The Said Foundation Annual Report and Audited Accounts for the year ended 31 August 2025 Charity Number.. 1225521 Company Number.. 06621764 SaidL- Foundation
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 Table of Contents Page Reference and Administrative Information Mission, Objectives and Programmes Review of Programmes Summary Said Business School Programme Huinanitarian Prograinme Scholarship Programine Better Healtli Outcome5 Pro¥ramme Other Charitable Expenditure Goven)ance and Management Financial Review Statement of Trustees, Responsibilities 14 Independent Auditors. Report 15 Financial Ststements Statemeni of Financial Activities Balance Sheet 19 Cash Flow Statement 20 Notes to the Financial Statements 21 Page 2 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 Reference and Administrative Inforniation Charity Registration Number 1125521 Cornpany Registration Number 06621764 Correspondence and registered office address Floor 3, College House, 272 King's Road, London, SW3 5A W Websile www.saidfoundation.org Board of Trustees Mr Wafic R Said {Chair) ro l January 2026 Dr Rasha Said (Deputy Chair} Revd Jonathan Aitken Mrs Sirine Idilby Sir Michael Peat Lord Powell of Bayswater Mrs A Rosemary Said to 9 Febwary 2026 Mr Khaled R Said IBenefa¢tor; Chair from 17 February 2026) Mrs Nadine Zakaria Chief Exeeutive Officer Mr Hani Jesri Auditors Crowe U.K. LLP R+ Building 2 Blagrave Street Reading RGI IAZ Bankers Citi Private Bank Citigroup Centre Canada Square Candry Wharf London E14 5LB UBS Zurich AG Paradeplatz 6 CH-8098 Zurich Switzerland Legal Adi'isers Bates We115 10 Queeii Street Place London EC4R I BE Stephenson Harwood l Finsbury Circus London EC2M 7SH Investment and Property Advisers Capital Generation Partners LLP Berkeley Square House London WIJ6BX Page 3 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 Trustees, Report incorporating the Strategie Report The Trustees present the report aiid financial Statements for the period froni I Septeinber 2024 to 31 August 2025. The Tru5tee5 are a150 Directors of the Ltsmpany ftsr the puq)oses of the CoTnpanies Act 2006. Tlie finanLial statements have been prepared in accordance with the accounting policies set out therein aiid coniply. with tlie Meinorandum and Article5 of Association, applicable law, Accounting andReporling b)I Chorilies.. Siatemenl of RecommEnded PrL7Ctice applicable to chorilics prepL7ring their accounts in accordance with the Finoncial Reporling Standard appliruble in ihe UK undRepublic ollreland(FRS 102), the Charities Act 201 I, as amended by the Charities Act 2022. and the Companies Act 2006. l. Mission, Objectives and Programmes The charitable object of The Said Foundation as set out in ILS Memorandum and Articles of Associarion is 'to advance all exclusivel) charitsble purposes in a¢cordan¢e 1th English law for the public beiiefit" The Trusiees retain a focus on the Middle East, particularly the priority areas of Syria. Palestine, Lebanon and Jordan. How'ever, they also fui)d projects in the United Kingdom ii)cluding through the Said Business Scl)ool Programme and at world-leading medical research institutions. In November2024. the Board of Trustees reviewed the vision, mission, guiding principles and objectives set out belLIW. The vision 15 of a M'orld wl)ere people from all backgrounds Can realise their full potential. The mission is to bring positive and lasting change to the lives of children, yoiing people and the wider community through carefull}, selected investments in themes and geographies with which the Said family and The Said Foundation have developed strong links and expertis¢. The guiding principles are as follows.. A conviction that education is a powerful tool 10 change lives for the betier and Ihat higher education, in particular: plays a valuable role in creating enlightened and effective leadership which benefiis the broader communiry. An approach that is non-seciarian and non-PL)liiical. Recognition of the need to build capaciry and capability across the countries in which the Foundation An understanding of the importance of bridge building, ¢ommunication, and r¢spert across ¢ultur¢s. A desire to enhance and learn from the thematic and regional experience of the Foundation and to benefit from synergy bet."¢en programines. A desire to promote philanthrop}, and to maximise the impact of specific projects through partnerships with organisations that share our objectives. The objective5 are.. To as5lSt the Said Business School at Oxford UniveTsity in its pursuit of excellence and it5 goal of achievin¥ a top ten place among global business schoo15, as well as in it5 desire to promote the beneficial role of bu5ine55 in society. To support the hun)anitarian relief and development i)eeds of displaced Syrian people and improve the lives of disadvantaged childreii in the Levant region. To support the higher education of studei)ts in order to promote the sustainable development of the Levai)t region. To enable disadvai)taged students in the UK and overseas to realise their full potential through educational and vocational training, and InrnShIp opp)rtunities. To pron)ote better health outcomes lor people everywhere by supporting ii)novative and impactful projec(s at world-leading medical research instiiuiions. These Libjectives are pursued through four main related programmes.. The Said Business Sehool Programme makes grants to the Said Business School Foundation {SBSFI for its Strategic Development Fund with a view tts e5tablishin¥ and maintainiiig the School as one of the Page 4 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 world's top and most influential business schools. li also funds Future Leaders MBA Scholarships to help the Said Business School to recruit the best candidates from across the orld. The Humanitarian Programme supports the humanitsrian and development needs of displaced Syrians and helps improve th¢ lives of disadvantaged children in Ihe Levaiit region. The Scholarship5 Programrne provides financial sUPPOrt, son)etimes with partner organisation5, to hibTh-poteiitial 5tudent5 from the Levant region to pursue higher education in the UK 50 that the), can expand their ski115, knoH,ledge and cont]ections ill relevant fields and diereby enhance their contribution to tlie developinent of the regioii. The Better Health Outeome5 Programtne 5UPPOrt5 innovative and itnpactful piojects at world-leadiii medical research institutions. In addition to these four main progranllnes: the Foundation also funds other eharitable organisations. The Foundation is non-sectariai) and non-political. Its partners are individuals. iion-governinental organisations {NGOsl. educational instiiutions. UN agei)cies and otherchariries. The Foundaiion regularl revieTh's its objectives and programme priorities, especiall}, those in Ihe Levant region, to ensure the most effective deployment of its funds. 2. Review of Programmes Summary The foiindation made grant commitments of £9.5 million in 2024125 across the four main charitable programnies, as ivell as through other charitsble expenditure. after tak'ing account of unspent graiits returned. A suminary of this grant expenditure is shown below, with rther detail set out at note 4 to the account5. Programme Grants Committed 2024125 {£'0005) Grants Committed 2023124 (£'OOOs) Said Business School Programme Humanitarian Programme Scholarsliip progrnMe Better Healih Outcomes Programme Other Charitable Grants 1.389 1,359 772 781 1,664 1,198 5.625 4,010 TOTAL 9,451 17J48 The Said Business School Programme included grants 10 SBSF for the Siraiegic Development Fund {£1,389,000) and in 2023124 included grants to SBSF lor the Strategic Developinent Fund and to Oxford University for Future Leaders MBA Scholarships. The Humaiiitarian PrograTnme grant recipient5 in 2024125 included SOS Children s Villages UK (£572,000), Medical Aid for Pale5tinia115 (£100.000) aiid St Jolin of Jerusaleni Eye Hospital Group {£1 00,000) and in 2023124 included a giant to UNHCR for the support of Syrian refugees in Lebanoi). The Better Health Outcomes Programme grant recipients in ?024125 included.. Great Ormond Street Hospital {£5:000,0001 and the Sal"d V8ccinology Chair at Oxford University1£625,000). Other Chariiable Grant recipients in 2024125 relad 10 a small Turquoise Mountain adjustment and in 2023124 included.. The King's Foundation and The Rhodes Trusi. with an unspent grant returned from Amal. Page 5 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The following sections give more detail about the aims and impact of each programme. Said BusiNe55 School Programrne An important focus fL)r the Said Foundation is to assist the strategic development of Ihe Said Business School at the University of Oxford. In support of Ihat goal, the Foundation provides annual funding to SBSF for its Strategic Development Fund (SDFI and for its legal and administrative costs. That annual funding rises each year in line with the CPI inflation index, with a 50/0 Cap on Ihe annual uplift. In 2024125 the annual grant to SBSF for its SDF was £1.4 million. The purpose of the SDF is to support initiatives whicl) will make a strategic difterence to the successful development of the Said Business School and to assist the School in its pursuit of excellei)ce in research, teaching and relevance to business practitioners. with a view to establishing and maintaining the School as one of Ihe best in the world. During 2024ll5. SBSF made payments, undermulti-year awements entered into in previous years, which support its mediuin-tetyn objectives.. ro assist the School IL) sirengthen those functions which are of criiical importance to ihe success of a business school; to assist the School to strengthen the key poiiits of differentiatioii that underpin and enhance its brand; ro assist the School w attract top calibre students, particularly through ihe provision of scholarships, and to attract and retain ttsp calibre faculty and sthff.. and to assist the School to establish and maintsin itself as the UK'S lop 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 grani-making activity can be found in SBSF'S annual report. In 2024125, three i)ew grants totalling £949.000 were awarded froTn the SDF nd {2023124.. five new grants of £1,600,000), with no chan¥e5 in exi5tiii¥ grant allocations (202i124'. nil). In 2017118. the Foundation niade a significant commitmeni to supporr the School's redevelopment of the Osney Power Station, which is iii close proxiniity to the School, to provide a new world-class executive education facility called the Global Leadership Centre IGLC). With matched funding froin the University, SBSF made a conimitinent of £15 million to SUPPOrt the project, funded by Mr Wafic Said and tnade via the Said Foundation. The full amount of £15,000,000 had been paid to the School by 31 August 2024. In 202?124, the Foundaiion signed an agreement with Oxford University for Oxford Said Future Leaders Scholarships. This provides £4,000,000 of funding for scholarships from 2024 to 2027, M'iih an additional £6,000,000 dependent on the School raising niatched funding of at least twice the value of the Foundation's donations. As at 31 August 2025, there .9$ £9,000,000 still to be paid under this gift agreement (£9,000,000 as at 31 August 2024). Assessment of impart The Foundation s fuiidii)gF for SBSF'S SDF requires, amongst other conditions, that the Scliool does not cease to be ranked as one of the top three schools in the UK for more than three coiisecutive years. The Board tlierefore assesse5 the inipact of it5 5UPPOrt by InonitoriiibF the achievement of this objective. There is a raiiLTe of H'ell- regarded busiiiess gchool iankings including those published by the Financial Times, QS, Linkedln and Bltsomberg. The Schotsl's peiforinance has improved over time iii tl)ese rankings. It was rdnked 26tl) globally {2024.. 26th) and 2nd in tl)e UK12024'. 2nd} in the FT MBA rankings. It was raiiked 6th {2024.. 7th) in the FT Executive Education Open raiikiiigs and 18th (2024.. 14tl)l in the FT Executive Education CustOTn rdiikings. In the QS ranking, the School was ranked 1st (2024.. 1 st) for the EMBA and 2iid {2024.. Istl for tl)e Masters in Finance. This mea115 the School continue5 to meet the objective set by the Board. Improving the global raiiking is an ongFoing strategic focus for the School. Page 6 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The GLC is a PUTpose-built Executive Education facility which will enable the School's growtl) and evolutio ambiti0115 as one of Europe'5 leading providers of executive learningy and development. It has been de5i¥ned to provide the highest quality, teaching and learning environment where learners can retreat from their day-to-day roles and learn from the School's faculty and contribuiors. as well as from each other. The GLC .111 open in 2026. The future Leader Scliolar5hips are designed to support the School to recruit tl)e best MBA students from the UK aiid globally. 28 scholar511ips were awarded in 2024125. These Scholars represented the very best of gFlobal MBA talent, exceptioiial acadetnic achievenient, Proven leadership capability. and a clear trajectory toward role5 of 5igFnificant influeiice. Humanitarian Programme Since the s(art of the conflict in Syria in 201 I, the Foundation has focussed the Humanitarian Programme on relief and development support for Syrian refugees and host communities in Jordan and Lebai)on and has funded over £20 million in grants for projects in the fields of education. healthcare. child proieciion and emergencsj relief. The fall of the Assad regime in December 2024 presents new possibilities for the future of Syria and the Foundaiion is keeping under review the scope for philanthropic support in the new circumstances. During 2024125, the Foundation responded tts the intense suffering of the petsple of Gaza by supporting three partners.. SOS Children'.s Villages UK A grant agreement was signed in November 2024 for £572.000, with £143,000 still ro be paid as at 31 August 20?5. The grant enabled SOS Children's Villages to provide comprehensive suppori 10 68 orphaned children in the West Bank. These children were evacuated from Gaza and now receive comprehensive care. including psychosocial supkN)rt, health and nutriiion. and formal and non-formal educaiion. Medical Aidfor PL71estiniÉJns A grant agreement was signed in June 2025 for £100,000, with £50,000 still to be paid as at 31 Aiigust 2025. The grant is being used for a six-month project to provide safe drinking water to displaced persons in scattered shelters and infonnal settlements in Gaza. Stjohn JfJcruJalem Eye Hospilal (iroup A ¥raiit agreenient wa5 5i¥iied in February 2025 for £IOO,000, with £50,0(H) still to be paid a5 at 31 August 2025. The graiit 5UPPOrt5 the operatin¥ costs of clinic5 established after dama¥e to SJEHG'S h05Pltal in Gaza. M05t of the fundiiig covers salaries and logistical expenses witli the reniainder allocated to purchasiiig medications and medical 5upplie5. AssessmeNI ollmpaci By supporting implementing partners that have a strong record of capability and achievement in the region. the Foundation aims to maximise the inipact of its grant-making and to reach the mosi vulnerable beneficiaries. The Foundation receives regular reporting from partner organisaiilins on lis granis and reviews the partnerships accordingly. Seholarship Programmt Scholarships ihe UK The Sa)d Foundation has offered educational scholarships and training oppominities since 1984. Irs Scholarship Programme aims to empL)wer siudents through educational opportunities and provide skills needed for the development of the region. It is targeted towards outsthnding individuals who demons1ra Ihe poteniial to be future leaders and drivers of change within the Levani. Since 1984 the Foundation has supported over 725 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 ai)d knowledge not widely available in the Middle East, to expose them to critical ai)d independent ways of earning and thinking, and thereby to help tts create future leaders in their professional fields. Page 7 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 Sayd Foundation Scholarships are awarded based on merit. Applications are carefullv considered by officers and Trustees of the Foundation gs well as by external assessors selected froni among the Foundation's alumni. The Foundation bases its decisions on candidates, academic excellence, the usefulness of the subjccts to their home countries, the candidgtes, leadership poieniial, their commitment to serving their communities, Iheir future cgreer plans and their practi¢al abilities to make use of the knowledge to be gained in the UK on their return to the Middle East. In the 2025126 application round, the Said Foundaiion received 707 {?024125'. 8451 applications, of which 505 (2024125.. 742) met the programme's eligibility criteria. The selection process lasted eight monihs, with award letters sent from June to August 2025. Selectsd scholars arrived in the UK in September and October 2025. The Foundation is supporting 28 scholars for one-year master's degree studies in the UK during the academic year 2025..?6, with scholars from Syria (121, Jordan {5), Lebanon (5) and Palesiine (6) (academic }'ear 2024125.. 24 scholars studying a one-year master's degree). The total amountgranted under the Scholarship Programme (including tuition fees, maintenance awards and Iravel expenses, ai)d after unspent grai)ts returned from previous cohorts) w'as £1,681,000 12024.. £1,198.000}. This figure includes the £313,000 (2024.. £110,000) cosi of scholars selecied Separa]Y to the main progran)me (see Other Scholarship Grants below}. The Foundation seeks tts niaxiinise the number of scholars it can support by WOTking witl) partners who Lontribute Iinancially towards scl)olarships. The Said Foundation has partnership agreeinents with 26 UK universities each providiiig a tuition fee di5COUlIt of 20_50Q/o. In additioii, scholars nia}' be supported b), tlie Forei¥ii: CoTnmonwealth & Development Office's Chevening Scholarship progrdinnie, altl)ough Iione are supported in this M'ay iii tl)e 2025Q6 academic year (2024125." three). Over the last few vears, the Foundation has iinproved comniunications with its alumni and keeps an upto-daie database of over 725 fomier scholars. Rhodes Scholorshipsfor Syria, Jorda, Lobanon Palosline In academic year 2024125, 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 10 four }'ears ai the University of Oxford. This was the eighth y'ear of the scholarship agreement between the Sayd Foundation, the Rhodes Trust and the University of Oxford, bringing the total number of Said Rhodes past and present scholars to 17. Assessnient ofJmpact The Fouiidation continues to monitor the Scliolarships PTogramrne throutwhout die year, with a formal inteTnal evaluation report prepared every 3-5 years. The latest evaluation report iii Septeinber 2022 concluded that the Scliolar5hip5 Pro¥rainme continued to nieet it5 objectives of providing tsleiited individuals with educational opptsrtunities that enhance their personal careers and also contribute to the development of the Levant region. OiheF- Scholarship Granis In addition to the main Scholarship Programme, six other scholarships were awarded for undergraduate or postgraduate Studies for four studei)ts in the UK, one student in Spain and one student in Canada. Better Health Outcornes Programme Gvetsi OrmondSii'e¥i Hospiial A grani agreement was signed in November 20?4 for £5,000.000 payable over five years, with £4,000,000 still to be paid as ai 31 August 2025. The grant will support the development of the new Children's Cancer Centre at the hospital. .gaid VÉJccinolo£v Lhuir ai Oxford University A grnnt agreement was signed in March 2025 for £650,000. The grant is to be used for the advancement of educaiion for the benefii of the public by SUPPLlrting a professorship of vaccinology at the University of Oxford. This grant was paid in full by 31 August 2025. Other Bellei. Health Oulcomes Grants Page 8 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 There remains £1,500,000 to be paid in annual instalmenis of £500,000 to the Said Research Iniiiative on Age- related Macular Degeneration at University College London's Institute of Ophihalmology {2004.. £2,000,000). Other Charitable Expenditure (Iiher GrL7nls Grant payments remain ongoing for The King's Foundation, as part of the December 2023 grant, with £1,000,000 still to be paid ai 31 August 2025 {£2.000,000 as at 31 August 2024). Grant pajwments reinain ongoing for The Turquoise Mountain (Palestine) project for Preserving Palestinian Craft Herithge, with £212,000 still to be paid as ai the 31 Augusi 2025 {£609,000 as ai J l August 2024). Payments are made quarterly subject to ihe provision of appropriate reporting. Plans The Said Foundation plan5 to continue fundingF the Said Busines5 School Programme aiid Scholarship Pro¥ramme, loli¥ M'ith supportiii¥ 14umanitarian and Better Health OutLome work Thhenever funds pennit. 3. GoTr'ernance and Management The Said Foundation was established in 2008 and is the successor organisation 10 the Karim Rida Said Foundation {KRSFI that was esiablished in 1980 by Wafic and Rosemary Said. It is a UK charity registered with the Charity Conimission for England and Wales (1125521) and is also a company limited by guarantee and registered at Companies House (06621764). The Said Foundation is based in London. During the )ear under review, all stsff, programmes and finaiicial matters were over%een bv the Chief Execiitive Officer (CEOI. The Trustees of the Said Foundation who have served during the year are set out on page 3. Since the end of the year, 40 years after they established the Foundation, Wafic and Rosemary Said retired from the Board. To honour their immense generosity and dedication to the Foundation and the communities it has served, and their vision which has driven the Foundation's work. the fNstees have appointed Mr and Mrs Said as the Foundation's Patrons. The Trustees have also appointed their son. Khaled Said, who has been a trustee for many years, as Chair of Ihe Trustees and are confident that he will lead the Foundation with the same care and Commitment as his parents. The Trustees nomjally meet t.1¢e a year and are empowered under the Articles of Association to delegate authority to subcoinn)ittees. There are five standing coinn)ittees. the Nominations, Investmei)t, Audit: Projects and Siudent Committees. which meei as necessary. The mandates and membership of the sub-committees are reviewed and agreed annually by the Board. New Trustees may be appointed by the FoundatiOil'5 Beiiefactor and the cUtt Trustees. Mr Khaled Said is the Current Benefactor. Any transactions with Trustees or other related parties are disclosed at note 19 to the fii)ancial Statements. The Foundation's Audit Committee reviews governance aangements annually to assess compliance with the ChiFrirn' tii)verKaKce Code published in Jul}, 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 Trusiees has delegated to the Audit Committee the authority to set the salaries of the Foundation's officers in line M'iih positions of similar responsibility in comparable organisations. The salary of the CEO is also approved by the Chair. Risk Mana£ement The Foundation's Audit Committee reviews the full risk register and the aceompanyii)g systems and controls, adding any new risks: as required. witl) a summary ol'key risks presented io the Board on ai) annual basis. TTUStees have identified the following principal risks facing the Foundation and have controls in place for their active mana¥ement'. Page 9 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 Principal Risk5 Present Controls Procedures ale in place for pre-selection due diliget)ce, and perfoimance monitoring for all students ai)d project parti)ers. Grant abFreemeiits are drafted to include stage payment5 depeiident on reports detailing the delivery of agreed outctsmes. Projects in the Levant are implemented by lar(Te charities aiid inteTnatioiial NGOS witl) experiet]ce of working iii complex enviroiimeiits and with appropriate due ence aiid moiiitorin lace. Thc Foundation n8 no dircct activity in the Middle East but maintains relationships with experienced agencies 15uch as the IRC, Save the Cliildren, UNHCR aiid Turquoise Mountain) Thhich have been chosen because of tl)eir experience in delivering projects in conflict- affected areas. Risk assessment is undertaken during th¢ project selection process, recognisino that soine risk is inevitable in order to nieet the humaiiitarian need5. Graiit agreemeiits are drafted to include Stage payinent5 depeiident on reports detailing the delivery of agreed outcomes. Misuse of Funds The Foundation may inadverienily fund an extremist orgaiiisgtion or individu81. Humunilurian Prugrumnie Conflict aiid political instability in the Foundation's priority countries causes disruption to the delivery of projects. Annual review of objectives by the Board infonns all SF programmes and funding priorities I criieria. Achievement of objeciiwes is reviemed annually by the Boaid and more frequently by sub-comn)ittees. All fundiiiuF 15 subject to decision by Trustees, either at Board or Projects Committee level. RegFular cotnmunicatioii betw'een Chair and CEO oil project proposals and funding. Clioriloble Iinpocl ftmdslrtsle The Foundaiioi)'s straiegv ig not sufficiently focussed to maximise its charitable impact, leading ILI charitable funds being wasted Stewffirdship ofAs5els ffind Inwe51ments The Foundation is unable to coiitinue fundit]g charitable activity due sustained to undeTperformat]ce of its investment potrfolio The It]vestmeiit Committee is tasked with setting ijivestment policy and asset allocatiot] to acl)ieve target returt]5. Procedures and internal controls are in place to safeguard the Foundation's assets and to manage its liabiliiies. Grant-making Policy As a charitable foundaiilin, making grants is the primary means through 'hICh Ihe Foundation achieves its charitable objectives. The grant-making policies for each charitable programme are summarised as follows. The annual funding provided for the Said Business School Foundation's Strategi¢ Development Fund will continue to be provided as long the School does not cease to be ranked as one of the top three schools iii the UK for more thali three cot]5ecutive years., and as long as the Foundation does not reasonably consider that the annual funding paid to SBSF would be better gFranted to other beneficiaries. The Foundation's criteria for funding scholarships are available on ihe Foundaiion s website as w'ell as through academic parti)ers in the target countries, such as the British Council. The Student Coinmittee awards scholarships annually following a rigorous seleciion process that includes interview by the Foundaiion, 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 temis are met. Page 10of32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Humaniiarian Programme makes grants to esiablished international organisations and is not open to speculative applications. The Foundaiion selects partners with experience of working successfully in complex conflici-affected environments. The Better Health Outcomes Programme makes grants to world-leading medicgl resegwh institutions and is not open to speculative applications. These partners have the capacity to make breakthroughs in research aiid practice which benefit people in the UK and globally. Other grants made in pursuit of the Foundaiion chariiable object are identified by Trustees and approved by the Projects Committee. 4. Financial Review Summary of Financial Performance The Fouiidation monitors its fiiiancial perfotynaiice through five key perfoTynance indicators (KPIS) which are reported to the Audit Cominittee and Board. A summary of these is set out below. KPI Area Description Targ¢t 2024125 2023124 Return, after fees, oil financial inve5tment5
4Q/o above rate of CPI inflation 2.3Q/o belom. tar et 2. lQ/o above tar Management fees as a percentage of financial investments Investm¢nl performanc¢ <1/0 0.005 /0 0.01% Nei yield from freehold propenies 4.50/0 -2. 10/0 Propeny mgnagem¢nt Costs as a percentage of bFr05s rental income <IOO/o 26.50/0 24.60/0 Operational performanc¢ Staff and administrative costs as a percentage of charitable expenditure 3.20/0 Financial invesiment performance during the year fell below the long-term objeciive, with a gross return of 5.40/0 falling short of the target of 7.7Q/o {i.e. 40/* above the 3.70/0 CPI inflation rate at 31 August 2025). The only manggeni¢nt fees charged on financial investments wer¢ the £381 (2024: £798) of Northern Trust custody fe¢s. The net yield from the commercial freehold properties has improved since prior year, having benefitted from Ihe £0.9 million property revaluaiion gain, although still belLlW the target vield of 5010. Property managenient costs of £997,000 for the year elided 31 AuuFu5t 2025 significaiitly exceeded their tsTgFet liniit of £376,000 li.e. IOQ/o of ¥ros5 rental income), lar¥elv due to on¥oiii¥ vacancy costs at one investmeiit property and significant project ctssts at anotl)er, with the rtplaLement ol the lift, fire alarm aiid boileis taking place this year (extess service charge falls to the lai)dlord). Staff and administraiive costs as a percentage of chgritable expenditure are below iarget for 2024125, because the costs of £449.0(10 were 4.5010 of total charitable expenditiire of £9.9 million {2024.' ¢osts of £559,000 were 3.20/0 of charitable expenditure of £17.3 million). The value and allocation of the Foundation's investment portfolio at 31 August 20?5 are summarised below, with further detsil provided ai note 8 to the financial statements. Page 11 of32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 2025 £'0005 2025 2024 £'0005 2024 INvestrnent Pro erties Three propenies 48,775 81 47,875 840/0 Financial Investments Mixed Asset Funds 5,164 709 io/ 8,951 Fixed income and cash Private equity 95 o/ 314 TOTAL loo°/. 57,157 IOO°/i The value5 of Ihe In1'¢ment Proptriies art sraied wirhoiir anN' OlIL[lon for borrow'illg SLYiired oll ihose prop¢rtlC5. A5 al 31 August 2025, borrom'iiig secured across all Ilir¢¢ properli¢s £25,500.0(K) 12024. £27,993.OI Capital Generation Partners LLP is the Foundation's sole adviser for its financial and property investments. The Iinancial investments are primarily invested in a multi-asset strategy designed to achieve a 4.10 real return over the c5JcIe. Chk)ritable expenditure The aciiviiies of the Foundaiion are funded from donations and its investments, which are managed by professional investment and property managers. Total chariiable expenditure in Ihe year ro i l August 2025 was £9.5 millioi) (2024.. £17.6 million) and is analysed at note 4 of the financial stateinents. 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 purposes of advancement of education, advancement of health or the saving of lives. or the advancement of the arts and heriiage. Furthemiore. 'hIle there are eligibility criteria for each of the Foundation's programmes: the Trustees are also sgtisfied Ihat each programme is targeted ai a sufficiently lde section of the public to meet the 'piiblic benefit, te%t. Investment Poliey Under the Articles of Association, the Trustees have wide investment powers. including the power to appoint invesiment managers provided the managers are given clear investment guidelines and are moniiored 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 Poliey As the Foundation does not usually fuiidraise exteTnally, iiicoine from investtnent5 repre5ent5 It5 primary source of revenue alongside new donations from tl)e Said faniily. The Foundation's reserves policy has been deterinined by the Trnstees and is to hold reserves of at least five }'ears' funding for its core PTogramme5 (the Scholarship Programme and the Said Business School StrategFic Development Fund, together with the associated staff and adininistrative costs). The Trustees review perfoTniance against this objective on an annual basis and when reviewing new grant commitments. At 31 August 2025. the Foundation's endowment fund a5 valued at £18.7 million (?024.' £25.3 million). In line with the reserves policy. the total projected cosi of the core charitable programmes, plus staff and administrgtive costs, with a }'ear-on-year uplift of 3.80/0 based on 31 August ?025 CPI inflation (2024.. 2.20/0) for the next five years produced a minimum reserve figure of £17.8 million {2024.. £16.4 million). Page 12of32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 Fundraising Policy The Foundation is an endowed charity and does not rel! on donations from the public or third panies to fund its charitable activiiies. It therefore has no fundraising requirement and does not devote significani resources ro I'undraising. However, the Foundation follows the Fundraising Regulator's Code of Fundrnisii)g Practice to the extent that it is applicable. Appointment of Auditors Crowe U.K. LLP were appointed as audiiors for the 2024125 financial year in accordance with section 485 of the Companies Act 2006. Audit information In 50 far as the Trustees are aware.. there is no relevant audit infornjation of which the charitable company's audiior is unaware: and the Trustees have tsken all steps that they ought to have taken to make themselves awar¢ of any relevgnt audit infomiation and to establish that the auditor is aware of that infomiation. This report was approved by the Trustees on 1710312026 and signed on its behalf by.. Michael Peal Imar 20, 2026 10'.28.'08 GMTI Sir Michael Peat Trustee and Chair of the Audit Coinmittee Page 13of32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 Statement ofTrustees' 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 statemenis in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial RepoTiing Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland,. Company law requires trustees to prepare financial s(aiements for each financial 5Jear w,hich give a true and fair view of the state of affairs of the charitable company and of the incominOUtgo]ng resources and application of resources, including the income and expendiiure. L)f the charitable company for that period. In preparing these rinancial sthienients, the Trustees are required to-. s¢leci suitable accounting policies and then apply theni consistently; observe the methods and principles in the Charities SORP; make judgemenis and estimates Ihat are reasonable and prudent. state whether applicable UK Accountin¥ Standard5 have been followed, Subject to aiiy material departllre5 disclosed and explained in the financial statenients; and prepare the financial slen)entS 01) the going concern basis, unless it is inappropriate to assume that the charithble company will continue in business. The Trustees are re5POl15ible for keepiii proper accountiiig record5 that disclose with reasonable accuracy at any time the financial position of the Charitable company and enable them to ensure tl)at the financial stateinents comply witli the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking rea501iable steps for the prevention and detection of fraud and otl)er irregularities. Page 14 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF THE SAID FOUNDATION Opinion We have audited the financial statements of The Sayd Foundaiion (the charitable company) for the year ended 31 August 2025 which comprise Ihe Statement of Financial Activities, the Balance Sheet, the Cash Flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standgrds, 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 s(atemen(s'. give a true aiid fair view of the state of the charitable compaiiy's affairs a5 at 31 Au¥u5t 2025 and of it5 incoming resources and application of resources. including its incon)e ai)d expenditure for the year then ended; have been properly prepared in accordance with United Kingdotn Generally Accepted Accounting Practice: and hgve been prepared in accordance with the requirements of th¢ Companies A¢t 2006. Ba515 for opinion We coiiducted our audit iii accordance with Intetnational Standards 011 Auditiiig IUKI IISA5 (UK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of tlie financial statenients sectioii of oiir report. We are independent of the charitable coinpany in accordance 'ith the ethical requireinent5 that are relevant to our audit of the financial 5tatenients in the UK, incliiding the FRC'S Etl)iLal Standaid. ai)d we have fulfilled our other ethical iesponsibilities ii) accordance with these requireinents. We believe that the audit evidence we have obtsined is sufficient ai)d appropriate to provide a basis lor our opii)ion. Conelusions r¢lk)ting to going Concern In auditii)g the lii)ancial stateinents, we have concluded that the trustees. use of the going concern basis of accouniing in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or condiiions that, individuall)w or collectively, may cast significant doubt on Ihe charitable company's abiliry to continue as a going concern for a period of ai leasi twelve months from when Ihe financial statements are auihorised for issue. Our responsibilities and the responsibilities of ihe trustees with respect to going concern are described in the relevant sections of this reporr. Other inforrnation The trnstees are responsible for the other information contained within the anniial report. rhe other infomiation comprises the infonnation 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 otlier information and, except to the extent othenvise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is ateriallv inconsistent M'itli the financial statements or our knowled&Te obtained in the audit or otherwise appear5 to be materially Inis5tated. If we identify such Inaterial inconsistencie5 or apparent material misstateinent5. we are required to detennine whether thi5 gives rise to a material nii5Statement in the financial statements themselves. If, based 011 the ivork we have perfotyned, we coiiclude that there is a material mi5Statetnent of this other inforination, 'e are required to report that fact. We have nothing to report in this regard. Page 15of32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 Opinions on o¢h¢r matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of the audit.. rhe infomiaiion given in the Trustees, Report, which includes the Directors, Report and the Strategic Report prepared for the purpose of company la, for the financial )ear for which the financial statenients are prepared is consistent '1th the financial siatemenis. and the Strategic Report and the Directors, Report included within ihe 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 chariiable company and its environment obtained in the course of the audit, we have not identified material misstatements in ihe Sirategic Report or the DireciL)rs' Report included wiihin the Trustees, Report. We have nothingto report in respect of the followiiig matters in relation to which the Companies Act 2006 requires us to report to you if, iii our opinion.. adequate accounting records have not been kept, or the financial siatemenis are not in agreement with the accounting records and returns,. or certain disclosures ol. trustees. ren)uneration specilied by law are not made; or we have not received all the infoTmation and explaiiations we require for our audit. Respnnsibilitie$ of tru%t¢¢S As explained Inore lIV in the Statement of Trustees, Responsibilities on page 13, the tnjstees (who are also directors of the charitable company for the piirposes of company law) are responsible for the preparatioi) of the finaiicial stateTnents and for being satisfied that they (Tive a tTue and fair view. and for such internal control as the trustees determine 15 necessary. to enable the preparatioii of financial 5tatemeiits that are free from material Inis5tatemeiit. whether due to fraud or eTror. In preparing the financial statements, the trustees are responsible for assessing tl)e charitable con)pany's ability to Continue as a goin¥ Concern. dis¢ltssing, as applicablt. mattels related to going concem and using the going Concern basis of accounting unless the trustees either inteiid to liquidatt the charitable company or to cease operations. or have no realisti¢ alteTnative but to do so. Auditor's responsibilities for the audit of the finaneial statements Our objectives are to obtain reasonable assurance about whether the financial staiements as a whole are free from maierial Iniss(atemen¢ whether due to fraud or error, and 10 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 conducied in accordance with ISAS IUKI will always delect a material misstatement when it exists. Missiatemenis can arise from fraud or error and are considered material if. individually or in the aggregate, Ihey could reasonably be expecied to influence Ihe economic decisions of users iaken on the l)asis of these financial siatemenis. Details of the extent to which the audit was considered capable of deiecting irregularities. including fraud and non-compliance with laws and regulaiions are set out below. A rther description of our responsibilities for the audit of the financial ststements Is located on th¢ Financial Reportiiig Council's website at.. www.frc.org.uidauditorsresponsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularitie5, including fraud ITTegularitie5. including fraud. are in5taiices of iion-conipliance with law5 aiid regulations. We identified ai)d assessed the risks of material mi55tatenient of the fiiiancial stateinents froin irregularities, Th'hether due to fraud or eor, and di5CUS5ed these betw'een our audit team Ineinber5. We then designed and perfoTnied audit procedure5 responsive to those risks, including obtainiiigF audit evidence sufficient and appropriate to provide a basis for our opinion. Page 16of32
Annual Report and Financial Statements 2024/25
The SaYd Foundation
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the fmancial statements but compliance with which might be necessary to the charitable company's ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection ofregulatory and legal correspondence, if any.
We also considered the opportunities and incentives that may exist within the charitable company for fraud. We identified the greatest risk of material impact on the fmancial statements from irregularities, including fraud, to be within management override of controls. Our audit procedures to respond to this risk included enquiries of management, 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 fmancial statements, even though we have properly planned 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 fmancial 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 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 behalf of Crowe U.K. LLP Statutory Auditor Reading
25 March 2026
Page 17 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation statement of Finaneixl Aetivities incorporating Income #nd Expenditure Account for the vear ended 31 August 2025 Restricted Funds Unrestricted Funds- Expendable Endowment Total 2025 Total 2024 Nol¢ £OOn's INCOME FROM: Donations Investments Other income Total income 185 1,073 3,771 1,258 3,771 1.034 3,840 185 4,850 5,035 4.895 EXPENDITURE ON: Invesbnent management costs Iiitere5t on borrowin&T5 Other expenditure on raising ndS Movement on bad debt provision (."horilohle éxpÉAdiitirL?' Humaiiitarian Progr8mm¢ Said Busiiiess School Programrne Scholarsliip Programme Health Outcomes & Other grant5 Total expenditure 1997) (1.484) (51 {90) (997) (1.484) (s} {90) {9381 (8431 58 1813) (1,405} (1,842} (5,829} 12,465 (813) (1,405} (1,842} (5,829} 12,465 {819) 111,2551 {1,3861 {4,1721 19,356 Net ¥dIn(lOs5eSI on investment properties Net gains on financial investments Net (105se5) on interest rate swap Net (105se5) on foreign currency movements Net gains l (losses) 900 413 1234) 900 413 {234} {3.0251 1.067 {1,3681 103 1,068 1,068 Net (expenditure) and net movement in funds for the year 185 (6.547) (6J02) 117,8901 RECONCILIATION OF FUNDS Funds brought fornard I st September 13,14 25,259 25259 43,149 Fund5 carried fonvard 31st August 13,14 185 18,712 18,897 25,259 The statement of financial acriviiies includes all gains and losses recognised in the year. All income and expenditure derive from continuing aciiviiies. Page 18of32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Balan¢e Sheet at 31 August 2025 2025 £OOO'$ 2024 £IHIO's Not¢ Fix¢d assets Investment properties Financial investments Total fixed a55et5 8b 48,775 5,968 S4,743 47,875 9,282 57,157 Current a55et5 Debtors. prepaynients and accrued income Casli at bank and in hand liitere5t rate swap Total current as5et5 7.283 1.613 10.895 1,307 2)4 12,436 8,896 Creditors falliiig due Mithiii one year loa (34,020) 16,199} Net eurrent assets l (liabilities) 25,124 6,237 Total assets less eurrent liabilities 29,619 63,394 Creditors falling due after more than one year lob (10,722) (38,135} Net assets 18,897 25,259 The funds of the eh#rity Restricted funds Unrestricted fuiids Expeiidable endowinent fund 185 18,712 25.259 Total charity funds 18,897 The notes on pages 21 to 31 fom) part of the finai)cial statements. Approved by ihe Board of Trustees on 1710312026 and signed on its behalf by.. Michael Peat (Mar 20, 2026 10.28.'08 GMT) Sir Michael Peat Trustee Registered Company No.. 06621764 Page 19of32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Casb Flow Statement for the year ended 31 August 2025 2025 £OOO's 2024 £IKIO's Note Cash used in operating aetivities 12a (3,237) (11.022) Cash flows from investing aetivities Interest and rents received Receipts from sale of investments Capital expenditure on investment properties 12b 3.615 3.724 3.347 7.980 7,339 IlJ27 Cash Ilows from financing activities Payment of interest Loaiis repaid {1,3041 {2,4921 {3,796) {532) (532) Increase l(Decrease) in cash and cash equivalent5 durillg the year 306 227 Cash and cash equivalents at the beginning of the year 1,307 1,534 Cash and cash equivalents at the end of the year 1,613 1,307 A reconciliaiion of net debt is included at note 12{c). Page 20 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Finaneial Statements for the year ended 31 August 2025 ACCOUNTING POLICIES a) Basis of preparation The financial 5tateTneiits have been prepared in accordance with AcCou1[g and Reporting ty. Charities.. .gtatenienl of ReLonimcKdcd Praclice L7pplicable lo clioritie.f prL?paring their accouKts aLcordance Mllth th Reporling Stondard opplicable in the UK and Rcpublic of Ireland (FRS 102), the Charitie5 Act 2011, s amended by the Charitie5 Act 2022, aiid the Companie5 ALt 2006. The Foundiltioii Ineet5 the definitioii of a 'public benefit entity. undei FRS 102. The financial statements are prepared under tl)e historic cost convention except where otherwise slated. The n)ajority of the Foundatioi)'s assets aiid liabiliiies are denominated in Pounds Steiling. The functional currency of the Foundation is therefore considered tts be Pounds Sterlints and the Finaiicial Statements are presented in thai currency. The Said Foundation is a companv limited by guarantee and is incotporated in EngFland and Wales. It5 registered office address 15 Floor 3, CollegFe House, 272 King's Road, London, SW3 SAW. b) INeome Income is recognised when the Foundation has entitlement to the funds, it is probable that the income will Ee received and the amount can be nieasured reliably. Income from operating leases is recognised on a straight-lin¢ basi5 over the lease term, net of lease incentives. Lease incentives are typically granted at the commeiiceinent of the lease tetyn and are then accrued and recognised on a straight-line basis over the lease teTm. c) Expenditure and irrecoverable VAT Expenditure is recognised once.. there is a legal Lir constructive obligation to make a payment to a third party arising from a past eveni,. it is probable that settlement will be required., and the amount of the obligation can be measured reliably. Expendiiure relates either to raising funds (principally the costs directl). aitributable to managing the investment portfolio and investment properties) orto 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 ihe Foundation's transactions are outside of the scope of V AT and irrecoverable VAT is therefore charged as a eost against the activity for which the expenditure was inturred. d) Fund accounting Restricted funds are donations which the donor has specified are to be solely used for particular grant-making aciivities. Unrestricied funds are available for use at the discretion of the Trustees in fuftherance of the general objectives of the FL)undation. Analyses of income, expenditure and net assets of the FoundatiL)n'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 'basi¢' financial instruments, such as receivables, loans and pavables, as well as 'i)ther' financial instrnments, being an intere%t rate swap. Ba%i finaiicial in5truinents are initiall), recogFni5ed at traiisaction value and sub5equentl}' measured at ainort15ed cost using tlie effective interest rate method. Otherfinancial instruments are Ineasured at Inarket value at each reporting date, H".ith moveTneiitS ili Tnarket value included in net income. In October 2021. the Foundation eiitered iiito ali interest rate sm'ap in relation to the facility agreeinent with Citibaiik. This is Tneasured at n)arket value at each reporting date, with Inovement5 in Tnarket value included in net income. Page 21 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Financial Statements for the year ended 31 Allgllst 2025 ACCOUNTING POLICIES {eontinued) Foreign eurreneies Transactions denominated in foreign currency are recognised at the exchange rare on the date of the transaction. Monetary assets and liabilities denominated in foreign currenc} are translaied 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 capitsl appreciation, and are not used in connection with the Foundation's charitable activities. Investment properties are held at fair value at the balance sheei date. Depreciation 15 not provided on investment property. Subseqiient to piirchase, an investment property carried at fair value may be subject to further expenditure on improvements or refurbishnient. Such expcnditure is capitalized where it is expected that the work will enhance the incomc-gcnerating potential of the asset. The costs of such work are added to the carrying value of the asset .hich is subject to re-nieasureinent a5 part of future revaluations. The Foundation determine5 the fair value of its inve5tinent properties by coinmi55iollingF valuations frotn independent, third-party valuer5 with appropriate professional Skills and experience. These valuations are commissioned oil a 'market value, basi5 sufficiently frequentlj to 5at15fy the Trustees that the book value is a ateriallv accurate estimate of the fairvalue at the reportinbF date. Further details about the valuations of iiidividual investment propeities are shown at note 8 to the accounts. h) Financial investments Quoted investments are stated at market value ar the balance sheet dare. Unquoted investments are valued at the Foundation's best esiimate ol- fair value based on valuations provided by fund managers and reviewed by the Foundation's investn)ent advisers. Where a valuarion 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 beiw'een the valuation and the balance sheet date, and for any evidence of impaimient 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 gnd a constructive obligation is considered to exist. Granis which remaiii unpaid at the end of a period are carried forward as liabilities, as set out in note 10 to the accounts. Page 22 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Financial Statements for the year ended 31 Allgllst 2025 ACCOUNTING POLICIES {eontinued) j) Going concern The Foundation's Statement of Investment Policies states that the objeciives of the investmeni portfolio are to provide a stream of funding in support of the Foundation's mission. and to preserve and enhance the real (inflation- adjusied) purchasing power of the assets. The Foundation holds a prudent level of cash to meet short-ierm liabilities, and ils Financial Controller, CEO and Audit Committee members regularly review a cash flo forecast to ensure that the level of c&sh held is sufficieni to meet all expected liabilities as they fall due. The majority, of the Foundation's investment porrfolio is held in directly-oivned 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 assei funds wiihin the Foundation's financial assei portfolio can be exchanged for cash on a monthly basis. Accordingly, the Truste¢s ¢onsid¢r it appropriate to ¢ontinue to adopt th¢ going ¢on¢¢rn basis in preparing the financial stateinents. k) Critical accounting judgn]eNt5 and sources of estimation uncertainty In the application of these accounting policies, the Trnstees have made two judgments that have a significant effect on the financial stateineiits. The Grai)t Agreement between the Foundation and SBSF coi)fimis that the Foundation has a long-temi comniitment to SBSF for at least five years. For 2024125 thai commitment was for £1.4 millioi) (2023124.. £1.4 million} and it rises each year in line with the annual increase in the CPI inflation index. In January 2023 it ivas agreed to cap tl)e uplift at 5 /0 for tl)e current ai)d future years. However, the agreement also states that there are circumsthnces in which this funding could cease. Therefore, SF recognises one year's funding for SBSF in each year's financial statements. In applswing the requirement under paragraph 7.9 of the FRS 102 SORP to discount long-ierm grant liabilities to their present value, the Trustees have used HM Treasury's forecast medium-teml CPI inflation rate for 2025 and be)wond which was 2.670/0 at the end of August ?025. 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 ra forecast in the year of initial recognition). The CPI inflation rate forecast was chosen as the discounr raie because SF'S chariiable expenditure is funded from an endowment which is invested to achieve a return ¢al¢ulated with reference to the rate of Change in the CPI inflation iiidey. Further information about HM Treasury's forecast inflation rates can be found at https'.Ilwww.gov.uklgoveTnment/collections/data-foreca5ts. 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 maierially from the estimates made by the Trnstees and their professional advisers. Page 23 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Finaneial Statements for the year ended 31 August 2025 DonatlOllS Unrestricted Funds- Expendable Endowment 2025 £OOO's Restricted Total Total 2024 £000'5 £000'5 £OOO's General doiiations Donations from Khaled Said Donations from Wafic Said Total 34 1,000 185 185 1,073 1258 1258 1,034 Income fro investments Total 202S £000'5 Total 2024 £000'5 Bank interest Rents and other income from ii)vestmeiit PToperties Total 3,771 3.840 No income is received from Ihe main part of the Foundation's financial assets, which are maiiaged by Capital Generation Partners. The income is accumiilated. The movement in the value of the investments managed by Capital Generation Partners is shown under net gainsllosses on financial investments. 15 20 Analysis ofe%penditure on charitable activities Health Outcomes Programme and Other Grants £OIIO's Humanitarian Programme Said Busines5 Scholarship School Programrne Programme Total 2025 Total 2024 £OOO's £000'5 £OOO's £OOO's £OOO's Grant commitments Unspent grants return¢d -Financing adjusuneni relad to discounting future grant liabilities Financing cost related to the un]nding of discounted grant 772 1,389 1,678 (14) 5,626 9,465 (14) (184) 17,606 (258) (4251 (153) 156 156 128 Staff cost% (note 71 Directly alli)cated support co%ts Apportioned siipport co%t (note 5) Governan¢e costs (not¢ 5) Total 16 98 24 46 10 1,842 20 137 24 250 55 9,889 22 294 74 17,632 21 36 147 33 5,829 813 1,40S Expenditure on charitable aciivities was £9.5 niillion, including the following significani grant commitments= £5.0 million to Great Ormond Street Hospital (under Health Outtomes and Other Grai)ts): £1.4 million to the Said Business School Foundation for the Strategic Development Fund,. £1.7 millioii of Scholarship grants largely related to scholars studving in the 2025126 academic year; £0.6 million to Sayd Vaccinology Chair (under Heglth Outcomes and Other Grants),. £0.6 million to SOS Children's Villages UK (under Humani(arian}- £0. I million to Medical Aid for Palestinians {under Huinanitarian).. and £0. I million to St John of Jerusalem Eye H05Pital Group (under Humanitarian) Page 24 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Finaneial Statements for the year ended 31 August 2025 Analysis ofgovernance and support Costs The Foundation initially identifies support costs which relate directly to each of the charitable programmes listed above and allo¢ates them to the activity to h1¢h they relate. The remaining support costs whi¢h ¢annot be directly allocated (such as premises expenses and general office expenses) are then apportioned beN'een -support, and 'govemance' functions, and further apportioned between the four charitable activities based on total charitable expenditure attributable to each progranime. This apportionnient is shown at note 4, above. The table below shows the support and governance costs which have beet] apponioiied in this H'ay, and notes the basis on which the apportionment has been made: Support Governance £000'5 £OOO's Total £000'5 Basi5 of ApportionrneNt Pren)ises expenses Salaiies, wages and related costs General office expenses Audit fees Corpordtion tax con)pliance Travelling Legal and professional fees 78 89 69 78 Allocaledto support 18 E51imate ofstafftinie 69 Allocaledto support 21 Allocaledto governance 3 Allocaledto governance I l Allocaledto support 6 All(Jcuted(JN nulurc (Jf udvioe rcL'etved 306 29 21 56 Analysis of net rnovement in funds for the year Net niovement in funds for the year is stated after charging.. Total 2025 £OOO's Total 2024 £OOO's Auditors, remuneration (excluding irrecoverable VAT).. Statutorv audit fees c.orporation Tax compliance 21 19 Analysis of staff eosts and remuneration of key management personnel Total 2U25 £OOU's Total 2U24 £OVU's Salaries National Insurance Employer's pension contributions and other benefits Staff training Seirlemeni payments 207 16 297 29 43 42 412 255 Of tlie £255,000 total staff cost5 analysed above, £137,000 has been allocated to charitable probFrammes and other charitable expenditure (see note 4) and £1 18.000 has been allocated to support and ¥oveTnance costs (see note 5). Page 25 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Finaneial Statements for the year ended 31 August 2025 Analysi5 of staff costs and rernuneratioN of key management personnel {CODtinued} The average full-time equivalent (FTE) employee5 durillg the year was 4 {2024.. 5). The average number of staff on a head count basis in the year was 412024.. 5). The Foundation contributed betweeii 5-100/0 of eacli einployee's ¥ros5 salary to a re¥i5tered pen5lOII Scheme. Iii addition. all employees contributed 3Q/o of ¥ros5 salary. Employee5 are alsts entitled to membership of a private tnedical insuraiice scheme after satlsfactory completitsn of their probationary period. There is a season ticket loan scheme, used by one staff member. No other employee benefits were paid during the year. The charity's key management personnel comprised the Chief Executive Officer ICEO)- The CEO'S totsl remuneratioii (excludit]g employer's pension contributions) in the year to 31 August 2025 was £67.577 (2024.. £102,883}. The Foundatioii also made pension contributions to a money purchase peiision scheine of £9,357 {2024.. £14,226) and paid employer's National In5uraiice contributions of £8,650 {2024.. £12,943) in respect of the CEO. The numbers of employees whose remuneration and benefits, excluding employer's pension and employer's National Insurance contributions, for the year fell within the followiiig bands were.. 2025 Number 2024 Number £60,000 to £69.000 £100.000 to £109,000 The Foundation's trnstees NTrere not paid any remuneration nor received any other benefits from the Foundation or a related entity. One trustee {2024.' no trustees) received reimbursements of £554 for accominodation expeiises incurred whilst on Said Foundation business (2024= nil). 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 10 ai leasi preserve the real (inflation-adjusted) purchasing power of the assets. The Board of Trustees alone is empowered to vary these policies, althou management of the portfolio within these objectives is delegated to the Investment Committee. The Foundation's investment ponfolio consists of the following asset classes, all of which are held at fair value: 2025 £OOO's 202S 2024 £000'5 2024 Three properties 48,775 890/0 47,875 840/0 Mixed asset fuiids Fixed income and cash Private equity 5,164 709 95 54,743 IOQ/o 8,951 160/0 314 57,157 Page 26 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Finaneial Statements for the year ended 31 August 2025 b) Analysis of Investment Properties 2025 £OOO's 2024 £OOO's Market value at 1st September Additions (cost5 of improvement and refurbislitnent work) Net revaluatioii (losses) Market value at 31st August 47,875 50,900 900 Historical cost at 3 1st August 66,224 66,224 The Foundation holds three investment properties. Two in London and one in Cardiff. A professional valuation 'as undertaken in July 2025 for the tw'o Londoii properties (by tQni¥ht Frank and Cu5hman & Wakefjeld) in aLcordaiice with tlie RICS Red Book. The Tru5tee5 believe that the totiil niarket value 5hoMii above represents a fair value for all three properties as at 31 August 2025. e) Analysis or rinancial investments Purchase of new investments Proceeds from sale I distribution £IMIO's Investment Gainsl(Losses) ond Foreign Exchang¢ Movement Market value at 01.09.2024 £OOn'$ Market value at 31.n8.21)25 £OOO's £OOO's £OOO's Miied asset fund5 Fixed income and cash Private equiry Total 8,951 14,200} 13.516} 208 413 5,164 709 95 4,200 314 9,282 4,200 (7.924) 410 Page 27 of 32
The Said Fuundalion
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The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Financial Statements for the year ended 31 Allgllst 2025 11 Grant eommitments not yet paid Grant commitmei)ts not yet paid at 31 August 2025 con)prised the following balances.. £OOO's 9.000 4,000 1,500 1,389 1,280 1,000 264 212 143 50 50 6)8 18,250 Said Bu5iiiess SLhool (Oxford Said Future Leader5 Scholat5hips) Great Omjond Street Hospi(al Sayd Research Ii)iiiative Said Business School Foundation {Strategic Development Fund) UK Scholarship Programme The King's Foundation Other Scholarship Programmes Turquoise Mountain {Palestine) SOS Children's Villages UK Medical Aid for Palestinians St John of Jerusalem Eye Hospital Group Less.. adjustment to discount grant liabilities required by FRSI 02 Total grant ¢ommitments not yet paid 12 Cash Flow Statement a) Reeoneiliation of net movement in funds to net Cash flow from operating aetivities: 2025 £OOO's (6,362) 2024 £OOO's 117.890) Net income l (loss) for the year (as per Siatement of Financial Activities) Adjusted for.. Returns 01) investment IGains)ILosses on investments and investment properties Depreciation charge Interest paid on borrowings Interest received on cash balances Decrease in debtors Increase in creditors Rediiciion in value of interest rate swap Net cash (used in) op¢rating a¢tivitie5 (3,763) (1,310) (3,820) 2,071 1,484 843 (20) 1,884 4,542 1,368 1,022 3,784 2,711 234 3,237 b) Analysis of eash flows from interest and rents from investment proptrtits: 2024 £OOO's 20 3.327 £OOO's Interest from financial investments Rental income from investment properties Proceeds from disposal of investments Total 3,600 3,724 7J39 3,347 c) Reeoneiliation of movements on net debt Net debt At 01.09.2024 £OOO's 1,307 Non-eash movements Net debt 31.08.2025 £OOO's Cash flows £'0005 £'OOOs Cash at bank and in hand BL7nk loun¥ due within oneyEar BL7nk loun¥ due L7fier one veL7f Tothl bank loans Net debt (25,500) 25,500 (25,500) 121992 (27,992) {26,685) 2,492 2,492 2,798 (25,5001 (23,887) Page 29 of 32
The Said Fuundalion
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The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Finaneial Statements for the year ended 31 August 2025 17 Operating leases The Foundation is lessor of 24 individual lease arrangements for office and retail units at its three investment properries. The leases are all classified as operating leases and the income from these leases is recognised on a straight-line basis over the lease tenn. In gddition to amounts accrued to Ihe period end, the Foundation is entitled to receive the following tUre minimum leas¢ payments Under non-cancellable operating leases.. 2025 £OOO's 2024 £OOO's Amounts due.. Not later than on¢ year from 31 August Later thaii one year and not later than five years from 31 August Later thaii five years from 31 August 2,646 8,107 7,897 3,178 9,287 9,215 Total rental income from operating leases 18,650 21,680 18 Financial instrllrnent5 2025 £OOO's 2024 £OOO's Financial investments Interest rate swap Financial assets held at fair value 5,968 9,282 234 Financial assets held at fair value comprise financial investtnents and an interest rate swap. 19 Transactions with trusttes and eonneeted persons Three Said Foundatioii Trustees are also Directors of The Said Business School Foiindation TTUStee Ltd, which is 501e trustee of the Said Biisiness School Fouiidation. They are Wafic Said, Khaled Said aiid Lord Powell of Ba)'swater. Grants made to the Said Business School Foundation during the year, and amounts owed at 31 August {before discounting), were.. Grant Commitment5 Ajnount Grant owed Commitments Arnount owed 2024 £OOO's 2025 £Ol)O's 2025 £OOO's 2024 £OOO's Strategic Development Fund Total 1,389 lJ89 1,389 ,389 1,359 1.359 1,359 Donations made by Wafic Said and Khaled Said are disclosed separately at note 2 to the financial statements. Wafic Sard made £1.3 million of donations during the vear to 31 August 2025 {?024'. no donations}. In total, £5.3 million of Chairman's cominitsnenis from the current and previous years were outstsnding as ai 31 August 2025 {2024.. £9.5 million), with the addition of £1.3 million new Commitments during the year, less contributions of £2.9 million froin Wafic Said during the year and less contribiitions of £2.6 million from Khaled Said during the year. Wafic Sal"d is glso a director of Begumont Hotel {Midcol Limited. During Ihe year to 31 August 2025, one event was held at this venue at a market value cost of £2,30012024'. nil). In January 2025, Wafic Said was (Tranted pem]ission by the Cliarity Commission to ret]t one room at College House at a market rate. The lease cominenced frotn 8 May 2025. Page 31 of 32
The Said Fuundalion Aniiu<il R¢pvrt and Financial Stateineiits 2024125 The Said Foundation Notes to the Finaneial Statements for the year ended 31 August 2025 19 Transactions with trustees and connected persons {continued) During the year ended 31 August 2025, Mr Khaled Said (th¢ Foundation's Benefactor) made iio new donations to the Foundation (2024.. £1 million).. as shown in note 2 to the financial stateinents. As noted above, Mr Khaled Sayd contributed £2.6 niillion during the year in relation to existing £rant commitnients and received reimbursemeiit of £55412024.. nil) in relation to accomniodation costs incurred for inteniational travel on behalf of the Foundation. Mr Klialed Said 15 a Partiier of Capital Generatioii Partner5 LLP which provides the Foundation witli iiivestmeiit and property. management advice. In the year to i l August 2025, the firin charbFed £128.000 before VAT for properry tnanagemeiit advice (2024.. £128,000 before VAT) and iiil for investment mana¥ement services12024.. nil). Of thi5. £38,400 remained out5tandiii¥ at year end {2024.' nill. Mr Khaled Sdid ieLu5ed himself froin decisions made about the appointn)ent of Capital Generatioi) Parti)ers at meetings of the Foundatioi)'s Board of Trustees. Mr Khaled Said is also a trustee of The Turquoise Mountain Trnst. In June 2023, the Foundation signed a grant agreen)ent with The Turquoise Mountain Trust. The grant amount outstanding at the year end is £212.000 (2024.. £609,000}. Lord Powell of Bayswater is a member of the Board of the Northem Trust Corporaiion of the Unitsd States M,hich provides custody and brokerage services for investmenis held by the Foundation. In the year to 31 August 2025. the Foundation paid Nonhern Trusi £381 in custody fees (2024= £798) and nil in brokerage commissions (20?4'. nil). The decision to appoint Northern Trust was iaken by the Investment Committee of which Lord Powell is not a member. 20 Analysis of Statement of Financial A£tivities- prior year comparativ There were no restricted funds in 2024. All income and expenditiire was part of unrestricted funds {the expendable end0.met). Page 32 of 32