Charity number: 1203389
THE AZOUZ FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE AZOUZ FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 16 |
THE AZOUZ FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025
Trustees Edward Azouz, Chair Aron Azouz Jeremy Davies Limor Azouz Theodore Azouz Jeffrey Azouz Joshua Azouz
Charity registered number 1203389 Principal office 133 Hammersmith Road London W14 0QL Independent examiner Harris & Trotter LLP Chartered Accountants 101 New Cavendish Street 1st Floor South London W1W 6XH
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THE AZOUZ FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report together with the financial statements of the Charity for the period from 6 April 2024 to 5 April 2025.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Charity's objectives
The trustees shall hold the trust fund and the income thereof upon trust to pay therefrom all the proper costs and expenses incurred by the trustees in establishing and administering the charity and the trust fund and subject thereto to pay or apply the income thereof to such charitable institutions or towards or for the furtherance or advancement of such charitable purposes in such manner and in such proportions as the trustees may from time to time in their absolute discretion determine.
c. Grant-making policies
During the period ended the trustees have supported charities in a number of areas in line with the charitable objectives of the Foundation as set out above.
The Trustees will continue to make grants to organisations in furtherance of the charity's objectives
Achievements and performance
a. Main achievements of the Charity
During the period, the charity received £203,000 in unrestricted income. Income received were all from donations.
The donations received were used to pay charitable grants in total of £210,860 in accordance to their charitable objectives.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The balance of undistributed resources as at 5 April 2025 was £Nil (2024 - surplus of £10,617). Any undistributed income during the period will be used to pay charitable grants in accordance to their objectives.
The balance of unrestricted funds at the end of the period was £Nil (2024 - surplus of £10,617).
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THE AZOUZ FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Structure, governance and management
a. Constitution
The Azouz Foundation is a registered charity, number 1203389, and is constituted under a Trust deed.
The charity was incorporated on 17 February 2023 and registered with Charity Commission for England and Wales on 5 June 2023.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 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 order of the members of the board of Trustees and signed on their behalf by:
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THE AZOUZ FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Edward Azouz
Date: 05/02/2026
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THE AZOUZ FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025
Independent Examiner's Report to the Trustees of The Azouz Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025.
Responsibilities and Basis of Report
As the 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of 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.
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THE AZOUZ FOUNDATION
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Hugh Lask FCA CTA
Harris & Trotter LLP 101 New Cavendish Street 1st Floor South London W1W 6XH Date: 05/02/2026
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THE AZOUZ FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Note Income from: Donations and legacies Investments 3 Total income Expenditure on: Charitable activities: 5 Grants paid Governance costs Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 203,000 - 203,000 210,860 2,757 213,617 (10,617) 10,617 (10,617) - |
Total funds 2025 £ 203,000 - 203,000 210,860 2,757 213,617 (10,617) 10,617 (10,617) - |
Total funds 2024 £ 2,373 275,000 |
|---|---|---|---|
| 277,373 | |||
| 261,008 5,748 |
|||
| 266,756 | |||
| 10,617 | |||
| - 10,617 |
|||
| 10,617 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
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THE AZOUZ FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2025
| Note Fixed assets Investments 9 Current assets Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 10 Net current liabilities / assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
1,557 1,557 (3,930) |
2025 £ 2,373 2,373 (2,373) - - - - - - |
12,624 12,624 (4,380) |
2024 £ 2,373 |
|---|---|---|---|---|
| 2,373 8,244 |
||||
| 10,617 | ||||
| 10,617 | ||||
| 10,617 | ||||
| - 10,617 |
||||
| 10,617 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Edward Azouz
Date: 05/02/2026
The notes on pages 9 to 16 form part of these financial statements.
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THE AZOUZ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. General information
The Azouz Foundation is an unincorporated charity which is a registered charity in England and Wales, charity registration number 1203389.
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.
The Azouz 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 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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THE AZOUZ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
2. Accounting policies (continued)
2.3 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.7 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
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THE AZOUZ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
3. Investment income
| Investment income - dividends received 4. Analysis of grants Grants paid Grants paid 5. Analysis of expenditure on charitable activities Summary by fund type Direct costs |
Unrestricted funds 2024 £ 275,000 Grants to Institutions 2025 £ 210,860 Grants to Institutions 2024 £ 261,008 Unrestricted funds 2025 £ 213,617 |
Total funds 2025 £ Total funds 2024 £ 275,000 Total funds 2025 £ 210,860 Total funds 2024 £ 261,008 Total 2025 £ 213,617 |
|---|---|---|
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THE AZOUZ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
5. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| 2024 | 2024 | |
| £ | £ | |
| Direct costs | 266,756 | 266,756 |
6. Analysis of expenditure by activities
| Direct costs Direct costs |
Grant funding of activities 2025 £ 210,860 Grant funding of activities 2024 £ 261,008 |
Governance costs 2025 £ 2,757 Support costs 2024 £ 5,748 |
Total funds 2025 £ 213,617 |
|---|---|---|---|
| Total funds 2024 £ 266,756 |
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THE AZOUZ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
6. Analysis of expenditure by activities (continued)
Governance costs
| Bank charges Independent examination fee Bank charges Accountancy Fees Independent examination fee |
Activities 2025 £ 207 2,550 2,757 Activities 2024 £ 210 2,538 3,000 5,748 |
Total funds 2025 £ 207 2,550 |
|---|---|---|
| 2,757 | ||
| Total funds 2024 £ 210 2,538 3,000 |
||
| 5,748 |
7. Independent examiner's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 3,000 | 3,000 |
| Fees payable to the Charity's independent examiner in respect of: | ||
| All other services not included above | - | 2,538 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL) .
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THE AZOUZ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
9. Fixed asset investments
| Cost or valuation At 6 April 2024 At 5 April 2025 Net book value At 5 April 2025 At 5 April 2024 |
Unlisted investments £ 2,373 |
|---|---|
| 2,373 | |
| 2,373 | |
| 2,373 |
The shares are held at par value of 2,373 ordinary shares at a value of £1 per share.
10. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2025 £ 1,380 2,550 3,930 |
2024 £ 1,380 3,000 4,380 |
|---|---|---|
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THE AZOUZ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
11. Statement of funds
| Statement of funds - current year Balance at 6 April 2024 £ Unrestricted funds General Funds - all funds 10,617 Statement of funds - prior year Income £ Unrestricted funds General Funds - all funds 277,373 12. Summary of funds Summary of funds - current year Balance at 6 April 2024 £ General funds 10,617 Summary of funds - prior year Income £ General funds 277,373 |
Income £ 203,000 Expenditure £ (266,756) Income £ 203,000 Expenditure £ (266,756) |
Expenditure £ (213,617) Balance at 5 April 2024 £ 10,617 Expenditure £ (213,617) Balance at 5 April 2024 £ 10,617 |
|---|---|---|
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THE AZOUZ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2025 £ 2,373 1,557 (3,930) - |
Total funds 2025 £ 2,373 1,557 (3,930) - |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2024 £ - - - - |
Unrestricted funds 2024 £ 2,373 12,624 (4,380) 10,617 |
Total funds 2024 £ 2,373 12,624 (4,380) 10,617 |
|---|---|---|---|
14. Related party transactions
During the period, the charity received donations totalling £203,000 (2024: £275,000) from a company in whcih the Trustees are directors and shareholders.
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