2023-08-31-accounts

Absolute ReiurnJorKids CARIQ Con¥xTny limTtEdby guarantee registration number." 0458945X Chority registrotion number.. Jo95322 Annual Report and Accounts For the year ended 31 August 2023 A12 2￿2024 COMPANIES H￿SE

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Ark Contents IEgal. TefeTtD￿ and administrative details... Trustees, Report including Strategic Report........................................................................ ... Statement of T￿￿tees. RespoThsibilities............................... Independent auditor's report....................-...-........-..-........... . Consolidated Statement of Financial Activities (including income and expenditure account) -21 Charity Staternent of Financial Activities (including income and expenditure account) ....... Consolidated Balance Sheet...................................................................................... Charity Balan￿ Sheet.......... ........................................ ... Consolidated Statement of Cash Flows..........-..... . Notes to theAccounts.......................................................................................................- .25 ..26

Ark l£gal, reference and administrative details Absolute Return for Kids (ARX) (referred to tbroushout as'Ark'. or'the charityj is a company limited by guarantee. registered in England and Wales. number 04589451. and is a UK registered charity. number 1095322. Directors The directors of the charity are its trustees for the purposes of charity law and the mernbeTS of the company limited by guarantee. Throughout this report. they are eollectively referred to as the trustees. The following indi￿dualS served as t￿￿eeS during the year: lan Wace (Chairman) Anthony Clake rd Fink Sir Paul Marshall None had any beneficial interest in the ebarity and remuneration of trustees is neither paid by the charity nor perrnitted under its Artieles of A￿)CiatIon. Company Secretary Senior Management Elizabeth Dawson Luey Heller, Chief Exeeutive Michael ClarL Deputy Cbief Executive Jacqueline Russell. Chief Operdting Offieer Sarah Pearson, Director of External Relations Registered Office The Yellow Building i Nicholas Road IA)ndon. Wii 4AN [phone] Buuacott ti 130 Wood Street iA)ndon. EC2V 6DL [phone] Lloyds Bank plc 95 George Street Croydon CR9 2NS Stone King LLP Boundary House 91 Charterhouse St IA)ndon E￿m 6HR [phone] Investment Managers Aurum Funds Lirnited Ixworth House 37 Ixworth Place London SW3 3QH [phone] Auditor Bankers Solieitors

Ark Overall approach ATk is an edueation ebarity tbat aims to make sure that all ehildren. regardless of their background. have acc&8s to a great education and real choices in life. ATk supports Ark Schools. a separate legal entity that is a succthl academy network. witb 39 schools and around 30.000 pupils. ATk also delivers a range of programmes and ventures tbat all aim to improve education beyond our schools. We want Ark to be a home for people with great ideas that have the potential to improve education. Manyof these id&7S start￿ in Ark's schools, while others have come from partners outside Ark. Trustees, Report including Strategie Report Activnties, achievements and performance Ark Sthools Ark Schools is a network of academies. We opened our first school in 2006 and now run 39 academies in London, Birmingham. Portsmouth. and Hastsngs. T¢)day. 30.000 students and 3.000 staff make up the Ark Schools network Achievements andperformonce Our prirnary results were a particular highlight this year. witb Arvs KS2 perfornian surpassing the national average by 16 percentage points. making us the top performing primary MAT in England. Across the network. 75 percent of pupils achieved the expected standard in reading. writing and maths, comparedto 59 percent nationally. This is particularly impressive as we have one of the highest proport10￿8 of disadvantaged students amon8 national MATS. In line with the anticipated national trend, we saw a deflation agaiDSt last year's secondary results. Against this backdrop. the steady increase in our network average for KS4 and KS5 against pre-coirid bencbmark% (2019) is encouraging. There w&% particulary good news on Progress 8 perf0rrnan￿ with three Ark schools in the top two percent of all schools across the Country. Ark's students aeTOSS 20 secondaries in tA)ndon, Birmingham. Portsrnouth and Hastinss, scored an aggregate progress score of +0.15. There were li Ofsted I￿peCtiO￿￿ acrim the network this year. This means that 86 pereent of Ark schools now have an inspection grade of Good OT better. with more than one in four in the Outstanding category. Futureplans The coming year ￿11 be the final year of our current strategic plan. The priorities outlined in this plan to build excellent schoob within a sustainable network that supports the development of wider capacity ac[¢￿ the systeTn - remain our guiding focus. Within this framework. key priorities for 2023124 will be: Continuing to develop the mechanisnLS that have allowed us to recruit and develop our teacher workforce. Fully ernbedding tbe foundational strengths of our reading strategy into every school. - Building on the work achieved through our extracurricular programme and investment in rnental health $upport.

Ark Programmes and Ventures This year has seen some substantial cbanges and developments in the scope of our ventures activity. As we have grown. many of our ventures and initiatives have been tightly associated with schools. They either share lessons that we have learned from that frontline experience and expertise - as in the case of Ark Curriculum Plus or fill gaps that we identify - in the way that the need for early years support focused on education which led to the ereAtion of Ark Start. However. schools are onty part of the story. Over the years. our ventures have ranged far over the educational landscape - from extra-curricular support and sfEM-focused campaigns to approaches that explore solutions beyond schools or addre&s challenges in other sectors like health and social care. Both school-inspired ventu￿$ and these more wide-ranging projects are eritical to achievins our Tnission. we continue to grow, we want to ensure that we do not lose foc￿ by taking on too many projects. Our approach has always been to incubate great ideas but then allow individual organisations to flourish independently. Farlier this year. we decided that our incubation activity had reached a point where it had suffieient scale and demand to suptrt)rtthe currentventures team to thrive as an independent charity. This new organisation - Purposeful Ventures - was set-up as an independent charity in November 2023, Post year end. and will work to solve intractable challenges iu education and society. l£d by Michael Clark, the long-standing Deputy CEO of Ark. it will focus on creating a fairer society. where all young peoplethrive. The new organisation will work dosely with Ark and other partners to help tackle a wider range of challenges facing families, children and young people- froTn incubating a national network of baby banks to supporting postgraduate careers in sfEM. Lucy Heller. Ark's CEO is a Trustee of Purposeful Ventures. Ark will continue to create new initiatives that innovate and learn lessons from our schools to address the challenges we learn from the frontline. Most immediately this will be with the development of Ark Curriculum Plus and Ark Start as well as the excitins eornpletion of Edcity. Further infortnation on these plans is set out below. Alongside the substantial work to shape the new strategy and support the spin-out of Purpose￿1 Ventures, it wa5 a busyyear for our ventures. Below is a summary of activity for all the ventutes supported through the year. Ark Start Ark Start was founded to transform early education for disadvantaged children. It provides high-quality, teaeher-led early education with a focus on working with parents to improve the home learning environment for pre-school cbildren. Ark Start is creating a new model of flexible. affordable nursery education and aims to create an exemplar group of nurseri&8 that will accelerate outcomes for the most disadvantaged children and transfoTm the fiu]ding of earlyyears so that the pupils who need the most support attract the most funding. Achieuements andperfomionce." Ark Start's two open nurseries are now fully established and full (Ark Start John Archer in Clapham Junction and Ark Start Oval in East Croydon). Ark Start developed a growing coalition of partnets advoe2ting for increased funding in disadvantaged areas.

Ark Start (continued) Futureplans In 2023124, Ark Start plans to: Iaunch the evaluation of Ark Stsrt in partnership with our evaluation partner. SQW. Open at least two new nurseries. Build stratesic partnerships to support the longer terni expansion of Ark Start. Work with a coalition of partners to continue to infiuence early years policy within the DfE and across the key political parties. Embed the Ark Start offer for under-twos in advance of expanding to children aged nine rnonths and upwards. Given the early success and the need to maximise impact on policy makers. Ark Start is PIJTsuing plans to expand to eight nurseries to strengthen its proof of concept, with secure plans in place to open at least two additional nurseries this year. Ark Curriculum Plus Ark Curriculum Plus (AC+) was fornied in 2019 following the merger of Mathematics Mastery. a venture sinee 2012, and English Mastery. a venture sinee 2017. and has since launched new programmos in Science, History> and Geography. AC+ partners with schools to achieve subject excellence. etnpowering teachers to ellsure that every child has the subject knowledge to succeed. Sehools follow a five-step improvement process, with support from a subjectexpertat each stage. Teacbers are given all the ingredients they need to ensure every child can aeeess an ambitious curriculum, includins comprehensive researeh-based curriculurn and assessment resources and integrated CPD. The AC+ curriculum programmes are having the greatest impact in schools with a hish proportion of inexperienced or non-specialist teachers. helping them reach proficiency as quieldy as possible. Ark Curriculum Plus continued to grow steadily this year with over ii.ooo teaehers supported by our prograEnrnes. Achieuem¢nts andperforniance.. With increasing curriculum resources available free to the seetor from the Government- funded Oak National Academy and others. AC+ has renewed its original focus on higher intensity programmes that are shown to enable more significant transforniation in schools. Prograrnrne numbers are expected to grow more slowly. asAC+ seeks a greater impact for each student reached> prioritising schools with greatest unmet need. In particular this year we: Launched a Geography KS3 programme to the ￿der sector for the first time. We introduced three-year CPD programmes for teaehers and leaders to build subject excellence p￿)gr￿1vely over time. We introdcued a currieulum-aligned. ful]ystandardised assessmentsolutionacross maths. science and geography at KS3 as well as primary maths. We developed new EDglish KS3 units to provide richer opportunities for creative writing and choice of texts. Ark Curriculum Plus (continued)

Futureplons Ark Curriculum Plus's priorities for 20231¥ are: To launch the fidl 11-16 scientr offer to the wider sector. To complete the English primary pilot for years 3-6. To continue the scale up of the maths primary programme. with support from the FAucation Endowment Foundation ('EEF) - marAaged DfE accelerator fvnd. To kick off a two-year EEF evaluation of maths at KS2. To conclude a three-year EEF randomised control trial of AC+'s English KS3 programme. To create, maintain. and deliver programmes that have a high impact on pupil progress and attainment, evidenced by impaet studies aDd data. For all Ark Schools to benefit from all AC+ programmes, and for Ark Schools teachers and Principals to feel part of programme developments. Edueation Partnerships Group Education Partnerships Group (EPG) was oneofArk's iDternationalven￿res. Since 2015. EPG has worked in io different countries in sub-saharan Africa and A8ia. In 2022, EPG'S nine active projects with five governments reached almost five million children and over 220,000 teachers from pre-primary to senior secondary school. It provided advisory services and delivery suptK>rt to governments in low and rniddle income countrie5 to help them shape and strengthen their education systerns. Working within io different eountrTres, EPG'S workbecame increasinglyfocused on providing technical and policy assistan￿ with consultants embedded within the education ministries of low- and middle- income countries. Sadty. following the shock of the pandemic. there were significant challenges in sustaining EPG'S historic b￿sInesS model. The team WOTkedfor over a year with the support of its funders and partners to find ereative solutions to sustain the long-temi legacy of their projects. In October 2023, EPG transferred all its programmes to new proTriders to take forward this important work Next stepsfor legacypmjects South Africa Instructional I£adership Institute In 2016, EPG launched the Instructional I£adership Institute (ILI). A school leadership development programme established to provide leaders with the training and skills needed to run outstanding schools in under-resourced communiti&s. ILI had a success￿1 spin-out in March 2023 and is now a thriving independent not-for-profit providing a positive impaet across schools in South Africa: Instructional l£adership Institute. Sierrn I£one Since 2019, EPG worked with the Ministry of Basic and Senior Secondary FAlucation on the Sierra I£one Education Itnprovement Pry)gramme {&SEIP) funded by the UK'S Foreign, Commonwealth. and Development Office (FCDO). In partnership with FABINC and Education Development Center (EDC). the programme undertook a systems-level analysis of education servite delivery. focusing on identifying the disconnects between policy design and implementation. EPG handed this project back to tbe FCDO who Mryll work with Dew delivery partners to complete the project. Education Partnerships Gnwp (continued)

Zambia Since 2021. EPG worked with the Ministry of Education in 7ambia OD the USAID CATALYZE EduFinance project. Funded by USAID and UBS Optimus Foundatlon, EPG worked ￿th partner organisations. the Palladium Group and Protnotillg Equality in African Schoo IPL4S) to support the Ministry on the review. development. and implementation of education policy* in areas that are aligned to the Ministy's most itnmediate objectives. The Palladium Group will eontinue to drive this work fon¥ard. Cote D'IuoTre EPG were commissioned in 2017 to conduct r&seareh into how the Ministry of National Education and Technical Training in Cote d'Ivoire could increase enrolment in pre-primary education to ensure children are prepared to enter primary school. In 2018 they reviewed the country's secondary school subsidy scheme. to improve edueation quality through stronger accountability progrdmrnes. Thanks to the long-tenn filliders of this project. AKO Foundation and UBS Optirnus Foundation, Catalyica Consulting continue to deliver the secondary school subsidies pro￿aMMe. Global.. Non-state Partnershipsproj¢ct In joint partnership. Global Schools Forum (GSF) and EPG launched a global Non-state Partnerships project in 2022. With support from the Vitol Foundation, UBS Optirnus Foundation and the Waterloo Foundation. tbe Project aitned to develop innovative and sustainable partnerships between governments and the non-state sector to strengthen edueation systems at scale. The project is developing a toolkit for practitioners and policymakers to understand the breadth of EX￿1ble partnersELiPS and the tooLs to initiate and build these partneTships, with the aim of ultimately seeding more s￿illable, innovative and impacthLI Public-Private Partnerships (PPPS). GSF will take over the management and delivery ofthe project until completion in April 2024. Martingale Postgroduate Foundation Launched in 2022, the Martingale Foundation supports talented students faeing financial barriers to pursue Masters and PhDs and excel in them. People from low soeioe(x>nomic baekground8 are fifteen times less likely to pursue a PhD compared with their privileged peers. With postgraduate degrees increasingly associated with academic and career advancement, this leaves many talented individuals behind. Through generous scholarships and access to a community of pioneering leaders, Martingale enables people from low socioeconomic backgrounds to pursue Masters and PhDs in STEM subjeets at leading UK research institutio￿￿. Achievements andperforniance.. Since its launch in 2022. Martinsale welcomed the iDaugura] cohort of 21 Martingale Scholars onto the prograTnrne in September 2023, Studying Mathematieal Sciences across five founding universities: Cambridge. Imperial, King's. Oxford and UCL. Bristol. Edinburgh and Manchester ioined &$ university Partners in 2023, growing our reach out of the south-east of England. In auturnn 2023, Martingale also recruited 32 Seholars-in-prineiple who are now working hard on their postgraduate applications to our eight partner universities, and are due to commence their Masters this Septernber.

Martingale Postgraduate Foundation (continued) All of the Scholars-in-principle for the 2024 cohort are from homes with a combined income of less than £4ok. witb 44 percent coming from homes with a combined income of le&s than £25L Futureplons Martinsale FoundatTron is now looking to expand beyond Mathematical Sciences. with ambitions to provide funding for postsraduat&s from low socioeconomic backgrounds acro&s STEM. The team are also reviewing the wider role Martingale ean play within Frf)licy and research culture for systemic change witbin postgraduate higher education. From October 2023. Martingale joined the new spin-out Purposeful Ventures and will eontinued to be inelubated by them. Sctence Technology Engineering andmaths (STEM) Excellence Porlfolio This was a priority area identified by the Ark Ventures team and is being carried forward and expanded by the new Purposeful Ventures organisation. The aim of the portfolio is to support projects that help to uncover hidden talents and passions, Ternove barriers to progression, and support all young people to recognise the potential of sfEM-related careers. Too few young people from under-privileged or under-represented backgrounds excel in Science, Technology, Engineering and Maths (STEM), meaning they miss out on this p)werful driver of social mobility. The STEM Excellence portfolio has a focus on maths as a foundational subject for success in broader STEM studies. The team is prokiding ongoing financial and strdtegic support to chariti&% such as Dr Frost IEarning. MFSME and Get Further. In June 2023, Ark launched the Maths Excellence Fund and in December 2023 the Fund announeed its first grants of £7.om to support four partners to trial and evaluate programtnes to improve the maths attainment and progression of high-potential students from disadvantaged backgrounds. The Venture Builder is also supporting initiatives focused on some of the most talented young people through a STEM Talent Fund and by organising the 65th International Mathematies Olympiad in July 2024 in Bath, U MESME The year Started with Mathematits Education for Social kfobility & Excellenee (MESME) becoming an independent charity on i September 2022 (Charity No. 1199281) with the charitable objectives to grow the impact of Maths Circles and similar programmes. As noted above. they continue to stay closely eonlleeted to Ark through partnership with the new Purposeful Ventures eharity. As of January 2024, it rebranded to Axiom Maths. Edcity Edcity is a £15om not-for-profit project in White City, London. The project is a partnership between Ark, the I￿ndOn Borough of Hammersmith and Fulharn. and the charity Onside Youth Zone. Ark has incorporated three Special Purpose Vehielos to oversee tbe construction and ongoing rnaDagement of the venture: Edcity Office (also a registered charity), Edcity Development limited and Edcity Management Company Limited. Construction started in Summer 2021, and the scheme will be completed in two phases. with the first now due for eompletion by Summer 2024, and the whole scbeme finished by the end of 2025.

Ark £dCity (continued) Edcity will bring social and educational benefits to the local community. and will indude: A rebuilt two-forn) Ark primary academy, which will benefit from modern teaching environrnents, new outdoor learning spaces. improved IT, and sports and perfortning arts facilities. Students started attending Ark White City Privnary in October 2023. A newly redeveloped Harniony Nursery. nearly doubling its current capaeity. A rebuilt Adult Cornmunity Education Centre, which will offer an extended service to adults taking their first steps back into education. training, and employment. The centre will provide training and life-long learning opportunities for lo￿1 ￿Sidents. with the main aim of supporting people back into employrnent. A new &ioo.ooosqft office building which will include offiee space for ArK mission- aligned organisations. and commercial tenants. 132 affordable homes. hvith a mix of social tenures including an allocatlDn for local key workers like teachers. An Onside Youth 7K>ne. offering after-school. weekend. and evening activities and opportunities for people in tbe local community aged between eight and 19, together with those aged up to 25 With a disability. Facilities and activities will include a climbing wall. a 3G pitch, boxing room. a fully equipped gym. music. art. dance. mentoring, a training kitchen. a four-court Sports Hall. and a multimedia suite. A new publie square and a ped￿lan and cyele route. which will halve the time it takes to walk from the White City Estate to the underground station and other atnenities. Achievements andperformance.. Building on the site has prosressed rapidly this year- The school was the first building completed with the 400 Students of Ark White City Primary moving into their new school building in October 2023. Delivery of the first homes and the WEsfYouth 7￿ne, the new puryose built Onsideyouth Zone, is due by Spring 2024. The office, which will complete in Summer 2024. will provide a new home for Ark. Ark Sehools, Ark Ventures and the new PurpOSefi￿ Ventures charity alongside other mission aligned charities as well as commercial tenants. Futureplans With the finalisation of the first stage of the build. this year will see Ark, Ark Schools and partner organisations moving into the o￿lee block iEdCity. This will bring new opportunitie5 to WOTk togetheT and this year will see the development of a programme of content for the 2024125 yeai. In parallel. the rnarketing campaign is underway to lease out the rest of the building with the long-term expectation that income generated from the building will support Ark's work

Principal risk8 and uncertainties Risk management The major risks to whieb the cbarity is extM)5ed. as identified by the tntstees, have been reNiewed and systems have been established to manage those risks. Sub-committees of the Board of Trustees meet resularly and consider the risks that relate to IDdividual programmes as part of the annual review of b￿sInesS plans. In addition, the Finance and Risk Cornmittee (FRC) reviews the risk register to monitor and manage risk5 and to report to the Board. The FRC rneets regularly and at least three times per year. The main risks and mitisatins actions are deseribed below. Openitional risks The principal operational risk relates to a decline in income which. in turn. could limit the ability of the organisation to fund programmes and to cover central administrative costs. To lirnit this risk. we develop long terni relationships with a diverse group of donors. including individuals, tru5t5 and foulldatioTLS, and corwrates. Typically. donated fun¢l8 are restricted to specific pro8rammo% and can be both annual and multi-year support. AC+ is continuing to face additional o)mpetitive pressures. including tbe conversion of Oak National Aeademy into a new national curriculum body. To mitigate the risk of this, a full Strate￿ review is underway including a rewew of prosramme design. Financial risks Ark invests its reserves to achieve the best return consistent with the stability of, and ease of access to. eapitsl. The main risks arisiThg from tbe charity's pursuit of its objectives and the polieios agreed by the tr￿tee5 for managing each of th&se risks are summarised below: The effect of increasing costs. as a result of infiation. especially in staffins. Salary budgets are reviewed and controlled as part of the annual budget setting process. Any in year iDcreases in salaries or new positions are subject to strict review and approval processes. Market price risk. arising over the future value of the charity's In￿tMents. The tharity engage5 professionals to manage the investTnent portfolios and ensures that they are suitably diversified and consistent with the trustees. investment strategy. Market pri￿ risk relating to the eost of materials for the Edcity project. The charity is limiting this risk having entered into a design and build agreement which transfers most of the risk to the contractor. Currency risK arising over the future value of the charity's IDvestments, which are partly US denominated. The FRCconsiders the portfolio of foreign curreneyassets and liabilitie5 as a whole and has adopted a policy whereby forward currency contracts cover the majority of any net imbalanee. The risk may be further managed by holding a rnaxirnum amount of 6-12 months. budgeted expenditure iu the relevant currency of overseas operating programrnes. Credit risk. reP￿Senting the tK)tential financia) loss that the charity might suffer thTough its supporters failingto honourthe financial pledges that theyhave made to it. The charity manages this risk by regularly monitoring outstanding pledges. especially the small number of high value pledg&8 that derive generally frotn supporters who are well kno￿￿1 to the charity and the t￿￿ees. Furthermore. pldses are not recognised as income in the accounts of the charity until cash is received. Iiquidity risK representing the ability of the charity to meet its liabilities as and when they fall due. The charity continues to direct considerable effort to improving cash flow management and forecasts. The cash and investments assets have an adequate level of liquidity to meet the chariws financial liabiliti&s as they fall due.

Ark Prineipal risks and uneertainties (continued) Fin(mcial risks (continued) Supplier fraud, especially due to the increased sophistication of attempts, eontinues to concern the trustees. Multi-factor authentication has been impletnented to ￿rther protect the organisation, with strict new supplier checks imposed. Financial instrument risks Ark invests the majority of liquid ￿ndS in a portfolio that is mostly comprised of hedge fund investments. The majority of these investments are denominated in US Dollars and hence there is both a currency risk and a market risk on the performance of these investments. The risk is limited through diversification of the portfolio across investment strategies and across investment funds. The investvnent objective is to outperform eash without signifieantly increasing risk and historically this portfolio has proved to be sisnificantly le&s volatile than global equity markets. with EK)sitive returns in each of the last io calendar years. Currency risk is managed by monitoring the net imbalance of foreign currency assets and liabilities and the Board has approved the use of forward foreign currency contracts to limit currency gains and losses where the imbalanee is regarded as excessive. The forward contracts in place effectively offset rnost of the foreign currency risk Low and regulation risks There are currently no significant legal or regulatory non-compliance risks perceived by the charity and its subsidiaries. Financial review Ark recorded a net surplus of £9.3rn fi)r tbe year, largely due to funding received ill advan for both the Edcity project and for the sfEM Excellen￿ Programme as reported in the consolidated Statement of Financi￿ Activitios (SOFA), Compared to a £2.4m surplus in the previo￿8 year. As a result, group reserves encreased to £44.3m at 31 Auwt 2023 (2021/22 - £35.om). Ark's consolidated income ID the yearto 31AUg￿￿t 2023 totalled £60.3m (2021122- £24.4m). The cost of raising funds. at É0.8m. w&$ verysimilar to the previous years (2021122- £0.9m). The cost of rdising funds ineludes a proportion of the cost of the Development Team incurred by the charity based utM)n the percentage of staff time spent on ￿ndraISIng. Group expenditure during the yearwas £28.6m higher than previous year at £52.8m (2021122 £4.2m). The largest component of this was direct cbaTitable expenditure on grants and project operdting costs. representins 98% (2021/22 - 96%) of total expenditure excluding reserves transfers and discontinud activites. Expenditure by the cbaritydiffers from the group in that where a srant is made to a subsidiary company. the total amount committed is shown as expenditure (on grants and Project operating costs) for the charity. whereas for the group* the value offim(Is actually spent by the subsidiary is shown. as ail intergroup transactions are eliminated. The charity makes grants to subsidiary companies and programmes to support their charitable activities. The aims and objectives of the progranun&s supported by the charity are consistent with its own and so support of these programmes contributes to the aehivement of the charitys own aims and objectives. During the period, expenditure at the charity level on grants and project operating costs was £27.9rn (2021122- £10.6m). This includ&s support costs of £2.6m (2021122 - £2.om). io

Core Fund income and expenditure 2023 £'ooo 2022 £'ooo 2.063 Contributions arranged by trustees and patrons Bank interest Investment fee rebates Return on investments Other income Total income raised for o)re costs l*ss: Expenditure on eore costs (Deficit) Surplus on core funds for the year Transfer to restricted fund Balance at i September Balanee at 31 August 22 186 1.619 321 1,963 1.853 (3,386) (1,533) (620) 4,082 1,929 4.378 (2,782) 1,596 2.486 The Core Fund is a desisnated fund within the unrestricted fund of the charity and group balance sheets. The incorne and expenditure in this fmnd is included in the unrestricted section of the eharity and group SoFAs and is further suprK)rted by Note 4 to the accounts. It has been established by trustees to meet the central. or eore. administrative costs of the charity. Trustees are major supporters of the eharity and make donations to support the core Costs. £22k was donated in the year for this purpose (2021122- £2.Im). The trustees are confident that these fimds, together with investment income andArk's other sources of eore income, will be more than sufficient to eover core cost expenditure in the period ahead. This undertaking is eentral toArk's operating pbilosophyas it gives other donors the assurance that loo% of every donation to programme funds ean go directly to specific programmes. As the above table shows. at 31 August 2023. a reserve of £1.9m (2021122 - £4.Im) has been established to cover core eosts. Investment fee rebates. included wdthin core income. arise from fimds that rebate their fees as a donation to Ark. Where capital is invested in a fund controlled by trustees of ArL loo% of fees are donated in this way. Ark also maintains a general programrne fund for fiujding specific projects as approved by the Trustees. At 31 August 2023, a balance of £nil was held in this fund (2021122 - £79k). as a number of projects were pending Trustee approval and funding. Balance Sheet The typical life cycle of non-UK programmes is 3 to 5 years and Ark may Unde￿Ite part or all of the cost and set aside reserves at the outset. In the group balance sheet. these programme committnents are shown as grant Creditors. UK-based prograrntnes typically have a longer life and Ark ￿ndIng is often focused in the early years of incubation and development. For these programmes, grants are awarded mainly on an annual basis and therefore there is little or no grant ereditor relating to future period funding. The total value of grant creditors in the group balance sheet at 31 August 2023 was £2.4rn (2021122- £3.Otn). In addition to the core costs fund, the group also holds an additional amount of £424m' (2021122 - £30.9m): £5.Im as endowment fiu)ds 1202II22 - £6.Im) held for the benefit of individual acadeTnies within Ark Sch(K)Is, £37.3m as restricted fun(Ls (2021122- £24.8m) and £nil as unrestricted funds held in its General Programme Fund (2021122 - £o.Im). li

Balanee Sheet (continued) This funding model is considered by the trustees to be reasonably prudent and results in a significant balance of cash and investments due to the receipt of fi￿aS in advance of application in programrnes. Due to fimding for programmes received in the year, the total of cash and investments in the group balanee sheet is £2m higher than the prior year at £55.6m (2021122- £53.6m). The FRC Overs￿ the charity's cash management. During the year, the charity's main bank accounts were held with Lloy(Ls Bankins Group. At 31 August 2023. 100% of the cbaritys cash was invested in the Uoyds accounts (2021122 - 100%). The profile of the charity's cash holdings is dependent on the working Capital needs of Ark's programmes. At 31 August 2023, the non-cash investments held bythecharity represented 48% of total cash and invested funds (2021122 56%) and the FRC has approved this as reasonable. The objeetive forArk's investments is to outperfonn cash without significantly incTeasing risk The investment portfolio managed by Aurum includes a range of inv&stment strategies aiming to ensure an absolute return on investment that is notcorrelated to the UKequity market. Having taken independent advice oll tbis investment strategy. the trust￿ believe this is an appropriate inv&stment of the charitys funds. The t￿￿te&S consider that the investtnents, which are largely US dollar denominateds provide a foreign curreDCy match for programme grant liabilities denominated in foreign currency. In the event that foreign eurrency assets and liabilities do not match, a eurrency hedge contract is in place to larsely mitigate currency risk. Funds and Reserves Total reserves at the year end atnounted to £44.3m (2021122 - £35.om) for the group and £3.om (2021122 £4.7m) for the charity. Ark's policy on reserves is to maintain an unrestricted ￿lld (General Prosramme Fund and Core Costs Fund) at a level that ensures Ark is able to meet its financial comrnitments and obligations as they fall due. fund unexpected expenditure when unplanned events or programmes oceur, and safeguard the eharity from uncertainty over ￿tUre incorne. The appropriate level of reseryes is set at an amount suffi¢ient to cover unfunded expenditure from unrestricted funds for a rninimutn period of six tnonths in the event of a significant fall in income. The value of six months. core (unrestricted) operating expenditure approximates to £1.7m with the year-end unrostricted reserves standing at £1.9m. Costs are closely monitored to ensure that unr&%tricted reservo8 remain sufficient to meet financial cornmitments and obligations. Restricted funds ATk achieve5 its charitable objeetives through direct implementation of projects by its own charitable subsidiaries and by way of grants to partner organisations. At the launch of a new prograrnme, Ark may underwrite a portion of the cost with a transfer of unrestricted funds from the General Programme Fund to the relevant restricted fund. This allows the Project to be launched with ￿nding in place for the initial grant period. without the time delay of having to raise specifie fijnds up front and without the risk of having to scale baek the PTogramme due to lack of resources. Note 14 shows how these reserves are split aeross Ark's various progrdmmes. Unrestricted funds- General Programme Fund A significant proportion of the funds raised by Ark must be ￿Sed to fund charitable projeets (i.e. they cannot be used to cover the organisation's core Costs). Where income is not committed to a specific project at the point of receipt, it is credited to Ark's General Programme Fund and stays tbere until such time as it is committed to a specific project. 12

Unrestrieted funds- Core Costs Fund The trustees ensure that the central administrative costs of the charity are met through funds set aside specifically for that purpose. In the balance sheet. these fiuyds are shown under unrestricted ￿ndS - core costs. The balance held on this ￿nd is broadly equivalent to six months. expenditure on core costs at 2022123 levels (2021122 - 17 months). Investment PolACy The Ark charity had a portfolio of iDvestments with a market value as at ￿ August 2023 of £20.8m (2021122 - £23.4m). Ark invests in order to further the cbarity's charitable aims, taking into consideration the environmental, social, aud governance aspects of the investments in line with our values. There are no restrictions on the Chari￿s power to invest. The investment strategy is set by the trustees and takes into account income requirernents. with the risk profile andthe investment rnanager'sviewof the market prospeets in the medium terni. The overall investment policy is to outperforni cash Mthout signifieantly increasing risk Grant-making Policy The trust￿ apply the funds of Ark at their discretion and in accordan(% ￿t￿ the charitable purposes and objectives of the charity. Grants are made to prograTnTnes mostly operated within the Ark family of organisations. Grants are awarded basedon thestrategic and financial requirements of each programme. Requ&sts are reviewed by the Board and are subject to regular reviews of performance against the grant. Expenditure on grant-makins is recognised annually in the Consolidated Statement of Financial Activities. Statement of public benefit TTh￿ees have paid due regard to the Charity Commission's public benefrt guidance and are satisfied that the charity eompli&s with Section 4 of the Charities Act 2011. The sections at the beginning of this trustees. report dealing with objectives and aehievevnents explain in detail the activities of the charity and the sections of the international community that benefit from Ark's work. The charity does not rety to any significant extent on the services of volunteers, with the eX￿ptiOll of the corAtribution of time and skills from the trust￿ and a small number of patrons and advisors. Approach to fundraising Ark fundraises from a defined list of individuals. companies. and eharitable t￿￿ and foundations. Ark does not conduct ma&% mailing or telephone carnpaign fundraising and has no plans to start this kind of ￿ndraISing aetivity. Ark's network of schools conduct their own fundraising and may use fundraising plarf0rn￿ to promote specific school campaigns. including J￿$t Gi%ing. Ark bas a small team of professional fiu]draisers and support staff. The eharity does not out-source fundraising activities. Donor data is handled with eare information is held on a secure database and files managed by Ark. Ark is a paid member of the Fundraising Regulator and we comply with advice and guidance set by the b)dy. The charity has not received aDy fundraising complaints. Trustees. a$$essment of golng concern status The trustees have considered the risk% faeing the charity. the forecast of cash flows, and the level of reserves and are satisfied that Ark will be able to meet all financial obligations as they fall due over the next 12 tnonths following approval of tbe accounts and therefore conclude that the charity is a going concern.

Ark Covernanee Governing document Ark is a company lirnited by guarantee governed by its Memorandum aDd Artieles of Association dated 12 November 2002, and is registered as a charity with the Charity Commission. Organisation The Board of Trustees. which have up to 12 metniws. oversees the charity. The Board meets at least two times a year. There 15 also a programme board to oversee each venture, and a Finance and Risk Committee (FRC). The committee reports to the Board and make recommendations in their areas of responsibility. Tn]stee Vdcancies are advertised and prospective candidates will meet with rnembers of the Ark Management Team and the Chair of the Board of Trustees as part of the appointment process. New trustees underso an induction programrne that includes meetingthe Exeeutive Team andbriefing ontheir role and responsibilities. and meetings with existing trustees and our advisors. Executive DirectOTS are appointed by the tr￿SteeS to oversee the day to day operations of the charity. The Exeeutive Directors bave delegated authority for operational matters including finance and emplo￿￿ent. Remuneration statement Pay and benefits for the Chief Exeeutive Officer ICEO) are determined by the Chair of the Board in consultation with other Board members and the Ad￿SOrtothe Board. When deciding pay and benefits for the rest of the organisation, including the E¥ecutive team (except the CEO), salary survey inforrnation and other relevant data is used as a benchmark to compare against similar Organisations in the voluntary seetor. Ark's key management salari&s are set on appointment and reviewed annually in accordance with pay review procedures. The CEO of Ark approves all salaries on appointment and any base salary in excess of £75,000 per annum is aLso approved by Ark's Advisor to the Board, who is an employee of the charity and has delegated authority from the Ark Board. Relatedparties The charity has established a number of companies to implement its programmes. Subsidiaries are listed in Note 18. Ark Schools is a multi-academy tn￿ that is responsible for the schoob that Ark runs in the UK. Ark is sole member of Ark Sehools. Ark Schools is registered in England and Wales as a company limited by guarantee (company number 05112090) and an exempt charity. It has the same Tegistered address as Ark. Ark Schoo]s receives the majority of its incorne from the UK Government and, due to the requirement for ultitnate government control of these funds, does not form part of the sroup in these accounts. Ark UK Programmes is responsible for Ark's work in UK education beyond Ark Schools. Ark UK Programmes is registered in England and Wales as a company limited by guarantee (company number 05932797: charity number 1137932). It is wbolly owned by Ark and consolidated in these accounts. It has the same registered address as Ark. The Edcity PD)ject is being delivered out of three s￿la1 Purpose Vehicles (SPVS): FAICity Office. incorporated i October 2018. is a registered charity and company limited by guarantee {eharity number 1184547" company number 11596797). It is responsible for re¢eiving and disbursing project funds. oversight and commissioning of marketingtr leasing and fit out aetivity to Edcity Development Litnited. and running an offiee once construction is eomplet 14

Ark Governance (continued) Relatedparlies (continued) Edcity Development Limited. incorwrated io August 2018. is a company limited by guarantee (company number 11511870). It is responsible for construction delivery and implementing marketing. leasing activity and fit out commissioned by Edcity Offiee and the other development partners. Edcity ManageTnent Company Limited, ineorporated 21 August 2018, is a company limited by guarantee {eompany number 11528726). It is responsible for the Estate Managementof Edcityonbehalf of theowneTS andtenants including managing the public realm and energy centre. AII FACity SPVS are wholly owned subsidiaries of Ark and are consolidated in these accounts. They are all registered in England and Wales at the same address as Ark Ark (South Africa) Limited, an association incorporated in South Africa under section 21 (registration number 20041003952/10) and registered in England and Wales as a charitable company limited by guardntee (company number 04957091. charity nuTnber 1108175), runs the charity's prograrnmes in Sub-saharan Africa and is part of these Group accounts. Its registered address is 4th Floor. Sunclare Building. 21 Dreyer Street. Claremont. Capetown, 7708. Ark is also affiliated to Absolute Return for Kids US. Inc. (Ark US), a US philanthropic organisation which shar&s Ark's mission, and which supports the work of the charity through grants. This entity is therefore not included as part of the group accounts. 15

Ark Statement of Trustees, Responsibilities The trustees (who are also the directors of Absolute Return for Kid8 (Ark) for the purposes of company law) are responsible for preparing the trustees. report and financial statements in accordance with applicable law and United Kingdom Accountins Standards (United Kingdom Generally Accepted Accounting Praetice). Cornpany law requires the tn￿eeS to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and the charitable company and of the income or expenditure of the group for that perio& In preparing tbose financial statements the trustees are required to: select suitable aecounting policies and then apply them Co￿sIStentlY* observe the methods and principles in Accounting and Reporting by Charities: statement of receommended practice appliable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard appliable in the UK and Republic of Ireland (FRS make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departure disclosed and explained in the financial statements. and prepare the financial staternents on the going concern basis unle&8 it is inappropriate to presume that the charitable (ompany and sroup will continue in operation. The tn]stees are responsible for keeping Proper accounting record8 and disclosing with reasonable accuracy at any time the financial position of the group and charitable company and enable them to ensurethat the financial statements cornplywith the Companio% Act 2006. They are also responsiblefor safeguarding the a&sets of the group and ebaritable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Eaeh of the trustees ¢onfirms that: so far as the tr￿stee is aware there is no relevant audit inforniation of which the charitable compan￿5 auditors are unaware. the trustee ha5 taken all the Steps required of trustees to make thernselves aware of any relevant audit infonnatioD and establish that the charitys auditors are aware of that information. The eonfirmation is given and should be interpreted in accordance with the provision of 418 of the Companies Act 2006. The trustees are responsible for the maintenance and integrity of information included on the charitable company's website. 14islation in the United Kingdom governing the preparation and dissemination of financial statement rnay differ from legislation in other jurisdictions. This report was Approved by the Board of Tn￿teeS and signed on its behalf by: Ian Waee Trustee Approved by the Board on: li March 2024 16

Ark Independent auditor's report to the members of Absolute Return for Kids (Ark) Opinion We have audited the financial statements of Absolute Return for Kids (Ark) (the 'eharitable parent company,) and its subsidiaries (the'group,) for the year ended 31 Auyt 2023 which comprise the group and charitable parent company statement of financial activities. the group and charitable parent company balance sheets and consolidated statement of casb flows, the principal accounting polieies and the notesto the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standar&s, including Financial Rep)rting Standard 102 kne Finaneial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: • give a true and fair view of the state of the group's and of the eharitable parent company's affairs as at 31 August 2023 and of tbe group's income and expenditure for the year then have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Qfympanies Act 2006. Basis for opinion We condueted our audit in accordance witb International Standards on Auditing (UK) (ISA8 (UK)) and applicable law. Our responsibilitie5 under those standards are ￿rther described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard. and we have fulfilled our other ethieal r&sponsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to pro￿de basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have eoncluded that the truste￿, use of the going Concern basis of accounting in the PTepaTation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uneertainties relating to events or conditions that. indi￿duallY or collectively. may cast significant doubt on the group and charitable parent cornpany's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our r&sponsibilities and the responsibilities of the trustees with respeci to going concern are described in the relevant sections of this report. Other inforniation The trustees are responsible for the other information. The other information comprises the information ineluded in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not Cover the other information and. except to tbe extent otherwise explicitly stated in our report, we do not express any forn) of assuraDce conclusion thereon.

Ark Other information (continued) In connection with our audit of the fiDancial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is rnaterially inconsistent with the financial statements or our knowledge obtained in the audit or otherMse appears to be materially misstated. If we identify such material inconsisteneies or apparent material misstatement5. we are required to determine whether there is a material misstatement in the financial statements or a material tnisstatevnent of the other infortnation. If, based on the work we have performed. we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: • the inforniation given in the trustees. report, whieb is also the direetors, report for the purposes of eompany law and includes the strategic report. for tbe financial year for which the financial statements are prepared is consistent with the financial staternents: and • thetrustees. report, which is also the directors'reportforthe purposes of eompanylawand includes the stratesic report. has been prepared in accondance with applicable legal requirements. Matters on which w¢ are required to report by exception In the ligbt of the knowledge and understanding of the group and the charitable parent eompany and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees. report including the strategic report. We have nothing to TeEK)rt in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: • adequate aeeounting recortis have not bttn kept by the charitable parent company. or returns adequate for our audit have not been received frorn brallthes not I￿51ted by us" or • the charitable parent company financial statements are not in agreernent with the accounting records and returns. or • certain disclosures of trustees. remuneration specified by law are not made" or • we have not received all the inforn]ation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the tn￿t￿. rnsponsibilities statement. tbe trustees {who are a]so the directOTS of the charitable company for the purposes of company law) are responsible for the preparation of the finaneial statements aDd forbeing satisfied that they give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial state￿ents that are free fry)m material rnisstatement, whether due to fraud or error. In preparing the financial statements, the tntstees are respo￿81ble for a￿eSsing the group's and the charitable parent company's ability to continue as a going coneern. disclosins. as applicable, matters related to going concern and using the going Contrrn basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations. or have no realistic alternative but to do so. 18

Ark Auditor's responsibiliti￿ for the audit of the financial statements Our objectives are to obtain reasonable a&surance about whether the financial statements as a whole are free from material mi&statement. whether due to fraud or error, and to i&sue an auditor's report that includes OUT opifAion. Reasonable a&8urance is a high level of assuranee, but És not a guarantee that an audit CODducted in accordanee with ISA% (UK) will always detect a material rnisstatement when it exists. Mi5Statements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of ￿ser$ taken on the basis of these financial statements. Irregularities, including fraud, are iDStances of non-compliance with laws and regulations. We design procedures in line with our r&8ponsibilities. outlined above. to detect material mi&statements in respect of irTegularities. including fraud. The extent to which our procedu￿5 are eapable of detecting irregularities, induding fraud is detailed below. Our approach to identifying and asS￿81n8 the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations. was as follows: • the en8asement partner ensured that the engagement team Collectively bad the appropriate competence. capabilities and skills to identify or reeognise non-eompliance with applleable laws and regulations" • we identified the laws and regulations applicable to the charitable company and group througb discussions with trustees and other management. and frorn our knowledge and experience of the sector. • we focused on specific laws and regulations which we eonsidered may have a direct material effeet on the financial statements or the operations of the charitable company. includins the Charities Act 2011. Companies Act 2006. data PTOtection legislation. anti- bribery. employment, health and safety legislation. and. in resFect of the Edcity projects. the CIS scheme in relation to taxation- • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspeeting legal correspondence. and • identified laws and regulations were communicated within the audit team regularly and the tearn remained alert to instances of non-cotnplianee throughout the audit. We assessed the susceptibility of the charitable company's financial statements to material misstatement. includins obtaining an understanding of how fraud rnight occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of actual. suspected and alleged fraud. and • considering the internal controls in place to mitigate risks of fraud and non-compliance Itb laws and regulations. To addr￿ the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any Un￿sUal or unexpected relatiODships' • tested journal entries to identify unusual transactions. assossed whether judgements and assumptiotts made in determinins the accounting estimates were indicative of potential bias. and • ￿sed data analytics to investigate the Tationale behind any significant or unusual transactions. 19

Ark Auditorfs responsibilities for the audAt of the financial statements (continued) In response to the risk of irregulariti&s and non-compliance with laws and rewlations. we designed procedures which included. but were not limited to: • agreeins financial statement disclosures to underlyins SUPEK)rting documentatlOD' • reviewing the minutes of meetings of those charged with governance: • enquiring of management as to actual and potential litigation and claims. and • reviewing any available cOrres￿ndence tbe cbaritable company's legal advisors. There are inherent lirnitations in our audit procedures described above. The more removed that laws and regulations are from finaneial transactions, tbe l&ss likely it is that we would become aware of non-compliance. Audtting standards also limit the audit procedures required to identify non-complian￿ with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealrnent or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at ww.frc.org.uk/ auditorsresponsibilities. This description forn]s part of our auditor's report. Use of our report This report is made solely to the charitable Company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we tnight state to the eharitable company's rneTnbers 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 r￿pOnsibl11ty to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for this report. or for the opinions we have fornied. Katharine Patel (Senior Statutory Auditor) for and on behalf of Buzzacott LLP, Statutory Auditor 130 WIK)d Street tnndon EC2V 6DL 21 May 2024 20

Ark Consolidated Statement of Financial Activities (including income and expenditure account) For the year ended 31 August 2023 Yearended YeareRded 31-Aug e2 Tottsl -Aug.?3 Total Unrestrlcted Notes Irtts)Tr￿t)Rdehdo1u￿e￿tsfrOm.' Dollatio￿5 aod WiE5 DollatiODS 22.976 3.296 2.897 199 22.998 3tr296 2,897 408 30.717 IOAs6 293 2J65 616 cbarit1ble￿iVi1itS 209 30.714 9.644 23.374 1,014 24.388 CoDlilluiDgtwetatioDS Dis(x7tttithud opttatYJfLS 60.082 60316 2&22 Torol 234 60.082 60.316 on.. 791 848 885 antableactl￿tLt8 SupporttopwymA GDDts fmm thdowmeots 4&5 2S95 47,908 50.503 950 496 22.234 950 TraDrfers to MESME 496 48404 CoutUllllDgoperatious 3a86 1,007 52,797 23.119 DiscMtillud ￿p￿tK)rLs Totol 4&22 1.031 3,386 48,404 A.007 52.797 24,159 NttiucoThe(expEodilure)bdoTe illsorl I￿Y￿￿￿e0tAttdlo5SeS0 forei8llexebattg¢ Cy52) 11,678 {I.007) 7.519 238 Netsaiw on iDVUtmeDts IT￿Se5)Sa￿lson fore4p¢llrrw traDsactiODS 6&9 1,651 1?7n 1.755 (23) 9,273 427 ￿et(e￿AdIt￿)1r￿ (1.533) IlJrJs {929) 2.420 FknndtroNJers (699) NetM¢￿￿tNtI￿fvnd$ (2.232) 12.434 (929) 9.2TJ 2.420 Re&>naliatti)nrffvJ Tt)ial fiLfLds brnugbifon¥atd 4.161 24.819 6.055 35,035 32,615 Total tuud5 for￿rd 1,929 37,253 5,126 44?308 35.035 The notes on pages 28 to 52 forn) an integral part of these financial statements. There are no reeognised gains and lo&ses other than those shown above. 21

Ark Consolidated Statement of Financlal ACti￿tieS (including income and expenditure account) (continued) For the year ended 31 August 2023 Continuing Dlseontinued operations operations Year ended 2023 2023 2023 £'ooo £'ooo £'ooo Continuing Di$￿￿tIn￿ed 0￿ratiOnS operations Year end 2022 2022 2022 £'ooo E'ooo Total income Total expenditute Net Income {¢￿enditUre) for the year 60,316 ts1.790) 60.316 (51,790) 23374 {23.oF/) 1.014 (k,031) 24,388 (24.088) 8&26 81526 317 {17) 300 The income and expenditure account above exclud&s the movement on the endowtnents fund. It is stated before losses/gains on investments and transfers. The summary income and expenditure account is derived from the stateTnent of financial activities on page 21 which, together with the notes to the financial statements on pago$ 28 to 52, proTrides full information on the movements during the year OD all the funds of the charity. Total ineome of £60.316k (2021/22 - £24,388k) comprises £234k (2021122- £2,958k) in relation to unrestrirted funds and £60.082k (2021122- £21.43ok) in relation to restricted funds. A detailed analysis of income and expenditure by source is provided in the statement of financial activities and the notes to the f￿anCIal statements. Net income for the year of £8.526k (2021122- net income of £3ook) compriw net expenditure of £3.152k (2021122 - £176k net ineome) in relation to unrestricted fun(Ls and net income of £11.678k (2021122- £124k net income) in relation to restricted funds. as shown in the statement of financial activities. 22

Ark Charity Statement of Financial Activities (including income and expenditure account) For the year ended 31 August 2023 YeaT¢nded 3A-Au9-23 Tofol 31-Aitg-22 rorol £000 Ineonefrom." D(mations a￿llegael DonatioDS 21.833 1O5S 96 Donate￿5e￿I Charitablearti%ities Iwement ineome 293 209 321 continuing0￿rtiollS Dwlltinuedorerations Total 25129 25a63 10.553 2&t 109 It>,662 234 251129 25a63 Rai5LngfuDds Cbarirableactivities 823 10,558 4&5 IS95 3a86 25,295 27.890 28.681 ConiiDuingoperaiions Discontinueit operati Tot(Il S,295 4&22 109 3¥386 Z5p29S 28.681 IIA90 Net l£YtendibJTel bdore8ainson inve51rnentarw] kBses on fortysn exchaDge Netgainsoj) Investyiients (3.￿) 11661 (3ai8} 1.651 {828) 1.536 trntjsactions (32) (ZJ) (1.690) 425 (I (157) 1,133 Fund tronsfo 14 Ifty91 14232) 11.6w) t,133 Total fullds brwght forward 161 512 6n 3&40 Total ￿ndS ¢4nied forwvd 1.9*9 1,054 2.983 4,673 The notes on pages 28 to $2 forni an integral part of these financial statements. There are no recognise"d gains and losses other than tbose showii above. 23

Ark Consolidated Balance Sheet As at 31 Augiist 2023 Company numFKt 04589451 2023 £'ooo 2022 £'ooo Notes F￿ed0$sets Tangible assets Investment property lthvestments 36,303 642 26,215 63.160 Ila74 656 29.7S3 41.783 cUrrenta￿tS Debtors io 23.031 15,079 23,891 38.970 Cash at bankand in hand 29.393 52.424 LiobiliriÈS Creditors.. amounts falling due within oneyear Nerturrentossets 12 (35991) 16.433 136.641) 2.329 Creilitors.. amounts talling due after 0￿year Total Retossets 12 (35,285) 44,308 (9.0771 35.035 TotalFundsofthe Group Endowment thjnds Restricted inLvme ￿ndS S126 37.253 6.055 24,819 Unrestricled funds: General Progrdnjme Fu￿1 Coreco&s fund 79 A.929 4,082 TottslGroupfynds 44,308 35.0 The notes on pages 28 to 52 form an integral part of these financial statements. Approved by the Board of Trustees and sisned on its behalf by lan Wa Tn￿tee Date: 11 Mareh 2024 24

Ark Charity Balance Sheet As at 31 August 2023 Company numbero4589451 2023 £'ooo 2022 2,000 2qotes Fixed assets Investments 1.022 23.711 jan receivable io 1,000 22.022 23.711 Current assets Debtors io 4.633 8.950 989 Cash at bank and in hand Iaabililies Creditor5.' amounts fallingduewithin oneyear Net eurrent Mabt]itie$ J2 (31,542) (¥.920) (24.932) Iw.993) Cr¥litor5: amounts (alling due afteroneyear Total net assets 12 (4,A19) 2.983 (4045) 4.673 Total Fwids of the Chrity Restricted income fvtlds Unre5trieied fijtth.. 1,054 512 General Prograrnme Fund cO￿¢0$ts 79 4,082 1.929 Total eharity futLd5 2,983 4,673 The notes on pages 28 to 52 forrn an integral part of these financial statements. Approved by the Board of TnISte￿ and signed on its behalf by Ian Wace Trustee 11 March 2024 25

Ark Consolidated Statement of Cash Flows For the year ended 31 August 2023 Year ended 3A-Aug-23 Totsl £'ooo Year e[￿ed 31-Au8 22 Totsl £'ooo Notes Net tash (tt8ed in) ptovided by operating aelivitits 20 {1.214) 4.339 Cash flows from financAns activitiu: New Borroknings Net ca$h (wed in) PrO￿ded by finn¢ing atli%qties 26,u9 26149 5.000 5,000 Cash flows from Investingaclivities Dividertd$, itxteffst and rent from inv¢sthJefftts Purchase of property. plant, and equipment Pr(￿eedS from sale of In￿tInents 408 (24,929) 7.568 (950) (1?7OA) (x9.604) 616 (8,420) 8585 Trdosferof endowments fvt)ds Purchase of iThv£%tments (2,183) (1,402) Nel cash (used in) investment acti￿tieS Chats8e in tash and eash equivalents due to exchange rate movements X7 ¢h4nge in c￿￿ and ¢ash ¢quivalents 5.348 8.268 Reeonelliation of net fun Year ended YeareTrJed 31.Aug-23 Totsl 31-Aug-22 Total £'ooo £'ooo Cash and cash wuivalentsat i Septemttr Change in cash and cash equivalents Cash and cash eqwva]ents at 3iAugust 24*238 5,348 29.586 15.970 8,268 24,238 Reco￿lI1ati0n of netfun(Ls Yearended YeareThJed 31-Aug-23 Total 31-Aug-22 Total £'ooo É'ooo Cash atbankand in hand 29?393 23,891 347 24.238 Cash held by inyeslment manage[5 Cash and eqwvalents at 31 August 193 29.586 26

Consolidated Statement of Cash Flows (continued) Ark ear Analysts olehan9ts in netdebt Other At3X August 2023 £'ooo Septemttt 2022 E'ooo Cash non-cash d)ang¢s É'ooo £'ooo Cash at bankand in hand C&sh held by investment managers iA)ans 23￿91 347 18500) 15,738 5002 29,393 193 {34,649) (5.063) (26.1491 {20.801) Financelease obligations Total {32) 15.706 (17) (5,080) (20.7861 The notes on pages 28 to 52 form an integd part of these financial statements. 27

Ark Notes to the Accounts For the year ended 31 August 2023 A. Aceounting policies Basis of preparation These financial statements have been prepared for the year to 31 August 2023. The financial statements have been prepared under the historical cost convention with items reeognised at cost or transactioll value unle&5 Otherwise stated in the relevant accounting policies below or the notes to these financial statements. The finaneial statements have been prepared in accordancewith Accounting and Reporting by Cbarities.. Statement of Recommended Practi￿ applicable to charities preparing their financial statements in accordan(* with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Charities Act 2011 and the Q)mpanies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are pr￿Trted in sterling and are rounded to the nearest thousand pounds. The accounts consolidateArkand Itsproj￿ implernenting subsidiaries activeduring theyear: Ark (South Africa) Limited, Ark UK Programmes. FACity Development Limited, Edcity Management Company Limited and Edcity Office. It also Consolidates its dorniant subsidiaries Ark Mozambique and Ark Uganda. All intra-group balances, transactions. incomes, and expenses are eliminated on consolidation. Critical accounting estimates and areas ofjudgement Preparation of the aecounts requires the tr￿SteeS and management to make significant judgements and estitnates. The items in the accounts where these judgements and estimates have been made include: Estimating the impact of inflation on the charity's income and expenditure, and asso8sing ineome from new sales and activities, forthe purpose of preparing cash flowforecasts and budgets to assist in the asS￿MeTrt of going concern: A]loeating support costs across charitable activities. Timing of income recosnition for programme fees. Classification of leases as finance or operating- and Measurement of fair values of the investtnent property. 28

Ark Notes to the Accounts For the year ended 31 August 2023 i. Aeeounting policies (continued) Assessment of going ¢oneern The truste05 have asso&sed whether the use of the going concern assumption is appropriate in preparing these aecounts. The trustees have madethis assessment in respect to a period of one year from the date of approval of these accounts. The trnstees are confident that despite the challenses fry)m the current eeonomie climate Ark and its subsidiares have access to sufficient resourees to continue for the foreseeable future. The trustees have looked at the financial position. including income. expenditure and resen and acknowledged that some area of work continue to be challenging namely the delivery of EPG activity overseas and AC+ a¢tii¥ity in UK schools. It was for this reason tbat the trustees decided to transfer all of EPG programmes to new pro￿derS to take fomrd this important work. AC+ is undertaking a full Strate￿ review including a review of programme design to ensure it remains resilient to market and cost pressures. Anumberof significant areas of judgement that affect items inthe accounts aredetailed above. In addition. tbe most significant areas that affect the carrying value of the assets held by the eharity in the next accounting period (the year ending 31 August 2024). are the level of investment return and the perforrnanee of the investment maTkets (see the investment EK)liey and the risk management seetions of the trl￿tees, report for more infornlation). Whilst this is likely to lead to a reduction in income, the trustees remain of the opinion that the charity will have sufficient resources to meet its liabilitios &% they fall due. The trusiees have concluded that there are adequate resources to continue in operational existenee for the foreseeable ￿rtUre and there are no material uncertainties related to events or condition5 that may cast significant doubt on the ability of the Charity to continue as a going concern, thus they continue to adopt the going Concern basis of accounting in preparing the financial statements. Fund accounting Unrestrieted fimds are those which the donor gives to the charity hTrthout stipulating a specifi¢ purpose. They are to be ￿Sed for tbe furtherance of the objectives of the charity in general and may be applied to specific projects at the discretion of the trustees. Wtthin unrestricted funds, the eharity maintains two separate funds: Core Costs, and the General Programme Fund (GPF). The Core Costs fund covers income and expenditure relating to the central administrative costs of the charity. The GPF holiLs iDcorne which must be used to fund spe¢ifi¢ charitable projects as approved and funded by the TnL8tees (i.e. cannot be used to cover the organisation's core costs). The relevant income is credited to the GPF and when the Board commits funds to a specific project. the required amount of funding is either managed dirertly through the GPF or transterred to the relevant restricted fund. The endoN%inent fund repr￿nts moni0% invested on behalf of individual Ark academies. Any returns generated on these funds can be used ￿thOut restriction, but only by the aeademy in question, and are therefore recognised as restricted income. The initial capital can only be used with agreement of the Secretary of State for Education. unless it is spent on'equipment. facilities, aeeornrn¢)dation. landscaping and signage, at the relevant aeademy. The ATk All Saints Acaderny elldowment is a pernianent endowment for which Ark UK Programmes has been appointed as the trustee. All income and expenditure is shown in tbe Ststement of Financial ACtI￿tieS. 29

Ark Notes to the Accounts For the year ended 31 August 2023 i. Aceounting policies (continued) ncome Income is recognised when the charity has entidement to the funds. any perforrnance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Unrestricted ineorne is aeeounted for OD a receipts basis. Restricted income is aeeounted for on a receipts basis but subject to recognising any donor restrictions. Where the corresponding programme expenditure can be clearlyidentifiedand tnatchedwith donor receipts, the income is recorded in the same accounting period as the expenditure and income is deferred if not fully spent. Incorne is not accrued ex￿pt where there is a clear contractual entitlement and such income is then only recognised to the extent that the corresponding expenditure is recorded in the same accounting period. Deposit inter&st is recosnised on an accruals basis. Donated services and facilities provided to the ebarity are recognised in the period when it is probable that the economic benefits will flow to the charity, provided they can be measured reliably. This is norrnally when the Servi￿ is provided. An equivalent amount is included as expenditure. Donated seTrices and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have to pay to obtain facilities or services of equivalent economic benefit on the open market. Expenditure Liabiliti&s are recosnised as expenditure once there is a legal or constrnctive oblisation to make a payrnent to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis, and has been classified under headings that aggregate all costs related to the category. Ark and Ark UK Programmes are registered as a VAT Group with Ark Schoob and reclaim VAT on business-related expenditur& Irrecoverable VAT is included in expenditure when incurred. Costs of generating fimds are those incurred in seeking donations for the charity and in publicising the work of the charity. Expenditure on eharitable activiti&s eomprise expenditure related to the direct furtherance of the charity's objectives. In the accounts of the charity. the award of a grant is recorded as charitable expenditure and the unexpended amount is beld in the balance sheet as a srant ereditor. In the accounts of the group. any such grant to a subsidiary company is not recognised as expenditure: instead the expenditure in the subsidiary is recognised as the charitable expenditure when incurred. Any uTrspent grant is recognised in the group balance sheet as a rs￿leted ￿nd. 30

Ark Notes to the Accounts For the year ended 31 August 2023 i. Accounting policies (Continued) Allocation of overhead and support costs Support costs are those functions that assist the work of the charity but do not direetly undertake cbaritable activities. Support costs include baek offi￿ eosts, fiThallcei payroll, and governance costs whieh support the ehariws pro￿aMMe$ and activities. Governance costs are those incurred in connection with the management of the Chari￿s assets. orsanisational administration, and compliance with constitutional and statutory requirements. Where costs cannot be directly attTibuteiL they have been alloeated to activities in line with the time spent by individual meTnbers of staff or the department on each activity. Diseontinued operations Where a decision been made to discontinue or tenninate an activity in accordance with the definitions contained within FRS 102, income. costs and obligations associated ￿th the discontinuing operation are recognised within the year. The income. costs and obligations are disclosed separately on the face of the statement of financial activities. Tangible fixed assets and depreciation Tansible fixed assets are stated at cost including any incidental expenses of acquisition. Depreciation is provided on all tangible fixed assets at rates Calculated to write off the cost on a straight-line basis over their expected useful economic life. The rates of depreciation applied to each class of asset are: Leasehold improvements land and Building Office equipment Computer equipment Motor vehieles Investments depreciated over the term of the lease overseas assets 4% per annurn 25% per annum 33% per annum (covers iM)th hardware and software) 20% per annum Investments are a form of basic financial instrument and are initially recognised at tbeir transaetion value and subsequently measured at their fair value as at the balance sheet date. Realised and unrealised gains (or Iosso8) are credited (or debited) to the statement of financial activities in the year in which they arise. A fair value hieraTchy that prioritises the inputs to valuation teehniques is used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical a&8ets or liabilities (IEvel I measurement) and lowest priority to unobservable inputs (L£vel 3 measurement). The levels of fair value hierarcby are described below: l£vel i (listed investments) - Unadjusted quoted process in active markets that are aeeessible at the measurement date for identical. unrestricted assets or liabilities. IEvel 2 (unlisted investments) - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable either directly or indirectly- and Level 3 (unlisted investments) - Pri￿ or valuation that requiros IDputs that are both significant to the fairvalue measurernent and unobseNable.

Ark Notes to the Accounts For the year ended 31 August 2023 Accounting policies (continued) Investments Icontinued) Investments that trade in markets that are not considered to be active, bLLt are valued based on quoted market prices for an ideutical instrument. dealer quotations. or alternative pricillg sources supported by observable inputs are classified within I￿e1 2. As Level 2 investments include positions that are not traded in active markets and/or are subjeet to transfer restrictions. valuations may be adjusted to reflect illiquidityandlor non-transferability. which are generally based on avdilable market infortnation. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions. the attitude of investors to investment risk. and changes in sentiment concerning equities and within particular sectors or sub.- sectors. The method of calculating realis&4 gains on withdrawal of investsnents is on an average historical cost basis. Investment Property Investment property is held byArk UK Progratntn&s since May 2016 to earn rental income and for capital appreciation. rather than for use in the ordinary course of business. Investment properties are measured at cost and subsequently at fair value at the reporting date. Professional advice is sought as appropriate to deterniine the valuation of iDvestment property. Changes in fair V￿UeS are recognised in the statement of financial activities. Investment property is subject to renovations or irnprovernents at regular intervals. The cost of major renovatio￿ and improvements is capitalised. The cost of maintenance. repairs and minor improvevnents is recognised in tbe statement of financial activities when occurred. On dis￿>SaI of an investment property. the difference between the disposal proceeds and the carrying amount is reeognised in the statement of finaDcial aetivities. Foreign currencies Charity Transactions in foreign currencies are recordedatthe rate ruling at thedate of the transaction. Monetary assets and liabiliti&s denominated in foreign currencies are restated at the rate of exehange ruling at the balance sheet date. Group The income and expenditure of overseas subsidiary undertakings are translated into sterlins at average rates of exchange for the relevant periiml. Assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchanse effective at the balanee sheet date. All exchange differences are recognised through the Statement of Financial Activities. Operating lease Operating lease rentals are charged on a straigbt line basis over the terni of the lease. These are included in Charitable Activities expenditure in the Statement of Financial Activities.

Ark Notes to the Accounts For the year ended 31 August 2023 Accounting polle1￿ (Continued) Finance lease A finance lease is recosnised when it is detennined that the lease arrangement traosfers substantially all the risks and rewards of ownership to the lessee. At the commencement of the lease terni, Ark recognises its rights of use and obligations under the finance lease as an asset and a liability in the balance sheet at arA amount equal to the fair value of the leased asset or. if lower. the present value of the minirnum lease payments, determined at the inception of the lease. Where the implicit rate cannot be determined the charity's incremental borrowins rate is used. Any initial direct costs are added to the amount recognised as an a￿et. Subsequentlyj the minimum lease payments are apportioned between the finanee charge and the reduction of the outstanding liability using the effective interest method. to produce a constant rate of change on the balance of the capital repayments outstandins. Debtors and prepayThents Debtors are recosnised at their settlement amount. less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Tbey have beell discoullted to the present value of the ￿tUre cash receipt where such diseounting is material. Accrned income Accrued ineotne is ineorne whieb has been earned but not yet received. It must be recosnised in the accounting peri¢)d in which it arixs rdthertban in the subsequent period in which it will be received. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on detnand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event. it is probable that a transfer of ecoDomic benefit ￿￿11 be Tequired in settlement, and the amount of the settletnent Can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. IA)ans Concessionary loaThs. (philanthropic loans which have been re￿iVed at below the prevailins market rate of interest). and commerical loans are initially recognised at the arnount reeeived. The balanee outstanding at the re￿rtIng date includog any interest accrued as per the loan terms agreed. 33

Ark Notes to the Accounts For the year ended 31 August 2023 2. Donations and legaci Grow) 2023 £'ooo Charity 2023 £'(Joo Group 2022 £'ooo Charity 2022 E'ooo Unrestricted funds Contributions to corectssis 22 2,063 2,063 General donatioAs 22 22 2,606 2,606 Rcstrieted fun4ts 12 Continwngoperations Discontinued operations (ste note 22) Total The tn￿teeS ensure that the core costs of the charity are covered. either from grants and donations or in year investment returDS. Grants and donations indude £22k (2021122 - £2.06m) raised for this purpose. The GTOUP reeeived donated services in the arnount of £3.3m {2021122 - £0.3m). which Telated to pro knno services provided by Bain & Co in the form of UK educatioD Consultancy ser¥ices and is included in restieted grants and donations above. 3a. Investment Rneome Investment incorne arises from dividend income from investrnents. fee rebates and interest receivable on funds held in interest bearing bank accounts and on fixed term deposits. During the year. investment income was £408k (2021122 £616k) for the group and £209k (2021122- £321k) for the charity. 3b. Other Other ineome includes recharges frotn Vario￿ group entitios. Ark charges ead) of its group entities for central resources such as Finance. Htunan Resources, rr. and a deskcharge for the use of space within its office. At group level. this includes recharges frotn Edcity Development Limited to London Borough of Hammersmith and Fulham and Onside for construction Costs.

Ark Notes to the Accounts For the year ended 31 August 2023 4. Analysis of expenditure Group Restrickd ￿ndS rvstricted funds SuptK)rt Activities undertake dirtttly E'ooo Grant fundinsof adivities E'ooo Total 2023 Totsl 2022 (note5) £'ooo £'ooo £'ooo Expenditure on eharitable activities UK Edueation UK Education- main fund Edcity 1.297 778 AO.238 31.046 15?233 31,824 8,228 9.931 International FAlueation EducAtion Partnetships Group InteTnational EducatioTh- Other Continuing operations Global SchcK)Is Forum MFSME (see tLOte 22) Discontinued operatiotL8 Tt)tal 520 2.346 2.866 580 50>503 3.265 810 580 41278 2.$95 43.630 22.234 109 496 496 922 1,031 23,265 2￿95 44.126 4*278 SO J999 Endowmethtfunds Cost of ratsins fil Thds." Investmertt mana ement fe GraTLts to Ark Schwls Uttrestrieted funds Cost of raising funds.. Other Total Total ¢xpendttur¢ 57 62 950 950 823 885 24 J59 950 5.228 1.798 52.797 3a86 44.183 35

Ark Notes to the Accounts For the year ended 31 August 2023 4. Analysis of expenditure (continued) Charity Unrestricted bJTh(Ls Rffitricted bjnds ActI￿tieS Grani fundrngof activities £'ooo Supwrt t￿￿ts (note 5) Total 2023 É'ooo Total 2022 £'ooo direLtty £'ooo Expenditure on charitable actLTrTrti¢s UK Education- rnain fut*1 &912 17.900 938 23)109 1.716 5.962 903 Edcity International Edwat¥)n 718 Edu¢xtion Partnership Gr￿p International Educatw)#- Other $20 2A85 580 27,890 2,883 810 580 19.418 Continuin8opetations Global Sch(x)]s Forum DisLt)ntinued 0￿rationS Totsl 2.595 5.877 LO.558 109 2.595 5.877 19.418 27.890 10.667 Expenditure on rdising fvnds Cost of raising fi]nds Total exFenditure 791 823 3.386 S?877 A9.4x8 28,681 IIA90 Group activities undertaken directly represent programmatie work by the central charity and its operating subsidiaries. Forthe central eharity. this represents wherecharitable expenditure (as opposed to the cost of raisins fimds) relates primarily to research and development of new programmes. Grant funding of aCtI￿tieS represents programmatic work carried out bygroupand non-gTOUP companies and funded by grants from the central charity. Supp)rt costs relateto Ark's core staff team and the London offi￿. andare coveredbythe Core Costs Fund. These costs are allocated to programmes to refiect the estimated share of staff time and related cost. 36

Ark Notes to the Accounts For the year ended 31 August 2023 5. Allocation of support Costs Group and Charity Other Covernttn￿ fftrheads & suP￿rt stsff £'ooo Managernent Total 2023 £'ooo Total 2022 £'ooo FinanLT £'ooo £'ooo £'ooo Expenditurt on charitable artI￿tieS UK Ed￿￿tio Edeity 375 225 375 396 237 1.297 980 490 Internationa] Education Education Partnership Group International Educ2tion- ￿her Continuing activities 520 432 57 750 750 302 793 2.595 1.959 ￿￿endi￿re on raising funds Total expenditure 261 58 808 472 1,265 823 2,782 302 3J86 Support costs relate entirely to Ark's London office and the core staff team covering fundraisins. ¢ommunicatioDs. finance, human resour￿￿, general managemellt, and administration. Ark uses this broad definition of COTe costs and then covers these costs from funds raised and set aside specifically for this pUT[￿e. The table above shows how the resources covered by the Core budget are allocated using the two broad eategories required under the Charities SORP FRS102, i.e. eharitable activities and raisins funds. and isbased upon an allocation of thetimespent byindividual members ofstaff. 37

Ark Notes to the Accounts For the year ended 31 August 2023 6. Investrnents Group 2023 £'ooo Group 2023 £'ooo 2022 E'ooo Market valueat i SeptemFtr Additions to investmertts at tsxt Di$￿saL8 at market walue Nei unrealised investmenl gains Market ￿l￿t at 31 August 29Ao6 1.701 *31388 34,288 2.183 (8.5851 1.520 29Ao6 28.038 (7￿8) 2.483 26.022 (4.389) 1.836 20.835 (6,276) 1.626 23J88 Cash held by investment mana8eTS for reinvestment X9 26,215 x87 21,022 347 29.753 323 23,711 C481 of listal itwestments at 31 AuyJ$t 12.185 7.282 16.701 11.070 Disposals are ana]ysed as follows: Group 2023 £'ooo Charity 2023 £'ooo £'ooo', É'ooo,. ProLwJ5 Realised l¢xA on MV D]Sw￿￿¥t market value (6a59) (1,209) (7s68) (3.788) (6ox) (4.389) (5,795) (2,7w) (8s851 (352L} {2.755) {6.276} All listed investments were traded on a recognised stock exchange. Investments held by the gTOUP at 31 August 2023 comprised the following: 2023 £'ooo 2022 Overseas equlties Fixed interest Alternative a&%ts Foreign exchange Cash and short term dwits 2,878 1,677 21A24 3,523 1,889 23,994 193 26,215 347 29,753 Alternative assets include investments in hedge funds. These include foreign exchange forward contracts which are used to atneliorate the risk a&sociated with holditjg investments in foreign curyencies. These are held by the investment managers and form part of their strategy for managing risk 38

Ark Notes to the Accounts For the year ended 31 August 2023 6. Investments {eontinued) Group 2023 £'ooo Charity 2023 £'ooo Group 2022 Charity 2022 £'ooo £'ooo Unrealised gains include above: On investments .837 53 12.705 12Ji8 12a18 X3>553 12,705 Reconciliation of movements in unrealised sains: Unrealised gains at i September t*ss.' in respttt of disposals ITh the year .' tjet gains ari5ingoTL rmluation in the 12367 12319 (602) 1.836 14378 (3.093) IS20 13d48 {2.756) 1.626 1210 260 Unr¢41ised gains at3A Av8USt 13.837 13.SS3 12.705 12.318 7. Net movement in funds Net movement in fun(l% is stated after eharging: Group 2023 £'ooo Charity 2023 £'ooo Group 2022 Charity 2022 £'ooo Avdittsrs, remunet3tion - audit of ¢otL80lIdat￿ acctyjrtts - audit of Subsid￿ries - other audit athd tsx lees 39 46 39 33 Toial 94 40 36 39

Ark Notes to the Accounts For the year ended 31 August 2023 8. Fixed assets Group Assets urtder construction E'ooo Total £'ooo Cost: Ai I Septemt*r 2022 Additions lia74 11.374 24.929 36.303 24,929 36,303 At 31 Ausll512023 Depreciation: At I Septemlxr 2022 Charse in theyear At 31 August 2023 Net Bookvalue: Al 31 Augjst 2023 36J03 36?303 Al 31 August 2022 Ila74 11.374 During the year, £¥.9m was ineurred in respttt of exwiditure on Edcity. This expenditure was capitalised on 31 Augiist 2023 as an asset under construction. No fixed assets are held by the Charity (2021122 - £nil). 9. Investment property É'ooo t or valuation.. At I Sepiember 2022 Dttrease in fairvalue 656 (14) 642 At IAU t202 In the group, long leasehold investtnent property is held at fair value. As the property was purchased on 20 May 2016, the trustees of Ark UK Programmes have perforrnedthe valuation of the property based on publicly available inforn)ation. Included in the amount for investment property is £17k (2021122 - £32k) relating to assets held under a finance lease (note 13). 40

Ark Notes to the Accounts For the year ended 31 August 2023 io. Debtors Group 2023 £'ooo Charity 2023 £'ooo Group 2022 Charity 2022 £'ooo Receivable within x year Ttadedebto Prepayments and (Aher debtOTS Agency debtors (note ii) Accrued ints)me VATdebtor Related eompanydebtor5 (Edcity Offi￿) Related eompany debtors (Edcity Desrlopment) Related eompany debtors (Ark UK Pn￿raMme$ Ark Sehoo4s) 853 698 17.405 863 712 528 10.166 92 56 919 k&32 1.169 2.141 7.518 35 23.031 .079 8,950 Reeeiuable in more than i year During the year a £im cash advance was made frorn Ark to FAICity Office as part of collateral for the loan wth Inndon Borough of HaTnmersmith & Fulham. This was Converted into a fonnal loan between Ark and Edcity Offi￿. This is due for repayment alongside tbe LBHF loan upon the tenth anniversary of Practical completion of the office building at Edcity (2021/22 - £nil). ii. Transactions undertaken a$ agent As part of the wider Edcity project. Ark's subsidiary, EACity offi￿ is acting as a conduit for funding in reS￿t of the Youth 7A)ne. Scb(K)I, Nursery and Adult Edueation Centre. Cash eontributions received in relation to these eomponents of the project are being used to settle invoieos charged by Edcity Development Limited in relation to those aspects of the build for and on behalf of third parties in line with a pre-agreed contractual arrangement. Neither FAICity Office nor its ultimate beneficiario% directly benefit from these cash contributions or have control over the use of those funds. For inforniation. the following amounts have been received and paid during the year by FJCity Office on behalf of third parties: On behalf of LBHF for Nursery and Adult EducaiLOTh Centre deve]opThÈnt OThsidefor Iheyouth 7AbDe de%rk)pment £000 On behalfof forArkSwift deAreiopmeAt Totsl £000 Balan held at i SepiettLber2022 Cash rtteived during the year Cash tostttle In￿1￿ on thalfof third paTty Balance owed at 3iAIAgust 2023 {note io) 2.950 7.188 (831 10,166 (83) 126 7.196 7322 076 4,301 17J405

Ark Notes to the Accounts For the year ended 31 August 2023 12. Creditors Group 2023 £'ooo Charity 2023 £'ooo Group 2022 Charity 2022 E'ooo Amounts falling due wrythin i year Trade£r￿ltorS 912 17.085 47 16.754 188 iio Related eotnpany ereditors (Ark Schcds) Relat￿ company creditors {Ark UK Programmes) Amounts due to Purwthl Venture5 Grantcreditors Tax and ¥xya15ecuritycrnAitors VATcreditor 15,062 14,793 616 10.263 1.758 233 2>331 2A50 8A66 97 120 205 2.648 12,607 3A81 36.641 OthereredilOIS 10.426 561 850 Deferred income (seebelow) 5.5T7 35.991 31￿42 24,932 Movements in deferred income are analysed below (note that there is a £25k deferred income balance in the charity received for a specific event). Croup At31 Auysi 2022 £'ooo Rdeased Deter￿d in current year £'ooo At31 August 2023 É'ooo previous £'ooo ProgrdTnme fees Frogratnme srant Total deferred income 628 2.853 3.48R {628) {2.853) 13A81) 1,039 4.538 5577 1.039 4.538 5>577 Group At31 August Relwsedfvrn Deferred w At31 Augttst 2021 previotss yeor currentyeor 2022 £'ooo Programmefee$ PrograrnTne grant ArkSoLtthAfvca Totol d rred inttsme 621 (621) 628 2,853 628 2.853 49 670 149) (670) 3A81 3.481

Ark Notes to the Accounts For the year ended 31 August 2023 12.Creditors (eontinued) Amounts fallinsdue after x year Group 2023 £'ooo Clwity 2023 £'ooo Gtoup 2022 Charity 2022 E'ooo E'ooo Finance lease liability (Dote 17 34*649 619 35.285 32 8500 545 3>5¢)0 619 4.119 3SOO 545 4,045 GraDler&litotS The Charity holds a £3.5m loan froTn Ambition Institute. This loan accrues iThter￿t at 0.25% above base and is repayable in any amount on 3 months, notice. Confirmation has been obtained from the ￿nder that thi5 loan will not be recalled in the next 12 months. Philanthropic loans included in the aEK)ve balance include the following: Loan 1 - £24m - This loan was agreed with The Sequoia Trust in February 2023 at 0% interest. The loan is repayable in full on the earlier of the 31 March 2033 or the sale of the office building. Loan 2 - £2.4m- This loan was agreed with The Jagelif Cbaritable Trust in Febn￿ry 2023 at 0% interest. The loan is repayable in b￿1 on tbe earlier of the 31 March 2033 or the sale of the office building. Loan 3 - £16.4m - agreed with Elba Charitsble Foundation. The fijll loan amount Mll be repaid by the fifth anniversary of the agreement date. December 2027. Ef not repaid at this point, the loan incurs interest of 2%. Of the £16.4m balance, £14.4m was in respect of amounts drawn down in 2022123 and £2.4m in respect of amounts drawn down in 2021122. Loan 4 - £3m - agreed with the Resolution TnLSt in 2021/22. The loan plus interest are repayable on the 20th July 2031. Interest accrues at 3%. Commercial ￿an agreements." Durins the year. Edcity 0￿1￿ drew down £6.8m of a loan facility with the IA)ndon Borough of Hammersrnith & Fulham (LBHF). Under the tern￿ of the loan, a maximum facility of £39m has been Tnade available to Edcity Office by LBHF in supp)rt of the Edcity project. Any amount drawn down from the available faciltty is repayable in full by the tenth anniversary of the practical eotnpletion of the project. The debt facility was asreed with the iDcal Authority in November 2021. and fixed at a rate of 8.94% in September 2022. sisnificantly higher than had been anticipated in the orisinal b￿lnesS plan due to chang&s in the wider economic environrnent. The interest rate is due to drop overthe life of the loan and will reduce to 7.19% once building occupancy exceeds 80%. The loan is secured on the office building and Ark. Edcity Offiee's parent. has provided a guarantee in respect of the loan to the value of £10 million. All other debt is subordinate to tbe LBHF debt. 43

Ark Notes to the Accounts For the year ended 31 August 2023 13.Finanee L£ase 2023 £'ooo 2022 Éooo Not later than one year tater thaTh one yearand notlaterthan yeats Later than five years Total Er055 payment L£ss.' financeeharges CarwngaTnouni of liability 300 302 {285) A7 301 303 (271) 32 14.Analysis of eharitable funds Grou 31 Aug 2022 Ineome Gainsl {losse$) Expenditure 3xAug 2023 transfers £'ooo £'ooo £'ooo £'ooo £'ooo Restrieted funds UK Edueation UK Education- 5.242 699 48 (13.936) (31,046) 16,404 20.849 Edcity International Edueation 20.511 31J36 Education Partnership Grou International Education- Other MESME (sct note 22) Total (IA30) 3.767 (2a46) ts80} 496 24.819 (4961 (48A04) 60.082 756 37.253 Endowment Fund* Endowment held forArk Schools 6.055 78 (1,007} 5,126 6.055 (1.007} 5.126 Unr¢stricled funds Core funds 4.082 999 (3J86} J,929 General pro8rammefunds Totsl (79) 4,161 234 920 (3.386) 1>929 Total Group funds 35.035 60.316 1.754 {52.797) 44>308

Ark Notes to the Accounts For the year ended 31 August 2023 A4. Analysis of charitable funds (continued) Charity Gainsl {losses) and transfers 31 Aug 2022 31Aug 2023 Income F￿penditllre £'ooo £'ooo £'ooo £'ooo £'ooo Restrbcted funds UK Educ•th)n Edcity Education Partnetship Group Global Schools Forum & Inil Edu. Total S12 21.655 938 {21.8121 (938) 1,054 1,956 {1,965) 580 {580) (25,295) 25,129 708 Unrestrx¢tsd fwids Core eo$ts fund General prts8ramme fwids Total 4.082 999 (3J86) 1.929 (79) 4.161 920 {3.386) 1,929 Total Charity Funds 673 25a63 1.628 (28.681) 2.983 Income is the amount receivable as income for each fund during the year including gains and losses on investments and foreign exchange. Transfers are the net value of funds received as unrestricted funds committed in year to specific prograTnTnes. Unrestricted funding transferred to programmes is agreed annually by tkLe Board and is used to further the charitable aims of each programme. Unrestricted funds Committed to programmes but not used in full are transferred back to the geneTal programme fimd unless there is all agreement with the Board to hold these funds for future use. Expenditure is the amount expended or committed as grants to other entities including other group companies. 45

Ark Notes to the Accounts For the year ended 31 August 2023 15.Analysis of net assets between funds Unrestsicled Cenernl RestrAeted Ettdowmenl 2023 fimd fwidg ftsnds Totsl £'ooo É'ooo £'ooo £'ooo 2022 Tolal £'ooo Grou 20 Fund balancesat31 August 2023 ate represented by.. Investment asse15 58.034 50.397 5.126 63,160 52.424 41,783 38,970 Cutrent assets Creditors.. amounts fallin due wrythin oneyear CreAitots'. amounts falling due in more than one year Total net assets {98) ts&893) ts5*991) (36.641) 28 126 308 Unrestrirted General Restrieted fwids £'ooo 2023 To￿1 £'ooo 2022 Total £'ooo Chari 20 £'ooo Fuod balan￿ at 31 Augusi 2023 are represented by.. Investment assets 21,022 21.022 23,712 Non-cu￿￿1 assets i.ooo Current assets 2.OZ7 14&95 16.622 9.938 CrditOTS'. amountsfallingdue withio oneyear Creditors.. amounts fallingdue in more than oneyear Total net assets (98) tsiA44) [31￿2) (24.931) IL 16.Staff costs and numbers Group 2023 £'ooo Charity 2023 £'ooo Group 2022 £'ooo Charity 2022 £'ooo Salaries and wa8¢9 Social 5￿u[Ity crffjts Pension etrts 6>098 628 2.605 252 266 &699 627 563 6.889 88 2.905 338 279 620 Total salary costs Otherstaff cO￿S 7.346 3522 75 20 49 Total staff cost 7.42A 6.9TA 3.S71 Other staff costs include aD accrual for untaken annual leave in the financial year. 46

Ark Notes to the Accounts For the year ended 31 August 2023 Included in salaries and wages were redundancy and ex%ratia severance payments totalling £51.000 (2021122- £51,580). The average Dumber of staff employed. ana]ysed by fwietion. was". Group 2023 No. Charity 2023 GrDUP 2022 Charity 2022 No. Programmes Support services Fundraisins 93 20 27 21 125 42 iio 47 47

Ark Notes to the Accounts For the year ended 31 August 2023 16. Staff costs and numbers (continued) Tbe number of staff whose emoluments (exeluding employer pension Contributions) were in excess of £60,000 during the yeAr were as follows. Group 2023 No. ChaTity 2023 Group 2022 Charity 2022 No. No. É220,001- É230.000 É160,001- £170,000 £150,001- £160,000 £140.001- £￿0.000 £120.001- £￿0.000 £iio,ooL- £120,OIJO £ioo,ooi- £iio.000 £90.001- £100.000 £80.ooi- E90.000 £70,001- £80,000 g60.001- £70.000 XA The pension contributions made on behalf of the above employees were £220k (2021122 - £210k) in the group and £iiiK (2021122- £14ik) in the charity. Nobenefit other than pensioD has been provided to employees. Total remuneration paid to charity keymanagement personnel was £78ok (2021122- £625k). Key Management personnel comprise the CEO. Deputy CEO, COO and Director of External Relations. 17. Direetors. remuneration and expens The charity did not pay any remuneration to its trustees (2021122- £nil). No expenses were reimbursed to or paid on bebalf of tr￿St￿ during the year. 18. Investments in subsidiari nl Ark UK Programmes United Kingdom Ark (South Africa) LimiteA &>llth Africa Ark Moy2mbiqlle M07AmbHiue Ark Uganda Uganda Edcity Development Limited unit￿ Kingdo Edcity Offi unit￿ Kingdom Edcity Manasement Uniied Kingdom an Limited nsolidati loo% owTetship loo%owne￿iP Loo%owThetship ioo%owne￿hip loo% ownetship loo% ¢)wnership loo% rvner5hip ststus Trading Trading Dormant Dormant Trading Trdding Tradins Education HealthlEducation Health Edueation Construchon Real Estate Holding Real Estsle Mana metlt 48

Ark Notes to the Accounts For the year ended 31 August 2023 18. Investments in subsidiaries (continued) 2023 Edcity MaDagement Company lamited £'ooo Ark{Sovth Aftic3) latnit&J Edcity Development ArkUK Prwamm £'ooo FACity £'ooo Income 18J87 (7,829) 576 ts87) 55A67 ts5A67) ExpenditurE Net Oosses) gain8 on investments ts02) tsi 78 Net movement in funds 10.636 (xi) tsi Total fujjds brought forward Total funds carried forward 9.756 19 20591 16) 20,392 20.935 (li) FIX￿ assets Current assets 5,835 17520 (2,963) 36380 30.683 (46.128) 16,852 (16.8521 Liabiliti45 Share capital Total fwids (12) (2) {Ji) 20.392 20.935 19. Related party transactions Ark made no new grants to its sister Charity Ark Schools (2021122 - £nil) to cover the core sts of the charity to 31 Aubnlst 2023. £1.6m grants were made by Ark in support of Ark Schools. programmes (2021/22 - £6.3m). £0.6m grants were made by Ark in support of Ark Schools. academies (2021122 - É0.4Tn). At the year end, the unpaid grant allocated to Ark Schools wa5 £15.om (2021122- £13.6m), all of which is due in less than one year. The charity also shares its office with Ark SchooLs. with each charity a&sun]ing a reasonable proportion of the costs. Arkholds investments in the MW Eureka Fund. a hedge ￿nd managedby Marshall Wace iLP. Anthony Clake. Sir Paul Marshall and Ian Wace are members of Marshall Wace LLP and are also trustees of Ark. Ark Group received £286k fee rebates from MW Eureka Fund for its Core operations and Edcity (2021122- £483k). This was loo% of the fee charged for managing the investments. The earrying value of all shares sifted to the charity at 31 August 2023 was £7.4m (2021122- £11.5m). No shares were disposed outside of the group during the yeaT. £0.4m (2021122- £2.Im) income was received in the year from the Jagclif Charitable Trust. lan Wace is a trustee of the Jagclif Charitable Trust and is also a trustee of Ark. This ino)me was restrirted to Ark Academy. an Ark Schools academy. Some of the ￿ndS restricted to Ark Academy were transferred to the school during the reporting period. 49

Ark Notes to the Accounts For the year ended 31 August 2023 19. Related party tr￿sactIonS (continued) £1.5m (2021122 £nil) ineome was received in the year from the Sequoia Trust. Sir Paul Marshall is a trustee of the Sequoia Trust and is also a trustee of Ark This in(x)rne was restricted to Ark Start. £0.8m (202II22- £nil) was remaining at year-end and is included in creditors at 31 August 2023. £1.8m (202II22 - £nil) income was received in the year from the Eureka Charitable T￿￿. Anthony Clake, Sir Paul Marshall and lan Wace are tr￿Stee5 of the Eureka Trust and are also trustees of Ark. The income was restricted to Ark Schools. programmes and Ark's bursaries programtne. £1.5m (2021122- £nil) was remaining at year-end and is included in creditors at 31 August 2023. Marshall Wace Asset Management Limited match fimded £2k of donations made to Ark Sehools (2021122- £32k). They also contributed £5k (2021122- £nil)towardsArk core costs. Anthony Clake, Sir Paul Marshall and lan Wace are Directors of Marshall Wace Asset Management Limited. During the year, Ark spent £nil with Summer Islo% Entery)rises tirnited (2021122- £9k). Ian Wace was a director of this Company until 12 January 2023. This amount was fully paid at year end. £55k (2021122 August 2023. £nil) of other trustee donations were re￿]Ved durins the yeaT ended 31 20. Notes to the eonsolidated statement of cash flows Reconciliation of net rnovement in funds to net cash provided by operdting aetivities: Group 2023 £'ooo Croup 2022 E'ooo Net income as per the Stalementof Financial Activities Adjusiments for: (Gains) on investments Dividends, ittte￿t. and rellts from investments Realised gain in the year Expetlditureon etKiowrnents {Ihcreasel in debtr&rs {Deere45e) in ¢￿01t0T$ {ex¢ludingertdoknTrent and loans) Net cash (used in) prO￿ded by operating actI￿tte5 9,273 2A20 (1.777) (408) (709) 950 17)952) (591) (1,24) (1,755) (616) (10,384) .674 4a39 21. Taxation Absolute Return for Kids (Ark} is a company limited by guarantee, registered in England, number 4589451, and i5 a UK registered charity. number 1095322. Given the nature of its actimties. the charity will not be subjeet to income tax or corporation tax on income derived from its charitable activities, as it would fall within the various exemptions available to registered chariti&8. so

Ark Notes to the Accounts For the year ended 31 August 2023 22.Discontinued operations On i September 2022, MESME became an independent eharity and was included within Ark consolidated accounts for the last time in full during the year ended 31 AugLlSt 2022 as shovm below. Year ended 31 Au8USt 2022 Total Eooo Income from: t*>nations and lega¢ies: Grnnts aRd donations Tothl income 1,014 1,014 Expettdltsire on: Charitable activities (1.031) (1.031) Restricted fund balance at i September 2021 Net expenditure for the year ended 31 Ausiist 2022 R¢stri¢t¢d fund ba]an¢e #131 August 2022 513 117) 496 The closing balance of £496k relatins to MESME has been shown as a transfer out in the 2022123 accounts on the face of the statement of financial activiti&s. In addition to the above. GSF became an independent charity and discontinued on i October 2021. The comparative value for discontinued operations as presented on tbe statement of financial activities includes £109k and £109k within income and expenditure resE)ectively. 23. Post balance sheet events In response to the signficant growth over recent years. the Ark Board approved the spin-out of a new organisation that would enable Ark UK Programmes, non-school ventures to be independent and continue to expand. Purpose￿1 Ventureswas set up as an independent chaity and will work to solve intractable ch￿leDgeS in education and society. Aceordingly on i November 2023,the STEMVenture Builder andthe Martingale Foundation movedto this new organisation. For clarity Ark Curriculum Plus and Ark Start will remain part of Ark UK Prograrnmes. In October 2023 EPC transferred all of its programmos to new providers and wound down its operation within Ark. The teatn worked for over a year with the support of ￿nderS and partners to find creative solutions to sustain the long term legacy of their project. many of which now eontinue with new partners. 51

Ark Notes to the Accounts For the year ended 31 August 2023 24. Comparative consolidated statement of financial activities for the year ended 31 August 2022 Year ended 3A-Aug-24 Tot￿1 £'ooo DoAtstiortSOndle4aaes Donations ItsAs6 Donatedserv 993 c￿n[￿bleacti￿ttts 2.365 616 295 Other 9.613 9p644 C•nbiturJt9 owrations 958 20AI6 23ts74 2&22 I￿14 1.0 rotal 2.958 21A30 24Fy88 823 88s (￿aritableachV1lies 45 20￿5 22.234 Tron5Jer51rpAbw To]ch 2OA75 23.119 &2 03L Totol 4782 21ao6 24pl50 Neti1￿ornerCYpell0t￿lfjIRfv goinson inuestmÈrtt¢xndlosxso JL)roign exchang¢ 162) 1224) Xi755 (LossesJoRfore47n Curreiiey tronsoctions 427 N¢sth¢Oin¢/(expeMdi￿ye) &139 (2861 2A20 Rtndm7n¥ers 14 (4641 N¢tJnovementnfftm X,031 (286) 2A20 TotalfyndsbTwhtfvr¥rrf 6.341 32,615 Totolfyrtd*e&Tri¢dJ(vwy7d 4.161 819 6bOSS 35.OJS 52