REGISTERED CHARITY NUMBER: 312378 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR ST MARYLEBONE EDUCATIONAL FOUNDATION Gibson Whitter Limited Statutory Audi Larch House Parklands Business P¥k Denmead Hampshire P07 6XP
ST MARYLEBONE EDUCATIONAL FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 RgPOrt of the Tnths 1 to 9 Report of the Independent Auditors 10 to 12 Stalement of Flnan¢lal A¢ti¥ 13 Balanc• Sh••t 14 Notes to the Financial Statgments 15 to 25
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their Teport Vith the financial statements of thè eharty for the year ended 31 August 2024. The trustees have adopted the provIonS of Aco)unts"ng and Reporting by Charrties.. Stslemenl of Recommended Prath"ce appliCae lo charities prepariTrJ their accounts in accordance w4th the Finanoal Repoiting Standard apF4icatAe in the UK and Republic of Ireland IFRS 102} {effective 1 January 2019}. OBJECllVES AND ACThTIES Objoctivos and aim$ sin 1977 when the scheme was re4wikn the main objecves of the FouThJatv)n have been as follows, the amerKlmenls in 2018 have mcJemised the Imyding. This vnrdiry has not altered the conversion to cio. In making paym9 for the benefft of The St Maeb)ne Churth of Engl#r Schocl rthe Schoofi to Ihe Sthod Managers. GoverrKJrs or tnJslees for the lime being of the Schod for so long as rt cn"nueS to have a li9)uS designation as a Church of England schcrt)I. (Note". the S¢lM)ol must be a wthin the meaning of the Education Acts and may take ts fomi of an N£ademy te part of any Multi-academy Ttust or group of sch¢)olsl. In promotirkg the education of perK$ under the age of 25 years who are ther regdent in the City of Westrninster or are attending, are about lo attend or have for not less than two C1$ecutive years attended any Scho in the saKI Cty of IAÈstminster and are in of financial asgstance. with a weference for those persons qualrfied as aforesaid who are re&dent in the area of the fomw MetroFditan Borough of St Marylebone or are altending, are 8tX)Lrt to atternl or have not less than ts¥o nse¢utiv$ years attended any School in Ihat area, in one LY more of the followng Way5'.- In awarding to SLth persms scmlarships. buaries and maintenance allowan or granls tenable at any sthool. university. college of educab.on or other insb"tution of further linduding prOfeonal HI lethnicall edueation approved for the purpose by the Trustees", In providing finanud awstance. outffts. dothing. lools. instfuments, or book$ to assist such person5 to pursue th"r educ8ts.on linduding the St of music and the other arts), to undertake travd in furtrnnce thereof. and to prepare for or enter a pr¢)fesgon. trade. cwJpathM or Servi ¢)n leaving sehool, unNersity or other educats.onal establishment: In providiNJ faoliti'es not nomialty provlded by the local edLatron authority or from central govemmwrt ftjnds linduding from the Department for Education) for Tecrealion and swal and physal training for such persons wtK) are receiving primary, seccThJary or further education". Mhin the limits Prebed by this Scheme, the Trustees sh811 have fiJll powerto make rules for the award of scholarships, bursafies. Maintenan alloware$ cff other benefils, ilL*ing rules as to the value and period of tenure of the awards, and the qualificatsons and methods of ascertainment arxl selection of candidates for benefft." If and in $0 tsr as ino)me of the Charity in year is rgquired for appIn in manner athsaid Ihe Trustees may aOy the same in making payments to the Managers. Govemors or trustees for Ihe ts.me being of any other schcd in The Crty of Westminster to be applied by them for the benefit of the SCW vtse thal benefit 1$ nol nconsistent the teachir¥Js of the Chwth of EngLgnd. Publlc b•n•frt The Trustees have read the Gdartt c Put4ic Benefft issued by the Chanty Commission and fijffil their obligations with due conderatiOn to that Guidance, wrth parti¢xJlar refeMce to the benefits of advancement of et1ucalion. P1
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTMnES Ben•fit Pollcy The Foundation's policy is lo ensure a C4)nkn"rHJan of financial assistance to those individuals ar organisations a5 sel oui in the Objectwes. The founders of the charity originally inlended Ihal children re%ding in the Parish of St Marylebone should benefit educationally from their financial assistae. the Stheme was re-written in 1977 the geographul area was wdened to encompass V)at of the Cty of V¥stminster eligi)ilty for educational assistance is reliant upon a tangille cnecb.0n to IAÈstmir6ter. The incorne to the charty, restn.cted to the rerrtal incnme from the Royal Acadwny of mus and ino)me from investments is considered by the Trustees lo be tco Ynall to allow a wdening of the geogiaphical area covered. By restri(aiThJ the eligibilty. the [1$ available tth lo iThJividuals and oryanisalis can be great ernugh to actually facilitate change and therefore benefit. The indiw¢Juals assisled benefft in various ways". Continuance ofeducation al a current sch1 or Music Cc41ege Faalitalirrfj boarding for those th a drffitsJK domesb"c 5rtU81ion Faulrtaliry attendance of a school to assist vthh sperjal educabonal lS EnhCIr¥j a child's situation to avoid edlational arKI ernonal h¥dstsp Purchase of educathjnal equipment lo eae them to stLKty Funding of edu¢ional trips to enable fvll access lo the curriculum Funding of musc lessons lo enable access lo extra<uffivJlar stud The schth)Is benefft from lunds to maintain or improve their educational establishments either materily or by spwfi¢ educational provigon therefore bettering their pU1'S experience and educakn'on. The St Maetne CE Scthl M lonw rew a nlinal for manten¥Ke on an annu81 basis. The school instead indudes maintenarKe o)sts kn requesting fuTrJiThJ from the Foundion for larger projects and improvements. The Trustees agreed fjuring 2023 to fvnd the Deaneries of the Cty of Weslminsler up to £1.000 per Church of England wimary sthool to aSSt Maintenar arKI cawtal improvement of those sehools. At their June meeting in 2024 the Tnjstees agreed lo extend the funding lo the two other Church of England secondary schools in the City of Westminsler. There are nineteen eIltIe wimary scfv))ls and eligit4e secondary sthools, therefore the maximum annual grant is £21.0. By continuing to provide this financial assistance for both The St Maryl8bone Schojl aThJ the ¢)ther Churth of England schods within the Cty of Vlestrninster mY plS are enabbed to attend propety maintained schools. The FourKlalion also prowde grants to organi&rons that in tum tenefft the educatron of children or provide essential unrforn or equIent to aid their edUCatn. For examp, an annual grant to the Sl Vincent's Family Project, a Crty of Weslminsler based lrj v4estmir families, g)es twards the school unifofm cosls a family faces every year. Page 2
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTivmES Grantmaklng The Foundation's poli is to ensure the successful distharge of 0.ectiVeS set out above thus ensuring that benefits are available lo those eligible antS in greatest need of assistance. Having ensured th the wimary 0.eCtiveS a met the remaning availatefvndS are suty'ect to Ihe Trustees, grant awarding strategy which is based upon alsn9 as many individuals as possible betsveen the ages of ewhl and eighteen in vatyng disthanlaged srtuakn.ons lo achieve a surtable eduCatn for thar needs a5 IS commensurate with the income available, parb"eular emphags on enabling the continuation of an edUtIOn already embarked UF4)n. Assistance is provided to those th parttwlar edUcatn01 needs. ranging from those for Orn the ill health of parents means that boarding scknl is a preferred option to those who have spectfic educatiMal needs in ltrÉir ri9ht. Assistan 1$ praded bolh to individuals army lo edal)nal estsblisknent ty attwKI. For examFde, specific funding Ichrdrds indiw¢knls for the eosts of music lessons, schc•l th.ps which further derStandIng of curriculum subjects, and orchestra tours. This enables those students to tske part vtho would otherwise be disadvantaged due to finartial ccrtrairts. The Clerk requires regular reports from the to ensure th the Prog$$ of pupls in receipt of school fee awards is satisfactsy and makes annual thecks to ensurfr th Ihe assistance grven 1$ appropriate to the cireumstances. The numteTS of students at eath of the MUSK Cdleges are awarded grants is limiled to and deFendenl upon the eligibility ol the students to predetennined ¢JTteria. The mu&c eolleges are selected because the main InMe lor Foundation is recÈi¥ed from the Royal Academy of Music. The Music Colleges have a pol of frJndiThJ lo draw from. Shwld the number of students be fewer than 12 overall the pot is divided betsveen the remainiryj students. The students are inteNeEdthe summer term and. after enrolling on their course in the Autumn Temi the fiJnding is forwarded to the lausK Colleges on receipt of an invoice. AppIall05 from lerts.ary students, other than the limited number interviewed annualty al the hvo music colleges srted in Westminsler. were dedine¢l due to the limrted funds known lo be al the th'sposal of the Truslees. The Trustees agreed th other Schc•Js should be iwted to lender for fmding. a budget of £SO,000 was sel aside per annum, a nornin81 figure of £10,IJOO allc4ed to each that requests fvrKling. This fvnding may onty be Fvjssible in some yeats wthere after the primary objeth.ves are met resour$ remain available. Each schod's application for fiJnding is con&dered indiwdualty. laking in to account the number of children who wll benefft from the grant and the over811 impxt on the edtIonal reSrS ofthe instiiution. P&3e 3
ST MARYLE80NE EDUCATIONAL FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024
ACHIEVEMENT AND PERFORMANCE
Charllablg a¢tlvili•$
During the year 9 irKlividual applinIS received grants t¢Y4vards yLhcd fees, music lessons and
extra
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Flnancial Roview and Investment Pollcy hen the St Marylebone School for Orphan Girls thanty wa5 dissolved due to the foundiry of The St MaTWebone CE Scho, St Maryletrx)ne Educational Foundab"on was fomed by the Trustees wshing to contsnue supwrting the educion of those under 25 years in the Parish of St Marylebone. The Permanent Endowment was transfrrred from the St Marylebone Stho)I for Orphan Girts to the St Marylel)one Educatsonal Foundat al ils registsatson in 1934 to enable the fiJrKling of educab.onal grants. The income from Ihe EThJwwt Fund is rrentlY paid dir• to the FndatiOn'S bank nt to fund grants to benefiaaries. t>Jring the year In¢(ne lolalled £317.726 (2023" £283.5961. The income of the FoWdatiI comes mainty from rent paid by the Royal Academy of Mugc fry the land forns a substants'al part of the site of the Royal Academy of MUc,. the rent was beirrfj at £263,51 per annurn. The lease to the Royal Academy of Music is for a lemi of 99 years from 24 June 1974 and prowdes for seven yeady upwards only rent reviews. The full rewew in June 2016, provKled an inuease of £111.000 10 £251.000 per annum. A fvrther review due to Royal Academy of Music attering the buildings on the laThJ was finalised during 20120 Trmlh an increase of £12.500 10 £263.500 per annum. The rent eW of June 2023 was finalised in November 2024 Trmth the ienl agreed at £291.000 Fer annum. an increase of £27.500 per annum whith has been refiected in the financlal statements lo 31 August 2024. The next review will be in June 2030. The FcMJndath"on usèd the services of 8NP Paribas wcrfked in coniunthon wrth Ihe CWNM EsLes. Additional income is derived frc¥n investments held as part of the caprtal of ihe Foundation, the Pernianenl End0Yent Fund, and fr£ investments represents.ng lempcffarily irwested income, General Fund. These investments are held in the nominee names of StbrOkerS Rathbone Investsmenl Management Limited. At a Special Meeting held on 25 February 1999 the Trustees decaded to entrust Rathbone Investment Management Limrted wth disuth"onary ManagennI of the Foundth"on's investments. This decision has been further reviewe(l and the discreb'cfflarymanagement has ken conb"nued. Al their meeting of Oct¢)ber 12, 2022 the Trustees unanimously agreed to Rathbones proposal to m¢)ve the investments to their Core Fund. An additional investment in CCLA in the Charities Investrnent Fund. invested pr lo 1999. also provides a Small income lo the Foundation. The investment slralegy is based a I risk yofite tofylh a balwKe bets the obiectsves of capital grovrth arKI regular incoffle. Totsl expenditure during ts year was £347,59312ff23 £272,735). Grants payatAe are the Chanty's greatest expense with É296.302 paid ¢yJt or cc¥nmitteJJ lo a5 grants in the finarla1 year12023 £240,051). Retums over 2024 have been at ts'me$ hard won, and often in defian of a doom and gloom narratsve about Ihe state of the world, however equty Inves k4)k bac on some reasonatAe gains. Over one year to 31st December 2024, global equities ddivered a very healthy total retum of +19.8% (FTSE All Wortd, GBP). largelydriven by the largesl geographic constituent. the US. the S&P 500 up +25% IUSDI. Lookn'ng under the bonnet further. returns in the US market were highty cOnntsed in a Small handfvl of names. in particular the so-called 'M8gnTficent Seven, (the tem Coined the mega-cap companies Aphatet. Amazon, Apple, Mela, Microsoft, Nvidia and Teal. accounted for mcrfe than half of the gains of the S&P 500 in 2024. Europe was a cornparabbe laggard in the devebped worfd. European equ.eS up onty +2.8% over the year, as the region's eeonomie mijmenlum vRakened signfficantty over the course of the year. Bonds continue Ihwr Tun of weak perforniance for another year. ¥th the UK government bonds {the UK Gilt Index) down -3.3% over the year, arKI corF¥Nate bonds eking a modest posrtive retum {+1.7%, jBoxx Non-Gilt index). Most noteworthy of all was Gokl delivered a retum of +29.4% to slerling-based investors - arther exceptyonal year for the preoous metal, trmiefftting from geopolitical uncertainty and conrn over the US fiscal dlreth"c. Page 5
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Over the full calendar year. the St Marylebone portfolios were up +8.9% after all fees, ahead of the CPI +3% retum largel 1+5.6%). Asset allocab.on had a )$rtiVe impact over the year, "ng overweight equitses and underweight bonds. Equitses tlrove the txjlk of retums. the portfolio benefitted from rts allocation lo technology arKI communicab.ons services.. with the slandout irbdividual perfomiers being TSMC 1+96%). Marvell Technologies {+84'h}, and Meta {+6WA}. The asset 3llocab.on and investment selection appfoach tsken within the portfolio remains a¢"ve. a kn.as towards eqU"eS. fo(xsed on ident"ng businesses that an deliver strong performance over the cyde. rthr than FQSrtiwing P10 for kYediiAed short-temi changes in onoMiC corKlitI'ons. ROr¥•3 policy Due lo Increased e411s the FoUThJab'.s funding ts Fourthtion's reser¥es may b8 ¢a118d upon to fvnd future requests. The increase in rent has enabled the Foundatiw to wovide large yJm$ to the St Mae1)Qne Sthool over the next year wrthoul aCceng the reserves. 11 remains the inlenknn that the grants awarded over the next few years will remain at a relatwety reduced level in tyder to enable the Foundation to meet Y future requests from the St Marylebone Sch¢xsl for larger than average sums. Depending the amounts called for by the Sl Marylebone SchocA rt may be necessary to continue this pdKy for some years. The Foundation is largely reliant inc(ffie from the land upon vthich the Royal Academy of MUS stands and is not in a posrtion to ensure Continuatic of income in the event of prOeMS al the Royal kademy of Music. Should such an event occur. the Trustees of the F¢)undation would conLict other TnJsts and endeavour to find assistance for those individuajs might theretr SLtffer. Each year the reupienls of grants change, wrth their irTrueasng ages varying the lor¥J-term liabillti.es of the Foundats'on. As at 31 August 2024 the Fourkgath)n's free seryes were £344.893 {2023 £315,669). This is calcjjlated in the table below. 2024 2023 Total Unrestricted ReseThes Less." Funth"onal fixed assets 345,103 {2101 318.241 1572) Free reserves 344,893 315.869 The levd of free resefves slb)uld alltr FoundatiM to Iour Current furKlir¥J awards and grants to iTrJividuals to the end of their lemis. STRUCTURE. GOVERNANCE AND MANAGEMENT G0mIng document The St Marylebone Educational Foundation 15 the lineal swcess(w of the St Maryb8bone Chanty School, itself ft)uThled in 1750. Tr Charity CommissKn ordered the approval and eststsishment of the upjated Seheme in November 1977. The Trustees aged al their Meeting in June 2016 to instruct Lee Bolton mOnr Wlliams Soliators lo assist them in rewsing Ihe scheme lo both mcrfjemise comply trrent legislation. The revision was completed and adopted in Juty 2018. Conversion lo CIO The Trustees agreed al their meeting of 11 Fetsuary 2021 to ccvNert the Foundat)n from a TTUSt to a Charitable IrKorporaled Organisabon ICIOI. The conversKJn and registration comwed the 8 Juty 2022. The registered chanty nMber is 1199592. As at 31 August 2024 the transfer of assets to the new entity has not yet completed. Page 6
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE GOVERNANCE AND AIANAGEMEI R•¢rultment and appointment of n•w tru$to0s The Foundation looks lo the local community and the wider education community should that fail advertisements are placed in relevant places. Finding the nght person lakes preIence over $peed. The applicants are asked lo ste. in vnibng. their reasons for wshing to become a Trustee and outline the benefit they would bring to the Foundats'on and its beneficiaries. Prospectr've Trustees should also be a8 to demonstrate they would be fijlty Suprt1¥e of the Charrtable ObJ"ectives and aims of the Foundation and that they are familiar wth and happy to abide by the wnoples of the Ndan Ctsde of Conduet for the trustees of small charities. Should trre be more than one suiwe applicant for the powbon the Trustees make their decgsion after inletviewing all interested parb"es. The appoinknerrt is made once the Trustees are sali$fied of the applicanfs suitats'ltytr and commitment to the role. Once app)inted the new Trustee V&ill infm the FfA#Thtstion of Confiicts of Loyalty aTrJ sign the Dedaration confinning their dIgilty to t as a Trustee. Westminster Crty Counal hisloricalfy had the right to rthninate Trustees lo serve on the board of the FOUndatn. At the June 19. 2022 Board meeb.ng the Trustees hed th Westminster Cty Council have ceased lo nominate Trustees to drity board5. Therefore, On the remaining nominee resigns, therè will no Iger be the requirement to appoint rbominated Trustees. The remaining Trustees comwise of one Ex.Officio. the Reclor of St Marylebone aTrJ three CtatsVe Trustees. (ganI%lOna1 structure The Trustees and the de5wnations of their aprntsents e set out on page six. The maximum number of Truslees C the Board i8 x. IWlestminer Counul have resonded the right to nominate tsvo Trustees lo serve on the board of the Foundation. The remaining Trustees comprise of onè Ex.Officio. the Rector of St Marylebone atrxl three C¢>oplative Trustees. Nominab"ve Trustees are appointed to serve a tomi of 4 years. Co-optative Truslees are apw'nted to see a lemi of 5 years. l Trustees may be reapwNnled shwld tsy still ish lo remain cffl the Bwd. The Board will reapwnt if the majority of Trustees feel that they remain able to offer relevant skills. The Chair of the Board is eknted at the first meth.ng of the year. The Trustees make all the decisions cffi the Charivs experKliture and Grant Avrards al lhr meetings which take pla three limes a year. A speaal meeb.ng 15 called lo discuss a parb"cular matter should il be deemed necessary. The Trustees have coMeted a Register of Interests. and th"s is Veftfd at e•*b meebng. Indudion and training of new trustees Nev41y appointed and re-elected Tnlslees are wovKled wth a copy of the Scheme and are requested to sign a Declaration of aeptance arKI willingness to att in the trusts of Ihe Scheme. In addition. all Tru$lee$ are no required to sign an Automatic Disqualificabon Dedaralion according to Annex A provided by the Charity Commission. Truslees are expected to have Inte51 in, arKI knoedge of the aa ts)vered by the remrt of the FoundalB)n's scheme. In Partlar. the Rector of St Maryletrx)ne is also an ex officio Goverrrfx of The Sl Marwebone Church of England Sthool, a Member of Board & Director of the Sl Marylebone Bridge Schwl and a Twstee of the Buildings and Land of those Scho(As. Newly appointed Tnjslees are also provided vthh ccpies of recent minuies indicating decI(S mad8 by Ihe Trustees. Major rlsks and managom•nt of the risks The Trustees have examined the major strategic bugness and operational risks vthich the tharity faces and confim) that systems have be eStalSed to enable regular monrtoring to ¢tsnue so that the necessary steps can be taken lo lessen these risks. Tr Trustees can CCfim1 that no Ma intsdents have occurred during this financial year. Page 7
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DETAILS Reglstef•d Charlty ntsmber 312378 Principal addrS 12 Melcombe Place MaryleL)ne Stati Marylebone L(On NW1 6JJ Trust8eS The Reverend Canon Stephen Evans Mr Joseph Dunton Ex Officao Nominative- )nted by Westrninster Cty Cou?1 Cwative C¢>OPtab"ve C¢>optstive Cwptstive Ccoptative Reswwed 24 Je 2024 Mr Andrew James Vartey Ms K*hryn Mary Roskdl Ms Vidoria Dare Mr Rithird Go¢xkn"n Mr Chisloptrrtr Weir Appjinled 10 Awil 2024 lerk to Trustees Mrs Caroline Grant Audltors Gibson ltter Limited statutory Audit¢ Larch House Parklands Business Pwk Denmead Hampshire P07 6XP Sollcllors Lee Bolton Monier Wlliams 1 The Sanctuary London SW1P 3JT Investment Manag•rn Ralhbone Invgstmenl Management Senator Hse 85 Queen Victoria Street London EC4V 4ET Bankers CAF Bank Ltd 25 Kings Hill Avenue fjngs Hill West Malling Kent ME19 4JQ EVENTS SINCE THE END OFThEYEAR Infornialion relating lo events wnce the end of the year is given in the notes to the finanoal statements. Page 8
ST MARYLEBONE EDUCAnoNAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STATEPAENT OF TRUSTEES. RESPONSIBIUTIES The tru$tee$ are responsible for preparing the Ret of Ihe Trustees and the finanoal statements in accordance th applicatAe law and United "ng¢s)M Accounkn"ry StarKlards IUnf(ed lQngdom Generally Aeeepted Aeeounting Practice). The law applicableto charib'es in England and Wales. the Chanlies Act 2011, ctwty (Accounts and Reports) Regulations 2008 arKI provisions of the trust deed requiTe5 the trustees to prepare financial ststements for each finanaal year bthich give a true and fair view of the sL*e of affairs of the charity and of the incoming resoufces and applicats.on of resources, includiNJ the income atxl expendrture, of the dwnty for that peritsj. In preparing those finanoal statements. the trustees a required to select suitable accounting policies and Ihen a[ them eonststth.. observe the methods and pnnuples in the Chanty SORP," make judgements and esbmates that are reasonable and prLKlenl.' prepare the financial $tatement$ on the g(Mng concern basis unless it is inapFwia¢e to presum8 that the chanty will e4)nkn"nue in business. The trustees are resk¥Jnsble for keeping prcyw 0)Unting records lch disdose asOnable accuracy at any time the finarrial posrtion of the ctsnty and to enat4e them to ensure that the finarrial statements comply wth the Charities Act 2011, the Charty (Actounts and Rerortsl Regulth"on$ 2008 and the provision$ ol the trust deed. They are also respsIble for safeguardir¥J the assets of the charity and hence for ta'n9 reasonable steps for the preventson and detecti¢)n of fraud and other irregularilw. Approved by order of the board of trustees on ... Mrs K M Roskell- Trustee Page 9
REPORT OF THE INDEPENDENT AUOITQRS TO THE TRUSTEES OF ST MARYLEBONE EDUCATIONAL FOUNDATM)N Opinion have audrted the financial statements of St Maetr Edat1¢1 Fcthdalion (the'ch for the year ended 31 August 2024 which comprise the Statement of Finala1 Ath"vrts, Balance Sheet and notes to the finanaal statements, including a gjmmary of signnlcant accounting policie$. The financial re'n9 framework that has been applied in thwT preparab.on is appliCae law and United Kingdom Accountsng Stsndafds (United Kingd¢)m Generalty Accewwj Accnting Practice). In our opinion the finanual ststements.. give a Ift and fair view of the slate of the ch$ aff"ts as at 31 A)USt 2024 and of its incclning resources and application of ${X1rce$. for the year then ended". . have been propedy prepared in accorda1 Unrted '0M Generally ApIed A¢nting PractKe,' and have been prepared in accordm wilh the requirements of the Chanties Act 2011. Basi5 for opinion We conducaed our audit in accordance th Intemational Standards on Au¢Jiti"ng (UKI IISAS IUKI) and applicable law. Our reSnSibIlitieS ur¥kn IFSe stsndar(l$ are further describe(l in the Auditors, responslkn.l.es for the a11 of the finanud statements Sect of our re1. We are independent of the charity in accofdance with the elhKal wuiremenls that are rdevanl to our audrt of financial stslements in the UK. including the FRC'S EthKal Standard. and have fvffilled fAJr other ethical responwbilrties in accordonce wlh these requirement5. We belbeve that the awjit e¥iderKe have obtained is SLrfficAenl and appropriate lo provide a basis for our on. Concluglons relatlng to golng ¢on¢ern In auditing the financial slatements. we have conduded that the trustees, use of the going concem of aountIng in the weparatson of the financaal ststements is approwiate. Based on the wc¥k we have perfornd, we have not i¢Jentffied any matenal uncertaintyas relating lo events or conditions that, individually or colleth"vdy, may cast signifunt doubt on the chaws ability to continue as going corttm for a pernd of al least 1Ve m¢thS frn when the financial sLement5 are authori5ed issue. Our responsibilities and the resFrf)nsilM"h"b"es of the trustees ith resped to going concem are deKbed in the relevant sections of this report. Oth•r Inforniatlon The tnjstees are reSponsie for the other infomiation. The otlr infomia1i comprises the information included in the Annual Report, otherthan the finanad statements and our Report of the IrJependent Auditors thereon. Our opinion on the finanaal statements th)es Tr)t cover the other infrntion and, exp1 to the extent olhewse eX1[)llY staled in ¢wr reptvt. we thj r¥)t ewress any fomi of assurance condusion Ihereon. In eonnection wrth our audit of the financial sLements, our respor1b1lty is to read the other information and, in doing so, consider whether the other infomth.on is materialty inconsistent wth the finants81 statements or our knowledge obtained in the audrt or othewse appears lo be malerialty misstated. If we identsfy such material InconStenC1eS or apparent matefial miss&ementS. we are required to determine Nthether this gives nse to a material misstatement in the finanaal sLements themselves. If, based on the W( we have perfomied, we condude that there is a material misstatement of this other infumati(, we are required to report that fact. We have nothing lo reF¥)rt in Ihis regard. Mattors on which we arn r•quir•d to report by •xc•ption We have nothing lo re[rt in resped of the folliymng matters there the Charrties (Accounts and Reports) Regulations 2008 requires us to reFK)rt to you rf. in our opinion". the information given in the Rep1 of the Trustees is inconsistent in any matefial respect with the finanoal Statements., or sufficient accounting records have not been kept." or the finanual statements ar8 not in agreement with the £oun[1n9 reo)rds and relums.. or we have not received all the information and explanats'ons we require for our aLtht. Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST MARYLEBONE EDUCATIONAL FOUNDATION Rèypon$lbllltlM of trustees As explained me fully in the Statement of Trustees, Re$F91lltres, the trustees a responsible for the preparation of the finanoal stements whid) give a true and fair view, and for such internal control as the tfuslees deterniine is rceSSary to enable the preParatiC of financial slalements that are free from material misslalement. whether dL to fraud or error. In preparing the finaroal stements. the trustees are reswnsible for assesssng the chartys ability to onlinue as a going CCern, disclosng. as al¢able. matters related to going concem and using the goin9 concern basis of accounb.ng unless the tnjstees either intend to liquidatethe charity or to cease opwatiorts. or have no realistic altematNe tArt to do so. Our r•sponslbllltl•$ for th• audit of the financ•al statements We have been appointed as auditors undef SeCtn 144 of the Chariks Ad 2011 and report in xcOrdar¢ th the Act and rdevanl regulab.ons made or having effect thereunder. Our objectives are to obtain Trasonat4e assurance atwl tfv&tslher finala1 statements as a vthole are free from material misstatement, whether due lo fraud or emr, and to issue a Rer of the Independent Auditors that indudes our opinion. Reasonableassurance is a hwjh level of assurance, but is not a guarantee that an audrt conducted in accor¢Jance 1 ISAS IUKI will afvways deted a material misststement vthen il exists. MissL7tements can arise from fraud or eIrc and are considered material rf, individually or in the aggTegale, they could reasonatAy be eypected to influence eccrf)omK deosions of users taken on the bags of these financial statements. The extent to which our procedures are capable of detectiNJ irre9arliie$. indlIng fra is detailed below.. Irregulanties. induding fraLKI. are instsnces of non-compli with laws and regulations. We degn procedu$ in line Wh our res[onbiIrtIe$. ¢yJUined thie. lo delect material misstatements in respect of irregularilies. indudir¥J fra]. The extent to which VCdu[es are Capab of delecbng irregularities, including fraud, is detailed bdow. We obtained an understanding of the legal and regulalory trafflerk in the company operates. The key laws considered the Chants"es kt. have cofroborated our enqLtiries through review of Trustee minutes. We have evaluated management inntiVeS aThJ oppylunibes for fraudulent manipulatson of the financial statements induding managemenl override of controls arKI the application of revenue cnitIon at cth-off and considered that the pnnupal risk was rdated to the posting of inapproprie joumal entries to improve the resutt before the year end. We have addressed this by sssessing ioumal entries as part of our plannirKJ audrt appro&h. We have enquired of management arKI Ih05e charge sx)vwnance in of known or suspected inslan¢es of non-¢mpliance wih laws aThJ regulations. We have also commuNcated rdevant identrfied laws and regulations and potents.al fraud risks to all engagement team members and remained dert to any indicth"¢Ms of fraud or non-com lance wth laws and re9ulalions thrrwghoul the alit. There are inherent limitab"¢)ns in the a"1 wrtedures described ab)ve. Ive are less likdyto become aware of instances of non-compliance with laws arKI regulab"{S that a not dosely Lated to events and transacts'ons refiected in the finanoal slatements. Aso. the risk of not detecting a material mIssLeMent due to fraud is higher than the risk of not detecting one resulb'ng frcrfn eOr, as fral may involve deliberate 0Cealment ty. for ehimple, forgery or intenti¢al misrepresentab"ons. or through collusion. A fvrther descripb'on of our reSpon'1eS for the aLKIit of the financial statemènts is located on the Finanaal Rewrting Council's websrte al W•WW.fre.orY.ukJaLrt0{sreSFrfSIbl1th.es. This description forms part of our ReFort of the Independent Auditors. Page 11
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST MARYLEBONE EDUCATIONAL FOUNDATION Use ol our rèport This rwrt is made solely to chwty'$ trustees. as a boty. in accordance wth Part 4 of the Charities (Accounts and Reports) Regulth"on5 2008. Our aKIrt we*k has been undertaken so that we mTrght state to the charity's trustees those matter5 we a required lo state to them in an auditors. reFort and for no other purpose. To the fullest extent pemirtted by law. we do not accept or assume responwkn.lity lo anyone other than the tharity and the charity's trustees as a t. for our audit tArffk. for this Tewt. or for the opinions have fomied n Whitter Limited statutory Audrtors Larch House Parklatvjs Business Park Denmead Hampshire P07 6XP Oale.. P4e 12
ST MARYLE8ONE EDUCATIONAL FOUNDATh)N STATEMENT OF FINANCIAL AcnvmES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricled End(y+Jment funds funds Total frjnds Total lund$ as restated Notes INCOME AND EMOOWMENTS FROM Investmenl income 317,726 317.726 283.596 EXPENDITURE ON RaisiNJ funds 3.469 3,469 3.354 Charitable activities Educabonal grants 344.124 344.124 269,381 Total 347.593 347.593 272,735 Net gainslllossesl on investments 58.729 300.(N)O 358.729 121,9481 NET INCOMEI{EXPENDmJRE) 28,862 328.862 (11,0871 RECONCILIATION OF FUNDS Total fvnds brought forward 316,241 8.185.214 8,501,455 8,512,542 TOTAL FUNDS CARRIED FORWARD 345,103 8.485,214 8,830.317 8,501,455 The notes fom part of these finalat stslements
ST MARYLEBONE EDUCATIONAL FOUNDATION BALANCE SHEET 31 AUGUST 2024 31.8.24 Totsl funds 31.8.23 T¢al funds as restated Unrethicted End(vnnent funds funds FIXED ASSETS Tangible assets Invostmonts Irwestmenls Investment property 10 210 210 572 11 12 377.582 385,214 8,100,000 762,7 8,100.000 707,536 7.800,000 377.792 8.485.214 8,863.OL 8,508.108 CURRENT ASSETS Debtors Cash al bank 13 40.029 47.SS2 40,029 47.562 7,153 113,147 87.591 87.591 120.300 CREDITORS Amounts falling due wthin ¢)ne year 14 {120,280) {120,2801 1126,9531 NET CURRENT ASSETS (32,689) {32,689) {6,6531 TOTAL ASSETS LESS CURRENT UABIUTIES 345.103 8.485,214 8,830,317 8.501,455 ASSETS 345.103 8.485.214 8.830.317 8.501,455 FUNDS Unreslricted fijnds Endowment funds 15 345,103 8.485,214 316,241 8,185,214 TOTAL FUNDS 8.830,317 8,501,455 The finanoal sL3t ents were appmed and authonsed for ISS by the Board of Trustees and authorised for issue on .. . wA......Zg..l..S...... aTrJ were ned on ts tthall by.. Mrs K M Roskell - Trustee The notes fomi rrt of these finartial statements
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 AccouMfiNG POLICIES 8asi$ of pr•paring the financial stal•m The financial statements of the charty. which is a public benefit entity under FRS 102, have been prepared in accordan the Charrties SORP {FRS 1021 'Accounts"ng and Reports'ng by Chanties." Slalemenl of ReCoMmeIed Prathce applIcae lo thanb.es preparing accounts in xcordance with the Finanoal ReForting Standard applicabbe in Ihe UK aThJ Republic of Ireland IFRS 1021 leffective 1 January 20191., Financial Reporb'ng Standard 102 Tr Financial Reporb"ng Standard ap1¢able in the UK and RepuNic of Ireland. and the chanb.es Act 2011. The financial statements have been prepared under the historieal cost cxM¥enb"on, the exception of investments which are incluiled at met value, as modffied by revalUatV ofcertain assets. The Charity meets the definition of a tle enb.ty under FRS 102. Assets and IkqbilTbes are initially recc#Jnised al l¥'storical cost or transxtion value unless (rtheTh•ise slated in the relevant accounting policy notes. The finanaal stslements are wesent6I in sterling wtiith is the functional currency of the charity and rounded to the neare £1. Flnanclal reptIng stsndard 102 - r•duc•d dls¢lrAure •xomptlons The charity has taken a¢fvantage of the follwng disd¢)sure exemption in preparing these financial statements, as permrtted by FRS 102 The Finarria Rewb"ng Standard applicable in thè UK and Republic of I1)d.: the requirements of Section 7 Statem1 of Cash Flows. In¢om• Investment income Interest on funds hekl on dep)srt 1$ indudeil receNable and the amount can be measured rellaY by the charity.. this is Th)rmalty nratiOn of ts interest paid or payable by the bank. Dividends are recognised orKe the dividend has been declared aThJ has been Te1ved of the dividend due. Rent is accounted for in the pwic#J on a recewthe basis. Exp¢nditur• l exndrtUre is recwised [Ye thwe is a legal N consknKbve obligatw lo thal expenditure, f( is probable settlement is required and the amount can te measured reliably. All costs are allocated lo the apiCa4e experKliture heading that aggregate similar costs lo that category. Wre costs cannot be diredy attrilyrted to particular headings they have been allcKate(l on a bags consistent with the use of resources. central staff costs allated on the ba&'s of bme ¥ent. arKI depreciation charges allocated on the pOrtn of the asset's use. Olher SUpt costs are allocated based on the wead of staff costs. All resources expended are iu$e of irrecoverable VAT. Grant paymenls are reuygnised as expe. Lffe t4hen the o)nditK)ns for Ih8ir payment have been mel or ere there is a constructwe to make a payment. A ¢strUth obligation arises vthen" the charity has Communicated ts intenkn.on lo award a grant to a recipient vkno then has reasonable e¥Eeclalion that they wll receive a grant or the ¢hanty ha$ made a public announcement about a wnmitment wtwch 15 specrfic e9h for the reapient to have a reaSonae expeclati¢)n that they wll receive a grant or there is an established pattem of practice Indi to the reCIent that we wll honour our commrtMt. Page 15 continued...
ST MARYLEBOME EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continugd FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES- ¢ontinuod Ralslng funds Thgse are cosls incurred in attwting voluntary Ihe management of investments and those iurred in trading ath'vits'es that raise fvnds. Charltabl? a¢tlvltl•s Charitable expendityre comprises Ihose costs incurred by the charity in the delivery of its iwlies and 5eTvice5 for its benefiaaries. 11 irKludes both costs that can be alk>cated directy to such a¢tiwtses and those costs of an indirect natu rcessary to supr•Jt them. These include the costs attributable lo tr chanty's compliance conslituts.onal and statutory requirements, Iuding r(. strategic management arKI trustees's meetiry and reimbursed expenses. Tangiblo fix•d assets Depreciatson is prowded al the follrywry annual rates in cder lo write off each asset over rts estimated seftd life. Computer equipment 25% on ¢¢t Individual fixed assets are initially recorded at cost. less any subsequent aUMUlated depre(aabon and subsequent accumukited imwrment losses. IrKIi¥Klual fixed assets coskn.ng £250 or more are capitslised al cost. Flxod assets Invèstmnts Fixed as$el investrnerrts. other than prcgramme related investments. are induded at mad(el value at the balance sheet date. Realised gains and bsses on investrnents are calculated as the difference bets¥een sales proceeds and their mathet Value at the start of the year, crt their subsequent cost. and are Charged or credited to Ihe Statement of Finar¥ial Actsibes in the perth of diswsal. Unrealised gains and losses represent the m¢)vement in market values during the year and are credited or tharged to the Ststement of Financial Acts'vities based on the market value al the year end. Inv•stm•nt prop•rty Investment propety is at nN)st recent valuabon. Any aggregate surplus or deficit arising fr¢yn changes in fair value is recognised in Statnlt of Financial Ath.vrts. Taxation The charty is considwed to pass the tests set wt in Pafagraph I Schedule 6 of the Finance Act 2010 and therefore r( meets definib'on of a charitable MpanY for UK corporats'on lax purposes. Accordingly, the charity is polenb.alty exempt from L"On in respect of ITrne or capital gains received wthin categones covered by Chapter 3 Part 11 of the CorForab"on Tax Act 2010 or sèth.on 256 of the Taxati of Chargeatle Gairts A(# 1992, to the extent that such irnxme or gains are applied exclusively to charitstle purposes. Fund structur• Unrestricted Income JrKls are general funds that are available for use at the Irustees's discretion in furtherance of the objectives of the chanty. Pwmanent endowment frjnds reFwesent bknse investment assets (land and cashl held by Ihe Charty. lo generate investment ir*))me lor the Chanvs use. The end¢hnt funts were created from the St Maryledone Sthool for Orphan Grils in 1934. Hirn purchas• and leaslng commltsnonts Rentals paid under OFerating leases are charged lo the Statement of Finala1 Aclivitses on a Straht line basis ovet the Fenod of the kase. Page 16 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continu•d FOR ThE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- continued Pgnslon cwts and othor postqgtlr•ment b•n•llts The charity operates a defined t"bub"On pension heMe. Contrilyjtions payable to Ihe charity's pen510n Scheme are charged to the Statement of Finarrial Athvth'es in the period to vthich they relate. INVESTMENT INCOME 31.8.23 as restated Rents fNed Investment ptrollO Bank interest 295.583 20.688 1,455 263.500 19,132 317,726 283,596 RAISING FUNDS Inv•8tm•nt manag•m•nt costs 31.8.24 31.8.23 as reslaled Portfolio management 3.469 3.354 GRANTS PAYABLE 31.8.24 31.8.23 as restated Educational grants 296.302 240,051 The total grants paid lo instiiutsons during year vras as follows.. 31.8.24 a$ restated Royal Academy of Music Royal Cdlege of Musc The St Marylebone Church of En*nd SrJKM The Sl Maryteb)ne Church of England Bridge Sch¢4 Deaneries of the Cty of $trnInSIer St vinn1'S Family Project 5 Souls Church of England Primary Sthc( Christ Church Bentinck Church of Ewand prim Sctthl St MarY$ Bryanston Square Churth of ETrJland Primary Sc Pirnlico Music Foundatson Dorothy Gardner Nurs Mary Patterson Nursery King Solomon Academy 14,045 11.705 112,524 59,8 20,¢JOO 5,2C 12,500 12.500 100,527 47,939 18,000) 5,000 1.000 1,000 1.000 8.000 8.400 8.000 5,000 252.770 173,486 Page 17 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- ¢ontinu•d FOR THE YEAR ENDED 31 AUGUST 2024 GRANTS PAYABLE- continued The total grants poid to indi¥tdual$ during the yearwas a5 fdloK.' 31.8.24 31.8.23 as restated Grant payable to indiwduals 43.532 66.585 Total grants payable anaw by nature: 31.8.24 31.8.23 Provision of equipment Schcol maintenance Building wofksl irnprovemenls Student grants Provision of projed fuThthng Provision of Scho th.ps Provision of unrfomis 104,564 20,(KIO 25,0 129.918 56,829 28,182 22,330 127.710 3,620 5.200 5,000 296,302 240.051 SUPPORT COSTS costs Totals Educational grants 10,938 47.822 SupF4)rt costs, induded in the above. are as fk¥S.. Managemonl 31.8.23 as restated Total activities Edu¢alional grants Wages Pensions Rent Insurance IT supwrt Subscriplions Printing, postage and statiornry Bank charges Sundry expenses Depreciatson Legal and OfeSsiOnal fees 17.397 335 15 437 16.632 313 15 437 2,497 172 1,174 764 98 363 362 362 15,810 21,775 Page 18 conlinued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 SUPPORT COSTS- contlnu•d Govarnance costs 31.8.24 re5taled Total acts'vits Educational grants Auditors, remuneration Auditors, remuneration for rthi a11 wo Legal and professional fees 3,958 3,780 800 6.180 750 3.025 10,938 7,555 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other b¥*ffts fty the year ended 31 August 2024 nor for the year ended 31 August 2023. Trusts•$' •xp•n$es There were no twslees. exFenses pahJ yw endgj 31 2024 Tr)r for the year ended 31 August 2023. STAFF COSTS 31.8.24 31.8.23 as restated Wages arKI salaries Other pension sts 17.397 335 16,632 313 17,732 16,945 The average morthly number of employees thring the year was as foll.. 31.8.24 318.23 as restst8d Cleth to the tnjslees No emrAoyee$ weived emolLwnents in excess of £60.000. Page 19 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- ntinu•d FOR THE YEAR ENDED 31 AUGUST 2024 COMPARATIVES FOR THE STATEMEMT OF FINANCIAL ACTivmES unfestn.cted Ernjowmenl funds Total funds as restated INCOME AND ENDOWMENTS FROM Investment income 283,596 283,596 EXPENDITURE ON Raising funds 3.354 3,354 Charitable activities Educational grants 269,381 269,381 Total 272.735 272.735 Net gainsl{lossesl on investments {21.948) 121,9481 NET INCOMEIIEXPENDITURE 111.08n (11,08n RECONCIUATION OF FUNDS Totsl funds brought forward 327.328 8,185.214 8.512.542 TOTAL FUNDS CARRIED FORWARD 316.241 8,185,214 8,501,455 PRIOR YEAR ADJUSTMENT After the Chair and the Clerk visiled Westminster arthives it was discovered that listed in the accounts of the FrndatIon was that the lunds from the 8$ed St maryt)ne Sthool for Orphan Gids and the RAM lease shoul¢J be dassffied as Endovffienl Funds. The Sl Marylebone School for Orphan Gids had been induded prewOuY in the finanaal stalement as a degnated fvnd. After obtaining legal advice each of these amounts have been redassified as permanent endowTnenl fund within the accounts by a prior year •Jjustment. The prior year adjustment has haj no impact on the SOFA FQ5itbm at 31 AUSt 2023 or 31 August 2024. Page 20 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contInl FOR THE YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS Computer eqLMpment COST Al 1 September 2023 and 31 August 2024 DEPRECIATION At 1 Seplemt*r 2023 Charge for year 874 362 Al 31 August 2024 1,236 NET BOOK VALUE At 31 Augusl 2024 210 At 31 August 2023 572 11. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al 1 September 2023 AddonS Disposals Revaluations 707.536 7,905 (11.374 58.729 At 31 August 2024 762.796 BOOK VALUE At 31 August 2024 762,796 At 31 August 2023 707,536 Investments are held in a portldio manw by Rathb)ne Investrnent Management. Thè market value of investments by geogiaphbcal area is as follows". Held vrithin UK Held outside UK 762.796 707,536 762,796 707.536 All investments are listed on recognised stttk exd)aw. Material Investfflwrts Holding 8,304.27 457.199.55 Market Value £169.311 £593.485 COIF Charities Investrnent Fund- Income units Rathbone Unrt Trust Management- Core for Charities Inc The fair value of listed lnvestrrnts is detemiined by relece to prices for identical assets in an active market at the balance sheet dale. Page21 continued...
ST MARYLEBONE EDUCATM)14AL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 12. INVESTMENT PROPERTY FAIR VALVE Al 1 September 2023 Revalualton 7,800,000 300,000 Al 31 August 2024 8.100.000 NET 800K VALUE Al 31 August 2024 8.100.000 At 31 Aust 2023 7.800,000 The land on which part of the Royal Academy of Music stand5 is leased from Howard de Walden Eslales for a lem of 917 years from 25 March 1837. al the yearly rent of £15. By an undertease this land frontiThJ Mary1¢t¥e Road 1$ by the Royal Academy of MUS for a lem of 99 years fr the 24 June 1974. It is understood that the Royal Academy of Music leases the land on vthi¢h the rear of Iheif buildirKJ stands from the Crown Estste Commissioners. The Royal Academy of Music pays rent to St Marylebone Educatw)nal Foundation cffl the basis of seven yearly independent professional rent asses5mwrt to arrive at an agreed annual figure. This ferrtal IrMe is the principal source of reveNe f Ihe FtyJndatMM's xti¥rtI. Fair value a131 August 2024 is rwesented by.. Valuation in 2020 Valuation in 2024 Cost 7.600.000 300,000 200,000 8,100,0 If invesknent propety had not bewb revalued rt *oJld have teen indudèd at the follov•ing historical 31.8.24 as Cost 21XI,I 200,000 Investment property Was valued on open m&ket ba&"$ on 31 August 2022 by BNP Paribas Real Eslale The trustees have considere<l the subsequent i1xSe in ntaI IrMe from the 2023 nt review and therefore concluded that fair value of the investment property at 31 August 2024 should be increased by £300,000. Page 22 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- conlinu FOR THE YEAR ENDED 31 AUGUST 2024 13. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 as reststed AccrL*d incc4ne Prepayments 39,313 716 7,017 136 40,029 7,153 14. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.8.24 31.8.23 a$ reslaled Grant MlImer1 Deferred Income Awuèd expense$ 75.462 24,250 20,568 100.465 21,958 4,530 120,280 126,953 Deferred income relates to Tent recaved in advance. 31.8.24 31.8.23 Brought forward ReaSed lo incoming resour in year Income deferred in year 21.298 121,298} 24,250 21,298 121,2981 21.298 Carried fopward 24,250 21,298 15. MOVEMENT IN FUNDS Net movement in frJnd$ At At 1.9.23 UnfeStri¢tsd funds General fund 316.241 28.862 345.103 Endowmènt funds Pemanenl End(N4ment 8,185.214 300,0(M) 8,485,214 TOTAL FUNDS 8.501,455 328,862 8,830,317 Page 23 ntinued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31 AUGUST 2024 15. MOVEMENT IN FUNDS - ¢ontSnued Net movement in funds. induded in the ab¢)ve are as fclknvs: Iing Res¢wrces Gains and Movement Wi fuTrJs Unr•strictsd funds General fund 317.726 (347.593) 58.729 28.862 Endowm•nt funds Pernianent Endowment 3Crf).000 300,000 TOTAL FUNDS 317,726 {347,593) 358,729 328,862 Comparatives for movement in funds Nel movement in funds At At 1.9.22 Unrn$trict•d fvnds General fund 327,328 (11.08n 316,241 Endowrnant funds Permanent Endowment 8.185.214 8,185.214 TOTAL FUNDS 8,512,$42 111.087) 8,501,455 Compwab've nel movement in fijnds. Inld in the atove are as follows". Inccrfning Resources Gains arKI 105ses Movement in fur¥J¥ UnrestrICt fvnds General fvnd 283.596 (272.7351 {21.948) 111.087) TOTAL FUMDS 283.596 (272.7351 121.948) (11,087 The Speofic purposes for whith the furKts are to te aPFled are as follows: Pemanent Endulnent FuThJ - The v4ue of tr* fund compnses of land and other investments Iransferred from St Marykbw School ts Orphan Girls as a Pennanent Endowrnent lo fuTrJ fiJture educats'onal grants. Page 24 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE F114ANCIAL STATEMEp¥fs- wntinu•d FOR THE YEAR ENDED 31 AUGUST 2024 16. GRANT COMMIThIENTS The Foundation has confimled that rt will wowde funding lo the uCation of 8 number of individuals in the short temi. These are subject to annual ttks, and although these are committed evels of fvnding. the $ts are expensed lo the SOFA in the year in 1¢h each yearfs funding contribution is made. The Foundation has made a 'pof of funding available to the schools in the City of Illèstminst Deanery totslling £21.LN)O. This retyesents £1,00) available to e&h schwl vAthin the Deanery. Each sch¢x)l is required to make an applicatsc lo the Fwndalw for the fvnding and as al the year end only 10 S¢1$ have applied. The remaining £11.000 has not been induded as a grant commrtment within the finarrial slalements as there is no present obligat)n Withc the applicab.on from the schools teing 17. RELATED PARTY DISCLOSURES The St Maryl•bon• Church ol England Brfdgè Sch¢)ol (The Reverend Dr Canon Ste Evans is a trustee) Grants totalling £47,69612023". £47,939) VÈre to thé Schoc4 during the finanoal period. At the balanee sheet date the amunt due lo the Sthod was £24.948 {2023: £33.939). Th• St Marylolxno Church of England School (The Reverend Dr Canon Stephen Evans is a trusll Grants totslling £101.02912023.' £100,527) were paid to tre SdxX during the finanual period. At the balance sheet dale the amount due to the £50.51412023. £61,092). St Vlncents Famlly Prolect Imr Varley is CEO) Grants totdling £5,20012023. £5,0} re paKI to the Projed durirKJ the finanoal period. 18. POST BALANCE SHEET EVENTS The trustees have agreed in pnncaple to transfer the assets and activibes of the Foundation to a CIO ISI Marylebone EdU&"0nal Ftyjndabon, CE0296581. It was agreed that the assets are transferred on 21 October 2024. 19. ULTIMATE CONTROLLING PARTY The charity 1$ contrdled by the trustees on behaK of memters P•Je 25