THE SIR EDWARD LEWIS FOUNDATION
(Reglstèred Charity No. 2644751
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2025
RAWLINSON
& HUNTER

THE SIR EDWARD LEWIS FOUNDATION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
CONTENTS
Page
Tm8lees' Annual Report
Independent Audilorfs Report
15-17
Statement of Finanaal Adivities
B81anrÈ She8t
Statement ofCa5h Flows
20
Notes lo the Financial Statements

p￿tr1
THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
The Iruslees present their report and indepen(lenlly audited financial slalemenls of the Sir Edward Lems
Foundation I"IhÈ trust" or Ihe chariWI for the year Ènded 5 April 2025. Thesè have been prÈp8fftd in
8ccord8ncÉ with th8 8ccounting policies 8el out in no18 1 and comply wilh lh8 charity's Trusl Dead and
appl￿ble charity law.
ThÈ financial slaiemÈnl8 compty wlh thÈ Charit￿$ A¢1 2011 and whÈrÈ re￿Vant. th& ChariliÈ$ Act 2022,
the charity'8 tru81 deed dated 19 Juty 1972 and Accounting and ReportirKJ by Charities.. S181emenl of
Recommended Practice applicable lo chBrilies preparing Iheir accounts in accord8nce wlh the Fin8n￿￿1
Reporting Standard applicable in the UK and Republic of Ireland- SORP IFRSI.
REFERENCE AND ADMINISTRAfVE DETAILS
UK Charty Registration Number..
264475
Registered OffiGe=
Eighth Floor
6 New Street Square
London EC4A 3AQ
Email Addre5S=
Lewis.Foundation@ravAinson-hunler.cotn
Tru8t808.'
Sarah Jane Noel Dorin
Christopher John Alfred Moel Lewi5
David Edward Noel Lewis
Mark Harri8
Independent Auditor..
John Pudduck FCCA.
Martlet Audit Limited
M8rtlel House
E1, Yeoman G3te
Yeoman Way. Worthing
West Sussex BN13 302
Accountsnts:
Rawlinson & Hunter LLP
Eighth Floor. 6 New Street Square
London EC4A 3AQ
Investment Managers..
RBC Brewin Dolphin
12 Smithfield Street
London EC1A 9BD
Bdnk?r5'.
Coulls & Co
Composite Otfice
Level 1, Thanel Grange
we$l￿lff On Sea
Essex SSO OEJ
SollcltOf8'.
F8rrer & Co LLP
66 Lincoln's Inn FElds
London WC2A 3LH
Tax Dfj8trfct and Rofor8nco'.
HMRC Charities- ref.. XN 29042
HMRC Trus15 ref 18717 38525
Legal Entlty Idènt611or ILEII..
2138OOVVMXZG6RV7XBH75

P￿tr2
THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Sir Edw8rd Lews Foundation w88 established by a Tru81 Deed d8ted 19 July 1972 and 18 an
unincorporaleLI charitable trust bounij by the proper law of En9land and Wa￿s. The original selllor
as the late Sir Edward Roberts Lewis
The entire resources of Ihe tharity have been unreslrided throughout the year and the Irusiee8 have
cornplele discrelion forlheir use.
ThÈ Iruslee8 U8ually consider new donations bi-annually.
The trustees, investment powers are unrestrided.
IrusleÈs have the power lo appoint new or additional Iru8tees provided that Ihe total number
does not ex￿e0 nine at 8ny time.
ststèment of Trutstèets, Responsibilities
The 18w 3pplicable to charilEs in Engl8nd and Wales requires the trustees to prepare finanoal
stalernents for each finanaal year which give a true and fair ￿eW of the stale of the affairs of the
chanty and of the inix)ming resources and 8ppli£*tion of resourtss of thÈ d)arity frjr that period. In
preparing those financial staletnenls, the Iruslees are required to..
seled suitable accounting policies and 3ppty them consislenlly.-
obsenfe the methods and printip￿s in the Charity SORP IFRS 1021",
make judgemen18 8nd estimates Ih818re reasonable and prLJdenl',
slate whether appIl￿ble accounling s18ndards have been followed, subject to any rnalerial
departures disdosed and explained in the financial statements, and
prÈp8re the fin8na81 statements on 8 going Concern basis unless It Is Inappropriate io pre8ume
that the charity will continue in oper8tion.
The Trustees are responsiNe for keeping proper accounting records that disclose ￿￿th reasonable
acthr8Cy 81 any IimÈthefinancial p081tion of the charity and Èn8ble them lo èn8urè that the finanti81
slalemenls Comp￿ bvilh the Charities Act 2011 and where relevanl, the Charilies Act 2022. the
Charity (Accounts and Reports) Regulations 2008 and the provision5 of the trust deed. They are
also responsible for safeguarding the assets of the ¢harily and hence for iaknng reasonable $ieps
forthe prevention and detection of fr8ud and other irregularities.
Disclosure Of informatitsn ttsAuditor
In so far as the Trustees are aware".
there is no relevant au(lit information of which the charity's auditor is unaware." and
Ihe Trustees have taken 8118teps Ihal they ought to have taken lo make themselves aware of
any relevant audit information and to establish that the auditor is aware of that information.
The Iruslees h8ve complied wlh their public benefit duly under section 17 of the Charities Act 2011
lo have due regard lo guidan* published by the Charity Commission.

P￿tr3
THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
STRLICTURE, GOVERNANCE AND MANAGEMENT Icontinuedl
Inductlon and tralnlng
No 5peaal policies or procedure5 have been adopted for the inducbon and training of ItU51ees, all
of whom art nominated on account of their knowledge and experti$È in the field of the charity's
oper81ions. All Iruslees are 8ware ol their duties and obligalions towards Ihe mainlenance of the
charity and the proledion of ils assets.
Iniernal Controls
The ITuslees have overall responsibility for ensuring that the charty has appropriate systems of
internal controls. They are also responsible for keepirwj proper accounting records thich disclose
with reasonable accxJr8cy al any lime the financial position of the charity and enablè them lo ensure
that the financial slalements follow l)esl practi￿. They are also responsible for the ch3rity
safeguarding its assets and hence f￿ tsking reasonable steps for the prevention and deleclion of
fraud and Other irregularitiès.
The system of intemal controls is designed lo provide reasonable. bul not absolute. assuran
against tnalerial tnisstalement or loss.
OBJECTIVES AND ACTIVITIES FOR THE PUBUC BENEFIT
The object5 of the charity are lo apply income and capital for such charitable purposes, charitable
inslilulions or tharitable foundations, in suth countries and in such mannÈr as the Injstees in their
absolute disuelion think fil. The trustees usually consider new donations bi-8nnually, every May and
December.
In gènèral, the trustee8 are more inclined lo ￿nefIt chanlies known personally lo them and, in
addilion, charilies which were known lo be favoured by the Settlor. Furthermore. the trustees have
a(lople(l a practitr lo m4ke donations lo a number of charities who reTrive payments from the
Foundation on a regular annual basis. However. new appeals are 5ti11 regulady rewewed and
con81dered accordingly.
Postal Ind email appea15 are sent to the registered office and email addres5 of the Foundation
respectively. They are then forwarded to the trustees at regular interv8ls for consideration.
Statement of Public Benefit
As 8 granl-funder, thÈtharity's adivitieswill providÈ public benefrtlothe Individua188nd communities
who are beneficiaries of the charty's funded projects. The Trustees are aware of the Ch3rity
Commission guidance on Public Bènefit and confirm IhatthÈy have complied with thè duly in Sèction
4 of the Charities Act 2011 lo have due regarLI lo it. They consider the inforrnalion which follows in
this annual report. aboutthe trust's aims. adivities 8nd athièvement8 in the are8s of Interesith8ithÈ
ITUSI supports. (lemonslrales the benefit lo ils benefiuaries and through them to the publiG whi
arise from those acti￿11&$.

P￿tr4
THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
ACHIEVEMENT AND PERFORPMNCE
Investmonts
ThÈ assets of the tharity con*$l prinfxpally of invÈsknents and c2sh these are Co1￿￿1¥*1Y
recorded on the Balantt Sheeland supportiNJ notes 81theirm8rfKel v81ue on th81 dale. Any Increase
or decrease over cost on the restalernenl of these values is recorded in the Slatement of Finanoal
ACtI￿lies.
RBC Brevrin Dolphin act on behalf of the trustees lo manage the investment portfolio and provide
safe custody. RBC Brwn Dolphin primarity uses ils own whollywned subsidiary nominee
cotnpanies within the RBC Group to hold client assets in safe custody.
The value of the portfolio. excluding income cash. as 31 5 April 2025 sto(rtl at £10.950.99612024
£11.390,5951 producing a net income of £290,03112024- £285.6581. 8 y￿Id of 2.65% The trustee8
report inveslmenl10s5es for the year of £439,92012024- £756,350 gain51.
Market Commontary from Inv88tmont Manager8 (provided by RBC BRTrwn Dolphin PIC- May
20251
lrtvestsnentperfomiartce over 1. Sand fo years
Th6 Lswis Ftrundation is managed to the RBC Br*￿￿ Dolphin L&v&l 6 risk c&l69ory Iotrt of fo, wilh 10
being the hwhest) wh￿h has ¢.TO% olits v8lue invested in glob&l sh8res and ¢.30% in bonds and other
non-equities Over l yeèr. 5 yeèrs. and 10 years IhÈ nèl total r8tUTn lèltÈT èll int8m81 RBC BD costs and
ellexlemslcosts emanatino from thirdp&rty fvndsl to 5th Apri12025 wes +0.76%. +30.82% and +56.21%.
r8spectively The Foundation outperfonned the relevant ARC IAss&l Risk Consultants) Balanced Total
Relum 8enchm8rt(aversge of +21.81% over 5ye&rs end +36.91% over IOye&rs but Unde￿erf0m￿dthe
average of+3 35% over l year.
The l-yearrelative perf0nrja￿￿ a bit disappDirJting given Ihat the l-year data was looking much better
vet3us fhe benchmart( before the stock msrket sell ofl that occurtEd behveen Febmsry 2025 l&tt&r US
President Trump's inauguralion) and 2ndAprtl (his taiiffff announceFnentsl As al Febrtjary 20th 2025 the
r&l8tive perforn?attce dsl* was outperfomiing overall Ihree time ptrriods, as In the t8ble below.
NEt
N¢t
Petforman¢e PertOrrnan¢e
11Yto
Isyto
2010212SI
2WOW251
Net
Pert¥rm8n¢E
110Yto
2QiD21251
Portlollo
BlskCatg40ry
SirEdwaid LEWIS Foundation
9.1196
20.80
6892
A￿et RlskConsuitsnt3lARCI
Batsnced
8.95
15.49
43.15
The reason why the timing proved importantis th3t Ihe cut trff point for the 5th Apnlretstive performance
versusARC turnedoutta be a majorlowpointin global stock n7athets Ihatculfftinated w7th the global falls
after Trump's tanff announcements. The Found3thon's portfolio is ptrstiioned to meet its objective trf
producing a Teturn balanced behveen Ca￿talgrOWth andincome. Forthe capital growth. ￿ ate cuT￿n￿lY
positionedin we frEferb 8s'oualitygmwth"stocks which we*E hithart. During moments ofstnfe the
rFJarkEtcan be prettyundisceming. Sinkingldropp￿9 allships.
The tiffning of the tarrfl selkoff co{￿ldIng the 5th April (lata cut therefofft had the effect of
the l-ye&roufp8rfom)8nce Ih8t h8d b$6n in place before. However, we contsnt that the longer tsmi
horizons are slil1showingou￿erf0Trn￿rj¢e undereitherscenarto arjdshow thatthe capitslgrowth ststegy
16 stsll out.

p￿&$
THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
ACHIEVEMENT AND PERFORMANCE Icontlnuodl
TLiming ttr the In￿Me part of thtr Foundatth's objective, as 8t 5th April 2025 the 8nticp8ted incom& is
£298.OOJ based on Ihe CUr￿￿tportAoI1C>. whth is up c>n the incon7e figure of £276.000 in 2024, whKh irj
tum was up fmm £248,OOOin 2023. dtrmons￿tI1Y9 thètÈh6 trbPcti￿ ofproducirtg a rising l&velofinctrm6
is also being achieved
M4rket updat&
Afterthe declar&t￿ of Trumps electhon wctory on 6th November 2024 stock mat*ets reactedp￿t1VeIy.
gairjing about 6% in the run up lo his inauguration 20th Jarjuary. Afflong lh8 elite eager to algn
themselves with the newpre&dent we*? Ame17ca s weathiest tsch m8gnates, e8ch payino a minimum of
slrFJiII￿n to standbythe newPTesidentas he MrdSSWOm MJ.
Howevei, frorn that day on the markets grew increasingly sceplical each Executive Order that he
swned. and esch Tweetposled, espe￿&11￿ those relating ttr internatiort*l ￿l•￿0n$ and Irsde. The speed
at wh￿h Tffurnp Mffjsrnoving thep0S￿on ofthe Urjited Slate5 awayfrom being a stable andreliable ally to
the Westem took 811 by sufrprise, hitting pesk shock with his treatment off Pr$6identZelensky in the
Whits House
Although Trump wamed that he would be biinging new 18riff5 Qn April 2nd. the srie and somewhat
irr8titrn81 n8tur8 in wh￿h they W8T8 C81culat&d w8É dest8biliÈing. Even couniri$s in 8 tr8d6 dsfrtit to the
U.S. were hit with a lar￿. un¢lermining Ameft7¢a s credibility further. When these We￿ announced. the
strverity olthe tariffs hitm&rkets hard. p&thul8rly Ihtr US m8th&t. krtowing th&tthe t8rrffK&lloutlntr&8strd
the likelihood of recession, due to slow￿9 trnde. &nd also incre35ed the nsk ofhigher US ￿flatIon.
with thé c0st0ftèr￿ béiiygp8ssed on to consumèrs Ihrough higherprices on importedgoods.
This unc&rtairJtycaused the S&P500 to hav8 anothershap18gdown. The totaldrDP frcffl lh8 inaugui8tion
high was aIn￿tst20%. butnol quite byenough lo be declareda be8rmat*et The NASDAQ fell a bitmo*E.
Tffufflp States that he is plawng the long game to improve Ihe US econorny and has tiled to reassure
markets thatinvestors are being too focused on the short tenr. The resho*yng endinward investmentinto
Èhe US ￿lItake fime. thatisundeniable. andlnarkets areoftendrivenbyshDrtterrn thinking. Nevertheless.
aftersome confl￿ting V￿wts from big names Such as Elon Musk &nd j&M￿ Oimon ICh&inn&n &nd CEO trf
JP Morgan Chase), Trump arjnoUrJ￿d a g(Pday delay on tariffs for all countiies, except China, to allow
time forne9trtlal￿ns. Tre US martel felt 8 Strong tsense ofrelEfand )otsnced almotst io%.
However, Trump Ist6r tsa￿ in s Tw86t fh8t he wsnted fo Jemm$ Powell, the h$8d ol the Federnl
reserve. the US Central Bank, because he wouldnot¢utinterest rates. The independence of the FED is
som&wh8t s&cros&nct, snd Ihis csused &nother sell off irt slock m&rk8ts, Slmost back to where Ih&y h8d
beena weekorsoeafttier. importantlythe USbondm8rkelalso S￿Off swilYyan(Iseverely.
not unlik& tho fo Liz Ttyss's budg&t in the UK. Snd the US dollarwe8kén6dsh8rply loo.
Wtshin 24 hours Trump ts81isédfhath6 h8dov8rp18yédhis hand 8ndtook bèckhis words. This mw-b8ck.
plus the eatlierpause on 1817ffs, showed that ¢fie￿ aftE some guafflrails ￿tfvin Trun7ps pOI￿leS, and that
his administration mwhtbe restrèintrdfrcffl V&8Ting too farlo extr&m&s. R&l￿fatt￿ls discovèryh8s allowed
markets to rewver8 bitmo￿. ￿th the S&P500 r￿Wonty8 5% off its alktme h￿h
Thismovementin the m8rt(etsoverthisperndisshownbelow, elbeitlhisdoesnoldemonstrnle thebounce
back to where it 15 8tnow- abo(rt 2% above where it was on electron day.

P￿tr6
THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
ACHIEVEMENT AND PERFORMANCE Icontinuedl
Aftèr the Trump bump. the Trump hump. and Into thè Trump slump
l Trurnp
election
Mump
105
IIKJ
Riimp
95
TrurnD
inou8uraliOn
Slump
90
NOV 24
Dec24
ion 25
Feb25
Mor 25
Apr 25
North A Tr￿¢0￿ eqviues
Evropeonequitie$
The reason I show Ihis to demonstrate how it is impossible to realis￿allY prBdict the mov8menE Df
m&rkets In the shorttenn. Indeed, in mynoles b the Trustees al ourmeeling & ye8r*go I mentioned then
the danger of Twffnps 18iTffs and his likely 8tt8ck on Jerome Powell. We a150 knew ￿￿k then his dislike
fforthe level olsupptrrt for Ukrsine and that he w8nled lo chaslen the EU for notpawng MO￿ forits ow
deffence
However, the ￿81S￿O¢kIaYln the severityofthe tsriffs-theirsweepingscope and the abruplness oltheir
Im￿&M$￿t&tI0n, appl￿d ￿￿lS¢￿Minattr￿y, wh$lh$rto lri$nd orfoe.
TffUfflPS Style seeffls aknn to lh8 way h8 opeTrted as a prDp8Fty deVelo￿r. You don't neèd to sèe thèm
again Perhaps he is beginning to realise that such ta￿S do not apply 8s well to counti7es th8t the US
will have to live nextto and ITade with foTeverThorE.
And global consumers do have ¢hoKes. Whether lo buy 8 car from Tesl3. a coffee from ste￿￿Cks. a
Bosing r8th&r than èn Airbus, and niany moT8 &x*m￿s. tt will 18ke 8 whil8 forth6 ramir￿￿tionS of 811 trf
this topl8yOiIt, plus the t8riff rep17eve ￿ only untr12ndJuly. What will happen then?
Bu&ness senlimenthss been dmpping, as Sho￿ by th& chart below which displays the lallin ant￿patsd
production froin US comp8rJies tt> a level thatis arOundr￿sSIOnary levels

P￿tr7
THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
ACHIEVEMENT AND PERFORMANCE Icontinuedl
A Recessionary Fall in Production
The foul times lower for this index since 1990 camÈ thè mÈstsitints
/ ISM ManulaclurWJ Prrxluclion Indèx
R¢ctrs￿tsnS
65
60
50
45
40
tsu
Saurco. BloombBrg
These Fig￿RS 8re a harbingerof how bu&nesses re3rt to untrrt3inty Building new plant Snd M￿h￿￿ery
andemplowngrjewslaff willhave beenputonholdforrnanyusglobalcompanies. TarTfffralesonoverseas
ntnes. espe¢i8lly Chin8, signifficanlly disrupt supply chains. Apple, lor example, has ennounced
that it will move all prodildion out of China 10 India. but this be &xp8n&v& and take soine tim8.
Am8zon snnounced Ihst it expects lo be hit by 8lmosl $7 of extr& costs per quarter in the short-
rFJedium terrn. China announced rt would not be faking delivery of 50 Boeing aircraft Boeing is the Us's
biggest exporter. snd these plsnes &re $500 Million ormore each. but Manysmsllercomwnies wll be hrt
Èoo.
Unsu￿riS1￿g1Y. the IMF has downgBded global growlh fow851s due to trade tensions dete￿ratIng
sentiment. Th$ 2￿25 U.S. GDP growth forec86t hss bsen slashed by 0.9% ts 1.8%. a v8ry signific&nt
downgrade just a n78tterof th￿ rnonlhs While a U S ftEcession is not expected. the IAdF has raised
the prtrb8bility of this h8pp&ning lo 40%. Other economists sre mots besrish. setting Ihtr likelihood &t
50.50. Setting aside cyclical worrps, the new reality highlighted by the IMF is tlat the global econornic
tsystem, Ih81 hss opgr8tsd forth6 Isst 80 ￿arts, is b$ing res&È.
Imf down8rode5 Its world economlc outlook
8rowth projectlons
AS ¢Jf API'II 2025 •As oiiorwry Its25

THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
ACHIEVEMENT AND PERFORMANCE Icontinuedl
FJDM aninwestmentperspectrrfe. Iheresre howetrErre8sons to believe the outcome msynotbe &ssevetE
as some fea￿d.
Firsty, the trade war belween the U.S. and Chirja is not sustainable" accordjng to Treasury Secretary
Scott B$ssent. Th$ worst off the provoc&lions Srs hopeftslly trv&r8nd whatw& ha￿ lesmed from lh& psst
week3 that economic pragmabsrn and mathet pressures do h￿d TrurFJP hack. at least to some
extent.
Secondly. globslcentralbankts do hsve levers to pullto try snd counter Sn econom￿ slowdown. The ECB
has been cuthng rates by the most. but the Bank of England will likely cut next week The US ￿11 fjnd it
h8rder to cut du8 to the Iik8ly infl8lion fmm t8rfftÈ, bul if the ertd rtrsult for Imptrrts is a t8rrff trlonly 10%
then some of th81 cost be bome by business thus. the effect on the US ctrnsumer mwhl be
prolonged.
Lastly. the US stack mathet was looking sofftewhaÈ Gver-valued going into Ihis peffTod. certainly in paits.
andso a sell olf throws sonje interesting opportunities.
AMKI the cuffent market noise. in rnanaging the Lewis FGundaÈiorJ funds, w8 are acbvely seeking IDng-
temi opportunities lo ￿￿￿1gh￿ua{lfy compan￿$ lo the portfolio- particularfy those that heve historically
been too expensive bulhave nowreEuFned lo mcKe attractive ValUa￿n levels
There is, however. no doubt that the CffEdibility of the U.S. administration is darnaged. investors a
asswning a h19hernskp￿MIuM on U.S. assets under Trump 2.0. To this end l &m adding some Europesn
rJarFJes to give sorFJe diversir￿￿tion out off the US. plus Europe and the UK should now start posit￿ning
theirec0n0m￿S landdsffencs ssctorsl a msnnerthathss Ihem standing mor8 on Iheirown two fset.
Reafflimln9 the mostsultable ￿$￿ Category
Duriiyg lh& m&eting of Thursday Mèy ¥ 2025, the Trustees discussed wrth m& Ihs CUffr8ntpo&tsoning of
the FOunda￿nsportrollo in rel&1￿￿ to its 3ssetml¥ 3ncl 85SOCRtedlevel ofiFsk. Given th3t Trustees.
altitud6 to risk had notchanpd, and norhad th8 obpctivés and circumstsnc&s of th& Foundat￿rt, rt was
8gEed to maintsin the cuT￿nt risk catsgory of Level 6 with its approximate weighting of 7cPA to global
èquth8s and 30% to bortds and trÈhérntrTr6quitiés such 8$ ctrmm8rtialpro￿rtY 8nd infraÈÈructure fvnds.
Production ofa nèwlnvtrstmentPolicy Ststernent
Due to the appoinbnent of TTUStees follo￿￿9 the death of the longest standing ortginal Trustee.
Richatyl Lewis. il was agreed thal this was 8 sen&ble time for the Investment Policy St8tement to be
reviewed. As a resuttof Ihis appTaisala newstaternerjtwas crealedfollowing the rneebng whichhasbeerj
619ned by all the cunEnt Trusle&s snd lodged with us atRBC Brewin Dolphin.
George Shsw. Division81 D1￿clOr.
RBC Bre￿￿ Dolphin,e May 2025.

Pages 

**THE SIR EDWARD LEWIS FOUNDATION** 

**TRUSTEES' ANNUAL REPORT** 

## **FOR THE YEAR ENDED 5 APRIL 2025** 

## **5. CHARITABLE ACTIVITIES** 

Charitable activities included donations made during the year totalling £189,500 (2024 - £185,500) with the number of charitable causes benefiting from such donations being 73 (2024 - 73). A full list of the grants made during the year ended 5 April 2025 are shown under Note 6. 

During the year the charity met its objectives in the following way:- 

**Small donations** of under £5,000 totalled £119,500 (2024 - £125,500) 

**Large donations** of £5,000 and over totalling £70,000 (2024 - £60,000) were:­ 

## **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 children's practical and emotional needs. 

## **Arnold Foundation for Rugby School - £10,000** 

The purpose of the Arnold Foundation, which is funded entirely from voluntary donations, is to provide bursaries, subject to means testing, for students in boarding places at Rugby School. Working in partnership with educational charities, the Arnold Foundation aims to reach out to boys and girls from some of the country's most disadvantaged communities, where under­ achievement is prevalent. 

## **Action for M.E. - £5,000** 

Action for M.E. provides support to children, young people and adults with myalgic encephalomyelitis (chronic fatigue syndrome) both now and in the future. They empower people with M.E. to fulfil their potential and secure the care and support they need, while working towards a greater understanding of the illness and ultimately a cure. 

## **Brixton Chamber Orchestra - £5,000** 

Brixton Chamber Orchestra is a versatile group of instrumentalists which provides thrilling live orchestral experiences for wide-ranging audiences in Brixton and beyond. Their aims are to reach new audiences with live orchestral music by presenting it in new ways and places; to provide a performance and training platform for musicians from Brixton; to innovate new orchestral experiences through diverse collaborations; and to embed in their community and be an orchestra of and for Brixton. 

## **David Shepherd Wildlife Foundation - £5,000** 

DSWF is an adaptable and flexible, non-bureaucratic organisation responding promptly to conservation threats by supporting trusted, reputable individuals and organisations operating in the field. The trustees' support continues to assist in the charity's efforts to help save critically endangered mammals in Africa and Asia. 

## **The Christie Cancer Fund (Ella Project) - £5,000** 

Rare cancers like Adenoid Cystic Carcinoma (ACC) are less funded than common cancers. This means it takes special people like The Christie's supporters to help make research into ACC happen. Cancers like ACC are difficult to treat and this means patients often have limited treatment options. The Ella Project, a UK-wide study focused entirely on ACC. 



Pag8 10
THE SIR EDWARD LEWIS FOUNDATION
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 2025
CHARITABLE ACTIVITIES lcontlnuedl
Devas Club- £5,000
Based in South London, the Devas Club'5 youth ￿￿trE CUTrently include5 a gym, a recording
studio. performance space, cooking 8nd computer facilitie8. a range of meeting 8nd rehearsal
rooms, and a baskelball court on the roof. The club Is primarily lar9eled al prowding a youlh
nlre forlhe purpose of helping educating young persons underlhe age of 25 years through
Iheir physical. mÈni818nd spiritual trAPaClties that they may grow 10 full m8turity as Individuals
and members of sofaety and thai th8ir condiiions of lif8 may bè improved.
Gurkha Welfare Trust-£S,000
The charity ensures that Gurkha veleran8, their wdow8 and thÈirwidÈr communitiès arè able to
live wilh dignity. T￿Y 8chieve th18 primarily through the provision of financial, medical 8nd
community aid in Nepal. and operate through 22 Area Welfare Cenlres spread across Irallilional
Gurkha recruiting areas. In the UK, in conjunction with other senrice charities and government
bodiÈs, thÈy offer advice and 8UPPOrt to help IhÈ Ihou$8nd8 of retired Gurkha$ and their families
%tho choose lo settle here.
St Bartholomew Parochial Church_ £5,000
The Iru8lees' donation lo thi8 local church will help contribute towards the building and grounds
r￿aintenan￿ workthat is required.
Kenslngton Trust Ltd-£5,000
This London based charity ha5 been set up for the preventionlrelief of povety of children or
young people, and to help young ppople advan￿ in lrfe by pmviding support and activities that
develop their ski1181o enablÈ them to p8rtlClP8te In society 88 responsible Individuals. Their main
aclivily is the suppori of Vdesl London FC, a oyoss borller community football club with Iwo teams
M[￿ling in a London league. They have e￿ended Iheirwork lo indude outreach" aimed al 16-
26 year olds who are either in trime, OLrt of work orjust out of prison.
UKSA_£S,000
UKSA is a yOLrth GhaTity that uses sailing and water sports as a catalyst lo Iransforni young
pèoplè's lives. Their inspirational yOLrth development and marit1r￿ Iraininy courses eguip young
people with newwork skills and life skills that start al se8.
Wateraid. £4000
W8leraid 18 an intemalional not-for•rofit org8nisalion, delemiirEd lo make dean water, decent
lo1￿lS and good hygiene nortnal for everyone. everywhere
World Trdn5plant Game5- £5.000
The Worfd Transplant Games Federation is a worfdwide organisalion with representation frThn
rnore Ih8n 60 countries that celebr8les SU￿SSfUl Iransplanlalion and Ihe gift of lrfe through
unique and instHring events- n3mely the Summer and Winter World Transplant Games. Their
principle aim is to raise public awareness of the i[npOrtan￿ and benefits of organ donation and
tran8p18nlalion by demonslr81ing the health and filnes8 that tan be ath￿¥￿d p08t-Iransp18nl.
The Charitable Activities tolal of É216.746 12024 £211.7801 indude5 Support costs of É27.246
12024 £26,280) relating to accountancy fees, IndepèndÈni examination and audit fees and bank
ch8rges.

Pag811
THE SIR EDWARD LEWIS FOUNDATION
TRVSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 202$
FINANCIAL REVIEW
Income and Expenditure
d)arity generated income for Iheye8rof £295.837, compared lo £290.949 in 2024. TfE charity'8
income is entirety generale(I fr(Kll the trust's investment portfolio and interest from cash deposits.
Inu>mÈ from quoted inves￿ents for IhÈ year w8s £290,031 Inole 21, reflecLing a 1.53% increase
from 20241£285,6581.
FINANCIAL REVIEW Icontlnuodl
Charitable Activities were £216.74612024 £2117801 as detailed in Note 3. The Cost of Raising
Fund8 W88 £51.201 12024- £47,19018nd mainly re181ed lo Investment management cost8.
All charity expenditure for the year ha5 been charged to the unrestriGted inGorne fund. For the year
Ènded S April 2025. there wa8 nei inix)me of £25.961 12024 nei Income- £27.7681.
In 8ccor(lance V¢ilh the ChBnlies Act 2011, the trustees are require(I lo carry out an independent
audit of the charity accounts as the gross income is in excess of £250.000 and total assets (before
Re5erve$ Policy
The Truslee5 have examined the charity'5 requirements for resources in light of the m3in risks lo
the organisaiion and have no ouisiandirwJ commiimènis or cash demands thai are not adequately
covered by ex181ing resources. The nel 88sets of the charity are regarded 88 tree reserves and the
available funds al 5 April 2025 wll be retained to make grants In accordance with Ihe charity's
charil4ble objects and any policie5.
The trustees policy Sin￿ 1990 has been lo aitn to make one subslanlial donation every hvo or three
years lo an appropnale cause, In addition lo a number of Smaller don8tion$ on an annual ba818. To
that end. they would not 8hvay8 distribute the vthole of one ye8r's Income In th81 year.
Ineome reserves as ai S April 2025 loia11ed £326,501 12024- £300.5401 an increase of £25.961.
The trustees communic8te on a regular basis 8nd meet form8lly al le8s1 1￿ce 8 year lo reviewlheir
investment and donation policy. Their Jon81ion policy Emains unchange(I since 1990.
Total charity re$Èrves lunrestrictedl decreased by £413,959 during thÈ year to 5 April 2025 to
£11,005,37512024- Increased by £784.118 10 £11,419.3341.
Invèstment Policy
The Sir Edward Lewis Foundation Is an unincorporated grant making charity e81ablished by Trust
Deed, vthose purpose isto support charitable institLrtions orcharilablefoundalions as determined by
the tmslees.
The finanual objective of the FOUnd8t￿n is to..
grow the capitsl overthe investment period lo generate a total
relum 8head of UK inflation from the combin8tion of the yeneralion of income
4nd capital growth lo fvnd twiTr yeadygrant making. The infialion measure most relevant to the
Foundation'8 expenditure is the Con8umer Price Index.
generate income lo a sustaina￿e and gro%sing income strea
* over Ihp long-term

THE SIR EDWARD LEWIS FOUNDATION
TRVSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 202$
FINANCIAL REVIEW Icontlnu8dl
The Foundation has £10.95m of inve51tnenl assets. These are Ihe entirety gf the charity's assets
other than cash held 81 the b8nk.
Foundation aims lodislribule grantsof between £200,000 8nd £300.000 per8nnum buLlhis can
vary from year lo year depe[￿l￿g on grant making opportunities and investsnent returns aftertsking
account of the costs of operating the Foundation.
The Trustees of the Foundation h8ve (leleg8ted deCi￿On makiTrJ on investment rnatters to the
investment tnanager. RBC Brewn Dolphin.
Invesltnenl Ob"eclives
Thè Foundation Seeks to produce the bÈstfinan¢ial rèlum Mlhin an acceptable lÈvel of risk.
Investment objective is lo generate a reium of Inflation plu$ 2.5.￿ per annum over the long temi,
after expense5. This should 3llow the Found3tion lo al least mainl4in the real value of its assets.
whilst funding granis in the region of £200,000 8nd £300,000 per annum.
Found8tion adop18 a lolal return appr08ch lo investment, generating the investment relum from
income and capilHI gains lor 1055esl 11 is exp¥ted that if in Hny one year the total relum is
in$uffi(xenl to meèt the budgÈied grant making expendilure, In IhÈ long term the real value of the
Found3tion wll still be maintained in accordantr wlh the investment objective above. In terms of
assessing the portfolio's toial relum, a$ per the Charity's attounts, IhiÈ Is measured 8981nsl the
overall largeled investment objective of CPI +2.5%. as perabove. 8nd the ￿e￿vant ARC (Asset Risk
Consullantsl charity peer group bènchmath.
Risk
Allilude lo risk
The FounJ81ion has hisloricalty relied on Ihe income poriion of the total relum lo fund grant making.
The key risk 10 the long4erm susi8inability of the Foundation is inflation, and the 8ssÈts should be
invested lo miligale this risk over Ihe long term. The Trustees understand th81 this means that
investment rbeeds to be COn￿￿trated In real assets, rather than cash, ar￿ that the caprtal value will
fluctuate.
The Trustees are able lo lolerale vol¥lilily of Ihe capital value of tt)e Foundalion. 88 long 88 gr8nl
making eommiimènis be made Ihmugh either income or liquid tspital assets.
The Trustees ￿11 reV￿lheIr attitude to risk annualty in CDnjunction with th￿r invesltnenl manager.
Assets
Found8lion's 88sets can be invested widely and should be diver8ifi8d by asset class and
security. Asset dasses couW indude cash. bonds. equities, propety. hedge funds, structured
pwjucts, private equily, commodities and any other asset that is deemed 8LJilabk for the
Foundation.
The Trustees are charged with agreeing a suitable asset allocation strategy vAlh the investment
manager. which is sel so as lo achieve the overall Foundation Investment obieclive. This strategy is
lo be reviewed annually.
Currency
base ￿rrerLY of the Investment portfdio is Steding, butinvestment may be m8dÈin non-sterling
assets.
Credil
Foundation's cash balances shouW bè deposited with institutions wlh a minimum rating ofA- or
invested in a diversified money market fund.

Pag813
THE SIR EDWARD LEWIS FOUNDATION
TRVSTEES, ANNUAL REPORT
FOR THE YEAR ENDED S APRIL 202$
FINANCIAL REVIEW Icontlnu8dl
uiremen
The Foundation aims to distribLrte grants of between £250,000 and £350,000 FEr annuTll. This can
be funded from both income and c8pilal, albeit historically from Income alone.
To allow for vol8tilily of capital values, Ihe Trustees wish lo maintain al le8s1 3 years, worth of
budgeted grant maknng in cash or lower risk liquid investments such as bonds
Time Horizon
The Found8110n 18 expected to 8xisI in perpeluily and Inv8s1menls 8hould be man8ged lo meet the
investment objective and ensure this sus1ain8bility.
The Found3tion can adopt a long-terrn inveslmenl tiffle horizon
I Investment Poli
The Foundation assets should be invested in line with its aims. The TtUStees do not wish to adopt
an exclusionary policy, bul indiwdu81 investments may be excluLleLI rf perceived to conflict wlh the
Foundation's purpose.
Mana
etnenl Re
ortin
and Monitorin
The Foundation has 8PPOlnted RBC Brewin Dolphin 8$ the profe￿lOn81 investment management
firm lo man8ge Ihe assets on a discretionary b8ws in line with Ihis policy. The inveslmenl tmanager
provides ￿stOdY of assèts. M8n8gers are required io produce a v81uation and performancè report
quarterty. The Foundation has nomin8leLI a list of aulhorised sign8lories. a minimutm of two olwhom
are required to sign instructions lo the invesltnenl tnanager.
ThÈ Tru$iees have responsibility for agffting Strategy 8nd monitorirv) the invÈstmenl assets. The
investment manager is require(I to present to the Trustees on an 8nnu81 basis.
The investment manager's report should include 3 rewew of 8ssel allocation strategy. performan￿,
risk profilÈ. and ton$isten¢y with thè long-lemi inve$lmenl objedive.
rov81 and Review
This Investment Policy Slal8mentwas prepared byth8Trustees ofthe Sir Edward Lews Foundation
lo provide aframewoTkforlhe rnanagemenl of 115 investment assets. Itwill be rewewed on an annual
ba8181o ensure continuing appropriateness.
Ris* Management
A risk assessment re￿eW has been undertaken which cofflprises."
an annual review of the risks the charity may face,
the eslablishmenl of systems 8nd procedures lo milig81e Ihose risks., and
the Implemenlalion of prO￿d￿r*S designed to minimise 8ny poiÈniial impact on th& charity
should Ihose risks rnalerralise.
This continuing process wll identrfy risk areas to which the trust is vulnerable and highlight any
nete$sary safègu8rds that will rted to be put in place. No major risks were idèntified at the dale of
these financial statements
The Iruslees have passed fil and proper declarations in line wlh HMRC guidan￿.

Pag8 14
THE SIR EDWARD LEWIS FOUNDATION
TRVSTEES, ANNUAL REPORT
FOR THE YEAR ENDED 5 APRIL 2025
PLANS FOR FUTURE PERIODS
The Iruslees are 5alisfied with the current grant making objectives and aim lo continue lo operate
this policy goirvj fotward.
No charitable commitments had been made during the year ended 5 Npril 2025 for ftbture years.
Following the death of Rithard Lèwis Iformerfy the Chairpersonl. the charity Is due 10 receive
lega(#e8 of over £2m from the Eslale of Richard Lewis 8nd thè Christine Lewis Will Tmsl. The
legaoes will be paid over on* the Eslale Adminislralion is complete. and will be recognised as
income vthen recewed.
Approved by the trustees on
and signed on thÈir behalf by".
0510212026
Marf< Harris
Date

Pag81S
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF
THE SIR EDWARD LEWIS FOUNDATION
Opinion
We have audited the financial statements of The Sir Edward Lewis Foundalionllhe charity") for the year
ended S April 2025 which comprisÈ the siaiemenl of Fin8ncial A¢tivilie$ Iincluding IneomÈ and
Expen(lilurel. Balantr Sheet, Stalernenl of Cash Flows and notes to the finanual slatemenls. including a
summ8ry of significani accounting poliues. The financial reporting frameworfK that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards, induding Finanoal
Reporting Sl8ndard 102 The Financial Reporting Standard applicable in IhÈ UK and Republic of Ireland
Iuniled Kingdom Generally Accepted Accounting Practscel.
In our opinion the financial sl8temenls.'
give a true and fair view of the slate of the ch8rity's affairs &s al 5 April 2025 &nd of incorning
resources and application of resourtss, for the year then ended-,
have been properly prepared in accordance with United Kingdom Generally Accepletl Accounting
Practice, and
have been prepared in accordan￿ with the requirements of the Charities Act 2011 and where
applicable, IhÈ Chariiies Act 2022.
Basi5 for opinion
WÈ conducted our a￿11 in 8ceordance ￿th Inlemational Standards on Auditing IUKI (1s￿ IUKII and
appl￿ble law. Our responsibilities under those slandards are further described in the Audilorfs
responsibilrties for the audit of the financial $18temenlS sedion of our repDrt. We are Independent of the
charity in aCcordan￿WIth the ethical requirements th81 are relevant to OLJf8udil of the fin8nual 818temenls
in the UK. including the FRC'S Ethical Standard, and Trwe have fulfilled our Dlher ethical responsibilities in
8ccordance with these requirements. Wle believe that the audit evidence we have obtained Is sufficient
appropriate to prowde a basi5 ft>r our opinion.
Conclusions rolating to going concorn
In auditing the finanual slalemenls, we have conLluJed Ih¥l the Trustees, use of the going concern basis
of accounting in the preparation of the financial stalernents is appropriate.
88sed on the work WÉ have performed. wè have not identified any material uncertaintiès relating 10 events
or conditions that, individualty or colleclively. may cast Significant doubl on Ihe charity's ability to continue
as a going con￿rn fora peri[￿ of atleasllwefve tnonlhs frotnwhen the financial slalements are authorised
for issue.
Our respon8ibililies and the responsibilitie8 of Ihe Tw81ees with respect lo going conr*m are described In
the ￿e￿vant sections of this report.
Other inforniation
The Trustee5 are responsible for the other information. The other inforniabon comprise5 the infotrnation
induded In the TrusieÈs' Annual Rèport and Finana81 Statemènts, otherthan the financA81 stsiements and
our audilorfs report thereon. Our opinion on the financial slalemenls does not coverthe other infotrnalio
and we do not express any fortn of assurance conclusion thereon.

Pag8 16
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF
THE SIR EDWARD LEWIS FOUNDATION
In connedion with our audit of the financial staletnents, our responsibility is to read the other infortnalion
8nd. in doing so, consider whether the other Information is materially Incon81slÈnl ￿th the finan(#al
slalements or our knowledge obtained in the course of the audit or olhetwryse appears to be maleri31ty
misslaled. If we Idenlrfy sud) m8ieri81 Inconsisten(xÈÈ or apparÈnl m8leri81 mi88tatemenls. we arÈrèquired
lo (lelerrnine whelher this gives rise to 8 rnalerial rnisstalement in the finanoal statements Ihefflselves. If,
based on the wort we h8ve pertormed, we conclude that there is a m81erial misstsiemenl of this other
information, we are required lo report that fact.
We have nothing lo ￿port In this regard.
Matters On which we are required to report by exception
We have nothing to report in respect of the following mallers in relation lo whith the Charities (Accounts
and Reports) Regulations 2008 require us to report lo you if, in our opinion..
the Information given in the R8POrt of the Trust888 is inconsistent In any materi81 respect with the
Financial Statements or
sufficEnl accounting records have not been kept., or
the financial stalernents are nol in agreement with the accounling record5.- or
we have not ￿te1Ved all the Inform81ion and explanations we require for our audit.
Rosponslblllt608 of Trustoe8
As Èxplained MO￿ fully in thÈ Tru8tees' re$pon*bilitie8 8tatèmenl set out on page 2, the Trustees are
respon￿ble forlhe preparation of financial slalemenls and for being satisfied that they 9ive a true anLI fair
view, and for such intemal ¢ontrol as the Tmslee8 determinÈ is necessary 10 enable thÈ preparation of
finanoal statements that are free from material misslalemenl. whether due lo fraLKI orerror.
In preparing the financial stalemenls. the Trustees 8re responsible for assessing the charrfy's ability lo
continue a5 a going con￿[￿, disdosing, as applicable. matters related lo goirbg concern and using the
going conttrn basis ol accounting unless the Truslee8 either intend lo liquidate the charity or to *ase
operations, or have no realistic allemalive bLrt to do so.
Audit(￿5 responsibilitie5 forthe audit of the financial Statements
We have ￿en appointed as auditor undersection 144 of the Charities Act 2011 and report in accordance
ilh the Act and relevant regulations made or having effect Ihereunder.
Ourobiectives 8re lo obtain reasonable as$ur8nce about whèther the financial È18temenls 88 8 whole are
freefrom rnalerial rnisstalernent. whelherdue lofraud orerror. 8nd to i55ue an aullilorfs report th31 includes
our opinion. RÈasonable assur8n¢e is a high level of as8urance, bul Is not 8 guarantee th8t an audit
conducted in accordance with ISAS IUKI bwll a￿ayS detect 4 rnaterial misst*ement when il exists.
Mi$slalÉments can arise from fraud orerrorand arts considered material if, individually orin the aggregate,
they could re4sonably be expected lo Influen￿ Ihe econornic deosions of users taken on the basis of
these finanu81 siaiÈmenis.
Irregularities. including fraud. are instanf*S of non-compliante ￿th laws ar￿ regulations. We design
protrdures In line wilh our respon8ibililies, outlined above. lo delect malerial misslalemenls in respecl of
irregularities, including fraud. The extent to thich our procedures are capable of deleding irregularities.
including fraud, 18 detailed below.

Page 17 

## **INDEPENDENT AUDITOR'S REPORT** 

## **TO THE TRUSTEES OF** 

## **THE SIR EDWARD LEWIS FOUNDATION** 

Our assessment of the susceptibility of the charity's financial statements to material misstatement, including how fraud might 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 comparatively few unexpected fluctuations in the reported results and balances and any such unexpected items would be specifically enquired into by us; and 

- there are a number of individuals which comprise "management" and therefore there is no single individual who is likely to be able to override controls to effect a fraud. 

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. 

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



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10/02/2026<br>**----- End of picture text -----**<br>




Pag818
THE SIR EDWARD LEWIS FOUNDATION
STATEMENT OF FINANCIALACTIVITIES
FOR THE YEAR ENDED S APRIL 202S
Unrostrfcted Fund8
InGome
pital
Fund
Fund
Totsl Fund5
2025
2024
Notè
Income from..
Investments
Bank depO￿t intere81
290.031
5.806
290,031
5,806
285.658
5,091
Total Incomè
295,837
295,837
290,749
Expenditure on..
Charitable acliwlies
Cost of r8ising funds
216.746
53.130
216,746
53,130
211.780
51.201
Totsi expÈndfturè
269.876
269,876
262.981
N8t 8XP8ndrtur8 bofor8 not gaI￿l(lo88￿8)
25.961
25,%1
27,768
Nel IIOs8esllgains on investments
10
1439,9201
1439.9201
756,350
N8t mo¥6m8nt In fund8
25,981
1439,9301
1413.9591
784,118
Rèconclllatfjon of fund8'.
Total funds broughl fthvard at 6 April 2024
300,540 11,118,794 11.419,334 10,635,216
Total fund8 tarrlod forward
at 5 April 2025
326.501 £10.678.874 £11.005,375 £11,419.334
There 8rÈ no re￿gnISed gains or losses ot￿rihan those induded in Ihe siaiÈment of Financial Actmties.
l income and expenditure relate lo continuing arti￿11e5.
The nDtes on pages 19 10 26 forrn partof Ihesefinancial stAlementg

Pag8 19
THE SIR EDWARD LEWIS FOUNDATION
BALANCE SHEET
AT S APRIL 2025
2025
2024
Foxed 888ets:
Inve$lmÈnl8
10,950,996
11,390,595
Current a880t8'.
Debtors
Cash al bank
55,358
16.781
39.174
3.952
72.139
43.129
Li8bilitiès:
Creditof8- amounts falling due
within one year
117.7601
114.3871
Not current a888ts
543,79
28,739
Totsl not 8s80ts
£11,005,375
£11.419,334
The fund5 of the charity=
Capital Fund
10,678.874
11,118,794
Income
326.501
300,540
Totsl charity funds
£11,005.375
£11.419,334
Approved and Signed on behalf of the Trusts85 by..
0510212028
Mark Harris
Date
The nDtes on pages 21 10 28 forrn partof Ihesefinancial stAlementg

Pag8 20
THE SIR EDWARD LEWIS FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2025
2025
2024
Cash fl¢)w$ from operating aciivitiès
Nel movement in funds for the year
Adjustments for.
Invesknent incomè
Deposit Interest
Nel Ilossesllgains on inveslrnenl 8ssets
Net decreasellincreasel in debtors
N&t decreasellinu88sel in u8dilorÈ
1413,9591
784.118
1290,0311
15,8061
439.920
116.1841
3.373
1285 6581
15.0911
1756,3501
138.2631
11,567
Net cash exp8ndedin oper47ting aclyvities
1282,6871
1289,6771
C88h flow8 Irom Inve8Ung 8CtlvlU88
Investment income
Deposit Interest
Payments lo acquire inve8lmenls
Receipts from sales of investment5
290.031
5.806
1935,9661
871.307
285.658
5,091
12,569,249)
2.458,063
Net ¢•sh recelved trom Anvestln9 a¢tlvlUes
231,178
179,563
Nèt IdtcrÈatsè)lincrèatse in ca$h and cash 4uivalènts fort￿ year
£ 151,5091
Reconciliation of n8tcash fflow to movement in net fvnd5
N81 cash resourc88 at 6 April 2024
Decrease in c8sh
183,440
151,5091
293,554
Nat Cash rè$our¢e8 at 5 April 2025
£ 131,931
£ 183,440
Analy515 of netfunds
Cash held with..
RBC Brewin Dolphin
Capital account
Income account
Coulls & Co
115.150
14.757
2,025
179,488
648
3,304
£ 131.931
£ 183.440
The nDtes on pages 21 10 28 forrn partof Ihesefinancial stAlementg

Pag8 21
THE SIR EDWARD LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
ACCOUNTING POUCIES
The financial statements have been prepared in accordan￿ ¥wlh Accounting and Reporbng by
Charities.- Statement of Recotnmended Practice applicable lo charities preparing their accounts in
accordance with Ihe Financ#81 Reporting siand8rd applicable in the UK and Republic of Ireland IFRS
1021 I'charilies SORP FRS 102.1 issue(I In October 2019, the Financial Reporiing Standard
applicable in the United Kingdorn Republic of Ireland IFRS 1021, the Charities Act 2011, where
relevant the Charities Aci 2022 and UK Generally Atcepied Accounting Pract￿e. The trust
conslitules a public benefrt enlily as defined by ChariLies SORP FRS 102.
The finanoal 51atemenls are presented in 51erfing which is the functional currenw of the charity.
The princip818ccounling policies 8dopled are as follows'.-
Fixed a$set investments
Inveslrnenls are included at dosiw mid-market value at the Balan￿ Sheet d8le. Realised gains
and losses on investments are recognised on disposals of investsnents and any gain or loss on
rèvaluation is taken lo the Staltme￿ of Financial Actiwlies ISOFAI. ThÈ delÈrminalion of any gains
nd losses are calculated by referen* lo the mid-market ¥alue of SUL* assets al the beginniTwJ of
the accounting period.
Cash held for Investment is Included vAthin the Fixed Assets Investments in accordan￿ with
Charities SORP IFRS 1021.
Incoming resources
l incoming resour￿ are included in the SOFAwhen the Charity is enlilkd to the income and the
8mount can be quantified with reasonablè accur8cy. Investment income is derived from dividend
8nd Interest rettivable from investments. Dividends and bond inlere818re8ccounled forinthe period
in which the Irusl is enlilled to re*ive. Interest from deposit accounts is included as and when
received only.
R880urco8 oxpended
Expenditure is indudÈd on an accruals basis and 18 recognised whÈn Ihere is a legal ortonslrucbve
obligation lo pay expenditure.
Direct charilsble expenditure comprises gr8nls and don8tions made during the year together with
the recognition 9f￿rtain commiltnents tnade bythe Trustee5. G0Veman￿ costs are induded wlhin
Support Costs. These cosls relate to the general running of the trust as opposed lo the m8n8gemenl
functions inherent to generating fund5. Such costs can indude extemal audit. legal advice and cosls
assora81ed vAlh constilulional and slalulory requirement8.
Stalus ¢)f funds
All funds are held on an unre81ricted b8SI8. The trustees have coM￿ete d18crelion for the use of the
funds in pursu3nce of the Trusfs 0￿.ectiVes.
Flnanclal Instruments
Foundation only has finantial 888e18 ar￿ finan(xal liabilities of a kind Ih8t Qualify as basic
fin8na81 Instrumen18. Basic financial Instruments are recognised 8t Irans8clion value, ex￿p1 where
selllernent is delayed. in which case Ihe transaction is recognised al the present value of the
selllernent amount.

Pag8 22
THE SIR EDWARD LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
ACCOUNTING POUCIES lcontinuèdl
Debtors and ¢reditor5 reGeivablelpayablewithin one year
Debtors and creditors with no slated interest rale and reTrivable or payable within one year are
recorded 81 Iran$8Ction price. Any losses ari81ng from impaimienl are recognised as expenditure.
Cash 8nd cash èquivaknts
Cash and Cash e4uiva￿nts include tAsh in hand. deposits held al call wlh banks. other short-tem
highly liquid investments wlh original malurdies of three months or kss and b8nk overdrafts. Bank
overdrafts, when applicable, a￿ Shown Wllhin borrowings In current li8bililies. Cash held by
investment managers for investing is treated as part of the in¥eslmenl portfolio.
Taxatlon
The Charity is not subject to any taxes on it5 charitable adNitie5. Irrecoverable VAT 15 charged lo
the SOFA ay8in$l the category of ￿SOUrceS expended for which it was derived.
Going concern
The financial slalemenls have been prePa￿d on a going concern basis 88 the Tmstees believe that
no [llate￿al un￿rtaInlieS emsl. The Trustee5 have considered the level of funds held and the
expected kvel of income and expenditure for twelve months from the dale of si9ning of Ihese
financi81 slatemenls. The forecast income and reserves a￿ sufficient lo cover all of the budgeted
expendiiure 10 be able lo coniinue as a going concem.
The currÈnt ongoing eonflici In ukrair￿ 8nd resulting inflationary Impacts have 8ffected the global
econorny. Having consKlered the contingenw plans in place. the Trustees consider the adoption of
the going concem basis in prÈparing these financial statements continues lo be approprialÈ.
Judgements and Key Sources of Estimation Uncertainty
prep8r8tion of Ihe finanraal 818temenl8 requires managemenl lo make judgements. eslimales
and assumptions Ihal affect the amounts reporte(l. These eslimales and judgements are continually
reviewed and are based on eXpe￿en￿ and other factors, Indudirvj expedalions of future events
that are bÈlievÈd to be reasonable underthe cArtumstance8. T￿re were nojudgement8 lapartfrom
those involving eslimalionsl that man8gemenl has had lo make in Ihe process of applying the enlivs
accounting policies and that have a Signifi￿￿1 effect on the amounts recognised in the finan041
stalernents.

Pag8 23
THE SIR EDWARD LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
2025
2024
Iwtated-mlo 111
INCOME FROM INVESTMENTS
Income from UK quoted se￿rItieS
UK cotnpany t11v￿lendS
UK unil trusts dividends
UK unil trust Interest
UK real estate investment trust income
Other UK Interest
68,374
48,645
91,769
9,190
25,928
100,222
33 893
68,441
5,682
29,514
IncomÈ from overseas quoted securitie8
Overseas dividends
Over8eas interest
43,690
2,435
37,706
10,200
Total Incomo from quotèd sècur1￿￿8
£ 290,031
£ 285,658
CHARITABLE ACTIVrnES
CharitsNe donatiQn5 m3de Ingle 61
Support C08ts InolÈ 41
189.500
27.246
185,500
26,280
Total charitable activit￿$ expendiiure
£ 216.746
£211.780
SUPPORT COSTS
Accountancy fees
Independent audit fees Igovemants costs)
24.156
3.090
23,340
2,940
Total support costs
£ 27.246
£ 26.280
COST OF RAISING FUNDS
Inveslm8nl manag8ment f8e8
FO￿Ign non-redaimable tax credit5
47.029
6.101
44,981
6,220
Total cost of ralslng fund8
£ 53.130
£ 51,201

Pag8 24
THE SIR EDWARD LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
2025
2024
CHARITABLE DONATIONS MADE
The Sir Edward Lewis Foundation undertakes ils charitable activities through grant making and
awarded dgnalion51o ItrE following charitsble instilutions'_
Action for ME
Age Concern
AArey Nesve Trusl
zheirner's Disease Society
Arnold Foundation for Rugby School
Asthma + Lung UK
Blind Veterans
Breast Cancer Now
Bri¥ton Chamber Orchestra
Brooke Hospital forAnitnals
child￿n'S Trust Tadworth
City Chamber Choir
Combat Stress
Compaid Trust
CRISIS
D8mÈ Vera Lynn Children's Charity
D8vid Shepherd Wik11ife Foundation
Demand Design & Manufacture for Disability
Devas Club
Disability Snowsport UK
Dogs Trust
Farèshare
5,000
2,000
2,000
2,000
10,000
1.000
1.000
1.000
5.000
1.000
3,000
3,000
4,000
1,000
4,000
2,000
s,000
1.000
5,000
1.000
4,000
3,000
1.000
1.000
5,000
5,000
2,(M)O
2,000
2,ODO
10,000
1,000
1,000
1,000
1,000
3,000
3,000
4,000
1,000
4,ODO
2,(100
5,(M)O
1,000
5,000
1,000
4,ODO
3,(N)O
1,000
1,000
5,(100
2,000
2,500
2,(M)O
3,000
5,ODO
2,000
1,000
4,000
1,000
2,ODO
2,000
1,000
1,000
4,(100
2,000
3,000
1,000
3,000
Goldsrnith's Choral Union
Gurkha Wèware Trust
Hampshire Isle of Wight Foundation IHIWCFI
Help Musiaans UK
Individual TÈthnology Solution Ifonrerfy Telephone8 forlhe ￿1nd)
Inslilule of EconomicAffairs
KensiTrJlon Trust Ltd
Listening Books
London City Mission
London Youth Choir
Macmillan C8nr£r Support
Maggie's Cenlres
Marie Curie Can￿r Carè
Mission to Se8farers
Motability
Mountbatten IS￿ ofwighl Hospite
Music Action International
2,500
2,000
5,000
2,000
4,000
1,000
2,000
2,000
1,000
1.000
4,000
2,000
3,000
1,000
3,000
NÈW English Ballet Theat
Ophtt)almic Aid lo Eastern Europe

Pag8 2S
THE SIR EDWARD LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
2025
2024
CHARITABLE DONATIONS MADE Icontinuodl
P.D.S.A.
Pain Relief Foundation
Prosl8tÈ Cancer UK
Rainbow Trust Children's Charity
Reed's Found81ion
Ridgegale Home
Royal Brilish Legion
Royal National Lifeb031 Institute
Royal Osteoporosis Society
Royal Star & Garter Homes
Royal Trinity Hospi
Samaritans IE8S1 Surreyl
Seaview Sailing Trust
SeeAbilty
Shipwrecked Mariners. SociÈty
SSAFA, the Armed FOr￿S Charity
St Bartholomew's Church, Leigh
Sl Calherine'È Hospice
St John Ambulan
si8dighl Children's Foundation
Stroke Assoo8tion
Surrey Opera
SurreyVII￿1Ife Trust
The Chik1hood Trust
The Christie Charity- TIE Ella Project
UKSA
United Kingdom Antarctic Heritage Trust
Versus Arthritis Inow Athritis UK)
War Metnorials Trust
WalerAid
Idlife Aid
Wodd Tran8p18nl Games
Young Lives vs Cancer Iformerty CLIC Sargent)
1.000
1,000
2,000
1.000
2.000
4.000
3.000
1.000
2,000
1.000
3.000
1.000
2.000
2,000
1,500
1,000
5,000
3,000
1.500
2.000
1,000
3.000
2.000
s,000
5.000
5,000
2.000
2.000
2.000
5.000
2,000
s,000
2.000
1,000
1,000
2,000
1,000
2,000
4,000
3,000
1,000
2,000
1,000
3,000
1,000
2,000
1,500
1,000
5,000
3,000
1,500
2,000
1,000
3,000
2,000
5,000
5,000
5,000
2,000
4,000
2,000
5,000
2,000
2,000
Tot81 ¢harfjtabl& don8tlon8 made
£189,500 £ 185,500

Pag8 26
THE SIR EDWARD LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
2025
2024
I￿￿&19d-nots 111
DEBTORS
Accrued inveslrnenl income
Inveslmenl income in course i)f co1￿¢tH)n
HM Revenue & Cusiorn8- UK tax rÈp8yment
50,554
4,804
38,887
287
£ 55,358
£ 39,174
CASHAT BANK
RBC Brewin Dolphin- capital account
RBC Brewin Dolphin- income account
Coulls & Co- R3wlinson & Hunter LLP dienl account
115,150
14.757
2.025
179.488
648
3.304
131.931
183.440
1179.4881
Less.. investment cash reported under note 10
16.781
3.952
CREDITORS. amounts falling duè within onè yèar
Independent audit fees
Investment managetnentfees
6,030
11.730
2,940
11,447
£ 17.760 £ 14,387

Pag8 27
THE SIR EDWARD LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
202$
2024
10. FIXED ASSEf INVESTMENTS IAT MARKET VALUE)
Quoted investments at markot value ¢ompris8.'
Quoted Investmen18 Mlhin the United Kingdom
Quoted Investments oulshae the United Kingdom
8,460,294
2.375,552
8,136,648
3,074,459
Total investments exduding cash
10.835,846 11,211.107
Inveslmenl cash held al RBC Brewin Ddphin
115,150
179.488
Tot81 irwestrnèntassets
£ 10,950,996 £ 11.390,595
Quoted imiestments
Market value al 6 April 2024
Adllilions al cost
Disposal prO￿ed5
Net gainsllloss8sI on investments
11,211,107 10,343.571
935,966
2,569.249
1871.3071 12.458,0631
1439,9201
756.350
Marketvalue at S April 202S
£ 10,835,846 £11,211.107
Historical cost at 5 April 2025
£ 9,005,581 £ 8,765.898
Ngt g?ins on investrnent?ssets
Net realised1088es on sale8
Met unrealised gainslllossesl on Evaluation
93,970
1533,8901
127,1831
783.533
Total net gainslll¢)sses1 on investment 3$5ets
£ 1439.9201 £ 756.350
11. PRIOR YEAR ADJUSTMENT
During the audit of thÈ Financial SlalÈmenls for the year ended 5 April 2025 tt)È Auditots have
highlighted the requirement 10 8ccounl for acuued invesbr8nt income In th8 y8ar to 5 April 2024. As a
resuh the followng prioryear adjustments were necessary.
2024
as previousty Prioi year
r8POrted adjustment
2024
As restatod
Income trom Investments
Net expenditure before nel gainslllossesl
Net tnovement of funds
IncDtne fund caTried fotvrdrd
To181 funds Carried forward
Debtors
Total net assets
246,771
38,887
285.658
38.887
27.768
38.887
784.118
38.887
300.S40
38.887 11,419.334
38.887
39.174
3e.8e7 11.419.334
745.231
261.653
11,380.447
287
11,380.447

Pag8 28
THE SIR EDWARD LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 202S
Balancè
brought
forward
Income
and
Gains
Expenditure
and
Los8e8
Balancè
rried
forward
12. FUND RECONCIUATION
For the ye8r ended 5 April 2025
Capital Fund
Inf*)mÈ Fund Ireslaledl
11.118.794
300,540
1533.8901
295.837
93.970
1269.8761
10.678.874
326.501
Totsi Fundts IrÈ$tatedl
£11.419,334 £1238,0531 £1175,9061 £11.005.375
For the year ended 5 April 2024
Capital Fund
Income Fund Ireslale(11
10,362,444
272.772
783.533
290.749
127.1831 11,11B.794
1262,9811
300.540
Tijtdl Funds Ire5tatedl
£10.635.216
£1 074.282
£1290,1641 £11.419.334
Incorne
Fund
Capital
Fund
Totsl
2025
13. ANALYSIS OF NET ASSETS BETWEEN FUMDS
Investments
Debtors
Cash 81 bank
Creditors
272,122 10.678.874 10.950,996
55,358
55,358
16,781
16,781
117.7601
117.7601
Tot31 Fund5
326.501 £10.678.874 £11.005.375
Incom8
Fund
Capltal
Fund
Total
2024
,'TrsIBt￿-nOts 111
Investments
Debiof8
Cash al bank
Creditors
271.801 11.118.794 11.390.595
39,174
39,174
3,952
3,952
114,3871
114,3871
T¢>tsi Fund5
£ 300,540 £11.118.794 £11.419.334
14. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS
No tmslee received any remuneration or eyn8es during the year ended 5 April 2025.
Fee5totalling £24.15612024. £23.3401 became payableto R￿l￿SOn & HunlerLLPforaccounlancy
and administrative services provided during the ye8r. Mark Harris. 8 tru8iÈe, 1$ also a partner of
R8vAin8on & Hunter LLP. As at the year end, no fees12024- £nill remained payabl8 io Rawlinson &
Hunter LLP.