Company Number. 04279406 Charity Number. 1088535 The Lehman Brothers Foundation Europe Trustees’ Report and financial statements 30 November 2024 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) ## TRUSTEES’ REPORT The Trustees are pleased to present their report together with the unaudited financial statements of the charity for the year ended 30 November 2024. ## **Reference and administrative details** Charity number: 1088535 Company number: 04279406 Registered Office: Riversdale, 50 Mill Way, Grantchester, Cambridge, CB3 9NB Banker: National Westminster Bank Plc. Southend-on-Sea Branch, 132 High Street, Southend-onSea, SS1 3EU The directors of the charity are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Trustees during the year were: PR Sherratt (Chair) CC Burkhart E Upton LK Greenway nee Summerfield RF Magnoni VA Samuel Secretary: E Upton 1 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) ## TRUSTEES’ REPORT The Lehman Brothers Foundation Europe (‘LBFE’) is run by former employees of Lehman Brothers on a voluntary basis. It was originally founded as part of the charitable programme of Lehman Brothers. Several employees decided to complete the charitable programmes already in place and make new grants. This work is done pro bono. LBFE completed the third year of a grant agreement with the Go Live Theatre Projects (which was previously known as Mousetrap Theatre Projects) payable over a three-year period, thus continuing a longstanding relationship with the organisation. The support included the funding of a successful theatre event for primary school children in East London. ## **Governing Document** LBFE is a company limited by guarantee and governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. ## **Appointment of trustees** The subscribers to the memorandum are admitted to membership by members of the Board by ordinary resolution. The Trustees, who are the only members of the Board, make decisions by voting at board meetings, or by delegated authority. ## **Trustee induction and training** New trustees are appointed by vote at board meetings, after selection based on their individual skills and the contribution, they are able to make to the charity. Any new trustees will receive information on the aims, areas of grant making, fund raising and ethos of LBFE, as well as financial reports and other documents to ensure they have been provided with the information necessary to fulfil their duties. ## **Organisation** The charity has no employees. The majority of the work during the year was done by Trustees, who also wish to acknowledge the support of employees from the Finance division of Lehman Brothers International. ## **Risk management** The Trustees prefer to keep risk to a minimum and hold all funds on deposit. Due to the nature of the charity all other risks are deemed to be minimal. 2 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) ## TRUSTEES’ REPORT ## **Objectives and activities** In accordance with the governing document, the Memorandum of Association, the main objectives are the advancement of education and other purposes beneficial to the community. The main activity of LBFE is to make charitable donations. ## **Achievements and performance** The charity awarded new grants of £243,000 to charitable organisations during the year (2023: £369,499). LBFE received no new donations in the year (2023: £nil). ## **Public benefit** In preparing the accounts the Trustees have noted the guidance set down by the Charities Commission in regards to public benefit. All grants satisfy this guidance and are for public benefit. ## **Financial review** The net expenditure of £205,143 (2023: Net expenditure: £341,159) is made up of resources expended of £243,324 and incoming resources of £38,181. The resources expended consist of new grants of £243,000 to charitable organisations, banking fees incurred for the year of £323 and a foreign exchange loss of £1 which was the revaluation of a small Euro bank balance. The incoming resources of £38,181 comprised entirely of interest income. Interest income includes a £2,928 for Money Market interest accrued as of 30 November 2024. ## **Reserves policy** The Trustees aim for the level of reserves to be at least equivalent to any commitments due plus one year of administrative costs in unrestricted funds to provide for unforeseen circumstances. Reserves satisfied these requirements. ## **Plans for the Future:** We will continue to apply funds where they can make a significant difference, recognising that our limited funding cannot solve all problems. 3 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) ## TRUSTEES’ REPORT We intend to continue to support charities with a focus on children, education, or health, as well as responding to major humanitarian crises. We will also support appropriate and impactful charitable activities by other former Lehman Brothers employees provided that all funds will continue to be deployed on registered charities or schools. Since LBFE has no employees of its own, it particularly values relationships with charities where trust has been built or there are people who are known to LBFE involved in monitoring the programme. By order of the board Peter Sherratt Chair of Trustees Date 27 August 2025 4 The Lehman Brothers Foundation Europe ## (a company limited by guarantee and not having share capital) STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2024 The Trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including income and expenditure of the company for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently. - make judgements and accounting estimates that are reasonable and prudent. - observe the methods and principles in the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 5 The Lehman Brothers Foundation Europe ## (a company limited by guarantee and not having share capital) ## STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2024 |_Unrestricted_
_fund_
_Notes_
_£_
**INCOME AND EXPENDITURE**
**INCOMING RESOURCES**
Donations
–
Other Income
38,181
Gain on foreign currency translation
–
————————
**TOTAL INCOMING RESOURCES**
38,181
————————
**RESOURCES EXPENDED**
**DIRECT CHARITABLE EXPENDITURE**
New grant commitments
6
(243,000)
—————————
**TOTAL CHARITABLE EXPENDITURE**
(243,000)
————————
**OTHER EXPENDITURE**
Administrative costs
2
(323)
Loss on foreign currency translation 2
(1)
**TOTAL RESOURCES EXPENDED**
(243,324)
——————————
————————
**NET OUTGOING RESOURCES**
(205,143)
——————————
**Net movement in funds**
(205,143)
Fund balances brought forward
1,219,879
at 1 December 2023
————————
Fund balances carried forward
1,014,736
at 30 November 2024
————————|_Restricted_
_fund_
_£_
–
–
–
————————

–
————————
–
——————
–
————————
–
–
–
——————
————————
–
——————
–
69
————————
69
————————|_2024_
_Total_
_£_
–
38,181
–
———————–—
38,181
————————
(243,000)
——————
(243,000)
————————
(323)
(1)
(243,324)
———————
————————
(205,143)
———————
(205,143)
1,219,948
————————
1,014,805
————————|_2023_
_Total_
_£_
–
28,621
–
————————
28,621
————————
(369,499)
——————
(369,499)
————————
(279)
(2)
(369,780)
—————
————————
(341,159)
—————
(341,159)
1,561,107
————————
1,219,948
————————| |---|---|---|---| There were no other recognised gains or losses attributable to the company, other than the net decrease in funds for the year of £205,143 (2023 Decrease: £341,159). 6 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) SUMMARY INCOME AND EXPENDITURE ACCOUNT for the year ended 30 November 2024 |Gross income of continuing operations
Total income of continuing operations
Expenditure of continuing operations
Total expenditure of continuing operations
Net (expenditure) /income for the year|_2024_
_£_
38,181
_————————_
38,181
(243,324)
_—————————_
(243,324)
————————
(205,143)
————————
|_2023_
_£_
28,621
_————————_
28,621
(369,780)
_————————_
(369,780)
————————
(341,159)
————————| |---|---|---| ## **Notes** Detailed analysis of income and expenditure by source is provided in the Statement of Financial Activities. The Summary Income and Expenditure Account is derived from the Statement of Financial Activities on page 6 which, together with the notes to the accounts on pages 9 to 11, provides full information on the movements during the year on all funds of the company. The notes on pages 9 to 11 form part of these accounts. 7 ## The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) BALANCE SHEET at 30 November 2024 |||_2024_|_2023_| |---|---|---|---| ||_Notes_|_£_|_£_| |**CURRENT ASSETS**|||| |Debtors|4|–|–| |Money Market cash on deposit||702,928|1,016,651| |Cash at bank and in hand|5|311,877|238,525| |||–––––––––––––––|–––––––––––––––| |**TOTAL CURRENT ASSETS**||1,014,805|1,254,948| |||–––––––––––––––|–––––––––––––––| |**CREDITORS:**amounts falling due within one year|7|–|(35,000)| |||–––––––––––––––|–––––––––––––––| |**NET CURRENT ASSETS**||1,014,805|1,219,948| |**CREDITORS :**amounts falling due after more than one year|7|–|–| |||–––––––––––––––|–––––––––––––––| |**NET ASSETS**||1,014,805|1,219,948| |||–––––––––––––––|–––––––––––––––| |**FUNDS**|||| |Unrestricted Funds|8|1,014,736|1,219,879| |Restricted Funds|8|69|69| |||–––––––––––––––|––––––––––––––| |**TOTAL FUNDS**||1,014,805|1,219,948| |||–––––––––––––––|–––––––––––––––| ## **Audit Exemption Statement** For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. Approved by the Board of Trustees on and signed on its behalf by Peter Sherratt Peter Sherratt Trustee Date 27 August 2025 Registered No. 04279406 8 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) NOTES TO THE ACCOUNTS at 30 November 2024 ## **1. ACCOUNTING POLICIES** ## _**Basis of preparation**_ The accounts have been prepared under the historical cost convention, and in accordance with applicable UK accounting standards. These accounts have also been prepared in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities (FRS 102) issued in October 2019, applicable UK accounting standards and Companies Act 2006. LBFE is not required to produce a cash flow statement (Financial Reporting Standard 102) The Board intend LBFE to continue to operate as a going concern until the funds have been disbursed to charities. LBFE is run by former employees of Lehman Brothers on a voluntary basis. No Trustees benefited personally from LBFE, no expenses were claimed, and these will continue to be the case. ## _**Donations**_ Donations are accounted for on an accruals basis. If a donor were to impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income would be deferred and not included in incoming resources until the pre-conditions for use have been met. The value of services provided by volunteers and value-in-kind gifts including meeting space, refurbished IT equipment, etc are not incorporated into the financial statements. ## _**Resources expended**_ Expenditure is included on an accruals basis. Grants payable are charged in the period in which the cash payment is due to the recipient. ## _**Foreign currency translation**_ Transactions during the period expressed in foreign currencies are translated into sterling at the relevant exchange rate as at the date of the transaction. Any differences arising from translation are dealt with in the statement of financial activities. ## **2. ADMINISTRATIVE COSTS** |Bank charges|_2024_
_£_
323
———————
323
———————|_2023_
_£_
279
——————
279
——————| |---|---|---| All administrative costs are paid through the Unrestricted Fund. Trustees’ emoluments for management services to the company were £nil (2023: £nil). 9 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) NOTES TO THE ACCOUNTS at 30 November 2024 ## **3. INFORMATION REGARDING TRUSTEES AND EMPLOYEES** The trustees received no remuneration, and the company had no employees during the period. (2023: £nil) ## **4. DEBTORS** |Due within one year:
Total Debtors|_2024_
_£_
-
———————|_2023_
_£_
-
——————| |---|---|---| |**5.**
**CASH AT BANK AND IN HAND**
Cash at bank and in hand
**6.**
**NEW GRANT COMMITMENTS**
The British Red Cross Society (RCN 220949)
Go Live Theatre Projects / Mousetrap Foundation for the Arts (RCN 1053434)
The Hyde School
Stebon Primary School (The Letta Trust Company)
Marner Primary School
London Music Fund (RCN 1141216 )
Mitcham Town Community Trust (Company number 8657933)
Red Trouser Day (RCN 1171208)
DEBRA (RCN 1084958)
Help for Heroes (RCN 1120920)
Prostate Cancer UK (RCN 1005541)
Cancer Research UK (RCN 1089464)
Alzheimer’s Society (RCN 296645)
James Jar of Gifts (RCN 1182004)
The Felix Project (RCN 1168183)||_2024_
_£_
311,877
———————
311,877
———————
_2024_
_£_
-
(23,000)
(66,500)
(61,000)
(65,000)
(7,500)
(20,000)
–––––––––––––––
(243,000)
–––––––––––––––||_2023_
_£_
238,525
———————
238,525
———————
_2023_
_£_
(200,000)
(48,249)
(30,000)
(25,000)
(25,000)
(20,000)
(7,500)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(1,750)
-
–––––––––––––––
(369,499)
–––––––––––––––| |---|---|---|---|---| Total new grants committed to during the year (including the new grants accrued for but not yet paid) was £243,000 (2023: £369,499). 10 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) NOTES TO THE ACCOUNTS at 30 November 2024 ## **7 CREDITORS AND ACCRUALS** |**Accruals for grants payable**
Go Live Theatre Projects (Mousetrap)|_Amounts falling due_
_within one year_
_2024_
_2023_
_£_
_£_
-
(35,000)
_____________
____________
-
(35,000)
———————
——————|_Amounts falling due_
_after more than one year_
_2024_
_2023_
_£_
_£_
-
-
______________
______________
-
-
———————
———————| |---|---|---| ## **8 RECONCILIATION OF MOVEMENT IN RESERVES** |**Unrestricted Funds**
**Restricted Funds**_:_
September 11 Appeal|_Balance at_
_1Dec_
_Incoming_
_2023_
_Resources_
_£_
_£_
1,219,879
38,182
69
–
______________
____________
1,219,948
38,182
———————
——————|_Outgoing_
_Resources_
_£_
(243,324)
–
______________
(243,324)
———————|_Balance at_
_30 Nov_
_2024_
_£_
1,014,736
69
______________
1,014,805
———————| |---|---|---|---| 11 Company Number. 04279406 Charity Number. 1088535 The Lehman Brothers Foundation Europe Trustees’ Report and financial statements 30 November 2024 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) ## TRUSTEES’ REPORT The Trustees are pleased to present their report together with the unaudited financial statements of the charity for the year ended 30 November 2024. ## **Reference and administrative details** Charity number: 1088535 Company number: 04279406 Registered Office: Riversdale, 50 Mill Way, Grantchester, Cambridge, CB3 9NB Banker: National Westminster Bank Plc. Southend-on-Sea Branch, 132 High Street, Southend-onSea, SS1 3EU The directors of the charity are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Trustees during the year were: PR Sherratt (Chair) CC Burkhart E Upton LK Greenway nee Summerfield RF Magnoni VA Samuel Secretary: E Upton 1 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) ## TRUSTEES’ REPORT The Lehman Brothers Foundation Europe (‘LBFE’) is run by former employees of Lehman Brothers on a voluntary basis. It was originally founded as part of the charitable programme of Lehman Brothers. Several employees decided to complete the charitable programmes already in place and make new grants. This work is done pro bono. LBFE completed the third year of a grant agreement with the Go Live Theatre Projects (which was previously known as Mousetrap Theatre Projects) payable over a three-year period, thus continuing a longstanding relationship with the organisation. The support included the funding of a successful theatre event for primary school children in East London. ## **Governing Document** LBFE is a company limited by guarantee and governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. ## **Appointment of trustees** The subscribers to the memorandum are admitted to membership by members of the Board by ordinary resolution. The Trustees, who are the only members of the Board, make decisions by voting at board meetings, or by delegated authority. ## **Trustee induction and training** New trustees are appointed by vote at board meetings, after selection based on their individual skills and the contribution, they are able to make to the charity. Any new trustees will receive information on the aims, areas of grant making, fund raising and ethos of LBFE, as well as financial reports and other documents to ensure they have been provided with the information necessary to fulfil their duties. ## **Organisation** The charity has no employees. The majority of the work during the year was done by Trustees, who also wish to acknowledge the support of employees from the Finance division of Lehman Brothers International. ## **Risk management** The Trustees prefer to keep risk to a minimum and hold all funds on deposit. Due to the nature of the charity all other risks are deemed to be minimal. 2 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) ## TRUSTEES’ REPORT ## **Objectives and activities** In accordance with the governing document, the Memorandum of Association, the main objectives are the advancement of education and other purposes beneficial to the community. The main activity of LBFE is to make charitable donations. ## **Achievements and performance** The charity awarded new grants of £243,000 to charitable organisations during the year (2023: £369,499). LBFE received no new donations in the year (2023: £nil). ## **Public benefit** In preparing the accounts the Trustees have noted the guidance set down by the Charities Commission in regards to public benefit. All grants satisfy this guidance and are for public benefit. ## **Financial review** The net expenditure of £205,143 (2023: Net expenditure: £341,159) is made up of resources expended of £243,324 and incoming resources of £38,181. The resources expended consist of new grants of £243,000 to charitable organisations, banking fees incurred for the year of £323 and a foreign exchange loss of £1 which was the revaluation of a small Euro bank balance. The incoming resources of £38,181 comprised entirely of interest income. Interest income includes a £2,928 for Money Market interest accrued as of 30 November 2024. ## **Reserves policy** The Trustees aim for the level of reserves to be at least equivalent to any commitments due plus one year of administrative costs in unrestricted funds to provide for unforeseen circumstances. Reserves satisfied these requirements. ## **Plans for the Future:** We will continue to apply funds where they can make a significant difference, recognising that our limited funding cannot solve all problems. 3 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) ## TRUSTEES’ REPORT We intend to continue to support charities with a focus on children, education, or health, as well as responding to major humanitarian crises. We will also support appropriate and impactful charitable activities by other former Lehman Brothers employees provided that all funds will continue to be deployed on registered charities or schools. Since LBFE has no employees of its own, it particularly values relationships with charities where trust has been built or there are people who are known to LBFE involved in monitoring the programme. By order of the board Peter Sherratt Chair of Trustees Date 27 August 2025 4 The Lehman Brothers Foundation Europe ## (a company limited by guarantee and not having share capital) STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2024 The Trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including income and expenditure of the company for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently. - make judgements and accounting estimates that are reasonable and prudent. - observe the methods and principles in the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 5 The Lehman Brothers Foundation Europe ## (a company limited by guarantee and not having share capital) ## STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2024 |_Unrestricted_
_fund_
_Notes_
_£_
**INCOME AND EXPENDITURE**
**INCOMING RESOURCES**
Donations
–
Other Income
38,181
Gain on foreign currency translation
–
————————
**TOTAL INCOMING RESOURCES**
38,181
————————
**RESOURCES EXPENDED**
**DIRECT CHARITABLE EXPENDITURE**
New grant commitments
6
(243,000)
—————————
**TOTAL CHARITABLE EXPENDITURE**
(243,000)
————————
**OTHER EXPENDITURE**
Administrative costs
2
(323)
Loss on foreign currency translation 2
(1)
**TOTAL RESOURCES EXPENDED**
(243,324)
——————————
————————
**NET OUTGOING RESOURCES**
(205,143)
——————————
**Net movement in funds**
(205,143)
Fund balances brought forward
1,219,879
at 1 December 2023
————————
Fund balances carried forward
1,014,736
at 30 November 2024
————————|_Restricted_
_fund_
_£_
–
–
–
————————

–
————————
–
——————
–
————————
–
–
–
——————
————————
–
——————
–
69
————————
69
————————|_2024_
_Total_
_£_
–
38,181
–
———————–—
38,181
————————
(243,000)
——————
(243,000)
————————
(323)
(1)
(243,324)
———————
————————
(205,143)
———————
(205,143)
1,219,948
————————
1,014,805
————————|_2023_
_Total_
_£_
–
28,621
–
————————
28,621
————————
(369,499)
——————
(369,499)
————————
(279)
(2)
(369,780)
—————
————————
(341,159)
—————
(341,159)
1,561,107
————————
1,219,948
————————| |---|---|---|---| There were no other recognised gains or losses attributable to the company, other than the net decrease in funds for the year of £205,143 (2023 Decrease: £341,159). 6 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) SUMMARY INCOME AND EXPENDITURE ACCOUNT for the year ended 30 November 2024 |Gross income of continuing operations
Total income of continuing operations
Expenditure of continuing operations
Total expenditure of continuing operations
Net (expenditure) /income for the year|_2024_
_£_
38,181
_————————_
38,181
(243,324)
_—————————_
(243,324)
————————
(205,143)
————————
|_2023_
_£_
28,621
_————————_
28,621
(369,780)
_————————_
(369,780)
————————
(341,159)
————————| |---|---|---| ## **Notes** Detailed analysis of income and expenditure by source is provided in the Statement of Financial Activities. The Summary Income and Expenditure Account is derived from the Statement of Financial Activities on page 6 which, together with the notes to the accounts on pages 9 to 11, provides full information on the movements during the year on all funds of the company. The notes on pages 9 to 11 form part of these accounts. 7 ## The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) BALANCE SHEET at 30 November 2024 |||_2024_|_2023_| |---|---|---|---| ||_Notes_|_£_|_£_| |**CURRENT ASSETS**|||| |Debtors|4|–|–| |Money Market cash on deposit||702,928|1,016,651| |Cash at bank and in hand|5|311,877|238,525| |||–––––––––––––––|–––––––––––––––| |**TOTAL CURRENT ASSETS**||1,014,805|1,254,948| |||–––––––––––––––|–––––––––––––––| |**CREDITORS:**amounts falling due within one year|7|–|(35,000)| |||–––––––––––––––|–––––––––––––––| |**NET CURRENT ASSETS**||1,014,805|1,219,948| |**CREDITORS :**amounts falling due after more than one year|7|–|–| |||–––––––––––––––|–––––––––––––––| |**NET ASSETS**||1,014,805|1,219,948| |||–––––––––––––––|–––––––––––––––| |**FUNDS**|||| |Unrestricted Funds|8|1,014,736|1,219,879| |Restricted Funds|8|69|69| |||–––––––––––––––|––––––––––––––| |**TOTAL FUNDS**||1,014,805|1,219,948| |||–––––––––––––––|–––––––––––––––| ## **Audit Exemption Statement** For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. Approved by the Board of Trustees on and signed on its behalf by Peter Sherratt Peter Sherratt Trustee Date 27 August 2025 Registered No. 04279406 8 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) NOTES TO THE ACCOUNTS at 30 November 2024 ## **1. ACCOUNTING POLICIES** ## _**Basis of preparation**_ The accounts have been prepared under the historical cost convention, and in accordance with applicable UK accounting standards. These accounts have also been prepared in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities (FRS 102) issued in October 2019, applicable UK accounting standards and Companies Act 2006. LBFE is not required to produce a cash flow statement (Financial Reporting Standard 102) The Board intend LBFE to continue to operate as a going concern until the funds have been disbursed to charities. LBFE is run by former employees of Lehman Brothers on a voluntary basis. No Trustees benefited personally from LBFE, no expenses were claimed, and these will continue to be the case. ## _**Donations**_ Donations are accounted for on an accruals basis. If a donor were to impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income would be deferred and not included in incoming resources until the pre-conditions for use have been met. The value of services provided by volunteers and value-in-kind gifts including meeting space, refurbished IT equipment, etc are not incorporated into the financial statements. ## _**Resources expended**_ Expenditure is included on an accruals basis. Grants payable are charged in the period in which the cash payment is due to the recipient. ## _**Foreign currency translation**_ Transactions during the period expressed in foreign currencies are translated into sterling at the relevant exchange rate as at the date of the transaction. Any differences arising from translation are dealt with in the statement of financial activities. ## **2. ADMINISTRATIVE COSTS** |Bank charges|_2024_
_£_
323
———————
323
———————|_2023_
_£_
279
——————
279
——————| |---|---|---| All administrative costs are paid through the Unrestricted Fund. Trustees’ emoluments for management services to the company were £nil (2023: £nil). 9 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) NOTES TO THE ACCOUNTS at 30 November 2024 ## **3. INFORMATION REGARDING TRUSTEES AND EMPLOYEES** The trustees received no remuneration, and the company had no employees during the period. (2023: £nil) ## **4. DEBTORS** |Due within one year:
Total Debtors|_2024_
_£_
-
———————|_2023_
_£_
-
——————| |---|---|---| |**5.**
**CASH AT BANK AND IN HAND**
Cash at bank and in hand
**6.**
**NEW GRANT COMMITMENTS**
The British Red Cross Society (RCN 220949)
Go Live Theatre Projects / Mousetrap Foundation for the Arts (RCN 1053434)
The Hyde School
Stebon Primary School (The Letta Trust Company)
Marner Primary School
London Music Fund (RCN 1141216 )
Mitcham Town Community Trust (Company number 8657933)
Red Trouser Day (RCN 1171208)
DEBRA (RCN 1084958)
Help for Heroes (RCN 1120920)
Prostate Cancer UK (RCN 1005541)
Cancer Research UK (RCN 1089464)
Alzheimer’s Society (RCN 296645)
James Jar of Gifts (RCN 1182004)
The Felix Project (RCN 1168183)||_2024_
_£_
311,877
———————
311,877
———————
_2024_
_£_
-
(23,000)
(66,500)
(61,000)
(65,000)
(7,500)
(20,000)
–––––––––––––––
(243,000)
–––––––––––––––||_2023_
_£_
238,525
———————
238,525
———————
_2023_
_£_
(200,000)
(48,249)
(30,000)
(25,000)
(25,000)
(20,000)
(7,500)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(2,000)
(1,750)
-
–––––––––––––––
(369,499)
–––––––––––––––| |---|---|---|---|---| Total new grants committed to during the year (including the new grants accrued for but not yet paid) was £243,000 (2023: £369,499). 10 The Lehman Brothers Foundation Europe (a company limited by guarantee and not having share capital) NOTES TO THE ACCOUNTS at 30 November 2024 ## **7 CREDITORS AND ACCRUALS** |**Accruals for grants payable**
Go Live Theatre Projects (Mousetrap)|_Amounts falling due_
_within one year_
_2024_
_2023_
_£_
_£_
-
(35,000)
_____________
____________
-
(35,000)
———————
——————|_Amounts falling due_
_after more than one year_
_2024_
_2023_
_£_
_£_
-
-
______________
______________
-
-
———————
———————| |---|---|---| ## **8 RECONCILIATION OF MOVEMENT IN RESERVES** |**Unrestricted Funds**
**Restricted Funds**_:_
September 11 Appeal|_Balance at_
_1Dec_
_Incoming_
_2023_
_Resources_
_£_
_£_
1,219,879
38,182
69
–
______________
____________
1,219,948
38,182
———————
——————|_Outgoing_
_Resources_
_£_
(243,324)
–
______________
(243,324)
———————|_Balance at_
_30 Nov_
_2024_
_£_
1,014,736
69
______________
1,014,805
———————| |---|---|---|---| 11 ## **Independent Examiner’s Report to the Trustees of Lehman Brothers Foundation Europe** I report on the accounts of the company for the year ended 30 November 2024, which are set out on pages 1 to 11. ## **Respective responsibilities of trustees and examiner** The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - examine the accounts under section 145 of the 2011 Act - to follow the procedures laid down in the general Directions given by the Charity Commission under section - 145(5)(b) of the 2011 Act - to state whether particular matters have come to my attention ## **Basis of independent examiner’s report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement. ## **Independent examiner’s statement** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 386 of the Companies Act 2006 and  to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached Fenella Fraser Ker Institute of Chartered Accountants in England and Wales Ottways House, 26a Ottways Lane, Ashtead, Surrey KT21 2NZ 22 August 2025