassoon
## _Recruitment and appointment of trustees_
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
## _Organisational structure_
The days to days activities are delegated to Mr. Mark Sassoon supported by all other trustees.
The trustees' report was approved by the Board of Trustees.
..............................
Mr. Mark Sassoon
## **Trustee**
Date: .............................................
- 2 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE LOWY-DENES CHARITABLE FOUNDATION**
I report to the trustees on my examination of the financial statements of The Lowy-Denes Charitable Foundation (the charity) for the year ended 31 March 2025.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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 charity as required by section 130 of the Charities Act 2011.
- 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 financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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.
## **Syed Taufiq Pasha, FCCA**
## **Pasha & Co.**
220 The Vale London NW11 8SR Date: ............................
- 3 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**2**|31,371|20,502|
|Investments|**3**|9,638|86,390|
|**Total income**||41,009|106,892|
|**Expenditure on:**||||
|Charitable activities|**4**|13,598|548,472|
|**Total expenditure**||13,598|548,472|
|**Net income/(expenditure) and movement in funds**||27,411|(441,580)|
|**Reconciliation of funds:**||||
|Fund balances at 1 April 2024||562,645|1,004,225|
|**Fund balances at 31 March 2025**||590,056|562,645|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**9**
Investments
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**14**
**Net assets**
**The funds of the charity**
Unrestricted funds
**15**|**2025**
**£**
**£**
300,050
504,711
804,761
22,907
15,355
38,262
(12,508)
25,754
830,515
(240,459)
590,056
590,056
590,056|**2024**
**£**
**£**
300,050
503,477
803,527
22,906
4,568
27,474
(10,204)
17,270
820,797
(258,152)
562,645
562,645
562,645|
|---|---|---|
The financial statements were approved by the trustees on .........................
.............................. Mr. Mark Sassoon **Trustee**
- 5 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
The Lowy-Denes Charitable Foundation is an unincorporated charity and constituted by Deed of Trust.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
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.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.5 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or 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 or apportioned to the applicable expenditure headings.
- 6 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings NIL
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
- **1.7 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.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party 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.
## _**Basic financial assets**_
Financial assets classified as other financial assets are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
## _**Impairment of financial assets**_
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
- 7 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
- **1 Accounting policies**
## **(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially 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. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **2 Income from donations and legacies**
|**Unrestricted**
**Unrestricted**
**funds**
**funds**
**2025**
**2024**
**£**
**£**
Donations and gifts
31,371
19,574
Grants
-
928
31,371
20,502|**Unrestricted**
**Unrestricted**
**funds**
**funds**
**2025**
**2024**
**£**
**£**
Donations and gifts
31,371
19,574
Grants
-
928
31,371
20,502|**Unrestricted**
**Unrestricted**
**funds**
**funds**
**2025**
**2024**
**£**
**£**
Donations and gifts
31,371
19,574
Grants
-
928
31,371
20,502|
|---|---|---|
|||20,502|
||||
|Charitable activities|||
## **3 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Rental income|8,404|10,938|
|Income from listed investments|-|68,435|
|Other income|1,234|7,017|
||9,638|86,390|
- 8 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **4 Expenditure on charitable activities**
|**Charitable**
**payment**
**Investment**
**2025**
**2025**
**£**
**£**
**Direct costs**
Insurance
-
139
Repairs and
maintainence
-
552
Bank charges
-
94
Loan interest
-
6,794
Accountancy
-
2,304
-
9,883
Grant funding of activities
(see note 5)
3,715
-
3,715
9,883
**Analysis by fund**
Unrestricted funds
3,715
9,883
**Grants payable**
Grants to individuals|**Total**
**Charitable**
**payment**
**Investment**
**Total**
**2025**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
139
-
143
143
552
-
2,456
2,456
94
-
163
163
6,794
-
2,961
2,961
2,304
-
2,304
2,304
9,883
-
8,027
8,027
3,715
540,445
-
540,445
13,598
540,445
8,027
548,472
13,598
540,445
8,027
548,472
**Heading**
**#ac982**
**Heading**
**#ac982**
**2025**
**2024**
**£**
**£**
3,715
540,445|
|---|---|
## **5 Grants payable**
-
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year.
## **7 Employees**
There were no employees during the year.
## **8 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 9 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**9**
**Tangible fixed assets**
**Cost**
At 1 April 2024
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
**10**
**Fixed asset investments**
**Cost or valuation**
At 1 April 2024 & 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
**11**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**12**
**Loans and overdrafts**
Bank loans
Payable after one year
The long-term loans are secured by fixed charges over the Charitys' assets|**Land and**
**buildings**
**£**
300,050
300,050
300,050
300,050
**Listed**
**investments**
**£**
503,477
503,477
503,477
**2025**
**2024**
**£**
**£**
22,907
22,906
**2025**
**2024**
**£**
**£**
86,509
104,202
86,509
104,202|
|---|---|
|||
- 10 -
## **THE LOWY-DENES CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **13 Creditors: amounts falling due within one year**
|Other creditors
Accruals and deferred income
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**12**
Other creditors|**2025**
**£**
3,648
8,860
12,508
**2025**
**£**
86,509
153,950
240,459|**2024**
**£**
1,344
8,860|
|---|---|---|
|||10,204|
|||**2024**
**£**
104,202
153,950|
|||258,152|
## **14 Creditors: amounts falling due after more than one year**
## **15 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|General funds
**Previous year:**
General funds|**At 1 April**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2025**
**£**
**£**
**£**
**£**
562,645
41,009
(13,598)
590,056
**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
1,004,225
106,892
(548,472)
562,645|
|---|---|
- 11 -