2022-04-05-accounts

Charity registration number 1099968

Company registration number 04660626 (England and Wales)

THE LEVENFICHE FOUNDATION LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

THE LEVENFICHE FOUNDATION LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr O Levenfiche
	Mrs T Levenfiche
Charity number	1099968
Company number	04660626
Principal address	233 Regents Park Road
	Finchley
	London
	N3 3PQ
Registered office	73 Cornhill
	London
	EC3V 3QQ
Independent Examiner	S Coleman ACA
	Gerald Edelman LLP
	73 Cornhill
	London
	EC3V 3QQ
Bankers	Barclays Bank
	Mile End and Bow
	London E1

THE LEVENFICHE FOUNDATION LIMITED

CONTENTS

	Page
Trustees' report	1 - 2
Statement of Trustees' responsibilities	3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 10

THE LEVENFICHE FOUNDATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their annual report and accounts for the year ended 5 April 2022.

The accounts have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Companies Act 2006 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 1 January 2019)”

Objectives and activities

The principal object of the Foundation is to provide a community transport service for such of the inhabitants of Middlesex, Hertfordshire and the Boroughs of Greater London who have need of such a service because of youth, age, sickness or disability (mental or physical) or poverty or because of a lack of availability of adequate and safe public passenger services. The charity also makes a number of grants to other charitable institutions.

In order to pursue its activities the charity has purchased a suitable minibus to provide both a general transport service as well as specific planned day trips to well known leisure and educational destinations. The service is used by the young, elderly and the disabled. No charges are made for the service provided which is free at point of use. In the opinion of the Trustes it is clear that the service provided is for the public benefit as shown by the fact that it is greatly appreciated by those who use it for whom it enriches their lives by providing both mobility and experiences which they otherwise might not gain. Applications for use of this service should be made to the principal address listed on the information page.

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

All Trustees give freely of their time and no trustees remuneration or other benefits were paid in the year under review.

Achievements and performance

Grants were made to registered charities of £6,781 (2020-£8,044) of which the major grants made were to United Synagogue of £6,131.

Financial review

The net income for the year amounted to £7,761 (2021: Expenditure £21).

The income received in the year totalled £18,317 (2021: £17,379). This mainly comprised donations from the family interests of Mr O.Levenfiche.

Total expenditure for the year was £11,570 (2019-£13,173). The main expenditure items related to the direct provision of transport services to the community of £2,162 (2021: £2,155) . The charity also made grants to other institutions of £6,781 (2021: £8,044).

The Trust has no set reserves policy and relies on the continuing support of the trustees to operate going forward which they have indicated will be forthcoming.

Structure, governance and management

The charity is a company limited by guarantee, was set up on 10 February 2003. The charitable company is governed pursuant to its memorandum and articles of association.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr O Levenfiche Mrs T Levenfiche

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THE LEVENFICHE FOUNDATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {co￿riNuED) FOR THE YEAR ENDED 5 APRIL 2022 Additsond Injstees arè apP￿nt￿l at Ihè of Ihe Board. None of the Trustees has any terthl intwest in the (x)mparry. AJI ofthe Tnjstees are MeMl￿ of (xM¥pany and guarantee to cffjntritth £1 in the event of a wiThJwvJ up. Dedsions regardir¥J the charTty are m* at Trustees meetings lake pl￿ every three months or on more regular basis on the telephone. Maj(xty votes are required to agree any Proposals put before the Trustees mèetrngs. The day to day administra11￿ is ￿dertaken ty 0.Le¥￿. Mr O Levonfi¢he Trustee Dated.. 15 Novembef 2022

THE LEVENFICHE FOUNDATION LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2022

The Trustees, who are also the directors of The Levenfiche Foundation Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE LEVENFICHE FOUNDATION LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE LEVENFICHE FOUNDATION LIMITED

I report to the Trustees on my examination of the financial statements of The Levenfiche Foundation Limited (the charity) for the year ended 5 April 2022.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (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

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 386 of the 2006 Act; or

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

• 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

• 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.

S Coleman ACA Gerald Edelman LLP Chartered Accountants 73 Cornhill, London Dated: 15 November 2022

Dated: 15 November 2022

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THE LEVENFICHE FOUNDATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

Notes Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Charitable activities 4 Net (expenditure)/income for the year/ Net movement in funds Fund balances at 6 April 2021 Fund balances at 5 April 2022	2022 £ 27,253 6 27,259 32,323 (5,064) 7,761 2,697	2021 £ 18,313 4
		18,317
		11,570
		6,747 1,014
		7,761

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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THE LEVENFICHE FOUNDATION LIMITED BALANCE SHEEr ASAT 5APRIL 2022 2022 2021 Flxed assets Tangible assets 298 Debtors Cash at b￿k and in hand 4.516 4.857 9,373 Credltons: amounts fall1￿ within one yeat 10 12.010) 12,0101 2,399 T(•tal assets less Gurr•nt Ilablllll•8 2.697 7,761 Income funts Unrestricted fun(ts 2,697 7,761 The company is entitled to the exempljon fmm Ihe aLhJrt (mtained n sedion 477 ofthe Companies Aca 2006, for the year endeif S WI 2022. The diréetors acknO￿age theii responst1lrt￿S for ¢(Mnptyiry wilh the requiremwts of ￿ Companies Ad 2006 th respect to a<xxxm"ng records and Ihe preparation of financAal statements. These finan￿al statements have Lwi in e)xJrdarKe vlith the provisi(ms aprAThble to Companies subject to the small companies wirrE. Mro Trust•• eve Company Reglstrallon No. 04660626

THE LEVENFICHE FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

Levenfiche Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 73 Cornhill, London EC3V 3QQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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 to include 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 given the continued support of the Trustees. 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

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.

All other income is included on an accruals basis.

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and the irrecoverable element of VAT is included in the expenses to which it relates.

Charitable expenditure relates to those costs incurred directly associated with the provision of services relating to the provision of transport to the community either by costs incurred directly or costs in supporting such activities Charitable expenditure also includes grants paid to individuals and intstitutions.

Support costs include governance costs which cover expenditure relating to public accountability of the charity and its compliance with regulation and good practice. These costs include those incurred with regard to strategic planning, legal and audit fees and meeting its statutory obligations

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THE LEVENFICHE FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

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:

Motor vehicles

25% per annum on a reducing balance basis

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 Financial instruments

The charity only has financial assets and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Taxation

As the registered charity the Society is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.

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THE LEVENFICHE FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

2 Donations and legacies

		Unrestricted	Unrestricted
		funds	funds
		2022	2021
		£	£
	Donations and gifts	27,253	18,313
3	Investments
		Unrestricted	Unrestricted
		funds	funds
		2022	2021
		£	£
	Interest receivable	6	4
4	Charitable activities
		2022	2021
		£	£
	Grants payable	24,976	6,781
	Outing and motor expenses	3,077	2,162
	Other expenses	1,739	-
		29,792	8,943
	Share of support costs	2,531	2,627
		32,323	11,570

5 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits during the year. No expenses were refunded to the Trustees in the year.

6 Employees

The average monthly number of employees during the year was:

	2022	2021
	Number	Number
Total	-	-

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THE LEVENFICHE FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

6 Employees There were no employees whose annual remuneration was more than £60,000. 7 Tangible fixed assets Cost At 6 April 2021 At 5 April 2022 Depreciation and impairment At 6 April 2021 Depreciation charged in the year At 5 April 2022 Carrying amount At 5 April 2022 At 5 April 2021 8 Financial instruments Carrying amount of financial liabilities Measured at amortised cost 9 Debtors Amounts falling due within one year: Other debtors 10 Creditors: amounts falling due within one year Accruals and deferred income 11 Related party transactions	(Continued) Motor vehicles £ 36,247 36,247 35,849 100 35,949 298 398 2022 2021 £ £ 2,010 2,010 2022 2021 £ £ 3,905 4,516 2022 2021 £ £ 2,010 2,010	(Continued) Motor vehicles £ 36,247 36,247 35,849 100 35,949 298 398 2022 2021 £ £ 2,010 2,010 2022 2021 £ £ 3,905 4,516 2022 2021 £ £ 2,010 2,010
		36,247
		35,849 100
		35,949
		298
		398
		2021 £ 2,010
		2021 £ 4,516
		2021 £ 2,010

Donations were made to the charity by the Trustees and their interests of £18,062. There were no other disclosable related party transactions during the year (2021 - none).

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