2022-03-31-accounts

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Oetavi8 Foundation Trustees, Annual Rèport and Financial Staternents Yeai èndèd 31 March 2022 Contents Page Reference and administrative information Trustees, annual report Statement of Trustees responsibilities Independent auditor's report to the members of Octavia Foundation 8-10 Statement of financial activities Statement of financial position 12 Statement of Gash flows 13 Notes 14-24

Trustees, Auditors, Bankers, Investment Advisors & Registered off ice Trustees Sandeep Katwala Gwen Godfrey Tom Hopkins David Dunbar Hugh Thornbery (Chairl (Resigned 21 July 20211 (Hon Treasurer) Executive Director Denize McGregor (Joined 4 January 2022) Sarah Shaw (Resigned 2 December 20211 Secretary and Registered Office Colin Hughes- resigned 30 November 2021 lain Bacon - from 13 December 2021 Secretary Emily House 202-208 Kensal Road London W10 5BN Auditor Banker Investment Advisor KPMG LLP 15 Canada Square London E14 5GL HSBC Notling Hill Gate Branch 25 Notling Hill Gate London W11 3JJ CCLA 85 Queen Victoria Street London EC4V 4ET Company registered nurnber 03436993 Registored Charity number 1065817

OetavFa Foundation Trustees, Annual Report and FinarTrcial Statements Year ended 31 March 2022 Trustees, annual report The Trustees, who act as directors for the purposes of company law. present their annual report and financial statements of Octavia Foundation I'lhe Foundalion'l for the year ended 31 March 2022. Objectives and Actlvltles Our eommunlty projects tackle inequality by empowering people to Ilve well and ¢onnect. We have built a unique offer that puls people and communities first, harnessing the skills and commitment of our colleagues. partners and stakeholders to build and sustain thriving and diverse communities that enrich the lives of everyone who lives in them. Im'lh the pandemic laying bare pre-exisling inequalities and triggering long overdue conversations about community, opportunity, housing and health. that offer is just as relevant today - perhaps even more so - as il was when we were founded in 1865. Octavia works with a diverse range of pèople living in central and west London who are experiencing Inequality, younger and older people, those finding il hard lo access work or experiencing financial difficulty through an inclusive approach. Vve build capacity within individuals, empowering them lo feel more confident, resilient, less lonely, that they belong and are able to connect with others and live well. We raise awareness of opportunities, eriabling people lo 8ccess them, building on their skills and using their lalenls, so they achieve the outcomes they want. improving their wellbeing and financial resilience. Our face-lo-face activities were suspended for certain periods ol the year due lo Covid restricliong, bul the Iruslees continued to deliver projects and still mel our ambition in many areas". reaching 3,495 people through employment and training advice., outreach, befriending and activities for older people," volunteering.. support grants and food provision", and creative youth aclivilies. The Foundation continued to work according lo the principles outlined in ovr Communities Strategy 2021-24. Building on our Legacy, lo reach more isolated and lonely people through our activities and supporting other local charilies by March 2022. Public benefit While developing and aligning our objectives and action plan for the year, the Trustees have taken into consideration the Charity Commission's public benefit requirements and guidance and are satisfied that the aims and objectives of Octavia Foundation fall within ils charitable objecb'ves, some of which are highlighted below. and are delivered for the public benefit. Significant activities contributing to the achievement of our oblectlves The following themes classify the variety of aclivilies that we aclively engage in to further our charitable objectives and purposes for public benefit. A breakdown of the income and expenditure is included within notes 2 and 3 on pages 17 to 19. Older and isolated people YoLJng people and children Employment and training Community involvement and volunteerin9 3,495 people have benelilled directly or indirectly from our services during 2021122, which demonslrales our interest in and commitment lo extending our setvices to meeting growing needs.

Octavia Foundation Trust&es' Annual Report and Financial Statement$ Yèar ond¢d 31 March 2022 Trustees, annual report (continued) Older and isolated eo le We have provided a wide range of activities that have supported older, isolated and vulnerable residents and those living in the local community. These include.. Our outreach, befriending and activities service helped 874 older and isolated people in Weslminsler and Kensington and Chelsea Our g2rdening and handyperson service helped 453 older andlor disabled Octavia tenants lo maintain and improve their gardens and carry out small repairslimprovements lo their homes Youn eo le and children We have continued lo provide a comprehensive program of creative arts activities for young people al our digital media centre Base al the Reed. In 21122. our youth team enabled 242 young people lo be connected, creatively engaged and supported lo grow through a mixture of after school and school holiday activities and creative skills development projects. These young people attended our activities al total of 1981 times, across 1044 hours of youth work activities which included a free, healthy hol cooked meal at every session. Our work expanded this year lo introduce.. a new specialist SEND focused provision., running our first 4 day youth residential in Essex,. joint film projects with partners including The Avenues, Chelsea Physic Garden, The Childhood Trust and WAC Arts., screenings at The Childhood Poverty Summit, London Screen Academy and the Everyman Cinema., and a greater focus on supporting older young people into further education and employment in the creative arts industry. Em lo ment and Trainin We have supported 105 people with with information, advice, guidance. volunteering opportunities and support lo develop their own businesses during 21122, with a record 36 people helped into paid work and work progrèssion into beller paid roles. There were a lolal of 295 1..1 engagements across the year. As part of the Government's Kick-slart Scheme we also created three high-qualily, six-monlh placements for young people aged 16-24 as Digital Content Cfeators and 811 are still in paid employment. Volunteerin During the year we have been supported by 406 volunteers who have given their lime freely lo support our projects, particularly older, isolated people through our befriending and outreach services as well as raising valuable funds In our shops 49 of these volunteers were through our corporate partnèrships, who were involved with befriending, virtual activities at our extra care schemes, and our employment and training programmes. Hardshi su ort Financial hardship continues to affect local residents on low incomes. With funding from charities such as Friends of O¢lavia and Weslminsler Almshouses Foundation, we have provided 106 small grants to residents in need of essential household items and items to be used for training and educational purposes. These were used lo purchase essential household items such as fridges. cookers, flooring or computer equipment for education, training or work. We have also continued to refer residents in need lo local food banks across London alongside pre-paid food shopping vouchers, on 261 occasions. Communil involvement Oclavia's Better Lives Community Fund supported a further 896 younger people this year (aged 7-25} through grants lo small local charities. Ten local charities benefitled from a total of £47,592 granl funding across a range of areas.. from the purchase of a new bus lo Ir8nsporl young people safely between projects al The Avenues Youth Club, lo a football and education after-school project run by Kineti¢ Foundation for young people aged 14- 16.

Octavla Foundation Trustees, Annual Report and Flnanclal Statements Year endèd 31 Mareh 2022 Trustees, annual report (continued) Fundraisin The Trustees have continued to fundraise for our existing work and our planned expansion of activities lo meet growing needs. This has included fundraising from trusts and foundations, companies and individuals. The changing economic climate, such as the war in Ukraine and the cost of living crisis. have had an impact on our fundraising capacity and will continue lo do so during 22123, bul trustees continue to respond and adapt their approach lo meet the needs of our local community through our projects. Governance Octavia Foundation is a regisleied charity, incorporated as a company limited by guarantee operating under a Memorandum and Articles ofAssociation. 11 was established to further the charitable purposes of Octavia Housing 18 Registered Provider ol social housing) including the provision of housing and amenities, services and assoeialed facilities for the poor, the disabled and the elderly. Under a 'uniling direction, scheme authorised by the Charity Commission for England and Wales, the assets and liabilities of the Octavia Hill Housing Tlusl Gift Fund were transferred to the Foundation on 1 October 2007. One freehold property and I0 long leasehold properties in West London were included in the assets transferred. Under the terms of the direction, these properties land any surplus they generalel afe to be used to provide accommodation for persons. preferably women, who are either greater than 50 years old and in necessilous circumstances or less than 50 years old and in necessilous circumstances by reason ol disability, illness or accident. The Trustees meet four limes a year and are responsible for the overall strategy and policy of the Foundation. They monitor the activities of the Foundation ensuring that Ihese fall within its charitable objectives and are delivered lor the public benefit. Day lo day management of operations is led by the Executive Director ar¢d specific activities and projects are delivered by paid staff and supported by volunteers. The Foundation is registered with the fundraising regulator and adheres lo their fundraising promise lo make sure that our fundraising 5s legal, honest, open and respectful. Connected undertakings The Foundation Is a subsidiary of Octavia Housing, a Co-operative and Community Benehl Society and Registered Provider of Social Housing, and an exempl charity. Financial performance In 2021122 The Foundation reported a delicil of £0.22m Ilolal operating expenditure for the ye8r of £0 91 m offset by £0.54m in income and £0.16m gain on inveslmenlsl. This is broadly in line with income 8nd expenditure lor the previous year and demonslrales the commitment ol the Trustees lo ulilise the Foundation's unreslricled reserves in a planned and considered way to meet growing needs. Tolal reserves for the year was £1.88m of which £0.69m related to reslricled and £1.19m unrestricted reserves. Outstanding liabilities due lo OH as al 31st March 2022 was £0.57m. The Trustees set annual budgets and regularly review perfOrrnan against budget on both income and expenditure. Events aftèr the date of reporting CCLA investment worth £0.98m was sold on 2nd August 2022 to defray the outstanding liability and amounts owed lo Oclavia Housing of £0.57m.

Octavla Foundation Truste, Annual Report and Flnaneial Statements Yèar ènded 31 March 2022 Trustees, annual report (continued) Our future plans In July 2021, the Trustees agreed a new Communities Strategy 2021-2024 which seeks lo significantly increase our reach and support more local people in long-term. meaningful ways. Further, we will bring together setvices and offeis for residents and people in the community, develop diverse community partnerships and sustainably grow projects. We have.. oplimised the impact of the Octavia Foundation by bringing together fundraising, partnering, grant funding lorganisation and individuall and monitoring functions into one team. grown our fundraising capacity and funds lo in the Coming years fully cover the costs of new community projects and increase new funds for existing proje¢ls. Reserves pollcy It is the policy of Octavia Foundation lo maintain unreslricled funds al a sufficient level lo cover management and adminislralion costs lor al least six months and therefore, current unreslricled funds are being utilised to support projects delivery. As per budgeted activities in 2022123, The Foundation will require reserves of some £0.1 m to cover budgeled expenditure for the year to March 2023 in the event of any temporary interruption lo ils revenue funding. Currently unrestricted reseeS are £1.2m. During the year, the £163k was ulilised in the normal operating activities. Investment policy Surplus cash balances are held in bank deposit accounts. The interest earned is used lo support the Foundation's charitable projects. The Founcsalion also has an investment portfolio. The Foundation's objective is to achieve capital growth, which over the long term will maintain the real v8lue of the assets. and additionally to generate a reasonable level of income to be ulilised on projects which further the objects of the Foundation. Investment funds are managed by CCLA and the funds are invested in the COIF Charities Investment Fund which is a managed fund. A summary of ils objectives are.. To provide as part of this return a reliable Income stream that maintains its real value over time. Control volalilily to 750/0 of the UK equity market. The investments should be suitable for charities and, Inter alia, exclude companies that have any involvement in the production of landmines or cluster bombs including critical parts, companies that have considerable involvement in tobacco, the production of pornography and onlinè gambling. The investment strategy is not constrained by income requirements but, provided there are no large calls on capital, the Iruslees would expect lo receive a gross income of an amounl or percentage lo be fixed annually by agreement. Pay policy for senlor staff The Executive Director is the key management personnel of the Foundation in charge ol clirecling and controlling, running and operatin9 the Foundation on a day lo day basis. Details of the key management personnel remuneration and expenses are disclosed in note 5 lo the accounts. The pay of the senior staff is reviewed annually by the Group's Nominations and Remuneration Committee and normally increased in accordance with inflation.

Octavia Foundation Trustees, Annual Report and Flnancial Statement¥ Year èndèd 31 March 2022 Trustees, annual report Icontinued Risk management The Executive Director works with the Trustees lo idenlify the key risks facing the charity which are included in the Octavia Group's risk map and reviewed by ils Audit and Risk committee Dlsclosure of information to auditor The Trustees who held office al the dale of approval of this Trustees, report confirm that. so far as they are each aware, there is no relevant audit information of which the Foundation's auditors are unaware,. and each Trustee has taken all the steps that they ought lo have taken as a Trustee lo make themselves aware of any relevant audit information and lo establish that the Foundation's 8udilors are aware of that information. This report has been prepared in accordance with the spe¢i21 provisions of Part 415 A of the Companies Act 2006 relating to small companies. S Katwala Chair 12 December 2022

Octavla Foundatlon Trustees, AnnLtral Report and Financial Statements Year ended 31 March 2022 Statement of Trustees, responsibilities in respect of the Trustses. annual report and the financial statements The Trustees are resFX)nsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees lo prepare financial slalemenls for each financial year. Under that law they are required lo prepare the financial statements in accordance with UK Accounting Standards and applicable law IUK Generally Accepted Accounting Praclicel. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the excess of expenditure over income for that period. In preparing these financial slatemersls. the Trustees are required lo.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any materi81 departures disclosed and explained in the financial slalemenls., and Prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the ch8rilable company will continue its aclivilies. The Trustees a responsible for keeping proper accounting records that are sufficient to show and explain the charitable cornpany's transactions and disclose with reasonable accuracy al any time the financial position of the ¢harilable company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They have geneml responsibility for taking such steps as are reasonably open to them lo safeguard the assets of the charitable company and lo prevent and delect fraud and other irregularits'es. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Octavia Foundation website is being merged with Octavia Housing following the rebranding Campaign. Legislation in the UK governing the preparation and dissemination ol financial statements may differ from legislation in other jurisdictions.

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Octavla Foundation Tru8tee¥' Annual R&port and Financial Statements Year ended 31 March 2022 Statement of Financial Activities for the year ended 31 March 2022 Ilncorporaling the Income and expenditure account) 2022 2022 2022 2021 Restricted Unrestrlcted Total Total Note In¢ome from.. Donations Charitable activities Government furlough grant Investments 361,485 32,679 463 94.725 456,210 32,679 463 48,472 396,341 39,325 38,091 57,996 48,472 Total income 394,627 143,197 537 824 531,753 Expendilure on: Raising funds Charitable activities Ploperty running costs Investment management costs 143,7421 {405,5641 143,7421 1849,9761 17,4741 112.707) 114,0501 1925,9651 113,8161 112.3891 1444,4121 17,4741 {12,7071 Total expenditure 451,886 462,013 913.899 966,220 Net gain on investments 155,842 155,842 358,507 Not in¢omellexp¢nditure} 57,259 162 974 220,233 75,960 Transfer between funds Net movgment in funds 57.259 162,974 220,233 75,960 Reconciliation of funds.. Total funds brought forward 749,090 1,348,315 2,097.405 2,173,365 Total funds carried fonvard 691.831 1,185,341 1877 172 2.097,405 All funds relale lo continuing aclivilies. The notes on pages 14 to 24 form part of these fi'nancial slalemenls.

OctaVl8 Foundation Trustees, Annual Rèport and Financial Statements Yaar •nd&d 31 March 2022 Statement of Financial Position as at 31 March 2022 Note 2022 2021 Fixed assets Tangible assets Investments 591.700 1.717.194 599,174 1,674,059 2,308,894 2,273,233 Current assets Receivables Cash al bank and in hand 48,188 93,121 6,651 67,092 141,309 73,743 Payables: amounts falling due within one year 10 1573,0311 1249,5711 Net current liabilities 1431,7221 1175,8281 Net assets 1.877 172 2 097 405 Restricted funds Unrestricted funds 11,12 11,12 691.831 1,185,341 749,091 1,348,314 1.877.172 2 097 405 These financial statements were approved and authorised lor issue by the Board of Trustees on 12 December 2022 and were signed on ils behalf by". S Katwala Chairman Company Registration No.. 03436993 Registered Charity No.. 1065817 The notes on pages 14 10 24 form parl of these financial statements. 12

O¢tsvia Foundation Trustee8' Annual Report and Financial Statements Year end&d 31 March 2022 statement of Cash Flows for the year ended 31 March 2022 2022 2021 Note Cash flows from operating activities: Nel lexpendilurellincome for the reporting period las per the slalemenl ol financial aclivilies} Adjustments for., Depreciation chafges Gainsl{lossesl on investments Interest re1vable Movement in debtors Movement in creditors Net cash used in operating activities (220,2331 175,960} 7,12 7,474 {143,1351 (48,4721 141,5371 323,460 1122,4431 12.802 (346,1181 157,996) 6,871 62,514 (397,887) 10 Cash flows from investing activities: Interest received and other investment income Investment sale proceeds Net cash provided by investing a¢tivitie$ 48,472 100,000 148,472 57,996 370,000 427.996 Change in cash and cash equlvalents In the reportlng period Cash and cash equivalents al the beginning of the reporting period Cash and ¢a$h equivalents at the end of the reporting period 26.029 30,109 67,092 36,983 93.121

Octavla Foundation Trustees. Annual Report and Financial Statements Year ended 31 March 2022 Notes forming part of tho financial ststements 1 Principal accounting policies The company is a private charity limited by guarantee in England Icompany registration number. 03436993. registered charity number.. 10658171. The registered office of the company is Emily House, 202 208 Kensal Road, London W10 5BN. A¢eounting convention The financial slalemenls are prepared on a going Gonrn basis in accordance with Accounting and Reporting by Charities." Slalemenl of Recommended Practice (Charities SORP IFRS 10211, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Octavia Foundation meets the definition of a public benefit entity under FRS 102. Going concern The Trustees have a reasonable expectation that the Foundation has adequate iesour¢es to Continue in operational existence for the foreseeable future. In forming this opinion the Trustees have had regard lo the risks identified, lo the controls in place as sel out in the Trustees report and lo the level of unrestricted reserves which are in excess of requirements for the next year. Accordingly, they conlinue lo adopt the going concern basis in preparing the annual report and financial statements. Incoming rosources Incoming resources consist of government grants, other grants, donations and investment income. Vvhere there is no conlraclual obligation on the part of a donor or grant awarding organisalion incoming resources are accounted for in the period in which the funds are received. Where there is a conlraclual obligation they are accounted for on an accrual basis over the financial year lo which the funds relate. Investment income consists of dividends on listed investments and interest receivable on bank deposits and is recognised on the date they fall due. Legacy income is accounted for on the earlier of cash receipt or nolilicalion of estate accounts being finalised. Resources expended Expenditure is ineluded on an accruals basis. Items of pital expenditure in eXsS of £500 are included as fixed assets. Change Sn depreclatlon pollcy Octavia Foundation has revised ils depreciation policy which has an immaterial impact on the depreciation charge for the current year Fixed assets freehold property Freehold properties acquired Iincluding landl are slated al eslimaled cost less depreciation and impairment (where applicable). The eslimaled cost of land and property represents their purchase price and any directly allribulable eosls ol acquisition. Depreclatlon of freèhold property Freehold land is not depreciated on account of ils indefinite useful economie life. Assels in the course of conslruction are not depreciated until they are completed and ready for use 50 as to ensure that they are depreciated only in periods in which economic benefits are expected lo be consumed. 14

Octavla Foundation Trustees, Annual Rèport and Financial Statements Yoar ènded 31 March 2022 Notes forming part of the financial statements Icontinued) Freehold properties are split between the structure and the major components which require periodic replacement. The costs ol repla¢emenl or restoration of these components are capilalised and depreciated over the determined average useful economic life as follows.. D¢8cri tlon E¢onomlc useful Ilfe (years) Setvice chargeable Gornponents - short life 10 years Boilers 15 years Energy improvements 20 years Kitchens 20 years Balhrooms 30 years Cenlral heating systems 30 years Electric 30 years Externals 30 years Service chargeable components - long life 30 years Windows and doors 30 years Roofs 50 years Structure 100 years Service chargeable components - short life - include warden call system, CCTV. hoist, door entry systems etc. Service chargeable components - long life - include fire systems, IV aerials, communal healing, passenger lifts elc. Externals include steps and handrail, paths etc. Depreciation is not charged on housing assets in the year of completion bul in subsequent years including the year of disposal. Leasehold properties are depreciated over the length ol the lease except where the expected useful economic life of properties is shorter than the lease., in such cases the lease and building elements are depreciated separately over their expected useful economic lives Fixed assets - investment Listed investments are included 81 closing mid-markel value at the balance sheet dale. Any gain or loss on revaluation is recognised in the Statement of Financial Aclivilies. Restricted funds These comprise freehold property for the provision ol housing lo persons meeting the aims and objects of the Oclavia Hill Housing Trust Gift Fund. In addition, grants received from outside donors lo fund specific projects togelher with expenditure not exceeding the grant received are included in reslricled income and expenditure. Unrestricted funds These comprise funds that the Tfuslees are free lo use in accordance with the charitable objects of the Foundation. The Trustees consider that the Foundation would require £1.2m of Ils Iiqu1d assets lo be available lo continue ils chariiable activities until 31 March 2023 in the event of any temporary inlèrruplion lo ils revenue funding. Donated servlces and facilities The eslimaled value of servIS and facilities provided free of charge lo the Foundation by Octavia Housing is included in Ihe Slalemenl of Financial Aclivilies as an amount of incoming resource and as an equivalent amtsunl of resources expended. This amount represents an estimate of the costs incurred by Octavia Housing in providing the services and facilities donated lo the Foundation.

Oetavla Foundation Trustees. Annual Report and Financlal Statewnents Year endod 31 March 2022 Notes forming part of the financial statements Icontinued) Receivables Trade and other receivables a recniSed al the selllemenl amount due after any trade discount. Payables Payables are recognised where the charity has a piesenl obligation resulting from a past event which will probably result in the transfer of funds lo a third paty and the amount due lo sellle the obligation can be measured or estimated reliably. Key Judgements and estimates Apportionment of costs between actlvttles Support costs consisting of staff and direct costs have been allocated to the Foundation's charitable activities b8sèd on the expenditure incurred by the aclivily. Staff costs are allocated based on lime spent by the employees on the projects whereas costs specifically incurred by the projects are charged directly. Categorisation of housSn9 propertles Thè Foundation has undertaken a detailed review of the intènded use of ils housing properties. In determining the intended use, the Foundation has considered if the asset is held for social benefit. The Foundation has determined that all properties are held for social benefit and the properties are held at historic cost rather than as investment properties and carried al fair value. 16

Octavia Foundation Trustees, Annual Report and Financial Statements Year ended 31 March 2022 Notes forming part of the financial statements {continued 2 Income 2022 Restricted 2022 2022 Total 2021 Total Unrestricted Outreach 8nd befriending service Iweslminslerl Payroll Giving Donations over £1,000 Friends of Octavia Heritage Lollery Fund Value of don8led services from Octavia Housing Outreach and befriending service IRBKCI Bridgepoinl Advise Grants and donations from organisations under £1,000 Arts Council City of London (Covid response) Cheque donations over £1,000 HPPEC Civil Trustees Grant Weslminsler Almshouses Foundation Grants and donations from individuals under £1,000 Grants and donations from unknown over £1.000 John Lyon's Charity The Campden Charities London Youth Grant Funding Employee Voluntee¥ Film Creation We Made It The Weinslock Fund Childwick Trust Kensal Youth Programme Slilching Polar Lights Virgin Money Giving donation over £1,000 Kickstarter Kensington and Chelsea Foundation Fidelity International Investment Ground Work L&Q Place Makers London Community Jones Lang Lasalle Community Fibre Barclays Charity Donation Lollery Funding Total Grant and Donations 141,137 141,137 50,000 38,688 9,675 121.716 50,000 38.688 9.675 28,054 113,2111 36,269 36,269 13,000 36,319 25,000 52,000 13.000 3,000 180 17,800 180 17,800 5,000 14.000 3,740 3.482 7,222 1.915 3.275 3,275 26,300 1,500 16,500 150 5.000 10,258 4.720 13,000 2.880 25,000 1,000 5,000 3,600 26,300 1.500 16,500 150 5,000 10,258 4,720 13,000 12,309 8,916 395 1,699 1,699 13,770 12,620 10,000 23,447 13,770 12.620 10.000 23.447 24,948 4,000 15.000 2,000 4,500 3,000 10,000 396,341 361,485 94,725 456,210 17

Octavia Foundation Trustees, Annual Report and Financial Statements Ygar ended 31 March 2022 2 Income Icontlnuedl 2022 Restrictod 2022 2022 2021 Unrestricted Total Total Charitable activity- social housing rents Furlough Grant Investments 32,679 463 32.679 463 48,472 39,325 38,091 57,996 48,472 394.627 143.197 537 824 531753 The income from donations and grants was £456,621012021 £396,341) of which £94,725 was unrestricted 12021 - £52,545) and £361,485s was reslricled12021 £343.7961. Rental income is restricted income for both 2022 and 2021. 3 Charitable actlvlty expendlture 2022 Activity 2022 Support Costs 2022 Total 2021 Total Older peoples, activities Young peoples, activities Employment & training Financial inclusion Community Grants 355,068 97,608 116,535 63.867 47.592 680,670 88,318 24,278 28,986 15,886 11,838 169,306 443,386 121.886 145,521 79,753 59,430 849.976 451,528 155,845 213,249 97,868 7,475 925,965 The expenditure on charitable activities was £849,97612021.. £925.9651 of which £405,564 was unreslricled 12021. £495,767) and £444,412 was reslricled {2021. £430, 1981 The lolal support costs are calculated using varying methods ol allocation.. 2022 Charge 2021 Charge Support cost By reference to Public Relations Governance Admin Human ReSoUrS Office Costs General Expenses Bank Charges staff time Staff lime Staff lime Headcounl Floor area Usage 2,520 54,017 70,761 953 36.269 4,728 58 169,306 40,419 72,123 1,444 36,269 7,253 157,508 18

Octavla Foundatlon Trustees, Annual Report and Financial Statements Year ended 31 March 2022 Notes forming part of the financial statemenls (continued 3 Charitable activity expenditurg {contd.I The table below sets out how these support costs have been apportioned to the various charitable ackn'vilies.. Public Relations Governance Inole 41 Admin Human Resources Office costs General expenses Bank Charges Total Expenditurg 1,314 28,178 36,912 497 18,920 2,466 30 88,317 361 7,746 10,147 137 5,201 678 431 9.248 12,115 163 6,209 809 10 28,985 237 5.068 6.639 89 3,403 444 177 3,777 4,948 67 2,536 331 2,520 54,017 70,761 953 36,269 4,728 58 169,306 24,278 15,885 11,841 4 Analysls of community grants The grants programme was introduced in 2018119 10 increase our reach into local communities and lo support projects delivered by small charitie5 that supported a wide range of community needs. The Foundation Trustees awarded grants to 10 organisalions tolalling £47,592 las follows.. Organisation Recelvlng Grant Funding Category Grant awardgd Hornimans Adventure Playground Adventure Play Hub Avenues Meanwhile Gardens Youth Ac110n Allian Solidarity Sports Union Dance Trust Ltd Tell il parents, Network Element Creative Projects Kinetic Foundation Total Young People Young People Young People Young People Young People Young People Young People Young People Young People Young People 5,000 5,000 5,000 4,936 5,000 5,000 4,790 4.126 4,340 4,400 Client Group Number of organisatlons awarded Total amount awarded Older People Young People Community 10 47,592 10 47,592 19

Octavia Foundation Trustees, Annual Report and Financial Statements Year ended 31 March 2022 Notes forming part of the financial statements (continued) 5 Governance expenditure 2022 2021 Professional fees- external audit Professional fees consultancy Staff time allocation 5,088 1,500 47,232 53,820 3,720 526 36,173 40.419 Governance costs are included wilttin support costs expenses as part of the charitable actvItY expenditure in note 6 Analysis of staff costs, trustee remuneration and expenses. and the cost of key management personnel The average weekly number of persons employed during the year was.. 2022 Numbor 2021 Number Full lime equivalent 11 10 As of 1st November 2021 all staff employed with Octavia Foundation was transferred to Octavia Housing under the terms ol a TUPE agieemenl. The full lime equivalent is represenlalive of the pro-rala contracted hours worked until 3151 Oclobef 2021. The total staff costs during the year were.. 2022 2021 Wages and salaries Social security costs Other pensions cosis 257,787 25,300 35,628 318,715 351,160 32,457 24.658 408,275 The directors are defined as the members of the Board ol Management. the Chief Executive and the Executive M8nagemenl Team. The Board ol Management and Chief Executive have been paid from Octavia Housing and have been disclosed in the Octavia Group financial slalemenls. The remuneration paid lo higher paid staff fell into the following band.. 2022 2021 £70,001 10 £80,000 The total amount payable lo Ihe Execulive Director, who was the highest paid key management personnel in respect of emoluments was £012021 £75,269). Pension contributions of £0 {2021 £7,441) were also made lo a defined benefit scheme on her behalf. The Trustees received no remuneration in either year for membership on the Foundation board.. no expenses were paid lo Trustees in 202212021 nill. 20

Octsvia Foundatlon Trustees, Annual Report and Financial Statèments Year ended 31 Mar¢h 2022 Notes forming part of the financial statements (continued) 7 Fixed As$ots- Freehold Property 2022 2021 Cost Al the start of the year 779,663 779,663 Additions during the year Al the end of the year 779,663 779 663 Depreciation Al the start of the year 180.489 167,687 Charge for the year 7.474 12,802 At the end of the year 187.963 180,489 Net book Value at 31 March 591,700 599 174 Property expenses tolalling incurred during the year was £O12021- £1,014) 8 Flxed Asset- investments 2022 2021 Ll$ted Investments Market value 81 the start of the year Sale of investments Gain I ILossl on revaluation of investments Investment management fees 1.674,059 1100,0001 155,842 112,7071 1,697,941 1370,0001 358,507 112,3891 Market value at 31 March 1,717.194 1.674,059 Investments COIF Charities Investment Fund 1,717,194 1,674.059 1,717,194 1,674.059 Historic cost of investments al end of year 1,150,086 1,217,960 The inveslmenl manager fees and gain are shown together in the cash flow statement. 21

Octavia Foundatlon Trustees, Annual Rèport and Financial Statements Year ended 31 March 2022 Notes forming part of the financial statements (continued) 9 Re¢eivables 2022 2021 Receivables and prepayments Less provision of doubllul debts 48,188 12,289 15,6381 6,651 48.188 10 Payables 2022 2021 Trade Payables Due lo Octavia Housing Intsle 151 Accrued Expenditure 1,664 571,113 254 573,031 11,2701 233,614 17,227 249.571 11 Restricted and unrestricted funds The following assets comprise the reslrieled and unreslricled funds as al 31 March 2022. Freehold property Investments Net ¢urrent assets I Total Unreslri¢led fund 1,717,194 1531,8531 1,185,341 Reslricled funds 591.700 100.131 691,831 591.700 1,717,194 {431.7221 1,877,172 The liability of members of the Foundation lo conlfibule lo a deficit in the event of winding up is limited lo £10 per member. 22

Octavla Foundation Trusteg¥' Annual Report and Financial Statements Year ended 31 March 2022 Notes forming part of the financial ststements {continued) 12 Restricted Funds Balancg l April 2021 Balance 31 March 2022 In¢ome Expenditure Octavia Hill Housing Trust Gift Fund - asset Octavia Hill Housing Trust Gift Fund surplus 599,174 17,474) 591,700 196,142 33,142 229,284 PROJECTS Base al The Reed NHS Prevent Welfare and Education (Friends of Oclavial Gardening {Friends of Oclavial Tenants Into Work Older Peoples Christmas Party Outreach Project RBKC Befriending Digital Media Project Campden Charities Volunteer Celebration Event Weslminsler Almshovses Foundation Covid Grant Coffee Mornings Othei Fundraising Learn to Earn TOTAL PROJECTS 69.753 1,565 7,705 17.370 110,2921 76,831 1.565 11,051 34.420 131,0741 6,500 19091 17271 1183.3951 26,361 111,5091 2,603 11,2491 2,504 13,000 4,268 13,770 14,2681 15001 32 1355,094} 1601 19.9031 {1,987) 111,2551 120,0111 6.500 12,361 16951 1386,2021 39,301 43,821 2,116 {12,5041 293 13.000 4,720 37,117 21,572 {129.1531 152,287 13,000 65,233 1,500 17.800 4,720 37,117 21,572 146,2261 361,485 1444.412) Total Restrlcted Funds 749,090 394,627 1451.8861 691,831 The surplus on the Octavia Housing Trust Gift Fund has been distributed to other projects in accordance with the Governing Document. 13 Unrestricted Funds Al 1 April 2021 ln year movements At 31 March 2022 1,348,314 1162,973) 1.185.341 11 is the policy of Octavia Foundation lo maintain unreslricled funds 81 a sufficient level lo cover management and adminislralion costs for al least one year. 23

Octavia Foundation Trustees, Annual Report and Financial Stalements Year ended 31 March 2022 Notes forming part of the financial statements (continued) 14 Penslons Octavia Foundation operates a defined contribution pension scheme with the Social Housing Pension Scheme. Octavia Foundation has no liability beyond ils regular contributions on behalf of employees in respect of these schemes. 15 Related Party Transactions Octavia Foundation is a wholly controlled subsidiary of Octavia Housing Ilhe parenll. an exempl charity incorporated under the Co-operative and Community Benefit Societies Act 2014 and a Registered Provider of Social Housing. Octavia Housing Is a member and has the power lo appoint or remove the majority of Trustees, meaning that the Foundation is a subsidiary of the Group. A copy ol the group financial slalemenls can be obtained from Oelavia Housing. Emily House. 202-208 Kensal Road, London, W10 5BN. This represents the smallest and largest group for which consolidated accounts are prepared. During the year ended 31 March 2022 Octavia Foundation had incuried costs and reiVed levenues from Octavia Housing as follows". 2022 2021 Payables balance al start ol year Nel movements beeen Octavia Foundation and Octavia Housing for services Donation made by Octavia Housing Payables balance at end of year 233,614 337,499 162,404 71,210 S71 113 233,614 At31 March 2022 £'ooo At 1 Aprll 2021 £'ooo Movement £'ooo Entity granting loan Octavia Housing Oetsvia Housing Entity recelvlng loan Octavia Living Limited Octavia Foundation 548 335 883 40 40 548 375 923 In addition, Octavia Housing made a non-cash donation of £36,269 12021.. £36.160} lo the Foundation representing the value ol donated office services. After the reporting dale. the following transactions have occurred which defr8y the reported amounts owed lo Octavia Housing by ils subsidiaries. The Board ol the Foundation approved to liquidate £0.98m ol CCLA investment lo defray the oulslanding liability which was sold on August 2022. The amount due to Octavia Housing of £571.113 was lully repaid on 2nd August 2022 24

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