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2025-03-31-accounts

St Olave's & St Saviour's Schools Foundation CIO

Report and Audited Financial Statements 31 March 2025

Charity no. 1181857

St Olave's & St Saviour's Schools Foundation CIO

Reference and administrative details

For the year ended 31 March 2025

Charity number 1181857 Registered office The Europoint Centre and operational 5-11 Lavington Street London SE1 0NZ Trustees The trustees who served during the year and up to the date of this report were as follows: + R Highmore, MA (Cantab) (Warden to 6 March 2025) + J Major, FCA (Sub-Warden to 6 March 2025 Warden from 6 March 2025) * Ms R Bentley (Appointed 23 January 2025) + A Boyd, MA, MEng, ACA + Mrs E Edwards, BSc, FRICS + Ms L Harris, BSc, MRICS Ms L Johnson (Appointed 26 September 2024) Mrs S Long (Resigned 11 June 2024) * The Very Reverend A Nunn, BA + S Parry * Dr D Ryall + J Rothwell, MA (Oxon) (Appointed 26 September 2024 Sub-Warden from 6 March 2025) * Dr E Sanderson-Nash (Resigned 18 April 2025) + Mr J de Sausmarez Mr A Smith (Appointed 18 April 2024) + Member of the Finance & General Purposes Committee * Member of the St Olave’s & St Saviour’s Schools Foundation Fund Committee Chief executive R Walters, MA (Cantab), ACA Bankers Reliance Bank Faith House 23-24 Lovat Lane London EC3R 8EB Solicitors* Charles Russell Speechlys LLP Compass House Lypiatt Rd Cheltenham GL50 2QJ

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St Olave's & St Saviour's Schools Foundation CIO

Reference and administrative details

For the year ended 31 March 2025

Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Investment advisers Rathbones Investment Management Ltd
30 Gresham Street
London
EC2V 7QN
CCLA Fund Managers Ltd
One Angel Lane
London
EC4R 3AB
Property managing Daniel Watney LLP
agents & surveyors 165 Fleet Street
London
EC4A 2DW

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St Olave's & St Saviour's Schools Foundation CIO

Report of the trustees

For the year ended 31 March 2025

The trustees present their report and the audited financial statements for St Olave’s & St Saviour’s Schools Foundation CIO for the year ended 31 March 2025 and confirm that the financial statements are compliant with statutory requirements, the Constitution dated 4 February 2019 and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS 102).

The Foundation was formally established in 1562 under the will of Henry Leke, for the education of twelve poor scholars of Southwark. The St Olave’s & St Saviour’s Grammar School for Boys' was established as a grammar school in 1571 having been a preparatory school for the ten years prior to that. The first location was at St Olave’s Church on Tooley Street, before moving to new sites in 1835, in 1855 and to the main Tooley Street site in 1892 before relocating to Orpington in 1968. St Saviour’s & St Olave’s Girls’ School was founded by the Foundation in 1903 and has remained at the same site on the New Kent Road throughout. From being schools of the Foundation, under the Education Act 1944 they became Local Authority Maintained, Church of England Voluntary Aided Schools, which they remain to this day.

When the boys school moved to Orpington, as the Foundation was established for the education of poor scholars in Southwark, the Foundation was asked by the Charity Commission to set up a fund to provide grants to young people under the age of 25 living in Southwark, for educational purposes and to organisations working with young people in Southwark, as compensation for the school no longer being available for local boys to attend. The Fund continues to this day and complements the funding provided to the two schools in encouraging and helping with the costs of education and development of the young people of Southwark.

Structure, Governance and Management

St Olave’s and St Saviour’s Schools Foundation CIO is registered in the United Kingdom as a Charity with the Charity Commission for England and Wales, registration number 1181857.

There are up to eighteen trustees, appointed by resolution of the trustees to the Court (the Board). Each trustee is appointed for a term of three years. At 31 March 2025, there were 14 trustees. During the period under review, Mrs Long retired from the Court; the Court acknowledges with appreciation her service to the Foundation. The Court was pleased to welcome, as new trustees, Ms Bentley, Ms Johnson, appointed in her role as Chair of Governors of St Saviour's School and Mr Rothwell.

New trustees are sought to ensure the skills and experience identified as being required by the Charity are adequately represented. Trustees are confident that the Foundation currently has the necessary skills and experience and looks to identify future trustees who can bring something different to the discussions. Induction courses are offered to new trustees and refresher courses, by professional advisers and others, are provided to all trustees as and when it is considered appropriate.

The Court of trustees meets twice a year and sets the overall policies and strategy of the Charity. It reviews the ongoing activities of the Charity and considers reports and recommendations from the Finance & General Purposes Committee and the Foundation Fund Committee. Each Committee operates under terms of reference agreed by the Court of trustees.

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St Olave's & St Saviour's Schools Foundation CIO

Report of the trustees

For the year ended 31 March 2025

The Court has adopted an investment policy to allocate assets between real estate and stock market securities. The Charity employs investment managers to look after the financial investment portfolios and a firm of Chartered Surveyors to advise on and manage the investment properties. All professional advisers are listed on pages 1 and 2.

The Charity’s professional investment advisers are invited to attend the Finance & General Purposes Committee at least twice a year, to review the current position of each portfolio and to facilitate scrutiny by the trustees. The Chief Executive meets with the advisers on a regular basis during the year to monitor progress and to discuss potential changes or developments.

The Finance & General Purposes Committee, which meets four times a year, is responsible, with the Chief Executive, for the administration, approval and monitoring of budgets, the level of grants and investments. The Court’s objective is to maintain the Foundation’s capital in real terms whilst setting target income returns for the investments, as follows:

Unrestricted Funds: total return basis. In 2024-25, the income achieved was 1.8% (2023-24 2.4%) of the opening capital value of the investments. The closing capital value resulted in a loss of 0.5% (£13k) (2023-24: gain of £115k).

The Foundation Fund Committee is responsible for grant making decisions. Grants are available for approved educational purposes and requests are invited from organisations working with young people in the London Borough Southwark, or young people under the age of 25 and resident in Southwark. The Fund Committee meets four times per year.

Responsibility for the day-to-day running of the Foundation is delegated by the Court to the Chief Executive.

Remuneration of the Chief Executive is reviewed by the Warden and Sub-Warden each year in conjunction with the annual performance review, which takes into account the performance of the Foundation against benchmarks and the external environment.

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St Olave's & St Saviour's Schools Foundation CIO

Report of the trustees

For the year ended 31 March 2025

The Headteachers of St Saviour’s School and St Olave’s Grammar School, the two School beneficiaries of the Foundation, report half-yearly to the Court. Trustees wish to acknowledge their appreciation and to offer their congratulations to the Headteachers, members of the Senior Leadership Teams and all staff for the way they continue to provide students with both learning and pastoral support and the excellent academic results they have both achieved.

Fundraising

The Charity does not actively seek donations from the general public and is not registered with the Fundraising regulator but it is, however, very grateful for donations received either directly or by its individual School beneficiaries.

Risk Statement

The trustees have adopted a risk assessment which is monitored and reviewed annually by the Finance & General Purposes Committee, before recommendation to the Court.

Recognising the increase in Cyber crime, trustees and staff undertake Cyber training every other year, as this remains a key area of risk for all organisations.

The loss of a commercial tenant in Putney High Street in 2023-24 had a significant impact on income in 2024-25 however the rental stream will resume in 2025-26. The Foundation’s time horizon is longterm, and volatility in capital values of properties and investments will not impact on the viability of the organisation in the short-term.

Public Benefit

Trustees have reviewed the activities of the Charity in respect of public benefit as set out in the Charity Commission’s guidance to report on public benefit and are satisfied that the funding to the beneficiaries in the form of the two State Schools and to young people in Southwark, provides tangible public benefit to the community. Therefore, they are satisfied that the Foundation meets the definition of a charity as defined by the Charity Commission.

Further details are given in the following sections.

Objectives, Policies, Activities and Achievements

The objectives of the Charity and its grants policy are to promote education in the two beneficiary Schools and to assist the education of young people in Southwark. The Charity takes the surplus (before grants and after depreciation of the Schools' Land and Buildings) from the previous financial year and allocates it to grant giving in the current year:

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St Olave's & St Saviour's Schools Foundation CIO

Report of the trustees

For the year ended 31 March 2025

The above is reviewed annually in the light of financial performance and at the discretion of the trustees. Trustees have agreed to maintain the level of distribution to the Schools at the same level for a number of years, in spite of reduced income, in order to assist in their future planning. Where the surplus for the year is insufficient to cover this level of grant, resources are taken from unrestricted reserves.

The Foundation owns most of the land and buildings occupied by each of the two Schools. Both Schools are Church of England Schools with Voluntary Aided Status and receive funding from the relevant Local Authority and Diocesan Boards of Education, to whom they can apply for capital funding. During the year, the Foundation continued to support the activities of the two Schools for their general costs and items not covered by funding from the Local Authority or the Diocesan Boards. The Schools and their governing bodies are independent of the Foundation.

The Foundation’s aim is to ensure that the maximum amount of money (within the grants policy) is available to each School to support their activities, as prioritised by their headteachers. There are few conditions attached to the funding provided to the Schools and it is accepted that the Senior Leadership Teams are best placed to allocate resources to achieve the greatest impact on the education of the students. Each year, the schools apply for the funding, stating what they propose to use it for and report back on how the funding was used in the previous year.

Grants to beneficiaries during the year were £808,263 (2023-24: £806,202).

In addition to the grant of cash, the Foundation’s staff work directly with the two Schools, providing, at no cost to the Schools, services such as the Clerk to the Governors, administrative and other advice and guidance. It is estimated, based on staff time spent, that around £110k of the Foundation’s overall expenditure of £190k on Office and Staff Costs, represents a “grant in kind” to the Schools.

The Foundation Fund Committee makes grants to individual young people up to the age of 25 in Southwark for educational purposes and to organisations in the London Borough of Southwark, which involve young people and where there is need of financial assistance. Details of the grants made are shown in note 6 to the financial statements.

The Foundation’s staff work closely with local organisations which facilitate the development of young people and directly with individuals themselves, to encourage applications from those who would most benefit from Foundation funds. Having made contact with potential new applicants, where possible, meetings are held to discuss their needs and assistance is given where applications to the Fund Committee fully meet the Foundation’s criteria.

Where potential applicants do not meet the Fund’s criteria, they may be directed to other funders; Southwark Funders, a group of charities which provide grants within the London Borough of Southwark and which meets on a periodic basis to discuss how their various grant schemes can be targeted to those most in need of assistance.

The trustees of the Foundation hold a number of bequests made to each School (see note 18) on their behalf and make available the income generated by these for use by the Schools in accordance with the terms of the individual trust deeds. These funds are invested and held in the name of the relevant School or the name of the trust.

Other than the trustees, the Foundation does not utilise the services of volunteers with the exception of five non-trustees who serve on the Foundation Fund Committee.

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St Olave's & St Saviour's Schools Foundation CIO

Report of the trustees

For the year ended 31 March 2025

Financial Policy and Review

Overall, income has seen an increase of 1% (2024: decrease 1%); expenditure has again increased significantly due to the costs of managing the investment properties and Greendale playing fields. In order to ensure that the distribution to the beneficiaries does not reduce and recognising the depreciation on the value of the school assets, trustees have again agreed to draw on unrestricted reserves to make up the deficit in income over expenditure. The deficit on unrestricted funds in 202425 led to a £246k decrease (2023-24: surplus £42k) in unrestricted funds at 31 March 2025. Permanent endowment funds have decreased by £224k (2023-24: increase £271k).

Trustees are confident that the Foundation remains a going concern.

The major sources of income during the year were property rents £845,875 (2023-24: £840,192), an increase of less than 1% due to better residential rents. Commercial rental income decreased by 11% to £391,877 (2023-24: £440,479), arising from the void at Putney High Street and sale of the Epsom property. Dividends and interest income increased to £209,172 (2023-24: £207,449). Donations of £272,045 (2023-24: £263,968) were received, the vast majority of which came from The Dulwich Estate (a charity founded in 1619, under which the Foundation is entitled to a share of that charity’s annual net income): 2024-25: £253,295 (2023-24: £251,468) and a further very generous donation to the St Saviour’s School Undergraduate Fund of £18,750 (2023-24: £12,500).

The overall deficit on Unrestricted Funds for the period, after administrative costs and grant making, totalled £190,018 (2023-24: deficit £72,953), before net realised and unrealised losses of £56,308 (2023-24: gains £115,196) on investment assets and the sale of the Epsom property.

The Charity provides contributions to staff stakeholder pensions and hence has no pension liability at the year end. The Charity maintains unrestricted, restricted and expendable and permanent endowment reserves. For a full explanation, please see note 18.

The Charity has a policy of paying suppliers on receipt of invoices. Therefore, most are paid within one week of receipt or the resolution of any queries. Due to the limited number of staff and trustees, absence of one person can delay a small number of payments to 2-3 weeks, but well within the 30 day generally accepted payment period.

Reserves Policy and Future Plans

The Charity had a net decrease of £246,326 on its Unrestricted Funds resulting in a balance of £2,317,510 (2023-24: £2,563,836) on these reserves.

The trustees’ grants policy is to maximise the distribution of income to the two School beneficiaries each year, only holding back sufficient funds for the running costs of the Foundation and, via the depreciation on the fixed assets, to allow sufficient capital accumulation to replace assets as necessary. The operating surplus for the year is allocated in full to beneficiaries in the following financial year. However, following a deficit on the unrestricted income less depreciation, trustees have agreed to maintain the distribution level to the two School beneficiaries from unrestricted reserves.

The Unrestricted Funds include the amounts yet to be allocated to the School or other beneficiaries.

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St Olave's & St Saviour's Schools Foundation CIO

Report of the trustees

For the year ended 31 March 2025

The Endowment Funds are to generate income for future distribution and, through Unrestricted Funds, to fund emergency requirements at either of the Schools. The annual depreciation charge allows this reserve to be built up. Permanent Endowment Funds must be maintained (with only the income generated thereon being distributable).

Trustees continue discussions with the Foundation’s investment managers as to how the income return on the Permanent Endowment portfolio might be increased to reach the target of 3% whilst maintaining growth. They have asked the investment managers to review the portfolio with this in mind and forecasts indicate 3.4% for 2025-26. The Unrestricted Fund is managed on a total return basis.

Trustees have assessed whether the Foundation remains a going concern, for the foreseeable future and for at least a further 12 months. The Charity has cash reserves amounting to eight months of anticipated overhead expenditure and Foundation Fund grant giving. Rental and investment income and funds from The Dulwich Estate, together with the possibility of selling financial investments, ensure that cash flows would be sufficient to meet all normal expenditure and to ensure that the school grants can be distributed as required. Trustees are confident that the Foundation remains a going concern for the foreseeable future.

The Foundation holds, freehold, land at Greendale in Dulwich, originally conveyed by The Dulwich Estate for use as playing fields by the Foundation's Schools. Whilst St Saviour's School continues to use the site, due to the distance and cost of transporting students from New Kent Road to Dulwich, this has been limited and the Foundation was been investigating widening the use of the sporting facilities to third parties, including a local football club. The Foundation is in discussion with The Dulwich Estate over the future of this land.

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and the incoming resources and application of resources, including the net income or expenditure, of the Charity for the year. In preparing those financial statements the trustees are required to:

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St Olave's & St Saviour's Schools Foundation CIO

Report of the trustees

For the year ended 31 March 2025

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

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the Charity have no liability to contribute to the assets of the Charity in the event of winding up. The trustees are members of the Charity but have no beneficial interest in the Charity.

Auditors

Godfrey Wilson Limited were reappointed as auditors to the Charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 2 October 2025 and signed on their behalf by

John E Major

John Major - Warden

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Independent auditors' report

To the trustees of

St Olave's & St Saviour's Schools Foundation CIO

Opinion

We have audited the financial statements of St Olave's & St Saviour's Schools Foundation CIO (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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Independent auditors' report

To the trustees of

St Olave's & St Saviour's Schools Foundation CIO

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of the trustees

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

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

Our responsibilities for the audit of the financial statements

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

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

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

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Independent auditors' report

To the trustees of

St Olave's & St Saviour's Schools Foundation CIO

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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Independent auditors' report

To the trustees of

St Olave's & St Saviour's Schools Foundation CIO

Use of our report

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

Godfrey Wilson Limited

Date: 3 October 2025

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Godfrey Wilson Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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St Olave's & St Saviour's Schools Foundation CIO

Statement of financial activities

For the year ended 31 March 2025

Endowment
Note
£
Income from:
Donations and legacies
3
-
Investments
4
-
Total income
-
Expenditure on:
Raising funds
33,785
Charitable activities:
Schools
167,864
Supporting young people in
Southwark
-
Total expenditure
5
201,649
(201,649)
Net gains / (losses) on investments
(22,691)
8
(224,340)
Reconciliation of funds:
Total funds brought forward
27,861,003
Total funds carried forward
27,636,663
Net income / (expenditure) before
gains / (losses) on investments
Net income / expenditure and net
movement in funds		 Endowment
Note
£
Income from:
Donations and legacies
3
-
Investments
4
-
Total income
-
Expenditure on:
Raising funds
33,785
Charitable activities:
Schools
167,864
Supporting young people in
Southwark
-
Total expenditure
5
201,649
(201,649)
Net gains / (losses) on investments
(22,691)
8
(224,340)
Reconciliation of funds:
Total funds brought forward
27,861,003
Total funds carried forward
27,636,663
Net income / (expenditure) before
gains / (losses) on investments
Net income / expenditure and net
movement in funds		 Restricted
£
18,750
12,718		 Unrestricted
£
253,295
1,042,329		 2025
Total
£
272,045
1,055,047		 2024
Total
£
263,968
1,047,641
- 31,468 1,295,624 1,327,092 1,311,609
33,785
167,864
-		 -
12,718
-		 502,498
836,332
146,812		 536,283
1,016,914
146,812		 410,999
1,010,526
151,103
201,649 12,718 1,485,642 1,700,009 1,572,628
(201,649)
(22,691)		 18,750
(22,001)		 (190,018)
(56,308)		 (372,917)
(101,000)		 (261,019)
613,177
(224,340)
27,861,003		 (3,251)
568,669		 (246,326)
2,563,836		 (473,917)
30,993,508		 352,158
30,641,350
27,636,663 565,418 2,317,510 30,519,591 30,993,508

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18 to the accounts.

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St Olave's & St Saviour's Schools Foundation CIO

Balance sheet

As at 31 March 2025

Note
Fixed assets
Tangible assets
11
Heritage assets
12
Investment property
13
Financial investments
14
Current assets
Debtors
15
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
16
Net current liabilities
Total assets less current liabilities
Net assets
17
Funds
18
Permanent endowment funds
Restricted funds
Unrestricted general funds
Total charity funds		 £
158,692
266,212
424,904
625,777		 2025
£
4,925,139
100,000
17,310,000
8,385,325
30,720,464
(200,873)
30,519,591
30,519,591
27,636,663
565,418
2,317,510
30,519,591		 2024
£
5,068,921
100,000
17,613,250
8,563,116
31,345,287
51,240
182,988
234,228
586,007
(351,779)
30,993,508
30,993,508
27,861,003
568,669
2,563,836
30,993,508

Approved by the trustees on 2 October 2025 and signed on their behalf by

John E Major

John Major - Warden James Rothwell - Sub-Warden

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St Olave's & St Saviour's Schools Foundation CIO

Statement of cash flows

For the year ended 31 March 2025

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Losses/(gains) on financial investments
Losses on disposal of investment properties
Dividends, interest and rents from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investment properties
Proceeds from the sale of investments
Purchase of financial investments
Net cash provided by investing activities
Increase/(decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held in financial investments
Total cash and cash equivalents		 2025
£
(473,917)
208,942
57,750
43,250
(1,055,047)
(107,452)
39,770
(1,286,704)
1,055,047
(65,160)
260,000
3,283,811
(3,143,084)
1,390,614
103,910
235,460
339,370
266,212
73,158
339,370		 2024
£
352,158
195,910
(613,177)
-
(1,047,641)
175,849
(340,578)
(1,277,479)
1,047,641
(41,384)
-
3,676,997
(3,717,086)
966,168
(311,311)
546,771
235,460
182,988
52,472
235,460

The Charity has not provided an analysis of changes in net debt as it does not have any long-term financing arrangements.

16

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies

a) General information and basis of preparation

St Olave's & St Saviour's Schools Foundation CIO is a charitable incorporated organisation registered in England and Wales. The registered office address is The Europoint Centre, 5-11 Lavington Street, London, SE1 0NZ.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

St Olave's & St Saviour's Schools Foundation CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

These financial statements encompass all the activities and assets of the Charity, including most of the land and buildings for St Saviour’s School (Southwark) and St Olave’s Grammar School (Orpington). However, they do not include the income, expenditure and associated assets and liabilities of either School as these are the responsibility of the Schools themselves.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the Charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the Charity's ability to continue as a going concern.

c) Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Income received in advance of provision of rental property is deferred until criteria for income recognition are met.

Interest on funds held on deposit, dividends and other investment income are included when receivable and the amount can be measured reliably by the Charity. This is normally upon notification of the amounts paid or payable by the bank or investment managers.

d) Funds accounting

Permanent endowment funds are held in perpetuity as capital investment assets in line with the terms of the endowment. All income derived from the permanent endowment fund is, in the first instance, unrestricted.

17

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

d) Funds accounting (continued)

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity's work.

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity.

e) Linked charities

The Charity is the corporate trustee of a number of linked charities and trust funds held on behalf of the two Schools of the Charity. These funds are of no beneficial interest to the Charity and are held as investments, cash and liabilities (grants payable) to the Schools. Income from the investments is treated as restricted funds upon receipt, accumulated as grants payable and immediately made available to the Schools on demand against the approved objectives of the funds. Gains or losses arising from changes in investment value are charged against the restricted fund.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Grants payable

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled. Grants awards that are subject to the recipient fulfilling performance conditions are accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Charity. Where grants are made in principle for more than one year, only the current year is accrued as recipients must demonstrate satisfactory performance for future year's funding to be released.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the Charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the Charity’s activities, including costs related to statutory audit and legal fees together with direct costs of meetings.

Support and governance costs have been allocated between charitable activities based on the estimated proportion of staff time spent on each activity as follows:


ortion of staff time spent on each activity as follows:
2025 2024
Schools 90% 90%
Supporting young people in Southwark 10% 10%

No support and governance costs are allocated to raising funds on the basis that the majority of activity is carried out directly by the Charity's investment managers.

18

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold land and buildings 2% per annum Property improvements 20% per annum Furniture and fittings 10% per annum Computer hardware 20% - 33% per annum

Freehold land and buildings relate to land and buildings added by the Charity to St Olave's Grammar School and St Saviour's School. The Charity holds these assets for charitable purposes and these are occupied by the Schools. Depreciation on these assets is charged to the permanent endowment. For assets acquired for Charity use, depreciation is charged to the unrestricted fund.

Individual items costing under £5,000 are not capitalised but the cost is written off in the year of purchase.

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

j) Heritage assets

The Charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance the preservation and conservation objectives of the Charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.

The works of art, which are considered to be heritage assets, were valued for insurance purposes by W & F C Bonham & Sons Limited at 31 March 2006 and after a review in 2018, trustees were of the view that the market value had diminished and reduced the value accordingly. Trustees are of the view that the market value has not changed further.

The very long expected life of the works of art, due to their nature, value, and need to be protected and preserved, means that depreciation is not material and is, therefore, not provided. The trustees will review its value at the end of each financial accounting period and consider whether there has been any impairment in its value at which point an impairment charge will be processed.

k) Investment property

Investment property is property (land or a building, or both) held to earn rentals or for capital appreciation or both.

Investment property is initially measured at cost when purchased. Investment property is subsequently measured at fair value at the reporting date. This method of valuation applies to all the Charity’s investment properties. Valuations are undertaken by a RICS registered surveyor on a 3 year basis, with trustee valuations undertaken in the interim.

Gains or losses arising from changes in the fair value of investment property are included in net profit or loss on the face of the Statement of Financial Activities for the period in which they arise.

19

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

l) Financial investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and other investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

All realised gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash held by investment managers for the purposes of re-investment is included within financial investments on the balance sheet.

o) Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p) Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

q) Pension costs

The Charity makes contributions to stakeholder pension plans of staff members. There are no further liabilities other than those already recognised in the SOFA.

r) Operating leases

Rentals paid under operating leases are charged to the statement of financial activities as they fall due.

20

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

s) Accounting estimates and key judgements

In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are as follows:

Depreciation

As described in note 1i to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

It has not been possible to establish the original cost of the land, which was purchased many years ago, so the total cost of freehold land and buildings is subject to depreciation.

Investment properties

The valuation of investment property is deemed to be the market value of the land and buildings, as determined by a RICS registered surveyor.

t) Intellectual property

The Foundation holds intellectual property rights over the logos of the Foundation and each of the two Schools. These are to protect the logos and to ensure that these are not exploited for commercial purposes. The rights are held at zero value.

21

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

2.
Prior year comparatives: statement of financial activities
Endowment
£
Income from:
Donations and legacies
-
Investments
-
Total income
-
Expenditure on:
Raising funds
32,702
Charitable activities
Schools
167,864
Supporting young people in Southwark
-
Total expenditure
200,566
(200,566)
Net gains on investments
471,147
Net income and net movement in funds
270,581
3.
Income from donations
The Dulwich Estate - annual distribution
Donations to St Saviour's School Headteacher's Funds
Total income from donations
Prior period comparative:
The Dulwich Estate - annual distribution
Donations to St Saviour's School Headteacher's Funds
Total income from donations
Net income / (expenditure) before gains on
investments		 2.
Prior year comparatives: statement of financial activities
Endowment
£
Income from:
Donations and legacies
-
Investments
-
Total income
-
Expenditure on:
Raising funds
32,702
Charitable activities
Schools
167,864
Supporting young people in Southwark
-
Total expenditure
200,566
(200,566)
Net gains on investments
471,147
Net income and net movement in funds
270,581
3.
Income from donations
The Dulwich Estate - annual distribution
Donations to St Saviour's School Headteacher's Funds
Total income from donations
Prior period comparative:
The Dulwich Estate - annual distribution
Donations to St Saviour's School Headteacher's Funds
Total income from donations
Net income / (expenditure) before gains on
investments		 Restricted
£
£
12,500
251,468
13,437
1,034,204
25,937
1,285,672
2,313
375,984
11,124
831,538
-
151,103
13,437
1,358,625
12,500
(72,953)
26,834
115,196
39,334
42,243
Restricted
£
£
-
253,295
18,750
-
18,750
253,295
Restricted
£
£
-
251,468
12,500
-
12,500
251,468
Unrestricted
Unrestricted
Unrestricted		 Restricted
£
£
12,500
251,468
13,437
1,034,204
25,937
1,285,672
2,313
375,984
11,124
831,538
-
151,103
13,437
1,358,625
12,500
(72,953)
26,834
115,196
39,334
42,243
Restricted
£
£
-
253,295
18,750
-
18,750
253,295
Restricted
£
£
-
251,468
12,500
-
12,500
251,468
Unrestricted
Unrestricted
Unrestricted		 2024
Total
£
263,968
1,047,641
- 25,937 1,285,672 1,311,609
32,702
167,864
-		 2,313
11,124
-		 375,984
831,538
151,103		 410,999
1,010,526
151,103
200,566 13,437 1,358,625 1,572,628
(200,566)
471,147		 12,500
26,834		 (72,953)
115,196		 (261,019)
613,177
270,581 39,334 42,243 352,158
2025
Total
£
253,295
18,750
18,750 253,295 272,045
2024
Total
£
251,468
12,500
12,500 251,468 263,968

22

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

4. Income from investments

Income from investments
Dividends and interest on financial investments
Property income
Total income from investments
Prior period comparative:
Dividends and interest on financial investments
Property income
Total income from investments		 Restricted
£
£
12,718
196,454
-
845,875
12,718
1,042,329
Restricted
£
£
13,437
194,012
-
840,192
13,437
1,034,204
Unrestricted
Unrestricted		 2025
Total
£
209,172
845,875
12,718 1,042,329 1,055,047
2024
Total
£
207,449
840,192
13,437 1,034,204 1,047,641

23

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

5. Total expenditure

Total expenditure
Grant funded activity (note 6)
Investment management fees
Property management costs
Depreciation
Staff costs (note 9)
Office costs
Trustee meeting costs
Audit fees
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
48,527
446,678
41,078
-
-
-
-
536,283
-
536,283		 Schools
£
680,211
-
-
167,864
-
-
-
-
848,075
168,839
1,016,914		 Supporting
young people in
Southwark
£
128,052
-
-
-
-
-
-
-
128,052
18,760
146,812		 Governance
costs
£
-
-
-
-
-
-
1,342
12,600
13,942
(13,942)
-		 Support costs
£
-
-
-
-
139,202
34,455
-
-
173,657
(173,657)
-		 2025 Total
£
808,263
48,527
446,678
208,942
139,202
34,455
1,342
12,600
1,700,009
-
1,700,009

24

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

5.
Total expenditure (continued)
Prior period comparative
Grant funded activity (note 6)
Investment management fees
Property management costs
Depreciation
Staff costs (note 9)
Office costs
Trustee meeting costs
Audit fees
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
48,700
334,253
28,046
-
-
-
-
410,999
-
410,999		 Schools
£
673,854
-
-
167,864
-
-
-
-
841,718
168,808
1,010,526		 Supporting
young people in
Southwark
£
132,348
-
-
-
-
-
-
-
132,348
18,755
151,103		 Governance
costs
£
-
-
-
-
-
-
2,239
15,360
17,599
(17,599)
-		 Support costs
£
-
-
-
-
137,042
32,922
-
-
169,964
(169,964)
-		 2024 Total
£
806,202
48,700
334,253
195,910
137,042
32,922
2,239
15,360
1,572,628
-
1,572,628

25

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

6. Grants payable

The Charity undertakes its charitable activities through grant making and awards grants to the two Schools of the Foundation and young people and young people's organisations in Southwark, in furtherance of its charitable objectives. The amount payable in the year comprises:

Schools:
St Olave's Grammar School
St Saviour's School
Amounts made available from funds held on Trust:
St Olave's Grammar School
St Saviour's School
Total Schools
Foundation Fund grants:
Southwark Cathedral's Choirs
Grants to individuals 2025: 10 (2024: 17)
Grants to organisations:
acetUK
Afro-Brazilian Arts & Cultural Exchange
Angels Breakfast & After School Club
Bede House Association
Bermondsey Community Kitchen
Bessemer Grange Tenants Association
Bethwin Road Playground
Billy Youth Group
Bizzie Bodies
Blue Youth Community Group
Bounce Legacy
Camberwell After School Project
Camberwell Choir School
Central School of Ballet
Centre for the Advancement of Human Rights
Colombo Street Community & Sports Centre
Downside Fisher Youth Club
Dream, Believe, Achieve
Drumhead Ltd
Finding Rhythms
Free to be Kids
Friends of Galleywall Nature Reserve
Goose Green Primary School
Heritage Charity London
Ignite Hubs
Subtotal carried to next page:		 2025
£
320,184
347,309
5,968
6,750
680,211
13,043
11,562
3,000
1,000
1,000
3,000
3,000
2,000
-
2,500
3,000
-
-
5,154
3,000
2,000
3,148
-
-
3,000
-
3,000
3,000
-
1,800
-
3,000
70,207		 2024
£
320,184
340,233
7,154
6,283
673,854
12,788
20,459
3,000
1,000
1,000
2,000
-
2,000
2,500
-
-
1,100
1,000
3,000
-
-
-
3,000
4,500
2,300
2,000
-
3,000
1,423
-
2,000
-
68,070

26

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

6. Grants payable (continued)

Subtotal from previous page:
Inspire Walworth
Kazzum Arts
Kingswood Arts
Listening Books
Living Bankside
London Bubble Theatre
London PE & Sports Network
My First 1000 days
National Youth Theatre of Great Britain
Orchard Hill College
Ourspace Creative
Pembroke House
Phoenix Explorer Scout Group
Power2
Restorative Justice 4 All
Rodolfus Foundation
Salmon Youth Centre
Siblings Together
Somali Integration and Development Organisation
South London Renegades
Southwark Acquatics
Southwark Cathedral Learning Centre
Southwark Music
Southwark Tigers RFC
Spring Community Hub
St John's Primary School
St Joseph's Primary School
St George's Primary School
St Mary Magdalene Primary School
St Paul's Primary School
St Saviour's & St Olave's School
Surrey Docks Farm
Team up for Social Mobility
Time & Talents
Westminster House Youth Group
Youth Learning Network
1st St James Girl Guides
1st Tower Bridge Brownies
2nd Southwark Scouts
3rd Camberwell Scouts
7th Camberwell Scouts
Subtotal carried to next page:		 2025
£
70,207
1,200
2,500
-
-
-
2,650
3,000
1,400
3,000
-
-
-
2,500
-
3,000
-
-
-
-
1,500
1,500
2,862
2,745
2,500
3,000
-
-
-
2,010
-
7,000
-
-
2,910
3,000
3,000
2,440
-
1,555
1,200
1,440
128,119		 2024
£
68,070
-
2,500
2,000
1,500
1,500
-
-
-
-
1,691
2,750
3,000
2,500
1,600
2,000
2,000
2,960
3,000
2,400
-
-
2,862
2,400
-
3,000
1,800
1,800
2,000
-
1,740
7,000
3,000
1,000
-
-
-
-
1,160
-
1,560
-
128,793

27

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

6. Grants payable (continued)

Grants payable (continued)
Subtotal from previous page:
10th East Dulwich Guides
14th Bermondsey Scouts
16th Bermondsey Scouts
20th Bermondsey Scouts
30th Southwark Scouts
34th Camberwell Scouts
Grants under £1,000 (2025: 2, 2024: 4 organisations)
Cancelled grants
Total Foundation Fund grants
Total grants payable		 2025
£
128,119
-
2,500
2,247
-
-
-
1,500
(6,314)
128,052
808,263		 2024
£
128,793
1,320
-
-
1,200
1,200
1,355
2,525
(4,045)
132,348
806,202

28

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

7. Grants commitments

Grant commitments brought forward
Grants committed during the period
Grants paid during the period
Grant commitments carried forward
Grants payable comprised the following amounts:
Foundation Fund
Schools' grants:
St Olave's Grammar School
St Saviour's School
Funds held on trust for Schools:
St Olave's Grammar School
St Saviour's School		 2025
£
489,030
808,263
(814,297)
482,996
17,742
213,429
228,746
13,206
9,873
482,996		 2024
£
820,129
806,202
(1,137,301)
489,030
17,978
1,544
449,566
7,238
12,704
489,030

Foundation grants are expected to be drawn down within 12 months from the date of commitment being made by the charity.

School grants held on trust are drawn down upon requirement by the schools.

8. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit (excluding VAT)
Under accrual in the prior year		 2025
£
208,942
14,263
Nil
412
10,500
-		 2024
£
195,910
14,263
Nil
308
10,000
2,000

29

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Life assurance		 2025
2024
£
£
117,264
115,822
8,672
8,473
11,718
11,382
1,548
1,365
139,202
137,042

One employee received remuneration of between £70,000 and £79,999 in the year (2024: 1 £70,000 to £79,999).

The key management personnel of the Charity comprise the Trustees and Chief Executive. The total employee benefits of the key management personnel were £89,242 (2024: £85,579).

During the year, the trustees did not receive any remuneration or benefits in kind (2024: £Nil) and two trustees were reimbursed travel expenses of £412 (2024: 1 £308).

Average head count 2025
No.
2		 2024
No.
2

10. Taxation

The Charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

30

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

11. Tangible fixed assets

£
Cost
At 1 April 2024
8,393,225
Additions in year
-
At 31 March 2025
8,393,225
Depreciation
At 1 April 2024
3,436,486
Charge for the year
167,864
At 31 March 2025
3,604,350
Net book value
At 31 March 2025
4,788,875
At 31 March 2024
4,956,739
Freehold land
and buildings		 £
£
140,228
6,092
65,160
-
205,388
6,092
28,046
6,092
41,078
-
69,124
6,092
136,264
-
112,182
-
Greendale
site
Furniture
and fittings		 £
7,498
-
7,498
7,498
-
7,498
-
-
Computer
hardware		 Total
£
8,547,043
65,160
8,612,203
3,478,122
208,942
3,687,064
4,925,139
5,068,921

Freehold land and buildings relate to land and buildings at St Olave's Grammar School, Orpington and St Saviour's School, Southwark.

12. Heritage assets

Valuation
At 1 April 2024 and at 31 March 2025		 Works of art
£
100,000

The works of art, which are considered to be Heritage Assets, were valued for insurance purposes by W & F C Bonham & Sons Limited at 31 March 2006 and after a review in 2018, trustees were of the view that the market value had diminished and reduced the value accordingly. Trustees are of the view that the market value has not changed further. No funds from the Rushbrooke Trust have been spent acquiring additional works of art during the period. The works of art are held at St Olave's School.

31

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

13. Investment property

Valuation
At 1 April 2024
Disposal proceeds
Loss on disposal
At 31 March 2025
Historical cost:
At 31 March 2025		 2025
£
17,613,250
(260,000)
(43,250)
17,310,000
7,916,519		 2024
£
17,613,250
-
-
17,613,250
8,067,035

The investment property comprises property held on Putney High Street. The property was valued as at 31 March 2023 by Daniel Watney LLP, RICS registered valuer. Trustees reveiwed the valuation as at 31 March 2025 and were of the view that there had not been a material change in that value. The fair value is deemed to be the estimated market value of the buildings and the land.

The trustees are of the view that there has been no significant change to the fair value during the year.

14. Financial investments

Market value at 1 April 2024
Additions
Disposals proceeds
Net realised and unrealised (losses)/gains
Movement in cash balance
Market value at 31 March 2025
Financial investments comprise:
Equities (UK and overseas)
Unit trusts
Deposits and cash awaiting investment
Represented within:
Restricted funds (funds held on Trust)
Endowment funds
Unrestricted funds
British Government and other fixed interest
stocks		 2025
£
8,563,116
3,143,084
(3,283,811)
(57,750)
20,686
8,385,325
865,892
6,980,857
465,418
73,158
8,385,325
465,418
5,537,788
2,382,119
8,385,325		 2024
£
8,047,407
3,717,086
(3,676,997)
613,177
(137,557)
8,563,116
1,149,998
6,896,871
463,775
52,472
8,563,116
468,669
5,594,264
2,500,183
8,563,116

32

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

15. Debtors

Debtors
Prepayments
Rents receivable and other debtors		 2025
£
32,823
125,869
158,692		 2024
£
51,240
-
51,240

16. Creditors : amounts due within 1 year

Creditors : amounts due within 1 year
Trade creditors
Accruals
VAT
Other taxation and social security
Grants payable (note 7)		 2025
£
358
62,325
76,572
3,526
482,996
625,777		 2024
£
296
57,534
35,609
3,538
489,030
586,007

17. Analysis of net assets between funds

Tangible fixed assets
Heritage assets
Investment property
Financial investments
Current assets
Current liabilities
Net assets at 31 March 2025		 £
4,788,875
-
17,310,000
5,537,788
-
-
27,636,663
Endowment
funds		 £
-
100,000
-
465,418
23,079
(23,079)
565,418
Restricted
funds		 £
136,264
-
-
2,382,119
401,825
(602,698)
2,317,510
Unrestricted
general
funds		 Total
funds
£
4,925,139
100,000
17,310,000
8,385,325
424,904
(625,777)
30,519,591

33

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

For the year ended 31 March 2025
17. Analysis of net assets between funds (continued)
£
Tangible fixed assets
4,956,739
Heritage assets
-
Investment property
17,310,000
Financial investments
5,594,264
Current assets
-
Current liabilities
-
Net assets at 31 March 2024
27,861,003
Endowment
funds
Prior year comparative		 £
-
100,000
-
468,669
19,942
(19,942)
568,669
Restricted
funds		 £
112,182
-
303,250
2,500,183
214,286
(566,065)
2,563,836
Unrestricted
general
funds		 Total
funds
£
5,068,921
100,000
17,613,250
8,563,116
234,228
(586,007)
30,993,508

34

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

18. Movements in funds

Total endowment funds
Restricted funds
St Olave's Funds:
WG Rushbrooke Trust
St Saviour's Funds:
Marguerite Waller Prize Fund
Total restricted funds
Unrestricted general funds
Total funds
St Saviour's Undergraduate
Fund		 At 1 April
2024
£
27,861,003
320,483
110,311
137,875
568,669
2,563,836
30,993,508		 Income
£
-
5,968
3,000
22,500
31,468
1,295,624
1,327,092		 £
(201,649)
(5,968)
(3,000)
(3,750)
(12,718)
(1,485,642)
(1,700,009)
Expenditure		 £
(22,691)
(10,054)
(5,140)
(6,807)
(22,001)
(56,308)
(101,000)
Losses		 £
27,636,663
At 31 March
2025
310,429
105,171
149,818
565,418
2,317,510
30,519,591

35

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

18. Movements in funds (continued)

Purpose of endowment funds

These funds represent the long-term endowment of the Foundation and only the income can be distributed. These are held in investment property and financial investment assets.

Purposes of restricted funds

These funds represent the assets of linked charities, held on trust by the Foundation on behalf of the Schools. Their purpose was restricted at the time of the gift. The Schools are the ultimate beneficiaries of these funds. The income from the funds is allocated to the Schools and provided for in the grants payable to the Schools. The capital is not available for drawdown.

The WG Rushbrooke Trust relates to St Olave's Grammar School. The Marguerite Waller Prize Fund and the St Saviour's Undergraduate Fund relate to St Saviour's School.

In 2022-23, recognising that for some of the funds, the purpose had not been fulfilled in living memory, the St Olave's School funds were consolidated into the WG Rushbrooke Trust, to enable the income to be used to achieve the objectives of the funds where possible, but for the benefit of the School, where not. The following St Olave's School bequests are followed where possible:

George Dyson Prize Fund

To endow an annual prize to be known as the George Dyson prize for Chemistry, to be awarded to a pupil of St Olave's Grammar School or failing that for any purpose which the Headmaster deems fit provided also that it shall be for the benefit of the School.

Paul Slade Prize Fund

To endow an annual prize to be known as the Paul Slade prize for Physics, to be awarded to a pupil of St Olave's Grammar School or failing that for any purpose which the Headmaster deems fit provided also that is shall be for the benefit of the School.

Gridley Prize Fund

Establishment of lectures and prizes for the study of poetry.

Sanders Prize Fund

Provision of two prizes to be given in the sixth form, one for classics and the other for an English composition in prose or verse on some literary subject.

Green Prize Fund

Provision of a yearly prize for the writing of the best, humorous, short story in a competition.

Davis Bequest

Income to be used to help any poor scholars.

Owen Gift

A house music shield for annual competition and a drama medal to be awarded each year to the boy who gave the best dramatic performance.

36

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

18. Movements in funds (continued) Purposes of restricted funds (continued)

Felkin Bequest

Income to be used in assisting in the training of a boy as a missionary in Canada or London or elsewhere.

Headteacher's Fund

To assist any boy attending the School whose education might be impeded through poverty in his home or the assistance of any boy attending the said School undertaking foreign travel in furtherance of his education.

WG Rushbrooke Trust

A trust for the benefit of the School.

Alice Talbot Prize

Provision of an annual prize for public service.

Phyllis Packer Prize Fund

Provision of an annual prize to the pupil or pupils of St Olave's Grammar School who contribute(s) most to music making in the School, or failing that, for any purpose which the Headmaster deems fit, provided only that it shall be to the benefit of the School.

J Nixon Memorial Fund

To assist any boy attending the School whose education might be impeded through poverty in his home.

Marguerite Waller Prize Fund

Provision of an annual prize for contributions to drama at St Saviour's School, or failing that, for any purpose which the Headteacher deems fit, provided only that it shall be to the benefit of the School.

St Saviour's School Undergraduate Fund

A fund initially endowed in 2016 to generate income for distribution to students of the School attending Cambridge University, Oxford University, a Russell Group University or medical school.

37

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

18. Movements in funds (continued) Prior year comparative Restricted funds

Permanent endowments
Expendable endowments
Endowment funds
Restricted funds
St Olave's Funds:
WG Rushbrooke Trust
St Saviour's Funds:
Marguerite Waller Prize Fund
Total restricted funds
Unrestricted general funds
Total funds
St Saviour's Undergraduate
Fund		 At 1 April
2023
£
22,465,819
5,124,603
27,590,422
313,262
101,155
114,918
529,335
2,521,593
30,641,350		 Income
£
-
-
-
7,154
2,941
15,842
25,937
1,285,672
1,311,609		 Expenditure
£
(32,702)
(167,864)
(200,566)
(7,154)
(2,941)
(3,342)
(13,437)
(1,358,625)
(1,572,628)		 Gains
£
471,147
-
471,147
7,221
9,156
10,457
26,834
115,196
613,177		 Transfers
£
4,956,739
(4,956,739)
-
-
-
-
-
-
-		 At 31 March
2024
£
27,861,003
-
27,861,003
320,483
110,311
137,875
568,669
2,563,836
30,993,508

19. Financial instruments at fair value

Financial assets measured at fair value

2025 2024
£ £
8,312,167 8,510,644

Financial assets measured at fair value comprise financial investments (excluding cash).

38

St Olave's & St Saviour's Schools Foundation CIO

Notes to the financial statements

For the year ended 31 March 2025

20. Operating lease commitments

The Charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2025
2024
£
£
7,132
14,263
-
7,132
7,132
21,395

21. Related party transactions

The following Trustees of the Charity were also Governors of St Saviour's School during the year, which received grant of £347,308 (2024: £340,233) from the Foundation and £7,000 (2024: £7,000) from the Foundation Fund. Ms L Johnson (appointed 26th September 2024)

Mrs S Long (resigned 11th June 2024)

Mr S Parry (retired as Governor from St Saviour's School 31st August 2025)

The following Trustees of the Foundation were also Governors of St Olave's Grammar School during the year, which received grant of £320,184 (2024: £320,184): Dr D Ryall

Mr A Boyd

Mr S Parry is the representative of the Foundation on the Board of Trustees of The Dulwich Estate, from which the Foundation received distributions of £253,294 (2024: £251,468) during the year.

39