2025-05-31-accounts

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED

31 MAY 2025

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 2025

Contents

Page
1
5
	financial statements
6	Independent auditor s report to the trustees of the David & Ruth Lewis Family
	Charitable Trust
10	Statement of financial activities
11	Statement of financial position
12	Statement of cash flows
13	Notes forming part of the financial statements

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

ANNUAL REPORT

for the year ended 31 May 2025

The trustees present their report and financial statements of the charity for the year ended 31 May 2025. 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 constituted by a Deed of Trust dated 30 September 1969. The Trust Deed was amended on 26 September 2013 verning document.

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

The Trust does not invite donations 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 sheet date is not significan

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

• General charitable funding

• Support for the elderly

• Educational Funding

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

ANNUAL REPORT

for the year ended 31 May 2025 (continued)

Grant making policy

The Trust has established its grant making policy to achieve its objectives for public benefit. Various charities submit their request for consideration of a grant to the Trust. The Trust has established a new family branch subfund structure, with each branch holding autonomy over its grant-making activities. The board remains accountable for that activity and monitors activity through regular reporting. Decisions of approval of grants are made 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:

• £438,039 for medical research and support

• £1,879,244 for general charitable funding

• £77,944 for support for the elderly

• £282,948 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 income for the year was £2,386,751 (2024: £1,472,551) comprising total income of £4,553,915 (2024: £3,487,604), total expenditure on charitable activities of £2,678,175 (2024: £3,626,359) and net gain on investment of £511,011 (2024: £1,611,306).

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 2025 was £28,640,977 (2024: £26,254,226) 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 £28,660,977 (2024: £26,254,226), including net current assets of £5,032,792 (2024: £2,582,722). 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.

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

ANNUAL REPORT for the year ended 31 May 2025 (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

The Trust has established an investment policy designed to balance risk management with the need to maintain adequate liquidity and generate income. Accordingly, the policy expressly prohibits certain types of investments to ensure that risk exposure remains within acceptable limits.

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 2025 of £323,829 (2024: £268,828). 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

£785,536 (2024: £1,058,883).

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.

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

ANNUAL REPORT for the year ended 31 May 2025 (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 programs.

The value of funds held by the Trust for the financial year is £28,640,977 (2024: £26,254,226). 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.

........................................... Simon Lewis Trustee

Chelsea House West Gate London W5 1DR

Date:

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

REPORT AND THE FINANCIAL STATEMENTS for the year ended 31 May 2025

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

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

THE TRUSTEES OF DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST for the year ended 31 May 2025

Opinion

We have audited the financial statements of David & Ruth Lewis Family Charitable Trust (the 'charity') for the year ended 31 May 2025 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 2025 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, 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

THE TRUSTEES OF DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST for the year ended 31 May 2025

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.

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

THE TRUSTEES OF DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST for the year ended 31 May 2025

• 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

24/10/2025

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 May 2025

		2025	2024
		Unrestricted	Unrestricted
		Funds	Funds
	Note	£	£
Income from:
Donations	2	4,107,500	3,016,800
Investment income	3	446,415	470,804
Total		4,553,915	3,487,604
Expenditure on:
Charitable activities	4	(2,678,175)	(3,626,359)
Total		(2,678,175)	(3,626,359)
Net gain on investment		511,011	1,611,306
Net income		2,386,751	1,472,551
Reconciliation of funds:
Fund balance brought forward as previously
stated		26,254,226	24,781,675
Total funds carried forward		28,640,977	26,254,226

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 13 to 19 form part of these financial statements.

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION as at 31 May 2025

	Note	2025		2024
		£	£	£	£
Fixed asset investments
Program related investments	6		323,829		268,828
OEICs	6		19,950,821		20,100,863
Fixed and variable interest securities	6		3,590,535		3,557,349
			23,865,185		23,927,040
Current assets
Other debtors	7	17,778		13,833
Cash at bank	12	5,560,152		3,395,311
		5,577,930		3,409,144
Creditors: Amounts falling due within
one year	8	(542,138)		(826,422)
Net current assets			5,032,792		2,582,722
			28,900,977		26,509,762
Creditors: Amounts falling due after
one year
Grants payable	9		(260,000)		(255,536)
Net assets			28,640,977		26,254,226
Income funds
Unrestricted funds			28,640,977		26,254,226

The notes on pages 13 to 19 form part of these financial statements.

The financial statements were approved by the trustees and authorised for issue on

Simon Lewis Trustee

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

STATEMENT OF CASH FLOWS as at 31 May 2025

		2025	2024
	Note	Total funds £	Total funds £
Net cash used in operating activities	11	1,149,505	(1,050,795)
Cash flows from investing activities:
Purchase of investments		(1,536,034)	(3,883,240)
Dividends and interest from investments		442,470	486,421
Proceeds from sale of investments		2,108,900	4,834,974
Net cash provided by investing activities		1,006,149	1,438,155
Change in cash and cash equivalents in the year		2,164,841	387,360
Cash and cash equivalents at the beginning of the year		3,395,311	3,007,951
Cash and cash equivalents at the end of the year	12/13	5,560,152	3,395,311

The notes on pages 13 to 19 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 2025

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 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 £28,640,977 (2024: £26,254,226), including net current assets of £5,035,792 (2024: £2,582,722). 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 2025 (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.

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----- Start of picture text -----
2025 2024
£ £
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 4,000,000 3,000,000
-
Other donations- Lewis Trust Group Limited 1,800
Other donations Bequest Ruth Lewis Estate 92,500 -
4,107,500 3,016,800
Investment income 2025 2024
£ £
Bank interest 186,754 158,973
Fixed and variable interest on securities 250,475 311,831
Other investment income 9,186 -
446,415 470,804
Charitable activities 2025
Total
Summary by Activity Charitable
Grants Awarded Support Costs activities
£ £ £
Medical research and support 421,497 16,542 438,039
General charitable funding 1,808,274 70,970 1,879,244
Support for the elderly 75,000 2,944 77,944
Educational funding 272,262 10,686 282,948
2,577,033 101,142 2,678,175
----- 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 2025 (continued)

4	Charitable activities (continued)		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

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:

Details of each individual activity are as follows:
	2025	2024
	£	£
Medical research and support
Grants of less than £50,000	186,085	100,000
Anthony Nolan	-	443,390
Magen David Adom	-	50,000
Blood Cancer UK	90,000	-
Just A Drop Appeal	55,412	-
Institute for Cancer Research (ICR)	90,000	-
Allocated support costs	16,542	17,514
	438,039	610,904
General charitable funding
Grants of less than £50,000	503,274	991,023
Action Against Hunger	-	100,000
Autism Centre of Excellence	-	60,000
Beam Up Limited	-	118,000
Community Security Trust	70,000	85,000
Campaign Against Antisemitism	-	350,000
Harlington Hospice Association Limited	-	60,000
Micro Rainbow	-	185,000
Redress	-	150,000
Renewable World	-	55,000
Settle Support	50,000	50,000
The Felix Project	75,000	50,000
Vision Foundation for London	-	50,000
Fareshare	50,000	-
SolarAid	125,000	-
Solution Not Sides	50,000	-
Galop	70,000	-
Camp Simcha	50,000	-
Just Like Us	60,000	-
Trevi	150,000	-
Luminary Limited	300,000	-
Surviving Economic Abuse (SEA)	105,000	-
SignHealth	50,000	-
MyCWA	50,000	-
Hourglass	50,000	-
Allocated support costs	70,970	68,006
	1,879,244	2,372,029

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DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2025 (continued)

4 Charitable activities (continued)

----- Start of picture text -----
2025 2024
£ £
Child and social care
-
Grants of less than £50,000 55,000
-
Become Charity 60,000
Drive Forward Foundation - 50,000
Rise Mutual CIC - 50,000
-
Allocated support costs 6,346
-
221,346
Support for the elderly
- -
Grants of less than £50,000
Jewish Care 75,000 130,000
Allocated support costs 2,944 3,837
77,944 133,837
Educational Funding
Grants of less than £50,000 212,262 125,000
Autistica - 50,000
-
Bloomsbury Football Foundation 195,000
-
Greenaway Foundation 50,000
-
Speech & Language UK 125,000
Holocaust Educational Trust 60,000 -
Allocated support costs 10,686 16,086
282,948 561,086
Support costs comprise: 2025 2024
£ £
General support costs
Administration charges 15,200 15,154
audit fees 12,852 12,240
Consultancy fees 45,000 47,428
Foreign exchange loss/(gain) 1,711 1,494
Professional fees - 1,291
-
Legal fees 1,800
Other 26,379 32,382
101,142 111,789
----- 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.

16

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2025 (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

		2025 Fixed and	2025 Fixed and
	Program		variable
	related		interest	Total
	investments	OEICs	securities	investments
	£	£	£	£
Market value at the beginning of the year	268,828	20,100,863	3,557,349	23,927,040
Additions	75,000	1,461,034	-	1,536,034
Disposal proceeds	-	(2,108,900)	-	(2,108,900)
Realised profit/(loss) on disposal	-	(51,139)	-	(51,139)
Unrealised (loss)/gain during the year	(19,999)	548,965	33,186	562,150
Market value at the year end	323,829	19,950,823	3,590,535	23,865,187
Historical cost at the year end	459,617	15,236,775	3,092,211	18,788,603

		2024	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
Disposal proceeds	-	(3,729,485)	(1,105,489)	(4,834,974)
Realised profit/(loss) on disposal	-	97,009	32,114	129,123
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	18,627,616

17

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2025 (continued)

6 Fixed asset investments (continued)

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

	2025	2024
	£	£
UK Index Linked Gilt 0.125%	1,229,529	1,197,522
TM Stonehage Fleming International Fund L Inc	4,948,285	6,099,433
Stonehage Fleming Global Sustainable Equity Fund Class S Income	3,444,816	3,366,590

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

7 Other debtors: amounts falling due within one year

	2025	2024
	£	£
Accrued interest	17,778 17,778	13,833 13,833
Creditors: amounts falling due within one year
	2025	2024
	£	£
Grants payable	525,536	803,347
Other creditors and accruals	16,602	23,075
	542,138	826,422
Creditors: amounts falling due after one year
	2025	2024
Grants payable	£ 260,000	£ 255,536

8 Creditors: amounts falling due within one year

9 Creditors: amounts falling due after one year

10 Related party transactions

During the year, a donation of £92,500 was made from the Ruth Lewis Estate.

18

DAVID & RUTH LEWIS FAMILY CHARITABLE TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 May 2025 (continued)

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

		2025	2024
		£	£
	Net income for the year
	as per the statement of financial activities	2,386,751	1,472,551
	Adjustments for:
	Dividends and interests from investment	(437,228)	(470,804)
	Gains on investments	(511,011)	(1,611,306)
	Decrease in creditors	(279,820)	(411,236)
	Net cash used in operating activities	1,158,692	(1,050,795)
12	Analysis of cash and cash equivalents
		2025	2024
		£	£
	Investments (bank deposit accounts)	3,395,311	3,076,584
	Cash in hand	2,164,841	318,727
	Total cash and cash equivalents	5,560,152	3,395,311
13	Analysis of changes in net debt

	At	1	June 2024	Cash flows	At	31 May 2025
			£	£		£
Cash and cash equivalents			3,395,311	2,164,841		5,560,152
			3,395,311	2,164,841		5,560,152

19