2023-04-05-accounts

THE SIR EDWARD LEWIS FOUNDATION {Registered Charity No. 26447S) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 RAWLINSON &HUNTER

THE SIR EDWARD LEWIS FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 CONTENTS Pagg Trust88s' Annual Report Independent Audtior's R8POrt 13-15 Slatement of Financial Activities 16 Balance Sheet 17 Statement of Cash Flows 18 Not8S to the Financial Statements 19-26

Page 1 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 The truslees present their report and independenlly audited financial statements of the Sir Edward Lewis Foundation I'the trusf or "the chariv) for the year ended 5 April 2023. These have been prepared in accordance with the accounting policies set out in note 1 and comply wilh the charity's Trust Deed and applicable charity law. The financial statements comply with the Charities Act 2011 and where relevant. the Charities Act 2022. the charity's trust deed éated 19 July 1972 and Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounls in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland- SORP {FRS). REFERENCE AND ADMINISTRATIVE DETAILS UK Charity Registration Number: 264475 Registered Office: Eighth Floor 6 New Street Square London EC4A 3AQ Email Addrèss.. [e-mail] Trusteos: Sarah Jane N081 Dorin Christopher John Alfred Noel Lewis David Edward Noel Lewis Mark Harris Richard Alfred Lewis (died 29 April 2023) Indepondent Audilor: John Pudduck FCCA. The Martlet Partnership LLP Martlet House E1, Yeoman Gale Yeoman Way, Worthing Wesl Suss6x BN13 3QZ Accountants: Rawlinson & Hunter LLP Eighlh Floor, 6 New Stre81 Square London EC4A 3AQ Investment Managers: Brewin Dolphin PIC 12 Smithfield Street London EC1A 9BD Bankers: Coutls & Co Composite Oflice Level 1, Thanel Grange Weslcliff On Sea Essex SSO OEJ Solicilors: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Tax District and Rofomnco: HMRC Charities- ref: XN 29042 HMRC Trusts ref.. 18717 38525 Legal Entity Identifier {LEI): 213800WMXZG6RV7X8H75

Page 2 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT The Sir Edward Lewis Foundalion was established by a Trust Deed dated 19 July 1972 and Is an unincorporated charitable trust bound by the proper law of England and Wales. The original settlor was the late Sir Edward Roberts Lewis. The entire resources of the charity have been unrestricted throughout the year and the trustees have complete discretlon for their use. The trust88s usually consider new donations bi-annually. The trustees, investment powers are unr8Stricted. The trustees have the power to appoint new or additional trustees provided that the total number does not exceed nine al any lime. One of the original trustees, Richard Lewis, sadly died on 29 April 2023 after serving as trustee, and later as thairman, sinc8 inception. Statement of Trustees, Responsibilities The law applicable to charities in England and Wales requires the trustees to prepar8 financial statements for each financial year which give a true and fair view of the slate of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements, the trustèés are required to: select suitable accounting policles and apply them consistently- observe the methods and pnnciples in the Charty SORP (FRS 102). make judgements and estimates that are reasonable and prudent., state whether appliGgble accounting standards have been followed, subject to any material departures disclosed and explained in Ihe financial statemenls- and prepare the financial stalemenls on a going concern basis unless il is inappropriate to presume that the charity will conlinue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tirne the financial position of the charity 2nd enable them to ensure that the financial statements comply with the Charities Act 2011 and where relevanl, the Charits'es A 2022, the Charity {Accounls and Reports) Regulations 2008 and th6 provisions of the trust é8ed. They are also responsible for safeguarding the assets of Ihe charity arKI hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to Auditor In so far as the Trustees are aware.. there is no relevant audil information of which the charity's auditor is unaware,. and the Trustees have laken all steps that Ihey ought to have taken lo make themselves aware of any relevant audit infomation and lo establish that the auditor is awar8 of that infomialion. The trustees have complied with their public benefit duty under section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.

Page 3 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continuedl Induction and training No special policies or procedures have been adopted for the induction and training of trustees, all of whom are nominated on accoLJnt of their knowledge and expertise in the fielé of the charity's operations. All trustees are aware of their duties and obligations towards the maintenance of the charity and the protection of its assets. Internal Controls The truslees have overall responsibility for ensuring that the charity has appropriate systems of internal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements follow best practice. They are also responsible for the ¢harity safeguarding ils assets and henc8 for taking reasonable steps for the prèvention and deteclion of fraud and other irregularities. The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the charity are lo apply income and capital for such charilable purposes, charilable institutions or charilable foundations, in such countries and in such manner as the trustees in their absolute discretion think fit. The Irustees usually consider new donations bi-annually. every May and December. In general, the trustees are more inclined lo benefit charities known personally to them and, in addition, charities which were known to be favoured by the Settlor. Furthemiore, the trustees have adopted a practice lo make donations to a number of charities who receive 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 office and email address of the Foundation respectively. They are then fO￿arded to the Iruslees at regular intervals for consideration. Statement of Public Benefit As a grant-funder, the charity's aclivities will provide public benefit to the individuals and communities who are beneficiaries of the charity's funded projects. The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the infomiation which follows in this annual repori, about the trust's aims, activities and achievements in the areas of interest that the trust supports, demonstrates the benefit to its beneficiaries and through them to the public, which arise from those aclivilies.

Page 4 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 ACHIEVEMENT AND PERFORMANCE {¢ontinued) Investment mandato risk The risk profile that is assigned to the Brewin Dolphin portfolio delermines the subsequent mix between equilies (company shares) and fixeé interest investments {such as gilts and corporate bonds). In the case of the Trust, Brewin Dolphin adopt a middle risk category of Level 6'Diversrfied Risk, with the aim of producing a balance of In￿Me and ¢apital growth from the portrolio. A typical Level 6 portfolio benchrnark will have 68.50k of its assets invested in UK and international equities, 170/0 fixed interest, 12/0 in alternatives, and 2.5¢/0 in cash. with a 7.5Yo tolerance. The trustees consider that this mix remains suilable for the Trust. Suitability of investments Stock and share portfolios should be viewèd as long term investments generally held for a period of at least 3-5 years. and the truslees could get back less than they invested. The trustees are accepting of this fact and are prepared to tolerate capital losses. The portfolio is measured against the APCIMS Balanced Total Retum Portfollo Index and Brewln Dolphin consider it to be the most appropriate measure available on which to provide comparative performance for the portfolio. The portfolio is managed on a bespoke basis and so it is unlikely to mirror exactly the constituents of the benchmark. However. it does provide a useful reference point againsl which to compare perfom)ance. Financial inforniation and sultabllity of investment objectlves and risk It is imporlant that Brewin Dolphin are kept infomièd of any significant changes in circumstances surrounding the Trust. as this could impact on the suitability of setvice and the investment decisions they make. Each year Brewin Dolphin write to the trustees with an investment review, where they review the porttolio to ensure that the trustees consider whether it remains suitablg. relative to Ihe investment objective and risk profile. Brewin Dolphin will also carry out a detailed suitability review every years, eilher on the telephone or face-to-face, so that both parties can try to ensure that the stated investment objective remains appropriate for its circumstances. Where Brewin Dolphin become aware of a significant change in the circumstances, these reviews will be brought forward as ne￿$sary. Brewn Dolphin meet with the trustees once a year at a family meeting. The trustees have not instructed Brewin Dolphin not to invest in any specific seGtor on ethical or other grounds. ACHIEVEMENT AND PERFORMANCE Investments The assets of the charity consist principally of investments and cash and these are ¢olleclively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over cost on the restaternent of these values Is recorded in the Slalemenl of Financial Activities. Brewin Dolphin Securities Ltd act on behalf of the trustees to manage the investment portfolio and provide safe custody of the securilies under their nominee company. Brewin Nominees Limited alc Charity.

Pag¢ 5 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 ACHIEVEMENT AND PERFQRMANCE (Gontinued) The value of Ihe portfolio. excluding income cash, as at 5 April 2023 stood at £10,635,906 (2022 £12.155,205) producing a net income of £284,85912022 £277,111 }. a yield of 2.670/0 12022 2.28Q/ol. The trustees report an investment losses of £1,493,528 for the year12022 £364,297 profit) Market Comméntsry from Investment Managers (provided by Brewin Dolphin PIC - May 2023) Investment Portfolio Overview Over the last 12 months Ihe Sir Edward Lewis Found8tion showed a lofal return aftér all investmenl costs and fees of 4.84/0, versus a -2.50/0 total relurn from Ihe relevant ARC BaJanGed Asset benchmark, a positive 1.49/0 return from the S&P500, a positive relum of 6. 130/0 from the FTSE All Share, and a negative -15.40/0 total return from the UK Government All Stocks (Bonds) Index. In absolule value lerms the Foundation was valued at £1 1, 549, 838 on 5th May 2022 versus £10, 649, 757 on 5th May 2023 during a notably weak period for global markets especially for 8 60.-40 equily lo bond investment style such as this portfolio. It is important to note that the absolute value figures in themselves do not accurately represent the actual investmenl performance of the portfolio given that income is withdrawn from the portfolio periodically to cover charitable giving, as well as paymenls to for additional legal and accounting fees. The portfolio is invested to our Brewin Dolphin risk remit of Level 6. By way of a reminder, Lével 6 portfolios are invested wilh c. 69/0 in global equities (company shares) with the balance in bonds (both governmenl and corporate), infrastructure funds, absolute return. and Gommercial property. It is the bond portion of the portfolio that has been the area that has suffered Ihe most over the period due to the advancement of interest rates to levels that have proved higher than initially expecled which I will refer baGk lo later in this pieGe. For comparison a Level 7 portfolio is invested with G.85% in global equities, wilh the balanGe invested in the same non-equities as above, and a lower nsk calegory of Level 5 is invested with c.53/o in equities, with the balance in these other asset classes. It has historically been agreed wilh the Trustees that 8 level 6 approaGh is best placed to create a total return Ihat is balanced belween income and capital growth. The Portfolio's Construction As you will know, both stock markets and bond markets have fallen over Ihe last 18 months or so. There have been pockets of improvement in some parts of the stock mathet in recent months, but the bond markef is still amund its lows of the last 18 months. Over the per￿d I have made some changes to the investments but at the same time l am undertaking an ongoing project to reduce the annual costs that the Foundation faces. You migh¢ have notiGed some of these Changes already, but the portfolio over time will own a wider number of directly h81d company shares and few8r colleGlive funds, Such as investment trusts and unit trusts. Collective funds come with an additional cost due to Ihat inslitution charging the fund 8 management fee, plus the costs associated with running the fund such as cuffency and de81ing costs. These types of Gost are not invoiGed to the Foundation but are instead rellecled in the price of the unit or the net assel value in th8 case of an investment ¢rust.

THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 ACHIEVEMENT AND PERFORMANCE (continued) Whilst it has in the past proved valuable holding collective funds we h8v& in recènt yaars bulll up the capability to research a widgr number of global companies than before to the exlenl that we now have a global BUY list of company shares thal have no underlying ongoing costs. We hav8 tested this model and l am now confident in both its investment potential and its ability to lower the family's ongoing costs by replaGing some or the more costly funds with these dir8Ct shares. A second change I have made is to include "segregated mandate" funds. This is where the Brewin research team chooses our preferred funds in a Certain sector, for example our prefeffed bond funds, and we then create our own fund of funds. We th8n ask those fund managers to lower their costs ft)r the privilege of béing in this chosen blend of funds, which feeds directly through to lower your costs. The overall effect of making these changes will be to lower costs which over time will help the Foundation's retums. Market Updato The valué of almost all assets have fallen since Ihe end of 2021, whether it be global shares, bonds, or commercial property, and residential property is now sfarting to dip too. At various momenls ov8r this period some speGific areas have done comp8ratlV8ly befter than the wider market albeil for relatively short P8ri0ds of time before retreating again, whether it ba oil and mining stocks rallying after the Russian invasion of Ukraine. or some bank shares increasing as interes( rates went up (although not without some disruption when Silicon Vajley Bank and Credit Suisse hit the wall). In the lasl few months how8ver a small number ol predominantly US tech company shares h8ve rallied strongly on the baGk of expectations that Ihey will benefit significantly from Al (Artificial IntelligenGeJ. Just sèven stsch companies have risen an average of 45020 or so this year, causing fhe S&P500 to rise 8% or so. However without thos8 seven companies the S&P493 is almost f18t on the year as shown in Ihe chart below. 1S0 140 J•n 23 F6b 23 M•r 23 Apr 23 May 23 8KJ 7.. Mela, Mic¥osolLAmazon. Appl6. Al>l. 8&P SOO Olh•f S&P S(YJ Gonststu•nts

Page 7 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 ACHIEVEMENT AND PERFORMANCE (continued) l am pleased lo say that the family does have exposure to some of these Al companies but not to the exlent that they would have kept the Foundation up with the re￿nt swings in the S&P500 given that I cannot invest 7/90 of your portfolio just in Apple shares for example. Whilst some of these ompanies may continue to dominate in their fields we anticipate that I￿r other choices will also perform well overall. My job when looking after the Foundation s capital is not lo trade or speculate in a small group of shares but instead invesf your money across a spread of qualily growfh businesses that all have the potential to grow b8tt&r th8n the average company over the longer term. In terms of the global equily markel as a whole, it is slill being influenced by the push/pull factors thal have been in place over the last 18 monlhs. On the negative side, inflation is still high (albeit falling) versus the long-term t8rgel of 2% and so interest rates are being kepl higher for longer and the fear is that this will drag the world economy into recession. The global Central Banks and the 1114F have been changing their forecasts as the data has come out and so despite these institutions having access to more data and analysts than anyone they too do not know exaclly how (his will and up. Bear in mind fhat back in early February last year, before the Russian invasion of Ukraine, the Fèd, the Bank of England and the ECB all said fhat inflation was Yransitory" and would start falling in April- as in April last year, ie 2022. The wortd economy is neverthel8SS Still proving re&lient in tgrms ol avoiding a recession, in part due lo a strong jobs markel and tha relatively high level of personal savings built up during Covid. Higher Inte￿St rates are also having a delayed influence on the eGonomy given that many fixed rale loans were locked in by companies and individuals when rafes were very low Iwo years ago, and also due lo about a third of homeowners having no mortgage. However, as time moves on more and more people will facè the r&ality of these higher rates and the job market is now showing signs of rolling over in terms of the difference narrowing between the number ol jobs available versus Ihe number unemployed. Monthly data from the global manufacturing and service sectors is also showing that economic activity is deteriorating. Nevertheless thare is some hope in ¢he markel thal the US economy in particular might be heading for a "soft landing" in other words that il will get inflation under control whilsl avoiding a recession. However, we feel that this is probably expecting too much on a global scale with the UK, Europè, and China all facing economiG Ghallenges, and so on balance we &xpect to see various countries dip into recession next y8ar. A shnnking economy is a harder environment for companies to grow their profits and so we Could see some of the recent rally in some shares slip away temporarily. However n7arkets look forward and reCeSS￿n would then create Ihe opportunity for interest rates to be lowered and stock n7arkeÈs tend to do well in a falling interest rate environment, and this would also be helpful for the bond market. In short, we may see some further volatility in markels as we move later into the year. but the prospects thereafter should be looking belter and we expecl inveslors will lik8ly buy into any weakness making a sell-off short-lived.

Page.8 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 ACHIEVEMENT AND PERFORMANCE (continued) Whilst it is almost impossible to pr8dict Ihe lops and bottoms of cycles we do take deliberate Ove￿elghf or Unde￿eight positions within different parts of the market and so any weakness in markets gives us Ihe opportunity to mtate funds into parts of a falling market where we see value $0 Ihat over Ihe long lerm we can make decent relurns for clients even Ihough short t8nn performance is invanably driven by global events. As I have mentioned several fimes in the past, I have worked through many drfferent economic cycles over the last 30 years and we have always come out the other side and my clients, portfolios have gone on to make higher highs. l am therefore confidenl that we will come oul of this current cycle, just as we did in th& past, but in the meantime l am determined to see Ihat the Foundation holds the right spread of investments for when that recovery happens, vvhilst k8eping th8 Costs as low as pos&ble. George Shaw Divisional Director Brewin Dolphin plc, 5th May 2023

Page g THE SIR EDWARD LE￿s FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 CHARITABLE ACTIVITIES Charitable activities included donations made during the year tolalling £226,50012022 £214,500) with the number of charitable causes benefiting from such donations being 74 (2022 - 771. A full list of the grants made during the year ended S April 2023 are shown under Note 6. During the year the Gharity met its objectives in the followng way'.- Small donations of under £5,000 tot811ed £126,50012022- £134,500) Large donatlons of£5,000 and over tolalling £100,000 were'.- Action for M.E. - £35,000 Action for M.E. provides support to children, young people and adulls with myalgic encephalomyelitis (chronic fatigue syndrome) both now and in the future. They empower people wilh M.E. to fulfil Iheir potential and secure the care and support they need, while working towards a greater understanding of the illness and ultimately a cure. Arnold Foundation for Rugby School - £20,000 The purpose of the Amold Foundation, which is funded entirely from voluntary donations, is to provide bursaries, subject lo means testing, for students in boarding places at Rugby School. Working in partnership wilh educational charilies, the Arnold Foundation aims lo reach out to boys and girls from some of the country's most disadvantaged communit16s, where under- achievement is prevalent. The Childhood Trust- £5,000 The Childhood Trust is a London child poverty charity dedicated to alleviating the impact of poverty on children and young people living in the capital. They aim to alleviate the impact of poverty for children in London by funding and delivering programmes that meet chlldren's practical and emotional needs. The Christie Cancer Fund (Ella Project}- £5,000 Rare cancers like Adenoid Cystic Carcinoma (ACC) are less funded Ihan common cance￿. This means it takes special people like The Chrislie's supporters lo help make research into ACC happen. Cancers like ACC are difficull lo treat and this means patients oflen have limited treatment options. The Ella Project, a UK-wide study focused entirely on ACC. David Shepherd Wildlife Foundation- £5,000 DSWF is an adaptable and flexible, non-bureaucratic organisation responding promptly to conservation Ihreals by supporting trusted, reputable individuals and organisalions operating in the field. The trustees, support continues to assist in ihe 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 couri on the roof. The club 15 primarily largeled al providing a youth centre 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 maturity as individuals and members of society and that their conditions of life may be improved.

Page 10 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 CHARITABLE ACTIVITIES (continued} Duty to Care Trust- £S,000 The charity aims to provide wellbeing support to improve and sustain the mental health and wellbeing of healthcare professionals. They recognise that NHS workers face an enormous amount of pressure everyday which has a direct impact on their mental health and offer support to combat this. Gurkha Welfare Trust- £S.000 The charity ensures that Gurkha veterans, their widows and their wider communities are able to 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 Iradilional Gurkha recruiting areas. In the UK, in conjunction with other service charities and government bodies, they offer advice and support to help the Ihousands of retired Gurkhas and Iheir families who choose to settle here. Kensington Trust Ltd - £S,000 This London based charity has been set up for the preventionlrelief of poverty of children or young people, and lo help young people advance in life by providing support and activities that develop their skills to enable them to Partioipale in society as responsible individuals. Their main activity is the support of Wesl London FC, a cross border community foolball club with teams competing in a London league. They have extended their work to include 'outreach' aimed at 16-26 year olds who are either in crim8, Out of work or just out of prison. St. Bartholomew's Church. Lelgh - £5,000 The Iruslees, donation to this local church will help contribute towards building and grounds maintenance work that is required. UKSA- £5,000 UKSA is a youth charity that uses sailing and watersports as a catalyst to 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. The Charitable Activities total of £252.111 includes Support costs of £25,611 {2022 - £24,050) relating io accountancy fees. independent examiner fees and bank charges.

Page11 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 FINANCIAL REVIEW Income and Expenditure The charily generated income for the year of £285,373, compared to £277,114 in 2022. The charity's income is entirely generated from the trust's inveslmenl portFolio and interest from cash deposits. Income frorn quoted investments for the year was £283,907 (note 2), reflecting a 2.45% increase from 20221£277.111). Charilable Activities were £252,111 12022 - £238,550) as detailed in Note 3. The Cost of Raising Funds was £47,190 (2022 - £49,06Ql and mainly related to investment managemenl costs. All charity expenéiture for the year has been charged lo the unrestricted income fund. For the year ended 5 April 2023, there was net expenditure over income of £13,928 (2022 - £10,496}. In accordance with the Charitl8s Act 2016. the trustges arg required to carry out an independent audit of the charity accounls as the gross income is in excess of £250,000 and total assets {before liabilities) exceed £3.26 million. Reserves Policy The Trustees have examined the charity's requirements for resources in light of the main risks to the organisation and have no outstanding commitrnents or cash demands that are not adequately covered by existing resources. The net assets of the charrty are regarded as free reserves and the available funds at 5 April 2023 will be retained to make grants in accordan¢e with th8 charity's haritable objects and any policies. The trustees policy since 1990 has been to aim lo tnake one substantial donation every two or three years to an appropriate cause, in addition to 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 2023 totalled £272,772 (2022 - £286,700); a retraction of £13.928. The truslees communicate on a regular basis and meet fomially at least twice a year to review their investment and donation policy. Their donation policy remains unchanged since 1990. Total charity reseryes (unrestricled) decreased by £1,507.456 during the year to 5 April 2023 to £10,635,216 {2022- £12,142,672). Risk Management A risk assessment review has been undertaken which comprises.. an annual review of the risks the charity may fa￿., the establishment of systems and procedures to mitigate those risks., and the implementation of procedures designed lo minimise any potential impact on the charity should those risks materialise. This continuing process will identify risk areas to which the trust is vulnerable and highlight 8ny necessary safeguards that will need to be put in place. No major risks were identrfied at the dale of these financial statements. The trustees have passed fit and proper declarations in line with HMRC guidance.

Page 12 THE SIR EDWARD LEWIS FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023 PLANS FOR FUTURE PERIODS The trustees are satisfied with the Gurrént grant making objectives and aim to conlinue to operate this policy going forward. No charitable commitments had been made during the year ended 5 April 2023 for future years. Approved by the trustees on and signed on their behalf by: Mark Harrls Date

Page13 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SIR EDWARD LEWIS FOUNDATION Oplnlon We have audited the financial statements of The Sir Edward Lews Foundation {'Ihe chariWI for the year ended 5 April 2023 ￿leh comprise the Statement of Financial Activities (including Income arms Expendilurel. Balance Sheet, Slalement of Cash Flows and notes lo the financial stalemenls, including a summary of signrficant accounting policies. The financial reporting framework that has been appliod in their preparation is applicable law and United Kingdom Accournting Standards, including Financial Rewrting Standard 102 The Financial Reporting Slandard applicable in the UK and Republic of IrelaThJ (Unrted Kingjom Generally Accepted Accounting Practice). In our O￿nIOn the financial statements: glve a tnje and fair view of the state of the chaT11￿$ affairs as at 5 Aprll 2023 and of its incoming resources aTrJ application of resour￿$, for th& year then endod., have been properly prepared in accordance wllh United Kingdom Generally Accepled Accounting pract￿.. and have been prepared in accordance with the requirements of Ihe Charities Act 2011 and where aP￿icable, the Charitie5 Act 2022. Ba8Is for oplnlon We conducted our audit in a[￿OrdanCe Mth Internallonal Standards on AudilirwJ (UK) IISAS (UK)) armj applical law. Our Tesponsibilities under those stsndards a￿ lurther described In the Auditor's responsibilities for the audit cl the flnancial slalements section of our report. We a￿ independent of the charity in 8ccordance with elhic31 requirements that are relevant lo our audit of the financial slalemenls in the UK. including the FRC'S Ethic Standard. and we have fulfilled our other ethical responsibl1tt￿ In accordance with these requirements. We beI￿ve Ihal the audit eVKIen￿ we have obtained i8 sufficient and appropriate lo provide a basis for our opinion. Conclu8lon8 relating lo going concern In audiiing the financial stalemenls, we have concluded that the Twslees. use of the going eoncem basis of a￿Unting in the prepaTrtion of the fina￿la1 statements 15 appropriate. Based on the work we have performed. we have not identified any material un¢ertainlies relating lo evenls or condlllons that. individua11y or collectively, may casl signrficanl doubt on the charity s abilrty lo continue as a going concern for a period of al least months from when the finan¢ial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees w41h respect lo going con¢em are described in the retevanl sections of this report. Oth•r Inforniatlon The Trustees are responsible for the other information. The other informalron comprises the informalKJn included in the Trustees, Annual Report and Financial Statements, other than the flnancial slalements and our auditctys thereon. Our opinion on the financial slalements does not cover the other information and we do not express any fom of assurance conclusion Ihereon. In ¢onneelion with our audit of the financial slatemenls, responsibility Is lo the other information and, in doing so, eonsider whether the other information is materially inconsislenl the financial statements or cNJr knowledge obtained in the course of the audit or olherwse appears to be materially misstated. tf we idenlrfy such material inconsistencies or apparent material mis51alemenls, we are required lo delemiine whether this gtves rise to a material misslalement in the financial stslemenls Ihemsefves. If, based on the work we have performed, we nclude that there is a material misslatemeni of Ihis other infomial*)n. we are required lo ￿p(￿L that fact. We have nothing lo rewt in this regard.

Page14 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SIR EDWARD LEV¥IS FOUNDATION Matters on which we are required to report by ex¢•ption We have nothing to report in respect of the following mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion.. the irrformation given in the Report of the Tnjstees is inconsistent in any material respect with the Financial Statements- or sufficient accounting records have not been kept,- or the financial statements are not in agreement with the accounling re¢ords.' or we have not received all the information and explanations we requi￿ our audit. Responsibilities of Trustees As explained more fully in the Trustees. responsibilities slalemenl set wl on page 2, Ihe Trustees are responsible for the preparation of fir)ancial statements and for being satisfied that they give a Irue and fair view, and for such internal control as the Trustees determine is necessary lo enatAe Ihe preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo continue as a going concern. disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either inlerKI lo liquidate Ihe charity or to cease operations, or have no realistic alternative but lo do so. Auditor's responsibilitiès for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordanGe with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl, whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a malerkgl misslalement when il exists. Misstalemenls can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws aml regulations. We design procedures in line with our respoT)sibililies, Outlined above, lo delecl material misstatements in respect of irr8gularilies, including fraud. The exlenl to which our procedures are capable of delecling ir￿gUIarl1ies, including fraud, is detailed below. Our assessment of the susceplibilily of the Gharily's financial statements lo material misstatement, including how fraud rnight occur, is considered to be low. This conclusion was reached after the consideration of the following". due to the relatively simple business model and low number of transactions within the charity there are ¢omp8ralively few unexpected fluclualions in the reported results and balances and any such unexpecte rtems would be swifically enqLiired 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 lo override controls lo effect a fraud.

Page15

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF

THE SIR EDWARD LEWIS FOUNDATION

We designed our audit procedures to respond to identified audit risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:

• the review of control accounts and journal 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 understanding of the charitable activities during the year;

• obtaining and reviewing for completeness a list of entities and persons considered to be related parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of the Charity for previously unreported related party transactions;

• 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 limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance 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 irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of this report

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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.

30 January 2024

John Pudduck FCCA Senior Statutory Auditor Martlet Audit Limited Martlet House E1 Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ

Page 16 THE SIR EDWARD LEWIS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestrlcted Funds Income Capital Fund Fund Total Funds 2023 2022 Note Income from: Inveslmenls Bank deposit interest 284.859 514 284.859 514 277,111 Total income 285,373 285,373 277,114 Expendituro on: Charitable activities Cost of raising funds 252,111 47.190 252,111 47,190 238,550 49,060 Total expondlture 299,301 299,301 287.610 Net expenditure before net lossesl{galns) {13,928) 113,928) {10,496) Net {lossesllgains on investments 10 (1,493,528) (1,493,528) 364,297 Net movement in funds {13.928) (1,493,528} (1,507,456} 353.801 Rgconclllatlon of funds: Totsl funds brought fO￿ard at 6 April 2022 286,700 11.855,972 12,142,672 11.788,871 Total funds carrled forward at 5 Aprll 2023 £ 272,772 £10.362,444 £10,635,216 £12.142,672 There are no recognised gains or losses other than those included in the Statement of Financial Activities. All income and expenditure relate to continuing activities. The notes on pages 19 to 26 form part of these financial statements

Page 17 THE SIR EDWARD LEWIS FOUNDATION BALANCE SHEET AT 5 APRIL 2023 Note 2023 2022 Fixed assets: Investments 10 10,635,906 12.155,205 Current assets: Debtor Cash at bank 911 1.219 288 1.612 2,130 1,900 Liabilities: Creditors amounts falling due within one year (2,820) (14,433> Net current assets (690) (12,533) Total net assets £10,635.216 £12,142,672 The funds of the charity: Capital Fund 10,362.444 11,855,972 InGome Fund 272,772 286,700 Total charity funds £10,635,216 £12,142,672 Approvèd and sign•d on behalf of the Trust••s by: Mark Harris Date The notes on p8ge$ 19 to 26 form part of these financial statements

Page 18 THE SIR EDWARD LEWIS FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 Cash flows from operating activities Net movement in funds for the year Adjustments for: Investment income Deposit interest Net lossl{gains) on investment assets Nel {increase)Idecrease in debtors N81 decrease in creditors (1,507,456) 353,801 (284,8591 15141 1,493,528 (623} (11.613} (277.111) {3) (364,2971 1,226 {5,540) Net cash expended in operating activities {311.537) (291,924) Cash flows from investing activities Investment income Deposit interest Payments to acquire investments Receipts from sales of investments 284.859 514 <3,341,736) 3,369,699 277,111 (1,910.585) 2,002.915 Net cash recieved fmm investing actlvltles 313,336 369,444 Not increase in cash and cash equivalents for the year £ 1,799 £ 77,520 Reconciliation of net cash flow to movement in net funds Nel cash resources al 6 April 2022 Increase in cash 291,755 1,799 214.235 77,520 Net cash reources at 5 April 2023 £ 293.554 £ 291.755 Analysls of net funds Cash held with.. Brewin Dolphin Securities Capital account Income account Coults & Co 292,335 1.092 127 290,143 1,612 £ 293,554 £ 291,755 The notes on pages 19 10 26 form part of these fin8ncial statements

Page 19 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 ACCOUNTING POLICIES The financial slalements have been prepared in accordance wth Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financtal Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 ('Charities SORP FRS 102.1 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). the Chariti8s Act 2011, where relevant the Charities Act 2022 and UK Generally Accepled Accounting Practice. The trust constilutes a public benefit enlity as defined by Charilies SORP FRS 102. The financial ststements are presented in sterling which is the functional currency of th8 charrfy. The principal accounting policies adopted are as follows:_ Fixed asset investments Investments are included at closing mid-market value at Ihe Balance Sheel date. Realised galns 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 (SOFA). The delerminalion of any gains and losses are calculated by reference to the mid-markel value of such assets at the beginning of the accounting period. Cash held for investment is included within the Fixed Assets Investments in accordan￿ with Charities SORP IFRS 102). Incoming resources All incoming resources are included in the SOFA when the Charity is entitled to the income 8nd the amounl can be quantified with reasonable accuracy. Investment income is derived from dividend and interest re￿1vable from investments. Dividends and bond interest are accounted for in the period in which Ihe trust is entitled lo retsipt. Interest from deposit accounts is included as and when received only. Resources expended Expenditure is included on an accruals basis and is recognlsed when there is a legal or conslructiV8 obligation lo pay for expenditure. Direct Charitable expenditure comprises grants and donations made during the year together with the recognition of certain commitments made by Ihe Trustees. Governance costs are included within Supporl Costs. These costs relate to the general running of the trust as opposed to the management functions inherent to generating funds. Such costs can include extemal audit, legal advi￿ and costs associated with conslitutional and stalulory requirements. ststus of funds All funds are held on an unrestricted basis. The trustees have complete discretion for the use of the funds in pursuance of the Trust's objectives. Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are recognised at transaction value, except where setllemenl is delayed. in which case the transaction is recognised al the present value of the seltlemenl amount.

Pag6 20 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 ACCOUNTING POLICIES (continued) Debtors and creditors roceivablelpayablè withln one year Debtors and creditors with no stated interest ratè and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are re¢ognised 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 investments with original malurities of three months or less and bank overdrafts. Bank overdrafts, when applicable. are shown within borrowings in current liabililies. Cash held by investment managers for investirbg is treated as part of Ihe invastment portfolio. Taxation The Charity is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged to the SOFA against the category of resources expended for which It was derived. Going concern The financial statements have been prepared on a going con￿rn basis as the Truslees b6li8ve that no material unoertainties exist. The Trustees have considered th8 lev81 of funds held and the expected level of income and expenditure for ￿e1ve months from the date of signing of these financial statements. The forecast income and reserves are sufficient to cover all of the budgeted éxpenditure lo be able to continue as a going concern. The current ongoing conflict in Ukraine and resulting inflationary impacls have affected the global economy. Having ￿nSidered the contingency plans in place, the Trustees consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate. Judgements and Key Sources of Estimation Uncertainty The preparation of the financial stslemenls requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien￿ and other factors. including expectations of fulure events that are believed to be reasonable under the circumstances. There were no judgements (apart from Ihose involving estimations) that management has had to make in the process of applying the entity's accounting policies and that have a significant effect on the amounts recognised in the financial statements.

Page 21 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 INCOME FROM INVESTMENTS Income from UK quoted securities UK company dividends UK unit trusts dividends UK unit trust interest UK real estate investment trust income Other UK interest Income from overseas quoted securities Overseas dividends Overseas interest 115,681 28,280 23,739 15,954 4,050 130,966 30,816 33,052 14,922 1,545 84.933 11,270 47.396 18,414 Total income from quoted securities 283,907 277,111 Brewin Dolphin deposit inleresl 952 Total investment income £ 284,859 £ 277,111 CHARITABLE ACTIVITIES Charitable donations made (note 6} Support costs (note 4) 226.500 25,611 214,500 24,050 Total charitable activities expenditure £252,111 £ 238,550 SUPPORT COSTS Accountancy fees Independent audit fees Bank charges 22,776 2.820 15 21,696 2,340 14 Total support costs £ 25,611 £ 24,050 COST OF RAISING FUNDS Investment management fe8S Foreign non-reclaimable tax credits 44,686 2.504 48,986 74 Total cost of raising funds £ 47,190 £ 49,060

Page 22 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 CHARITABLE DONATIONS MADE The Sir Edward Lewis Foundation undertakes ils charitable activities through granl making and awarded donations to the following charitable institutions'.- Action for ME Arnold Foundation for Rugby Sd)ool The Childhood Trust The Christie Charity - The Ella Project David Shepherd Wildlife Foundalior) Devas Club Duty to Care Trust Gurkha Welfare Trust Kensinglon Trust Ltd St Bartholomew's Church, Leigh UKSA Combat Stress CRISIS Dogs Trust Earl Mountbatten Hospi Fareshare London Youth Choir Ridgegate 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 Hospice Royal Trinity Hospice Help Musicians UK Age Concern Age UK Airey Neave Trust Alzheimer's Disease Society Dame Vera Lynn Children's Charty Listening Books Maggie's Cenlres Marie Curi8 Can￿r Care Music Action International National Osteoporosis Society New English Ballet Theatre Prostate Cancer UK Reed's School SeeAbilily Seaview Sailing Trust 35,000 20.000 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 3,000 4,000 4,000 4,000 3,000 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 1.000 2,000 2,000 2,000 2,000 5,000 25,000 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

Page 23 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 CHARITABLE DONATIONS IIIADE (continued) Starlight Children's Foundation Surrey Wildlife Trust Telephones for the Blind (now Individual Technology Solutions) United Kingdom Antarctic Herilage Trusl War Memorials Trust WaterAid Wildlife Aid Young Lives vs Cancer (formerly CLIC Sargent) Shipwrecked Mariners, Society St John Ambulance Stroke Association Asthma + Lung UK Blind Veterans Ifomierly St Dunstan's} Breast Cancer Now Brooke Hospit81 for Animals Compaid Trust Demand Design & Manufacture for Disability Disability Snowsport UK Fight for Sight Goldsmith's Choral Union London City Mission Macmillan Cancer Support Mission to Seafarers Molability P.D.S.A. The Pain Relief Foundalion Rainl)ow Trust Children's Charity Royal National Lifeboat Institute Royal Star & Garter Homes Samaritans (Easl Surrey) SSAFA Kenl, Surrey and Sussex Air Ambulance Trust Seaview Sailing TrLJsI IHIWCF) Royal National Institute of Blind People Sl Giles Trust Thrombosis UK (Life Blood) Kidney Care UK (British Kidney Palienl Association) 2,000 2,000 2,000 2.000 2,000 2,000 2.000 2,000 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 10,000 2.000 2.000 2,000 2,000 1,000 Total charitable donations made £ 226,500 £ 214,500

Page ?.4 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 DEBTORS HM Revenue & Customs- UK tax repaymenf 911 288 911 288 CASH AT BANK Brewin Dolphin Securities - capital account Brewin Dolphin Securit18s income account Coutts & Co - Rawlinson & Hunter client account 292,335 1,092 127 290,143 1.612 293.554 291,755 {292,335) 1290,143) Less- investment cash reported under note 10 1,219 1.612 CREDITORS - amounts falling due within one year Independent audit fees Investment management fees 2,820 2,340 12.093 2,820 £ 14,433

Page 25 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 10. FIXED ASSET INVESTMENTS (AT MARKET VALUE) Quoted investments at market value comprise: Quoted investments wilhin the United Kingdom Quoted investments outsid8 Ihe Uni18d Kingdom 7,806,080 10.091.094 2,537,491 1.773.968 Total investments excluding cash 10,343.571 11.865.062 Investment cash held at Brewin Dolphin Securities 292,335 290.143 Total investment assets £10,635,906 £12,155,205 Quoted investments Market value at 6 April 2022 Additions at cost Dispos81 proceeds Net {losses)Igains on investments 11.865,062 11,593,095 3,341,736 1,910,585 13,369,699) (2.002,915> 11.493,528) 364,297 Market value at 5 April 2023 £10,343,571 £11,865,062 Historical Cost at 5 April 2023 £8,095.813 £7,700,519 Net gains on investment assets Net re81ised (lossesygains on sales Net unrealised {losses)Igains on revaluation (535.653) (957,875) 17,571 346,726 Total net (loss)Igains on investment assels £(1,493.528) £ 364,297

Page 26 THE SIR EDWARD LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Balancè brought forward Income and Gains Expenditure and Lossos Balancè carried fonvard 11. FUND RECONCILIATION For the year ended 5 April 2023 Capital Fund Income Fund 11,855,972 {1,493,5281 286,700 285,373 10,362,444 272,772 {299,301) Total Funds £12,142,672 £(1,208,155) £ {299,301) £10.635,216 For the year ended 5 April 2022 Capilal Fund Income Fund 11,491,675 297,196 364,297 277,114 11,855,972 286,700 1287,610) Total Funds £11,788,871 £ 641,411 £ {287,610) £12,142,672 Income Fund Capital Fund Total 2023 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Debtors Cash al bank Creditors 273,462 911 1.219 12,820) 10,362,444 10,635,906 911 1,219 (2,820) Total Funds £ 272,772 £10.362,444 £10,635.216 Incom Fund Capital Fund Total 2022 Investments Debtors Cash at bank Creditors 299,233 288 1,612 {14.433) 11,855,972 12,155,205 288 1.612 (14,433) Total Funds £ 286.700 £11,855.972 £12,142.672 13. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS No truslee received any remuneration or expenses during the year ended 5 Aprll 2023. Fees tolalling £22,776 {2022 £21,695) became payable to Rawlinson & Hunter LLP for accountancy and administrative sérvic8s provided during the year. Mark Harris, a trustee, is also partner of Rawlinson & Hunter LLP. As at the year end, no fees {2022 - £nill remainéd payable to Rawlinson & Hunter LLP.