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
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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
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The Said Fuundalion
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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 In￿rnShIp 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
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The Said Fuundalion
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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 progr￿nMe
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 rela￿d 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.
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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.
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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.
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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
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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 cU￿t￿t 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 a￿angements 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'.
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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.
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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
8￿1
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' O￿lIL[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 incomin￿OUtgo]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 s￿len)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
e￿or, 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 AcCou￿1[￿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 rela￿d 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
Aniiu<il R¢pvrt and Financial Stateineiits 2024125
The Said Foundation
Notes to the Finaneial Statements
for the year ended 31 August 2025
9 Debtors and prepaymeDtS
2025
£000'5
2024
£000'5
Sundry debtors
Accrued income
Prepaynients
Total
5.951
1,163
169
7,283
9.807
991
97
10.895
Withii) Sundry debtors, £5.i million is owed by the Said fan)ily (2024.. £9.5 million) in relation to the following
grai)t commitments.. £0.9 Inillion Osne>' Power Statioi), £3.0 million Said Research Initiative, £1.2 million
Turquoise Mountain (Palestine) and £0.2 million for scholarships.
10 Creditors
a) Amounts falling due within one year
2025
£OOO's
2024
£OOO's
Bank loans
Grant commitments not }'et paid
Accruals and deferred income
Trade creditors
Taxation and social security
Total
25,500
7,528
630
155
206
34,020
5,307
669
102
121
6,199
'Accruals and deferred income, includes a balance of £245,000 {2024.' £236.000} relating ro rental inclime from
investment properties received in advance. The balance at year end will be largely recognised in the income and
expenditure account by September 2025, as the standard rental quarter invoiced in June 2025 runs from 24 June
to 28 September 2025.
b) Amounts falling due after more ¢h8n on¢ year
2025
£OOO's
2024
£OOO's
Bank loans
Grant commitments noi yet paid
27,992
10,143
38,135
10.722
10,722
In October 20? I, the Foundation commenced a £28 million loan secured on all three invesllnent properties. The
loan M'as exiended by one year in October 2024 at a reduced principal of £?5.5 million. which is repayable in full
ai the end of the temi in October 2025. The Foundation is committed to make quarterly payments of interest, with
the principal repayable in full ai the end of Ihe term. The lender holds a first legal charge over all three properties
as security, and rental income from the properties is remitted to the Foundation afier the lender's interest and fees
are deducted. From October 2025 the Foundation commenced a £23 million loan secured on the two Londlin
propenies, with an inirial term of three years.
Page 28 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
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
Aniiu<il R¢pvrt and Financial Stateineiits 2024125
The Said Foundation
Notes to the Financial Statements
for the year ended 31 Allgllst 2025
13 Analvsis of restricted funds
During the year, the Foundation received one restricted donation for a new grant to Turquoise Mountain: which
was signed on 24 October 2025.
Balance
01.09.24
£OOO's
Income
Expenditure
Other Gains
and (Losses)
£OOO's
Balance
31.08.25
£OOO's
£OOO's
£OOO's
Restricted funds
185
185
14 Analysis of unrestricted funds
Balance
01.09.24
£OUV's
Incorne
Expenditure
Other Gains
and (Losses)
£UOO's
Balance
31.08.25
£VOO's
£OOO's
£OOO's
Expeiidable endowment fvnd
25259
4,8SO
12,46S
1,068
18,712
endable endowment fund
The Foundation's endowmeni fund is maintsined to generate income to enable the continuing fuifilment of the
Foundation's objectives. The Trusiees, powerto spend ihe 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 suffi¢ient reserves for five years of ¢ore a¢iivities.
15 Analysis of net assets between funds
Unr¢5tricted
Funds-
Expendable
Endowment
£OOO's
R¢stricted
Funds
Total
2025
Total
2024
£OOO's
£OOO's
£OOO's
Investtnent properties
Financial iiivestmeiits
Curreiit assets
Creditors falling due within one year
Creditors falling due after 01)e >'ear
Net A55ets
48,775
5.968
8.711
(34,020}
10,722
18,712
48,775
5,968
8,896
(34.020)
10.722
18,897
47,875
9,282
12,436
(6.199)
38,135
185
185
16 Contingent liabilities and commitments
The Foundation's grant a¥reeinent with SBSF, as updated in Julie 2023, state5 that, in the event that the Trustees
decide to Lease the annual SDF fuiidin¥ for SBSF, the Foundatitsn w'ill nevertheless provide funding to SBSF to
ensure that the SDF coinmitments alieady made can be Inet.
At 31 August 2025, these future giant con)mitments totalled £3.5 million {2024." £4.7 million). In addition, the
Foundation has a creditor balance of £1.4 million under Grant Coniiniiments due within one year in respect of
the annual funding commiunent for 2024125. The Trustees do not consider it likely that there would be a change
to the annual funding approach which would cause the contingent liabilitv of £3.5 million to be crystalised. The
reserves polic}, from November 2024 onm'ards is based on preserving a minimum reserves figure that includes
the projecied cost of the annual grant for SDF.
Page 30 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
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￿.me￿t).
Page 32 of 32