Levy2 Annual Report and Flnancial Statements For the flnanclal year ended 31 March 2024 Charlty R•glstorod In England and Wales Num￿r. 1198595 Levy2 Contents For the financial year ended 31 March 2024 Reference and 8dministrativo infLYmat¥)Tr Truslee$' report Independent 8xaminers r8PCWt stat8ment of financial •*vities Balance sheet Notes to the accounis 8-13 Levy2 Reference and Administrative Details For the financial year ended 31 March 2024 Truslaes S Nyfield J Tobias-Tarsh M L8Vy C Giat Prln¢lpal Offl¢a 15 Hove Park Road Hove BN3 6LA Charity Number 1198595 Indgpend•nt Examlner Mthelle Ferris FCA DChA. Alb*l 13x¥Jman LLP. H(wse. Blackbrc(l( Park Avenue. Taunton. Somerset. TA12PX Bankerd Virgin Mon8y, Symlngton House, 7-8 ￿1h Avenue, Uydebank. G81 2NT Invostment Managers Evelyn Partners. 45 Gresham Street. Lorwkn. EC2V 7BG Prcrfluced by Albert Goodman LLP Paga 1 Levy2 Trustees. Report For the financial year ended 31 March 2024 The Trustees present thelr annual reFK¥t and finanryal stalements of the Charity for the year ended 31 March 2024. The fin8nual statements have be8n prepared in acc{Xdan￿ with the accounting policies set out in note 1 to the accounts and compty with the Charitys CIO constituti￿1. Ihe Charities Act 2011 and the requirement of the Accounting and ReportÉng by Charit¢es.' Statement of Reo)mmended Practice applicable lo charitses preparing thew accounts in acconlarKe wtth the Flnancial Reporting Standard applicable in the UK and Republic of Ir91and (FRS 102) (eff8ctive 1 January 2019). Structuro, governanG• and management Levy2 is a registered Charity, number 1198595. and is consliiuted under a CIO Constitution drxument dated 12 April 2022. The Charity wa$ established by an unrestricted grant from the Joseph Levy Foundation following an agreement SKJned on 24 March 2022. Levy2 d08s not actively fvndrrise but seeks to manage the reS￿r￿S it Iws carefulty in order to provlde fvnds to make grants in accorda￿ with ils obieds. New Tfustees are appwt8d by exlsttng T￿￿tea8. Tha CIO Ccrttitution t*ovide8 for a mlnlmum of Truste•s and no maximum. Following the initial 'setting up. period. the Trnstees inteThJ to meet quartety, principally to consider Ihe making of grants and to r8vi&w investm8nt perft)m)ance. Th& r8lativdy straKJMforward nature of the Charity's affairs and the small number of Trustees means that sulFc¥ynmittees are consi￿ed necessary. All Trustees are made aware oftheir Obligatic￿ when taktt￿ on the appointment. Rlsk management The affairs of the Ch81ity are very straightforvrard and hence the iisk$ to which it is expo6ad are minimal. The principal risks are in relalion to managing the Charivs investments. both as regard$ maintenance and growth of capi181 and m8ximising income. To mitigate this risk. Trustees empkny professional investment managers to manage the investhients in a¢c(Ydance with ststed requirements. Objectives and AGtlvltles The Charity's ob5ects. as set oui In its CIO Consthjtion are '... such exdusNely charbtabl8 purposes as th8 Charity trustees may In their absolute discretion determine 'and the Trustees intend to apply the income ol the assets under their control and may appty the wlK48 or any part Of parts of the capllal of such assets In fitrthernn(* of th6 otyects. In practice the Charity intends to fu￿ its owtives by makKwJ syants as det8m)ined by its Trustees. During thls tumultuous year of geopolitKa events. war, aTrJ climate change disasters on both a local and global scale. the Trustees have been actively considering where the Charity's funds could really make a difference. Emotions have been understandably high and perspectives have differed but the Charity's objects ar8 first and for8most in the Trustees, minds as they rnve towards wtential grant m8kiThJ in the short-temi and weighing up sustainability in the long-te￿. Our vl$lon is of a world where all pwle feel Connected, valued and incI￿led. Our ml$8lon is to promote change by p8rtnoring with organisations which offer resources and opportunities for marginalised communibes. We want to suptKNt FeoF4e who do not feel part of a communty and communiltes which do not feel part of Society. Produced by Alb¢rt Goodman LLP Page 2 Levy2 Trustees. Report For the financial year ended 31 March 2024 Investmont poll The TfU$tees have agreed an investment w51h the ChariWs livesthwrrt managers whlch states that balan￿ will be achieved betsveen capitat growth and incJ)me, putting an emphasis on providing the best possible Income to ￿ grantees. wIth￿t ￿sing sight of the need teThn caixtal growth. A¢hlw#ments and P•rformanc• Since the Charity's wstration in A)ri1 2022. the Trustees have successfully opened both bank and investment accounts. held and minuted regular l)oard meetings. created Charity pclicies, declared commitment to charilable purposes and identffied ftrture plans the Charity. Whil8 diScussK￿$ about grant making actively contmiue, the Trustees did not award any grants in the year ending 31 March 2024. Publlc Bonefft The Tnjstees have had due regard to the Charity Commission guidance on publ￿ ben8fit and conskler that the Charity's aims and objectives comply with this. Fundralslng The charty does not undertake fundraisww a¢tsvbtss arNJ thwefore does not Vh)rk wlth professional fundraisers. Plans for the futur• The Trustees intend to follow tholr stated poli¢y for making grants primarily out of th8 income Fecgivgd on the Charity'$ investments. bul not exclusively $0. Using the Charity's visM)n and mission as a guideline. the Trustees have proactivety researd￿d priority areas and Identif￿* potential projects which align with both the grant making policy and the Tnjstees. cuThent Standpoin￿ Proposas for fvnding have been invited and will be brought to the rext trustee meeting ￿ discussion and approval. These inttial Levy2 grants will hopefully pave the way for the Charity to play a pivotal role in communty development and to actuate positive change - we aim to make a dIffere￿e. Reserves pollGy At 31 March 2024. totsl Charity funds held were £3.381.384 of whlch £3,255.387 is invested and £125,997 ig held in liquid fvnds. The Trustees intend to continue to maintsin suffKi?nl investmént fu￿1$ to provide an ongoing income to enable grants to be made to vKKthy causes. The Trustees also intend to maintsin 8ufficient cash reserves to enable grants to be made and to give ftexibility to make emergency payments to worthy causes as the need arises. Reserves may vary from year4¢Fyear dependent on Iluctuations in income and dependlng on the qualty and appropriateness of grant a￿lCol￿on5. Should TeseNes increase significandy trustees wal consKler whether there are larger projects they consider il appropriate to support or wheth8r th8y consider it apwowiate to pmvmle regular funding to a (ause or causes over a sustained period. Produtted by Albert Goodman LLP Page 3 **Levy2** Trustees' Report For the financial year ended 31 March 2024 ## **Trustees' responsibilities in relation to the financial statements** The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with 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 law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity 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 in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and - 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 maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 06/10/2024 and signed on their behalf by: MLevy C Giat Levy2 Co-Chair Levy2 Co-Chair Produced by Albert Goodman LLP Page4 **Levy2** Independent Examiners Report to the Trustees and Members For the financial year ended 31 March 2024 ## **Independent examiners report to the Trustees of Levy2** I report to the trustees on my examination of the accounts for Levy2 ("the charity") for the year ended 31 March 2024. ## **Responsibilities and basis of report** As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the 2011 Act"). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not comply with these records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a "true and fair view" which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Michelle Ferris FCA DChA Albert Goodman LLP Chartered Accountants Goodwood House Blackbrook Park Avenue Taunton **TA12PX** ## Date 16/10/2024 Produced by Albert Goodman LLP Page 5 Levy2 Statement of Finanaal Activities For the financial year ended 31 March 2024 Fund6 UnrMlrl¢ted 01 WI 2023. 31 Mar¢h 2024 Total Funth Unrn•trlct•d 12 WI 2022. 31 March 2023 Income and endowm•nts trom: Grants r8c8wèd Investments 3,030,O¢Y) 18,397 74.445 74,445 3,048,397 ExPendI￿re on: Raising funds Charitable activlUe8 16264 17.347 20.524 17,455 r•cognised galns Realised and unreallsed gains on investment a88ets 53.921 3.030.942 290.042 6.479 Not In¢omo1 {•x￿nditurn) & not mov• In funds for th• 3,037.421 RI￿ncIlIatIon of fffids Tota funds brought forward 3,037.421 Total funds Carrf￿ forward 3.381,384 3,037,421 There were ￿ galns or losses a181ry In the y that arn not thve. **Levy2** Balance Sheet As at 31 March 2024 ||||**2024**||**2023**| |---|---|---|---|---|---| |||£|£|£|£| ||**Notes**||||| |**Fixed assets**|||||| |Investments|5||3,255,387||2,984,391| |**Current assets**|||||| |Cash at bank and in hand||130,257||60,830|| |**Liabilities**|||||| |Creditors falling due|6|(4,260)||(7,800)|| |within one year|||||| |**Net current assets**|||125,997||53,030| |**Net assets**|||3,381,384||3,037,421| |**The funds of the charity**|||||| |Expendable endowment|7||3,381,384||3,037,421| |fund|||||| |**Total charity funds**|||3,381,384||3,037,421| |The notes on pages 8 to 13 form part of these accounts.|||||| |Approved by the Trustees on|06/10/2024 and signed on||their behalf by:||| . MLevy CGiat Co-Chair Co-Chair Produced by Albert Goodman LLP Page7 Levy2 Notes to the Financial Statements For the financial year ended 31 March 2024 A¢¢ountlng Pollcl Basls of a¢¢ountlng The financial statements hav8 been prepared in £ sterflng on the histortol cost basls and Én ordance with AccountiNJ and Reporting by Charities: Ststemènt of R8cfjmmendod Practice applicable to charites preparing their acr￿unts in a¢c(Kdanc9 wlth th9 Flnancial Reportir#J Standard applicable in the UK and Republi¢ of Ireland (FRS 102) {effectiv& 1 January 20191- {Charilies SORP {FRS 102)). Th8 charity meets the dèffinition of a public bwefft entity under FRS 102. Assets and liabililies a Inltially recognlsed at historical cost or transaclkm Val￿ unless i)th8rwise stated in the relevant a¢(*J￿11ng pclicy. Funds structure The Charity has a expendaljle eThJowment fvnd. ueated by a grant from the Joseph Levy Foundati(￿. The income of this Trust is reslrthd to furtherancè of the Chaiity's obiectiV8s. The temis alk)w the capital of the fvnd to be spent rf the Trustees so determino. Incomo All inome is re¢ognised on¢e the Charity has entittement to the resources, it is certain that the resources WRI be received ar￿ the monetary value of incoming resources can be measured with sufficient reliablity- Expendlture Liabilities arè recognised as resourees expended as St￿ as there 15 8 logal or constru(aive obllgation CfAnmitting the Charity lo expenditure. All expenditure ￿ a¢count8d for on an accruals basks and has been dassified urKlar headings that ￿gregate all costs related to the Grants payable are payments made lo third parties in furtherance of the tharitsble objects of the Trust. Grants are accounted for vthen either the reCIp￿nt has a reasonable expectation that they will receive a grant and the TnEstees have agreed to pay the gr8nl without condilion, or the reclplent has a reasonabl8 expectation that they wdl receive a grant and any condition attaching to the grant is outsiri12023- 31 Mar¢h 2024 Unrestrlcted 12 ApTiI 2022- 31 March 2023 DNidends received Other investment income Interest on fixed interest segjrities Inkrest on cash deFM)Sits 59,824 13,618 2.492 12,129 240 74.445 18.397 Expondfturè on ralslng funds 1 Awll 2023- 31 March 2024 12 Aprll 2022 - 31 March 2023 Investment management fees 16.264 108 16,264 108 Ana￿15 ol charltablo expend1￿re Unrestrlct•d 12 WI 2022- 31 March 2023 1 Aprll 2023- 31 March 2024 Grants glven Administralton costs 9.547 GovefnaA￿ costs Audtt fee Independent examiners fee A(zwntancy fee 5.160 1,440 2.820 2,640 4.260 17,347 Produced by Ajbert Goodman LLP Page 10 Levy2 Notes to the Financial Statements For the financial year ended 31 March 2024 Flxed asset Investmènts 2024 2023 Market value as at 1 2023 AdditDJns at cost Dtsposals at ￿TryIng value Realised gains on disposals Unrealised gain on revaluation 2,984,391 1,014,809 (1,033,854) 64,013 226,029 3,451.080 (473.168) (3,2021 9,681 Market value a at 31 Mw¢h 2024 3.255,388 2,984,391 HisioficaS cost as at 31 March 2024 14 2,958,867 2,977,912 2024 2023 Invoslments at markot value compromI￿d. Equities Fixed interest seojrities 2.906,286 349.102 2,713,649 270,742 Total 3,255,388 2,984.391 l investments are hekj to rKovth a return for th8 charity Anatysls of Current Ilabllftlos 2024 2023 Total 4.260 Produced by Albert Goodman LLP Page 11 Levy2 Notes to the Financial Statements For the financial year ended 31 March 2024 Analysls of charltable funds Fund Blfwd 01.04.23 Fund Cmwd 31.03.24 Investment gain$ Expendable endowment 3,037.421 74.445 (20,524) 290.042 3.381,384 3.037.421 74,445 120,5241 290,042 3.381.384 Prfor year funds: Fund Fund Clfwd 31.03.23 Inve81ment losses 110422 Incom• Expondituro nrestricted funds: Expendable erthwment 3.048.397 (17,455) 6.479 3,037,421 Total 3,048.397 117.455) 6,479 3.037,421 Trusto•8 and employees The ¢harity has no emrloyees, and hence rN)ne that receive remuneration of over £60,(K)O. None of the Trustees pers￿9 connected with thernl received any remuneratlon during the current year (2023: £nil). There have been no transactions wtth any related parties in the year ended 31 March 2024. In the previous year. the charty receNed a one-off grant of £3,030,ocKJ from the Joseph Levy Foundation. Two of the Tnjstees of L8Yy2 were fomierty Tn￿te&s of the Joseph Levy Foundation and are also ck)se famity members to the Trustees of tha Joseph Levy Foundation. The t8m)s of the grant are that the funds aTe usod for charitatrAo purposes. Produced by Albert Gocxlman LLP Pag812 Levy2 Notes to the Financial Statements For the financial year ended 31 March 2024 Finan¢lal Instruments 2024 2023 Financial assets measured at fair vaue IhrwJh income and expenditure account Financtal assets that are debt instruments measured at amortised cost 3.255,387 2.984.391 130.257 60.830 3.385,644 3,045,221 Flnanclal liaLNlities measured at &Y￿rtIsed 4,260 Item ol incom•, oxpondlture, galn or loues In￿￿n• Expense Net galns Net Ioss 2024 Fir￿n¢[al assets measur&J at fay value Ilmbjh income and expenditure a¢￿Unt Financial assets that are debt instn measured at am0￿Sed cost Financial liabilitie$ mea$ured at amorlised cost 74,445 16.264 290,042 74.445 16.264 290.042 Expense Net galns Net lossos 2023 Finan¢Éal assets measured ai f8ir vatue through income and expenditure account Financial assets that are debt insfruments measured at amortised cost Fina￿181 liabililies measured at amorti*J cost 18,397 108 6,479 240 18,637 108 6.479 Produced by Albert Goodman LLP Page 13