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← The Corcoran Foundation

2024-12-31-accounts

THE CORCORAN FOUNDATION (Registered Charity No. 1174167 and Company No. 10764357) ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RAWLINSON & HUNTER

THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Annual Report of the Trustees Independent Examinerfs Report Statement of Financial Activities (including Income and Expenditure Account) Balance Sheet Notes to the Financial Statements 9-14

Page 1 THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and the independently examined financial statements of The Corcoran Foundation ("the Foundation" or'lhe charitable company ), for the year ended 31 December 2024. These have been prepared in accordance with the accounting policies set out on pages 9 to 11 and comply with applicable charity law. The financial statements comply with the Charities Act 2011 and where applicable, the Charities Act 2022, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("Charities SORP FRS 102"), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102). REFERENCE AND ADMINISTRATIVE DETAILS The Corcoran Foundation, (registered charity number 1174167 and company number 10764357) is based and administered in the United Kingdom. The registered address is Third Floor, 20 Old Bailey, London, EC4M 7AN. Directors and Trustees: The Directors and Trustees of the Foundation who held office during the year and continue to serve at the date of this report are: V V Corcoran J B Corcoran O H J Corcoran The Trustees did not hold any beneficial interest in Ihe Foundation at 31 December 2024 or at any time during or since the period. Bankers: Coutts & Co 440 Strand, London, WC2R OQS Solicitors: Withers LLP 20 Old Bailey, London, EC4M 7AN Investment Managers: Coutts & Co 440 Strand, London, WC2R OQS Accountants: Rawlinson & Hunter LLP, Chartered Accountants Eighth Floor. 6 New Street Square, New Fetter Lane. London, EC4A 3AQ Independent Examiner: Yueling Wei FCCA Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ

Page 2 THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Foundation is a private limited company governed by its Memorandum and Articles of Association and is registered as a charity with the Charity Commission for England and Wales. The Trustees are resident in the United Kingdom and meet regularly to discuss and develop the Foundation's goals and strategy and to review grant proposals and general grant requests. The number of Trustees shall be a minimum of two at any one time and new Trustees shall be appointed by ordinary resolution by the existing Trustees. The range of skills represented on the Trustee Board will be kept under review as the Foundation develops over time. Induction and Training As part of their training, Trustees are given an infomiation pack which includes the Foundation's Memorandum and Articles of Associalion and the Charity Commission guidance on Trustees, Responsibilities. All Trustees are aware of their legal duties and obligations in respect of the management of the Foundation, including in relation to the protection of its assets. Statement of Trustees. Responsibilities The Trustees (who are also Directors of The Corcoran Foundation for the purposes of company law) are responsible for preparing the Annual Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi￿). Company law requires the Trustees to prepare financial statements for each financial year. Under Company Law the Trustees must not approve the financial statements unless they are satisfied that comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'lrue and fair view, which is not a matter considered as part of an independent examination, including the income and expenditure, of the charitable company for the period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP (FRS 102}. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3 THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Internal Conlrols The Trustees have overall responsibility for ensuring that the Foundation has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements follow best practice and all applicable law regulation and guidance. The Trustees are also responsible for the Foundation safeguarding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The system of internal controls is designed to provide reasonable, but not absolute. assurance against material misstatement or loss. Risk Management & Corporate Governance A risk assessment has been undertaken which comprises: An annual review of the risks the Foundation may face; The establishment of systems and procedures to mitigate those risks. and The implementation of procedures designed to minimise any potential impact on the Foundation should those risks materialise. This continuing process will identify risk areas to which the Foundation is vulnerable and highlight any ne￿$sary safeguards that will need to be put in place. No major risks were identified at the date of these accounts. The Trustees have signed fit and proper declarations in line wÉth HMRC guidance. In addition, the Trustees have taken due consideration of Good Governance A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are: Organisational purpose- Leadership; Integrity. Decision-making, risk and control Board effectiveness; Equality, diversity and inclusion. and Openness and accessibility. The Trustees recognise that good governance plays an essential part in securing the future of the Foundation and confirm that the said principles of the Code are followed by them in leading, directing and managing the Foundation.

Page 4 THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the Foundation are such exclusively charitable purposes as the Trustees may in their absolute discretion determine. The Foundation operates as a granl-making charity, supporting charitable projects and organisations with grants of varying sizes and durations. The Trustees have developed a solid framework for future granl-making activities and have refined their grant-making focus areas. The Trustees have pursued a broad strategy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate terms and conditions. Statement of Public Benefit As a grant-funder, the Foundation's activities will provide public benefit to the individuals and communities who are beneficiaries of Ihe Foundation's funded projects. The Foundation's public benefit is not limited with reference to geography, by the charging of fees or otherwise. The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the Foundation's aims, activities and achievements in the areas of interest that the Foundation supports demonstrates Ihe benefit to its beneficiaries and through them to the public, that arise from those activities. Grant Making Policies The Trustees, grant making policy has been to generally consider making donations by way of direct funding and also by way of grants to charitable organisalions recognised as such in their respective jurisdictions for projects that are exclusively Gharitable under English law. The Foundation has begun to put in place sound grant arrangements so that it can continue to properly select appropriate grantees and impose prudent terms on grants, including, as appropriate, monitoring and evaluation of the way in which funds are applied by grantees. ACHIEVEMENT AND PERFORMANCE Investments The assets of the Foundation consist principally of quoted investments and cash and these are collectively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over the previous years, market value of these investments is recorded in the Statement of Financial Activities. As at 31 December 2024, the value of the Foundation's inveslments was £6,800,298 (2023 - £6,589,662) including cash under management. Investment performance is monitored by Coutts & Co who report their findings to the Trustees quarterly.

Page 5 THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE (contlnued) Charltablfr Activities Direct charitable expenditure for the year lotalled £1,081,777 (2023 £188,948) which includes donations totalling £1.070,565 (2023 - £177.418) to a variety of organisations based in the UK and one grant to an individual, as well as the Foundation's governance costs. All grants were paid in line with the policies sel out in Section 3 of this report. Objectives and Activities. A full list of grants made during the year is shown on pages 12. The accounting treatment in respect of grants is in line with that set out in the applicable statement of recommended practice. FINANCIAL REVIEW The Statement of Financial Activities on page 7 shows total incoming resources for the year of £188,499 (2023 - £185.154), charitable activities of £1.081.777 {2023 - £188,948) and expenditure on raising funds of £40,474 (2023- £38,540}, comprising investment managementfees. Governance costs amounted to £11.212 (2023 - £11,530) and are included within charitable activities. The balance of reserves at 31 December 2024 is £6,138,398 (2023 - £6,653,613). Reserves Policy The Trustees have examined the Foundation's requirement for resources in light of the main risks to the organisation. The Foundation has no outstanding commitments or cash demands which are not adequately covered by existing resources. The net assets of the Foundation are regarded as unrestricted reserves and the funds at 31 December 2024 will be retained to make grants in accordance with the Foundation's charitable objects and any policies. The Trustees consider that the freely expendable funds are appropriate and adequate taking into account plans for grants to be awarded in future and have at present therefore not designated any specific reserves. However, the Trustees will keep this under constant review. In future years, a specific reserves policy may be required. PLANS FOR THE FUTURE The Trustees do not propose to deviate from the current objectives and activities of the Foundation as detailed in Section 3 of this report but will further develop and refine their strategies, policies and procedures in future. In preparing this report, the Directors have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006, pro by he ru tees on 20 JortÉ2Lg26and slgned on their behalf by: J B Corcora

Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CORCORAN FOUNDATION I report to the Trustees on my examination of the Financial Statements of the Corcoran Foundation ("company" or"Charity") for the year ended 31 December 2024 which are set out on pages 7 to 14. Responsibilities and Basis of Report As the Charity Trustees of the company (and also ils directors for the purposes of company law) you are responsible for the preparation of the Financial Statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your company's Financial Statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or the Financial Statements do not accord with those records., or Ihe Financial Statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent ex8mination" or the Financial Statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their Financial Slatements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the Financial Statements to be reached. ueling Wei FCCA Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ

Page 7 THE CORCORAN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (Includlng Income & Expendlture Account) FOR THE YEAR ENDING 31 DECEMBER 2024 Unrestricted Unrestricted Funds Funds 2024 2023 Page Income from: Investments {note 2) 188.499 185,154 Total Income 188,499 185,154 Expendlture on: Charitable activities (note 3) Raising funds (note 4) 12 12 1,081.777 40,474 188,948 38,540 Total Expenditure 1,122,251 227,488 Net gain on investment assets (note 5) 13 419,546 412.872 Net {expenditure)lincome (514,206) 370.538 Other recognised losses Loss on foreign currency movement (1,009) (3,592) Net movement in funds (515,215) 366.946 Reconcillatlon of funds Total Funds Brought Foward at 1 January 2024 6,653,613 6,286.667 Total Funds Carried For4vard at 31 December 2024 £ 6,138,398 £ 6,653,613 All amounts relate to continuing operations. There were no recognised gains and losses for the years ended 31 De￿mber 2023 and 2024 other than those included in the Income and Expenditure Account. The notes on pages 9 to 14 form part of the financial statements

Page 8

THE CORCORAN FOUNDATION

(Registered Charity No. 117 4167 and Company No. 10764357)

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2024

Page 2024 2023
Fixed Assets: £ =
Investments and cash under management (note 5) 13 6,800,298 6,589,662
Total Fixed Assets 6,800,298 6,589,662
Current Assets:
Debtor (note 13 664 660
6) 13 29,943 92,970
Cash at bank
(note 7)
Total Current Assets 30,607 93,630
Liabilities:
Creditors - amounts falling due within one year (note 8) 13 (218,299) (29,679)
Total Assets less Current Liabilities: 6,612,606 6,653,613
Creditors - amounts falling more than one year (note9) 14 (474,208)
Net Assets £ 6,138,398 £ 6,653,613 £ 6,653,613
The funds of the charity:
Unrestricted funds 6,138,398 6,653,613
Total Charity Funds 7 £ 6,138,398 £ 6,653,613 £ 6,653,613

For the year ended 31 December 2024, the company was entitled to exemption under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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Page 9 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES The Corcoran Foundation, (registered charity number 1174167 and company number 10764357) is based and administered in the United Kingdom. The registered address is Third Floor, 20 Old Bailey, London. EC4M 7AN. Basis of Preparation of Financial Statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("Charities SORP FRS 102.), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and where applicable. the Charities Act 2022, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The Foundation constitutes a public benefit entity as defined by Charities SORP FRS 102. The Foundation has applied the provisions set out in FRS102 as published on 5 October 2019 and does not include a cash flow statement on this basis. The financial statements are prepared on a going concern basis underthe historical cost convention. modified to include certain items at fair value. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. In applying the financial reporting framework, the Trustees may have to make a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable underthe circumstan￿S. The nature of the estimation means the actual outcomes could differ from those estimates. No significant estimates and judgements have been made. The financial statements are presented in GBP which is the functional currency of the Foundation. Investments Quoted investments are included at closing mid-market value at the Balance Sheet date. Realised gains and losses on investments are recognised on disposal on investments and any gain or loss on revaluation is taken to the Statement of Financial Activities (SOFA). The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the accounting period. Mid-market values are provided by independent data feed rather than investment manager valuations. Cash held for investment is included within the Fixed Assets Investments in accordance with the applicable statement of Recommended Practice.

Page 10 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES {continued} Income Recognition Investment income is derived from interest and dividends receivable from investments and is accounted for in the period in which the Foundation is entitled to receipt. Interest from deposit accounts are included when receivable only. All incoming resources are included in the SOFA when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. Resources Expended All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligalion committing the Trustees to the expenditure. Charitable activities comprise grants and donations made and governance costs incurred during the year and are expended through the SOFA when the offer is conveyed to the recipient. Governance costs relate to the general running of the Foundation, as opposed to the managemenl functions inherent in generating funds. Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value. Status of funds The entire resources of the fund are unrestricted and the Trustees have complete discretion for their use in pursuance of its objectives. Foreign currency Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions denominated in foreign currencies are converted at the rate of exchange ruling al the date of the transaction. All translation differences are taken to the Statement of Financial Activities as they arise. Taxation The Foundation is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and re￿1vable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are within borrowing in current liabilities.

Page 11

THE CORCORAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (continued)

Provisions

Provisions are recognised when the Foundation has an obligation at the Balance Sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The current uncertainty in the global economy arising from geopolitical conflicts have increased financial pressure on charities. The trustees have however considered the contingency plans in place, the level of funds held and the expected level of income and expenditure for twelve months from the date of signing of these financial statements. The trustees are satisfied the forecast income and reserves are sufficient to cover all of the budgeted expenditure to be able to continue as a going concern. The trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

Judgements and key sources of estimated uncertainty

In preparing these financial statements, the trustees have to make judgements on how to apply the Foundation's accounting policies and make estimates about the future. The critical judgements that have been made at arriving at the amounts recognised in the financial statements and the key areas of estimation uncertainty that has a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year, are discussed below:

Page 2024 2023
£ £
2. INCOME FROM INVESTMENTS
UK and overseas securities income 178,058 169,847
Deposit interest 10,441 15,307
7 £ 188,499 £ 185,154

Page 12 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 EXPENDITURE ON CHARITABLE ACTIVITIES Grants Awarded: National Gallery Whitley Fund National Theatre Intouniversity British Academy Family Action British Museum Victoria and Albert Museum Wallace Collection British Library Old Victoria Theatre Clement James Centre Cancer Research UK National Portrait Gallery K C Foundation Place2Be Tusk Trust Limited Rugby Portobello Sutton Trust Marcus Omoro Donmar Warehouse L'Arcobaleno di Maddi (Maddi's Rainbow) Great Ormond Street Hospital Care International - Ukraine Make the Leap Discount arising on long tenn commitments Exempt Reg. Charity no. 1081455 Reg. Charity No. 224223 Reg. Charity No. 1118525 Reg. Charity No. 233176 Reg. Charity No. 264713 Exempt Exempt Reg. Charity No. 1109802 Exempt Reg. Charity No. 1072590 Reg. Charity No. 1009253 Reg. Charity No. 1089464 Exempt Reg. Charity No. 1165579 Reg. Charity No. 1040756 Reg. Charity No. 1186533 Reg. Charity No. 703163 Reg. Charity No. 1146244 909,100 61,000 37,443 32.421 22,748 5,000 5,000 4,700 4,350 2,250 2,250 1,100 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 995 9,100 63,188 36,943 30.500 5.000 1,000 1,000 2,500 2,500 1,000 1.000 1,000 Reg. Charity No. 284262 8,687 8,000 5,000 1.000 Reg. Charity No. 1160024 Reg. Charity No. 292506 Reg. Charity No. 1058648 (25,792) Total Grants Awarded £ 1,070,565 £ 177,418 Support Costs Accountancy fees Legal fees Independent examination fees Bank charges 7,700 1,989 1,500 23 8,742 1,320 1.200 268 11,212 £ 11,530 Total Charitable Activities £ 1,081.777 £ 188,948 EXPENDITURE ON RAISING FUNDS Investment management fees LEI fee 40,198 276 38,540 40,474 £ 38,540

Page 13 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 FIXED ASSETS Investments and Cash under management Investments at market value at 1 January 2024 Additions at cost Disposals at carrying value 6,229,547 726,691 (733,729) 5,813,246 552,816 (549,387) 6,222,509 5,816,675 Realised (loss)Igain on disposals Unrealised gains on revaluation (52.361) 471,907 1,825 411.047 Net Gain on Investment Assets 419,546 412.872 Market value at 31 De￿mber 2024 6,642,055 6,229,547 Cash held for investment 158,243 360,115 Total Value at 31 December 2024 £ 6,800,298 £ 6,589.662 Historic Cost at 31 December 2024 £ 5,653.767 £ 5,713,165 DEBTOR Prepayments 664 £ 660 CASH AT BANK Coutts business current account 29,943 92,970 CREDITORS . amounts falling due within one year Donation Commitments Investment management fees Accountancy fees Independent examination fees 200.000 10.299 6,500 1,500 8,687 9.472 9,120 2,400 218,299 29,679

Page 14 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 CREDITORS - amounts falling due in more than one year Donations commitments due between 2 and 5 years 474,208 10. CHARITABLE ACTIVITIES- GRANTS PAYABLE There were two outstanding donation commitments as at 31 December 2024 in the amounts of £300,000 and £400,000 (2023: £8,687 (É10,000)). These amounts are payable in equal tranches over the next three and four accounting periods respectively. The payments due in more than one year have been discounted to their present value. 10. RELATED PARTY TRANSACTIONS No donations were made by the Trustees to the Foundation for either the current year or previous period. No Trustee received any remuneration during the year to 31 December 2024 {2023 - £nil). 11. ULTIMATE CONTROLLING PARTY The Trustees consider that the Foundation is jointly controlled by the Trustees and that there is no ultimate controlling party.