Charlty number. 1165225 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 JOSEPH LEVY FOUNDATION CONTENTS Page R•f•r•n¢• and admlnl•tratlvo d•tall• of th• Charlty, Its Trust￿¥ and advlBern Trust••s' report Ind•p•nd•nt audltof• r•port ¢)n th• tSnancl*l •tat•mont¥ Statem•nt of financlal •cUvllles 2-1S 16-19 20 Balanc• •h•ot 21 Statom•nt of ¢•sh flows 22 Noto8 to th• flnanGl•l stat•m•nts 23-40 JOSEPH LEVY FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Jane Jason IOBEI, Chair James Jason Katie Ellison Mark Jason Clalre Brown (appointed 1 Avgug120231 Henry Donne lappoinled 9 August 20231 Gov•mlng Docum•nt Conslilulion of a Chari18ble Incorkx)raled Organisalion dated 19 January 2016, updatsd 27 June 2023 consti￿110￿ of Tru•te•s The powor to appoint addluonal Trustees Is v8sted in the pr&g8nl Trust88s Charlty r•gl•ter•d nurnber 1165225 Prlnclpal offlG• l Bell SITeèt London NW1 58Y Int•rlffl Dlr•ctor Sally Prenuce Ilo 8 March 20241 Ex•cutlY• Dlr•ctor Denlsg Ramsey (from 4 March 20241 Inde￿ndent audltor Crowe U.K. LLP Fourth Floor Sl James House Sl James Square Chellenham GL50 3PR Bank•r• Virgin Money 30 St Vincgnt Place Glasgow G12HL Sollcrtorn BDB Pltsn8ns LLP On8 B8rtholomew Close London EC1A 7BL Investment Advlsors Sarasin & Partnars LLP Juxon House 100 St. Paul's Courtyard London EC4M 88U Page 1 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Summary What w During the year, the Foundotion aw8rdèd a total of £140,973 new grants and eonl4nued lo offer grants as unrestrtcted fundlng by default unless selected charftbes specifically requested funcling for a specific project. There was an underspend in grants of £124,667 against the budget. Tha underspend incurred due to accountifjg lor a grant to one organisation. as in year eommilled grants, however. this was lully r8cogni6ed as a committed grant in the 2022123 accounts. Trustees Bgreed that the underspond of £124.667 wa$ to be transferred to the 2024125 grant spend. In November 2023, the trusl•es of the FoundatSon appolnt8d Dénlse Rarnsey as ihe Founda￿On'8 new Execullve DlrectOT, Denise t¢x)k up her p051 on the 41h of March 2024. Denise comes lo the Foundation with a track record of 18adership roles in philanthropy, grant making and equit8ble organis8tional change across the wider charity saclor. Janè Jason OBE, Chair Df the Foundallon said "l and the trustees of th8 Jos8ph L&by Found81ion are delighted to welcome Deniso Ramsey as the Foundation's new Exocuuve Director. Oenise brlngs a wealth of knowledge and experience within th8 charity sector, particularly with ragards to equitable grant making to assis1 and advis8 thè Board. There is much expertise and thowledge she can bring to the Foundabon.. Denis8 is also 8 Irusle8 for TLtrn2ug 8 charfly focused on supportlng people who 8xpèrlènce poverty and campalgns lo ensure everyone has Iha finon¢i8I 6ecuTity so th8y can thrivg. 2023124 also mark8d the flr81 y88r of a nèw Ihrg9-year partnershlp agreement wlth the Cystic Fibrosls Tnjgl. Thg Cystic Flbrosis TnJ$l is now dellvering ils new Re51 and Relax short breaks Programme following the closure ol the Cystic FibTOSiS Holiday Fund in December 2022.The grant agreement wlth the Trust also encompa88ed wetfare granls, and adminislrolion of the Joseph Levy Education Fund IJLEFI. Overall. 2023124 was a transltlonal year for the Foundation. Sally Prentice, Interim Dlr8ctor, 8UPPOrted the Board ol Iru51ees through 8 serie5 of intemal chang&s lo the Foundation's govemance, financial management and premlses, working dosely with the Foundats'on'$ leg81 adwsers at 8D8 Pilmans and the Foundation's surveyor, Raymond Good of Brah8m Good. In March 2024. the Foundatson began the move lo smaller offices within 1 Bell Stro01 wh*ch will reduc8 its oper8Ung costs. In the first half of 2023 Iruslees as members ol the Foundation ag￿ad several thange5 to the Foundation's conslilulSon including to festrtct the membershlp of the Foundation lo family Iruslees only and io ènable the Foundatlon lo hold virtual m9eUngs and approve decision3 by email. Followlng the approval of these ¢hangtrs by the Charity Commission. two new nonfamlly members. where recruited and appointed as trustee$ in Augu51 2023.. Claire Brown, a ncfjyactising solicilor, and Henry Donne, Investment Director at R8thbones. Claire has volunteered with sèvèral charities supporting families and ohlèr people with S￿h1 loss and Henry has been a Secondary school governor and pari3h Coun￿11¢y. In June 2023. the Foundation anlered into a service lev81 agreèmènt wlh RVM Accountants Llmiled. Ragini Malithla ol RMV Accountants, has brought her experience of working wth family foundations to the Foundation and has streamlined the Foundation's financial management as well 85 providing expert advicè. Ragini oversaw the re-lendering of the audit ftJnction- a process that start8d in 2020 bul wa8 hall8d due lo the pandémic. Crowe UK LLP are tre Foundation's ngw auditors. The Iruslees would like to ptjt on record their formal thanks to Le￿8 Goldon for their professionalism and expertl8e over Several decades. Page 2 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ObS•ctlv•ts and actlvltlos The objects of the Foundallon are to support chanlable organisation$ and to prtsmole chaTSlable purposes. The Foundation cafriès Out these objectives mainly by rnaklng grants to organisalions that carry out charitable aclivllies. Our ¥lilon is of a world whero everyone has the opportunity lo Ilve a full and rewarding life- free from inequality and disadvantage. Our ml$8lon Is lo promote change and make a dlfference in the lives of others by supporting Organisa￿OnS that help those m05t In need In Ihgir communlkn"85. With a paitcular interest in programmes lor children and young people. we lulfil our mission by funding effective inlllalives and strfvlng to have the grèalèsl possible impact. Our valuas.. quSty and Inclu8lYlty: mc(yJnising that some people experience gr8aler disadvantages th8n othérs and targeting our resource5 accordingly. Pr08Ctively seeking and incorporating diverse experiencas lo make beller declsions. Connectlvlly and Collaboration.. recogn18ing that complex problems wll r8qulre crealve solutions, and uslng our convening power lo connect peopl8. projects, 8nd Ideas. Commitment and Inlegrily.. being reliabl8, dedicatgd, open, honest. and clear in inlonbon. Innov8lion and Imagination.. being ambillous in what can be 8chleved, seeking new ways of worklng and enabling change, and being committed lo leamlng and Improving. Involvement 8nd Jole ije vSvre'. b8Sng engoged ￿th th& commLsnllle8 and ¢Jrganlsalons th81 w8 support, and actsv8ly demon51rating a bve of life and passlon for what wa do. The trustees confim that In accordance w41h Section 17 of the ChBrliles Act 2011, they have referred lo th¢ Charity Commi85ion's general guidonce on public benefit when reviewing the Foundation's aims and objectives and in planning th8lr future grant making actlvilles. The truslees reMew the Foundab'on's financi81 wsilion and grant expendStur8 quarterly al each board meetrng prlor lo awarding n8w grants. Recipients ol larger grants must complet8 an annual grant monitoring lom) along wlth their annual report and accounts (ln gener81, recipients of smaller grants only have to send u5 8 copy ol thelr annual report and accounisl. This information Is used to inform our inlemal discussions on how the funds of the Foundation are being used, as well 85 inlorrning future grant maklng. Wo aim to keep transaction costs for both the Foundallon and appllc8rtslgr8ntee3 as low as w$$ible (such as by having 8 2-slage grant application process lor larger grants only and acc8pling monitoring and ev8luatlon reports thgt org8nisalion5 have pr8p4rod lor other donors for smaller granlsl. Page 3 JOSEPH LEWf FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and porfornianc• nt makin 2023124 was lh8 first year of the three-yBar partnership agreement with the Cy8tic Flbr0815 Trust and the value of tha grant paid to Ihe Trust was £104,8SNJ. Durfng the period endlng 31 March 2024, the Foundallon committed and paid 18 new grants to 5UPPOrt a range of acllvltles. predominantly foDJsgd on children and young people. The total value of the grants bs £140,973. Thé new grants commltted and paid in 2023124 are as fdlows: Fundlnq Agr••d •nd Pald Or •nl•atlan In 2023124 4lrnnl•-TN•t•• Dl•cr•llon•ry ernnts: Thomhlll School A8socialion 15 th& parent-teachgr associatson for Thornhill Primary School. The Assoclalion raises funds for exlra4ufflcular aclivlties and the purpose of the grant from th8 Found8tion Is to support after-school clubs especially pupI15 who qualify for free schoc4 meals or whose parents are In low paid Insecure employmeni. hll '.Ilwww.Ihornh Woodrow Hlgh House Is 8 re31dentlal cenlre In Buckinghamshire provSdlng outdoor activity programmes lor childran and young people. Tho Josgph Levy Foundatlon has 8 l¢ng-31anding association wth Woodrow High House. The grant Is a Cont￿bUtIon lo th8 mapr pmgramme of c8pltal work8 that London Youth noèd to undertake lo the residential cenlre. rowhi hhous New Horizon Youth Cantra has b8en gupporfng young peopla who are homeless or al rfsk of beSng homeless from 8c*os8 London and surroundlng areas for over 50 years. NHYC provides young pèople with advic8 and 5UPPOrt on houslng, education, ornploymenl, health, and personal flnances, as well as provlding a sale, welcomlng. and wami centre where young people can have a hol meal and make friends. The grant from the Foundallon has been used by NHYC lo support th•lr ywlh work servScg at a lime of significant increase in dèmand lor their seNces. hlt s'.Ilnh outhctrnlre.or .ukl Key4Life work5 Wlth young people, predominantly young men, who arè in pri50n or at risk of becomlng involved in the criminal justlC8 System. Key4Lrfe has developed an ev￿ence-baSed programmè that provlde8 intensive mantoring ynd pr8Ctical support lo prevent young people from r8offendlng', the outcomes from their programrnes demonstrate significantly lower reoffending rates than thè n8tion4l average for young people leaving prison. The grant from the Foundab'on paid for one person's place on ihg K8y4Life programme and was In rownltl)n of thè work undertak•n for the Foundation by a lorwer volvnleer. htl s.'Ilke 41ife.OT .ukJ The Community Security Trust purpoye is to ensure that all members of the Jewish community living in the UK and Jewish organisations, businesses and schools are safe and 5￿ur8. hlt s'.Ilcst.or uk Purpo•• Thomhlll School Assoclatlon London Youth- Woodrow High Hou8• N•w Horlzon Youth C•ntre £10,(￿0 K• 4Ltle Communlty S•¢url Trust £10 1Y)O Page 4 JOSEPH LEVf FOUMDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achl•v•m•nts and pfrrfonnan￿ (contlnu•d) Fundlng Agr••d •nd Pald anisailon in 2023124 Gr•nl•-TnMt•• Dl•w•llw•ry Gr•nt• I￿ntInU•d1. Cenlrepoint supwrt young people who are homeless through providing supported a¢commodation and 8 range of seNic8s Including counsolllng, employment, and education support, as well os campaigning and undertaklng pollcy work lo end youth homelessness. Thi8 grant w99 In recognitlon of some work that was done fef the Foundation as wlll bg used as a conldtr*Jtion to cora costg. htl s.'IIc8nlre olnt. Resonate Arts provide cr8&tlv0 8rts activlties for p8opl8 Ilvlng wllh dements'a, thelr famlly members and ¢arers in Westmlnsler, Kensington, and Chelsea. Rason8te Arts work with professional artlsts lo deslgn and deliver their pmgrammes. The grant from the Foundalion wlll lund a 12- weak progr8mme. ht s'.Ilresonalearts. Innovationg In D&menti8 18 a community interest company bas8d at th8 Univarsity ol Exeler working acr055 the UK lo support people Ilving vAlh dementsa, their farnily m&mbers, and carer8 to have as good a quality of life 8615 P0551ble by developlng n•w resoureès 8nd ways ol workjng. The grant from the Foundation is b8ing u8ed to reprbnl a book called Knowledge 18 Power whlch Is d8slgned 10 SUPPOrt people who have r•¢enlly received a dlagnosls ol d8mantla and th&ir lamlly members. htl s'.Ifinnovation5indemen¢iJ.o .uk The Dlsablllly Found8tion 15 8 tharity besed in th• Natlonal Orthopaedlc Hospitsl in Stanmore, north London. The grantfrom thg Foundallon wlll fund new clinic provldlng rnaBsage therapy for lamily ¢grgTS one afternoon 8 week lor Th¥0 years. Purpo C•nt olnt R••onat• Arts Innov•tlon• In O•m•ntla Th• Ol•ablllty Foundatj £10 000 Sh8lt8r from the Storm is a small charty based in north London that provides 36 beds In an emergency n5ght Shelter for people exp8rienclng hornelessness every day of Ihe year. Each person can have a hot meal and goo¢J breakfasl and 8CC8SS the centre from 5pm. Th8 grant from the Foundation is bèing ts88d to support Ihe running ol th8 centre. hll s 115fts.or Brighton Table Tennis Club Is a charity offers childr8n. young people, and adults tho opportunity lo play table t8nnls during th8 dAy and the evenlng seven days 8 week.. the club especially encourage people who are soclally Isolated lo play and make new friends. Members include people who h8ve won gold medals in tha Para Olympic5 and people In their 809. BTTC has developed a new communlty hub. working with local churches. a housing associatson, and a lood r8cycling project.. the naw café provldes nutritltsus hot food 8nd people paywhat they can afford for a meal. Thtr grant from th¥ Foundation eontributos lo the cost of running BTTC. hlonlablelennisclub.com People Supporting Downs Syndrome is a charfty founded by and run by parents who have children with Downs Syndrome. PSDS is based in Rwgate in Surrey and supports children, young people, and families from across the county. PSDS are creatsng a c8ntr8 of excellence and the grant fruTn the Foundation is being used to contributg towards the fitaout costs of the new building. -.li Sheh•r Irom th• Storni Brlghton Tabl• Tenn18 Club PSDS £10 000 Page 5 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevèm•nts •nd portornianc• (contlnu Fundlng Agr•ed and Pald anlsatFon In 2023124 Grant•- Tru•t•• DIKr•tlon•ry GI￿rt• Icontlnu•d)". Changing Faces 15 here to help everyone who has a visible diffarence. scar, mark or condition on their face or body. Thé gr8nl from the Foundation Is In recognitlon ol th8 courage of a youn9 man who Is fundralsing for tha charity following a horrific aca¢JgnL hii ..11 han ces.or .uk Food Bank Aid provid8s partner food banks lovar 30 in north London and in Hertfordshirel wilh what they need, when and where they n88d it. Food Bank Aid 19 a rel81ivdy new ch8rity and 18 largely volvnt8er led. The grant Irom the Foundatlon Is to support the njnnlng costs ol tha ch8rily 88 h has rapidly grown In re$ponse to signlll¢antly In¢r&a$e¢J n*&d. hlt s.Ilfoodbank3id.or .ukl Stripey Stork supports f8mill8s wlth babies, chlldren. and te•nagers by collecllng donatlons of cloth•s. toys and 8ssantial Itèms and rahomlng them Wtlh local families exporienclng hardship. Their warehouse is based In Reigate, and they support families acfO$$ Surrey by ¢0118bor8ling with professionals induding h8811h vlsilors, 3OLa81 workers, school staff 8nd staff at d0rn851ic abusa ¢hariUe5. The grant contdbules lo the cost of wnnSng Ihè chari ht Purpo Ch•n Fac•• Food 8ank Ald Stork YES, Outdoors Is a srnall ¢harlly based Sn north London th81 support5 young P80ple in difficulty by providing 3lvdy 5UPPOrt after school and activity- based m8ntOTlng through outdoor aclbvlties, Including a residential we&k al an ouiward-bound centre. The project grant from the Foundation IB contribution lo the costs ol deliverlng these aclSvltie8. so doo Resources for Autism is 8 ch8rity supporting childr8n and young people with autism and thelr families. This prolect grant is lo support th8 dollvery ol play Iherapy service for children in the charity's West Midlands cent￿. Play theraplsis wlth èxpèrtlsè In autism work with childrén while their parenls can meet, share experiences, and support one another. htl s'.Ilresourcesforaulisrn.or Bloomsbury Football Foundation Is a London based grassrools lootball charily working with over 5000 young people per week. This prolèct gr8nl Is to be focused on supportSng thè luts81 programme 81 BFF including fun(Jing 13 young people from disadvantaged backgrounds to participalo in the high-level intensive futsal programme and to take part In an overseas tour. 5.'Ilbloomsbu YES Outdoor• R•sourc•• for Autlsm £20 250 Bloomsbury Football FoundatSon £19,233 £14 973 oolball.coml OTAL P8ge 6 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and p•rfornianc• Icontlnuod) Impact and L•arnlng'. We believe in keeping our grant monitoring requirements proportionate lo the Size of our grants. So, for smaller granls we generally do not require separate monitoring reports. Instead, wo rawew the organisalion's annual port and accounts for the period relating to our grant. During the year, the Foundallon racelved Intsrim and fln81 M￿lIo￿n9 faports rolats'ng lo 14 grants awarded In préviov8 years. Examples from thaso raports are shown in the table below. Summa of Fund•d A¢tlvltl•¥ and K• Im ¢t•.' Autl•m chlldr•n •nd oufl to and Includln Hebrew Unlv•riity ol JoruJal•m Igrant pold In 2023124) Granl of £221.196 to fund th• dissemination 8nd m•8sur•mènt of evid8nc8-based parent-medi8tad int8rv8ntion8 for young children with autism 8pectrurn di80rd8r in the ¢ommunlly in18r8el over 3 years lJanuary 2021- December 20231. th• of2 Flnal project mon11c￿n@ mptsrt dua to be submittéd. Email $anl to Judah on 7 March. hll s'.Ilauli8mc8nler.hu Autl8m North•rn Ir•land Iqrant pold In 20231241 This grant Irorn the Foundation was lor Autism NI'$ famlly support 88rvic8. Final 'ect monltorSn Itlg Flbro•l*: Cystlc Flbro•ls Tru•t: JoMph L•vy EdU￿tIon Fund (grant pald In 20231241 rt due to be submitted. Email $8nt to Shirle on 7 Morch. rin 1Ma Thè CF Trust look over ihe managem8nl of the JLEF fr¢Jm tho Foundation from 1 Aprll 2023. Sludonls Cen 8pply lor a grant of up to £600 to help rnitigate the additson81 costs of studw'ng and to contribute t¢)wards tho cost of accommod8llon that has ensulle bathrooms 8nd Is near the place of study. Extract from m 24 Th¢ Found8llon is one ol several Irusls and loundalions that provide funding forthe TnJ51'$ welfare grants progr8mme.' the Foundation's grant represents 14% of the total funding for the prograrnme. There are six types of gianis off8r8d'. Emergency financlal support, Cost of Living Fund, H8Blth. and Wellbdng, Home Es$enlial8., Funeral gran15', transplant grant. The Emergency granls and Co31 of Living Funds make up 58% of the value of grants awarded. In this flnancial yeBf the Trust dSstrfbuted 1092 welfare grants. The Trust ha8 received the following leedback from people with CF.. Ilbein rants Page 7 JOSEPH LEVf FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achl•vemonts and p•rforniance (contlnufrdl Summa of Fund•d A¢tlvltl•• and K• Bloomsbury Football Foundation {grant commltt•d and pald In 202W231 The unrestricted grant was used to provide bursaries for young people from socio-economically di5advaniag&d background5 to join Bloomsbury Futsal's first int8rnats.onal cornpellllon 81 the C08ta Blanca Cup, Including hotel accommodation, participation in toumamènts and kit. 45 young peop participated In the tour, of whom 14 recelved fully or partially subsidised places. Tha toum8menl represented an opportLJnlly for Several of those young people lo go abroad lor the first tlme, expanding their horfzons and providing a fanta$ti¢ bonding trxperience wlth other young people on the programrn•. This trip wlll now be run as an annual activity for Bloomsbury Futsal.. fundraised ino)me enables young people from low-income families to fully partlcipat8 in the progr8mme wlth young people whose parents are able to pay the lull 188s. The Irlp enabled young people to make new friends Irom diff¢renl teams and backgrounds. Off court, young peopl8's life $kS11$ Such 09 punctuality. re$p8et lor other team m¢mbor3' privacy and spacg and worklng in 8 tgam 811 Improved. For plannlng next year's trlp. tha t88m at 88F leamt that the hotel accommodation needs to provida mora gr8&n spaco for young people lo use ond ralax in. 1 5.'Ilbloomsbu .¢0 Strlp•y Stork1gr•nt commltt•d and paSd In 2022123) Th& grant Irom the Foundallon was used by Slripey Stork lo part fund a referrals co.ordlnator so Ihal Slripey Stork could 8ffects.vely respond to requesls frorn health and social cara prolesslon818 lor specific Items lor14mS118s with children wlih disabil￿1￿$. Origlnally Itxus8d on Providing recycled items forfamiligs with very young children. Strfpey Stock has grown lo support larnili88 Wlth children 8nd young people of all ages. Th6 charity has devoloped extensive n8tworks with community organisalions and local busine88es to offer a lange of volunt8aring opportunllle8 and to In¢rea88 Ihe number and r8nge of items that can be recycled and g1ft8d lo lamllbes In need.. famllies In need encompass famllles who aw aff8cled by ill health, dlsabilily and poor mental health,. debt 8nd Irjw income,. domestic abuse and applying for rBfugee status. Items Include b8by buggles., clothlng and footwear; books. puzzles, and ehlldren's 8rt materials. Each donation is b08poko'. clothlng Items come In smart blue p8¢ks wlth a glft Sii¢kor. The Interfm Director vlsiled Stripey Stork's warehouse in Reigale on 23 Janu8ry 2024 and mel the Founder and CEO. Nlcola Dawgs DL, and Sophle Johns, Fulldlng, Flnance, and Impact Manag8f. Tha warehouse operation is impressive with every inch of spaca u88d to repurp088 recyded it8mB. In 2022123 3675 dothlng packs w•re gifted to familios,. 394 pramy and buggies recrfded and 383 bods. The granl Irom the Foundation h8s made a SMBII contribution to the overall work of Strfpéy Stork, bul the ch8rity appre¢lales receiving unre51ricted lundlng and lh8 dlstyetion to be able to u68 grant funding to best maot loc81 need. Page 8 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achl•vem•nts and p•rfomi•nco Icontlnu•d) of Fund•d A¢tlvltle• and K• 8m•ll rnnt* Venture Art¥ (grant committed and paid in 20221231 Ventuie Arts is a busy and vibrAnt, professlonally equlpped art sludlo based In Hulme, Manchester working with neurodlveT88, learnlng4isabled artists ag8d 8 to 80. Our mlsslon Ss lo cre8to a world In which leamlng disabled people are empowered. celebrate, includ8d, and valued in the arts, culture, and 80clety. Venture Arts Used their grant from th• Foundation to Sup￿rttheIf young people's art club which operat•s overy Wednesday and Saturday for 49 weeks ol th8 year for 3 hoLJfs. On8 artl3t facilll8lor works wrth 5 young people assisted by a strong voluntaar team., young people gain sknlls in a wbde range of art practica (textiles, Painting. dr8wing, photography, digital art, animation, c8r8micsl. Th& Interim Diraclor Spent an afternoon al Venture Arts on 21 February s&elng the 8rt club In actlon, meeling young people, artists. volunteers, and the Staff 188fft, including a young people, 3teeiing committee. Venture Arts is an outstanding charity that develops every young p8rson's int8r•st, skills, eonfidancè, and artlslic practice., 'When I got my ￿rtIfl¢8te lal Ihe Lowry exhlbilionl I fell loved, proud and supported." Wenturg Art913 a very rare find and exceptionBI eh8rity. I hava nev8r found 8 r8sourc& before or Slnce Ihal genuinety supports R's needs and crmpl8xttI85, nor one thal18 so dedicated and commStted to its cause.. My daughter is looking At doing art 81 college, al a higher level Ihan she would've considarad wthoul VA. Shg gets Sdea8 8nd acts on them wllh confid8nco. 8•bt Ufl {grant commltt•d In 202W23 and pald In 20231241 Belt Urf Is a village in northern Israel that Is home to over 100 chbldren, young Feople, and 8durtJ wlth special ngod8. The COTnrnunily has 8 school, craft workshops and 8 café. The unr&slricted grant has been used to supwt Ihe therapgutl¢ horso-ritjlng piogmmme. htt 3'.Ilwww.bel-uri -of-home It is dlfficult to Present meaningful aggreg8tad data showlng the overall Impact of the wort( w8 have supported with our grants. Thi8 18 because of.. the wide range of activillas w8 hav• support¥d le.g., from pollcy and influencing work lo provision of res￿18 breaks). the fact that we fully fund some activities and only contribute l¢)ward$ tho costs of others. the different contexts in which the projects we support are working le.g., from additional needs edueAtlon in Israel lo sport related outreach with young p8opl8 in BirmSnghaml', and the differing needs of the people receiving support from the projects we have funded le.g., chlldren needlng P811iative care in London to supportlng famllies 01 people INing with dementia). However, in headlin& terms, those reports Show that the Foundation's lunding has supported a wide range of arftsble causes. health. education. soci81 care and recreational activities across the UK and Israel- hely'ng lo support thousands of people. Page 9 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Trustses, Structur•. Governanco and Management The Trustees are responsiblè ftr the overall control and governance of the Foundallon. Th8 Trustees glve their tlme freely and receSve no remunerallon OT other financial benefits 8￿hOugh they are entslled to be r8imburs8d for axp8ns8s dSrecUy incurred in the role. Details of trustee expenses and rplated party transactions are disdosed in note 23 to the accounts. Trusl&es ar8 r8quired lo disclose all relgvanl inlerosls and register ihem wth the Inlerim Director and Ihen the Executive Director who was confirmed in posl in March 2024, In accordance with the Foundatlon'5 Poticy and withdraw from decisions where a conflict of interest 8rises. Th8 Trustses usually me81 as a body four t+mes each y88r lo sel and monllor the Foundation's slral8gy and policies, lo receive reports on the implementation of the Ftxjndallon's work programme and to 8ulhorfsè the dislribution of grants to enabl& the oblecls ol the Foundation to be furtherod. Al a trust8gs' away day in 2021. Trusle88 d8dded to recrull independenl trustees with no conneclion to th8 family through an open recruilmenl process. Followlng change5 to the Found8tlon'5 con8tlbJllon lo ensure th8t only family tnJst8es can be rnembéis of the Foundalitsn, the Foundation has n¢)w appointed two non-lamlly Iruslees.. Claire Brown and Plenry Donne. both of whom loined the Board in August 2023. Clalré is a non- pracusing sollcllor and buslnes8 consultant. and Henry 18 an Investment D1￿clor al Rathbones. The Foundation has made il a roquiremenl that new Iruslges should attend Iralning tho legal and flnandal aspects necessary to perform Ihelr dutles as Iruytee$ and parb'cipate lully in the governance of the Foundallon. Undef tha Foundation's constitution the Foundation has a category of member •nJlled 'Obs8Ner.' Obs8rv•rs 8r8 entitled to allend trustee meetings but play no part in the governance of th8 charity. Ourlng the year Clalre Brown observed the 28th of April 2023 meebng, ahead of being formally appointed on the 1st of Augus12023 meeting. H8nry Donne obsoNed the 1st ol August 2023 meeting, 8head of being formally appoint¢d in wrfling Iby email) on 9th Augusl 2023. Denise R8msey. the Incoming p&mianenl Executive Dlreclor observed the 12th of January 2024 meeting. Prior to her official commencement of employment on the 4th of March 2024. . Key Man•gem•nt Porsonn•l R•mun•r•tlon The Trustees govern thè Foundation and control ils slr8legic direction. They delegatg the 0￿ration01 management of the Foundatlon lo the Interim Executivo DireclorlExeculive Dlrector who is Sup8￿8ed by the Chair of the Board ol trustees and who reports to the Board 8t trustee ffteelings. The Interim Executive Dire¢lorlExeculiv8 Direcloi line rn8nages the Foundats'on's other staff members. As such. Ihe trusteos consider the kay management Personnel of tho Foundation lo be the Inl8rim ExecutlV8 Dir8etorlExecutlVB Dir8Ctor. Sally Pr8ntlce was 8ppoinled as Interim Dlreclor on Ihe 3151 of October 2022. Sally had been the CEO of trHo small charities, a Iruslee of a grant-maklng foundation and has an Msc IDlstincb'onl in Granl-making, Philanthropy and Social Investment from Bayes Business School. Denise Rams8y was appointed the Foundation's Ex8cub"ve Director on the 4th of March 2024. Denise has 20 years. exp8rience 8cross the third sector. Most r8C8ntly sho hat1 been a Oirector of a large charfly responsible for a £1 SOM endowment and an additional £20M extemal fundlng, le(i system change. grant making and social investment. Denise works for the Foundation on a full-timg basis will receive a 4 poi cent pension contribution once her probation period Is complete. Page 10 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Trusts•s. Structur8. Govgrnanc• and Managem•nt Icontlnuedl Orshoya Fulop joined the Foundation In May 2022 on a part-time basis. Ben Braharns, part-llme Assistant Adminislralor, Is the Foundation's longesl serving member of staff. Followng chang8s to the Foundats'on's support for Cystic Fibrosis and the technological shifts affecting all organisations, Ben's role has bèèn reviewed. Ben now wolks for the Foundation one morning a week and is on a paid Se￿ndment to Resources for Aullsm for his remaining hours. The Foundation is grateful to Resources for Autism lor this opportunity. The Foundation Qmployed 3 memberg of staff whlchls th8 equlv8lent lo 1.7FTE in thè 2023124 financial year. b. Rl8k manag¢m•nl The trustees Gon$ider and review the rnalor rfskB lo which the Foundalicn is subject on an annual basls, most recently at their board m88ting on 12 January 2024. Tfuslees notèd that considerable progress has been made ovtsr Ih818s112 months in reduclng lh& risks lo vh)Ich the Foundation has been exposed. The major areas of rlsk identified during the year, and the steps taken to mitigato them, are.. 1. Financial mana ement. tha Foundallon's flnanclal mgnog8m•nt hgs b88n slgntficAnUy slr8nglh8ned by th engagoment of Ragini Majllhia ol RMV Accountants Limited. lo manage the Foundafjon's fi"n8nces from June 2023 ihrough her company RVM Accountants Limited. Aftef five months in post, the Inlgrim Dlrector advised trustees that vesl'ng the respon￿bIlItY of managing the Foundation's finances in the rola ol the Director. w8s not 8dv188bl8. Investlng such r8sponslbillly the Foundallon's only full-time employee was levaled risk,. il is also nol the best use of the Inlefim Director's time or skill 581. The engagement of a charity nance specialist fulfils a k8y actson from previou8 audit reports. Ragini Is slreamlinin9 the finanryal processes, reducing paper led communic8llon by introducing more digll81 ways of working, wlh Stronger security measur8s, and embedding structures with clear line8 of accountability. She also gUPPOrt8d the Int8rim Oir8clc¢ wlth the retendering of the audit functi￿. han e of audS10 the Foundation ha5 been able lo complete the re•tendering of the aud*t function which was adjourned durlng th* pandemic and has appointed Crowe UK LLP. LewSs Golden hBd audited th8 Foundation's accounts for $8veral t1ecad8s, so thls change brings th8 Foundall¢)n into line wlth best practi￿. the appoinlrnenl ol Claire Brown and Henry Donne has fulfilled Key recommendation of the Charity Commission 3nd ha5 enabled deci8ion8 ￿ the Foundation's future property rèquirements lo be tsken by two non-family trustees who are not conflScl8d by related party IransactionB a11 8ell Street. Ilne s tems.. the Foundatlon uses a Cloud-based IT system which enables staff to work securely. Data security was 8 key elern8llt ol the specification for the system. Communication with Virgin Money on changes io monthty salary payments and inlemalional grant payments is now managed through the onlin8 port81 rather than by fax. 5. Cha ￿￿￿1￿r.. this proces8 has been managed Smoothly with sector expertise from Peridot Partner5 and guidance from the Chair of th8 Foundation, Peridot Partners are an executive search firm worf(Ing acros5 the third sector. gdu¢ation. and membership sectors lo transform ￿adership and inspire change, leadÈrship. Once recruitmenl was finalised th8rè was a 1-week handover b?tween the Interim Director and new Exe¢uliv8 Director. and extensive handover noles have been provided. 6. Inveslmants." Th¢ Iruslees have conlinued to monitor recent geopolitical events on their inv8stments arbd associated income. 8aséd on the advice of our investment manager5, the Iruslees do not consider these Ihieats lo be existential for the FoundatSon. although It is Ilkely th8t our Sncome will be redu￿ in the short to m•diuFn term. Page11 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Financial review . Golng concern The results for the yeBr ar8 Sèt out in th8 8118ched flnandal sl818ments. Total incoming resources h8ve decreas8d slightly to £760,309 (2023. £785, 702). The value of the Foundation's listed investments has increased to £21,391.079 as of 31 March 2024 (2023.. £79,818,096). The Iruslees met with th8 Foundation's investment advlsors, both during the year and since the year end, lo d18cuss how the Foundallon's investments could best meet OUT investment pollcy set out below. b. Investm•nt pollcy The Found81ion d8rtv8s it8 incomé from an •ndowrnenl made up of thé orlglnal gift by Joseph Lèvy when he set up the Found8liM In 1965 and the merger ol the Foundalic*n with the L8wr8nce L6vy Chan18ble Tru51 in 1999. Joseph Levy was a successful property developer end Lawrence Leyy was a leadlng sportg photographer, sp8cialising in re￿rdIng (he professional golf tour. The endowrngnt Is Invgstgd lo produce a financial return th81 the Iruslges u89 lo mgkg gr8nls and meet the Foundallon's running cost$. The Foundatlon's trustse8 have agreed th8 followlng investment obj8clive8= That the real v8lug of the Foundallon's gnijowment should, 8$ far as posslble. be malntslned whllsl gen8r8llng a stsble and sustainable return that enables the Foundatson to continue 115 grant making, and fund ils running cosls, for the foresee8ble lulure That the Foundation's endowmènt will b8 inv8St8d In way5 whi¢h tjo not undemiing, and vthfirg possSble should actively support, the Found*llon's eharilable aims. Th8 Foundafjon's investments are managed by Sarasin & Partner5 LLP and are predominantly invested in a long-lem portfolio. the prtmary objective of whlch Ss to prol8Ct and grow the real value of the capblal, whllsl provlding a suslalnable Incomè stream lo meet the needs of the Foundallon's b8n8ficiaries. During 2023 Sarasin shifted investment in equities lo 100 per cenl global equitses fund. The portfolio slralegy is implemented via an investment in th• Sarasin Endowen15 Fund, a Sara8in & P8ther5 Charity Authoris8d Investment Fund ICAIFI. The Fund operates a robust ethlc81 pollcy. whlch has been developed over many years of consult811on and experience in the charity S8Ctor. mosl notably wlth th8 Church of EnglBnd's Ethical Inv8Stm8nl Advlsory Group IEIAGI. The pdicy is imp18mented as follows.. There will be no holdings in companies wlth exposure to ffte production of lobacGO or lobecc0-￿I8Ied manufaclunng. The funds will also avoid investmenl in companies that generat& significant r8venuBs (lypicBIIy deemed lo be more than 5-10%) from.. Adult entertainmgnt Alcohol Amiamonts Gambling Predatory lendlng The issue of 'direct' and 'indirecl' exposure is carefully considered and Iher8fore all externally managed fiJnd5 are screened on inltlal purchase and Evlewed ￿gUlarlY to ensure they 8dhere lo these rules. Page 12 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 The Fund benefits from an active and responsible approach lo investment. with the pnnciples of stewardship embedded al the heart of the investment process. This mind-sel is gulded by a commltment lo think and behave like owners of the companies in which the Foundation is invested. rather than passive shareholderg. Where material conc8rns are idenlilied, Sarasin & Partners will engage with investee compani8S to calalyse positive change. Wid8r outre8ch 8nd pollcy work will be undertaken when required, or is thought to be benehcial, and will involve collaboration wlth governments, ieguLgtory bodles, and other stakeholders. Sarasin's Commentary As of 3181 March 2024. the a$sets managed by Sarasln & Partners were valued al £21,391,079. The undertylng ass81 alloc8lion of the portfolio was as follows.. Ass8t c18SS Flxed Inl8resl Global Equit￿$ Property Allem8ts'ves Cash To181 Value £'OOO 2,649,524 15,667,491 761, 795 1.468,070 844, 199 21,391,079 Allocat￿n % 12.4 73.2 100 Income dlstdbull¢)n8 Irom thè portfolio roge modgstly In the 2023124 flnanclal year 8s the fin81 quarterty dlvldend payment was Increased. Whilst Income receipts should be matched over the next 12-monlhs, Ihereaft&r 11 1$ expected that income dislribulions could fall as the overall focus of th8 portfolio remalns on deliverfng attractiv8 total returns (from both capllal and income). The trusleos are content with ihe perfomiancg of Ihg FoL*ndalion's portfolio and werg parucularly pleased lo see the value ol the endowment increase through the autumn and winter of 2023. c. R••orv•s pollcy The Foundation has adopted a policy to maintain the future 18vels of grants lo charflies in real terms, as far as POS8lble. To achieve this. the actual income receiv8d In any yaar wlll b8 suppl8ment8d, tt necessary, from capital whlch th8 iruslees have the right lo disiribute if required. It Is the truslees, intention antl pollcy, however, lo maintain the capital value ol the fund lo be able to continue to support charitable aclivities in the longer temi. d. Plans lor Futur• P•rlod$ As a r#$ull of the £3 million grant to Le￿, the size of the Foundation's gndowm9nl has decreased, whSch wlll reduce the Foundation's future income, al least in the short lo medium lerni. In addition. our inve3lment managers have advlsed ug that, due lo th8 ongoing uncertainly in the world economy and markets, the Foundation's"natural" Income is likely to be closer lo 2.9°A in 2024125 than the previous average of 3.2%. Several years ogo, th• trust885 sel an annual spending tsrgel of 3.5Y• (based on a 7-year Tolling av•rag8 of the value ol the endowmentl as they have assesserj that this level of expendlture strikes a reasonable balance between continuing to distribut8 funds to addr8ss lod8y's needs while m8inlaining the long-term value of the endowment lo support future needs. However, the Iruslees feel al the present Ilme that Ihgy do not wsh lo draw down on the v81ue of the capital until they are clearer on Ihe direction the Foundation intend5 to lake over the next 5 to 10 yoars. The trustees are mindful that in the financial years 2021122, 2022123 and 2023124 the Foundation's support and governance costs were higher than in the year5 preceding the pandemic, tAJt thèy expect those costs to rgduGe whon Ihg Foundation rnove5 to smaller offices in March 2024 and the need for rinanual, legal and property advice is reduced. New auditors have been appointed and a fixed fee agr88d wrfh Crowe UK LLP for the audits for 2023124 and 2024125. Page 13 JOSEPH LEVY FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCM 2024 Staffing and Operations Twstees recrulted a new Executive Direclor In November 2023 through a proce58 managed by Peridot Pathers and D8nise Ramsey joined the Foundation on 4 March 2024. Sally Prentlce flnlshed her 18-month $lewardshlp of the FoLtndalion 8s Interim Director on 8 March 2024. The Foundalion moved lo smaller offlce space on the third floor of 1 Bell Str8et in March 2024. The Foundation requires less office space lollowing the transfer of the administration of the Joseph Lavy Educ8Uon Fund lo the Cysllc Flbrosis Trust and the closure ol the Cy7tic FibTosIB Hollday Fund for which the Foundation h88 provbded office space on a pro-bono basis for many years. R•fèr•nc• •nd Admlnl8tratlv• Informatl¢)n The refarence 8nd 8dmlnistraliv8 inlormalion sel out c*i p8ge 1 forms part of IhSs report. The Trustees who 89rved durlng the ye8r are shown on pag8 1 of ihls report. In¢wpor*tlon of the Jo••ph L•Yy Found•tlon The Joseph Levy Foundation {'the Foundation") 18 a Chadlable IncorporBled Organisation ICIOI governed according lo the Conslilulion dated 19 January 2016. It was es18blished on this dale, lo take forward the work ol the Joseph Levy Charllablè Foundation, an unincorporated charlly wrth registered chartty number 245592. The Joseph Levy Charit8ble Foundation was established by tho late Joseph Levy C.8.E. B.E.M. under a trust dggd dated S April 1965 and inco￿Or￿teS the LawrenGg Levy Charilable Trusl. On 31 March 2016. in a￿rdance with a deed of Iransler befv￿en the trustees of the Joseph Levy Charllable Foundation and Joseph Levy Foundabon, in consideration of the assumption ol the liabilities by Joseph Lewy Foundation, th8 Injslees cornplet&d a transfer. including assignment and novalion, by way of a charitsble appll¢allon and Joseph Levy Foundation acquired the 898etg of Joseph Levy Charitable Found8tJon. The transler was aff8ct•d by a donauon from Joseph Levy Charilable Foundation to Joseph Levy Foundation amounting to £18.95m. The accounts have b88n prepared In accordance with accounting policias sat out on pages 13 10 15 and with applicable United Kingdom accounting standards, current statutory requirements, ihe Char￿5￿8 Act 2011, Ihe Foundation'5 govemin9 document, the Stalem8nl of Recomm6nded Pracliee.. Accounting and Reporting by Charities preparfng their accounts in 8ccordan¢e wlth the Flnandal Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014, the Financial Reporting Standard applicable in the Unlt8d Kingdom and Repu￿1¢ of Ireland IFRS 1021 and UK Generally Acceptèd Pract+c8 as11 applles Irorn 1 January 2015. Page 14 JOSEPH LEVY FOUNOATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Ststement of Trusts•s' r•spDn$lbllltl•s The Trus18es are respons+b￿ for preparing tha Trust88s' r8port and th8 financial statements in acccffdance with applicable law and Llnited Kingdom AccoLsnting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicabl8 to charitses in England & Wale5 requires the Trusle8S to pr8par8 financial staiemen15 for each financial year which give a tnjo and fair view of the stale of affairs ol the Charity and of its ineoming r850urces and application of resources, including its income and expenditure, for that period. In p￿ParIng these financial statements, th8 Trust88s are required lo.. select suitable accounting polia8s and than apply Ih8m ¢onsislenlly' observe the molhods and principles ol the Charities SORP IFRS 1021.. make judgements and accounting eslimales that are reasonable and prudent; stale whelher applicable UK Accounlng Standards IFRS 1021 have been followed, subject lo any mal8rl81 departures disdosed and explained in the financial statemenls., P￿pare the fin8nclal st8lem8nls on the going concern basis unle88 It18 Inappropriate lo pr8sum8 that the Charity will conts'nue in business. The Trustees are responsible lor k88png ad8quat& accounting racords that are sufficient to show and eX￿aIn the Charttys transactions and disclose with reasonable accuracy at any lime the financial position of the Charity and enablo them lo ensure that the fsnancial statements comply wllh the Charfttes Act 2011, the Chority IAccounls and Report51 Regulatlons 2008 and the provlsions of th8 Conslilulion ol a Charitable Incorporated Organisalion. They ar8 also rèsponsiblé lor safeguarding th8 as8èt8 of th8 Charity 8nd henco for taking reason8ble steps for the prevenllon and rjetects'on of fraud 8r¢d other Irregul8dlle8. Dl•clMur• of Informatlon to audltor Each of ihe persons who are Trusle8s al the Ilm8 vthen thls Trustees, report is approved has confirmed that.. so far as th81 TN81ee is aware, there 18 no relevant audit information ol whlch the Charills auditor Is unawar8, and that TTLt51ee hos taken all the steps that ought to have been taken 05 a Trustee in order to be awar9 of any relevant audll information and lo establish that the charity's auditor18 aware of that Snlorrnalion. AudStor The auditor, Crowe U.K. LLP. has indlcated hos willingness to C£￿tinUe in office. The designated Trustees will propose a motlon reappointing the auditor at a meebng of the Trusl888. Approv8d by ord9r of the members of the board of Trustees and slgngd on Ihgir behalf by.. Jane Jason IOBEI Chair Date.. 201 iai 2eyL4 Page 15 JOSEPH LEVY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOSEPPI LEVY FOUNDATION Oplnlon We h8ve Budited the financlal slalemenls of Joseph Levy Foundallon (the 'Charitll for the y8ar ended 31 March 2024 whith comprise the Slalemenl of Flnanci81 ACUvi￿es. the Balance Sheet. the Statement of Cash Flows 8nd the related notes. Including a summary of significant accounting policies. The financial Teporting tramework that has been applied in their ￿paration is applicable law and Uniled Kingdom Accounting Standards. includin9 Flnancial Reportin9 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ire18nd' Iunlted Kingdom Generally Accepted kcounting Practlcel. The financial slalemenls have bo&n prepared in accordance wrth A¢countin9 and Reporting by Charilios preparing thèir accoun18 in 8ccord8nce wlh the Financial R8porting Standards applicable in th8 UK and Rèpubllc of Ireland IFRS 1021 In preference lo the AccounUng and Reportlng by Charttles.. Statement of Recommended Pradlce Issued on 1 Apfll 2005 whlch Ss referred to In the extant regulatlon5 but ha5 been wlth¢Jrawn. Thls h88 been done in order for the accounts to provide a true and lair view in occordance wlh the Generally Accepted Accounting Pradce 8ffèclSve for raportlng p6rlod8 beginning on or after 1 Janu8ry 2015. In our opinlon the financial $18tements'. give a true and lalr vlew of the slate of the Charitls affalrs as al 31 March 2024 and of Ils IncomSng resources and appllcatSon ol resources for the year then ended.. h8ve beèn properly prepared in accordanc8 ￿1h United Kingdom Generally Accepted Accounllng Prgctice., and have been prepared In a￿ordanCe the requlrements of the Chartfjes Act 2011. B••l• lor oplnlon We conducted our audlt in accordanca wlth Int•mgts'onal Standards on Auditing IUKI IISAS (UKI} and applicabla law. Our responsibililles under ihosg slandards arg further described in the Auditor's r6sponsibillues for the oudlt of the financial statements 58Ction of our report. We are independent of the Chaiity In accordance with the ethical requirements thal are relevant lo our audit ol the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfllled OUT other elhlcal respon3ibililie8 In accordance wlth these requlr8menls. We belleve that the audit evldence we have oblalned 19 Sufficient and 8pproprfale lo provide a ba818 lor our oplnion. ConclusSon8 r•lat5ng to golng canc•m In audlllng Ihe financial slalements. we have concluded that the Trustees, us& of the golng concem basis of accounting in the preparation of the finanual 5ts1emenls 15 8ppropriattr. Based on the worf( we have performe(l. we have not identifi8d any rn8t8rl81 uncertainb'es relating to 8v8nts or nditions thal. individually or collectively. may cast significanl doubt on th8 Charit¥s ability to continue as a going concem for a pgriod of at least ￿￿1ve months from when the financk81 slatemen15 are authorised for issue. Our resp¢￿$1￿.111ieS and the regpon81bllltles of the Trustees Tr￿lh respect to golng concem Bre desthbed In the rel¢vant se¢lions of thls repo Page 16 JOSEPH LEVY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOSEPH LEVY FOUNDATION ICONTINUEDI Other Informatlon The other infomiation comprises the infomiauon Included In the Annual report other than the fln8nclal 8talements and OUT Auditorfs report Ihereon. The Trustees are responsible for the other Snformalion coniained wllhin the Annual report. Our opinion on the financial statements does not cover the othèr inlormation and, èxcept to lh8 extant otherwise explicitly slatèd in our report, we do not express any fomi of BSSiJ18nce conclusion ther￿￿. Our responsibility is to read Ihe other inforniation and, in dolng so, consider whether the other infom)8llon Ss matèrially inconsistent with th8 financial slatemènls or our knowledge obtain8d in the course of the audit, or oth&rwise appears to be materially misslaled. If we identify such material inconsistencies or apparent malarial misstatements. we are required to determine whelher th18 gives rise lo a maleriol misstatement in the financlal statemenls themselves. If, based on the work wè hav8 perfomed. we condude that there Ss a mBterlal mlsstalemenl of thls oiher infomialion, we are required lo rgport that fact. We have nothlng io report In Ihls regard. MAtters ¢)n whlch wo aro r•qulr•d lo r•port by •xc•ptlon We have nolhlng to report In respect of the followng matters wheie thg Chariltes IAccounls and Reportsl Rg9ulalions 2008 requires us lo raport to you if. in our oplni¢n: the Information given In the Trusl888' ￿Port is inconslstgnl in any m81erial respect with the financial 8lalements', or suffiuenl accounting r•cord8 have not been kgpt.. or the finBnd81 slalements are not in agreement ￿t￿ the accountlng records and returns.. or we have not rèceived all the informalion and explanallons wè réquSre for our 8udS1. R•spon8lbllltl•• of TruBt•• As explained more fully Sn the Trustegs, responsibllllles statement. the Trustees are responsib￿ for the pwparaiion of the financial slalemenis whlch give a true and fair view, and for such inlemal control as the Trustees delermlne is nec&ssary to enable th& pr8P8ralion of financial statem¥nls Ihal are free from matsrial mi$$talemenl, whether due lo fraud or error. In preparing the flnancial slalemenls. the Trustees are responsible for 8s$es5ing the Charills abillly lo continue as a going concem. disclosing, as applicabl8, matters related lo gryng concem 3nd using th8 going concem basis of accounting unless the TTU$tegs eilhor intend to liquidate the Charity or lo cease operatlons. or have no reallsllc altematy've but to do 30. Page 17 JOSEPH LEVY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOSEPH LEVY FOUNDATION ICONTINUEDI Auditorfs rnsp¢nslbllltl•s for the aud•t of the financial •tat•m•nt$ Wè have been appolnt8d as audltor under secllon 144 of the CharftSe8 Act 2011 and report In accord8nc8 wlth the Act and relevant regulaknons made or having effect thereunder. Our obj8ctiV9s are lo obtain Teasonable assurance about whether the flnandal stslemenls as 8 whole a￿ free fvom material misstat•m8nl, whether due lo fraud or error. and io issu8 an Auditor's r8port that includes our Lwinbon. Reasonable assurance Is a hlgh level of assurance. but is not a guarantee that an audit conducted In 8ccoriJance with ISAS IUKI wll always ¢Jetecl a malerlal mis5talement vthen il exists. Misstatgrnenls can arlse from fraud or arror and are considered m8leri81 if, individually or in Ihe aggregate, they coulé r8880nably be expected lo influence the economic declsions ol users taken on the basls ol ihese fin8ncial statements. Irreguloritie8, Includlng fraud, are instances of non-complionce wfth laws and regulatlong. We desl9n procedLtrg8 In line with our responslbllllies, ouuined above. to detect material misstalemenis in respect ol Irr8gularitles, including fraud. Tho •xlonl lo wthich OUT procedures are capable of detocling ir￿guIantlfjs. including fraud is detailed below.. We obtained an understandlng of the legal 8nd regulatory frameworks wlhin whlch the Charity opergt•s, focusing on th058 laws and regulations Ihal have 8 dlrect effecl on Ihe delerniinalion of material amounts and disclosures in the financial statements. The laws and regulallons we cmsidered this conloxl were the Charities Act 2011. We assessed the required compli8nc8 Wlth these laws end regulations as part of our audit procedures on the re18ted financlal statement It8ms. In addition, we considere¢J provtslons of other laws and regulations Ihat do not hav8 a dirgcl 8ff8¢1 on the financl81 statements bul compliance wlh which rnighl be fundamental lo the ChaTltls ability to oper818 or lo avold a m8lerlal penalty. We also considered the opportunbties and Incentives that may exist wlthin the Charlly for fraud. The laws and regulations we considered In this context for the UK operations were General Dats Protection Regulation IGDPRI, Anli-fraud, brib8ry and corruption legis18bon, 8nvironm8nlal proleci¢on leglslab'on. Health 8nd gafely legl8181ion, Taxallon l¢gi$1otion and Em￿oyMent legi8lallon. Auditing slan¢Jard8 limil the required audll procedures to idenbfy non-compllanc8 wllh those laws and regulations to enquiry of tho Trustees and othèr management ond inspoction of regulatory and *al correspondence, If any. We identified the gr88tèsl risk of m8lerial Impact on the financial statements from irragularities, including fraud, lo be in the following ar&as.' Ilmlng of recognition of Income., the override of controls by managemanl, Includlng posting of unusual journals.. Inappropri8ts treatment of non-roullne transactions and Breas of estimallon L*ncgrt8inty. Our audlt procedures to respond lo those risks included enqulrles of man8gemenl about their own identificati and assessment of the risk5 01 irregularities. r8Vi8w and discussion of nrJ)-roulin& transactions, sample testing on th• posting of joumals and income transactions and review of ac¢ounUng esUmal8s for biases. 8ecauBè of the Inh8rent limllatlon8 of an audit. there is a rtsk that we wll not detect all irregularllies, Including those leading to a maleri81 mlsstatemenl in the financial statements or non-compliance with regulation. Thls risk increases the more that compliance wth a law or regulation is removed from the events and IransactiOn5 rellecled In ihe finanaal statements. as w8 will b• lèss likely to become aware of instances of non-compliance. The risk is 8180 greater regarding irregularits'es occurring due lo fraud rather than error, as fraud involve$ intentional concealment. forgery, collusion, omission or misrepr8santation. A further descrlplion of our reS￿nSIbIlitieS for thè audit of thé financi815t8lements is located on the Financial Repo￿ng Council's website at.. www.frc.or .uklauditorsres nsibililies. This deseriplion foms part of our Auditor's report. Page 18 ## **JOSEPH LEVY FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOSEPH LEVY FOUNDATION (CONTINUED)** ## **Use of our report** 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. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham GLS0 3PR Date: 24 December 2024 Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 19 JOSEPH LEVY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 21124 Exp•ndabl• •ndowment Unre8trlct•d funds funds 2024 2024 Total funds 2024 Total funds 2023 Not• Income Ind endowm•nt• Irom: Donations and legacies Inve8lmenly 25.000 760, 702 760.309 760.309 Tot•1 Incom• ind •ndowmonts 760,309 760.309 785, 7Q2 Expendlture on: RalsSng funds- Invgstmenl management fees Charitablg activlll88 94.441 561.903 94.441 561,903 96,089 581. 759 Total •x￿ndItUl• 056.344 656.344 677,848 Net Income b•for• not galnilllo##••) on Inv••tm•nts Nel g8ln6llbssè8} on investments 103,965 103.905 1.572.746 107,854 fl,34T, 772) 16 1,572.746 N•t Incom•ll•xpendltur•l Transfers be￿¢¢n funds 1.572.746 146 103.965 11461 1,670,711 (7,239.918) N•t mov•m•nt In lunds 1,572,892 103,819 1.676.711 (1,239,918) R•conclllatlon of fund•: Total ftjnds brought forward Net movement in lunds 19,818,187 1,572,892 30.598 103.819 19,848,785 1,676.711 21,088,703 (1,239,918) Total funds carrled lo￿1rd 21.391,079 134.417 21,525,496 19,848, 785 The Slat8m8nl of Financial Actiwties includes all gains and losses recognis¥d in the year. Tho notgs on pages 23 10 40 form part of th8se financlal slalements. la)TRUSTEES' ABSOLUTE DISCRETIONARY POWER The Trustees in their 8b8olul8 discretion may apply both the Incoffje and capital of the trust funds 10 such harttable instslulions or for Sltch charitable purposes as th8y shall in their absolutè discretion think fil, wth no restrith'on in their investmenl powers. IbTrUNRESTRICTED AND ENDOWMENT FUNDS The total fvnds are 811 unreslrlcled. Page 20 JOSEPH LEVY FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flx•d assèts Tangible assets Investments 14 15 43.203 21.391.079 12,339 19,818,187 21,434.282 19,830.526 Curr•nt a•s•t• Debtors Cash al bank and in han¢J 17 29,911 365215 40,793 357.900 23 395,126 398,693 Ctedilors: amounts falllng due ￿￿thIn one year Grant commllments {153.257) 175.604) {40, 764) (189.015) N•t curr•nt ••••t• 166.265 168,914 Total ••••ts le•• curr•nt Ilabllltles 21,600,547 175.0511 19,999,440 Grant commilments 719 {150,655) Total nat a8••ts 21,$25,496 19,848,785 Charlty funds Expandable gndovmionl funds Unrestricted funds 20 21,391,079 134,417 79,818. 187 3CI.598 20 Total funds 21,525,496 19,848, 785 The financia5 $tstoments were approved and auth0ri5ed for iBsue by the Trustees and signed on IheSr behalf by.. Jan• Jason IOBE) Chair Dale.. 2011112()%(t The note5 on pages 23 to 40 fom) part uf these financial stslements. Page 21 JOSEPH LEVY FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Not• Cash flaws from op•rating actlvltl•s N&1 cash used in oporats'ng acts'vib8s 22 {619.1891 (3,606,332J Cash flow• from investing activiti•s Divldends, Inlerests and rents from inveslments Purchaso of tangible fixed assets Proceods from sale of inve$tmgnts Investment management fees 760.309 139,2181 760,702 {1.082) 3,029,904 (96,089J 194,4411 N•t ci*h provld•d by Invt$tlng •ctlvltlo• 626,650 3,603,431 Chang• In cash and caih •qulval•nt• In the y•ar Cash and cash equivalents al the beginning of the year 7,461 357,991 87,103 270,888 C••h and c••h •quSv•l•nts at th• •nd ol th• y•ar 23 365,452 357,991 The notes on pages 23 to 40 forrn part of those financial statements P8ge 22 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 G•neral Infomiatlon Joseph Levy Foundalion is an unincorporate(l tharity (No. 11652251 reglstered in England 8nd Wale8. The registered addr•&s is 18ell Street, London. NW1 58Y. Accountlng pollcleB 2.1 Ba•S* of pr•p•ratlon of Iln•n¢lal st•t•m•nts The financial ¥tgtement8 have been Prepared In accordance ￿th Ihe Charltie8 SORP IFRS 102} - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chariues preparing their accounts in accordance with the Finandal Repo￿.ng Standard applicable in the UK ènd Republic of Ireland IFRS 7021 leffeclive 1 January 20191, the Financlal Repo￿.n9 St8ndard applicable in the UK and Republic ol Ireland IFRS 10218nd the chart￿•S Act 2011. The financlal stslemenls have been prepared to give a 'true and fair. vlèw and have departed from the Ch8rities (Accounts and Reports) Regulations 2008 on5y lo the extent requlred lo provlde a Irue and fairf view. This departure has involved following the Charllles SORP IFRS 1021 publlshed In October 2019 rother than the Accounllng and Reporting by CharlU8s'. Slalomonl ol Rècommanded Practice effective from 1 April 2005 whlch has since been withdrawn. Joseph Levy Foundation meets the definill¢n ol 8 public benefit entlty und8r FRS 102. Assats and Ilabililiey are Inillally recognlsed al historical cost or transacllon value unlo$s othe￿1$0 stated In the rel6vènl accounting poIIcy. 2.2 Golng con¢•m Tha accounts have b88n pr8p8rad on the going ¢oncem basis. The Truslees have consldered a period of al least 12 months from the date of approval of th8 accounts and b•lleve ther8 to be no materlal uncertalnlles fegardbng golng concem. 2.3 Incom• All Income is reeognlsed once the Ch8rty has entiUem8nt to the income, any p8rformance conditions attached to the itemlgl of income have beon met Bnd it is probable that the Income will be received and tho amount ol income w¢¥ivable can b¢ measured reliably. nvestrnent Incom All investment inccffle is unreslTiCted and generated on investments m8naged In the UK. and Is accru8d when receivable. Interest and dividends.. Ihl8 Sncludes interest on cash and tr88sury doposits and dividend dislribulions from listed investments. 2A Donat•d goods and 8er¥lc Donated professional servlces are recogniged as income in the period which the service is provided. Don81ed professlonal servSces aro recognised on the basis of the valua of the gift to the Charity which is thè amount th8 Charity woukl have been willing to pay to obtaill seryl¢8s of equivalent econornic benofit on the open market and that the economic benefit can be measured religbly. Page 23 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polid•8 Icontlnu•d) 2.5 Exp•ndttur ExpenditLJre is rècognised once there is a legal or congtrudive obligation to transfer economic beneflt to a third party, il is probable that a transl8r of 6conomic benefits will be required in settlement and the amount of the obligation can be measured r81iably. Costs of genaraling funtjs include investment management fees. Commission on invostmants bought and sold is capitalised. il. Direct charitable expenditure con8i81$ of grants payable and shored and Indlred costs associated ilh the main activities of Ihe Foundatson. ill. Support costs are those functions that asslsl the work of the Foundation bul do not directly undertake charitable aclivllies. Support costs Include personnel, payroll, officè costs and govem8nce costs which 8UPPOrt the delivery of ch8rStable advllies. All support CO8ls related lo exwnditure on charrtable activities. Iv. Governance costs Incltjde oxl8mal audll. legal advlce on govarnance mallers. Trustees, expenses Bnd an appo￿.0nM9nt of shared and indirect costs. Shared and indirect costs are apportioned b¢￿een support and governance on a percenlage b8sls which reasonably reflects tha time spenl and the costs Incurred and Is subject to periodic vlew. vl. Grants are accounted for in the period they are approved and the grant recipient is notified of th8 declsion. Irrespective of the period covered by the grant5. Grants awarded but not yet paid are recorded 88 grant commitments In the balance she81. 2.6 Tanglbla flx•d au•ts and d•pr•elatlon Tanglble flxed assets are inllially recognlsed al cost. After recognltlon, under the cost model. t8nglble flxtrd assets are measured al cost less accumulat8d depreciation and any accurnulated Impalrmenl sses. Depreciab'on is charged 50 as to allocate the co81 of larolble foxed asse18 less Ihelr residual value over their esllmaled useful liv8s. D8prgci81ion is prowded on the followlng ba88S.' Fixturos and fi'ttlngs Office equipment 01r￿e improvements IO% on cost 25Vo on cost ovar the temi of the lease Expenditure on ftJrniluTe and fumishings are taken to the Slalement of Financial Activities in the perfod of acquisition. Fixed assets are not capitali5ed if the value 15 less than £1,000. The Charitys impairment policy is lo review annually. 2.7 Llst•d Inv•8tmonts Listed Investmenls are valued at the Closing middle market price at the balanco sheet date. Gains and losses on revaluatj'on and on disposals are dealt with in the Statement of Financial Activities. R8alised gains are reinvested. Short temi cash deposiis are included within the investment portfolio. Investments held as fixed assets are shown at cost Iv35 provision for imp3irmenl. Page 24 JOSEPH LEVY FOUNDAnoN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polScl•s {contlnu•dl 2.8 Currnnt assets The current assets are valued al the lower of cost and net re8lisable value. 2.9 Cash at bank and Sn hand Cash and cash equivalents ara r8pras8nted by cash in hand. dep0511s held al call with financlal institutions and other short-lerrn highly liquid investments that mature in no more than three months from the dale of acquisition and that are readily convertible lo known amounts of cash wth Insignificant risk ol change in vakne. 2.10 D•btor• and credltor• Other debtors ar8 recognlged at the settlement 8mounl due al the end ol tha par¢od. Prepayrnenl8 are valuod el the amounl prep81iJ nel of any dlscounls dug. Creditors and provisions are recognised where the Charity has a present obligauon resulting from a P8816venl that will probably result in the Iransler of lund8 10 a Ihlrd party and th8 amount due lo settle tho obligation can be measured or esllmaled reliably. Cr8dliors and provlslons are normally iecognised al their settlement. 2.11 Flnanclal In8trum•nt• Tha Foundation onty has financial assgls and flnancial liabS1iti8s of a kind that quBllfy as b8SIC financial instruments and are initially recognised at transaction value and subsequently measured al thelr 5ettlernenl value. FinanrAal assets comprise cash al bank and In hand, other debtors, prepa￿Trents and accrued incom8. Financlal IKabililles comprise grants payable. other creditors and 8ccruèd èxpendilura. 2.12 Operitlng l•a*e$ Rentals pald under operaUng le8se8 are charged to the Statemenl of financial octlvltles on a 8lralghl- lino basis Ovor the198se 18mi. 2.13 Pfrnslons The Charity subscribes lo a defined contribution pension Scheme for the benefit of ils employees. Contributs'ons payable are charged lo the Statement of Financial Activities in the period they are pay8ble. 2.14 Dlre¢t taxation Tha Charity Is a registered cJ)8Thty and 15 gèn•r8lly ex8mpt from income tax and caplt81 gain5 18x bul is not able to recover VAT. Irr6coverable VAT is included in ihe cost of those items, vjithin support and govemance wsls. to which rt relales. 2.15 Fund accounting The Charity maintsins a capital fund enliued Exwndable Endowment Fund and an Income Fund. The Trustees also designate funds from tim8 to bm•. All funds are unreslricted and available for us8 al the discretion of the Trustees. in furtherance of the charitable objectives of the Foundation. Al transfers be￿een funds are recorded gross and shown on the Ststement 01 Financjal Activities. Page 25 JOSEPPI LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal aecountlng esllmatss and areas of Judgement In the applic8bon of the Charrtls accounbng policies, which are ¢Je8cribed above in not8 1. the Trustees are required to make judgments, ests'males and assumptions about the carrying amounls of 8ss8ts and liabilities that are nol readily apparent from other sources. The eslimates and associated assumpllons are based on historical experience and other factors thal are considered lo be relevanl. The 8stimates and Undert￿ng as3umplions are reviewed on an ongoing basls. The Items in the accounts where these judgments and e511males have been made Include: Basis of allocation ol support and govemance costs Estimatirig the liability from mult6-year grant commitments Esilmaung the lalr value ol non-ca5h grants Iprovlsion ol faclllfjas and st8ff lo olhar ch8rttiesl Rates of depreciation usad in det&rmining Ihè c9ryng value of iangible flxad assats In consideration of fvlure reporting pgriods, thg most signtficant Orgas of uncertainty that affect the carrying value ol assets held by Ihe Charily are the level of investment retLtrrn and th8 pérfomiance of Investment markèts and the impact on the investment portfollo Invested by Sarasin & Partnars LLP. The carrySng value ol the Investment portfollo as al 31 March 2024 was £21,390,842 {2023.' £19.818.098}. Inv•8tm•nt Incom• Unr•$trlct•d fund8 2024 Total fund¥ 2024 Total funds 2023 Rental incom8 Dividends and dislribulions from UK and Non-UK listed investmenls Inter8s1 on cash deposlls 4,384 4,384 736.593 19.332 736,593 19,332 740,329 20,373 760,309 760,309 760.702 During th8 current and prior year no investment incorne wa3 allocated to the Expendable Endowment Fund. Page 26 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Cost of ral$lng funds UTrrnstrict•d funds 2024 Total fvnds 2024 Total lund$ 2023 Inv8stmenl management fees 94.441 94.441 96,089 During the Current and prior year no invostmenl mana9omonl f8è8 or othér c08ts 01 raising funds wwo allocated to the Exwndable Endowment FL¢nd. Page 27 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Gr>nt$ A 8umm8ry of grants payable and grants commltted a8 al 31 March 2024 for each of the following bodl88'. Ttstyii OU•hl'. Forward Di •1 0114ll N•w Fundlnqi P•bd I, •fur￿•d11 In ZOZJIZI, th*iwn ini 20231241 Fon¥ird 41 •t 31103121, Piy•bK• I 2?2￿25 P4y•bl• I F•RO81S: ¢ Flbto44 *. CF Tru81. ￿J5 41•P 91.025 2F,5QO 63.525 3Q 250 33.275 14,SQ8 1e,887 lo.￿1 CF TNBI-RMI F￿￿-GrD￿1ts CF Trui1-R￿1 RqlBx Fund. Admln CF ThIt.W*kn 16.667 9,4J4 38.OOD 16.eey lQ.(WJ1 JO.03T 28.000 20,ti02 37,000 v UDIw￿jl ol j•￿Ill￿ .2SO 8nOO 20￿0 8.000 19.t2J oolb&l Fth￿d lJr•n¢• •w•r4•d'. Z.QDD 2.QOO 5.000 s.000 2.SOD 10.wo J.000 10.th s.000 5000 5.wo io coo io.v Lknlieo s,nnn H￿￿* S Thornhll Fcw44110n 2.500 10.000 CwAiepolnl lo Artx txvvblll Fouttd4Non Shdiikr fiofft 51w hionT8wp aub PSDS 1U.UUU io.r iO,L Face$ Food er si TOT￿8 JJB e70 Page 28 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2024 Grants Icontlnu•dl T￿1 N•w Fundw Totsl Fww•Fd •* •1311WIIJ from 202112 IR•fwfftd•¢l In 202WIJ Payo￿ in 242&24 242412$ Y5TK FIBRO￿5.. Cy$ii¢ FI￿￿18 HLlda Fund Ibn%15 Tnjsi. Jr* isTwl- Jrée CysNc FibTOSlJ TN&l. Ser*¢trA l- Re¥1 and XFW 75.C 27, 91.0 Ed .0 .0 33,J5 un 35.￿0 3&0C 38.0 .037 ,037 2&102 ,688 Ism.. Artpl1￿¥ ats)J Auusm Nl 18,5LK) 40.128 37.OtKJ 40.125 37.fO) 40,125 5ADVANTA DCNILDREN IJ4DYOUNO PEC•LE Noth'$Ath Chth8ns H05PIGe .6D7 1,897 OTHER nr•th¢t•d not• 3,D30.C J.030,WO S',noe Sl Jynl 7.Sto loo f￿bIll i￿0 10.0 B&1 Un P¢￿ 8ink 18 PthI$F￿ Lirntted 2.0 2.oro 5,ClO S,￿)0 15,0 100 AL8 Grant commitm•nts Total Total commltments commitments 2024 2023 Amounts falling due within one year Amounts falling due after on8 year 75.804 75.051 189,075 150,655 150,655 339,610 Page 29 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expendhure on charltabh actlvltles Summary by fund typ• Unrgstrlctsd fvnd• 2024 Total 2024 rolal 2023 Grants commltted durlng th8 perlod Support ￿$1$ Governance costs 140.973 250,487 170,443 140.973 250.487 170.443 313,022 203,546 65. 191 Total 2D24 561.903 561,903 581, 159 Tot812023 581, 759 581,759 Analy81• of •xp•ndltur• by Ictlvlti Gr•nt Support & fundlng of Gov•rn•nc• a¢tlvltle$ costs 2024 2024 Total fund• 2024 Tolol funds 2023 Grants commltted during the perlod Support costs Govemance costs 140.973 140,973 250,487 170,443 313,022 203,546 65,191 2SO,487 170.443 Total 2024 140,973 420.930 561,903 581,759 Tot812023 313,022 268.737 581, 759 Page 30 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anal￿1¥ of •xpondllur• by actlvltl•s Icontlnuodl AnalyslB of support costs Gov•rnaTrc• costs Support costs 2024 Total funds 2024 Total funds 2023 2024 Staff costs DeprecAalon R8nl, Rates and Insurance Light and Heal Repalrs and Mainlen8nce Lag81 and Profossional Faes Audit 8nd Aceountancy Fees Offic• G•noral ExpenseB 104,893 7,725 81.303 4,487 13,696 104,893 7,725 81,303 4,487 13,696 109.015 61,428 38,383 93,799 7,736 62,184 3,392 12,352 31,939 30,297 27.038 109,015 61.428 38.383 Total 2024 170,443 250,487 420.930 268, 737 Total 2023 65,191 203,546 268, 731 Included wllhin Legal and professional fe8s ar8 f8os lotalllng £Nil (2023.. £10.912) in conngcllon ￿th the grant 8W8rd lo Levy2, please see note 25. 10. Audltorf• r•mun•ratlon 2024 2023 Fees payable lo the Charitys auditor for Ihe gudlt of the Ch8ritYs annual accounts 15,980 16,500 Fegs payable lo the Charitl5 auditor in respect of.. Accountoncy and ad￿SOry serylces 3.990 12,900 Page 31 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Staff costs 2024 2023 Wag6s and salari8s Social se¢urity costs Contr¢bution to defined conlrlbub.on pension schemes 96,727 4,865 3,301 84,605 6.210 2.984 104,893 93, 799 Tha average number of persons employed by the Charity during the year was as follows.. 2024 No. 2023 No. Management, adrninislralion and support The nUm￿r of employg9s whose employee b8n8fl18 18xcludlng 8mployor pension ¢oslsl eKceed•d £60,000 was.. 2024 In the band £60,001- £70.000 Tha Foundabon employs 3 people 11.7 full time equivalentsl. The lolal amount ol employee benefits received by staff for their 5eTvices lo the Charity during the yeor was £100,028 (2023.. £1 ICI,981), of whlch £5,145 (2023." £17, 183) was recogni5ed as lime spent assisting other Charities and has been recognised as B granl in kind. The totsl amount reco9nised wlthln staff cosis for ampby88 b8nefit8 IB £104,893 (2023.. £93, 798). Of this total, th• total amount of employee benefi15 received by key managernent personnel for their 8ervlces lo the Charily during the porfod was £78,864 (2023.. £90,387), of whlch £NII (2023.. £11,279) was recognised as lime spenl asslstlng other charilles and has been recognis8d as a grant in klnd. The total amount recognised within staff costs relating lo k8y management personnel in the year is £88,005 (2023.. £79, 108). Page 32 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Trusto•8' remuneratlon and •xpanBè8 Dursng the year. no Trusloes received any ramuneralion Of other benefits (2023 - £NILJ. Durfng the year ended 31 March 2024. no Twstee expen889 have been Incurred {2023- £NIL). 13. P•ns5on Contributions made by the Foundatlon lo deflned conlrfbLttion ponsion 8chemes during tho year lots118d £3.301 (2023.. £3,41 IJ. Conlrfbutions of £NII f2023.. £Nil) were payable lo the lund al the balance sheet date. 14. Tanglbh flxfrd av•ts Offic• Improv•ments {8ell Street) Flxtur••, flttlngs & •qulpm•nt Tolal C+yJt or valuatlon At 1 APTII 2023 Add+tSons DS8posa18 93,275 23,842 193,275} 38,529 1S.376 121,137) 131,804 39,218 1114,412P At 31 March 2024 23,842 32,768 56,610 D•prèclatlon Al 1 Aprll 2023 Charge for the year On disposals 87,086 6.209 (93.2751 32,399 1,516 120,508) 119,465 7,725 {113.783) At 31 March 2024 13,407 13,407 Not book vAIu• At 31 March 2024 23.842 19.361 43,203 Al 31 March 2023 6,209 6,130 12,339 Page 33 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Flxed assèt Inve6tmtnts Ca•h held by Llst•d Inv•stment InvMtments manager Tot*1 ost or v•luatlon At 1 April 2023 Movement In cash held Revaluatlons 19.818.096 91 146 19,818,187 146 1,572.746 1.572.746 At 31 M8rch 2024 21,390,842 237 21,391,079 N•t book v•lu• Al 31 March 2024 21.390.842 237 21,391.079 At 31 March 2023 19,8t8,096 91 19,818,187 16. N•t g*in• on Inve•tm•nt• Expendabl• Expendable Endowm•nt Endowment Fund Fund 2024 2023 Managed by Portfollo Managers Realised Ilossesllgain5 Unrealised {1035e5ygains (81,940) fl,265,832) 1.572,746 1,572,746 f1,347,772J There ore no gains or losses on investments in the un￿strICted Income Fund in trte current or prior year. Page 34 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Debtors 2024 2023 Trade debtors other debtors PrepayThenls and accnJe¢J Incom8 4.384 14,526 13,574 27,219 29.911 40,793 Cr•dltors: amount* falllng du• wlthln on• year 2024 2023 Trade credltors Other taxallon and soclal securfty Oth8r ￿edItOrS Accru01$ 71,317 3,661 9,514 31,250 78,279 153,257 40, 764 19. Cr•dStor•: Amounts falllng du• aft•r mor• than on• y•ar 2024 2023 Grant commltmen15- (see note T} 75,051 150,655 Page 35 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 SLitement of funds Statemont of fund¥ - current y•ar BAlan¢e at 31 March 2024 B•lan¢• •t 1 Aprll 2023 Tran•fer• Inlout G•lnsl {Lo88o•) Income Expenditur• Unrestrictsd fund8 Unrestricted Income fund8 30,598 760,309 (656.344 1146) 134,417 Expendablo •ndowment funds Expendable endowment funds 19,818.187 146 1,572,746 21.391.079 Total of fund• 19,848.785 760,309 1658,3441 1.572,746 21.525,496 Page JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds Ic¢)nllnu•d) stat•m•nt of funds- prlor y•ar 8a18nce 8t 31 March 2023 8al8nc8 at 1 April 2022 Translers inlout Gainsl (Losses) Income Exp8nditum Unr••trlct•d nds Unrestricted Income funds (T7.860J 785,702 (677,848) 604 30,598 Exp•ndabl• ondowm*nt lund• Expendabl endowment funds 21,166,563 (604) (1,347,772J 19,878.187 Total ol fund¥ 21.088,703 785, T02 {6T7,848) (1,347,772) 19,848,785 The Tru8te85 have approved 8 Iransfer from Ihe Unrestrlcted Incorne Fund lo the Exp8ndable Endowm8nt Fund to adjust th& fund balances such Ihal they accurately represent the as8els and liabilitios hold in oaGh lund as al ¢ho balan￿ sheet dale. 21. Analys1• ol n•t ass•ts bOtw￿n funds An*lyili of not ***•ts b•tw••n fund* - ¢uri•nt p•rlod Expondabl• endowm?nt Unr••trlcted funds funds 2024 2024 Total fund 2024 Tangible fixed a$$els Fixed asset investrnents Current a55eis Creditors du• within ona ￿ar Creditors due in more than one year 43,203 43,203 21,391,079 395,126 395,126 1228,8611 {228,8611 {75,0511 175.0511 21.391,079 Total 21,391,079 134,417 21,525.496 Page 37 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Analysls of n•t as8•ts b•tw••n funds {contlnu•d> Anaty5is of net assets between funds - prior period Exp8ndable ertdowmenl Unrestrtcted funds runds 2023 2023 Total funds 2023 TangIb￿ fixed assets FLKed asset investments Curr&nl assets Credltors dve wllhin one yE8r Creditors due In more than one year 12.339 12.339 19,818. 187 398,693 398,693 (229.779) (229,779) (150,655) (150,655) 19,818, 187 Tot•1 19,818,187 30,598 19,848.785 22. R•concllSatlon of nèt mov•m•n¢ In fvnds to net cash flow from opvwatlng actlvltl 2024 2023 Net In￿Me19Xp8ndbtYre for the perlod las per Ststsmgnt of Flnanclol Activiti85) 1,676.711 (1,239.918) AdJu•tm•nt* for: Depreci811on charges Loss on disposal of tangible 88S8ts Deduct interest and investment income shown In Investing activilleg Investrnenl fees shown in invesling activities De¢￿ase/{InCreaseI in debtors Decroas• In ¢xodltCf8 Unfealised lossesl(galn$l on Investrnenls Realised losses on investmenls 7,715 629 7, 736 1760,309) (760, 702) 94,441 96,089 10,882 (4,536) 176.522) (3,052, 773J 11.572,746) 1.265,832 81,940 Net Gash used In opgratlng actlvltl•s {619,1891 f3,606,332J Page 38 JOSEPH LEVY FOUNDATIOM NOTES TO TPIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Analy818 of cash and cash •qulval•nts 2024 2023 Cash in hand Short term cash deposSls 36S,215 237 357.900 91 Total cash •nd cash •qulval•nls 305,452 357,991 Analy•l* of chang•s In n•t d•bt At 1 Aprll 2023 Ca•h flows At 31 March 2024 Cash at bank and in hand 357.900 91 7,315 146 365.215 237 Short term cash deposits 357,991 7,461 365,452 25. Operntlng le**è ctsmmStments Al 31 March 2024 the Charfty had commllmenls to make future minimum lease pa￿￿ents under non- Cancellable op8rats'ng188ses as follows.. 2024 2023 Not kter than 1 year Later than 1 year and not later than 5 years Later than 5 years 24,000 96,000 96,000 60,000 27,500 216,000 87,500 Th8 total operating leasg gxp8nditure fecognised in the year was £60,462 (2023.. £47,689) and Is included in note 9 Support and Govemance costs. Page 39 JOSEPH LEVY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. R•l•tsd party Ir•nsactlon$ Durlng the year, grants have been awarded lo other charflles, ￿th which a Trustee, or a fcfflier Truslee. has an assocsation. All grants awarded have been subjeded to the same procedures goveming all grant applications. The Trustees do not personally benefit from the awarding ol such grant5. Grant¥ awarded in the year.. 2024 2023 C￿16¢ Flbrosis Holi(J8y Fund lJ8n8 Jason. J8mes Jason and Katy EllSsonl 22,110 The details of all grants m8de or committed during the period but not paid al the perfod end are shown In note8 6 and 7. The Charttls offlce Is rented from Jang Jason, Chair, al open market value. During the yeor the Charty paid rtrnt of £60,462 (2023.. £60,000). The office service ch3rg8 is managed by Charfes Follett Limited, company ol which Trusteas James Jason and Mark Jason 8r8 also Directors. During the y8ar the Chadty paid servlce charges of £5.931 f2023.' £2,960). The Charity made available office space and general administrative support lo the Cystlc Flbrosls Holld8y Fund with current Trustee 8sso¢lallon8, unlll11 ceased trodlng on 23 December 2022, Thls is recognlsed a5 8 glft In klnd Included In grants awarded In lh& yoar above. The gfanls In klnd included an allocation of rent and seryice charge costs as follows.. rant £Nil (2023.. £7,627) and service charge £Nil (2023.. £370). Dudng the year. Bloomsbury Football Foundatton were gr8nled £19,223 (2023.. £10,OOQJ where Katy Ellison. Trustee, family member uses the services provlded by the charlty. Changing Faces was recommendod by a friend ol Katy Ellison, Trustee. which resulted In a don8lion of £1.00012023.' £Nil) during the year. The Charily received donation$ wilhoul condMlon8 of £NII (2023.. £25,000) from related partles. 27. Controlllng party The Twsleos consid$r there to be no ultimate contrc41ing party. Page 40