Charity number: 1117835
THE LEXUS FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE LEXUS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
THE LEXUS FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | A Eisen (deceased 27 May 2023) |
|---|---|
| R Blitz | |
| M Samuels | |
| G L Dunitz | |
| Charity registered number 1117835 Principal office PO Box 68683 St Georges Road London NW11 1LJ Accountants Venthams Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB |
Page 1
THE LEXUS FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2022 to 31 March 2023.
Objectives and activities
a. Policies and objectives
The objects of the Charity are to support exclusively charitable purposes for the benefit of the public by way of providing monetary assistance to registered Charities.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the Charity's purposes for the public benefit
Grants have been made to several Charities during the year for the purpose of education and medical research.
Achievements and performance
a. Main achievements of the Charity
The Charity has made grants of £326,845 (2022: £180,720) to several registered Charites throughout the year.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Sufficient bank deposits are maintained in order to further the objectives of the charity. Running costs are trivial and therefore substantial reserves are not required.
Structure, governance and management
a. Constitution
The Lexus Foundation is a registered Charity, number 1117835, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 2
THE LEXUS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Statement of Trustees' responsibilities
The Trustees 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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ G L Dunitz
Date: 22 May 2024
Page 3
THE LEXUS FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
Independent examiner's report to the Trustees of The Lexus Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Page 4
THE LEXUS FOUNDATION
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Stuart Harrison
Dated: 22 May 2024 FCA
Venthams
Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB
Page 5
THE LEXUS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 113,750 42,930 156,680 334,047 334,047 (177,367) 902,615 (177,367) 725,248 |
Total funds 2023 £ 113,750 42,930 156,680 334,047 334,047 (177,367) 902,615 (177,367) 725,248 |
Total funds 2022 £ 178,750 37,604 |
|---|---|---|---|
| 216,354 | |||
| 184,937 | |||
| 184,937 | |||
| 31,417 | |||
| 871,198 31,417 |
|||
| 902,615 |
Page 6
THE LEXUS FOUNDATION
BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023
| Note Fixed assets Investment property 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
43,750 459,401 503,151 (54,650) |
2023 £ 276,747 276,747 448,501 725,248 725,248 - 725,248 725,248 |
25,000 750,518 775,518 (149,650) |
2022 £ 276,747 |
|---|---|---|---|---|
| 276,747 625,868 |
||||
| 902,615 | ||||
| 902,615 | ||||
| - 902,615 |
||||
| 902,615 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ G L Dunitz
Date: 22 May 2024
Page 7
THE LEXUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
The charity was registered with the Charity Commission on 5 February 2007 and is governed by a Trust Deed dated 15 December 2006.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Lexus Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 8
THE LEXUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.3 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The Charity only has financial assets and financial 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
THE LEXUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 113,750 Total 2022 178,750 |
Total funds 2023 £ 113,750 178,750 |
Total funds 2022 £ 178,750 |
|---|---|---|
4. Investment income
| Unrestricted funds 2023 £ Investment income - local investment properties 42,930 Investment income - local cash - 42,930 Total 2022 37,604 |
Total funds 2023 £ 42,930 - 42,930 37,604 |
Total funds 2022 £ 37,139 465 |
|---|---|---|
| 37,604 | ||
Page 10
THE LEXUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Analysis of grants
| Grants to Institutions 2023 Total funds 2023 £ £ Grants, Grant making activities 326,845 326,845 Total 2022 180,720 180,720 The Charity has made the following material grants to institutions during the year: 2023 £ Name of institution Finchley Jewish Primary School 57,000 North London Hospice - Emmes Foundation - Adar Charitable Trust 80,000 St Francis Hospice - Beis Soroh Schneirer 36,000 Ovarian Cancer - Chai Cancer Care 10,000 Variety - Hatzola Northwest Trust 10,000 Jewish Care 60,000 Jnetics 5,000 Kisharon 5,000 Shiras Devorah Adler - Mechinah Golders Green 6,000 Norwood 10,000 Macmillan Cancer Support 17,000 Camp Simcha 7,500 The Brain Tumor Charity 20,000 323,500 Other grants to institutions 3,345 326,845 |
Total funds 2022 £ 180,720 |
|---|---|
| 2022 £ 12,000 8,000 8,625 - 9,000 - 62,000 5,000 4,500 - 60,000 - - 5,000 - - - - - |
|
| 174,125 6,595 |
|
| 180,720 |
Page 11
THE LEXUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Grant making activities 334,047 Total 2022 184,937 |
Total 2023 £ 334,047 184,937 |
Total 2022 £ 184,937 |
|---|---|---|
7. Analysis of expenditure by activities
| Grant making activities Total 2022 |
Activities undertaken directly 2023 £ 7,202 4,217 |
Grant funding of activities 2023 £ 326,845 180,720 |
Total funds 2023 £ 334,047 184,937 |
Total funds 2022 £ 184,937 |
|---|---|---|---|---|
Analysis of direct costs
| Legal and professional fees Bank charges Repairs and maintenance Insurance Governance costs Total 2022 |
Grant making activities 2023 £ 5,418 193 210 1,381 - 7,202 4,217 |
Total funds 2023 £ 5,418 193 210 1,381 - 7,202 4,217 |
Total funds 2022 £ 3,175 142 - - 900 |
|---|---|---|---|
| 4,217 | |||
Page 12
THE LEXUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £900 ( 2022 - £900 ).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .
10. Investment property
| Valuation At 1 April 2022 At 31 March 2023 |
Freehold investment property £ 276,747 |
|---|---|
| 276,747 |
The 2022 valuations were made by the trustees, on an open market value for existing use basis.
11. Debtors
| Due within one year Tax recoverable |
2023 £ 43,750 43,750 |
2022 £ 25,000 |
|---|---|---|
| 25,000 |
12. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2023 £ 53,750 900 54,650 |
2022 £ 53,750 95,900 |
|---|---|---|
| 149,650 |
Page 13
THE LEXUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Fund |
Balance at 1 April 2022 £ 902,615 Balance at 1 April 2021 £ 871,198 |
Income £ 156,680 Income £ 216,354 |
Expenditure £ (334,047) Expenditure £ (184,937) |
Balance at 31 March 2023 £ 725,248 |
|---|---|---|---|---|
| Balance at 31 March 2022 £ 902,615 |
14. Summary of funds
Summary of funds - current year
| General funds Summary of funds - prior year General funds |
Balance at 1 April 2022 £ 902,615 Balance at 1 April 2021 £ 871,198 |
Income £ 156,680 Income £ 216,354 |
Expenditure £ (334,047) Expenditure £ (184,937) |
Balance at 31 March 2023 £ 725,248 |
|---|---|---|---|---|
| Balance at 31 March 2022 £ 902,615 |
Page 14
THE LEXUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Investment property 276,747 Current assets 503,151 Creditors due within one year (54,650) Total 725,248 Analysis of net assets between funds - prior year Unrestricted funds 2022 £ Investment property 276,747 Current assets 775,518 Creditors due within one year (149,650) Total 902,615 |
Total funds 2023 £ 276,747 503,151 (54,650) 725,248 Total funds 2022 £ 276,747 775,518 (149,650) 902,615 |
|---|---|
16. Related party transactions
During the year the charity received donations of £95,000 (2022: £100,000) from A Eisen.
Page 15