2024-08-31-accounts - The Said Foundation

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The Said Foundation

Annual Report and Audited Accounts for the year ended 31 August 2024

Charity Number: 1225521 Company Number: 06621764

Said Foundation[aioiliiU ] -··-----

The Said Foundation

Annual Report and Financial Statements 2023/24

Table ofContents	Table ofContents	Page
Reference and Administrative Information		3
1.	Mission, Objectives and Programmes	4
2.	Review ofProgrammes
	- Summary	5
	- Said Business School Programme	5
	- Humanitarian Programme	6
	- Scholarship Programme	7
	- Other Charitable Expenditure	8
3.	Trustees and Management	8
4.	Financial Review	9
5.	Governance Information	10
6.	Statement of Trustees’ Responsibilities	14
7.	Independent Auditors’ Report	15
8.	Financial Statements
	- Statement of Financial Activities	18
	- Balance Sheet	19
	- Cash Flow Statement	20
	- NotestotheFinancialStatements	21

Page

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The Said Foundation

Annual Report and Financial Statements 2023/24

Reference and Administrative Information	Reference and Administrative Information
Charity RegistrationNumber	1125521
Company Registration Number	06621764
Correspondence and registered office address Floor 3, College House, 272 King’s Road,		London, SW3 SAW
Website	www.saidfoundation.org
Board of Trustees	MrWaficR Said (Chairman)
	DrRasha Said (Deputy Chair)
	Revd Jonathan Aitken
	Mrs Sirine Idilby
	Sir Michael Peat
	Lord Powell of Bayswater
	MrsA Rosemary Said
	Mr KhaledR Said (Benefactor)
	Mrs Nadine Zakaria
ChiefExecutive Officer	MrHani Jesri (from 24 June 2024)
	Ms Catherine Thomé (to 24 June 2024)
Auditors	Crowe U.K. LLP
	R+ Building
	2 Blagrave Street
	Reading
	RG1 1AZ
Bankers	Citi PrivateBank
	Citigroup Centre
	Canada Square
	Canary Wharf
	London
	E14 SLB
	UBS Zurich AG
	Paradeplatz 6
	CH-8098 Zurich
	Switzerland
Legal Advisers	Bates Wells
	10 Queen Street Place
	London
	EC4R IBE
	Stephenson Harwood
	1 Finsbury Circus
	London
	EC2M 7SH
Investment and	Capital Generation Partners LLP
Property Advisers	Berkeley Square House
	London
	W1J 6BX
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The Said Foundation

Annual Report and Financial Statements 2023/24

ee Trustees’ Report incorporating the Strategic Report

The Trustees present the report and financial statements for the period from 1 September 2023 to 31 August 2024. The Trustees are also Directors of the company for the purposes of the Companies Act 2006. The financial statements have been prepared in accordance with the accounting policies set out therein and comply with the Memorandum and Articles of Association, applicable law, 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 ofIreland (FRS 102), the Charities Act 2011, as amended by the Charities Act 2022, and the Companies Act 2006.

1. Mission, Objectives and Programmes

The charitable object of The Said Foundation as set out in its Memorandum and Articles of Association is “to advance all exclusively charitable purposes in accordance with English law for the public benefit”.

The Trustees retain a focus on the Middle East, particularly the priority areas of Syria. Palestine, Lebanon and Jordan. However, they also fund projects in the United Kingdom including through the Said Business School Programme and at world-leading medical research institutions. In November 2024, the Board of Trustees reviewed the vision, mission, guiding principles and objectives set out below.

The vision is ofa world where people from all backgrounds can realise their full potential.

The mission is to bring positive and lasting change to the lives of children, young people and the wider community through carefully selected investments in themes and geographies with which the Said family and The Said Foundation have developed strong links and expertise.

The guiding principles are as follows:

A conviction that education is a powerful tool to change lives for the better and that higher education, in particular, plays a valuable role in creating enlightened and effective leadership which benefits the broader community.
An approach that is non-sectarian and non-political.
Recognition of the need to build capacity and capability across the countries in which the Foundation works.
An understanding of the importance of bridge building, communication, and respect across cultures.
A desire to enhance and learn from the thematic and regional experience of the Foundation and to benefit from synergy between programmes.
A desire to promote philanthropy and to maximise the impact of specific projects through partnerships with organisations that share our objectives.

The objectives are:

To assist the Said Business School at Oxford University in its pursuit of excellence and its goal of achieving a top ten place among global business schools, as well as in its desire to promote the beneficial role of business in society.
To support the humanitarian relief and development needs of displaced Syrian people and improve the lives of disadvantaged children in the Levant region.
To support the higher education of students in order to promote the sustainable development of the Levant region.
To enable disadvantaged students in the UK and overseas to realise their full potential through educational and vocational training, and internship opportunities.
To promote better health outcomes for people everywhere by supporting innovative and impactful projects at world-leading medical research institutions.

These objectives are pursued through three main related programmes:

The Said Business School Programme makes grants to the Said Business School Foundation for its Strategic Development Fund with a view to establishing and maintaining the School as one of[the][world’s] top and most influential business schools.

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The Said Foundation

Annual Report and Financial Statements 2023/24

The Humanitarian Programme supports the educational and development needs of displaced Syrians in Lebanon and in Jordan.
The Scholarships Programme provides financial support, sometimes with partner organisations, to students from the Levant region who demonstrate particular potential to pursue higher education so that they can expand their skills and knowledge in relevant fields and thereby enhance their contribution to the development of the region.

In addition to these three main programmes, the Foundation also funds other charitable organisations.

The Foundation is non-sectarian and non-political. Its partners are individuals, non-governmental organisations (NGOs), educational institutions, UN agencies and other charities. The Foundation regularly reviews its objectives and programme priorities, especially those in the Levant region, to ensure the most effective deployment of its funds.

2. Review of Programmes

Summary

The Foundation made grant commitments of £17.3 million in 2023/24 across the three main charitable programmes, as well as through other charitable expenditure, after taking account of unspent grants returned. A summary of this grant expenditure is shown below, with further detail set out at note 4 to the accounts.

ae -	GrantsCommitted 2023/24(£000s)	GrantsCommitted 2022/23 (£7000s)
Said Business School Programme HumniarinPoganme	11,359 1,294 fw
Other Charitable Grants	4,010	4,265
TOTAL	aq]854i	854i

Other charitable grant recipients in 2023/24 included: The King’s Foundation and The Rhodes Trust. There was an unspent grant returned from Amal. Other charitable grant recipients in 2022/23 included: the Chance to Change Foundation, Said Research Initiative on Age-related Macular Degeneration at University College London (Institute of Ophthalmology), and Turquoise Mountain (Palestine).

The following sections give more detail about the aims and impact of each programme.

Said Business Schoo! Programme

An important focus for the Said Foundation is to assist the strategic development of the Said Business School at the University of Oxford. In support of that goal, the Foundation provides annual funding to the Said Business School Foundation (SBSF) for its Strategic Development Fund (SDF) and for its legal and administrative costs. That annual funding rises each year in line with the CPI inflation index, with a 5% cap on the annual uplift. In 2023/24 the annual grant to SBSF for its SDF was £1.4 million. In addition, during 2023/24 there was a £10 million grant for the Oxford Said Future Leaders Scholarships, of which £6 million is dependent upon the School raising matched funding of at least twice the value of the Foundation’s donations.

The purpose of the SDF is to support initiatives which will make a strategic difference to the successful development of the Said Business School and 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 one of the best in the world.

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The Said Foundation

Annual Report and Financial Statements 2023/24

During 2023/24, SBSF made payments, under multi-year agreements entered into in previous years, which support its medium-term objectives:

e to assist the School to strengthen those functions which are of critical importance to the success of a business school:
e to assist the School to strengthen the key points of differentiation that underpin and enhance its brand;
e to 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
e to assist the School to establish and maintain itself as the UK’s top school, one of Europe’s top two schools and one of the world’s top ten schools, both in the fields of MBA and Executive Education, as measured by a range of authoritative rankings of business schools.

Further details about this grant-making activity can be found in SBSF’s annual report.

In 2023/24, five new grants totalling £1,600,000 were awarded by SBSF from its SDF(2022/23: five new grants totalling £3,602,000 plus one £250,000 uplift for an existing grant commitment).

In 2017/18, the Foundation madea significant commitment to support the School’s redevelopment of the Osney Power Station, which is in close proximity to the School, to provide a new world-class executive education facility called the Global Leadership Centre. With matched funding from the University, SBSF made a commitment of £15 million to support the project, funded by the Chairman and made via the Said Foundation. The full amount of £15,000,000 had been paid to the School by 31 August 2024.

In 2023/24, the Foundation signed an agreement with the School for Oxford Said Future Leaders Scholarships. This provides £4,000,000 of[funding][for][scholarships][from][ 2024][to][2027,][with][an][additional][£6,000,000][dependent] on the School raising matched funding of at least twice the value of the Foundation’s donations. As at 31 August 2024, there was £9,000,000 still to be paid under this gift agreement.

Assessment of impact

The Foundation’s funding for SBSF’s SDF requires, amongst other conditions, that the School does not cease to be ranked as one ofthe[top][three][schools][in][the] UK[for][more][than][three][consecutive][years.][The][Board][therefore] assesses the impact of its support by monitoring the achievement of this objective. In 2024, the School was placed 26" globally (2023: 28") and second in the UK (2023: third) in the Financial Times’ MBA rankings. This means the School continues to meet the objective set by the Board. Improving the global ranking is an ongoing strategic focus for the School.

Humanitarian Programme

Since 2011/12, the Foundation has focussed the Humanitarian Programme on relief and development support for Syrian refugees and host communities in Jordan and Lebanon, by funding over £20 million in grants for projects in the fields of education, healthcare, child protection and emergency relief.

This support continued during the year ended 31 August 2024, with a grant of £781,000 to UNHCR, the United Nations refugee agency, for the support of refugees in Lebanon.

Assessment ofImpact

By supporting implementing partners that have a strong record of capability and achievement in the region, the Foundation aims to maximise the impact of its grant-making and to reach the most vulnerable beneficiaries.

Within three months of the grant to UNHCR being paid, a narrative and financial report was provided to the Foundation. It provided monitoring and evaluation of the grant and details of the impact on the beneficiaries who were supported.

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The Said Foundation

Annual Report and Financial Statements 2023/24

Scholarship Programme

Scholarships in the UK

The Said Foundation has offered educational scholarships and training opportunities since 1984. Its Scholarship Programme aims to empower students through educational opportunities and provide skills needed for the development of the region. It is targeted towards outstanding individuals who demonstrate the potential to be future leaders and drivers ofchange within the Levant. Since 1984 the Foundation has supported over 700 scholars from the region to study in the UK.

By bringing talented scholars to study at a postgraduate level in the UK, the intention is to provide them with skills and knowledge not widely available in the Middle East, to expose them to critical and independent ways of learning and thinking, and thereby to help to create future leaders in their professional fields.

Said Foundation Scholarships are awarded based on merit. Applications are carefully considered by officers and Trustees of the Foundation as well as by external assessors selected from among the Foundation’s alumni. The Foundation bases its decisions on candidates’ academic excellence, the usefulness of the subjects to their home countries, the candidates’ leadership potential, their commitment to serving their communities, their future career plans and their practical abilities to make use of the knowledge to be gained in the UK on their return to the Middle East.

In the 2024/25 application round, the Said Foundation received 845 (2023/24: 708) applications, of which 742 (2023/24: 600) met the programme’s eligibility criteria. The selection process lasted eight months, with award letters sent from June to August 2024. Selected scholars arrived in the UK in September and October 2024. The Foundation is supporting 24 scholars for one-year master’s degree studies in the UK during the academic year 2024/25, with scholars from Syria (11), Jordan (5), Lebanon (3) and Palestine (5) (academic year 2023/24: 20 scholars studying a one-year master’s degree, and one scholar concluding PhD studies).

The total amount granted under the Scholarship Programme (including tuition fees, maintenance awards and travel expenses, and after unspent grants returned from previous cohorts) was £1,198,000 (2023: £982,000). This figure includes the £110,000 (2023: £146,000) cost of scholars selected separately to the main programme (see Other Scholarship Grants below).

The Foundation seeks to maximise the number of scholars it can support by working with partners who contribute financially towards scholarships. Of the 24 current scholars, three scholars are also supported by the Foreign, Commonwealth & Development Office’s Chevening Scholarship programme. In addition, the Said Foundation has partnership agreements with 25 UK universities each providinga tuition fee discount of 20-50%. Over the last few years, the Foundation has improved communications with its alumni and keeps an up-to-date database of over 700 former scholars.

Rhodes Scholarships for Syria, Jordan, Lebanon and Palestine

In academic year 2023/24, two new Rhodes Scholars from the Foundation’s target countries arrived in the UK to begin their postgraduate studies at the University of Oxford, one from Syria and one from Palestine. They will spend between three to four years at the University of Oxford. This was the seventh year of the scholarship agreement between the Said Foundation, the Rhodes Trust and the University of Oxford, bringing the total number of Said Rhodes past and present students to fifteen.

Assessment ofImpact

The Foundation continues to monitor the Scholarships Programme throughout the year, with a formal internal evaluation report prepared every 3-5 years. The latest evaluation report in September 2022 concluded that the Scholarships Programme continued to meet its objectives of providing talented individuals with educational opportunities that enhance their personal careers and also contribute to the development of the Levant region.

Other Scholarship Grants

In addition to the main Scholarship Programme, two other scholarships were awarded for undergraduate studies for one student in Spain and one student in Canada. There were also three grant payments contributing towards the tuition fees of three Gazan students studying medicine at an Egyptian University.

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The Said Foundation

Annual Report and Financial Statements 2023/24

Other Charitable Grants

The King’s Foundation

In December 2023, an agreement was signed with The King’s Foundation for a grant of £4,000,000, with an additional £1,000,000 contributed directly by the Chairman himself. The grant is for the general work of The King’s Foundation, which aims to create a more sustainable future by understanding the balance, the order and the relationships between humans and the natural world. As at 31 August 2024, £2,000,000 remains to be paid.

The Rhodes Trust

In February 2024, an agreement was signed with The Rhodes Trust for £250,000 in support of the redevelopment of Rhodes House. This was paid in full by 31 August 2024.

Other Grants

There was an unspent grant returned from Amal at the end of the matched funding period on 31 December 2023 of £240,000.

Grant payments remain ongoing for The Turquoise Mountain (Palestine) for Preserving Palestinian Craft Heritage, with £609,000 still to be paid as at the 31 August 2024. Payments are made quarterly subject to the provision of appropriate reporting.

There remains £2,000,000 to be paid in annual instalments of £500,000 to the Said Research Initiative on Agerelated Macular Degeneration.

Plans

The Said Foundation plans to continue funding the Said Business School Programme and Scholarship Programme, along with supporting Humanitarian work whenever funds permit.

3. Trustees and Management

During the year, the Board of Trustees met in October 2023 and June 2024. The Audit Committee met twice in February 2024. The Investment Committee met in September 2023, November 2023, February 2024 and June 2024. The Projects Committee met in May 2024. The Student Committee met in April and May 2024.

4, Financial Review

Summary of Financial Performance

The Foundation monitors its financial performance through six key performance indicators (KPIs) which are reported to the Audit Committee and Board.

A summary of these is set out below.

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Return,|[after]|[fees,]|on|[financial]|>4% above|rate|of CPI|2.1|%%|10.4%49| |.|.|.|above|below| |investments|inflation|target|target| |financial|investments| |Investment|Management fees as a percentage of|<1%|0.01%|0.00%| |performance| |Net|yield|from|freehold|properties|-20.6%| |Property|management|costs asa|<10%|24.6%|16.6%| |percentage|of gross|rental|income| |Operational|Staff and administrative|costs as a|<15%|3.2%|6.9%| |performance|percentage|of charitable|expenditure|

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The Said Foundation

Annual Report and Financial Statements 2023/24

Financial investment performance during the year exceeded the long-term objective, with a gross return of 8.3% exceeding the target of 6.3% (i.e. 4% above the 2.3% CPI inflation rate at 31 August 2024).

The net yield from the commercial freehold properties fell short of target for the second year in a row, having been impacted by the £3 million property revaluation loss.

Property management costs of £938,000 for the year ended 31 August 2024 significantly exceeded their target limit of £382,000 (i.e. 10% of gross rental income), largely related to ongoing vacancy costs at One Kingsway.

Staff and administrative costs as a percentage of charitable expenditure are below target for 2023/24, as in the previous year, largely due to significant charitable grants of £17.3 million in the year.

The value and allocation of the Foundation’s investment portfolio at 31 August 2024 are summarised below, with further detail provided at note 8 to the financial statements.

	2024	2024	2024	2023	2023	2023
	£°000s	%		£000s	%
Investment Properties
College House, London*	33,900		59%	34,000		51%
One Kingsway, Cardiff*	6,175		11%	9,100		14%
King William St, London*	7,800		14%	7,800		12%
Financial Investments
Mixed Asset Funds	8,951		16%	15,554		23%
Fixed income and cash	17		0%	5		0%
Private equity	314		0%	749		1%
TOTAL	57,157	100%		67,208		100%
* The values ofthe Investment Properties are stated without any			deduction	for borrowing	secured	on those
properties. As at 31 August2024, borrowing secured across all three properties was £27,993,000
(2023:£27,903,000)

Capital Generation Partners LLP is the Foundation’s sole adviser for its financial and property investments. The financial investments are primarily invested in a multi-asset strategy designed to achieve a 4% real return over the cycle.

Charitable expenditure

The activities of the Foundation are funded from its investments, which are managed by professional investment and property managers. Total charitable expenditure in the year to 31 August 2024 was £17.6 million (2023: £6.9 million) and is analysed at note 4 of the financial statements.

5. Governance Information

Governance and Decision Making

The Said Foundation is the successor organisation to the Karim Rida Said Foundation (KRSF) that was established in 1986. It is a UK charity registered with the Charity Commission for England and Wales and is also a company limited by guarantee and registered at Companies House. The Said Foundation is based in London. During the year under review, all staff, programmes and financial matters were overseen by the Chief Executive Officer (CEO).

The Trustees of the Said Foundation who have served during the year are set out on page 3. The Trustees normally meet twice a year and are empowered under the Articles of Association to delegate authority to sub-committees. There are five standing committees, the Nominations, Investment, Audit, Projects and Student Committees, which meet as necessary. The mandates and membership of the sub-committees are reviewed and agreed annually by the Board.

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The Said Foundation

Annual Report and Financial Statements 2023/24

ee

New Trustees may be appointed by the Foundation’s Benefactor and the current trustees. Mr Khaled Said is the current Benefactor. Any transactions with Trustees or other related parties are disclosed at note 19 to the financial statements.

The Foundation’s Audit Committee reviews governance arrangements annually to assess compliance with the Charity Governance Code published in July 2017, as updated in December 2020. While the Code is not a legal or regulatory requirement, Trustees seek to ensure the Foundation complies with it to the fullest extent reasonably possible.

Remuneration Policy

The Board of Trustees has delegated to the Audit Committee the authority to set the salaries of the Foundation’s officers in line with positions of similar responsibility in comparable organisations. The salary of the CEO is also approved by the Chairman.

Risk Management

The Foundation’s Audit Committee reviews the full risk register and the accompanying systems and controls, adding any new risks, as required, with a summary of key risks presented to the Board on an annual basis.

Trustees have identified the following principal risks facing the Foundation and have controls in place for their active management:

					e	Procedures are in place for pre-selection due diligence,
						and performance monitoring for all students and project
						partners,
Misuse ofFunds The Foundation may inadvertently extremist organisation or individual.			fund	an	e e	Grant agreements are drafted to include stage payments dependent on reports detailing the delivery of agreed outcomes. . wo: Projects in the Levant are implemented by large charities
						and international NGOs with experience of working in
						complex environments and with appropriate due
						diligence and monitoring in place.
					e	The Foundation runs no direct activity in the Middle East
						but maintains relationships with major agencies (the
						IRC, Save the Children, UNHCR and Turquoise
						Mountain) which have been chosen because of their
Humanitarian		Programme				experience in delivering projects in conflict-affected
Conflict	and	political instability	in	the		areas.
Foundation’s		priority countries	causes!		e	Risk assessment is undertaken during the project
disruption	to the delivery ofprojects.					selection process, recognisingthatsome risk is inevitable
						in order to meet the humanitarian needs. Grant
						agreements are drafted to include stage payments
						dependent on reports detailing the delivery of agreed
						outcomes.
					e	=Annual review ofobjectives by the Board informs all SF
						programmes and funding priorities / criteria.
CharitableImpactandStrategy					e	Achievement of objectives is reviewed annually by the
The Foundation’s strategy is not sufficiently						Board and more frequently by sub-committees.
focussed to maximise its charitable impact,	e leading to charitable funds being wasted
					e	Regular communication between Chairman and CEO on
						projectproposalsandfunding.

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Grant-making Policy

As a charitable foundation, making grants is the primary means through which the Foundation achieves its charitable objectives. The grant-making policies for each charitable programme are summarised as follows.

e The annual funding provided for the Said Business School Foundation’s Strategic Development Fund will continue to be provided as long the School does not cease to be ranked as one of the top three schools in the UK for more than three consecutive years; and as long as the Foundation does not reasonably consider that the annual funding paid to SBSF would be better granted to other beneficiaries.
e The Foundation’s criteria for funding scholarships are available on the Foundation’s website as well as through academic partners in the target countries, such as the British Council. The Student Committee awards scholarships annually following a rigorous selection process that includes interview by the Foundation, verification of references and academic transcripts, and background checks on each successful candidate. Each successful candidate must sign an award letter setting out the terms of the scholarship and funds are not advanced until those terms are met.
e The Humanitarian Programme makes grants to established international organisations and is not open to speculative applications. The Foundation selects partners with experience of working successfully in complex conflict-affected environments.
e Other grants made in pursuit of other Foundation objectives are identified as matching these objectives by Trustees and approved by the Projects Committee.

Public Benefit

The Trustees 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. The Trustees consider that each of the Foundation’s programmes is aimed at one or more of: the advancement of education, advancement of health / saving lives, advancing the arts and heritage, and assisting the young and/or disabled. Furthermore, while there are eligibility criteria for each of the Foundation’s programmes, the Trustees are also satisfied that each programme is targeted at a sufficiently wide section of the public to meet the ‘public benefit’ test.

Investment Policy

Under the Articles of Association, the Trustees have wide investment powers, including the power to appoint investment managers provided the managers are given clear investment guidelines and are monitored by the Trustees. The overall financial and investment objectives of the Fund are to provide a stream of income to support the Foundation’s mission.

Reserves Policy

As the Foundation does not usually fundraise externally, income from investments represents its primary source of revenue alongside new donations from the Chairman and Benefactor. Until last year, the objective of the Trustees was that the value of the endowment fund should not be permitted to fall below (across the economic cycle) the value of the unrestricted donations made by the Chairman since 1986, uplifted in line with inflation. In light of the current property market and recent new grant commitments, the Trustees approved an updated reserves policy at the Board meeting in November 2024.

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The Said Foundation

Annual Report and Financial Statements 2023/24

The Foundation’s new reserves policy has been determined by the Trustees and is to hold reserves of at least five years’ funding for its core programmes (the Scholarship Programme and the Said Business School Strategic Development Fund, together with the associated staff and administrative costs). The Trustees review performance against this objective on an annual basis and when reviewing new grant commitments.

At 31 August 2024, the Foundation’s endowment fund was valued at £25.3 million (2023: £43.1 million). In line with the new reserves policy, the total projected cost of the core charitable programmes, plus staff and administrative costs, for the next five years produced a minimum reserve figure of £16.4 million.

Fundraising Policy

The Foundation is an endowed charity and does not rely on donations from the public or third parties to fund its charitable activities. It therefore has no fundraising requirement and does not devote significant resources to fundraising. However, the Foundation follows the Fundraising Regulator’s Code of Fundraising Practice to the extent that it is applicable.

Appointment of Auditors

Crowe U.K. LLP were appointed as auditors for the 2023/24 financial year in accordance with section 485 of the Companies Act 2006.

Audit information

In so far as the Trustees are aware:

e there is no relevant audit information of which the charitable company’s auditor is unaware; and
e the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report was approved by the Trustees on 19/05/2025

and signed on its behalf by:

Sik Michael Peat

Sir Michael Peat

Trustee and Chairman of the Audit Committee

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The Said Foundation

Annual Report and Financial Statements 2023/24

| | | |

Statement of Trustees’ responsibilities

The Trustees (who are also Directors of the Said Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming/outgoing resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

e select suitable accounting policies and then apply them consistently;
e observe the methods and principles in the Charities SORP;
e make judgements and estimates that are reasonable and prudent;
e state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
e prepare the financial statements on the going concern basis, unless it is inappropriate to assume that the charitable company will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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The Said Foundation

Annual Report and Financial Statements 2023/24

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SAID FOUNDATION

Opinion

We have audited the financial statements of The Said Foundation (the charitable company) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow statement and the 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:

e give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of its income and expenditure for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Companies Act 2006.

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 charitable company 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 charitable company’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 concem 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, except to the extent otherwise explicitly stated in our report, 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of[the][audit:]

e the information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic Report prepared for the purpose of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
Page 14 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

e the Strategic Report and the Directors’ Report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report contained within the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

e adequate accounting records have not been kept, or
e the financial statements are not in agreement with the accounting records and returns; or ¢ certain disclosures of trustees’ remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities on page 14, the trustees (who are also directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 Employment law and tax law.

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 valuation of investments, recognition of debtor from Chairman, discounting of grants 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, testing of discount rate and direct confirmation from the Chairman with respect to the debtor balance, and reading minutes of meetings of those charged with governance.

Page 15 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

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 non-compliance 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 ofintentional 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 charitable company’s member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s member 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 charitable company and the charitable company’s member, for our audit work, for this report, or for the opinions we have formed.

Alastair Lyon Senior Statutory Auditor For and on behalfof Crowe U.K. LLP Statutory Auditor Reading

21 May 2025

Page 16 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Statement of Financial Activities incorporating Income and Expenditure Account for the year ended 31 August 2024

		Unrestricted Funds -
		Expendable	Total	Total
		Endowment	2024	2023
	Note	£000’s	£000’s	£000’s
INCOME FROM:
- Donations	2	1,034	1,034	5,093
- Investments	3	3,840	3,840	3,767
- Other income		21	21	21
Total income		4,895	4,895	8,881
EXPENDITURE ON:
Raisingfunds:
- Investment management costs		(938)	(938)	(624)
- Interest on borrowings		(843)	(843)	(968)
- Other expenditure on raising funds		(1)	(1)	(4)
- Movement on bad debt provision		58	58	59
Charitable expenditure:	4
- Humanitarian Programme		(819)	(819)	(20)
- Said Business School Programme		(11,255)	(11,255)	(1,525)
- Scholarship Programme		(1,386)	(1,386)	(1,250)
- OtherCharitable Expenditure		(4,172)	(4,172)	(4,148)
Total expenditure		(19,356)	(19,356)	(8,480)
Net (losses) on investment properties		(3,025)	(3,025)	(12,658)
Net gains on financial investments		1,067	1,067	44
Net (losses) on interest rate swap		(1,368)	(1,368)	(149)
Net (losses)on foreign currency movements		(103)	(103)	(545)
Net (losses)		(3,429)	(3,429)	(13,308)
Net (expenditure) and net movement in fandiefotneyear	6	(17,890)	(17,890)	(12,907)
RECONCILIATION OF FUNDS
Funds brought forward Ist September	13,14	43,149	43,149	56,056
Fundscarriedforward31stAugust	13,14	25,259	25,259	43,149

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

All income and expenditure derive from continuing activities.

Page 17 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Balance Sheet at 31 August 2024

		2024	2023
	Note	£000’s	£000’s
Fixed assets
Investment properties	8b	47,875	50,900
Financial investments	8c	9,282	16,308
Total fixed assets		57,157	67,208
Current assets
Debtors, prepayments and accrued income	9	10,895	12,597
Cash at bank and in hand		1,307	1,534
Interest rate swap		234	1,602
Total current assets		12,436	15,733
Creditors falling due within one year	10a	(6,199)	(9,593)
Net current assets		6,237	6,140
Total assets less current liabilities		63,394	73,348
Creditors falling due after more than one year	10b	(38,135)	(30,199)
Net assets		25,259	43,149
The funds ofthe charity
Restricted funds	13	-	.
Unrestricted funds
- Expendable endowment fund	14	25,259	43,149
Totalcharityfunds		25,259	43,149

The notes on pages 21 to 31 form part of[the][financial][statements.]

Approved by the Board of Trustees on 19/05/2025

and signed on its behalf by:

==> picture [77 x 15] intentionally omitted <==

----- Start of picture text -----
Sik Michael Peat
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Sir Michael Peat Trustee

Registered Company No: 06621764

Page 18 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Cash Flow Statement

for the year ended 31 August 2024

==> picture [434 x 268] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |Note|£000’s|£000’s| |Cash|used|in|operating|activities|12a|(11,022)|(3,883)| |Cash|flows|from|investing|activities| |-|Interest|and|rents|received|12b|3,347|3,583| |-|Receipts|from|sale|of investments|7,980|1,414| |-|Payments|to|buy new|investments|-|(295)| |-|Additions|to|tangible|fixed|assets|-|=| |-|Capital|expenditure|on|investment|properties|-|-| |11,327|4,702| |Cash|flows|from|financing|activities| |-|Payment of interest|(532)|(759)| |(532)|(759)| |(Decrease)/Increase|in|cash and cash|equivalents|during|the year|(227)|60| |Cash|and|cash|equivalents|at|the|beginning of the|year|1,534|1,474| |Cash|and|cash|equivalents|at|the|end|of the|year|1,307|1,534|

----- End of picture text -----

A reconciliation of net debt is included at note 12(c).

Page 19 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation Notes to the Financial Statements for the year ended 31 August 2024

1 ACCOUNTING POLICIES

a) Basis of preparation

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), the Charities Act 2011, as amended by the Charities Act 2022, and the Companies Act 2006. The Foundation meets the definition of a ‘public benefit entity' under FRS 102. The financial statements are prepared under the historic cost convention except where otherwise stated. The majority of the Foundation’s assets and liabilities are denominated in Pounds Sterling. The functional currency of the Foundation is therefore considered to be Pounds Sterling and the Financial Statements are presented in that currency. The Said Foundation is a company limited by guarantee and is incorporated in England and Wales. Its registered office address is Floor 3, College House, 272 King’s Road, London, SW3 5AW.

b) Income

Income is recognised when the Foundation has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income from operating leases is recognised on a straight-line basis over the lease term, net of lease incentives. Lease incentives are typically granted at the commencement of the lease term and are then accrued and recognised on a straight-line basis over the lease term.

c) Expenditure and irrecoverable VAT

Expenditure is recognised once: there is a legal or constructive obligation to make a payment to a third party arising from a past event; it is probable that settlement will be required; and the amount of the obligation can be measured reliably. Expenditure relates either to raising funds (principally the costs directly attributable to managing the investment portfolio and investment properties) or to charitable activities. Expenditure on charitable activities is analysed between the Foundation's major charitable programmes at note 4 to the accounts.

The Foundation is registered for VAT and recovers input tax to the fullest extent possible. However, the majority of the Foundation's transactions are outside of the scope of VAT and 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 Trustees in furtherance of the general objectives of the Foundation. Analyses of income, expenditure and net assets of the Foundation's restricted and unrestricted funds are shown at notes 13, 14 and 15 to the accounts.

e)

Financial instruments

The Foundation holds financial assets and financial liabilities classified as 'basic' financial instruments, such as receivables, ‘loans and payables, as well as ‘other’ financial instruments, being an interest rate swap. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest rate method. Other financial instruments are measured at market value at each reporting date, with movements in market value included in net income. In October 2021, the Foundation entered into an interest rate swap in relation to the facility agreement with Citibank. This is measured at market value at each reporting date, with movements in market value included in net income.

Page 20 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation Notes to the Financial Statements

for the year ended 31 August 2024

1 ACCOUNTING POLICIES (continued)

f) Foreign currencies

Transactions denominated in foreign currency are recognised at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currency are translated at the exchange rate on the balance sheet date. All gains and losses on exchange, realised and unrealised, are charged to the Statement of Financial Activities and included in the net movement on funds.

g) Investment properties

Investment properties are held to earn rental income and for capital appreciation, and are not used in connection with the Foundation's charitable activities. Investment properties are held at fair value at the balance sheet date. Depreciation is not provided on investment property.

Subsequent to purchase, an investment property carried at fair value may be subject to further expenditure on improvements or refurbishment. Such expenditure is capitalized where it is expected that the work will enhance the income-generating potential of the asset. The costs of such work are added to the carrying value of the asset which is subject to re-measurement as part of future revaluations.

The Foundation determines the fair value of its investment properties by commissioning valuations from independent, third-party valuers with appropriate professional skills and experience. These valuations are commissioned on a 'market value’ basis sufficiently frequently to satisfy the Trustees that the book value is a materially accurate estimate ofthe fair value at the reporting date. Further details about the valuations of individual investment properties are shown at note 8 to the accounts.

h) Financial investments

Quoted investments are stated at market value at the balance sheet date. Unquoted investments are valued at the Foundation's best estimate of fair value based on valuations provided by fund managers and reviewed by the Foundation's investment advisers.

Where a valuation is not available at the balance sheet date, the most recent valuation from the fund manager is used, adjusted for cash flows and foreign exchange movements in the period between the valuation and the balance sheet date, and for any evidence of impairment between the most recent valuation date and the financial year end.

i)

Grant commitments

Grant expenditure is recognised when the grant has been approved by the Foundation's Board of Trustees, Student Committee or Projects Committee and 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 10 to the accounts.

Page 21 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation Notes to the Financial Statements for the year ended 31 August 2024

1 ACCOUNTING POLICIES (continued)

j) Going concern

The Foundation's Statement of Investment Policies states that the objectives of the investment portfolio are to provide a stream of funding in support of the Foundation's mission, and to preserve and enhance the real (inflationadjusted) purchasing power of the assets. The Foundation holds a prudent level of cash to meet short-term liabilities, and its Financial Controller, CEO and Audit Committee members regularly review a cash flow forecast to ensure that the level of cash held is sufficient to meet all expected liabilities as they fall due.

The majority of the Foundation’s investment portfolio is held in directly-owned properties which provides the Foundation with a regular stream of cash receipts from tenants. In the event of an unexpected shortfall in rental income, the mixed asset funds within the Foundation’s financial asset portfolio can be exchanged for cash on a monthly basis.

Accordingly, the Trustees consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

k) Critical accounting judgments and sources of estimation uncertainty

In the application of these accounting policies, the Trustees have made two judgments that have a significant effect on the financial statements.

The Grant Agreement between the Foundation and SBSF confirms that the Foundation has a long-term commitment to SBSF for at least five years. For 2023/24 that commitment was for £1.4 million (2022/23: £1.3 million) and it rises each year in line with the annual increase in the CPI inflation index. In January 2023 it was agreed to cap the uplift at 5% for the current and future years. However, the agreement also states that there are circumstances in which this funding could cease. Therefore, SF recognises one year's funding for SBSF in each year's financial statements.

In applying the requirement under paragraph 7.9 of the FRS 102 SORP to discount long-term grant liabilities to their present value, the Trustees have used HM Treasury's forecast medium-term CPI inflation rate for 2024 and beyond which 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 SF’s charitable expenditure is funded from an endowment which is invested to achieve a return 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 Trustees have also noted one significant valuation, being the valuation of investment property assets. The Trustees’ approach to the valuation of each investment property is described at note 8 to the accounts. However, there remains a risk that, if the assets were realised, the sale proceeds might differ materially from the estimates made by the Trustees and their professional advisers.

Page 22 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Notes to the Financial Statements for the year ended 31 August 2024

2 Donations

		Unrestricted Funds -
		Expendable
	Restricted	Endowment	Total	Total
	2024	2024	2024	2023
	£000’s	£000’s	£000’s	£000’s
General donations	-	34	34	-
Donations from the Benefactor	-	1,000	1,000	-
Donations from the Chairman	-	-	-	5,093
Total	-	1,034	1,034	5,093
Income from investments
			Total	Total
			2024	2023
			£000’s	£000’s
Bank interest			20	8
Rents and otherincome from investment	properties		3,820	3,759
Total			3,840	3,767

3 Income from investments

No income is received from the main part of the Foundation’s financial assets, which are managed by Capital Generation Partners. The income is accumulated. The movement in the value of the investments managed by Capital Generation Partners is shown under net gains/losses on financial investments.

4 _ Analysis of expenditure on charitable activities

	Humanitarian	Humanitarian	Said Business	Scholarship	Other	Total	Total
		Programme	School	Programme	Charitable	2024	2023
		£000’s	Programme £000’s	£000’s	Expenditure £000’s	£000’s	£000’s
- Grant commitments		781	11,359	1,216	4,250	17,606	6,584
- Unspent grants returned		-	-	(18)	(240)	(258)	(43)
-Financing adjustment related to discounting futuregrant liabilities			ee)		o	om	Gi
- Financing cost related to the
unwinding ofdiscounted grant		-	-	-	128	128	202
liabilities
- Staffcosts (note 7)		22	16	137	16	191	201
- Directly allocated support costs		-	-	22	-	22	35
- Apportioned support cost (note	5)	13	191	23	67	294	197
- Governance costs (note 5)		3	48	6	17	74	8
Total		819	11,255	1,386	4,172	17,632	6,943

Expenditure on charitable activities was £17.6 million, including the following significant grant commitments: e £10.0 million to the Oxford Said Future Leaders Scholarships (under Said Business School Programme); e £4.0 million to The King’s Foundation (under Other Charitable Expenditure);

e £1.4 million to the Said Business School Foundation for the Strategic Development Fund; e £1.2 million of scholarship grants largely related to scholars studying in the 2024/25 academic year; e £0.8 million to UNHCR in support of refugees in Lebanon; and e £0.25 million to The Rhodes Trust (under Other Charitable Expenditure).

Page 23 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Notes to the Financial Statements for the year ended 31 August 2024

5 Analysis of governance and support costs

The Foundation initially identifies support costs which relate directly to each of the charitable programmes listed above and allocates them to the activity to which they relate. The remaining support costs which cannot be directly allocated (such as premises expenses and general office expenses) are then apportioned between ‘support’ and ‘governance’ functions, and further apportioned between the four charitable activities based on total charitable expenditure attributable to each programme. This apportionment is shown at note 4, above.

The table below shows the support and governance costs which have been apportioned in this way, and notes the basis on which the apportionment has been made:

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----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Support|Governance|Total| |£000’s|£000’s|£000’s_|Basis|of Apportionment| |Premises|expenses|30|-|30|Allocated|to|support| |Salaries,|wages|and|related|costs|177|44|221|Estimate|ofstafftime| |General|office|expenses|83|-|83|Allocated|to|support| |Audit|fees|-|19|19|Allocated|to|governance| |Travelling|3|-|3|Allocated|to|support| |Legal|and|professional|fees|I|1]|12.|Allocated on|nature|of|advice|received| |294|74|368|

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6 Analysis of net movement in funds for the year

Net movement in funds for the year is stated after charging:

==> picture [423 x 103] intentionally omitted <==

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||||||||| |---|---|---|---|---|---|---|---| |Total|Total| |2024|2023| |£000’s|£000’s| |Auditors’|remuneration|(excluding|irrecoverable|VAT):| |-|Statutory|audit|fees|19|28| |7|~|Analysis|of staff costs|and|remuneration|of key management|personnel|

----- End of picture text -----

==> picture [419 x 115] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Total|Total| |2024|2023| |£000’s|£000’s| |Salaries|297|284| |National|Insurance|29|31| |Employer’s|pension|contributions|and|other|benefits|43|45| |Staff training|1|.| |Settlement|payments|42|-| |412|360|

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Of the £412,000 total staff costs analysed above, £191,000 has been allocated to charitable programmes and other charitable expenditure (see note 4) and £221,000 has been allocated to support and governance costs (see note 5).

Page 24 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Notes to the Financial Statements for the year ended 31 August 2024

ith

Analysis of staff costs and remuneration of key management personnel (continued)

The average full-time equivalent (FTE) employees during the year was 5 (2023: 5). The average number of staff on a head count basis in the year was 5 (2023: 5). The Foundation contributed between 5-10% of each employee’s gross salary to a registered pension scheme. In addition, all employees contributed 3% of gross salary. Employees are also entitled to membership of a private medical insurance scheme after satisfactory completion of their probationary period. No other employee benefits were paid during the year.

The charity’s key management personnel comprised the Chief Executive Officer (CEO). The CEO’s total remuneration (excluding employer’s pension contributions) in the year to 31 August 2024 was £102,883 (2023: £102,887). The Foundation also made pension contributions to a money purchase pension scheme of £14,226 (2023: £14,167) and paid employer’s National Insurance contributions of £12,943 (2023: £13,139) in respect of the CEO. The staff costs for the year to 31 August 2024 include £41,660 of settlement payments in relation to two staff members, as a result of a reorganisation.

The numbers of employees whose remuneration and benefits, excluding employer’s pension and employer’s National Insurance contributions, for the year fell within the following bands were:

			2024	2023
			Number	Number
£100,000	to	£109,000	l	I

The Foundation's trustees were not paid any remuneration nor received any other benefits from the Foundation or a related entity. No trustees (2023: one trustee) received reimbursements for administrative expenses incurred whilst on Said Foundation business (2023: £60).

8 Fixed Assets

a) Analysis of Investments

The Foundation's Statement of Investment Policies sets out the overall objectives for the investment portfolio, which are to provide a stream of funding in support of the Foundation's mission, and to at least preserve the real (inflation-adjusted) purchasing power of the assets. The Board of Trustees alone is empowered to vary these policies, although management of the portfolio within these objectives is delegated to the Investment Committee.

The Foundation's investment portfolio consists of the following asset classes, all of which are held at fair value:

	2024	2024	2023	2023
	£000’s	%	£000’s	%
Investmentproperties:
- College House, London SW3	33,900	59%	34,000	51%
- One Kingsway, Cardiff	6,175	11%	9,100	14%
- King William Street, London EC4	7,800	14%	7,800	12%
Financial investments:
-Mixed asset funds	8,951	16%	15,554	23%
- Fixed income and cash	17	0%	=)	0%
- Private equity	314	0%	749	1%
	57,157	100%	67,208	100%

Page 25 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Notes to the Financial Statements for the year ended 31 August 2024

b) Analysis of Investment Properties

b) Analysis of InvestmentInvestment Properties
	2024	2023
	£000’s	£000’s
Market value at Ist September	50,900	62,405
Additions (costs ofimprovement and refurbishment work)	-	295
Reclassification as tangible fixed asset	-	858
Net revaluation (losses)	(3,025)	(12,658)
Market value at 31st August	47,875	50,900
Historicalcostat 31stAugust	66,224	66,224

The Foundation holds three investment properties:

College House, King's Road, London, SW3

The property was purchased in October 2014 for £36.4 million. A professional valuation undertaken in August 2024 by Knight Frank in accordance with the Royal Institute of Chartered Surveyors (RICS) Red Book valued the asset at £33.9 million. The Trustees believe that this represented fair value at 31 August 2024. This valuation reflects a £0.1 million reduction compared to the November 2023 Knight Frank valuation.

One Kingsway, Cardiff

The property was purchased in February 2016 for £18.15 million. A professional valuation, undertaken in August 2024 by Cushman & Wakefield in accordance with the RICS Red Book, valued the asset at £6.175 million. The Trustees consider this represented a fair value at 31 August 2024. It represents a £2.925 million reduction compared to the December 2023 valuation of £9.1 million.

King William Street, London, EC4

The property was purchased in May 2017 for £9.40 million. A professional valuation undertaken in August 2024 by Cushman & Wakefield in accordance with the RICS Red Book valued the asset at £7.8 million, with no change in value since November 2023. The Trustees consider this represented a fair value at 31 August 2024.

c) Analysis of financial investments

	Market value at01.09.2023 £000’s	Purchaseof new investments £000"s	Proceeds from sale / distribution £000’s	Gainel(Lesses) andForeion Exchanze S Movement	Marketvalue at31.08.2024 £000’s
				£000’s
Mixed asset funds	15,554	-	(7,682)	1,079	8,951
Fixed income and cash	5	-	-	12	17
Private equity	749	-	(298)	(137)	314
Total	16,308	-	(7,980)	954	9,282

Page 26 of 31

The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Notes to the Financial Statements for the year ended 31 August 2024

9 Debtors and prepayments

	2024	2023
	£000’s	£000’s
Sundry debtors	9,807	11,494
Accrued income	991	809
Prepayments	97	294
Total	10,895	12,597

Within Sundry debtors, £9.5 million is owed by the Chairman (2023: £9.7 million) in relation to the following grant commitments: £3.1 million Osney Power Station, £3.0 million Said Research Initiative, £1.2 million Turquoise Mountain (Palestine), £2.2 million Humanitarian Programme, and £50,000 Chance to Change Foundation.

10 Creditors

a) Amounts falling due within one year

a) Amounts falling due within one year
	2024	2023
	£000’s	£000’s
Grant commitments notyet paid	5,307	8,184
Accruals and deferred income	669	1,059
Trade creditors	102	108
Taxation and social security	121	242
Total	6,199	9,593

‘Accruals and deferred income’ includes a balance of £236,000 (2023: £547,000) relating to rental income from investment properties received in advance. The balance at year end will be recognised in the income and expenditure account in full by September 2024, as the standard rental quarter invoiced in June 2024 runs from 24 June to 28 September 2024.

b) Amounts falling due after more than one year

					2024	2023
					£000°s	£000’s
Bank	loans				27,992	27,903
Grant	commitments	not	yet	paid	10,143	2,296
					38,135	30,199

In October 2021, the Foundation refinanced from two bank loans to one £28 million facility. The £28 million loan is secured on all three investment properties. The Foundation is committed to make quarterly payments of interest over a three-year term, with the principal repayable in full at the end of the term. The loan was extended by one year in October 2024 at a reduced principal of £25.5 million, which is repayable in full at the end of the term in October 2025. The lender holds a first legal charge over the properties as security, and rental income from the properties is remitted to the Foundation after the lender's interest and fees are deducted.

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The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation Notes to the Financial Statements for the year ended 31 August 2024

11 Grant commitments not yet paid

Grant commitments not yet paid at 31 August 2024 comprised the following balances:

	£000’s
Said Business School (Oxford Said Future Leaders Scholarships)	9,000
Said Research Initiative	2,000
The King’s Foundation	2,000
Said Business School Foundation (Strategic Development Fund)	1,359
Turquoise Mountain (Palestine)	609
Amal	3
UK Scholarship Programme	1,053
Other Scholarship Programmes	37
Less: adjustment to discount grant liabilities required by FRS102	(611)
Totalgrantcommitmentsnotyetpaid	15,450

12 Cash Flow Statement

a) Reconciliation of net movement in funds to net cash flow from operating activities:

a) Reconciliation of net movementnet movementmovement in funds to net cash flow from operating	activities:
	2024	2023
	£000’s	£000°s
Net income/ (loss) fortheyear (as per Statement ofFinancial Activities)	(17,753)	(12,907)
Adjusted for:
Returns on investment	(3,820)	(3,759)
Losses on investments and investment properties	1,934	13,168
Depreciation charge	-	8
Interest paid on borrowings	843	968
Interest received on cash balances	(20)	(8)
Decrease in debtors	1,884	472
Decrease in creditors	4,542	(1,974)
Gains on interest rate swap	1,368	149
Netcash(usedin)operatingactivities	(11,022)	(3,883)

b) Analysis of cash flows from interest and rents from investment properties:

			2024	2023
			£000’s	£000’s
Interest from financial investments			20	8
Rental income from investment properties			3,327	3,575
Total			3,347	3,583
c) Reconciliation ofmovements on net debt
	Net debt at		Non-cash	Net debt
	01.09.2023	Cash flows	movements	31.08.2024
	£000’s	£7000s	£°000s	£000’s
Cash at bank and in hand	1,534	(227)	-	1,307
Bank loans due within oneyear	-	-	-	-
Bank loans due after oneyear	(27,903)	-	(89)	(27,99?)
Total bank loans	(27,903)	-	(89)	(27,992)
Netdebt	(26,369)	(227)	(89)	(26,685)

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The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation Notes to the Financial Statements for the year ended 31 August 2024

13. Analysis of restricted funds

During the year, the Foundation received no restricted donations.

14 Analysis of unrestricted funds

			Balance	Income	Expenditure	Other Gains	Balance
			01.09.23			and (Losses)	31.08.24
			£000’s	£000’s	£000’s	£000’s	£000’s
Expendable	endowment	fund	43,149	4,895	(19,356)	(3,429)	25,259

Expendable endowment fund

The Foundation's endowment fund is maintained to generate income to enable the continuing fulfilment of the Foundation’s objectives. The Trustees’ power to spend the Fund is not restricted by donors or by the Foundation’s constitution, providing it is spent to meet the charitable objectives. The Trustees’ agreed in November 2024 to amend the reserves policy to maintain sufficient reserves for five years of core activities.

15 Analysis of net assets between funds

		Unrestricted
	Restricted	Funds -	Total	Total
	Funds	Expendable	2024	2023
		Endowment
	£000’s	£000’s	£000’s	£000’s
Investment properties	-	47,875	47,875	50,900
Financial investments	-	9,282	9,282	16,308
Current assets	-	12,436	12,436	15,668
Creditors falling due within one year	-	(6,199)	(6,199)	(9,528)
Creditors falling due afterone year	-	(38,135)	(38,135)	(30,199)
NetAssets	-	25,259	25,259	43,149

16 Contingent liabilities and commitments

The Foundation's grant agreement with SBSF, as updated in June 2023, states that, in the event that the Trustees decide to cease the annual SDF funding for SBSF, the Foundation will nevertheless provide funding to SBSF to ensure that the SDF commitments already made can be met.

At 31 August 2024, these future grant commitments totalled £4.7 million. In addition, the Foundation has a creditor balance of £1.4 million under Grant Commitments due within one year in respect of the annual funding commitment for 2023/24.

The Trustees do not consider it likely that there would be a change to the annual funding approach which would cause the contingent liability of £4.7 million to be crystalised. However, the new reserves policy from November 2024 onwards is based on preserving a minimum reserves figure that includes the projected cost of the annual grant for SDF.

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The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Notes to the Financial Statements for the year ended 31 August 2024

17 Operating leases

The Foundation is lessor of 22 individual lease arrangements for office and retail units at its three investment properties. The leases are all classified as operating leases and the income from these leases is recognised on a straight-line basis over the lease term. In addition to amounts accrued to the period end, the Foundation is entitled to receive the following future minimum lease payments under non-cancellable operating leases:

	2024	2023
	£000’s	£000’s
Amounts due:
Not later than one year from 31 August	3,178	3,144
Later than one year and not later than five years from 3! August	9,287	8,625
Later than five years from 31 August	9,215	7,838
Total rental income from operating leases	21,680	19,607
18 Financial instruments
	2024	2023
	£000’s	£000’s
Financial investments	9,282	16,308
Interest rate swap	234	1,602
Financialassetsheldatfairvalue	9,516	17,910

Financial assets held at fair value comprise financial investments and an interest rate swap.

19 Transactions with trustees and connected persons

Three Said Foundation Trustees are also Directors of The Said Business School Foundation Trustee Ltd, which is sole trustee of the Said Business School Foundation. They are Mr Wafic Said, Mr Khaled Said and Lord Powell of Bayswater. Grants made to the Said Business School Foundation during the year, and amounts owed at 31 August (before discounting), were:

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

Donations made by the Chairman are disclosed separately at note 2 to the financial statements. The Chairman made no donations during the year to 31 August 2024 (2023: £5,093,000). £9.5 million of Chairman’s commitments from the current and previous years were outstanding as at 31 August 2024 (2023: £9.7 million).

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The Said Foundation

Annual Report and Financial Statements 2023/24

The Said Foundation

Notes to the Financial Statements for the year ended 31 August 2024

19 Transactions with trustees and connected persons (continued)

During the year ended 31 August 2024, Mr Khaled Said (the Foundation’s Benefactor) made a donation of £1 million to the Foundation, as shown in note 2 to the financial statements.

Mr Khaled Said is a Partner of Capital Generation Partners LLP which provides the Foundation with investment and property management advice. In the year to 31 August 2024, the firm charged £128,000 before VAT for property management advice (2023: £128,000 before VAT) and nil for investment management services (2023: nil). Of this, no balance remained outstanding at year end (2023: £38,400). Mr Khaled Said recused himself from decisions made about the appointment of Capital Generation Partners at meetings of the Foundation’s Board of Trustees.

Mr Khaled Said is also a trustee of The Turquoise Mountain Trust. In June 2023, the Foundation signed a grant agreement with The Turquoise Mountain Trust. The grant amount outstanding at the year end is £609,000 (2023: £1,063,000).

Lord Powell of Bayswater is a member of the Board of the Northern Trust Corporation of the United States which provides custody and brokerage services for investments held by the Foundation. In the year to 31 August 2024, the Foundation paid Northern Trust £798 in custody fees (2023: £831) and nil in brokerage commissions (2023: nil). The decision to appoint Northern Trust was taken by the Investment Committee of which Lord Powell is not a member.

Since September 2020, Ms Catherine Roe, one of the Foundation’s Trustees until 6" January 2021, has been the Chief Executive of Amal (registered charity number 1190887). The Foundation pledged funding of up to £800,000 to Amal, of which £3,000 remained unpaid at the year-end (2023: £256,927).

20 Analysis of Statement of Financial Activities — prior year comparatives

There were no restricted funds in 2023. All income and expenditure was part of unrestricted funds (the expendable endowment).

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