2022-03-31-accounts

THE KENDRICK FOUNDATION CHARrfY REGISTRATION NO: 309072 THE KENDIUCK FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Pa*1of14

THE KENDRICK FOUNDATION CRIARITY REGISTRATION IYO: 309072 ANIYUAL REPORT AND FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Page of the Tnutee Indep￿d￿l Examiner's Stat•nent of Financ4al Activiti¢s Balance Sheet Cash Flow Statement Notes ￿ the Financial Statemts¢s Page 2of 14

THE KENDRICK FOUNDATION CHARITY REGISTRATION NO: 3119072 TRUSTEE: Mithad Page (Chairn}￿> Marsha Carey- Elms Claire Connell Virginia Cullura Allan Currall Jean Wlic 1108er Garrick (Srt7¢Wy) Jan Nowecki Michael Wail Kath Miller PIUNCIPAL ADDRESS: Kendrick Schcd. London Road. Readin& Berkshire. RGI 5BN INDEPENDENT EXAMINEK. Holy Brc*)k AS8￿￿ateS Curiws Ill FlcKff Pinnacle Buildin& Tud￿ Road, Readin Berkshire. RGI INH SECRETARY. Ro8er Ggrrici Compony S¥rewy. Tr Kendri¢k Trust Ltd BANKEILS: Uiryth TSB. Morkd Ha¢¢ l Marke¢ Place. Readin& Berkshire, RGI 2EQ SOLicfTORS: Clarksle8al. One F¥Ybury squa￿ Th¢ Frybury. Readirt& Berkshi￿ RGI 3EB INVESTMENT ADVISORS: CCL& Swwor 85 Vic¢￿14 Str¢& London EC4V 4ET 3of 14

THE KENDRICK FOUNDATIO1¥ CHARITY REGISTRATION NO: 3091172 REPORT OF ThE TRUSTEE FOR ThE YEAR ENDED 31 MARCH 2022 Trnst Deed The Kendrick F(Amdotiffl forni￿ by a S¢han¢ 4)proved by The Charity Commissioner$ f¢KEn￿Ortd ond Wales dated 9 1998 u In¢￿IfIed by gJbg• ¢xder5 dated 23 January 2￿)2. 7 March 21K)3. 30 March 21KH artd 20th Dewnbu 2017. The F￿ndati(￿l was regist¢rol with the Chority CthnMiMi￿eYS for En81gnd and w￿¢$ on 9 M8r¢h 1998 and VM the r¢815trl￿ Dumbw 3W72. Trn$te¢ The of the Kendrick F￿dation is the Kenthick TrusL a company limited by guarantee. The directors of th¢ Kendrick Tru# durin8 the year under review wtr¢.' Michad Pa8¢ Ichaimian) Ro8¢r Garri¢k (Secretw) Karen Bossom Marsha Carey.Elms Claire Connell Virginia Cullura Allan Currajl J¢4n Elli(t Jon Now#ki Mi¢hAel Wall Keith Miller The number of dire£t(YJ within the Kendrick TTUSt shall not be mcffe than I l and x) lon8 a5 there 5ha]I be less than 2 directors none of the power ￿ discmions vested in the dire￿or$ shall be eXercI￿bIt except the purNx¢ of appointin8 a new director cff alr￿lOr5. Non¢ of the direoors n(ryJ above receive remun4yation for the time Spent on the affAirs of the Foundation. RogeT Garrick was reirnbursed £13 for exprnses incurred in filin8 the annual re￿rn f(Y the Kendrick Trust with Companies H(wse No other (wt of pLKket w(pen5es were paid io. or in resm of. the dirKtors for the year ended 31 March 2022. Dire£tors are reuuited when requiroj from arn(ffl8 people with an in1￿est in Kendrick School. nimninations may be sOu￿t fr(xn the Kendrick Parents. S(Kiety IKPSI or the Kendrick Old Girfs. Association (KOGA). Induction and trainin8 is by means of infonnai meniorin8 by the chairnian and other trnstees. The charity has no employtts. Governnce The directm mea as requir&l. generally once or tivice per ar￿Un￿ to receive report& to oversee and recommend paYffl￿t (Igranw io review the Foundation's investsnent perf¢xmance in the light of appropriate professional ad¥ice and io approve the Fc*Jnthi(ffi's annu￿ accounts and trnstee's repon. There are two committees of dir￿tOrS. The Grants committee considers and deterniines applications for grants within the charity's grani-makin8 wlicy and the Finance c￿￿MIttee regularly reviews invesunent perforn)ance with the Investment Managers. Only very minor d￿lSiOnS are thken without reference to the directors. Page I 4of 14

THE KENDRICK FOUNDATION CHARrrY REGISTRATION NO: 309072 REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 Aim$ Ittd Obje¢iive¥ The aims and thj#iives of the Kendrick F￿ndatI￿ are to advance the thcatiort of the benefi¢iari4 namdy the ￿p118 and fLYmer pupils of Kendrick Girfs. SchLX)] in Reading. The clwity se¢ks to cany ¢JJt its djjeclives by".- i) makin8 to the h(M)i and to current and t#¢nt 5ttulents. The trust norniaily makes •v8ilable up ¢0 /0 of the previ(w year's unrestTiCted income for distribution in the cu￿ent year. ii) rnainlaining the value of its assets for the benefit of future ￿eneratiOnS of Kendtick pupils artd. in particular. to rebuild the capita] vaiue preVi￿$1Y represent￿ by the playin¥ field sold in 2004. Review of ¢hievme#ts duriDg the year I￿ring the year • dimwtion of £12.500 was m4de to Kendrick ￿(m)I towwds the costs of the refurbithment of the swimming pool. 4 grants. I￿￿]ing £875. were made durin8 the year io current and fomier wpi15 towards th¢ir travel ¢osts for WOi#¢$ in Costh Ri¢a artd J•pwK musical ¢du¢atiffi and gainin8 veterinary experience IDveJtment Poliry P¢rformnc¢ duriDi ib¢ year CCLA were appointed the Fwndatson's investment Man￿er at the AGM in June 2015 They manoge the Foundation's fund& cffl a discrdiorbary basi5. closely monitored by the tTUStee. During the year CCLA offered Charities the optson of transferring their inve51ment5 in the CCLA Inv¢5¢m￿t Fund to th¢ CCLA Ethic Invesunent Fund. The tn￿ee3 a8reed to accept thi's OtTer and the transfer to the CCLA Ethic4] Fund was ¢ompl¢ted Ort 2 July 2021 The inv¢siment polivj IS￿ xhieve4 reajonable rnte of retyrn in the ¢ont¢xt of an aLw)thble lev¢1 of risk. The Value of the inve5tmeni portfdio increased durin8 the year by £284.434. in a year when the eci)nomy wa5 Still affectal by Covid restriction. The recoupmeni fund is required by the C.haTiry Commi55ion. to reciwp. ovw 60 years, the 2(KM donatiort of £2.8m io Kendrick School for new sports facilities The original £51K).Im Set a5id¢ for this purp05¢ had 8rown to £1,064.082. at 31. Marth 2022. £842.6W110311hl •bov¢ the tar8¢t of £821,391 nJed to reQ￿p the £2.8m evenly over 00 yea The value clthe rernainin8 pennaneni endowTrenL which Ffowdes the exwdable income. 1$ £1.410,227. Public benefit The Foundation has complied with the duty (sel (xrt in S￿li0n 4 of the Charities Ad 2011) lo have due regard to public benefit guidance published by the Comrnis5ion. It exists to suppon the work of Kendrick School by makin8 wants f(ff activiues coveroj by stand&rd fundin8 The Fwndation &ves annua] travel anls to senior students to enc(xJra8e them to ￿lden their experience and b￿rne more rounded individuals by contrib￿1￿8 to a different culwre and sharin8 their skills for the benefit of oth¢r5. The Fwndation ydd land in 2¢X)4. to finance the ¢￿s￿U￿10n and fitting (xit of a Sports hail at the ￿001. This faality is available to the 8eneral wblic in (wth-of-school h￿r4 at w¢ek¢nd$ artd in school holiday$. Page 2 Sof 14

THE KENDRICK FOIINDATION CFL4RITr' REGISTRA TION NO: 3111072 REPORT OF THE TRUSTEE FOR THE YEAR EYDED31 MARCH 2022 Id¢mtifir•iiom of M4ior R The tru￿¢¢ c(widm the Vafiability of Investsne￿ rdurns on pumanent endowTnffii to conslltuie the harity 5 m•j(Y risk The trus￿ ru￿￿d5 by thkin8 arvr(wri• prdesSiC￿￿l advice and diwersifying i in%.e$￿¢nts in with ￿ch &lhice. Trnitoe'j Respothsbbilltid i# rdmiiott to tht f#Mthci#l ststeffjent$ L4w applic4bl¢ ￿ charities in En￿and and w￿¢$ i¢quires th¢ trustee to prepare financioi siatemenis for each financi￿ yw which Bi¥e a trve and fair %i¢w d ihe ch•ritv's fin&noai atti4'5tie5 during the )ear and of its VMNti(m * th¢ end <￿the ￿¢•[ In prtparing those financial siaiement& the mistee Is requirtsl to. Seleo suitsble •¢¢wnbn8 pdioes and then aFyly them Consien￿y. %lake judgemenis and estsma￿ are reasonknle 4nd prndeni: S￿le wknher 4ppli¢4bl¢ x¢iMmiinB STandards and sthiemenis of Tecornmend¢d pracii¢e hai'e been fdlowed subjta io ￿Y dewres discloxd and expliiDed in the financi￿ 5tstemenis. and Prepare ihe financi￿ Aaiemenis ￿ iht gcin8 ¢(NK¢rn ba>$ unless li 1$ inwwiaie io pregjnie Ihai the chthty will cthiimx in Im￿.ne$S. 10. Restryes Poliry Fdlowin¥ the Mle L￿￿1¥IndIY enthwed land and subsequeni dThwIi￿1 of £2 8m to the Kendrick Schwl and in •¢￿￿danCe with a Chariues CoMmi￿10n (hderd4ttyl 3(P March ?O(M the trusiee iniiially in%.¢￿ed £51KJ.000 in o sepAratt rec￿&¥n¢￿t fithd ar#1 its policy 1$ ￿ increase ihe S.￿Ye of thi5 fun¢L incI￿J1n8 the Teinvesimeni of income frcth 72 69• oftht units held, so ihai ii rexhe5 a i'alue rf £? 8m th¢r e4) yur$ The trusiee s p)lio in rebp¢cI of the baluKe of the thmeni fund is lo pr(yJur¢ •n income that 1$ transferred io an unrevricied fund (Jt of which the 8r￿ts end other apendiNre of the Flwndation can be paid for ihe foreseeable future The truAee S norn)al ￿l1¢Y fcf the unrestricted inc(xne fvnd is th￿ the &m￿JnI of ¥ranis made. in accordance wilh th¢ F(xMdatI￿ s dyl￿1veS. shall n(A exceed ￿,. of the inc(me in the previws year .4nv excess (If income ￿er brants mde 8rtd admini5tro11(￿ COXS poid is fiThtrd to enthble the Troundation, in ex¢epDthwt ¢1rvJms14nca lo Frovide yrjnis exce￿in￿ its norn￿1 p)licy. 12. A¢¢ounts The iNste¢ ￿r￿nn$ th41 th¢ 4¢cwnts comply with.. the wernin8 d￿ument the ststemeni of recommeThJed W￿l1￿-A¢aM1n¢in9 Re￿in8 by Charities. ift 200$ The trI￿ee is resp￿Sible ftr keqKTh8 ¥LYwntin8 records which disclox with rea50n•ble a¢cura¢! at •ny time the financiAI of ihe chaiiry. and tnfftble it 10 ffjgjre thal the finan¢1￿ stgiements cC￿PIY with the Chariiies .4ci O I I li is ￿90 TesFKfflsible f(ff sAft¥uardinB Ihe assas of the Gh•riry and heLKt f(K thktn8 reasonable #eps for ibe PTe%enlion and dete<t' fraud ￿¢1 irre8ulwilÉes .4PPro￿￿l b). the 2022 and Sign￿ ￿ lis beh￿f by". ICHAEL P.4GE Chaimw¢ of The Kendrick Tn 8of 14

THE KENDRICK FOUNDATION CHA ￿ REGISTRATION NO: 309072 Ind•p•n(l•nt Ex•mhff• R•portt0 th• Trust•• ol Th• K¢nthl¢k Foundatlon I r•port to th• trust￿￿ on my •x8nNn•titsn of th• •xourts cl ts K•ndri¢ Foundation forth• y•ar •nd•d 31 M#r¢h 2022 are s•1 QLrt on pages 5- 11. Ro•p•ctlv• R•4ion•lblllll• of l¥utots nd •x•m5n•r The charity truslees are rewrrible for the preparatK>n clthe aLr￿Jn￿. The tharity's trustees consider that an audit is not r•guir•d for this yèar undar 144 01 th? Charl￿ A# 2011 It￿ Charit1•5 Act) and that an indépènd￿1 •xaminalion is n••d•d. It is my r•sptsnsibility to.. •x8min• th• xwnts utyJ•r 145 af t￿ Cl•rili•s A¢1 to lollow the prOc￿￿TeS larfl in Ihe gvnernl drtK)ns gNen th Chwity CMMniuion lund•r a•¢tp)n 145 15llbl of Ihe charrt￿ A(#. and to state ther particJJlar mattern have c4)mfr to my attention B••l• of Ind•p•nd•nt •x•mln•rf• •t•t•m•nt My examinalion was wried ¢Jrt in ￿)rd￿ce wilh general Oire(ions given by the Chanty C￿￿MISSion. An examinalion indud•s a r•viw of th• oKtr￿n11rtg r•cords k•0 th•rty and a comparison of lh• •C¢OLtnls pr•s•nl•¢J wrth Ih¢s• r•cords. It also indudes cwsthratton rf ary unusual iterfns or dtydosuros in the ￿cOunt3 and S￿￿1n9 eX￿ana110n$ from the trustees conc4miThJ su¢ matters. The procekns undertaken do not pfovide all the evidence that would requirtd in •n •udit, Ind ¢onsequentty no wnion ￿ gNen Is to vthethef thts accounts Prts￿nt a Iruts •nd fairt view and tho report is lifflited lo mattern Other matteryd in Con￿1￿ ith the oxaminaiion to ￿lch attention should be drawn in this report in ordef to •n•bl• a prnpw undwst8ndino of th• ac£oJnts to ￿ ro￿￿d. Rachel Eden Chartered Instrtute of Manag•m•rt Aecountants Hoty Bmok Assooates Cuntyjs Lounge 111 Fl¢xr Pin￿¥ Buildino Tudor Road R•adlng RG1 1NH 2022-07-21 Pa8e 4 Pa7of14

THE kTNDRICK FOUNDATION CIIARrrY REGISTRATION NO: 309(172 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Ullrestricttd Permnent Tot1 Tolal Intome Endowthent Yer Ended YeAr Ended Fund Fund 31 Mr¢h 2022 31 March 21121 Noles Income from:. Bank and deposit intrre vidend income 14 53.044 14 53,044 45 50.995 Tot41 incomin8 res￿jr¢eS 53.058 53,058 51.040 Expenditurt on:. Cost of charitable activiti Administr8ti(M Costs 13.375 468 13.375 468 76.000 2.015 13.843 13.843 78.015 Other RffogThiMd G•lni And L G￿n￿(loSSeS1 on InVe￿ment assets- Reaiised Unrealis&l 284,434 284,434 479.828 Net Income I (Expendlturt 39.215 284.434 323,649 452.853 Fund balanc¢s at l April 21)21 13.633 2.789.875 1803.508 2.350,655 Fund Balanees at 31 MAr¢b 2022 52.848 3,1174J09 3,127.157 2.803,5118 Pa8e 5 Bof 14

THE KENDIUCK FObNDATIOL CH.4RITI' REGISTRATIO￿ NO: 309072 BALANCE SHEET.4S AT 31 MARCH 21122 Noiej 31 M•r¢h 2022 31 ,Mreh 2021 Fiied Aststi 3.074.309 ? 789.875 3.074.309 1.789 875 C.urre•l .4wts Cash held bb. Inbe#meni Man•8%¥ Cash ai Ll(ryds bank 13.078 2.512 3.085 $3.221 Credltors: f•llini o•e yer 10 (J73) 11,9S7} Net Curreot AIKts 2.848 13.633 Tot1 A$411 Irjx C¥rrrni 14bilili 3.127.141 2,803.$08 Repmtnled by: Unresirided income fund P£m)ar￿n1 eNlowrneot fund 4?.848 3.074.309 lJ.63.1 2.789.87S 3.127.157 2,803,508 Approved by t 2022 •nd SI￿¢￿ on its betr￿f by.. 2J> IL I￿￿ed) ￿lIcHAEL PAGE Paye 6 9of 14

THE KENDIUCK FOUNDATION CHARITY REGISTRATION NO: 309&72 CASH FIL)W STATEMENT FOR YEAR ENDED 31 MARCH 2022 F4ot¢ 31 Marth 2022 31 M•r¢h 2021 Cajh gentrlted for Op¢rti•t A¢tivilies Net cash (used in) Operatin8 Acti¥itie$ 14 (15.427) (77.957) Cash flows from Inv¢sling Activities Dividends, inieresi and rellts from invemments 14Jrchase of prop¢rty, & tyuipmeni Net cJh provided im) invu¢in8 elivi¢ 53.058 51,040 51.040 Csh flows from FittnciNg Activities Repayments of bo￿o￿￿ng J¥et eAJh provlded (uxd ID) finocin¥ aetivitl Change om eih Athd wuivalents in the yer CAJh It bnk Ind bnd al start of year 1 b•nk in hand It end of ytr IS590 53.221 42.507 Pa8e 7 10 of 14

THE KENDRICK FOUNDATION CBARrrY REGISTrATION NO: 3091172 NOTES TO THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 MARCH 2022 Acto￿ntIng Policies The financial statements a￿ under the htSWical c05t convention wtth item$ rwised at cost or transaction value unless otherwise ststed in the ￿￿•￿t n(rte5 to these ac¢ounls. The financial statements have been prepared in accordance with the Ststemeni of Recommend￿ [tra￿l¢e .' Accounting and Reporttn8 by ClJaTiues wep4rin8 thetr accojnts kn a¢¢ordan¢e ￿1th the Financi￿ Reporting Standard applicable in the UK and Republic rflreland IFRS 1021 issued on 16 July 2014 and Financial Reportin8 Standard applicable in the Unit¢d Kingdixn and Rybli¢ of Irdand (FRS 102) and Charities Aci 2011. The Kendri¢k F(Kmdatioft constittLt¢$ 4 wblic benefii ￿tity as defined by FRS 102 . All invesirnents are st￿ed at mid-rnarket value ￿ the ba14nce sheet date. The rnovemertt in the Staiemeni of Financi￿ Adivities comprises both r￿]sed and Unrealis￿ 8wns and10sses. Bank interest is ac¢Lwnted for an I¢¢n￿lS basis. Investsnent inme is accLwnied for whM received. R￿0Very of deducted (ffl intvex weived is aCC￿nted when rKe4ved Donaticffi$ are re¢ryiised and applied to the TnM Fund whm ￿e1ved. Grants and donations are I￿r￿nied for when approved. Administritive exwidibjre is for on an accnJo1$ ba9iS. Liabilities we wised on ￿ a¢¢n￿lS hsis. Permrteo1 ETrdowrnent The peMan￿1 endowment fund relates to the vdue of the land and assets Origin￿]Y don4ied to the Foundatiort The land wL8 disfftj of during the year 2(Mm￿S The Charity Commissioner5 direaed by order on 30 March 2tNM th&t £sc￿.¢￿ of ihe pr￿C￿lS be irtvesityJ with the purpose of &c¢umulating a fund of £2.8m over 60 years io re¢wp the CO￿ of donations to Kendrick School in resP¢Ct of a5S151ing in ¢on5trufflion of new SPLYts facilities. The balance of the pumanent endownent fund 1$ applied in accordan¢¢ with the ¢AJjeas of the F(wnd8li￿. Ineome F￿rtd {Unrestrlcted) The Incom¢ Fund represents fund$ ty be used for the poymcnt of 8rant& donations and administrative expenses of the F(Amdation. Dontlons Giftj No don￿l0￿S wffe received durin8 the year. Bank nd DepoJi¢ Interest Yer 10 31 M*r¢h 2022 Year to 31 Mar¢h 2(121 Rex¢ived by Unrestr1¢t￿{ Funds 14 45 Page 8 PaGE11of14

THE KENDRICK FOUNDATION CHARITY REGISTrATION NO: 31)9072 NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR EJ¥DED 31 MARCH 2022 Yer to 31 Mreh 2022 YeAr ¢0 31 March 2021 CCLA InN'estsnent Fund Propffiy Fund 40.584 44.996 53.044 50.995 inveslment Income rttaved f(Y urtre5trici￿ Fund$ 53.044 50,995 Cost ofChri¢ablt Activlties t￿ring th¢ yew the rnade donion$ to KendTick Sch&Jl ￿£12.5(￿) fw the refuTbi5hment if the swimming and made gran￿ to 4 Mudertls ￿allIng £873. All charitabl¢ tsp¢ndIts￿e in 2022 and 2021 was from unrestricted fund$. Adminbtrltion Costs Yur i• JI Ma￿h 2022 locome Ftythd EAdowment Fund Year to 31.3.2021 Total Independent Exarniner's rernuneNion Sundry exp￿5 Data Prot¢dion office Fee 420 13 35 420 2.LYJ2 13 35 468 2.015 Adminisiriiion costs yle 31.3.2021 2.015 No remunerntion was paid to th¢ truste¢ durin8 the current wiod ff pr¢vi(w$ ye4rs. Ther¢ w¢re no employees durin8 the year. Page 12 of 14

THE KENDRICK FOUNDATION CHARITY REGISTrATION NO: 3091172 NOTES TO THE FINANCIAL STATEMEYTS FOR THE YEAR EIIDED 31 MARCH 2022 Investments It Market Val￿e Yer to 31 Mrch 2022 Year to 31 M*rch 2021 CCLA- COIF Investment Fund CCLA - COIF Property Fund 2.924.663 149.646 2.659.667 130.208 3,074.309 2.789.875 At 31 March 2022 the purchase cost of the investsnents held was as follows.. Cost of invethen 1.849.191 1.849.191 Market value of invesEments ￿ wi of year 2.789.875 2.310.047 Realisoj Bain$ l (losses) Unrea]isod gains l {losses) 284.434 479.828 Markffl value of investtnents ￿ end of year 3.074,309 2.789.875 Assd All￿tic￿ of Invesunents held Overseas Equities UK Equities Property InfraStruc￿re & OpwatinB Asse Contractual & Other Income Privale Equity & Other Fixed intere 63.8 i(x).o ILKJ.O 10. Creditorj: fallin8 due within one year A¢¢n￿lS 373 .957 373 ,957 Pag¢ 10 13 of 14

THE KENDRICK FOUNDATION CHARITY REGISTRATION NO: 309072 NOTES TO THE FINANCIAL STATEMEN15 FOR THE YEAR £￿DED 31 MARCH 2022 Anlyiii of B#liAees Pennlnent Endowmeni Fund Totl Fundi Fund Invesm)ents Cash held by InVeS￿¢nI Man18 Cash at Lloyds bank Crejjitors 3.079.309 3.079.309 50.136 3.085 (373) 50.136 3.085 (373) 52.848 3.074.309 3.127.157 The Pem4nWti Endownent Fund CL￿91$1$ of the fdlowin Recojpment fund Amwnt (Yiginally invested in 2W4 InC￿e and 8ain3 in years 2004- 2021 Unreaiised invesunent sain5 1 (losses) in yw 2022 5(X).O(K) 999.728 164.354 Rec(￿Pment Fund ￿ 31 March 2022 Balanc of Endowmmt Fund at 31 Ma￿h 2022 1.664.082 .410.227 Totsl Pernwient Endowment Funds 3,074,309 12. Post BAlance Sheet Events There were no p05t balance sheet events 13. RelAied Prty T￿￿￿£110￿3 Uliithte Controllin8 Prty The tru￿¢¢ of the Kendrick F(NJndatiiffi is the Kendrick TTUSL a Company in¢orporaigJ by Bu&ran￿. (Comparty number 3517162) The direthm ofthe Kthdri¢k Tru$L as notgj on pa8e I, are re$pon$ible for the management of the F￿Jnd￿]0n. There were Tbo rela1￿j party transa¢tion5. 14. Reconciliation ofnet movement in funds to Trel cmh flow from oper¢in8 cliviti¢J 31J.2022 31.3.2021 Ntt infomt /{txptDdltU￿ l as per ibe 50FA Adjustments foT:_ Depreciation char8es Dividends. interest and rents frorn investhlents {GaiTrs) l Losses on inVes￿ents {In￿eaSe) I dwrease in debiors Increase /{de￿eaSe) in creditus 323.649 452.853 153.058) (284.4341 {51,040) (479,828) {1.584) 58 Net Cash in) operating activities 427 Pa8ell 14 of 14

Signature Certificate

Reference number: 3RZJ6-7SAOA-RWYP8-E8ZFX

Signer

Timestamp

Signature

Rachel Eden

Email: [e-mail]

Sent: 21 Jul 2022 20:22:00 UTC Signed: 21 Jul 2022 20:22:00 UTC

IP address: 80.3.208.136 Location: Reading, United Kingdom

Document completed by all parties on: 21 Jul 2022 20:22:00 UTC

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