Charity number: 328196 THE LAPID CHARITABLE TRUST UNAUDITED TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 R S PORTER & CO LIMITED Chartered Accountants Albion Dockside BuildlnE Hanover Place Bristol BSI 6UT
THE LAPID CHARITABLE TRUST CONTENTS Page Reference and administrative Detalls of the Charityi its Trustees and Advisers Trustees Report Independent Examlner's Report Statement of Flnanclal Activities Balance Sheet Notes to the Financial Statements 10-15
THE LAPID CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5th APRIL 2023 Trustees Julie Cigman Naomi Braybrooke Daniel Cigman Tamara Pekelman Derian Charity registered number 328196 Prlnclpal Office 4 Rodborough Avenue Stroud Gloucestershire GL5 3RS Accountants R S Porter & Co Limited Chartered Accountants The Old Dairy Ashton Hill farm Weston Road, Failand Bristol BS8 3US Banker5 Cooperative Bank Page I
THE LAPID CHARITABLE TRusr TRUSTEES, REPORT FOR THE YEAR ENDED 5th APRIL 2024 The Trustees present their annual report, together with the financial statement5 for the year ended 5th April 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practices applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 102). Structurei Eovernance and management Constitution The Lapid Charitable Trust is governed by a Trust Deed dated 21st April 1989 and was registered with the Charity Commissions on 1st June 1989. b. Method of appointment or election of Trustees Trustees are appointed by a resolution of the trustees passed at a special meeting. The Trustees who have served during the period are set out on page l. Trustees are appointed by the board and serve until they choose to retire. c. Policies adopted forthe induction and training of Trustees Trustees are made aware of the purposes and aims of the charity, as well as their general and specific dutie5. They are also provided with a copy of 'The Good Trustee Guide, and the guidance It's your decision: charity trustees and decision making Trustees are expected to familiarise themselves with all the activities of the Charity. d. Organisational structure and decision making The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. The Trustees manage the day to day running of the trust. All Trustees are made aware of proposed donations and two Signatories are required to authorise all payments. e. Risk management The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that System5 and procedures are in place to mitigate exposure to major risks. Page 2
THE LAPID CHARITABLE TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 5th APRIL 2024 Objectives and Activities a. Policie5 and objectives The charity's visions are of connectedne55 and challenging isolation. The charity provides support to other individuals and charities in England or anywhere else in the world with specific areas of interest as follows: Health, medicine and disability Mental health, including Alzheimer's and dementia Helping people thrive in old age and respite care Building trust and friendship between communitles Responsive rellef in disaster zones In settin8 objectives and plannin8 for activities, the Trustees have 8iven due consideratlon to general 8uidance published by the charity commission relating to public benefit. b. Actlvities for achleving objettlves The charity has been funded by donations received from the late Jack Cigman. The Trustees have invested funds in mixed portfolio of listed investments with a view to maintaining an enduring income stream to fund the activities of the charity for the foreseeable future. c. Grant making policies Grants are made available to deserving causes at the discretion of the Trustees. Achievements and performance a. Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial staternents. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. b. Key flnancial performance indicators The trustees consider income from investments, net movement in funds, value of investments and net assets to be the key performance indicators for the charity. Page 3
THE LAPID CHARITABLE TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 5th APRIL 2024 c. Activities The Trustees are continuously seeking suitable organisations in the UK, which carry out charitable activities to a wider society and provide financial support. Careful consideration is taken by Trustees in choosing the right charities and the amount of financial support is decided based on the income generated from a mixed portfolio of investments. d. Investment policy and performance There are no restrictions on the charity's power to invest. The investment strategy is set by the Trustees to take account of demand for funds and the quality of funding applications. The Trustees will apply the capital and Incorne of the fund for such charitable purposes as they think fit at their discretion. The Trustees have Instructed Quilter Cheviot to manage the majority of the charity's funds. A low risk investment policy has been adopted with the twofold objective of producing an annual distributable income alongside prudent long term 8rowth and the performance of the portfolio is monitored on an ongoing basis. Financial review a. Financial review The Trustees have continued their policy of investing in a mixed portfolio of listed and unlisted investrnents, generating investment income for the year of £66,51712023 - £61,839). Net expenditure before other recognised gains and losses arnounted to £66,337 for the year (2023 £60,248). b. Reserves policy The charity maintains a general fund from which charitable donations to beneficiaries will be made. As at 5th April 2024 the charity had free reserves in the general fund of £3,828,34412023 £3,554,016). The Trustees aim to maintain a minirnum of free reserves in unrestricted funds of £40,000 equivalent to six months of charitable expenditure. A resetves policy has been established in order to ensure that the charity balances the needs of current beneficiaries with the need to maintain capital to provide income for future beneficiaries of the charity. Page 4
THE LAPID CHARITABLE TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 5th APRIL 2024 Plans for future periods a. Future developments The Trustees continue to seek suitable opportunities to enable them to meet the principal objectives of the charity. The Trustees continue to look to manage the charity's porrfolio with a view to generating an on going stream of income sufficient to meet those objectives. This report was approved by the Trustees on ...................................... and signed on thelr behalf by: Julie Cigman Trustee Page 5
THE LAPID CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5th APRIL 2024 Independent Examiner's Report to the Trustees of The Lapid Charitable Trust I report on the financial statements of the charity for the year ended 5th April 2024 which are set out on pages 8 to 15. 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. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's Trustees as a body, for my work or for this report. Responsibilities and Basls of Report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111"the 2011 Act"). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrylng out my examination I have followed all the applicable Directions given by the Charity Commlssion under section 145lSllb) of the 2011 Act. Independent Examiner's Statement Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice i55ued on 1st April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the account5 to provide a true and fair view in accordance with the Generally Accepted accounting Practice effective for reporting period5 beginning on or after 1st January 2015. Page 6
THE LAPID CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT (Continued) FOR THE YEAR ENDED 5th APRIL 2024 I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair. view which is not a matter considered as part of an independent examination. I have no Concerns and have come across no other rnatters in connection with the examination to which attention Should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Dated: C J Keates-porter FCA R S Porter & Co Limited Chartered Accountant5 The Old Dairy Ashton Hill farm Weston Road, Failand Bristol B58 3US Page 7
THE LAPID CHARITABLE TRUST STATEMENT OF FINANCIAL AcllviTIES FOR THE YEAR ENDED 5th APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Notes Income from:. Investments 66,517 66,517 61,839 Total Income 66,517 66,517 61,839 Expenditure on:. Raising funds Charitable activities:. Charitable activities Governance costs 15,572 15,572 27,088 50,105 660 50,105 660 32,500 660 Total expendlture 66,337 66,337 60,248 Net expendlture before Investment galns Net Ilosses)/gains on investments 180 180 274,148 274,148 1,591 1241,088) Net (expendlture)/lncome before other recognised 8ains & losses 274,328 274,328 1239,4971 Net movement in funds 274,328 274,328 (239,497} Reconciliation of funds:. Total funds brought forward 3,554,016 3,554,016 3,793,513 Total funds carried forward 3,828,344 3,828,344 3,554,016 The notes on pages 10- 15 form part of these financial statements Page 8
THE LAPID CHARITABLE TRUST BALANCE SHEET AS AT 5th APRIL 2024 2024 2023 Notes Fixed assets Investments 3.632,462 3,258,008 Current assets Debtors Cash at bank and in hand 195,882 296,008 195,882 296,008 Net assets 3,828,344 3,554,016 Charity Funds Unrestricted funds 3,828,344 3,554,016 Total funds 3,828,344 3,554,016 The financial statements were approved by the Trustees on behalf by:_ and signed on their Julie Clgman Trustee The notes on pages 10 - 15 form part of these financial statements Page 9
THE LAPID CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 Accounting policies Basis of preparation of financial statements The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Re8ulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP (FRS 1021 published on 16th July 2014. 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 UK and Republic of Ireland (FRS 1021 issued on 16th July 2014 and Financial Reporting Standard app5icable in the United Kingdom and Republic of Ireland (FRS 1021 and Charities Act 2011. The Lapid Charitable Trust constitutes a public benefit entity as defined by FRS 102. Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objettives of the charity and which have not been designated for other purposes. Income All income is recognised once 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. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. It 55 probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. Page 10
THE LAPID CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 Accounting policies (continued) Expenditure {continued) Costs of generating funds are costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the charity's educational operations, including SUPPOrt cost5 and costs relating to the governance of the charity apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer Ss conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the Bank. Financial instruments Basic financial instruments, including cash and bank balance are in5tially recognised at transaction value and subsequently measured at their settlement value. other financial assets, including investment5 in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in statement of financial activities. Page 11
THE LAPID CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 Accounting policies (continued) Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairrnent. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/llosses} on investments, in the Statement of Financial Activities Debtors Debtors are recognised at the settlement amount. Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three month5 or le55 from the date of acquisition or opening of the deposit or similar account. 1.10 Llabllities and provislons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event. It is probable that a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflect5 the risks specific to the liability. The unwinding of the discount 15 recogni5ed within interest payable and similar charges. Page 12
THE LAPID CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income- listed investments Investment income -unlisted investments Bank interest receivable Bond interest receivable 38,399 20,000 7,012 1,106 38,399 20,000 7,012 1,106 53,459 5,238 3,142 66,517 66,517 61,839 Total 2023 61,839 61,839 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees Bank charges Ollier 15,573 15,573 21,317 15,573 15,573 27,088 Total 2023 27,088 27,088 Analysis of expenditure on charitable actlvlties Unrestricted funds 2024 Total fvnds 2024 Total funds 2023 Charitable donations 50,105 50,105 32,500 Total 2023 32,500 32,500 Page 13
THE LAPID CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 Governance costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Accountancy 660 660 660 660 660 660 Net Incoffle/(expenditure) During the year, no Trustee5 received any remuneration12023 - £Nil) During the year, no Trustees received any benefits in kind {2023 - £Nill No Trustees received reimbursement of expenses in the year {2023 - £Nil) Staff costs The charity has no employees other than the Trustees. who dld not receive any remuneration (2023- £Nill. No employee received remuneration amounting to more than £60,000 in either year. Fixed asset Investments Listed securities Market value At 6th April 2023 Add itions Disposals Revaluations 3,258,008 1,027,352 {927,046) 274,148 At 5th April 2024 3,632,462 Investments at market value comprise:_ 2024 2023 Listed investments 3,632,462 3,258,008 All the fixed asset investments are held in the UK Page 14
THE LAPID CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 Fixed asset investments {Continued {Lossesl/Gains on investment assets 2024 2023 {Losses}IGains on disposal of investment assets (Losses)/Gains on revaluation of investment assets 16,868 {61,915) 257,280 {179,173) 274,148 (241,0881 Debtors 2024 2023 Sale proceeds receivable Accrued income 10. Statement of funds Balance Inome Expendlture Galn51 (Losses) B•l#n¢e at 6th April •t 5th Aprll 2024 at Sth Aprll 2023 2023 General Funds 3,554,016 66,517 166,3371 274,148 3,828,344 3,554,016 Page 15