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2024-12-31-accounts

Charity Registration No. 312703

DAME ALICE OWEN'S FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 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 - 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 2024

The Trustee presents its report and financial statements for the year ended 31 December 2024.

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 2024 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 of 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 2024 is distributed in 2025.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 of £1,013,912 fully approved, plus £572,000 approved in principle in relation to the anticipated Sports Block rebuild and refurbishment but subject to final approval of a detailed project plan, amounted to £1,585,912 for expenditure in the school year 2024-25 (2023: £967,172 for school year 202324), being split between capital expenditure of £826,794 (2023: £244,944) and revenue expenditure of £759,118 (2023: £722,228). An update on how these funds have been spent will be provided to the Advisory Committee in November 2025. A summary of how the Foundation’s unrestricted grant of £967,172 in 2023 for the school year 2023-24 was spent, is set out below.

Teaching Block (£155,244)

This funding continues to pay the scheduled repayment instalments of the CIF loan awarded to help finance the building of the Teaching Block, and continues to replenish the building reserve fund as agreed, albeit now over a longer than originally planned timescale.

Additional Funding Granted in May 2023 (£89,700)

Additional funding was put into Capital Reserves and allocated for the Curtain Walling Project, for which, at the time, it was hoped to win a public funding CIF bid. Since then, the CIF bid has been declined, and so this project is on hold until the School is able to secure public funds. Furthermore, the Sports Block has started to deteriorate much quicker than anticipated and so some of the reserves held for the curtain walling project, including this £89,700 have been reallocated to the anticipated Sports Block rebuild and refurbishment.

Foundation supported non-teaching salaries (£167,601)

The funding for staff support roles within the School has proven as invaluable over this last year as ever. Some examples are:

Grounds maintenance contractor

The School site continues to improve in quality. It has been possible to rent out pitches at the weekend which has also allowed the School to generate funds.

Assistant Finance Officer

At a time of significant financial need, the School has re-evaluated the way in which it approaches many financial processes. The Assistant Finance Officer has played a crucial role in helping to set these up.

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

The School has overhauled its recruitment process making greater use of social media and moving to an online application form, as well as designing a more modern looking application pack.

However, the Government’s Education Committee’s report states that national targets for recruitment onto initial teacher training courses were missed (again) in 10 subjects in 2022/23. There are also challenges with retention in many schools due to the poor behaviour of students and, in many incidents, parents.

For many current teachers, excessive workloads, rather than pay, was the biggest factor pushing them to leave, but with budgets being slashed at every turn, the School has had no option but to reduce the number of staff on the payroll which leads to increased workload.

When the School has a quality applicant for a teaching role, it is essential to do whatever is possible to hold on to them, as competition between schools to recruit and retain staff is fierce. As a result, the School continues to rely heavily on the retention and recruitment money to achieve both of these aims.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Dame Alice Owen's School (continued)

EHCP Students and students with additional needs (£81,544)

In 2023-24, Owen’s supported 34 children with EHCPs, 147 SEN children, 39 previously looked after children and 6 children who are currently looked after.

This money has been spent on the staff who support the needs of young people within the classroom as well as those who support the administration required to support the work undertaken.

The Learning Support Assistants work closely with the teachers to provide huge amounts of additional support to students with an Education Health Care Plan (EHCP), as well as those with significant need who are yet to be granted one. The process of securing additional support from the Government by way of an EHCP is slow and arduous but the child needs, and deserves, support immediately to help them achieve. Foundation support allows the School to be able to give greater amounts of support where it is needed which supports the young person's learning and self esteem, as well as helping to manage a stressful situation for staff.

DfE data shows that students with additional needs achieved, on average, more than ⅔ of a grade more, per subject, at GCSE at Owen’s in 2024 than students with no additional needs with the same starting points at other schools.

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 during this time.

Social, Emotional and Disability Support For Students (£30,012)

One in six young people aged between 5 and 16 have been identified as having a problem with their mental health (Young Minds, July 2022). 83% of young people say their mental health has been worse since the pandemic. 24% of 17 year-olds report having self-harmed in the last year. Nearly half of 17-19 year-olds with a diagnosable mental health disorder has self-harmed or attempted suicide at some point, rising to 52.7% for young women.

This is no different at Owen’s where an increase in all of the above as well as severe anxiety, personality and eating disorders has been seen. Luckily, the School’s Pastoral Managers are highly trained members of staff who can help support students and their families through these issues (alongside specialist provision). One of the School’s pastoral managers is a trained psychotherapist, the other is a previous CAMHS (child, adolescent, mental health service) nurse. This money helps support the work that they do with our most vulnerable children.

With this part of the grant, the School has been able to maintain extended hours for Pastoral Managers, who are the front line support for students who may be struggling with everything from feeling overwhelmed at school, to those with friendship issues, low or worrying mood, right up to those with significant and complex mental health needs.

Closing the Gap Mentoring / LAC Support (£14,031)

This money has supported the administration and running of the School’s hugely successful peer mentoring and homework clubs. These provide students with academic support, access to computers and the internet and a safe and quiet space to work until 5pm Monday-Thursday. Without doubt, this support has helped many vulnerable students move closer to achieving their potential than they may otherwise have done. Working with an aspirational peer mentor is incredibly powerful but the work that goes into matching students up and tracking their progress is significant.

Maths and English intervention (including Yr10) (£34,114)

The additional support that this funding permits has meant that, not only do those students who come to the School with lower prior attainment in English and maths make more progress than peers from the same starting point in other schools, but that those students who join with middle level prior attainment have made more than a whole grade more progress at GCSE than their peers in other schools with the same starting point.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Dame Alice Owen's School (continued)

Additional teachers to maintain group sizes at KS4 & 5 (£58,000)

This funding has allowed the School to continue to run courses such as those which have supported students into degrees such as Biomedical Science and Aeronautical Engineering as well as ensuring that students aiming for Oxbridge, veterinary science and medicine have the support they need. Owen’s had an astonishing 27 students accepting places at Oxbridge in 2024 and 84% of students who applied to study medicine were offered a place (compared to an average offer of 16% nationally).

Visitation (£13,000)

Visitation is an important link for students with the history of the school. The School looks forward to sharing this important and historic event with the Master in the summer. This money goes towards the technology and infrastructure to allow Visitation to happen, as well as a celebration dinner at the end of the academic year.

Transport Subsidy (£15,000)

This element of the grant has allowed the School to compete at a high level, such as to be able to afford a coach to the National Schools Hockey Competition in Ipswich, Girls’ Football National Finals in Bristol, National Schools Badminton Competition in Sheffield, the cross country finals in Leeds as well as a large number of matches and events against schools less far afield.

The School is able to compete in both county leagues and national competitions thanks to its minibuses, allowing it to compete at weekly events in places such as St Albans, Stevenage and Ware. Access to the minibuses is crucial for the School’s Saturday programmes in netball, hockey and football, as these have allowed it to take teams to various parts of Herts, Beds and London.

As a result of this subsidy, the School has not had to turn down a single match due to lack of ability to transport students.

Entrance Exam (£23,500)

This funding helped the School pay for the increasing external costs associated with marking and standardising the entrance exam papers, as well as the invigilation costs which increase dramatically year on year as increasing numbers of students continue to require adaptations which the School needs to ensure are met to avoid increased numbers of appeals (which come at a financial cost of over £200 a student).

EDUCATIONAL PROJECTS IN ISLINGTON

Donations to educational projects in Islington amounted to £545,401 for expenditure in 2024/25 (2023: £521,395 for expenditure in 2023/24). Overall, Islington children continued to make good progress in 2024 and the contribution to these successes made by the projects funded by DAOF in 2024 remains significant. A summary of how the Foundation’s grant of £521,395 awarded in 2023, spent in 2023/24 is set out below.

Guildhall Young Artists Islington (GYAI) (£81,041)

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.

- Wider provision reached 64 schools (94%) in the Borough.

- All primary schools signed up delivered curriculum music lessons, either through a dedicated music teacher or class teachers, in all cases accessed online recourses of Charanga online music school. Either Charanga’s own content or content produced and added by Guildhall School to support multiple school events. - MEI tutors taught in 45% of all mainstream schools, at both primary and secondary level.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Educational projects in Islington (continued)

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

MiSST@Islington aims to:

Upward Bound (£147,756 + transitional support £25,000)

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.

• In 2023-24 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 training to support personal development; the Upward Bound residential; the Upward Bound poetry slam; exam preparation activities and Year 11 study room.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Educational projects in Islington (continued)

• 45 students attended the residential trip. Benefits reported included improved social dynamic with peers, improvement in teamwork and communication skills, impactful conversations with staff and improved resilience. • Provisional results for 2023-24 show 77% of pupils achieved a grade 4 or above in English and Mathematics, roughly an 18% increase compared to 2019. Career focused activities with partner organisations within the Borough resulted in:

• Supporting the programme to develop long-term financial independence for the project is underway through the Friends of Upward Bound UK Charity. The Charity was approved on 9th March 2023. A funding proposal has been confirmed by the Upward Bound Strategic Board to support the process.

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.

Significant achievements in 2023-24:

Enrichment Hub for Children in Need (£23,300)

The Enrichment Hub delivers high quality provision to Islington young people between the ages of 5 to 16, providing targeted support for children who are unlikely to achieve or maintain a reasonable level of health or development without an intervention. These could be children in care, with an allocated social worker or who have special educational needs or disabilities. Part of the support provided focuses on providing enrichment activities for children in need, which help to support their psychological and educational development.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Educational projects in Islington (continued)

The aims of the programme include:

• To provide a safe space for vulnerable children and young people to access engaging enrichment activities which develop SEMH.

Key activities in 2023-24 included:

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 £228,120 split between an increase in listed investments by £1,407,120 and a net property portfolio decrease on one third tranche, three yearly revaluation of £1,179,000 (2023: listed investment increased by £760,730 and property decreased by £175,000) and generated income of £4,327,312 (2023: £3,890,644).

Additionally, listed investments representing non-endowed assets have increased in value by £199,012 (2023: increased by £137,899).

£1,559,313 (from 2023’s net income) (2023: £1,488,567 (from 2022’s net unrestricted income)) 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 2024:

Target:

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Investment policy and performance (continued)

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 2024:

Target:

Achievement:

Policy:

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 2024, the general reserves of the Foundation were £7,970,754 (2023: £6,667,086) analysed as follows:

2024 2023 £ £ Funds designated for the preservation and maintenance of the estate 6,250,562 5,107,280 Funds available for distribution in the following year 1,720,192 1,559,806

At 31 December 2024 £4,021,178 (2023: £3,572,166) of designated funds and £nil (2023: £nil) 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.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

PLANS FOR FUTURE PERIODS

The Foundation’s key aim in 2025 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 2025 are as based on 2024 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.

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 2023, 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 meets once a year and the main responsibilities are as follows:

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

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:

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 2024. 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.

DAME ALICE OWEN'S FOUNDATION

TRUSTEE'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024 (2023: £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 £263,193 (2023: £247,744) for management services.

STATEMENT OF TRUSTEE’S RESPONSBILITIES

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: 1 May 2025

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 2024 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).

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 requires 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 Egale 1 80 St Albans Road Watford Hertfordshire WD17 1DL

1 May 2025

DAME ALICE OWEN'S FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
funds
Notes
£
Income from:
Investment income
2
4,327,312
Total income
4,327,312
Expenditure on:
Expenditure on raising funds
3
1,564,805
Charitable activities
4
1,754,958
Total resources expended
3,319,763
Net gains/(losses) on investments
8
-
Net incoming/(outgoing)
resources before transfers
1,007,549
Transfers between funds
(847,163)
Net movement in funds
160,386
Fund balances at 1 January 2024
1,559,806
Fund balances at 31 December
2024
1,720,192		 Designated Endowment
funds
funds
£
£
97,107
-
97,107
-
-
484,850
-
-
-
484,850
199,012
228,120
296,119
(256,730)
847,163
-
1,143,282
(256,730)
5,107,280
98,316,321
6,250,562
98,059,591		 Total
2024
£
4,424,419
4,424,419
2,049,655
1,754,958
3,804,613
427,132
1,046,938
-
1,046,938
104,983,407
106,030,345		 Total
2023
£
3,890,644
3,890,644
1,661,761
1,663,697
3,325,458
723,629
1,288,815
-
1,288,815
103,694,592
104,983,407

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

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 2024

PRIOR YEAR
Unrestricted **Designated ** Endowment Total
funds funds funds 2023
Notes £ £ £ £
Income from:
Investment income 2 3,890,644 - - 3,890,644
Total income 3,890,644 - - 3,890,644
Expenditure on:
Expenditure on raising funds 3 1,215,843 - 445,918 1,661,761
Charitable activities 4 1,663,697 - - 1,663,697
Total resources expended 2,879,540 - 445,918 3,325,458
Net gains on investments 8 - 137,899 585,730 723,629
Net incoming/(outgoing)
resources before transfers 1,011,104 137,899 139,812 1,288,815
Transfers between funds (926,657) 926,657 - -
Net movement in funds 84,447 1,064,556 139,812 1,288,815
Fund balances at 1 January 2023 1,475,359 4,042,724 98,176,509 103,694,592
Fund balances at 31 December
2023 1,559,806 5,107,280 98,316,321 104,983,407

DAME ALICE OWEN'S FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2024

CONSOLIDATED BALANCE SHEET
Notes
Fixed assets
Investment properties
9
Investments
10
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
15
Net assets
The funds of the charity
Endowment funds
16
Designated funds
Unrestricted funds		 2024
£
£
77,761,075
30,223,750
107,984,825
811,522
3,341,144
4,152,666
(960,629)
3,192,037
111,176,862
(5,146,517)
106,030,345
98,059,591
6,250,562
1,720,192
106,030,345		 2023
£
£
78,940,075
28,367,618
107,307,693
701,466
2,853,873
3,555,339
(879,625)
2,675,714
109,983,407
(5,000,000)
104,983,407
98,316,321
5,107,280
1,559,806
104,983,407

The financial statements were approved by the Court on 1 May 2025

K A Smart - Master

NHC Tindal - Clerk

DAME ALICE OWEN'S FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2024

CHARITY BALANCE SHEET
Notes
Fixed assets
Investment properties
9
Investments
10
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
15
Net assets
The funds of the charity
Endowment funds
16
Designated funds
Unrestricted funds		 2024
£
£
77,761,075
30,227,250
107,988,325
811,522
3,341,144
4,152,666
(964,129)
3,188,537
111,176,862
(5,146,517)
106,030,345
98,332,588
6,250,562
1,720,192
106,030,345		 2023
£
£
78,940,075
28,371,118
107,311,193
701,466
2,853,873
3,555,339
(883,125)
2,672,214
109,983,407
(5,000,000)
104,983,407
98,316,321
5,107,280
1,559,806
104,983,407

The financial statements were approved by the Court on 1 May 2025

K A Smart - Master

NHC Tindal - Clerk

DAME ALICE OWEN'S FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
21
Investing activities
Purchase of investments
Dividends, interest and rents
Net cash generated from investing
activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(3,520,598)
(250,000)
4,424,419
4,174,419
(166,550)
(166,550)
487,271
2,853,873
3,341,144		 2023
£
£
(2,716,614)
(350,000)
3,890,644
3,540,644
(166,550)
(166,550)
657,480
2,196,393
2,853,873

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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 2024

1 Accounting policies

(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

Unrestricted Designated
funds
funds
£
£
Income from investment properties in the UK
3,460,054
-
Income from listed investments
756,647
97,107
Interest receivable
110,611
-
4,327,312
97,107
For the year ended 31 December 2023
3,890,644
-
Income from listed investments:
Dividends:
- within the UK
- outside the UK
Fixed interest securities:
- within the UK
- outside the UK		 Total
2024
£
3,460,054
853,754
110,611
4,424,419
482,684
234,650
136,420
-
853,754		 Total
2023
£
3,147,649
701,618
41,377
3,890,644
3,890,644
377,005
203,030
121,583
-
701,618

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Expenditure on raising funds

Unrestricted Endowment
funds
funds
£
£
Estate management and maintenance
Repairs, maintenance and cleaning
363,446
-
Interest on Development loan
166,550
-
Refurbishment
209,965
-
Insurance
96,791
-
Surveyors fees
104,291
-
Legal and professional fees
113,476
-
Services and utilities
165,612
-
Irrecoverable VAT
170,226
-
Support costs
174,448
-
Estate management and maintenance
1,564,805
-
Estate & Investment management
Investment manager's fees
-
152,277
Property manager's fees
-
332,573
Estate & Investment management
-
484,850
Total expenditure on raising funds
1,564,805
484,850
For the year ended 31 December 2023
Estate management and maintenance
1,215,843
-
Estate & Investment management
-
445,918
1,215,843
445,918		 Total
2024
£
363,446
166,550
209,965
96,791
104,291
113,476
165,612
170,226
174,448
1,564,805
152,277
332,573
484,850
2,049,655		 Total
2023
£
174,939
166,550
190,849
98,447
51,916
49,170
186,459
138,004
159,509
1,215,843
146,449
299,469
445,918
1,661,761
1,215,843
445,918
1,661,761

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 2023
Unrestricted funds
Grants payable
Educational grants to institutions:
Dame Alice Owen's School
Education projects in Islington		 2024
£
1,559,313
195,645
1,754,958
1,754,958
1,754,958
2024
£
1,013,912
545,401
1,559,313		 2023
£
1,488,567
175,130
1,663,697
1,663,697
1,663,697
2023
£
967,172
521,395
1,488,567

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 2024

6 Support and governance costs

Support costs
Administration fee
Irrecoverable VAT
Legal & Professional costs
Governance costs
Auditors fees - audit
Analysed between
Estate management
Charitable activities		 2024
£
263,193
79,547
11,123
16,230
370,093
174,448
195,645
370,093		 2023
£
247,744
57,286
10,389
19,220
334,639
159,509
175,130
334,639

7 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

8 Net gains/(losses) on investments

Designated Endowment
funds
funds
£
£
Revaluation of investments
199,012
228,120
For the year ended 31
December 2023
137,899
585,730
Investment property
Fair value
At 1 January 2024
Net gains or losses through fair value
adjustments
At 31 December 2024		 Total
2024
£
427,132		 Total
2023
£
723,629
2024
£
78,940,075
(1,179,000)
77,761,075

9 Investment property

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Investment property

(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.

10 Fixed asset investments

Fixed asset investments
Listed
Listed
investments investments
£ £
2024 2023
Cost or valuation
At 1 January 2024 28,285,430 26,447,195
Additions 4,592,468 9,075,067
Valuation changes 1,606,132 898,629
FX gains/(losses) (1,721) 5,170
Disposals (4,460,091) (8,140,631)
At 31 December 2024 30,022,218 28,285,430
Cash held for re-investment 201,532 82,188
Carrying amount
At 31 December 2024 30,223,750 28,367,618
2024 2023
Other investments comprise: Notes £ £
Investments in subsidiaries 20 3,500 3,500

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10
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 Growth & Income for Charities GBP Inc 2 (less than 5% in 2023)
11
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
12
Loans and overdrafts
Bank loans
Payable after one year		 (Continued)
2024
2023
£
£
19,012,651
17,031,458
11,211,099
11,336,160
30,223,750
28,367,618
2024
2023
£
£
20,303,368
23,364,624
4,967,528
4,762,841
1,689,004
-
2024
2023
£
£
755,481
651,146
30,223,750
28,367,618
5,934,762
5,883,512
2024
2023
£
£
5,000,000
5,000,000
5,000,000
5,000,000		 (Continued)
2024
2023
£
£
19,012,651
17,031,458
11,211,099
11,336,160
30,223,750
28,367,618
2024
2023
£
£
20,303,368
23,364,624
4,967,528
4,762,841
1,689,004
-
2024
2023
£
£
755,481
651,146
30,223,750
28,367,618
5,934,762
5,883,512
2024
2023
£
£
5,000,000
5,000,000
5,000,000
5,000,000
28,367,618
2023
£
23,364,624
4,762,841
-
2023
£
651,146
28,367,618
5,883,512
2023
£
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 2024

13
Debtors
Group
Charity
2024
2024
Amounts falling due within one year:
£
£
Rent receivable
211,763
211,763
Other debtors
209,634
209,634
Cash held in client account
267,746
267,746
Rent deposits held in client account
66,338
66,338
Prepayments and accrued income
56,041
56,041
811,522
811,522
14
Creditors: amounts falling due within one year
Group
Charity
2024
2024
Notes
£
£
Other taxation and social
security
28,384
28,384
Deferred income
983
983
Service charges on account
113,833
113,833
Amounts due to subsidiary
undertakings
9
9
Deposits due to tenants
72,096
72,096
Rent billed in advance
199,238
199,238
Accruals
546,086
549,586
960,629
964,129
15
Creditors: amounts falling due after more than one year
Charity & Group
2024
£
Bank loans
5,000,000
Deferred income
146,517
5,146,517		 Group
Charity
2023
2023
£
£
344,086
344,086
72,537
72,537
168,185
168,185
66,338
66,338
50,320
50,320
701,466
701,466
Group
Charity
2023
2023
£
£
30,611
30,611
-
-
114,958
114,958
10,796
10,796
66,500
66,500
185,411
185,411
471,349
474,849
879,625
883,125
Charity & Group
2023
£
5,000,000
-
5,000,000		 Charity
2023
£
344,086
72,537
168,185
66,338
50,320
701,466
Charity
2023
£
30,611
-
114,958
10,796
66,500
185,411
474,849
883,125
5,000,000

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 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
2024
£
CURRENT YEAR
Endowment funds
98,316,321
98,316,321
Balance at 1
January
2023
£
PRIOR YEAR
Endowment funds
98,176,509
98,176,509		 Incoming
resources
£
-
-
Incoming
resources
£
-
-		 Movement in funds
Resources
expended
Transfers
£
£
(484,850)
-
(484,850)
-
Movement in funds
Resources
expended
Transfers
£
£
(445,918)
-
(445,918)
-		 Gains and
losses
Balance at 31
December 2024
£
£
228,120
98,059,591
228,120
98,059,591
Gains and
losses
Balance at 31
December 2023
£
£
585,730
98,316,321
585,730
98,316,321

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 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

CURRENT YEAR
Movement in funds
Balance at 1 Incoming Resources Transfers Gains and
Balance at 31
January resources expended losses December 2024
2024
£ £ £ £ £ £
Designated 5,107,280 97,107 - 847,163 199,012 6,250,562
General 1,559,806 4,327,312 (3,319,763) (847,163) - 1,720,192
6,667,086 4,424,419 (3,319,763) - 199,012 7,970,754
PRIOR YEAR
Movement in funds
Balance at 1 Incoming Resources Transfers Gains and
Balance at 31
January resources expended losses December 2023
2023
£ £ £ £ £ £
Designated 4,042,724 - - 926,657 137,899 5,107,280
General 1,475,359 3,890,644 (2,879,540) (926,657) - 1,559,806
5,518,083 3,890,644 (2,879,540) - 137,899 5,245,086
PURPOSE OF DESIGNATED FUNDS
2024 2023
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. 1,325,000 1,325,000
Property maintenance
This fund was established to enable a rolling programme of refurbishment
and upgrade of estate properties. 967,640 803,050
Block M2 redevelopment
This represents funds being set aside for the purpose of a capital loan
repayment in 2033. 1,900,000 1,550,000
Distribution to beneficiaries
This represents additional funds available to beneficiaries subject to
applications and approvals 2,057,922 1,429,230
6,250,562 5,107,280

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 Analysis of net assets between funds

CURRENT YEAR
GROUP
Fund balances at 31 December 2024 are
represented by:
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities
CHARITY
Fund balances at 31 December 2024 are
represented by:
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities		 General
£
-
-
1,866,709
(146,517)
1,720,192
General
£
-
-
1,866,709
(146,517)
1,720,192		 Designated
Endowment
£
£
-
77,761,075
4,021,178
26,202,572
2,229,384
(904,056)
-
(5,000,000)
6,250,562
98,059,591
Designated
Endowment
£
£
-
77,761,075
4,021,178
26,206,072
2,229,384
(907,556)
-
(5,000,000)
6,250,562
98,059,591		 Total
£
77,761,075
30,223,750
3,192,037
(5,146,517)
106,030,345
Total
£
77,761,075
30,227,250
3,188,537
(5,146,517)
106,030,345

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18
Analysis of net assets between funds
PRIOR YEAR
GROUP
Fund balances at 31 December 2023 are
represented by:
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities
CHARITY
Fund balances at 31 December 2023 are
represented by:
Investment properties
Investments
Current assets/(liabilities)
Long term liabilities		 General
£
-
-
1,559,806
-
1,559,806
General
£
-
-
1,559,806
-
1,559,806		 (Continued)
Designated
Endowment
Total
£
£
£
-
78,940,075
78,940,075
3,572,166
24,795,452
28,367,618
1,535,114
(419,206)
2,675,714
-
(5,000,000)
(5,000,000)
5,107,280
98,316,321
104,983,407
Designated
Endowment
Total
£
£
£
-
78,940,075
78,940,075
3,572,166
24,798,952
28,371,118
1,535,114
(422,706)
2,672,214
-
(5,000,000)
(5,000,000)
5,107,280
98,316,321
104,983,407

19 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 2024 was £263,193 (2023: £247,744). There was an outstanding balance due from The Brewers' Company at 31 December 2024 of £7,084 (2023 amount owed to The Brewers' Company: £3,189).

DAME ALICE OWEN'S FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 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.

2024 2023
£ £
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 7,093 7,607
Creditors: amounts falling due within one year (3,593) (4,107)
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 2024

21 Cash generated from operations 2024 2023
£ £
Surplus for the year 1,046,938 1,288,815
Adjustments for:
Investment income recognised in statement of financial activities (4,424,419) (3,890,644)
Finance costs 166,550 166,550
Fair value gains and losses on investments (427,132) (723,629)
Movements in working capital:
(Increase)/decrease in debtors (110,056) 228,528
Increase in creditors 80,021 213,767
Increase in deferred income 147,500 -
Cash absorbed by operations (3,520,598) (2,716,613)
22 Analysis of changes in net (debt)/funds
At 1 January Cash flows At 31 December
2024 2024
£ £ £
Cash at bank and in hand 2,853,873 487,271 3,341,144
Loans falling due after more than one year (5,000,000) - (5,000,000)
(2,146,127) 487,271 (1,658,856)