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2025-03-31-accounts

Charity number: 1165225

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

JOSEPH LEVY FOUNDATION

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 12
Independent auditor's report on the financial statements 13 - 16
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20 - 36

JOSEPH LEVY FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Jane Jason (OBE), Chair
James Jason
Katie Ellison
Mark Jason
Claire Brown
Henry Donne
Governing Document
Constitution of Trustees
Constitution of a Charitable Incorporated Organisation dated 19 January 2016,
updated 27 June 2023
The power to appoint additional Trustees is vested in the present Trustees
Charity registered
number
1165225
Principal office
1 Bell Street
London
NW1 5BY
Executive Director
Denise Ramsey
Independent auditor
Crowe U.K. LLP
St James House
St James Square
Cheltenham
GL50 3PR
Bankers
Virgin Money
30 St Vincent Place
Glasgow
G1 2HL
Solicitors
BDB Pitmans LLP
One Bartholomew Close
London
EC1A 7BL
Investment Advisors
Sarasin & Partners LLP
Juxon House
100 St. Paul’s Courtyard
London
EC4M 8BU

Page 1

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

Summary

What we did in 2024/25:

During the year, the Joseph Levy Foundation awarded a total of £441,652 new grants, continuing its commitment to offering unrestricted funding by default.

Exceptions were made where charities specifically requested project-based funding, or where trustees determined that additional scrutiny was required.

A Transformational Year of Strategic Change

Under the leadership of Denise Ramsey, Executive Director (appointed in March 2024), 2024/25 marked an ambitious and transformational year for the Foundation. A new five-year strategy was developed, tested, and is now being embedded — setting a clear direction to:

Key Operational Developments Aligned to Strategy

To support the delivery of this new strategy, the Foundation introduced several key changes across its operations:

Even Better Record Management:

A renewed commitment to rigorous documentation, capturing:

Page 2

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Evolving How We Work

In support of this strategic shift, the Foundation also adopted a more agile and efficient operational model relocating to a smaller office and embracing flexible working arrangements. This has allowed us to respond more effectively to the needs of our partners and the communities we serve.

Looking Beyond Grant Making

The Foundation has also begun exploring additional support to complement its funding, including:

This renewed direction reflects the Foundation’s ambition to go beyond traditional grant-giving, working in deeper partnership with communities and organisations to deliver lasting, positive change.

Objectives and activities

The objects of the Foundation are to support charitable organisations and to promote charitable purposes. The Foundation carries out these objectives mainly by making grants to organisations that carry out charitable activities.

Our vision is a future where people under 35 who experience disadvantage have fair access to all they need to flourish.

Our mission is to fund and support organisations and individuals who have ambitious ideas to help young people experiencing disadvantage. We back organisations and individuals that are trusted by young people.

Our values:

Page 3

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

In accordance with Section 17 of the Charities Act 2011, the trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future grant-making activities. This ensures that the Foundation continues to operate in a way that delivers clear and measurable benefit to the public, in line with its charitable purposes. By considering this guidance, the trustees are fulfilling their legal duty and helping to ensure the Foundation remains focused on activities that align with its charitable status.

The trustees review the Foundation’s financial position and grant expenditure quarterly at each board meeting, prior to awarding new grants.

All organisations are assessed against five core criteria: inclusion, impact, sustainability , need , and equity . The majority of grants approved are up to £25,000 . The Foundation primarily offers one-off annual grants , though it may support up to five multi-year (3–5 years) grants at any one time, with agreements made in principle.

Once a grant is awarded, the organisation signs a grant agreement and commits to:

This reporting informs the Foundation’s internal reflection on how funds are being used and helps shape future grant-making decisions.

We are committed to keeping costs low and respecting applicants’ and grantees’ time — including our own. To ensure a fair and efficient process, we only request information that will directly inform decision-making.

Our two-stage application process includes:

  1. Initial conversation with the person(s) leading organistaion and or activity with the Executive Director or Operations Manager

  2. If invited to apply for a grant, the submission of a full application form is required

This approach ensures that the Foundation remains accountable, accessible, inclusive, transparent, and responsive to the organisations it supports.

Page 4

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

Grant making:

2024/25 was the second year of a three-year partnership agreement with the Cystic Fibrosis Trust and the value of the grant paid to the Trust was £70,605

During the period ending 31 March 2025, the Foundation committed and paid 33 new grants to support a range of activities, predominantly focused on children and young people. The total value of the grants £441,652.

The new grants committed and paid in 2024/25 are as follows:

Page 5

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

Impact and Learning:

We keep our grant monitoring requirements proportionate to the size of our grants. The majority of our grants are up to £25,000 per organisation. We require an end of grant report for each organisation we have funded in addition to reviewing the organisation’s annual report and accounts for the period relating to our grant.

In headline terms, these reports show that the Foundation’s funding has supported a wide range of charitable causes, across health, education, employment, social care, physical activity, and community cohesion across the UK – helping to support people who experience disadvantage, particularly young people and those who are most marginalised.

Trustees, Structure, Governance and Management

The Trustees are responsible for the overall control and governance of the Foundation. The trustees give their time freely and receive no remuneration or other financial benefits although they are entitled to be reimbursed for expenses directly incurred in the role. Details of trustee expenses and related party transactions are detailed in notes 11 and 26 respectively.

Trustees are required to disclose all relevant interests and register them with the Executive Director, in accordance with the Foundation’s policy and withdraw from decisions where a conflict of interest arises.

The trustees usually meet as a body four times each year to set and monitor the Foundation’s strategy and policies, to receive reports on the implementation of the Foundation’s work programme and to authorise the distribution of grants to enable the objects of the Foundation to be furthered.

Page 6

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

Key Management Personnel Remuneration

The trustees govern the Foundation and control its strategic direction. They delegate the operational management of the Foundation to the Executive Director who is supervised by the Chair of the Board of trustees and who reports to the Board at trustee meetings. The Executive Director line manages the Foundation’s other staff members. As such, the trustees consider the key management personnel of the Foundation to be the Executive Director.

Denise Ramsey was appointed the Foundation’s Executive Director on the 4th of March 2024. Denise has 20 years’ experience across the third sector. Most recently she had been a director of a large charity responsible for a £150M endowment and an additional £20M external funding, led system change, grant making and social investment. Denise works for the Foundation on a full-time basis and receives a 4 per cent pension contribution.

Ben Brahams, part-time Assistant Administrator, is the Foundation’s longest serving member of staff. Following changes to the Foundation’s support for Cystic Fibrosis and the technological shifts affecting all organisations, Ben’s role has been reviewed. Ben now works for the Foundation one morning a week and is on a paid secondment to Resources for Autism for his remaining hours. The Foundation is grateful to Resources for Autism for this opportunity.

The foundation is also supported by two contracted individuals. Alex Murtough who began in June 2024 as Operations Manager and commits 2.5 days per week to the foundation and Ragini Majithia as Finance Manager, who began with the foundation in June 2023 and commits 1 day per week.

Orshoya Fulop Part time, Foundation Administrator, employment contract came to an end in May 2024. The Foundation wishes to thank Orshoya for her commitment to the Foundation during her 2 years of service.

The Foundation employed 2 members of staff which is the equivalent to 1.7 FTE in the 2024/25 financial year.

Risk Management

The trustees consider and review the major risks to which the Foundation is subject on an annual basis. Trustees noted that considerable progress has been made over the last 12 months in reducing the risks to which the Foundation has been exposed. The major areas of risk identified during the year, and the steps taken to mitigate them, are:

Page 7

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

The Foundation managed this transition carefully and transparently. It proactively communicated the changes, held a strategy day involving cross-sector partners and young people, and produced a clear and transparent strategic plan and operational framework. These steps ensured continued trust and credibility while laying the foundation for more equitable and impactful funding.

Financial review

The results for the year are set out in the attached financial statements. Total incoming resources have decreased slightly to £757,079 (2023/24: £760,309).

The value of the Foundation’s listed investments has increased to £21,616,999 as of 31 March 2025 (2023/24: £21,391,079).

The trustees met with the Foundation’s investment advisors, both during the year and since the year end, to discuss how the Foundation’s investments could best meet our investment policy set out below.

Page 8

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

a. Investment policy

The Foundation derives its income from an endowment made up of the original gift by Joseph Levy when he set up the Foundation in 1965 and the merger of the Foundation with the Lawrence Levy Charitable Trust in 1999. Joseph Levy was a successful property developer and Lawrence Levy was a leading sports photographer, specialising in recording the professional golf tour.

The endowment is invested to produce a financial return that the trustees use to make grants and meet the Foundation’s running costs.

The Foundation’s trustees have agreed the following investment objectives:

The Foundation’s investments are managed by Sarasin & Partners LLP and are predominantly invested in a long-term portfolio, the primary objective of which is to protect and grow the real value of the capital, whilst providing a sustainable income stream to meet the needs of the Foundation’s beneficiaries.

There will be no holdings in companies with exposure to the production of tobacco or tobacco-related manufacturing. The funds will also avoid investment in companies that generate significant revenues (typically deemed to be more than 5-10%) from:

The issue of ‘direct’ and ‘indirect’ exposure is carefully considered and therefore all externally managed funds are screened on initial purchase and reviewed regularly to ensure they adhere to these rules.

The Fund benefits from an active and responsible approach to investment, with the principles of stewardship embedded at the heart of the investment process. This mind-set is guided by a commitment to think and behave like owners of the companies in which the Foundation is invested, rather than passive shareholders. Where material concerns are identified, Sarasin & Partners will engage with investee companies to catalyse positive change. Wider outreach and policy work will be undertaken when required, or is thought to be beneficial, and will involve collaboration with governments, regulatory bodies, and other stakeholders.

Sarasin’s Commentary

As of 31st March 2025, the assets managed by Sarasin & Partners were valued at £21,615,994. The underlying asset allocation of the portfolio was as follows:

Asset class Value £'000 Allocation %
Fixed Interest 2,111,010 9.8
Global Equities 14,847,530 68.7
Property 818,608 3.8
Alternatives 2,138,538 9.9
Cash 1,700,308 7.9
Total 21,615,994 100

Page 9

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Equity markets, and risk assets more generally, produced very strong returns in 2024, driven by the continued strength of the technology sector. In the final months of the year, US equity markets in particular enjoyed additional impetus as investors presumed that the republican presidential election victory would lead to an increasingly supportive environment for businesses and corporate profits. Against this backdrop, our overweight position in equities throughout 2024 and early 2025 proved beneficial.

As the first quarter of the year progressed, however, policy announcements from the Trump administration — particularly around tariffs and cuts to the federal workforce — created unease over the outlook for economic growth. These shifts also sparked broader concerns over the sustainability of the US economic hegemony and the potential impact on global trade & corporate profit margins. We were therefore fortunate to have reduced risk relatively early in 2025.

Looking ahead, we expect markets to remain sensitive to the interplay between economic growth, inflationary pressures, and central bank policy decisions. Our positioning remains cautious but open and ready to respond to the opportunities that this increased volatility may create. Within equities, we continue to favour quality companies supported by thematic tailwinds, and are mindful that the full impact of tariffs has yet to be felt. While this more defensive positioning has not yet been fully rewarded, we are confident it will provide resilience over the medium-long term.

b. Reserves policy

The Foundation has adopted a policy to maintain the future levels of grants to charities in real terms, as far as possible. To achieve this, the actual income received in any year will be supplemented, if necessary, from capital which the trustees have the right to distribute if required. It is the trustees’ intention and policy, however, to maintain the capital value of the fund to be able to continue to support charitable activities in the longer term.

Staffing and Operations

Trustees recruited a new Executive Director in November 2023 through a process managed by Peridot Partners and Denise Ramsey joined the Foundation on 4 March 2024. Sally Prentice finished her 18-month stewardship of the Foundation as Interim Director on 8 March 2024.

The Foundation moved to smaller office space on the third floor of 1 Bell Street in March 2024. The Foundation requires less office space following the transfer of the administration of the Joseph Levy Education Fund to the Cystic Fibrosis Trust and the closure of the Cystic Fibrosis Holiday Fund for which the Foundation has provided office space on a pro-bono basis for many years. The Trustees and the Executive Director agree that the smaller office space meets the needs of the Foundation.

Reference and Administrative Information

The reference and administrative information set out on page 1 forms part of this report.

The trustees who served during the year are shown on page 1 of this report.

Page 10

JOSEPH LEVY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Incorporation of the Joseph Levy Foundation

The Joseph Levy Foundation (“the Foundation”) is a Charitable Incorporated Organisation (CIO) governed according to the Constitution dated 19 January 2016. It was established on this date, to take forward the work of the Joseph Levy Charitable Foundation, an unincorporated charity with registered charity number 245592. The Joseph Levy Charitable Foundation was established by the late Joseph Levy C.B.E. B.E.M. under a trust deed dated 5 April 1965 and incorporates the Lawrence Levy Charitable Trust.

On 31 March 2016, in accordance with a deed of transfer between the trustees of the Joseph Levy Charitable Foundation and Joseph Levy Foundation, in consideration of the assumption of the liabilities by Joseph Levy Foundation, the trustees completed a transfer, including assignment and novation, by way of a charitable application and Joseph Levy Foundation acquired the assets of Joseph Levy Charitable Foundation. The transfer was affected by a donation from Joseph Levy Charitable Foundation to Joseph Levy Foundation amounting to £18.95m.

The accounts have been prepared in accordance with accounting policies set out on pages 13 to 15 and with applicable United Kingdom accounting standards, current statutory requirements, the Charities Act 2011, the Foundation’s governing document, the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and UK Generally Accepted Practice as it applies from 1 January 2015.

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:

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 Constitution of a Charitable Incorporated Organisation. 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.

Page 11

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JOSEPH LEVY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOSEPH LEVY FOUNDATION

Opinion

We have audited the financial statements of Joseph Levy Foundation (the 'Charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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.

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.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

JOSEPH LEVY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOSEPH LEVY FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Page 14

JOSEPH LEVY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF JOSEPH LEVY FOUNDATION (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Anti-fraud, bribery and corruption legislation, environmental protection legislation, Health and safety legislation, Taxation legislation and Employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: timing of recognition of income; the override of controls by management, including posting of unusual journals; inappropriate treatment of non-routine transactions and areas of estimation uncertainty.

Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and income transactions and review of accounting estimates for biases.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 15

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 St James House St James Square Cheltenham GL50 3PR

Date: 29 October 2025

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

JOSEPH LEVY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note
Income and endowments from:
Investments
4
Total income and endowments
Expenditure on:
Raising funds:
5
Investment management fees
Charitable activities
8
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Expendable
endowment
funds
2025
£
-
-
-
-
-
-
225,920
225,920
21,391,079
225,920
21,616,999		 Unrestricted
funds
2025
£
757,079
757,079
101,057
716,136
817,193
(60,114)
-
(60,114)
134,417
(60,114)
74,303		 Total
funds
2025
£
757,079
757,079
101,057
716,136
817,193
(60,114)
225,920
165,806
21,525,496
165,806
21,691,302		 Total
funds
2024
£
760,309
760,309
94,441
561,903
656,344
103,965
1,572,746
1,676,711
19,848,785
1,676,711
21,525,496

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 36 form part of these financial statements.

(a)TRUSTEES’ ABSOLUTE DISCRETIONARY POWER

The Trustees in their absolute discretion may apply both the income and capital of the trust funds to such charitable institutions or for such charitable purposes as they shall in their absolute discretion think fit, with no restriction in their investment powers.

(b)UNRESTRICTED AND ENDOWMENT FUNDS

The total funds are all unrestricted.

Page 17

JOSEPH LEVY FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Grant commitments
Net current assets
Total assets less current liabilities
Grant commitments
19
Total net assets
Charity funds
Expendable endowment funds
20
Unrestricted funds
20
Total funds		 36,529
131,302
167,831
(57,718)
(77,051)		 2025
£
41,241
21,616,999
21,658,240
33,062
21,691,302
21,691,302
21,616,999
74,303
21,691,302		 29,911
365,215
395,126
(153,257)
(75,604)		 2024
£
43,203
21,391,079
21,434,282
166,265
21,600,547
(75,051)
21,525,496
21,391,079
134,417
21,525,496

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Jane Jason (QBE)

Chair Date: 10 October 2025

The notes on pages 20 to 36 form part of these financial statements.

Page 18

JOSEPH LEVY FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Investment management fees
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23
The notes on pages 20 to 36 form part of these financial statements		 2025
£
(885,181)
757,079
(3,895)
(101,057)
652,127
(233,054)
365,452
132,398		 2024
£
(619,189)
760,309
(39,218)
(94,441)
626,650
7,461
357,991
365,452

Page 19

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

Joseph Levy Foundation is an unincorporated charity (No. 1165225) registered in England and Wales. The registered address is 1 Bell Street, London, NW1 5BY.

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.

Joseph Levy 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 Going concern

The accounts have been prepared on the going concern basis. The Trustees have considered a period of at least 12 months from the date of approval of the accounts and believe there to be no material uncertainties regarding going concern.

2.3 Income

Donations and legacies

All income is recognised once the Charity has entitlement to the income, any performance conditions attached to the item(s) of income have been met and it is probable that the income will be received and the amount of income receivable can be measured reliably.

Investment income

All investment income is unrestricted and generated on investments managed in the UK, and is accrued when receivable. Interest and dividends: this includes interest on cash and treasury deposits and dividend distributions from listed investments.

2.4 Donated goods and services

Donated professional services are recognised as income in the period which the service is provided. Donated professional services are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services of equivalent economic benefit on the open market and that the economic benefit can be measured reliably.

Page 20

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.5 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.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Fixtures and fittings - 10% on cost
Office equipment - 25% on cost
Office improvements - over the term of the lease

Expenditure on furniture and furnishings are taken to the Statement of Financial Activities in the period of acquisition. Fixed assets are not capitalised if the value is less than £1,000. The Charity’s impairment policy is to review annually.

2.7 Listed investments

Listed Investments are valued at the closing middle market price at the balance sheet date. Gains and losses on revaluation and on disposals are dealt with in the Statement of Financial Activities. Realised gains are reinvested. Short term cash deposits are included within the investment portfolio.

Investments held as fixed assets are shown at cost less provision for impairment.

Page 21

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.8 Current assets

The current assets are valued at the lower of cost and net realisable value.

2.9 Cash at bank and in hand

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10 Debtors and creditors

Other debtors are recognised at the settlement amount due at the end of the period. Prepayments are valued at the amount prepaid net of any discounts due.

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement.

2.11 Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments and are initially recognised at transaction value and subsequently measured at their settlement value. Financial assets comprise cash at bank and in hand, other debtors, prepayments and accrued income. Financial liabilities comprise grants payable, other creditors and accrued expenditure.

2.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

2.13 Pensions

The Charity subscribes to a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to the Statement of Financial Activities in the period they are payable.

Page 22

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.14 Direct taxation

The Charity is a registered charity and is generally exempt from income tax and capital gains tax but is not able to recover VAT. Irrecoverable VAT is included in the cost of those items, within support and governance costs, to which it relates.

2.15 Fund accounting

The Charity maintains a capital fund entitled Expendable Endowment Fund and an Income Fund. The Trustees also designate funds from time to time. All funds are unrestricted and available for use at the discretion of the Trustees, in furtherance of the charitable objectives of the Foundation. All transfers between funds are recorded gross and shown on the Statement of Financial Activities.

3. Critical accounting estimates and areas of judgement

In the application of the Charity's accounting policies, which are described above in note 1, the Trustees are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

Critical accounting estimates and assumptions:

In consideration of future reporting periods, the most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets and the impact on the investment portfolio invested by Sarasin & Partners LLP. The carrying value of the investment portfolio as at 31 March 2025 was £21,615,826 (2024: £21,390,842) .

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JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Investment income

Unrestricted
funds
2025
£
Rental income
-
Dividends and distributions from UK and Non-UK listed
investments
752,356
Interest on cash deposits
4,723
757,079		 Total
funds
2025
£
-
752,356
4,723
757,079		 Total
funds
2024
£
4,384
736,593
19,332
760,309

During the current and prior year no investment income was allocated to the Expendable Endowment Fund.

5. Cost of raising funds

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Investment management fees 101,057 101,057 94,441

During the current and prior year no investment management fees or other costs of raising funds were allocated to the Expendable Endowment Fund.

Page 24

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Grants

A summary of grants payable and grants committed as at 31 March 2025 for each of the following bodies:

Payable in
2025/26
33,275
14,508
16,667
10,601
OTHER GRANTS:
Venture Arts 10,000 10,000 -
Resources for Autism 20,000 20,000 -
Sport4Life 20,000 20,000 -
In2Out 20,000 20,000 -
Autism Inclusive 10,000 10,000 -
YoungPeople First 10,000 10,000 -
New Horizon Youth Centre 10,000 10,000 -
St Thomas's Foundation(PrimarySchool) 9,500 9,500 -
Go Live Theatre 10,000 10,000 -
AdvocacyAcademy 15,000 15,000 -
Ben Kinsella Trust 25,000 25,000 -
Cornerstone Engagement 18,000 18,000 -
Diverse Youth NI 20,000 20,000 -
Spiral Skills 25,000 25,000 -
Tender 20,000 20,000 -
Tom's Run Club 5,000 3,000 2,000 2,000
Fight for Peace 15,000 15,000 -
Peckham SoupKitchen 15,000 15,000 -
Black Seed Ventures 20,000 20,000 -
Grove Cottage Mencap 22,152 22,152 -
UCLH Charity 25,000 25,000 -
National Theatre 20,000 20,000 -

Page 25

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Grants (continued)

Organisation Total
Brought
Forward as
at 01/04/24		 New
Funding
Agreed or
Withdrawn		 Paid /
(Refunded)
in 2024/25		 Total
Carried
Forward as
at 31/03/25		 Payable in
2025/26
DISCRETIONARY GRANTS AWARDED:
Dementia PublishingLimited 5,000 5,000
Maccabi London 10,000 10,000
Guardian Ballers 15,000 15,000
Campaign Against LivingMiserable(CALM) 2,500 2,500
WAC Arts 2,500 2,500
LucyRayner Foundation 10,000 10,000
SeeSaw 5,000 5,000
Film Oxford/Oxford Film and Video Makers 5,750 5,750
Turtle KeyArts 5,750 5,750
Resonate Arts 5,250 5,250
Wagand Company 5,250 5,250
Chelsea CommunityHospital School. 10,000 10,000
TOTALS 150,656 441,652 515,257 77,051 77,051

7. Grant commitments

Amounts falling due within one year
Amounts falling due after one year		 77,051
-
77,051		 75,604
75,051
150,655

Page 26

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Grants committed during the period
441,652
Support costs
189,748
Governance costs
84,736
Total 2025
716,136
Total 2024
561,903		 Total
2025
£
441,652
189,748
84,736
716,136
561,903		 Total
2024
£
140,973
250,487
170,443
561,903

9. Analysis of expenditure by activities

Grants committed during the period
Support costs
Governance costs
Total 2025
Total 2024		 Grant
funding of
activities
2025
£
441,652
-
-
441,652
140,973		 Support &
Governance
costs
2025
£
-
189,748
84,736
274,484
420,930		 Total
funds
2025
£
441,652
189,748
84,736
716,136
561,903		 Total
funds
2024
£
140,973
250,487
170,443
561,903

Page 27

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Rent, Rates and Insurance
Light and Heat
Repairs and Maintenance
Legal and Professional Fees
Audit and Accountancy Fees
Office General Expenses
Total 2025
Total 2024		 Governance
costs
2025
£
-
-
-
-
-
25,745
58,991
-
84,736
170,443		 Support
costs
2025
£
99,954
5,858
43,023
1,534
13,341
-
-
26,038
189,748
250,487		 Total
funds
2025
£
99,954
5,858
43,023
1,534
13,341
25,745
58,991
26,038
274,484
420,930		 Total
funds
2024
£
104,893
7,725
81,303
4,487
13,696
109,015
61,428
38,383
420,930

Included within Legal and professional fees are fees totalling £Nil (2024: £Nil) in connection with the grant award to Levy2, please see note 25.

10. Auditor's remuneration

2025 2024
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 20,950 15,960
Fees payable to the Charity's auditor in respect of:
Accountancy and advisory services 2,000 3,990

Page 28

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
93,232
4,999
1,723
99,954		 2024
£
96,727
4,865
3,301
104,893

The average number of persons employed by the Charity during the year was as follows:

2025 2024
No. No.
Management, administration and support 2 3

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 1 1

The Foundation employs 2 people (1.7 full time equivalents). The total amount of employee benefits received by staff for their services to the Charity during the year was £91,219 (2024: £100,028) , of which £3,216 (2024: £5,145) was recognised as time spent assisting other charities and has been recognised as a grant in kind. The total amount recognised within staff costs for employee benefits is £96,218 (2024: £104,893) .

Of this total, the total amount of employee benefits received by key management personnel for their services to the Charity during the period was £81,600 (2024: £78,864) , of which £Nil (2024: £Nil) was recognised as time spent assisting other charities and has been recognised as a grant in kind. The total amount recognised within staff costs relating to key management personnel in the year is £81,600 (2024: £88,005) .

Page 29

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

13. Pension

Contributions made by the Foundation to defined contribution pension schemes during the year totalled £1,723 (2024: £3,301) . Contributions of £Nil (2024: £Nil) were payable to the fund at the balance sheet date.

14. Tangible fixed assets

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Office
Improvements
(Bell Street)
£
23,842
-
23,842
-
2,649
2,649
21,193
23,842		 Fixtures,
fittings &
equipment
£
32,768
3,895
36,663
13,407
3,208
16,615
20,048
19,361		 Total
£
56,610
3,895
60,505
13,407
5,857
19,264
41,241
43,203

Page 30

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Fixed asset investments

Cost or valuation
At 1 April 2024
Additions
Revaluations
Cash withdrawal
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
16.
Net gains on investments
Managed by Portfolio Managers
Unrealised (losses)/gains		 Listed
investments
£
21,390,842
-
225,920
(936)
21,615,826
21,615,826
21,390,842		 Cash held
by
investment
manager
£
237
936
-
-
1,173
1,173
237
Expendable
Endowment
Fund
2025
£
225,920		 Total
£
21,391,079
936
225,920
(936)
21,616,999
21,616,999
21,391,079
Expendable
Endowment
Fund
2024
£
1,572,746

There are no gains or losses on investments in the Unrestricted Income Fund in the current or prior year.

Page 31

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Debtors

Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Accruals		 2025
£
-
16,139
20,390
36,529
2025
£
6,448
5,525
45,745
57,718		 2024
£
4,384
14,526
11,001
29,911
2024
£
71,317
3,661
78,279
153,257

18. Creditors: amounts falling due within one year

19. Creditors: Amounts falling due after more than one year

Grant commitments - (see note 7)

2025 2024
£ £
- 75,051

Page 32

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 Gains/ 31 March
April 2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Unrestricted funds
Unrestricted income funds 134,417 757,079 (817,193) - 74,303
Endowment funds
Expendable endowment funds 21,391,079 - - 225,920 21,616,999
Total of funds 21,525,496 757,079 (817,193) 225,920 21,691,302
Statement of funds - prior year
Balance at
Balance at Transfers Gains/ 31 March
1 April 2023 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
Unrestricted
funds
Unrestricted
income funds 30,598 760,309 (656,344) (146) - 134,417
Endowment
funds
Expendable
endowment
funds 19,818,187 - - 146 1,572,746 21,391,079
Total of funds 19,848,785 760,309 (656,344) - 1,572,746 21,525,496

Page 33

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Expendable
endowment
funds
2025
Unrestricted
funds
2025
£
£
-
41,241
21,616,999
-
-
167,831
-
(134,769)
21,616,999
74,303		 Total
funds
2025
£
41,241
21,616,999
167,831
(134,769)
21,691,302

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Expendable
endowment
funds
2024
£
-
21,391,079
-
-
-
21,391,079		 Unrestricted
funds
2024
£
43,203
-
395,126
(228,861)
(75,051)
134,417		 Total
funds
2024
£
43,203
21,391,079
395,126
(228,861)
(75,051)
21,525,496

Page 34

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss on disposal of tangible assets
Deduct interest and investment income shown in investing activities
Investment fees shown in investing activities
(Increase)/decrease in debtors
Decrease in creditors
Unrealised losses/(gains) on investments
Investments cash withdrawal
Net cash used in operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Short term cash deposits
Total cash and cash equivalents
24.
Analysis of changes in net debt
At 1 April
2024
£
Cash at bank and in hand
365,215
365,215		 2025
£
165,806
5,857
-
(757,079)
101,057
(6,618)
(169,220)
(225,920)
936
(885,181)
2025
£
131,302
1,096
132,398
Cash flows
£
(233,913)
(233,913)		 2024
£
1,676,711
7,725
629
(760,309)
94,441
10,882
(76,522)
(1,572,746)
-
(619,189)
2024
£
365,215
237
365,452
At 31 March
2025
£
131,302
131,302

Page 35

JOSEPH LEVY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

25. Operating lease commitments

At 31 March 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2025
£
24,000
96,000
72,000
192,000		 2024
£
24,000
96,000
96,000
216,000

The total operating lease expenditure recognised in the year was £24,000 (2024: £60,462) and is included in note 9 Support and Governance costs.

26. Related party transactions

The details of all grants made or committed during the period but not paid at the period end are shown in notes 6 and 7.

The Joseph Levy Foundation office is rented from John and Jane Jason (Chair) at open market value.

During the year the Foundation paid rent of £24,000 (2024: £60,462). The office service charge is managed by Kirkby Diamond an independent property management company.

During the year, some utility costs were re-charge to the Foundation by Charles Follett Limited, a company of which Trustees James Jason and Mark Jason are also Directors, via Kirkby Diamond. The Foundation paid service charges of £9,327 (2024: £9,044).

During the year, Bloomsbury Football Foundation were granted £Nil (2024: £19,223) where Katy Ellison, Trustee, family member uses the services provided by the charity.

Changing Faces was recommended by a friend of Katy Ellison, Trustee, which resulted in a donation of £Nil (2024: £1,000) during the year.

27. Controlling party

The Trustees consider there to be no ultimate controlling party.

Page 36