Charity registration number 1192526
Company registration number 11348643 (England and Wales)
LEUS FAMILY FOUNDATION
REPORT OF TRUSTEES AND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
(A COMPANY LIMITED BY GUARANTEE)
LEUS FAMILY FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Council
Mr Nigel King
Mr Dmitry Leus
Ms Jennifer Hamerman
Charity number (England and Wales)
1192526
Company number
11348643
Registered office
Office 309a, 2nd Floor Berkeley Square
Berkeley Square House
London
W1J 6BD
Independent examiner
Prohal Chartered Certified Accountants
Unit 2
Leavesden Lodge
1a Leavesden Road
Watford
WD24 5FR
LEUS FAMILY FOUNDATION
CONTENTS
Page
Council Members report
1 - 2
Statement of Council members responsibilities
3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 11
LEUS FAMILY FOUNDATION
COUNCIL MEMBERS REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The Council present their annual report and financial statements for the year ended 31 May 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The primary objectives of the Trust, as provided for in the memorandum of Association, are to support charitable institutions, trusts and undertakings established exclusively for charitable purposes.

 

The charity aims to distribute grants primarily to those charitable organisations whose objects the Council decides are in line with the objectives of the Charity.

 

Many of the causes supported by the Foundation span the areas of health and wellbeing, cultural awareness and sport in respect to helping children and youth of today. By providing such financial support the Charity seeks to enable other charitable organisations to achieve the objectives for the public benefit.

 

The Council confirms that in accordance with section 17 of the Charities Act 2011, they have referred to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.

Public benefit

The Council have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance
Significant activities and achievements against objectives

Although the charity had not yet undertaken any formal fundraising, the trustees were delighted to have received legacies and donations in this reporting period.

 

The Charity has met its main objective and made net distributions of £50,249 (2022: £81,616) to various charities.

Financial review
Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Council consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

Leus Family Foundation is a company limited by guarantee and incorporated in Engaland and Wales. Its registered office is:

 

Office 309a, 2nd Floor

Berkeley Square

London

W1J 6BD

LEUS FAMILY FOUNDATION
COUNCIL MEMBERS REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

The Council, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Nigel King
Mr Dmitry Leus
Ms Jennifer Hamerman
Recruitment and appointment of trustees

 

 

None of the Council has any beneficial interest in the company. All of the Council are members of the company and guarantee to contribute £1 in the event of a winding up.

Other matters

The directors of the Charity, also referred to as the Council of Management (the Council), are its trustees for the purpose of Charity Law. The directors are responsible for the strategic direction and policy of the organisation and for robust governance and rigorous financial management. The directors hold the responsibility of managing the day-to-day operations of the organisation.

Risk management

The Council has assessed the risks to which it considers the Charity is exposed, and does not consider there to be any major threats. The council will continue to review the Charity's risk policy and modify its systems and procedures where necessary.

The Council members report was approved by the Board of Council.

Mr Dmitry Leus
Trustee
17 February 2025
LEUS FAMILY FOUNDATION
STATEMENT OF COUNCIL MEMBERS RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

The Council, who are also the directors of Leus Family Foundation for the purpose of company law, are responsible for preparing the Council Members Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Council 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, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Council are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Council are responsible for keeping adequate 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 Companies Act 2006. 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.

LEUS FAMILY FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE COUNCIL OF LEUS FAMILY FOUNDATION
- 4 -

I report to the Council on my examination of the financial statements of Leus Family Foundation (the Charity) for the year ended 31 May 2024.

Responsibilities and basis of report

As the Council of the Charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

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:

1

accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements to be reached.

Halima Salim FCCA
ProHal Chartered Certified Accountants
Unit 2 Leavesden Lodge
1a Leavesden Road
Watford, WD24 5FR
Dated: 17 February 2025
LEUS FAMILY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income and endowments from:
Donations and legacies
2
12,138
65,544
Other income
3
67
3
Total income
12,205
65,547
Expenditure on:
Charitable activities
4,707
50,249
Other expenditure
7,814
16,095
Total expenditure
12,521
66,344
Net expenditure and movement in funds
(316)
(797)
Reconciliation of funds:
Fund balances at 1 June 2023
543
1,340
Fund balances at 31 May 2024
227
543

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

LEUS FAMILY FOUNDATION
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
7
-
371
Current assets
Debtors
8
160
160
Cash at bank and in hand
67
12
227
172
Net current assets
227
172
Total assets less current liabilities
227
543
The funds of the Charity
Unrestricted funds
9
227
543
227
543

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Council on 17 February 2025
Mr Dmitry  Leus
Trustee
Company registration number 11348643 (England and Wales)
LEUS FAMILY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
1
Accounting policies
Charity information

Leus Family Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Office 309a, 2nd Floor Berkeley Square, Berkeley Square House, London, W1J 6BD.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Council have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Council continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Council in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4
Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
LEUS FAMILY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 8 -
1.5
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.

 

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 are allocated on the portion of the asset’s use.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development cost
4 years SL basis
1.8
Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LEUS FAMILY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 9 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
12,138
65,544
3
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other income
67
3
4
Council
None of the Council (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
LEUS FAMILY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
5
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
3
3
There were no employees whose annual remuneration was more than £60,000.
6
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

7
Intangible fixed assets
Website development cost
£
Cost
At 1 June 2023 and 31 May 2024
1,485
Amortisation and impairment
At 1 June 2023
1,114
Amortisation charged for the year
371
At 31 May 2024
1,485
Carrying amount
At 31 May 2024
-
At 31 May 2023
371
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
160
160
LEUS FAMILY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
9
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 June 2023
Incoming resources
Resources expended
At 31 May 2024
£
£
£
£
General funds
543
12,205
(12,521)
227
Previous year:
At 1 June 2022
Incoming resources
Resources expended
At 31 May 2023
£
£
£
£
General funds
1,340
65,547
(66,344)
543
10
Related party transactions

During the period, the company received donations from the following companies:

 

 

2024

2023

 

£

£

Imperium investments Ltd

970

25,400

Imperium developers Ltd

4,844

9,000

 

 

These companies are related parties by virtue of common control.

 

 

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