# The Lewis and Teruko Shaw Foundation Charity registration number: 1203228
Trustees' report and audited accounts For the period ended 5 April 2024
## The Lewis and Teruko Shaw Foundation
## Legal and administrative information
|Trustees|Francis Hugh Myles Hickey|
|---|---|
||Catherine Jane Hickey|
||Frances Akiko Hickey|
||Anna Ruth Hickey|
|Charity number|1203228|
|Principal address|Charles Russell Speechlys LLP|
||5 Fleet Place|
||London|
||EC4M 7RD|
|Auditors|Shaw Gibbs (Audit) Limited|
||Chartered Certifed Accountants|
||Statutory Auditor|
||25 St Thomas Street|
||Winchester|
||Hampshire|
||SO23 9HJ|
|Accountants|Evelyn Partners LLP|
||Accountants|
||45 Gresham Street|
||London|
||EC2V 7BG|
|Investment advisors|HSBC Private Bank (UK) Limited|
||8 Cork Street|
||London|
||W1S 3LJ|
## The Lewis And Teruko Shaw Foundation
## Contents
||Page|
|---|---|
|Trustees' report|1 - 3|
|Independent auditors' report|4 - 6|
|Statement offnancial activities|7|
|Balance sheet|8|
|Cashfow statement|9|
|Notes to the accounts|10 - 12|
## The Lewis and Teruko Shaw Foundation
## Trustees' report for the period ended 5 April 2024
The trustees present their report and accounts for the period from 24 May 2023 to 5 April 2024.
The accounts comply with 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 (FRS 102) (e ff ective 1 January 2019).
## Structure, governance and management
## _Governance_
The charity was established by a constitution dated 24 May 2023 as a charitable incorporated organisation (CIO). The charity is registered with charity commisison, charity number 1203228.
## _Trustees_
The trustees who served during the period were: Francis Hugh Myles Hickey Catherine Jane Hickey Frances Akiko Hickey Anna Ruth Hickey
Were there to be a requirement for new trustees, these would be identi fi ed and appointed by the existing trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the e ff ective administration of the CIO.
The charity recognises the importance of comprehensive training for new trustees to ensure they can e ff ectively ful fi ll their roles and responsibilities. New trustees shall recieve a copy of the charity's key documents and a training handbook, along with an initial meeting with the existing trustees to provide an overview of the charity and its purpose.
Any decisions made by the trustees may be taken either at a meeting of the charity trustees or by resolution agreed by all of the trustees.
The trustees have a repsonsibility to manage the a ff airs of the charity and may for that purpose exercise all the powers of the charity. It is the duty of each trustee to exercise their powers in the way they decide in good faith would be most likely to further the purposes of the charity. The trustees have a duty to exercise, in the performance of those functions, such care and skill as is reasonable in the circumstances.
## _Risk factors_
The trustees have reviewed the risks to the charity's assets and income and are satis fi ed that adequate controls are in place.
## _Objects and activities_
The charity was formed for such purposes as are exclusively charitable at the absolute discretion of the trustees.
The income shall be applied by the trustees in the payment of donations or grants to such charitable institution or institutions for all or any of the charitable purposes as the trustees may, in their absolute discretion from time to time, think fi t and determine.
The principal activities of the trust are to hold investments and make charitable donations out of income.
Grant applications are reviewed by the trustees on a regular basis and upon approval the appropriate payment is made.
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Trustees' report for the period ended 5 April 2024
## The Lewis and Teruko Shaw Foundation
## _Public bene t_
The trustees con fi rm that they have paid due regard to the Charity Commission's guidance on public bene fi t.
## Achievements, performance and fi nancial review
## _Financial review_
The fi nancial activities are summarised on page 7 of the accounts. During the period the charity received £4,651,962 of donations of equity investments and investment income of £183,732.
There were no grants made in the period.
## _Plans for the future_
The charity has only recently been establised and as such there were no grants paid out during the year. Moving forwards, the trustees plan to start making charitable donations as income is generated from the investment portfolio.
## _Reserves policy_
It is the policy of the charity to hold reserves which are su ffi cient to allow future grants and donations to be made out of investment income at the discretion of the trustees. At 5 April 2024, the total reserves amounted to £4,732,962. These are all held within the investment porftolio at the year end and the investments would need to be disposed in order for these funds to be realised.
## _Investment policy_
The charitable trust deed permits any investments to further the objects of the charity. The charity has a portfolio of listed investments that had a market value of £4,746,366 at 5 April 2024.
The trustees will review the performance regularly with their investment advisors. The investments were transferred into the charity part way through the period and as such there has not yet been a full year's worth of performance to review. The investments will be held to generate income which can be used to make charitable donations.
## _Related parties_
During the period, the charity received £4,651,962 of donations of equity investments from the estate of Frances Akiko Hickey's mother.
- 2 -
## The Lewis and Teruko Shaw Foundation
## Trustees' report for the period ended 5 April 2024
## Trustees' responsibilities
The trustees are responsible for preparing the trustees' report and the accounts in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each fi nancial period in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under that law the trustees must not approve the accounts unless they are satis fi ed that they give a true and fair view of the state of a ff airs of the charity and of the incoming resources and application of resources of the trustees for that period.
In preparing the accounts, the trustees 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which are su ffi cient to show and explain the trustees' transactions and disclose with reasonable accuracy at any time the fi nancial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity's governing document. 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.
On behalf of the board of trustees
## Frances Akiko Hickey
## .................................................
## Frances Akiko Hickey Trustee
> Date: 4 February 2025
- 3 -
## The Lewis and Teruko Shaw Foundation
## Independent auditors' report to the trustees of the The Lewis and Teruko Shaw Foundation
## For the period ended 5 April 2024
## Opinion
We have audited the fi nancial statements of The Lewis and Teruko Shaw Foundation (the ‘charity’) for the period ended 5th April 2024 which comprise the statement of Financial Activities, the Balance Sheet, the Cash fl ow statement and the notes to the fi nancial statements, including a summary of signi fi cant accounting policies. The fi nancial reporting framework that has been applied in their preparation is 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).
## In our opinion, the fi nancial statements:
- give a true and fair view of the state of the charity’s a ff airs as at 5th April 2024, and of its incoming resources and application of resources, for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the fi nancial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the fi nancial statements in the UK, including the FRC’s Ethical Standard, and we have ful fi lled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is su ffi cient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the fi nancial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the fi nancial statements is appropriate. Based on the work we have performed, we have not identi fi ed any material uncertainties relating to events or conditions that, individually or collectively, may cast signi fi cant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the fi nancial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The other information comprises the information included in the trustees’ annual report, other than the fi nancial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the fi nancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the fi nancial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the fi nancial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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## The Lewis and Teruko Shaw Foundation
## Independent auditors' report to the trustees of the The Lewis and Teruko Shaw Foundation
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the fi nancial statements is inconsistent in any material respect with the trustees’ report; or
- the charity has not kept adequate accounting records; or
- the fi nancial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of fi nancial statements and for being satis fi ed that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of fi nancial statements that are free from material misstatement, whether due to fraud or error.
In preparing the fi nancial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## Auditors' responsibilities for the audit of accounts
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the fi nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in fl uence the economic decisions of users taken on the basis of these fi nancial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the fi nancial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions re fl ected in the fi nancial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We obtained a general understanding of the Charity's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations and the entity's policies and procedures regarding compliance. This identi fi ed that the most signi fi cant laws and regulations relate to the form and content of the fi nancial statements such as the Charities Act 2011, the Charities SORP (FRS 102) and Financial Reporting Standard 102. The charity complies with these laws and regulations by using appropriately quali fi ed professionals to prepare the fi nancial statements.
- 5 -
## The Lewis and Teruko Shaw Foundation
## Independent auditors' report to the trustees of the The Lewis and Teruko Shaw Foundation
As part of our planning process, we assessed susceptibility of the Charity’s fi nancial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identi fi ed in respect of The Lewis and Teruko Shaw Foundation are income recognition, management override and going concern. The trustees have con fi rmed that there was no actual, suspected or alleged cases of fraud in the period.
Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing the controls in place in those areas susceptible to management override including testing manual journals and making enquires of management. We also reviewed correspondence and made enquiries to the trustees to identify any non-compliance with relevant laws and regulations. In respect of addressing the income recognition risk we undertook substantive testing to ensure completeness of revenue. We reviewed the post period end accounting records and made enquiries of the trustees to address the going concern risk.
A further description of our responsibilities for the audit of the fi nancial statements is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Use of our report
This report is made solely to the Trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## Makeda Watkinson
## Shaw Gibbs (Audit) Limited (Statutory Auditor)
Chartered Certi fi ed Accountants Statutory Auditor 25 St Thomas Street Winchester Hampshire SO23 9HJ
## Date: 4 February 2025
Shaw Gibbs (Audit) Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 6 -
## The Lewis and Teruko Shaw Foundation
## Statement of fi nancial activities (incorporating income and expenditure account) for the period ended 5 April 2024
|||Unrestriced funds|
|---|---|---|
|||2024|
||Notes|£|
|Income:|||
|Investment income|3|183,732|
|Donations of investments|3|4,651,962|
|Total income||4,835,694|
|Expenditure:|||
|Charitable activities - support costs|2|13,404|
|Total||13,404|
|Net income before gains and losses on investments||4,822,290|
|Unrealised losses on investments|3|(89,328)|
|Net movement in funds||4,732,962|
|Total reconciliation of funds:|||
|Total funds brought forward||-|
|Total funds carried forward||4,732,962|
All income and expenditure derives from continuing activities.
The notes on pages 10 to 12 form part of these accounts.
- 7 -
## The Lewis and Teruko Shaw Foundation
## Balance sheet as at 5 April 2024
|Notes
Fixed assets
Investments
3
Current liabilities
Creditors: amounts falling due within one year
4
Net current liabilities
Net assets
Income funds
Unrestricted funds|£
(13,404)|2024
£
4,746,366
(13,404)
4,732,962
4,732,962
4,732,962|
|---|---|---|
The accounts were approved by the board, authorised for issue and signed on their behalf by:
## Frances Akiko Hickey .............................. Frances Akiko Hickey Trustee
## Date: 4 February 2025
The notes on pages 10 to 12 form part of these accounts.
- 8 -
## The Lewis and Teruko Shaw Foundation
## Cash fl ow statement for the period ended 5 April 2024
|Note
Net cash outfow from operating activities
7
(Decrease)/increase in cash
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period|2024
£
-|
|---|---|
||-
-|
||-|
|Analysis of net funds||||
|---|---|---|---|
||At 24 May|Cash|At 5 April|
||2023|fows|2024|
|Cash at bank and in hand|-|-|-|
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## The Lewis and Teruko Shaw Foundation
## Notes to the accounts for the period ended 5 April 2024
## 1 Accounting policies
## 1.1 General information
The Lewis and Teruko Shaw Foundation is a charitable incorporated organisation, registered 24 May 2023. It is registered with the Charity Commission in England and Wales (No. 1203228) and the principal address is Charles Russell Speechlys LLP, 5 Fleet Place, London, EC4M 7RD.
## 1.2 Basis of preparation
The fi nancial statements have been prepared in accordance with the Charities Act 2011.
The fi nancial 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 Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice e ff ective from 1 April 2005 which has since been withdrawn.
The fi nancial statements have been prepared under the historical cost convention, as modi fi ed to include the revaluation of certain assets.
The trustees con fi rm that the charity is a public bene fi t entity as de fi ned by FRS 102.
The fi nancial statements are prepared on a going concern basis; there are no material uncertainties about the charity's ability to continue as a going concern.
The charity's presentational currency is GBP.
## 1.3 Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could di ff er from those estimates. Any signi fi cant estimates and judgements a ff ecting these fi nancial statements are detailed within the relevant accounting policy below.
## 1.4 Income
Donations and investment income are credited to the statement of fi nancial activities in the period in which they are receivable.
## 1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classi fi ed under the headings that aggregate all costs related to the category.
Support costs consist of costs not directly attributable to direct charitable expenditure, but which are in respect of the general administration of the charity and overall management of the funds.
- 10 -
## The Lewis and Teruko Shaw Foundation
## Notes to the accounts for the period ended 5 April 2024
## (Continued)
## 1 Accounting policies
## 1.6 Fixed asset investments
Investments are initially recognised at their transaction value and subsequently measured at fair value.
Unrealised gains or losses are recognised in the statement of fi nancial activities under gains and losses on investment assets. Realised gains and losses are the di ff erence between disposal proceeds and carrying value and are recognised in the statement of fi nancial activities under gains and losses on investment assets.
## 1.7 Financial instruments
The Charity only has fi nancial assets and fi nancial liabilities of a kind that qualify as basic fi nancial instruments. Basic fi nancial instruments are initially recognised at transaction value and subsequently measured at their settlement value
## 1.8 Fund accounting
Unrestricted funds are those funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
The charity has no restricted or endowment funds.
## 2 Support costs
|Support costs||
|---|---|
|Accountancy fees
Audit fees|2024
£
5,004
8,400|
||13,404|
## 3 Fixed asset investments
|Fixed asset investments||
|---|---|
||Listed investments|
||2024|
||£|
|Market value at 24 May 2023|**-**|
|Donations of investments|4,651,962|
|Additions|183,732|
|Change in value in the period|(89,328)|
|Market value at 5 April 2024|4,746,366|
|Material investments (greater than 5% of total portfolio)||
|HSBC Holdings Registered Shares|4,746,366|
|Historic cost of investments|4,835,694|
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## The Lewis and Teruko Shaw Foundation
## Notes to the accounts for the period ended 5 April 2024
## 4 Creditors
|Creditors||
|---|---|
|Accountancy fees
Audit fees|2024
£
5,004
8,400|
||13,404|
## 5 Trustees' remuneration
No trustee received any remuneration or expenses during the period.
## 6 Related parties
During the period, the charity received £4,651,962 of donations of equity investments from the estate of Frances Akiko Hickey's mother.
## 7 Net cash fl ows from operating activities
|Net cashfows from operating activities||
|---|---|
||2024|
||£|
|Net movement in funds (as per the statement offnancial activities)|4,732,962|
|Donations of investments|(4,651,962)|
|Investment additions|(183,732)|
|Unrealised losses on investments|89,328|
|Increase in creditors|13,404|
||-|
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