found iphone

A colleague found an iPhone. we have contacted the Police and Apple Support and kept the phone on charge awaiting the owners. She has had the phone for almost a year awaiting the owner. I have a Police report nr. The police think it was someone wanting a new phone as there has been no contact. The phone is disabled by owner though. Apple Support gave me instructions on 'How to Restore a phone to Factory Settings'. Will this work because no point going through iTunes because it will ask for owners ID right??

This is an honest query. I wouldn't know how to be dishonest.

thank you

Kim