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← The Said Business School Foundation

2024-08-31-accounts

Charity Registration No. 1069380

THE SAID BUSINESS SCHOOL FOUNDATION

Annual Report and Financial Statements

for the year ended 31 August 2024

SAID BUSINESS SCHOOL FOUNDATION

REPORT AND FINANCIAL STATEMENTS 2023/24

CONTENTS

Trustee, Officers and Professional Advisers 3
Trustee’s Report 4
Statement of Trustee’s Responsibilities 10
Independent Auditor’s Report 11
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Financial Statements 17

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SAID BUSINESS SCHOOL FOUNDATION

TRUSTEE, OFFICERS AND PROFESSIONAL ADVISERS

CORPORATE TRUSTEE

Saїd Business School Foundation Trustee Ltd. (Registered company no. 10318633)

BOARD OF DIRECTORS OF SAID BUSINESS SCHOOL FOUNDATION TRUSTEE LTD

Lord Powell of Bayswater KCMG (Chairman) Sir Victor Blank (to 13 March 2025) Professor Soumitra Dutta Sir John Hood (to 13 March 2025) Sir Bruce MacPhail Professor Timothy Power (from 13 March 2025) Mr Khaled Rida Saїd Mr Wafic Rida Saїd (Benefactor) Mr Philip Seers (to 13 March 2025) Professor Irene Tracey

ADMINISTRATION

Chief Executive: Mr Hani Jesri (from 24 June 2024) Chief Executive: Ms Catherine Thomé (to 24 June 2024) Financial Controller: Ms Yolanda Geach Senior Finance Officer: Ms Nicole D’Angelo (to 18 March 2024)

REGISTERED OFFICE

Saїd Business School Park End Street Oxford OX1 1HP

BANKERS

Citi Private Bank Citigroup Centre Canada Square Canary Wharf London E14 5LB

SOLICITORS

Bates Wells & Braithwaite London LLP 10 Queen Street Place London EC4R 1BE

AUDITORS

Crowe UK LLP R+ Building 2 Blagrave Street Reading RG1 1AZ

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SAID BUSINESS SCHOOL FOUNDATION

TRUSTEE’S REPORT

The Directors of The Saïd Business School Foundation Trustee Ltd, as Trustee of the Saïd Business School Foundation, present the annual report and the audited financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 17-18 and comply with the charity’s trust deed, applicable law, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) .

CONSTITUTION

The Saïd Business School Foundation (SBSF) was constituted as a charitable trust by deed dated 23 March 1998 and is subject to the laws of England. It was registered by the Charity Commission as an English charity on 30 April 1998 as charity number 1069380. In November 2016 a new trust company, The Saïd Business School Foundation Trustee Ltd (SBSFT Ltd), was appointed as the sole trustee of the Saïd Business School Foundation. SBSF’s former Board of Trustees signed a deed of amendment of SBSF’s trust deed to enable the incorporation and duly retired.

The trust deed nominates Mr Wafic Saїd as Benefactor. In accordance with the trust deed and with SBSFT Ltd’s Articles of Association, Mr Saїd as SBSF’s Benefactor has certain rights including nominating two or more of SBSFT Ltd’s directors and approving some activities. These rights pass to his successors as Benefactors. His first successor (Mr Khaled Saїd) has been nominated by him and his successors will be nominated by each Benefactor in turn.

SBSFT Ltd is a non-profit company limited by guarantee (registered company no. 10318633). The company’s sole activity is to act as Trustee to SBSF and its Trust Corporation status has been confirmed by the Ministry of Justice. The two Members of the trust company, the Benefactor and the University of Oxford, each have equal rights of appointment of the directors of the company with one further director being appointed by unanimous decision of the University directors and the Benefactor directors.

As at 31 August 2024, membership of the Board of Directors of the Saїd Business School Foundation Trustee Ltd (‘the Board’ or ‘the Directors’) was as follows:

Appointed by the University

Professor Irene Tracey Sir Victor Blank Sir John Hood Professor Soumitra Dutta

Appointed by the Benefactor

Mr Wafic Rida Saїd (Benefactor) Lord Powell of Bayswater KCMG Mr Khaled Rida Saїd Mr Philip Seers

Appointed by unanimous decision of the University Directors and Benefactor Directors

Sir Bruce McPhail

All of the directors are closely associated with the Saїd Business School through their work for the University, the School or SBSF, their membership of School bodies and/or as donors to the School. Any transactions with directors or other related parties are disclosed at note 11 to the financial statements.

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ORGANISATIONAL STRUCTURE

SBSF currently has two part-time staff members: a Chief Executive and Financial Controller. These staff members are provided by the Saїd Foundation which funds SBSF. Staff members are based in London, although SBSF’s registered office is in Oxford.

GOVERNANCE AND MANAGEMENT

The Board decides on all proposals for substantial funding at its meetings and sets budgets for such funding. The Board also approves the budget for administrative expenses.

The Board has delegated authority to an Audit Committee for examining and reviewing all systems and methods of control including risk analysis and management, for recommending external auditors and agreeing their fee, for setting and monitoring budgets for administrative activity and for scrutinising and advising the Board on the annual audited accounts and trustee’s report. The Committee also monitors expenditure of all restricted funds to ensure that they are spent in accordance with donors’ wishes. The Committee includes the Chairman and one other member appointed by the Board and reports to the Board annually.

The Board shares oversight of the grants made from SBSF’s Strategic Development Fund with the Grants Committee. The Committee consists of four directors appointed by the Board. It meets once a year.

RISK MANAGEMENT

A full risk register is prepared by the Foundation and reviewed annually by the Audit Committee. The Audit Committee has identified and reviewed the major risks to which the Foundation is exposed and has established systems and procedures to manage those risks. This involves identifying potential risks and then assessing the likelihood of their occurrence, their impact, allocating responsibility and action to be taken. Existing risks are re-assessed by the Committee to ensure that they are actively managed and that controls are working effectively. Directors have identified the following as the principal risks facing SBSF and have controls in place for their active management:

Principal Risks Present Controls
Strategic impact
The School fails to pursue a strategy enabling it
to become and remain a global top ranked
school.		 The School reports annually on its achievement of Critical Success
Factors. This report is reviewed by SBSF’s Board.
There is Benefactor representation on the School Board and its
Global Leadership Council. SBSF also has the right of approval of
the Dean.
University obligations to SBSF
The University fails to continue to meet the
undertakings it has given to SBSF and
Benefactor.		 The School reports to SBSF annually to verify that relevant
obligations made by the University continue to be met. This report of
Undertakings is reviewed by the Audit Committee and reported to
SBSF’s Board.
Funding support for the Strategic
Development Fund (SDF)
SBSF is unable to sustain the future funding
requirements of grant commitments made under
the SDF.		 The Grant Agreement with the Saїd Foundation was revised in
November 2016 and again in June 2023. The annual grant in 2016 was
set at £1.1 million, with annual increases linked to the rate of CPI
inflation. The agreement sets out the terms under which the Saїd
Foundation undertakes to provide the funding necessary to ensure that
SDF grant commitments made by SBSF will continue to be met. In
June 2023, the grant agreement was updated to cap annual uplifts to
5%. The annual funding is reviewed every five years. The next review
date is June 2028.

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OBJECTS

SBSF’s founder, Mr Wafic Rida Saїd, established SBSF because he wished to further the advancement of world-class management education in Britain by the development of a business school at Oxford University, to promote a genuine partnership between businesses and business schools with a view to helping improve Britain’s economic performance, and to recognise the welcome extended to him over many years and his attachment to the British people. SBSF’s objects are:

 The development, promotion and support of the Saїd Business School (“the School”) and the design, building and maintenance of a building or buildings for the School on the station forecourt site, Oxford;

Only the first of the above objects will be pursued by SBSF for so long as the School buildings at Park End Street continue to be used exclusively by the School. SBSF’s grants and other charitable expenditure are therefore directed solely toward this first object.

SBSF’s objects do not extend to the academic direction or day-to-day management of the School. These matters are entirely and exclusively the responsibility of the University of Oxford.

OBJECTIVES AND ACTIVITIES OF THE FOUNDATION

The long-term objectives of SBSF are:

  1. To assist the School in its pursuit of excellence in research, teaching and relevance to business practitioners with a view to establishing and maintaining the School as the best model in the world of a business school embedded in a university.

  2. To assist the School to build a self-sustainable business model that supports excellence.

  3. To ensure that the conditions and principles agreed by SBSF and the Benefactor with the University continue to be met.

Conditions and Principles

In the course of the establishment of SBSF, its former Trustees and its Benefactor agreed a number of conditions and principles with the University which SBSF believed were vital to the future success of the School such as the centrality of its site in Oxford; its position as the University’s sole business school; the representation in its strategic and financial management of members of the business community; the need for its building to be and remain of the standard of a worldclass business school; the consolidation of business studies and of the School’s faculty and students within the wider collegiate university; and the importance of fundraising as an on-going, professionally managed activity benefiting from the University’s full assistance. In the context of the agreements in relation to the School’s Thatcher Business Education Centre and Global Leadership Centre, further conditions and principles were agreed with the University including terms for University loans to the School to finance some of the costs of the buildings, and the need to bring the School’s research and degree activities and its executive education activities under a single governance and budgeting, financial planning and reporting structure. The directors monitor the status of these conditions and principles on an annual basis.

Capital Funding projects

One of SBSF’s chief contributions to date to promoting its long-term objectives has been its willingness to contribute substantial funding towards capital projects. It built the first Phase of the School’s award-winning home on a central site provided by the University near Oxford’s railway station. SBSF contributed over £28m to the costs of this building and to securing the garden site for the School. The building is generally considered to be of a standard equal to any business school in the world. It was occupied by the School in 2001 and provides an exceptional working environment for faculty, students and staff. The building allowed the School rapidly to build up its critical mass to a scale that enabled it to strengthen

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its financial model, to provide elective choice and other benefits and services to its students and to accommodate research groups and centres. It has also proved to be an outstanding venue for high-profile events of varying sizes and its facilities are often used by the wider University. SBSF monitors the School’s maintenance to world-class standards through twoyearly surveys conducted by independent experts.

SBSF contributed a further £15m (over half of its cost) to the construction of the Thatcher Business Education Centre which became available for the School’s use at the beginning of the 2012/13 academic year. The building was opened by His Majesty King Charles III, then HRH The Prince of Wales, in February 2013 and, with the approval of the appropriate University committees, was named the Thatcher Business Education Centre in November 2013. The Centre was formally named by the then Prime Minister, The Rt Hon. David Cameron MP in June 2014. The building has enabled an expansion of the School’s degree and other programmes that has helped secure its medium-term growth plans.

In 2017/18, SBSF made a significant new commitment to support the School’s proposed redevelopment of the Osney Power Station. This strategically important project will see a former power station in close proximity to the School become its new world-class executive education facility, the Global Leadership Centre (GLC). With matched funding from the University, SBSF made a commitment of £15 million to support the project, funded by the Benefactor and made via the Saïd Foundation. The last instalment of the £15 million was paid to the School on 28 August 2024. The GLC will open in 2025/26.

Achievement of Aims and Objectives

SBSF assesses the impact of its support by monitoring the extent to which the School is making progress towards the key strategic priority of establishing and maintaining its position as one of the world’s top and most influential business schools. There is a range of well-regarded business school rankings including those published by the Financial Times, QS, LinkedIn and Bloomberg. The School’s performance has improved over time in these rankings. It was ranked 26[th] globally (2023: 28[th] ) and 2[nd] in the UK (2023: 3[rd] ) in the FT MBA rankings. It was ranked 7[th] (2023: 5[th] ) in the FT Executive Education Open rankings and 14[th] (2023: 31[st] ) in the FT Executive Education Custom rankings. Its EMBA was ranked 1[st] (2023: 3[rd] ) and its Masters in Finance 1[st] (2023: 2[nd] ) in the QS ranking.

Strategic Development Fund

SBSF promotes its objectives through its Strategic Development Fund (SDF) which was established in 2008. The SDF is funded from an annual grant from the Saїd Foundation, which was originally set at £1 million per annum and was later increased to £1.1 million plus, from 1 September 2016, an annual uplift to reflect each year’s increase in the CPI inflation index. In June 2023, the funding agreement was updated to reflect the 5% cap on the annual uplift. The new funding available in 2023/24 was £1,359,000 (2022/23: £1,294,000).

Since 2017/18, the Dean of the School has had discretion to deploy the SDF without the requirement to obtain the prior approval of the Grants Committee. There is a grant agreement between SBSF and the School to ensure that the School operates the SDF in accordance with the criteria and guiding principles agreed by SBSF, and within the financial envelope agreed between SBSF and the Saïd Foundation. The School continues to report to the Grants Committee and the Board on how the SDF funding has been used, and SBSF continues to monitor the outcomes and impact of SDF grant expenditure in line with Charity Commission best practice.

In the 16 years from the Fund’s inception to 31 August 2024, grants and commitments of more than £21.6 million have been made. Grants have focused largely on promoting four medium-term objectives to:

 assist the School to strengthen those functions which are of critical importance to the success of a business school such as marketing, careers, alumni relations and development;

 assist the School to strengthen the key points of differentiation that underpin and enhance its brand such as its wider context as part of one of the world’s most renowned universities which enriches its interdisciplinary approach to business education and enhances the student experience; its leveraging of Oxford’s international convening power; and helping individuals and organisations to make a positive impact on the world through business;

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 assist the School to attract top calibre students, particularly through the provision of scholarships, and to attract and retain top calibre faculty and staff; and

 assist the School to establish and maintain itself as the United Kingdom’s top school, one of Europe’s top two schools and one of the world’s top ten schools both in the fields of MBAs and Executive Education, as measured by a range of authoritative rankings of business schools.

In 2023/24, five new grants totalling £1,600,000 were awarded from the SDF (2022/23: five new grants of £3,602,000), with no changes in existing grant allocations (2022/23: one £250,000 uplift of an existing grant commitment). In common with recent years, a significant proportion of the SDF funding was used to support the School to award scholarships to MBA students. Other grants focused on enhancing research in AI (artificial intelligence) and EDI (equality, diversity and inclusion), on website development and on MBA internships. During the year to 31 August 2024, the School did not return any unspent grants (2022/23: £20,000 of unspent grant was returned, related to doctorate research expenses funding).

ASSESSMENT OF IMPACT

The grants made by SBSF are intended to support the successful strategic development of the School. Their impact is therefore assessed chiefly by monitoring the impact of the School itself. The Board of Directors and the Grants Committee met regularly with the School’s Dean and other senior officers during the year. Impact was assessed by considering the progress made by the School towards the achievement of its long term and medium-term objectives, with reference to several key indicators:

Having reviewed these measures, the Board is satisfied with the overall impact achieved during the year through the continuing strategic development of the School, the contribution of SBSF and the fulfilment of the underpinning conditions and principles.

FUTURE PLANS

The Board supports the School’s aspiration to be one of the world’s leading business schools by expanding and strengthening its research, education and engagement initiatives to make a positive impact on the world through business. SBSF’s future plan is to continue to support this aspiration.

PUBLIC BENEFIT

The Directors confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit when reviewing objectives and activities. All SBSF’s expenditure goes on developing the Saїd Business School which, as part of Oxford University, itself has charitable status. SBSF seeks through all its grants to promote the highest standards of excellence at the School in order to enable it to provide to its students at the undergraduate, graduate and post-experience levels a world-class education in business matters informed by research of an international standard.

FINANCIAL REVIEW

Funding sources

Under the terms of a Grant Agreement, the Saїd Foundation provides annual funding to the Saїd Business School Foundation for its Strategic Development Fund. The Saїd Foundation is committed to provide long term funding which increases each year in line with the change in the CPI inflation rate for the previous financial year. The revised Grant Agreement signed in June 2023 added a cap of 5% on the annual uplift. As noted above, the amount provided in 2023/24 was £1,359,000. Further detail about how income under this grant agreement has been recognised is included at note 1g to the financial statements.

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Fundraising policy

SBSF does not seek to raise funds from third-party donors nor from the public.

Pay and remuneration of staff

The cost of the part-time support provided by the staff of the Saїd Foundation is supported by staff time analysis and approved by the Audit Committee.

Reserves policy

SBSF’s reserves policy is to match income to commitments so there is no need for it to hold free reserves. The Trustee has a reasonable expectation that SBSF has adequate resources to continue its activities for the foreseeable future based on the Grant Agreement between the Saїd Foundation (SF) and Saїd Business School Foundation Trustee Limited (SBSFT). This agreement states that there are circumstances under which such funding could stop. However, if this should happen, the agreement states that SF will nevertheless provide funding to SBSF to ensure that the Strategic Development Fund commitments that SBSF has already made can be met. The Trustee also has assurance that SF has sufficient cash and liquid investments to meet any liabilities as they fall due.

Auditors

Crowe UK LLP were appointed as auditors for the 2023/24 financial year by the Board of the corporate Trustee.

Approved by The Saїd Business School Foundation Trustee Limited, as Trustee, and signed on its behalf by

Lord Powell of Bayswater Chairman

13 March 2025

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STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) incorporating Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:

 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE SAID BUSINESS SCHOOL FOUNDATION

Opinion

We have audited the financial statements of The Saïd Business School Foundation for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and together with the Charities SORP (FRS 102).

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context are charity law.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income from the Said Foundation, the discount rate used for grant liabilities and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

Reading

7 April 2025

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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The Saїd Business School Foundation Statement of Financial Activities for the year ended 31st August 2024

Note
Unrestricted
Funds
£’000s
INCOME FROM:
Donations
2
1
Investments
2
5
Total Income
6
EXPENDITURE ON:
Charitable Activities:
3
Strategic Development Fund
-
Strategic Development Unspent Grants
-
Legal and Administrative Costs
(34)
Total Expenditure
(34)
Net (expenditure) / income
(28)
Transfers between funds
(140)
Net movement in funds for the year
(168)
RECONCILIATION OF FUNDS
Total funds brought forward 1st September
13
168
Total funds carried forward 31st August
9
-		 Restricted
Funds
£’000s
1,359
-
1,359
(1,790)
-
-
(1,790)
(431)
140
(291)
(1,973)
(2,264)		 Total
2024
£’000s
1,360
5
1,365
(1,790)
-
(34)
(1,824)
(459)
-
(459)
(1,805)
(2,264)		 Total
2023
£’000s
1,294
4
1,298
(3,626)
20
(35)
(3,641)
(2,343)
-
(2,343)
538
(1,805)

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

All income and expenditure derive from continuing activities.

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The Saїd Business School Foundation Balance Sheet as at 31st August 2024

Note
Current assets
Debtors
6
Cash at bank and in hand
Total current assets
Current liabilities
Creditors falling due within one year
7(a)
Total assets less current liabilities
Creditors falling due after more than one year
7(b)
Total net (liabilities) / assets
The funds of the charity
Unrestricted designated funds
9
Restricted funds
9
Total charity funds		 2024
£’000s
1,359
742
2,101
(2,183)
(82)
(2,182)
(2,264)
-
(2,264)
(2,264)		 2023
£’000s
6,129
1,567
7,696
(6,544)
1,152
(2,957)
(1,805)
168
(1,973)
(1,805)

The notes on pages 17 to 22 form part of the financial statements.

Approved by The Saїd Business School Foundation Trustee Limited, as Trustee, and signed on its behalf by:

......................................................................... Lord Powell of Bayswater Chairman

13 March 2025

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The Saїd Business School Foundation Cash Flow Statement for the year ended 31st August 2024

Note
Cash used in operating activities
8
Cash provided by investing activities
Interest income
2
Increase in cash and cash equivalents during the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£’000s
(830)
5
(825)
1,567
742		 2023
£’000s
656
4
660
907
1,567

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The Saїd Business School Foundation Notes to the Financial Statements for the year ended 31st August 2024

1 ACCOUNTING POLICIES

a) Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011 and UK Generally Accepted Practice. SBSF meets the definition of a 'public benefit entity' under FRS 102. The financial statements are prepared under the historic cost convention.

All SBSF’s assets and liabilities are denominated in Pounds Sterling. The functional currency of SBSF is therefore considered to be Pounds Sterling and the Financial Statements are presented in that currency.

The Saïd Business School Foundation is an unincorporated UK charity registered with the Charity Commission for England and Wales (registration number 1069380). Its registered office address is The Saïd Business School, Park End Street, Oxford, OX1 1HP.

b) Income

Income is recognised when SBSF has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

c) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. In particular, Strategic Development Fund grant expenditure is recognised when the recipient, the Saїd Business School, has approved a grant in accordance with the 2018 grant agreement between the Saïd Business School and SBSF and also notified SBSF of this grant because that is the point at which a constructive obligation is considered to exist. All expenditure relates to charitable activities, and is analysed between activities at note 3 to the accounts. SBSF is not registered for VAT. Irrecoverable VAT is therefore charged as a cost against the activity for which the expenditure was incurred.

d) Fund accounting

Restricted funds are donations which the donor has specified are to be solely used for particular grant-making activities. Unrestricted funds are available for use at the discretion of the Trustee in furtherance of the general objectives of SBSF.

e) Financial instruments

SBSF only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of grant commitments and commitments received in respect of donations which are discounted to their present value as described at note 1g, below.

f) Going concern

The Trustee has reasonable expectation that SBSF has adequate resources to continue its activities for the foreseeable future based on the Grant Agreement between the Saїd Foundation (SF) and Saїd Business School Foundation Trustee Limited (SBSFT). This agreement states that there are circumstances under which such funding could stop. However, if this should happen, the agreement states that SF will nevertheless provide funding to SBSF to ensure that the Strategic Development Fund commitments that SBSF has already made can be met. The Trustee also has assurance that SF has sufficient cash and liquid investments to meet any liabilities as they fall due. Accordingly, the Trustee considers it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

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SAID BUSINESS SCHOOL FOUNDATION

The Saїd Business School Foundation Notes to the Financial Statements for the year ended 31st August 2024

1 ACCOUNTING POLICIES (continued)

g) Critical accounting judgments and sources of estimation uncertainty

In the application of these accounting policies, the Trustee has made two judgments that have had a significant effect on the financial statements:

The Grant Agreement between SF and SBSFT confirms that SF has a long-term commitment to SBSF of at least five years. However, the agreement also states that there are circumstances under which this funding could stop. Therefore SBSF recognises one year’s worth of annual income under that agreement in each year’s financial statements.

In applying the requirement under FRS 102 SORP to discount long-term grant liabilities and committed donations to their present value, the Trustee has used the independent average of a range of CPI inflation forecasts for the period 2024-26, as published by HM Treasury. This rate was 2.27% at the end of August 2024. In accordance with paragraph 11.20 of FRS 102, grants committed in prior years are discounted using the original discount rate (i.e. the prevailing CPI inflation rate forecast in the year of initial recognition).

The CPI inflation rate forecast was chosen as the discount rate because SBSF has no borrowings, so no cost of capital, and because SBSF’s grant agreement with SF allows for annual increases in the amount of the grant which are calculated with reference to the rate of change in the CPI inflation index. Further information about HM Treasury's forecast inflation rates can be found at https://www.gov.uk/government/collections/data-forecasts

The Trustee does not consider that the financial statements contain any estimates which give rise to a significant risk of material adjustment in the next year.

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SAID BUSINESS SCHOOL FOUNDATION

The Saїd Business School Foundation Notes to the Financial Statements for the year ended 31st August 2024

2 Income

Donations
Investments
Total		 Unrestricted
2024
£’000s
1
5
6		 Restricted
2024
£’000s
1,359
-
1,359		 Total
2024
£’000s
1,360
5
1,365		 Total
2023
£’000s
1,294
4
1,298

Income from donations consists of a grant of £1,359,000 from the Saïd Foundation in respect of the Strategic Development Fund (2023: £1,294,000) and £950 of other donations.

3 Analysis of expenditure on charitable activities

-Grants to the Saїd Business School
-Unspent Grants to the Saїd Business School
-Financing adjustment related to discounting
future grant liabilities
-Financing cost related to the unwinding of
discounted grant liabilities
-Building Survey
-Support costs
-Governance costs (see note 4)
Total		 Strategic
Development
Fund
£’000s
(1,600)
-
-
(189)
-
-
-
(1,789)		 Legal and
Admin
Costs
£’000s
-
-
-
-
-
(16)
(18)
(34)		 Total
2024
£’000s
(1,600)
-
-
(189)
-
(16)
(18)
(1,823)		 Total
2023
£’000s
(3,852)
20
252
(26)
(5)
(18)
(12)
(3,641)

Expenditure on charitable activities was £1,823,000 (2023: £3,641,000). In common with previous years, all SBSF’s grants were made to the Saїd Business School. New Strategic Development Fund grants totalling £1,600,000 were awarded in the year, with no unspent funds returned from grants awarded in previous years. The Strategic Development Fund grant expenditure is recognised when the recipient, the Saїd Business School, has approved a grant in accordance with the 2018 grant agreement between the Saïd Business School and SBSF and also notified SBSF of this grant because that is the point at which a constructive obligation is considered to exist. Grants which remain unpaid at the end of a period are carried forward as liabilities, as set out in note 7. There was financing cost related to the unwinding of discounted grant liabilities of £189,000. This is unwinding part of the previous year’s discounting of future dated grant liabilities, as the expected payment date of the grant instalment approaches. SBSF also incurred £34,000 of support and governance costs (2023: £35,000).

4 Analysis of governance costs

alysis of governance costs
Audit fees 2024
£’000s
(18)
(18)		 2023
£’000s
(12)
(12)

Remuneration of £14,950 plus VAT was payable to SBSF’s external auditors in respect of statutory audit services for the year ended 31 August 2024 (2023: £9,975 plus VAT). The external auditors in the current year are Crowe UK LLP (2023: CLA Evelyn Partners Limited). Neither firm provided any non-audit services during the year (2023: none).

5 Staff costs

SBSF employs no staff (2023: none). It incurred a recharge of £15,580 from the Saїd Foundation (SF) in respect of SF staff time spent on SBSF business (2023: £18,120).

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SAID BUSINESS SCHOOL FOUNDATION

The Saїd Business School Foundation Notes to the Financial Statements for the year ended 31st August 2024

6 Debtors

ebtors
Accrued funding falling due within one year
Accrued funding falling due after one year		 2024
£’000s
1,359
-
1,359		 2023
£’000s
6,129
-
6,129

The accrued funding balance relates to funds yet to be drawn down from the Saïd Foundation in respect of the Strategic Development Fund. In 2023, the accrued funding balance also included funds yet to be drawn down from the Saïd Foundation in respect of the Osney Power Station grant. Accrued funding is a financial asset measured at amortised cost.

7 Creditors

a) Amounts falling due within one year
Grant commitments not yet paid
Other creditors
Accruals
b) Amounts falling due after more than one year
Grant commitments not yet paid		 2024
£’000s
2,149
16
18
2,183
2024
£’000s
2,182
2,182		 2023
£’000s
6,514
18
12
6,544
2023
£’000s
2,957
2,957

All grant commitments outstanding at the year-end were to the Saïd Business School at the University of Oxford. Grant commitments not yet paid are financial liabilities measured at amortised cost.

8 Cash flow statement

a) Reconciliation of net movement in funds to net cash flow from operating activities
2024
£’000s
Net movement in funds
(458)
Adjusted for:
- Interest income shown in investing activities
(5)
- Decrease in debtors
4,770
- (Decrease) in creditors
(5,136)
Net cash used in operating activities
(830)
b) Reconciliation of movements on net funds
Net cash at
01.09.2023
£’000s
Cash flows
£’000s
Non-cash
movements
£’000s
Cash at bank and in hand
1,567
825
-
Net funds
1,567
825
-		 2023
£’000s
(2,343)
(4)
4,392
(1,389)
656
Net cash
31.08.2024
£’000s
742		 2023
£’000s
(2,343)
(4)
4,392
(1,389)
656
742

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SAID BUSINESS SCHOOL FOUNDATION

The Saїd Business School Foundation Notes to the Financial Statements for the year ended 31st August 2024

9 Analysis of charitable funds

Restricted Funds
Strategic Development Fund
Total Restricted Funds
Unrestricted Funds
Legal and Administrative Costs
(designated fund)
Total Unrestricted Funds
Total Funds		 Balance
01.09.23
£’000s
(1,973)
(1,973)
168
168
(1,805)		 Income
£’000s
1,359
1,359
6
6
1,365		 Expenditure
£’000s
(1,790)
(1,790)
(34)
(34)
(1,824)		 Transfer
between
funds
£’000s
140
140
(140)
(140)
-		 Balance
31.08.24
£’000s
(2,264)
(2,264)
-
-
(2,264)

Strategic Development Fund

Through the Strategic Development Fund SBSF aims to support initiatives that will promote SBSF’s objective to assist the School in its pursuit of excellence. Further detail about this grant-making activity is set out in the Annual Report.

The Strategic Development Fund was negative at the start of the year. As a result of grant commitments during the year, the Fund closed the year more negative. The Grant Agreement between SBSFT and SF states that, in the event that the Trustees of SF decide to cease their annual funding of SBSF, SF will nevertheless provide funding to SBSF to ensure that the Strategic Development Fund commitments that SBSF has already made can be met.

Legal and Administrative Costs

This fund was designated by the Board to cover five years of anticipated legal and administrative expenditure, to match the period over which the Foundation is permitted to make commitments under the Grant Agreement with the Saїd Foundation. During the year ended 31 August 2024, the Board have decided to move the remaining designated funds back into Restricted Funds, resulting in the transfer between funds of £140,000, because any excess funds are intended to be used for the Strategic Development Fund.

10 Analysis of Net Assets between Funds

Analysis of Net Assets between Funds
Current assets
Creditors falling due within one year
Net Current assets
Creditors falling due after more than one year
Net Assets / (Liabilities)		 Unrestricted
Funds
£’000s
-
-
-
-
-		 Restricted
Funds
£’000s
2,101
(2,183)
(82)
(2,182)
(2,264)		 Total
2024
£’000s
2,101
(2,183)
(82)
(2,182)
(2,264)		 Total
2023
£’000s
7,696
(6,544)
1,152
(2,957)
(1,805)

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SAID BUSINESS SCHOOL FOUNDATION

The Saїd Business School Foundation Notes to the Financial Statements for the year ended 31st August 2024

11 Transactions with directors and connected persons

Three directors of The Saïd Business School Foundation Trustee Limited are also trustees of the Saïd Foundation. They are Mr Wafic Saїd, Mr Khaled Saїd and Lord Powell of Bayswater. Funding for the Strategic Development Fund was provided by the Saїd Foundation. The income and amount owed by SF to SBSF at 31 August 2024, after discounting, were as follows:

Osney Power Station grant
Strategic Development Fund		 Income
2024
£’000s
-
1,359
1,359		 Amount
owed
2024
£’000s
-
1,359
1,359		 Income
2023
£’000s
-
1,294
1,294		 Amount
owed
2023
£’000s
4,835
1,294
6,129

SBSF’s corporate trustee and its directors were not paid nor received any other benefits from SBSF or a related entity in the year (2023: nil). No directors of the corporate trustee (2023: one) received reimbursement for costs incurred on behalf of SBSF (2023: £66 for travel costs).

12 Taxation

The Saїd Business School Foundation, as a charity, is exempt from taxation of its income and gains falling within section 466 - section 517 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

13 Statement of Financial Activities – prior year comparatives

Unrestricted
Funds
2023
£’000s
INCOME FROM:
Donations
31
Investments
4
Total Income
35
EXPENDITURE ON:
Charitable Activities:
Strategic Development Fund
-
Strategic Development Unspent Grants
-
Legal and Administrative Costs
(35)
Total Expenditure
(35)
Net expenditure
-
Transfer between funds
-
Net movement in funds for the year
-
RECONCILIATION OF FUNDS
Total funds brought forward 1st September 2022
168
Total funds carried forward 31st August 2023
168		 Restricted
Funds
2023
£’000s
1,263
-
1,263
(3,626)
20
-
(3,606)
(2,343)
-
(2,343)
370
(1,973)		 Total
2023
£’000s
1,294
4
1,298
(3,626)
20
(35)
(3,641)
(2,343)
-
(2,343)
538
(1,805)

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