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 V*ith the financial statements of thè eharty for the year ended 31 August 2024. The trustees have adopted the provI￿onS of Aco)unts"ng and Reporting by Charrties.. Stslemenl of Recommended Prath"ce appliCa￿e 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 objec*ves of the FouThJatv)n have been as follows, the amerKlmenls in 2018 have mc*Jemised the Imyding. This vnrdiry has not altered the conversion to cio. In making paym9￿ for the benefft of The St Ma￿eb)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 c￿n￿"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 C￿1$ecutive years attended any Scho￿ in the saKI Cty of IAÈstminster and are in of financial asgstance. with a weference for those persons qualrfied as aforesaid who are re&dent in the area of the fomw MetroFditan Borough of St Marylebone or are altending, are 8tX)Lrt to atternl or have not less than ts¥o nse¢utiv$ years attended any School in Ihat area, in one LY more of the followng Way5'.- In awarding to SLth persms scmlarships. bu￿aries and maintenance allowan￿ or granls tenable at any sthool. university. college of educab.on or other insb"tution of further linduding prOfe￿onal *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 furt￿rnnce 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 edL￿atron authority or from central govemmwrt ftjnds linduding from the Department for Education) for Tecrealion and swal and phys￿al training for such persons wtK) are receiving primary, seccThJary or further education". Mhin the limits Pre￿bed by this Scheme, the Trustees sh811 have fiJll powerto make rules for the award of scholarships, bursafies. Maintenan￿ allowar￿e$ cff other benefils, i￿lL*￿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 $0 tsr as ino)me of the Charity in ￿ year is rgquired for appI￿￿n in manner athsaid Ihe Trustees may aOy the same in making payments to the Managers. Govemors or trustees for Ihe ts.me being of any other schcd in The Crty of Westminster to be applied by them for the benefit of the SCW vtse thal benefit 1$ nol nconsistent the teachir¥Js of the Chwth of EngLgnd. Publlc b•n•frt The Trustees have read the G￿dartt c￿ Put4ic Benefft issued by the Chanty Commission and fijffil their obligations with due con￿deratiOn to that Guidance, wrth parti¢xJlar refeMce to the benefits of advancement of et1ucalion. P￿1 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 assista￿e. 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 c￿necb.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 oryanisali￿s can be great ernugh to actually facilitate change and therefore benefit. The indiw¢Juals assisled benefft in various ways". Continuance ofeducation al a current sch￿1 or Music Cc41ege Faalitalirrfj boarding for those ￿th a drffitsJK domesb"c 5rtU81ion Faulrtaliry attendance of a school to assist vthh sperjal educabonal ￿lS Enh￿CIr¥j a child's situation to avoid edl￿ational arKI erno￿nal h¥dstsp Purchase of educathjnal equipment lo e￿a￿e them to stLKty Funding of edu¢*ional trips to enable fvll access lo the curriculum Funding of musc lessons lo enable access lo extra24 academic year have b8en interviewed and Ihar grant fijnding paid aft& October 2023 onee the stu(*nts have taken up tl)a"r place. The Foundation makes funds avaikble annually for Music Gr*. th8 rnnl ￿reed fw 202>24 is £25,750 12023 £25,(rt)01. These grants enatAed the Students to enrd on and eomrAele their chosen courses. The St Ma￿ebOne CE Schcd requested fvTrJing during 202>24 in ts Sum of £101,029. The fur*Jirbg was toward5 the wrchase of Mac Computers, a Contn"buts"on lo 12 Interactive Touch Screens , fiJnding for a Laser Cutter for the DT Oepar1menl and a contribub.on twards the Library refurbishment. Payments in the sum of £50,515 were made in 2023-24 and the remander stheduled for 202425. The full grant is accounted for in these a￿OuntS. The St Maryletone CE School also requested funding for individual 5bJdents unable to afford to attend a da￿¢S schod trrp and music lessons. The total 0￿rded vras £11.495 and 19 individuals Supported. The Sl Marylebone CE Bridge School was awarded fvnrfing in April 2024 for indsviduals attefftling the school. for provision of At the Bus arKI mU￿C TLbib"on, in the sum of £37,761. Further fvnding was agreed for At the Bus in the sum of £10,000 and School for 0¢￿pa￿la1 Therapist Classroom based resources and Playground Equipment in the sum of £12.135. Total agreed funding £49.896. The full grant 1$ accounted for in these accounts, the first payment of Q4,948 wras rnade in Aw"I, the reffi￿nder in the 2024-25 financial year. St Vincerrfs Famity Project Wds avrarde(1 £5.200 in September 202312022-23 £5.000). The fijnding assisteil 40 Crty ofwestminsler families to purthase unrfom fortheir thildren at a M￿MuM of £75 per thild. The Pimlico Music Four#Jation was wded £8.000 t(Mfard$ the delivery of thwr in-sth¢)Ys programme and children's choir. Two nursery schools in Ihe Cty of Weskninsler applied for fijnding during the previous year. The Trustees delayed their deasion until the annual accounts of those schools had been reviewed. The Trustees agreed the funding and £8,000 was awarded to Mary Patterscffl Nursery SCIKMJ to imtKove their garden area and £8.400 to Dorothy Gatdner Nursery fof soft play equipmenL P￿e4 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 educ*ion 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 F￿ndatiOn'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 MU￿c,. 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 201￿20 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 EsL*es. Additional income is derived frc¥n investments held as part of the caprtal of ihe Foundation, the Pernianenl End0Y￿ent Fund, and fr£￿ investments represents.ng lempcffarily irwested income, General Fund. These investments are held in the nominee names of St￿*brOkerS 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 Managen￿nI 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 finar￿la1 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 cOn￿nts￿ed 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 Te￿al. 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 - ar￿ther exceptyonal year for the preoous metal, trmiefftting from geopolitical uncertainty and con￿rn 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 ￿)$rtiVe impact over the year, ￿"ng overweight equitses and underweight bonds. Equitses tlrove the txjlk of retums. the portfolio benefitted from rts allocation lo technology arKI communicab.ons services.. with the slandout irbdividual perfomiers being TSMC 1+96%). Marvell Technologies {+84'h}, and Meta {+6WA}. The asset 3llocab.on and investment selection appfoach tsken within the portfolio remains a¢*"ve. a kn.as towards eqU￿"eS. fo(x￿sed on ident￿"ng businesses that an deliver strong performance over the cyde. rthr than FQSrtiwing ￿ P￿10 for kYediiAed short-temi changes in ￿onoMiC corKlitI'ons. R￿Or¥•3 policy Due lo Increased e411s ￿ the FoUThJab'￿.s funding ts Fourthtion's reser¥es may b8 ¢a118d upon to fvnd future requests. The increase in rent has enabled the Foundatiw to wovide large yJm$ to the St Ma￿e1)Qne Sthool over the next year wrthoul aCce￿ng 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 prO￿eMS 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 I￿our Current furKlir¥J awards and grants to iTrJividuals to the end of their lemis. STRUCTURE. GOVERNANCE AND MANAGEMENT G0￿mIng document The St Marylebone Educational Foundation 15 the lineal swcess(w of the St Maryb8bone Chanty School, itself ft)uThled in 1750. Tr Charity CommissK*n ordered the approval and eststsishment of the upjated Seheme in November 1977. The Trustees ag￿ed al their Meeting in June 2016 to instruct Lee Bolton mOn￿r Wlliams Soliators lo assist them in rewsing Ihe scheme lo both mcrfjemise comply t￿rrent 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 n￿Mber 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 pre￿Ience over $peed. The applicants are asked lo st*e. in vnibng. their reasons for wshing to become a Trustee and outline the benefit they would bring to the Foundats'on and its beneficiaries. Prospectr've Trustees should also be a￿8 to demonstrate they would be fijlty Sup￿rt1¥e of the Charrtable ObJ"ectives and aims of the Foundation and that they are familiar wth and happy to abide by the wnoples of the Ndan Ctsde of Conduet for the trustees of small charities. Should tr￿re be more than one suiwe applicant for the powbon the Trustees make their decgsion after inletviewing all interested parb"es. The appoinknerrt is made once the Trustees are sali$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 dIgi￿lty to ￿t as a Trustee. Westminster Crty Counal hisloricalfy had the right to rthninate Trustees lo serve on the board of the FOUndat￿n. At the June 19. 2022 Board meeb.ng the Trustees he￿d th* Westminster Cty Council have ceased lo nominate Trustees to d￿rity board5. Therefore, On￿ the remaining nominee resigns, therè will no I￿ger be the requirement to appoint rbominated Trustees. The remaining Trustees comwise of one Ex.Officio. the Reclor of St Marylebone aTrJ three C￿￿tatsVe Trustees. (￿ganI%￿lOna1 structure The Trustees and the de5wnations of their apr*￿nts￿ents *e set out on page six. The maximum number of Truslees C￿ the Board i8 ￿x. IWlestmin*er 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 se￿e 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 lh￿r 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 coM￿eted a Register of Interests. and th"s is Veftf￿d 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 a￿eptance 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 Inte￿51 in, arKI kno￿edge of the a￿a ts)vered by the remrt of the FoundalB)n's scheme. In Part￿lar. 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￿ eSta￿lS￿ed to enable regular monrtoring to ¢￿tsnue so that the necessary steps can be taken lo lessen these risks. Tr Trustees can CC￿fim1 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 addr￿S 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 Cc*optative Reswwed 24 J￿e 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 H￿se 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 Re￿t 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 resp￿sIble 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 Ma￿et￿r* Ed￿at1¢￿1 Fcthdalion (the'ch￿￿ for the year ended 31 August 2024 which comprise the Statement of Fina￿la1 Ath"vrt*s, Balance Sheet and notes to the finanaal statements, including a gjmmary of signnlcant accounting policie$. The financial re￿￿'n9 framework that has been applied in thwT preparab.on is appliCa￿e law and United Kingdom Accountsng Stsndafds (United Kingd¢)m Generalty Accewwj Acc￿nting Practice). In our opinion the finanual ststements.. give a Ift￿ and fair view of the slate of the ch￿$ 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 A￿pIed 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 reS￿nSibIlitieS ur¥kn IF￿Se stsndar(l$ are further describe(l in the Auditors, responslkn.l￿.es for the a￿11 of the finanud statements Sect￿ of our re￿1. 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 o￿n￿. Concluglons relatlng to golng ¢on¢ern In auditing the financial slatements. we have conduded that the trustees, use of the going concem of a￿ountIng in the weparatson of the financaal ststements is approwiate. Based on the wc¥k we have perforn￿d, 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 1*￿Ve m¢￿thS fr￿n when the financial sL*ement5 are authori5ed issue. Our responsibilities and the resFrf)nsilM"h"b"es of the trustees *ith resped to going concem are deK￿bed in the relevant sections of this report. Oth•r Inforniatlon The tnjstees are reSponsi￿e for the other infomiation. The otl*r infomia1i￿ comprises the information included in the Annual Report, otherthan the finanad statements and our Report of the Ir*Jependent Auditors thereon. Our opinion on the finanaal statements th)es Tr)t cover the other infrntion and, ex￿p1 to the extent olhewse eX￿1[)llY staled in ¢wr reptvt. we thj r¥)t ewress any fomi of assurance condusion Ihereon. In eonnection wrth our audit of the financial sL*ements, our respor￿1b1lty 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 Incon￿StenC1eS or apparent matefial miss&￿ementS. we are required to determine Nthether this gives nse to a material misstatement in the finanaal sL*ements 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 Rep￿1 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 aL*tht. Page 10 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST MARYLEBONE EDUCATIONAL FOUNDATION Rèypon$lbllltlM of trustees As explained m￿e fully in the Statement of Trustees, Re$F￿91*lltres, the trustees a￿ responsible for the preparation of the finanoal st*ements whid) give a true and fair view, and for such internal control as the tfuslees deterniine is r￿ceSSary to enable the preParatiC￿ of financial slalements that are free from material misslalement. whether dL* to fraud or error. In preparing the finaroal st*ements. the trustees are reswnsible for assesssng the chartys ability to onlinue as a going C￿Cern, disclosng. as a￿l¢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 SeCt￿n 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 ￿ fina￿la1 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 irre9￿arliie$. ind￿lIng fra￿ is detailed below.. Irregulanties. induding fraLKI. are instsnces of non-compli￿￿ with laws and regulations. We de￿gn procedu￿$ in line W￿h our res[on￿biIrtIe$. ¢yJUined *thie. lo delect material misstatements in respect of irregularilies. indudir¥J fra￿]. The extent to which VC￿du[es are Capab￿ of delecbng irregularities, including fraud, is detailed bdow. We obtained an understanding of the legal and regulalory traffle￿rk 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 in￿ntiVeS aThJ oppylunibes for fraudulent manipulatson of the financial statements induding managemenl override of controls arKI the application of revenue c￿nitIon at cth-off and considered that the pnnupal risk was rdated to the posting of inappropri*e 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 a￿lit. 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 mIssL￿eMent due to fraud is higher than the risk of not detecting one resulb'ng frcrfn e￿Or, as fral￿ may involve deliberate 0￿Cealment ty. for ehimple, forgery or intenti¢￿al misrepresentab"ons. or through collusion. A fvrther descripb'on of our reSpon￿￿'1￿eS for the aLKIit of the financial statemènts is located on the Finanaal Rewrting Council's websrte al W•WW.fre.orY.ukJaL￿rt0{sreSFrf￿SIbl1th.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 fina￿lat 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 r*rt 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 ReCoMme￿Ied Prathce applIca￿e 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 ap￿1¢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 m*et value, as modffied by ￿ revalUatV￿ ofcertain assets. The Charity meets the definition of a ￿t￿le 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 rep￿tIng 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 I￿1￿)d.: the requirements of Section 7 Statem￿1 of Cash Flows. In¢om• Investment income Interest on funds hekl on dep)srt 1$ indudeil receNable and the amount can be measured rella￿Y by the charity.. this is Th)rmalty n￿r￿atiOn of ts interest paid or payable by the bank. Dividends are recognised orKe the dividend has been declared aThJ has been T￿e1ved of the dividend due. Rent is accounted for in the pwic#J on a recewthe basis. Exp¢nditur• l ex￿ndrtUre is recwised [Y￿e 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 ap￿iCa￿4e experKliture heading that aggregate similar costs lo that category. W*re 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 all￿ated on the ba&'s of bme ¥ent. arKI depreciation charges allocated on the pOrt￿n of the asset's use. Olher SUp￿t costs are allocated based on the wead of staff costs. All resources expended are i￿u$￿e of irrecoverable VAT. Grant paymenls are reuygnised as expe￿. Lffe t*4hen the o)nditK)ns for Ih8ir payment have been mel or ￿ere there is a constructwe to make a payment. A ¢￿strUth￿ obligation arises vthen" the charity has Communicated ts intenkn.on lo award a grant to a recipient vkno then has reasonable e¥Eeclalion that they wll receive a grant or the ¢hanty ha$ made a public announcement about a wnmitment wtwch 15 specrfic e￿￿9h for the reapient to have a reaSona￿e expeclati¢)n that they wll receive a grant or there is an established pattem of practice Indi￿ to the reCI￿ent that we wll honour our commrtM￿t. 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 i￿urred 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￿ r*cessary to supr•Jt them. These include the costs attributable lo tr* chanty's compliance conslituts.onal and statutory requirements, I￿uding *￿r(. strategic management arKI trustees's meetiry and reimbursed expenses. Tangiblo fix•d assets Depreciatson is prowded al the follrywry annual rates in c*der 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 a￿UMUlated 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 Stat￿n￿lt of Financial Ath.vrt￿s. 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 IT￿rne 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¢h￿nt 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 Fina￿la1 Aclivitses on a Stra￿ht 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 f￿Ned Investment p￿trollO 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 ￿$trnInSIer St vin￿n1'S Family Project 5 Souls Church of England Primary Sthc( Christ Church Bentinck Church of Ewand prim￿ Sctthl St MarY$ 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 f￿k￿¥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'vit￿s Educational grants Auditors, remuneration Auditors, remuneration for rthi a￿￿11 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 Fr￿ndatIon was that the lunds from the ￿8$ed St mary￿t￿)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 prewOu￿Y in the finanaal stalement as a de￿gnated 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 A￿USt 2023 or 31 August 2024. Page 20 continued... ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contIn￿l 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 Add￿onS 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 lnvestrr￿nts is detemiined by rele￿ce 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 A￿ust 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 Ir￿Me 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