2024-05-31-accounts

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED

31 MAY 2024

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

Knox Cropper LLP Floor 5 65 Leadenhall Street EC3A 2AD

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 2024

Contents

Page
1
5
	financial statements
6	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 2024

The trustees present their report and financial statements of the charity for the year ended 31 May 2024. 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 Le constituted by a Deed of Trust dated 30 September 1969. The Trust Deed was amended on 26 September 2013 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.

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

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 2024 (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 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:

• £610,904 for medical research and support

• £221,346 for child and social care

• £2,372,029 for general charitable funding

• £133,837 for support for the elderly

• £561,086 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 9 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 income for the year was £1,472,551 (2023: net expenditure of £717,665) comprising total income of £3,487,604 (2023: £3,363,068), total expenditure on charitable activities of £3,626,359 (2023: £4,008,940) and net gain on investment of £1,611,306 (2023: net loss of £71,793).

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 2024 was £26,254,226 (2023: £24,781,675) 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 £26,254,226 (2023: £24,781,675), including net current assets of £2,582,722 (2023: £1,820,507). 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 2024 (continued)

Investment policy

The investment policy aims to grow the capital value of the portfolio and to maximise long term overall return with moderate fluctuation in capital value, thereby enabling the Trustees to meet their objectives in respect of the requirements of the Trust.

The Trustees require their investment manager to pay attention to the standard investment criteria, namely the suitability of the class of investment and the need for diversification insofar as appropriate to the circumstances of the Trust. Any restrictions on the type of investments or markets in which the manager may invest on the Trust behalf will be given in writing.

Investment restrictions

There are no restrictions on the portfolio.

Investment performance

Return on investments for the year was in line with expectations and the capital value of the portfolio continued to grow.

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 2024 of £268,828 (2023: £206,605). 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 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

£1,058,883 (2023: £1,490,050).

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.

3

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

ANNUAL REPORT

for the year ended 31 May 2024 (continued)

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. 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 grantsmaking 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 £26,254,226 (2023: £24,781,675). 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

Date: 10 October 2024

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF REPORT AND THE FINANCIAL STATEMENTS for the year ended 31 May 2024

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

5

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

CHARITABLE TRUST for the year ended 31 May 2024

Opinion

We have audited the financial statements of David & Ruth Lewis Family Charitable Trust (the 'charity') for the year ended 31 May 2024 which comprise the Statement of Financial Activities, Statement of Financial Position, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 May 2024 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating 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 Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 this gives rise to 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.

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

CHARITABLE TRUST (continued) for the year ended 31 May 2024

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

• sufficient 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

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.

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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors 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 a Report of the Independent Auditors 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.

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:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity and determined that the most significant are the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

• We understood how the Charity is complying with those frameworks via communication with those charged with governance, together with the review of the Charity's documented policies and procedures.

• We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements. These included risks associated with Revenue Recognition and Management override of Controls, which were discussed and agreed by the audit team

• Our approach included agreeing the charity's recognition of income to underlying support, the review of journal entries processed in the accounting records and the investigation of significant and unusual transactions identified from our review of the accounting records.

7

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

CHARITABLE TRUST (continued) for the year ended 31 May 2024

• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the directors with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the Charity.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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.

Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD

10/10/2024

8

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 May 2024

		2024	2023
		Unrestricted	Unrestricted
		Funds	Funds
	Note	£	£
Income from:
Donations	2	3,016,800	3,015,000
Investment income	3	470,804	348,068
Total		3,487,604	3,363,068
Expenditure on:
Charitable activities	4	(3,626,359)	(4,008,940)
Total		(3,626,359)	(4,008,940)
Net gain/(loss) on investment		1,611,306	(71,793)
Net income/(expenditure)		1,472,551	(717,665)
Reconciliation of funds:
Fund balance brought forward as previously
stated		24,781,675	25,499,340
Total funds carried forward		26,254,226	24,781,675

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.

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION as at 31 May 2024

	Note	2024		2023
		£	£	£	£
Fixed asset investments
Program related investments	6		268,828		206,605
OEICs	6		20,100,863		20,072,824
Fixed and variable interest securities	6		3,557,349		2,988,039
			23,927,040		23,267,468
Current assets
Other debtors	7	13,833		29,451
Cash at bank	12	3,395,311		3,007,951
		3,409,144		3,037,402
Creditors: Amounts falling due within
one year	8	(826,422)		(1,216,895)
Net current assets			2,582,722		1,820,507
			26,509,762		25,087,975
Creditors: Amounts falling due after
one year
Grants payable	9		(255,536)		(306,300)
Net assets			26,254,226		24,781,675
Income funds
Unrestricted funds			26,254,226		24,781,675

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 10 October 2024.

Benjamin Lewis Trustee

10

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF CASH FLOWS as at 31 May 2024

		2024	2023
	Note	Total funds	Total funds
		£	£
Net cash used in operating activities	11	(1,050,795)	(172,656)
Cash flows from investing activities:
Purchase of investments		(3,883,240)	(1,924,181)
Dividends and interest from investments		486,421	352,166
Proceeds from sale of investments		4,834,974	1,250,000
Net cash provided by/(used in) investing activities		1,438,155	(322,015)
Change in cash and cash equivalents in the year		387,360	(494,671)
Cash and cash equivalents at the beginning of the year		3007,951	3,502,622
Cash and cash equivalents at the end of the year	12/13	3,395,311	3,007,951

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

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2024

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 Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide

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

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 £26,254,226 (2023: £24,781,675), including net current assets of £2,582,722 (2023: £1,820,507). 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.

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2024 (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.

			2024	2023
			£	£
	Unrestricted
	Donated services and facilities
	Lewis Trust Group Limited and River Island Clothing	Co Limited	15,000	15,000
	Voluntary donations - Lewis Trust Group Limited		3,000,000	3,000,000
	Other donations- Lewis Trust Group Limited		1,800	-
			3,016,800	3,015,000
3	Investment income		2024	2023
			£	£
	Bank interest		158,973	79,209
	Fixed and variable interest on securities		311,831	250,486
	Other investment income		-	18,373
			470,804	348,068
4	Charitable activities		2024	Total
	Summary by Activity			Charitable
		Grants Awarded	Support Costs	activities
	Medical research and support	£ 593,390	£ 17,514	£ 610,904
	General charitable funding	2,304,023	68,006	2,372,029
	Child and social care	215,000	6,346	221,346
	Support for the elderly	130,000	3,837	133,837
	Educational funding	545,000	16,086	561,086
	Miscellaneous (return of grant previously awarded)	(272,843)	-	(272,843)
		3,514,570	111,789	3,626,359

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2024 (continued)

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

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:

----- Start of picture text -----
2024 2023
£ £
Medical research and support
Grants of less than £50,000 100,000 85,294
Anthony Nolan 443,390 102,000
-
Magen David Adom 50,000
Rambam UK - 376,300
Allocated support costs 17,514 10,686
610,904 574,280
General charitable funding
Grants of less than £50,000 991,023 952,250
ActionAid - 50,000
Action Against Hunger 100,000 50,000
Alliance for Middle East Peace - 50,000
Autism Centre of Excellence 60,000 -
-
British Refugee Council 50,000
-
Beam Up Limited 118,000
Community Security Trust 85,000 100,000
Campaign Against Antisemitism 350,000 110,000
Fareshare - 50,000
-
Fundacja Faros 150,000
-
Hackney Migrant Centre 50,000
-
Harlington Hospice Association Limited 60,000
-
Hestia Housing and Support 305,000
-
100,000
Kaleidoscope Trust 85,000
Micro Rainbow 185,000 -
Redress 150,000 50,000
Renewable World 55,000 -
-
Settle Support 50,000
The Felix Project 50,000 50,000
The Trussell Trust - 50,000
Vision Foundation for London 50,000 50,000
Allocated support costs 68,006 43,651
2,372,029 2,345,901
----- End of picture text -----

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2024 (continued)

4 Charitable activities (continued)

----- Start of picture text -----
2024 2023
£ £
Child and social care
Grants of less than £50,000 55,000 145,000
Become Charity 60,000 50,000
Drive Forward Foundation 50,000 50,000
-
Magic Bus 50,000
Rise Mutual CIC 50,000 -
Talent-Ed - 50,000
Allocated support costs 6,346 6,541
221,346 351,541
Support for the elderly
-
Grants of less than £50,000 35,000
Jewish Care 130,000 120,000
Allocated support costs 3,837 2,939
133,837 157,939
Educational Funding
Grants of less than £50,000 125,000 92,500
Autistica 50,000 -
Bloomsbury Football Foundation 195,000 56,000
-
Greenaway Foundation 50,000
-
Institute for Jewish Policy Research 50,000
London Business School - 300,000
Solutions Not Sides - 70,000
-
Speech & Language UK 125,000
Allocated support costs 16,086 10,779
561,086 579,279
Support costs comprise: 2024 2023
£ £
General support costs
Administration charges 15,154 15,000
audit fees 12,240 21,000
Consultancy fees 47,428 34,887
Foreign exchange loss/(gain) 1,494 (3,373)
Professional fees 1,291 -
-
Legal fees 1,800
Other 32,382 7,082
111,789 74,596
----- End of picture text -----

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.

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2024 (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

		2024 Fixed and	2024 Fixed and
	Program		variable
	related		interest	Total
	investments	OEICs	securities	investments
	£	£	£	£
Market value at the beginning of the year	206,605	20,072,824	2,988,039	23,267,468
Additions	178,012	2,186,068	1,519,159	3,883,239
Disposals at carrying value	-	(3,632,476)	(1,073,375)	(4,705,851)
Unrealised gain/(loss) during the year	(115,789)	1,474,447	123,526	1,482,184
Market value at the year end	268,828	20,100,863	3,557,349	23,927,040
Historical cost at the year end	384,617	15,266,577	3,092,211	18,743,405

		2023	2023
			Fixed and
	Program		variable
	related		interest	Total
	investments	OEICs	securities	investments
	£	£	£	£
Market value at the beginning of the year	134,997	20,173,936	2,356,147	22,665,080
Additions	71,608	1,155,501	697,072	1,924,181
Disposals at carrying value	-	(1,046,578)	(201,647)	(1,248,225)
Unrealised (loss)/gain during the year	-	(210,035)	136,467	(73,568)
Market value at the year end	206,605	20,072,824	2,988,039	23,267,468
Historical cost at the year end	206,605	15,591,931	2,792,201	18,590,737

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2024 (continued)

6 Fixed asset investments (continued)

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

	2024	2023
	£	£
UK Index Linked Gilt 0.125%	1,197,522	-
TM Stonehage Fleming International Fund L Inc	6,099,433	7,986,678
Stonehage Fleming Global Sustainable Equity Fund Class S Income	3,366,590	3,308,640

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

7 Other debtors: amounts falling due within one year

		2024	2023
		£	£
	Accrued interest	13,833	7,305
	Accrued dividend	-	22,146
		13,833	29,451
8	Creditors: amounts falling due within one year
		2024	2023
		£	£
	Grants payable	803,347	1,183,750
	Other creditors and accruals	23,075	33,145
		826,422	1,216,895
9	Creditors: amounts falling due after one year
		2024	2023
	Grants payable	£ 255,536	£ 306,300

10 Related party transactions

During the year, no related party transactions took place.

17

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2024 (continued)

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

			2024	2023
			£	£
	Net income/(expenditure) for the year
	as per the statement of financial activities		1,472,551	(717,665)
	Adjustments for:
	Dividends and interests from investment		(470,804)	(348,067)
	(Gains)/losses on investments		(1,611,306)	71,793
	(Decrease)/increase in creditors		(411,236)	821,283
	Net cash used in operating activities		(1,050,795)	(172,656)
12	Analysis of cash and cash equivalents
			2024	2023
			£	£
	Investments (bank deposit accounts)		3,076,584	2,543,489
	Cash in hand		318,727	464,462
	Total cash and cash equivalents		3,395,311	3,007,951
13	Analysis of changes in net debt
		At 1 June 2023	Cash flows	At 31 May 2024
		£	£	£
	Cash and cash equivalents	3,007,951	387,360	3,395,311
		3,007,951	387,360	3,395,311

18