**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||
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## **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:
- Deepen the Foundation’s impact
- Ensure more equitable outcomes
- Strengthen transparency and consistency in grant-making
## **Key Operational Developments Aligned to Strategy**
To support the delivery of this new strategy, the Foundation introduced several key changes across its operations:
- **New Operational Framework** : A tailored approach designed specifically to deliver our updated strategy.
- **Updated Application Forms** : Simplified and professional forms for both Annual and Trustee Recommended grants, hosted on Zoho Forms for accessibility and easy data export.
- **New Assessment Scorecards** : Every application is assessed using a consistent, strategic framework. Completed assessments are filed for all applicants.
- **Clear, Fair Grant Agreements** : New template terms and conditions were introduced — designed to be easily understood and only include essential provisions.
- **Supportive Monitoring Approach** : Reflecting our commitment to meaningful relationships with grantees, we introduced:
- A **6-month check-in** (with written summaries on file)
- o A **12-month one-page report** focused on outcomes and learning
## **Even Better Record Management:**
A renewed commitment to rigorous documentation, capturing:
- Invitations to apply
- Application forms and assessments
- Payment receipts
- o Key correspondence
- **New Grant Portfolio Template for Trustees** : A clear, comprehensive format aligned with assessment criteria.
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## **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:
- Development of a Young Advisory Board, ensuring youth voice and lived experience shape future priorities.
- Building cross-sector partnerships to enhance collaboration and promote systemic change.
- Exploring support for cultural and creative initiatives that empower and inspire disadvantaged young people.
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:
- **Equity and Inclusivity** : Some people experience greater disadvantages than others. We proactively seek and incorporate diverse experiences.
- **Connectivity and Collaboration:** We use our convening power to connect people, projects and ideas.
- **Commitment and Integrity:** We are reliable, dedicated, open, honest and clear in intention. We value honest dialogue, which enables us to function sustainably and prudently.
- **Innovation and Imagination:** Complex problems require creative solutions. We are ambitious and we seek new ways of doing things. We are committed to continuous learning, adapting to drive impact.
- **Engagement and joy for life:** We are engaged with communities who support young people. We actively demonstrate a love of life and passion for what we do.
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## **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.
- To be eligible for funding, organisations must meet the Foundation’s eligibility criteria:
- Submit annual accounts on time to the Charity Commission
- Be UK-based and deliver activities within the UK
- Have an annual income of less than £4 million to be considered for unrestricted funding
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:
- Expend funds **solely** for the purposes outlined in the grant agreement
- A **six-month check-in** to review spend and early impact
- Submitting an **annual report** or sharing their existing **impact report**
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.
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## **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:
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## **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.
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## **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:
- 1) Financial management: the Foundation’s financial management has been significantly strengthened by the engagement of Ragini Majithia of RMV Accountants Limited, to manage the Foundation’s finances from June 2023 through her company RVM Accountants Limited. After five months in post, the Interim Director advised trustees that vesting the responsibility of managing the Foundation’s finances in the role of the Director, was not advisable. Investing such responsibility in the Foundation’s only full-time employee was elevated risk; it is also not the best use of the Interim Director’s time or skill set. The engagement of a charity finance specialist fulfils a key action from previous audit reports. Ragini has streamlined the financial processes, reducing paper led communication by introducing more digital ways of working, with stronger security measures, and embedding structures with clear lines of accountability. For clarity, Payroll/Pensions is processed by Iris Payroll Bureau and it's their responsibility to submit after seeking authorisation from the Foundation using their online system. The Foundation also use XERO, accounting software to support robust financial management.
- 2) Change of auditors: the Foundation completed the re-tendering of the audit function which was adjourned during the pandemic and appointed Crowe UK LLP in 2024 and they continue to lead the foundations audit function. Lewis Golden had audited the Foundation’s accounts for several decades, so this change brings the Foundation into line with best practice.
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## **JOSEPH LEVY FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Achievements and performance (continued)**
- 3) Appointment of two independent trustees: the appointment of Claire Brown and Henry Donne in 2023/24 has fulfilled a key recommendation of the Charity Commission and has enabled decisions on the Foundation’s future property requirements to be taken by two non-family trustees who are not conflicted by related party transactions at 1 Bell Street.
- 4) Online systems: the Foundation uses a Cloud-based IT system which enables staff to work securely. Data security was a key element of the specification for the system. Communication with Virgin Money on changes to monthly salary payments and international grant payments is now managed through the online portal rather than by fax.
- 5) Change of Director: Denise Ramsey was appointed in March 2024 this process was managed smoothly with sector expertise from Peridot Partners and guidance from the Chair of the Foundation. Peridot Partners are an executive search firm working across the third sector, education, and membership sectors to transform leadership and inspire change, leadership. Once recruitment was finalised there was a 1- week handover between the Interim Director and new Executive Director, and extensive handover notes have been provided alongside a three month on boarding process with Trustees, led by the Chair of the Foundation was also complete.
- 6) Investments: The trustees have continued to monitor recent geopolitical events on their investments and associated income. Based on the advice of our investment managers, the trustees do not consider these threats to be existential for the Foundation, although it is likely that our income will be reduced in the short to medium term.
- 7) Reputational Risk: The trustees initiated a strategic review of the Foundation’s purpose, legacy, processes, and procedures, applying a focused lens on sustainability, inclusion, need, impact, and equity. This review led to significant changes in how grants are delivered, and decisions are made, including a six-month pause in grant-making and the introduction of new eligibility criteria.
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.
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## **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:
- That the real value of the Foundation’s endowment should, as far as possible, be maintained whilst generating a stable and sustainable return that enables the Foundation to continue its grant making, and fund its running costs, for the foreseeable future
- That the Foundation’s endowment will be invested in ways which do not undermine, and where possible should actively support, the Foundation’s charitable aims.
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:_
- Adult entertainment
- Alcohol
- Armaments
- Gambling
- Predatory lending
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_|
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## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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.
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JOSEPH LEWI FOUNDATION
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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:
- give a true and fair view of the state of the Charity's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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.
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## **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:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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.
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## **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.
- i. Costs of generating funds include investment management fees. Commission on investments bought and sold is capitalised.
- ii. Direct charitable expenditure consists of grants payable and shared and indirect costs associated with the main activities of the Foundation.
- iii. Support costs are those functions that assist the work of the Foundation but do not directly undertake charitable activities. Support costs include personnel, payroll, office costs and governance costs which support the delivery of charitable activities. All support costs related to expenditure on charitable activities.
- iv. Governance costs include external audit, legal advice on governance matters, Trustees’ expenses and an apportionment of shared and indirect costs.
- v. Shared and indirect costs are apportioned between support and governance on a percentage basis which reasonably reflects the time spent and the costs incurred and is subject to periodic review.
- vi. Grants are accounted for in the period they are approved and the grant recipient is notified of the decision, irrespective of the period covered by the grants. Grants awarded but not yet paid are recorded as grant commitments in the balance sheet.
## **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)_ .
Page 23
## **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