THE SIR EDWARD LEWIS FOUNDATION (Registered Charity No. 264475) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 RAWLINSON & HUNTER
THE SIR EDWARD LEWIS FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 CONTENTS Pa Trustees, Annual Report 1-12 Independent Examiner's Report 13-16 Statement of Financial Activities 17 Balan Sheet 18 Statement of Cash Flows 19 Notes to the Financial Statements 20-27
Page 1 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 The trustees of the Sir Edward Lewis Foundation ('the trusff or'the charty") present Iheir report and th8 independently audited financial statemenls for the year ended 5 April 2022. These have been prepared in accordance with the accounting policies set out in note 1 and comply with the charity's Trust Deed and applicable charity law. Th8 comparative figures ar8 independently examined and are for the year ended 5 April 2021. REFERENCE AND ADMINISTRATIVE DETAILS UK Charity Registration Number: 264475 Registgred Offlce: Eighth Floor 6 New Street Square London EC4A 3AQ Email Addrèss: Lewis.Foundation@rawlinson-hunter.com Trustèes: Richard Alfred Lewis (Chairperson) Sarah Jane Noel Dorin Mark Harris Christopher John Alfred Noel Lewis David Edward Noel Lewis Independont Auditor: John Pudduck F.C.C.A. The Martlel Partnership LLP Martlet Hous8 E1, Yeoman Gate Yeoman Way, Worthing West Sussex BN13 3QZ Accountants: Rawlinson & Hunter LLP Eighth Floor, 6 New Street Squ8re London EC4A 3AQ Inv•slment Managers: Brewin Dolphin Securities Limited 12 Smithfield Street London EC1A 9BD Bankers: CoLrtts & Co Composite Office Level 1, Thanet Grange Westcliff On Sea Essex SSO OEJ Solicilors: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Tax District and Reference: HMRC Charities - ref.. XN 29042 HMRC Trusls ref- 18717 38525 Legal Entity Identifier (LEI): 213800WMXZG6RV7X8H75
Page 2 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT The Sir Edward Lewis Foundation was established by a Trust Deed daled 19 July 1972 and is an unincorporated charitable trust bound by the proper law of England and Wales. The original selllor was the lale Sir Edward Roberts Lewis. The entire resources of the charity have been unrestricted throughout the year and the trustees have complete discretion for their use. The tnjstees usually consider new donations bi-annually. The trustees. investment powers are unrestricted. The Irustees have the power to appoint new or additional trustees provided that the total number does not exceed nine at any time. Statèmènt of Trustees, Responsibilities The law applicable lo 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 the affairs of the charity and of the incoming resource5 and application of resources of Ihe charily for that period. In preparing those financial statements. the trustees are required to.. select suitable accounting policies and apply them conslstently. observe the methods and principles in the Charity SORP IFRS 102)., make judgements and estimates that are reasonable and prudent-, state whether applicable accounting standards have been followed, subjecl to any material departures disclosed and explained in the financial statements., and prepare the financial statements on a 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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure thal the financial statemenls comply with the Charities Acl 2011. the Charity {AGcounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and detection Df fraud and other irregularities. In accordance with trust law, as the charity trustees, we certify that: so far as we are aware, there is no relevant infomation ofwhich the auditor is unaware,. and as the charity trustees, we have taken all the steps that we oughl lo have taken in order to make ours&lves aware of any relevant infomialion and to establish thal the charity's auditor is aware of that information. The trustees have complied with their public benefil duly under section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
Pa3e 3 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 STRUCTURE. GOVERNANCE AND MANAGEMENT {continuftd} Indu¢tion and tralnlng No special policies or procedures have been adopted for the induction and training of trustees, all of whom are nominated on account of their knowledge and expertise in the field of the charity's operations. All truslees are aware of their duties and obligations towards the rna1ntenan of the charity and the protection of its ass8ts. Internal Controls The trustees have overall responsibility for ensuring that the charity has appropriale systems of internal controls. They are also responsible for keeping proper accounling records which disclose with reasonable accLJraw al any time the financial position of the charity and enable them to ensure that the financial slalements follow b8St practice. They are also responsible for the charity safeguarding its assets and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Th8 System of internal rnntrols is designed lo provide reasonabl6. but not absolute. assurance againsl material misstatement or loss. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Tha objecls of the charity are to apply income and capilal for such charitable purposes, charilable institutions or charitable foundations, in such Gountri8s and in such manner as the Irustees in their absolute discretion think fit. The trustees usually consider new donations bi-annually. every May and December. In general, the Irustees are more inclined to benefit charities known personally to them and, in addition. charities which were known to be favoured by the Settlor. Furthermore, Ihe trustees have adopted a practice to make donations to a number of charities who re1ve payments from the Foundation on a regular annual basis. However, new appeals are still regularly reviewed and considered accordingly. Postal and email appeals are sent to the registered Offi and emaS1 address of the Foundation respectively. Th8y are then forwarded to the trustees al regular intervals for consideration. statement of Public Benefit As a grant-funder. the charity's activities will provide public benefit to the individuals and communities who are beneficiaries of Ihe charity's funded projects. The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied wth Ihe duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the trust's aims, activities and achievements, in the areas of interest that the Irust supports demonstrates the benefit to ils beneficiaries and through them to the Public Ihat arise from those activities.
Page 4 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 ACHIEVEMENT AND PERFORMANCE {continued) Investment mandate risk The risk profile thal is assigned to the Brewin Dolphin portfolio determines the subsequent mix bétween equities (company shares) and fixed interest investments (such as gilts and corporate bonds). In the case of the Trust. Brewin Dolphin adopt a middle risk category of Level 6 'Diversified Risk. with the aim of producing a balance of income and capital growth from Ihe portfolio. A typical Level 6 portfolio benchmark will have 68.5Yo of ils assels invested in UK ané internatior)al equities. 170/0 fixed interest, 12pO/D in alternatives, and 2.5% in cash. with 8 7.5¢/0 tolerance. The trustees consider that this mix remains suitable for the Trust. Suitability of investments Stock and share portfolios should be viewed as long temi investments generally held for a period of at least 3-5 years, and the Iruslee5 could get back less than they invested. The trustees are accepting of this fact and are prepared to tolerale capital losses. The portfolio is measured against the APCIMS Balanced Total Return Portfolio Index and Brewin Dolphin Consider it lo be the most appropriate measure available on which to provide comparative performance for the portfolio. The portfolio is managed on 8 bespoke basis and so it is unlikely to mirror exactly the constituents of the benchmark. However, it does proviée a useful reference point against which to cornpare performan. Financial information and suitability of investment objectives and risk It is important that Brewin Dolphin are kept informed of any significant changes in circumstsnces surrounding the Trust, as this could impact on the suitability of service and the investment decisions they make. Each year Brewin Dolphin write to the trustees with an inveslment review. where they review the portfolio lo ensure that the trustees consider whether it remains suitable, relative lo the investment objective and risk profile. Brewin Dolphin will also carry out a detailed suitability review every Iwo years, either on Ihe telephone or facevto-face, so that both parties can lry to ensure that the stated investment objective remains appropriate for its Circumstan$. Where Brewin Dolphin become aware of a significant change in the circumstances. these reviews will be brought forward as necessary. Brewin Dolphin meel with Ihe trustees once a year at a family meeting. The trustees have not instructed Brewin Dolphin not to invest in any specific sector on ethical or other grounds. ACHIEVEMENT AND PERFORMANCE Investments The assets of the charity consist principally of inv8StmentS 8nd Cash and these are collectively recorded on the Balan Sheet and supporting notes at their market value on that dale. Any increase or decrease over cost on the restatement of these values is recorded in the Ststement of Financial Aclivilies. Brewin Dolphin Securities Ltd act on behalf of the trustees to manage the investment portfolio and provide safe custody of the securi118s under their nominee company, Brewin Nominees Limited alc Charity.
Page 5 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 ACHIEVEMENT AND PERFORMANCE (continued) The value of the portfolio. excluding income cash, as al 5 April 2022 stood at £12,155,205 (2021 £11.785,822) producing a net income of £277,111 {2021 £230,296), a yield of 2.280/0 (2021 1.95Y.}. The Irustees report investment profits of £364,297 for the year {2021- £2,961,084) Market Commentary from Investment Managers (pmvid8d by Brewin Dolphin Securities Ltd- May 2022) Investment Portft>lio Overview Over the last 12 months the Sir Edward Lewis Foundafion showed a tolal return after all inveslment costs and f88s of -3.29%, versus a positive 4.380/0 return from its risk calegory benchmark. In absolute value terms the Foundation was valued at £1 1,5T5, 645 on 3rd May 2022 versus £12,206,556 on 3rd May 2021. The portfolio is invested to our Brewin Dolphin risk remil of Level 6. By way of a reminder, Level 6 portfolios are invesled with G. 70/0 in global equilies (Gompany shargs) with the balance in bonds (both government and rpOrate), infrastructure funds, absolute return, and commercial property. For comparison a Level 7 portfolio is invested with c.85/0 in global equilies, with the balanc& invested in the same non-equilies as above, and a lower risk category of Level S is invested with c.55% in equities. with Ihe balance in these oth8rasset classes. 11 is important to note that the absolute valuè figures in themselves do not a¢¢ur8t8ly represent the actual investment performance of the portfolio given that income is wrfhdrawn from the portfolio periodically to cover chan"tabJe giving, 88 w8118s payments for additional legal and accounting fees. The absolute value and investment perfonnance figures have tumed negatlV8 over the lasl 12 months, and the Foundation has underperformed versus ¢he benchmark, which is a departure from the performance of recent years. I will therefore talk about why the value of the portfolio has fallen 8nd led to this period of underperfom7ance. Market Updato Global stock mathet8 h8V8 fallen sharply over the last year. Over this perd the Dow Jon8s Index has fallen 1.260/0 in total return terms, the Nasdaq is down 9.20/., Ihe German DAX index is down 8. 5/0, the Hang Seng is down 23.8%, the mainland China indices are down by more than 50010, and the UK FTSE250 index is down 5.920A. However, the one outlier is the FTSE100 irpdex which is showing an anomalous positive total retum over 12 months of 12.350/0. More on this later. In addition, thé normally dull government bond market has also been very weak, with the UK Government All Stocks index down IOYLTr In the last year, and corporale bonds have had their worst year since the Global Financial Crisis, down 12%, in both cases due to the accelerated rise in glob81 interest rates. We are underweight bonds in the family portfolios. in favour of other alternatives to equities such as infraslructure and commercial property, bul we do have to hold some bonds, espeallY government bonds, in case of anolh8r flight to safety as W8 saw when COV fiared up two years ago.
Page 6 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 ACHIEVEMENT AND PERFORMANCE (continued) The are sever81 reasons why markets have fallen and they are all somewhat interconn8cted. I do not wanf lo write a long verse repeating what I have recently written to you about back irp April, and you will already know much of the background from the news. In precis though, the expeGfation of upward moves in global interesl rates began in the Aulumn of lasl year as post Covid demand for goods and seNices exceeded levels of supply that had not oaught up to pre-covid levels, such as for semiryconductors and capacity on container ships. Al the same lime economies were still running hot, fuelled by hislorically low interesl rates and unprecedented levels of global govemment support by way of QE. As interèst rales risg, thé perceived value of companies that ar8 growing but not as yet pmducing pmfits, falls, hence there b&gan to be som8 rotation In markets from growth orientated companies into hislorically slower performing companies that had suddenly became relatively more attractive in a rising interest rate envimnment, such as banks and commodily stocks. Howevèr as soon as Russia invaded Ukraine the inflation piGture was exacerbaled significantly, pushing oil, gas and other commodify priGes such as grains and fertiliser much further. Prior to the Ukrainian invasion the Bank of England was predicting inflation to peak at aboul 7% in April and then fo gradually rede, but the Bank is now expecting inflation to peak at around 10A0 in October, which is when the next increase in the energy price cap comes in. Thereafter Ihe rate of inflation should start to plateau and then be falling in 2023 because of the base effect or comparing prices then with the very elevated prices from now. One slight glimmer of hop8 IS that the oil price has fallen back from its peak of $130 a barrel lo $110, and is unlikely to hit a higher peak as things stand currently with data showing Ihat global consumption has dropped below the level of global production, in part du& to the Covid lockdowns in China and some "demand destructlon" from people using less energy, e.g. driving more consarnatively, being more efficient with their heating. The inflationary worries will influence consumer spending and Gompanies themselves will have to pass on or absorb rises in Iheir input costs. Some of these Gosts Gan be passed on to customers but not 811, and so profitabilily will be affected for a while in some industries. Therefore inflation and rising inlerest rates are affecting stock markets at the momenl, and the Russian invasion of Ukraine adds another layer of unGertainty to investors too. Underperformance The reasons above explain the falls in most global markets over the last year, mosl of whiGh happened in Ihe last few months. However l also need to explain the unusually negative relative performanGe of the portfolios versus Ihe benchmark. The main reason is due to the benchmark global equity component having 8 very high perGenlage weighting to the FTSE All Share index, to the extenl that about 35% is made up of the UK market. As I mentioned earlier, major slock markels in the world have fallen over the last year apart from the UK market which is up 12%. However when one looks even Gloser, il is just a small number of very large companies that have driven the FTSE higher this year, namely Shell and BP, Ihe mining slocks of Rios and BHP Billiton, Glaxo and Astrazeneca, British American Tobacco (BA TS) and Diageo. The valu8 of just (hese nine companies makes up almost half of the FTSE100 s total value. The family do own these shares, except for BATS and Astra, but in nothing like the perGent8ges needed to have kèpt up with the benchmark. To h8ve done so would have meant investing 17Q/o of the familys lotal global equity shareholdings in your portfolios in just these nine companies.
Page 7 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 ACHIEVEMENT ANO PERFORMANCE {conllnued) Whilst Shell for example is up 600/0 over 12 months, th8 rally in commodity stocks has largely been due to the spike in oil and other commodily priS sinGe exacerbated further by the Ukrainian crisis and so whilst this would have been a perfect trade in hindsight it would not have been a realistlG one. Added to that, Shell and BP alone make up 12.5/0 of the FTSE100 it would have been a risky trade to make. The oil price is likely to have peaked and so I do not expect this level of oiJtP8rfOrman from these small number of UK company shares to continue as a medium to long term phenomenon. A second reason for the underperfomiance is in some ways the corollary of the above. Rather than be invested largely in old eGonomy Gompanies your portfolios are instead invested wilh a slrong leaning lowards Gompani8S that are growing. These companies have been hit hardest over the short term bul wè still see Ihem as being where stronger returns will come in the years ahead, rather than high streel banks, oil companies and toba¢co stocks. The last reason for the underpgrformance lies with us invesling in a rtain number of investment trusts. There are two types of collective investments - open ended investment companies and closed ended inveslment trusts and the value of both are detemiined by the value of their underlying investments and this value, or Net Asset Value (NA V), is published every day. However, beG8use investment trusts are freely traded on the stock m8rkel they can be bought and sold af a Pric8 that might be af a premium or at a disGount to the actual value of the underlying invastmenls and dunng periods of market weakness this is usually at a discount, which is a change from when they traded at premiums a year ago. We see investment trusts outperforming other collective funds over the long term but their struclure has contribuled to some underperformance over the last year. Actlon being taken After the invasion of Ukraine and th8 subsequent inflatnary and interest rate baGkdraught, 8V8ry investment in clients, portfolios has been reassessed for its medium to long t8m7 Potential and in the Gase of just a few holdings some have been sold and the pmceeds largely retained as cash in case of further market weakness. However this cash will be employed before too long. Outlook So we have seen a sharp fall in global equily and bond markels, most notably since the beginning 012022. Where do we see markets moving fmm here? Markets tend lo look about 9 months ahead based upon Gurrent infom7ation and analyws, but that data can be changgd very quickly during moments of shock from events like Covid or the Ukraine inVasn. Based upon what we know now, inflation in the US is likely to peak in the next few months, although the peak will be later in the UK. The combination of higher interest rates and less consumplion will slow economiG growth, and there is a chance of recession in 2023 which is whal often leads to bear markets. However stock and bond markets have already pricéd in much of this, with the Nasdaq already in b8ar market tem'tory down 22/ from its peak. and the S&P500 is off 740A.
Page 8 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 ACHIEVEMENT AND PERFORMANCE {continued) Whether or not we quite gel hit by two sequential quarterly falls in GDP, which defines a recession, will depend on how well Ihe Cèntral Banks Iread the line belwgen overdoing the interest rale rises whilst trying to Curtail inflalion. Much of the inflation should however have worked its way through the global system by March 2023, as year on year comparisons decline versus the high prices of oil elc that we are seeing now, and some of the goods thaf are in short supply now will have been produced in greater numbers by then. For example at some point there will be a glut of goods like semi-conductor chips once markel forces have had the chance to rebalance supply and demand. We therefore think that the inflationary condilions will start to look better again in a years time and so markets should start to seltle in the coming few months when looking ahead to 2023, and to this end Ihe bond market is now pricing in most economists, expectations as to where interesf rates will peak and so bond yields should not rise much lurther based on what the market knows now: which would be a relief lo rhe growth stock valuations that ar8 th8 ones that have bean hit hardest by nsing rates affec¢ing their relative value. Looking at inflation over a longer lime period, il is also worth ren7embering that most mortgage holders have fixed rate mortgages in a way that they did not have before, and also that for m8ny years inflation was und&rs¢oring the 2/0 lgvel that central Banks tyPlGal targel and so, whilst painful in the short tem7, provided that inflation does not persist beyond the next 12 months then when averaged out over a GyGJe the damage should not be as bad as the headlines read. Personal savings were buill up during the Covid lookdown, and unemployment is at low hisloric levels, with more jobs available than people seeking employment. House prices are 8180 at all time highs whiGh does help with Gonsumer sentiment. Our overall view Iherefore is that whilst some countries, economies may drrft into a brief recession. the global economy as a whole should still expand in 2023 and thereby continue to give companies the opportunity to grow profits, 8lbeil some industries doing better than others. Due to share prices having already moved Quickly lower in 2022 we see much of the bad news being in the price, and in facl the average Price to Earnings ratio (PE) of the US market is now down to 18 times, from a peak of 24 times. The twenty-year average PE is 16 limes, but relative to bonds equities still look attractive. Markel sentiment is very bearish af the moment with 71 % of investors Ihinking that global growlh is set to weaken, which is the lowest reading on record going back to 1994, and the highesl percentage of investors descnbing themselves as bearish, being the highesl since 2008, and the VIX index is al one of its most elevated levels looking back over 20 years. Whilst this might not sound good, it is al momen¢s of elevaled levels of doom and gloom Ihat markets usually find their bottoms. To conclude, whilsl there may be a bit more weakness to come in equity and bond markets, we do not see why equity markets should f811 very much further from here, atthough fhe summer months tend to drift a bit lower historically. We therefore expect to see markets impmving towards the end of Ihe year and it is certainly not sensible for long term investors to be shaken out of markets by setbacks that should be relatively short term from an historic perspective.
Page 9 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 CHARITABLE ACTIVITIES Charitable activilies included donations made during the year totalling £214,500 {2021 £216,500) with the number of charitable causes benefiting from such donations being 77 (2021 82). A full list of the grants made during the year ended 5 April 2022 are shown under Note 6. During the year the charlty met its objectives in the following way',- Small donations of under £5,000 totalled £134,500 (2021- £136,500) Large donatlons of£5,000 and over totalling £80.000 we..- Amold Foundation for Rugby School - £25,000 The purpose of Ihe Amold Foundation, which is funded entirely from voluntary donations, is to provide bursaries, subject to means testing, for students in boarding plaS at Rugby School. Working in partnership with educational charilies. the Arnold Foundation airns to reach out lo boys and girls from some of country's most disadvantaged communities, where under- achievement is prevalent. Kent, Surrey and Sussex Alr Ambulance Trust - £10,000 The Kent. Surrey and Sussex Air Ambulance Trust fights every day to save lives with a team of dedicated individuals wilh a high lèvèl of expertise. With their operating bases in Rochester Airport and Redhil Aerodrome, they are able to reach any part of Kent. Surrey or Sussex within 30 minutes. Actlon for M.E.- £5,000 Action for M.E. provides support to children, young people and adults with myalgic encephalomyelitis {chronic fatigue syndrome) both now and in the future. They empower people with M.E. to fulfil their potential and secure the care and support they need. while working lowards a grealgr und8rstanding of the illness and ultimalely a cure. The Childhood Trust- £5,000 The Childhood Trust is a London chlld poverty charity dedicated to alleviating the impact of povety on Children and young people living in the capilal. They aim to allevi8te the impact of poverty for children in London by funding and delivering programrnes that meet children's practical and emots'onal needs. David Shepherd Wildlrfe Foundation - £5,000 DSWF is an adaptable and flexible, non-bureaucratic organisalion responding promptly to conservation threats by supporting trusted. reputable individuals and organisations operating in the field. The trustees, support continues to assist in the charity's efforts to help save critically endangered mammals in Africa and Asia. Devas Club- £5,000 Based in South London, the Devas Club's youth centre currently includes a gym, a recording studio, performance space, cooking and computer facilities, a range of meeting and rehearsal rooms. and a basketball court on the roof. The club is primarily targeled at providing a youth céntre for the purpose of helping and educating young persons under the age of 25 years through their physical, mental and spiritual capacities that they may grow to full maturily as individuals and members of society and that their conditions of life rnay be improved.
Page 10 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 CHARITABLE ACTIVITIES {continued) Duty to Care Trust- £5,000 The charity aims lo provide wèllbeing support to improve and sustain the m6ntal health and wellbeing of heallhcare professionals. They recognise that NHS workers face an enormous amount of pre&sure everyday which has a direct impact on their mental health and offer support to combat this. Gurkha Welfare Trust - £5.000 The charity ensures that Gurkha veterans, their widows and their wider communities are able lo live with dignity. They achieve this primarily through the provision of financial. medical and Community aid in Nepal. and operate through 22 Area Welfare Centres spread across traditional Gurkha recruiting areas. In the UK. in conjunction with other service charities and government bodies, they offer advice and support to help the thousands of retired Gurkhas and their families who choose to settle here. Kensington Trust Ltd - £5,000 This London based charity has been set up for the preventionlrelief of poverty of children or young people. and to help youn9 people advance in life by providing support and activities that develop their skills to enable them to participate in society as responsible individuals. Their main activity is the support of West London FC, a cross border community football club with Iwo teams competing in a London league. They have extended their work to include "outreach" aimed at 16-26 year olds who are either in crime, out of work orjusl out of prison. St. Bartholomow's Church, Leigh - £5,000 The truslees, donation to this local Church will help contribute towards buildin9 and grounds maintenance work that is required. UKSA- £5,000 UKSA is a youth charity that uses sailing and watersports as a catalyst lo transform young people's lives. Their inspirational youth development and maritime training courses equip young people wilh new work skills and life skills that start at sea.
Pag811 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED S AORIL 2022 FINANCIAL REVIEW Income and Expenditure The charity generated income for the year of £277,114, compared to £230,300 in 2021. The charity's income is entirely generated from the trust's Investment portfolio and interest from cash deposits. Income from quoted investments for th8 year was £277.111 (note 2), reflecting a 20.4Vb increase from 2021 (£230,187). Govemance costs were to £24,050 (2021 £23.3401 and are detailed in Note 4. The Cost of generaliThJ funds, were £49,060 (2021 £46,026) and mainly related lo investment management costs. All charity expenditure for the year has been charged lo the unrestricted income fund. For the year ended 5 April 2022, there was net expenditure over inwme of £10,496 (2021- £(55,566)1. In accordance wlh the Charities Act 2016, trbe trustees arè raqulred to cary out an Independent audit of the charity accounts as the gross income is in excess of £250,000 and total assets (before liabilities) exce8d £3.26 million. Reserves Pollcy At a meeting on 2 February 1990, the trustèes detemiined that their poli would be to aim to make one substantial donation every Iwo or three years lo an appropriate Cause, in addition lo a number of smaller donations on an annual basis. To that end, they would not always distribute the whole of one year's income in that year. Income reserves as at 5 April 2022 totalled £286,700 {2021 - £297,196). a decrease of £10.496. The trustees communicate on a regular basis and meet formally at least twice a year to review their investment and donation policy. Their donation poliw r8mains unchanged since 1990. Total charity reserves (unrestricted) increased by £353.801 during the year to 5 April 2022 to £12,142,672 (2021- £11,788,871). Risk Management A risk assessment review has been undertaken which eomprises.. an annual review of the rlsks Ihe charity may fa.. the establishment of systems and prOdureS to mitigale those risks.. aTh the im lemenlation of procedures designed to minimise any potential impact on the Gharity shouil those risks materialis8. This continuing process y11 identify risk areas to which the trust is vulnerable and highlight any necessary safeguards Ihat will need lo be put in place. No major risks were identified at Ihe date of these financial statements. The truslees have signed fil and prop8r declaralions in line with HMRC guidance.
Page 12 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022 PLANS FOR FUTURE PERIODS The Iruslees are satisfied with the current grant maklng objectives and aim to continue to operale this policy going foard. No chari18bl8 commitments had been made during the year ended 5 April 2022 for future years. Approved by thè truste8s on and signed on their behalf by: Mark Harris Date
Page 13 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SIR EDWARD LEWIS FOUNDATION Opinion We have audited the financi81 statements of The Sir Edward Lewis Foundation ("Ihe charity.) for the year ended 5 April 2022 which comprise the Statement of Financial Activities, Balan Sheet, Statemenl of Cash Flows and notes to the flnancial statement5. including a summary of significant accounting polici8s. Th8 financial reporting framework that has been applied in their preparation is applicable law and Unitèd Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Iréland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalements.. give a true and fair view of the slate of the charity's affairs as at 5 April 2022 and of its incoming resour$ and application of resou$, for the year then ended; have been properfy prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with IntematnaI Standards on Auditing (UK) {ISAs (UK}) and applicable law. Our responsibilities und8r those standards are further described in Auditor's responsibilities for Ihe audit of the financial statements section of our report. We are independenl of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical Standard. and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have GonGlud8d that the Trustees, use of the going conrn basis of accountiro in the preparation of the financi81 statements is appropriate. Based on th8 work we have perfomied. we have not identifd any material uncertainties relating to events or conditions that, individually or colleclively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least efve months from when the financial statements are authorised for issue. Our responsibililies and the responsibilities of the Trustèes wilh respect to going conrn are described in the relevant sections of this report. Other information The Trustees are responsible for the other infonnation. The other information comprises the information included in Ihe Trustees, Annual Reporl and Financial Statements. other Ihan the financial statements and our audilor's report thereon. Our opinion on the financial statemenls does nol cover the other information and, except to Ihe extent othetwise explicilly stated in our report, we do not express any fomi of as5uranc8 conclusion thereon.
Page 14 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SIR EDWARD LEWIS FOUNDATION Other information (continued) In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether Ihe other information is materially inconsistenl with the financial statements or our knowledge oblained in the course of the audit or otherwise appears to be materially misstateé. If we idenlify such material inconsisten¢ies or apparent material misststements, we are required lo determine whelher this gives rise to a material misstatement in the financial statements. themselves. If. based on the work we have performed, we conclude that Ihere is a material misstatement of thls other information, we are required to report that fact. We have nolhing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to whiGh the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. In our opinion.. the infomiation given in the financial slat8menls is inconsislent in any material respect with Ihe Trustees, report. or adequate accounting records hav8 not been kept., or the financial statements are not in agreemenl with the accounting records., or we have not received all the information and explanations we require for our audit. Responslbllltlos of Trustees As explained more fully in the Trustees, responsibilities stalemenl sel out on page 2, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such inl8mal control as lh8 Trusteès detemiine is necessary to enable the preparation of financial statements that ar8 free from material misstslement, whether due to fraud or error. In preparing the financial statements, the Truslees are responsible for assessing the charity's abilrfy to continue as a going concern, disclosing, as applicable, mallers related to going con¢ern and using the going conrn basis of accounting unless the Trustees either intend to liquidate the charity or lo cease operations, or have no realistic altemative but to do so. Auditor's rosponsibilities for the audit of the financial statemgnts We have been appointed as auditor under seclion 144 of the Charities Acl 2011 and report in accordan with regul8tions made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error. and to issue an auditor's report that Includes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always det8cl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expecled lo influ8nc8 the economic decisions of users taken on the basis of these financial statements.
Page15 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SIR EDWARD LEWIS FOUNDATION Audltor's responsibilitiès for the audit of the financial S0Ments {conlinued) Irregularilies. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our SponsIbl11t1e$, outlined above, to delect material misstatements in respect of irregularilies, including fraud. Our assessment of the susceptibility of the charity's financial statements to material misslatemen( including how fraud might occur, is considered to be low. This conclusion was reached after the consideration of the following.. due lo the relatively simple business model and number of transactions within the charity thére arè comparatively few unexpected fluctuations in the reported results and balances and any such unexpected items would be specifically enquired into by us., and there are a number of individuals which comprise °management' and therefore there is no single individual who is likely to be able to override controls lo effecl a fraud. We designed our audit procedures to respond to idenllfied audit risks, including non-compliance with laws and regulations (irr8gularitiesl that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed bebw.. Ihe review of control accounts and joumal entries for large. unusual or unauthorised entries.. the analytical review of the detailed statement of financial activities for variances that are either unexpected or felt not to be in accordance with our und8rslanding of the charitsble artivities during the year., obtaining and reviewing for compleleness a list of entities and persons considered to be related parties (as defined by Finanaal Reporting Standard 102) and reviewing the ledgers of the Charity for previously unreported related party Iransactions., review of transactions and journals for any indication of fraud or management override- and review of Trustees, meeting minutes for unrecorded transactions. Because of the inherent limitatlons of an audit, there is a risk thal we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-complian wilh regulation. This risk increases the more that compliants with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of Instances of non-compliance. The risk is also greater regarding irregularilies occurririg due to fraud rather than érror. as fraud involves intentional concealment, forgery. collusion. omission or misrepresentstion. A further description of our responsibilities for the audil of the financial slatemenls is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report.
Page 16 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SIR EDWARD LEWIS FOUNDATION Use of this report This report is made solely to Ihe charity's Trustees. as a body, in accordan with Part 4 of the Charities (Accounts and Reporls) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's Trustees those matters we are required to stale lo them in an auditor's reporl and for no olher purpose. To the fullest extent permitted by law. we do not accept or assurne responsibility lo anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. John Pudduck FCCA Senior Statutory Auditor Martlet Audit Limited Martlet House E1 Yeoman Gat8 Yeoman Way Worthir)g West Sussex 8N13 3QZ 0210212023
Page 17 THE SIR EDWARD LEWIS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022 Unrestricted Funds Income Capital Fund Fund Total Funds 2022 2021 Note Income from.. Inv8Stments Bank deposit interest 277.111 277,111 230.296 Total income 277,114 277,114 230,300 Expenditure on: Charitable activities Cost of raising funds 238,550 49,060 238.550 49,060 239.840 46,026 Total expenditure 287.610 287,610 285,866 Net gainsl(lossos) on investments 10 364,297 364,297 2,961,084 Net movement In funds {10,496) 364,297 353,801 2,905,518 Re¢on¢iliation of fvnds: Total funds brought forward at 6 April 2021 297,196 11,491.675 11,788,871 8,883,353 Total funds carried fonvard at 5 April 2022 £ 286,700 £11,855.972 £12,142,672 £11,788,871 There are no recognised gains or losses other than those included in the Statement of Financial Aclivities. All income and expenditure relate to continuing aclivities. The notes on page$ 18 10 24 fomi part of these flnancial statements
Page 18 THE SIR EDWARD LEWIS FOUNDATION BALANCE SHEET AT 5 APRIL 2022 Note 2022 2021 Fixed assets: Investments 10 12,155,205 11,785,822 Current ass•ts: Deblor Cash at bank 288 1,612 1,514 21,508 1,900 23,022 Liabilitios: Creditors - amounts falling due within one year (14,433) (19.973) Net current assets 112,533) 3,049 Total net assets £12,142,672 £11,788,871 The funds of the charity: Capital Fund 11,855.972 11,491,675 Income Fund 286,700 297,196 Total charity funds £12,142,672 £11,788,871 Approved and signed on bohalf of the Trustees by: Mark Harris Date The notes on pages 20 to 27 form part of these financial statements
Page 19 THE SIR EDWARD LEs FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 Cash flows from operating activities Net movemenl in funds for the y8ar Adjuslmenls for: Investment income Deposit interest Net Igainllloss on investment assets Nel lincrease)Idecrease in debtors Nel increasel(decrease) in creditors 353,801 2,905.518 (277,111) (3) {364,297) 1,226 {5,540) (230,296) (4} (2,961,084) (1.514) 2,002 Net cash generated from operating activities {291,924) (285,378) Cash flows from investlng activities Investment income Deposit interest Payments to a¢quire investments ReIPtS from sales of investments 277.111 230,296 11.910,585) 2.002,915 (1,764,554) 1,644,945 Net cash generated from investing activities 369,444 110,691 Net incrèasel(dècr8asel In cash and cash •qulvalents for the year 77.520 (174.687) Cash and cash equivalents at 6 Aprll 2021 214,235 388.922 Cash and cash equivalonts at 5 April 2022 £291,755 £214,235 Cash and cash equivalents consist of: Cash held with.. Brewin Dolphin Securities Capital account Income account Coutts & Co 290,143 192,727 19.898 1.610 1,612 £ 291,755 £ 214,235 The notes on pages 2010 27 form part of these financial statements
Page 20 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 ACCOUNTING POLICIES The financial statements have been prepared in accordance with Accounting and R8POrting by Charities.. Statement of Recommended Praclice applicablé to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} ("Charities SORP FRS 102.1 issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021. the Charilies Acl 2011 and UK Generally Aepted Accounting Practice. The trust constitutes a public benefit entily as defined by Charilies SORP FRS 102. The financial statements are presented in sterling which is the functional currency of the charity. The principal accounting policies adopted are as follows:_ Fixed asset investments Investmenls are included at closing mid-market value at the Balance Sheet dale. Realised gains and losses on investments are recognised on disposals of investments and any gain or loss on revaluation is taken to the Statement of Financial Activities (SOFAI. The detemiinalion of any gains and lossés ar8 calculated by rèferèncè to the mid-market value of such assets at the beginning of the accounting period. Cash held for inveslmenl is induded wilhin the Fixed Assets Investmenls in accordance with Charities SORP {FRS 102). Incoming resources Investment income is derived from dividend and inlerest receivable from investments. Dividends and bond interest are accounted for in the period in which the Irusl is entilled to receipt. Interest from deposit accounts is included as and when received only. All incoming reSoUrS are included in the SOFA when the Charity is entild to the income and the amount can be quantified wlh reasonable accuracy. Resources expended All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. Cosls of raising funds cornprise the investment management costs. Grant expenditure are grants payable to charitable entities. Charitable activities are comprised of grants and donations made during the period. These are expended through the Statement of Financial Activities when the offer is conveyed to the recipient. Governance costs relate to the general running of the Charity, as opposed to thè management functions inherenl in generating funds. Status of funds All funds are held on an unrestricted basis. The trustees have complete discr8tion for the use of the funds in pursuance of the Trust's objectives. Taxation The Charity is not subject lo any taxes on its charitable activities. Irrecoverable VAT is charged lo Ihe SOFA against the category of reSoUrS expended for which it was derived.
Page 21 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 ACCOUNTING POLICIES (continued) Debtors and creditors rocelvablelpayable wlthln one year Debtors and creditors with no ststed interest rate and receivable or payable within one year are recorded at transadion price. Any losses arising from Impalmnt are recognised as expenditure. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid inveslments with original maturities of three months or less and bank overdrafts. Bank overdrafts. when applicable, are shown within borrowings in current liabilities. Cash held by investment managers for investing is treated as part of the investment portfolio. Flnancial instruments The Foundation only has financial assets and financial li8billtles of a kind Ihat qualify as basic financial instruments. Basic financial instruments are recognised al transaction value, except where settlement is delayed. in which case the trdnsaction is recognised at the presenl value of the settlemenl amount. Going concern The financial statements have been prepared on a going conrn basis as the Truslees believe that no malerial UnrtaInlieS exisl. The Trustees have considered the lev81 of funds held and the expected level of income and expenditure for iwelve months from the date of signing of these financial statements. Th8 forecast income and reserves are sufficient to cover all of the budgeted expenditure to be abl8 lo continue as a going concem. The Covid-19 pandemic arKI current ongoing conflict in Ukraine have affect the global economy. Having considered the contingency plans in place and having reviewed updated Cashflow forecasts. the Trustees consider the adoption of the going concem basis in preparing these financial statemenls conb'nues to be appropriate. Judgements and Key Sources of Estimation Uncortalnty The preparation of the financial statemenls requires management to make judgements, eslimates and assumptions Ihat affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other fartors, including expectations of future events that are believed to be reasonable under the CircumstanS. There were no judgements (apart from those involving estimations} that managemenl has had to make in the process of applying the entity's accounting policies and thal have a significant effecl on the amounts recognised in the financial slatemenls.
Page 22 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 INCOME FROM INVESTMENTS Income from UK quoted securities UK company dividends UK unil trusts dividends UK unil trust intérest UK real estate investment trust income other UK interest Income from overseas quoled securities Overseas dividends Overseas interest 130,966 30,816 33,052 14,922 1,545 106,069 32,714 33,461 11,259 47.396 18,414 30.317 16,367 Total income from quoted securities 277.111 230,187 Brewin Dolphin deposit interest 109 Total Investment Incomè £277,111 £ 230,296 CHARITABLE ACTIVITIES Charitable donalions made (nole 6) Governance costs (note 4> 214,500 24,050 216.500 23,340 Total eharitablè activities expenditure £ 238,550 £ 239,840 GOVERNANCE COSTS Accountancy fees Audit fees Bank charges Independent examination fees 21.696 2.340 14 22,200 1,140 Total govern8nee eosts £ 24,050 £ 23.340 COST OF RAISING FUNDS Investment managemenl fees Foreign non-reclaimable lax credits 48.986 74 46,026 Total cost of raising funds £ 49,060 £ 46,026
Page 23 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 CHARITABLE DONATIONS MADE The Sir Edward Lewis Foundation undertakes its charitable actiwties through grant making and awarded donations to the following charitable inslilutions:_ Arnold Foundation for Rugby School Kent, Surrey and Sussex Air Ambulance Trust Action for ME The Childhood Trust David Shepherd Wildlife Foundation Devas Club Duty to Care Trust Gurkha Welfare Trust Kensington Trust Ltd Sl Bartholomew's Church, Leigh UKSA Combal Stress CRISIS Dogs Trust Earl Mountbatten Hospi Fareshare London Youth Choir Ridgegale Home Versus Arthritis Surrey Opera The Children's Trust Tadworth City Chamber Choir Institute of Economic Affairs Music in Hospitals Royal British Legion St Catherine's Hospicè Trinity Hospice Help Musicians UK Age UK Airey Neave Trust Alzheimer's Society Dame Vera Lynn Children's Charily Hampshire & Isle ofwight Communty Foundation Lislening Books Maggie's Centres Marie Curie Cancer Care Music Action International National Osteoporosis Society New English Ballet Theatre Prostate Canr UK Reed's School Royal National Institute of Blind People SeeAbilily St Giles Trust Starlight Chlldren's Foundation 25,000 10,000 5,000 5,000 5.000 5,000 5,000 5.000 5,000 5,000 5,000 4,000 4.000 4,000 4,000 4,000 4,000 4,000 4,000 3,500 3,000 3,000 3,000 3,000 3,000 3.000 3,000 2.500 2,000 2,000 2.000 2,000 2,000 2,000 2,000 2,000 2.000 2,000 2.000 2.000 2,000 2,000 2,000 2,000 2,000 27.000 5.000 5,000 5,000 5.000 5,000 5,000 5.000 5.000 8,000 4,000 4,000 4,000 4,OCIO 4,000 4.000 4.000 3.500 3.000 3,000 3,000 3,000 3,000 3,OQ 3,ODO 2.500 2.ODO 2.000 2.ODO 2.000 2,000 2,000 2.000 2,000 2,000 2,000 2,000 2,000 2.000 2,000 2,000 2,000
Page 24 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 CHARITABLE DONATIONS MADE (continued) Surrey Wildlife Trust Telephones for the Blind Thrombosis UK {Life Blood) United Kingdom Antarctic Heritage Trust War Memorials Trust WaterAid Wildlrfe Aid Young Lives vs Cancer (fomierly CLIC Sargent) Shipwrecked Mariners. Society St John Ambulance Stroke Asso¢ialion Asthma + Lung UK Blind Veterans (formerly St Dunstan's) Breast Cancer Now Brooke Hospltal for Animals Compaid Trust Demand Design & Manufacture for Disability Disability Snowsport UK Fight for Sight Goldsmith's Choral Union Kidney Care UK (British Kidney Patient Association) London City Mission Macmillan Cancer Support Mission to Sèafarers Motability P.D.S.A. The Pain Relief Foundation Rainbow Trust Children'5 Charity Royal National Lrfeboat Institute Royal Star & Garter Homes Samaritans (East Surrey) SSAFA King Edward Vll's Hospital (Sister Agnes} Rugby Clubs Cenlral Fund Bob Chudley Club for the Blind British Wheelchair Sports Foundation Frsends of the Elderly Independent Age (Unlversal Ben8vo16nt Soci6ty) St Peter's House Project (The Metro Centre) PrinsS Alice Hospice 2,000 2,000 2,000 2.000 2.000 2,000 2,000 2,000 1.500 1.500 1.500 1,000 1.000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 1,000 1.000 1.000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,500 1,500 1,500 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 5,000 2,000 1,000 1,000 1.000 1.000 1,000 1,000 Total charitable donations mado £ 214,500 £ 216,500
Page 25 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 DEBTORS HM Revenue & Customs- UK tax repayment Investment incorne in course of collection 288 1,514 288 £ 1,514 CASH AT BANK Brewin Dolphin Securities - capital account Brewin Dolphin Securities - income account Coutts & Co - Rawlinson & Hunter client a¢Gount 290.143 192.727 19.898 1.610 1,612 291,755 214,235 (290,143) (192.727) Less: investmenl cash reported under note 10 1,612 £ 21.508 CREDITORS- amounts falling dug within one year Investmenl management fees Audit fees Accountancy fees Independent examination fees 12.093 2,340 11,873 6,960 1,140 £ 14,433 £ 19,973
Page 26 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 10. INVESTMENTS AT MARKET VALUE Quoted investments at market value comprise: Quoted investments within the United Kingdom Quoted investments outside the United Kingdom 10,091,094 1,773,968 9,891,263 1,701,832 Total investments exduding cash 11,865.062 11,593,095 Investment cash held at Brewin Dolphin Securities 290,143 192,727 Total investment assets £12,155,205 £11,785,822 Quoted investments Markel value at 6 April 2021 Additions at cost Disposal proceeds Net realised gains on sales Nel unrealised gains on revaluation 11,593,095 8,512,402 1,910,585 1,784,554 (2,002,915) {1,644,945) 17,571 273,195 346,726 2,687,889 Market value at S April 2022 £11,865.062 £11,593,095 Historical cost al 5 April 2022 £7,700,519 £ 7,504,022 Nel gains on investment assets Nel realised gainsl(losses) on sales Nel unrealised gainsl(lossesl on revaluation 17.571 346.726 273,195 2,687,889 Tolal net galnl{loss) on Invostmont assets £ 364.297 £2,961,084
Page 27 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Balance brought forward Income and Gains Expenditure and Lossès Balance carried forward 11. FUND RECONCILIATION For the y8ar ended 5 April 2022 Capital Fund Incorne Fund 11,491,675 297.196 364.297 277.114 11,855,972 286.700 (287,610) Total Funds £11,788,871 £ 641,411 £ {287,610) £12.142.672 For the year ended 5 April 2021 Capital Fund Income Fund 8,530,591 352,762 2,961,084 230.300 11,491,675 297,196 (285,866) Total Funds £8,883,353 £3,191,384 £ (285,866) £11,788,871 Income Fund Capital Fund Total 2022 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Debtors Cash Creditors 299,233 288 1.612 114,4331 11,855.972 12,155,205 288 1.612 {14,433) Total Funds £ 286,700 £11,855,972 £12.142,672 Income Fund Capital Fund Total 2021 Investments Debtors Cash Creditors 11,785.822 11,785,822 1,514 21,508 {19,973) 1,514 21.508 (19,9731 Total Funds £ 3,049 £11.785,822 £11,788,871 13. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS No trustèe re1Ve any remuneration or expenses during the year ended 5 April 2022. Fees lolalling £21,695 (2021 - £22,200) became payable lo Rawlinson & Hunter for accountancy and administrative services provided during the year. Mark Harris, a trustee, is also a partner of Rawlinson & Hunter LLP. As at the year end, no fees (2021 £6,960) remained payable to Rawlinson & Hunter LLP.