# **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:
- Medical research and support
- Child and social care
- General charitable funding
- Support for the elderly
- Educational Funding
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:
- £574,280 for medical research and support
- £351,541 for child and social care
- £2,345,901 for general charitable funding
- £157,939 for support for the elderly
- £579,279 for educational funding
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:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
- state whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue business.
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:
- 31 May 2023 and of 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.
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;
- the informati prepared is inconsistent in any material respect with the financial statements; or
- adequate accounting records have not been kept; or
- the financial 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**
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:
- Discussion with management and those charged with governance; and
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:
- Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;
- Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations;
- Review of financial statement disclosures and agreeing to supporting documentation;
- Involvement of tax specialists in the audit;
- Review of legal expenditure accounts to understand the nature of expenditure incurred; and
- Discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations.
## **Fraud**
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
- Detecting and responding to the risks of fraud; and
- Internal controls established to mitigate risks related to fraud.
- Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Assessing the design and implementation of controls and procedures relevant to the preparation of the financial statements and the detection and prevention of irregularities and fraud, including verification of grant recipient bank details.
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:
- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;
- Assessing significant estimates made by management for bias, including value of liability from multiyear grant commitments and valuation of investments, particularly the recoverability of unlisted investments; and
- Procedures to verify the completeness of donation income, such as review of minutes from meetings in the year and cut-off testing.
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
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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:
- Lewis Trust Group Limited
- River Island Clothing Co. Limited
- Cavendish Asset Management Limited
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