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2021-05-31-accounts

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED

31 MAY 2021

REGISTERED CHARITY NUMBER 259892

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

TRUSTEES

Benjamin Lewis Rachel Lewis Simon Lewis

REGISTERED ADDRESS

Chelsea House West Gate London W5 1DR

AUDITOR

BDO LLP 55 Baker Street London W1U 7EU

BANKERS

Barclays Bank Plc Strand Leicester Leicestershire LE87 2BB

INVESTMENT MANAGERS

Stonehage Fleming Investment Management Limited 15 Suffolk Street London SW1Y 4HG

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 31 May 2021

Contents

Page

1 Trustees’ annual report
4 Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the
financial statements
5 Independent auditor’s report to the trustees of the David & Ruth Lewis Family
Charitable Trust
8 Statement of financial activities
9 Statement of financial position
10 Statement of cash flows
11 Notes forming part of the financial statements

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT for the year ended 31 May 2021

The trustees present their report and financial statements of the charity for the year ended 31 May 2021. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity’s trust deed, 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

The David & Ruth Lewis Family Charitable Trust (“the Trust”) is a registered charity and was originally constituted by a Deed of Trust dated 30 September 1969. The Trust Deed was amended on 26 September 2013 and the Trustees now consider this amended Trust Deed as the Trust’s governing document.

The Trust is a registered charity, number 259892 (registered on 24 November 1969).

The Trust does not invite donation from members of the general public.

The Trust achieves its objectives mainly by making grants to other charitable institutions and deserving causes.

New trustees are appointed by the existing Trustees of the charity. On appointment of the new trustees, one of the existing trustees explains to the new trustee the decision-making process of the Trust and provides an overview of the administrative procedures employed by the Trust.

The trustees meet at regular intervals to discuss and consider the status of the Trust’s funding, reserves, risks, investments and grant making. The administration of grants and the processing and handling of applications is carried out by employees of Lewis Trust Group Limited and River Island Clothing Co. Limited. The services provided by these employees are included in the Trust as a gift in kind. The Trust has no paid employees.

Trustees

The trustees listed below held office during the year and to the date of this report:

Benjamin Lewis Rachel Lewis Simon Lewis

Objectives and activities

The Trust achieves its objectives by making grants to other charitable institutions or deserving causes. Certain medical research grants normally run for a period of three years. The amount of grants outstanding at the balance sheet date is not significant in relation to the Trust’s funds (refer to paragraph on plans for future periods).

Income and capital of the Trust is to be used, in whole or part, exclusively for the benefit of charitable purposes at the discretion of the trustees.

The trustees have referred to the Charity Commission's guidance on Public Benefit with due regard when reviewing the type of activities, the Trust should undertake. The Trust aims to provide support for a range of charitable causes in the public benefit as described further below.

The legally permitted objectives are wide and cover generally accepted charitable objectives. Charitable causes supported by the Trust in recent years have been:

1

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT for the year ended 31 May 2021 (continued)

Grant making policy

The Trust has established its grant making policy to achieve its objectives for the public benefit. Various charities submit their request for consideration of a grant to the Trust and decisions of approval of grants are made at trustee meetings, with consideration of whether the requests meet the Trust’s aims and objectives. Most of the approved grants provide a single payment, but there are also a few grant commitments covering a period of two to three years.

Achievements and performance

A schedule of grants exceeding £50,000 made during the year is included in the analysis of charitable activities schedule, in Note 4. Details of grants below £50,000 can be obtained from the Trustees at the registered address.

The main charitable activities funded by the Trust by way of grants (including allocated support costs and governance costs) during the year are:

The list of grants provided during the year is included in the analysis of charitable activities (Note 4).

The objectives of beneficiaries of the grants are in line with the objectives of the Trust. The amount of donation received from Lewis Trust Group Limited is expected to vary from year to year.

Financial review

The charity’s financial activities are shown on page 8 of these financial statements.

The Trust’s work is entirely reliant on donation income from Lewis Trust Group Ltd and investment income from investments held by the charity via Stonehage Fleming Investment Management Limited. The net gain for the year was £4,062,325 (2020: £219,216) comprising total income of £2,768,694 (2020: £2,909,977), total expenditure on charitable activities of £1,695,489 (2020: £1,519,472) and net gain on investment of £2,989,120 (2020: net loss £1,171,289).

Substantial donations were received from Lewis Trust Group Limited, which is a subsidiary of LFH International Limited, a company in which the Trustees hold directorships and financial interests. The remainder of the income arises from investments.

The statement of financial position shows the funds of the Trust which comprise of investments in fixed and variable interest securities, unit trusts and bank balances, which generate income for the Trust. Return on investments for the year was in line with expectations. The policy of the Trust is to maintain cash at bank at a level that is adequate to cover grants payable and operating expenditure.

The fund balance as at 31 May 2021 was £25,063,331 (2020: £21,001,006) and consisted primarily of fixed asset investments in the form of unit trusts and securities and cash at bank. The Trustees will continue to use these funds to meet the objectives of the Trust. At the balance sheet date, the Trust has net assets of £25,063,331 (2020: £21,001,006), including net current assets of £3,587,023 (2020: £3,165,493). The annual spend of the Trust is within the control of the Trustees and awards could be reduced or stopped if required. The Trustees consider that the Trust has more than adequate financial resources to continue in operation for at least twelve months following the issue of these financial statements and as such that the going concern basis of preparation continues to remain appropriate.

2

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT for the year ended 31 May 2021 (continued)

Plans for future periods

The Trust has an adequate fund balance to meet the Trust’s commitments for the following year. Following the global Coronavirus pandemic, the Trust intends to increase the value of grants to be made whilst maintaining adequate reserves to meet future commitments, subject to investment gains and losses.

The investments are reviewed regularly with a view to maintain the income level without unacceptable investment risk.

At the year end, the charity’s grant commitments amount to £595,173 (2020: £699,911).

Risk management

The primary risks faced by the Trust are performance of investments and capacity of the Trust to make effective grants. The major financial risks of the Trust are the uncertainty of the annual donation from Lewis Trust Group Limited and the variability of investment returns.

The trustees regularly hold discussions to consider and agree action plans to manage and mitigate the risks relating to income and the value and nature of its investments. Professional advice with regards to investments is sought from Stonehage Investment Management Limited.

Reserves Policy

Given the expected fluctuations in donations received and investment income, the Trust’s policy is to retain a sufficient level of funds as a measure of continuity in supporting the charitable bodies, to which grants are given.

The value of funds held by the Trust for the financial year is £25,063,331 (2020: £21,001,006). This level of funds enables the trustees to achieve the aims and objectives of the Trust without being wholly reliant on the receipt of future donations.

The trustees have not identified a specific reserves level to be maintained. In recent years, the Trust’s income has exceeded charitable expenditure, resulting in an increase in the reserves balance.

........................................... Benjamin Lewis Trustee

Chelsea House West Gate London W5 1DR

Date: 29 September 2021

3

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS for the year ended 31 May 2021

The Trustees are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied 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, including the income and expenditure, of the charity for that period.

In preparing these financial statements. the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

4

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST for the year ended 31 May 2021

Opinion

In our opinion, the financial statements:

We have audited the financial statements of David & Ruth Lewis Family Charitable Trust (“the Charity”) for the year ended 31 May 2021 which comprise the Statement of Financial Activities, Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial 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).

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 financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial 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 Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The other information comprises: the Trustees’ Annual Report. Our opinion on the financial 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 financial 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 there is a material misstatement in the financial statements or a material misstatement of the other information.

5

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST for the year ended 31 May 2021 (continued)

Other information (continued)

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.

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 Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial 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 influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

6

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST for the year ended 31 May 2021 (continued)

Extent to which the audit was capable of detecting irregularities, including fraud (continued)

Based on our understanding of the Charity and the sector in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be the Charities Act 2011. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition the Charity is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Audit procedures performed included:

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://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 Charity’s trustees, as a body, in accordance with the Charities Act 2011. 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.

BDO LLP, Statutory Auditor London, UK 29 September 2021

BDO LLP 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.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

7

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 May 2021

Note
Income from:
Donations
2
Investment income
3
Total
Expenditure on:
Charitable activities
4/13
Total
Net gains/(losses) on investment
Net income
Reconciliation of funds:
Fund balance brought forward as previously
stated
Prior year adjustment
13
Fund balance brought forward as restated
Total funds carried forward		 2021
Unrestricted
Funds
£
2,515,000
253,694
2,768,694
(1,695,489)
(1,695,489)
2,989,120
4,062,325
21,001,006
-
21,001,006
25,063,331		 2020
Unrestricted
Funds
£
2,515,000
394,977
2,909,977
(1,519,472)
(1,519,472)
(1,171,289)
219,216
20,908,672
(126,882)
20,781,790
21,001,006

All amounts relate to continuing operations. All funds are unrestricted.

All gains and losses recognised in the year are included in the Statement of Financial Activities.

The notes on pages 11 to 17 form part of these financial statements.

8

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION as at 31 May 2021

Note
Fixed asset investments
Unquoted shares
6
OEICs
6
Fixed and variable interest securities
6
Current assets
Other debtors
7
Cash at bank
12
Creditors: Amounts falling due within
one year
8/13
Net current assets
Creditors: Amounts falling due after
one year
Grants payable
9/13
Net assets
Income funds
Unrestricted funds		 2021
£
£
121,753
18,434,320
3,125,235
21,681,308
38,400
3,953,562
3,991,962
(404,939)
3,587,023
25,268,331
(205,000)
25,063,331
25,063,331		 2020
£
£
190,950
13,278,565
4,635,998
18,105,513
35,865
3,571,539
3,607,404
(441,911)
3,165,493
21,271,006
(270,000)
21,001,006
21,001,006
£
38,400
3,953,562
3,991,962
(404,939)		 £
35,865
3,571,539
3,607,404
(441,911)

The notes on pages 11 to 17 form part of these financial statements.

The financial statements were approved by the trustees and authorised for issue on 29 September 2021.

………………………………………………….. Benjamin Lewis Trustee

9

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF CASH FLOWS as at 31 May 2021

Note
Net cash provided by operating activities
11
Cash flows from investing activities:
Purchase of investments
Dividends and interest from investments
Proceeds from sale of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
12		 2021
Total funds
£
715,856
(6,999,755)
252,843
6,413,079
(333,833)
382,023
3,571,539
3,953,562		 2020
Total funds
£
1,331,106
(2,996,616)
394,977
1,291,596
(1,310,043)
21,063
3,550,476
3,571,539

The notes on pages 11 to 17 form part of these financial statements.

10

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2021

1 Accounting policies

The following policies have been applied in preparing the financial statements.

Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties impacting the trust’s ability to continue as a going concern. The most significant areas of judgement and key assumptions that affect items in the accounts are to do with estimating the liability from multi-year grant commitments. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets.

At the balance sheet date, the Trust has net assets of £25,063,331 (2020: £21,001,006), including net current assets of £3,587,023 (2020: £3,165,493). The annual spend of the Trust is within the control of the Trustees and awards could be reduced or stopped if required. The Trustees consider that the Trust has more than adequate financial resources to continue in operation for at least twelve months following the issue of these financial statements and as such that the going concern basis of preparation continues to remain appropriate.

Income recognition

Donation income is accounted for when the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Interest on investments is accounted for on a receivable basis.

Donated services and facilities

Gifts in kind are included as income and expenditure to the extent that a commercial value can be placed on such gifts.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market midprice, unless the fair value cannot be measured reliably, in which case they are measured at cost less impairment. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

11

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2021 (continued)

1 Accounting policies (continued)

Other debtors

Other debtors are interest income which is recognised on an accrual basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Creditors

Creditors falling due within one year and after more than one year include grants payable payments made to third parties in furtherance of the charitable objectives of the Trust. In the case of the unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Funds accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.

Foreign currency

Income and expenditure are recorded at the rate of exchange ruling at the date of the transactions.

2 Donations Received

All donations received relate to unrestricted funds.

Unrestricted
Donated services and facilities –
Lewis Trust Group Limited and River Island Clothing Co Limited
Voluntary donations - Lewis Trust Group Limited
3
Investment income
Bank interest
Fixed and variable interest on securities
4
Charitable activities
Summary by Activity
Grants Awarded
£
Medical research and support
78,600
General charitable funding
957,000
Child and social care
392,488
Support for the elderly
50,000
Educational funding
70,000
1,548,088		 Unrestricted
Donated services and facilities –
Lewis Trust Group Limited and River Island Clothing Co Limited
Voluntary donations - Lewis Trust Group Limited
3
Investment income
Bank interest
Fixed and variable interest on securities
4
Charitable activities
Summary by Activity
Grants Awarded
£
Medical research and support
78,600
General charitable funding
957,000
Child and social care
392,488
Support for the elderly
50,000
Educational funding
70,000
1,548,088		 2021
£
15,000
2,500,000
2,515,000
2021
£
5,380
248,314
253,694
2021		 2020
£
15,000
2,500,000
2,515,000
2020
£
6,796
388,181
394,977
Grants Awarded
£		 Support Costs
£		 Total
Charitable
activities
£
78,600
957,000
392,488
50,000
70,000		 7,483
91,121
37,371
4,761
6,665
147,401		 86,083
1,048,121
429,859
54,761
76,665
1,695,489
1,548,088

12

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2021 (continued)

4 Charitable activities (continued)

Summary by Activity
Medical research and support
General charitable funding
Child and social care
Support for the elderly
Educational funding		 2020
Grants Awarded
Support Costs
Total
Charitable
activities
£
£
£
777,000
11,005
788,005
310,250
4,395
314,645
101,000
1,431
102,431
260,000
3,683
263,683
50,000
708
50,708
1,498,250
21,222
1,519,472

The charity undertook no direct charitable activities but awarded all grants to several institutions in furtherance of its charitable activities.

Details of each individual activity are as follows:

Medical research and support
Grants of less than £50,000
Anthony Nolan
Institute of Cancer Research
Cancer Research
Allocated support costs
General charitable funding
Grants of less than £50,000
British Asian Trust
Community Security Trust
Campaign Against Antisemitism
Keshet
Allocated support costs
Child and social care
Grants of less than £50,000
Orr Shalom
Allocated support costs
Support for the elderly
Grants of less than £50,000
Jewish Care
Allocated support costs
Educational Funding
Grants of less than £50,000
Institute for Jewish Policy Research*
Allocated support costs		 2021
£
2020
£
78,600
142,000
-
60,000
-
375,000
-
200,000
7,483
11,005
86,083
788,005
617,000
310,250
50,000
-
50,000
-
180,000
-
60,000
-
91,121
4,395
1,048,121
314,645
284,565
101,000
107,923
-
37,371
1,431
429,859
102,431
-
10,000
50,000
250,000
4,761
3,683
54,761
263,683
-
50,000
75,000
-
6,665
708
76,665
50,708

*Two grants were awarded to “Institute for Jewish Policy Research” in 2021.

13

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2021 (continued)

4 Charitable activities (continued)

Support costs comprise:
General support costs
Administration charges
Auditor’s remuneration – audit fees
Consultancy fees
Subscriptions
Miscellaneous income
Foreign exchange gain/(loss)
Hotel
Other		 2021
£
2020
£
15,000
15,000
12,600
12,000
23,833
-
2,873
900
-
(424)
89,847
(8,441)
-
212
3,248
1,975
147,401
21,222

Support costs and governance costs have been attributed to charitable activities and where these are not related to specific projects, they have been apportioned pro-rata to grants payable based on the scale of grants awarded. Unless otherwise stated, all grant recipients disclosed above received a single grant during the year.

5 Trustees’ remuneration

The charity has no employees.

No fees were paid to the trustees during the current or preceding year. Details of expenses reimbursed to related parties in which the trustees have an interest are shown in Note 10.

Administrative support, including staff time, is provided to the Trust by the Lewis Trust Group Limited and River Island Clothing Co. Limited. In accordance with the Statement of Recommended Practice for charities, an estimate is made for such services which amounts to £15,000 for the year and is included in the statement of financial activities as donation receivable from Lewis Trust Group Limited and River Island Clothing Co. Limited (Note 2), with a matching expense included in support costs (Note 4).

14

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2021 (continued)

6 Fixed asset investments

Fixed asset investments
Market value at the beginning of the year
Additions
Disposals at carrying value
Unrealised gain/(loss) during the year
Market value at the year end
Historical cost at the year end		 2021
Unquoted
shares
£
OEICs
£
Fixed and
variable
interest
securities
£
Total
investments
£
190,950
13,278,565
4,635,998
18,105,513
-
6,999,755
-
6,999,755
-
(4,224,590)
(1,596,101)
(5,820,691)
(69,197)
2,380,590
85,338
2,396,731
121,753
18,434,320
3,125,235
21,681,308
190,950
12,809,602
3,095,992
16,096,544

The market value of the unquoted shares at year end is based on the price paid by third parties for new shares of the same class issued by the investee entity during the period.

Market value at the beginning of the year
Additions
Disposals at carrying value
Unrealised gain during the year
Market value at the year end
Historical cost at the year end		 2020
Unquoted
shares
£
OEICs
£
Fixed and
variable
interest
securities
£
Total
investments
£
190,950
13,905,158
3,475,674
17,571,782
-
-
2,996,616
2,996,616
-
-
(1,312,115)
(1,312,115)
-
(626,593)
(524,177)
(1,150,770)
190,950
13,278,565
4,635,998
18,105,513
190,950
9,979,846
4,963,779
15,134,575

Individual investments held at the year end, which are over 5% of the portfolio by market value are:

TM Stonehage Fleming Opportunities Fund L Inc
TM Stonehage Fleming International Fund L Inc
Stonehage Fleming Global Sustainable Equity Fund Class S Income
Cavendish UK Bal INC L OEIC
UK Government 0.125% Index Linked Gilts		 2021
£
2020
£
1,174,401
908,228
9,195,752
9,521,075
3,363,206
-
-
2,166,880
-
975,848

Unrealised losses and gains on current asset investments are attributable to unrestricted funds only.

15

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2021 (continued)

7
Other debtors: amounts falling due within one year
Accrued interest
Accrued dividend
Prepayments		 2021
£
2020
£
14,844
35,865
21,873
-
1,683
-
38,400
35,865
8
Creditors: amounts falling due within one year
Note
Grants payable
13
Other creditors and accruals
9
Creditors: amounts falling due after one year
Note
Grants payable
13		 8
Creditors: amounts falling due within one year
Note
Grants payable
13
Other creditors and accruals
9
Creditors: amounts falling due after one year
Note
Grants payable
13		 2021
£
2020
£
390,173
429,911
14,766
12,000
404,939
441,911
2021
£
2020
£
205,000
270,000

10 Related party transactions

The following companies are related parties as they are held within the same group by LFH International Limited, a company in which the trustees hold directorships and financial interests in:

During the year, the following related party transactions took place:

Lewis Trust Group Limited and River Island Clothing Co. Limited, donated £2,515,000 (2020: £2,515,000) to the Trust, of which £15,000 (2020: £15,000) relates to a donation received in the form of administrative support, as per Note 2.

The investments owned by the Trust were managed by Cavendish Asset Management Limited. During the year the investments were transferred to Stonehage Fleming Investment Management Limited. The Trust paid £467 (2020: £1,406), via Cavendish Asset Management Limited for fees connected with the safe custody of the investments of the Trust.

Training costs of £275 (2020: £nil) were paid for expenses incurred by the trustees.

16

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2021 (continued)

11 Reconciliation of net income to net cash flow from operating activities

Net income for the year as per the statement of financial activities
Adjustments for:
Dividends and interests from investment
(Gains)/losses on investments
Increase in debtors
(Decrease)/increase in creditors
Net cash provided by operating activities		 2021
£
2020
£
4,062,325
219,216
(253,694)
(394,977)
(2,989,120)
1,171,289
(1,683)
(2,221)
(101,972)
337,799
715,856
1,331,106

12 Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2021
£
2020
£
3,953,562
3,571,539
3,953,562
3,571,539

13 Prior Year adjustments

The expenditure on charitable activities in the year ended 31 May 2019 was understated by £176,882. This was due to an understatement of grants commitments to Campaign Against Anti- Semitism (£99,578) and Barry Reed/ Queen Mary Hospital (£77,304) in 2019. The Trust restated the 2019 accounts in 2020 to recognize the understatement of the charitable activities expenditure in the 2019 Statement of Financial Activities. Charitable activities increased in the 2019 restated accounts by £176,882 from £1,049,702 to £1,226,584.

Long- and short-term creditors also increased in the 2019 restated accounts from £247,230 to £374,112, this was due to the understatement of the grant commitments (£176,882) and overstatement of Peres Centre for Peace commitment by £20,000 and Teenage Cancer Trust by £30,000 in 2018. The closing funds as at 31 May 2019 reduced from £20,908,672 to £20,781,790.

17

DRLFCT 2021 Accounts Final Final Audit Report 2021-09-29 Created.. 2021-09-29 By.. Camilla Gwrgiou IC8milla.GeorgioU@ri￿[￿s￿nd.cOInl Sl8lus'. SigrEd Tr8nsaclion ID.. CBJCHBCNABAAaoTZrq8xBqrfx6WAgN80QlqTP_sdx7K "DRLFCT 2021 Accounts Final" History Document created by Camilla Georgiou ICamilla.Georgiou@river-island.coml 2021-09-29- 9..00..44 AM GMT- IP address.. 2.101.190.91 . Document emailed to Ben Lewis lben.lewis@bccap.coml for signature 2021-0&29- 9..01..19 AM GMT Email viewed by Ben Lewis 1ben.lews@bccap.coml 2021-09-29- 10".18".34 AM GMT- IP addres8." 81.145.187.4 DocLJment e-signed by Ben Lewis lben.lewis@bccap.coml Signature Dale.. 2021-09-29- 10..19..41 AM GMT- Time Source.. server- IP addres5'. 81.145.187.4 Agreement completed. 2021-09-29- 10..19..41 AM GMT la Adobe Slgn