**Charity number: 1117835**
## **THE LEXUS FOUNDATION**
**UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2024**
|**Trustees**|A Eisen (deceased 27 May 2023)|
|---|---|
||R Blitz|
||M Samuels|
||G L Dunitz (appointed 3 January 2022)|
|**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 2024**
The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2023 to 31 March 2024.
## **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 £29,000 (2023: £326,845) 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 2024**
## **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;
- 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** (Trustee) Date:
28/01/2025
Page 3
## **THE LEXUS FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2024.
## **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 2024**
## **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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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: Dated: Stuart Harrison 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 2024**
|**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**
**2024**
**£**
**-**
**35,248**
**35,248**
**33,938**
**33,938**
**1,310**
**725,248**
**1,310**
**726,558**|**Total**
**funds**
**2024**
**£**
**-**
**35,248**
**35,248**
**33,938**
**33,938**
**1,310**
**725,248**
**1,310**
**726,558**|_Total_
_funds_
_2023_
_£_
_113,750_
_42,930_
_156,680_
_334,047_
_334,047_
_(177,367)_
_902,615_
_(177,367)_
_725,248_|
|---|---|---|---|
Page 6
## **THE LEXUS FOUNDATION**
## **BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024**
|**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**|**-**
**460,711**
**460,711**
**(10,900)**|**2024**
**£**
**276,747**
**276,747**
**449,811**
**726,558**
**726,558**
**-**
**726,558**
**726,558**|_43,750_
_459,401_
_503,151_
_(54,650)_|_2023_
_£_
_276,747_|
|---|---|---|---|---|
|||||_276,747_
_448,501_|
|||||_725,248_|
|||||_725,248_|
|||||_-_
_725,248_|
|||||_725,248_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **G L Dunitz**
Date:
27/01/2025
Page 7
**THE LEXUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2024**
## **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 2024**
## **3. Income from donations and legacies**
|**Unrestricted**
**funds**
**2024**
**£**
Donations
-
_Total 2023_
_113,750_|**Total**
**funds**
**2024**
**£**
**-**
_113,750_|_Total_
_funds_
_2023_
_£_
_113,750_|
|---|---|---|
||||
## **4. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Investment income - local investment properties
34,199
Investment income - local cash
1,049
35,248
_Total 2023_
_42,930_|**Total**
**funds**
**2024**
**£**
**34,199**
**1,049**
**35,248**
_42,930_|_Total_
_funds_
_2023_
_£_
_42,930_
_-_
_42,930_|
|---|---|---|
||||
Page 10
## **THE LEXUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **5. Analysis of grants**
|**Grants to**
**Institutions**
**2024**
**Total**
**funds**
**2024**
**£**
**£**
Grants, Grant making activities
29,000
**29,000**
_Total 2023_
_326,845_
_326,845_
The Charity has made the following material grants to institutions during the year:
**2024**
**£**
**Name of institution**
Finchley Jewish Primary School
**-**
North London Hospice
**2,000**
Adar Charitable Trust
**-**
Beis Soroh Schneirer
**-**
Chai Cancer Care
**1,000**
Exra Umarpeh
**3,000**
Hatzola Northwest Trust
**-**
Jewish Care
**-**
Jnetics
**-**
Kisharon
**-**
Kef Kids
**1,000**
Mechinah Golders Green
**-**
Norwood
**-**
Macmillan Cancer Support
**-**
Camp Simcha
**-**
The Brain Tumor Charity
**22,000**
**29,000**
Other grants to institutions
**-**
**29,000**|_Total_
_funds_
_2023_
_£_
_326,845_|
|---|---|
||_2023_
_£_
_57,000_
_-_
_80,000_
_36,000_
_10,000_
_-_
_10,000_
_60,000_
_5,000_
_5,000_
_-_
_6,000_
_10,000_
_17,000_
_7,500_
_20,000_|
||_323,500_
_3,345_|
||_326,845_|
Page 11
## **THE LEXUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2024**
**£**
Grant making activities
33,938
_Total 2023_
_334,047_|**Total**
**2024**
**£**
**33,938**
_334,047_|_Total_
_2023_
_£_
_334,047_|
|---|---|---|
||||
## **7. Analysis of expenditure by activities**
|Grant making activities
_Total 2023_
**Analysis of direct costs**
Legal and professional fees
Bank charges
Repairs and maintenance
Insurance|**Activities**
**undertaken**
**directly**
**2024**
**£**
4,938
_7,202_|**Grant**
**funding of**
**activities**
**2024**
**£**
29,000
_326,845_|**Total**
**funds**
**2024**
**£**
**33,938**
_334,047_
**Total**
**funds**
**2024**
**£**
**3,208**
**231**
**-**
**1,499**
**4,938**|_Total_
_funds_
_2023_
_£_
_334,047_|
|---|---|---|---|---|
|||||_Total_
_funds_
_2023_
_£_
_5,418_
_193_
_210_
_1,381_
_7,202_|
## **8. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £900 ( _2023_ - _£900_ ).
Page 12
## **THE LEXUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 31 March 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
|**10.**
**Investment property**
**Valuation**
At 1 April 2023
At 31 March 2024|**Freehold**
**investment**
**property**
**£**
**276,747**|
|---|---|
||**276,747**|
The 2024 valuations were made by the trustees, on an open market value for existing use basis.
## **11. Debtors**
|**Due within one year**
Tax recoverable
**12.**
**Creditors: Amounts falling due within one year**|**2024**
**£**
**-**
**-**|_2023_
_£_
_43,750_|
|---|---|---|
|||_43,750_|
||||
|Other creditors
Accruals and deferred income|**2024**
**£**
**10,000**
**900**
**10,900**|_2023_
_£_
_53,750_
_900_|
|---|---|---|
|||_54,650_|
Page 13
## **THE LEXUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **13. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds - all funds
**Statement of funds - prior year**
**Unrestricted funds**
General Fund
**Summary of funds**
**Summary of funds - current year**
General funds
**Summary of funds - prior year**
General funds|**Balance at 1**
**April 2023**
**£**
**725,248**
_Balance at_
_1 April 2022_
_£_
_902,615_
**Balance at 1**
**April 2023**
**£**
**725,248**
_Balance at_
_1 April 2022_
_£_
_902,615_|**Income**
**£**
**35,248**
_Income_
_£_
_156,680_
**Income**
**£**
**35,248**
_Income_
_£_
_156,680_|**Expenditure**
**£**
**(33,938)**
_Expenditure_
_£_
_(334,047)_
**Expenditure**
**£**
**(33,938)**
_Expenditure_
_£_
_(334,047)_|**Balance at**
**31 March**
**2024**
**£**
**726,558**|
|---|---|---|---|---|
|||||_Balance at_
_31 March_
_2023_
_£_
_725,248_|
|||||**Balance at**
**31 March**
**2024**
**£**
**726,558**|
|||||_Balance at_
_31 March_
_2023_
_£_
_725,248_|
## **14. Summary of funds**
Page 14
## **THE LEXUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **15. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Investment property
276,747
Current assets
460,711
Creditors due within one year
(10,900)
**Total**
726,558|**Total**
**funds**
**2024**
**£**
**276,747**
**460,711**
**(10,900)**
**726,558**|
|---|---|
## **16. Related party transactions**
During the year the charity received donations of £NIL (2022: £95,000) from A Eisen.
Page 15