THE LYRAS FAMILY CHARITABLE TRUST REGISTERED CHARITY NO: 328628 STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE LYRAS FAMILY CHARITABLE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
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Reference and Administrative Information
Official Charity Name: The Lyras Family Charitable Trust Charity Registration Number: 328628 Registered Office/Address: 42 Berkeley Square, London, W1J 5AW Trustees: Mr John C Lyras Mr John M Lyras Mr Richard Moore Bankers: National Westminster Bank Plc PO Box 34, 15 Broadgate, London, EC2P 2AP Berenberg Bank (Schweiz) AC Kreuzstrasse 5, CH – 8034, Zurich Investment Advisors: Lyras Financial Services Limited 24-26 Baltic Street, London, EC1Y 0RP Accountants: Moore Family Office Limited 42 Berkeley Square, London, W1J 5AW Independent Examiner: Stephen Jones FCA, FCCA R.E. Jones & Co. 132 Burnt Ash Road, Lee, London, SE12 8PU
Report of the Trustees for the year ended 31 December 2020
The Trustees present their report for the year ended 31 December 2020 under the Charities Act 2011, together with the accounts for the year and confirm that they comply with the requirements of the Act, the Trust Deed and 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 (FRS102) effective 1 January 2015.
Structure, Governance and Management
The Lyras Family Charitable Trust is an unincorporated registered charity created by Deed on 12 April 1990.
As this is a small family Trust, and except as stipulated in the Deed, there are no formal procedures for the appointment or retirement of Trustees. The three Trustees are considered to be the Key Management Personnel of the Trust and are actively involved in the administration of the Trust and currently meet twice a year to agree the broad strategy and areas of activity for the Trust, consider grants, their grant making, reserves and risk management policies and to review the investment performance and financial position of the Trust.
All funds are unrestricted and the Trustees retain sufficient capital for the maintenance of the Trust.
THE LYRAS FAMILY CHARITABLE TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
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Risk Management
The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The major risks identified by the Trustees are the volatility of investment returns on the portfolio and cash deposits, and the proper use of the grants given by the Charity each year. The Trustees have independent advisers who monitor the risks and advise accordingly.
Objects, Objectives and Principal Activities
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. Being a grant giving charity, the main activities are providing donations to organisations which further the charity's purposes. In doing so, the Trustees carry out relevant due diligence and research on each one.
Under the terms of the Deed, the Trustees have discretion to pay or apply the Trust Fund or the income thereof to benefit worldwide disaster funds, the relief of poverty, the advancement of religion (in particular in the country of Greece) and generally for such purposes or objects which are from time to time recognised as exclusively charitable according to the law of England and Wales as the Trustees in their absolute discretion think fit. However, the Trustees' funds are fully committed and unsolicited applications are not requested.
Achievements and performance
The total incoming resources of the Charity for the year ended 31 December 2020 were £9,484 lower than during the previous year. The Trustees distributed 100% of the income received by the Charity, after governance costs during the year and are satisfied with the level of income received, and the number and value of grants awarded. The Charity achieved a good return on its investments overall and spent 100% of its net income for the year on charitable activities. The donations given by the Trustees continue to make a difference to the organisations which receive them and the Trustees monitor the progress and reports provided from each one.
Financial review (including Reserves Policy)
The Charity is reliant on the income from its investments which it uses to provide donations to support its key objectives. The Charity's income during the year ended 31 December 2020 comprised interest from corporate bonds and interest earned on cash deposits amounting to £37,605 (year ended 31 December 2019: £37,854).
The Trustees report an income deficit for the year ended 31 December 2020 of £8,603 (year ended 31 December 2019, a deficit of £6,278) and a carried forward income surplus of £27,526.
The governance costs of the Charity for the year ended 31 December 2020 were £4,490 (year ended 31 December 2019: £4,341).
The Trustees have a balanced investment policy and retain an appropriate level of capital for the maintenance of the Charity. At the year end the Trustees held unrestricted funds of £828,397 which make up the expendable reserves.
THE LYRAS FAMILY CHARITABLE TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
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Investment Policy and Performance
The investment portfolio comprised five low risk bonds at the year end.
The Trust Deed confers upon the Trustees wide powers of investment, in all respects, as if they were absolute owners beneficially entitled to the underlying assets. At present the Charity’s funds comprise corporate bonds, equities and cash.
Trust monies requiring investment under the Trust may be invested in the purchase of such stocks, funds, shares, securities or other investments of whatsoever nature as the Trustees shall in their absolute discretion think fit. The Trustees shall have the same full and unrestricted powers of investing and converting investments in all other respects as if they were absolutely entitled to the Trust Fund beneficially.
The Trustees' policy is to invest the funds available in a secure market, endeavouring to obtain a reasonable income, compatible with protection of the capital value involved and taking into account inflationary factors. The Trustees monitor the performance of the investments in line with their short and long term aims and objectives.
Investments are shown at fair value rather than book cost in accordance with the Statement of Recommended Practice Accounting by Charities in the year to 31 December 2020, The Charity made realised gains of £7,911 (year ended 31 December 2019: £nil) and an unrealised gain of £1,031 (year ended 31 December 2019: a gain of £39,385).
Plans for the future
The Trustees intend to continue to distribute the funds of the Charity in line with their objects.
The Accounts
The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations.
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All cash, apart from a small working balance, is held on interest bearing bank accounts.
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The accounts comply with current statutory requirements.
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Investments have been acquired in accordance with the powers contained within the governing document.
Richard Moore Trustee
Date: 11 October 2021
THE LYRAS FAMILY CHARITABLE TRUST STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020
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The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity, for that period. In preparing financial statements the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. The Trustees are responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT EXAMINER’S REPPORT TO THE TRUSTEES OF THE LYRAS FAMILY CHARITABLE TRUST
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I report on the accounts of the Trust for the year ended 31 December 2020, which are set out on pages 6 to 13.
This report is made solely to the Charity’s Trustees, as a body, in accordance with s 144(2) of the Charities Act 2011. My examination has been undertaken so that I might state to the Charity's Trustees those matters I 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 and the Charity's Trustees as a body, for my examination, for this report. or for the opinions I have formed.
Respective responsibilities of Trustees and Examiners
The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider an audit is not required for this year under s.144(2) of the Chanties Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given oy the Charily Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes a consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view' and the report is limited to those matters set out in the statement above.
Independent Examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable proper understanding of the accounts to be reached.
Stephen Jones, FCA, FCCA RE Jones & Co. Chartered Accountants 132 Burnt Ash Road, Lee London, SE12 8PU
Dated 14 October 2021
THE LYRAS FAMILY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
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| Note Income and endowments from: Donations Investments 2 Total Expenditure on: Raising funds Investment management fees Charitable activities Costs of grant making 3 Total Net income/(expenditure) before net Gains/(losses) on investments Net gains/(losses) on investments 7 Net income/(expenditure) and net movement in funds Reconciliation of Funds: Total Funds Brought Forward at 1 January 2020 Total Funds Carried Forward at 31 December 2020 |
Total Income Capital Unrestricted Account Account Funds 2019 £ £ £ £ 4,165 - 4,165 13,400 37,605 - 37,605 37,854 41,770 - 41,770 51,254 - 1,930 1,930 1,532 50,373 - 50,373 57,532 50,373 1,930 52,303 59,064 (8,603) (1,930) (10,533) (7,810) - 8,942 8,942 39,385 (8,603) 7,012 (1,591) 31,575 36,129 793,859 829,988 798,413 £27,526 £800,871 £828,397 £829,988 |
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The notes on pages 8 to 13 form part of these accounts.
THE LYRAS FAMILY CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2020
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| Fixed Assets Quoted investments Cash with Investment Managers Current Assets Cash at Bank Total Current Assets Current Liabilities Creditors: Amounts falling due within one year Net Current Assets Net Assets Represented by the Unrestricted Funds of the Charity Capital Account Income Account |
Note 7 7 6 |
2020 £ £ 697,322 122,531 819,853 15,751 15,751 (7,207) 8,544 £828,397 800,871 27,526 £828,397 |
2019 £ £ 793,338 31,943 825,281 36,047 36,047 (31,340) 4,707 £829,988 793,859 36,129 £829,988 |
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Approved by the Trustees on 11 October 2021 and signed on their behalf by
Richard Moore Trustee
The notes on pages 8 to 13 form part of these accounts.
THE LYRAS FAMILY CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020
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| Page 8 | |
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| ______________ 2020 £ Net cash used in operating activities (Note 1) (72,271) Cash flows from investing activities: Interest received 83 Investment income received 37,522 Payments to acquire investments (202,342) Receipts from the disposal of investments 307,300 Net cash provided by investing activities 142,563 Change in cash and cash equivalents in the year 70,292 Cash and cash equivalent brought forward 67,990 Cash and cash equivalents carried forward £138,282 |
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THE LYRAS FAMILY CHARITABLE TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020
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| 1. | Reconciliation of net movement in funds to net | ||
|---|---|---|---|
| cash flow from operating activities | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Net movement in funds for the reporting period (as | |||
| Per the statement of financial activities) | (1,591) | 31,575 | |
| Adjustment for: | |||
| Net (gains)/losses on investments | (8,942) | (39,385) | |
| Interest | (83) | (185) | |
| Investment income | (37,522) | (37,669) | |
| (Decrease)/Increase in creditors | (24,133) | 26,952 | |
| Net cash used in operating activities | £(72,271) | £(18,712) | |
| 2. | Reconciliation of net cash flow to movement in | ||
| net funds | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Balance at 1 January 2020 | 67,990 | 48,848 | |
| Net cash inflow/(outflow) | 70,292 | 19,142 | |
| Balance at 31 December 2020 | £138,282 | £67,990 | |
| 3. | Analysis of cash and cash equivalents | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Cash held by investment managers | 122,531 | 31,943 | |
| Cash at bank and in hand | 15,751 | 36,047 | |
| £138,282 | £67,990 |
THE LYRAS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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1. Principal Accounting Policies
- (a) Basis of Accounting
These accounts have been prepared for the year to 31 December 2020. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts have been prepared 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 application in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard application in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
- (b) Reconciliation with previous Generally Accepted Accounting Practice
In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.
(c) Fixed asset investments
Listed 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 quoted market price.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
- (d) Debtors
Debtors are recognised at their settlement amount, less any provision for nonrecoverability. They have been discounted to the present value of the future cash receipt where such discounting is material.
THE LYRAS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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1. Principal Accounting Policies (Continued)
- (e) Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
- (f) Creditors and provisions
Creditors and provisions 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. Creditors and provisions are recognised at the amount the Trust anticipates it will pay to settle the debt.
- (g) Income recognition
Investment income is credited to the income account when receivable. Bank interest is accrued for at the year end but there is no accrual for interest on fixed interest investments at the year end.
- (h) Foreign currencies
Assets and monetary liabilities in other currencies at the balance sheet date are translated into pounds sterling at the rate ruling on that date. Transactions during the year have been translated into pounds sterling at the rate ruling on the date of transaction. Exchange differences arising during the year are dealt with in the income account or the capital account.
- (i) Funds Added
Funds added to the Trust are credited to the capital account when receivable.
- (j) Donations
Donations are charged to the income account on the date of approval bv the Trustees.
- (k) Governance Costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs also include costs related to the independent examination and administration costs.
- Investment Income
| Income from Listed Securities Interest Received |
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THE LYRAS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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3. Costs of Grant Making
| Donations General charitable causes (note 8) Costs Governance costs (note 4) Governance Costs Administrative fee Independent Examination Fee Other |
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4. Governance Costs
5. Trustees, Employees and Related Parties
The Trust had no employees. The administration fee for the year ended 31 December 2020 relates to the charges of Moore Family Office Limited, to whom the Trustees had given responsibility for the day to day administration of the Trust.
No charges have been made to the Trust for the year by Richard Moore (a director of Moore Family Office Limited), John M Lyras (a director of Lyras Financial Services Limited) and John C Lyras. Moore Family Office Limited charged fees of £3,600 inclusive of VAT during the year (year ended 31 December 2019: £0). Lyras Financial Services Limited charged, and subsequently waived, fees of £700 inclusive of VAT during the year.
The Trustees have not purchased indemnity insurance.
| 6. Creditors; amounts falling due within one year Accruals and deferred income |
2020 2019 £ £ £7,207 £31,340 |
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THE LYRAS FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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7. Fixed Asset Investments
The investments consist solely of low risk corporate bonds. Investment listed on a recognised Stock Exchange
| Fair value brought forward Additions Disposals Realised gains Unrealised gains Fair value carried forward Cash held with Investment Managers |
2020 £ 793,338 202,342 (307,300) 688,380 7,911 1,031 697,322 122,531 £819,853 |
2019 £ 753,953 - - 753,953 - 39,385 793,338 31,943 £825,281 |
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All investments individually represent more than 5% of the total fair value.
8.
Donations made in the year
| AEN Sitisi Fund Argo Foundation Alzheimer Research Ark of The World Cerebral Palsy Greece - Open Door Chatzikiakeio Childcare Institution Children with Cancer Diabetes Foundation Epilepsy Action Epilepsy Research Evelina Children's Hospital Heart Doctors Holy Metropolis of Iliou, Acharnon and Petroupolis Kidscape Mission to Seafarers Osteopathic Centre for Children Syn-Enosis Teenage Cancer Trust Other donations to organisations under £1,000: 2 (2019:15) Previous year under provisions on foreign exchange Total donations |
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