The Lewis and Teruko Shaw Foundation Charity registration number: 1203228
Trustees' report and audited accounts For the year ended 5 April 2025
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 Certi fi ed Accountants Statutory Auditor 25 St Thomas Street Winchester Hampshire SO23 9HJ Accountants S&W Partners LLP Accountants 21 Chipper Lane Salisbury SP1 1BG 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 auditor's report | 4 - 6 |
| Statement offnancial activities | 7 |
| Balance sheet | 8 |
| Cashfow statement | 9 |
| Notes to the accounts | 10 - 14 |
The Lewis and Teruko Shaw Foundation
Trustees' report for the year ended 5 April 2025
The trustees present their report and accounts for the year ended 5 April 2025.
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) (effective 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 commission, charity number 1203228.
Trustees
The trustees who served during the year 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 effective administration of the CIO.
The charity recognises the importance of comprehensive training for new trustees to ensure they can effectively ful fi l their roles and responsibilities. New trustees shall receive 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 responsibility to manage the affairs 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.
- 1 -
The Lewis and Teruko Shaw Foundation
Trustees' report for the year ended 5 April 2025
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 nancial review
Financial review
The fi nancial activities are summarised on page 7 of the accounts. During the year the charity received £40,000 of donations (2024: £nil), £nil of donations of equity investments (2024: £4,651,962) and investment income of £505,595 (2024: £183,732).
During the year, there were 4 grants paid totalling £20,000 (2024: £nil) in furtherance of the charities objects.
Plans for the future
Moving forwards, the trustees plan to continue 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 suf fi cient to allow future grants and donations to be made out of investment income at the discretion of the trustees. At 5 April 2025, the total reserves amounted to £6,288,774 (2024: £4,916,694). These are all held within the investment portfolio 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 £5,858,656 at 5 April 2025 (2024: £4,746,366).
The trustees will review the performance regularly with their investment advisors. The investments are held to generate income which can be used to make charitable donations. During the year, there was an 8.6% return on the total value of investments. The investments were transferred into the charity part way through the prior period and as such there was not a full year's worth of performance to review in the prior period.
Related parties
During the year, the charity received £40,000 of donations from Frances Akiko Hickey.
During the prior 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 year ended 5 April 2025
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 affairs 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 suf fi 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: 28 January 2026
- 3 -
The Lewis and Teruko Shaw Foundation
Independent auditors' report to the trustees of The Lewis and Teruko Shaw Foundation
For the year ended 5 April 2025
Opinion
We have audited the fi nancial statements of The Lewis and Teruko Shaw Foundation (the ‘charity’) for the year ended 5th April 2025 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 nancial statements:
-
give a true and fair view of the state of the charity’s affairs as at 5th April 2025, and of its incoming resources and application of resources, for the year 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 suf fi 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.
- 4 -
The Lewis and Teruko Shaw Foundation
Independent auditors' report to the trustees of 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 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 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 year.
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 year 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: 28 January 2026
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 year ended 5 April 2025
| As re-stated | |||
|---|---|---|---|
| Unrestricted funds | Period from | ||
| Year ended | 24 May 2023 to | ||
| 5 April 2025 | 5 April 2024 | ||
| Notes | £ | £ | |
| Income: | |||
| Investment income | 498,634 | 183,732 | |
| Donations of investments | - | 4,651,962 | |
| Bank interest | 6,961 | - | |
| Donations | 40,000 | - | |
| Total income | 545,595 | 4,835,694 | |
| Expenditure: | |||
| Costs of raising funds | |||
| Investment management fees | 7,464 | - | |
| Charitable activities | |||
| Charitable activities - support costs | 2 | 13,505 | 13,404 |
| Charitable activities - grants | 3 | 20,000 | - |
| Total | 40,969 | 13,404 | |
| Net income before gains and losses on | |||
| investments | 504,626 | 4,822,290 | |
| Gains on investments | 867,454 | 94,404 | |
| Net movement in funds | 1,372,080 | 4,916,694 | |
| Total reconciliation of funds: | |||
| Total funds brought forward: | |||
| As previously reported | 4,732,962 | - | |
| Prior year adjustment | 10 | 183,732 | - |
| As re-stated | 4,916,694 | - | |
| Total funds carried forward | 6,288,774 | 4,916,694 |
All income and expenditure derives from continuing activities.
The notes on pages 10 to 14 form part of these accounts.
- 7 -
The Lewis and Teruko Shaw Foundation
Balance sheet as at 5 April 2025
| Notes Fixed assets Investments 4 Current assets Debtors: amounts falling due within one year 5 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 6 Net current liabilities Net assets Income funds Unrestricted funds |
£ 202,281 251,095 453,376 (23,258) |
2025 £ 5,858,656 430,118 6,288,774 6,288,774 6,288,774 |
As re-stated 2024 £ £ 4,746,366 183,732 - 183,732 (13,404) 170,328 4,916,694 4,916,694 4,916,694 |
As re-stated 2024 £ £ 4,746,366 183,732 - 183,732 (13,404) 170,328 4,916,694 4,916,694 4,916,694 |
|---|---|---|---|---|
| 4,916,694 | ||||
| 4,916,694 | ||||
| 4,916,694 |
The accounts were approved by the board, authorised for issue and signed on their behalf by:
Frances Akiko Hickey
..............................
Frances Akiko Hickey Trustee
Date: 28 January 2026
The notes on pages 10 to 14 form part of these accounts.
- 8 -
The Lewis and Teruko Shaw Foundation
Cash ow statement for the year ended 5 April 2025
| Note Net cash infow from operating activities 9 (Decrease)/increase in cash Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Analysis of net funds At 6 April 2024 Cash at bank and in hand - |
2025 2024 £ £ 251,095 - 251,095 - - - 251,095 - Cash At 5 April fows 2025 251,095 251,095 |
2024 £ - |
|---|---|---|
| - - |
||
| - |
- 9 -
The Lewis and Teruko Shaw Foundation
Notes to the accounts for the year ended 5 April 2025
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 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 effective 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 rm that the charity is a public bene t entity as de 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 differ from those estimates. Any signi fi cant estimates and judgements affecting 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 year ended 5 April 2025
(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 difference 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 | ||
|---|---|---|
| Period from | ||
| Year ended | 24 May 2023 to | |
| 5 April 2025 | 5 April 2024 | |
| £ | £ | |
| Accountancy fees | 3,940 | 5,004 |
| Audit fees | 8,400 | 8,400 |
| Legal and professional fees | 1,140 | - |
| Bank charges | 25 | - |
| 13,505 | 13,404 |
3 Grants payable
| Grants payable | ||
|---|---|---|
| Period from | ||
| Year ended | 24 May 2023 to | |
| 5 April 2025 | 5 April 2024 | |
| £ | £ | |
| Refuge | 5,000 | - |
| St Mungo Community Housing Association | 5,000 | - |
| The Mayhew Home | 5,000 | - |
| The Trussell Trust | 5,000 | - |
| 20,000 | - |
- 11 -
The Lewis and Teruko Shaw Foundation
Notes to the accounts for the year ended 5 April 2025
4 Fixed asset investments
| 4 | Fixed asset investments | ||
|---|---|---|---|
| Listed investments | As re-stated | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Market value at 5 April 2024 | 4,746,366 | - | |
| Donations of investments | - | 4,651,962 | |
| Additions | 280,641 | - | |
| Disposals | (35,716) | - | |
| Change in value in the year | 867,365 | 94,404 | |
| Market value at 5 April 2025 | 5,858,656 | 4,746,366 | |
| Material investments (greater than 5% of total portfolio): | |||
| HSBC Holdings Registered Shares | 5,624,065 | 4,746,366 | |
| Historic cost of investments | 4,896,887 | 4,651,962 | |
| 5 | Debtors | As re-stated | |
| 2025 | 2024 | ||
| £ | £ | ||
| Accrued income | 202,281 | 183,732 | |
| 202,281 | 183,732 | ||
| 6 | Creditors | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accountancy fees | 6,458 | 5004 | |
| Audit fees | 16,800 | 8400 | |
| 23,258 | 13,404 |
7 Trustees' remuneration
No trustee received any remuneration or expenses during the year (2024: none).
- 12 -
The Lewis and Teruko Shaw Foundation
Notes to the accounts for the year ended 5 April 2025
8 Related parties
During the year, the charity received £40,000 of donations from Frances Akiko Hickey.
During the prior period, the charity received £4,651,962 of donations of equity investments from the estate of Frances Akiko Hickey's mother.
9 Net cash ows from operating activities
| Net movement in funds (as per the statement offnancial activities) Donations of investments Investment additions Investment disposals Unrealised gains on investments Increase in creditors Increase in debtors |
As re-stated 2025 2024 £ £ 1,372,080 4,916,694 - (4,651,962) (280,641) - 35,716 - (867,365) (94,404) 9,854 13,404 (18,549) (183,732) 251,095 - |
|---|---|
- 13 -
The Lewis and Teruko Shaw Foundation
Notes to the accounts for the year ended 5 April 2025
10 Prior year re-statement
The prior year adjustment relates to the investment in HSBC Holdings plc shares.
In the prior year, income of £183,732 relating to distributions from the investment portfolio should have been classi fi ed as a gain on investment but was instead classi fi ed as an addition to the investment.
This has been corrected in the current year to show this amount as a gain on investment and accrued income.
Changes to the statement of nancial position:
| Changes to the statement offnancial position: | |||
|---|---|---|---|
| As previously | Adjustments As re-stated 5 | ||
| reported | April 2024 | ||
| £ | £ | £ | |
| Current assets | |||
| Debtors | - | 183,732 | 183,732 |
| Funds | |||
| Unrestricted funds | 4,732,962 | 183,732 | 4,916,694 |
| Changes to the statement offnancial activities: | |||
| As previously | Adjustments As re-stated 5 | ||
| reported | April 2024 | ||
| £ | £ | £ | |
| Gain/(loss) on investments | (89,328) | 183,732 | 94,404 |
| Net movement in funds | 4,732,962 | 183,732 | 4,916,694 |
- 14 -