# CAMPBELL LUTYENS & CO. INC. X-17A-5 (2026-06-26) — Broker-dealer annual report - Company: CAMPBELL LUTYENS & CO. INC. - Form: X-17A-5 - Filed: 2026-06-26 - Period: 2026-04-30 - Accession: 0001308104-26-000001 - CIK: 1308104 - File #: 8-66720 - Type: Broker-dealer - Material weakness: No - Auditor: Anchin, Block and Anchin LLP - Auditor location: New York, NY - Contact: Christopher Paolino - Phone: 732-233-8802 - Email: cpaolino@compliance-risk.com - Website: compliance-risk.com - Signed by: Christoffer Davidsson (President) Original filing: https://www.sec.gov/Archives/edgar/data/1308104/000130810426000001/clincpublic1.pdf --- {0}------------------------------------------------ Campbell Lutyens & Co. Inc. (S.E.C. I.D. No. 8-66720) ### STATEMENT OF FINANCIAL CONDITION APRIL 30, 2026 This report is filed in accordance with Rule 17A-5(e)(3) under the Securities Exchange Act of 1934 as a PUBLIC DOCUMENT to be posted on www.sec.gov. \* \* \* \* \* \* \* {1}------------------------------------------------ ### REPORT INDEX ### APRIL 30, 2026 ### PAGE | FACING PAGE TO FORM X-17A-5 | 1 | |-------------------------------------------------------------|---| | AFFIRMATION | 2 | | REPORT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 3 | | STATEMENT OF FINANCIAL CONDITION | 5 | | NOTES TO THE STATEMENT OF FINANCIAL CONDITION | 6 | {2}------------------------------------------------ | OMB APPROVAL | |--------------------------| | OMB Number: 3235-0123 | | Expires: Nov. 30, 2026 | | Estimated average burden | | hours per response: 12 | | SEC FILE NUMBER | | | | | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | |---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|---------|-------------------------------------------| | | | | | | FILING FOR THE PERIOD BEGINNING 05/01/2025 __ AND ENDING 04/30/2026 | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: Campbell Lutyens & Co. Inc. | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
Check here if respondent is also an OTC derivatives dealer | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 630 Fifth Avenue, 36th Floor | | | | | | (No. and Street) | | | | New York | NY | | 10111 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Christopher Paolino 732-233-8802 | | | cpaolino@compliance-risk.com | | (Name) | (Email Address)
(Area Code - Telephone Number) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Anchin, Block & Anchin LLP | | | | | | (Name - if individual, state last, first, and middle name) | | | | 3 Times Square | New York | NY | 10036 | | (Address) | (City) | (State) | (Zip Code) | | 09/18/03 | | 168 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable | | | FOR OFFICIAL USE ONLY | | | {3}------------------------------------------------ - - - - - - - - - - - - - - - - - - - - - - - - - 2 - - - {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Anchin, Block & Anchin LLP Accountants & Advisors 3 Times Square, New York, NY 10036 212-840-3456 www.anchin.com # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM # To the Stockholder and Board of Directors of Campbell Lutyens & Co. Inc.: # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Campbell Lutyens & Co. Inc. as of April 30, 2026 our opinion, the financial statement presents fairly, in all material respects, the financial position of Campbell Lutyens & Co. Inc., as of April 30, 2026, in conformity with accounting principles generally accepted in the United States of America. # Basis for Opinion on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Campbell Lutyens & Co. Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial condition is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. {5}------------------------------------------------ # Basis for Opinion (Continued) with affiliate companies. Consequently, the accompanying financial statements may not necessarily be indicative of the financial condition or the results of operations that would have existed if the Company had been operated as an unaffiliated company. Anchin, Block & Anchin LLP New York, N.Y. June 26, 2026 {6}------------------------------------------------ # CAMPBELL LUTYENS & CO. INC. STATEMENT OF FINANCIAL CONDITION AS OF APRIL 30, 2026 ### ASSETS | Cash & cash equivalent | \$
14,295,364 | |----------------------------------------|------------------| | Restricted cash | 834,328 | | Affiliate fee receivable | 34,585,626 | | Deferred income taxes | 1,235,149 | | Staff loans | 7,019,205 | | Other assets | 1,779,927 | | Operating lease right-of-use assets | 8,584,250 | | Finance lease right-of-use assets, net | 13,151 | | Property and equipment, net | 1,684,291 | | Total Assets | \$
70,031,291 | # LIABILITIES AND STOCKHOLDER'S EQUITY ### LIABILITIES | Deferred compensation | \$
6,417,068 | | |--------------------------------------------------------------------------------------------------|------------------|--| | Current income taxes payable | 1,510,725 | | | Accrued expenses and other | 1,051,285 | | | Operating lease liability | 10,927,975 | | | Finance lease liability | 13,354 | | | Total Liabilities | 19,920,407 | | | Commitments and contingencies | | | | Stockholder's Equity | | | | Common stock, par value \$0.01 per share; 2,000,000 shares authorized,
issued and outstanding | 20,000 | | | Additional paid-in capital | 2,959,832 | | | Retained earnings | 47,131,052 | | | Total Stockholder's Equity | 50,110,884 | | | Total Liabilities and Stockholder's Equity | \$
70,031,291 | | - - See Notes to Statement of Financial Condition {7}------------------------------------------------ ## NOTES TO STATEMENT OF FINANCIAL CONDITION ### APRIL 30, 2026 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business - Campbell Lutyens & Co. Inc. (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company is incorporated in the State of Delaware as a C Corporation and is a wholly-owned subsidiary of Campbell Lutyens Holdings Limited (the "Parent"). The Company assists the Parent and the affiliate in a single line of business as a brokerdealer raising capital for private equity, private debt and infrastructure firms and investment managers and providing related specialized financial services. As a result, the Group and Company is exposed to the risks associated with this industry including changes in the economic and regulatory environment. An affiliated company pays the Company fees which reflect value the Company provides to the affiliated company in the normal course of business. The Company does not conduct any retail securities business, offer or hold customer accounts, nor does it hold or receive client or investor funds or securities. The Company is not a party to agreements between an investor and its private fund clients, does not make a market in any security, nor does it trade for its own account or for the account of any client (or investor) in any security. Basis of Presentation - The financial statements are presented in accordance with accounting principles generally accepted in the United States of America. The financial statements are presented in U.S. Dollars. Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. - 6 - Revenue Recognition – The Company earns revenue through a management service agreement with an affiliate. The performance obligation for providing services is satisfied over time because the affiliate is receiving the benefits as they are provided by the Company. Fee arrangements are based on a percentage applied to all costs incurred by the Company plus where appropriate an additional allocation of group revenue based on the contribution that the Company makes to the generation of those group revenues derived in accordance with accepted transfer pricing methodology. Affiliate fees are generally received monthly and are recognized as revenue as they relate specifically to the services provided in that period. Restricted Cash – Amounts included in restricted cash represent cash deposit held in a separate bank account required to be set aside as a secure deposit for the letter of credit used for the leased office space. Cash & Cash Equivalent – Cash equivalents include short-term highly liquid investments, such as money market funds that are readily convertible to known amounts of cash and have original maturities of three months or less. {8}------------------------------------------------ # NOTES TO STATEMENT OF FINANCIAL CONDITION ## APRIL 30, 2026 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Property and Equipment - Comprises furniture and computer equipment which are reported at cost, net of accumulated depreciation. Depreciation is provided for furniture and computer equipment on a straight-line basis over the estimated useful life of the assets. In addition, property and equipment comprises improvements to leasehold office space rented under an operating lease which are reported at cost, net of accumulated depreciation. Depreciation is provided for leasehold improvements on a straight-line basis over the lease period. Income Taxes - The amount of current taxes payable or refundable is recognized as of the date of the financial statements, utilizing currently enacted tax laws and rates. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. Deferred Compensation – The Company makes contractual remuneration payments to certain employees. Due to the structure and payment terms, the Company treats such remuneration payments as deferred compensation with such payments being accrued over the period from which economic benefits are derived from the continuing service provided by the employees. Staff Loans - The Company makes staff loans available to certain employees. Such loans are carried at book value if the time they are held is not significant and at amortized cost using the effective interest method if the time value of money is significant. Interest is charged at market loan rates and is taken to the Statement of Income at the point in time when, under the terms of the contract, the company is entitled to the interest specified. Lease Standard – The Company has adopted FASB Accounting Standards Codification ("ASC") Topic 842, Leases ("ASC 842"). The Company elected the package of practical expedients that allows to carry forward historical lease classification, assessment of whether a contract is or contains a lease, for any leases that expired prior to adoption of ASC 842. ASC 842 requires lessees to recognize on the Statement of Financial Condition, at lease commencement, the lease assets and related lease liabilities for the rights and obligations created by operating and finance leases with lease terms of more than 12 months. The lease term commences on the date the lessor makes the underlying property available, irrespective of when lease payments begin under the contract. The duration of the lease term is assessed taking into account both the termination and the likelihood and availability of a renewal option. The lease expense is recognized on a straight-line basis over the lease term. The finance lease liability is based on the present value of the lease payments discounted at borrowing rate of 8%. The operating lease liability is based on the present value of the lease payments discounted at borrowing rate of 3.5%. The right-of-use asset is based on lease liability. {9}------------------------------------------------ # NOTES TO STATEMENT OF FINANCIAL CONDITION ### APRIL 30, 2026 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Segment Reporting – The Company adopted ASU 2023-07 – Segment Reporting for improved disclosure regarding reportable segments. The Company's Chief Operating Decision Maker ("CODM") is the senior executive committee that includes the President. Due to the nature of the Company's operations, the CODM evaluates the Company's Fees from Affiliates as a single reporting segment, as described in the summary of significant accounting policies. The metrics used by the CODM to assess the performance of the Company's operations include revenue, net income and cash flows from operations, which also helps in decision making and forecasting future results. The measure of segment assets is reported on the statement of financial condition as total assets, and segment revenues and expenses are reported on the statement of operations as total revenues and expenses. 2. RELATED PARTY TRANSACTIONS The Company enters into related party transactions with an affiliate. For the year ended April 30, 2026, revenues with an affiliate were \$71,074,390. The Company was owed \$34,585,626 by an affiliate at April 30, 2026. The Company has provided loans to certain staff with interest chargeable at market loan rates. At April 30, 2026 loans with a value of \$7,019,205 and accrued interest of \$204,242 were owed to the Company. Accrued interest has been included within other assets in the Statement of Financial Condition and staff loans are disclosed separately. Staff loans are repayable on agreed dates up to five years after the date the loan was given. None of the staff loans are in default of their terms. Staff loans fall due to be repaid as follows: | Years Ending April 30 | | |-----------------------|-----------------| | 2027 | \$
1,044,125 | | 2028 | 690,401 | | 2029 | 1,582,717 | | 2030 | 2,628,865 | | 2031 | 1,073,097 | | | | | | \$
7,019,205 | {10}------------------------------------------------ # NOTES TO STATEMENT OF FINANCIAL CONDITION ## APRIL 30, 2026 | | CAMPBELL LUTYENS & CO. INC. | | |----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------| | | NOTES TO STATEMENT OF FINANCIAL CONDITION | | | | APRIL 30, 2026 | | | | | | | 3. | PROPERTY AND EQUIPMENT | | | | Property and equipment are comprised of the following: | | | | Leasehold improvements | \$
1,381,189 | | | Office equipment and furniture | 1,756,290 | | | Computer equipment | 1,280,095 | | | | 4,417,574 | | | Less - accumulated depreciation | (2,733,283) | | | | \$
1,684,291 | | 4. | LEASES | | | | Operating Lease- In April 2022, the Company entered into an agreement to rent office space under
a lease with commencement date of January 20, 2023 to expire on February 28, 2034. The lease
provides for minimum rental and escalations based on increases in real estate taxes and operating
expenses. | | As of April 30, 2026, a lease liability of \$10,927,975, of which \$1,119,493 and \$9,808,482 is considered as short-term and long-term liabilities respectively, is recorded in operating lease liability in the Statement of Financial Condition, which is the present value of the lease payments over the term ending February 28, 2034. The present value was computed using a discount rate equal to the borrowing at the time of inception, or 3.5%. A corresponding operating lease asset of \$8,584,250 is recorded in the statement of financial condition as at April 30, 2026. The future minimum base payments under the non-cancellable operating lease are as follows: ### Years Ending April 30 | 2027 | \$
1,668,656 | |------------|------------------| | 2028 | 1,690,778 | | 2029 | 1,801,390 | | 2030 | 1,801,390 | | 2031 | 1,801,390 | | Thereafter | 5,103,938 | | | | | Total | \$
13,867,542 | | | | {11}------------------------------------------------ # NOTES TO STATEMENT OF FINANCIAL CONDITION ## APRIL 30, 2026 4. LEASES - continued Finance Lease- In March 2023, the Company entered into an agreement to rent office equipment under a lease expiring on August 10, 2026. The monthly rental costs are fixed under the terms of the lease. The future minimum base payments under the non-cancellable finance lease are as follows: ### Years Ending April 30 The value of the finance lease right-of-use asset as at April 30, 2026 is \$13,151. The accumulated amortization as of April 30, 2026 is \$124,935. As of April 30, 2026, a lease liability of \$13,354, and is recorded in finance lease liability in the statement of financial condition, which is the present value of the lease payments over the term ending August 10, 2026. The present value was computed using a discount rate equal to the borrowing at the time of inception, or 8%. 5. COMMITMENTS AND CONTINGENCIES Letter of Credit — On April 21, 2022, the Company obtained a letter of credit in support of a deposit amounting to \$834,328 for the Company's leased office space. The letter of credit can be drawn by the lessor in the event that the Company defaults in making monthly rent payments. The letter of credit is secured by a money market deposit account, which is reflected as restricted cash on the Company's Statement of Financial Condition. Credit Card Facility – The Company maintains credit cards with major financial institutions with a maximum line of credit of \$320,000. At April 30, 2026 the net prepaid balance of these credit cards of \$17 was included in other assets. - 1 - Cash Credit Risk Concentration — The Company maintains bank accounts with Wells Fargo Bank NA and HSBC Bank USA NA in the New York City metropolitan area. All cash deposits are insured by FDIC for up to \$250,000 per account. Any additional amounts are secured by the good faith and credit of the financial institution. The excess deposit balances over amounts covered by federal insurance was \$14,646,111 at April 30, 2026. {12}------------------------------------------------ ## NOTES TO STATEMENT OF FINANCIAL CONDITION ### APRIL 30, 2026 6. NET CAPITAL REQUIREMENTS As a registered broker-dealer, the Company is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934 (the "Act"). SEC Rule 15c3-1 requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 (and the rule of the "applicable" exchange also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). At April 30, 2026, the Company had net capital of \$2,694,985 which was \$1,939,241 above its required net capital of \$755,744. The Company's ratio of aggregate indebtedness to net capital was 4.21 to 1. 7. EXEMPT PROVISIONS UNDER RULE 15c3-3 8. INCOME TAXES The Company does not claim an exemption under paragraph (k) of 17 C.F.R. 240.15c3-3 and is relying on Footnote 74 of the SEC Release No. 34-70073 and adopted the amendments to 17 C.F.R. 240.17a-5 as the Company limits its business activities exclusively to assisting the Parent and the affiliate in a single line of business as a broker-dealer raising capital for private equity, private debt and infrastructure firms and investment managers and providing related specialized financial services. The Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the year. Federal taxes \$ 1,628,866 Federal taxes (324,037) The components of the net deferred tax asset are as follows: | Total deferred tax assets, consisting of: | | | |-------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|--| | Total deferred tax liabilities, consisting of: | | | | Net deferred tax asset | \$
1,235,149 | | | Deferred tax assets of \$1,628,866 are mostly attributable to temporary differences relating to bonus
accruals. | | | | Deferred tax liabilities relate to temporary differences in accelerated depreciation of \$393,717. | | | | The Company determined that there are no uncertain tax positions which would require adjustments
or disclosures on the financial statements. | | | | | | | | | | | | -
1 - | | | | | | | | | | | {13}------------------------------------------------ ## NOTES TO STATEMENT OF FINANCIAL CONDITION ## APRIL 30, 2026 9. DEFERRED COMPENSATION Amounts accrued under deferred compensation arrangements fall due to be paid as follows: ### Years Ending April 30 | NOTES TO STATEMENT OF FINANCIAL CONDITION | | | | | |------------------------------------------------------------------------------------------|-----------------|--|--|--| | APRIL 30, 2026 | | | | | | | | | | | | | | | | | | Amounts accrued under deferred compensation arrangements fall due to be paid as follows: | | | | | | Years Ending April 30 | | | | | | 2027 | \$
4,168,150 | | | | | 2028 | 1,306,191 | | | | | 2029 | 1,140,687 | | | | | 2030 | 5,937 | | | | | 2031 | 2,837 | | | | | Total | 6,623,802 | | | | | Less: Fair value adjustment | (206,734) | | | | | | \$
6,417,068 | | | | | 10.
STOCK OPTIONS | | | | | Employees of the Company are entitled to participate in the Parent company's stock option plan. Options are granted to employees at the discretion of the Board of Directors of the Parent. Options, which are denominated in Great Britain Pounds, are exercisable at a price equal to the fair market value of the parent company's share on the date of grant. The majority of the options can be exercised immediately and are valid for a period of 3 years. If the options remain unexercised at the end of that period they expire. Options are forfeited if the employee leaves the employment of the Parent and its affiliated companies and will be recognized in the period it occurs. Details of the stock options outstanding for employees of the Company are as follows: Number of Weighted average {14}------------------------------------------------ # NOTES TO STATEMENT OF FINANCIAL CONDITION ## APRIL 30, 2026 The stock options outstanding at April 30, 2026 had a range of option values of \$5.96 to \$6.60 and a weighted average remaining contractual life of approximately 5 years. The intrinsic value of stock options exercised during the year was \$369,718. The proceeds received from exercise of stock options of \$1,143,563 were remitted to the parent company. The Company provided loans of \$1,053,350 to staff in order to convert stock options in the parent company. 11. SUBSEQUENT EVENTS Subsequent events have been evaluated through June 26, 2026, which is the date the financial statements were available to be issued. Lazard Inc. has entered a definitive agreement to acquire Campbell Lutyens, and through a merger of equals create a new, autonomous unit, Lazard CL. The transaction is expected to complete later in 2026, subject to regulatory and other approvals. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.