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2023-05-31-accounts

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED

31 MAY 2023

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

for the year ended 31 May 2023

Contents

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4
financial statements
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4 financial statements
5 Independent auditor s report to the trustees of the David & Ruth Lewis Family
Charitable Trust
9 Statement of financial activities
10 Statement of financial position
11 Statement of cash flows
12 Notes forming part of the financial statements

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

ANNUAL REPORT for the year ended 31 May 2023

The trustees present their report and financial statements of the charity for the year ended 31 May 2023. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the 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 Fami constituted by a Deed of Trust dated 30 September 1969. The Trust Deed was amended on 26 September 2013 ing 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.

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 riods).

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

ANNUAL REPORT for the year ended 31 May 2023 (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. The board of trustees has delegated responsibility for grant giving of some of the funds to certain selected individuals. The board remains accountable for that activity, sets limits on spending and monitors activity through regular reporting. Decisions of approval of grants are made f 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

page 8 of these financial statements.

donation income from Lewis Trust Group Ltd and investment income from investments held by the charity via Stonehage Fleming Investment Management Limited. The net expenditure for the year was £717,665 (2022: net income of £436,009) comprising total income of £3,363,068 (2022: £3,241,580), total expenditure on charitable activities of £4,008,940 (2022: £2,257,339) and net loss on investment of £71,793 (2022: £548,232).

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 2023 was £24,781,675 (2022: £25,499,340) 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 £24,781,675 (2022: £25,499,340), including net current assets of £1,820,507 (2022: £2,909,260). 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

ANNUAL REPORT for the year ended 31 May 2023 (continued)

Program related investments

In addition to mainstream and ethical investments, the Trust has also made some smaller scale social impact investments in companies whose operations further the charitable aims of the Trust. These investments have been made with the aim of achieving both a social and financial return. Social investments make up a small proportion of the overall portfolio, with a carrying value as at 31 May 2023 of £206,605 (2022: £134,997). The Trustees continue to monitor closely the performance of these investments and consider further opportunities with companies whose aims and objectives are well aligned to those of the Trust.

Plans for future periods

The Trustees intend to increase the value of grants to be made steadily over the next few years. Reserves are set to cover the commitments made and operating costs for the period of committed grants, 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 £1,490,050 (2022: £686,600).

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 Fleming Investment Management Limited.

Reserves Policy

sufficient level of funds as a measure of continuity in supporting the charitable bodies, to which grants are given.

The primary source of funding for the charitable activities of the trust is an annual grant from Lewis Trust Group Limited, a related party. Although the Trustees consider it likely that Lewis Trust Group Limited will continue to support the charitable trust, there can be no assurance of this. It is therefore prudent for the trust to hold reserves to cover any potential funding shortfall. The Trustees would like to hold sufficient reserves to cope with any suspension or cessation of income. In this eventuality the Trust would like to continue to support its current level of grants-making for 3 years. The Trustees wish to be able to respond to any emergency/humanitarian crisis at short notice and without impact to existing grant programmes.

The value of funds held by the Trust for the financial year is £24,781,675 (2022: £25,499,340). 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 consider the current level of reserves to be healthy but note that grant disbursements are likely to increase in the future. Accordingly, the level of reserves should be kept under regular review.

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

Chelsea House West Gate London W5 1DR

29 September 2023

3

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

REPORT AND THE FINANCIAL STATEMENTS for the year ended 31 May 2023

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 ctions 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. The Trustees who held office at the date of approval of this report confirm that, so far as they are aware, there is no relevant audit information of

Trustee has taken all the steps that they ought to have taken to make themselves aware of any relevant audit

4

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

CHARITABLE TRUST for the year ended 31 May 2022 (continued)

Opinion on the financial statements

In our opinion, the financial statements:

year ended 31 May 2023 which comprise the statement of financial activities, the 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 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 responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we hav 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 conditi 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 Tru 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 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.

5

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

CHARITABLE TRUST

for the year ended 31 May 2022 (continued)

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 requires us to report to you if, in our opinion;

Responsibilities 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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.

f the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act[s] 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 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:

Non-compliance with laws and regulations

Based on:

and regulations;

we considered the significant laws and regulations to be Charities Act 2011, Charities SORP (FRS 102), and Corporate and VAT legislation.

The Charity is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be Employment Taxes, Health and Safety, the Bribery Act 2010 and Trust Law.

6

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

CHARITABLE TRUST for the year ended 31 May 2022 (continued)

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override and revenue recognition.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

7

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

CHARITABLE TRUST for the year ended 31 May 2022 (continued)

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting C https://www.frc.org.uk/auditorsresponsibilities

Use of our report

This report is made solely to those matters we are required to state to them in an trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BDO LLP, statutory auditor London, UK

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).

8

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 May 2023

Note
Income from:
Donations
2
Investment income
3
Total
Expenditure on:
Charitable activities
4
Total
Net loss on investment
Net (expenditure)/income
Reconciliation of funds:
Fund balance brought forward as previously
stated
Total funds carried forward		 2023
Unrestricted
Funds
£
3,015,000
348,068
3,363,068
(4,008,940)
(4,008,940)
(71,793)
(717,665)
25,499,340
24,781,675		 2022
Unrestricted
Funds
£
3,015,000
226,580
3,241,580
(2,257,339)
(2,257,339)
(548,232)
436,009
25,063,331
25,499,340

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 12 to 18 form part of these financial statements.

9

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION as at 31 May 2023

Note
Fixed asset investments
Program related investments
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
Net current assets
Creditors: Amounts falling due after
one year
Grants payable
9
Net assets
Income funds
Unrestricted funds		 2023
£
£
206,605
20,072,824
2,988,039
23,267,468
29,451
3,007,951
3,037,402
(1,216,895)
1,820,507
25,087,975
(306,300)
24,781,675
24,781,675		 2022 2022
£
29,451
3,007,951
3,037,402
(1,216,895)		 £
33,551
3,502,622
3,536,173
(626,913)		 £
134,997
20,173,936
2,356,147
22,665,080
2,909,260
25,574,340
(75,000)
25,499,340
25,499,340

The notes on pages 12 to 18 form part of these financial statements.

The financial statements were approved by the trustees and authorised for issue on 29 September 2023.

Benjamin Lewis Trustee

10

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF CASH FLOWS as at 31 May 2023

Note
Net cash (used in)/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
12/13		 2023
Total funds
£
(172,656)
(1,924,181)
352,166
1,250,000
(322,015)
(494,671)
3,502,622
3,007,951		 2022
Total funds
£
851,319
(2,327,663)
229,745
795,659
(1,302,259)
(450,940)
3,953,562
3,502,622

The notes on pages 12 to 18 form part of these financial statements.

11

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2023

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 ing 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 ntinue 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 £24,781,675 (2022: £25,499,340), including net current assets of £1,820,507 (2022: £2,909,260). 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.

12

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2023 (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.

3

Unrestricted
Donated services and facilities

Lewis Trust Group Limited and River Island Clothing Co Limited
Voluntary donations - Lewis Trust Group Limited
Investment income
Bank interest
Fixed and variable interest on securities
Other investment income		 2023
£
15,000
3,000,000
3,015,000
2023
£
79,209
250,486
18,373
348,068		 2022
£
15,000
3,000,000
3,015,000
2022
£
8,570
208,823
9,187
226,580

4

Charitable activities
Summary by Activity
Medical research and support
General charitable funding
Child and social care
Support for the elderly
Educational funding		 2023
Grants Awarded
Support Costs
Total
Charitable
activities
£
£
£
563,594
10,686
574,280
2,302,250
43,651
2,345,901
345,000
6,541
351,541
155,000
2,939
157,939
568,500
10,779
579,279
3,934,344
74,596
4,008,940

13

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2023 (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		 2022
Grants Awarded
Support Costs
Total
Charitable
activities
£
£
£
127,500
642
128,142
1,828,181
9,214
1,837,395
137,838
695
138,533
100,000
504
100,504
52,500
265
52,765
2,246,019
11,320
2,257,339

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
MS Society
Rambam UK
Anthony Nolan
Allocated support costs
General charitable funding
Grants of less than £50,000
ActionAid
Action Against Hunger
Alliance for Middle East Peace
British Refugee Council
Community Security Trust
Campaign Against Antisemitism
Fareshare
Fundacja Faros
Hackney Migrant Centre
Hestia Housing and Support
Hope for Tomorrow
Jerusalem Foundation
International Committee of the Red Cross
The Just a Drop Appeal
Kaleidoscope Trust
Keshet
Redress
Sense
Solutions Not Sides
The Clink Charity
The Felix Project
The Trussell Trust
Vision Foundation for London
Allocated support costs		 2023
£
2022
£
85,294
57,500
-
70,000
376,300
-
102,000
-
10,686
642
574,280
128,142
952,250
931,487
50,000
50,000
50,000
-
50,000
-
50,000
50,000
100,000
100,000
110,000
-
50,000
75,000
150,000
-
50,000
-
305,000
100,000
100,000
-
-
120,000
-
50,000
-
50,000
-
71,694
85,000
-
-
-
50,000
-
-
60,000
-
60,000
-
60,000
50,000
-
50,000
-
50,000
50,000
43,651
9,214
2,345,901
1,837,395

14

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2023 (continued)

4 Charitable activities (continued)

Child and social care
Grants of less than £50,000
Become Charity
Drive Forward Foundation
Magic Bus
Talent-Ed
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*
London Business School
Solutions Not Sides
Bloomsbury Football Foundation
Allocated support costs		 2023
£
2022
£
145,000
137,838
50,000
-
50,000
-
50,000
-
50,000
-
6,541
695
351,541
138,533
35,000
-
120,000
100,000
2,939
504
157,939
100,504
92,500
-
50,000
52,500
300,000
-
70,000
-
56,000
-
10,779
265
579,279
52,765

Institute for Jewish Policy Research (2022: two).

Support costs comprise:
General support costs
Administration charges
audit fees
Consultancy fees
Subscriptions
Foreign exchange gain
Other		 2023
£
2022
£
15,000
15,000
21,000
13,230
34,887
26,501
-
1,683
(3,373)
(40,041)
7,082
(5,053)
74,596
11,320

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.

15

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2023 (continued)

5

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).

6 Fixed asset investments

Market value at the beginning of
the year
Additions
Disposals at carrying value
Unrealised (loss)/gain during the
year
Market value at the year end
Historical cost at the year end
Market value at the beginning of
the year
Additions
Disposals at carrying value
Unrealised (loss)/gain during the
year
Market value at the year end
Historical cost at the year end		 2023
Program
related
investments
£
Unquoted
shares
£
OEICs
£
Fixed and
variable
interest
securities
£
Total
investments
£
134,997
-
20,173,936
2,356,147
22,665,080
71,608
-
1,155,501
697,072
1,924,181
-
-
(1,046,578)
(201,647)
(1,248,225)
-
-
(210,035)
136,467
(73,568)
206,605
-
20,072,824
2,988,039
23,267,468
206,605
-
15,591,931
2,792,201
18,590,740
2022
Program
related
investments
£
Unquoted
shares
£
OEICs
£
Fixed and
variable
interest
securities
£
Total
investments
£
-
121,753
18,434,320
3,125,235
21,681,308
134,997
-
2,192,666
-
2,327,663
-
-
-
(795,520)
(795,520)
-
(121,753)
(453,050)
26,432
(548,371)
134,997
-
20,173,936
2,356,147
22,665,080
134,997
190,950
15,002,268
2,296,699
17,624,914

16

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2023 (continued)

6 Fixed asset investments (continued)

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		 2023
£
2022
£
-
1,207,205
7,986,678
9,099,072
3,308,640
3,240,520

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

7 Other debtors: amounts falling due within one year

Accrued interest
Accrued dividend		 2023
£
2022
£
7,305
8,827
22,146
24,724
29,451
33,551

8 Creditors: amounts falling due within one year

Grants payable
Other creditors and accruals		 2023
£
2022
£
1,183,750
611,600
33,145
15,313
1,216,895
626,913

9 Creditors: amounts falling due after one year

Grants payable 2023
£
2022
£
306,300
75,000

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 £3,015,000 (2022: £3,015,000) to the Trust, of which £15,000 (2022: £15,000) relates to a donation received in the form of administrative support, as per Note 2.

17

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2023 (continued)

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

Net (expenditure)/ income for the year
as per the statement of financial activities
Adjustments for:
Dividends and interests from investment
Loss on investments
Decrease in debtors
Increase in creditors
Net cash (used in)/provided by operating activities		 2023
£
2022
£
(717,665)
436,009
(348,067)
(226,580)
71,793
548,232
-
1,683
821,283
91,975
(172,656)
851,319

12 Analysis of cash and cash equivalents

Investments (bank deposit accounts)
Cash in hand
Total cash and cash equivalents		 2023
£
2022
£
2,543,489
3,314,827
464,462
187,795
3,007,951
3,502,622

13 Analysis of changes in net debt

Cash and cash equivalents At 1 June 2022
Cash flows
At 31 May 2023
£
£
£
3,502,622
(494,671)
3,007,951
3,502,622
(494,671)
3,007,951

18