**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
- Dame Alice Owen's School; and
- Educational purposes in Islington
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:
- Applications should incorporate a structured educational content, when appropriate, to the teaching and learning of the relevant Key Stage(s) of the National Curriculum.
- Projects should demonstrate a realistic likelihood of continuing after the expiry of the Foundation's grant.
- Projects are to include the appropriate means of measuring performance in order to ensure the perceived benefits have been achieved.
- Donations to Dame Alice Owen's School are to be in accordance with the rules governing charitable giving under Academy Status.
- Donations for Islington educational purposes are to be made to the schools and organisations that will benefit groups of young people aged 18 years or less currently in primary or secondary education in, or those who reside within the London Borough of Islington. In particular, proposals must contribute towards meeting a major need in the Borough not met by other grant-giving bodies. When possible, grants should be used to leverage additional matching funding alongside that of the Foundation.
- All projects are to have appropriate governance, financing and safeguarding policies in place.
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.
- 1 -
## **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.
- 2 -
## **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.
- 3 -
## **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.
- 4 -
## **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)**
- 40% of all Islington primary schools accessed instrumental provision in-school through Guildhall
- School for at least one year group, reaching a total of 2200 pupils.
- All 4 secondary schools who do not engage with MiSST are accessing Guildhall School-led in-
- school instrumental provision, in particular for students taking their GCSE in music.
- 6 secondary schools gained access to online teaching or music production through Guildhall
- School’s provision.
- 50% of primary schools access instruments through Guildhall’s MEI instrument hire scheme.
- 380 children and young people from 8 schools joined MEI’s Winter Sing at Union Chapel.
- 820 students from 12 Islington schools took part in MEI’s Big Sing at Islington’s Assembly Hall,
- including primary, secondary and SEND schools, following in-school workshops in 4 secondary schools and online tutorials for primary school teachers
## **Music in Secondary Schools Trust (MiSST@Islington) (£199,971)**
## MiSST@Islington aims to:
- Provide a classical music education in order to enrich the lives and improve discipline and commitment to
- learning.
- Develop the skills of working in a team and a large group where all relationships are interdependent.
- • Improve academic outcomes for all.
- In 2023-24, DAOF funding sustained the delivery of the Andrew Lloyd Webber Programme and
- contributed to staffing the staffing costs incurred in the following Islington Schools:
- Beacon High School (KS3 ALWP)
- Central Foundation Boys’ School (KS3 ALWP)
- City of London Academy Highgate Hill (Y7,8 and 9 ALWP)
- Elizabeth Garrett Anderson School (Y7 ALWP; Y8-9 specialist school)
- St Mary Magdalene Academy (Y7-8 ALWP plus Y9 specialist school)
- Highgate Hill (Y7-8 ALWP plus Y9 specialist school)
- City of London Academy Highbury Grove (KS3 ALWP; KS4 tuition)
- In addition to the Andrew Lloyd Webber Programme, MiSST funded and provided the following musical opportunities for students from Islington schools:
- MiSST Together (pairing two MiSST schools together for a play day), reaching approx. 121 Islington
- students
- MiSST Music Academy (formerly Saturday Music School):
- = Symphony Orchestra (Grade 3+) - 37 Islington students
- = Academy Orchestra (Grade 1/2+) - 30 Islington students
- = Voices Choir (open access) - 12 Islington students
- = Total on roll at MiSST Music Academy from Islington schools: 79 Islington students
- MiSST Leaders’ Orchestra (MiLO) for grade 6+ students - 11 Islington students
-
- Annual concert 96 Islington students
- Gresham’s Residential (two back-to-back residentials July 2024), reaching 79 Islington students.
## **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.
- 5 -
## **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:
- 100% of Year 10 completing mock interviews and valuing the process.
- 100% of the Year 9 and 10 cohort reporting the career day event was informative and useful.
- 100% of Year 12 pupils reporting they feel more prepared to complete personal statements.
- 100% of parents and carers reporting they were more informed about post 16 pathways and wider Borough offer.
• 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:
- 25 schools engaged with SfL (37%); 4 more have shown interest in engaging
- • Weekly 1-hour STEM clubs: 26 KS1 pupils 25 KS2 pupils
- Weekly Science Committee and Eco-Committee meetings: 16 KS1 and 12 KS2
- 11 modelled STEM lessons: EYFS, KS1 and 2; 120 pupils – shared with hub
- 6 hub meetings attended by 21 science leads and teachers from 17 schools
- 6 professional development sessions: 70 teachers
- Women in STEM collaborative event: 6 schools; 45 pupils; 2 STEM ambassadors
- Institute of Physics and SfL event: 6 schools; 40 pupils; 1 STEM ambassador; 15 parents
- • Engineering Event: 17 parents, 4 siblings, 192 EYFS and KS2 pupils
- Marine Animals Awareness Event: child leaders: 8 KS1, 13 KS2, 90 parents and pupils
- 8 Year 5 classes from hub schools participated in Air Pollution Workshops delivered by UCL Chemistry
- Undergraduates
- 60 x 1 hour STEM club or child leadership sessions: 10 schools;192 pupils
- 7 STEM celebration events: 7 schools; 771 pupils; 100+ parents and siblings – Magic Show for KS2 and
- parents; 2 STEM activities for parents and siblings; 2 whole school STEM fairs; STEM Club activities for KS2; STEM activities at Christmas Fair; presenting STEM activities at the IOP and SfL event • 2 x Y3 model lessons: 59 pupils
- 37 STEM sessions for 30 Y7/Y8 students: 16 FSM, 12 SEN, 11 PP
- 7 lessons to 175 KS2 pupils from 6 schools
- 20 KS3 students visited Royal College of Physicians: compared past and current practices
- 20 KS3 students visited Arsenal: learned about improving sustainability in the community
## **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.
- 6 -
## **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.
- To improve school attendance and reduce persistent absence.
- To mitigate Emotionally Based School Avoidance (EBSA)
- For pupils and careers to feedback positively to post activity surveys relating to confidence, resilience and
- communication.
Key activities in 2023-24 included:
- Primary school aged summer camp
- Primary school aged SEN summer camp provision
- Secondary school aged basketball camp
- Secondary school aged Afrobeats dance camp
- Trip to Go Ape (13 to 18 year olds)
- Secondary school reengagement projects
## **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:
- Maintenance of capital value in real terms as measured by rolling a 3 year RPIX percentage.
- • Growing annual income.
- Achievement:
- The Estate was previously revalued on a 5 year basis and is now revalued in three tranches on a rolling 3 yearly basis, the first was undertaken in 2019. The 2024 valuation tranche is 5% lower than 2021, and lower than the expected rolling 3 year RPIX increase of 22%.
- The valuation reflects changes in the property market between 2021 and 2024, despite which rental income continued to grow in 2024.
- 7 -
## **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:
- Maintenance of capital value in real terms as measured by CPI over a rolling 5-year period.
- Income growing annually by RPIX (until 2021) / CPI (from 2022) from a base of £560k (defined in 2018).
- Total Return of CPI+3% over a rolling 5-year period.
## Achievement:
- In 2024, the capital value of investments increased by 19.2% over 5 years, below the target of rolling 5- year CPI which was 25.0%.
- Dividend income of £756k in 2024 exceeded the target based on inflationary increases from £560k in 2018, which was £729k.
- The Total Return over 5 years was 32.5%, above the target of 28.0%.
## Policy:
- Investment management fees to be charged to capital from 1 January 2022.
## **RESERVES POLICY**
The Trustee observes the High Court Order of 15 June 2001 and distributes unrestricted reserves that have not been designated for the preservation and maintenance of the property estate in the following financial year. This policy ensures that beneficiaries receive funds as soon as possible but it means that in the event of a significant drop in income the Foundation will not be able to maintain its level of distribution. The Trustee, by its investment policies, endeavours to reduce the likelihood of drops in income.
As at 31 December 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.
- 8 -
## **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:
- To oversee the risk management processes and review the key risks and mitigations.
- To establish and regularly review, investment principles (in compliance with Charity Commission guidance).
- To review the of balance between capital and income of the investments.
- To examine the investment assets to ensure that the mix within asset class (Property and Stock Markets) is suitably balanced to reflect the assessed trends in the Market.
- To formulate strategic recommendations as to the distribution of the net income.
- To recommend any changes arising from the above responsibilities to the Court of the Trustee.
- 9 -
## **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:
- To take account of investment parameters agreed at the Strategy and Risk Oversight Committee and endorsed by the Court.
- To recommend investment aims and objectives, targets and benchmarks for the Dame Alice Owen’s Foundation.
- To recommend the appointment of the Charity’s investment advisors.
- To recommend the investment of cash deposits.
- To review the performance of stock market investments.
- To review the performance of the investment advisors and fee structure.
- • To review and recommend funding options for development projects on the Estate to the Court.
## **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:
- To take account of investment parameters agreed at the Strategy and Risk Oversight Committee and endorsed by the Court.
- To oversee the management of all property assets.
- To recommend to the Trustee any potential redevelopment of the Dame Alice Owen’s Foundation Estate in Islington.
- To oversee the planning and delivery of any redevelopment on the Estate within a budget and timetable agreed by the Trustee.
- To advise and recommend to the Trustee the purchase and/or disposal of any leasehold or freehold interest that might add benefit to the Estate, including any that might reduce the opportunity for leasehold enfranchisement.
- To recommend the levels of reserves to be held by the Charity and to identify the purpose of each reserve holding.
- Until 2018, to commission the 5 yearly review of the value of the Charity’s Estate in Islington within a budget agreed by the Trustee.
- From 2019, to commission three tranches of 3 yearly review of the value of the Charity’s Estate in Islington within a budget agreed by the Trustee.
## **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:
- To take account of, and ensure consistency with, the Court’s donations guidelines.
- To recommend to the Court projects to be funded by the Foundation.
- To monitor the performance of all funded projects.
- To review the Court’s donations guidelines and recommend changes for consideration by the Court.
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.
- 10 -
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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
- 11 -
## **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).
- In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the Charities Act 2011.
## **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:
- the information given in the financial statements is inconsistent in any material respect with the Trustee's report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 12 -
## **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;
- The nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drivers for trustee remuneration, bonus levels and performance targets;
- results of our enquiries of Management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and review the charitable company’s documentation of their policies and procedures relating to;
- identifying, evaluating and complying with laws and regulation and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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.
- 13 -
## **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:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance; and
- enquiring of management as to actual and potential litigation and claims.
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
- 14 -
## **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.
- 15 -
## **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|
- 16 -
## **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**
- 17 -
## **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**
- 18 -
## **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|
|---|---|---|
- 19 -
## **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.
- 20 -
## **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.
- 21 -
## **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|
- 22 -
## **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|
- 23 -
## **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.
- 24 -
## **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**
- 25 -
## **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|
- 26 -
## **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.
- 27 -
## **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|
- 28 -
## **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|
|---|---|---|---|
- 29 -
## **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|
- 30 -
## **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|
|---|---|---|---|
- 31 -
## **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).
- 32 -
## **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|
- 33 -
## **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)|
- 34 -