The Said Business School Foundation Annual Report and Financial Statements for the year ended 31 Au¥FU5t 2025 Charity Registration No. 1069380 S A I D BUSINESS SCIIOOL SAID BUSINESS SCHOOL FOUNDATIO REPORT AND FINAPICIAL STATEMENTS 2024125 CONTENTS TrL]slee. Officers and PTofes5ional AdviseTS Trustcc's Rcpon Statement ot'Trustee's Responsibilities Independent AuditQT'4 Report io Statetnent of Financial Activities 13 Balancc Shcct 14 Cash Flow Siatcmcnt Notes to th¢ Financial StattTnents l of21 SAID BUSINESS SCHOOL FOUNDATION TRUSTEE, OFFICERS AND PROFESSIONAL ADVISERS CORPORATE TRUSTEE Said Business School Foundation Trustee Ltd. (Registered company no. 10318633) BOARD OF DIRECTORS OF SAID BUSINESS SCHOOL FOUNDATION TRUSTEE LTD Lord Powell of Bayswater KCMG Ichairnian) Sir Victor Blank {to 13 March 2025) Professor Soumitra Dutta (to 26 September 2025) Sir John Hood (to 13 March 2025) Sir B￿cC MacPhail {to 13 April 20261 Professor Mette Morsing {from 26 September 2025) Profc%sor Timothy Power (from 13 March 2025) Mr Khaled Rida Said Mr Wafic Rida Said (Benefactor) Mr Philip Seers {to 13 MaTch 20251 Professor Irene Tracey Mr AdTian Darbishire (from 13 ApTiI 20261 ADMINISTIL4TION Chief Executive.. Mi Hani Jebll Financial Controller." Ms Yolanda Geach REGISTERED OFFICE Said Business School Park End Street Oxford OXI IHP BANKF.RS Citi Pripate Bank Citigroup Centre Canada Squar¢ Canary Wharf London E14 5LB SOLICITORS Bates Well% & Braithwaite London LLP 10 Queen Street Place London EC4R I BE AUDITORS Crowe UK LLP Aquis House Blagrave Street Reading RGI IPL 2 of2J SAID BUSINESS SCHOOL FOUNDATION TRUSTEE'S REPORT The Directors of The Sa(d Business School Foundaiion Trustee Ltd, as Trustee of the Sayd Business School Foundation, present the annual report and the audited financial statements for the year ended 31 August 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 16-17 and comply with the charity's trust deed, applicable law, and AL'c(JuNling RLpurtip7g bj, C'horiliets." Stalement ReLuFfr7meMd¥d Prac'tice applic'ablv t LhuriliespF-¥paring ih¥ir oec'ouvls accorda￿Ce wilh ihe Fivuncial R¥porlingSiondurdupplic'obl¥ iv ihe UKufr7dRepublic oflrelurtd (FRS 102) leffeciive l JurtUUP3J 2019). CONSTITUTION The Said Business School Foundation ISBSF} was constituted as a charitable trllst by deed dated 23 MaTch 1998 and is subject to the laws of Englat]d. It was registered by the Charity Commission a5 an Et]gli5h charity on 30 April 1998 as charity number 1069380. In Novernber 2016 a new trust cornpany. The Said Busines5 School Foundation Trustee Ltd (SBSFT Ltd}, was appointed as the sole t[￿stee of the Said Business School Foundation. SBSF'S foTmer Board of Trnstees si¥Fiied a deed of ainendinfflit of SBSF'S trust deed to enable the incoryoration and duly ietired. The ttust deed norninates Mr Wafic Said as Benefactor. In accoTdance with the trust deed and with SBSFT Ltd's Articles of Association, Mr Said as SBSF'S BenefaLtor has certain rights including nominating two or more of SBSFF Ltd's diieLt015 and aPPlOVillbF some activitieb. These ii¥hts pabs to his SULcesbors as Beiiefdctors. Hib first 5uccebsor (Mi Khaled Said) has been nominated by hiin and his sucLessors will be non)inated by each Benefactor in tum. 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 Corporaiion status has been confimied by the Ministry of Justice. The two Members of the trust company. the Benefactor and ihe 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 ihe Universiiy directors and the Benefactor directors. As at 31 August 2025, m¢mb¢rship of th¢ Board of Dircctors of SBSFT Ltd {'th¢ Board, or'th¢ Dir¢ctors') was as follows.. Appointed by the Universlty Professor Irene Tracey Professor Soumitra Dutta Professor Timothy Power Appointed by the Benef&c¢or Mr Wafic Rida Said (Benefactor) Lord Powcll of Bay%watcr KCMG Mr Khaled lknda Said Appointed bv unanimou5 deci510D of the University Director5 and Benefactor Directors Sir Bruce McPhail All of the direct015 are c105ely associated with the Said Bu5ines5 School thiou¥Fh their work for the University, the School OT SBSF, tlieir membeTship of School bodies all￿Or as donoTS to the School. Any tTansactions with directors or other related parties are disclosed at note I I to the financial stateinent5. 3 of2J SAID BUSINESS SCHOOL FOUNDATION ORGANISATIONAL STRUCTURE SBSF currently has two pxqrt-time staff members.. a Chief Executive and Financial Controller. These staff members are provided by the Said Foundation {SFI which funds SBSF. Staff mernbers are based in London, although SBSF'S registered O￿lee is in Oxford. GOVERNANCE AND MANAGEMENT The Board decides on all proposals for substantial funding at its meeting5 and sets budgets for such funding. The Board also approve5 the budbFet for administrative expenses. The BoaTd has delegated authotity to an Audit ComTnittee foT examining and Teviewing all 5yStem5 and inethod5 of control includiii¥ risk i￿alySIS and rnanagernent, for iecommendin¥F exten1￿] auditor5 und aweeinb their fee, foi setting and monitoring budgets for adininistTdtive activity lind for scrutinising and advising the Board on the ani)ual audited (Ic¢ounts and trustee's report. The Committee also monitors expenditure of all restricted lunds to ensure that they are spent in aLCUTdanLe with doiiors, wislies. Tlie Cummittee includes the Chainnan and une other membeT (two uthei membeib until March 2025} appointed by the Boaid and reports to the Board annually. The Board shares oversight of ihe grants made from SBSF'S Sirategic Development Fund with the Grants Committee. The Committee consists of three directors (four directors until March 20251 appointed by the Board. It meets once a year. RISK MANAGEMENT A full Tisk register is prepared by SBSF and reviewed annually by the Audit Committee. The Audit Comrnittee has identified and Teviewed the majoT risk5 to which SBSF is exposed and ha5 established systems and piocedure5 to manage those risk5. Thib involves identifyin¥ potential risks then ab5e55insT the likelihood of their occutrence und impact and allocating responsibility and action to be taken. Existing risks are Te-assessed by the Comrnittee to ensure that they are actively maiiabFed and that coniTo15 are workingF effectively. DiiectOTS Iiave identified the followingT as the principal risks faLin¥ SBSF and have Loritiolb in place for their active rnanabTenient'. Principal Risk5 Present CoDtrols Stralegic impacl The School fails to pur5lle a strategy e[￿b]ing it to become and Temain a global top ranked school. The School reports annually on its achievement of Critical Success Factors. This report is reviewed by SBSF'S Board. TheTe is Benefactor representation on the School Board and its Global Leadetship Council. SBSF also ha5 the Tight of approval of the Dean. University oblixaiivns iu SBSF The University fails to continue to meet the undertakings it has ¥iven to SBSF and the Beiiefactor. The School reporis to SBSF annually to verify thal relevant obligations made by the University continue to be met. This report ol. Undertakings is reviewed by the Audit Commitiee and reported to SBSF'S Bo)rd. Fundirtg s#pp(>rifor ihe Sirnlegic Development Fund (SDF) SBSF 15 uiiable to 5UStain the future funding requiTements of bFrant cominittnent5 made under The Grant Agreemeni with SF was revised in November 2016 and again in June 2023. The annual grant in 2016 was set at £1. I million, vith annual increases linked to the rate of CPI inflation and capped at 5 /,. The agreement sets out the temis under whiLh SF undertakes to provide the funding necessary to ensure that SDF grant commitments mad¢ by SBSF will continu¢ to b¢ mct. The anniial funding is reviewed every five years. The next review date is June 2028. the SDF. 4 of2J SAID BUSINESS SCHOOL FOUNDATION OWECTS SBSF'S founder, Mr Wafic Rida Said, 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 perfornLgnce, and to recognise the welcome extended to him over many years and his attachment to the Briiish people. SBSF'S objects are.. The development, promotion and support of the Said Business School ("the School") and the design, building and maintenance of a building or buildings for the Scl)ool on the station lorecourt site, Oxlord., The bupport of such lif any) other charitable u5e& of the site a5 inay be a¥Teed between the University of Oxford and SBSF'S Board., Such lif any) othei charitsble pU￿05£S as the Boaid inay, with the approval of the Benefactor, deteTmine; and The promotion alld siipport of the Said Foundation (Ellglish charity nurnbeT 1125521) or, if SF has ceased to exist, such othcr English charity as thc Bcncfactor %hall nominatc. Only the first of the above objects will be pursued by SBSF for 50 long as the School buildings at Park End Street continue to be used exclusively by the School. SBSF'5 grant5 at]d other chaTitable expenditure are therefore directed solely toward thi5 first object. SBSF'S objects do not extend to the academic direction or day-to-day rnanageinentof the School. Tliese inatters are entirely d exclusively the ie5ponsibility of the University of Oxford. OBJECTIVES AND ACTIVITIES OF THE FOUNDATIOIY The long-temi objectives of SBSF are.. To assist the Schwl in its pursuit of excellence in research, teaching and relevance to business practitioners ivith a view to establishing and maintaining the School as the best model in the world of a business school embedded in a univeT8ity. To as%i8t thc School to build a %clf-8u%tainablc bu%inc8s modcl that support% cxccllcncc. To ensure that the conditions and principles agreed by SBSF and the Benefactor with the University continue to bc m¢t. Conditions and Principles In the course of the establishment of SBSF, its former Tru5tee5 and its BenefactOT 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 busines5 school,. the representation in its Strategic and financial anageinent of members of the busine55 comrnunity; the need foT Its building to be at]d remain of the standard of a world- class bu5ine55 school., the consolidation of bu5ine5S studies and of the School'5 faculty and students ￿'It1)in the wider colle¥Fiate unive15ity; and the importance of fundrdibingF a5 an on-gFoin¥, professionally TnanagFed activity benefiting from the University's full assistance. In the context of the abFreement5 in ielation to the School's Thatcher Busines5 Education Centre and Global Leaderbhip Centre, further conditionb principle5 were a¥Teed witli the UniveTsity includinb tetm5 foi University loans to the School to finance some of the Costs of the buildings, (Ind tl)e need to bling the School's rese(￿Ch and degree activities and its executive education activities under a single governance and budgeting, financial planning and reponing structure. The direciors moniior ihe status of these conditions and principles on an annual basis. Capital Funding projeets One of SBSF'S chief contributions to d￿te to proinoting its lon¥-tetm objectlVe5 hab been it5 willin¥ness to contribute subst(Illtial lui)ding towdrds capital projects. It built the first Ph(Ise ol. the School's award-winnin¥ htsme on a centrdl blte provided by the Univetsity near Oxlord's railway station. SBSF contributed over £28m to the costs. of this building and to securin¥ the garden bite foi the School. The buildinsi is ¥enerally coiisidered to be of a stsndard equal to any busine55 school in the woild. It was occupied by the SLhool in 2001 ai)d proi'ides an exceptional woiking environment foi faculty. studei)ts and staff. The building allowed the School rapidly tobuild up its critical Inass to a scale that enabled it to strengthen S of2J SAID BUSINESS SCHOOL FOUNDATION its financial model. to provide electii'e choice and other benefits and services to its students and to accomm(Klate research groiips and centres. It has also proved to be an outstanding venue for high-profile events of varying qi2es and its facilities arc oftcn u%cd by thc widcr Univcrsity. SBSF monitor% thc School's maintcnancc to world-cla%s %tandard% through two- yearly surveys conducted by independent experts. SBSF contributed a further £15m {over half of its costl to the construction of the Thatcher Bii%ine.%s Education Centre which became available for the School's use at the beginning of the 2012113 academic year. The building was opened by His Majesty Killg ChaTle5 111, then HRH The Prince of Wales, ill Febnjary 2013 and, with the appToval of the appropTiate University comjnittees, wa5 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 it5 mediuin-teTm growth plans. In 2017118. SBSF made a significant new Lornmitment to bupport the School's proposed redevelopment of the Osney Power Station. Thi5 5trategFically important project will see a fonner powei station in c105e proximity to the School becoine its new world-cla55 executive education facility, the Glob￿1 Leadersliip Centte IGLCI. With ill￿tched fundinb from the Ui)iveisity, SBSF dtsnated £15 million to support the project, with funding from the Bei)efilCtor via SF. The GLC will open in 2026. Achievement of Aim5 and Objectives SBSF assesses tlie iinpact of its support by inonitoring the extent to which the School is Tnaking progress toward5 the key stiate¥FIC PTiOllty of eS￿b]IShIng ￿nd maintsiningF its P051tion one of the world's top and most iiiflueiitial busiiiess school5. There is a fdnge of well-regarded business school riinkings includiiig tl)ose published by the Finan¢iiil Tiines, QS. Linkedln and Blooinberg. The School's perforinance has iinproi'ed over time in these rankings. It was ranked 26th globally {2024". 26,1 and 2 in the UK12024.. 2, ) iii the FT MBA rankin5￿. It was ranked 6, 12024." 7 1 iii the FT Executive Education Open rankings and 18, (2024.. 14,1 in the FT Executive Educatitsn Custoin rai)kings. In the QS ranking, the School was nd ranked I" {2024." ISI) for the EMBA and 2 12024.. ISI) for the Masters in Finance. Strategic Development Fund SBSb prnmotc.% it% ohjcctiveq through its Strategic Development Fund (SDFI which was established in 2008. The SDF is fundcd from an annual grant from SF, which wa% originally %ct at £1 million pcr annum and wa% latcr incrcascd to £1. I million plus, from I SeptembeT 2016, an annual uplift to reflect each year's increase in the CPI inflation index. In Jiine 2023, the funding agreeinent was updated to reflect a 50/0 cap on the annual uplift. The new fut]ding available in 2024125 wa5 £1,389,000 (2023124.. £1,359,tN)o). Since 2017118, the Dean of the School ha5 had discretiot] to deploy the SDF without the requirement to obtain the prior appioval of the Grant5 Cominittee. There 15 a bTraiit agTeeinent between SBSF and tlie School to ensure that the School operate5 the SDF in accordance with the ctitetia and ¥Fuidiiig piinciple5 agreed by SBSF, within the financial envelope agteed between SBSF and SF. The Scliool Ctsntinues tts report to the Gr￿￿tS Committee and the Board tsn Iiow tlie SDF fundin¥F has been used, and SBSF continues to inoiiitor the outcorne5 and impact of SDF ¥Tant expenditUTe in line with CliaTity ComTnibsion best pl£￿tiCe. In the 17 years from the Fund's inceptioi) to 31 August 2025. grants and conimitinents of more than £21.7 million have been made. Grants have focused largely on promoting lour medium-terni objectives to.. assist the School to strengthen those ￿nctionS which are of critical importance to the success of a business school such as marketing, careeTS, aluinni relations and developineiit., as%i%t thc School to %trcngthcn thc kcy point% of diffcrcntiation that undcrpin and cnhancc it% brand Such a% it% widcr context as part of one of the world's m05t renowned ￿ni￿.ersitieS which enriches its interdisciplinary approach to business education and enhances the Student experience,. it5 leveraging of OxfoTd's international convening power., and helping individuals and organisations to make a positive impact on the world through business; assist the S¢hool to attract top calibre students, particularly through the provision of scholarships, and to attract and rctain top calibrc faculty and staff., and 6 of2J SAID BUSINESS SCHOOL FOUNDATION assist the School lo 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 len schools both in the fields of MBAS and Execuiive Education, as rneasured by a range of authoritative rankings of business schools. Jn 2024125, thr¢¢ ncw grants totalling £949,(100 w¢rc award¢d from thc SDF fund12023124.. fJv¢ n¢w grants of £1,600,000), with no changes in existing grant allocation$12023124'. nil). In common with recent years, a ￿lg￿ifjca￿[ proportion of the SDF ￿nding was used to support the S¢htx)I to award scholarships to MBA students. Other grants related to a sustainability initiativc and an as%ct ynanagcmcnt initiativc. During 2024125, thc School did t]ot re￿rn any un%pcnt grant%12023124.' nil). ASSESSMENT OF IMPACT The grants mad¢ by SBSF ar¢ int¢nd¢d to support th¢ sllw¢sS￿] stratcgic dcv¢lopm¢nt of th¢ School. Th¢ir 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 Sehool's Dean and other senior officers during the year. Impaet was asqessed by considering the progrc%.% madc by thc School towards thc achicvcmcnt of it% long tcrn) and mcdium-tcrm objcctivc%, with rcfcrcncc to several key indicators.. progress in the ranking of the School against other UK, European and international competitors,. the School's achievement against a range of Lriiical SULcess lactors that include.. world-class faculty. world-class swdents, a sustainable business model, marketplace differentiation and world-class student services; continuing fuifilment of the conditions ai)d principles agreed by SBSF and the Benefactor with the University. Having reviewed these ineasuies, the Board is satisfied with the overall impact achieved duiing 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 BoaTd supports the School's aspiration to be one of the WOTld's leading business schools by expanding and streiigthening its Tesearch, educatioll and et]gageinent initiatives to ￿￿ke a positive impact on the world through busines5. SBSF'S future plan 15 to continue to 5UPPOrt thi5 aspiiation. PUBLIC BENEFIT The Director% confjrm that they have complied M'ith the duty in %ection 17 of the Charitie% Act 2011 to have due regard to the Cliarity Commission's general guidance on public benefit when reviewing objectives and activities. All SBSF'S expendi￿re goes on developing the Said Business School which, as part of Oxford University, itself ha5 charitable status. SBSF seek5 thiou¥Fli all its bFrants to proniote the hibFhe5t standaids of excellence at the School in order to enable it to PTOI'ide to itb studeiits at the undeibTraduate, ¥raduate and post-experience levels u world-Cl￿￿5 education in busiiies5 atter5 informed by research of an inteTnational standard. FINANCIAL REVIEW Fundln% sources Under the temis ol'a Grant Agreement. SF provides annual funding to the Said Business School Foundation for its Strategic Development Fund. SF is committed to provide long-lem) 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 2U23 added a cap of 5 /. on the annual uplift. As noted above, the amount provided in 2024125 was £1,389,000. Further detail about how income under this grant agreement has been recogmised is included at note Ig to the financial statements. Fundraising policy SBSF docs not scck to raisc fut]ds from third-party donors nor from thc public. 7of2J SAID BUSINESS SCHOOL FOUNDATION Pa), And remuneration of staff The cost of th¢ part-time support provided by the staff of the Said Foundation is supported by staff time analysis and approvcd by thc Audit Committcc. Re5erv¢s policv SBSF'S rescrves 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 fvture based on the Grant Agreement between SF at]d SBSFT Ltd. This agreement states that theTe aTe circumstances undeT which such funding could stop. HoweN'er, if this should happen, the agreement states that SF will nevertheless provide funding to SBSF to ensuTe that the Strategic Development Fund commitments that SBSFT Ltd has already made can be met. The TTUStee a150 ha5 assurance that SF has sufficient cash and liquid investments to rneet any liabilities as they fall due. Auditors Crowe UK LLP were appointed as auditor5 foT the 2024125 financial year by the Board of the COTporate Trustee. Approved by The Said Business School Foundation Trnstee Limited. as Trustee, and signed on its behalf by Ckakles powell Charles Powell Imay 7 2026 13 48..12 GMT+11 Lord Powell of Bayswater Chairnian 0710512026 8 of2J SAID BUSINESS SCHOOL FOUNDATION STATEMENT OF TRUSTEE'S RESPONSIBILITIES The TTUStet ib iesponsible foT preparing the Trustee's Report and the financial statanents in ac¢oidance with applicable law and Uiiited KinbFdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice) incoTPOTating Financial Reporting Sthndard 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 y&4r which give a irue and fair view of the state of atTairs of the charity and of the incoming resources and application of resources of the chaiity foi that period. In preparing these financial stateinents, the Trustee is requiied to.. select suitable accounting poliLieS and then apply thern consistently., observe the rnethod5 and principle5 in the Charities SORP., makc jlldgcmcnts and cstimatcs that arc rcasonablc and prndcnt,. stat¢ wh¢th¢r applicabl¢ ae¢ounting standards hav¢ b¢cn follow¢d, subj¢ct to any matcrial d¢partllr¢s disclos¢d and explained in the financial %tatements' prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Thc T￿StcC is rc%pon8iblc for kccping propcr accounting rccord% that di%clo%c with rca%onablc accuracy at any timc thc financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011, thc Chariry (Accounts and R¢ports) Rcgulation$ 2008 and thc provisions af thc eonstitution. It is also r¢sponsibl¢ for safcguarding thc a%%ct% of thc charity and hcncc for taking rca%onablc stcps for the prcvcntion and dctcction of fraud and other irregulaTities. 9 of2J SAID BUSINESS SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE SAID BUSINESS SCHOOL FOUNDATION Opinio We have audited the financial statements of The Sayd Business School Foundation (the 'charity') for the year ended 31 August 2025 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 AcLounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Ac¢ounting Practice). In oui tspinion. the financial statementb.". give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources. including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in acctsrdance with the requirements of the ChaTlties Act 2011. Basis for opinion We conducted our audit in accordance with Tntemaiional Stsndards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities underthose standards are further described in the Auditor's responsibiliiies for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements thai are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our othcr ¢thical rcsponsibilitics in ac¢ordanc¢ with th¢sc rcquir¢m¢nts. W¢ b¢li¢vc that th¢ audit ¢vid¢n¢¢ w¢ hav¢ obtain¢d is siitTJcient and appropriate to provide a ba%is for our opinion. Conelusions relating to goiDg CODeerD In auditing the financial statements, we have concluded that the trustee's use of the going ¢oncem basis of accounting in the preparation of the fJnan¢ial statements is appropriate. Based on the work we have perfornied. we have not identified any material uncertainties relating to events or conditions that, individually 01 collectively, Inay cabt significai)t doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the Iinancial ststements are authorised for issue. Our responsibilities alld the responsibilities of the tfU5tee with respect to going concern are described in the relevant sections of thi5 report. Other inform#tion The triistee is responsible for the other Inforn￿tiOn contained within the Annual Report. The other information comprises the infom]ation included in the Annual Report, other than the financial stateinents and our auditor's Teport thereon. Ollr opinion on the financial statement5 does not coveT the other inforn￿tIOn and we do not expTes5 any forni of assurance conclusion thereon. Our responsibility is 10 read the other infomiation and, in doing so, Consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be mat¢rially mis8tat¢d. If wc id¢ntify such mat¢rial inconsist¢n¢i¢s or appar¢nt mat¢rial mi8statcm¢nts, w¢ ar¢ rcquircd to dctcrminc whcthcr thi% givc% risc to a matcrial mi%8tatcmcnt in thc financial statcmcnt% thcm8clvc%. Tf, bascd on thc work we have perforjned, we conclude that there is a material misstatement of this otheT inforniation, we are requiTed to report that fact. We have nothing to report in this regard. IIP of21 SAID BUSINESS SCHOOL FOUNDATION Matters on ￿h￿Ch we #re requlred to report b}. exeeptlon We have nothing to report in respect of the following matteTS in relation to which the Charities (Accounts and Reports) Regulation% 2008 require us to report to you if, in our opinion.. the infomjation given in the financial statemth)ts is inconsistent in any matetial respect with the Trnstee's Atmual Report: or sufficient accounting record5 have not been kept., or the financial statement5 are not it] agreement with the accounting records and returns. or we have not received all the infom)ation and explanations we require for our audit. Responsibllitles of the trustee As explained more fully in the Ststement of Tnjstee's Re5pon5ibilitie5 set out on page 9, the trustee is responsible for the PTeparation of the financial 5tatement5 and for being Satisfied that they give a tn]e and fair view, and for such internal control as the trustee detem]ines is necessary to enable the PTepaTation of financial statements that are free frorn material n1155tatement, whether due to fraud or eTror. Jn pr¢paring th¢ financial statcm¢nts, thc trustc¢ is rcsponsiblc for 3$8cssing th¢ charity's ability to continuc as a going concerll, d1￿clOSing, as applicable, matter% related to going Collcern and using the going concern basi% of aceoiinting unles the trnstee either intends to liquidate the charity or to cease operations, OT has no realistic alternative but to do so. Auditor'5 respoThsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in a¢¢ordan¢e with the Act and rclcvant rcgulation.% madc or having cffcct thcrcundcr. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whethei due to fraud or error, and to issue an auditor's report that includes oui opinion. Reabonable assurance is a high level of assurdnce, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 ststements. Details of tl)e extent to which the audit was considered capable of detecting irregularities, including fraud and non- LoinplidnLe with laws and iegFuldtivns die set out below. A further description of our reSPOllsibilities for the audit of the finat]cial statements is located on the Financial Reporting Council's website at.. www.frc.org.u￿a￿d]tOTsreSpOn5lb]Iities. This descTlPtiot] form5 part of our auditOT'5 report. Extent to which the audit was considered cApAble of detecting irregu14rities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of ￿￿terIal m155tatement of the financial btateinents from iiiegularitie5. whetlieT due to fraud or etroi, and discussed these between oui audit team n)embers. We then designed and perfomed audit procedures ie5ponsive to those risks, including obtaining audit evidei)ce sul'licient and appropiiaie to proN'ide a basis lor our opinion. We obtained an understanding of the legal at]d regulatory fTaineworks within which the charity operates, focllsing on those law5 and regulations that have a diTect effect on the determination of tnaterial amounts and disclosures in the financial statement5, including financial reporting legislation and the Charities SORP IFRS 102), and tax regiilations. We a5ses5ed the required compliance with these laws and regulations as part of our audit proceduTe5 on tlie related finat]cial statetnent iteins. In addition, wc con%idcrcd provision% of othcr laws and rcgulations that do not havc a dircct cffcct on thc flnancial statements but compliance with which might be necessary to the charity's ability to operate or to avoid a material penalty. 11 of21 ## **SAID BUSINESS SCHOOL FOUNDATION** Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, if any. We also considered the opportunities and incentives that may exist within the charity for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within management override of controls. Our audit procedures to respond to this risk included enquiries of management and the Trustee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reading minutes of meetings of those charged with governance. 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 pla ed and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charity's trustee, 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 trustee 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 trustee as a body, for our audit work, for this report, or for the opinions we have formed. **Crowe U .K. LLP** Statutory Auditor **Reading** 15 May 2026 > 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. _12 o/21_ SAID BUSINESS SCHOOL FOUNDATION The Said Bu5ine55 School Foundation Statement of Financial Actii'ities for the year ended 31st August 2025 Unrestricted Funds £'OOOs Restricted Funds £'OOOs Total 2025 £'OOOs Total 2024 £'OOOs Note INCOME FROM: Donations Investments 1,389 1.389 1,360 Total Ineome lJ89 65 EXPENDITURE ON: CharilablL Ac'lii'itie5.' Strategic Development Fund Strategic Development Unspent Grants Legal and Administrative Costs (1,020) 11,0201 (1,790) 129) {291 134) Total ExpeThditure 29 Net (expenditure) l ineome 26 369 343 459 Transfers between funds 26 126) Net movement in funds for the year 343 343 RECONCILIATION OF FUNDS Toial fi￿d% broll￿[ forward 1st September 13 (2,264) 12,2641 (1,805) Total fund5 caTried forward 31st August The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 13 of21 SAID BUSINESS SCHOOL FOUNDATION The Said Bu5ine55 School Foundation Balance Sheet As at 31st August 2025 Note 2025 £'OOOs 2024 £'OOOs Current assets Dcbtors Cash at bank aiid in hand Total current assets 1,389 117 IJ06 1,359 742 2.101 Current li#bilities Creditors falliii¥ due within one year 7{a} (1,333) 12,183} Total assets less current liabillties 173 82 Crcditorq falling duc aftcr ynorc than onc ycar 7(b) (2,094) (2,182} Total net (liabilities) l assets The funds of the charity Unrestricled designaled lunds Restricted funds (1.921) 12.264} Total charity funds 921 2,264 The noteb on pages 16 to 21 fonn part of the financial statements. Approved by The Said Bubiness School Foundation TTUbtee Lirnited. as TIu5tee, and signed on its behalf by.. Charles Powell IM3y 7 2026 13 48.12 GMT+11 Lord Powell of Bayswater Chairnian 0710512026 14 of21 SAID BUSINESS SCHOOL FOUNDATION The Said Bu5ine55 School Foundation Cash Flow Statement for the year ended 31st August 2025 2025 £'OOOs 2024 £'OOOs Note Casb used in operating activities (628) 18301 Cash provided by investing aetivities Interest incoTne Inerease In e#sh and eash equlvalents durlng the year 825 742 J.567 Casb and cash equivalents at the end of tbe year 742 15 of21 SAID BUSINESS SCHOOL FOUNDATION The Said Bu5ine55 School Foundation Notes to the Financial Statements for the year ended 31st August 2025 I ACCOUNTING POLICIES a) StatemeTht of compliance The financial 5tatemellts have been prepaTed 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 IFRS 1021 {effective l 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 fit]ancial statements ale prepared undei the historic cost convention. AII SBSF'S as%ct% and liabilitic% arc dcnominatcd in Pound% Stcrling. Thc ￿nctIOnal ciurcncy of SBSF 18 thcrcforc considered to be Pounds Sterling and the Financial Statements are presented in that currency. The Said Business School Foundation is an unincorporated UK charity regibtered with the Charity Commission for England and Wales (registration number 1069380). Its registered o￿l¢e a(Idress is The Sa(d Business School, Park End Street, Oxford, OXI IHP. b) Income Income Is recognised when SBSF has entitlement to the funds, it Ib probable that the income will be received and the amount can be measured reliably. c) Expenditure and irreeoverable VAT Expenditure is recognised once there is a legal or constrnctivt obligation to ￿￿ke a payment to a third party, it is probable that settleinent will be reqiiired, at]d the amount of the obligation can be measured reliably. In particulaT, Strategic Developinent Fund grant expenditure 15 recognised when the recipient, the Said Business School, ha5 approved a grant in accordance with the 2018 STrant ablTeeinent between the Said Bu5ine5s School and SBSF and a150 notified SBSF of thi5 gTaiit because that 15 the poit]t at which a cot]stn]ctive obligatiot] is considered to exist. All expeiiditure relates to chaTltable activities, and 15 analysed between activities at note 3 to the accounts. SBSF is not rebFi5tered for VAT. lTrecoverable VAT is therefore charged a5 11 cost against the activity for which the expendituie wa5 incurred. d) Fund accounting RestTlCted funds are donations which the donor has specified are to be solely used for particular grant-rnaking activities. Unrestricted ￿ndS are available for use at the discretion of the TTUStee 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 instwments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of grant ¢ommitments and commitments re¢eived in respe¢t of donations which are diqcounted to their present valuc as dc.%cribcd at notc Ig, bclow. O Going concern The Trustee has reasonable expectation that SBSF has adequaie resources to continue its activities for the foreseeable future based on the Grani Agreement between SF and SBSFT Ltd. 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 ¢ommitments 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, th¢ Trustc¢ considcrs it is appropriatc to continuc to adopt thc going conccrn basis in pr¢paring th¢ financial stat¢mcnts. 16 of21 SAID BUSINESS SCHOOL FOUNDATION The Said Bu5ine55 School Foundation Notes to the Financial Statements for the year ended 31st August 2025 I AcCOuNTI￿G POLICIES (continued) Critical accountiThg judgment5 and Sources of e5timatioTh Uncertainty Jn 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 Confirnis that SF has a long-terni commitment to SBSF of at least five years. However, the agreement also qtstes that there are ¢ircumstan¢es under which this ftinding could stop. Therefore SBSF rccogni%cs onc ycar's worth of annual incomc undcr that agrccmcnt in cach ycar'% financial %tatcmcnt8. In applying the requirement under FRS 102 SORP to discount long-tem) grant liabiliiies and committed donations to their presei)t value, the Trustee has used the independent averdge of a rai)ge ol'CPI inflation forecasts for the period 2025-27, as published by HM Treasury. This raie was 2.67/0 at ihe end of August 2025. In accordance with paragraph 11.20 of FRS 102. grants committed in prior years are discounted using the original discount rate li.e. the prevailing CPI inflation rate forecast in the year of initial recognition}. The CPI inflation late forecast was chosen as the discount rnte because SBSF has no borrowings, bo tlo Cost of capital. and because SBSF'S grant a¥reeinent with SF allows for annual increases in the amount of the bFiant which are calculated with refeTence to tlie rdte vf Lhdnge in the CPI inflation index. Further infvttnation about HM Tre£)bUry'5 foieLdst inflation late5 can be found at https../lwww.gov.uklgovemmenVcollectionsldata-foreLasts The TTU5tee does not consider that the financial statements contain any estimates which give Tlse to a significant risk of rnaterial adjustment in the next year. 17of21 SAID BUSINESS SCHOOL FOUNDATION The Said Bu5ine55 School Foundation Notes to the Financial Statements for the year ended 31st August 2025 2 1Thcome Unrestricted 202S £'OOOs Restricted 2025 £'0005 Total 202S £'OOOs Total 2024 £'OOOs Donation5 Investments Total 1,389 lJ89 1,360 lJ92 65 Income frorn donation5 COtibist5 of a ¥Tunt of £1,389.0(K) froin the Said Foundation in respect of tlie Stratessic Development Fund12024.. £1,359,000) and £250 of other donations12024.. £950). 3 Analysis of expenditure on eharitable activities Strategic Development Fund £'OOOs Legg1 Admin Costs £'OOOs Total 2025 £'OOOs Total 2024 £'OOOs -Grants to the Said Business School -Ui)bpent Grants to the Said Business School -Financing adjustment related to discounting future grant liabilities -Financing cost related to the unwinding of discounted grant liabilities -Building Suryey -support costs -Ciovcrnancc costs Is¢¢ not¢ 4) Total {9491 {9491 11,6001 26 26 50 (971 {971 (51 (41 2n ,049 12391 (51 (41 20 29 {161 1,823 Exptnditure on charitable activities was £1,049,000 (2024.. £1,823,000). In common with previous years, all SBSF'S grants were made to the Said Business School. New Strategic Development Fund grants totalling £949,000 weTe awarded in the year, with no unspent funds retiirned from grants awarded in previous years. The Strategic Development Fund grant expenditure is recogllised when the recipient, the Said Business School, has appToved a grant in accordanc£ with the 2018 grant agreement between the Said Bu5ine5s School and SBSF and also notified SBSF of this grant because that 15 the point at which a constructive obligatiori 15 considered to exist. Graiits which remain unpaid at the end of a period are caTried forward as liabilitie5, as Set out in note 7. There was a net financing c05t related to the unwinding of discounted bTTant liabilitie5 of £71,000 12024.. £189,000). Thi5 15 unwinding part of the previous year'5 discountiiig of future dated grant liabilities, as the expected payment date of the bFrant instalinent approaches. In AubFUSt 2025, a biennial buildin¥5 survey wa5 Ca￿led out by Watt5. SBSF also incurred £24,000 of support and governance costs (2024.. £34,0(X)). 4 Analysi5 of governance costs 2025 £'OOOs 2024 £'0005 Audit fees 19 (19) 18 {18) Remuneration of £15,995 plus V AT was payable to SBSF'S extem31 auditors, Crowe UK LLP, in respect of ststutory audit services for the year ended 31 August 2025 {2024.. £14.950 plus V AT}. Crowe UK LLP did not provide any non-audit services during the year to SBSF12024'. none). S Staff costs SBSF employs no staff (2024.. none). It incurred a recharge of £3,452 from SF in respect of SF staff time spent on SBSF business12024.. £15,580). 18 of21 SAID BUSINESS SCHOOL FOUNDATION The Said Bu5ine55 School Foundation Notes to the Financial Statements for the year ended 31st August 2025 6 Debtors 2025 £'OOOs 2024 £'OOOs Ac¢wed funding falling due within one year Accrned funding falling due after one year 1,389 1,359 lJ89 1,359 The accrued funding balance relates to funds yet to be diawn down from the Said Foundation in respeLt of the Strategic Development Fund. Accrued funding is a financial asset measuied at amortised tost. 7 Credltors a) Amounts falling due iTrithin one year 2025 £'OOOs 2024 £'OOOs Grant commitments not yet paid Other creditors ACen￿[S 2.149 16 19 b) Amounts falling due after more than one yegr 2025 £'OOOs 2024 £'OOUs Grant commitments not yet paid 2,094 2,094 2.182 2,182 All grant ¢ommitments outstanding at the year end were to the Said Business School at the University of Oxford. Grant commitment5 llot yet paid are finallcial liabilities measured at amoTtised c05t. 8 Cash flow statemeDt al Re¢on¢iliation of net movement in funds to net ¢A5h flow from (bp¢rating activities 2025 £'0005 2024 £'OOOs Net movement in fllnds Adjusledfor.. Interest income Show￿ in investing activities Ilncrease)IDeCre￿￿C in debtOTS (Decieasel in cieditOTS Net eash uscd In opcratlng aetivitlcs 343 (459) (31 (301 938 628 4,770 830 Net cash at 01.09.2024 £'OOOs Non-ca5h movements Net cash 31.08.2025 £'OOOs b) Reconciliation of movements on net funds Cash tIoiTr'5 £'OOOs £'OOOs Cash at bank and in hand Net lunds 742 742 625 {625) 19 of21 SAID BUSINESS SCHOOL FOUNDATION The Said Business School Foundation Notes to the Financial Statements for the year ended 31st August 2025 9 Analysls of charitable funds Transfer betM'ee funds £'OOOs Balance 01.09.24 £'OOOs Balance 31.08.25 £'OOOs Income £'OOOs Expenditure £'OOOs Resiricied Furyds Strategic Development Fund Total Restricted Fund$ (2,264) 1,389 (1,020) 126) 26 (1,921) UKré.glricted Fufrtd. LebTal and Adinini5trative Cost5 Total Unrestrleted Funds 129) 26 29 26 Total Funds {2,264 1.392 1,049 1,921 Strate ic Develo ment Fund Through the Strategic Development Fund SBSF aims to support initiatives that will promote SBSF'S objcctive to assist the School in its pursuit of excellence. Further detail about this grant-making activity is set out in the Annual R¢port. Th¢ Stratcgic D¢v¢lopmcnt Fund was n¢gativ¢ at th¢ start of thc y¢ar. During thc ycar, th¢ thrc¢ ncw grants awardcd wcr¢ lcss than th¢ annual grant r¢c¢ivcd from SF. Th¢rcforc, th¢ Fund ¢li)8¢d th¢ ycar with a lowcr n¢t liability position. Thc Grant Agreement between SBSFT Ltd and SF states that, it] the event that the TrLiStee5 of SF decide to cease their annual funding of SBSF, SF will nevertheless provide fundillg to SBSF to ensure that the Strategic Developmet]t Fiind commitments that SBSF has already made can be met. al aThd Admini5tratii'e Costs During the year, £3,000 was received in bank iiiterest and £29,000 was spent on legal and administrative cost5, including audit fees, the staff cost recharge from SF and the biennial building survey. These net cost5 were met by a transfer from the Strategic Developinent fund. Under the 2018 grant agreement between the Said Bu5ine5s School and SBSF, SBSF may allocate up to £50.0(X) per year foi its own administrative and legal expenditure. 10 An#lysls of Net Assets between Funds Unrestricted Funds £'OOOs Restricted Funds £'OOOs Total 2025 £'OOOs Total 2024 £'OOOs Current assets Creditors falling due within one year Net Current assets 1.506 1,333 173 1,506 1,333 173 2,101 182) Creditors falling duc after more than one year Net Assets l {Liabilitie5) 211 of21 SAID BUSINESS SCHOOL FOUNDATION The Said Business School Foundation Notes to the Financial Statements for the year ended 31st August 2025 I l Tran5aCtion5 Wlth director5 and connected persons Thrcc dircetors of Thc Said Businc%% School Foundation Trustcc Limitcd arc al￿0 trustccs of thc Said Foundation. Thcy arc Mr Wafjc Said, Mr Khaled Said and Lord Powell of Bayswater. Funding for the Strategic tkvelopment Fund was provided by thc Said Foiindation. Thc incomc and ajnount owcd by SF to SBSF at 31 August 2025, aftcr di%counting, wcrc as follows.. Arnount Amount owed owed 2025 2024 £'OOOs £'OOOs Income 2025 £'OOOs Income 2024 £'OOlJs Strategic Development Fund SBSF'S corporate Ift￿1ee and its directors were not paid nor received any other benefits from SBSF or a related entity in the year (2024.. nill. One director of the corporate trustee (2024.. none) received reimbursement of £61 for travel costs incurred on behalf of SBSF (2024.. none). 12 Taxation The Said Business School Foundation, as a charity. 15 exempt from taxation of its incorne and ¥ains fallinbF Wlthin section 466 section 517 of the Cotporation 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 Lharge has arisen in the year. 13 Statement of FiDancial ActiTrrytie5- prior year comparative5 Unrestricted Funds 2024 £'OOOs Restricted Funds 2024 £'OOOs Total 2024 £'0005 INCOME FROM: Donations Invc.%tmcnt 1,359 1,360 Total Income 1.359 EXPENDITURE ON: Charilable Ac'lii'itie5.' Strategic Development Fund Strategic Development Unspent Grants Legal and Administrative Costs Total ExpeThditure Net expenditure Transler between funds 11.790) {1,790) (34) 34 (34) 824 (28) {1401 168 (4311 140 {459) Net movement in funds for the year RECONCILIATION OF FUNDS Total fund5 broiight forward 1st September 2023 Total fund5 Ca￿led forward 31st Au&￿St 2024 291 459 168 11,9731 {1,8051 2.264 21 of21