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2022-12-31-accounts

Charity registration number 312703

DAME ALICE OWEN'S FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

DAME ALICE OWEN'S FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee

The sole Trustee of the charity is The Master and Keepers or Wardens and Commonalty of the Mystery or Art of Brewers of the City of London.

Charity number

Charity number 312703 Principal address Brewers' Hall Aldermanbury Square London EC2V 7HR Auditor Myers Clark Egale 1 80 St Albans Road Watford Hertfordshire WD17 1DL Bankers Lloyds Bank plc Solicitors Hempsons Solicitors Farrer & Co LLP Investment advisors Newton Investment Management Limited

DAME ALICE OWEN'S FOUNDATION

CONTENTS

Page
Trustee's report 1 - 10
Statement of Trustee's responsibilities 11
Independent auditor's report 12 - 14
Consolidated statement of financial activities 15 - 16
Group Balance Sheet 17
Charity Balance Sheet 18
Consolidated statement of cash flows 19
Notes to the financial statements 20 - 34

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustee presents its report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Scheme, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - SORP FRS 102 (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The purposes of the Foundation under the new 2001 Scheme are to support

The Foundation furthers its charitable purposes for the public benefit through its grant making which aims to improve the lives of young people aged 5 to 18. The Foundation carries out this programme in association with the Governors of Dame Alice Owen’s School and the London Borough of Islington.

GRANT MAKING POLICY

The Foundation has established its grant making policy to achieve its aim to improve the lives of young people between the ages of 5 and 18 for the public benefit.

The governing Scheme defines the minimum proportion of net divisible income that must be awarded to Dame Alice Owen’s School and Islington projects.

The Trustee reviews the grant making policy each year. The review examines what has been achieved and the outcomes of the Foundation’s work in the previous 12 months. The review looks at the success of each activity and the benefits that have been brought to the various groups of students. Members of the Trustee visit Dame Alice Owen's School and the London Borough of Islington during the year to see projects being supported by the Foundation in action. Members of the Trustee are also steering group members on various projects in Islington and are also Governors of Dame Alice Owen's School.

Our policies for 2022 were that:

Bids for grants are made to the Trustee. The Trustee works with an Advisory Committee, which includes representatives from the Brewers’ Company, Dame Alice Owen’s School, the London Borough of Islington and three independent representatives from the University of London. The Advisory Committee reviews the bids submitted to the Foundation and gives its advice on those bids to the Trustee. The Trustee considers all bids that are in line with the Trustee's grant making policy together with the recommendations of the Advisory Committee and decides which bids will to be supported. Distribution is made on a following year basis i.e. income accumulated in 2022 is distributed in 2023.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR GRANT PROGRAMME DELIVERED PUBLIC BENEFIT

DAME ALICE OWEN'S SCHOOL

Donations to Dame Alice Owen's School amounted to £855,815 for expenditure in the school year 2022-23 (2021: £840,818 for school year 2021-22 and £44,000 as an additional one-off digital divide grant for the year 2021), being split between capital expenditure of £165,244 (2021: £165,244) and revenue expenditure of £690,571 (2021: £675,574 plus additional £44,000). An update on how these funds have been spent will be provided to the Advisory Committee in November 2023. A summary of how the Foundation’s unrestricted grant of £840,818 in 2021 for the school year 2021-22 was spent, is set out below.

Teaching Block (£155,244)

• This funding continued to pay the scheduled repayment instalments of the CIF loan awarded to help finance the building of the Brewers’ Education Centre, and continued to replenish the building reserve fund as planned.

IT (£10,000)

• The stock of Teaching TVs has also been increased, further enhancing learning in the classroom. These have been fundamental in ensuring the students were as re-engaged as they could be on their return to postCovid normality in the classroom.

Non-Teaching Salaries (£164,024)

− The Cover Team which worked harder than ever in 2021-22 covering lessons for colleagues who were unwell or isolating, or who were having to look after young children who were unwell or isolating. They learnt how to facilitate lessons where teachers were remoting in, as well as how to navigate teaching under COVID restrictions. They took an additional burden away from the teaching staff who would have had to cover even more lessons themselves in their precious few non-contact periods. Whilst unexpected cover is difficult for staff in any given year, most of this time in 2021-22 was needed to be spent on the design, marking and moderation of a series of assessments required by the DfE in case public examinations were to be cancelled again. This made the availability of the Cover Team all the more important as it reduced another burden of stress from the teaching staff allowing them to focus on what their students needed most, ultimately resulting in the best examination results the School has ever seen.

Recruitment and Retention, Including Specialist Teaching and SLT (£286,930)

Education Health and Care Plan (ECHP) Students and Students With Additional Needs (£77,661)

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR GRANT PROGRAMME DELIVERED PUBLIC BENEFIT

Dame Alice Owen's School (continued)

• Foundation funding has helped the School run programmes and employ Learning Support Assistants as well as an excellent Special Educational Needs Coordinator who are able to support students, teachers and parents to bring about exceptional outcomes for these young people.

Social, Emotional and Disability Support For Students (£22,367)

• The documented impact of COVID on young people’s mental health has not been exaggerated. Foundation funding was used to support Pastoral Manager salaries, as well as a pastoral secondment position, together with counselling costs, which have unfortunately doubled this year in a bid to mitigate the impact of the lockdowns on the mental health of many students.

• The pastoral secondment set up an amazing peer to peer support mentoring programme where the younger students are mentored by trained 6th formers.

• The School has been commended by Worth-it Positive Education, a Community Interest Company supporting schools, settings and organisations to improve children and young people's wellbeing, and has been held up to others as a beacon of exceptional practice.

Additional Support For Looked After Children (LAC) (£13,363)

• This support helped to provide a safe space for homework to take place, as well as additional support for these students with lessons and their mental health. LAC are amongst the most complex and those the School need to look out for the most. This funding ensures that the School can do this more thoroughly.

Maths and English Intervention (Including Yr 10) (£32,490)

• Students have benefitted from additional support put in place to help those who struggled during lockdown catch up with work they found difficult to understand away from their teacher and class. The ‘teach me to teach’ programme teaches 6th form volunteer mentors the basics of teaching before being assigned to younger students to support in a number of ways.

• Study leave support was put in place for a number of the neediest students. The scheme provides a supportive space for the young people and ensures that they have the resources they need to do as well as they can.

Additional Teachers to Maintain Group Sizes at KS 4&5 (£55,239)

• The School was able to ensure smaller class sizes at GCSE and A level. As a result, students were able to receive the attention they needed as staff were not overwhelmed with the number of students requiring their attention. Lower sets can be significantly smaller allowing for additional attention in lessons and a less intimidating atmosphere.

Entrance Exam (£23,500)

• Funding allowed the School to run its entrance exams correctly, efficiently and accurately, ensuring that an appropriate pool of students was examined, to whom the 65 academic places could be offered.

• The increase in students requiring individual rooms (and hence additional invigilation) due to anxiety or other diagnosed needs has increased dramatically, the School is therefore seeing increasing costs associated with this essential part of its work.

EDUCATIONAL PROJECTS IN ISLINGTON

Donations to educational projects in Islington amounted to £473,095 for expenditure in 2022/23 (2021: £473,095 for expenditure in 2021/22 and a one-off digital divide grant of £132,000 in 2021). Overall, Islington children continued to make good progress in 2022 and the contribution to these successes made by the projects funded by DAOF in 2022 remains significant. A summary of how the Foundation’s grant of £473,095 awarded in 2021, spent in 2021/22 is set out below.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR GRANT PROGRAMME DELIVERED PUBLIC BENEFIT

Educational Projects in Islington (continued)

Guildhall Young Artists Islington (GYAI) (£81,109)

GYAI aims to deliver Music Education Islington (MEI) Music Centres across the Borough. MEI Music Centres are an ambitious bespoke music initiative aimed at improving the equity and standard of music making for primary school children across the London Borough of Islington. Led by a team of teachers and artists from Guildhall School of Music & Drama – one of the world's leading conservatoires and drama schools – the programme provides affordable enrichment and progression for students by providing them with playing and performing opportunities throughout their school life. The programme particularly targets disadvantaged children and young people of primary school age by removing the barriers that would prevent them from participating.

• The academic year 2021-22 was the first year uninterrupted by lockdowns since 2020, although the autumn term still saw disruptions due to increased distancing in schools, limits to numbers of visitors to schools (including tutors) and change or postponing of events due to high-risk of infections and impact of extreme weather.

• Other projects for children and young people in challenging circumstances included the “My Voice and Me” primary-secondary transition project and an audio-visual project for young people who had experienced extreme trauma and were identified as at risk of offending.

• Open access holiday courses (Music Makers Lab) and the Music Centre Summer School continued this year and MEI had its first jazz summer school.

Music in Secondary Schools Trust (MiSST@Islington) (£199,971)

MiSST@Islington aims to:

• In addition to the Andrew Lloyd Webber Programme, MiSST funded and provided the following musical opportunities for students from Islington schools:

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR GRANT PROGRAMME DELIVERED PUBLIC BENEFIT

Educational Projects in Islington (continued)

Upward Bound (£147,688)

The Islington Upward Bound Scheme involves the Local Authority, schools and London Metropolitan University (the local Higher Education institution) working in partnership to offer a comprehensive Saturday study programme in core skills (English and maths) to enable students who would otherwise struggle to reach good levels in these subjects. The programme aims to raise aspiration and attainment for targeted groups from Islington secondary schools.

Summary of Outcomes

• Delivery Format

An Upward Bound alumnus was appointed as the Lead Peer Mentor in October.

− Ten new Year 12 Peer Mentors completed 6 weeks of in person training in the autumn term and joined the team in January.

− Year 13 Peer Mentors returned in October and were supporting Year 10 students. They were also supplied with 1 to1 support as they embarked on the university application / selection process.

− Peer Mentors supported the London Borough of Islington’s cultural enrichment 3rd Birthday event in March.

• Student Recruitment

− A hybrid blend of in-person and online assemblies took place in schools and online induction information.

− Guests and family attended Year 11 graduation in December 2021. The young people represented the programme beautifully and celebrated each other with maturity and community spirit. All stakeholders appreciated the decision to extend provision for Year 11 students, which is clear in feedback received.

− Year 10 Graduation was a wonderful celebration of the resilience and individual journeys of the cohort. This cohort had a unique Upward Bound journey, which began online and finished in person to a packed audience. Guests from Islington school improvement and the Upward Bound Strategic board were hugely impressed with the confidence our cohort displayed.

• Curriculum Delivery

− English sessions focused on activism, developing writing skills and personal confidence. The unit began with a discussion about what activism is and the characteristics needed to be a successful activist. Students then engaged with writing activist campaigns in a variety of forms (open letters, rally speeches, music performances) and analysed the features of both language and delivery that made them effective. They moved onto developing their own campaigns starting with creating placard slogans and hashtags, then drafting and sharing and writing their final speeches. Teaching this unit also provided a safe space to process and discuss the unfolding events in Ukraine.

− Year 11 focused on learning a checklist of skills and content to support English analysis. This also enabled them to self-assess and peer-assess work. Year 10 focused on Language Paper 1, Literature texts and non-fiction writing. All students received regular feedback on submitted work.

− In Mathematics classes, all students focused on weekly topics that support the GCSE syllabus. Student Ambassadors and Peer Mentors support the students in classes. New students that joined the cohort in January needed additional support, lessons were adapted to provide bespoke support.

− Life skills sessions focused on supporting mental health, study skills and future pathways. In addition, the following events were incorporated into the timetable; Black History 365 events, International Women’s Day, Time to Talk Day and LGBTQ visibility days.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR GRANT PROGRAMME DELIVERED PUBLIC BENEFIT

Educational Projects in Islington (continued)

Science for Life (£44,327)

Science for Life (SfL) is an organization and partnership whose ambition is to increase the number of pupils in Islington engaging and progressing with science from primary through to post-compulsory level. By developing pupils’ science capital, its goal is for all children, regardless of their background, to have the opportunity to develop life skills and ways of thinking that enable them to choose to pursue science and consider STEM-related career opportunities. Supported by the Institute of Physics, Science for Life aims to target under-represented groups and improve attainment of all pupils. The Science for Life Hub includes teachers from Islington primary schools, special settings and secondary schools. Alongside science enrichment opportunities for students, the Hub sets the agenda for the primary Continuing Professional Development programme which supports teachers to develop their subject knowledge, pedagogy and confidence, so that children have a high-quality experience of science within and beyond the classroom.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

The Foundation’s work is entirely reliant on income and investment returns from its endowments. The permanent endowment is invested in a property portfolio and listed investments. The value of endowed investments increased by £1,231,233 split between an decrease in listed investments by £1,380,792 and a net property portfolio increase on one third tranche, three yearly revaluation of £2,612,025 (2021: listed investment increased by £2,609,995 and property by £2,031,337) and generated income of £3,721,788 (2021: £3,339,915).

Additionally, listed investments representing non-endowed assets have decreased in value by £199,259 (2021: increased by £306,279) including accumulated income.

£1,328,910 (from 2021’s net income) (2021: £1,313,913 (from 2020’s net unrestricted income)) and £nil as a Special Distribution (2021: £176,000) was paid out in grants as detailed in note 5.

INVESTMENT POLICY AND PERFORMANCE

The Trustee reviewed and agreed the investment objectives for the Foundation as follows:

Estate in Islington

The day-to-day management of the Estate in Islington is undertaken by the Property Advisors, Daniel Watney LLP, who are set targets for income and capital performance by the Trustee. The Property Committee, appointed by the Trustee, meet regularly to review the performance of property investments. The following targets were set with mixed achievement in 2022:

Target:

Achievement:

Stock market investments

The day-to-day management of the quoted investments is undertaken by the Investment Advisors, Newton Investment Management, who are set targets for income and capital performance by the Trustee. The Investment Committee, appointed by the Trustee, meet regularly to review the performance of the listed investments. Following a Quinquennial investment review in 2021, the following revised targets and policy were set for the endowed investments which had mixed achievement in 2022:

Target:

Achievement:

Policy:

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

RESERVES POLICY

The Trustee observes the High Court Order of 15 June 2001 and distributes unrestricted reserves that have not been designated for the preservation and maintenance of the property estate in the following financial year. This policy ensures that beneficiaries receive funds as soon as possible but it means that in the event of a significant drop in income the Foundation will not be able to maintain its level of distribution. The Trustee, by its investment policies, endeavours to reduce the likelihood of drops in income.

As at 31 December 2022 the general reserves of the Foundation were £5,245,086 (2021: £4,716,012) analysed as follows:

2022 2021 £ £ Funds designated for the preservation and maintenance of the estate 3,769,727 3,397,624 Funds available for distribution in 2022 1,475,359 1,318,388

At 31 December 2022 £2,870,646 (2021: £3,050,717) of designated funds and £213,622 (2021: £232,808) of unrestricted funds was held in listed investments.

RISK MANAGEMENT

The Trustee has identified the following as principal risks faced by the Foundation:

Performance of investments

The variability of investment returns on the permanent endowment constitutes the Foundation’s major financial risk. This is mitigated by retaining expert investment and property managers, having a diversified investment policy for listed investments, maintaining, and improving the property portfolio to a high standard.

High Court Order to distribute all unrestricted reserves

The Order to distribute all unrestricted reserves means that in the event of a significant drop in income the Foundation will not be able to maintain its level of distribution. The Foundation mitigates this risk by awarding grants to beneficiaries on an annual cycle without commitment to continual future funding and regularly reviewing future projections with changing economic factors to identify potential downturns.

Operational risks from ineffective grant giving

The operational risk of ineffective grant giving is that the lives of young people are not improved. This is managed by retaining sufficient skill and expertise on the Advisory Committee, visiting grant recipients to review the outcomes of grant awards and the quality of institutions to which grants are made.

PLANS FOR FUTURE PERIODS

The Foundation’s key aim in 2023 will be to continue to improve the lives of young people aged 5 to 18 through its grant making activities. It will continue to work with Dame Alice Owen’s School and the London Borough of Islington.

Funds available for distribution in 2023 are as based on 2022 net undistributed reserves. The Advisory Committee reviews the bids from the beneficiaries and makes a recommendation to the Court of the Trustee in March, prior to the audit completion. Once the audited accounts are signed off, the Trustee confirms the allocation of grants and any variance carried forward to be distributed with future recommendations.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation is a registered charity, number, 312703, constituted under a Scheme dated 15 June 2001.

Dame Alice Owen's Foundation was established by Dame Alice Owen in her will of 10 July 1613. The Foundation was originally governed by a Charity Commission Scheme dated 31 March 1915. The Trustee's Report for the year ending 31 December 2000 contained a summary of the legal developments for the drawing up of a new Scheme, which inter alia, permitted the Foundation to support education in Islington. Following a period of consultation, a draft new Scheme was restored to the High Court for a final Order to confirm the new Scheme. The new Scheme was heard by Mr Justice Lloyd in the High Court of Justice, Chancery Division, on 15 June 2001 and an Order made for a new Scheme.

The sole Trustee of the charity is The Master and Keepers or Wardens and Commonalty of the Mystery or Art of Brewers of the City of London. The Trustee provides administrative staff and office premises and facilities as required for the administration of the Charity.

The Court of Brewers’ Company represents the Trustee. Candidates for membership of the Court are elected by the existing members of the Court. New members of the Court are given background papers on the Foundation including reports and accounts. Members of the Court attend regular visits to Foundation projects both at Dame Alice Owen’s School and in Islington. Members of the Court attend trustee training, regularly run by the Foundation’s investment managers.

The Court of the Brewers' Company, when meeting to represent the Trustee of the Foundation, is the executive authority and sole decision-making body. The Court of the Trustee meets five times a year during which the business of the Charity is conducted. Throughout 2022, The Court was advised by four principal committees:

The Strategy and Risk Oversight Committee

The Committee comprises the Master & Wardens of the Trustee, the Chairs of the Investment Committee and the Property Committee.

The Committee met once in 2022 and the main responsibilities are as follows:

The Investment Committee

The Investment Committee comprises representatives from the Trustee membership and meets three times a year. The Committee’s main responsibilities are as follows:

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, Governance and Management (continued)

The Property Committee

The Committee comprises representatives from the Trustee membership and meets three times a year. The Committee’s main responsibilities are as follows:

The Advisory Committee

The Committee comprises of three nominees each from the Trustee, Dame Alice Owen’s School, Islington Council and the University of London. The main responsibilities for the Committee are as follows:

The full Committee met two times in 2022. Committee members also attended the meeting of the Trustee when final decisions on projects to be supported were made.

The Trustee commends and thanks members of the Advisory Committee for their work in support of the Scheme.

Key Management personnel remuneration

The Foundation considers the members of the Court of the Brewers' Company as the key management personnel of the Foundation in charge of directing and controlling the charity. The Clerk and Deputy Clerk, employees of The Brewers' Company, run and operate the charity on a day-to-day basis.

All members of the Court of the Brewers' Company give their time voluntarily and none received benefits from the Charity. No Court member reclaimed any expenses from the Charity in 2022 (2021 £nil). The Clerk and Deputy Clerk received no remuneration or benefits from the Foundation.

The Scheme defines the sum that the Trustee is entitled to charge for administering the Charity. The Foundation paid The Brewers' Company £234,792 (2021: £227,055) for management services

DAME ALICE OWEN'S FOUNDATION

STATEMENT OF TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustee are responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that year.

In preparing these financial statements, the Trustee are required to:

The Trustee are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee's report was approved by the Trustee and signed on their behalf by

N H C Tindal Clerk Dated: 27 April 2023

DAME ALICE OWEN'S FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DAME ALICE OWEN'S FOUNDATION

Opinion

We have audited the financial statements of Dame Alice Owen's Foundation (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Foundation 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation’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 responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustee are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

DAME ALICE OWEN'S FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF DAME ALICE OWEN'S FOUNDATION

Responsibilities of Trustee

As explained more fully in the statement of Trustee's responsibilities, the Trustee are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee are responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty.

DAME ALICE OWEN'S FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF DAME ALICE OWEN'S FOUNDATION

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors 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 concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008 and the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Myers Clark Chartered Accountants Statutory Auditor

27 April 2023

Egale 1 80 St Albans Road Watford Hertfordshire WD17 1DL

DAME ALICE OWEN'S FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
funds
Notes
£
Income from:
Investment income
2
3,721,788
Total income
3,721,788
Expenditure on:
Expenditure on raising funds
3
1,516,862
Charitable activities
4
1,476,593
Total resources expended
2,993,455
Net gains/(losses) on investments
7
-
Net incoming resources before
transfers
728,333
Transfers between funds
(571,362)
Net movement in funds
156,971
Fund balances at 1 January 2022
1,318,388
Fund balances at 31 December
2022
1,475,359		 Designated Endowment
funds
funds
£
£
-
-
-
-
-
155,974
-
-
-
155,974
(199,259)
1,231,233
(199,259)
1,075,259
571,362
-
372,103
1,075,259
3,397,624
97,374,247
3,769,727
98,449,506		 Total
2022
£
3,721,788
3,721,788
1,672,836
1,476,593
3,149,429
1,031,974
1,604,333
-
1,604,333
102,090,259
103,694,592		 Total
2021
£
3,339,915
3,339,915
1,547,098
1,643,947
3,191,045
4,947,611
5,096,481
-
5,096,481
96,993,778
102,090,259

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

DAME ALICE OWEN'S FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

PRIOR YEAR
Unrestricted **Designated ** Endowment Total
funds funds funds 2021
Notes £ £ £ £
Income from:
Investment income 2 3,339,915 - - 3,339,915
Total income 3,339,915 - - 3,339,915
Expenditure on:
Expenditure on raising funds 3 1,547,098 - - 1,547,098
Charitable activities 4 1,643,947 - - 1,643,947
Total resources expended 3,191,045 - - 3,191,045
Net gains on investments 7 34,214 272,065 4,641,332 4,947,611
Net incoming resources before
transfers 183,084 272,065 4,641,332 5,096,481
Transfers between funds (252,143) 213,480 38,663 -
Net movement in funds (69,059) 485,545 4,679,995 5,096,481
Fund balances at 1 January 2021 1,387,447 2,912,079 92,694,252 96,993,778
Fund balances at 31 December
2021 1,318,388 3,397,624 97,374,247 102,090,259

DAME ALICE OWEN'S FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2022

CONSOLIDATED BALANCE SHEET
Notes
Fixed assets
Investment properties
8
Investments
9
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
14
Net assets
The funds of the charity
Endowment funds
15
Designated funds
Unrestricted funds		 2022
£
£
79,115,075
27,118,988
106,234,063
929,994
2,196,393
3,126,387
(665,858)
2,460,529
108,694,592
(5,000,000)
103,694,592
98,449,506
3,769,727
1,475,359
103,694,592		 2021
£
£
76,503,050
28,699,040
105,202,090
1,199,925
1,495,920
2,695,845
(807,676)
1,888,169
107,090,259
(5,000,000)
102,090,259
97,374,247
3,397,624
1,318,388
102,090,259

The financial statements were approved by the Court on 27 April 2023

J B Neame D L - Master

D Coyne - Deputy Clerk

DAME ALICE OWEN'S FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2022

CHARITY BALANCE SHEET
Notes
Fixed assets
Investment properties
8
Investments
9
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
14
Net assets
The funds of the charity
Endowment funds
15
Designated funds
Unrestricted funds		 2022
£
£
79,115,075
27,122,488
106,237,563
929,994
2,196,393
3,126,387
(669,358)
2,457,029
108,694,592
(5,000,000)
103,694,592
98,449,506
3,769,727
1,475,359
103,694,592		 2021
£
£
76,503,050
28,702,540
105,205,590
1,199,925
1,495,920
2,695,845
(811,176)
1,884,669
107,090,259
(5,000,000)
102,090,259
97,374,247
3,397,624
1,318,388
102,090,259

The financial statements were approved by the Court on 27 April 2023

J B Neame D L - Master

D Coyne - Deputy Clerk

DAME ALICE OWEN'S FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash absorbed by operations
20
Investing activities
Purchase of investment property
Dividends, interest and rents
Net cash generated from investing
activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
(2,854,765)
-
3,721,788
3,721,788
(166,550)
(166,550)
700,473
1,495,920
2,196,393		 2021
£
£
(3,537,172)
(38,663)
3,339,915
3,301,252
(166,550)
(166,550)
(402,470)
1,898,390
1,495,920

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities Act 2011 and “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)” - SORP FRS 102 (effective 1 January 2019).

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying SORP FRS 102 (effective 1 January 2019) rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.

The Foundation is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustee have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustee continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Funds structure

Unrestricted funds are available for use at the discretion of the Trustee in furtherance of their charitable objectives and include designated funds which have been created for other specific purposes at the discretion of the Trustee.

Restricted funds are subject to specific conditions by donors as to how they may be used that are narrower than the general charitable purposes of the Foundation.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Foundation.

The Foundation has a single permanent endowment. The Dame Alice Owen bequest provides for the Trustee to invest the capital in perpetuity but the income may be allocated at the Trustee's discretion to the general purposes of the Foundation, namely to support Dame Alice Owen's School and educational projects in Islington.

1.4 Incoming resources

Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest payable from the bank. Income from listed investments is recognised on the dividend payment date.

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on the accruals basis. All expenses including support and governance costs are allocated or apportioned to the applicable expenditure headings.

Support costs are initially identified between governance and other support costs. Governance costs comprise all costs involving the public accountability of the Foundation and its compliance with regulation and good practice. These costs include statutory audit and legal fees together with an apportionment of overhead costs. Other support costs comprise the general running costs of the charity.

Support costs have been apportioned based on the direct costs of each activity.

Grants payable are payments made to third parties in furtherance of the charitable objects of the Foundation. The Advisory Committee is able to award grants at its discretion. The annual grant allocation is agreed by the Trustee and grants are accrued at this point as there is a reasonable expectation at this point that the grants will be awarded by the Advisory Committee and paid.

1.6 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the Foundation. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.

2 Investment income

Income from investment properties in the UK
Income from listed investments
Interest receivable
Income from listed investments:
Dividends:
- within the UK
- outside the UK
Fixed interest securities:
- within the UK
- outside the UK		 2022
£
3,077,793
642,261
1,734
3,721,788
390,360
177,276
74,625
642,261		 2021
£
2,739,567
600,051
297
3,339,915
369,623
137,016
93,412
-
600,051

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Expenditure on raising funds

Unrestricted Endowment
funds
funds
general
£
£
Estate management and maintenance
Repairs, maintenance and cleaning
184,241
-
Interest on Development loan
166,550
Refurbishment
190,849
-
Insurance
106,468
-
Property manager's fees
272,997
-
Surveyors fees
125,186
-
Legal and professional fees
41,356
-
Services and utilities
147,411
-
Irrecoverable VAT
130,093
-
Support costs
151,711
-
Estate management and maintenance
1,516,862
-
~~Investment management~~
Investment manager's fees
-
155,974
Support costs
-
-
Investment management
-
155,974
Total expenditure on raising funds
1,516,862
155,974
For the year ended 31 December 2021
Estate management and maintenance
1,390,650
-
Support costs
15,815
-
Investment management
140,633
-
1,547,098
-		 Total
2022
£
184,241
166,550
190,849
106,468
272,997
125,186
41,356
147,411
130,093
151,711
1,516,862
155,974
-
155,974
1,672,836		 Total
2021
£
249,618
166,550
211,607
78,194
226,486
135,522
18,495
81,124
93,757
129,297
1,390,650
140,633
15,815
156,448
1,547,098
1,390,650
15,815
140,633
1,547,098

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Charitable activities

Grant funding of activities (see note 5)
Share of support costs (see note 6)
Analysis by fund
Unrestricted funds
For the year ended 31 December 2021
Unrestricted funds
Grants payable
Educational grants to institutions:
Dame Alice Owen's School
Education projects in Islington		 2022
£
1,328,910
147,683
1,476,593
1,476,593
1,476,593
2022
£
855,815
473,095
1,328,910		 2021
£
1,489,913
154,034
1,643,947
1,643,947
1,643,947
2021
£
884,818
605,095
1,489,913

5 Grants payable

Details of educational grants to institutions are included in the Trustee's report.

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Support and governance costs

Support costs
Administration fee
Irrecoverable VAT
Governance costs
Auditors fees - audit
Analysed between
Estate management
Investment management
Charitable activities		 2022
£
234,792
49,002
15,600
299,394
151,711
-
147,683
299,394		 2021
£
227,055
56,891
15,200
299,146
129,297
15,815
154,034
299,146

7 Net gains/(losses) on investments

Unrestricted Designated Endowment
funds
funds
funds
£
£
£
Revaluation of investments
-
(199,259)
1,231,233
For the year
ended 31
December 2021
34,214
272,065
4,641,332
Investment property
Fair value
At 1 January 2022
Net gains or losses through fair value
adjustments
At 31 December 2022		 Total
2022
£
1,031,974		 Total
2021
£
4,947,611
2022
£
74,433,050
2,612,025
79,115,075

8 Investment property

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

(Continued)

The freehold and leasehold properties are carried at their fair value based on a valuation by a qualified external valuer, Daniel Watney Chartered Surveyors.

Valuations are prepared in accordance with the requirements of the RICS Valuation Standards and UK Generally Accepted Accounting Practices (UK GAAP). The properties have been valued on the basis of market value on the assumption that they would be sold (separately and not as part of a portfolio) subject to existing leases, or in the context of those subject to assured short hold and contractual tenancies, with vacant possession.

The entire investment property portfolio was professionally revalued at 31 December 2018. In the future a third of the portfolio will be revalued every year such that the entire portfolio is revalued over a rolling three year cycle.

9 Fixed asset investments

Listed
Listed
investments investments
£ £
2022 2021
Cost or valuation
At 1 January 2022 28,655,751 25,436,080
Additions 4,087,859 4,429,153
Valuation changes (1,580,052) 2,916,274
FX gains/(losses) 5,244 3,758
Disposals (4,721,607) (4,129,514)
671,793 43,289
At 31 December 2022 27,118,988 28,699,040
Carrying amount
At 31 December 2022 27,118,988 28,699,040
2022 2021
Other investments comprise: Notes £ £
Investments in subsidiaries 19 3,500 3,500

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9
Fixed asset investments
Investments at fair value comprise:
Held within the UK
Held outside the UK
Historic cost:
As at 31 December
The following comprised more than 5% of listed investments:
Newton Real Return 'X' (Inc)
Newton Real Return 'X' (Acc)
10
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Equity instruments measured at cost less impairment
Carrying amount of financial liabilities
Measured at amortised cost
11
Loans and overdrafts
Bank loans
Payable after one year		 (Continued)
2022
2021
£
£
16,914,755
14,489,707
10,204,233
14,209,333
27,118,988
28,699,040
2022
2021
£
£
21,612,103
20,377,320
3,612,920
3,939,709
2,179,628
2,520,067
2022
2021
£
£
882,028
1,102,611
27,118,988
28,699,040
5,644,994
5,806,399
2022
2021
£
£
5,000,000
5,000,000
5,000,000
5,000,000		 (Continued)
2022
2021
£
£
16,914,755
14,489,707
10,204,233
14,209,333
27,118,988
28,699,040
2022
2021
£
£
21,612,103
20,377,320
3,612,920
3,939,709
2,179,628
2,520,067
2022
2021
£
£
882,028
1,102,611
27,118,988
28,699,040
5,644,994
5,806,399
2022
2021
£
£
5,000,000
5,000,000
5,000,000
5,000,000
28,699,040
2021
£
20,377,320
3,939,709
2,520,067
2021
£
1,102,611
28,699,040
5,806,399
2021
£
5,000,000
5,000,000

The long-term loan is secured against 372-390 St John's Road.

The loan is at a fixed rate of interest of 3.331% over a 15 year period. Interest is payable annually over the term of the loan and the capital is repayable in 2033.

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12
Debtors
Group
Charity
2022
2022
Amounts falling due within one year:
£
£
Rent receivable
618,277
618,277
Other debtors
59,839
59,839
Cash held in client account
137,574
137,574
Rent deposits held in client account
66,338
66,338
Prepayments and accrued income
47,966
47,966
929,994
929,994
13
Creditors: amounts falling due within one year
Group
Charity
2022
2022
£
£
Other taxation and social
security
24,364
24,364
Service charges on account
106,254
106,254
Amounts due to subsidiary
undertakings
10,831
10,831
Deposits due to tenants
66,500
66,500
Rent billed in advance
203,114
203,114
Accruals
254,795
258,295
665,858
669,358
14
Creditors: amounts falling due after more than one year
Charity & Group
2022
£
Bank loans
5,000,000		 Group
Charity
2021
2021
£
£
773,887
773,887
38,979
38,979
223,245
223,245
66,500
66,500
97,314
97,314
1,199,925
1,199,925
Group
Charity
2021
2021
£
£
35,775
35,775
78,379
78,379
8,388
8,388
66,500
66,500
242,304
242,304
376,330
379,830
807,676
811,176
Charity & Group
2021
£
5,000,000		 Charity
2021
£
773,887
38,979
223,245
66,500
97,314
1,199,925
Charity
2021
£
35,775
78,379
8,388
66,500
242,304
379,830
811,176

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15 Endowment funds

Endowment funds represent assets which must be held permanently by the Foundation. Income arising on the endowment funds can be used in accordance with the objects of the Foundation and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at 1
January
2022
£
CURRENT YEAR
Endowment funds
97,374,247
97,374,247
Balance at 1
January
2021
£
PRIOR YEAR
Endowment funds
92,694,252
92,694,252		 Incoming
resources
£
-
-
Incoming
resources
£
-
-		 Movement in funds
Resources
expended
Transfers Revaluations
gains and
losses
Balance at 31
December 2022
£
£
£
£
(155,974)
-
1,231,233
98,449,506
(155,974)
-
1,231,233
98,449,506
Movement in funds
Resources
expended
Transfers Revaluations
gains and
losses
Balance at 31
December 2021
£
£
£
£
-
38,663
4,641,332
97,374,247
-
38,663
4,641,332
97,374,247

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustee for specific purposes:

CURRENT YEAR

Movement in funds
Balance at 1 Incoming Resources **Transfers ** Revaluations, Balance at 31
January resources expended gains and
December 2022
2022 losses
£ £ £ £ £ £
Designated 3,397,624 - - 571,362 (199,259) 3,769,727
General 1,318,388 3,721,788 (2,993,455) (571,362) - 1,475,359
4,716,012 3,721,788 (2,993,455) - (199,259) 5,245,086
PRIOR YEAR
Movement in funds
Balance at 1 Incoming Resources **Transfers ** Revaluations, Balance at 31
January resources expended gains and
December 2021
2021 losses
£ £ £ £ £ £
Designated 2,912,079 - - 213,480 272,065 3,397,624
General 1,387,447 3,339,915 (3,191,045) (252,143) 32,214 1,318,388
4,299,526 3,339,915 (3,191,045) (38,663) 306,279 4,716,012
PURPOSE OF DESIGNATED FUNDS
2022 2021
Total Total
£ £
Preservation of the estate
The Trustee's aim is to maintain the integrity of the estate in accordance with
the original endowment and has set aside monies for acquisitions to this end. 1,989,222 2,149,823
Property maintenance
This fund was established to enable a rolling programme of refurbishment
and upgrade of estate properties. 525,862 304,500
Block M2 redevelopment
This represents funds being set aside for the purpose of a capital loan
repayment in 2033. 1,254,639 943,301
3,769,723 3,397,624

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

17 Analysis of net assets between funds

CURRENT YEAR
GROUP
Fund balances at 31 December 2022 are
represented by:
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities
CHARITY
Fund balances at 31 December 2022 are
represented by:
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities		 General
£
-
213,621
1,261,738
-
1,475,359
General
£
-
213,621
1,261,738
-
1,475,359		 Designated
Endowment
£
£
-
79,115,075
2,870,645
24,034,722
899,082
299,709
-
(5,000,000)
3,769,727
98,449,506
Designated
Endowment
£
£
-
79,115,075
2,870,645
24,038,222
899,082
296,209
-
(5,000,000)
3,769,727
98,449,506		 Total
£
79,115,075
27,118,988
2,460,529
(5,000,000)
103,694,592
Total
£
79,115,075
27,122,488
2,457,029
(5,000,000)
103,694,592

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

17 Analysis of net assets between funds

(Continued)

PRIOR YEAR
GROUP
Fund balances at 31 December 2021 are
represented by:
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities
CHARITY
Fund balances at 31 December 2021 are
represented by:
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities		 General
£
-
232,808
1,085,580
-
1,318,388
General
£
-
232,808
1,085,580
-
1,318,388		 Designated
Endowment
£
£
-
76,503,050
3,050,717
25,415,515
346,907
455,682
-
(5,000,000)
3,397,624
97,374,247
Designated
Endowment
£
£
-
76,503,050
3,050,717
25,419,015
346,907
452,182
-
(5,000,000)
3,397,624
97,374,247		 Total
£
76,503,050
28,699,040
1,888,169
(5,000,000)
102,090,259
Total
£
76,503,050
28,702,540
1,884,669
(5,000,000)
102,090,259

18 Related party transactions and trustee expenses and remuneration

The Foundation and its subsidiary are charged administration costs by The Brewers' Company which is the Trustee of the Foundation. The amount of administration costs that could be re-charged was agreed by the High Court as part of the 2001 Scheme.

The contribution for the year ended 31 December 2022 was £234,792 (2021: £227,055). There was an outstanding balance due to The Brewers' Company at 31 December 2022 of £2,791 (2021: due from The Brewers' Company of £25).

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

19 Subsidiaries

The Foundation has a wholly owned trading subsidiary which is incorporated in the United Kingdom. The Foundation's investment in its subsidiary represents the cost of acquisition of the entire issued share capital of 3,500 ordinary shares of £1 each. Alice Wilkes Limited runs all the trading activities connected to the Foundation. A summary of the trading results is shown below. Audited accounts have been filed with the Registrar of Companies.

2022 2021
£ £
Summary profit and loss account
Turnover - -
Cost of sales - -
Gross (loss)/profit - -
Administrative expenses - -
Interest payable - -
Net (loss)/profit before tax - -
Taxation - -
(Loss)/profit for the year - -
Retained profit brought forward - -
Retained profit carried forward - -
The assets and liabilities of the subsidiary were:
Fixed assets - -
Current assets 8,040 8,413
Creditors: amounts falling due within one year (4,540) (4,913)
3,500 3,500
Aggregate share capital and reserves 3,500 3,500

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

20 Cash generated from operations 2022 2021
£ £
Surplus for the year 1,604,333 5,096,481
Adjustments for:
Investment income recognised in statement of financial activities (3,721,788) (3,339,915)
Finance costs 166,550 166,550
Fair value gains and losses on investments (1,031,974) (4,947,611)
Movements in working capital:
Decrease/(increase) in debtors 269,931 (333,700)
(Decrease) in creditors (141,818) (178,977)
Cash absorbed by operations (2,854,766) (3,537,172)
21 Analysis of changes in net (debt)/funds
At 1 January Cash flows At 31 December
2022 2022
£ £ £
Cash at bank and in hand 1,495,920 700,473 2,196,393
Loans falling due after more than one year (5,000,000) - (5,000,000)
(3,504,080) 700,473 (2,803,607)