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