2021-03-31-accounts

WALCOT FOUNDATION tackling poverty by creating opportunity Report of the Governors and Accounts 2020/2021 The Walcot & Hayle's Trustee Is a limlted not-for-profft ¢ompany161338491 re8lStered in England and retognt5ed bythe Charity Cornmission zs the siAe trustee of The Walcot EducatTronal Foundation13128CQI, The Htyle'5 Charity13128C(J- 11, The Walcot Non-Educational Charity 13128(N>21 and the Lady Cynthva Charlty13128CQ-31. The Govemors are Dlrettors of The Walcot & Hayle'sTrustee. walcotfoundation.org.uk

CONTENTS INTRODUCTION 4 OUR MISSION AND APPROACH 5 WHAT WE PLANNEO TO DO, WHAT WE DID 6 GRANTMAKING 2020120216 Grantmaklng budget 7 Grants by value and recipienl type 8 Grants we made directly to indivhduals 8 What indivldual grantees said 8 Grants to schools, projects and organisations 9 Examples of the beneffts to Individuals of our funding of organlsations 10 Examples of grants to schoo15 and or8anisations 11 How and why we'add value. to our 8rantmakln8 12 How we monhor Impact 14 Lambeth Lockdown Stories 15 Things we count as important as a 8rantmaker 16 FINANCIAL REVIEW 202012117 Income 17 Expendlture 18 Fund balance5 18 Investments 18 Long.Term Investment Pollcy 19 ReseThes Policy 20 OTHER ACTIVITY 20 PLANS 202112022 21 STRUCTURE, GOVERNANCE AND MANAGEMENT 11 Constituent charitles 21 Trustee body 21 Walcot Projecls Limited 21 Policy on Governor expenses 22 Governors, Office Holders and meetlngs 22 Recrultment, AppoSntment and Induction of New Governors 21 Staff pay 23 ADMINISTRATIVE 23 Registered address and www domain 23 Staff 23 PUBUC BENEFIT 23

INTRODU(TION Thls b our report on the work of the Walcot Foundatlon 202012021. Thls year the year of the COVID-19 pandemic ~ has caused far-reachlng dlsruption for everyone. The unexperted di5ruptorcame in the forrn of a microscopic virus and has upended Irves, economies. and human complacencv. All thi5 15 perhaps not as 'unprecedenterf as x>me cornmentato￿ have daimed. In 1667, when Edmund Walcot establlshed the charlty that today carrles hls name. he also knew such fear and turmoil: London was toming to the end of major outbreaks of the pla8ue, the Great Fire had destroyed much of the City and there had been civil war and regicide. It is far too soon to know, or even 8uess at. the changes that the COVID-19 pandemic might brin8 about In how we Ilve and order I￿r 2tst-century Ilves. though we fear that some forms of human complacency wlll endure. We have in mind. in particular. the Scandal of m<Mlern-day rtherty in the Unfted Klngdom and the collertlve Indlfference to Its extent and human cosL The Waicot charlty ha5 existed since the 17th century. Its purpose b the rellet of poverty in Lambeth, one of London's Inner ljoroughs. We achleve th15 charbtsble purpose by maklng grants. Durlng the year, we made grnnts tolallln8 £2.21 rnllllon. Thls represented £1.7m of the Foundatlon's own money and £0.51m from other sources whlch we dlstrlbuted on thelr behalf as part of a speciali phase one, response to the pandemids impad in Lambeth. We considered 473 applications, made 278 new awards and pald 123 In5talments of exbstlng multi.year 8rants. 277 individuals received grants pald to them dIreCt￿ Iwe supported 199 students- ISI in Hi8her Education and 48 In Further Educatlonl. 24 Lambeth schools received 28 8rants between them and grants to Lambeth communrty 8roups and chafitles numbered 96. Pandemlc or no pandemlc. our approach follows forn)ula we have carefulty evofved: to tackle poverty by ¢￿alIng QPPQrtunty,' to offer a hand-up ratherthan a hand-out and thereby 5eekto break 8eneratlonal cycles of dlsadvantage. We aim for whole-lrfe chan8e, expressed by •nd through the Jbility to galn decentty pald employment. To the many people who help us In our role as Governors - our benefldarbes, our slaff, our advisers, encouragers and provlders of all klnds of servltes- thonk you. The Governors July2021

OUR MISSION AND APPROACH Our rnission: We exist for the relief of poverty in Lambeth We interpret our 17th century purpose in ways that take seriously 21st centyry contexts. We make grants to tackle poverty by creating opportunity and to offer our beneficiaries a hand-up, not a hand- out. What we fund is alway5 aimed at breaking cycles of deprfvation and promoting resilience and flnancial self4Lrfficiency. I￿r approach: To build on the strengths our 8rnntees ha We view grantees as our partners, not as recipients of our charity. We aim to bulld on the st￿ngthS and resilience they already have. We believe that bewming employable and employed is the best route out of poverty and the social excluslon and lost opportunitie5 that accompany It. The following are the pathways alon8 which we help grantees to move: ACHIEVEMENT EDVCATIONAL UNDER- ACHIEVEMENT EMPLOYABLE UNEMPLOYABLE EMPLOYED UNEMPLOYED FINANCIALLY 5ELF-RELIA FINANCIALLY DISADVANTAGED

WHATWE PLANNEDTO DO, WHAT WE DID In last y•arfs reportwe tlsted thesé plans Th15 Is TAh we athle¥ed To ftnd ways of re5pondlnKto hardshlp and powrty We devlsed, launthed and suttÈssfully dellvered our Caused by the cov1￿19 pandemk. In¢lUdI￿ COVID-19 Phase l Response Programme. We worked on fvndsfrom other sour plans for a'Phase 2. response lan addltlonal £2 mlllion prceramme talled Wokot BounteBtsckl and we made thanges to hsw we operate in order to malntaln 5eNces and response times durln8 the vadous lock- To dosely monltor t¢)nstrucdon work on the Mews developrnent wlth the alrn of completlon on sthedule. Prcgress on the construrtion Continued largely to plan despite the Impact of the pandeml¢. Completlon Is experted in Auturnn 2021. To rea¢h • de¢lsloN o de¥ek¥pffl•rt olour Btshorfi T•rr¥ce the. We applled for plannlng pemisslon In the course of 202012021. If th is 8ranted, we will in 202112022 con%der posslbllitles for undertakln8 thls development. To revlew wlth our fvndlnl ￿rtner. the Batte￿a Power Statlon Foundaiion, our shar•d wKIty bulklln8 pro8r•rnme. The review went ahead and the pro8ramme was extended for one year. ft•furblthm•m Olfwr prwrtl•& These four malor wolects were substantlalty completed durln8 the year, wrth final finlshing tsklng place In earty 202112022, To run the Wakot Futur￿ Proywnm• (WFPI for Se￿nd y•af. WFP offers 2-3 Wokot-lundedstudents O chènee to goin on Inside perspertivt on howo modern- doy qr¢7ntmukingfvundotion work5 over the onnuol rycle and Include5 mentorlng ond br￿JIng$ tss **ll 0$ portlclpotlon on committees tsnd the boord. The experlence helps bulld'￿¢1￿1¢￿Ptt0rundstTen9then CVS. We ran thls wlth three partidpants. The degree of en8a8ement was re5trfcted by the suspenslon of face- to-face meetin8s of the Board and commlttees, thou8h partlapantsiolned In ¥la vbdto Ilnk, To ¢¢ndude our re￿ ofthe fund1￿ need5 of Llmbeth's advlce 5eryl¢es and to tonslder whal xllon w• laketo th•lr cax. Progress was restrfcted because ofthè pandemlc. We contlnue to ènta8e In dlalo8ue wth the ad￿te cent and Lambeth Coundl. GRANTMAKING 202012021 The Foundation reaches the people it exists lo help bolh by makin8 grants directly to them as IndivSdual beneficlaries and by making grants to schools. projects and or8anisaiions whose work with such individuals advances the Foundatlon's aims. THE YEAR'S HEADUNES We fully spefrt our grants budget of £2.21m vla 473 granl assessments. We made 4018rant awards- 277 grants directly to indlvidual applicants. totallln8 £324.198 and 124 grants to oyganlsatlons. projects and schools to fund work with the individua15 we exist to Serve, totallin8 £1,884.312.

In measurfTh8 the Impart of our grants we received and evaluated 130 monitoriTrd reports. We responded quickly to the impact the covic￿l9 pandemic had on our target groiys Our Phase I COV1[￿19 response was to establish the Lombeth Community Response Fund (LCRF) In Aprll 2020. This had tJ¥o elements: r￿targetIng our 8rnnts programmes and attracting and dlstrlbutlng an addltlonal £330,0(Kl other sources. Between late April and ear￿ September 2020 we awarded 62 grants totalling £872,487146 via LCRF and 16 to schools). Further infom)ation can be found on our website. Our Phase 2 covi[￿19 response aims to address the lon8er-term impact of cov1ts19 on Lambeth's youn8er citi2ens. Named Wakot Bounce&Kk, it is a two-year, £2m pro8ramme to help low- income Lambeth residents under 30 get into lor back Intol paid work. We expeci to fund 10-15 or8anisations that together will pr(wide varh)us coordinated employment intervention5, includlng Job Transltion grant5 for participants who Successful￿ find work. The delNery stage will be8in in October 2021. We became a key p•rtner In the Black Thrive Empl¢ryment Programme We fornied a partnershlp wlth the Gu¢s & St Thomas, Charity and Black ThrNe to administer a community-led £3CKIK 8rant programme. Its purpose is to fund work piloting fresh approaches to Improvln8 the employment prospects of black people wlth long-term health conditions who Ilve in Lambeth. The first funding round in November 2020 approved 8 new projerts lotallln8 £122.C(K). More projects wlll be funded in 2021122. Lambeth-based Ad¥l¢e A8encles Independent advice is essential to our target groups. and we have been concerned about the vulnerability of the centres to Insecure fundin8. Durin8 the year, we consulted local advlce agencles and hlghll8hted these concerns to Lambeth Coundl. We compl￿elY rede51Kned the FoundatSon's webslte wlth clarity and content in mifid. The Or8•nls•tlonal Peer Support Gmup, which we host, continued to fiourish. Four meetings took place In 2020121 with an average attendance of 16 Lambeth voluntary and tharltable organlsatlons. Our Walcot Futures programme contlnued Into Its second year, allowin8 a small number of former or currenl 8rantees to 8ain experience in 8rantmaking and charStV governance and $0 strengthen thelr Grantmakln8 budzet Th blue shows the sums pold to orqonisation51'orys'J,' the qrey. p¢7iddirertly to indlvlduol9mntees £Z5LYJXOJ 49) 39) 250 OryATrtsJrtt Ind 2ty) EJIKIJ,LVJ ,' IX ￿￿orGrants I

Grants by value and recipient type Grants to Smallest Largest Average Indl¥lduals £901£501 £4AK*)1£3A03 12061£1.1911 Organisations Ismall Grant Streaml i £IAKXI1£3601 ¢kn1sallons ILarge Grant Streaml £iiw i£ii,(Mx)I £iomi i£10.(￿) £6,9841£4.1431 £5I.7121£80.(￿j £22S121£23.8451 {) - prevlous yearfigures 6r•nts we made dlrectly to individuals Grants paid directly to individuals increased by 9% In volume and 12% in total value. We made 277 awards in 2020/211255 In 2019120201. The number of grants to individuals for Vocational courses Increased to 31% of student grants compared to 24% In 2019120. We contlnue lo promote these vla Lambeth Colle8e, bcal 8rantee organisatlons and Centre 71Ys student-advLwr communlty sessSons. We rnade 60 rehouslng 8rants159 In 20191201. Of these, 6 went to young people In need of Independent ccommodation and 54 to those who needed alternative accommodation because of reF￿rted domestlc vlolence. Grants lo meet bankruptry fees: 1019 In 20191201. Grant reclplents by gender remained the same as the prevlous year: 72% female and 28% male. Grant recipients by ethniclty 1201912020 figure bracketed): 64%167%1 BlacVBlack Brltlsh,. 13%114%1 Whltelwhlte Brltlsh: 12%111%l Mlxed: 4%15%1 Aslan/Asian British,. Other 7%14%1 Each yearwe sup4ey all those who recelved tralnlng 8rants In the earller tralnlng perlod to ask about thelr current sltuatlon and how, In their vSew, their Wakot grant helped them. The response rate was 81% 170% 20191201. 91% had completed their course. Ot the respondents, 76% are studying towards a hlgher level or contSnulng In the same tourse, and IO% are employed. 98% of respondent5 who completed a course consldered the grant lo have been 'essentiaf in allowing thern to completelcontlnue In thelr ¢ourse. What Indlvldual Brantees s•ld ' (Grant towards the costs of studying for a deBree in International Relations) "My grant e5sentiolly saved my degree. I hod to toke time off to help mysister who wos very unwell, I hod to leove universityoccommodotion due to a rot inAestotion ond hod the sudden costs of trovelling between London ond5outhompton to ottend university. In myfinal yeor I wos President of the Politics Society. joined the othletiCS team, did o bit of donce and went to New York. l olso volunteeredfor Intouniversity ond become on ombossÈ7dor. Long term, I wont to be on MP. I storted job as soon os 19roduoted os an education consultont, but will be moving to a new job ollied to the UN in the outumn. I'm hoping this will leod me long temi into o policy-focused career, elther In Internotionol Development or domestic offuir5." 'L' (Grant towards the costs of studying for a degree in Lawl "Since l om intent on pursuing a careerin corpomte low, I wos able to ottend open days, 55e5sment centres andAirst-yeor lowprogmmme5 0PPOrtunities [due to the Wolcot grontj. This g¢7ve me the ability to understondmore about the proftssion by engaging with lawfirms. I hod chonces to begin exponding my network. Above oll. Igt7ined on understanding of how to moke better quolity opplicotions. Moreover, thefvnding enabled me to support myselffinonciolly by

purchasing textbooks ond otherocodemic resources. This h¢7d o posttive Impact on my grodes, since legol textbooks ore usuollyquite costly. l om o Ourhom University Business Society IDUBSJ College Representotive. I was occepted on to the Durhom Emerging Leadership Proqromme. which equips students with the skills to secure leodership roles in societies. I wos selected, ofteru competitive opplicotion process, to become a StudentAmbossodor ond I wos o ProjettAccess mentor. givinq guidonce to studentsfmm low-lncome bockgrounds. interested in opptying to Russell-Gmup universities.- ' (Grant towards the costs of studying for a degree in Crimlnolo8y and Psychologvl "I was able to buy recommended books 05 well 0$ payfor occess to research methods to complete my dissertotion. I bou9ht o desk ond computer which help signlficontty towords studies. The gront helped me manoge my worries over money and tronsport. I took port in mony volunteering pro9rommes such os the Appropriate Adultscheme, working with young people in referrol schools. The epidemic h05 been most chollenging. Trying to get work done wlth the kids ot home ond in the home environment hus been hard. l om woitingfor my results but my ultimate ambitlon 15 to be o Probotlon Offlcer." 'V (Grant towards the costs of studying for a Health and Social Care BTEC Level 31 . Jlt wasn'tAor [theJ Wolcot Foundotion gront. I know Icouldnot hove been able to complete my course. Now. l um In mvfirst yeor In Unlverslty of Greenwlch studylng BSC. Public Health. I oppreclote you oll. Keep doing whut you doing,- becouse it impgrts me and myson greatly. And It will do the somefor others. I believe thot wholeheortedfy-' Gr•nt5 to schools* projects and oryanisatlons We make grants to schools, projects and organlsatlons as a mean5 of reachlng the Indfvldu?1s who are at the heart of our charitable purp)se. As part of our response to the COVID-19 pandemic and its impact, we focused grant approvals on the followin8 pr￿ritIeS. l To direcity support academlc a¢h￿emefit, particularty prolects that wlll help close the attainment gap between pupll premlum pupils and thelr peers. 2 To addre5S Student Ire)en8a8ement with school, particularty transltlon years and for students In dan8er of exclusion. 3 To respond to the mental heatth needs of chlldren. youn8 people and their parentslcarers. 4 To help young people (under 301 into employment. 5 To Improve access by our tar8et group Ilow-income Lambeih householdsl to advi￿ servi￿, partScularly in the fields of debt, housin8 and employment. Of our grnnts thls year to schools, wolects •nd or8•nls•tlons Age range of benefitiaries1201912020 distrlbutions brètketedl (>4 years.. 1%12%1 5-11 years: 20%124%1 11-18 years: 17%124%1 18-29 years: 27%135%1 years.. S%13%1 Undefined: 30%112%1 The increase in the'Undefined'cGtegoryreflerts the chonges orisingfmm thepondemic.. we 50ughtt05UPPOrt whole households rother thon specfft oge groups. In respondlng to the pandemio our focu5 was broader than the Foundation's nomial strategic aims: 70% of grants 194% in 191201 was spent on removing barriers in education. maximising learnlng, bullding employability and advlce. The remaining 30% was spent on emergency support, work with older people and other programme5, includin8 immediate rel￿f of need and capacity buiklin8.

Of grants to sch￿1$. 71% went to primary schoots167% In 20191201 and 29% to secondary schools 127% In 20191201. This weighting to primary schools is partly historical and attributable to primary schoob having smaller budgets. makin8 thelr need for external supwrt greater than in secondary schools. Examples of the beneflts to Indlvlduals of our fundlr¥ of organlsatlons 4 For more examples vlsit walcotfoundallon.or8.uk Our grant to Rathbone's Insplrlng Learnln8 Prolert enabled them to work with ' "K wos In Yeor 11 ondjolling her Moths GCSE, hoving behoviourproblems ot school and o blg conflict with her single mother at home. K w05 referred to the Inspiring Leorninq Projert ot her School s Year 11 parents'eveninq in Ortober 2019. She ottended herflrst 1-2-1 ot Rothl)ones and ot the end oAthe session. l invited her to stoy ond take port in our youth club artivit￿5. She quickly wurmed to the youth workers and other younq people in the youth club. She was loughing ond joking with everyone. She attendedfor o second time ond hod o greot evening ond signed up to the Stronger Mlnds workshop. K wos motched with o Moths mentor ond5tt7rted revlsin9 once o week. As well os her mentoring sessions. Kstorted t7ttending o Friday study qroup thot Rothbone cret7ted tofurthersupport the younq people s revlslons. Kottended oll the gmup revlslon sesslons. On Februory's mock exoms, Kgot 0 5 in the higher popers. The school reported thot K's behovlour ond ttitude to leorning hos dromotically improved. regularly on tlmefor le550ns and no longer truontlnq throughout the week. Her teochers hove olso reported on Improvement In her05plrutlon5 ond5he is now considering going to college. For herfinol grode, She wa5 aworded a 6 In the hiqher poper5. K ts now in college 5tudyinq Dn7ma and Performing Arts." Our grant to Thames Reach's Step Up Project enabled them to work wlth 'R8' "R8 hod been sofo-surfingfor 3 monthsfollowlng on illegol evirtlon ct7used by rentoffeors. She wos deemed ot risk 015treet homele55ness. Lock of permonent occommodutlon offerted RB'5 mental health ond her ablllty to work certoln shlfts. ondsoon resulted In dlsmlssolfmm herfull-tlme borlsto job. Thames Reach enobled her to move back into her originolfla¢ which provided RB with stability requlred tolind ond5U5taln employment. Step Up supported R8 to updote her Cvandstart applylnq for sultoble posltions. Most OARB s prevlous experlence wos in publlc-Aoclng roles, such os worklnq In pubs, restouronts or coffee shops, andshe wos keen to corry on workinq in the ho5Pltolity and events settor. RB securedofull-time role oljove the London Ilvlng Woqe. R8 was put on Coronovlru5 Job Retentlon Scheme os the result of Shutdown of the compony during lockdown. Thls time out of work gove her on opportunity to Improve herskillset. She hod on interest in ITond with the help OA Step Up signed up to a course on doud computing. This cost of the course w(75 covered by Thomes Reach's Hard To Reoch Fund. whkh supports clients with costs ossocioted wlth thelr profts5￿nol development. RB completed the course successJullyi ond ￿ now considering avenues of work utilisinq her new IT5kill5. Our grant to Oasis Waterfods F¢)odbank proiert wos referred initiollyfor ofoodparcel. which we prOV￿ed. We 0150 included50me infom70tion obout oddit￿￿01 support landj she requested a signposting coll with one of our team. tt tmnspired that herfridge had broken undshe hud essentlol medicotion thot needed to be kept ￿frIgerOted. Ourslgn-poster mode o refrrml to OosisAdvice Centre, who were oble to make on opplicotion vlo Arts435for ofridge. We were then able to get 17 brond newfridge delivered to her door- she 50id this when we told her It wos on Its way 'thonk you so much. this Is the best help ever, I wos havAng a bod day, $0 ony news is omt7zing.'. We re reolly thankful, that we have been able to provide the emergencyfood5uppor¢ b¢rt a150 Still continue ourslgnpostlng and hollstlcsupport. to re50fve people's sfftuotlons." Our grant to Carers Hub Lambeth helps fund their Young Carers projett 'It changed my response to o lot of things, I t7m oble to control myfeelings o little bit better t7nd I io

leorned afew coping strotegies thot l use in certoin situotions. I now hove someone thot l trust to tolk to ond help me when l am in school. Huving thotsupport is precious. l om oble to control my stress ond negotive thoughts by using the strategies that I learned In our l.-I Sess￿￿5 in school.. (C, young carer, 14J- Cls o young ct7rerAor his mother WIKJ has Lupus and hos suffered o cordioc orrest in the post. C hos 5torted to disploy onger issues thot were offetting hAs re10t￿nshipS otschool ond hls behaviour. During the l..1 sessions ot school, the Schools Pmiert OffKer supported C [in] exploring the triggers to hi5 onger ond coping Strotegies. Over time, C learned whot triggers hlm ond whot5trotegies to odopt to bettercontml his emotions ondfru5trotions. The school confirmed thot C is more oble to chonnelenergies when In sch¢X)l ond the teacher noticed improvement In hls work quolity. According to the school, C is currentty working higher thon oge ￿lated expertotions. C recognises thot the 5e55ions were realty helpfulfvr hlm." Our grant to fund Norwood School's Raisin8 the Game project "Following the young person's tronsition Into secondory school ondfindlng out thot she hod been dlognosed with A5pergerfsfrom herpreV￿U5 school we setobout building a relationship with the fomily. The parent hod no reol relotionshlp with the school and w05 angry ondfrustroted ot the lock of 5UPPOrt ovoiloble outside of the school remit. Workin9 With oll porties we plonned l.'I support sessions und coping strotegies aroundonger manogement ondconflict resolutlon os she was on the verge of o mono9ed move to onotherschool. During lockdown the Interventions continued at home and encouraged mum to look ot vorious extern¢ilogencies thot couldsUPPOrt thefomily, the youn person now hos o new Educ0t￿n Health Core Plan In ploce ond will be returning bock to school wlth o calmer attltude ond better under5tonding of herAspergerf5 condltlon so she con regulote her behoviour when becoming anqry orfrustroted." Examples ofgrnnts to Khools and orpn15atlans + For more eXaM￿e$ see w•lcoifoundatl¢m.or8.uk 8RixfoN ADVICE CENTRE Volunteer Advlte Centr¢1 £74,247 over three years FundlnB for the roll-out of a new volunteer advKe seThlce focusing on benefit5 and debt. The Volunteer Advlce Clinic offer5 face-to-face advlce and online services vla the new BAC web portal. NORWOOO SCHOOL Ralsln8 the Garne1 £19,740 one year Thls project enables pupils in dan8er of exclusion to have a smoother transStion from primary to secondary school. It targets BME puplls Iparticulady Black Caribbean puplls who typlcally face dlsproportionately high exclusion rates). Those idenirfied as being particularly vulnerable recelve intensive 1-2.1 mentoring and farn1￿ support sesslons. LILIAN BAYLIS TECHNOLOGY SCHOOL Tut¢ring Prolertl £21,000 over one year Provision to selected Pupil Premium Yll students of mentoring in 8roups of 6 for 45 mlnutes a day. 5 days a week. Subjects include Engllsh. Maths. Scien￿. Languages, History/Geography. HOmE-￿ART LAMBETH COVID-19 Remote Supwt for P•rents1 £26,587 over one year The grant allowed Homestart to move some services online and to traln volunteers to help vulnerable parents access these new service5. These included their 12-week course for survfvors of domestic vbolence (Freedom) and baby classes and craft cla55es for parents with young children. Part of the award was used to send out baby sensory boxes. craftlart materials, shopping voucher5 and credlt topups for families worst hit by the economic and soci31 shocks caused by COVID-19. HIGH TREES Connerting Tulse Hill1 £24,447 over one year li

This project delivered a well-being'theck in, SeN1￿ to 31LI vulnerable residents in Lambeth's Tulse Hlll Ward, all of whom fell below the threshold for local authority support Ithat Is, not in the shielded group but vulnerable because of income, heafth and social isolation factor51. BIGKID FOUNDATION Remote Youth Workl £24.680 over one year This grant helped fund BIGKID'S virtual youth work programme. replacing face-to-face work durlng lockdown. Content included frtness, mentoring lone-to-one and group), games lournaments, workshops {money, relaih)nshlps. mental health) and a book t￿b. CHIPS cov1￿19 Famlty 5upport1 £25,CW over one ye•r This project supp)rted low-income young people and families who were facln8 Increased hardship due to the COVID crisls. The projert had three elements:111 an expanded onllne youth pro8ramme: 121 Increased famity support la named supwrt worker, weekly check-ins, practical sUPPOrt with food, benefits. housing athice, and accessin8 servicesl:131 Improved di8ltal access Ilaptops and data dongles for those ur8entty needin8 them for educalionl. HENRY FAWCETf PRIMARY SCHOOL Pastoral and Famity Support l £ll,(KM) over one year Thls project offered low-lncome vulnerable chlldren and famllbes help to engage wrth school and learnlng. A Famlly Support Worker supported famllles w￿h hÉh needs and a Leaming Mentor worked with pupib affected by the pandemic How and why we 'add Value, to our BTantfflakln8 How could we add to the impact of our 8rants7 Explorin8 that questlon led us some years ago to develop addltlonal seThlces we descrlbe as'added value 8rantmakln(. It SIMp￿ means that In addltlon to a grant, we can offer grantees fre• •cc•ss lo hl8h quallty addltlonal hdp of three different types- Dtbt coun5ellin& budgetin8 and benefits advice Employment search and careers advlce Organlsatlonal capaclty and resllience A¥alLibleto allo IndMduilw¥nt•wMcts Ind IW Im￿di¢ fan￿leS A¥allableto¢rgaTrl$311(Mis t￿￿Thdhere help Is needed In reYwlDI and iadwed IKilp Irb Ind Fesllier Our debt and bud8etlTr8 4d¥lce sÈThltes Many of our individual appllcants carry debt and have no easy access to professlonal advlce In managlng It. We provide that through our grant to Lambeth's long-e5tabli5hed athice SerV￿e Centre70. This year the service saw 120 people. Here 15 the story of one of them. 12

T is a 35 year old single female parent with Indefinite Leave to Remain who has ihree children, one of whom has special needs. She was Studying at Lambeth College and did not have a laptop at home for study during lockdown and was concerned about falling behind without ac￿55 to the college and library. She contacted Centre 70 for help, which- helped deal with her water bill arrears by applying for Watersure Plu5 help saw that the single person household discount on council tax had not been applied on previous years, bllls and made a sutces5ful appeal for a refund supported Y, in a transfer to new accommodation better suited to her special needs child directed T to a Walcot Foundation student grant which resutted in money fortravel costs, laptop and books. Our employment r¢adIn¢￿ ureer seTrkes The Walcot Student Advance Programme has now been running for two years. Its aim is to provide a greater level of sUPPOrt to our 8rantees studyln8 at colle8e and unlverslty. Our grant to Power2 allows them to provlde a comprehensive Service. In planning thls development, our thinking had been shaped by research we had commissioned In our 350th anniversary year. It became clear that many of our students from low-income households had Ilttle or no access to the range of Informal and aspirational support ihat young people from better-off homes benef from. The aim Is slrnple: to help our Wakot studenl grantees successfully conclude thelr further or hlgher educatlon, to 8et the most from It. and to make the best wsslble transltlon from study to employment. The Student Advance Pro8ramme offers career coachln& a range of workshops and one-to￿ne support, peer mentorin8 and help In accesslng the full ran8e of support and opportunltles wlthln thelr educatlonal Insthutlon and from industry-specrfic netsvorks. 142 students were contarted by Power2 in year l of the programme and 83 students actlvely took part In Student Advance. 12 participant5 en8a8ed wlth mentoring offered by the programme. This all took plate In challenging year wbth COVlD-19 restricting activity and en8a8ement. We expect the programme to benefft even more student 8rant recipients in it$ second year. One of last yearfs Advance Programme participants, a final year unNersitV Student, received ontrtO￿ne support, developed a Pathway Plan, took part in a workshop at a law firm and a 'speed networklng, event and engaged with the mentorin8 programme and accredited leaming opportunities. At the start of the year she was feeling worrled about her future and anX￿u$ at*)ut her Sob prospects. Through Advance, she developed skills, found a career network of professionals, and 8alned qualrfications. All this has 8iven her material to add to her CV. She said, "I don't know rf I would have finished my third year If I didn't have the support from Power2". Our or8anlsatlonal ¢apaclty development ser¥lces Our third added-value service is aimed at the Organisat￿n5 we fund or may fund. We developed it because we want to make sure that, where we propose to fund organisatlons worklng wréh our target beneficlaries, those organisations are themselves soyndty established and well-run. We look for good organisational structures and cultures, competent management and governance. and the ability to effectNely dellver the serylces for which they seek our fundin& We Sometim￿ find a￿aS of operation we believe could be strengthened. Examples include govemance or management capacity. or the need for a more developed futyre-funding strategy. Our capacity-buildin8 service allows such organi%ations to access mentoring and advice, at no cost. 13

During the year our contlnued fundlng of CLEN, Community Leamin8 and Empowement Network CIC, provided bespoke capacity-building to 40 local organisations and ran 4 'virtual' peer support groups and 2 training se5sion5. Th￿ is a one-year extension of the'Local Roots. capaclty buildlng 1n1t1at￿e in partnership with Battersea Power Ststion Foundation. Over 80% of organisations have achleved performance indicatots of sound operatKnal and strategic management. One example is the work CLEN undertook with the Mary Dolly Foundation IMDFI, a mental health charity. MDF wanted to rethink its dirertion. stren8then organisational capactty, and streamline its services. CLEN helped the charlty to devek)p a buslness plan to athleve these aims. The process thls took the charlty along allowed it to assess its internal Strengths and weaknesses, better understand the needs of Its Servi￿ users, and crystallise ils mlssion. It has also ensured that its project alms antl oblectives are clear to staff and trustees of the organIsat￿n. Addltlonally, the plan has established a solld foundatlon for growth and become a tool for managing rts financial health. A fundin8 Stratey has been incorporated wlth dear Income target5 and action plan. MDF is now better positloned to cope well in difficult times, ASSESSING IMPACT: a ch•llen8e for ll irantm•kers How we monltor Impart What we want to achlevefor ourgrantees ts Improved employbllltyxrossthelrworklns Ilfetlmes resuliing In sufficient earnin85 to pn)vide for themsefves and any dependents. Thls WO￿ beglns early. in some cases before they begin school. Measuring our success In achievln8 this object is not easy. so we have a pragmatlc and, in some ways. a property modes1 approach: we concentrate on clear but realistic outputs and outcomes and belleve that by doln8 so we help grantees develop thelr knowledge. skllls and eventual employablllty. Impact-Grnnts to Indlvldu•ls We measure the impad of 8rants paid dlrectty to Indfvkluals throu8h an annual suryey. undertaken in February and March. We ask for detaiLs of the grantee's Curreni situation (for exarnple whether they are continulng In educatlon or have found empk)ymenil. Thls provides us with an indication of whether the training or quallficatlon we funded had any Immedlate effect on the grantee's clrcumstances. We re¢o8nlse Ihe Ilmlts and snaFkshoi nature of this. The online suThey Is sent out by email and then followed up by telephone calls to non-respondents.The 2020121 respon5È rate was 81% 170% 20191201. Of the respondents, 91% had successfully completed their Course. 76% are sludying toward5 a hi8her level or contlnulng In the same course and IO% are employed. 98% of respondents who completed a course consldered the grant to have been'essentlèf In allowln8 them to complete or contlnue In thelr course. Impact-Gr•Thts to or8•nls•ll•)ns All our 8rantS to organisalions are linked to specifK outcomes which a￿ set out in every grant agreement. Durlng the year reports are made to the Grants Committee on the extent lo whlch agreed targets have been met, with explanatory narrative where needed. The Grants Team r￿rMallY make Pfojecl visits on all our mukl.year projects. Thls has not possible this year because of lockdown and other cov1￿19 restrlctlons. Instead we made use of online video meetings. Durlng the year prolerts we funded filed 130 reports. The pandemids impact caused many or8anlsatlons to chan8e their project aims and this meant they could not measure outcomes as planned. Consequently, 28% of reports coukl not be scored against thelr or*inal outputsloutcomes. For those that we coukl score Ilncludin8 LCRF 8rantsl. 94% of organisations and schools suttessfully reached 75% or more of the grant- related outputs and outcomes targets we had agreed wrth them. Our p)st-award report compllance processes continue to work well with all grant reports being receNed. Where agreed tar8ets a￿ not met, we look to understand why, and to learn from thi5. Our experience is that In relativety small or8anisation5, the loss of a key staff member 15 often a factor in the project not achieving its aim. Staff turnover is a￿ayS a possibilty. Our pre-award assessments cons￿er staffing strurtures and contlngerw plans. 14

Other ways in which we ensure the greatest impart of our grantmaking include- Belng clear and speclfic In Our published rnaterial This helps potential applicants un(lerstand what we do and 50 reduces mlsunderstanding and unsuccessful applications, savin8 everyone time. Makln8 sure appllcants tsnderstand ihat our Intwest Is In Im rather than artlvlty What we mean by ortivity are all the actions, events and processes which the grantee proposes to undertake Ilor example, in running a programme of Irteracy classes), and by impoct we mean the long-term ￿su￿S for the people benefitin8 from the actfvity lin this case. it might be gaining a level of literacy which si8nlficantly improves the likelihood of gainin& and keeping, paid employment). We are far less Interested in any prowsed actfvty and far more Interested In what the results will be for OLbr target beneficiaries, both in the short and kJn8er Iwhole-lrfel temi. We always keep our tsr8et benefidafles In mlnd 'How willx or Y help our beneficiar￿5 escope generotlonalpoverty and its corroslve Impoct?, is the question we ask when considerln8 every 8rant. SpecifKally. 'is this likety to increase the likellhood of king-term employabilbty?, Lambeth Lockdown Storl We tommissioned Lambeth resldent, lournallst and photO8rapherJames Hopklrk to Intervlew people Ilnked to some of the projects we funded during this year. The specrfK context was COVID-19 and its impart. Read them at www.walcotfoundation.OT lambeth-stor*s. 15

Thlnzs we count as important as a grantmaker www.walcotfoundation.or .uk our-a roach-as- rantm WE BUILD ON THE STrENGThS OUR GRANTEES ALREADY HAVE We view our grantees as partners. not as recipients of our'charity,. We alm to bulld on the stren8th5 and resilience they al￿adY have. NO UNNECESSARY OBsfACLES We don't ever want to waste an applicanys time. We make applyln8 for our grants as straightforward as possible. We ask for the information we need, and no more. We provlde the Clearest informatlon atK)ut who and what we tan fund. And when It come5 to post-award reportin& we keep It as li8ht-touch as we can. WE FOCUS ON WHAT IMPACT OUR GRANTS WILL HAVE Broadty, thls Is a concern wrth improvement and success in educatjon. tralnlng and employment for Lambeth cilizens from k>w-income househohds. WE ARE FAIR AND CONSISTENT We apply conslstent eligibilrty trlteria; we do not di5crlmlnale on any basts other than Income and residence in Lambeth. IAnd age- the vast bu* of our8rants I￿ Tequlred by our ¢harlty scheme to be 8fven to undef 30s1. WE DO NOT sfiGMATISE The Indivlduals we exlst lo help often have reason to feel forgotten by wlder sodety. Thls Is why we aim to give a 'hand-up'. not a 'hand-out', offering thern opportunitles ihey may have been denled. bulldlng on thelr strengths and 5eeklng to grow thelr confidence and achlevements. WE AIM TO BE OPEN IN OUR DEAUNGS WITh APPUCANTS We're Interested In grown-up conversations and start wlth the w15h to help applkants ff we can. The relatlonshlp between applicants and 8rantmaker can't be exactly equal (applicants ask, 8rantrnakers conslderl. but we do everything we can to make it mutual. respectfvl and successful. WE ARE KEEN TO LEARN We are open to new Ideas and io constructfve feedbacl always Interesled In new ways of achlevln8 our alms. 16

FINANCIAL REVIEW 2020121 We are a pemlanently endowed Foundation. The majority of our Income is generated by hlstorlc assets. We are required to preserwe the caprlal value and to ensure it gro￿ lo protect it against the effect of inflation. Inthis way the charity can assist toda￿5 benefKiaries ondthose of the future. To putthis in some perspective. our earliest records date from 1620. Projecting that same time-frame forward, we must plan to be around ané able to help th05e living in Lambeth in the year 2422. Income Our income In 2020121 amounted to £3.129,67212019120 £2,765,823- a 13% increasel- Income from our Investments, including dlrectly held property, continues to be our primary income source. 2020121 Income compared with prior year £161XJ.C(* £12￿.(￿￿[ £i[￿.0(Y £￿￿).(￿)k £EO).(Qk £4(KI.LX)k £2￿.(￿k * 2020121 2019120 Donatlons Donations form a small element of our Income and vary year by year. Thls year we recelved £161.7591£126,164 of which came from Wakot Projects Limlted's Grft Aid12019120: £54,80211. Charitable actlvltles The Foundatlon received £477.34412019120: £60.(MKII from external funders for agreed joint fundin8 of 5pecrfic projects. Rental Income Our largest source of inc¢)me is in the form of rents from our properties on the Walcot Estate. Thls year these amounted io £1,339,71112019120 £1.467.997: an 8.7% decrease due mainly to higher void5 than last year, some of which were associated with major refurbishmentsl. Some rental loss was attributable to the pandemic. Usted investments lequltles and stocks} We received £1.122,635 in dividend income from listed investments12019120 £1,112,877). These figures treat the CCLA mana8ement fee as income. a change in accounting policy In 2020. Investment Interest Investment interest in 2020121 amounted to £26,823 Ithe higher 201912020 fisu￿ of £66,016 arose because of substantial cash hoklin8S that have since used for the Walcot Mews prolectl. Other Income £1,400 was received as bank interest and oiher income. 17

Expenditure Total expendtture was £3254,14612019120 £2.974.259: 9.4% increa5el. We spent £2,208,510 in grants12019120 £2,062,984: 7.1% inueasel. This induded £372,344 recelved from Guvs & St Thomas, Charlty. £25,(KL) from the Peter Minet Tmst. £IO,(XIO from the Sir Walter St John's Educational Charity, £50.(W from Batter5ea Power Stat￿n Foundation and £20.(W from Winn & Coales IDens01 Lid UK. Our expenditure on raising funds was £756,90212019120 £668,036: 13% increase}. This Includes the full c05t of managing our financial investments and property Portfollo. The increase over the previous year refiert5 higher fund manager fees. whkh rose because of p)sitive market performance. Support costs, whith include the c05t of 8overnance, salaries and other running cost5, were £288,73412019120 £243,238: 18.7% Increase. The prevlous yea¢s fi8ure hatl been lowered unusually by a hlgher than expected VAT retovery linked to Walcot Projects Ltd). Fund hlances At the end of the year. our total funds st¢￿d at £128,009.50712019120: £102.373.935: 25% increase). Th15 figure Includes the Foundatlon's Investments. the Foundatlon's tanglble flxed assets and the short-term cash at the bank. In¥e5tments At 31 March 2021, and based on a quinquennlal valuation exerclse of property, the Foundation's investments (property, stocks and k)n8-tefm cash at the bank) were valued at £125.534,417 12019120 £IC(J.888,804.. 24.4% Increase). 56% of Investments are In property, specfficalty, Ihe Wakot Estate, whlch Includes around 70 mostW residential properties in and around Walcot Square, London SEII. The remalnlng 44% were a mlxture of flnancial Investments spread between Investment managers 8aillie Gbfford and CCLA. The asset allocatlon Is shown below. Asset alloclon at 31 March 2021 h•rn•tkn a.7m rty £70.7m 156x1 UK equll*s £19.1ffl IISXI (￿else•SeqUttlI$ £2&4m lU%I 18

Monltorin8 investment performance The performance of the ￿)rtfolIO is reviewed quarterty by the Investment Committee. whith then reports to the Board. Financial investments are benchmarked against the FfsE All sha￿ Index (UK Equities), FTSE AII Gllts Index (Fixed Interest). and MSCI All Countries World Index (Oversea5 Equitiesl. Our property investments are historical and specialised. and we have not found a suitable index a8ainst which to benchmark them, although we do review the income and yields Inforn)alW agalnst Internet rental Income indices such as lendinvest.com and londonpropertywatch.co.uk Across all investments and property, the total return lincome plus capital growth) for the year was £28.249,215122.5%1 and the yleld, as measured by income for the past ts¥e￿e months divided by valuation at 31 March 2021, was 2%. Our policy 15 to undertake a full valuation of our property Portfollo every fNe vear5, With individual valuations as needed (for example. where residential properties revert from reglstered rent Status are slgnmcantly refurbished and then let at market ￿ nts1. The last full valuation was as of 31 Maich 2021 and the next will be in 2026. The yield on the property portfolio las measured by rental income for the year divided by valuation at 31 March 20211 was 1.9%, the relatNely low yield being a ￿nttiOn of the hlgh value and of the number of ￿1$tered rent tenancles. Our financial Investments were valued at £54.811.543 {2019120: É44.892,9731. The increase In valuels mosily attributable to the rb5e In markets. The total return for the year on flnanclal Investments was 49.1% and the yleld on ihe portfollo was 2.1%. Lon8-Term Invwtmenl Pollcy Our Investment goals are- to generate enough income from our irwestments to meel the needs of current benefSclarles to ensure our Investments grow In value to meet the needs of future beneflclarles to malntain the Integrlty of the Wakot Estate and to maximise rental income to allgn our investment Strate￿ to our values. This means- belng as rlgorous in our selection of investment products as we are In our 8rantmakln& and not to inves1 In any products or funds that we do not understand Investlng resp)nslbly providin8 a hi8h-qualtty seNlce to rellable tenants, so maxSmlsln8 rental Income In the lonB term bv brln8ln8 the benefit of well-malntalned property, knw tenant turnover and a minimum of vold5. The policy portfolio - ASSET POLICY PORTFOLIO MIN MAX llprope_rty IEquities fAhernatives and fixed income | Cash and short-temi investments Total 4% RISK We keep under review the risks facin8 the Foundation, and maintain a Risk Re8lSter which lists identified rlsks, considers their severity and probability of occurrin& and identrfies the measures needed to Ilmft or avoid them. We see the principal risk facing the charitie5 as being loss of income and the consequent effect on our abilltyto fulfil our charitable goals. Even though. as a 8rantmakin8 charty, It would be straightforward to reduce our charitable spendin8 in on a(fverse Irhvestment cllmate. we would be reluctant to do thls. We the￿f0￿ mitigate against this risk by- 19

reviewing our Investment Policy as needed and at kast biennial diversTfying our investments- geographicalty, by asset type. and between investment managers having an artive Investment Committee wlth govemor-members who ernbody a range of relevant skills taking profe55ional a￿lce maintaining reserves at aix)ve recommended min•mal levels As the pandemic unfolded during the second half of March 2020, we began to map the new risks, principally income10ss and heightened need amongst our target beneficlary groups. We revised income forecasts for 202012021. factoring reduttions in dNidends and rents. We revised our Risk Re8tSter in li8ht of the public health cri51s. Reserves Pdlry During the year we spent conslderable time on our reseples polKy, taking account of the pandemlc. Ilkely greater need amongst our taoet ￿neficIaneS. loss of income and changed 8uidance. At 31 March 2021, the Foundatlon's funds were- Endowment Funds £ 99.969,803 8.947,808 1.603.755 110.521,365 Restrlcted Funds £ 6,617,177 Unrestrlcted Funds£ 9,713,999 1.049,652 107,313 10.870,964 Total £ Walcot Educatlonal Foundatlon Hayle's Charity The Lad C nthia Char 116,3CKJ.979 9,997,460 1,711,068 128,(M)9,507 6,617,ITI The unrestrlcted funds represent our avallable reseryes. Our policy had been to hold os o mlnimum sufficlent reserves to ensure the full contlnuity of our operations for at least 18 month5. We have chan8ed ihat to 15 months (equal to £4,067,6831. We explain the need for reseryes in these tem)s: to stabilise 8rantmaklng at times when investment Income Is below expectatlon: to set aslde sufficient funds for future property malntenance and development,. to retain capacity to respond to unexpected OpportUn￿leS (the pandemk Is such an example, and we have drawn £2m from reserves to fund our Phase 2 response to the pandemlcl. Llquldlty and cash needs are rtwlewed every quarter and reseThes every Six month5. OTHER ACTIVITY In additlon to other activity which we have rewrted. as a Board we refknted on the Black Lives Matter I8LMI movement. We are an ethnical￿ dNerse Board and we serve an ethnlcally dfverse area of London. As part of this we consldere(I whether there were any known links between our var￿uS benefactors and oppre55ive practkes or attitudes. As a resutt we took steps to chan8e the name of the Cynihla Mosley Memorlal Fund, which was set up in memory of Lady Cynihia Mosley11898-19331. She was the first wife of Oswald Mosley {1896-19801, whose wlitlcal vlews we regard as inimical to values of the Foundation. We therefore consldered It appropdate to remove the name"MosW from the name ofthe Memorial Fund, which is now simply called The Lady Cynthia Charily. Dulln8 the year we also held an 'away eveny which allowed governors and some staff to share perspectNes and think about the Foundation'5 mission to those affected by modern-day poverty. This proved very valuable even wlth strict enforcement of mask-wearing and distancin8. We especial￿ welcomed the opportunlty to be wlth some newer govemors who. untll then. had only enga8ed in their role vla vldeo. 20

Honorary Advisers We appoint Honorary Advisers to give a perspective from their afea of expertise. They attend meetings of the coMm￿tee5 to which they are appointed. During the year Thomas Anderson served as an Honorary Adviser to the Finance & General Purposes Committee until his election as Governor on 24 November 2020. lim Henderson served as an Honornry Adv￿er to the Grants Committee. We are very grateful for all thev contribute to the Foundation. PLANS 202112022 Our £2 million Bounce8ock programme will launch and runfortwo years12021.2022 and 2022-20231. Our Walcot Mews Development will reach coMplet￿n and be let. We expect to obtain a plannin8 declsion on any Blshop's Terrace devek>pment. We expect major refurblshment of more of our 19th century properties; typically these are reversions from registered rent status requiring works before letting at market rents. We shall undertake a review of our experiences to date on raising new funds and declde future dlrection. We shall run our trlennlal 'llslenln< exerclse In whith we commlsslon an independent partner to survey user, 8rantee and partner feedback. Th15 allows us tolud8e our work and performance and to Identfy improvements and developments. We shall revlew our Walcot Futures Progrnmme and make a declslon whether to conflrm It as a permanent programme. We shall run ouranonymbsed biennial survey of Go¥ernorviews about the effectlvene55 of the 8oard. We shall undertake the blennlal revlew of our Strategk Investment Policy. STRU(TURE, GOVERNANCE AND MANAGEMENT Constltuent ch*rliies We have four constltuent charities: The Walcot Educatlonal Foundatlon 131281xil, The Hayle's Charlty 1312800-11, The Walcot Non-£d￿atIOnal Charlty13128(K)-21 and The Lady Cwithla Charlty - former￿ the Cynthia Mosley Memorial Fund, renamed durlng the year131280J-31. Our charitles, notably the Hayle's Charity, subsumed numerous other smaller charrties over the years including those of Roger Jeston116221, Noel Caron116231, Alice Easton116401, William Hind116551, Margaret Oakley116721, Thomas Rich116721, john Scaldwell116781, Thomas Cooper116951, Jacob Vanderlin117041, Ralph Snow117071, Bryan Turberville 117181, Countess of Gower117211. Hayes Fortee117831, Jane Wakeling117861, John Course 117861, Rlchard Robert 118071, Mary Oakley118121, Elizabeth Lambert 118141, John Pitkton 118211, Grace Fenner118281, Mary Chapman118311, Eleanor Dodson118471. Elizabeth Edr￿e￿Is48I, Robert Frost118601, Harry Clapham 119481. Trustee bodv The Walcot & Hayle's Trustee Ireglstered ai Q>mpanles House as 61338491 Is recognlsed by the Charity Commbsslon as the sole trustee of our four constituent charTties. Wal¢ot Projects Llmlted A company limlted by guarantee. registered in 2018, which mana8es the development of new property holdings. Its profrts are gifted to the Foundation. 21

Pollry on Go¥ern¢r expenses The Board adopted a policy on Governor expenses on 17 November 2015. Governors, Office Holders and meetin The following seNed as Governors of the Foundation and Direttors of the Trustee Board durlng 202012021. GOVERNOR APPOINTED Mlchelle P4domar Rithard Allnutt Thomas Aiidersoh Donatus Anyanwy Michelle Bogle Allce Chapple Reiina Chowthury Teresa Chv Jeremy a•ytoN Helen George FrancesGreenburth Anérien Meyers Glencora S•nlor Jean Tayk+r Slmon Taylor Robèrt Vanderslu 2015 2013 2020 2020 2020 2016 2018 2013 2016 2016 2013 2020 2016 2018 2016 2014 Grants Ctte. Wictrchair of the Board from 14 lul 2020. Investrnent Ctte.. F&GP Ctte. FOnner￿ Hon Adviser. Investment Ctte. Lambeth Council nomlnee. F&GP Ctte. F&GP Ctte (Lead Governor Audit): Grants Ctte. Lambeth Council nomlnee. Chair of G)vemts￿: InvtStmen( F&GP (Chalrl & Grants Ctte F&GP Ctte.. Grants Ctte. Grants Ctte jthalrl. Gfants Ctte. Investment Ctte. Investment Ctte ia)airl,. F&GP Ctte. Served until Juty 2020 as Lambèth Councll nomlnee. InvÈstmtnt Ctte. served until July 2020. G¢)vernofS seNe a term of three years al￿. subject to relertk>n, m•y serve a maxlmum of three such temis. In July 2020 we sald farewell to Robert Vandersluis who had glven very Valuab￿ serylce over slx years as Governor, notabty in the r￿Id of investment mana8ement. Jean Taylor ceased to be a Lambeth Councll nomlnee In July 2020. Fltness to ser¥e, trustee dlsquallflcatlon, thlrd-party Ilnks and actual or potentlal confllct of Interest declaratitin5 were made by 8overnors and key staff and the results reported to the Board. This is an annual exerclse. Meetings.. 8oord ond Committees In 2021>2021 the followin8 mel- 6 rneetin85 Flnance & General Purpose5 Comrnltiee 3 rneetin8S Grants Commltte• 13 meetings Ilncreased as a result of the pandemicl In%stment Commltte• 4 mtetin During the year the Mews Construrtlon Group met re8ularty. A short-llfe Reserves Pollcy Revlew Group was established by the F&GP Committee on 3 November and later reported its view to the Board. During the year Tere5a Clay served as Chair of the GovemoTS," Frances Greenburgh served as VKe Chair untll 14 July 2020 and was succeeded by Mlchelle A8domar. Helen George seryed as Chalr of the Grants Committee. Glencora Senlor served as Chalr of the Investment Commlttee. Alke Chapple conllnued to seThe a5 link-govemor on audii matters. RecTUitment. Appointment and Indurtion of New Governors We have in place established methods of supportin8 the induction of new Governors. These include structured meetlngs wfth staff, a Govemors. Handtrthk and briefings on key aspects of the role and the Foundation. assets. financial systems and controls. grantmakin8 practices. policies. Bovemance structures and other relevant inforniation. 22

Staff pay For all staff except the Director, pay is directly linked to an external salary strudufe, one used by many charities and elements of the public sector. Each role (Finance Manager, Grants Administrator, Grants Manager, Grants Officer, Property and Estate Mana8erl 15 linked to a range of incfemental spinal points on that scale. Staff may progress one spinal point on each anniversary of their appointment subject to a positive appralsal, until the top of thelr range 15 reached. Cost of Ir4in8 increases, when adopted by the external index, are paid by the Foundation to all staff. In 2014115 the Dirertorfs pay was unhltched from this arrangement and is reviewed annually by the Chair of the Governors and every fNe years by the Finance and General Purposes Committee IF&GPI. A quinquennial review by F&GP was conducted in 2019-20. For all staff, the Foundatlon contributes 11)% of gross pay to a reco8nised penslon scheme thosen by the employee (legacy percenta8es apply to some staffj. ADMINISTRATIVE Registered address and www dom•ln 127 Kennlngton Road London SEII 6SF I www.w4lcotloundatlon.ory.uk Siaff As at 31 March 2021 we employed seven members of staff of whom six were full tlme and one part-time (full tlme equlvalent- 6.61. Techia Bra¥e Daniel Chapman Danlel Ho8•n Leigh ogden David Paterson Olllali Teff•h Hu8h Valentlne Grants Administrator Grants Manager Grants Officer Grants Officer Property and Estale Manager ffmm 19 Ortober2020) Finance Manager Dlreclor, Clerk to The Governor5, Company Secretary •Part-dMe During the year, because of the pandemlc, a number of staff worked from home. Some cover at thÈ offlce wa5 malntalned throughout. Technical provision allowed board, committee and staff meetln85 to be conducted via video and Incomln8 voice calls were routed to staff. Irrespertfve of worklng locath)n, vla VOIP. PUBLIC BENEFIT We a￿ required to show that the Foundation's charltable objects or alm5 are for the publlc beneflt, known a5 the 'public benefrt requirement,. Ours fall wfthin the first two descw1pt￿ns set out in the Charities Act 2011: lal the prevention or ￿lIef of poverty and, Ibl the advancement of educatlon. We conflrm that in exercising our powers we have Compl￿ with the duty to have due regard to the guldance on publlc benefrt published by the Charity Comm￿S1on. The klentlfiable publK benefrt provided bythe Walcot Foundation is in the making of grants for the ￿llet of poverty amongst those resident within our area of benefit who meet our eligibility criterla. The focus of awards made from the Wakot Educational Foundatlon Is that of advancing the education (broadly definedl of beneficiaries in such ways as a￿ likely to pemianentlv improve their prospects of employment and to break cycles of deprivatk)n. Statement of the Bo•rfs Resp￿51b11itles The Board is responsible for preparing the Governors. Report and the financial staternents in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS102 The Financial Reporting Standard applitable in the UK and Republbc of Ireland,. The law appllcable to charities in England & Wales requires the Governors to prepare financial statements 23

for each financial year whKh give a true and falr vlew of the state of the affalts of the charity and of the Incoming resources and application of resour￿ of the charty for ihat period. In preparing these financial statements, the Governors are required to.. select suitable accounting policies and then appty them consistentty. observe the methods and prlnclples In the Charlties SORP: make judgements and estimates that are reasonable and pwdent- state whether applicable accounting standards, Includlng FRS 102, have been followed, subjert to any material departures disclosed and explained in the financial statements: State whether a Statement of Recommended Practice ISORPI applies and has been followed, subletl to any materlal departures which are explained in the financial statements: prepare the financial statements on the going concern basis unless it 15 inappropriate io presume that the charity will continue in operatKJn. The Governors are ￿sponSible for keeping properaccountlng records that dlsclose with rea50nable accurary at any tlme the financlal wsltlon of the charities and enable them to ensure that the financSal statemen15 comply wlth the Charltles Acl 2011, the Charty IAccounts and Reports) Regulalbon$ 2LK18 and the provlslons of the charlVs 8ovemln8 Instrument. The GoVerr￿r5 are also responsible forsafeguardlngthe assets of the charlty and hence fortakln8 reasonable steps for the preventlon and detectlon of Iraud and other 1rre8ular1t￿s. The Governors Approved by The W•1¢￿ & Hayle's Trurtee Board on 20 July 2021 and slgned on Its behalf by Chalr Case 5tudle5 are cited with the consent of iw￿frIoTie& An initiolis usedin place of nomes. 24

WALCOT FOUNDATION INDEPENDENT AUDITORS REPORT YEAR ENDED 31 MARCH 2021 Independent Audltorfs Report to the Trustees of Walcot Foundation Oplnlon We havg audited the financial statements ol Walcot Foundation for the year ended 31 March 2021 which comprise the Statement of Financk81 Activrties, the Summary Ir￿ne and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the finarKial statements, inelLKling a 5umrnary of signrficanl counting policies. The financial reportirvJ that has been applied in their preparation is applicable lawand Unrted Kingdorn Accounting Standards, including FRS 102'The Financial Reporting Standard Applicablg in the UK and Republic of Ireland, Iunrted KirwJdom Genérnlly Accepted Acc￿Jntw￿ PractKel. In our opinion the financial stateme￿8.. give a true and faif wew of the stale ol the charity's affairs as at 31 March 2021, and of ils incoming resources and applicatw of resources, for the year then endgd,. have been prcpedy prepared in xcordance with United Kingdom Generally A¢ceptJ Aecountin9 Practice., and have been prgpared in accordance with the Mquirements of Charit￿5 Act 2011. Ba818 for oplnlon We conducted our audfé in accordance wrth Internat￿n•1 Standards cffl Auditing {UK)11&4slUKII and applicable qw. Our responsibilities under those $18ndards are further described in the Auditor's Responsibilities for the audit ol the linaneial statements seCt￿n of our report We are Inde￿ndeftl of the charrty in xcordance with tho ethical requiremènts that are relevant lo our audit of the financkql ststements in the UK, incwing the FRC'S Ethical Standard, and we have fulfilled our other elhul responsibilrtw in acccwdance wlh these requirements. We bèlieve that the audit evvjence we ha￿ obtained18 suff￿1&nI and •ppropriate lo prowde a basts for our opinfv)n. Concluglon• r•latlng to golng conc•rn In audhing thè fm8nckql Btgtements, ￿ ha￿ concluded that thè t(u$to8'¥ use of the going Cor￿eM baJi¥ of accounting In the prgparation of the finawal 8talements is appropnats. Ba$¢d on the work we have perfomied, have not idèntffj￿ any material uncertainties relating lo events or Condit￿n3 that. individually or collectivety. may ¢a$l 9¥nrf￿a￿t doubt on the chanty's abilty lo continue as a going concern for a perieJ of at least fv￿fve months from when the financial statements are auth0ri5ed for issue. Our re8ponsibilit￿ and the re8ponsibiliti68 of ts trustee with ro8pe¢X to going ¢>)n¢em ar6 do￿nbea in tho relevant sections of this report. Oth•r Informatlon The other infomialkin comprises infomath)n included in the annual reF#)rt. otherlhan Ihefinaneial statement$ and our audf(orfs ieport Ihereon. The In151ee is rosponsible for the other infomation. Our ¢)pinion on the financial ststements does not cover the other information and. except tothe extent titr￿rw￿ eXpl￿rtlY statod in our report, we do not exp￿5 any form of assuran￿ conclusion thereon. In connection wlh our audit of the financial statements, our Tesponsibilty is lo read the other infomation and, in doing so. consider whether the olheT information ￿ materialty inconsistent with the financial statements OT our knowledge obtsined in the audit or ctherwse appears to be malerially misstated. If we idèntrfy sueh matèrial inconsistencies or apparent material misslatemgnts, we a￿ wu11￿ to delemine whether there is a material misstalemenl in the finaneial Statements or a material m￿statemeftt of the other 1nforrnat￿n. If, based on the work we have performed, we condude thal there is a material mL8Statemenl of thk8 other infomialKsn, we are required to report that fact. We have nothing to reFQrt in this regard. 25

WALCOT FOUNDATION INDEPENDENT AUDITORS REPORT (Contlnued) Year Ended 31 MARCH 2021 Mattern on whlch wo ar• r•qvirod to r•port by exceptlon We have nothing to reFQrt in re8pecl of the folbxing mattern ¥It￿re the Chan1￿ A£t 2011 requires U8 to re to you rf, in our LyinK>n' the informath)n gNen in th8 Trustee's Annual Rewt 18 in￿lSistenI in any material respect wrth the financral Statements., or the charty has not kept ad&]uate &counting records: or the finan￿al sl8temènls arè not in agreement with the accounting rwds and retums,. or wé have not received all the lnfomiat￿l and expkAnalions w8 required for our s￿Il. R￿ponsIbIl￿1￿ of trust• As gxplaine(I fully in the IN8tee's reSpons￿)IlitI85 statement set I￿1 on page¥ 23 and 24. the truste6 18 fesponsible for the preparatNJn of the financial stalemenl$ and for bging saI￿rIed that they givg a trué and fair view, and for such intemal control as the trusteo determinos is n￿￿Sary to enab￿ the preParat￿n of financial Stst￿ents that arè fr00 frcrfn Malerb￿ misslalement, whether due to fRud or error. In preparing the financial statements, the trustee is reswn8ible for asse85in9 the charty's ability lo continue 88 going con¢•m, discbsing, as aPpI￿ats￿, matters ielated lo going cone8m and using the going concem basls of accounting unless the trustee erther intends to IKiuKlate tho ¢hanty or10 ¢0•86 QP8r8tions, or hava no reali8tl¢ aliematsve but to do so. Audltorf8 r•8pon8lbllttlM for th• •udlt of th• Iln•n¢lal statwn•nt• We have baen appointed as audrtor under 8ection 144 of tha Chariti88 Act 2011 and report In aCCOTdance with regulation8 mado under 8eclw 154 of tlHt Act. Our objectives are to obtain reasonable assuranee about whether the f￿anCial statements as a Who￿ are fr88 frcffl material misstatement, whether due lo fraud ty error, and to issue an auditorfs report th8t I￿lU￿￿ our opinion. Reasonable assurance 18 a high lavel of 8ssurarbC8. but is not a guarantee that an audit ¢ondu¢ted in accordance wrth ISAS IUKI will ahvays dgted a merial mwtatgmonl wthen rt exists. Misststemenl$ can arise frc¥n fraud Of error and are consKleTed materbgl rf. indNvJualty or in aggwate. theycouKI reasonably be expeded to inlluenekn the ¢¢mOm￿ deci5K￿$ users taken on t1￿ basr& of these finar￿￿1 statements. Irregularities. including fraud, are instances of nonrycompli8nee with laws and regulatr'ons. We design procedures in line with our responsibilities, outlined at)ve. to delect malenal mi$$tatements in respect of irregularitie8, including fraud. The extent to whKh our procedures wable of detediThJ irrggularitigs. including fraud is detailed belch¥. Explanatlon a• to wh•t OXt•nt tho audtt was consld•r•d capablo of dotectlng Irregularfllm, Includlng fraud The objectives of our eudit in reSp￿t of fraud, are.. to identrfy and asses5 the risks of material misslalemenl of the financial statements due lo fraL*J,' lo obtsin SUff￿ent appropnate audrt evidence regarding the assessed risks of material misststemenl due lo fraud. through deswJning and implemenb'ng appropriate re$pon5es lo thosè assessed nsks., and lo reSp￿d approprkitely to instarw of fraud or suycled fraud idenlffiod during the audrt. However, the primary responsibilrty lor the preVent￿n and detecth￿ of fraud rests wrth both managgmenl and those charged with govern￿ of the chanty. Our approach was •$ folbws.. We obtsined an understanding of the Wl and regulatory roquiromwts appluble to the charty and consKlered that the most signrficant are the Charities Ad 2011. the Charty SORP, and UK financial rwrting $tsndards a5 IS5ua by the FirtanC￿l Reporb"ng cou￿11. 26

WALCOT FOUNDATION INDEPENDENT AUDITORS REPORT Icontlnued) Year Ended 31 MARCH 2021 We obtained an understsrKling of how the charity cc4nplies with Ih85e wuiremenls by discussions with management and those charged with goNmance. We assessed the ri8k of material misstalemenl of the financial sL7tements, including the risk of material misstatement due to fraud and hcA¥ rt mwJlrt cccur. by hokling discuss)ns with management and those charged wtth goTrAman¢e. We inquire¢J of management and thosé charged %Mih govemanc£ 88 to any krthn instsnces of non- comp1ka￿e ￿ suspected nonryccAxplrance with and rtyulatKJn8. Based on this understanding, we designed specific appropriate audrt prc¢edur6s lo klenlfy instances of non-compliance wtth lav•S and legulat￿n8. ThL¥ included m&king enquiries of management ar￿ those chargéd with governance and obtaining thlitional corroboratNe 8￿dence 88 rwuiTed. A8 part of an audrt in accordance with ISAS IUKI V• exercm prof8ssKThI judggmenl and maintain professional 8cepli¢ism throughout the aLKlit. We 0150.. Identrfy and assess the risks of matenal mi8statemenl of the financwl Statements. whether due lo fraLKI or error, design and perfomi audit procedu￿$ reswnsNe lo those risks, and L)tain audit evidence that is sufficionl and appropriate to provvje a basis for our cpini¢)n. Thg risk of not detecting a material misststement resulting from fraud is h￿hOr than for one rgsults'ng [r￿n error, as fraud may involve collusion, forgery, Intent￿31 omis8￿n8, mL8representstion$. or Ihe ovemde ol inlemal ¢ontrol. Obtain an understsnding of inlem81 control Televant lo ￿ aud￿ in order lo design audrt procedures that re appropriate in the e1rcumslar￿. bul ncrt for the Pur￿8$ of exp￿sSIng an opinion on the effectfvnes$ of tho ¢harity's internal contrd. Evaluate the appropriateness ol accounting wlicies used and tho r6•son8blweBS of xcounting e8timate$ 8fKI re￿ed dAdo8ures made by the tru8tee8. Conclude ¢)n the appropriateness of the trustee's of the going concèrn b￿S of accounting and, based on the audrt evKlence ct)lained, whether a materi81 urKertainty exists rèlated lo events or conditions that may cast s￿n￿￿nt doubl on the charitys abilTty to continue 0$ 0 90ing concem. If we conclude that a material uncertainty exists. we are required lo draw attention in our auditorfs report lo the re18ted disckxures in the financial statements or, rf such disebsures are inadequate, to modrfy our opinion. Our conclusions are based on the audrt e¥￿encE oblained up to the date of our audrtor's report. HO￿ver. future events or conditK)ns may cause the ¢harity to cease lo continue as a 90ing concem. Evaluate the ovefall presenLion, structure and conlenl of the fina￿la1 statements. including the discbsures. and whether the financral slatements represent the undertying transactKJns and events in a manner that achi￿$ fair presentation. We coMmun￿￿e wth those charged with govemance regarding, among other matters, the planned scope and timing of the audit and signrfvnt audil finding8. ir￿￿ling any $bJnifKant defv.en¢￿ In Intemal control that we identfy during our audrt. 27

WALCOT FOUNDATION INDEPENDE￿ AUDITORS REPORT {Contlnuedl Year Ended 31 MARCH 2021 Use of our report This report is made 501ety to the chartys twste8. as a boJy, in accordance with Chapter 3 of Part 8 of the Charitw Act 2011. Our audit work has been undertaken so that V•t might state to the charity$ trustee those malters we are required lo slate lo it in an 8uditorfs report and for noother purpose. To thelullest extent pemiitted by law. we do rbot acc8pI or assume reS￿S1b11ty to any party ottsr than tho ¢hanty and ¢haritys trustee as a body, for our audrt work, for this report. or for the opIn￿n we have fcvmed. J.A LL D•to: 22 July.2021 Devonshire House 60 Gosv•EII Road L{￿Oft EC1M 7AD ststutory audltor Moora Kingston Smith LLP18 eli9￿10 lo act a8 auditor in tèrn• al Ww)n 1212 of the Compan188 Act 2￿6. 28

WALCOT FOUNDATION GLOSSARY YEAR ENDED 31 MARCH 2021 T•rm Definltlon WEF Walcot Educational Foundation WNEC Walcot NonvEducalional Charlty TLCC The Lady Cynthl8 Charity 29

WALCOT FOUNDATION STATEMENT OF FINANCIAL ACTIVMES YEAR ENDED 31 MARCH 2021 rfctsd rfcled .ment Funds Fund• Funds 2020r21 Funds Funds Funds 2019r20 INCOME AND ENDOWMENTS FROM: Donat￿n$ legacies 162 Chadlable advlll¢s 471 477 Invostynonts 2,471 19 0 1490 2.627 20 2,647 Other TOTAL 130. 2.685 80 EXPENDITURE ON: Ral¥lng Funds Investment management costs 263 37 193 265 Propgrty costs 281 395 238 403 148 757 273 201 193 Charllabl• Actlvltl Grants pa￿bIe 19 2,193 15 0 2308 2.042 21 2,083 Grant-making supwt costs 243 16 85 21 TOTAL 1114 559 193 Nel 98ln8 on InveStm￿ts 1.7•7 Im• 22• N7•0 (286) 1117) 16151 (1,019) NET INCOIAE 1,623 2307 21,806 25,636 1159) (2S9) (809) {1327) TPANSFER BET¥￿N FUNDS 1.983 (561) (1.422) 221 (1,5581 1.337 Nèl movement in fvnds Recon¢ilialion of funds= TOTAL FUNDS brought 528 forwafd at 1 Aprfl 2020 5 4972 90137 10 374 7 1 6 789 89.609 103.599 TOTAL FUNDS carrl•d forward at 31 ￿•￿h 2021 10871 6617 110521 128009 7 2 90137 1 74

WALCOT FOUNDATION BALANCE SHEET YEAR ENDED 31 MARCH 2021 2021 2020 FIXED ASSETS Tangible assets Investments 10 1,571 1,461 11 CURRENT ASSETS Debtors Cash at bank 8rKI in harKI 12 326 1.082 CREDITORS: amounts f•lllng du• wlthln on• y•ar 13 1.336 NET CURRENT ASSErs 24 TOTAL ASSETS LESS CURRENT UABIUTIES 102 374 FUNDS ENDOWMENf FUNDS 110.521 90,137 RESTRICTED FUNDS 0,017 4,972 UNRESTRICTED FUNDS 10,871 7.265 These fingnc4018tstements approvwl by the Boord ofTru¥lo8s on 20 Juty 2021 Pdtrj on rt¥ behalf by: Chair 31

WALCOT FOUNDATION STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2021 2020121 2019120 £000 Cash flows from oporatlng a¢Uvftl•8: hlet eash used In opwadng actlvhles 2.465 Cash fl•xYs from Inv•stlng actMII•s: DividerKls. inleresl and rents fr<￿ wivestments Purchasè of propety, plant and equipment Proceeds from 8818 of Investmonts Purchase of Investments Inveslmenl management fees poid N•t cash pmvld•d by Inv•sllnq •dlvftl•s 2,489 2.648 6,182 {1.0551 94 (6,193) 142 852 Incr•&￿0 In and cAh •qulv¥l•nts char￿ In Gosh 8nd cash equw8lerts In t￿ re￿lIn9P￿￿0d Cash and cash equlvalents at ihe bgglnnlng ol the fepthng period Cash 8nd c88h 8qulvnts at the ernl 011￿ repm pofh)d 11441) 5.218 R•conelllatlon of nel In¢om•l{•xp•ndhuro) to not cash flow from op•rntlng actlvltl•* Net In¢¢>m• for thè r•portlng pwlod (as per th8 st•l•mont of Ilnan¢lal a¢dvftl••) Adlu•kn•nts for: Depreclatlon charges Investment mar￿er fees {Gainsylosses on Investments Dividends, interest and rents frcth Kwestments Iln¢rgoseydecrease In debtrKS In¢reoselldocrease) In mdllors Net ¢•sh us•(I In opwatslng xdvl 142 {25.760) (2.489) o) 1.019 12,6481 283 12 2,465 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Cash held as investments Notice deposits (1￿$ than 30 days) Total ￿$h and cash equivaknts 1,082 7.203 631 631 8.916 32

WALCOT FOUNDATION ANALYSIS OF CHANGES IN NET DEBT YEAR ENDED 31 MARCH 2021 F•lr ¥￿￿• Fweipn fiTh•D￿ mo¥•m•rt¥ •xch•r mO¥eAn•ni• Gh•n9 stwt of At •nd 762 Cash quI￿￿ts Cash h•kl #s Inv￿lments 7.203 14.2031 Cash ho th nollce ss than 631 Ovwdr8ft f8dlNy repayable OTh demand 8,916 114411 5,475 Loons falts)g Loans f*lhg after more than Flnance ￿••• IyU¢ TOTAL 8.918 13,4411 5.475 33

WALCOT FOUNDATION NOTES TO THE ACCOUNrs YEAR ENDED 31 MARCH 2021 I CHARITY INFORMATION The charities are re8lStered with the charity coMmiss￿n Ire8iStration numbers 3128(KI, 3128￿-1. 3128¢)0-2, 312800-31, are domiciled In the UK and are publit benefit entities. The address of the registered offke Is 127 Kennington Road, London SEII 6SF. Further inforn)ation IS 8Nen in the accountin8 policies below. 2 ACCOUPrnNG POUCIES al Goln8 concem The Governors have asse55ed whether the ￿e ofthe goi￿ Con￿rn bas15 6 appropriate and have ¢on51dered P055ible events or conditions that might cast significant doubt on the abilty of the Foundation to continue a5 4 golng concern. They have made thls assessrnent for a reriod of at least one yearfrom the date of approval of these financlal statements. In particular. the Governors have Cons￿ered ihe Foundalion's forecasts and prolectlons and have taken account of pressures on property values and investment Income, especially in the 118ht of the Impact of the COVID-19 pandemlc. After maklng enquiries they have concluded that there Is a reasonable expecl8tion thal the Foundation has adequate resources to continue in operational existence for ihe foreseeable future. The Foundatfjon therefore contlnues to adopt the golng concem basls In preparlng ft5 flnanclal statements. bl 8a$ls ol prewr•llon Walcot Foundatlon Is the worklng name forthe group of four charrtles admlnlstered by the Walcol and Hayle's Trustee Company, whith is the corporate trustee for each of the four tharltie5. Three of the charltles.. the Waltot Educational Foundation IWEFI. the Walcot Non Educational Charity IWNECI and the Hayle's Charlty, were unlted by a Charity Commlsslon un￿Ing order dated 26 March 2C(17. A fourth charty, The Lady Cynthia Charlty ITCLLI, jolned the group when Its trusteeship was transferred to the Walcot & Hayle's Trustee Company by Charlty Commlssion kheme on 23 June 2￿9. These financial statements are the o88re8ated accounts for the four separate charities and include all the funds of the four charltles. The funds of the Walcol Educatlonal Foundatlon IWEF) are regulated by the Scheme of 6th February 1991, as amended by the Order of 24 August 2(￿. by the Resolution of 5 October 2(MM, by the Scheme dated 26 March 2C07, and by the Scheme daied 14 Oclober 2015. The funds of the Hayle's Charity are regulated by the Scheme of 31 January 1990, as amended by the Scheme of 26 March 2C07. The funds of the Walcot Non Educational Charity IWNECI are regulated by a Scheme of 1974, a5 amended by the kheme of 26 March 2007. The funds of The Lady Cynthla Charlty ITCLLI are re8ulated by the Declaration of Trust dated l January 1936, as amended ty schemes of 23 January 1951. 6 (Yecember 1965. 27 September 1995. and 23 June 2009. The accounts Iflnanclal statements) have been Prepared to 8he a Irue and falrf vlew and have departed from the Charit1È5 IAccount5 and Reports) Regulation5 2sJ18 only to the extent required to provide a 'true and falr viev/. This departure has Invofved followlng the Statement of Recommended Practlce appllcable to charllie5 preparlng their accounts In accordance with Financial Rep)rtlng Standard applicable In the UK and Republi¢ of Ireland IFRS 1021 issued on 16July 2014. The accounls have been prepared under the hislorkal cost conventlon. eX￿pt for Investments and property fixed assets which a￿ at market value at the balance sheet date. ènd In accordance with applicable accountlng standards and the Statement of Recommended praCt￿e 'Accounting and Reporting by Charltles: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnanclal Reporting Standard applicable In the UK and RepuNk of Ireland IFRS 1021 leffect￿e l January 20151. and the Charities Act 2011.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 The Walcot Foundation's subsidiary, Walcot Projett5 Limited. has been excluded from consolidation as its Inclusion is not material for the purposes of 8ivin8 a true and fair view. The Walcot Educatlonal Foundation, the Hayle's Charity and The Lady Cynthia Charty have permanent endowments, which they must retain intact as the charr¢ies' capital. These permanent endowments are Invested in fixed assets elther used by the charities or to provide income for the charitles. actNities. After maklng enqulrles, the Governors have a reasonable expectatK)n that the charity has adequate resources lo continue its aCtiv￿leS for the foreseeable future. Accordlngly, they conlinue to adopt the golng concern basls In preparlng the flnancbal statements as outlined in the Stalement of Governors, Responsibilriies, above, cl Investments Investmenl a55els are stated at their market value at the balance sheet date. Galns and losses on revaluatlons and on investment asset di5POsals are taken to the a¢counts In whlch the Investments are held, as dlsclosed In the statement of financial actiV￿leS. Investment properties are re-valued externally every fwe years or when governors believe there has been a Sl8nrftcant change In their market value. The last external valuation was carrled out on 31 March 2021 by Cluttons LLP, and the results have been reflected in these financial statements. The Governors are of the oplnlon that thls method of valuatlon Is approprlate for the purpose of these flnanclal statements. dl T•n8lble Flxed Assets Ind Deprecl•tlon Operatlonal property assets are part of the endowment of the Wakot Educatlonal Foundatlon and are Included in tangible flxed assets of the charity and shown at their current value at the balance sheet date, with regular revaluations. They are malntained in such a condltktn that their resbdual value is at least equal to Ihelr carryln8 value and the Governors carry out an annual Smpairment ￿vIeW to ensure that this is so. A5 a result, no depreciation Is charged on them. Computers and equipment COStln8 more than É2,CKM) are capltallsed and included at cost. and are wrTtten off over the estimated useful lrfe of three years through the Statement of Financial ArtNities. el Fund Accountlni Endowment funds The Walcot Educational Foundation IWEFI. the Hayle's Charfjty and The Lady Cynthla Charlty have permènentty endowed assets, which provide unrestricted income to the WEF General Fund, the Hayle's General Fund and The Lady Cynthia Charlty General Fund reSpeCt￿ety. Restrlrted funds The application of WEF'S intome is 8overned by the Charity Commls5ion Scheme, which pemilts the Walcot Educational Foundatlon IWEFI to allocate up to 18% of rts income to a Rebuilding and Repairs Fund IR&R fund). This fund is treated as a restricted fund and has its own investment assets. but income generated from Its assets is now credfted to the WEF General Fund. as permitted ty the Scheme, as the R &R fund is judged to be large enough forthe charitys present needs. 35

WALCOT FOUNDATION NOTES TO THE AccouKf5 YEAR ENDED 31 MARCH 2020 In addition, WEF has the St Thomas, Fund, and the Townsend fund. restricted caprtal funds arislng from gifts to WEF in 1995 and 2015 respectNety- Both The St Thomas fund and the Townsend Fund have their own investment assets, the income from which is uedited to the St Thomas, Income Fund, and the Townsend Income Fund resi￿￿￿e1¥. Unrestrlcted funds All four charltles have thelr own general funds. whkh are applled accordlng to the Schemes govemlng the charltles. l) Income Income from Ilsted Investments. unrt trusts and common Investment funds Is accounted for by reference to the date on which distributions are receNabie. Investment interest and rental income 15 accounted for on an accruals basls. Donatk)ns and voluntary Income are applied to the purposes expressed the donor, rf applicable. and are accounted for when recebvable. il Resources Expended Costs incurred by each charlty dlrectly are assl8ned to that charlty and all expenditure Is accounted for on Jn accruals basls. Almost all the operatlonal costs of the four charilbes. Includln8 the employment of all staff are borne by the Walcot Educational Foundation unless Otherwtse ststed. Apart from grants pald, the Hayle's Charlty and The Lady Cynthla Chwlty Incur dlrectly only Investment management fees and some other small costs. Each pays an annual service charge lo ihe Walcot Educatbonal Foundation as a contribution towards the costs of grant-maklng and 8overnance. The Walcot Non Educational Charfty Incurs no dlrect costs, other than grants pald. The followinA headln8s are 115ed for the anabAis of exFenditure: Cost of Ralslnq Funds- Costs relatin8 to the management of Investments- e.g. valuatlon fees, Investment managers, and surveyors, fees. management. maintenance and improvement of Investment properties Charftable ExPendI￿re- Grants are recognised when conditions attaching to their payment have been futfilled. Grants for whlch Governors Still have further actions to take before releaslng them for payment are not reco8nlsed in the financlal statements but the total value of such grnnts is disclosed in note 14. h) Allocatlon ol Support Cos Support tost5 are albcated to the two area5 above on the basi5 of staff time spent on work in these areas. Included In support costs are the staff costs for those staff who work across the different areas tO8ether wlth the costs of runnlng the office, and govemance. Support costs are allocated as follows: Cost of 8enerating funds Charitable expendlture l) Penslons The pension charge represents contributions payable by the Foundation on behalf of employees to independent money purchase pension schemes.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 J) Sl8nlficant Judgements and E￿•MateS The key souT￿S of estlmation uncertainty that have a siqnificant effect on the amounts recognlsed In the financial statements are described in the accountin8 polic￿5 and are 5ummarised below: Valuation of land and buildlngs and valuation of Investment properties. The Char[t￿$. land and buildings, whether held as investment properties or as tangible fixed assets, are stated at their estimated fair value based on professional valuations as d15c105ed in Note 11. The latest professional valuation was carried out in March 2021. kl Flnancl•l1Th5truments The Walcot Foundation has financial assets and financlal Ilabllltles of a kind that quallfy as baslc flnanclal Instruments. Baslc financial Instruments a￿ inr¢ialty recognised at transactlon value and sub5equentty measured at the present value of future cash flows lamortise(I costl. Flnanclal assets held at amortlsed cost comprise cash at bank and in hand. short term cash deposits and the group's debtors excluding prepayments. Financial liabiltties held at amortised cost comprise the group's short term creditors excluding deferred income and taxation payable. No dlscounting ha5 been applied to these financlal Instruments on the basls that the period5 over whSch amoun15 will be settled are such that any dlscountin8 would be Immaterial. 37

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Nots 3. DONATION AND LEGACIES 2020r21 2020121 Unrnstrlct•d Reslrf¢tod Funds Funds 2020r21 TOTAL 2019120 TOTAL £000 Walcot Educational Riundatlon Donations Grft aid from Walcot Projécts Limited 33 128 159 126 159 52 Hayle 3 Charlty Grants Total Donatlons and L•9a¢h$ 162 162 55 Not• & INCOIAE FROM CHARITABLE ACTivmES 2020r21 2020r21 Unr••trlct•d R•#trlct•d Fund• Fund• 2020121 TOTAL 2019120 TOTAL Walcot Educatlonal Foundatk)n Grants 477 477 477 477 Not• 5. INVESTMENT INCOME 2020ra1 2020rd1 Unrnstrkt•d R••trlct•d Fund• Fund• 2020121 TOTAL 2019120 TOTAL £000 Walcot Educatlonal Foundatlon Inv•slm•nt Inwn• Rents Llsted Inveslmenls Investsnenl interest Bank deposlt Interest 1,468 918 27 19 937 27 2.285 19 2.304 Hayle's Ch•rfty Inveslmenl Incon 181 176 Th• Lady Cynth1• Ch•rlty Inv•slm•iitlnc¢>m• 25 25 Total Inwslmont Incom• 19 Restricted ino)me refers to income from the ToMfftseTrJ Fund and the St Thomas Fund.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Not• 6 EXPENDITURE ON RAISING FUNDS Unw•rlct•d Restrkled End(Mm•nt Total Tt>t Fund• Fund• Funds 2020121 2019120 £000 £0 £000 Wal¢ot Educational Foundatlon ￿EF) Expendlturn on Ralslng Funds WEF Property Inv•stsnént EYpendilur• Stsff costs Propety costs lirK. Insurance & Lhililiesl SuTheyors' Fo05 Olher Professional Fees Routine Walcot Eslale maintenance Improvement of properti88 59 47 20 66 35 98 66 222 256 Support Expenditure (see Note 81 173 173 146 Total WEF Prop•ty Invo$lm•ntExp￿d1tUre 281 20 395 402 WEF Investhient M4na9wiJfjnt Fees forFlnan¢lal Invostm•nts 39 208 WEF Total Expendlturn on Ralslng fiinds 320 210 678 e10 H•W• s Ch•rlty Invutm•nt Al•n•gomont F• 49 Th• Lady Cynthl• Ch•rlty Inv•slm•nt Alan•gn•nt F•es 11 11 Total Expendfture on Ralslng Funds 283 757 688 39

WALCOT FOUNDATION NOTES TO THE AccouKrs YEAR ENDED 31 MARCH 2021 Note 7. CHARtrABLE EXPENDITURE 2020r21 Numb•r 2020RI 2019120 Numb•r 2019120 £000 Walcot Educatlonal Foundaflon (WEF) Grnnts Awarded Grants lo individuals Grants lo institutions WEF totsl grants •ward•d 159 61 219 150 107 257 209 891 1.127 1,715 Hayle's Chartty Grants Awarded Grants lo individuals Grants lo instllutions Hayl•'• Charfty total gr•nts aw•rd•d 15 15 W•lcot Non-Edu¢atlon•l Charlty (WNEC) Gr￿ts Awarded Grants to individuals 115 Grants to institutions 61 WNEC total grants •ward•d 176 87 101 1.031 110 329 Th• Lady Cynthla Charfty (fLCC) Grnnts A￿rd•d Gran15 to indNidual$ Grants to insltullons CMMF total grants aw8fd•d Total grant• aw•rd•d 401 1208 373 2,083 Grant-maklng •upport ¢o•ts Unr•strfct•d R•strl¢i•d Endwm•nt Funds Funds Funds Total 2020121 Total 2019120 Direct granl-m8kirvJ stsff costs Othgr dlreGI ￿$1$ 171 171 173 115 173 Support costs {see Note 8} 115 97 289 289 243 40

WALCOT FOUNDAnoN NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Not• 8. SUPPORT COSTS C¢>st of Generating Charltabl• Funds A¢tlvlllos 2020121 2019r20 TOTAL £000 TOTAL Management & Finance Staff costs Premises costs Office expenses Legal & proféssional Irrecoverabla VAT Audtt fees Governance & Annual Review 135 221 10 17 27 14 23 20 1431 14 13 173 115 289 243 Not• 9. STAFF COSTS 2020121 2019120 TOTAL TOTAL Wgg8s & s818rf8s National insurance co819 Accrued holiday pay Pension & Life Insur8r￿ costs Recruiimenl & Stsff èxpenses 323 305 33 35 11 31 32 401 369 The average number ol employees employed throughout ihe year was 7.. soverol ￿P10yeeS work part tlme, the full time equivalonl ba&s {FfE) bs 6.6. {201￿20- avernge 8. FTE 6.8). The key man0gement of the charity aro Ihe firector, Flnancé Manager. Grants Manager and Estsle & Propety M8nager. Their total remuneration (gross pay, empl¢)ytr pension oryj lrfe insurance) was £224.446 {2019120 £193,658) Thèr6 ￿d$ one empbyee whose salary plus Fensh)n ccffltributw)n fell in £60.LN)1-£70,CQO band {2019-20: 01 and one employee whose salary plus payment in lieu of an employer pen￿on ￿ntributIon fell in the £80,001- £90,OCQ band12019-20'. 1). No other staff exeeedèj eamings of £60.OLM). 41

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Not• 10. TANGIBLE FIXED ASSErs Walcot Educatlon81 Foundatlon IWEF) fanglble Flxed Assets Fumlturn Total Prop•rty Equlpntnt £000 Colt or V•lu•tlon As al 1 April 2020 Additions At 31 March 2021 1,519 105 65 D•pr•clatlon As al 1 April 2020 Charge for period At 31 March 2021 157) 157) N•t book valu At 31 Ma￿h 2021 1.571 As 8t 1 April 2020 1.461 HlsloriG Go¥1 of property slatertj as v8lualion 8t 1 January 1980. seè note 11) 116 Investment property hekl wthin wlh the Waknt Foundation at 1W J8nuary 1980 is included in ￿$t al Ihg valuation al that d8te, and was revalued in M8fch 2021 by Cluttons LLP. All valu8tions are on an open markgl basis in 8ccord8nce the Royal Instilullon of Charternd Sury•yors' valuat￿Tr- ProfeSS￿n81 Standards. 2014 Edltlon. 42

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Note 11. INVESTMENTS AT VALUAnoN Unr•8trlct•d R•8trlct•d Endowmgnt Funds Funds FurMIs Total Funds 2020121 £000 100.889 6.193 (7.703) 2S3 Total Funds 2019120 Merkel value at 1 April 2020 Additions al cost Dlsposals al opening book value Investment managgr fees Net gains OD revaluatlon a131 March 2021 7.206 231 15921 19 4.982 678 (140) 57 88.701 5,285 (6.4711 176 102,127 5,965 16.176} 171 3.054 1,055 Marft•t valug •t 31 March 2021 Analy#l of Inv••tm•nt• h•ld at 31 March 2021 Freehol¢J land & buildings 70.723 70,723 55,996 UK Fixed interest UK equities 4,319 13.32S 19.113 13.062 Allemalives 1.282 3.953 5,071 4,905 Overseas securitie¥ 19,953 26.397 19,092 Cash on dgposll as inveslmenl 2,570 1.031 3,630 7,833 Cash wth Investment manage TOTAL Freehold propety held within wth the Walcot Foundation at 1$1 January 1980 is included In c051 al the valuation al that dole. and was revalued in March 2021 by Cluttons LLP. All valuations are on an open mart(et basis in a￿ordanCe the Royal Institution of Chartèred SuTheyors' Valuation - Professional Standards. 2014 Edition. Investments held by the charty include a £100 irwestment12020.' £1001 in the subsidiary e<)mpany, Walcot Projects Limited. and represents 1(Kl% of the issued share caprtal. Walcol Projects Limited was irKoTporaled on 2 August 2018 {registralion number 1149713) and ils registered Offi￿ 127 Kennington Road. London. Unilod lfjngdom, SE116SF. The principal actiwty of the C(￿panY 8re the PrO￿s1on of des3n and build seNces lo the Walcot Educational Foundation. At 31 March 2021 Walcol Pr￿ects Limited had no fixed assets. net current assets of £100 and shareholder's funds of £100. Ils tLtmovef for the year was £2,233.84712019r20 £780.8191 and a profit of £126.16412019120 £49.9991 prior to an attn*d gfft aid distribution of £126.164 {2019120 £49.9991 to the W8lcol Educational Foundation. Investment losses as shown above do not agree to the figure in the SOFA as the above includes those investment char8es that are deducted by the investment mana8er ICCLA) directty from the w)rtfolio.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Noto 12. DEBTORS 2021 £000 2020 Walcot Educational Ffwnd81ion Deb Rental debtors WBlcot Projects debtors Prepayments Accrued Income 13 126 65 192 20 192 326 Nol• 13. CREDITORS Credltors: amounts falliTr3 due wthln one year 2021 £000 2020 Walcol Education81 FoundaNon Credftcrt Accmd8 Trade creditors Deferred Sncome Deferred rental Income Accruals Accrued grants Oihar credftors 371 325 77 81 51 734 45 1.257 817 1.144 Ch8rily Acw81s 31 WNEC ACC￿1￿￿ 159 121 The L8dy Cynth8 Chwty AG¢¥u 1.384 Not• 14. GRANT COMMrrMENTS 2021 £000 623 54S 154 2020 r*Je for pa￿Tren1 In 202￿21 rhje for p8yThenl in 2021-22 Due for pa￿OnI in 2022-23 1.009 The amounts above have been pro￿$10ft￿lIy appro￿ as grants to be made by the Govemors up lo the 31 March 2021. As the Govemors have furlher actions lo take on Ihem Imostty Carr￿ng out progress reviews on each one against performance conditions) before releasing them for paymenL they have not been recognised in this year's accounts. No discounting has been applied lo grant commitments due in more than ong year on the basis that the period over which amounts will be settled a￿ s￿h that any discounting V•Duld be immaterial.

WALCOT FOUNDATION NOTES TO THE Accoumrs YEAR ENDED 31 MARCH 2021 Note 16. CAPITAL COMMITMENTS 2021 2020 W81cot EducatM)nal F￿nd81 £000 £000 Contracted capital eommibnents 45

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Not• 16. ANALYSIS OF FUNDS MOVEMENTS Balanc• at Balance at Income Expgnditur• G•ins1 Trnnsfe 11088￿> b•twoen 31 Mar 21 Funds 31 Mar 20 £000 UnrgStrf¢ted Funds WEF General Fund 6.477 2.445 164 (1.720) 1571 11.031) 1.s55 242 957 9,714 1,050 HaWe'8 General Fund WNEC General Fund Ths Lady Cynthig Charity Sutstotal unrnstrfctvdFunds Is) 1,031 25 107 7,265 (2.808) 1,797 1,983 10,871 R•stslcted Funds WEFR&RFund WEF Sl Thomas, Inccne Fur WEF St Thom8$' Capital Fund WEF Townsend Ineome Fund (1421 1,608 (351 5,510 15 823 (8) 115) {11 11 WEF Townsend Capital Fund WNEC Trust For London & 88tt8r8ea P{W￿r Stat 125 41 165 477 537 Su&tothl r•Strt¢￿ Funds 4,972 {1841 1,875 1561} 6,617 Endowm•nt Funds WEF End¢)vrnent fvnd Hayl8'$ En¢Jwrne￿ fund The Lady Cynthkq Charity Sutstotal •ndowment Funds 82,716 8.246 (209) 1821 18,885 2,783 440 11,422) 99,970 8.947 90,137 {2831 11,4221 110,521 Total Funds 128 009 The Walccrt Educatty)nal FOundat￿n ￿EF) Scheme directs the anc<alion ofWEFs income.. this in¢lLJe$ payment of between 10% and 20% of net itKome after management expenses lo the Wakol Non-Educational Charty. In 2020r21. a total of £494.094 was tran8feffed from VEF General Fund for thi8 purpose. Hayle'8 Charty and The Lady Cynthia Chariiy FuTrJ (TLCCI pay an annual seTrKe charge to WEF to rdect a contribution lo ￿91$ of grantmakry and office administration. The service char9e is based on prcwrtion of grants exh charty pay$. In 2020r21 Hayle's paKI £5,53712019r20 £1.7741 and TLCC Pa￿ £012019r20 £343).

WALCOT FOUNDATION NOTES TO THE AccouNrs YEAR ENDED 31 MARCH 2021 N(0 16 {contlnued). ANALYSIS OF FUNDS MOVEMENTS 2019120 Balance at Balance at Incom8 Expanditurn Galnsl Trnnsfors Ilossesl botweon 31 Mar 20 Funds 31 Mar19 Unr•strlct8d Funds WEF General Fund Hayle's General Fund NEC General Fund Lady Cynthia Charbty Fund Su￿total unrnStslct￿ Fun(ts 2.477 179 (2,2(￿} {201 (329) 12721 (14) 11051 {2} 329 6.477 57 7,201 29 2,685 82 {2.5581 12&81 221 7,265 Rgstrl¢lqd Funds WEFR&RFund WEF St Thomas, Inecrfn& Furvj VVEF Si Thcn88' Capital Fund WEF Townsend Income Fur WEF Townsend Capital Fund WNEC Trust For London & Battersea Power Stat Sul>tot•l rnstrf¢t•d Funds 5.953 67 11961 11021 11,5751 4.080 16 {4) (211 11) 113} 623 17 129 {2) 125 6,789 (222) {117) {1,558 4,972 Endowment Funds WEF Endowmonl fund Hayle'8 Endovfflient furKI Lady Cynthia Charty Fund Sutstotal •ndOwM￿t Funds 81,979 6,421 {1401 1441 14591 11301 1,337 82.716 6,246 89.609 11931 161SI 1.337 ,137 Totsl Funds 103 599 The Walcol Edu¢*ional FOUndat￿)n c￿EF) Scheme directs tho allc¢ation of WEF'S income." this includes payment of btheen 10% aTrJ 20QA of net income after management expenses lo the Wakot Non-Educational Chanty. In 2020121. a lolal of £494,094 was transferred WEF General Fund for this purpose. Haylè's Charity and The Lady Cynthsa Charity Fund ITLCC) pay an annual Se￿￿e charge to WEF lo refiect contribution lo costs of granl-making and off￿e admini8tratKJn. The seNce charge is based on proportion of grants each charrty pays. In 2020r21 Hafv's p3id £5,537 (2019r20 £1.7741 and TLCC P8KI £0 {2019r20 £343). 47

WALCOT FOUNDATION NOTES TO THE Accoupirs YEAR ENDED 31 MARCH 2021 Note 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS R•s- En- Un- re8trlcted trlcted dovmient TOTAL rn$tslct￿ trl¢tad dowment TOTAL Funds Funds Funds FUNDS Funds Funds Funds FUND8 2020121 2019120 £000 £000 Funds balances at 31 March 2021 as roprosentsd by: Tangible fixed assets 1,671 1,460 Investment assets 9,918 6,631 108,985 125.634 7.206 4.982 88,701 100,889 Debtor8 326 Other cuffent assats 1.082 1,082 Current Ikgbilities 14 29 10 23 110S21 128009 102 374 Note 18 ReLATeD PARTY TIiANSACTIONS The four Charit￿ fom?ing the Walcot FoundatKJn are relaled parties, hing am administered by the 68me corporate trustee- The Wakot & Hayle'$ Trustee C￿panY. The grant-making, g¢wemonce and support ¢0$18 for th• louT charties are bome by the Watot Ed￿at￿n81 FoundatK)n. Hayle's Charty and The Lady Cynthia Chafrty Fund paid an annual serviee char9e to rèfknt these costs. In 2020r21 Hayle'$ paKI £5.537 (2019r20- £1.7741. and The Wy Cynthk4 Charty pa*J £O12019120- £343) One expense of a l¢Jtal £55 was reimbursed to Govemors in 2020r21. No Gmmof or any person connected with a Govemor received any remuneration Of any benefrt any of the four Charit￿ {2019r20, none). Where Trustee8 have an inlere8t in a grant benefKiary, the trusteewill excuge themselves f￿• the dKIS￿n maklng prcKe88. In 2021>21. Walcol Pr¢4ects Linrted charged £2.233.847 {2019r20 £780.819) to the Wakot Educatpjn Foundation in respect of deS￿n and build swwces and made p￿￿￿)n for Grft payments lo the charty of £126.164. The net ￿lance offtd lo the Wakot Ed￿tIOn Foundation al 31st MarGh 2021 wa$ £126,164.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Note 19 Grants of £10,000 or more award•d lo instrtutkjns worklng wlth finan¢lally disadvantaged Lambeth rosld•nt• Nam• of Instltutlon Battersea Arts Contrelcommunity Learning EmPo￿lment Nefv40 Parthership Centre 70 Advice Centrè Ch•r D•xrfptlon Larnbethwands￿Drth Capacity WNEC Building Programme WNEC Athce Worker W8lcot Student Advancè Programme- Pov•*rf2 Advanco lknl M￿￿C and dance ènrichment OVAL Iopportunitss for Value- Added Leamingl Girlhood to w{￿anhood Igniting Grassroots Innovation Communrty After School Study Supwrt ICASS} CP Lambeth Wths Programme Earty Into￿OnI10n Employer4ed WEF Engagement Programme WEF 12 Steps into Catering WEF InloUniver¥ity Lambeth WEF Positive Change WEF Young Adult Pro￿1 WEF NOPA£ WEF Teens ond Toddlers Lambeth WEF Stepping thod WEF SYLA Educab'on Programmo Homesw)th & Family L8amlng WEF Proj'ect WEF Step Up PEACH Prolect.. Academie mentoring 6xoiect for girts lagod 7- 16) 51 WEF WEF Oval Leaming Cluster Oval Leamlng Cluslor Beyond The Classroom Business Launchpad WEF WEF WEF 25 25 25 CEF Lyncx ICEFL} Centrepoint Soho Limlled WEF WEF 25 25 Conslructlon Youth Tru¥l Flrsl Slep Trust Inlouniversity Juvenis Mosaic Clubhouse No. I Perfoming Arts INOPAI Power2 South London Refugee Assodgli Soulhside Young Leaders Academy Strealham Drop-in Centre For As￿uM Seekers And Refugees Thames Reach Charity 25 25 25 25 25 25 25 25 25 25 25 The 88ytree Centre Th8 8en Hdlioake Learning Centre The Children's Literacy Ch8rity The Crealive Swety WEF WEF WEF WEF 25 25 25 25 After Schcol EducalKJn Stheme Expert Programme in Lambeth Crealive Job Sludio Mentoring Horticultuwal trainir¥J arKI WEF employTrènl programme WEF Access All Areas WEF J￿10r Fello￿%￿P Lambeth WNEC CAML'S Advic8 for Lambelh Project wa￿¥Orth Gard We Rise Windsor FgIIow5hlp Cllizens Advice Merton And L8mbeth High Trees Community Devekjpmenl Trust Options 4 Change In6oameric8n RefLV And Migrant Organisation IRMO WNEC Step Up Flus Creative Sparkworks WEF Leam2Fikn2£am The Mary Oolly Foundation WEF Re8ch for Recovery Oasis Children's Venture WEF Rise&Sh9 Project Extension Sl Matthews Projg¢t WEF ck Stsrt Raw Material Musi¢ And Media E(hJcath)n WEF Raw Swnds Tralnlng & Progression 2S 25 25 25 WNEC Slep In-step Up WEF Education Sustsinment Proj&t 25 25 25 25 25 25 25 24 49

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Not• 19 Icontinu•dl Grants of £10.000 or more awarded to Instltullons working wlth flnanclally dlsadvantag•d Lamb•th r•sid•nts N•m• of I￿tItutIon ¢h•r D•xrfMlon APEX {Advanced Preparation for Emplo￿nent and exams) Lambeth NEET Prc¥ect SuppNb'ng Fwnity Leamiry - Smal Gn)up TU￿0￿ for Puplls and Parents Inspirational Youlh Toucan Employment WEF WEF 24 24 Tutors United CHIPS Ichristlan Intematlond Peac• Servlcel WEF 24 WEF un￿￿8rd Voltss Transfomiati￿1 turtk)n for disadvantaged S￿dents in Lomb8th Tron￿tion supFort for pupils al risk of diservaagemanl at secondwy WEF schtY)I WEF Spaar Kennington WEF Lambeth Sparks WEF Lile Skills and Empbyatylity project Earfy Wwls Together for tswJ-year- okjs f8￿n9 dls8dvant898 in Strealham Lambeth Youw Car￿9 Schools WEF Project WEF Nurture Roorn Stepplng Up.. Empowlro th8 Nexl Gerrati Communty and Er¥Jagement Money Management arKI C8sev•vrk WNEC Ad￿ Support WEF Emotional *lkbeing WEF F￿h1 For Your FLrture- L8mb8th WEF Rathbone Inspiring Leaming Project Ke6pirwJ S.A.F.E by Strengtr￿n1f￿j Farnil￿ through Character Edlution Expansion ofthe FBB Schoob. WEF I￿10mMe lo Lambeth. Ha￿e5 Athce Centre Co￿rdInatOr Music Therapy auoss the 5 Lambelh nursery sch¢x4$ Horse Club Youlh Project REACH-EM ￿0yebIlIty programme St Martin in Ihe F￿ld5 Mu51C WEF Thernpy Prwt 24 Talent4d Education WEF 24 Glpsy H41 Federation Resurgo Trust Tho Instilute Of Imaglnation Lrfelong Family Links 24 24 24 24 Nauonal Uloracy Trust WEF 23 Carers Hub Lambtsth Van Gogh Primary Schod 23 21 nellka Blc Pholofu8lon WEF WEF 21 20 N¢ywood And Brixlon Fcodbank Evelyn Grace Academy Rlslng Slars Support CIC Rathbone 19 19 Yourslory WEF 19 Football BeyoThJ Bordws Oasls Community Hub W8terf 18 15 Lambeth Nursgry &hods Fodgrath Ebony Horse Club Blshop Thomas Grant Scl St Martin-in-the Fields High S¢thl for Gids Lark Ho11 Primary Schod and Ch￿dren'S Centre WEF WEF WEF 15 15 15 14 WEF Therapy Small group tuitv)n for pwils 14 TLrttys United Archbishop Tenison's Schr Stod(4￿1 Prirnary Scho( WEF WEF 13 13 12 Leaders Wilhxrt Limils

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 Note 19 Iconlinu•d) Grants of £10.000 or rnore awarded to Instltut worklng wtth financially dlsadvantsg•d Lamboth r•8ld•nts Charlty D••crlptlon First Story Writer-in-Residen¢t Pn)gramme in Lambeth Speeth Bubbles. Drama F Communication The Family Group Programme at Richard Atkins Primary Scho Flrst Story WEF Lcrton BUbl￿e Theatre WEF 11 Tr8nsgeneratlonal ch￿￿e Lknited WEF 10 Subtotsl of Grnnt• Ust•d Abov• Othw grants to Inslftutlons worklng wlth Ilnanclalty dlMdv•ntag•d Lamb•th Id•nts (not shown In Ilst abov•l Grnnts to Indlvldu•l• 289 T¢)t•l Gr•nts Pald In Y•ar 2,003 51