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2023-12-31-accounts

Charity Registration No. 312703 DAME ALICE OWEN'S FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 � � � � ���� !" � !�#"�� ��""" �"$�%����&�

DAME ALICE OWEN'S FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustee The sole  !" Trustee # of " the $% &"' charity & is The (%" Master %) and +, Keepers or -% *) Wardens %) and .//)%"' Commonalty # of the "('" ' Mystery or Art 0 "# of 1 2 Brewers # of the " .&"' City # of 3))4 London. � 5678 Charity 9:; number <=>?@< 312703 � � �A79B7C6D Principal �6EE address � �1 2 F Brewers' G% Hall ~~�~~ Aldermanbury Square ~~�~~ 3)) London ~~� � � � � �� � � � � � � � � � � � � � � � � �~~ EC2V 7HR ~~� � �~~ Auditor E7N ~~�~~ Myers Clark ~~� �~~ Egale 1 ~~� �~~ 80 St Albans Road ~~� � �~~ -%"# * Watford ~~�~~ 0* /%)H! '�IJ!% � G "# *& Hertfordshire � � WD17 1DL � K.>L�?GM � � S69T� Bankers Lloyds Bank plc (' �.% O � � KP%�= ND7B7N� Solicitors Hempsons � Solicitors Q@�I"�0H%)�M% � � � Farrer & � Co LLP � � -R=?�=R3 � Investment advisors Newton Investment � Management Limited � 3'�1%)O�,$ � � � G/,)�I&$&" � � � U%  �V�.�33W � � � 9X:9�6EX7N Y2")�Z)["/)"�(%)%P/)"�3&/&"* � �

DAME ALICE OWEN'S FOUNDATION CONTENTS Page Trustee's report 1-10 ! � � � � ~~� �~~ Independent auditor's report 11-13 ~~� � � � �� � � �~~ Consolidated statement of financial activities 14-15 "#$#$#�%$&� � �' � � � Group Balance Sheet 4 16 (#)&$%$�%#�+�+&#%#,&%)�%,&-&& .� �/ � � � Charity Balance Sheet 6 17 0�1%)%#,�23 � � � Consolidated statement of cash flows 18 (3%&5�1%)%#,�23 � � � Notes to the financial statements 19 - 34 (#)&$%$�%#�+�,%3�+)7 � 8� � 9��3�+&#%#,&%)�%*# :� �'. � �

DAME ALICE OWEN'S FOUNDATION TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED !" 31 #$% DECEMBER &'&! 2023 A  REVIEW OF OUR +  ACHIEVEMENTS AND   , PERFORMANCE: + HOW OUR -  GRANT  - PROGRAMME * DELIVERED . PUBLIC .  BENEFIT DAME ALICE OWEN'S +  SCHOOL � � /01234015 Donations 30 to /267 Dame 894:7 Alice ;<71= Owen's 5>:?009 School 260@137A amounted to 30 £967,172 BCDEFGE)H0I for 7JK71A43@I7 expenditure 41 in 3?7 the 5:?009 school year L72I)M)N()O 2023-24 � P)M))Q (2022: BRSSFRGS £855,815 for H0I school 5:?009L72I year 2022-23), )M))()NTFU741V being 5K943 split U73<771 between :2K4329 capital 7JK71A43@I7 expenditure 0H of £244,944 B)OOFCOOP)M))Q (2022: BGDSF)OOT £165,244) � and revenue � � expenditure � of £722,228 � � (2022: £690,571). � An update on how these funds have been spent will be ~~�~~ provided ~~�~~ to ~~�~~ the ~~�~~ Advisory ~~�~~ Committee in ~~�~~ November ~~�~~ 2024. A summary ~~�~~ of ~~�~~ how ~~�~~ the Foundation’s ~~�~~ unrestricted ~~�~~ grant of £855,815 in ~~�~~ 2022 for ~~�~~ the school year 2022-23 was spent, is set out below. ~~� �~~ Teaching Block (£155,244) ~~� � � �~~ e 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. ~~� � � � � � � � � � �� � � �~~ 21A�I7W71@7�7JK71A43@I7�0H�BE))F))R�P)M))Q�BDCMFSEGTX�81�@KA237�01�?0<�3?757�H@1A5�?2W7�U771�5K713�<499�U7� IT (£10,000) YZ[]^^a[abc^\]d[Zef[gg]aa__]hi[_gj_ZklkmncdoggpZe[qb[rab_s[oh^pa][htdohZ_daZ]ua_^vZpha e This funding enabled the School to replace the ageing Wifi system, resolving many of the frustrating 0H�BRSSFRGS�41�)M))�H0I�3?7�5:?009�L72I�)M))()N�<25�5K713F�45�573�0@3�U790<X� issues experienced by teachers moving around the campus, which had been slowing down their delivery of � effective lessons. wxyz{|}�.~y€�‚ƒƒ„…††� ° The School also added to its stock of Teaching TVs which have further enhanced learning in the ‡� ˆ?45�H@1A41V�:01341@7A�30�K2L�3?7�5:?7A@97A�I7K2L6713�41532967135�0H�3?7�‰Š‹�9021�2<2IA7A�30�?79K� classroom. These have been fundamental in assisting teachers to provide the very best teaching and learning at q]hphu_ab_jo]Œ^]hv[qab_Z_r_ZdtŽ^oupa][hf_haZ_ph^u[ha]ho_^a[Z_YŒ_h]dbab_jo]Œ^]hvZ_d_Z_qoh^pda time when the challenges to this had never been greater. K92117AX� � Non-Teaching Salaries (£156,376) �‚„� e A number of roles were supported including: ‡� ˆ?45�H@1A41V�712U97A�3?7�>:?009�30�I7K92:7�3?7�2V741V�‘4H4�5L5376F�I7509W41V�621L�0H�3?7�HI@53I2341V� - Cover Supervisors. 455@75�7JK7I471:7A�UL�372:?7I5�60W41V�2I0@1A�3?7�:26K@5F�<?4:?�?2A�U771�590<41V�A0<1�3?74I�A794W7IL�0H� 7HH7:34W7�9755015X�� = As the opportunities for learning outside of the classroom continue to return post-pandemic, alongside covering and maintaining effective classes when teaching staff are unwell, the need to ‡� ˆ?7�>:?009�2950�2AA7A�30�435�530:’�0H�ˆ72:?41V�ˆ“5�<?4:?�?2W7�H@I3?7I�71?21:7A�972I141V�41�3?7� ensure consistent supervision and care of classes became ever more important. :9255I006X�ˆ?757�?2W7�U771�H@1A2671329�41�25545341V�372:?7I5�30�KI0W4A7�3?7�W7IL�U753�372:?41V�21A�972I141V�23� 2�3467�<?71�3?7�:?29971V75�30�3?45�?2A�17W7I�U771�VI7237IX� = The cover team is in the privileged position of being able to get to know and understand our � young people. Having consistent cover staff who have the opportunity to build relationships with |”wxyz{|}� x~x•{w–�‚ƒ—„˜™—� students and grow to understand their learning and emotional needs means that their learning can be all the smoother when their usual teacher is not available. ‡� 8�1@6U7I�0H�I0975�<7I7�5@KK0I37A�41:9@A41VQ� - Trips administrator. š� ‰0W7I�>@K7IW450I5X��� = As the school bounced back from COVID, staff and student appetite for educational visits ›� 85�3?7�0KK0I3@143475�H0I�972I141V�0@354A7�0H�3?7�:9255I006�:01341@7�30�I73@I1�K053(K21A764:F� was fiercer than ever. As such, students have been to Iceland, France, Germany, Spain, to the 2901V54A7�:0W7I41V�21A�6241324141V�7HH7:34W7�:925575�<?71�372:?41V�532HH�2I7�@1<799F�3?7�177A�30� theatre, exhibition centres, museums, open lectures and competitions. 715@I7�:015453713�5@K7IW45401�21A�:2I7�0H�:925575�U7:267�7W7I�60I7�46K0I3213X�� = It was possible to take over 80 students on a music tour to Germany in the summer, and a ›� ˆ?7�:0W7I�3726�45�41�3?7�KI4W497V7A�K0543401�0H�U741V�2U97�30�V73�30�’10<�21A�@1A7I5321A�0@I� football and netball tour to Florida is planned for the coming year, as well as a cultural visit to L0@1V�K70K97X�œ2W41V�:015453713�:0W7I�532HH�<?0�?2W7�3?7�0KK0I3@143L�30�U@49A�I79234015?4K5�<43?� Jordan. 53@A7135�21A�VI0<�30�@1A7I5321A�3?74I�972I141V�21A�760340129�177A5�67215�3?23�3?74I�972I141V�:21� U7�299�3?7�56003?7I�<?71�3?74I�@5@29�372:?7I�45�103�2W2492U97X� = The School remains committed to The Owen’s Way and to offering its young people the š� ˆI4K5�2A641453I230IX�[YY[Zaoh]ae opportunity a[ to bp\_ havea pq]Zda first bph^ hand £¢]h^[r “Window [h on ab_ the ¢[ZŒ^¤ World”, joa but r]ab[oa without this ab]ddoYY[Za support, these ab_d_\]d]ad visits u[oŒ^ could 103 not ?2KK71 happen 25 as 372:?41V teaching 532HH staff do A0103 not ?2W7 have 3?7 the :2K2:43L capacity :01A@:3 conduct 3?7 the 17:7552IL necessary 2A641 admin 21A and ›� 85�3?7�5:?009�U0@1:7A�U2:’�HI06�‰;“Š/F�532HH�21A�53@A713�2KK73437�H0I�7A@:2340129�W45435� 0IV214523401X organisation. <25�H47I:7I�3?21�7W7IX�85�5@:?F�53@A7135�?2W7�U771�30�Š:7921AF�‹I21:7F�7I621LF�>K241F�30�3?7� 3?723I7F�7J?4U43401�:713I75F�6@57@65F�0K71�97:3@I75�21A�:06K73434015X�� wy•¥{¦§w|¦ Recruitment x|¨ and w¦w|¦{|„ Retention, |y~¥¨{|} Including ©wy{x~{–¦ Specialist wxyz{|} Teaching x|¨ and SLT …ª—„«˜ (£286,930) ›� Š3�<25�K0554U97�30�32’7�0W7I�RM�53@A7135�01�2�6@54:�30@I�30�7I621L�41�3?7�5@667IF�21A�2� ‡ e ˆ?7 The /H¬ DfE I7K0I35 reports 3?23F that, 41 in 30329F total, 3?7I7 there were <7I7)RFCCG 28,991 17< new 713I2135 entrants 30 to Š143429 Initial ˆ72:?7I Teacher ˆI24141V Training PŠˆˆT (ITT) 41 in )M))­)N 2022/23 H003U299�21A�173U299�30@I�30�‹90I4A2�45�K92117A�H0I�3?7�:0641V�L72IF�25�<799�25�2�:@93@I29�W4543�30� :06K2I7A compared 30 to NDFGSC 36,159 41 in )M)G­)) 2021/22 21A and OMFNEE 40,377 41 in )M)M­)GX 2020/21. ˆ?45 This 67215 means 3?23 that 019L only EG® 71% 0H of 299 all 372:?7I teacher 3I24141V training K05434015 positions ž0IA21X� ?2W7 have U771 been H4997AF filled, 41:9@A41V including CN® 93% 0H of 3?7 the KI462IL primary 3I24141V training 32IV73 target P:06K2I7A (compared 30 to GNG® 131% 41 in )M)G­))T 2021/22) U@3 but 019L only SC® 59% 0H of 3?7 the ›� Ÿb_ ub[[ŒZ_gp]hdu[gg]aa_^a[Ÿb_¡r_htd¢peph^a[[qq_Z]hv]ade[ohvY_[YŒab_ 57:01A2IL secondary 32IV73 target P:06K2I7A (compared 30 to EC® 79% 41 in )M)G­))TX 2021/22). ` ‡ ° ˆ?7 The >:?009 School ?25 has ?2A had 30 to I79L rely ?72W49L heavily 01 on I73713401 retention 21A and I7:I@436713 recruitment 2<2IA5 awards 30 to 2:?47W7 achieve U03? both 0H of these 3?7572465X aims. � � � � � � � � � � � � � � � >:?0095 Schools 2I7 are 10< now ?2W41V having 30 to :06K737 compete H4121:4299L financially 25 as <799 well 25 as with <43?46KI0W7A improved 37I65 terms 21A and :01A434015 conditions 41 in 0IA7I order to 30233I2:3 attract � 532HH staff from HI06 3?7 the 56299 small K009 pool 3?23 that 45 is 0@3 out 3?7I_n there. ¯phe Many dub[[Œd schools pZ are h[r now [qq_Z]hv offering °v[Œ^h ‘golden bŒŒ[dt hellos’ ph^ and finders q]h^_Zd fees q__d[oa out [q of � A75K7I23401F desperation, <?4:? which 45 is 10< now I24541V raising 3?7 the U2I bar for H0I03?7I other 5:?0095± schools; 30 to 103 not follow H0990<5@43 suit K@35 puts 2 a 5:?009 school 23 at 2 a A452AW2132V7X disadvantage. � � � � � � � � � � � � � �� � � � � � � � � � � �� � � � �� � � �� � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � -2�( � � � � �� � � � � � � � � �� � ` � �� � � � � � � � � � � � �� � �� � � �

DAME ALICE OWEN'S FOUNDATION TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED !" 31 #$% DECEMBER &'&! 2023 A  REVIEW OF OUR ACHIEVEMENTS +  AND   , PERFORMANCE: + HOW OUR -  GRANT  - PROGRAMME * DELIVERED . PUBLIC .  BENEFIT /01 Dame 2341 Alice 516 7 Owen's 48992 School 496:36;1< (continued) � � <;4/:396 Education +1/2:8 Health /6< and /=1 Care 2/6 Plan + (ECHP) :;<16:7 Students /6< and :;<16:7 Students 3:8 With Additional <<3:396/2 11<7 Needs >??@AAB (£77,661) C e DEFGHFI Funding was JKLLMNFO spent PF on OQN the LOKRR staff who JQPLEMMPSO support OQN the FNNGL needs �PR of young TPEFIMNPMUN people within JHOQHFOQN the VUKLLSPPW classroom KL as well JNUUKL as � those who support the administration required to evidence the work undertaken. � � � � � � ~~�~~ e The Learning Support Assistants provide huge amounts of additional support to students with, as well as ~~� � � � � � � � � � � �~~ those with significant need but yet to be granted, an Education Health Care Plan (EHCP). ~~� �~~ This funding has helped ensure that student progress and self-esteem is maximised, teacher wellbeing is ~~�~~ protected and that students are not as disadvantaged as they may otherwise have been. ~~� � � � � �~~ Social, Emotional and Disability Support For Students (£30,012) ~~� � � � � � � � � � � � �~~ e The effect of the pandemic lingers with young people, and mental health concerns remain prevalent. ~~� � � � � � � � � � � � � � � � � � � �~~ e The School has been able to retain its excellent pastoral team who work seamlessly with students to help OQPLN�JQP�LEMMPSO�OQN�KGWHFHLOSKOHPF�SNXEHSNG�OP�NYHGNFVN�OQN�JPSZ�EFGNSOKZNF[� them and their families through difficult times ensuring that young people are supported to gain some of the C� \QN�]NKSFHFI�^EMMPSO�_LLHLOKFOL�MSPYHGN�QEIN�KWPEFOL�PR�KGGHOHPFKU�LEMMPSO�OP�LOEGNFOL�JHOQ�KL�JNUU�KL� coping strategies that will also see them through the rest of their lives. OQPLN�JHOQ�LHIFHRHVKFO�FNNG�aEO�TNO�OP�aN�ISKFONG�KF�bGEVKOHPF�cNKUOQ�dKSN�eUKF�fbcdeg[�� e The School has been able to maintain the extended hours of our Pastoral Managers who are the front line \QHL�REFGHFI�QKL�QNUMNG�NFLESN�OQKO�LOEGNFO�MSPISNLL�KFG�LNUR(NLONNW�HL�WKhHWHLNG�ONKVQNS�JNUUaNHFI�HL� support for students who may be struggling with everything from feeling overwhelmed at school to those with MSPONVONG�KFG�OQKO�LOEGNFOL�KSN�FPO�KL�GHLKGYKFOKING�KL�OQNT�WKT�POQNSJHLN�QKYN�aNNF[� friendship issues, low or worrying mood, right up to those with significant and complex mental health needs. � 943/2@�09:396/2�/6<�37/i323:j� ;kk9=:�9=� :;<16:7�>lm@mBn� Additional Academic Support For Looked After Children (LAC) (£13,363) C� \QN�NRRNVO�PR�OQN�MKFGNWHV�UHFINSL�JHOQ�TPEFI�MNPMUN�KFG�WNFOKU�QNKUOQ�VPFVNSFL�SNWKHF�MSNYKUNFO[� C� e \QN�^VQPPU�QKL�aNNF�KaUN�OP�SNOKHF�HOL�NhVNUUNFO�MKLOPSKU�ONKW�JQP�JPSZ�LNKWUNLLUT�JHOQ�LOEGNFOL�OP�QNUM� The homework club supported by this funding continues to have a significant impact. Students are able to be supervised in a quiet, safe environment with access to computers, books and sixth form support (Subject OQNW�KFG�OQNHS�RKWHUHNL�OQSPEIQ�GHRRHVEUO�OHWNL�NFLESHFI�OQKO�TPEFI�MNPMUN�KSN�LEMMPSONG�OP�IKHF�LPWN�PR�OQN� specific). VPMHFI�LOSKONIHNL�OQKO�JHUU�KULP�LNN�OQNW�OQSPEIQ�OQN�SNLO�PR�OQNHS�UHYNL[� C� \QN�^VQPPU�QKL�aNNF�KaUN�OP�WKHFOKHF�OQN�NhONFGNG�QPESL�PR�PES�eKLOPSKU�oKFKINSL�JQP�KSN�OQN�RSPFO�UHFN� Maths and English Intervention (Including Yr 10) (£32,490) LEMMPSO�RPS�LOEGNFOL�JQP�WKT�aN�LOSEIIUHFI�JHOQ�NYNSTOQHFI�RSPW�RNNUHFI�PYNSJQNUWNG�KO�LVQPPU�OP�OQPLN�JHOQ� e This funding has supported the Year 10 and 11 mentoring programme which includes small groups and RSHNFGLQHM�HLLENL�UPJ�PS�JPSSTHFI�WPPG�SHIQO�EM�OP�OQPLN�JHOQ�LHIFHRHVKFO�KFG�VPWMUNh�WNFOKU�QNKUOQ�FNNGL[� 1:1 tuition as well as resourcing a welcoming place for all those who wish to take advantage of a safe, quiet and � relaxed space to revise. <<3:396/2�4/<1034� ;kk9=:�9=�99p1<�q:1=�832<=16��>Bl@lAl� C� \QN�QPWNJPSZ�VUEa�LEMMPSONG�aT�OQHL�REFGHFI�VPFOHFENL�OP�QKYN�K�LHIFHRHVKFO�HWMKVO[�^OEGNFOL�KSN�KaUN�OP� Additional Teachers to Maintain Group Sizes at KS 4&5 (£55,239) aN�LEMNSYHLNG�HF�K�XEHNO�LKRN�NFYHSPFWNFO�JHOQ�KVVNLL�OP�VPWMEONSL�aPPZL�KFG�LHhOQ�RPSW�LEMMPSO�fLEarNVO� e This funding allowed the School to run reduced class sizes in English, Maths, Science and Languages LMNVHRHVg[� allowing exceptional support for all students in KS4&5. � /:87�/6<�6s2378�6:1=t16:396�642;<36s�u=�Bm�>ln@vwm� Visitation (£10,000) C� \QHL�REFGHFI�QKL�LEMMPSONG�OQN�xNKS�yz�KFG�yy�WNFOPSHFI�MSPISKWWN�JQHVQ�HFVUEGNL�LWKUU�ISPEML�KFG� e Visitation is an important link for students with the history of the School. Running this event twice a year y{y�OEHOHPF�KL�JNUU�KL�SNLPESVHFI�K�JNUVPWHFI�MUKVN�RPS�KUU�OQPLN�JQP�JHLQ�OP�OKZN�KGYKFOKIN�PR�K�LKRN�XEHNO�KFG� allows senior students to be included and celebrated as well as allowing the Master to address the young people, SNUKhNG�LMKVN�OP�SNYHLN[� increasing their link and association to the Worshipful Company of Brewers. � <<3:396/2�1/481=7�:9�/36:/36�-=9;k� 3|17�/:�} �v~�>@nlw� Transport Subsidy (£5,000) C� \QHL�REFGHFI�KUUPJNG�OQN�^VQPPU�OP�SEF�SNGEVNG�VUKLL�LH€NL�HF�bFIUHLQ�oKOQL�^VHNFVN�KFG�]KFIEKINL� e This element of the grant allowed the School to compete at a high level in a number of sports. For KUUPJHFI�NhVNMOHPFKU�LEMMPSO�RPS�KUU�LOEGNFOL�HF�^‚ƒ„[� ‰Š‹ŒŽ‰ example, ‘’‰ the “”’••Ž School –‹— was ‹˜Ž‰ able ‘• to ™•š›œ‰ provide ™‰‰ free ‘™‹ž—•™‘ transport ‘• to ‘’•—‰ those ™‰™‰—‰ž‘›žŸ representing the ‘’‰“”’••Ž School ›ž in the ‘’‰ ›™Ž—¡ Girls’ ¢••‘˜‹ŽŽ Football � £KOHPFKU National DHFKUL Finals HF in ˆSHLOPU Bristol, OQN the VSPLL cross VPEFOST country RHFKUL finals HF in ]NNGLLeeds, KL as well JNUUKL as K a UKSIN large FEWaNS number PR of WKOVQNL matches KFG and NYNFOL events *373:/:396�>Bm@mmm� KIKHFLO against LVQPPUL schools UNLL less RKS far KRHNUG[ afield. C� HLHOKOHPF�HL�KF�HWMPSOKFO�UHFZ�RPS�LOEGNFOL�JHOQ�OQN�QHLOPST�PR�OQN�^VQPPU[�†EFFHFI�OQHL�NYNFO�OJHVN�K�TNKS� KUUPJL�LNFHPS�LOEGNFOL�OP�aN�HFVUEGNG�KFG�VNUNaSKONG�KL�JNUU�KL�KUUPJHFI�OQN�oKLONS�OP�KGGSNLL�OQN�TPEFI�MNPMUN� 6:=/641 Entrance ¤/0 Exam >nl@mm (£23,500) HFVSNKLHFI�OQNHS�UHFZ�KFG�KLLPVHKOHPF�OP�OQN�‡PSLQHMREU�dPWMKFT�PR�ˆSNJNSL[� C e DEFGHFI Funding QNUMNG helped OQN the ^VQPPU School OP to MKT pay RPS for the OQNHFVSNKLHFI increasing NhONSFKU external VPLOL costs KLLPVHKONG associated with JHOQWKSZHFI marking KFG and � LOKFGKSGHLHFI standardising OQN the NFOSKFVN entrance NhKW exam MKMNSL papers KL as well JNUUKL as the OQNHFYHIHUKOHPF invigilation VPLOL costs which JQHVQHFVSNKLN increase GSKWKOHVKUUT dramatically TNKS year PF on =/67k9=:� ;i73@mmm� TNKS[ year. C� \QHL�NUNWNFO�PR�OQN�ISKFO�KUUPJNG�OQN�^VQPPU�OP�VPWMNON�KO�K�QHIQ�UNYNU�HF�K�FEWaNS�PR�LMPSOL[�DPS� � � � � � � � � � � � � � �� � � � � �� � � � � �� � � � �� � � � � � � � � � � �� � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � -3( � � � � �

¯xnmtuwst�y{~~|~°{� contributed to staffing the staffing costs incurred in the following Islington Schools: 5‡‡‹±?6;52@412�35A6�41N� - Beacon High School (KS3 ALWP) ²� =1S587�3�:;3665:3;�A965:�789:34512�52�1=87=�41�72=5:T�4T7�;5S76�328�5A<=1S7�856:5<;527�328�:1AA54A724�41� - Central Foundation Boys’ School (KS3 ALWP) ;73=252@Q� - City of London Academy Highgate Hill (Y7,8 and 9 ALWP) ²� 07S7;1<�4T7�6U5;;6�1I�k1=U52@�52�3�473A�328�3�;3=@7�@=19<�kT7=7�3;;�=7;345126T5<6�3=7�5247=87<728724Q� - Elizabeth Garrett Anderson School (Y7 ALWP; Y8-9 specialist school) ²� ³?A<=1S7�3:387A5:�194:1A76�I1=�3;;Q� - ‡4 St 3=W Mary 3@83;727 Magdalene X:387AW Academy M€O(« (Y7-8 ALWP X†¤ <;96 plus €H Y9 6<7:53;564 specialist 6:T11;P school) � ³ - ´5@T@347 Highgate ´5;; Hill M€O(« (Y7-8 ALWP X†¤ <;96 plus €H Y9 6<7:53;564 specialist 6:T11;P school) ²� ³?2�KDKK(KGF�0XRY�I92852@�696435278�4T7�87;5S7=W�1I�4T7�X28=7k�†;1W8�¤7VV7=� =1@=3AA7�328� - ƒ54W City 1I of †12812 London X:387AW Academy ´5@TV9=W Highbury =1S7 Grove Mµ‡G (KS3 X†¤ ¾ ALWP; µ‡) KS4 tuition) 4954512P :124=5V9478�41�643II52@�4T7�643II52@�:1646�52:9==78�52�4T7�I1;;1k52@�?6;52@412�‡:T11;6N� ² ° ?2³� In 38854512 addition „73:12�´5@T�‡:T11;�Mµ‡G�X†¤ P�41 to 4T7 the X28=7k Andrew †;1W8 Lloyd ¤7VV7= Webber =1@=3AA7F Programme, 5‡‡‹ MiSST funded I92878328 and <=1S5878 provided the 4T7 following I1;;1k52@A965:3; musical 1<<1=49254576 opportunities ³� £`c_je’\aZbcde_fZc\¦Z”hg\–—]ZZ’\¶·–¨\¸¹º»¼�I1= for 64987246 students from I=1A ?6;52@412 Islington 6:T11;6N schools: Œ³� - 5‡‡‹ƒ54W�1I�†12812�X:387AW�´5@T@347�´5;;�M€OF«�328�H�X†¤ P� MiSST Together ‹1@74T7=M<35=52@ (pairing 4k1 two MiSST 5‡‡‹6:T11;6 schools 41@74T7= together for I1= a 3<;3W play day), 83WPF=73:T52@ reaching 3<<=1JQ approx. EDD 100 ?6;52@412 Islington 64987246 students ³� ‚;5½3V74T�3==744�X287=612�‡:T11;�M€O�X†¤ ¾�€«(H�6<7:53;564�6:T11;P� ³ - � 5‡‡‹ MiSST � 965: Music � Academy X:387AW� MI1=A7=;W (formerly � ‡349=83W Saturday � �965: Music �‡:T11;PQ School). � This ‹T56� @=7k grew �69V6432453;;W substantially for I1= 2022-3 KDKK(G from I=1A just >964127 one 1=:T764=3 orchestra 41 to 4k1 two 1=:T764=36 orchestras <;96 plus 3 a :T15=N choir: � � � � � � � � � ¿ = ‡WA<T12W Symphony R=:T764=3 Orchestra M=387 (Grade GÀP 3+) ( - GH 39 ?6;52@412 Islington 64987246 students

DAME ALICE OWEN'S FOUNDATION TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED !" 31 #$% DECEMBER &'&! 2023 A  REVIEW OF OUR ACHIEVEMENTS +  AND   , PERFORMANCE: + HOW OUR -  GRANT  - PROGRAMME * DELIVERED . PUBLIC .  BENEFIT /012345627 Educational 895:;13< projects 46 in <746=356 Islington 1563460;/ (continued) � � > - Annual ?@@ABCDE@DFGH concert IJKHL (10th ?@@MNFGOBGP Anniversary QE@DFGH Concert BH at RLFBHGF Theatre SEPBCT Royal, UGAGP Drury VB@FW Lane) ( - JKX 104 YOCM@ZHE@ Islington OHA[F@HO students > - ]^`abc Gresham's e^_fg^hifaj Residential kilm (two naop(HE(qBDr back-to-back GFOM[F@HMBCO residentials � sACP July tKtuW 2023) ( - vw 78 YOCM@ZHE@ Islington OHA[F@HO students � � � � � � � ~~�~~ 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. ~~� � � � � � � � � � �� � � �� � d d d � � � �� � � �~~ ° In 2022-23 Upward Bound continued to strive to deliver high quality provision to Islington young people. � Activities included: GCSE curriculum-focused activities to support Mathematics and English attainment; life skills 8x29/�.506/�yz{|}~� training to support personal development; the Upward Bound residential; the Upward Bound poetry slam; exam RLF�YOCM@ZHE@�€‚BG[�ƒEA@[�„DLF…F�M@NECNFO�HLF�VEDBC�?AHLEGMHPT�ODLEECO�B@[�VE@[E@�†FHGEECMHB@�€@MNFGOMHP� preparation activities and Year 11 study room. IHLF�CEDBC�‡MZLFG�ˆ[ADBHME@�M@OHMHAHME@W�‚EGrM@Z�M@�BGH@FGOLM�HE�E‰‰FG�B�DE…GFLF@OMNF�„BHAG[BP�OHA[P� e Upward Bound worked in partnership with The Senior Leader Network (SLN) and Islington Secondary GEZGB……F�M@�DEGF�OrMCCO�Iˆ@ZCMOL�B@[�…BHLOW�HE�F@BqCF�OHA[F@HO�‚LE�‚EAC[�EHLFG‚MOF�OHGAZZCF�HE�GFBDL�ZEE[� Schools Colleges Leaders (ISSCL) to support a proposed Islington inclusion pathway and the wider education CFNFCO�M@�HLFOF�OAqŠFDHO‹�RLF�GEZGB……F�BM…O�HE�GBMOF�BOMGBHME@�B@[�BHHBM@…F@H�‰EG�HBGZFHF[�ZGEAO�‰GE…� plan. Moving forward, this will support the variation in student recruitment across schools. YOCM@ZHE@�OFDE@[BGP�ODLEECO‹� e The visibility of the program has increased and is embedded into the inclusion offer for Islington. The DOE � Islington Senior Mental Health Lead training will also support the strategic response to pupils with SEND (Special Œ� Y@�tKtt(tu�€‚BG[�ƒEA@[�DE@HM@AF[�HE�OHGMNF�HE�[FCMNFG�LMZL�ABCMHP�GENMOME@�HE�YOCM@ZHE@�PEA@Z�FECF‹�� Educational Needs & Disabilities) needs. ?DHMNMHMFO�M@DCA[F[Ž�Q„ˆ�DAGGMDACA…(‰EDAOF[�BDHMNMHMFO�HE�OAEGH�†BHLF…BHMDO�B@[�ˆ@ZCMOL�BHHBM@…F@H�CM‰F�OrMCCO� ° Supporting the programme to develop long-term financial independence for the project is underway HGBM@M@Z�HE�OAEGH�FGOE@BC�[FNFCE…F@H�HLF�€‚BG[�ƒEA@[�GFOM[F@HMBC�HLF�€‚BG[�ƒEA@[�EFHGP�OCB…�F‘B…� through the Friends of Upward Bound UK Charity. The Charity was approved on 9th March 2023. A funding GFBGBHME@�BDHMNMHMFO�B@[�’FBG�JJ�OHA[P�GEE…‹� proposal has been confirmed by the Upward Bound Strategic Board to support the process. Œ� €‚BG[�ƒEA@[�‚EGrF[�M@�BGH@FGOLM�‚MHL�RLF�„F@MEG�VFB[FG�“FH‚EGr�I„V“W�B@[�YOCM@ZHE@�„FDE@[BGP� „DLEECO�QECCFZFO�VFB[FGO�IY„„QVW�HE�OAEGH�B�GEEOF[�YOCM@ZHE@�M@DCAOME@�BHL‚BP�B@[�HLF�‚M[FG�F[ADBHME@� Science for Life (£44,327) CB@‹�†ENM@Z�‰EG‚BG[T�HLMO�‚MCC�OAEGH�HLF�NBGMBHME@�M@�OHA[F@H�GFDGAMH…F@H�BDGEOO�ODLEECO‹�� Science for Life (SfL) is an organization and partnership whose ambition is to increase the number of pupils in Œ� RLF�NMOMqMCMHP�E‰�HLF�GEZGB…�LBO�M@DGFBOF[�B@[�MO�F…qF[[F[�M@HE�HLF�M@DCAOME@�E‰‰FG�‰EG�YOCM@ZHE@‹�RLF�U”ˆ� Islington engaging and progressing with science from primary through to post-compulsory level. By developing YOCM@ZHE@�„F@MEG�†F@HBC�‡FBCHL�VFB[�HGBM@M@Z�‚MCC�BCOE�OAEGH�HLF�OHGBHFZMD�GFOE@OF�HE�AMCO�‚MHL�„ˆ“U�I„FDMBC� pupils’ science capital, its goal is for all children, regardless of their background, to have the opportunity to ˆ[ADBHME@BC�“FF[O�•�UMOBqMCMHMFOW�@FF[O‹�� develop life skills and ways of thinking that enable them to choose to pursue science and consider STEM-related Œ� „AEGHM@Z�HLF�GEZGB……F�HE�[FNFCE�CE@Z(HFG…�‰M@B@DMBC�M@[FF@[F@DF�‰EG�HLF�GEŠFDH�MO�A@[FG‚BP� career opportunities. Supported by the Institute of Physics, Science for Life aims to target under-represented HLGEAZL�HLF�–GMF@[O�E‰�€‚BG[�ƒEA@[�€—�QLBGMHP‹�RLF�QLBGMHP�‚BO�BGENF[�E@�˜HL�†BGDL�tKtu‹�?�‰A@[M@Z� groups and improve attainment of all pupils. The Science for Life Hub includes teachers from Islington primary GEEOBC�LBO�qFF@�DE@‰MG…F[�qP�HLF�€‚BG[�ƒEA@[�„HGBHFZMD�ƒEBG[�HE�OAEGH�HLF�GEDFOO‹� 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 14;61;�™59�4™;�y{{}š›|� to develop their subject knowledge, pedagogy and confidence, so that children have a high quality experience of „DMF@DF�‰EG�VM‰F�I„‰VW�MO�B@�EGZB@MœBHME@�B@[�BGH@FGOLM�‚LEOF�B…qMHME@�MO�HE�M@DGFBOF�HLF�@A…qFG�E‰�AMCO�M@� science within and beyond the classroom. YOCM@ZHE@�F@ZBZM@Z�B@[�GEZGFOOM@Z�‚MHL�ODMF@DF�‰GE…�GM…BGP�HLGEAZL�HE�EOH(DE…ACOEGP�CFNFC‹�ƒP�[FNFCEM@Z� žfj_cd_of^ho^doafiajŸdfi_d majdfO�‰EG�BCC�DLMC[GF@T�GFZBG[CFOO�E‰�HLFMG�qBDrZGEA@[T�HE�LBNF�HLF�EEGHA@MHP�HE� Significant achievements in 2022-23: [FNFCE�CM‰F�OrMCCO�B@[�‚BPO�E‰�HLM@rM@Z�HLBH�F@BqCF�HLF…�HE�DLEEOF�HE�AGOAF�ODMF@DF�B@[�DE@OM[FG�„Rˆ†(GFCBHF[� e Increase in number of pupils, staff, families engaging with Science for Life. DBGFFG�EEGHA@MHMFO‹�„AEGHF[�qP�HLF�Y@OHMHAHF�E‰�¡LPOMDOT�„DMF@DF�‰EG�VM‰F�BM…O�HE�HBGZFH�A@[FG(GFGFOF@HF[� Œ e Y@DGFBOF Increase M@ in [FCMNFGP delivery E‰ of STEM „Rˆ† F@GMDL…F@H enrichment M@ in LAq hub ODLEECO schools [AF due HE to „DMF@DF Science ‰EG for VM‰F Life VFB[ Lead BDHM@Z acting M@ in @F‚ new SENM@Z Roving ZGEAO�B@[�M…GENF�BHHBM@…F@H�E‰�BCC�AMCO‹�RLF�„DMF@DF�‰EG�VM‰F�‡Aq�M@DCA[FO�HFBDLFGO�‰GE…�YOCM@ZHE@�GM…BGP� „DMF@HMOH Scientist SECF‹ Role. ODLEECOT�OFDMBC�OFHHM@ZO�B@[�OFDE@[BGP�ODLEECO‹�?CE@ZOM[F�ODMF@DF�F@GMDL…F@H�EEGHA@MHMFO�‰EG�OHA[F@HOT�HLF� Œ e Y@DGFBOF Increase M@ in @A…qFG number E‰ of EEGHA@MHMFO opportunities ‰EG for OHA[F@HO students HE to BDH act M@ in B a CFB[FGOLM leadership GECF‹ role. ‡Aq�OFHO�HLF�BZF@[B�‰EG�HLF�GM…BGP�QE@HM@AM@Z�¡GE‰FOOME@BC�UFNFCE…F@H�GEZGB……F�‚LMDL�OAEGHO�HFBDLFGO� HE�[FNFCE�HLFMG�OAqŠFDH�r@E‚CF[ZFT�F[BZEZP�B@[�DE@‰M[F@DFT�OE�HLBH�DLMC[GF@�LBNF�B�LMZL�ABCMHP�F‘FGMF@DF�E‰�Œ e SFDGAMH…F@H Recruitment E‰ of ¡GM@DMBC Principal Y@NFOHMZBHEG Investigator BH at ?GHO Arts B@[ and †F[MB Media „DLEEC School YOCM@ZHE@ Islington; [FCMNFGP delivery E‰ of STEM „Rˆ† F@GMDL…F@H enrichment HE to ODMF@DF�‚MHLM@�B@[�qFPE@[�HLF�DCBOOGEE…‹�’v Y7 OHA[F@HO students; ’v Y7 OHA[F@HO students BDHM@Z acting BH at F@HEGO mentors BH at „DMF@DF Science for ‰EGVM‰F Life FNF@HO‹ events. �Œ e UBHB Data CEZZFGO loggers [MOOF…M@BHF[ disseminated HE to ) 5 ODLEECO‹ schools. „MZ@M‰MDB@H�BDLMFNF…F@HO�M@�tKtt(tuŽ�Œ e Y@DGFBOF[ Increased M@NECNF…F@H involvement E‰ of SEN „ˆ“AMCO‹ pupils. Œ�Œ e Y@DGFBOF�M@�@A…qFG�E‰�AMCOT�OHB‰‰T�‰B…MCMFO�F@ZBZM@Z�‚MHL�„DMF@DF�‰EG�VM‰F‹�¡„¢† PSQM ”AHGFBDL Outreach Award ?‚BG[IMCCFOMF (Gillespie ¡GM…BGP Primary „DLEECW School) [AF due M@ in BGH part HE to EAHGFBDL outreach work ‚EGrE‰ of Science „DMF@DF for ‰EGVM‰F Life VFB[‹ Lead. Œ e � ˆDE(?‚BG[ Eco-Award ��‚MHL with UMOHM@DHME@ Distinction � � IMCCFOMF (Gillespie � ¡GM…BGP Primary �� „DLEECW School) � — £�ˆDE(QE……MHHFF Eco-Committee � � �CF[ led �qP by �„DMF@DF Science � for ‰EGVM‰F Life ��VFB[‹ Lead. � � Œ e QECCBqEGBHME@ Collaboration � � ‚MHL with OHB‰‰ staff BH at The RLF–GB@DMO Francis QGMDr Crick Y@OHMHAHF Institute M@ in the HLF[FCMNFGP delivery E‰ of CPD. Q¡U‹ � �� � � � � � � ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � -5�(� � � � � �

DAME ALICE OWEN'S FOUNDATION TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED ! 31 "#$ DECEMBER %&% 2023 FINANCIAL * REVIEW +,The /01234560278 Foundation’s 90:; work 68 is -256:-<= entirely :-<6425 reliant 02 on 62>0?income 423 and 62@-85?-25 investment :-51:28 returns from A:0? 658 its -2309?-258B endowments. The +,-C-:?42-25 permanent DEFGHIDEJ endowment KL is KEMDLJDF invested KE in N a OPGODPJQ property OGPJRGSKG portfolio NEF and SKLJDF listed KEMDLJIDEJLT investments. The UVD value MNSWDGR of endowed DEFGHDFKEMDLJIDEJL investments KEXPDNLDF increased YQ by Z[[]^£585,730 LOSKJ split YDJHDDE between NE an KEXPDNLD increase KE in SKLJDF listed KEMDLJIDEJL investments � YQ by Z^)]^£760,730 NEF and N a EDJ net OPGODPJQ property OGPJRGSKG portfolio FDXPDNLD decrease GE on �GED one JVKPF third JPNEXVD] tranche, JVPDD three QDNPSQ yearly PDMNSWNJKGE revaluation GR of Za^[]``` £175,000 bcccd (2022: SKLJDF listed KEMDLJIDEJ investment FDXPDNLDF decreased YQ by Za]`]^ec £1,380,792 NEF and OPGODPJQ property KEXPDNLDF increased YQ by Zc])ac]c[f £2,612,025) NEF and gDEDPNJDF generated KEXGID income GR of £3,890,644 �Z_]\e])hhbcccd (2022: £3,721,788). Z_]^ca]^\\fT ' ~~'~~ Additionally, � � listed investments � � representing � non-endowed � assets have increased in value by £137,899 (2022: ~~�~~ decreased by £199,259) including accumulated income. ~~� � . . .. . . . . . . . . . . . .~~ £1,488,567 (from 2022’s net income) (2022: £1,328,910 (from 2021’s net unrestricted income)) was paid out in ~~�� ��� � � � � � � �� � � �~~ grants as detailed in note 5. ~~� � � � � �� � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � �~~ INVESTMENT POLICY AND PERFORMANCE ~~�~~ iFFKJKGENSSQ]�SKLJDF�KEMDLJIDEJL�PDOPDLDEJKEg�EGE(DEFGHDF�NLLDJL�VNMD�KEXPDNLDF�KE�MNSWD�YQ�Za_^]\ee�bcccd� The Trustee reviewed and agreed the investment objectives for the Foundation as follows: FDXPDNLDF�YQ�Zaee]c[ef�KEXSWFKEg�NXXWIWSNJDF�KEXGIDT � Estate in Islington � Za]h\][)^�bRPGI�ccc78.2-5.62>0?-j.klmccd�Za]_c\]ea�bRPGI�cca78.2-5.WEPDLJPKXJDF�KEXGIDff�HNL�ONKF�GWJ�KE� The day-to-day management of the Estate in Islington is undertaken by the Property Advisors, Daniel Watney LLP, who gPNEJL�NL�FDJNKSDF�KE�EGJD�[T 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 2023: �  *  � n� �   UNPgDJd Target: � UVD�UPWLJDD�PDMKDHDF�NEF�NgPDDF�JVD�KEMDLJIDEJ�GYoDXJKMDL�RGP�JVD�pGWEFNJKGE�NL�RGSSGHLd � ° Maintenance of capital value in real terms as measured by rolling a 3 year RPIX percentage. � qLJNJD�KE�rLSKEgJGE e Growing annual income. � UVD�FNQ(JG(FNQ�INENgDIDEJ�GR�JVD�qLJNJD�KE�rLSKEgJGE�KL�WEFDPJNsDE�YQ�JVD�tPGODPJQ�iFMKLGPL]�uNEKDS�vNJEDQ�wwt]� Achievement: iXVKDMDIDEJd HVG�NPD�LDJ�JNPgDJL�RGP�KEXGID�NEF�XNOKJNS�ODPRGPINEXD�YQ�JVD�UPWLJDDT�UVD�tPGODPJQ�xGIIKJJDD]�NOOGKEJDF�YQ�JVD� UPWLJDD]�IDDJ�PDgWSNPSQ�JG�PDMKDH�JVD�ODPRGPINEXD�GR�OPGODPJQ�KEMDLJIDEJLT�UVD�RGSSGHKEg�JNPgDJL�HDPD�LDJ�HKJV� e The Estate was previously revalued on a 5 year basis and is now revalued in three tranches on a rolling IKyDF�NXVKDMDIDEJ�KE�cc_d 3 yearly basis, the first was undertaken in 2019. The current valuation tranche is 0.8% lower than 2020, � and lower than the expected rolling 3 year RPIX increase of 26.5%. � e Despite the ongoing challenges throughout the year, rental income continued to grow in 2023. � {NKEJDENEXD�GR�XNOKJNS�MNSWD�KE�PDNS�JDPIL�NL�IDNLWPDF�YQ�PGSSKEg�N��QDNP�|tr}�ODPXDEJNgDT z� � Policy: ~PGHKEg�NEEWNS�KEXGIDT z� � e Property management fees to be charged to capital from 1 January 2023. � Stock market � investments UVD�qLJNJD�HNL�OPDMKGWLSQ�PDMNSWDF�GE�N�[�QDNP�YNLKL�NEF�KL�EGH�PDMNSWDF�KE�JVPDD�JPNEXVDL�GE�N�PGSSKEg� The z� day-to-day management of the quoted investments is undertaken by the Investment Advisors, Newton �QDNPSQ�YNLKL]�JVD�RKPLJ�HNL�WEFDPJNsDE�KE�caeT��UVD�XWPPDEJ�MNSWNJKGE�JPNEXVD�KL�T\�SGHDP�JVNE�cc]� Investment Management, who are set targets for income and capital performance by the Trustee. The NEF�SGHDP�JVNE�JVD�DyODXJDF�PGSSKEg��QDNP�|tr}�KEXPDNLD�GR�c)T[T� Investment Committee, appointed by the Trustee, meet regularly to review the � performance of the listed z� uDLOKJD�JVD�GEgGKEg�XVNSSDEgDL�JVPGWgVGWJ�JVD�QDNP]�PDEJNS�KEXGID�XGEJKEWDF�JG�gPGH�KE�cc_T�� 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 2023: tGSKXQd� z�tPGODPJQ�INENgDIDEJ�RDDL�JG�YD�XVNPgDF�JG�XNOKJNS�RPGI�a�€NEWNPQ�cc_T� UNPgDJd Target: � z ° {NKEJDENEXD Maintenance GR of XNOKJNS capital MNSWD value KE in PDNS real JDPIL terms NL as IDNLWPDF measured YQ by xtr CPI GMDP over N a PGSSKEg rolling [(QDNP 5-year ODPKGFT period. JGXs�INPsDJ�KEMDLJIDEJL UVD�FNQ(JG(FNQ�INENgDIDEJ�GR�JVD�‚WGJDF�KEMDLJIDEJL�KL�WEFDPJNsDE�YQ�JVD�rEMDLJIDEJ�iFMKLGPL]�ƒDHJGE�z e rEXGID Income gPGHKEg growing NEEWNSSQ annually � YQ by |tr} RPIX bWEJKS (until ccaf 2021) / xtr CPI bRPGI (from cccf 2022) from RPGI N a YNLD base GR of £560k Z[)sbFDRKEDF (defined KE in ca\fT 2018). rEMDLJIDEJ�{NENgDIDEJ]�HVG�NPD�LDJ�JNPgDJL�RGP�KEXGID�NEF�XNOKJNS�ODPRGPINEXD�YQ�JVD�UPWLJDDT�UVD�z e UGJNS Total |DJWPE Return GR of CPI+3% xtr† GMDP overa NPGSSKEg rolling [(QDNP 5-year ODPKGF period rEMDLJIDEJ�xGIIKJJDD]�NOOGKEJDF�YQ�JVD�UPWLJDD]�IDDJ�PDgWSNPSQ�JG�PDMKDH�JVD�ODPRGPINEXD�GR�JVD�SKLJDF� Achievement: iXVKDMDIDEJd KEMDLJIDEJLT�pGSSGHKEg�N�„WKE‚WDEEKNS�KEMDLJIDEJ�PDMKDH�KE�cca]�JVD�RGSSGHKEg�PDMKLDF�JNPgDJL�NEF�OGSKXQ�HDPD� LDJ�RGP�JVD�DEFGHDF�KEMDLJIDEJL�HVKXV�VNF�IKyDF�NXVKDMDIDEJ�KE�cc_d�z ° rE In cc_] 2023, JVD the XNOKJNS capital MNSWD value GR of KEMDLJIDEJL investments NXVKDMDF achieved c\T^] 28.7%, DyXDDFKEg exceeding JVD the JNPgDJ target GR of PGSSKEg rolling [(QDNP 5-year xtr CPI which HVKXVHNL was c_ThT 23.4%. � z e Although iSJVGWgVFKMKFDEF dividend KEXGID income KEXPDNLDF increased KE in cc] 2023, KJ it FKF did EGJ not IDDJ meet JVD the ODPRGPINEXD performance JNPgDJT target. UVD The KEXGID income � DyODXJNJKGE expectation YNLDF based � � GE on KERSNJKGENPQ inflationary � �� KEXPDNLDL increases � � from RPGI� Z[)s £560k �KE in ca\ 2018 � �HNL was �Z^aas £711k � NEF and � NXJWNS actual � was HNLZ)eesT £699k. � � z e UVD The UGJNS Total � |DJWPE Return �IDNLWPD measure �HNL was � NXVKDMDF achieved � �NJ at 43.8% h_T\�� ML vs �DyODXJDF expected � c)ThT 26.4%. � �� � � � �� � � � � � � � � �� � � � tGSKXQd Policy: � z e rEMDLJIDEJ Investment INENgDIDEJ management RDDL fees JG to YD be XVNPgDF charged JG to XNOKJNS capital from RPGI a 1 €NEWNPQ January c`ccT 2022. � � � � � � � � � � � � � � � � � � � � � � � � � �� �� -6�( � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � �

DAME ALICE OWEN'S FOUNDATION TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED ! 31 "#$ DECEMBER %&% 2023  * RESERVES  + POLICY ,-. The ,/012.. Trustee 341./5.1 observes 2-. the 678High 930/2 Court :/;./ Order 3< of => 15 ?0@. June ABB= 2001 C@; and ;712/7402.1 distributes 0@/.12/7D2.; unrestricted /.1./5.1 reserves 2-C2 that -C5. have @32 not 4..@ been ;.178@C2.; designated for <3/2-. the E/.1./5C273@ preservation C@; and FC7@2.@C@D. maintenance 3< of the 2-.E/3E./2G property .12C2. estate 7@ in 2-. the following <3HH3I7@8 financial <7@C@D7CHG.C/J year. ,-71 This E3H7DG policy .@10/.1 ensures 2-C2 that 4.@.<7D7C/7.1 beneficiaries /.D.75. receive funds <0@;1C1 as 133@ soon C1 as E31174H. possible 402 but 72 it F.C@1 means 2-C2 that 7@ in the 2-..5.@2 event 3< of a C178@7<7DC@2 significant � ;/3E drop 7@ in 7@D3F. income 2-. the K30@;C273@ Foundation I7HH will @32 not 4. be C4H. able to 23FC7@2C7@ maintain 721 its H.5.H level 3< of ;712/740273@J distribution. ,-. The Trustee, ,/012..L4G by 721 its 7@5.12F.@2 investment � E3H7D7.1L policies, .@;.C530/1 endeavours 23 to /.;0D. reduce 2-. the H7M.H7-33; likelihood 3< of drops ;/3E17@ in 7@D3F.J income. � ' As at 31 December 2023, the general reserves of the Foundation were £6,667,086 (2022 (as restated): � � � � � � ~~'~~ £5,518,083) analysed as follows: ~~� �~~ 2023 2022 ~~� � � � � � � � � � � � � � � � � �~~ £ £ ~~� � � � � � � � � � �� � � � �� �~~ Funds designated for the preservation and maintenance of the estate 5,107,280 4,042,724 ~~� � � � � � � � � � �� � �� � � �� �~~ Funds available for distribution in the following year 1,559,806 1,475,359 ~~�� � � � � � � � � � � � � �� � � � � � � � � � � � � ��~~ At 31 December 2023 £3,572,166 (2022: £2,870,645) of designated ~~�~~ funds and £nil (2022: £213,622) of ~~�~~ unrestricted funds was held in listed investments. N1�C2�O=�P.D.F4./�ABAOL�2-.�8.@./CH�/.1./5.1�3<�2-.�K30@;C273@�I./.�QRLRR)LBSR�TABAA�TC1�/.12C2.;UV� Q>L>=SLBSOU�C@CHG1.;�C1�<3HH3I1V� �����������������������������������������������������������������������������������������������������������������������������������WXWY���������������WXWW RISK MANAGEMENT � �����������������������������������������������������������������������������������������������������������������������������������������Z���������������������Z The Trustee has identified the following as principal risks faced by the Foundation: � K0@;1�;.178@C2.;�<3/�2-.�E/.1./5C273@�C@;�FC7@2.@C@D.�3<�2-.�.12C2.�������������>L=B)LASB��������[LB[AL)A[ � K0@;1�C5C7HC4H.�3/�;712/740273@�7@�2-.�amp#51;amp#72;amp#72;amp#51;amp#73;amp#55;amp#64;amp#56;amp#65533;amp#71;amp#46;amp#67;amp#47;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#65533;amp#61;amp#76;\LSBR��������=L[)>LO>\� Performance of investments � � The variability of investment returns on the permanent endowment constitutes the Foundation’s major financial N2�O=�P.D.F4./�ABAO�QOL>)AL=RR�TABAAV�QALS)BLR[>U�3<�;.178@C2.;�<0@;1�C@;�Q@7H�TABAAV�QA=OLRAAU�3<� risk. This is mitigated by retaining expert investment and property managers, having a diversified investment 0@/.12/7D2.;�<0@;1�IC1�-.H;�7@�H712.;�7@5.12F.@21J� 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 ,-.�,/012..�-C1�7;.@27<7.;�2-.�<3HH3I7@8�C1�E/7@D7ECH�/71M1�<CD.;�4G�2-.�K30@;C273@V 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 abcdef�ba�geh_ijc_eji future projections with changing � economic factors to identify potential downturns. klmnopqrpsrtruvnwxnryomzu{myunqmu|qyznwynulmn}mq{pymyunmy~w{myun€wyzuru|umznulmnw|y~purwy‚zn{pƒwqnxrypy€rptn /71MJ�,-71�71�F7278C2.;�4G�/.2C7@7@8�.„E./2�7@5.12F.@2�C@;�E/3E./2G�FC@C8./1L�-C57@8�C�;75./17<7.;�7@5.12F.@2� Operational risks from ineffective grant giving E3H7DG�<3/�H712.;�7@5.12F.@21L�FC7@2C7@7@8L�C@;�7FE/357@8�2-.�E/3E./2G�E3/2<3H73�23�C�-78-�12C@;C/;J� 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 g†‡�bˆj�‰�jb�‰gijgŠˆj�d‹‹�ˆe_ijgfj_‰�_i_h_i the outcomes of grant awards and the quality of institutions � to which grants are made. ,-.�:/;./�23�;712/7402.�CHH�0@/.12/7D2.;�/.1./5.1�F.C@1�2-C2�7@�2-.�.5.@2�3<�C�178@7<7DC@2�;/3E�7@�7@D3F.�2-.� K30@;C273@�I7HH�@32�4.�C4H.�23�FC7@2C7@�721�H.5.H�3<�;712/740273@J�,-.�K30@;C273@�F7278C2.1�2-71�/71M�4G�CIC/;7@8� PLANS FOR FUTURE PERIODS 8/C@21�23�4.@.<7D7C/7.1�3@�C@�C@@0CH�DGDH.�I72-302�D3FF72F.@2�23�D3@27@0CH�<020/.�<0@;7@8�C@;�/.80HC/HG�/.57.I7@8� <020/.�E/3Œ.D273@1�I72-�D-C@87@8�.D3@3F7D�<CD23/1�23�7;.@27<G�E32.@27CH�;3I@20/@1J The Foundation’s key aim in 2024 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 � _djgbed‹�giŽi�abc�ge_aa_fjgh_�†dej�†ghge†œ1H7@823@J Islington. � ,-.�3E./C273@CH�/71M�3<�7@.<<.D275.�8/C@2�8757@8�71�2-C2�2-.�H75.1�3<�G30@8�E.3EH.�C/.�@32�7FE/35.;J�,-71�71� FC@C8.;�4G�/.2C7@7@8�10<<7D7.@2�1M7HH�C@;�.„E./271.�3@�2-.�N;5713/G�93FF722..L�571727@8�8/C@2�/.D7E7.@21�23�/.57.I� Funds available for distribution in 2024 are as based on 2023 net undistributed reserves. The Advisory 93FF722.. Committee /.57.I1 reviews 2-. the 47;1 bids from </3F 2-. the 4.@.<7D7C/7.1 beneficiaries C@; and FCM.1 makes C a /.D3FF.@;C273@ recommendation 23 to 2-. the 930/2 Court 3< of 2-. the ,/012.. Trustee 7@ in 2-.�302D3F.1�3<�8/C@2�CIC/;1�C@;�2-.�0CH72G�3<�7@12720273@1�23�I-7D-�8/C@21�C/.�FC;.J C/D-L March, E/73/ prior 23 to 2-. the C0;72 audit D3FEH.273@J completion. :@D. Once 2-. the C0;72.; audited CDD30@21 accounts C/. are 178@.; signed 3<<L off, 2-. the ,/012.. Trustee � D3@<7/F1 confirms the 2-. CHH3DC273@� allocation 3< of grants 8/C@21C@; and C@G any 5C/7C@D. variance DC//7.; carried <3/IC/; forward 23 to 4. be ;712/7402.; distributed with I72future <020/./.D3FF.@;C273@1J recommendations. � � ��  � klmnw|y~purwy‚znmvnpr{nryn‘’‘[�I7HH�4.�23�D3@27@0.�23�7FE/35.�2-.�H75.1�3�G30@8�E.3EH.�C8.;��23�=S�2-/308-� ruzn“qpyun{pry“np€urorurmz”n•unrttn€wyury|mnuwnwqnruln–p{mn—tr€mn˜my‚zn™€lwwtnpy~nulmnšwy~wyn›wqw|“lnwxn � � K0@;1�C5C7HC4H.�<3/�;712/740273@�7@�ABA[�C/.�C1�4C1.;�3@�ABAO�@.2�0@;712/7402.;�/.1./5.1J��,-.�N;5713/G� � � � � � � � � �� � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � -7(

DAME ALICE OWEN'S FOUNDATION TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED ! 31 "#$ DECEMBER %&% 2023 STATEMENT OF TRUSTEE'S   + RESPONSIBILITIES ,-. The ,/012.. Trustee 3/. are /.14561789. responsible :5/ for 4/.43/76; preparing 2-. the ,/012..< Trustee's 1=.45/2 Report 36> and 2-. the :7636?739 financial 1232.@.621 statements 76 in accordance with 34497?389. applicable 93A law 36> and B672.> United C76;>5@ Kingdom D??506276; Accounting E236>3/>1 Standards FB672.> (United C76;>5@ Kingdom G.6./399H Generally Accepted D??.42.> Accounting � I/3?27?.JK Practice). � ,-. The 93A law 34497?389. applicable 25 to ?-3/727.1 charities 76 in L6;936> England 36> and M39.1 Wales /.N07/.1 requires �2-. the ,/012.. Trustee 25 to 4/.43/. prepare financial :7636?7391232.@.621 statements for :5/ 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: ~~� � � � � � � � � � � � � � �~~ 3??5/>36?.�A72-� ~~� � � � � � � � � � �~~ D??506276;� - select suitable accounting policies and then apply them consistently; ~~� �~~ - observe the methods and principles in the Charities SORP; ~~� � �� �� � � � � � �� � � � �~~ .3?-� :7636?739�H.3/�A-7?-�;7O.�3�2/0.�36>�:37/�O7.A�5:�2-.�1232.�5:�3::37/1�5:�2-.�P506>32756�36>�5:�2-.�76?5@76;�/.150/?.1� 36>�34497?32756�5:�/.150/?.1�5:�2-.�P506>32756�:5/�2-32�H.3/K - make judgements and estimates that are reasonable and prudent; � � Q6�4/.43/76;�2-.1.�:7636?739�1232.@.621R�2-.�,/012..�3/.�/.N07/.>�25S - state whether applicable accounting standards have been followed, subject to any material departures disclosed � and explained in the financial statements; and � (�1.9.?2�1072389.�3??506276;�4597?7.1�36>�2-.6�3449H�2-.@�?561712.629HT � - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will � continue in operation. (�581./O.�2-.�@.2-5>1�36>�4/76?749.1�76�2-.�U-3/727.1�EV=IT � � The Trustee are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at (�@3W.�X0>;.@.621�36>�.127@32.1�2-32�3/.�/.3156389.�36>�4/0>.62T 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 (�1232.�A-.2-./�34497?389.�3??506276;�1236>3/>1�-3O.�8..6�:5995A.>R�108X.?2�25�36H�@32./739�>.43/20/.1�>71?951.>� deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable 36>�.Y49376.>�76�2-.�:7636?739�1232.@.621T�36> steps for the prevention and detection of fraud � and other irregularities. � (�4/.43/.�2-.�:7636?739�1232.@.621�56�2-.�;576;�?56?./6�83171�069.11�72�71�76344/54/732.�25�4/.10@.�2-32�2-.�?-3/72H� A799�?562760.�76�54./32756K � The Trustee's report was approved by the Trustee and signed on their behalf by � ,-.�,/012..�3/.�/.14561789.�:5/�W..476;�10::7?7.62�3??506276;�/.?5/>1�2-32�>71?951.�A72-�/.3156389.�3??0/3?H�32� 36H�27@.�2-.�:7636?739�45172756�5:�2-.�P506>32756�36>�.6389.�2-.@�25�.610/.�2-32�2-.�:7636?739�1232.@.621�?5@49H� A72-�2-.�U-3/727.1�D?2�Z))R�2-.�U-3/72H�FD??50621�36>�=.45/21J�=.;09327561�Z[�36>�2-.�4/5O717561�5:�2-.�2/012� >..>K�,-.H�3/.�3915�/.14561789.�:5/�13:.;03/>76;�2-.�311.21�5:�2-.�P506>32756�36>�-.6?.�:5/�23W76;�/.3156389.� 12.41�:5/�2-.�4/.O.62756�36>�>.2.?2756�5:�:/30>�36>�52-./�7//.;093/727.1K NH C Tindal � � U9./W Clerk Dated: 25 April 2024 ,-.�,/012..<1�/.45/2�A31�344/5O.>�8H�2-.�,/012..�36>�17;6.>�56�2-.7/�8.-39:�8H � � �\��]^_`a� � � b32.>S�Zc�D4/79�ZZd � '

( -10)*

� 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 0 %!#"% Foundation 1# (the 2&3"#456 ‘charity’) $3 for # the year 43%!! ended 78 31 +&)93 December :;:7 2023 ."& which &)<3"( comprise # the (##)%# statement $ of financial $"%%&"'&#""#"(= activities, # the 9'%& balance (#= sheet, # the (##)%# statement $ of &( cash $'.( flows %! and # the %#( notes # to # the $"%%&"' financial (##)%#(= statements, "%&' !"%> including (">%"$"&%# significant && %#"%> accounting <'"&"(? policies. @ The financial $"%%&"'3<3#"%> reporting $3).3A framework ## that ( has 9% been <<'"! applied "% in #"3 their <3<3#"% preparation "( is <<'"&9' applicable '. law %! and B%"#! United C"%>!) Kingdom ,&& %#"%> Accounting D#%!3!(= Standards, "%&' !"%> including 0ED FRS 8;: 102 F@ "The 0"%%&"' Financial E<3#"%> Reporting D#%!3! Standard <<'"&9' applicable "% in # the BC UK %! and E< 9'"& Republic $ of G3'%!F Ireland" 1B%"#! (United C"%>!) Kingdom H%3''4 Generally ,&&<#! Accepted ,&& %#"%> Accounting I3&#"&6? Practice). In our opinion, the financial statements: K - ~~�~~ give ~~�~~ a true ~~�~~ and ~~�~~ fair view ~~�~~ of the state ~~� �~~ of the ~~�~~ charity's ~~�~~ affairs ~~�~~ as at 31 ~~�~~ December ~~�~~ 2023 ~~�~~ and ~~� �~~ of its ~~�~~ incoming ~~� �~~ resources ~~� �~~ and application ~~�~~ of ~~�~~ resources, ~~�~~ for ~~�~~ the ~~�~~ year then ~~�~~ ended; ~~� � � � � � � � �~~ K - ~~�~~ have ~~�~~ been ~~�~~ properly ~~� �~~ prepared ~~�~~ in accordance ~~�~~ with ~~�~~ United Kingdom ~~�~~ Generally ~~�~~ Accepted ~~�~~ Accounting ~~� �~~ Practice; ~~�~~ %! and ~~� � � � � � � �� � � � � � � �~~ K - have ~~�~~ been ~~�~~ prepared ~~� �~~ in accordance ~~�~~ with ~~�~~ the requirements ~~�~~ of ~~� �~~ the ~~�~~ Charities ~~� �~~ Act 2011. ~~� � � � � � � �~~ Basis for opinion G%� 3�<"%"%=�#�$"%%&"'�(##)%#(J We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities >"��#3 �%!�$"3�".�$�#�(##�$�#�&3"#45(�$$"3(�(�#�78�+&)93�:;:7�%!�$�"#(�"%&)"%>� under those standards are further described in the Auditor's responsibilities for the audit of the financial 3( 3&(�%!�<<'"&#"%�$�3( 3&(=�$3�#�43�#%�%!!L statements section of our report. We are independent of the Foundation in accordance with the ethical requirements �9%�<3<3'4�<3<3!�"%�&&3!%&�."#�B%"#!�C"%>!)�H%3''4�,&&<#!�,&& %#"%>�I3&#"&L� that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the �9%�<3<3!�"%�&&3!%&�."#�#�3M "3)%#(�$�#�N3"#"(�,&#�:;88? audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. OPQQ�RS� Conclusions relating to going concern �&%! &#!� 3� !"#�"%�&&3!%&�."#�G%#3%#"%'�D#%!3!(�%�, !"#"%>�1BC6�1GD,(�1BC66�%!�<<'"&9'�'.?� In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of - 3�3(<%("9"'"#"(� %!3�#(�(#%!3!(�3�$ 3#3�!(&3"9!�"%�#� accounting in the preparation of the financial statements is appropriate. TUVWXYZ[]Z^_Y\WaWbWXW^\]cYZ]Xd^]eUVWX]Yc]Xd^] cWefWeb]\XeX^g^X](&#"%�$� 3�3<3#?��3�"%!<%!%#�$�#�0 %!#"%�"%�&&3!%&�."#�#�#"&'� 3M "3)%#(�##�3�3'%#�#� 3� !"#�$�#�$"%%&"'�(##)%#(�"%�#�BC=�"%&' !"%>�#�0EN5(�h#"&'� Based on the work we have performed, we have not identified any material uncertainties relating to events or D#%!3!=�%!�.��$ '$"''!� 3�#3�#"&'�3(<%("9"'"#"(�"%�&&3!%&�."#�#(�3M "3)%#(?��9'"� conditions that, individually or collectively, may cast significant doubt on the Foundation’s ability to continue as a ##�#� !"#�"!%&�.��9#"%!�"(�( $$"&"%#�%!�<<3<3"#�#�<3"!��9("(�$3� 3�<"%"%? 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 ijkQQ�SljPmn�m�nn�iilS relevant sections of this report. G%� !"#"%>�#�$"%%&"'�(##)%#(=�.��&%&' !!�##�#�@3 (#/(� (�$�#�>"%>�&%&3%�9("(�$� && %#"%>�"%�#�<3<3#"%�$�#�$"%%&"'�(##)%#(�"(�<<3<3"#? Other information o(!�%�#�.3A�.��<3$3)!=�.��%#�"!%#"$"!�%4�)#3"'� %&3#"%#"(�3'#"%>�#�%#(�3� The other information comprises the information included in the annual report other than the financial statements &%!"#"%(�##=�"%!""! ''4�3�&''&#"'4=�)4�&(#�(">%"$"&%#�! 9#�%�#�0 %!#"%5(�9"'"#4�#�&%#"% �(�� and our auditor's report thereon. The Trustee are responsible for the other information contained within the annual >"%>�&%&3%�$3��<3"!�$�#�'(#�#.'�)%#(�$3)�.%�#�$"%%&"'�(##)%#(�3� #3"(!�$3�"(( ? 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 - 3�3(<%("9"'"#"(�%!�#�3(<%("9"'"#"(�$�#�@3 (#�."#�3(<&#�#�>"%>�&%&3%�3�!(&3"9!�"%�#� whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 3'%#�(&#"%(�$�#"(�3<3#? 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. G$= If, 9(! based % on # the work .3A. we have <3$3)!= performed, . we &%&' ! conclude ## that there #3"( is a mplS�RSqPm )#3"' material )"((##)%# misstatement $ of #"( this #3 other "%$3)#"%= information, . we 3 are 3M "3! required # to 3<3# report ## that $&#? fact. @�#3�"%$3)#"%�&)<3"((�#�"%$3)#"%�"%&' !!�"%�#�%% '�3<3#�#3�#%�#�$"%%&"'�(##)%#(� %!� 3� !"#3/(�3<3#�#3%?�@�@3 (#�3�3(<%("9'�$3�#�#3�"%$3)#"%�&%#"%!�."#"%�#�%% '� We have %#"%> nothing # to 3<3# report "% in #"( this 3>3!? regard. 3<3#?�- 3�<"%"%�%�#�$"%%&"'�(##)%#(�!(�%#�&3�#�#3�"%$3)#"%�%!�.�!�%#�r<3((�%4� $3)�$�(( 3%&�&%&' ("%�#3%?�- 3�3(<%("9"'"#4�"(�#�3!�#�#3�"%$3)#"%�%!=�"%�!"%>�(=�&%("!3� PmmlSQ Matters on spip which sl we PSl are SltkSlu required m to SlSm report vw by lxilm exception .#3�#�#3�"%$3)#"%�"(�)#3"''4�"%&%("(#%#�."#�#�$"%%&"'�(##)%#(�3� 3�A%.'!>�9#"%!�"%� #�& 3(�$�#� !"#=�3�#3."(�<<3(�#�9�)#3"''4�)"((##!?�G$�.�"!%#"$4�( &�)#3"'�"%&%("(#%&"(� We have %#"%> nothing # to 3<3# report "% in 3(<&# respect $ of # the $''."%> following )##3( matters "% in 3'#"% relation to #."& which the #N3"#"( Charities 1,&& %#( (Accounts %! and 3�<<3%#�)#3"'�)"((##)%#(=�.�3�3M "3!�#�!#3)"%�.#3�#"(�>"(�3"(�#��)#3"'�)"((##)%#�E<3#(6 Reports) E> '#"%( Regulations :;;y 2008 3M "3 require ( us # to 3<3# report # to you 4 "$= if, "% in * 3 our <"%"%J opinion: K - � # the � "%$3)#"% information � >"% given �"% in # the $"%%&"' financial � �(##)%#( statements � � "( is �"%&%("(#%# inconsistent � � "% in �%4 any )#3"' material � 3(<&# respect � with ."#� # the � Trustee's @3 (#/(� �� 3<3#L report; � 3 or � � � � � � � � � � � K - ( $$"&"%# sufficient && %#"%> accounting 3&3!( records have %# not 9% been A<#L kept; 3 or K - � # the �$"%%&"' financial �(##)%#( statements � ��3 are �%# not "% in >3)%# agreement ."# with # the && %#"%> accounting 3&3!(L records; 3 or K - . we have %# not 3&"! received '' all # the "%$3)#"% information %! and r<'%#"%( explanations we .3M "3 require $3 for * 3 our !"#? audit. � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ��� � � � � � � � � � � � � � � � � � � -11� � � � � � � � � � � �� � � � � � � � � � � � � � � � � � �

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