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..
Lewis.Foundation@rawlinson-hunter.com
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.