2022-03-31-accounts

WALCOT FOUNDATION tackling poverty by creating opportunity Report of the Governors and Accounts 202112022 The Walcot & Hayle's Trustee is a limited not-for-profrt company161338491 registered in EnBland and recognised by the Charlty Commisslon as the sole trustee of The Walcot Educational Foundation13128CiJI, The Hayle's Charfty13128C(J- 11, The Walcot Non-Educational Charity I3128￿2) and the Lady Cynthia Chartty 13128CQ-3}. The Governors are Direcrors of The Walcot & Hawe's Trustee. walcotfoundation.org.uk

CONTENTS INTRODUCTION 3 OUR MISSION AND APPROACH 4 WHAT WE PLANNED TO DO, WHAT WE DID S GRANTMAKING 202112022 6 The year's headlines 6 Grantmaking budget 7 Grants we made directly to individuals 7 What individual grantees said 8 Grants to Schools. projects. and organisations 8 Examples of the benefits to individuals of our funding of organisations 11 Examples of 8rantS to Schools and or8anisations 12 How and why we 'add value, to our grantmaking 13 ASSESSING IMPAcf'. a challenge for all grèntmaker5 14 Things we count as important as a grantmaker 16 FINANCIAL REVIEW 2021122 17 Income 17 Expenditure 17 Fund balances 18 Investments 18 Long-Term Investment Policy 19 Reserves Policy 20 OTHER ACTIVITY 20 PLAN5 202212023 20 HUGH VALENTINÉ 21 STRucfuRE. GOVERNANCE AND MANAGEMEpif 21 Constituent charities 21 Trustee body 21 Waltot Projects Limited 22 Policy on Governor expenses 22 Governors, Office Holder5 and meetings 22 Recruitment, Appointment and Induction of New Governors 22 Staff pay 23 ADMINISTRATIVE 23 Registered address and w￿¥ domain 23 Stoff 23 PUBLIC BENEFIT 23

INTRODUCTION The Walcot charlty has existed since the 17th century. tts purpose is the relief of poverty In Lambeth. one of London's inner boroughs. We achieve this charitable purpose by maklng 8rant5. Thls15 our report on the work of the Wal¢ot Foundation 202U2022. Each year, as we report on our work over the precedinE twelve months. we are aware that the Foundatlon's timeline INoel Caron's Almshouses) is that our chartties have been in existence for over four hundred years. As charlty trustees. our duty is to consider not only todals beneflclaries but also those of tomorrow - including those of 2422 in another four hundred years. This Is a valuable perspertive. The Covid-19 pèndemi4 Is but one major impact over the four hundred year5 of our charities, history.. there have been wars, plagues, severe economic downturns. and numerous other catastrophes. Ourwork in 2021122 followed a formula we have carefvlly evolved.. to tackle poverty by creating opportunlty; to offer a hand-up ratherthan a hand￿ut and thereby seek to break generational cycles of disadvantage. We alm for whole-llfe change. expressed by and throu8h the abillty to gain decently paid employment. During the year, 252 Individuals received grants paid to them directly (we supported 199 students: 154 in Higher Education and 45 in Further Education). Lambeth schools received 49 grants and grants to Lambeth community groups and charities numbered 90. This was the last year In which Hu8h Valentlne seryed as our Director and as Clerk to the Governors. We pav trlbute to all that he brou8ht to the role later tn this report. To the rnany people who help us in our role as Governors - our beneficlarSes, our staff, our advlsers, encouragers and providers of all kinds of services- thank you. The Governors July 2022

OUR MISSION AND APPROACH Our mlsslon: We exlst for the rellef ol poverty In Lynb We interpret our 17th century purpose in ways that take seriously 21st century contexts. We make grants to tackle poveity by creating opportunity and to offer our beneficlarles a hand-up. not a hand- out. What we fund is always aimed at breakin8 cycles of deprlvation and PTomotin8 resilience and flnancial self-sufflciency. Our approach: To bulld on the stren81ts our Trrtees h•¥e We vlew grantees as our partners, not as reclplents of our chaTIty. We aim to build on the strengths and resilience they already have. We believe that becoming employable and employed Is the best route out of poverty and the social exclusion and lost opportunities that accompany it. The following are the pathway5 along which we help grantees to move: ACHIEVEMENT EDUCATIONAL UNDER- ACHIEVEMENT EMPLOYAB UNEMPLOYABLE EMPLOYED UNEMPLOYED FINANCIALLY SELF-RELIA FINANCIALLY DISADVANTAGED

WHAT WE PLANNED TO DO, WHAT WE DID In I￿t y•arf$ r•POrt￿ Ilrted th•se pl Thi51s we achlewd Our£2 mllllon Boun¢tB•ck proywnme WHI laun¢h •nd OUT Bounceback Programme was launched as planned lun for two yea￿(2011.202l and 2022-20231. and is offerin8 help to thosè whose employment prospects were worsened by the pandemSc. Our Wakot Mews De¥elopmert reath compknkn Suppty problems wlth materl•ls and labour delayed nd be let. complètbon untll April 2022. These slx new propertles a￿ now part of the portfolio. W• expert to obtaln a plannlnl dedslon on •n •ppll¢atlon to develop land on 8lshop's Terrace. Thls dld not happen and at the end of 202112022. We are currentiy in dlxussion with Lambeth Council Plarbners on the next steps. W• expert major refurwirnent ol mor• ofour 191h During the year we completed Tefurblshment on four century proprtles: typl¢lly. these are re¥erslonsfrom properties. rellstered rent status requlrlni works belore l•ttln$ •t mark•t rents. W• sh¥ll undert•k• * revlew ol our experlences to ￿￿ We reviewed what had been achleved. We contSnue to on ralslni new funds Ind dedde future dlrectloo. wtkome lundlng from other Sources whlch benefits our target beneficlary 8roiJps. W• shall run owrtTl•nnlal qlstenlrf ex•rdse ITr ¥thl¢h We appolnted an external partner to run the exerclst of we commlsslon an Independent partner io sur¥ey us•r. gathering user-feedback. The fièldwo￿ was Concluded Irantee, and partnerl•edb4ck. Thls allows uslojud our work and perforniance and to Identlfy durlng the year and the resurts are beln8 revlewed. As Improv•m•nts •nd developments. when we last ran thi5 exerclse, we expe¢t to identlfy steps we can tske to Improve the experlence of applkants and benefklaries. W• sh•ll r•vl•w our Walcot Futures Pvoy•mme *nd d•clde wheth•r to conflmi It M a p•rman•nt pwramme, We declded that the programme was valuable, both to partlclpants and the Foundatlon and made it pern￿neDt. We shall run our 4nonymls¢d blenn5al sur¥ey ol Governorvlews about the effertl¥eness of the Board. We de¢ided to postpone this untll the autumn of 2022. We shall undertake the blennl•l re¥l•w ol¢wr Straleik Thls was begun not concluded wlthln the year. In¥•stmenQ Pollcy.

GRANTMAKING 202112022 The Foundation reaches the people bt exists to help both by making Brants directly to them a5 individual beneficiaries and by making grants to schools, projects and organisation5 whose work with such individuals advances the Foundation's aims. THE YEAR'S HEADLINES We fully spent our grants bud8Èt of £2￿21.501 vla 428 8rant assessments. We made 391 grant awards totsllln8 £2A21W3- 252 grants directly to indivldual èppllcants, totalllng £312,763, and 139 grants to organ15ations, projects, and schools to fund work with the Indivlduals we exlst to sepie, totslling £2.508.740. As part of our measurfni the Impart of our 8rants. we received and evaluated 79 monitorlng reports. We l•un¢hed our Phase 2 Cov1&19 response: 'BounceBacV- more details overleaf. Bla¢lt Thrlve Employment Prn8ramme. Ouring the year our partnershlp wlth the GUVS & St Thomas, Charity and Black Thrive contlnued. The programme awards funds to local groups pilotlng new approaches to opening employment prosperts for Black Lambeth citlzens With lon8-term health conditions. During the year. 15 new grants totalling £169,Crf)O were approved. 'Heafthy Schools Fun4f partswrshlp We secured new external fvnds: Durlng the year V￿re dellghted to be approached by Impact on Urban Health to administer their 'Healthy Schools Fund, grant pro8iamme In Lambeth, Thls wlll result in an additional £875,000 reaching the l)orou8h's schools in 2022123. L￿1 Advl¢e A8ow fvndlni from Lambeth C4wndl. We fund the three maln Independent advlce a8encles {Bdxton Advice Centre, Centre 70 and Clt12ens Advice Merton and Lambethl to provlde debt, beneflts and houslng advlce. We have been concerned al)out the vulnerablllty of the centres due to Insecure Council fundin8. Durin8 the year we contlnued to encourage conversations between Lambeth Councll and local advice centres. In the Ilght of these, Lambeth Council agreed to extend the funding of advlce centres and to commlsslon a revlew of lon8er-term commi55ionln8 Optlons almed at glvlng these valuable servlces 8reaterfinanclal certainty. We are gratefvl to the Councll for thls and contlnue to hope for a secure model of local 8ovemment support for these essentlal local service5. Gr•ntee Ltslenlni Exerclse. We undertake a triennial'listening exercise. using an Independent thlrd party to gather viewsfrom a represerrtatNe group of our 8rantees. (both individuals and or8anlsatlonsl on their experiences of applying for Waltot grants. Whenever we have done this in the past we have been able to make improvements to our systems. During the year we commissioned IVAR to Girry out thls work. Thelr fleldwork took place in January and February 2022. Wlth staff, we shall review the results In May 2022.

GRANTMAKING BUDGEr The blue shows the sums puffd to organisotions Ilight blue allocated to 8ounceBoct dork blue fvr other orgunisotions/sch¢xlsJ,' the grey, paid dirertly to individuol grantee& 49) £1￿)￿ 4- ltyJKeBaCA￿?unI ioj d Arno￿11 £LLKO.rni I '/'* * * +, Grants by value and recipient type Grants to Smallest Largest Average Ib)dl¥klu•ls £301£901 £4.(th1£4,CXX)I £1.2521£1.2061 Orynlsatlons (Small Grant Streaml oflan15￿1Ons ILar8e Grant Streaml £6901£1,1￿) £io.000 {£io,cwi 1 £6,1211£6,9841 £iiA301£11.O(L)I £53I731£51,7121 £28,7601£22,5121 Il=prevlous yeorfvwes GRANT5 WE MADE DIREcfLY TO INDIVIDUALS Last year grants paid dirertly to individua15 decreased Iby IO% in volume and by 4% in total value). We made 252 awards in 202112212771. The number of Érants to individuals for vocational courses increased to 35% of student grants compared to 31% in 2020121. We continue to promote these via Lambeth College. local 8rantee organisatlons and Centre 70 student-adviser community sessions. We made fewer rehousing grants in 202V22 {39 compared to 60 in 2020121}. Of these. 9 went to young people in need of independent accommodation and 30to thosewho needed alternative accommodation because of reported domestic violence. Grants to cover bankTUPtcy fee5 a150 reduced. We awarded S grants {10 in 2020121}. Grant recipients by gender were 65%172%1 female and 35% {28%) male. Grant recipients by ethnicity were 63%164%1 BlacVBlack British; 16%113%1 Whitemhlte British: 9% 112%) Mixed- 5%15%1 AsianlAsian British and Other 8%17%1.

EXAMPLES OF GRANfs TO INDIVIDUALS AND WHAT INDIVIDUAL GRANTEES SAID (Grant towards the costs of studying for a degree in Mathematics with Finance and Economics) "For the post2 yeors Ihave ljeen receiving the Waltot Foundotion grant. I per50nollyftel thot it hos mode such o mossive positive import on my ocodemicfocu5. With exoms being online. no in-per50n cla55e5 and difficutsies with studying Ot home. I reliedon commuting to university to ensure I ochieved o good end of yeor grode. the weighting of this yeor h¢7d increosed. ond also to be wlth my otherpeers in our group studies. Moths is a subjert thot requirts In-person interoction5 Wlth peers to show thought proce55e5 which 15 much horder done virtuolfy. Without the gron¢ I don't think I would hove hod the benefrt of studying with mypeer5 ond ochieving the grode I wonted. I would olso Ilke to stote, it eosed the pressure when job searching. As I wos mode redundont in myfir5t yeor. My second year conslsted ofiob searching con5tontly. The Wolcot gront ollowed me during exam season to narrow rnyfocus on my studles ond commute to university without theflnonclol stress of how I would havefunded travel andfood. Thonk you very much to the Walcot Foundotlon ond the entlre teom." ' (Grant towards the costs of studying for a degree in Architecture) "In my second year l ochieved a 1st whlch wlllcontrlbute to 20% of my overoll degree. My third ond final year will constitute the remoinderof my degree. There's no doubt thot the qnlnt hos helped contrlbute to my success by allowing me to befree in my creotlve Intentlons by ellminating costs as o setbock." 'S' (Grant towards the costs of studying for a degree in Biomedical Sciencesl he bursory meant I couldfvcus on my studies withoutfinanciul stress or worrles, whlch Is $0 helpful. Specificalfy. I would have hod to deftrmy pl¢xements os It was expensive to commute there ond backfvr two months, but the bursary covered that cost." 'V (Grant towards the costs of stu(tying Medicine) Yhe Walcot Bur50ry enobled me to poss my clinicol skllls ext3m4 fomialfy known os OSCE'S. The Covld-19 pondemlc meant that my univer51ty didnot hold pro¢titol cllnlcal skllls se55ion5. Whilst they did replace this with lertures on the skills that we need to know. the lock of opportunlty to prottice these skills put me ot disodvontoge not onfyfor the end of year exoms whlch ore examlned prortlcolly (In petson) but a150 os aAuture clinicion. The qront ollowed me to buy moterlals such as o blood pressure machine and In-depth textbooks. This enobled me to prorti¢e my skills ot home. develop confidence whilst performing the skill ond olso undefstond numerou5 skills ond technlques that I hodstruggled to conceptuolisefrom the lerttsres given." GRANTS TO SCHOOLS, PROJECTS AND ORGANISATIONS We make grants to Schools, projects and organisations as a means of reaching individuals who are at the heart of our charitable purpose. As part of our response to the COVID-19 pandemic and its Impart, these were our prlorltles when making grant approvals: l To directly 5UPPOrt a¢ademlt achlevement, partlcularty projects that help close the attainment gap between pupil premium childrenlyoung people and their peers. 2 To address student Ire)enga8ement with xhool* Particularfy In transition years and for Students at risk of exclusion. 3 To respond to the mental health needs of children. young people and their parentslcarefs. 4 To help young people (under 301 into employment. 5 To improve access by our target group Ilow-income Lambeth households} to adv5ce service5. particularly in the fields of debt, housln& and employment.

'BOUNCEBACK'. OUR PHASE 2 COVID-19 RESPONSE LAUNCHED We drew £2 million from our reserve5 to fund a two-year programme to help low-income Lambeth residents under 30, find paid work- a challenge made more demanding by the pandemlc. In this first year we allocated £O.8m through grants to sixteen organlsations: Organlsation Bounce&ick Project The Factory". Fast Forward into the Creatlve and Cultural Industries Bridging the 8ap to construction employment Steps and Sparks to Work 6ounceBack to Rework 8ounceBack Tulse Hill BounteBack IRMO - supportlng young Latln Americans out of the pandemic and into work Raising Incomes for Young Lambeth Residents More Than An Apprentice. Lambeth Rathbone Educatlon and Employment Programme Better Skills. Better Jobs Lambeth Play and Early Years Training for employment Spiral Skills BounoBack programme Lambeth Under 305 Employment and Support Toucan Hospitality Projert Unity Lambeth Walworth Garden Level 2 Work Based HortiCL¢lture 198 Contemporary Arts And Learnin8 Constructlon Youth Trust Creative Sparkwork5 Grotsndwork High Trees Community Development Trust IRMO Lambeth College Leadership Through Sport And Business Rathbone Ripe Learning Slade Gardens Community Play Association Spiral Skills C.l.C. Thames Reach Toucan Employment Unity Works Social Enterprises Walworth Garden Additionally. we appolnted Rocket Science as our learning and evaluatlon partner. As well as monitorSn8 Impact, over the course of the programme. they will bring or8anisatlon5 together to Share learning and provide support. They have also created a BounceBack Dashboard which draws tO8ether the quarterly return5 Into an onllne analysi5 tool. On-the-8round programme delivery began on l Ottober 2021 and provides a varlety of co-ordinated employment-access seryices. These range from projects targeting specific sectors le.g. construction. creative industries) to organisations tocusin8 on particular communities le.g. Latin American community) or young people with additlonal needs. Also during thls programme, Walcot Foundation Is providlng £500 job transition grants for individuals who successfully find work through the pro8ramme. We will allocate up to £1.2m in 2022123 for the projects in Year 2. As well as funding Year 2 of the projects above, we have allowed some contingency funding in Year 2 to allow 8ounceBack to meet unforeseen need and respond to changing economic developments. This will allow us to award new grants to projects to plu8 any gaps Identified in Year l.

Of our grants th15 ye•1 to sdbooIsJ projetts. and organi5ations Age range of benefitiaries (2020/2021 dlstribution5 brucketedj 04 years: 2%12%1 5-11 years: 16%121YAI 11-18 years: 17%117%1 18-29 years: 46%127%1 30+ years.. 3%15%) Undefined: 15% {30%1 The increase In the 18-29 agfrrange Is attributable toour BounceBack programme which 15 targeted at under- 30 youth employment. The 'Undefined' category has decreased as a result of ending our Covld-respon5e grants whlch, last year. 5UPPOrted whole households rather than focused age groups. In moving beyond last yearfs emergency response to the Covid-19 crisls, our focus returned to the Foundation's established strategic aims.. 90% of grants170% in 201211 was spent on removln8 barriers in education, maximising leamlng and building employability better and funding advice setvices (the remaining IO% was Spent on educational field trlps, Immediate relief of need and capaclty buildinB}. Of grants to schools. 62% went to prlmary schools171% in 20201211, 30% to secondary schools129% in 20201211 and 8% to special schools (0% in 20201211. Thbs weighting to prlmary schools is primarlly attrlbutable to prlmary schools havln8 smaller budgets, makln8 thelr need for external support greater than In secondary xhools. EXAMPLES OF GRANTS TO SCHOOLS AND ORGANISATIONS • For more examples see waltotfoundatlon.org.uk STOCKWELL PARTNERSHIP Lambeth Mlgrant Financlal Resilience Project1 £75.000 over three years Th15 project wlll fund a part-time Multilin8ual Advocate to support Lambeth Portuguese, Spanish and Italian speakers on low incomes to Improve their financlal resilience vla budgetln& avoldance of debt and uptake of welfare beneffts. FUTURE MEN Boys Development Programme | £75.000 over three years Future Men will work in partnership with 5 Lambeth primaries in the Gipsy Hill Federation (Kingswood, Elm Wood. Paxton. Glenbrook and Fenstantonl to deliver a project targeted at year 6 boys lacking confldence, emotional maturity and control in order to support a successful transltlon into secondary school. OASIS HUB WATERLOO Oasis Athiice Project | £73,389 over three years This grant will provide part-funding to the Advice Centre Caseworker and Advice Centre Manager which will provide high-quality debt and benefits advlce through its integrated community hub model (particularly with the foodbank and local schools). It wlll also be pilotine Level I Immigration advice. THE KIDS NETWORK Larnbeth Connerting for Changel £60,IMXI over three years This grant will fund a new Lambeth Volunteer Ctrordinator vtho wlll mobilise. train and support volunteer5 to provide weekly mentoring se55i0ns to primary school children who are identified as disadvantaged and referred by Iixal Lambeth schools. 10

DOORSTEP LIBRARY Lambeth Doorstep iibraryl £25.0(M) over one year Doorstep Library volunteers work with families of thildren aged C￿11. spending 20 minutes per week for up to two years, reading with children on their doorstep or in their homes. This project will encourage children to embrace reading for pleasure. foster positive home learning environments and tonnect isolated families to their community through weekly visits with volunteers. sO￿H LONDON REFUGEE ASSOCIATION Lambeth Youth Clubl £45,000 over three years Thi5 projett will provide prartical and emotional support to vulnerable youn8 refvgees and asylum seekers in Lambeth through regular youth activities, intludin8 a weekly youth club based in Lambeth. homework support sessions and access to a caseworker to help re8ularise their status. TURNEY SCHOOLILANSDOWNE SCHOOL School Community Link51 £75,000 over three year5 This projert is linked to two special Lambeth schools for thildren and youn8 people who have autlsm and complex learning difficulties. It IS to fund half-day weekly ses5ion5 lin groups of 6-91 based at Roots and Shoots for their 16-18-year-old students. It provides accredited. practlcal. learner led actlvlties based on horticulture, nature and outdoors. This will include work experience and independent livin8 skills for teena8ers with autism and complex need5. SUDBOURNE PRIMARY SCHOOL Creatfve Therapy1 £23.520 over three years Th15 project wlll deliver speclallst therapeutlc support to pupil premlum puplls who are experlencing extreme emotional health challenges. dellvered by registered charity Roundabout. Roundabout 5pecialise5 in drama-related techniques such as '5torytellin& metaphor* play and movement, to support children to understand themselves and make positlve changes in their lives. EXAMPLES OF THE BENEFITS TO INDIVIDUALS OF OUR FUNDING OF ORGANISATIONS * For more examples vlsit wakotfoundatlon.org.uk Our grant to Inspiratlonal Yo￿h,$ APEX Projert enabled them to work with ?' was referred to us due to his disengogement ot5chool. He hadolreody been referred to CAHMS due to hls mental heolth ond depression. Z odmltted to his mentor he wus In o spiral of Incon515tent behoviour and bunkingfvm school. z worked well within the group workshop5 applylng himself well ond was intriguedby hovingfinanciol Independence. Due to Z's mentol heofth, we 0150 referred hlm onto our bike projert which work5 Wlth Block ond minority ethnic young men who hove mentsl health difficulties. Z h05found on om02ing group of peersupport with the progn7mme and alongside the bike projert ho5 led to him becoming more engaged in oll ore05 of his Ilfe. Z admitted tofeeling olone ondsotialfy isoloted before ljeing o port of the programme. Z's ottendt7nce ot school wentfrom 40% to 94%. He olso worked with his mentor to secure o port time tennis job ot the weekends ond set up his own bank occount creoting a pathway intofinoncial independence. Z believe5 that the progromme h05 chonged hi5 mind set and opened his horizons to creating new peer networks. He hos now joined ourmortiolort School os wellos becoming o young leoderfor our bike projert." Our grant to Lllian Bayli5 Technology Schoovs After School Small Group Tutorln8 Projert enabled them to work with 'J' "J was o high prior Ottainment PP girl who hod o difficuft YIO/II ot home during lockdown due to family relationship5. When She returned in Yll shefound it hord to remoin in clt75s ond would spend m05t her time workin9 independently owoyfrom peers. J was o priority studentfor Small group tuition ond a keen porticipont Qs a result her gmdes movedfrom moinly grode 45 in eorfy Autumn to 11

grade 55 in Autumn mock5 and thenfinolly to mainfy 65 with I grode 7. A great achievement, Thls has allowedj to progre55 onto her chosen A levels" Our grant to Options 4 Change's Education Sustainrnent Project enabled them to work with'K' "K is on 8yrs old mole who attends the primory school ond lives le55 thon 5 minutes owayfrom the school. He hos o record of persistent absence ond lotenessforschool and arrive5 doily at leost an hour late with his mother. Everything hodfailed with exclusion being the onfy option left to the school os his mother would not engtsge with the school or other agencie5. Our Intervention5for J SU5tginedperiod were met with resistancefrom hi5 mother, who was unwilling to engoge In the some way She had done with the school ond socialservice5. Eventualfy his mother responded ond ottended herfirst session. wherebyshe explolned thot she ha5 0 history of depression and her dealing5 Wlth the school ond other agencies hgd worsened her depression and she dld not core about anypenotsies. Aftersome persuading and lenqthy dlscusslons over week5 un t7greedplan to get Kbock into school on time wos In place. Alongside the plonfor K, hls mother wa5 enrolled onto the porent Pothwoy Pmgramme. where she ottended a number of sessions. met other parent5. shared her depression experiences and hardships of belng 0 single parent of S. Port of the process of supporting the mother invofved the Team collecting Kot 8.45 am each mornlng, three days over3 weeks whlle one of the parents in the group would 'buddy-up' with the mother to occompany her and Kon the rernaining 2 doys over the some period. Durlng ondslnce the lockdowns, K contlnues to make real effort5 Qt home ond In Scht￿l ond has improved hi5 ttttendonce markedfy Since retumlng ofter the lockdowns. He Is no longer under conslderatlon to be refrrredon to the PRU and15 5elf- motlvt7ted to get to schoolon hls own and on tlme. Our grant to Future Men's Transition Project enabled them to work with Pupil B "Pupil Bllnds It dlfficult to manage behaviour ond concentrate in class. Porticulorly notlceable slnce return to 5dJool after lockdown. Pupil B had limited occess to dlgltol device5 Qt home. $0 home learnlng was dlfficuft. ond Pupll 8 hosfollen signiflcontty behind In leomlnq. Thls Impt7cted on Pupll 8's confidence ond escalating poor behoviour In class which was becominq of Increoslng concern to School ond Pupil B's mum. Pupil B hod weekty sessions with o Future Men counsellor over 12 week5 programme- this Invofved weekfysessionsfocu5ing on o ronqe of educotlonal. sodol & emotlonol development. Pupil B settled well into the programme and responded well to the areos offocus- In portlculGr around relationships ond detislon moking- ond Pupil B 5 mum wos very supportlve of the initlotlve, keeping regular contort with Future Men counsellorand talking regulorly wlth Pupil B about the progromme Content. Pupil B told mum that Pupil 8 hos reported 'Lastse55ion qot me thlnqs obout decision5 50 t7m going to try working on that, Pupil B completed the 12-week progromme ond wos cleorty motivated by the experience to keep improving. Pupil 8 wos able to moke the connections between his negatwe behaviours onddolng poorly in school. Relotlonships between Pupil B and hi5 mum slgnificontly impro¥edfollowing the progromme- it provided them with ofromework to discu55 issues ot home ond mumfrlt huge relief th17t communication hod improved. Pupil 8 reported to Future Men counsellor. l om doing well. not gettinq into trouble and like tolkinq wlth you. Things are going well with my teochers, I'mfteling more readyfor leavlng now slnce we started talking- Our grant to fund Ebony Horse Club's Youth Project enabled them to work with'CB' "CB ha5 been o port of EHCfvr croundseven years. She hos token part in weekly riding, been o key volunteer os well 05 being o port of severGI different youth workprojects over the yegr5. Durinq the lockdown she ottended a zoom session with o lorge lawfirni where She wos very engaged and said 5heftft inspired ofterword5. She made o connertion with one of the organisers and went on to armnge work experiencefor two weeks at t7 well-estoblishedfirm where she received very positive feedback. She has since qone on to toke herA levels ond 5tcrtStudying ot herfirst choice university." 12

HOW AND WHY WE 'ADD VALUE, TO OUR GRANTMAKING How could we add to the impart of our grants? Exploring that question led us some years a80 to develop additional services we describe as 'added value grantmakin<. It simply mean5 that in addition to a grant, we can offer grantees free access to hl8h 9uallty addltlonal help of three distinrt types- Debt counsellin& budgeting and benefits advice Employment Search and careers advice Organisational capacity and resilience AvaSlab￿tO •ll tyjr Ind￿ldUal 8rantappllunts and thelr Imm¢dkte lamill¢s A¥•1￿ble to wefuThJ where help l¥ needed In reviewln8 •nd rK8ants•tlonl c•p•dty4nd re￿I￿rKe our indNkJal ￿KaNs Our debt and budzetln8 advke seThlces Many of our indlvldual applicants carry debt and have no easy access to professional advice in mana8ln8 It. We provide that through our grant to Lambeth's long*stablished advlce serrflce Centre 70. Thls year the servlce saw 68 people. Here is the story of one of them.. 'M' is a single 32-year-old woman who was in her second year of a unlversty course. As well as beln8 from a low-income back8round. because of Covid-19. her part-time job had stopped, and she was struggling financlally. Also, Student Flnance had not paid her third inst31ment and she had recelved a fine from HMRC due to someone else submltting a fraudulent claim. Centre 70.. Helped her to successfully apply to Wal¢ot Foundation whlch resulted In a £l.500 grant to help with student expenses. Contacted Student Flnance on her behaw and the thlrd In5talment was released Referred the fraud issue to Artion Fraud and also provided legal advice via Centre 70's legal surgery. Our employment readlness and ¢areer ser¥kes The Wolcot Student Advcnce Programme has now been runnln8 for over two years. Its aim is to provide greater level of support to our grantees studyin8 at college and university- Our grant to Power2 la well- established youth development charityl allows them to provide a comprehensive advice and support servlce. In planning this development. we drew on research we had commissioned in our 350th anniversary year. This showed that many of our students from low-income households had little or no access to the ran8e of Informal and aspirational support that young people from better￿ff homes beneflt from. The alm Is simple.. to help our Walcot student grantees successfvlly conclude thelr further or hi8her education, to get the most from it, and to make the best POS5ible transltlon from study to employment. The Student Advonce Programme offer5 career coachin& a range of workshops and one-to-one support, peer mentoring and help in accessing the full range of sUPPOrt and opportunitie5 Wlthin their educational institution and from industry-5pecific networks. One of last yearfs Advance Programme participants. a flnal year university student, received one-to-one support, developed an action plan for the coming year. took part in a workshop at a law firm and a 'speed networkinl event and engaged with the mentoring programme and accredited learrting opportunities. At the start of the year, she was feeling worried about herfuture and anxious about herjob prosperts. Through Advonce, she developed skills, found a career network of professionals. and gained qualifications. All this has 13

given her valuable material to add to her CV. She sa￿.-1 don't know If I would have finished my third year rf I didn't have the sUPPOrt from Power2". Our or8anlsatlonal capaclty development seThl¢es Our third added-value service is aimed at the organisations we fund or may fund. We developed it because we want to make sure that. where vft propose to fund organisations working with our target beneficiarie5, those oreanisations are themselve5 soundly established and well-run. We look for good organisational 5trurtures and cultures, competent management and governano. and the ability to effectively dellver the servlces for which they seek our funding. We sometimes find areas of operation we believe could be strengthened. Examples include governance or management capacity, or the need for a more developed future-fundlng strateyi. Our capacity-building service allow5 such or8anisations to access mentorlng and advice, at no cost. Durln8 the year, our continued funding of CLEN (Communty Learnln8 and Empowerment Network CICI provided bespoke capacty-bulldlng to 40 local organisations and ran 4'vlrtual' peer support groups and two training sessions. Over 80% of or8anisations have achleved perforn￿nCe Indlcators of sound operational and strategic mana8ement. One example 15 .1 Am In Me. . local Community Interest Company working in Lambeth. Incorporated In 2017, the organisation provides personal development. employability and business start-up support to dlsadvanta8ed young people. CLEN worked with the organisation to revlew and clarify the or8anisatlon's mission and strategic oblectfves and develop serrfice plans. This work wlth'l Am In Me. has led to a more secure strategic position. Durin8 this period, it has successfully raised funding from the Blg Lottery Fund, London Community Response Fund. and Tesco Bags of Help, amon8 Others. ASSESSING IMPACT: A CHALLENGE FOR ALL GRANTMAKERS What we want to achleve for ourgrantees is Improved employablllty acrossthelrworkln8 Ilfetlmes resultln8 In sufficient earnings to provlde for themselves and any dependents. This work begins early, in some Cases before they begln school. Measurlng our success in achieving thls objective Is not easy, so we have a pragmatic and. in some ways, a modest approach: V￿ concentrate on clear but reallstic outputs and outcomes and belleve that by doing 50 we help 8rantees develop thelr knowledge, skills and eventual employability. Impact- Grants to IndlvlduJls We measure the impact of grants paid directty to indivlduals through an annual survey, undertaken In February and Marth. We ask for details of the grantee's current sltuatbon (for example whether they are continuing in education or have found employment). This provides us with an Indlcation of whether the training or qualification we funded had any immediate effect on the grantee'5 circumstances. We recognise the limlts of this 'snap-shoV approach. The online survey is sent out by email and then followed up by telephone ¢alls to non-respondents. The response rate wa$ 70%181% in 20201211. This response rate was lower than last year due to the fart that we had also recentty carried out a 'Listenin8 to Grantees, exercise so there was likely some'survey fatigue.. 98% of respondents had successfully completed their yearlcourse. Of the respondents, 75% were studying towards a higher level or continuin8 in the same course and 16% were employed. 98% of respondents who completed a course conside￿d the grant to have been 'essential' in allowing them to completelcontinue in thelr course. Impart- Grants to oryanlsatlons All our grants to organlsations are linked to specific outcomes. These form basis of every pre-award grant agreement. Duringthe year reports are made to the Grants Committee on the extent to which agreed t3rgetS have been met. with explanatory narrative where needed. The Grants Team Tromally make project visits on all our multi-year projects. This has not possible this year because of lockdown and other COVID-19 restrictions. Insteod. we made use of online video meetings. 14

With a compliance level of 97% for impart reports received. during the year projects we funded filed 79 report5. The pandemic continued to have an impart on projects and some organisations had to change their project or focus or were not able to measure outcomes as expected. As a result, 18% of reports could not be scored against their original outputs/outcomes. Where they could, 86% of organisations and schools successfully reached 75% or more of the grant-related outputs and outcomes tar8ets we had agreed with them. Where a8reed targets are not met. we look to understand why. and to learn from thls. Our experience is that in small organisations, the1055 of a key staff member is often a factor in the projert not achieving its aim. Staff turnover is always a possibillty. Our pre-award a55es5ments consider staffing structures and contingencv plans. but the risk remains. Other ways in which we ensure the 8￿atest impact of our grantmakin8 Include - Belng Clear and spe¢lflc In our publlshed materlal This helps potential applicants understand what we do and so reduces misunderstanding and unsuccessful applications, 5avin8 everyone time. Maklng sure appllcants understand that our Interest Is In ￿lffl art rather than actlvlty What we mean by ortivity are all the actions, events. and processes whlth the grantee proposes to undertake Ifor example. in running a programme of literacy classes), and by import we mean the long-term results for the people benefitln8 from the activity lin this case. it mlght be gaining a level of literacy which si8nificantly improves the likelihood of 8ainin& and keepin8, paid employmentl. We are far less interested in any proposed actlvity and far more interested in what the results will be for our target beneficiaries. both in the short and longer Iwhole.lifel term. We always keep our larget benefi¢larles In mlnd 'How willx or Yhelp our beneficiories escape generationol poverty ond its corroslve import?, is the question we ask when considerin8 every grant. Specifically. 'is this likely to increase the likellhood of lon8-term employability?, 15

THINGS WE COUNT AS IMPORTANT AS A GRAKfMAKER WE BUILD ON THE STRENGTHS OUR GRANTEES ALREADY HAVE We vlew our grantees as partners. not as recipients of our'charity.. We aim to build on the stren8ths and resllience they already have. NO UNNECESSARY OBSTACLES We don't ever want to waste an applicanys time. We make applying for our grants as stralghtforward as possSble. We ask for the infomiatlon we need, and no more. We provide the dearest Information about who and what we can fund. And when It come5 to post-award reportin& we keep it as Ilght-touch as we can. WE FOCUS ON WHAT IMPAcf OUR GRAKfs WILL HAVE Broad￿, thls Is a concern with improvement and Suc￿sS In educatk)n, trainin8 and employment for Lambeth citizens from iow-income households. WE ARE FAIR AND CONsisfENT We apply consistent ell8iblllty crfterla; we do not dtscrlmlnate on any basls other than Income and residence in Lambeth. (And age- the vast bulk of our grants are requlred by our charlty scheme to be 8iven to under 30s). WE DO NOT STIGMATISE The individuals we exist to help often have reason to feel forgotten by wider so¢lety. Thls Is whv we alm to gNe a 'hand-up', not a 'hand-ouV. offering them opportunitles they may have been denied, bulldln8 on thelr stren8ths and seekln8 to grow thelr confldence and achievements. WE AIM TO BE OPEN IN OUR DEAUNGS wrrH APPUCANTS We're Interested in grown-up conversations and start wlth the wlsh to help appllcants if we can. The relationship betsveen appli¢arrts and grantmaker can't be exact￿ equal lappllcants ask, 8rantmakers conslderl, but we do everythlng we can to Make it mutual. respECtful and successful. WE ARE KEEN TO LEARN We are open to new ideas and to constructlve feedbacl alway5 interested In new ways of achieving our aims. 16

FINANCIAL REVIEW 2021122 We are a permanently endowed Foundation. Most of our income is generated by historic a$5ets. We are required to preserve the capital value and to ensure it grows to protert it against the effect of inflation. In this way the charity can assist todavs beneficiaries ond those of the future. INCOME Our income In 2021122 amounted to £3.041,76112020121- £3,129,671). a 2.8% decrease. Income from our investments. includlng directly held property, continues to be our primary income source. 2021122 Income compared with prfor year £16CKik £14cKik £12cKik £lO￿k £8 £6LY)k £4Wk £200k 202V22 2020121 Donatlons DolNAnations form a small element of our Intome and vary year by year. This year we recelved £103,1011£93.835 of which came from Walcot ProJert5 Limlted's Gift Aid1202012021: £161,759}. Charltable ¥rtlvltles The Foundatlon received £212,656 {2020121: £477.3441 from extemal funders for agreed jolnt funding of spetlfic projects. Rental Income Our largest source of income is in the form of rents from our properties on the Walcot Estate. This year, these amounted to £1,420,368 {2020121: £1.339,7111. Usted Investments lequltles and stocks) We receivèd £1,298,155 in dividend income from listed investrnents12020121.' £1,122,635}. Inveslment Interest Investment interest in 2021122 amounted to £7.303. Other income £177 was received as bank interest and other Income. EXPENDITURE Total expenditure was £4.182,894 {2020121: £3,254.1461. a 28.5% increase. We spent £2,821.503 in grant$12020121: £2.208,5101, a 27.8% increase. This included £175,656 received from Guvs & St Thomas. Charity. £20.000 from Winn & Coales IDensol Ltd UK and £15,000 from Battersea Power Station Foundation. 17

Our expenditure on raising funds was £1,042,39712020121: £756.9021. a 37.7% increase. This includes the full cost of managing our financial investments and property portfolio. The increase over the previous year reflects property maintenance costs that had been delayed because of Covid. Support Costs, whlch include the cost of govemance, salaries and other running costs, were £318.99412020121: £288,734), 10.5% increase. FUND BALANCES At the end of the year. our total funds stood at £127,013.33Z12020121.. £128,(K19,507). a 0.8% decrease. This figure Includes the Foundation's investments. the Foundation'stangible fixed assets and the short-temi cash at the bank. INVESTMEKrs At 31 March 2022, the Foundation's investments (property, stocks and long-term cash at the bank) were valued at £125.569,53012020121- £125.534.4171. a 0.03% increase. 58% of investments are in property, specifically, the Walcot Estate. whlch includes around 70 Most￿ resldentlal properties in and around Walcot Square, London SEII. The remaining 42% were a mixture of financial Investments made on the advlce of either investment managers Baillle Gifford or CCLA. The asset aliocatlon is shown below. Asset allo¢atlon * 31 March 2022 Alt•m•tfrrts £7.4rn Prwrty £72.9m 15VAI C•th Él.3m IIXI uit •qultlos £19.6m 116%) O¥ery•v equld £2&4m119%1 Monltorlng Investment perf0m￿nCe The Investment Committee review5 the performance ofthe portfolio every quarter, and reports to the Board. Financial investments are benchmarked against the FTSE All Share Index (UK Equities}, FTSE All Gilt5 Index (Fixed Interest). and MSCI All Countries World Index (Overseas Equities). Our property investments are historical and specialised. and we have not found a suitable index against which to benchmark them, although we do review the income and yield5 infomialty a8ainst intemet rental income indices such as lendinvest.com and londonpropertyiatch.co.uk. 18

Across all investments and property, the total return (income plus capital growth) for the year was £2,9(KJ.78412.31%) and the yield. as measured by income for the past twelve months divided by valuation at 31 March 2022. was 2.17%. Our policy is to undertake a full valuation of our property portfolio every five years. with individual valuations in the meantime as needed (for example. where residential properties revert from registered rent status and are significantly refurbished and then let at market rents). The last full valuation was as of 31 March 2021 and the next will be in 2026. The yield on the property Portfolio las measured by rental income forthe year divided by valuation at 31 March 20221 was 1.95%, the relatively low yield being a function of the high value of properties some of whlch are subjett to reglstered rent tenancies. Our financlal investments were valued at £52,686.543 12020121: £54.811.5431. The decrease In value is mostly attributable to the fall in markets. The totsl return for the year on financlal Investments was 2.8% and the yield on the portfolio was 2.5%. LONG-TERM INVESTMENT POLICY Our Investment goals are- to generate enough income from our investments to meet the needs of current beneflciaries to ensure our investments grow in value to meet the needs of future beneficiaries to maintaln the integrity of the Walcot Estate and to maximise rental income to allgn our Investment strategy to our ¥alues. This means- being as rlgorous in our selertion of investment produrt5 a5 we are In our 8rantmakin& and not to invest in any produtts or funds that V￿ do not understand Investing responslbly providlng a high-quality senilce to reliable tenants, $0 rnaximising rentsl income in the long term by brln8ing the benefit of well-maintained property. low tenant tumover and a mlnlmum of volds. The portfollo Is currently dlvided as Indicated In column 2 below, the potentlal minlmum and maxlmum value5 of each class of a55et being as shown in columns 3 and 4. ASSET POLICY POR TFOLIO MIN MAX roperty Equities [ Alternatlves and fixed income [ Cash and short-term Investment5 Total 35% 4% 1% RISK We keep under review the risks facln8 the Foundation. These are set out In a R5sk Re81Ster which adopts a measured approach and identifies material risks, considers their severty and probability and Identifie5 the measures needed to limit or avoid them. The Foundation is less vulnerable to many of the risksfaced by other third sector Icharityl bodies. Our income is far more secure. We do not provide services that carry an inherently higher risk level Ifor example. direct services to vulnerable8roups or running charity retail outlets). The Governors, collectively, embody expertise and skill. We see the prlncipal risk faclng the Foundation as being10s5 of income land the eroslon of spendlng power as Inflation ri5e51 and the consequent effect on our ability to fulfil our present charitable goals. Our policy is to revlew our Investment Policy {which applies to both financial investment and management of our property portfolio) as needed and at least biennially keep the nature and amount of grants under review diversify our investments- geographically, by asset type. and between investment managers 19

pro-artively manage our properties to minimise voids have an artive Investment Committee with govemor-members who embo(ty a range of relevant skills take professional advice maintain reserves at above recommended minimum levels. RESERVES POUCY At 31 March 2022, the Foundation's funds were- Endowment Funds £ 99.880.343 8,983,195 1,572,259 110,435,797 Restrlcted Funds £ 6.326.933 Unrestdcted Funds £ 8.980,IyJ4 1,164.837 135,760 10280.602 Total £ Walcot Educatlonal Foundation Hayle's Chari The Lady Cynthla Charity 115,187,280 10,148,032 1,708,020 127m3.332 6.326.933 The unrestricted funds represent our available reseryes. Our poliry had been to hold a mlnlmum reserve sufficient to ensure the full continuity of our operations for at least 15 months lequal to £4.201,7381. We explain the need for Teserves In these tems: to stablllse 8rantmakin8 at tlmes when Investment incorne is below expectation; to set aside sufficient funds for future property malntenance and development; to retaln capacity to respond to unexpected opportunities (the pandemic is such an example, and we have drawn £2m from reserve5 to fund Our Phase 2 response to the pandemlcl. Llquldlty and cash needs are reviewed every quarter and reserves every six months. OTHER ACTIVITY Ouring the year. our director gave six months. notice of his planned retirement. The Chalr led on succession arrangements, assisted by a small group of Governors. Marcia Asare was offered the role at the end of December 2021 and took up post on 19 April 2022. Honorary Advlsers We appoint Honorary Advlsers to 8lve a perSi￿rt5¥e from thelr area of expertlse. They attend meetings of the committees to which they are appointed. During this year no advi5er5 were in post. We Intend to appoint two Honorary Advlser5 next year to the Inveslment Committee and to the Grants Commlttee. PLANS 202212023 To achieve a smooth transition In chan8e of dlrertor. To ensure the effectlve Implementation of the second year of the 8ounceBack programme. To implement improvements in Systems and communications arising from the triennial 'listenln8 exercise,. To obtsin an acceptable planning decision on the Bishop's Terrace development. To move, p05t-pandemic, to greater in-person attendance of staff and to resume in-person visits to funded projert5 {face-to-face meetings of committees and the Board resumed In the year). To undertake a comprehensive review of the Foundation's commercial properties. so that opportuntties and costs can be identlfied. To njn the delayed anonymised biennial surwey of Govemor views about the effectiveness of the Board.

To conclude the biennial review of our Strategic Investment Policy. To support the indurtion of two new Governors appointed in March 2022. For the Board to plan for the succession of the Chairfrom June 2023 when the current Chalr and two other Governors stand down. HUGH VALENTINE This year saw the end of an era with the departure of Hugh Valentine after 16 years as Director. His achievements over that time have been many and remarkable. In hi5 earlv vears as Director. Hugh led work to transfonn the Foundatlon and bring it into the twenty first century, modernising the operations, developing the team, revolutlonising the governance and improvin8 the culture of the Foundation. Later Hugh carried through the development of Walcot Mews over more than 10 years to a successful conclusion, with the build complete and tenancies startin8 this spring. He also pushed forward the development of Bishop's Terrace. and a programme of major property refurbishments, largely single handed until the arrival of an estate manager. Under his leadership the FoundatSon has been able to influence debates on 5UPPOrtin8 disadvantaged students and tsckling low paid work and become a valued partner for much larger or8anisations such as GUWS and St Thomas. Foundation and Trust for London, brin8ln8 additional external fundlng Into Lambeth. Throu8hout hls tenure, Hu8h has always enabled govemors to have complete confidence In the Foundation's dellvery and communications to the highest standards. We have a150 appreciated hls well- designed publlcations and stylish penmanship. On a personal level, staff, governors. partners and professlonal advisers have valued hls calm and wlse counsel, and appreciated his tart, courtesy and tenaeity. Externally Hugh has embodied the value5 of the Foundation and wlthln it his klndness, frlendshlp and care have been a support to many. Above all. Hu8h's contributlon has been a ra20r-Ilke focus on supporting the Individual Lambeth resldent to escape poverty, and on m3ximisin8 impact of what we do, without being distracted by passlng concerns or other claims on charitable attention. Very many people in Lambeth who have never heard his name have good cause to be Brateful to him. He leaves the Foundation in a very strong position and starts a new Ilfe in retirement wlth our very best wishes. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUENT CHARITIES We have four constituent charities: The Walcot Educatlonal Foundatlon 13128001. The Hayle'5 Charlty 1312800-11, The Walcot NoTrEducatlonal Charlty13128LMI-21 and The L•dy Cynthla Charlty - formerly the Cynthia M051ey Memorial Fund, renamed durin8 the year1312800-31. Our charities. notably the Hayle's Charity. subsumed numerous other smaller charrties over the years includin8 those of Roger Jeston116221, Noel Caron116231, Alice Easton116401, William Hind116551. Margaret Oakley {16721, Thomas Rich116721, John Scaldwell116781, Thoma5 Cooper116951. Jacob Vanderlin117041, Ralph Snow117071, Bryan Turberville 117181. Countess of Gower11721}. Hayes Fortee (17831. Jane Wakeling117861, John Course117861, Richard Robert118071. Mary Oakley 11812}, Elizabeth Lambert118141, John Pickton {1821), Grace Fenner118281, Mary Chapman 11831}, Eleanor Dodson 11847). Elizabeth Edridge118481. Robert Frost118601 and Harry Clapham119481. TRUSTEE BODY The Walcot & Hayle's Trustee {registered at Companies House as 6133849) is reco8nised by the Charity Commission as the sole trustee of our four constituent charities. 21

WALCOT PROJEcfs LIMITED This is a company limited by guarantee and registered in 2018. It is owned by Walcot Educatlonal Foundation and manages the development of new property holdings. Its profrts are gifted to the Foundation. POLICY ON GOVERNOR EXPENSES There is a policy on Governor expenses which was adopted by the Board on 17 November 2015. GOVERNORS, OFFICE HOLDERS AND MEETINGS The following ser4ed as Governors of the Foundation during 202112022. GOVERNOR YEAR APPOINTED 2015 2013 2020 NOTE5 Michelle A4domir Richard Allnutt Thomas And•rson Donatus Anyan¥ An8us Boa8 Mlchelle Bos Allce Chapple Rezina Chowdhu Teresa Cl Helen Georle Frances Greenburth Andrien Meyers Mlchael Marsh•ll Glencora S•nSor Slmon Taylor Grants Cornmittee. Wice<hair of the Board ffom 14 Jul 2020. Investment Committee; F&GP Committee. Formerly Hon Adviser. Investment & F&GP Commlttees. Lambeth Council nominee. Appolnted 15 Marth 2022. F&GP Commlttee. F&GP Commlnee (Lead Governor Audit): Grants Committee. Lambeth Councll nominee. Chair of Governors,. InvestmenL F&GP Ichairl & Grants Commlttee. Grants Commlrtee Ichalrl. Grants Commlttee. Investment Commlttee. Appointed 15 Marth 2022. Investment Committee Ichairl; F&GP Commlttee, Investment Committee. 2022 2020 2016 2018 2013 2016 2013 2020 2016 2016 Governors serve a term of three year5 and. subjett to reolection, may serve a maxlmum ofthree such terms. In view of Hugh Valentine's planned departure. and to provide essential continuity. three Governors agreed to extend their service for one year as provided for In the Articles. Richard Allnutt. Teresa Clay and Frances Greenbur8h will now rexh their pemitted maxlmum temi In July 2023. Fltness to seple, trustee dlsquallficatlon. thlrd-party links and actual or potentlal confllct of Interest declaratlons were made by governors and key staff and the results reported to the Board. Th1515 an annual exerclse. Meetlngs.. Boord ond Commlttees In 2021-2022 the following met- Bo•rd FSnanc• & General Purposes C¢)mmltt•* Grants Commlttee Investment Commlttee Fl¥e meetln Four meet5n8S Four meetings Flve meetings Durin8 the year Teresa Clay ser4ed as Chair of the Governors,. Michelle Ngdomar served as Vlce-chalr; Helen George served as Chair of the Grants Committee. Glencorè Senior served as Chair of the Investment Committee. Alice Chapple continued to serve as Lead Governor on audit matters. Mlchelle Bo8le was appointed as Govemor with lead responsibility for risk. RECRUITMENT, APPOINtMENT AND INDUCTION OF NEW GOVERNORS We have in place established rnethods of supporting the induction of new Governors. These include structured meetings wtth staff. a Governors. Handbook and briefings on key aspects of the role and the Foundation. assets. financial systems and controls. grantmaking practices. policies. governance structures and other relevant infomation.

The Board undertook a review of its collective skills and succession needs, and in December 2021 began recruitment of two new governors. one to bring professional knowledge of investments and one with professional knowledge of property. Interviews took place in February 2022. Michael Marshall and Angus Boag were appointed as Govemors by the Board on 15 March 2022. STAFF PAY For all staff except the Director. pay is directly linked to an external salary strutture. one used by many charitles and elements of the publlc sector. Each role (Finance Manager. Grants Adminlstrator, Grants Manager, Grants Offlcer and Property and Estate Mana8er) is linked to a range of incremental spinal polnts on that scale. Staff may pro8re55 one splnal point on each annlver5ary of their appolntment subject to a positbve appraisal. untll the lop of their range Is reached. Cost of INln8 increases, when adopted by the external Index. are paid by the Foundation to all staff. In 2014115 the Directorfs pay wa5 unhitched from thls arran8ement and is reviewed annually by the Chair of the Govemors and every fNe years by the Finance and General Purpose5 Commlttee IF&GPI. For all staff. the Foun(lation contrlbutes IO% of 8ross pay to a recognised pension scheme chosen by the employee Ile8ary percenta8es appty to some 5taffl. ADMINISTRATIVE REGISTERED ADDRESS AND WWW DOMAIN 127 Kennin8ton Road London SEII 6SF I vTh4w.waJcotf(wndatl¢>n.or¢.uk STAFF As at 31 March 2022 we employed seven members of staff of whom slx were full time and one part-tlme: Techla Braveboy ' Daniel Chapman Danlel Ho8an Leigh ogden Davld Paters¢ Djilall Teffah Hugh Valentlne Grants Adminlstrator Grants Manager Grants Officer Grants Officer Property and Estate Mana8er Flnance Manager Director, Clerk to The Governots, Company Secretary (until 4 May 20221 'Pgrt.tlme Durlng the year. because of the pandemlc, some Staff worked excluslvely from home, some from a mixture of home and offlce, and some fully at the offKe to maintain a presence for essential tasks. Technl¢al facilltles allowed board, committee and staff meetings to be conducted vla vldeo, and incomln8 volce calls we routed to sLiff, irrespective of working locatbon, via VOIP. PUBLIC BENEFIT We are requlred to show that the Foundation's charitsble object5 or alms are for the public beneflt, known as the 'public benefrt requiremenv. Ours fall within the first two descriptions set out in the Charities Act 2011.. (al the prevention or relief of p0￿rty,. and Ibl the advancement of educatlon. We confim) that in exerclsing our powers we have complied wlth the duty to have due regard to the guidance on public benefit publlshed by the Charity Commi$5ion. The identifiable public benefit provided bythe Walcot Foundation is in the makin8 of grants for the relief of poverty amongst those residents wrthin our area of benefit who meet our eligibility criteria. The focus of awards made from the Walcot Educational Foundatlon Is that of advancing the education (broadly defined) of beneficiaries in such ways as are likely to permanently improve their prospects of employment and to break cycles of deprivation. 23

is that of advancing the education (broadly defined) of beneficiaries in such ways as are likely to permanently improve their prospects of employment and to break cycles of deprivation. ststement of the Board's Responslbllltles The Board is responsible for preparing the Governors. Report and the financial statements in accordance with applicable law and United Klngdom Accounting Standards Iunited Kingdom Generally Accepted Accountin8 Practi¢el including FRS102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland,. The law applicable to charities in England & Wales requires the Govemors to prepare financial 5totements for each financial year which give a true and fair view of the state of the affairs of the charity and of the Incoming resources and application of resour￿$ of the charity for that period. In preparin8 these financial statements, the Governors are required to: select suitable actountlng pollcles and then apply them conslstentty: observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent; state whether applicable accountln8 Standards, Includlng FRS 102, have been followed, subject to any materlal departures dlsclosed and explalned In the financial statements: state whether a Statement of Recommended Praclice ISORP) applies and has been followed, subject to any material departures which are explained in the financial statements. prepare the financial statements on the 8oin8 concern ba515 unless It Is Inappropriate to presume that the charity will continue in operation. The Governors are responsible for keeping proper accountlng records that dlsclose with reasonoble accuracy at any time the financial position of the charities and enable them to ensure that the financial Statements comply wlth the Charities Act 2011, the Charity (Accounts and Report51 Regulations 2008 and the provislons of the charitvs governin8 instrument. The Governors are also responslble for safeguardlng the assetsof the charlty and hence fortaklng reasonable steps for the preventlon and detection of fraud and other irregularilies. The Governots Approved by The Walcot & Hayle's Tntstse Board on 20July 21J22 and signed on its behalf by Chair Case studies ore citsd with the consent of beneficiories. Initiols ore used in place of nomes.

WALCOT FOUNDATION INDEPENDENT AUDITORS REpoKr YEAR ENDED 31 MARCH 2022 Independent Audltorfs Report to the Trustees of Walcot Foundation Opinlon W8 have audited the financial Statements of Walcot Foundation for the year ended 31 March 2022 which comprise the Statement of Financial Activrties. the Summary Income and Expenditure Account. the Balance Sheet, the Cash Flow Statement and notes trj the financial ststements. in¢luding signrfi￿nI accounting polictes. The financial reporting framework that has been applied in their prgparation is applicablè law and United Kingdom Accounting Standards. includirKJ FRS 102 The Financial Reporting Standard Applicabl• in tha UK and Republ of Irèland, (United Kingdorn Generally Accepted Accounting Pract￿8). In our opinion the financial statements: glv8 a true and fair v16w of the statè of the ¢hariWs affairs as at 31 March 2022, and of its incomlng resource8 and application of resources, for Ihe year thèn ended.. have be&n property prepared In accordance with United Kingdom Ganorally Ac¢8pted Accountin9 Practice; and h8ve been prepared In accordance tho requir8monts of the Charllio$ Act 2011. Ba•ls for oplnlon Wo conducted our audit In accordance wth Intematlonal Standards on Auditing IUKI (ISAS {UK)) and applicabl• law. Our responsibilili6s under those standards are further deserib8d in the Auditor's Responsibilities for the audrt of th8 finan¢ial statemènts secthm of our report. We are indopandonl of tha charrty In accordancè with the elhlcal r•quiremenls that ar• relevant lo our audit of the financial statements in the UK. including tho FRC'S Ethical Stand8rd, and we have fulfilbd our other ethical rosponsibilrb'es in a¢xordanc8 with these raquirements. We bolieve that the audrt 6wdence wo have obtsined 1$ Sufficient and apwoprlato to provido a basls for our oplnlon. C•ncluilon• r•l•llng to golng ¢onc•m In audlling the finandal statements, w8 have conclud8(I that the truste8'$ use of the going con¢om ba81$ of ac¢ounling In tho preparation of th8 financlal Stslements 1$ appropriate. Based on the work we have perfom)ed, we have not identrfied any material uncertalntles relalirwj to ovènts or conditions that, individualty or colle¢lively. may cast swnrficant doubt on the charity's ability to continue a8 8 golng concem for a perlod of at least twefve months from when th6 financial stslements arg aulhorisèd for issue. Our ro$ponsibllltl8s and thè responslbilits'8s of tho trustso wth resp8¢t to golng wncam aro describad in the relevant sections of this report. Other Inforniatlon The other informallon ¢omprise$ the infomiabon included in ts annual report, other than the financial slatem&nls and our auditols report thereon. The trusteo is responsible for the other inforynation Contained ￿thin the annual report. Our opinion on the financial stslements does not cover the other infomiation and. excèpt lo the extent olheNlsé explicidy staled in our rgport. wo do not express any form of assurance ¢onclusion thoreon. Our respon5ibilily is to read the other infofmation and, in doing so. consider whether the oth8r information is materially inconsistent with the finan￿81 statements or our kft0￿edge obtained in the course of the audit or otherwise appears to ￿ materially misststed. If w& identify such material inconsisten¢ies or apparent material misstatements, w8 are required lo delemiine whelhertherg is a material misstatement in th8 financial statements themselves. If. based on the work we have perfoThned. we concludè that Ihere is a matèrial misstslement of this olher infomiatlon. we are rgquired to report that facL We have nothing to report in this regard. 2S

WALCOT FOUNDATION INDEPENDENT AUDThORS REPORT (Contlnued) Year Ended 31 MARCH 2022 Matters on whlch we are r•qulr•d to rgport by •xc•pllon We have nothing lo report in respect of the folth￿ng matters where the Charitw knt 2011 requires us to roport to you if, in our opinion= the information gN¢n Sn the Trustees. Annual Rewt is inconsistent in any material respect wlth the financial statements: or the charity has not kept adequate accounting record$" or the financial statefflenls are not in agreement the accountlng rncords and retum$'. or we have not received all the Infomiation and explanations we required for our audit. R••ponslbllttl•• of tru$l•• As explained more ftjlly in the trustee's responsibilities slalom6nl sèt out on page 23, the trustee Is responslble for the preparation of the financial statements and for bèing salisfied that they give a true and fair view, and for such internal control a$ the Iruslee detennines is n•cessary to enable the preparation of financlal statements that are free from mat¢fio1 mi88talement. whether duo to or emr. In preparing tho financial statements. the truslegs ara responsib￿ for as8es8ing tho charrty's ability to continue as a going cone6m. disclosing, as applicab￿, matters related to going concem and u$lng the going concem basis of accounting unbess the trustee ether intends lo liquidate the charity or to ¢•a$e operations, or h8vo no reallstlc altsmatlve but to do 80. Audltorf• R•$p•nlbllltl• lor th• audll of th• fln•nclal ststom•nts We h8vo been appointed as auditor under secl1￿ 144 of the Charities Act 20118nd r6port In 8ccordan¢• with fegul8tlons made under section 154 of that kl. Our obl8ctlves are to obtain rn8$onable assurance alM)ul whether tho finan¢lal statements as a whole are free from mat8ri81 misstatement, whgther due to fraud or error. and to i$$ué an auditorfs report Ihal in¢ludes our oplnlon. Reasonable assuranco is a hlgh level of assurance. but is not a guarantee that an audit ¢onduct8d in accordance with ISAS IUKI wlll a￿VaYS detect a m81grial misstatement when il exists. Misststamenls can arise from traud or error and are ¢onsHlered material rf, indivhlualty or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on Ihg basis of thes6 financi81 statemgnts. AS part of an audit in ac￿rdance wlth ISAS IUKI we exwcise Fyofessional ludgoment and maintsln professional 8ceplicism throughout the audrt. We also.. Identify and asséss the rlsks of material misslatemant of the financial statements. wthethar due to fraud or 8rror. design and perfomi audit proceduros r8sponsNe to those risks, and oblain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mi$slalement resultsng from fraud is higher than for one resulting from error. as fraud may involve ¢ollusion. forgery. inlentiwal omlssions. misrepresentations, or the overrlde of intemal control. Obtain an understandlng of intemal contrd relevant to the audit in order to (lesign audr( procedures that are appropriate in the circumslan¢e$. but not for the pury)oses of 8xpressiry an opinion on th Èffectiveness of the charttvs inlemal control. Evaluate the approprbal8ness of ac¢ounting policies used and the ￿8$OnabIenesS of accounting estimates and related disclosures made by the trustee. Conclude on the appropriateness of the tntstee's use of the going concem basls of accounting and, based on the audit evidence obtained. whethgr a material uncertainty exists related to evènts or conditions that may cast signrf￿nI d￿bt on Ihe charl￿$ ability to continue as a going concern. If wa conclude that a material uncertainty exists. we are required to draw attention in our auditorfs report to

WALCOT FOUNDATION INDEPENDE￿r AUDITORS REPORT (Contlnued) Year Ended 31 MARCH 2022 the related disclosures in the financial statements or, rf such disdosures are inadequate. to modfy our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However. future events or conditions may cause the charity to ceas81o continue as a going concern. Evaluate Ihe overall presentation, structure and content ol th8 finarLlal $tstements. including the disclosures. and whether the financial statements represanl the underlylng trarbsactions and events In a manner that achieves fair presentation. We communicate with those charged with govemance regarding. among other matters. the planned scope and tlmlng of the audit and significant audit findings. includiw any S￿nIf￿an1 d8ficien¢ies in internal control that we klentify during our audit. EXplana￿On a• to what OXt•nl the audtt ¢onsld•r•d c•pabl• of d•tectlng Irrngularlllos. Includlng fr•ud Irregularille$. In¢luding fraud. arg in8tance8 of non<omplianc8 laws and regul8tlon$. We deS￿n procedur In line with our rasponsibilltle$, outlined above. to delect material misstatements In resp9cI of Irregularltles. Including fraud. The extent to which our proc8duwes are capable of detecting irr6gulariti08, including fraud is dotailed below. Tho oblecttves of our audit in respéct of fraud, are: to identify and asses¥ the risks of m8tori81 misst81ement of tho financi81 slataments due to fraud.. to obtain suffi¢ienl appropriate audit evidence regarding the assessed risks of material mls8tal$ment due to fraud. through dèsigning and impbmenting appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. Howev8r, the primary responsibilrty lor the prevention and detectlon of fraud rest8 With both management and those charged wllh governance of the charity. Our approach wa$ as loltows: We obtsined an und6tst8nding of the kgal and regulatory rtyuiremants applicable to the charlly an¢J conslderad th81 the most signrficant are th¢ Charities Act 2011, the Chanty SORP, and UK financlal reportlng standards 88 issued by the Financial Rep￿ing Coun¢il. Wo obtsined an underslanding of how the charity compl￿$ with these requlrements by dlscu$$lons wilh Man4￿Ment and thos8 charged with govgmance. Wa assessed the risk of malerfjal mls8latem8nt of tha financial statements. inC￿ding the ￿sk ol malorial misstatoment due to fraud and how It might occur, by holding discussions wilh management and tho$e charged wth governan¢e. We inquired of management and thosg charged wlth governance as to any known Instanc8$ of non- compliance or suspect•d non-complian¢o with la￿ and r8gul8tions. Based on this understanding, we désigned specific appropriate audlt procedures lo identify instances of non<ompliance with laws and regulations. This included making enqulri8$ of management and those charged with govemancg and obtaining additional corroboratrve evidence as rgqUiTed. There are inherent limitations in the audit [K0￿dUr•S described ab)v6. We are less Ilkoly lo become aware of instances of non￿cOmpliance with laws and reguLations that are not dosely related to events and transactions rofi9cled in the financial statements. Aso. the risk of not detecting a material misstatement due to fraud is higher than the risk of not ijetecting oné resulting from error, as fraud may involve delibera10 concealment by. for example. forgery or intentional misrèpresentations. or through o)Ilusion.

WALCOT FOUNDATION INDEPENDENT AUDITORS REPORT (Contlnued) Year Ended 31 MARCH 2022 Use of our report This rep(Yi is made solely to the charivs trustee. as a body. in acc￿￿8￿¢% wth Chapler 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustee those mallers we are required to stst6 to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or a$$ume resp￿sIbilIty lo any paty other than the tharity and charity's tru81ee 88 a ty)dy, for our audit work, for thi8 reporL or for the opinion we have fonned. Date.. 25 July 2022 statutory audltor 6th Floor 9 Appold Street London EC2A 2AP Moor8 Kingston Smtth LLP Is eligible to a¢t as auditor In tomis of Section 1212 of the Companies Act 2fyJ8, 28

WALCOT FOUNDATION GLOSSARY YEAR ENDED 31 MARCH 2022 Tèrm Definltion WEF Walcot Educat￿nal Foundation WNEC W*ot Non-Edu¢ational Charity The Lady Cynthia Charity TLCC

WALCOT FOUNDATION STATEMENT OF FINANCIAL AcnvrriES YEAR ENDED 31 MARCH 2022 Unrest- R•st- Endow- Unr•8t. R•8b Endry￿ Ta¢•1 Nol¢$ rlcted rfcted ment T¢)tal rict￿ rlGtsd ment Funds Funds Funds 2021122 Funds Fund• Funds 2020121 £000 £000 £000 £000 £000 £000 £000 INCOME AND ENDOWMENTS FROM: Donations and *aryos 103 103 162 162 charitab￿ activities 213 213 477 477 Investments 2,705 21 2.726 2.471 19 2,490 Other TOTAL 234 EXPENDITURE ON: R41•Sng Funds Investment management costs 320 442 263 362 Property costs 337 263 281 20 395 392 131 326 283 757 Charhabh AGtlvltl•• Grants payable 19 2,806 15 l821 2,193 15 2,201 Grant-maklng support eosl8 319 319 289 289 15 3140 2482 13 TOTAL 320 4 183 2 808 283 Nel gains on investments {550) 235 175 1,797 1,875 22,088 47eo NET INCOME 11.259) 378 {85) (966) 1.623 2,207 21,806 25,638 TRANSFER BETWEEN FUNDS 668 (6681 0 1.983 (561) (1.422) Net movement in funds Reconciliation of funds= TOTAL FUNDS brought 3606 1.645 20384 25636 forward at 1 Aprll 2021 10,871 6617 110.521 128.009 7265 4972 90137 102374 TOTAL FUNDS ¢arrled forward at 31 March 2022 10281 6327 110436 127.043 10,871 6617 110,521 128009

WALCOT FOUNDATION BALANCE SHEET YEAR ENDED 31 MARCH 2022 2022 £000 2021 £000 FIXED ASSErs Tangible assets Investments 10 11 1.569 125.569 1,571 127 105 CURRENT ASSETS Debtors Cash at bank and In hand 12 335 673 CREDrroRS: amount• falllng du• wtthln on• y•ar 13 1.103 1,336 NET CURRENT ASSETS TOTAL AS8Efs LESS CURRENT UABILITIES 128.009 FUNDS ENDOWMENT FUND8 110,436 110,521 RESTRICTED FUNDS 6,327 6.617 UNRESTRICTED FUNDS 10281 10,871 These fina￿la1 8t81ements approved by the BO3￿ 0fTn￿le96 on 20 J￿1 2022 aTrJ *ned ￿ tt8 b8holf by: Chalr Date.. 31

WALCOT FOUNDATION STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2022 2021r22 2020121 £000 Cash flrms from op•ratlng actlvlties: Net cash used In opwadng actfvldes Cash fl¢M8 from Investing actlvltles: D￿ldends. Inler8sI and rents from investments Pur¢hase of property, plant and equipment Proceeds from sale of investments Purchase of investrnents Investment management fees paid N•t ¢•$h pn)vlded by Inv•stlng •¢dvlil•s 2.726 2.489 3.000 16,193) 142 (2,160) 410 8S2 Incrou• In cash and ¢a•h •qulval•nt• Change In c8sh and c8sh equlvelgnts in the rep(Yting p8rK)d Cash and cash equivalents at Ihe beginnirrfJ of the reporting pedod C8sh and Gash ooulvalenls 81 the end ofthe repc¥thg periDd (3,471) {3,441) Raconclllatlon of not Incom￿{6xPendfturfj) to n•t cash from oporatlng actlvltlos N•t In¢om• lor the r•portlng p•rfod (•$ p•r ¢h• $tatem•nt of fln•n¢lal Ktlvltl•s) Adlu8tment8 for: Depreciation charges Investmenl manager fees (Galnslliosses on investments Dlvldends, Intere81 and r¢nls from Investments Ilncreaseydecrease in debtors Inryeaselldecre88e) in creditors Net cash used In op•rnllng •Ctlvldes 142 (175) 12,726) 61 (25,760} {2.489) {701 48 233 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in haNJ ffr3 1300 131 Cash held as investments NotiGe deposits (less than 30 day51 Total cash and cash equivalents 3,000 631 2,004 5.475 32

WALCOT FOUNDATION ANALYSIS OF CHANGES IN NEf DEBT YEAR ENDED 31 MARCH 2022 •t4rt of y•ar Cuhlltrrt A¢guI8Stlo￿d1$Po￿l F￿r v4lu• finanr• Forl9n At •nd £000 £000 Cash 073 Cash 8qulvaknt8 Cash hkl as Invasbnents 11.8thJl 1,200 Cash h¢ld th notlce s Ihan 30 dayB 15001 131 OverdrAft I￿lIty repayab￿ on demand 5,475 13.4711 Loans falmng 4A4• whh onè year LoBn8 falllnq due aft6r mor8 than ene ye8r FIn8n￿ Iw¢ obl￿9￿¢ TOTAL 5,475 13,4711

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 I CHARITY INFORMATION The Charities are registered with the Charity Commission (registration numbers 31281x1. 3128(N>I, 3128￿2, 31280￿31, are domiciled in the UK and are public benefit entities. The address of the registered office is 127 Kennln8ton Road. London SEII 65F. Further infomlation is given in the accounting policies below. 2 ACCOUNTING POLICIES a) Goln8 concern The Governors have assessed whether the use of the going concern basis is appropriate and have considered PQS5ible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. They have made this assessment for a period of at least ￿e year from the date of approval of these financial statements. In particular. the Govermrs have considered the Foundation's forecasts and projertions and have taken account of pressures on property values and investment income, especially in the Ilght of the impact of the COVIO-19 pandemic. After making enquiries they have con¢luded that there is a reasonable expectatiQD that the Foundation has adequate resource5 to continue in operational existence for the foreseeable future. The Foundation therefore continue5 to adopt the going concern basis in preparin8 Its financlal statements. b) 8asls of preparatlon Walcot Foundatlon Is the workin8 name for the group of four charities administered by the Walcot and Hayle's Trusteè Company, which is the corporate trustee for each of the four charities. Three of the charitles, the Walcot Educational Foundation IWEFI. the Walcot Non.Educational Charity IWNECI and the Hayle'5 CharitV* were united by a Charity Commlssion uniting order dated 26 March 2CK17. A fourth charlty, The Lady Cynthia Charity ITCLLI, joined the group when its trustee5hlp was transferred to the Walcot & Hayle's Trustee Company by Charity Commission Scheme on 23 June 2009. These financlal statement5 are the a8greg3ted accounts for the four separate charities and include all the funds of the tour ¢harities. The funds of the Walcot Educational Foundation IWEFI are regulated by the Scheme of 6th February 1991. as amended by the Order of24 August 2W, by the Resolution of 5 October 2004, bythe Scheme dated 26 March 2QKJ7 and by the Scheme dated 14 Odober 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 2IXI7. The funds of the Walcot Non- Educational Charity IWNECI are regulated by a Scheme of 1974, as amended by the Scheme of 26 March 2007. The funds of The Lady Cynthia Charity ITCLL} are regulated by the Declaration of Trust dated l January 1936, as amended by schemes of 23 January 1951, 6 December 1965, 27 September 1995 and 23 June 2￿9. The accounts Ifinancial statements) have been prepared to give a true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent ￿qUIred to provide a 'true and fair view,. This departure has involved following the Statement of Recommended Prdctlce applicable to charitie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014. The accounts have been prepared under the historical tost convention. except for investments and property fixed assets whlch are at market value at the balance sheet date, and in accordance with applicable accounting standards and the Statement of Recommended Practice'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, (FRS 1021 leffertive l January 20151, and the Charities Art 2011.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 The Walcot Foundation's subsidiary. Walcot Projects Limited, has been excluded from ¢on501idation as its inclusion is not material for the purposes of 8Ning a true and fair view. The Walcot Educational Foundation. the Hayle's Charity and The Lady Cynthia Charity have permanent endowments, which they must retain intart as the charitie5' capital. These pernianent endowments a invested in fixed assets either used by the charities or to provide income for the charities, artivities. After making enqulries. the Governors have a reasonable expectation that the charity has adequate resources to continue it5 activities for the foreseeable future. Accordingly, they continue to adopt the going concern basls in preparing the financial statements as outlined in the Statement of G(wernors' Responsibilitie5. c) Investments Investment assets are stated at their market value at the balance sheet date. Gains and losses on revaluatioTrs and on Investment asset disposals are taken to the accounts in which the investments are held, as disclosed in the statement of flnancial activities. Investment propertles are re-valued externally every five year5 or when governors believe there has been a signiflcant chan8e in their market value. The lasi extemal valuation was carried out on 31 March 2021 by Cluttons LLP, and the results have been reflected in these financial statements. The Governors are of the opinion that thi5 method of valuation is appropriate for the purpose of these financial ststements. dl Tanglble Flxed A￿ets and Depreclatlon Operational property assets are part of the endowment of the Walcot Educational Foundation and are Included In tangible fixed asset5 of the charrty and shown at their current value at the balance sheet date. with regular revaluations. They are maintained in such a tondition that their residual value is at least equal to thelr carrying value and the Governors carry out an annual impairment review to ensure that this is so. As a result, no depreciation is charged on them. Computers and equipment costing more than £2,IMI are capitalised and included at cost, and are written off over the estimated useful life of three years throu8h the Statement of Financial Activities. el Fund Accountlng Endowment funds The Walcot Educational Foundatlon IWEFI, the Hayle's Charity and The Lady Cynthia Charity have permanently endowed assets, which provide unrestrirted income to the WEF General Fund, the Hayle's General Fund and The Lady Cynthia Charity General Fund respectively. Restrlrted funds The appllcation of WEF'S income is govemed by the Charity Commlssion Scheme. which permits the Walcot Educational Foundation IWEF) to allocate up to 18% of it5 income to a Rebuilding and Repairs Fund IR&R fund). Thi5 fund 15 treated as a restricted fund and has its own investment assets. but income generated from its assets is now credited to the WEF General Fund. as permitted by the Scheme, a5 the R &R fund is judged to be large enough for the charitvs present needs.

WALCOT FOUNDATION NOTES TO THE ACCOUNtS YEAR ENDED 31 MARCH 2022 In addition, WEF has the St Thomas. Fund and the Townsend fund. restrirted capital funds arisin8 from gifts to WEF in 1995 and 2015 respectively. Both The StThomas fund and theTownsend Fund have their own investment assets. the income from which is credited to the St Thomas, Income Fund. and the Townsend Income Fund respectively. Unrestrfcted fvnds All four charities have their own general funds. which are applied according to the Schemes govemln8 the charities. fj Income Income from listed investments, unlt trusts and common investment funds is accounted for by reference to the date on which distributions are receivable. Investment interest and rental income is accounted for on an accruals basis. Donations and voluntary Income are applied to the purposes expressed by the donor. if applicable, and are accounted for when recelvable. 81 Resource5 Expended Cost5 Incurred by each charity directly are assigned to that charity and all expenditure is accounted for on an accruals basis. Almost all the operational costs of the four charltles, Includln8 the employment of all staff are borne by the Walcot Educational Foundatlon unless otherwise stated. Apart from grants paid, the Hayle's Charty and The Lady Cynthia Charity incur dirertly only investment mana8ement fees and some other small costs. Éach pays an annual service charge to the Walcot Educational Foundation as a contributlon towards the costs of grant_making and governance. The Walcot Non- Educational Charity incurs no dirert costs, other than grants paid. The followin8 headings are used for the anafysls of expenditure: Cost oARalslng Funds- Costs relating to the management of investments- e.g. valuatlon fees, investment managers. and surveyors, fees. management, maintenance and improvement of investment properties Chorltoble Expendlture- Grants are reco8ni5ed when conditions attaching to their payment have been fulfilled. Grant5 for which Governors still have further actions to take before releasin8 them for payment are not recognised In the financial statements but the total value of such grants 15 dlsc105ed In note 14. h) Allocatlon of Support Coms Support costs are allotated to the two areas above on the basis of staff time spent on work in these areas. Included in support cost5 are the staff costs for those staff who work acr05S the different areas together with the costs of running the office. and governance. Support costs are allocated a5 follows.. Cost of generating funds Charitable expenditure l) Penslons The pension char8e 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 2022 J) Significani Judgements and E5tlmates The key sources of estimation uncertainty that have a signtficant effett on the amounts recognised in the financial statements are described in the accounting policies and are summarised below.. Valuation of land and buildings and valuation of investment properties. The charities. land and buildin8S. whether held as investment properties or as tangible fixed assets, are stated at their estlmated fair value based on professional valuation5 as disclosed in Note 11. The latest professional valuation was carried out in March 2021. k) Flnancl41 instNments The Walcot Foundation has financièl assets and financial liabilities of a kind that qualify ès basic financlal Instruments. Basic financial instruments are initially reco8nised at transactlon value and subsequently measured at the present value of future cash flows lamortised costl. Financial assets held at amortised cost comprise cash at bank and In hand. short term cash deposits and the group's debtor5 excluding prepayments. Financial liabilities held at amortised c05t comprise the group's short term creditors excluding deferred income and taxation payable. No discounting has been applled to these financial instruments on the basls that the periods over which amounts will be settled are such that any discounting would be immaterlal. 37

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 3. DONATION AND LEGACIES 2021r22 2021r22 Unrestrlcted Rèstrfcted Funds Funds £000 2021122 TOTAL 2020121 TOTAL £000 £000 Walcot Educatlonal Foundation Donations Gfft ald from Walcol Projects Limilod 126 159 101 Hayle'$ Charlty Grants Total Donatlons and Legacl•$ 103 103 162 Not• 4. INCOME FROM CHARITABLE ACTivrriES 2021122 2021122 Unr•$trlct•d R•strf¢tod Funds Fund• £000 2021122 TOTAL 2020121 TOTAL £000 £000 Walcot Educatlonal Foundatlon Grants 213 213 213 213 477 477 Nole 5. INVESTMENT INCOME 2021r22 2021122 Unr•8trlctod R•$trlthd Funds Fund• £000 2021122 TOTAL 2020121 TOTAL £000 £000 Waleot Educatlonal Foundatlon Inv•$¢m•nt In￿rne Rents Llsted Investments Investment interest Bank deposit inleTrst 1.420 1.069 1.420 1,090 21 937 27 2.496 21 2.517 2,304 Hayle s Charlty Investment Income 180 161 The Lady Cynthla Charlty Investment Incom 29 25 Total Inveslment Income 2.705 21 2,726 Restricted income refers io income from the T0￿send Fund and the St Thomas Fund.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Nots 6 EXPENDrruRE ON RAISING FUNDS Unfvstricted Rèstrict•d Endowmgnt Total Funds Funds Fund¥ 2021122 2020121 Total £000 £000 £000 Walcot Educatlonal Foundation IWEF) Expendlturn on Ralslng Funds WEF Propety inv•sem•nt Expendleur• Staff costs Property costs {inc. Insurance & Utililiesl Surveyors, Fees Other Professional Fees RoLrtln• Walcol Estste maintenance Improvement of propert￿S 80 59 116 147 116 147 263 409 222 Support Expandilure Note 8} 191 173 Total WEF Property Investmont Exp•ndltur• 337 263 395 WEF Inv•stmont Alanag•m•nt F••s lor Fln8n¢l•l Invostments 47 230 345 283 WEF Total Expendltur• on Ralslng funds 331 230 678 H•yle s Ch•rlty Invostm•nt Man•g•m•nt F• 76 68 The Lady Cynthla Ch•rfty Investm•nt M•n•gem•nt Foes 13 13 11 Total Expendltur• on Ralsing Funds 392 331 320 1042 757 39

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Not• 7. CHARITABLE EXPENDITURE 2021r22 Numbor 2021122 £000 2020121 Number 2020121 £000 Walcot Educatlonal Foundation (WEF) Grnnts Awardod Grants to indivlduals Grants lo institutions WEF total grants awarded 159 114 273 231 158 61 219 236 891 1,127 2.299 Hayle's Charlty Grants Awarded Grants lo indiv￿UaLS Grants to institutions Haylo's Charity lotsl grants award•d 50 so Walcot Non-Edueatlonal Charlty IWNEC) Grants Award Grants to indivbduals Grants to institution$ WNEC t¢A•l grants •ward•d 89 23 81 391 472 115 61 176 87 944 1,031 rhe Lady Cynthla Charfty (TLCC) Grnnts Awarded Grants lo Indlviduals Grants to institutions CMMF total grnnts award•d Tol•l grnnts awarded 391 2,821 401 2,208 Grant4naklng support costs Unr•strlcl•d R•strlct•d Endtywm•nt Fund• Funds Fundi £oDo £000 Total 2021122 £ODO Tot•1 2020121 £000 DireGt grant-making Staff costs Other dira¢t ¢osts 179 12 179 12 171 191 191 173 Support costs (see Note 8) 128 128 115 319 319 289

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 8. SUPPORT COSTS Co¥t of Genernting Charltabl• Funds Actlvltles 2021122 2020121 TOTAL £000 TOTAL £000 40% 101 £000 60% Management & Finan¢0 Staff costs Premisos Costs Office exponses Legal & professional Irrecoverablè VAT Audit fee$ Goveman¢e & Annual Revi 150 10 251 226 17 17 12 23 10 16 13 191 128 319 289 Not• 9. 8TAFF C08T8 2021122 TOTAL 2020121 TOTAL £000 £000 Wages & salarfes National insurance costs Accwgd holiday pay Pension & Llfe insurance ¢o$ts Recruhment & Staff expanses 342 35 323 35 32 31 23 432 401 The av8rag¢ number of empbyees employed throughoul the was 7.. cTh omployee works part time, the full Ilme equivalent basis <￿E) 1$ 6.6, {202￿21- average 7. FTE 6.6). The key management of the ¢harity are the Director, Flnance Manag8r. Grants Manager and Estsle & Property Manager. Their total romuneration {gro$$ pay, employer pertsion and1rf6 insurance) was £262.168 {2020121 £224,446) There was employees whose salary plus pension c4)nlribution fell in the £60,001-£70,000 band {2020-21'. 11. no employee whose salary plus payment in lieu of an employ8r pension Contrit￿110￿ fell in the £80,001-£90.000 band (2020-21: 1) and orbe empknyee wtK)se salary plus Pa￿￿ent in lieu of an employer pension contribulion f$ll in the £90,001-£100.000 band12021>21.'0). No other staff exceeded eamings of £60.000. 41

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 10. TANGIBLE FIXED ASSETS Walcot Educatlonal Foundatlon (WEF) Tangible FlxedAssets Fumttur• Freehold Property Equlpment £000 £000 Tolal £000 Co•t or Valuatlon As at 1 April 2021 Addition5 Disposal At 31 March 2022 1.565 65 1,630 24 41 24 1,606 0opr•clatlon As at 1 April 2021 Charge for period Disposal Al 31 March 2022 {59) (2) 24 37 1591 {2> 24 37 Nat book valu•$ At 31 March 2022 1.565 1,569 A8 at 1 April 2021 1.565 1,571 Hlstoric cost of proporty Istatod as valuation at 1 January 1980. see note 11) 116 Investment property held within with the Wakot Foundation at l* January 1980 is included in Cost at the valuation at that date, and was r9valued in March 2021 by Cluttons LLP. valuations are on an open market basis in accordance with the Royal InstitutiC￿ of Chartered Surveyors, Valuation- Professional Standards, 2014 Editlon. 42

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Notè 11. INVESTMEKfs AT VALUATION Unrgstrlcled Restricted Endowment Funds Funds Funds Total Funds 2021122 £000 125,534 2.160 12.3001 327 Total Funds 2020121 £000 100,889 6,193 17.7031 253 £000 108,985 2,160 (1.000) 228 Market value at 1 April 2021 Additions al cost Disposal$ al opening book valuo Investment manager fees N81 galns on revaluation at 31 March 2022 9,918 6.631 {1.300) 25 74 243 244 153 152 Market valu• at 31 March 2022 125.569 Anal￿18 of Inv•8tmonts h•kl at 31 March 2022 Freeho￿ land & bulldings 72,883 72,883 70.723 UK Flxed interest UK equities 1.503 4,419 13,635 19,556 19,113 Alternallves 1,665 5,135 7,366 5,671 Overseas secuflll88 5.130 835 18,468 24,433 26,397 Cash on dep￿￿1 a$ Inv8slment 1,201 30 99 3.630 Cash with investmonl manager8 TOTAL 110 220 125.534 Fra•hold property hold within with the Wal¢ot Fryjndalion at 111 January 1980 is Indud8d In ¢081 al the valuation al that date, and was reva￿ad in March 2021 by Clutton$ LLP. All valuatlons are on an open market basis in accordance with Ihe Royal Institution of Chartered Surveyors, Valuation - Profess)nal Stsndards, 2014 Edition. Investments held by the charity in¢lude a £100 investment {2021.. £100) in the subsidiary company, Wakot Projects Limited. and represents 1CKJ% of the issued share capital. Wakol Projects Limited was incorporated on 2 August 2018 Iregistration number 11497131 and its registered office 127 Kennington Road, London, United Kingdom, SE116SF. The principal actiwty of the company is the provisKJn of design and build services lo the Wal&)t Educational Foundation. At 31 March 2022 Walcot Projects Limited had no fixed assets. net current assets of £100 and sharehokler's funds of £11)O. Its tumover for the year was £1.670.792 {2020121 £2,233,847) and a profit of £93,835 12020121 £126,164) prior to an accrued gift aid distribution of £93.835 {2020121 £126.164> to the Walcot Educational Foundation. Inv•stment kx888 as thove ths Th)t to th8 st2t8m8rtdftr￿1II bviWSOFAI as t￿ above inckndes Ih¢k88 In¥•$Irr￿u* bl8t are d￿d￿t•d by the invesknwrt m•wg8r ICCLAI dir8cty Ir¢rn the portfolKJ.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 12. DEBTORS 2022 £000 2021 £000 Walcot Educatlonal Foundatlon Debtors Rental debtors Wakot Projects debtors PrepayTnents Accrued income 20 13 126 65 192 396 23 335 Not8 13. CREDITORS Creditors.. amounts falling due within one year 2022 £000 2021 £000 Wal¢ot Educatlonal Foundation Greditors and Accrn8ts Trad8 creditors Deferred Income Daferred rental In¢ome Accruals Accrued grants Olhar credllors 135 371 76 21 713 35 77 43 617 36 1,144 Hafv's Charfty Accru813 31 WNEC Accwals 159 The Lady cynth￿ Charity A¢cwal$ Not• 14. GRANT COMMrrMENTS 2022 £000 716 1,633 649 2.998 2021 £000 623 545 154 1,322 Due for payTnent in 2021-22 Due for payment in 2022-23 Due for payment in 2023-24 The amounts above have been provlsionalty approved as grants to b8 made by the Goverrws up to the 31 March 2022. As the Governors have further actions lo take on them (mosty carrying out progres$ reviews on eaGh one against performan¢e conditions) before releasing them for payThent, they have not been recognised in this year's ac￿unts. No discounting has been applied to grant commitmenls due in more than one year on the basis that the period over which amourrts will be setued are suth that any disrJ)unting would be immaterial.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 15. CAPITAL COMMrrMENTS 2022 2021 W81cot Educalional Foundation £000 £000 Contracted Capital commth)8nts 45

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Not• 16. ANALYSIS OF FUNDS MOVEMENTS Balance Balance Incofflo Expendltur• Galnsl Trnnsf•rn {loss•s between 31 Mar 22 31 Mar21 Funds £000 £000 £000 £000 Unr•strlct•d Funds WEF Gen8ral Fund 9,714 1,050 2.598 182 {2,987) (581 {4721 (5471 (3) 202 161 472 8.980 1.165 Hayle's General Fund WNEC General Fund The Lady Cynthia Charity Su￿10￿1 unrostrlctod Funds 107 28 136 10,871 2.808 {3.5171 (5501 668 10,281 R•stslcted Funds WEFR&RFund WEF St Thomas, Income Fund WEF St Thomas. Capital Fund WEF Townsend Income Fund WEF Townsend Capital Fund WNEC Trust For London & Ballersea P¢)wer Station 5.510 (322) (4661 5,188 115 16 171 {15) {2) 10 11 165 14 178 213 213 Su&tol•l r•$trl¢t•d Fund$ 6.617 233 (346) 490 {668) 6.327 Endowm•nt Funds WEF Endowment fund 99,970 8,948 12301 176) 14 141 99,880 8.984 Ha￿9.$ Endowment fund The Lody cynth￿ Charity Su&tot•l •ndovmi•nt Funds 112 18 110.521 (320) 235 (1,4221 110,436 Total Funds 128,009 3,042 4,183 175 127.043 The Walcot Educational Foundation (WEFI Scheme directs the alocation of WEF'S income.. this includes PayTll8nt of between 10% and 20% of nel income after management expenses to the Walcol Non-Educational Charity. In 2021122, a total of £259,627 was transferred frryn WEF General FuTrJ for this purpose. Hayle'$ Charity and The Lady c￿￿thia Charity Fund (TLCC) pay an annual 5ervi¢e ¢harge to WEF to refi8ct a contribution to costs of grant-making arKI office adminislrab"on. The Serv￿ charge 1$ based on proportion of grants each charity payB. In 2021122 Ha￿a'S paKI £5.68412020121 £5.537> aThJ TLCC paid £012020121 £01.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 16 {contlnuedl. ANALYSIS OF FUNDS MOVEMENTS 2020121 BalanG¢ Balance at Income Exp•ndltur• Galnsl Trnnsfers 31 Mar 20 (losses} b•twèen 31 Mar 21 Fund• £000 £000 £000 Unre$trlct8d Funds WEF Ggner81 Fund Hayle'$ General Fund WNEC General Fund The Lady Cynthia Charlty SU￿toL11 unrostrkt•d Funds 6,477 2.445 {1.720) 1571 {1,031) 1,555 242 957 9.714 1.050 (5) 1,031 107 7,265 2.634 {2,808) 1.797 1,983 10,871 Restrlcted Funds WEFR&RFund WEF St Thomas, Income FurKI WEF St Thomas, Capital Fund WEF Townsend Income Fund WEF Townsend Capital Fund WNEC Trust For London & Batters88 Power Station sU￿tOtal rn$trl¢tod Funds 4,080 (142) 1,808 (35) 5,510 15 623 161 (15) 11) 226 11 125 41 165 477 537 4.972 1164) 1.875 {561) 6.617 Endowm•nt Funds WEF Endowment fund Ha￿8,$ Endowment fund The Lady Cynthia Chartty Sutstotsl endowment Funds 82,716 6,246 (209) 162) 11 18,885 2,763 440 (1.422) 99,970 8,947 ,137 (283} 22.088 (1,422) 110.521 Total Funds 102,374 3.254 25,760 128,009 The Walcol Educational Foundation (WEFI Scheme directs the allocation of WEPS income.. this includes payment of between 10Yo and 200A of net income after management expenses to the Walcot Non-Educational Charity. In 2021122, a total of £259.627 was transferred from WEF General Fund for this purpose. Hayle's Charity and The Lady Cynthia Charity Fund {TLCCI pay an annual service charge to WEF to refio¢t a contribution lo costs of grant4naking and office administration. The seNice charge is based on proportion of grants each charty pays. In 2021122 Hayle's paid £5.68412020121 £5,537) and TLCC paid £012020121 £01. 47

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS R•s. En- rnstricted trict•d dowm•nt TOTAL restrlGted trkI￿ dowm•nt TOTAL Fund$ Funds Fund¥ FUNDS Funds Fund8 Funds FUNDS 2021122 2020121 £000 Funds balancm at 31 March 2022 as rnpre••ntèd by: £000 £000 £000 £000 £000 £000 £000 Tanglbla fixod 4$80ts 1.565 1,565 1,571 Inve$trnenl a$sel$ 8.400 6.949 110.220 125,569 9,918 6,631 108.985 125.534 Debtors 335 335 396 Other current assets 673 673 Curronl Ilabilities 14 26 14 8.349 6,935 111.759 127,IM3 110 $21 128,009 Note 18 RELATED PARTY TRANSACTIONS The f¢)ur charities forming the Walcol Foundatvjn are related parties, being all admlni$tered by the $ame corporat8 trustee- The Walcot & Hayle'$ Trustee Company. The grant-making, govgmanca and support costs for the four charftles are bome by the Wabcot Educallonal Fi)undatic￿. Hayle'5 Charity and The Lady Cynthia Charity Fund paid an annual seryice charge to Tefled these coslg. In 2021122 Hayle'8 paid £5,684 {2020121- £5.537) and Th8 Lady Cynthia Chanty paid £O12020121- £0). Four expenses of a total £222 was reimbursed to Govemors in 2021122. No Govemor or any person connected with a Govemor received any remuneration or any benefit from any of the four charitie512020121, nong). Where Trustees have an intergst in a grant beneficiary. the trustee will excuse themsefves from ts deelsi¢)n making proce88. In 2021-22, Walcot Projects Limited charyed £1,670.79212020121 £2,233,847) to the Walcol Education Foundation in respect of design and t￿lId services and made provision for Grft Aid payTnenls lo the charlly of £93.835. The net balance owed to the Wakot Education Foundat￿ at 31st March 2022 was £93,835.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 19 Grnnts of £10.000 or mor• awarded to institutlons worklng wlth financlally dlsadvantsg•d Lambeth resldents Nam• of Institthlon Groundwork London Centre 70 Advice Centra Construction Youth Trust C￿r WEF WNEC WEF Descrlptlon BounceBa¢k to Rework Advice Worker (2020-22) Bridging the gap to constructlon employThenl Raising Incomes for Young Lamb6th Residents {RIYOLAR} Walcot Student Advance Programme- Power2 Advance Rathbone Education and EmployThenl Programm8 BounceBack Monilorlng and Evaluation Lambeth Play and Eady Years Training for employment Bounc6Back programme Wafv￿rth Garden Level 2 Work Based Homicuhure Better Skills, 8etter Jobs Lambeth Under 30$ Employment and Support Steps and Spark8 to Wo BI￿nce8ack Tul80 Hill £000 53 50 Lambeth College WEF Power2 WEF Ralhbone WEF 50 Rocket Sdence WEF Slad¢ Gard&ns Communlty Play Association Splral Skllls CIC Walworth Garden WEF WEF WEF 50 50 Ripe Learnlng Thamos Reach WEF WEF Creative Spathrk8 High Trees Community Dovelopmenl Trust The Diverse Creative CIC Indoamerlcan Refugee and Mlgrant Organisation IRMO WEF WEF 49 WNEC WEF Home¢crfning Programme BounceBack IRMO - supportlng young Latin Am8ncans out of th& pandemic and into work Th8 Factory.. Fast Forward into the Creative and Cultural Industries Unity Lamboth Local Roots 49 47 198 Contomporary Arts and Leamlng WEF 46 Unlly Works So¢ial Enterprises WEF Community Loaming and Emww8fm8nt WNEC Nelwork CIC ICLEN) Loadership Through Sport and Business WEF Toucan Employment WEF Renaisi WNEC 42 More Than An Apprentice. Lambeth Tou¢an Hosptlalily Project Employment and Heamh Shared Referral S￿tern for Lambeth Living Well Wrth Pain PEACH Project.. Academic mentoring for girls {aged 7-161 Young Carers Project Virtual Communty After-school Study Support Club Secondary Transilh)n Emwwemiont Programme (STEP) Advice for Lambeth Crisis NavIgat￿n Service 36 31 27 RTW Plus Ltd Baytree C8nlre WNEC WEF 26 25 Carers Hub Lamteth WEF CEF - Communty Education Foundation WEF & Lyncx Chan¢e UK 25 25 WEF 25 Cltizens Advlce Merton And Lambeth Commons Law CIC Hayle$ WNEC 25 25

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Nots 19 (¢ontinu•d) Grants of £10.000 or more awarded to Institutlons workln9 wtth flnanclalty dlsadvantaged Lambeth r•sldents Name of Instftutlon Community TechAd Constru¢tion Youth Trust Charlty WNEC WEF tl•scrlptlon Chief Operating Officer Early Interventh)n Emplo￿r46d Engagement Programmè Lamb8th D￿r$tOP Library projects Boys Development Programme On the nghl track Earty-lnlemntion Lead Young Adu￿ Project 2019-22 NOPA-C Famity Welfare Offl¢or Fight FOT Your Future Remowng Baffiers in Educalion Moving On Lambeth Migrant Financial Resilience Project Hom6v•Drk and famlty le8ming project Street Elite- Tralnlng for work through sport Lambeth YourvJ Pirates School Community Links Programme for employabilty and independence Access Al Areas The One-SlopShop'. Tackling root causes of fixxl povorty and insecurity Changing lives of chihJTen in Lamb8th refuges Ri5e&Sh9 Project Extonsion Recover. Rebuild. Restart Peaceful Warrior Brixton AdI￿ce ClinSc Oasis Adwce Centre StepplrKJ Up.. EmF4)wering the Next Generation English for Housing A¢tion Lambeth Rise Up Brighter Futures Together Start Your Own Enlefprise: for Young People SEMH Supwrt for Children and Young people Irtspiring Leaming £000 25 25 Doorstep Library Futurg Mgn Lifelong Family Links Lilian Baylis Techndogy School Mosaic Clubhouse No. 1 Perfomiing AJ1s {NOPA) Opdons 4 Change Rising Stars Support Saint Gabriefs Coll¢go St Matthews Project stockwell Partnership WEF WEF WEF WEF WEF WEF WEF WEF WEF WEF WNEC 25 25 25 25 25 25 25 25 25 25 Streatham DroTrin Centre lor Asylum Seekers and Refugees The Change Foundation WEF 25 WEF 25 The Llleracy Pir8to$ TuTney School WEF WEF 25 25 We Rlsg Kalakala WEF WNEC 25 25 Solace Womon's Ald WEF 25 Oasis ChibJr8n's Ventur• Th8 Mary Dolly Foundation Insplrallonal Youth Ltd Brixton Advice Centre Oasis Hsjb Waterloo Klnetlka Btho WEF WEF WEF Hayles WNEC WEF 25 25 25 25 24 24 EFA London Activities 4 U Home-slart Lambeth Tree Shepherd Ltd. WEF WEF WEF WEF 24 21 Dunraven School WEF 20 Rathbone WEF 20

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Nole 19 (continued) Grants of £10,(100 or more award￿ to institutlons worklng wlth financlally dlsadvantagod Lambelh rosldents Namg of Institutlon The Kids Network Brbghl Centres Charlty WEF WEF D•¥crlptlon Lambeth Conne￿Ing for Change 8right Catch Up and Wellness - Aulumn programme Living wth Long Te￿ Health Conditions Therapy for young female care 188vers at Yvonne Hous8 Music Therapy across 5 nursery schcKtrls- Extension Buildin9 Young Asplration8 Leaming after Covid-19 (LAC> Project School of Hard Knocks- At Black Prlnce Ctynmunity Hub Lambeth youth club and support for vulnerable young refugees and asylum seekers Creative Art$ Programmes to Support Young People in Lambeth Prepare for Aduhhood and Employment ELSA & A2L at Julylee Primary Improving oracy skills in MAGT pupils & Emotlonal wemare support for PP pupils Must Therapy £000 20 20 Yourstory WEF 19 Young Futur08 WEF 19 Lambelh Nursery Schools Federation WEF 18 Alford House WEF Lambeth Somali Communty Assodatlon WEF 17 16 School of Hard KnoGk5 WEF 15 South Londm Refu988 Assoclatlon WEF 15 Art4Space WEF 14 Jubllee Prfmary School Wyvll Primary Schocl WEF WEF 14 13 Larkhall Prtmary School and Chlldr8n's Centro Archbishop Tenlson's School Football Beyond Borders WEF 13 WEF WEF Reading Leaders Expansion of the FBB School%, Programme to Lambeth. FRESH.. 8rixton House Young Producers Programme The Possibility Project FC United youth mentoring programme (for 1&17 year ohJ$l. Re(x)very Through GardenirvJ and the Great Outdoors P$ychotherapy and LFteracy Support Printed Direct(ry of Community Services SuppoTbng Young Minds Reducing exdusionldisengagement through outdoor leaming 13 12 BTiXton Hou89 (fo￿8￿￿ Oval House} WEF 10 Dana The Tralnor Ltd FC United WNEC WEF 10 10 HItherf￿ld Primary S¢hool WEF 10 Jessop Prlmary Schc421 WEF 10 Lambelh Larder Communtty Food Resouro CIC Reay Primary School Sl Mark's C of E Prfmary Sthc WNEC 10 WEF WEF 10 10 51

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Not• 191contlnued) Grant8 of £10.000 or more awarded to Snslltutlom workln9 wlth ffinanclally dlMdvantag•d Larn￿th rnsldents Nam• ol Institutlon Vauxhall City Fam Charlty WEF O•Krfptlon After School Tutoring and wellbelng support at Vauxhall Clty Fam) Earty InteNenlion Therapy for Vulnerable Childron £000 10 Walnvt Tree Walk Prfmary School WEF 10 Subtotal of Grants Ll•t•d Abov• 2,315 Smaller grants to organlsatlon$ worklng wlth flnan¢lally dludvantsyd Lamb•th r•sldonts (nol Ilstod abov•} Grnnts lo Indlvlduals 313 Tot•1 Gr•nts Pald In Year 2,822

WALCOT FOUNDATION tackling poverty by creating opportunity Report of the Governors and Accounts 202112022 The Walcot & Hayle's Trustee is a limited not-for-profrt company161338491 registered in EnBland and recognised by the Charlty Commisslon as the sole trustee of The Walcot Educational Foundation13128CiJI, The Hayle's Charfty13128C(J- 11, The Walcot Non-Educational Charity I3128￿2) and the Lady Cynthia Chartty 13128CQ-3}. The Governors are Direcrors of The Walcot & Hawe's Trustee. walcotfoundation.org.uk

CONTENTS INTRODUCTION 3 OUR MISSION AND APPROACH 4 WHAT WE PLANNED TO DO, WHAT WE DID S GRANTMAKING 202112022 6 The year's headlines 6 Grantmaking budget 7 Grants we made directly to individuals 7 What individual grantees said 8 Grants to Schools. projects. and organisations 8 Examples of the benefits to individuals of our funding of organisations 11 Examples of 8rantS to Schools and or8anisations 12 How and why we 'add value, to our grantmaking 13 ASSESSING IMPAcf'. a challenge for all grèntmaker5 14 Things we count as important as a grantmaker 16 FINANCIAL REVIEW 2021122 17 Income 17 Expenditure 17 Fund balances 18 Investments 18 Long-Term Investment Policy 19 Reserves Policy 20 OTHER ACTIVITY 20 PLAN5 202212023 20 HUGH VALENTINÉ 21 STRucfuRE. GOVERNANCE AND MANAGEMEpif 21 Constituent charities 21 Trustee body 21 Waltot Projects Limited 22 Policy on Governor expenses 22 Governors, Office Holder5 and meetings 22 Recruitment, Appointment and Induction of New Governors 22 Staff pay 23 ADMINISTRATIVE 23 Registered address and w￿¥ domain 23 Stoff 23 PUBLIC BENEFIT 23

INTRODUCTION The Walcot charlty has existed since the 17th century. tts purpose is the relief of poverty In Lambeth. one of London's inner boroughs. We achieve this charitable purpose by maklng 8rant5. Thls15 our report on the work of the Wal¢ot Foundation 202U2022. Each year, as we report on our work over the precedinE twelve months. we are aware that the Foundatlon's timeline INoel Caron's Almshouses) is that our chartties have been in existence for over four hundred years. As charlty trustees. our duty is to consider not only todals beneflclaries but also those of tomorrow - including those of 2422 in another four hundred years. This Is a valuable perspertive. The Covid-19 pèndemi4 Is but one major impact over the four hundred year5 of our charities, history.. there have been wars, plagues, severe economic downturns. and numerous other catastrophes. Ourwork in 2021122 followed a formula we have carefvlly evolved.. to tackle poverty by creating opportunlty; to offer a hand-up ratherthan a hand￿ut and thereby seek to break generational cycles of disadvantage. We alm for whole-llfe change. expressed by and throu8h the abillty to gain decently paid employment. During the year, 252 Individuals received grants paid to them directly (we supported 199 students: 154 in Higher Education and 45 in Further Education). Lambeth schools received 49 grants and grants to Lambeth community groups and charities numbered 90. This was the last year In which Hu8h Valentlne seryed as our Director and as Clerk to the Governors. We pav trlbute to all that he brou8ht to the role later tn this report. To the rnany people who help us in our role as Governors - our beneficlarSes, our staff, our advlsers, encouragers and providers of all kinds of services- thank you. The Governors July 2022

OUR MISSION AND APPROACH Our mlsslon: We exlst for the rellef ol poverty In Lynb We interpret our 17th century purpose in ways that take seriously 21st century contexts. We make grants to tackle poveity by creating opportunity and to offer our beneficlarles a hand-up. not a hand- out. What we fund is always aimed at breakin8 cycles of deprlvation and PTomotin8 resilience and flnancial self-sufflciency. Our approach: To bulld on the stren81ts our Trrtees h•¥e We vlew grantees as our partners, not as reclplents of our chaTIty. We aim to build on the strengths and resilience they already have. We believe that becoming employable and employed Is the best route out of poverty and the social exclusion and lost opportunities that accompany it. The following are the pathway5 along which we help grantees to move: ACHIEVEMENT EDUCATIONAL UNDER- ACHIEVEMENT EMPLOYAB UNEMPLOYABLE EMPLOYED UNEMPLOYED FINANCIALLY SELF-RELIA FINANCIALLY DISADVANTAGED

WHAT WE PLANNED TO DO, WHAT WE DID In I￿t y•arf$ r•POrt￿ Ilrted th•se pl Thi51s we achlewd Our£2 mllllon Boun¢tB•ck proywnme WHI laun¢h •nd OUT Bounceback Programme was launched as planned lun for two yea￿(2011.202l and 2022-20231. and is offerin8 help to thosè whose employment prospects were worsened by the pandemSc. Our Wakot Mews De¥elopmert reath compknkn Suppty problems wlth materl•ls and labour delayed nd be let. complètbon untll April 2022. These slx new propertles a￿ now part of the portfolio. W• expert to obtaln a plannlnl dedslon on •n •ppll¢atlon to develop land on 8lshop's Terrace. Thls dld not happen and at the end of 202112022. We are currentiy in dlxussion with Lambeth Council Plarbners on the next steps. W• expert major refurwirnent ol mor• ofour 191h During the year we completed Tefurblshment on four century proprtles: typl¢lly. these are re¥erslonsfrom properties. rellstered rent status requlrlni works belore l•ttln$ •t mark•t rents. W• sh¥ll undert•k• * revlew ol our experlences to ￿￿ We reviewed what had been achleved. We contSnue to on ralslni new funds Ind dedde future dlrectloo. wtkome lundlng from other Sources whlch benefits our target beneficlary 8roiJps. W• shall run owrtTl•nnlal qlstenlrf ex•rdse ITr ¥thl¢h We appolnted an external partner to run the exerclst of we commlsslon an Independent partner io sur¥ey us•r. gathering user-feedback. The fièldwo￿ was Concluded Irantee, and partnerl•edb4ck. Thls allows uslojud our work and perforniance and to Identlfy durlng the year and the resurts are beln8 revlewed. As Improv•m•nts •nd developments. when we last ran thi5 exerclse, we expe¢t to identlfy steps we can tske to Improve the experlence of applkants and benefklaries. W• sh•ll r•vl•w our Walcot Futures Pvoy•mme *nd d•clde wheth•r to conflmi It M a p•rman•nt pwramme, We declded that the programme was valuable, both to partlclpants and the Foundatlon and made it pern￿neDt. We shall run our 4nonymls¢d blenn5al sur¥ey ol Governorvlews about the effertl¥eness of the Board. We de¢ided to postpone this untll the autumn of 2022. We shall undertake the blennl•l re¥l•w ol¢wr Straleik Thls was begun not concluded wlthln the year. In¥•stmenQ Pollcy.

GRANTMAKING 202112022 The Foundation reaches the people bt exists to help both by making Brants directly to them a5 individual beneficiaries and by making grants to schools, projects and organisation5 whose work with such individuals advances the Foundation's aims. THE YEAR'S HEADLINES We fully spent our grants bud8Èt of £2￿21.501 vla 428 8rant assessments. We made 391 grant awards totsllln8 £2A21W3- 252 grants directly to indivldual èppllcants, totalllng £312,763, and 139 grants to organ15ations, projects, and schools to fund work with the Indivlduals we exlst to sepie, totslling £2.508.740. As part of our measurfni the Impart of our 8rants. we received and evaluated 79 monitorlng reports. We l•un¢hed our Phase 2 Cov1&19 response: 'BounceBacV- more details overleaf. Bla¢lt Thrlve Employment Prn8ramme. Ouring the year our partnershlp wlth the GUVS & St Thomas, Charity and Black Thrive contlnued. The programme awards funds to local groups pilotlng new approaches to opening employment prosperts for Black Lambeth citlzens With lon8-term health conditions. During the year. 15 new grants totalling £169,Crf)O were approved. 'Heafthy Schools Fun4f partswrshlp We secured new external fvnds: Durlng the year V￿re dellghted to be approached by Impact on Urban Health to administer their 'Healthy Schools Fund, grant pro8iamme In Lambeth, Thls wlll result in an additional £875,000 reaching the l)orou8h's schools in 2022123. L￿1 Advl¢e A8ow fvndlni from Lambeth C4wndl. We fund the three maln Independent advlce a8encles {Bdxton Advice Centre, Centre 70 and Clt12ens Advice Merton and Lambethl to provlde debt, beneflts and houslng advlce. We have been concerned al)out the vulnerablllty of the centres due to Insecure Council fundin8. Durin8 the year we contlnued to encourage conversations between Lambeth Councll and local advice centres. In the Ilght of these, Lambeth Council agreed to extend the funding of advlce centres and to commlsslon a revlew of lon8er-term commi55ionln8 Optlons almed at glvlng these valuable servlces 8reaterfinanclal certainty. We are gratefvl to the Councll for thls and contlnue to hope for a secure model of local 8ovemment support for these essentlal local service5. Gr•ntee Ltslenlni Exerclse. We undertake a triennial'listening exercise. using an Independent thlrd party to gather viewsfrom a represerrtatNe group of our 8rantees. (both individuals and or8anlsatlonsl on their experiences of applying for Waltot grants. Whenever we have done this in the past we have been able to make improvements to our systems. During the year we commissioned IVAR to Girry out thls work. Thelr fleldwork took place in January and February 2022. Wlth staff, we shall review the results In May 2022.

GRANTMAKING BUDGEr The blue shows the sums puffd to organisotions Ilight blue allocated to 8ounceBoct dork blue fvr other orgunisotions/sch¢xlsJ,' the grey, paid dirertly to individuol grantee& 49) £1￿)￿ 4- ltyJKeBaCA￿?unI ioj d Arno￿11 £LLKO.rni I '/'* * * +, Grants by value and recipient type Grants to Smallest Largest Average Ib)dl¥klu•ls £301£901 £4.(th1£4,CXX)I £1.2521£1.2061 Orynlsatlons (Small Grant Streaml oflan15￿1Ons ILar8e Grant Streaml £6901£1,1￿) £io.000 {£io,cwi 1 £6,1211£6,9841 £iiA301£11.O(L)I £53I731£51,7121 £28,7601£22,5121 Il=prevlous yeorfvwes GRANT5 WE MADE DIREcfLY TO INDIVIDUALS Last year grants paid dirertly to individua15 decreased Iby IO% in volume and by 4% in total value). We made 252 awards in 202112212771. The number of Érants to individuals for vocational courses increased to 35% of student grants compared to 31% in 2020121. We continue to promote these via Lambeth College. local 8rantee organisatlons and Centre 70 student-adviser community sessions. We made fewer rehousing grants in 202V22 {39 compared to 60 in 2020121}. Of these. 9 went to young people in need of independent accommodation and 30to thosewho needed alternative accommodation because of reported domestic violence. Grants to cover bankTUPtcy fee5 a150 reduced. We awarded S grants {10 in 2020121}. Grant recipients by gender were 65%172%1 female and 35% {28%) male. Grant recipients by ethnicity were 63%164%1 BlacVBlack British; 16%113%1 Whitemhlte British: 9% 112%) Mixed- 5%15%1 AsianlAsian British and Other 8%17%1.

EXAMPLES OF GRANfs TO INDIVIDUALS AND WHAT INDIVIDUAL GRANTEES SAID (Grant towards the costs of studying for a degree in Mathematics with Finance and Economics) "For the post2 yeors Ihave ljeen receiving the Waltot Foundotion grant. I per50nollyftel thot it hos mode such o mossive positive import on my ocodemicfocu5. With exoms being online. no in-per50n cla55e5 and difficutsies with studying Ot home. I reliedon commuting to university to ensure I ochieved o good end of yeor grode. the weighting of this yeor h¢7d increosed. ond also to be wlth my otherpeers in our group studies. Moths is a subjert thot requirts In-person interoction5 Wlth peers to show thought proce55e5 which 15 much horder done virtuolfy. Without the gron¢ I don't think I would hove hod the benefrt of studying with mypeer5 ond ochieving the grode I wonted. I would olso Ilke to stote, it eosed the pressure when job searching. As I wos mode redundont in myfir5t yeor. My second year conslsted ofiob searching con5tontly. The Wolcot gront ollowed me during exam season to narrow rnyfocus on my studles ond commute to university without theflnonclol stress of how I would havefunded travel andfood. Thonk you very much to the Walcot Foundotlon ond the entlre teom." ' (Grant towards the costs of studying for a degree in Architecture) "In my second year l ochieved a 1st whlch wlllcontrlbute to 20% of my overoll degree. My third ond final year will constitute the remoinderof my degree. There's no doubt thot the qnlnt hos helped contrlbute to my success by allowing me to befree in my creotlve Intentlons by ellminating costs as o setbock." 'S' (Grant towards the costs of studying for a degree in Biomedical Sciencesl he bursory meant I couldfvcus on my studies withoutfinanciul stress or worrles, whlch Is $0 helpful. Specificalfy. I would have hod to deftrmy pl¢xements os It was expensive to commute there ond backfvr two months, but the bursary covered that cost." 'V (Grant towards the costs of stu(tying Medicine) Yhe Walcot Bur50ry enobled me to poss my clinicol skllls ext3m4 fomialfy known os OSCE'S. The Covld-19 pondemlc meant that my univer51ty didnot hold pro¢titol cllnlcal skllls se55ion5. Whilst they did replace this with lertures on the skills that we need to know. the lock of opportunlty to prottice these skills put me ot disodvontoge not onfyfor the end of year exoms whlch ore examlned prortlcolly (In petson) but a150 os aAuture clinicion. The qront ollowed me to buy moterlals such as o blood pressure machine and In-depth textbooks. This enobled me to prorti¢e my skills ot home. develop confidence whilst performing the skill ond olso undefstond numerou5 skills ond technlques that I hodstruggled to conceptuolisefrom the lerttsres given." GRANTS TO SCHOOLS, PROJECTS AND ORGANISATIONS We make grants to Schools, projects and organisations as a means of reaching individuals who are at the heart of our charitable purpose. As part of our response to the COVID-19 pandemic and its Impart, these were our prlorltles when making grant approvals: l To directly 5UPPOrt a¢ademlt achlevement, partlcularty projects that help close the attainment gap between pupil premium childrenlyoung people and their peers. 2 To address student Ire)enga8ement with xhool* Particularfy In transition years and for Students at risk of exclusion. 3 To respond to the mental health needs of children. young people and their parentslcarefs. 4 To help young people (under 301 into employment. 5 To improve access by our target group Ilow-income Lambeth households} to adv5ce service5. particularly in the fields of debt, housln& and employment.

'BOUNCEBACK'. OUR PHASE 2 COVID-19 RESPONSE LAUNCHED We drew £2 million from our reserve5 to fund a two-year programme to help low-income Lambeth residents under 30, find paid work- a challenge made more demanding by the pandemlc. In this first year we allocated £O.8m through grants to sixteen organlsations: Organlsation Bounce&ick Project The Factory". Fast Forward into the Creatlve and Cultural Industries Bridging the 8ap to construction employment Steps and Sparks to Work 6ounceBack to Rework 8ounceBack Tulse Hill BounteBack IRMO - supportlng young Latln Americans out of the pandemic and into work Raising Incomes for Young Lambeth Residents More Than An Apprentice. Lambeth Rathbone Educatlon and Employment Programme Better Skills. Better Jobs Lambeth Play and Early Years Training for employment Spiral Skills BounoBack programme Lambeth Under 305 Employment and Support Toucan Hospitality Projert Unity Lambeth Walworth Garden Level 2 Work Based HortiCL¢lture 198 Contemporary Arts And Learnin8 Constructlon Youth Trust Creative Sparkwork5 Grotsndwork High Trees Community Development Trust IRMO Lambeth College Leadership Through Sport And Business Rathbone Ripe Learning Slade Gardens Community Play Association Spiral Skills C.l.C. Thames Reach Toucan Employment Unity Works Social Enterprises Walworth Garden Additionally. we appolnted Rocket Science as our learning and evaluatlon partner. As well as monitorSn8 Impact, over the course of the programme. they will bring or8anisatlon5 together to Share learning and provide support. They have also created a BounceBack Dashboard which draws tO8ether the quarterly return5 Into an onllne analysi5 tool. On-the-8round programme delivery began on l Ottober 2021 and provides a varlety of co-ordinated employment-access seryices. These range from projects targeting specific sectors le.g. construction. creative industries) to organisations tocusin8 on particular communities le.g. Latin American community) or young people with additlonal needs. Also during thls programme, Walcot Foundation Is providlng £500 job transition grants for individuals who successfully find work through the pro8ramme. We will allocate up to £1.2m in 2022123 for the projects in Year 2. As well as funding Year 2 of the projects above, we have allowed some contingency funding in Year 2 to allow 8ounceBack to meet unforeseen need and respond to changing economic developments. This will allow us to award new grants to projects to plu8 any gaps Identified in Year l.

Of our grants th15 ye•1 to sdbooIsJ projetts. and organi5ations Age range of benefitiaries (2020/2021 dlstribution5 brucketedj 04 years: 2%12%1 5-11 years: 16%121YAI 11-18 years: 17%117%1 18-29 years: 46%127%1 30+ years.. 3%15%) Undefined: 15% {30%1 The increase In the 18-29 agfrrange Is attributable toour BounceBack programme which 15 targeted at under- 30 youth employment. The 'Undefined' category has decreased as a result of ending our Covld-respon5e grants whlch, last year. 5UPPOrted whole households rather than focused age groups. In moving beyond last yearfs emergency response to the Covid-19 crisls, our focus returned to the Foundation's established strategic aims.. 90% of grants170% in 201211 was spent on removln8 barriers in education, maximising leamlng and building employability better and funding advice setvices (the remaining IO% was Spent on educational field trlps, Immediate relief of need and capaclty buildinB}. Of grants to schools. 62% went to prlmary schools171% in 20201211, 30% to secondary schools129% in 20201211 and 8% to special schools (0% in 20201211. Thbs weighting to prlmary schools is primarlly attrlbutable to prlmary schools havln8 smaller budgets, makln8 thelr need for external support greater than In secondary xhools. EXAMPLES OF GRANTS TO SCHOOLS AND ORGANISATIONS • For more examples see waltotfoundatlon.org.uk STOCKWELL PARTNERSHIP Lambeth Mlgrant Financlal Resilience Project1 £75.000 over three years Th15 project wlll fund a part-time Multilin8ual Advocate to support Lambeth Portuguese, Spanish and Italian speakers on low incomes to Improve their financlal resilience vla budgetln& avoldance of debt and uptake of welfare beneffts. FUTURE MEN Boys Development Programme | £75.000 over three years Future Men will work in partnership with 5 Lambeth primaries in the Gipsy Hill Federation (Kingswood, Elm Wood. Paxton. Glenbrook and Fenstantonl to deliver a project targeted at year 6 boys lacking confldence, emotional maturity and control in order to support a successful transltlon into secondary school. OASIS HUB WATERLOO Oasis Athiice Project | £73,389 over three years This grant will provide part-funding to the Advice Centre Caseworker and Advice Centre Manager which will provide high-quality debt and benefits advlce through its integrated community hub model (particularly with the foodbank and local schools). It wlll also be pilotine Level I Immigration advice. THE KIDS NETWORK Larnbeth Connerting for Changel £60,IMXI over three years This grant will fund a new Lambeth Volunteer Ctrordinator vtho wlll mobilise. train and support volunteer5 to provide weekly mentoring se55i0ns to primary school children who are identified as disadvantaged and referred by Iixal Lambeth schools. 10

DOORSTEP LIBRARY Lambeth Doorstep iibraryl £25.0(M) over one year Doorstep Library volunteers work with families of thildren aged C￿11. spending 20 minutes per week for up to two years, reading with children on their doorstep or in their homes. This project will encourage children to embrace reading for pleasure. foster positive home learning environments and tonnect isolated families to their community through weekly visits with volunteers. sO￿H LONDON REFUGEE ASSOCIATION Lambeth Youth Clubl £45,000 over three years Thi5 projett will provide prartical and emotional support to vulnerable youn8 refvgees and asylum seekers in Lambeth through regular youth activities, intludin8 a weekly youth club based in Lambeth. homework support sessions and access to a caseworker to help re8ularise their status. TURNEY SCHOOLILANSDOWNE SCHOOL School Community Link51 £75,000 over three year5 This projert is linked to two special Lambeth schools for thildren and youn8 people who have autlsm and complex learning difficulties. It IS to fund half-day weekly ses5ion5 lin groups of 6-91 based at Roots and Shoots for their 16-18-year-old students. It provides accredited. practlcal. learner led actlvlties based on horticulture, nature and outdoors. This will include work experience and independent livin8 skills for teena8ers with autism and complex need5. SUDBOURNE PRIMARY SCHOOL Creatfve Therapy1 £23.520 over three years Th15 project wlll deliver speclallst therapeutlc support to pupil premlum puplls who are experlencing extreme emotional health challenges. dellvered by registered charity Roundabout. Roundabout 5pecialise5 in drama-related techniques such as '5torytellin& metaphor* play and movement, to support children to understand themselves and make positlve changes in their lives. EXAMPLES OF THE BENEFITS TO INDIVIDUALS OF OUR FUNDING OF ORGANISATIONS * For more examples vlsit wakotfoundatlon.org.uk Our grant to Inspiratlonal Yo￿h,$ APEX Projert enabled them to work with ?' was referred to us due to his disengogement ot5chool. He hadolreody been referred to CAHMS due to hls mental heolth ond depression. Z odmltted to his mentor he wus In o spiral of Incon515tent behoviour and bunkingfvm school. z worked well within the group workshop5 applylng himself well ond was intriguedby hovingfinanciol Independence. Due to Z's mentol heofth, we 0150 referred hlm onto our bike projert which work5 Wlth Block ond minority ethnic young men who hove mentsl health difficulties. Z h05found on om02ing group of peersupport with the progn7mme and alongside the bike projert ho5 led to him becoming more engaged in oll ore05 of his Ilfe. Z admitted tofeeling olone ondsotialfy isoloted before ljeing o port of the programme. Z's ottendt7nce ot school wentfrom 40% to 94%. He olso worked with his mentor to secure o port time tennis job ot the weekends ond set up his own bank occount creoting a pathway intofinoncial independence. Z believe5 that the progromme h05 chonged hi5 mind set and opened his horizons to creating new peer networks. He hos now joined ourmortiolort School os wellos becoming o young leoderfor our bike projert." Our grant to Lllian Bayli5 Technology Schoovs After School Small Group Tutorln8 Projert enabled them to work with 'J' "J was o high prior Ottainment PP girl who hod o difficuft YIO/II ot home during lockdown due to family relationship5. When She returned in Yll shefound it hord to remoin in clt75s ond would spend m05t her time workin9 independently owoyfrom peers. J was o priority studentfor Small group tuition ond a keen porticipont Qs a result her gmdes movedfrom moinly grode 45 in eorfy Autumn to 11

grade 55 in Autumn mock5 and thenfinolly to mainfy 65 with I grode 7. A great achievement, Thls has allowedj to progre55 onto her chosen A levels" Our grant to Options 4 Change's Education Sustainrnent Project enabled them to work with'K' "K is on 8yrs old mole who attends the primory school ond lives le55 thon 5 minutes owayfrom the school. He hos o record of persistent absence ond lotenessforschool and arrive5 doily at leost an hour late with his mother. Everything hodfailed with exclusion being the onfy option left to the school os his mother would not engtsge with the school or other agencie5. Our Intervention5for J SU5tginedperiod were met with resistancefrom hi5 mother, who was unwilling to engoge In the some way She had done with the school ond socialservice5. Eventualfy his mother responded ond ottended herfirst session. wherebyshe explolned thot she ha5 0 history of depression and her dealing5 Wlth the school ond other agencies hgd worsened her depression and she dld not core about anypenotsies. Aftersome persuading and lenqthy dlscusslons over week5 un t7greedplan to get Kbock into school on time wos In place. Alongside the plonfor K, hls mother wa5 enrolled onto the porent Pothwoy Pmgramme. where she ottended a number of sessions. met other parent5. shared her depression experiences and hardships of belng 0 single parent of S. Port of the process of supporting the mother invofved the Team collecting Kot 8.45 am each mornlng, three days over3 weeks whlle one of the parents in the group would 'buddy-up' with the mother to occompany her and Kon the rernaining 2 doys over the some period. Durlng ondslnce the lockdowns, K contlnues to make real effort5 Qt home ond In Scht￿l ond has improved hi5 ttttendonce markedfy Since retumlng ofter the lockdowns. He Is no longer under conslderatlon to be refrrredon to the PRU and15 5elf- motlvt7ted to get to schoolon hls own and on tlme. Our grant to Future Men's Transition Project enabled them to work with Pupil B "Pupil Bllnds It dlfficult to manage behaviour ond concentrate in class. Porticulorly notlceable slnce return to 5dJool after lockdown. Pupil B had limited occess to dlgltol device5 Qt home. $0 home learnlng was dlfficuft. ond Pupll 8 hosfollen signiflcontty behind In leomlnq. Thls Impt7cted on Pupll 8's confidence ond escalating poor behoviour In class which was becominq of Increoslng concern to School ond Pupil B's mum. Pupil B hod weekty sessions with o Future Men counsellor over 12 week5 programme- this Invofved weekfysessionsfocu5ing on o ronqe of educotlonal. sodol & emotlonol development. Pupil B settled well into the programme and responded well to the areos offocus- In portlculGr around relationships ond detislon moking- ond Pupil B 5 mum wos very supportlve of the initlotlve, keeping regular contort with Future Men counsellorand talking regulorly wlth Pupil B about the progromme Content. Pupil B told mum that Pupil 8 hos reported 'Lastse55ion qot me thlnqs obout decision5 50 t7m going to try working on that, Pupil B completed the 12-week progromme ond wos cleorty motivated by the experience to keep improving. Pupil 8 wos able to moke the connections between his negatwe behaviours onddolng poorly in school. Relotlonships between Pupil B and hi5 mum slgnificontly impro¥edfollowing the progromme- it provided them with ofromework to discu55 issues ot home ond mumfrlt huge relief th17t communication hod improved. Pupil 8 reported to Future Men counsellor. l om doing well. not gettinq into trouble and like tolkinq wlth you. Things are going well with my teochers, I'mfteling more readyfor leavlng now slnce we started talking- Our grant to fund Ebony Horse Club's Youth Project enabled them to work with'CB' "CB ha5 been o port of EHCfvr croundseven years. She hos token part in weekly riding, been o key volunteer os well 05 being o port of severGI different youth workprojects over the yegr5. Durinq the lockdown she ottended a zoom session with o lorge lawfirni where She wos very engaged and said 5heftft inspired ofterword5. She made o connertion with one of the organisers and went on to armnge work experiencefor two weeks at t7 well-estoblishedfirm where she received very positive feedback. She has since qone on to toke herA levels ond 5tcrtStudying ot herfirst choice university." 12

HOW AND WHY WE 'ADD VALUE, TO OUR GRANTMAKING How could we add to the impart of our grants? Exploring that question led us some years a80 to develop additional services we describe as 'added value grantmakin<. It simply mean5 that in addition to a grant, we can offer grantees free access to hl8h 9uallty addltlonal help of three distinrt types- Debt counsellin& budgeting and benefits advice Employment Search and careers advice Organisational capacity and resilience AvaSlab￿tO •ll tyjr Ind￿ldUal 8rantappllunts and thelr Imm¢dkte lamill¢s A¥•1￿ble to wefuThJ where help l¥ needed In reviewln8 •nd rK8ants•tlonl c•p•dty4nd re￿I￿rKe our indNkJal ￿KaNs Our debt and budzetln8 advke seThlces Many of our indlvldual applicants carry debt and have no easy access to professional advice in mana8ln8 It. We provide that through our grant to Lambeth's long*stablished advlce serrflce Centre 70. Thls year the servlce saw 68 people. Here is the story of one of them.. 'M' is a single 32-year-old woman who was in her second year of a unlversty course. As well as beln8 from a low-income back8round. because of Covid-19. her part-time job had stopped, and she was struggling financlally. Also, Student Flnance had not paid her third inst31ment and she had recelved a fine from HMRC due to someone else submltting a fraudulent claim. Centre 70.. Helped her to successfully apply to Wal¢ot Foundation whlch resulted In a £l.500 grant to help with student expenses. Contacted Student Flnance on her behaw and the thlrd In5talment was released Referred the fraud issue to Artion Fraud and also provided legal advice via Centre 70's legal surgery. Our employment readlness and ¢areer ser¥kes The Wolcot Student Advcnce Programme has now been runnln8 for over two years. Its aim is to provide greater level of support to our grantees studyin8 at college and university- Our grant to Power2 la well- established youth development charityl allows them to provide a comprehensive advice and support servlce. In planning this development. we drew on research we had commissioned in our 350th anniversary year. This showed that many of our students from low-income households had little or no access to the ran8e of Informal and aspirational support that young people from better￿ff homes beneflt from. The alm Is simple.. to help our Walcot student grantees successfvlly conclude thelr further or hi8her education, to get the most from it, and to make the best POS5ible transltlon from study to employment. The Student Advonce Programme offer5 career coachin& a range of workshops and one-to-one support, peer mentoring and help in accessing the full range of sUPPOrt and opportunitie5 Wlthin their educational institution and from industry-5pecific networks. One of last yearfs Advance Programme participants. a flnal year university student, received one-to-one support, developed an action plan for the coming year. took part in a workshop at a law firm and a 'speed networkinl event and engaged with the mentoring programme and accredited learrting opportunities. At the start of the year, she was feeling worried about herfuture and anxious about herjob prosperts. Through Advonce, she developed skills, found a career network of professionals. and gained qualifications. All this has 13

given her valuable material to add to her CV. She sa￿.-1 don't know If I would have finished my third year rf I didn't have the sUPPOrt from Power2". Our or8anlsatlonal capaclty development seThl¢es Our third added-value service is aimed at the organisations we fund or may fund. We developed it because we want to make sure that. where vft propose to fund organisations working with our target beneficiarie5, those oreanisations are themselve5 soundly established and well-run. We look for good organisational 5trurtures and cultures, competent management and governano. and the ability to effectively dellver the servlces for which they seek our funding. We sometimes find areas of operation we believe could be strengthened. Examples include governance or management capacity, or the need for a more developed future-fundlng strateyi. Our capacity-building service allow5 such or8anisations to access mentorlng and advice, at no cost. Durln8 the year, our continued funding of CLEN (Communty Learnln8 and Empowerment Network CICI provided bespoke capacty-bulldlng to 40 local organisations and ran 4'vlrtual' peer support groups and two training sessions. Over 80% of or8anisations have achleved perforn￿nCe Indlcators of sound operational and strategic mana8ement. One example 15 .1 Am In Me. . local Community Interest Company working in Lambeth. Incorporated In 2017, the organisation provides personal development. employability and business start-up support to dlsadvanta8ed young people. CLEN worked with the organisation to revlew and clarify the or8anisatlon's mission and strategic oblectfves and develop serrfice plans. This work wlth'l Am In Me. has led to a more secure strategic position. Durin8 this period, it has successfully raised funding from the Blg Lottery Fund, London Community Response Fund. and Tesco Bags of Help, amon8 Others. ASSESSING IMPACT: A CHALLENGE FOR ALL GRANTMAKERS What we want to achleve for ourgrantees is Improved employablllty acrossthelrworkln8 Ilfetlmes resultln8 In sufficient earnings to provlde for themselves and any dependents. This work begins early, in some Cases before they begln school. Measurlng our success in achieving thls objective Is not easy, so we have a pragmatic and. in some ways, a modest approach: V￿ concentrate on clear but reallstic outputs and outcomes and belleve that by doing 50 we help 8rantees develop thelr knowledge, skills and eventual employability. Impact- Grants to IndlvlduJls We measure the impact of grants paid directty to indivlduals through an annual survey, undertaken In February and Marth. We ask for details of the grantee's current sltuatbon (for example whether they are continuing in education or have found employment). This provides us with an Indlcation of whether the training or qualification we funded had any immediate effect on the grantee'5 circumstances. We recognise the limlts of this 'snap-shoV approach. The online survey is sent out by email and then followed up by telephone ¢alls to non-respondents. The response rate wa$ 70%181% in 20201211. This response rate was lower than last year due to the fart that we had also recentty carried out a 'Listenin8 to Grantees, exercise so there was likely some'survey fatigue.. 98% of respondents had successfully completed their yearlcourse. Of the respondents, 75% were studying towards a higher level or continuin8 in the same course and 16% were employed. 98% of respondents who completed a course conside￿d the grant to have been 'essential' in allowing them to completelcontinue in thelr course. Impart- Grants to oryanlsatlons All our grants to organlsations are linked to specific outcomes. These form basis of every pre-award grant agreement. Duringthe year reports are made to the Grants Committee on the extent to which agreed t3rgetS have been met. with explanatory narrative where needed. The Grants Team Tromally make project visits on all our multi-year projects. This has not possible this year because of lockdown and other COVID-19 restrictions. Insteod. we made use of online video meetings. 14

With a compliance level of 97% for impart reports received. during the year projects we funded filed 79 report5. The pandemic continued to have an impart on projects and some organisations had to change their project or focus or were not able to measure outcomes as expected. As a result, 18% of reports could not be scored against their original outputs/outcomes. Where they could, 86% of organisations and schools successfully reached 75% or more of the grant-related outputs and outcomes tar8ets we had agreed with them. Where a8reed targets are not met. we look to understand why. and to learn from thls. Our experience is that in small organisations, the1055 of a key staff member is often a factor in the projert not achieving its aim. Staff turnover is always a possibillty. Our pre-award a55es5ments consider staffing structures and contingencv plans. but the risk remains. Other ways in which we ensure the 8￿atest impact of our grantmakin8 Include - Belng Clear and spe¢lflc In our publlshed materlal This helps potential applicants understand what we do and so reduces misunderstanding and unsuccessful applications, 5avin8 everyone time. Maklng sure appllcants understand that our Interest Is In ￿lffl art rather than actlvlty What we mean by ortivity are all the actions, events. and processes whlth the grantee proposes to undertake Ifor example. in running a programme of literacy classes), and by import we mean the long-term results for the people benefitln8 from the activity lin this case. it mlght be gaining a level of literacy which si8nificantly improves the likelihood of 8ainin& and keepin8, paid employmentl. We are far less interested in any proposed actlvity and far more interested in what the results will be for our target beneficiaries. both in the short and longer Iwhole.lifel term. We always keep our larget benefi¢larles In mlnd 'How willx or Yhelp our beneficiories escape generationol poverty ond its corroslve import?, is the question we ask when considerin8 every grant. Specifically. 'is this likely to increase the likellhood of lon8-term employability?, 15

THINGS WE COUNT AS IMPORTANT AS A GRAKfMAKER WE BUILD ON THE STRENGTHS OUR GRANTEES ALREADY HAVE We vlew our grantees as partners. not as recipients of our'charity.. We aim to build on the stren8ths and resllience they already have. NO UNNECESSARY OBSTACLES We don't ever want to waste an applicanys time. We make applying for our grants as stralghtforward as possSble. We ask for the infomiatlon we need, and no more. We provide the dearest Information about who and what we can fund. And when It come5 to post-award reportin& we keep it as Ilght-touch as we can. WE FOCUS ON WHAT IMPAcf OUR GRAKfs WILL HAVE Broad￿, thls Is a concern with improvement and Suc￿sS In educatk)n, trainin8 and employment for Lambeth citizens from iow-income households. WE ARE FAIR AND CONsisfENT We apply consistent ell8iblllty crfterla; we do not dtscrlmlnate on any basls other than Income and residence in Lambeth. (And age- the vast bulk of our grants are requlred by our charlty scheme to be 8iven to under 30s). WE DO NOT STIGMATISE The individuals we exist to help often have reason to feel forgotten by wider so¢lety. Thls Is whv we alm to gNe a 'hand-up', not a 'hand-ouV. offering them opportunitles they may have been denied, bulldln8 on thelr stren8ths and seekln8 to grow thelr confldence and achievements. WE AIM TO BE OPEN IN OUR DEAUNGS wrrH APPUCANTS We're Interested in grown-up conversations and start wlth the wlsh to help appllcants if we can. The relationship betsveen appli¢arrts and grantmaker can't be exact￿ equal lappllcants ask, 8rantmakers conslderl, but we do everythlng we can to Make it mutual. respECtful and successful. WE ARE KEEN TO LEARN We are open to new ideas and to constructlve feedbacl alway5 interested In new ways of achieving our aims. 16

FINANCIAL REVIEW 2021122 We are a permanently endowed Foundation. Most of our income is generated by historic a$5ets. We are required to preserve the capital value and to ensure it grows to protert it against the effect of inflation. In this way the charity can assist todavs beneficiaries ond those of the future. INCOME Our income In 2021122 amounted to £3.041,76112020121- £3,129,671). a 2.8% decrease. Income from our investments. includlng directly held property, continues to be our primary income source. 2021122 Income compared with prfor year £16CKik £14cKik £12cKik £lO￿k £8 £6LY)k £4Wk £200k 202V22 2020121 Donatlons DolNAnations form a small element of our Intome and vary year by year. This year we recelved £103,1011£93.835 of which came from Walcot ProJert5 Limlted's Gift Aid1202012021: £161,759}. Charltable ¥rtlvltles The Foundatlon received £212,656 {2020121: £477.3441 from extemal funders for agreed jolnt funding of spetlfic projects. Rental Income Our largest source of income is in the form of rents from our properties on the Walcot Estate. This year, these amounted to £1,420,368 {2020121: £1.339,7111. Usted Investments lequltles and stocks) We receivèd £1,298,155 in dividend income from listed investrnents12020121.' £1,122,635}. Inveslment Interest Investment interest in 2021122 amounted to £7.303. Other income £177 was received as bank interest and other Income. EXPENDITURE Total expenditure was £4.182,894 {2020121: £3,254.1461. a 28.5% increase. We spent £2,821.503 in grant$12020121: £2.208,5101, a 27.8% increase. This included £175,656 received from Guvs & St Thomas. Charity. £20.000 from Winn & Coales IDensol Ltd UK and £15,000 from Battersea Power Station Foundation. 17

Our expenditure on raising funds was £1,042,39712020121: £756.9021. a 37.7% increase. This includes the full cost of managing our financial investments and property portfolio. The increase over the previous year reflects property maintenance costs that had been delayed because of Covid. Support Costs, whlch include the cost of govemance, salaries and other running costs, were £318.99412020121: £288,734), 10.5% increase. FUND BALANCES At the end of the year. our total funds stood at £127,013.33Z12020121.. £128,(K19,507). a 0.8% decrease. This figure Includes the Foundation's investments. the Foundation'stangible fixed assets and the short-temi cash at the bank. INVESTMEKrs At 31 March 2022, the Foundation's investments (property, stocks and long-term cash at the bank) were valued at £125.569,53012020121- £125.534.4171. a 0.03% increase. 58% of investments are in property, specifically, the Walcot Estate. whlch includes around 70 Most￿ resldentlal properties in and around Walcot Square, London SEII. The remaining 42% were a mixture of financial Investments made on the advlce of either investment managers Baillle Gifford or CCLA. The asset aliocatlon is shown below. Asset allo¢atlon * 31 March 2022 Alt•m•tfrrts £7.4rn Prwrty £72.9m 15VAI C•th Él.3m IIXI uit •qultlos £19.6m 116%) O¥ery•v equld £2&4m119%1 Monltorlng Investment perf0m￿nCe The Investment Committee review5 the performance ofthe portfolio every quarter, and reports to the Board. Financial investments are benchmarked against the FTSE All Share Index (UK Equities}, FTSE All Gilt5 Index (Fixed Interest). and MSCI All Countries World Index (Overseas Equities). Our property investments are historical and specialised. and we have not found a suitable index against which to benchmark them, although we do review the income and yield5 infomialty a8ainst intemet rental income indices such as lendinvest.com and londonpropertyiatch.co.uk. 18

Across all investments and property, the total return (income plus capital growth) for the year was £2,9(KJ.78412.31%) and the yield. as measured by income for the past twelve months divided by valuation at 31 March 2022. was 2.17%. Our policy is to undertake a full valuation of our property portfolio every five years. with individual valuations in the meantime as needed (for example. where residential properties revert from registered rent status and are significantly refurbished and then let at market rents). The last full valuation was as of 31 March 2021 and the next will be in 2026. The yield on the property Portfolio las measured by rental income forthe year divided by valuation at 31 March 20221 was 1.95%, the relatively low yield being a function of the high value of properties some of whlch are subjett to reglstered rent tenancies. Our financlal investments were valued at £52,686.543 12020121: £54.811.5431. The decrease In value is mostly attributable to the fall in markets. The totsl return for the year on financlal Investments was 2.8% and the yield on the portfolio was 2.5%. LONG-TERM INVESTMENT POLICY Our Investment goals are- to generate enough income from our investments to meet the needs of current beneflciaries to ensure our investments grow in value to meet the needs of future beneficiaries to maintaln the integrity of the Walcot Estate and to maximise rental income to allgn our Investment strategy to our ¥alues. This means- being as rlgorous in our selertion of investment produrt5 a5 we are In our 8rantmakin& and not to invest in any produtts or funds that V￿ do not understand Investing responslbly providlng a high-quality senilce to reliable tenants, $0 rnaximising rentsl income in the long term by brln8ing the benefit of well-maintained property. low tenant tumover and a mlnlmum of volds. The portfollo Is currently dlvided as Indicated In column 2 below, the potentlal minlmum and maxlmum value5 of each class of a55et being as shown in columns 3 and 4. ASSET POLICY POR TFOLIO MIN MAX roperty Equities [ Alternatlves and fixed income [ Cash and short-term Investment5 Total 35% 4% 1% RISK We keep under review the risks facln8 the Foundation. These are set out In a R5sk Re81Ster which adopts a measured approach and identifies material risks, considers their severty and probability and Identifie5 the measures needed to limit or avoid them. The Foundation is less vulnerable to many of the risksfaced by other third sector Icharityl bodies. Our income is far more secure. We do not provide services that carry an inherently higher risk level Ifor example. direct services to vulnerable8roups or running charity retail outlets). The Governors, collectively, embody expertise and skill. We see the prlncipal risk faclng the Foundation as being10s5 of income land the eroslon of spendlng power as Inflation ri5e51 and the consequent effect on our ability to fulfil our present charitable goals. Our policy is to revlew our Investment Policy {which applies to both financial investment and management of our property portfolio) as needed and at least biennially keep the nature and amount of grants under review diversify our investments- geographically, by asset type. and between investment managers 19

pro-artively manage our properties to minimise voids have an artive Investment Committee with govemor-members who embo(ty a range of relevant skills take professional advice maintain reserves at above recommended minimum levels. RESERVES POUCY At 31 March 2022, the Foundation's funds were- Endowment Funds £ 99.880.343 8,983,195 1,572,259 110,435,797 Restrlcted Funds £ 6.326.933 Unrestdcted Funds £ 8.980,IyJ4 1,164.837 135,760 10280.602 Total £ Walcot Educatlonal Foundation Hayle's Chari The Lady Cynthla Charity 115,187,280 10,148,032 1,708,020 127m3.332 6.326.933 The unrestricted funds represent our available reseryes. Our poliry had been to hold a mlnlmum reserve sufficient to ensure the full continuity of our operations for at least 15 months lequal to £4.201,7381. We explain the need for Teserves In these tems: to stablllse 8rantmakin8 at tlmes when Investment incorne is below expectation; to set aside sufficient funds for future property malntenance and development; to retaln capacity to respond to unexpected opportunities (the pandemic is such an example, and we have drawn £2m from reserve5 to fund Our Phase 2 response to the pandemlcl. Llquldlty and cash needs are reviewed every quarter and reserves every six months. OTHER ACTIVITY Ouring the year. our director gave six months. notice of his planned retirement. The Chalr led on succession arrangements, assisted by a small group of Governors. Marcia Asare was offered the role at the end of December 2021 and took up post on 19 April 2022. Honorary Advlsers We appoint Honorary Advlsers to 8lve a perSi￿rt5¥e from thelr area of expertlse. They attend meetings of the committees to which they are appointed. During this year no advi5er5 were in post. We Intend to appoint two Honorary Advlser5 next year to the Inveslment Committee and to the Grants Commlttee. PLANS 202212023 To achieve a smooth transition In chan8e of dlrertor. To ensure the effectlve Implementation of the second year of the 8ounceBack programme. To implement improvements in Systems and communications arising from the triennial 'listenln8 exercise,. To obtsin an acceptable planning decision on the Bishop's Terrace development. To move, p05t-pandemic, to greater in-person attendance of staff and to resume in-person visits to funded projert5 {face-to-face meetings of committees and the Board resumed In the year). To undertake a comprehensive review of the Foundation's commercial properties. so that opportuntties and costs can be identlfied. To njn the delayed anonymised biennial surwey of Govemor views about the effectiveness of the Board.

To conclude the biennial review of our Strategic Investment Policy. To support the indurtion of two new Governors appointed in March 2022. For the Board to plan for the succession of the Chairfrom June 2023 when the current Chalr and two other Governors stand down. HUGH VALENTINE This year saw the end of an era with the departure of Hugh Valentine after 16 years as Director. His achievements over that time have been many and remarkable. In hi5 earlv vears as Director. Hugh led work to transfonn the Foundatlon and bring it into the twenty first century, modernising the operations, developing the team, revolutlonising the governance and improvin8 the culture of the Foundation. Later Hugh carried through the development of Walcot Mews over more than 10 years to a successful conclusion, with the build complete and tenancies startin8 this spring. He also pushed forward the development of Bishop's Terrace. and a programme of major property refurbishments, largely single handed until the arrival of an estate manager. Under his leadership the FoundatSon has been able to influence debates on 5UPPOrtin8 disadvantaged students and tsckling low paid work and become a valued partner for much larger or8anisations such as GUWS and St Thomas. Foundation and Trust for London, brin8ln8 additional external fundlng Into Lambeth. Throu8hout hls tenure, Hu8h has always enabled govemors to have complete confidence In the Foundation's dellvery and communications to the highest standards. We have a150 appreciated hls well- designed publlcations and stylish penmanship. On a personal level, staff, governors. partners and professlonal advisers have valued hls calm and wlse counsel, and appreciated his tart, courtesy and tenaeity. Externally Hugh has embodied the value5 of the Foundation and wlthln it his klndness, frlendshlp and care have been a support to many. Above all. Hu8h's contributlon has been a ra20r-Ilke focus on supporting the Individual Lambeth resldent to escape poverty, and on m3ximisin8 impact of what we do, without being distracted by passlng concerns or other claims on charitable attention. Very many people in Lambeth who have never heard his name have good cause to be Brateful to him. He leaves the Foundation in a very strong position and starts a new Ilfe in retirement wlth our very best wishes. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUENT CHARITIES We have four constituent charities: The Walcot Educatlonal Foundatlon 13128001. The Hayle'5 Charlty 1312800-11, The Walcot NoTrEducatlonal Charlty13128LMI-21 and The L•dy Cynthla Charlty - formerly the Cynthia M051ey Memorial Fund, renamed durin8 the year1312800-31. Our charities. notably the Hayle's Charity. subsumed numerous other smaller charrties over the years includin8 those of Roger Jeston116221, Noel Caron116231, Alice Easton116401, William Hind116551. Margaret Oakley {16721, Thomas Rich116721, John Scaldwell116781, Thoma5 Cooper116951. Jacob Vanderlin117041, Ralph Snow117071, Bryan Turberville 117181. Countess of Gower11721}. Hayes Fortee (17831. Jane Wakeling117861, John Course117861, Richard Robert118071. Mary Oakley 11812}, Elizabeth Lambert118141, John Pickton {1821), Grace Fenner118281, Mary Chapman 11831}, Eleanor Dodson 11847). Elizabeth Edridge118481. Robert Frost118601 and Harry Clapham119481. TRUSTEE BODY The Walcot & Hayle's Trustee {registered at Companies House as 6133849) is reco8nised by the Charity Commission as the sole trustee of our four constituent charities. 21

WALCOT PROJEcfs LIMITED This is a company limited by guarantee and registered in 2018. It is owned by Walcot Educatlonal Foundation and manages the development of new property holdings. Its profrts are gifted to the Foundation. POLICY ON GOVERNOR EXPENSES There is a policy on Governor expenses which was adopted by the Board on 17 November 2015. GOVERNORS, OFFICE HOLDERS AND MEETINGS The following ser4ed as Governors of the Foundation during 202112022. GOVERNOR YEAR APPOINTED 2015 2013 2020 NOTE5 Michelle A4domir Richard Allnutt Thomas And•rson Donatus Anyan¥ An8us Boa8 Mlchelle Bos Allce Chapple Rezina Chowdhu Teresa Cl Helen Georle Frances Greenburth Andrien Meyers Mlchael Marsh•ll Glencora S•nSor Slmon Taylor Grants Cornmittee. Wice<hair of the Board ffom 14 Jul 2020. Investment Committee; F&GP Committee. Formerly Hon Adviser. Investment & F&GP Commlttees. Lambeth Council nominee. Appolnted 15 Marth 2022. F&GP Commlttee. F&GP Commlnee (Lead Governor Audit): Grants Committee. Lambeth Councll nominee. Chair of Governors,. InvestmenL F&GP Ichairl & Grants Commlttee. Grants Commlrtee Ichalrl. Grants Commlttee. Investment Commlttee. Appointed 15 Marth 2022. Investment Committee Ichairl; F&GP Commlttee, Investment Committee. 2022 2020 2016 2018 2013 2016 2013 2020 2016 2016 Governors serve a term of three year5 and. subjett to reolection, may serve a maxlmum ofthree such terms. In view of Hugh Valentine's planned departure. and to provide essential continuity. three Governors agreed to extend their service for one year as provided for In the Articles. Richard Allnutt. Teresa Clay and Frances Greenbur8h will now rexh their pemitted maxlmum temi In July 2023. Fltness to seple, trustee dlsquallficatlon. thlrd-party links and actual or potentlal confllct of Interest declaratlons were made by governors and key staff and the results reported to the Board. Th1515 an annual exerclse. Meetlngs.. Boord ond Commlttees In 2021-2022 the following met- Bo•rd FSnanc• & General Purposes C¢)mmltt•* Grants Commlttee Investment Commlttee Fl¥e meetln Four meet5n8S Four meetings Flve meetings Durin8 the year Teresa Clay ser4ed as Chair of the Governors,. Michelle Ngdomar served as Vlce-chalr; Helen George served as Chair of the Grants Committee. Glencorè Senior served as Chair of the Investment Committee. Alice Chapple continued to serve as Lead Governor on audit matters. Mlchelle Bo8le was appointed as Govemor with lead responsibility for risk. RECRUITMENT, APPOINtMENT AND INDUCTION OF NEW GOVERNORS We have in place established rnethods of supporting the induction of new Governors. These include structured meetings wtth staff. a Governors. Handbook and briefings on key aspects of the role and the Foundation. assets. financial systems and controls. grantmaking practices. policies. governance structures and other relevant infomation.

The Board undertook a review of its collective skills and succession needs, and in December 2021 began recruitment of two new governors. one to bring professional knowledge of investments and one with professional knowledge of property. Interviews took place in February 2022. Michael Marshall and Angus Boag were appointed as Govemors by the Board on 15 March 2022. STAFF PAY For all staff except the Director. pay is directly linked to an external salary strutture. one used by many charitles and elements of the publlc sector. Each role (Finance Manager. Grants Adminlstrator, Grants Manager, Grants Offlcer and Property and Estate Mana8er) is linked to a range of incremental spinal polnts on that scale. Staff may pro8re55 one splnal point on each annlver5ary of their appolntment subject to a positbve appraisal. untll the lop of their range Is reached. Cost of INln8 increases, when adopted by the external Index. are paid by the Foundation to all staff. In 2014115 the Directorfs pay wa5 unhitched from thls arran8ement and is reviewed annually by the Chair of the Govemors and every fNe years by the Finance and General Purpose5 Commlttee IF&GPI. For all staff. the Foun(lation contrlbutes IO% of 8ross pay to a recognised pension scheme chosen by the employee Ile8ary percenta8es appty to some 5taffl. ADMINISTRATIVE REGISTERED ADDRESS AND WWW DOMAIN 127 Kennin8ton Road London SEII 6SF I vTh4w.waJcotf(wndatl¢>n.or¢.uk STAFF As at 31 March 2022 we employed seven members of staff of whom slx were full time and one part-tlme: Techla Braveboy ' Daniel Chapman Danlel Ho8an Leigh ogden Davld Paters¢ Djilall Teffah Hugh Valentlne Grants Adminlstrator Grants Manager Grants Officer Grants Officer Property and Estate Mana8er Flnance Manager Director, Clerk to The Governots, Company Secretary (until 4 May 20221 'Pgrt.tlme Durlng the year. because of the pandemlc, some Staff worked excluslvely from home, some from a mixture of home and offlce, and some fully at the offKe to maintain a presence for essential tasks. Technl¢al facilltles allowed board, committee and staff meetings to be conducted vla vldeo, and incomln8 volce calls we routed to sLiff, irrespective of working locatbon, via VOIP. PUBLIC BENEFIT We are requlred to show that the Foundation's charitsble object5 or alms are for the public beneflt, known as the 'public benefrt requiremenv. Ours fall within the first two descriptions set out in the Charities Act 2011.. (al the prevention or relief of p0￿rty,. and Ibl the advancement of educatlon. We confim) that in exerclsing our powers we have complied wlth the duty to have due regard to the guidance on public benefit publlshed by the Charity Commi$5ion. The identifiable public benefit provided bythe Walcot Foundation is in the makin8 of grants for the relief of poverty amongst those residents wrthin our area of benefit who meet our eligibility criteria. The focus of awards made from the Walcot Educational Foundatlon Is that of advancing the education (broadly defined) of beneficiaries in such ways as are likely to permanently improve their prospects of employment and to break cycles of deprivation. 23

is that of advancing the education (broadly defined) of beneficiaries in such ways as are likely to permanently improve their prospects of employment and to break cycles of deprivation. ststement of the Board's Responslbllltles The Board is responsible for preparing the Governors. Report and the financial statements in accordance with applicable law and United Klngdom Accounting Standards Iunited Kingdom Generally Accepted Accountin8 Practi¢el including FRS102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland,. The law applicable to charities in England & Wales requires the Govemors to prepare financial 5totements for each financial year which give a true and fair view of the state of the affairs of the charity and of the Incoming resources and application of resour￿$ of the charity for that period. In preparin8 these financial statements, the Governors are required to: select suitable actountlng pollcles and then apply them conslstentty: observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent; state whether applicable accountln8 Standards, Includlng FRS 102, have been followed, subject to any materlal departures dlsclosed and explalned In the financial statements: state whether a Statement of Recommended Praclice ISORP) applies and has been followed, subject to any material departures which are explained in the financial statements. prepare the financial statements on the 8oin8 concern ba515 unless It Is Inappropriate to presume that the charity will continue in operation. The Governors are responsible for keeping proper accountlng records that dlsclose with reasonoble accuracy at any time the financial position of the charities and enable them to ensure that the financial Statements comply wlth the Charities Act 2011, the Charity (Accounts and Report51 Regulations 2008 and the provislons of the charitvs governin8 instrument. The Governors are also responslble for safeguardlng the assetsof the charlty and hence fortaklng reasonable steps for the preventlon and detection of fraud and other irregularilies. The Governots Approved by The Walcot & Hayle's Tntstse Board on 20July 21J22 and signed on its behalf by Chair Case studies ore citsd with the consent of beneficiories. Initiols ore used in place of nomes.

WALCOT FOUNDATION INDEPENDENT AUDITORS REpoKr YEAR ENDED 31 MARCH 2022 Independent Audltorfs Report to the Trustees of Walcot Foundation Opinlon W8 have audited the financial Statements of Walcot Foundation for the year ended 31 March 2022 which comprise the Statement of Financial Activrties. the Summary Income and Expenditure Account. the Balance Sheet, the Cash Flow Statement and notes trj the financial ststements. in¢luding signrfi￿nI accounting polictes. The financial reporting framework that has been applied in their prgparation is applicablè law and United Kingdom Accounting Standards. includirKJ FRS 102 The Financial Reporting Standard Applicabl• in tha UK and Republ of Irèland, (United Kingdorn Generally Accepted Accounting Pract￿8). In our opinion the financial statements: glv8 a true and fair v16w of the statè of the ¢hariWs affairs as at 31 March 2022, and of its incomlng resource8 and application of resources, for Ihe year thèn ended.. have be&n property prepared In accordance with United Kingdom Ganorally Ac¢8pted Accountin9 Practice; and h8ve been prepared In accordance tho requir8monts of the Charllio$ Act 2011. Ba•ls for oplnlon Wo conducted our audit In accordance wth Intematlonal Standards on Auditing IUKI (ISAS {UK)) and applicabl• law. Our responsibilili6s under those standards are further deserib8d in the Auditor's Responsibilities for the audrt of th8 finan¢ial statemènts secthm of our report. We are indopandonl of tha charrty In accordancè with the elhlcal r•quiremenls that ar• relevant lo our audit of the financial statements in the UK. including tho FRC'S Ethical Stand8rd, and we have fulfilbd our other ethical rosponsibilrb'es in a¢xordanc8 with these raquirements. We bolieve that the audrt 6wdence wo have obtsined 1$ Sufficient and apwoprlato to provido a basls for our oplnlon. C•ncluilon• r•l•llng to golng ¢onc•m In audlling the finandal statements, w8 have conclud8(I that the truste8'$ use of the going con¢om ba81$ of ac¢ounling In tho preparation of th8 financlal Stslements 1$ appropriate. Based on the work we have perfom)ed, we have not identrfied any material uncertalntles relalirwj to ovènts or conditions that, individualty or colle¢lively. may cast swnrficant doubt on the charity's ability to continue a8 8 golng concem for a perlod of at least twefve months from when th6 financial stslements arg aulhorisèd for issue. Our ro$ponsibllltl8s and thè responslbilits'8s of tho trustso wth resp8¢t to golng wncam aro describad in the relevant sections of this report. Other Inforniatlon The other informallon ¢omprise$ the infomiabon included in ts annual report, other than the financial slatem&nls and our auditols report thereon. The trusteo is responsible for the other inforynation Contained ￿thin the annual report. Our opinion on the financial stslements does not cover the other infomiation and. excèpt lo the extent olheNlsé explicidy staled in our rgport. wo do not express any form of assurance ¢onclusion thoreon. Our respon5ibilily is to read the other infofmation and, in doing so. consider whether the oth8r information is materially inconsistent with the finan￿81 statements or our kft0￿edge obtained in the course of the audit or otherwise appears to ￿ materially misststed. If w& identify such material inconsisten¢ies or apparent material misstatements, w8 are required lo delemiine whelhertherg is a material misstatement in th8 financial statements themselves. If. based on the work we have perfoThned. we concludè that Ihere is a matèrial misstslement of this olher infomiatlon. we are rgquired to report that facL We have nothing to report in this regard. 2S

WALCOT FOUNDATION INDEPENDENT AUDThORS REPORT (Contlnued) Year Ended 31 MARCH 2022 Matters on whlch we are r•qulr•d to rgport by •xc•pllon We have nothing lo report in respect of the folth￿ng matters where the Charitw knt 2011 requires us to roport to you if, in our opinion= the information gN¢n Sn the Trustees. Annual Rewt is inconsistent in any material respect wlth the financial statements: or the charity has not kept adequate accounting record$" or the financial statefflenls are not in agreement the accountlng rncords and retum$'. or we have not received all the Infomiation and explanations we required for our audit. R••ponslbllttl•• of tru$l•• As explained more ftjlly in the trustee's responsibilities slalom6nl sèt out on page 23, the trustee Is responslble for the preparation of the financial statements and for bèing salisfied that they give a true and fair view, and for such internal control a$ the Iruslee detennines is n•cessary to enable the preparation of financlal statements that are free from mat¢fio1 mi88talement. whether duo to or emr. In preparing tho financial statements. the truslegs ara responsib￿ for as8es8ing tho charrty's ability to continue as a going cone6m. disclosing, as applicab￿, matters related to going concem and u$lng the going concem basis of accounting unbess the trustee ether intends lo liquidate the charity or to ¢•a$e operations, or h8vo no reallstlc altsmatlve but to do 80. Audltorf• R•$p•nlbllltl• lor th• audll of th• fln•nclal ststom•nts We h8vo been appointed as auditor under secl1￿ 144 of the Charities Act 20118nd r6port In 8ccordan¢• with fegul8tlons made under section 154 of that kl. Our obl8ctlves are to obtain rn8$onable assurance alM)ul whether tho finan¢lal statements as a whole are free from mat8ri81 misstatement, whgther due to fraud or error. and to i$$ué an auditorfs report Ihal in¢ludes our oplnlon. Reasonable assuranco is a hlgh level of assurance. but is not a guarantee that an audit ¢onduct8d in accordance with ISAS IUKI wlll a￿VaYS detect a m81grial misstatement when il exists. Misststamenls can arise from traud or error and are ¢onsHlered material rf, indivhlualty or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on Ihg basis of thes6 financi81 statemgnts. AS part of an audit in ac￿rdance wlth ISAS IUKI we exwcise Fyofessional ludgoment and maintsln professional 8ceplicism throughout the audrt. We also.. Identify and asséss the rlsks of material misslatemant of the financial statements. wthethar due to fraud or 8rror. design and perfomi audit proceduros r8sponsNe to those risks, and oblain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mi$slalement resultsng from fraud is higher than for one resulting from error. as fraud may involve ¢ollusion. forgery. inlentiwal omlssions. misrepresentations, or the overrlde of intemal control. Obtain an understandlng of intemal contrd relevant to the audit in order to (lesign audr( procedures that are appropriate in the circumslan¢e$. but not for the pury)oses of 8xpressiry an opinion on th Èffectiveness of the charttvs inlemal control. Evaluate the approprbal8ness of ac¢ounting policies used and the ￿8$OnabIenesS of accounting estimates and related disclosures made by the trustee. Conclude on the appropriateness of the tntstee's use of the going concem basls of accounting and, based on the audit evidence obtained. whethgr a material uncertainty exists related to evènts or conditions that may cast signrf￿nI d￿bt on Ihe charl￿$ ability to continue as a going concern. If wa conclude that a material uncertainty exists. we are required to draw attention in our auditorfs report to

WALCOT FOUNDATION INDEPENDE￿r AUDITORS REPORT (Contlnued) Year Ended 31 MARCH 2022 the related disclosures in the financial statements or, rf such disdosures are inadequate. to modfy our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However. future events or conditions may cause the charity to ceas81o continue as a going concern. Evaluate Ihe overall presentation, structure and content ol th8 finarLlal $tstements. including the disclosures. and whether the financial statements represanl the underlylng trarbsactions and events In a manner that achieves fair presentation. We communicate with those charged with govemance regarding. among other matters. the planned scope and tlmlng of the audit and significant audit findings. includiw any S￿nIf￿an1 d8ficien¢ies in internal control that we klentify during our audit. EXplana￿On a• to what OXt•nl the audtt ¢onsld•r•d c•pabl• of d•tectlng Irrngularlllos. Includlng fr•ud Irregularille$. In¢luding fraud. arg in8tance8 of non<omplianc8 laws and regul8tlon$. We deS￿n procedur In line with our rasponsibilltle$, outlined above. to delect material misstatements In resp9cI of Irregularltles. Including fraud. The extent to which our proc8duwes are capable of detecting irr6gulariti08, including fraud is dotailed below. Tho oblecttves of our audit in respéct of fraud, are: to identify and asses¥ the risks of m8tori81 misst81ement of tho financi81 slataments due to fraud.. to obtain suffi¢ienl appropriate audit evidence regarding the assessed risks of material mls8tal$ment due to fraud. through dèsigning and impbmenting appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. Howev8r, the primary responsibilrty lor the prevention and detectlon of fraud rest8 With both management and those charged wllh governance of the charity. Our approach wa$ as loltows: We obtsined an und6tst8nding of the kgal and regulatory rtyuiremants applicable to the charlly an¢J conslderad th81 the most signrficant are th¢ Charities Act 2011, the Chanty SORP, and UK financlal reportlng standards 88 issued by the Financial Rep￿ing Coun¢il. Wo obtsined an underslanding of how the charity compl￿$ with these requlrements by dlscu$$lons wilh Man4￿Ment and thos8 charged with govgmance. Wa assessed the risk of malerfjal mls8latem8nt of tha financial statements. inC￿ding the ￿sk ol malorial misstatoment due to fraud and how It might occur, by holding discussions wilh management and tho$e charged wth governan¢e. We inquired of management and thosg charged wlth governance as to any known Instanc8$ of non- compliance or suspect•d non-complian¢o with la￿ and r8gul8tions. Based on this understanding, we désigned specific appropriate audlt procedures lo identify instances of non<ompliance with laws and regulations. This included making enqulri8$ of management and those charged with govemancg and obtaining additional corroboratrve evidence as rgqUiTed. There are inherent limitations in the audit [K0￿dUr•S described ab)v6. We are less Ilkoly lo become aware of instances of non￿cOmpliance with laws and reguLations that are not dosely related to events and transactions rofi9cled in the financial statements. Aso. the risk of not detecting a material misstatement due to fraud is higher than the risk of not ijetecting oné resulting from error, as fraud may involve delibera10 concealment by. for example. forgery or intentional misrèpresentations. or through o)Ilusion.

WALCOT FOUNDATION INDEPENDENT AUDITORS REPORT (Contlnued) Year Ended 31 MARCH 2022 Use of our report This rep(Yi is made solely to the charivs trustee. as a body. in acc￿￿8￿¢% wth Chapler 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustee those mallers we are required to stst6 to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or a$$ume resp￿sIbilIty lo any paty other than the tharity and charity's tru81ee 88 a ty)dy, for our audit work, for thi8 reporL or for the opinion we have fonned. Date.. 25 July 2022 statutory audltor 6th Floor 9 Appold Street London EC2A 2AP Moor8 Kingston Smtth LLP Is eligible to a¢t as auditor In tomis of Section 1212 of the Companies Act 2fyJ8, 28

WALCOT FOUNDATION GLOSSARY YEAR ENDED 31 MARCH 2022 Tèrm Definltion WEF Walcot Educat￿nal Foundation WNEC W*ot Non-Edu¢ational Charity The Lady Cynthia Charity TLCC

WALCOT FOUNDATION STATEMENT OF FINANCIAL AcnvrriES YEAR ENDED 31 MARCH 2022 Unrest- R•st- Endow- Unr•8t. R•8b Endry￿ Ta¢•1 Nol¢$ rlcted rfcted ment T¢)tal rict￿ rlGtsd ment Funds Funds Funds 2021122 Funds Fund• Funds 2020121 £000 £000 £000 £000 £000 £000 £000 INCOME AND ENDOWMENTS FROM: Donations and *aryos 103 103 162 162 charitab￿ activities 213 213 477 477 Investments 2,705 21 2.726 2.471 19 2,490 Other TOTAL 234 EXPENDITURE ON: R41•Sng Funds Investment management costs 320 442 263 362 Property costs 337 263 281 20 395 392 131 326 283 757 Charhabh AGtlvltl•• Grants payable 19 2,806 15 l821 2,193 15 2,201 Grant-maklng support eosl8 319 319 289 289 15 3140 2482 13 TOTAL 320 4 183 2 808 283 Nel gains on investments {550) 235 175 1,797 1,875 22,088 47eo NET INCOME 11.259) 378 {85) (966) 1.623 2,207 21,806 25,638 TRANSFER BETWEEN FUNDS 668 (6681 0 1.983 (561) (1.422) Net movement in funds Reconciliation of funds= TOTAL FUNDS brought 3606 1.645 20384 25636 forward at 1 Aprll 2021 10,871 6617 110.521 128.009 7265 4972 90137 102374 TOTAL FUNDS ¢arrled forward at 31 March 2022 10281 6327 110436 127.043 10,871 6617 110,521 128009

WALCOT FOUNDATION BALANCE SHEET YEAR ENDED 31 MARCH 2022 2022 £000 2021 £000 FIXED ASSErs Tangible assets Investments 10 11 1.569 125.569 1,571 127 105 CURRENT ASSETS Debtors Cash at bank and In hand 12 335 673 CREDrroRS: amount• falllng du• wtthln on• y•ar 13 1.103 1,336 NET CURRENT ASSETS TOTAL AS8Efs LESS CURRENT UABILITIES 128.009 FUNDS ENDOWMENT FUND8 110,436 110,521 RESTRICTED FUNDS 6,327 6.617 UNRESTRICTED FUNDS 10281 10,871 These fina￿la1 8t81ements approved by the BO3￿ 0fTn￿le96 on 20 J￿1 2022 aTrJ *ned ￿ tt8 b8holf by: Chalr Date.. 31

WALCOT FOUNDATION STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2022 2021r22 2020121 £000 Cash flrms from op•ratlng actlvlties: Net cash used In opwadng actfvldes Cash fl¢M8 from Investing actlvltles: D￿ldends. Inler8sI and rents from investments Pur¢hase of property, plant and equipment Proceeds from sale of investments Purchase of investrnents Investment management fees paid N•t ¢•$h pn)vlded by Inv•stlng •¢dvlil•s 2.726 2.489 3.000 16,193) 142 (2,160) 410 8S2 Incrou• In cash and ¢a•h •qulval•nt• Change In c8sh and c8sh equlvelgnts in the rep(Yting p8rK)d Cash and cash equivalents at Ihe beginnirrfJ of the reporting pedod C8sh and Gash ooulvalenls 81 the end ofthe repc¥thg periDd (3,471) {3,441) Raconclllatlon of not Incom￿{6xPendfturfj) to n•t cash from oporatlng actlvltlos N•t In¢om• lor the r•portlng p•rfod (•$ p•r ¢h• $tatem•nt of fln•n¢lal Ktlvltl•s) Adlu8tment8 for: Depreciation charges Investmenl manager fees (Galnslliosses on investments Dlvldends, Intere81 and r¢nls from Investments Ilncreaseydecrease in debtors Inryeaselldecre88e) in creditors Net cash used In op•rnllng •Ctlvldes 142 (175) 12,726) 61 (25,760} {2.489) {701 48 233 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in haNJ ffr3 1300 131 Cash held as investments NotiGe deposits (less than 30 day51 Total cash and cash equivalents 3,000 631 2,004 5.475 32

WALCOT FOUNDATION ANALYSIS OF CHANGES IN NEf DEBT YEAR ENDED 31 MARCH 2022 •t4rt of y•ar Cuhlltrrt A¢guI8Stlo￿d1$Po￿l F￿r v4lu• finanr• Forl9n At •nd £000 £000 Cash 073 Cash 8qulvaknt8 Cash hkl as Invasbnents 11.8thJl 1,200 Cash h¢ld th notlce s Ihan 30 dayB 15001 131 OverdrAft I￿lIty repayab￿ on demand 5,475 13.4711 Loans falmng 4A4• whh onè year LoBn8 falllnq due aft6r mor8 than ene ye8r FIn8n￿ Iw¢ obl￿9￿¢ TOTAL 5,475 13,4711

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 I CHARITY INFORMATION The Charities are registered with the Charity Commission (registration numbers 31281x1. 3128(N>I, 3128￿2, 31280￿31, are domiciled in the UK and are public benefit entities. The address of the registered office is 127 Kennln8ton Road. London SEII 65F. Further infomlation is given in the accounting policies below. 2 ACCOUNTING POLICIES a) Goln8 concern The Governors have assessed whether the use of the going concern basis is appropriate and have considered PQS5ible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. They have made this assessment for a period of at least ￿e year from the date of approval of these financial statements. In particular. the Govermrs have considered the Foundation's forecasts and projertions and have taken account of pressures on property values and investment income, especially in the Ilght of the impact of the COVIO-19 pandemic. After making enquiries they have con¢luded that there is a reasonable expectatiQD that the Foundation has adequate resource5 to continue in operational existence for the foreseeable future. The Foundation therefore continue5 to adopt the going concern basis in preparin8 Its financlal statements. b) 8asls of preparatlon Walcot Foundatlon Is the workin8 name for the group of four charities administered by the Walcot and Hayle's Trusteè Company, which is the corporate trustee for each of the four charities. Three of the charitles, the Walcot Educational Foundation IWEFI. the Walcot Non.Educational Charity IWNECI and the Hayle'5 CharitV* were united by a Charity Commlssion uniting order dated 26 March 2CK17. A fourth charlty, The Lady Cynthia Charity ITCLLI, joined the group when its trustee5hlp was transferred to the Walcot & Hayle's Trustee Company by Charity Commission Scheme on 23 June 2009. These financlal statement5 are the a8greg3ted accounts for the four separate charities and include all the funds of the tour ¢harities. The funds of the Walcot Educational Foundation IWEFI are regulated by the Scheme of 6th February 1991. as amended by the Order of24 August 2W, by the Resolution of 5 October 2004, bythe Scheme dated 26 March 2QKJ7 and by the Scheme dated 14 Odober 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 2IXI7. The funds of the Walcot Non- Educational Charity IWNECI are regulated by a Scheme of 1974, as amended by the Scheme of 26 March 2007. The funds of The Lady Cynthia Charity ITCLL} are regulated by the Declaration of Trust dated l January 1936, as amended by schemes of 23 January 1951, 6 December 1965, 27 September 1995 and 23 June 2￿9. The accounts Ifinancial statements) have been prepared to give a true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent ￿qUIred to provide a 'true and fair view,. This departure has involved following the Statement of Recommended Prdctlce applicable to charitie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014. The accounts have been prepared under the historical tost convention. except for investments and property fixed assets whlch are at market value at the balance sheet date, and in accordance with applicable accounting standards and the Statement of Recommended Practice'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, (FRS 1021 leffertive l January 20151, and the Charities Art 2011.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 The Walcot Foundation's subsidiary. Walcot Projects Limited, has been excluded from ¢on501idation as its inclusion is not material for the purposes of 8Ning a true and fair view. The Walcot Educational Foundation. the Hayle's Charity and The Lady Cynthia Charity have permanent endowments, which they must retain intart as the charitie5' capital. These pernianent endowments a invested in fixed assets either used by the charities or to provide income for the charities, artivities. After making enqulries. the Governors have a reasonable expectation that the charity has adequate resources to continue it5 activities for the foreseeable future. Accordingly, they continue to adopt the going concern basls in preparing the financial statements as outlined in the Statement of G(wernors' Responsibilitie5. c) Investments Investment assets are stated at their market value at the balance sheet date. Gains and losses on revaluatioTrs and on Investment asset disposals are taken to the accounts in which the investments are held, as disclosed in the statement of flnancial activities. Investment propertles are re-valued externally every five year5 or when governors believe there has been a signiflcant chan8e in their market value. The lasi extemal valuation was carried out on 31 March 2021 by Cluttons LLP, and the results have been reflected in these financial statements. The Governors are of the opinion that thi5 method of valuation is appropriate for the purpose of these financial ststements. dl Tanglble Flxed A￿ets and Depreclatlon Operational property assets are part of the endowment of the Walcot Educational Foundation and are Included In tangible fixed asset5 of the charrty and shown at their current value at the balance sheet date. with regular revaluations. They are maintained in such a tondition that their residual value is at least equal to thelr carrying value and the Governors carry out an annual impairment review to ensure that this is so. As a result, no depreciation is charged on them. Computers and equipment costing more than £2,IMI are capitalised and included at cost, and are written off over the estimated useful life of three years throu8h the Statement of Financial Activities. el Fund Accountlng Endowment funds The Walcot Educational Foundatlon IWEFI, the Hayle's Charity and The Lady Cynthia Charity have permanently endowed assets, which provide unrestrirted income to the WEF General Fund, the Hayle's General Fund and The Lady Cynthia Charity General Fund respectively. Restrlrted funds The appllcation of WEF'S income is govemed by the Charity Commlssion Scheme. which permits the Walcot Educational Foundation IWEF) to allocate up to 18% of it5 income to a Rebuilding and Repairs Fund IR&R fund). Thi5 fund 15 treated as a restricted fund and has its own investment assets. but income generated from its assets is now credited to the WEF General Fund. as permitted by the Scheme, a5 the R &R fund is judged to be large enough for the charitvs present needs.

WALCOT FOUNDATION NOTES TO THE ACCOUNtS YEAR ENDED 31 MARCH 2022 In addition, WEF has the St Thomas. Fund and the Townsend fund. restrirted capital funds arisin8 from gifts to WEF in 1995 and 2015 respectively. Both The StThomas fund and theTownsend Fund have their own investment assets. the income from which is credited to the St Thomas, Income Fund. and the Townsend Income Fund respectively. Unrestrfcted fvnds All four charities have their own general funds. which are applied according to the Schemes govemln8 the charities. fj Income Income from listed investments, unlt trusts and common investment funds is accounted for by reference to the date on which distributions are receivable. Investment interest and rental income is accounted for on an accruals basis. Donations and voluntary Income are applied to the purposes expressed by the donor. if applicable, and are accounted for when recelvable. 81 Resource5 Expended Cost5 Incurred by each charity directly are assigned to that charity and all expenditure is accounted for on an accruals basis. Almost all the operational costs of the four charltles, Includln8 the employment of all staff are borne by the Walcot Educational Foundatlon unless otherwise stated. Apart from grants paid, the Hayle's Charty and The Lady Cynthia Charity incur dirertly only investment mana8ement fees and some other small costs. Éach pays an annual service charge to the Walcot Educational Foundation as a contributlon towards the costs of grant_making and governance. The Walcot Non- Educational Charity incurs no dirert costs, other than grants paid. The followin8 headings are used for the anafysls of expenditure: Cost oARalslng Funds- Costs relating to the management of investments- e.g. valuatlon fees, investment managers. and surveyors, fees. management, maintenance and improvement of investment properties Chorltoble Expendlture- Grants are reco8ni5ed when conditions attaching to their payment have been fulfilled. Grant5 for which Governors still have further actions to take before releasin8 them for payment are not recognised In the financial statements but the total value of such grants 15 dlsc105ed In note 14. h) Allocatlon of Support Coms Support costs are allotated to the two areas above on the basis of staff time spent on work in these areas. Included in support cost5 are the staff costs for those staff who work acr05S the different areas together with the costs of running the office. and governance. Support costs are allocated a5 follows.. Cost of generating funds Charitable expenditure l) Penslons The pension char8e 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 2022 J) Significani Judgements and E5tlmates The key sources of estimation uncertainty that have a signtficant effett on the amounts recognised in the financial statements are described in the accounting policies and are summarised below.. Valuation of land and buildings and valuation of investment properties. The charities. land and buildin8S. whether held as investment properties or as tangible fixed assets, are stated at their estlmated fair value based on professional valuation5 as disclosed in Note 11. The latest professional valuation was carried out in March 2021. k) Flnancl41 instNments The Walcot Foundation has financièl assets and financial liabilities of a kind that qualify ès basic financlal Instruments. Basic financial instruments are initially reco8nised at transactlon value and subsequently measured at the present value of future cash flows lamortised costl. Financial assets held at amortised cost comprise cash at bank and In hand. short term cash deposits and the group's debtor5 excluding prepayments. Financial liabilities held at amortised c05t comprise the group's short term creditors excluding deferred income and taxation payable. No discounting has been applled to these financial instruments on the basls that the periods over which amounts will be settled are such that any discounting would be immaterlal. 37

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 3. DONATION AND LEGACIES 2021r22 2021r22 Unrestrlcted Rèstrfcted Funds Funds £000 2021122 TOTAL 2020121 TOTAL £000 £000 Walcot Educatlonal Foundation Donations Gfft ald from Walcol Projects Limilod 126 159 101 Hayle'$ Charlty Grants Total Donatlons and Legacl•$ 103 103 162 Not• 4. INCOME FROM CHARITABLE ACTivrriES 2021122 2021122 Unr•$trlct•d R•strf¢tod Funds Fund• £000 2021122 TOTAL 2020121 TOTAL £000 £000 Walcot Educatlonal Foundatlon Grants 213 213 213 213 477 477 Nole 5. INVESTMENT INCOME 2021r22 2021122 Unr•8trlctod R•$trlthd Funds Fund• £000 2021122 TOTAL 2020121 TOTAL £000 £000 Waleot Educatlonal Foundatlon Inv•$¢m•nt In￿rne Rents Llsted Investments Investment interest Bank deposit inleTrst 1.420 1.069 1.420 1,090 21 937 27 2.496 21 2.517 2,304 Hayle s Charlty Investment Income 180 161 The Lady Cynthla Charlty Investment Incom 29 25 Total Inveslment Income 2.705 21 2,726 Restricted income refers io income from the T0￿send Fund and the St Thomas Fund.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Nots 6 EXPENDrruRE ON RAISING FUNDS Unfvstricted Rèstrict•d Endowmgnt Total Funds Funds Fund¥ 2021122 2020121 Total £000 £000 £000 Walcot Educatlonal Foundation IWEF) Expendlturn on Ralslng Funds WEF Propety inv•sem•nt Expendleur• Staff costs Property costs {inc. Insurance & Utililiesl Surveyors, Fees Other Professional Fees RoLrtln• Walcol Estste maintenance Improvement of propert￿S 80 59 116 147 116 147 263 409 222 Support Expandilure Note 8} 191 173 Total WEF Property Investmont Exp•ndltur• 337 263 395 WEF Inv•stmont Alanag•m•nt F••s lor Fln8n¢l•l Invostments 47 230 345 283 WEF Total Expendltur• on Ralslng funds 331 230 678 H•yle s Ch•rlty Invostm•nt Man•g•m•nt F• 76 68 The Lady Cynthla Ch•rfty Investm•nt M•n•gem•nt Foes 13 13 11 Total Expendltur• on Ralsing Funds 392 331 320 1042 757 39

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Not• 7. CHARITABLE EXPENDITURE 2021r22 Numbor 2021122 £000 2020121 Number 2020121 £000 Walcot Educatlonal Foundation (WEF) Grnnts Awardod Grants to indivlduals Grants lo institutions WEF total grants awarded 159 114 273 231 158 61 219 236 891 1,127 2.299 Hayle's Charlty Grants Awarded Grants lo indiv￿UaLS Grants to institutions Haylo's Charity lotsl grants award•d 50 so Walcot Non-Edueatlonal Charlty IWNEC) Grants Award Grants to indivbduals Grants to institution$ WNEC t¢A•l grants •ward•d 89 23 81 391 472 115 61 176 87 944 1,031 rhe Lady Cynthla Charfty (TLCC) Grnnts Awarded Grants lo Indlviduals Grants to institutions CMMF total grnnts award•d Tol•l grnnts awarded 391 2,821 401 2,208 Grant4naklng support costs Unr•strlcl•d R•strlct•d Endtywm•nt Fund• Funds Fundi £oDo £000 Total 2021122 £ODO Tot•1 2020121 £000 DireGt grant-making Staff costs Other dira¢t ¢osts 179 12 179 12 171 191 191 173 Support costs (see Note 8) 128 128 115 319 319 289

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 8. SUPPORT COSTS Co¥t of Genernting Charltabl• Funds Actlvltles 2021122 2020121 TOTAL £000 TOTAL £000 40% 101 £000 60% Management & Finan¢0 Staff costs Premisos Costs Office exponses Legal & professional Irrecoverablè VAT Audit fee$ Goveman¢e & Annual Revi 150 10 251 226 17 17 12 23 10 16 13 191 128 319 289 Not• 9. 8TAFF C08T8 2021122 TOTAL 2020121 TOTAL £000 £000 Wages & salarfes National insurance costs Accwgd holiday pay Pension & Llfe insurance ¢o$ts Recruhment & Staff expanses 342 35 323 35 32 31 23 432 401 The av8rag¢ number of empbyees employed throughoul the was 7.. cTh omployee works part time, the full Ilme equivalent basis <￿E) 1$ 6.6, {202￿21- average 7. FTE 6.6). The key management of the ¢harity are the Director, Flnance Manag8r. Grants Manager and Estsle & Property Manager. Their total romuneration {gro$$ pay, employer pertsion and1rf6 insurance) was £262.168 {2020121 £224,446) There was employees whose salary plus pension c4)nlribution fell in the £60,001-£70,000 band {2020-21'. 11. no employee whose salary plus payment in lieu of an employ8r pension Contrit￿110￿ fell in the £80,001-£90.000 band (2020-21: 1) and orbe empknyee wtK)se salary plus Pa￿￿ent in lieu of an employer pension contribulion f$ll in the £90,001-£100.000 band12021>21.'0). No other staff exceeded eamings of £60.000. 41

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 10. TANGIBLE FIXED ASSETS Walcot Educatlonal Foundatlon (WEF) Tangible FlxedAssets Fumttur• Freehold Property Equlpment £000 £000 Tolal £000 Co•t or Valuatlon As at 1 April 2021 Addition5 Disposal At 31 March 2022 1.565 65 1,630 24 41 24 1,606 0opr•clatlon As at 1 April 2021 Charge for period Disposal Al 31 March 2022 {59) (2) 24 37 1591 {2> 24 37 Nat book valu•$ At 31 March 2022 1.565 1,569 A8 at 1 April 2021 1.565 1,571 Hlstoric cost of proporty Istatod as valuation at 1 January 1980. see note 11) 116 Investment property held within with the Wakot Foundation at l* January 1980 is included in Cost at the valuation at that date, and was r9valued in March 2021 by Cluttons LLP. valuations are on an open market basis in accordance with the Royal InstitutiC￿ of Chartered Surveyors, Valuation- Professional Standards, 2014 Editlon. 42

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Notè 11. INVESTMEKfs AT VALUATION Unrgstrlcled Restricted Endowment Funds Funds Funds Total Funds 2021122 £000 125,534 2.160 12.3001 327 Total Funds 2020121 £000 100,889 6,193 17.7031 253 £000 108,985 2,160 (1.000) 228 Market value at 1 April 2021 Additions al cost Disposal$ al opening book valuo Investment manager fees N81 galns on revaluation at 31 March 2022 9,918 6.631 {1.300) 25 74 243 244 153 152 Market valu• at 31 March 2022 125.569 Anal￿18 of Inv•8tmonts h•kl at 31 March 2022 Freeho￿ land & bulldings 72,883 72,883 70.723 UK Flxed interest UK equities 1.503 4,419 13,635 19,556 19,113 Alternallves 1,665 5,135 7,366 5,671 Overseas secuflll88 5.130 835 18,468 24,433 26,397 Cash on dep￿￿1 a$ Inv8slment 1,201 30 99 3.630 Cash with investmonl manager8 TOTAL 110 220 125.534 Fra•hold property hold within with the Wal¢ot Fryjndalion at 111 January 1980 is Indud8d In ¢081 al the valuation al that date, and was reva￿ad in March 2021 by Clutton$ LLP. All valuatlons are on an open market basis in accordance with Ihe Royal Institution of Chartered Surveyors, Valuation - Profess)nal Stsndards, 2014 Edition. Investments held by the charity in¢lude a £100 investment {2021.. £100) in the subsidiary company, Wakot Projects Limited. and represents 1CKJ% of the issued share capital. Wakol Projects Limited was incorporated on 2 August 2018 Iregistration number 11497131 and its registered office 127 Kennington Road, London, United Kingdom, SE116SF. The principal actiwty of the company is the provisKJn of design and build services lo the Wal&)t Educational Foundation. At 31 March 2022 Walcot Projects Limited had no fixed assets. net current assets of £100 and sharehokler's funds of £11)O. Its tumover for the year was £1.670.792 {2020121 £2,233,847) and a profit of £93,835 12020121 £126,164) prior to an accrued gift aid distribution of £93.835 {2020121 £126.164> to the Walcot Educational Foundation. Inv•stment kx888 as thove ths Th)t to th8 st2t8m8rtdftr￿1II bviWSOFAI as t￿ above inckndes Ih¢k88 In¥•$Irr￿u* bl8t are d￿d￿t•d by the invesknwrt m•wg8r ICCLAI dir8cty Ir¢rn the portfolKJ.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 12. DEBTORS 2022 £000 2021 £000 Walcot Educatlonal Foundatlon Debtors Rental debtors Wakot Projects debtors PrepayTnents Accrued income 20 13 126 65 192 396 23 335 Not8 13. CREDITORS Creditors.. amounts falling due within one year 2022 £000 2021 £000 Wal¢ot Educatlonal Foundation Greditors and Accrn8ts Trad8 creditors Deferred Income Daferred rental In¢ome Accruals Accrued grants Olhar credllors 135 371 76 21 713 35 77 43 617 36 1,144 Hafv's Charfty Accru813 31 WNEC Accwals 159 The Lady cynth￿ Charity A¢cwal$ Not• 14. GRANT COMMrrMENTS 2022 £000 716 1,633 649 2.998 2021 £000 623 545 154 1,322 Due for payTnent in 2021-22 Due for payment in 2022-23 Due for payment in 2023-24 The amounts above have been provlsionalty approved as grants to b8 made by the Goverrws up to the 31 March 2022. As the Governors have further actions lo take on them (mosty carrying out progres$ reviews on eaGh one against performan¢e conditions) before releasing them for payThent, they have not been recognised in this year's ac￿unts. No discounting has been applied to grant commitmenls due in more than one year on the basis that the period over which amourrts will be setued are suth that any disrJ)unting would be immaterial.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 15. CAPITAL COMMrrMENTS 2022 2021 W81cot Educalional Foundation £000 £000 Contracted Capital commth)8nts 45

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Not• 16. ANALYSIS OF FUNDS MOVEMENTS Balance Balance Incofflo Expendltur• Galnsl Trnnsf•rn {loss•s between 31 Mar 22 31 Mar21 Funds £000 £000 £000 £000 Unr•strlct•d Funds WEF Gen8ral Fund 9,714 1,050 2.598 182 {2,987) (581 {4721 (5471 (3) 202 161 472 8.980 1.165 Hayle's General Fund WNEC General Fund The Lady Cynthia Charity Su￿10￿1 unrostrlctod Funds 107 28 136 10,871 2.808 {3.5171 (5501 668 10,281 R•stslcted Funds WEFR&RFund WEF St Thomas, Income Fund WEF St Thomas. Capital Fund WEF Townsend Income Fund WEF Townsend Capital Fund WNEC Trust For London & Ballersea P¢)wer Station 5.510 (322) (4661 5,188 115 16 171 {15) {2) 10 11 165 14 178 213 213 Su&tol•l r•$trl¢t•d Fund$ 6.617 233 (346) 490 {668) 6.327 Endowm•nt Funds WEF Endowment fund 99,970 8,948 12301 176) 14 141 99,880 8.984 Ha￿9.$ Endowment fund The Lody cynth￿ Charity Su&tot•l •ndovmi•nt Funds 112 18 110.521 (320) 235 (1,4221 110,436 Total Funds 128,009 3,042 4,183 175 127.043 The Walcot Educational Foundation (WEFI Scheme directs the alocation of WEF'S income.. this includes PayTll8nt of between 10% and 20% of nel income after management expenses to the Walcol Non-Educational Charity. In 2021122, a total of £259,627 was transferred frryn WEF General FuTrJ for this purpose. Hayle'$ Charity and The Lady c￿￿thia Charity Fund (TLCC) pay an annual 5ervi¢e ¢harge to WEF to refi8ct a contribution to costs of grant-making arKI office adminislrab"on. The Serv￿ charge 1$ based on proportion of grants each charity payB. In 2021122 Ha￿a'S paKI £5.68412020121 £5.537> aThJ TLCC paid £012020121 £01.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 16 {contlnuedl. ANALYSIS OF FUNDS MOVEMENTS 2020121 BalanG¢ Balance at Income Exp•ndltur• Galnsl Trnnsfers 31 Mar 20 (losses} b•twèen 31 Mar 21 Fund• £000 £000 £000 Unre$trlct8d Funds WEF Ggner81 Fund Hayle'$ General Fund WNEC General Fund The Lady Cynthia Charlty SU￿toL11 unrostrkt•d Funds 6,477 2.445 {1.720) 1571 {1,031) 1,555 242 957 9.714 1.050 (5) 1,031 107 7,265 2.634 {2,808) 1.797 1,983 10,871 Restrlcted Funds WEFR&RFund WEF St Thomas, Income FurKI WEF St Thomas, Capital Fund WEF Townsend Income Fund WEF Townsend Capital Fund WNEC Trust For London & Batters88 Power Station sU￿tOtal rn$trl¢tod Funds 4,080 (142) 1,808 (35) 5,510 15 623 161 (15) 11) 226 11 125 41 165 477 537 4.972 1164) 1.875 {561) 6.617 Endowm•nt Funds WEF Endowment fund Ha￿8,$ Endowment fund The Lady Cynthia Chartty Sutstotsl endowment Funds 82,716 6,246 (209) 162) 11 18,885 2,763 440 (1.422) 99,970 8,947 ,137 (283} 22.088 (1,422) 110.521 Total Funds 102,374 3.254 25,760 128,009 The Walcol Educational Foundation (WEFI Scheme directs the allocation of WEPS income.. this includes payment of between 10Yo and 200A of net income after management expenses to the Walcot Non-Educational Charity. In 2021122, a total of £259.627 was transferred from WEF General Fund for this purpose. Hayle's Charity and The Lady Cynthia Charity Fund {TLCCI pay an annual service charge to WEF to refio¢t a contribution lo costs of grant4naking and office administration. The seNice charge is based on proportion of grants each charty pays. In 2021122 Hayle's paid £5.68412020121 £5,537) and TLCC paid £012020121 £01. 47

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS R•s. En- rnstricted trict•d dowm•nt TOTAL restrlGted trkI￿ dowm•nt TOTAL Fund$ Funds Fund¥ FUNDS Funds Fund8 Funds FUNDS 2021122 2020121 £000 Funds balancm at 31 March 2022 as rnpre••ntèd by: £000 £000 £000 £000 £000 £000 £000 Tanglbla fixod 4$80ts 1.565 1,565 1,571 Inve$trnenl a$sel$ 8.400 6.949 110.220 125,569 9,918 6,631 108.985 125.534 Debtors 335 335 396 Other current assets 673 673 Curronl Ilabilities 14 26 14 8.349 6,935 111.759 127,IM3 110 $21 128,009 Note 18 RELATED PARTY TRANSACTIONS The f¢)ur charities forming the Walcol Foundatvjn are related parties, being all admlni$tered by the $ame corporat8 trustee- The Walcot & Hayle'$ Trustee Company. The grant-making, govgmanca and support costs for the four charftles are bome by the Wabcot Educallonal Fi)undatic￿. Hayle'5 Charity and The Lady Cynthia Charity Fund paid an annual seryice charge to Tefled these coslg. In 2021122 Hayle'8 paid £5,684 {2020121- £5.537) and Th8 Lady Cynthia Chanty paid £O12020121- £0). Four expenses of a total £222 was reimbursed to Govemors in 2021122. No Govemor or any person connected with a Govemor received any remuneration or any benefit from any of the four charitie512020121, nong). Where Trustees have an intergst in a grant beneficiary. the trustee will excuse themsefves from ts deelsi¢)n making proce88. In 2021-22, Walcot Projects Limited charyed £1,670.79212020121 £2,233,847) to the Walcol Education Foundation in respect of design and t￿lId services and made provision for Grft Aid payTnenls lo the charlly of £93.835. The net balance owed to the Wakot Education Foundat￿ at 31st March 2022 was £93,835.

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Note 19 Grnnts of £10.000 or mor• awarded to institutlons worklng wlth financlally dlsadvantsg•d Lambeth resldents Nam• of Institthlon Groundwork London Centre 70 Advice Centra Construction Youth Trust C￿r WEF WNEC WEF Descrlptlon BounceBa¢k to Rework Advice Worker (2020-22) Bridging the gap to constructlon employThenl Raising Incomes for Young Lamb6th Residents {RIYOLAR} Walcot Student Advance Programme- Power2 Advance Rathbone Education and EmployThenl Programm8 BounceBack Monilorlng and Evaluation Lambeth Play and Eady Years Training for employment Bounc6Back programme Wafv￿rth Garden Level 2 Work Based Homicuhure Better Skills, 8etter Jobs Lambeth Under 30$ Employment and Support Steps and Spark8 to Wo BI￿nce8ack Tul80 Hill £000 53 50 Lambeth College WEF Power2 WEF Ralhbone WEF 50 Rocket Sdence WEF Slad¢ Gard&ns Communlty Play Association Splral Skllls CIC Walworth Garden WEF WEF WEF 50 50 Ripe Learnlng Thamos Reach WEF WEF Creative Spathrk8 High Trees Community Dovelopmenl Trust The Diverse Creative CIC Indoamerlcan Refugee and Mlgrant Organisation IRMO WEF WEF 49 WNEC WEF Home¢crfning Programme BounceBack IRMO - supportlng young Latin Am8ncans out of th& pandemic and into work Th8 Factory.. Fast Forward into the Creative and Cultural Industries Unity Lamboth Local Roots 49 47 198 Contomporary Arts and Leamlng WEF 46 Unlly Works So¢ial Enterprises WEF Community Loaming and Emww8fm8nt WNEC Nelwork CIC ICLEN) Loadership Through Sport and Business WEF Toucan Employment WEF Renaisi WNEC 42 More Than An Apprentice. Lambeth Tou¢an Hosptlalily Project Employment and Heamh Shared Referral S￿tern for Lambeth Living Well Wrth Pain PEACH Project.. Academic mentoring for girls {aged 7-161 Young Carers Project Virtual Communty After-school Study Support Club Secondary Transilh)n Emwwemiont Programme (STEP) Advice for Lambeth Crisis NavIgat￿n Service 36 31 27 RTW Plus Ltd Baytree C8nlre WNEC WEF 26 25 Carers Hub Lamteth WEF CEF - Communty Education Foundation WEF & Lyncx Chan¢e UK 25 25 WEF 25 Cltizens Advlce Merton And Lambeth Commons Law CIC Hayle$ WNEC 25 25

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Nots 19 (¢ontinu•d) Grants of £10.000 or more awarded to Institutlons workln9 wtth flnanclalty dlsadvantaged Lambeth r•sldents Name of Instftutlon Community TechAd Constru¢tion Youth Trust Charlty WNEC WEF tl•scrlptlon Chief Operating Officer Early Interventh)n Emplo￿r46d Engagement Programmè Lamb8th D￿r$tOP Library projects Boys Development Programme On the nghl track Earty-lnlemntion Lead Young Adu￿ Project 2019-22 NOPA-C Famity Welfare Offl¢or Fight FOT Your Future Remowng Baffiers in Educalion Moving On Lambeth Migrant Financial Resilience Project Hom6v•Drk and famlty le8ming project Street Elite- Tralnlng for work through sport Lambeth YourvJ Pirates School Community Links Programme for employabilty and independence Access Al Areas The One-SlopShop'. Tackling root causes of fixxl povorty and insecurity Changing lives of chihJTen in Lamb8th refuges Ri5e&Sh9 Project Extonsion Recover. Rebuild. Restart Peaceful Warrior Brixton AdI￿ce ClinSc Oasis Adwce Centre StepplrKJ Up.. EmF4)wering the Next Generation English for Housing A¢tion Lambeth Rise Up Brighter Futures Together Start Your Own Enlefprise: for Young People SEMH Supwrt for Children and Young people Irtspiring Leaming £000 25 25 Doorstep Library Futurg Mgn Lifelong Family Links Lilian Baylis Techndogy School Mosaic Clubhouse No. 1 Perfomiing AJ1s {NOPA) Opdons 4 Change Rising Stars Support Saint Gabriefs Coll¢go St Matthews Project stockwell Partnership WEF WEF WEF WEF WEF WEF WEF WEF WEF WEF WNEC 25 25 25 25 25 25 25 25 25 25 Streatham DroTrin Centre lor Asylum Seekers and Refugees The Change Foundation WEF 25 WEF 25 The Llleracy Pir8to$ TuTney School WEF WEF 25 25 We Rlsg Kalakala WEF WNEC 25 25 Solace Womon's Ald WEF 25 Oasis ChibJr8n's Ventur• Th8 Mary Dolly Foundation Insplrallonal Youth Ltd Brixton Advice Centre Oasis Hsjb Waterloo Klnetlka Btho WEF WEF WEF Hayles WNEC WEF 25 25 25 25 24 24 EFA London Activities 4 U Home-slart Lambeth Tree Shepherd Ltd. WEF WEF WEF WEF 24 21 Dunraven School WEF 20 Rathbone WEF 20

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Nole 19 (continued) Grants of £10,(100 or more award￿ to institutlons worklng wlth financlally dlsadvantagod Lambelh rosldents Namg of Institutlon The Kids Network Brbghl Centres Charlty WEF WEF D•¥crlptlon Lambeth Conne￿Ing for Change 8right Catch Up and Wellness - Aulumn programme Living wth Long Te￿ Health Conditions Therapy for young female care 188vers at Yvonne Hous8 Music Therapy across 5 nursery schcKtrls- Extension Buildin9 Young Asplration8 Leaming after Covid-19 (LAC> Project School of Hard Knocks- At Black Prlnce Ctynmunity Hub Lambeth youth club and support for vulnerable young refugees and asylum seekers Creative Art$ Programmes to Support Young People in Lambeth Prepare for Aduhhood and Employment ELSA & A2L at Julylee Primary Improving oracy skills in MAGT pupils & Emotlonal wemare support for PP pupils Must Therapy £000 20 20 Yourstory WEF 19 Young Futur08 WEF 19 Lambelh Nursery Schools Federation WEF 18 Alford House WEF Lambeth Somali Communty Assodatlon WEF 17 16 School of Hard KnoGk5 WEF 15 South Londm Refu988 Assoclatlon WEF 15 Art4Space WEF 14 Jubllee Prfmary School Wyvll Primary Schocl WEF WEF 14 13 Larkhall Prtmary School and Chlldr8n's Centro Archbishop Tenlson's School Football Beyond Borders WEF 13 WEF WEF Reading Leaders Expansion of the FBB School%, Programme to Lambeth. FRESH.. 8rixton House Young Producers Programme The Possibility Project FC United youth mentoring programme (for 1&17 year ohJ$l. Re(x)very Through GardenirvJ and the Great Outdoors P$ychotherapy and LFteracy Support Printed Direct(ry of Community Services SuppoTbng Young Minds Reducing exdusionldisengagement through outdoor leaming 13 12 BTiXton Hou89 (fo￿8￿￿ Oval House} WEF 10 Dana The Tralnor Ltd FC United WNEC WEF 10 10 HItherf￿ld Primary S¢hool WEF 10 Jessop Prlmary Schc421 WEF 10 Lambelh Larder Communtty Food Resouro CIC Reay Primary School Sl Mark's C of E Prfmary Sthc WNEC 10 WEF WEF 10 10 51

WALCOT FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Not• 191contlnued) Grant8 of £10.000 or more awarded to Snslltutlom workln9 wlth ffinanclally dlMdvantag•d Larn￿th rnsldents Nam• ol Institutlon Vauxhall City Fam Charlty WEF O•Krfptlon After School Tutoring and wellbelng support at Vauxhall Clty Fam) Earty InteNenlion Therapy for Vulnerable Childron £000 10 Walnvt Tree Walk Prfmary School WEF 10 Subtotal of Grants Ll•t•d Abov• 2,315 Smaller grants to organlsatlon$ worklng wlth flnan¢lally dludvantsyd Lamb•th r•sldonts (nol Ilstod abov•} Grnnts lo Indlvlduals 313 Tot•1 Gr•nts Pald In Year 2,822