Levy2 Annual Report and Financial Staternents For the financlal year ended 31 March 2025 Charlty Reglstered In England and Wales Number: 1198595
Levy2 Contents For the financial year ended 31 March 2025 Refere and administrive informh)n Trustees, report In(*ndenl exarnine report Statement of financial activits Balance sheet Notes to the accounts 8-13
Levy2 Reference and Administrative Details For the financial year ended 31 March 2025 Tw$tees S Nyfiekj {resigned 18 Juty 2024} J Tobras-Tar$h ML C Giat Prln¢ipal Office 15 Hove Park Road Hove BN3 6LA Charlty Nrnr 1198595 Indopgndont Examlner Michelle Ferris FCA DChA. Abert G(rnan LLP, House. BL4ckbrook Park Avenue. Taunlon. Scrfnerset, TA1 2PX 8ankors Virgin mey, Syminglon House. 7-8 North Avenue, Ctydebank. G812NT Invo$tmgnt Manayrs Evelyn Partners. 45 Gresham Street. London. EC2V 7BG Produced by Albert Goodrnan LLP Page 1
Levy2 Trustees, Report For the financial year ended 31 March 2025 The Trustees present their annual rekX)rt and financial statents of Ihe Charity for the year ended 31 March 2025. The financ1 statements have been prepared in accordance with the ntIng poIleS set oui in note 1 to the accounts and cc¥ryty th the Charty's CIO Constitukn"on. the Charitie5 Act 2011 and the requirement of the Ac¢ounting and Rwbng by Chariti8s.' Statement of Recommended Prath"ce applicable to chanties pparIng their accounts in xcordance with the Financial Reportww Standard applicable in Ihg UK arKI Republic of IRland (FRS 102} (effeclNe 1 Januwy 20191. struclurei govemanco and m•MgemMt Levy2 is a registered Chwty. 1198595. and 1$ wnstluted under a CIO Constitutn document dated 12 April 2022. The Charty was eslablished by an unrestrhxed arrt from the Joseph Levy FOUndatn following an agreement sned on 24 March 2022. Lewy2 does not actwety fundraise but seeks lo man)e the rescwrces it has carefulty in order to provide funds lo make gonts in accordance with its obJ"ecis. New Trustees are appoinled by exislv¥J Trustges. The CIO c¢itUtIOn provhles for a minimum of Iwo Trustees and no maximum. The Trustees meet quarterty. princwAally to consJer the ming of grants and to re¥ iivestment perfomiance. The relalivety straighrforward nature of the Charity's affairs and the small nurrthr of Trustees mean5 that no sub-crynmittees are considered ne$sary. All Tfustees are made aware of IheK obliyat)ns when takiNJ on the aFvMnthnl. Rlsk management The affairs of the Charity are very straightforvrard and hence the rtsks to which rt 15 exposed are minimal. The principal risks are in relation to managing the Charit$ investments, both as regards maintenance and grCth of capital and rnaxwnising income. To mitigate thi8 risk. the Trustees professional investment managers to manage the investments in rdan Y1 slated reqUirnts. Objectives and Actlvltles The Charity's objects. as set Crtrt Mi ils CIO ConslibAion e "... such eXcke charitable purkY)ses as Ihe charty trustees may in their absolute discretion detemiine "and the Tnjstees intend to 4)ply the income of the assets under lhr corbtrol aTrJ may appty the whijle or any wt or pts of the capital of such assets in furtherance of the oty'e¢ts. In practTr the Chity intends to fu11 its c4edives by making grants as determined by its Trustees. In November 2024, with these cty'eclNes very muth in rnind. an irwanl decision was taen by the Trustees lo dislrilxrte the Charrty's assets over the next 12-18 mcrths. The Trustees expect the process of winding up tho Charity to be corrpletgj in 2026. Our vlslon is of a world where all people feel ccffinected. valLd and included. Our mlsslon 1$ lo promote charwe by partnering With owisaib)ns whth offer $¢jr¢eS 8nd OprtUnItieS for marginalised communiiEs. We want to Sup pwile who th ncl feel part of a cnmmunily and ccmmunf(ies which do not feel part of socw. Produced by Albert Goodman LLP Page 2
Levy2 Trustees, Report For the financial year ended 31 March 2025 Investment pollcy The Trustees have agreed an investment poly with the Charity'$ investment managers which slates that balance will be achieved btheen caprtal growth and income. puiting an emphasis on providing the best possible income lo the grantees, wrthout k)sing syht of the need for long lem capital grh. Achlevomerbts and Performanco Sin¢& the Charitls registrat in April 2022. the Truslees have SCesSfUl opened both bank and investment Counts, held and minuted regular board meelings. created Charity policies. declared eommilmenl to charitable purposes and hlentffjd future plans for the Charity. Grants have begun lo be given during the year, wf(h the most s3n1an1 anw)unt being a commitment to Barzilai Medical Centre in Israe5. Public Benefit The Trustees have had due regaid to the Charity Conyftission gUIdae on public benefit and consider that the Charty's aims and objectives comply wrth this. Fundraising The charity does not undertake furKlraising &tivities aThl therefore does nol WO wih professional fundraerS. Plans for the fvture un9 the Charity's vision and miss#)n as a gukJdine. the Trustees intend to develop and implement 8 spend-out strategy whh both alwns with the grant making policy and refiects their prKJr1l5. The Trustee$ continue lo act in the best interests of the ChaTrty. arHJ this sKJnrfKant decision has been made in the knowledge and understsnding thal the Charity's fvnds will contirbue to make a positive drfference in the lives of others and in the worfd around us. Reserves pollcy Al 31 March 2025. total Charity funds hehl were £1,912.561 of which £2,648,OC#J 15 invested and £49,001 is held in IiquKJ fvnd$. Included wthin creditors 15 grants committed to at the year end, but not paid, of £780,000. Investments will be 14uidated to pay Ihese commitments as they fall due. The Trustees intend lo continue lo maintain sufficient investment fijnds lo prOe an ongoing income lo enable grants lo be made lo worthy causes. The Trustees also intend lo maintain suffic*nt cash reserves to enable gfanls lo be made and to give IXIbIlItY to make emergency payments to worthy eauses as the need arises. Reserves may vary from yea1-tyear dependent on fluctuatKbns bn income and depending on the quality and approprialene5s of grant applications. Shoukl reserves increase signffi¢antty twstees wll consKler whether ther& are larger prqecls they consider it appropriate to support or whether they consider it approprk4le lo provide regular funding lo a cause or causes over a sustsined penc4J. Produced by Albert Goodman LLP Page 3
Levy2 Trustees, Report For the financial year ended 31 March 2025 Trustses. rosponslbllltles In rnlatlon to tho flnanclal slalw The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable Law and United "ngdoM Acc(yJntsng Sards iluding Financial Reporting Standard 102 The Finanual Rawrting Standard applicable in the UK and Republic of Irgland Iunitad Kingdom Generally Accepted Accovnling Pwlice). The faw appliCate lo charities in England & Wales reqUIS the trustees lo prepare fi'nancial slalements for exh financial year whKh give a true and fair view of the state of aff.[5 of the charity and of the income and expendrture of the chanty for that penod. In preparing these financial statemen15, the trustees are required to.. • select suitable accounting pOlS and then app them consistentty: observa the methods and princples in the Charities SORP", makejudgments and auntIng estimates thal are reasonabbe and Prn1,. state whether applble accounting stsndaTds have been folk)wed. sut4.ect to any material departures disclosed explained in the financial statements, and prepare the financ1 staterrthts on the concem basis unless rt is inappropnate lo presume thal tho chanty Vill continue in tsIness. The Iruslees are responsible mainta1ng prcw xcounting records whth disclose with reasonable accuraey at any time the fnancial positK)n of the charity and enable them to ensure that the financial statements comply with the Char((ies Act 2011. the Charity {Accoun15 and Reports) Regulations 2008 and tho pfovisions of the trust deed. They are also responsJle for safeguarding the assets of the chanty and hence fof taking ieasonable steps for the prevent¥Jn arKI detect of fraud and other irregularities. Approved by the Tfuslees on .&S/! o /ao>.£ .. and sJned their behaw by: M Levy Levy2 Co-chair C Giat Lewy2 Co-chair PrJUCed by Albert Gocrflman LLP Page 4
Levy2 Independent Examiners Report to the Trustees and Members For the financial year ended 31 March 2025 Indgpendent examlngrs report to the Trusts•s of Levy2 I report to the trustees on my examination of the accounts for Levy2 ('the chanty'l for th8 year ended 31 March 2025. Responslbllltles and basls of i¢port As the charity Iruslees of the charity you are responstsle for the preparatK)n of the accounts in accordance with the requirements of the chariti.es Ad 20111.the 2011 Acr). I report in respect of my examination of the chanty's accounts carried out under section 145 of the 2011 Acl and in earrying out my examination I have folbwed all the applb DirtiOnS given by the Charity Commission under section 145{5llbl of the 2011 Ad. Independent examinerfs Statement I have compteted my examinati)n. l eonfimi that no material matters have to my 8ttention in connection with the eXaMinatn gMrwJ cause lo beIve that in any malerial respect.. acetyJntin9 records were not kept in respect of the chity as required by section 130 of the 2011 Act., ¢y 2. the accounts do not wnpty with these records: or 3. the accounts do nol ccmply vrth the applicab requirenlS concerning the form and conlenl of th& accounts set out in the Charities (Accounts and Reports) RegulatnS 2008 olher than any requirement that the aecounls gwe a-true and fair vvK whh is not a maller consKJered as part of an independenl examination. I have no concerns and have come across no otr matters in connection with the examinion to which attention should be drawn in thts report in order to enable a prrw urthlanding of accounts to be reached. Michelle Ferris FCA DC1 Albert Goodman LLP Chartered Accountants Goodwood House BckbrOOk Par Avenue Taunton TA12PX Dale.dg/(o/W....... Prcduced by Albert Goodman LLP Page 5
Levy2 Statement of Financial Activrties For the financial year ended 31 March 2025 Total Fund$ Unrestrlcted 20W25 Totsl Funds Unrestricted 2023-24 Income and •ndo%wients from: Investments 89,359 74.445 Totsl 89.359 74,445 Expendlture on: Raising lunds Chari18ble activit5 19.186 1.565.105 16,264 4,260 Total 1.$84.291 20,524 Net income l {expgndlture} befoye other TeGogDised gains {1,494,9321 53.921 Realised and unrealised gaNIs on investment assets 26.109 290,042 Nèt incom• I (eXnditUre1 & net movement in funds for tho year 11,468,823) 343,963 Reconciliation of funds Totsl fvrtds brougm forId 3.381.384 3.037,421 Totsl funds Carri forward 1.912.561 3,381,384 The stslement of financial actsvibes has been prepared on the basis that aff operatJns are continuing operati(M)s. There were gains or b5ses ari%r4J in ts year that are nLM sh(yn atrfwe. Produced by Albert Gc4)dman LLP Page 6
Levy2 Balance Sheet As at 31 March 2025 2025 2024 Fixed assets Investments 2.648.000 3,255,387 Current assets Cash al barsk and li hand 49.001 130.257 Liabilities Credit¢)r5 falling due wlhin one year (784.440) (4,260) Net current assets {735,439) 125.997 Not a8$ets 1,912,561 3,381,384 The lund8 of the charity Expendable endowment fvnd 1,912,561 3.381.384 Total Charlty fund8 1.912,561 3.381,384 The notes on pages 8 10 13 fom part of these account$. Approved by the Trustees on 3.8110 {* 35 . and s•3ned on their bohalf by: MLe Co-chair C Gkqt Co-cha Produced by Abert Gc<#Jman LLP Page 7
Levy2 Notes to the Financial Statements For the financial year ended 31 March 2025 Accountlng Polkles Basls of a¢coundng The finaneial statements have been prepared in £ sterfing on hk8torical cost basis and in accordan with Accounting and Rewling by Chanbes.. Statement of Recommended Practice applicab to Charities preparing their accAwnts in accordance with the Financial Reporting Standard appIable in the UK and Repubk of IrelaThJ IFRS 1021 leffedbve 1 January 2019) - (Charities SORP IFRS 102)). The charty meets the definition of a publ benefft entity UfKler FRS 102. Assets and liknilities are initially recognise(l at hislorical cost or transaction value unless othepHi$e slated in the relevant ¢(nting polKy. Funds structure The Ch¥ity has a single expendable end(pArynent fund. ueated by a grant from the Joseph Levy Fcmjndation. The income of this Trust is restrided to furtherance of the Charity's ('ectNes. The term5 10 the capital of the fund to be spenl rf the Trustees so detemine. Income All Incon is recognised once the Charity has enlrtlement to the resources, st is certain that Ihe resources will be Ned and the nnetary value of inconwng resources can be measured wilh Suff"ent reliability. Expondlture Liabihties are recognised a5 $OUrceS expended as s[ as the is a legal or conslruclive obligation commrtting the Charity lo the expendrture. All expendiiure is &counled for on an tLcruds basis and has teft dassrfd undw headings that aggregate *1 costs related to the category. Grants payable a paymenls made to Ihird parbes in fvrtherae of the charitable otyects of the Tru51. Grants are accounted for when either Ihe reopienl has a aSonab expectalK)n that tl will receiv8 a grant and the Trustees have agreed to pay the grant wrthout condrtitsn, or the recipient has a reasonabbe e•h)rb that they will receNe a grant and any condrtion allaching to Ihe grant is outside of ts contrd of the Trust. ProvisnS grants are made when the intentK)n to m&%e a grant has been Communated to the recipient but there is uneerta.nty about eiiher the twniThJ of the grant or the amount of the grant payable. Govemance costs Governance costs comprise all costs invofving the public aeeountabli ty of the Charity and its compliance wth regulation and good Wact. These costs indude c05tS Telaled to slalutory audrt and kgal fees. Flxed asset Investments Investments arn recognised initialty at far value whh is nomHIty the Iransaction Pri (but exclLpaes any transaction costs). Subsequenlty. inveslmenls are at market value. wilh all realised and unrealised gains aTrJ k)sses pasSg through the SOFA. Prcrfjuced by Albert Goodman LLP Page 8
Levy2 Notes to the Financial Statements For the financial year ended 31 March 2025 Realiged galns and losse$ All gwns and b)sses are taken to the Statement of Financial ActNits as they anse. Realised gains and losses on inveslmenls are calculated as the drflerence between sales proceeds and opening market value lor purchase dale rf later}. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value lor purchase date rf tater). Realwd and unre81ised gains are not separated in Ihe Statement of Finala1 ActNilies. Cash at bank and in hand Cash at bank and In harKI ccrfnprise of eash on hand and call deposits. and other short-lerm hhlY l¢quid investsnenls that are reSity convert to a krH7wn amount of cash and are subject lo an insignificant risk of thange in value. Creditors Ciedrtors and provisiorts are recogni£ed where the charity ha5 a Psent obl*Jali¢)n resuking from a past event that will probabty result in the transfer of fvrKls lo a third paty and the amount due to settle the obligalion Can be measured or estimated relkabty. Creditors and provLsions are recognised al their settlement amount. 1.10 Taxatlon As 8 registered charity. the charity is not 1k1b to Corp10ft tax to the extent that income and gains a applied lo charitable objectNes. 1.11 Flnanclal Instruments The charity only hokls basic financial instruments as defined in FRS 102. The financial assets and liabilrties of the charity ar their measUrents are as follthvs_' Financial assets- trade and other debtor5 are basic financial instruments and are debt instruments measured al amortised cosl as detaikd in note 9. Investment pgrtfolios are basic financial in$tiumenls measured at fay value thmugh the wicome and expenditure account. Prepayments are not financral instruments. Cash al bank and deposit accounts- is cla5sffied as a basic financral instrument and is measured at face value. Finanual Ikgbilities- trade credrtors. accruals and other ereditots are financial inslrumenls, and are measured at am¢)rtised cost as detai in nole 9. OefeTred income is not deemed to bè a financial liability. as the cash selllemenl has already taken pla and the is an oblallOn lo deliver serv$ rather than cash or an¢Xher financial instrument. Pfoduced by Albert Goodman LLP Page 9
Levy2 Notes to the Financial Statements For the financial year ended 31 March 2025 Income from Investments Unrestricted 20225 Unrestricted 2023-24 Diwdends receiv&J Interest on fLxed terest se¢uiits Int¢re$l M cash deposts 59,824 2,492 12,129 49.195 1.618 89.359 74,445 Expendlture on ralslng fiKKIs Unrestricted 2025 Unrestricted 2023-24 Investment management fees 19,186 16,264 19.186 16,264 Analysis of charitable expendltsre Unrestricted 202425 ilnrestricted 2023-24 Grants given.. Barzilai Medical Centre Posseable PAP Foundation Anne Frank Tntst VYD Brighton 1.500.567 20,000 15,C(SQ 15.000 10.IKIO 1.560.567 Bank char9es <>)VeMan cost$.' Independent ethmIn$ fee AoUY fee 1.500 2.940 1.440 2.820 1,565,105 4,260 Produced by Albert Go&Jman LLP Page10
Levy2 Notes to the Financial Statements For the financial year ended 31 March 2025 Fixed asset inv•stm•nts 2025 2024 Movements in fixed assets investments: Market value as at 1 April 2024 Additions at cost Disposals at earrying wdlue Realised gain (losses) on di$F*)sal$ Unrealised gain on rerdluation 3.255,387 4.004,019 (4.637.515) 118.977} 45,086 2.984,391 1.014,809 (1.033.855) 64.013 226,029 Market value as al 31 March 2025 2,648.000 3,255,387 Historical cost as at 31 March 2025 2.325.371 2.958.867 2025 2024 Investments at market value compr(xni¥ed: Equities Fixed interest se¢uribe$ 2.648.000 3,196,328 349.102 Total 2,648.000 3.545.430 AJI investments are held to provide a retum for the charity Analys1# of cmnt Ilabllities 2025 2024 Accruals Accrued grants payable 4.440 780.000 4.260 Tt>tal 784.440 4,260 Produced by Albert Goodman LLP Page11
Levy2 Notes to the Financial Statements For the financial year ended 31 March 2025 Anatysls of charftable fvnds Fund Fund Cmwd 31.03.26 Investm•nt gains 01.04.24 Income Exp•ndltur• trict d funds: Expendab endtr•mient 3.381.384 89.359 (1,584.2911 26,109 1.912,561 Total 3.381,384 89.359 {1.$84.2911 26,109 1.912.561 Prlor year funits: Fund Fund Cmwd 31.03.24 Inv8stm•nt losses 01.04.23 Income Expenditure Unrestricted funds." Expendable endowment 3,037.421 74.445 (20.524) 290,042 3.381,384 Total 3,037.421 74,445 (20,5241 290.042 3,381,384 Trustees and employees The charity has no plOyees. and hen nc¥)e thal receive remuneration of over £60.000 (2024.. none). None of the Trustees (or persons wrth them) received Wby remuneration during the Current year (2024." £niD. There have been transacth)ns with any related parties in Ihe year ended 31 Marth 202S {2024.. £Nill Prtsjuced by Albert Goodman LLP Page 12
Levy2 Notes to the Financial Statements For the financial yeai ended 31 March 2025 Financial instruments 2025 2024 Financial assets measured at fair value through income and expenditure account Financral assets that are debt instruments measured at amortised cosl 2,648.000 3,255,387 49.001 130.257 2.697,001 3.385.644 Financ1 liabilrties measured at amortised cosl 784,440 4,260 ltsm of income. •xpendllure* gain or losus Incom• Expense Net galns Net losses 2025 Financkgj a$S measured * fair ¥ae through income and expendrture account Financ1 assets that are debt instruments measured at amortised cost Financial liabilrties measured at amOrSe cost 89.359 19,186 26.109 89.359 19.186 26,109 Inc¢)me Expen Net galns Net losses 2024 Financial assets measured at fair value through income and expenditure aecounl Financial assets that are debt instrunents measured at amortised cost Financial liabilities measured al nOr"Sed cost 74,445 16.264 290.042 74,445 16,264 290.042 Prcduced by Albert Goodman LLP Page13