LILLY FENICHEL FOUNDATION
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025

LILLY FENICHEL FOUNDATION
INDEX TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2025
Page
Charity Information
Trustees, Report
2to5
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements
8t011

LILLY FENICHEL FOUNDATION
CHARITY INFORMATION
for the year ended 31 October 2025
CHARITY NUMBER:
1205185
TRUSTEES:
CDZMartin
S E Zelenka
NRZMartin
EHCOX
REGISTERED OFFICE:
33 Dents Road
London
SW116JA
ACCOUNTANTS:
Dafferns LLP
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB
BANKERS:
C. Hoare & Co
37 Fleet Street
London
EC4P 4DQ
Page 1

LILLY FENICHEL FOUNDATION
TRUSTEES, REPORT
for the year ended 31 October 2025
The Trustees present their annual report along with the financial statements of the Charity for the year ended 31
October 2025. The Trustees have adopted the provisions of Statement of Recommended Practice (SORP)
'Accounting and Reporting by Charities" (FRS 102) in preparing the annual reports and financial statements of
the Charity.
The financial statements have been prepared in accordan￿ with the accounting policies set out in notes to the
accounts and comply with the Charity's goveming document, the Charities Act 2011 and 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 published in
October 2019.
OBJECTIVES AND ACTIVITIES
The LFF'S charitable object is the furtherance of the education of the public in the appreciation of art and the
promotion of art, including without limitation in the Abuquerque area in the state of New Mexico, USA, in such
ways as shall be exclusively charitable.
In practi￿, the trustees of the LFF intend to meet this object by, for the benefit of the public, protecting and
promoting the oeuvre of Lilly Fenichel, a hitherto little-known, but important artist who started her work in the
early Abstract Expressionist movement.
Its ultimate objective is to make grants to aspiring young artists who share Lilly Fenichel's approach to artistic
creativity.
Its activities include the cataloguing and safeguarding of the body of arhNorks of Lilly Fenichel it owns, promoting
Lilly Fenichel in the art world and making artworks available for selected exhibitions of public and private
collections.
In order to finance these activities, it partners with suitable galleries and individuals in the sale of a limited number
of artworks.
Funds permitting, it plans to trace and catalogue the artworks of Lilly Fenichel held by private collectors, which
are currently either unknown to it or uncatalogued by it.
Success in meeting The LFF'S objectives is, at present, measured by the quality and quantity of the exposure
Lilly Fenichel's oeuvre gets in the art world, the extent to which Lilly Fenichel is acknowledged as an important
artist of her time (often reflected in the prices buyers pay for her artworks), the sustainability of The LFF'S
finances, and ultimately by its ability to make grants to aspiring young artists.
It is also measured by the sustainability and suitability of the environment in which it stores its artworks and the
completeness and accuracy of its catalogue.
The trustees have regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
Lilly Fenichel died at the age of 89 in her adopted home in New Mexico, USA. in 2016, leaving her estate,
including her collected artworks, to her three closest living relatives, her first cousins once removed, Charles and
Nicholas Zelenka Martin, residents of London, UK and Stephen Zelenka, a resident of Los Angeles, USA. They,
in turn, gifted them to the Charity, along with cash as mentioned below.
The trustees were delighted that Lilly Fenichel's first solo exhibition since she passed, and her first ever outside
the US, took place at the Gazelli Art House in Dover Street Mayfair London between January and April 2025. It
featured over 20 pieces from her oeuvre and was entitled 'Against the Grain" A second edition of her catalogue
by the same name was published at the same time. Feedback about the exhibition was universally positive and
the trustees feel that the exhibition has helped to position Lilly's work in a new light. It was open free of charge
to the public. The trustees are hugely grateful to Gazelli Art House for their support.
Page 2

LILLY FENICHEL FOUNDATION
TRUSTEES, REPORT
for the year ended 31 October 2025
ACHIEVEMENTS AND PERFORMANCE
CONTINUED
One of Lilly's pieces is travelling to five different destinations in the US in a travelling exhibition drawn from the
collection of Christian Levett between October 2025 and April 2027. It will travel to important venues in Wichita,
Williamsburg, Louisville, Grinnel and Mobile. All exhibitions are open to the public. The trustees are grateful to
Christian Levett, the organisers and all the venues for making this happen.
Another piece is in demand for a future major exhibition on the West Coast USA.
In March 2026 the Charity engaged a consultant in New Mexico to advise on storage, catsloguing and how to
raise Lilly Fenichel's profile in the USA. We have asked also asked for her advice on developing relationships
with selected public galleries in the USA with a view to furthering the charity's objective of promoting art and art
education. Her report is expected in summer 2026.
PLANS FOR FUTURE YEARS
The trustees intend to consider and, where appropriate and affordable, to pursue some of the initiatives that
emerge from the consultant's report referred to above.
The trustees are in discussions which they hope will result in more extensive display of Lilly's work in New York,
a very important venue for the art world.
In future, financing permitting, it is the trustees, intention to move some of the collection to a specialist art facility,
where it can be insured, and to make financial grants to aspiring young artists as mentioned above.
FINANCIAL REVIEW
Shortly after its inception, The LLF was endowed by its founders with approximately $94,000 in cash and a
collection of Lilly Fenichel's artworks, valued for probate purposes in 2017 at about $1.5m.
The sale of the artwork made in the year to 31st October 2025 was at a pri￿ above its probate value and the
proceeds nearly covered the yearfs expenditure. Cash reserves are at 8 yearfs worth of recurring expenditure.
The trustees therefore consider The LFF to be financially sound. However, they are mindful that recurring costs
are likely to increase and that income from sales is unpredictsble.
The trustees have considered the principal non-financial risks to the trust. These are believed to relate to the
storage, maintenance, access and transport ofthe artworks in New Mexico. These arrangements are considered
sub-optimal, partly because of New Mexico's remoteness from the trustees and, as a result, the trust's reliance
on its local unpaid, volunteer representative in New Mexico. In order to mitigate this risk, the trustees have
contracted a part-time consultant in New Mexico. They are also sub-optimal, because the storage facility does
not meet the standards required for the trust to be able to insure the artworks.
The trustees have researched the cost of relocating the artworks to a specialist art storage unit and insuring
them. They have concluded that the trust's financial position is not sufficiently strong to be able to afford such a
move yet but will continue to review the situation at least annually and make the move when affordable.
Total expenditure of $19,089 was related to the support costs for the Charity.
RESERVES POLICY
The operating costs of the Charity are low and consequently the Trustees consider there is no requirement to
maintain a specific level of funds to meet these in fvture years. All retained funds are therefore available for
distribution.
Page 3

LILLY FENICHEL FOUNDATION
TRUSTEES, REPORT
for the year ended 31 October 2025
STRUCTURE GOVERNANCE AND MANAGEMENT
Lilly Fenichel Foundation is a Charitable Incorporated Organisation governed by its constitution dated 12 October
2023.
The Trustees who served during the year and since the year end are set out on page 1.
The founding trustees were the three principal beneficiaries of Lilly Fenichel's will: Charles Zelenka Martin;
Nicholas Zelenka Martin and Stephen Zelenka.
None have any professional experience of the art world, but all have useful general management experience.
Emma Cox, a UK solicitor who specialises in charity law, was appointed during the prior year as an independent,
non-family trustee, with valuable relevant professional experience.
In due course, the trustees would like to appoint another non-family trustee with professional management
experience from the Art world, preferably based in the USA.
Decisions are made collectively by the trustees.
Major risks have been reviewed and policies established to manage those risks. as set out in the Financial
Review.
The LFF has no employees but relies on the help and efforts of two volunteer associates who are based in the
USA. One is responsible for the storage, transport and cataloguing of the artworks and is based in New Mexico.
The other looks after the website and art world public relations in the USA, based in LA. The trustees would like
to record their thanks for the work they do for the LFF
RISK MANAGEMENT
The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks
and established systems and prO￿dureS to manage them.
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 and 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 incoming
resources and application of resources of the Charity for that year.
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 2019 (FRS 102);
make judgments and 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the Charity will continue in operation.
The Trustees are responsible for keeping accounting records that 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 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.
Page 4

LILLY FENICHEL FOUNDATION
TRUSTEES, REPORT
r ended 31 October 2025
Approved by the Trustees on .
/cfj7°T21,,,.,,,.,,,,,,
and
ne
N. R. Z. Martin- Trustee
Page 5

LILLY FENICHEL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
for the year ended 31 October 2025
Unrestricted
Fund
2025
Total
2024
Total
Note
Income from:
Donations and legacies
Interest receivable
Gain on disposal of heritage assets
1,529,651
214
17,759
214
17,759
18,863
Total Income
17,973
17,973
1,548,515
Expenditure on:
Charitable activities
19.089
19,089
14,136
Total Expenditure
19.089
19,089
14,136
Net incomel(expenditure) and
movement in funds
(1,116)
(1,116)
1,534,379
Reconciliation of funds:
Total funds brought forward
1,534,379
1,534,379
Total funds carried forward
1,533,263
1,533,263
1,534,379
The statement of financial activities includes all gains and losses recognised during the year.
The notes on pages 8 to 11 fonn part of these financial statements
Page 6

LILLY FENICHEL FOUNDATION
BALANCE SHEET
at 31 October 2025
2025
2024
Notes
FIXED ASSETS
Heritage assets
1.411,182
1,410,155
1,411,182
1,410,155
CURRENT ASSETS
Debtors
Cash at bank and in hand
495
123,756
44,642
84,237
124,251
128,879
CREDITORS=
Amount falling due within one year-
Accrued expenses
Other creditors
(1.342)
828
(3,857)
798
NET CURRENT ASSETS / (LIABILITIES)
122,081
124,224
NET ASSETS
1,533,263
1,534,379
Charity Funds:
Unrestricted funds
1,533,263
1,534,379
TOTAL FUNDS
10
1,533,263
1,534,379
The financial state
ents have approved and authorised for issue by the Board of Trustees on
and signed on its behalf by:
N. R. Z. Martin
Trustee
The notes on pages 8 to 11 form part of these financial statements
Page 7

LILLY FENICHEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2025
ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the
preparation of the financial statements are as follows:
a) Basis of preparation
Lilly Fenichel Foundation is a Charitable Incorporated Organisation in England registered on 12
October 2023. The address of the registered office is given in the Charity information on page 1 of
these financial statements.
The nature of the Charity's operations and principal activities are the furtherance of public education
in the appreciation and promotion of art by the late Lilly Fenichel.
The Charity constitutes a public benefit entity under FRS102.
The financial statements have been prepared in accordance with applicable accounting standards,
the Charities Act 2011 and the Statement of Recommended Practice 'Accounting and Reporting by
Charities" issued in October 2019 (SORP (FRS102)).
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 Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to Charities preparing their accounts in accordance
with the Financial Reporting Standards applicable in the UK and Republic of Ireland issued 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 financial statements are prepared on a going concern basis under the historical cost convention.
The financial statements are presented in US dollars which is the functional currency of the Charity,
transactions are rounded to the nearest $.
The significant accounting policies applied in the preparations of these financial statements are set
out below. These policies have been consistently applied to all years presented unless otherwise
stated.
b) Income recognition
All incoming resources are included in the Statement of Financial Activities when the Charity is
legally entitled to the income, the amount can be measured reliably, and it is probable that it will be
received.
The deemed value of artwork gifted to the Charity is recognised as donation income at the date the
right of ownership has been transferred.
Income is recognised on the sale of artwork, once ownership of the artwork has been transferred.
Income is recognised on artwork held under consignment arrangement only when the artwork has
been sold to a third party by the consignee.
c) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related to the category. Expenditure is recognised where there is a legal or
constructive obligation to make payments to third parties, it is probable that the settlement will be
required, and the amount of the obligation can be measured reliably.
Expenditure is accounted for on an accrual basis and has been classified under headings that
aggregate all costs related to the category.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Page 8

LILLY FENICHEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2025
1. ACCOUNTING POLICIES (CONTINUED)
d) Heritage Assets
Heritage assets are initially accounted for at deemed cost. No heritage assets have been revalued
nor depreciated due to the perceived infinite economic life of these heritage assets, which consist
solely of artwork.
The Lilly Fenichel Foundation has approximately 600 art pieces, which were gifted by the estate of
Lilly Fenichel on incorporation of the Charity. The art collection is held in support of the Charity's
primary objective of advancing arts and art education by promoting the oeuvre of Lilly Fenichel widely,
by placing selected art pieces with museums and galleries and private collections.
The art collection is held in New Mexico.
Further information on the collection is given in Note 6 of the accounts.
e) Financial Instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
fj Unrestricted Funds
Unrestricted funds 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.
g) Foreign currencies
Assets and liabilities in Sterling are translated to the functional currency of US Dollars, at the rates of
exchange ruling at the balance sheet date. Transactions in Sterling are translated into US Dollars at
the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in
arriving at the operating result.
h) Going concern
The financial statements have been prepared on a going concem basis as the Trustees believe that
no material uncertainties exist. The Trustees have considered the level of funds held and the expected
level of income and expenditure for 12 months from authorising these financial statements. The
budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to
continue as a going concern.
DONATIONS AND LEGACIES
2025
2024
Cash donation
Donated heritage assets
Gift aid income receivable
93,717
1,412,505
23,429
1,529,651
EXPENDITURE ON CHARITABLE ACTIVITIES
2025
2024
Storage of artwork
Website and IT
Transportation of artwork
Sundry expenses
Bank charges
Foreign exchange (gain)/loss
Audit and accountancy (govemance)
Consultancy fees
9,658
814
3,924
1.195
3,941
791
197
231
3,857
2,621
893
(1,161)
2,174
4,090
19,089
14,136
Page 9

LILLY FENICHEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2025
AUDITORS REMUNERATION
In 2024, auditorfs remuneration amounted to an audit fee of $3,214 and other services of $643. The
charity was not subject to audit in 2025.
EMPLOYEE AND TRUSTEE REMUNERATION AND EXPENSES
The Charity had no employees during the year.
No trustee or persons connected with Trustees received any remuneration from the Charity during the
year.
No Trustees received reimbursement of expenses from the Charity in 2024 or 2025.
RECONCILIATION OF HERITAGE ASSErs
Artwork
Total
Assets
Cost
31 October 2024
Additions
Disposals
Cost at 31 October 2025
1,410,155
3,327
2,300
1,411,182
1,410,155
3,327
2,300
1,411,182
The initial collection of 638 paintings, less those since disposed, is reported in the Balance Sheet at
deemed cost, being the probate valuation of the paintings. The valuation assessment was performed
in 2017 by Appraisal & Connoisseur Associates, an International Society of Appraisers accredited
appraisal firm based in New Mexico, USA. Subsequent additions are reported at cost, inclusive of
associated costs of acquisition.
The heritage assets have not been depreciated, as the assets are perceived to have an indefinite
useful life.
FINANCIAL SUMMARY OF HERITAGE ASSET TRANSACTIONS
2025
2024
Purchases
Paintings
3,327
Donations
Paintings
1,412,505
TOTAL ADDITIONS
3,327
1,412,505
Dis
osal of Paintin
Carrying value
2,300
2,350
Sales proceeds
20,059
21,213
DEBTORS
2025
2024
Proceeds receivable for sale of artwork
Gift aid receivable
Prepayments
Other debtors
21,213
23,429
434
61
495
44,642
Page 10

LILLY FENICHEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2025
UNRESTRICTED FUNDS
Analysis of movements in unrestricted funds
Balance 31
October
2024
Income
transfers
and
ains
enditure
transfers
and losses
Balance
31 October
2025
Unrestricted
1,534,379
17,973
(1g,08g)
1,533,263
1,534,379
17,973
19,089
1,533,263
10.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Analysis of net assets between funds
Tan
Fixed
Assets
Net
Current
Assets
Total
Unrestricted
1,411,182
122,081
1,533,263
1,411,182
122,081
1,533,263
11. RELATED PARTY TRANSACTIONS
In the prior year, Trustees C. Martin and N. Martin gifted the Charity a cash sum of $93,757. In addition,
they along with S. Zelenka, donated the 638 pieces of artwork they had inherited from the estate of Lilly
Fenichel. There were no transactions with related parties in 2025.
12. CONTROLLING PARTY
The Charity is under the control of its Trustees.
Page 11