2023-12-31-accounts

Chvlty numb•r: 1197855 THE LE￿N TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ThE LEWIN TrUST coKrENTS 7-10 11 12 13-73

THE LEMN TrVST REFERENCE AND ADMINISTrATIVE DEfAILS OF ThE CMARrrY. rrs TRUSTEES AND ADVISERS FOR ThE YEAR EN[￿> 31 DECEMBER 2023 Tru•l• J Kin1￿. Chair C R ￿ntOn. Tn￿109 C Kwiton. TnJsto• R M Kknton, Trust J H 8ryyn, Trustee R C Snfkl. Trust89 IA A G•. Trnstso numb•r 1197855 Roy81(￿ Road wi4ItIo8foft1 ¢83 9DU CB2 9SU U￿6 Bank 25 (>08hom Stroet London EC2V 7HN Inv••kn•nt Chwkn• st￿leY & Co Lld EC2N 3AS Inv•slm•rt M•n•o•rn Ruller LLP eo Lnntkn SW1E &L 1 Lon￿ bV*I Plac• London W Barbi EC2Y &4U Page 1

ThE LEbYIPI TrUST TRUSTEE3' REpoirr FOR THE YEAR ENDED 31 DECEMBER 2023 The Trusleos of Tha Le¥kn Tr￿1 fthe Tno1"1. 8 clwity fJtknl kn 2022. lI￿r Mnual rep￿ and rin9nci￿ ststements for tho erKl•J 31 2023. finandal slatomonts aryj coith the charitys tru51 do&J, the Chanties Acl 2011 arKI "Ace￿n￿n9 and ReportbNJ ty Ch•rtli•8". StstemMI ol R•ciMnmerKled Pr8th applk•b to ch8rW•s pr?￿r￿d accounts in occordanc4 ￿ lh8 Flnandal Rowln9 Slandwd appllcable In UK and R8pubk of Irgland IFRS 102) gff•cV¥• 1 Jaw•ry 201W. Th• obl•¢ts of th• TnJJt Ar•. lor Iho PUb￿C b•rnfK th• prwsth ol grnnts ffinarKJal support lo indlvklu•l• and organlsaUono. p•rtknl•ty It¥Jt not •xduBi¥ety) lo wppcyt lh• d•¥elopm•nl of per ond L>Jmmunitle¥ dIs#(fvantag￿I 1hr￿ In•qulty (r w¥wty. aThJ 10 protect w(Th)le arvj wew¥• gocrtl lalth and wallbelng TTuJtees onwre tha18ny strattyc laH$ 7hryll¥n oLyects of the Tn￿1., tr ¢urrenl focus is on making grants lo otheT UK reglslered 8 m￿{mUffl ol ￿815. folky￿￿ a d8tslled application And assessment process. wlth %X4FJnthly M￿¥1￿1￿3 a￿1 rnvi8ws the agreerrnl. The gr8nt.rnaklng Fdity * rogutaty by TftM5t￿ to onw• that 11 c¢nllThM• b m••1 tho obJ8cl8 of Tru¥1 and In sotting thdf granl4naklng WI￿ rèthlrwj tho Tfusfs Alms ￿ rt￿tI1V0$. Tn￿1089 confirm th•1 tr￿y h•v• gl¥Yn due c4)nokJoraUon 10 9wwal guK1m by fv Chwty Comm168￿ relallrYJ to the c thg gknn0yj.P￿ nJMkYJ ¥ {P82r. Rffolpl 01 69 {2022: 101 fu0 aprAicatlc¥ ￿K1 th• subwuenl s•b•thon of 14 tharStiès {2022.. 81, rgpro8enlir4J 3)% 018ppk•tTh r8c4iv•d12022.. 80%}, we alignéd wbth Ihé Tfusl'g #ims and obix1i￿. leading lo ts d￿t￿ls•m•nI ol fuThJs for SFcth8d prws. These 8lcutKm8 {lor up to 3 of funding) present a lotal disbursoment of £1,329.118 {2022. £1.(X17.521), is sltrjvm ithin ￿ 8￿c￿lnts 83 £1,291,S22 (2022.. É964.0981 due lo di8uwntiNJ lo wesonl v8luo. 41% 12021. 48%} of ts I￿￿15 digbur50d ConUnuath)n ol suppryl for 8 prolo¢ts •wanSwJ In th• jwr. w6th p8ynorthi of £4rJJ.322 made fol￿n9 sIX-rr￿thty rwSM. In totsl, thls roprewts 22 {2022: 8} thecls supp(J1thJ dU￿r￿j lh• sw. vAth 1 ole¢t rothng end ol th8lr alJTgOThWt ty Ihe end crf Dacamkn 2023. time appiintments m•de by the end ol the >Tar lin athjrbw lo Ihg part4img Ch￿f Executlv• employpd trr*ards Ihe erxy of 2022), ttws U8aUng slrorvJer knjndal￿ts from ¥thtiith lo ensure that th8 Tnjsl Is adMo￿n9 maximum #npad and effedwenesy thI￿th grant4nakmg. P￿2

ThE LEfflN TRUST TRUSTEES. REPORT ICOIITINUEDI FOR ThE YEAR ENDED 31 DECEMBER 2023 mlThJ poNcy. ba86d U[X￿ refiecbw 18Ssn by T￿￿1085 earty kn 2023 Ihat ts $tr8togic to break the fv ol relief. We olm lo lh￿ by PfOVKling grant IwKJirwJ Jupp(wl lo Th8 Tru8109$ VAI r•v4 oKh ywr l(Y mtye Ofton rf deemed •ppropri•to by the Tntstsesl bosl lo mo81 ¢his and mtssicffi. wrth a IooJ8 IN wtlch arn lh8 CUfT8nt wkxlty. Thls locus wll vory based th8 TwstO08' view al nNJ8t effecU¥• ¥pllcAllon ol •¥alW• lurwJJJ at any Wnl In Ilme. cJJrrent IocAts Is 'Provkfing sw)port for wqocts thor8 thld Is belw ￿¥•fi lh• b•81 •tart k) lif•, •Mbllng diid•s lo holp chiklf•n. caroTr and thw lamlias on thfjir ￿neY ¢0 1ndppwth￿." Pw3

THE LEMN TRUST TRUSTEES. REPORT (CONTINUED) Flyi THE YEAR ENDED 31 DECEMBER 2023 Th• 8ourc• thl lunds tho TnJBt vms ol a thrnet4ist•d in%￿trn￿ In 2021. Tho Tr￿1 dool rb)t acuvdy fvndr8lse gTrJ 8•6ks to m••t th• objocts ol thé Trust thrwh Incomo M inva8lm•rt¥ and a pjual Tho InYo¥tff•nt owbve bs Iherelcrt to ￿￿leY8. over Ihe to le￿. a real lolal retum kn excess of 4% (Mt ol f••s •rKI UK CPI InA•bon). Th• Trust Is yepared lo take a-modium I￿1. ol lftvtslJnent risk rn18tOv to lh• risk pn)f#a ol UK iwty Inv851tys kn genernl. As the expectatM)n b that ts Trust's knve8bment •Th1012022. rnsulllrvJ kn Ihe appthtrt)•nl ol CO￿ and Rullw LLP durkny thiB YW. Th• 8ppolntrn•ni ol cazwm)￿ Cow ar￿ Rull•T LLP h•$ 0n8blod Ihe TNSI lo bbgkn t￿ tra￿1th from hddlng al ol the CharrV5 Assets in a slTrJlè stc¥ dir•c141sted mv8sb)￿71, as gift￿ to the Twsi. to a diverslfi•d ptyffol ol Inv•stmonls. O4ar ts yaar to 31 D•cwnb•r 2023. th• Trust irw•st•d £3.37m In th• Caz•noY• CaFXtal Sustainabkn MulMs3el Fund (SMAF) and £8m In th• Ruffw Chaiity A5Sats TnMI ICATI. Furfhor transition is •xpgcte¢J t￿hOul 2024 to act￿ th• dMir•d ¥b4th CazwThè C•￿1 Ruffor LLP. a8 M8￿01 Tro C8zeTh)v• SMAF F￿K1 dolivered o tol81 fetrjm (not￿4￿) of 7.3% tho 12 mcmths lo 31 D•c•mbor 2023 •J•ln8t • real rnturn boncJ￿ of 8.2% (CPI 4%) ARC St•aty Gro￿ Indox 017.5% Ith• ARC St•8dy Gr￿th Indo¥ ￿ 8 conyosit8 of tharity exNbitng 6040% of thg w)18lHIty ol tho UK •qulty m•fkot). Th• Ruffw CAT Fur￿ h•d • tolal ￿ In01￿￿￿•) 014.7% Th• relumB of both Funds I￿rn bth ts Intsiion ￿u5 tsrgol over the >par, hmvgr. the Tn461'8 alrn Is lo oulperfomi thlj l¥ryvl Ihe modhjm lo lerm. Intslkffj wa5 relathty 0￿1 the wr m•klrvJ11 dMIIcu IOT B charity with a IT￿l￿rn F¥ofil• lo exc4ed t￿ tsryei. market mlums over the wr. The Cazenov• SMAF Fund's p•rfmnce was slwmy bthlnd ts ARC Sloady GrTh¥th Chanty Irmlex, whlch Is th• rethanl oup IrJex. whereas tr Ruffer CAT Fund was Swthcanlly behmd the in¢lèx 0￿r 30th Fun outperfryry￿ Iho hl•x •mr Itm WKI fve ts) 31112r23. In th18 tho Tn￿.¥ rK4bry kn lo I￿ld at h••t 12 M￿th• olfund• In cath •C¢4)unts to m•k8 gfanl P9￿n¥￿￿ In tern￿ ol ell￿￿1 con$idw•ticrfM. lh• Tru￿.¥ As￿ts arn lo b• In¥•Étsd purpo••. Th• TwU￿ fjo rwx Wthh lo adopl • rw 8xdusknwy Wicy, trxrt kndlblual may ￿ •xchAgd 11 pvrcew lo conflict Tfus's pury>w. It 18 In this ￿ntext Ihat th• Trust •xdudes dir8¢1 Iw)Idww In cL¥npan￿ T￿6@ gdivili•s may have * n•9•1￿ upw Ihe Chartys or confllct WFth rts Obpctrves. FrI1(￿n9 th BPPOthénl of Cazwth• C•pilal •nd Ruffer LLP as manaw, the Trust regwts Cazefym Capttal d Ruff•r LLFVS Ethul w•J ESG Inv•stsMnt Pdicth ICaz•nove C•&Ntal Chaiity Responsible Multi.Assel FutM1 the Ruffew Charty Assets Tn￿1>, M r•asM&l bes1 PfaGllc• wJ thornlorn arvropn8te as bnv•slm•nt luThls for Ihe TrusL lurrtts. Mttlgaloon - dr8¢14hlod invostrnents to (trllnu• dp058d of arKI tiiv•81￿ wllhh the dNer8ffled Misuse ol lunds by charfjues ar• pThld•d ith 8 gr8nL NthtvalK￿ - iigwm a5se86menl beth th• rrf lunds, wilh the 8ts.lty lo witrKJld fvrrtts at ony rMt or to ropa>Tn•nt. Pagg 4

THE LEWIN TRUST TrUSTEE3' REPORT (coNfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 Trust W88 oslablished by a tntst d•od ￿ 29 2021 ¥J wa8 r891or•d vAlh Chprity CcnmWon on 9 F•bru•ry 2022 If•o¥StralK￿ nuffd)or 1197855). Thgro ar• 7 Trustees. Th• m8nag•mont ol the Chwlly 15 tho of Truslees. eleLf•J CO￿p1•d urvjer th• lernis ol ihtr Tnjst doed. all Trustow In¥d¥•J in the grnrt-rnakirvJ proc0￿ of the Trust. To 6uppxt thi$, th• CNel Exocutt¥e Is resp￿8￿ lor tho dalfft ol tho TnMI and for knpleffl￿Vrfj poll(ao8 ogrood by th• 8oard ol TA￿{80s. The founder th• Mal Twslo¢¥ to sefve ¢Jn tho bowd. TP#)se agre•lng lo roqu￿￿ ts) corrflmi their elbJibAty. wHIryqu81M(>llon aTrd ¢Mfilct ol hier•si Ihrwh fcml dedar81iw. Future trustee5 7MII In￿tsd ￿ w¥0 by ¥grwnont ol the Bo8nl ol Tnmtoes arKI w41 be wuired kn mak• the sam& dedarntbon. Th• Trust dagd 8talos that tho ryJnb•r of Tru$lo•$ be at kn08t S and rK￿ morn than 12. M J Kinlcffi. C R KIn￿, M C Klnton aThl R M KlItt￿ 8prMiknlod Tw8lw8 Ic¥ 110.. dl Olhw Tfuste6$ are appsnled lor t•rms 015 T￿￿19•1 ro¢•lvo • tffftrKJ 8nd guhjellnos oulllnir¥J au aspeds of th• Trust's wrp)s•. kyocasses ar)d ocUvStb8N. TP)se to a tru¥lo0 ffjlg 0 rgc•ve ¥Xlepo￿lI IDJSto• Irainry and dopjmfjnts ¢)ulkning Tfusl•es' dutlo5. ministrati￿ Infrastr￿1￿1? to dislmno lunds 2022, with Gronl Farrnnl beiw em￿0)￿d ai C￿. Ex•cubve at th• and d 2022. Ourlry 2023, part.1￿￿¥ •ppJwilm•nl• of two Gw1• Adminrdlr8lor• •Tr Fhance Offlcer vme ¢rOOlbtYd th• strTh7g loundallons Irom to engure tho1 lh• Tru$l l• whi•ving maximum knp•ct •nd Ihrw wf-m8kiry. In Ills tlrno. nif•nl proww hBJ baen made on requlred lo be 8 gc(J empw. To thls •nd, lh• TnJsle•s ¥¥ould lthe lo omnl and forrmr Page 5

THE LE¥YIN TRUST TRUSTEES. REPORT ICOPfflNUED) FOR THE YEAR ENOED 31 DECEMBER 2023 Pradic?). Tho law applcat4• lo In Erdarrt & Walos requlr•J Iho Tn￿te￿8 to pr8par• flnonC￿[ st•leffnls lor 8fich 1knondo1 a true lair of Ihe stste of affairn of tho Chanty arKI of Its inoyThng rnstyJrce8 KI apFAk0￿ of f8sourca8. IrKkn1ry •ypwkn. ts tst Poth1. In Fveparing trw• fin￿1￿1 slatwnonls. the Twsl•M arn requlred to.. obueTho th• m•thods aTh# ol the Charits•s SORP (FRS 102>., m•k• judgments and acco¢JntiNJ esb"mato5 that ar• Teasonable prudont.. 8tsle T￿￿1￿•1 aWl¢alJle UK Accounllro Starthrds {FRS 1021 have b88n fcAloAd, 8Ut4o¢t lo any mol•rlAI dopwiurn6 dlKJ#od 8nd explornd In th• 8lalom•nts: Ch•dty WOI contlnuo In busln•8S. The Trustoes arn re6ponslblg l¢x keeplng adequate •co)unt￿ r•¢ords Ihat are SUff￿'8n1 to 81Th1 and oxpl th• Chadtys tr8nB8dkM15 and th8ck)se r￿sonal￿O aC￿r9¢Y al any time tho lkn•nei•l pXIt￿Jn of lh• Chonty and wwble them lo ensuro Ihal th• finan¢ial slateff￿1S compty Iho Ch8rt18 Act 2011. tho Chafty {Accounts Repyls) R•gUl•lK￿ 2(N)8 and ol tho TnJs¢ d••d. Th•y ¥• 0 rosy￿SitIO for saloguardlng assets of Iho Ch¥lty •nd lor ts%ing fO•wiabl• sl•p6 for the WeVent￿ 8n¢i d•leclion ol

THE LEWIN TRUST INDEPENDÉNT AUDrroRS' REPORT TO ThE TRUSTEES OF THE LEYM TRUST Oplnlon We have audM•d th• ststsm•nts ol Tho Lthin Trust (th• for th• 31 Docwrthr 2023 ich c<Jmpn'sè Iho Stst•ment of FinwKial th• Bala￿ Sh••L and tho noi•s to lh• Iln•rbpal 5181oments. ￿￿Kant aC%tyJnlW￿ polic488. The fina￿•1 repyty th•1 ha$ b￿n ?pO'ed in Iheh pr￿r￿Ik￿ 1$ a￿table aTrJ Unlted KlrKJthJn Acc(yJnlJng starth￿s. w￿uthng FRS 102 "Th• Financk41 cThinttsig Praclk•). gtve a tru8 fabr Mow ol Ihg state (A lh8 ¢hwW8 affw8 •• at 31 DKwiber 2023 and of tts bncomg arKI •xpendrtUfe for the thon eThJgd: B••l• lor oplnlon W• ¢￿￿￿t•d (Xty MIIt kn aCcwd￿c• Inièmknl Slarrtlwth on Au(Iting (UK) IISAS IUKI) and applbt4blfj lth¥. Ckjr r•8pM81bilths undfjr Ilw stsThJards are lurfhor desulbed kn th8 A￿110￿¥ resp￿•S1b￿N108 lor tho aud ol ftn¥ndal slaterrthts S•Cllon ol our reFKYI. We arn 4rn1oF￿VJent d the charlty In ￿e0rd￿r￿8 wllh the ethk rgwlfem•nl8 Iljat aro r•l8v8nt to txw audlt ol Ilnancial Stslements UK, IrKludlng tho FRC'S Ethul Slondard, and • luffiM8d ow olhw ethlcal rryxmslts'llb￿ In •c£/vd•ne• llh rgqulr•m•rtts. W• bolove Ihal Iho athltt hwvo obl9￿ Is sufflclanl and approv￿ts to yovldo ¥ basB for our oplnkn. COncl￿10n• r•l•Unq lo qoln• COn￿M in th8 propwati￿ ofthe iThncW •talwn•nts is wopri•l•. dtlk78 th8( iTh*vi￿ty or cd18c￿1y, may t￿ swJnllkanl <>n Iho abllty to ccrf)Inufy as a Wng re￿an1 sectkxts of re[￿. Pagè 7

THE LEWIN TRUST INDEPENDEMT AUI)ITORS' REPORT TO THE TRU3TEE3 OF THE LE￿N TrU8T (CONTINUED) Th• other inl¢m•tMln cunpns•s th• inforn￿l￿￿ inchJthd in lh• Trustses, RepoTi and Fin8nd•l Statements, Infrrfmatlon conlats￿d IMIh￿ Ihe Tru81Ms' Report aTrJ St•t•m•nts. ￿Jr oplnlon oft th• ffftancbal sla18￿￿ts does not cmr the inftwmakn and we do not express any lorn of assur8ne• condu$k)n thereon. Our re¥ythllty Is lo road Ihe oltw inlomwtkn and. in (hyng $0. CUISKJer whgthor Ihe olher Inlorm8tlon ￿ matorwty IncMl8tent wlth ts Ilnafthl stslorwts or our o￿n•￿ in th• courdo ol th• audK or otrwkn appoarn lo b• m•lffNy mt88101od. 11 wg Klantsfy wch m810rf81 incon518tonc408 or aPPar￿t malertd mlsalem8nts, h ¥• raqulrnd lo delennlne tsther thls &4v•8 rlse to a mo19rto1 mlsslalemenl In the flnorKlal st•i•monts thomselves. 11. basod on tho WO￿ w• havo t￿rtIyM￿l. we concthth Ihal thero16 a mal•tsl mi88tatemont of Ihbg otrw knlormAIM)n. we arè r6quired Io fOP>t Ihat lact. We have ncthkvJ trj iepryl kn rogwd. IAit•rs on vthleh to r•wt by •x￿P We hgvg nothity to r•M h rw)K¢ of th• matl•rn in r•l•llw th• Charftl•s IA¢cwnts 8ThJ R•wxtsl Rewlatlon8 2C#)8 fequY• u$ to r•w1 to JY)u11, in tyJr op'nw.. the Informallon In Iho finanr4 •tatwrnnb i• 1ncxrri￿ h m•tfi•l r••p•d 4th th• Tr￿￿￿$, Rw( or R••pon•lbllltl•• Oltr￿1••I As oxplained moro fully in Ihe Stalwn•nt of TfUSt¢es' set out M p￿0 6, th• tnJglee8 arn rosponslble lor the prewJtiryi ol the fin￿￿￿al stsiements aThJ bw'ng sgbsfied that Ihey a true ano lalr iow, and for mtemal as th• trustees detorminelg neeess8ry to 8n*lo Th wopornllcm of 1kn8Thaal 9141omgnts th•1 are free from nTraleri81 misslalèmenl. wmher due lo fr8ud or error. In PTeparfNJ iho fA)•nti81 $101omonts. th8 tnts1￿ arè f•W81bk fty 08$0￿￿￿j lh• st￿1￿ lo e4)ntfjnue a gowwj ts)ncw, a8 aPF4bc•blo. matt8rs ro101gd to goiNJ c¢yKom and uwng Iho going toneèm ba￿3 ol a¢countrg Unl￿ th• tru•l•es &lhof hlond to Ikuthtè th• chwlty tx to c•u• opw8kn$, or ho￿ no realislk allemalfve but tt) ￿. Pwe8

ThE LEWIN TRUST IMDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE LEMN TRUST (CONTINUED) fr(xn material mlsststernent. whether due to froud or ¢rror. WKI lo Is8u¢ Jn 8udlorf# rer•Xt thwt IrKlud•s our oplth. R8asonaL4e assw9n￿ is a tlgh 10¥91 ol a6sur8nce, tMJt Is a warnntse thal an a￿1 c4KwJucted •CC(Kdanc• ith ISAS IUKI a￿ayI do10¢1 a m8terOal mL%slatomoni kn rt a￿$￿. Mlsststèmwts can ari8• from fra￿1 or erryy ar•J are ccThKlwed material kf. indlvldualty or n th6 wegatè. could rèawn•Ny t• In wAlh our ro8pcw'blh'li•s, c4JUwwd abov8. lo del•cl mat6rlal ml6sts18ffrrt8 n ro8p•ct ol ivr8guhrf•s, Indudirvj fraud. Tho ex1￿1 to lMch Ouf pmc•duMs arn capablè ol dèlectlng krn9ulol1￿. InCI￿ling Iraud. of an audlt kn ac¢xxdanc• wth Iskn (UKI, we •xwciw prd•s•kn•l ￿Jdgwr￿l malnlth prof•8•lonal •pUclsm Itwhoul lh• audrt. W• a180.' Identify 8nd assess the risks ol m•lefW ofth• Ik￿)•1 814lwYwts. due lo fraud or error. degign and p•rtm •udit r￿•dur•S ￿sP￿s￿O to rlsks, and obl8ln •udll evldence that •ulfieienl #nd Bpprcywtg to pro4 8 bo9 for cxjr opin￿. The rik of Mt d•l•cting A m8tèri mb851•tom8nl r•S￿br￿j from fraud bs thén for one resulb'no frryn wror. ag fraud moy inv(4v Obtain an undor8tandlrv4 01 intwnal fA)nirol r8levont to thg wdll dg54w 8udK PToC￿ that •re ary￿rial0 In lh8 clrcum8lan(x. tArt rd lor th• pwpos• of oxy¥GstrKJ an cpknion of thg 0ffocf5v8￿Ss of the chaiws Iniemal ccmlrnl. estimates aryj related ¢Jlsc4osur•s mad• ty Iho Truslefrs. th? apFKcpriaterffjss of Twstees. use of tha gcfj cffirmn Jnd. bas•d on thè 8￿j1 evK1wK• ¢tsined, WI￿ a matwial uncethnty èxisls relatsd to events w ¢ondth'on• Ihat may cast ￿gnIf￿nI dwbt chantys abl￿ty to oybtsnuo a5 a wng ¢))ncom. If wo rondude that matertal unc•rtaK)ty exls18, ￿ are fewed lo dr￿ attWI￿ kn ¢)ur Audil(x5' Rermxt to the related dilDsures In Ihe finoncid ¥l•lements LY.11 suth dixosures are If￿18, to mrKlify our o￿n￿on. Our c(xKlusI(M￿ are based on Ihe audll evkIe￿e (4)lair￿ up lo ttK* dale ol wr Awjiiors, ReFKxt. H￿8Ver, ￿J￿re 8vents or c¢yKJrt" icms may causo Iho charrty to e8ase lo Ixmitinue 85 8 w'ng ccrf￿, Evakwle ts overdl presenlalth. strLthr8 and cfjntenl ot ￿ finwKJal sts1o￿nts. Ind￿￿Wj dtsclosur•s. and ¥￿tr￿ tho financial #tal8m8nts rowesonl th8 urrtlortyw transactk)n6 and avèr)ts In 8 marmr Ihat xh10￿8 lalr pro￿laIh)n. "fy duriry wr aud

THE LE￿N TRUST INDEPEXDENT XIDrroR8' REPORT TO THE TRUSTEES OF ThE LEWIN TRU3T ICONTINUED) UM ol r•port Th18 rerKt Is made lo Ihe chwws Irust••s ￿ • ith Part 4 01 the Charhies IAc¢ounts aThJ RepLKtsI Rogulaihm 2￿8. Our a￿1rt work has boen urKJertBken so thal we mlghl It•tO ￿ thè charitys trustees rnalter5 WJ rgtWiTod lo $tst• lo I1￿M In ￿ •udrtofs rowi arKI lor no otrlw FAJrpMJse, To tha lUI￿St extant pgnnltted by law, ￿ do not accept or 859Jmè re8pon￿bIl1fy to onw)n* otsr than iha charty CLA ev•fyn P•rtn•rn Lknh•d AudlIc￿￿ TNrrWngkn Hlgh Str••t CB2 9SU Dalo.. 08 Jul 2024 Page 10

ThE LEWIN TRUST STATEIAENT OF FINANCIAL ACTMnES FOR The YEAR ENDED 31 DECEMBER 2023 Total fvnds Tol•1 Perfod 29 lund• A￿embar 202110 31 D•¢•mb•r 31 DK•mb•r 37 Dec8mbw 2023 2023 2022 fund• 61.065,327 Invoknls 2•1J07 291.507 291.507 291.S07 61.068,755 RBtslTrJ fvnds 24.907 1,3M774 24907 1,398.T74 49.2T 1.029. TO7 Tatsl •xp•ndltur• 1.423.681 1,423,U1 1,078.9n 59.989.778 11.128.573) 11.128.573) (16.139.516) N•t mDv•m•nt In fvnd• lth *)th•r rn¢0gnl••d 11210,74n 12,200,74n 43,850,282 Oth•r r•eognl••d 9•In￿). G•ln on oxth•ry• 74337 74337 12.116.510) 12.106,5101 43.850.262 R•conclllth ol lunds Total furKts brrwhl foThMd N•t Th￿VoM￿t In lunds 43.850262 43.850262 11184,510) IIIJ6,5101 43.850.262 41.663,7S2 41.663.752 43.850.262 Page 11

The LEYIIN TrU3T BALAXCE SHEET Aq AT 31 OECEMBER 2023 2023 2022 10 40.3M.I 39.535.03T 40.396.1•2 39.535.037 Cash al bank ￿K1 kn h•nd &063.446 1723.399 5.003.445 cr¢dbt￿. am(xmts due ¢x 11 1841,870> (398,973) N•t cuff•nt *A••ts 1.181.521 4.664,472 Total a•Mt• l•M Gwr•Tht Ilabllltl•• 77.n1 44, 199.009 cr￿11¢￿.. amI￿nI$ faling thJ• •ft•r ftMX• 12 1613.H9) (349.247) Tothl n•t M••ts 41.063,752 43.850.262 Ch•rty fvnd• R•slrktsd lunds Unrestri(1od lunds 13 13 41.663.752 43,8XI.262 Total lunds 41,663,752 43.850.262 J H Brown Th• rK>l•o w paggj 13 to 23 frym yl ol th•w frwK4•1 stat0ft￿. Pag• 12

THE LEY•lN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACC￿ntIng afKI Rep[w￿￿ by Charili8s'. Statsment ol Rel￿￿￿d Pfa¢Jlc8 ap￿1¢aLl? lo d￿ritieS prnpwirvJ Ihw accthnts kn acc£fdanc• wth the Fmncs&1 Rewting StsrbJ8rd in the UK and Re￿iC ol Ireland IFRS 1021 leffectNe 1 20191. the FInanc￿l Rep￿1￿¥ SlaTrJord •p￿bI• in th• LJK WMI R•pubk ol Ir•land {FRS 102) aThl th• CharilM AL 2011. The flnorthl $tslements have be￿ wop8red lo gr40 8 lffU• and 181¢ ¥ith¥ and hw• doyrted from Iho Chafilies (Accounts and Reports) ReguLetions 2CKA to Ihe extonl req￿red to pfovide a Irue and Th18 d8p•rturn ha8 invow fc4kylry Ch•rltiè8 SORP IFRS 1021 pU￿1$hod in Octobèr 2019 r8thw Ihan thè urAmtlng and R8Pm by chafft￿: of RorA)mm•nd Th• Tru m••ts tr• benofft undw FRS 102. •nd ore inthlty recognbjed at ttmlotsl CA>8t CK tran8ackn ￿1885 Other￿￿ stslad In tro rdevant 1.2 Golng ¢onc•rn ¢)pef8lk￿j lor the I¢M•See￿ fijlurè and is pl•c•d to mantye ts I￿81r￿ rt$k suctegslully d8Wte curnnl ur￿art•￿ •con0n￿ ￿Ik￿)k. For thbs fa88￿. they ¢￿tIN￿O 10 8th)pl the going 1.3 Fund ac¢ourtkng 1.4 Incaffl• Whoro the (knatod g(xKI b8 a fix•d a￿1. It 16 moagurnd 81 fok valuo. unb&s5 It 15 Impractcal lo mèasur8 th16 f8liabty. in ¢osa C3)St of I￿9 6tom to ￿ doTry slK#Jld be u¥•J. Tho 1$ rwi8od as from (knnations a￿$ 4 c4xTespMding wTrounl 1$ W￿Uded in Ihe ap￿410 Pag8 13

THE LEWIN TRUST NOTES TO THE FINANCIAL STATEMENT8 Foft THE YE￿1 ENDED 31 DECEMBER 202J A¢¢ountlng pollcl•• {¢onYnu•d) 1.5 exp•ndts lo a It¥'rd paty, rt is wcknable that a transfer ol economic b￿fi1S be raquired In 88ttlemenl and the anK￿nI obkn3alm w be mfja5ured relmbty. Charws obJeciTh•s. as t￿1 as any a880cial•d sUPPQrt a>sts. Gfants payBt4• arn (wry•d In th• >•ar when tho oller ￿ md• •xc•pt In tht)S• Ca8￿ wh•r• th• oll•r Is ¢￿Art￿31. such wants bqlThJ IW￿8•d 8$ 8xwnditure whn th• condllions attaching ar• luffi￿0￿. Grnn¢S offw¥O $ubi•ct to c(K￿lIK)n8 whh b••n m•t al lh• ￿ •rnl •r• not•d al • comffllmenL bul not &uued as oxpendituro. 1.6 F￿•19fi curr•nGI•• •xcharyo rul¥vJ al d81•. Trnnsacticns in lor•w trwl•J 8twlry al the rnlo njlw on Ilki dfite of tho 1.7 Inv••lJn•nl• Fixgd ln¥•tytrn￿ w• • lonn ol finand•l k)8trumwrt aTh8 w• knthlly r•cognls8d at thok lrnnsècllon cost •nd JubwuMtty measured at fak valu8 at tho B8lwK• Sl)••l dal•, unlosts th• value nnot b• M￿SUrV￿j reltaW c4s0 K Is measured al cost less knpalM)￿l. Inbyslment galns Invrtfm•nts' In th• Stat•rnwt of Flnaftdai AthIOoB. 1.8 Ca•h •1 bank •nd In h•nd C8sh al bank aThl Sn h&nd Ir￿ude5 cash and slw)rt4•nn hiBhly IKwhJ inveslments *ith 8 short maturity of Ihr¢e t￿th5 ￿18$5 the dale al ac¢wlsltl(Jn N opw of the deposit or iimllar •crAJunL Page 14

ThE LE￿￿ TrUST NOTE8 TO THE FI14ANc￿ STATEMENT8 FOR ThE YEAR ENDED 31 ￿EMBER 2023 £¢ounllng pollcl•• (¢on 1.• U•blllll•• •nd pml•lon• Uats'lths r¢cLy￿ tr￿ Is on ¥t the 88lanco sra date 85 a rnsull of 8 p851 Qvmi. il 18 prob8tMe Ihat 8 transler of ecor)mK benefit win t Tequwed in settlement and the amount of the selU•menl can be 081kn8tod rdithy. L￿￿.￿11￿6 8r8 rec£wrsed at the amounl th•1 th8 Charity ticipales pay lo Sett￿ ts dèbt or ts aft￿nI rt has r8cowod 08 advanced payThènt# ftsr tl al financ￿1 •rjMts￿ offer d a grnnl •￿d has b••n c¥)mnvJnic818d lo tho ￿￿or￿lary. Grants d¢A in mor• Ihw (X￿ ￿ are discc¥Jnt•d to p¥0￿1 valug. The discount r4to usod d0lwff￿nod ty tho Truthm aft•r consld•flng th• •xp•ct•d dme ¥duo ol mon•y lor the Charbty. Ch•rity ty ha& frnndd fin8ndal ol 8 klrKI Ihal qudty 89 tsslc finand81 kn8lrumonts. Baw¢ irntruffthts are inib81fy rtcogniwl al Iran8adlon ¥alu& 8rKI sub88qu8nUy musur•d •t th•ir 8ettl8wthl v8luo. wlth tho excépyon ol granl vthlth arn m￿SU18d al amort15od cost èff8c1l￿ Intef•sI ThtrJ1. nd• lund• Aty¥•mber Y••r •nd•d Y••r •nd•d 2021 to 31 31 31 2023 2023 2022 61.065,321 Page1S

ThE LEWIN TRUST NOTES TO ThE FINW4CIAL 8TATEMEKrs FOR THE YE￿ ENDED 31 DEc￿BER 2023 Totsl PerAJd 29 fund• lund• Now•mb&r YMr •nd•d Y••r •nd•d 2021 to 31 31 31 2023 2023 2022 233.299 233.299 3,434 291.YJ7 291.507 1434 Totol fvnd8 Unmtrlct•d Tot•1 Penod 29 fvnd• fund• 14btrpmb8f Y••r •nd•d Y•w •nd•d 202110 31 31 31 2023 2023 2022 24,KJ7 24,907 49,276 P￿16

THE LEWIN TRUST NOTES TO THE FINAIICIAL 8TATEklENTS FOR THE YEAR ENDED 31 DECEMBER 2023 lundln9 of 8w>port T•l•l ¢o•ts lund• Yw •nd•d Y••r •nd•d Y•w •nd•d 31 31 31 2023 2023 2023 Dlrttt costs chwg• not• 1.9) 1264.844 26,678 107252 iJ72.096 26.878 1.291.522 107.252 1.JM,774 of Supp Tol•l costs fvnds Pertod 29 Pthw 29 Pertod 29 2021 to 31 2021 Ip 31 2021 to 31 2022 2Q22 2022 Olr•ct co818 5,693 7.029. fol Page 17

THE LE￿N TRUST HOTVJ TO THE FINANCIAL 8TATEIIENTS FOR THE YEAR ENDED 31 DECEIA8ER 2023 Totsl fimd$ Tolal Pmod 29 lund• Novoml Ymr •nd•d Yur •nd•d 202110 31 31 31 2023 1023 2022 61452 4.849 8.1 .452 4.849 8.100 5.209 4446 30,012 12,639 2.951 2.235 120 209 262 10.090 817 Rent 4.446 Staff tr•ln TfU$teg tra￿ and subsist Sloff trav•1 and thithn Al￿rt and ￿ct￿tancY f••s 203 572 14.520 203 572 14.520 4.￿5 2.391 IMurnnc• 107.252 107252 65.603 Grnnts to T•xal kn•iltullon• lund• Ymr •nd•d Y••r •nd•d 31 31 2023 Grant-m¥kln9 aCtI￿lie Frtancng charyJe lum•lrthw 01th8(xwI as N)le 1.91 1.264.844 1364,844 26.6Y8 20,678 1.291.522 1391.522 Page 18

ThE LEWIN TRUST NOTES TQ THE F1M￿ClAL 8TATEMEIIT8 FOR THE YENI ENDED 31 DECEMBER 2023 Grnnts to Instilubon8 Total Itmds No¥pmber Nov8mi 202110 202110 31 31 2022 2022 964,098 Gr•Thts •wMd•d In th• y•v Peh)d 29 Y••r •nthd Novvmbei 31 2021 to31 2023 2022 Gronl•d th• UK $25,249 n•.595 575,884 448.214 1314,8M 964,098 P•rtod 29 Novgmb•r 202110 31 Y••r •nd•d 31 2023 2022 11,500 io.cw Page 19

THE LE￿N TRUST NOTE8 TO ThE FINANCIAL STATEMENTS FOR THE YE￿ ENOED 31 DECEIIBER 2023 Pthvk)d 29 Y••r •nd•d 31 202110 31 2023 2022 55.091 2.617 4.145 5,833 Soclal o8(￿1*ty cts818 525 .453 6,358 P•li￿¥ 29 No¥￿ts•1 Y••r •nd•d 2021 to 31 31 DK•mb•r L>e¢•mb•r 2023 2022 No. 1.00 2.08 3.08 t￿nI￿a Ihe yew. eynses iotthg £203 wwe rnimbursed or Pa￿ d1￿ lo 2 Trustee5 f2022- £189 10 2 TN$lee$l fw travel expen8es. No otsr Trustees recel¥ed any other wlmbursemerrt lor ex￿nSeS. Page 20

ThE LE￿N TRUST NOTES TO THE FIPIANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 DECEMBER 2023 10. Flx•d •ss•t 1￿￿$1M•nts U•t•d Dlf•cl Il•t•d Inv•Jlrn•nl tm•nts fund• Tot•1 Co•t lx v•luailon At 1 January 2023 39.538.037 39J35,03T 11A78,007 11.478,807 19.591.400) 1228.0001 11.028.0401 Dl4Josal8 (9,591,406) 90.0461 Al 31 D•c•ml 29.145.585 11.250.607 40,396,192 AI 31 2023 29.115,585 11350,107 40,396,192 At 31 Dec•n 2022 39.535.037 39.535.037 Paw 21

ThE LEWIN TRUST IIOTES TO THE FIIIANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 11. Cndrtorn: kn•uThts laHlng du• 7lthln on• y•r 2023 2022 9.719 1.104 10,0 386,31 I 14500 817.151 Grants 841,870 398.973 12. Cr•dlt•f•: Arnount• l•lllng du• th•n on• y•w 20 2022 613,969 349,247 Page 22

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