REGISTERED CHARITY NUMBER: 312378 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR ST MARYLEBONE EDUCATIONAL FOUNDATION Gibson Vvhitter Limited statutory Auditors Larch House Parklands Business Park Denmead Hampshire P07 6XP
ST MARYLEBONE EDUCATIONAL FOUNDAnoN CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Report of the Trustees Report of the Independent Auditors 10 to 12 Statomont of Flnanclal Actlvftles 13 Balance Sheet 14 Notes to the Financial Statements 15 to 25
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims Since 1977 when the scheme was rewritten the main objectives of the Foundation have been as follows, the amendments in 2018 have modernised the wording. This wording has not altered during the conversion to cio. In making payments for the benefit of The St Marylebone Church of England School {"the School") to the School Managers, Governors or trustees for the time being of the School for so long as it continues to have a religious designation as a Church of England school. (Note.. the School must be a school within the meaning of the Education Acts and may take the form of an Academy or be part of any Multi-academy Trust or group of schools). In promoting the education of persons under the age of 25 years who are either resident in the City of Westminster or are attending. are about lo attend or have for not less than two consecutive years attended any school in the said City of Westminster and who are in need of financial assistance, with a preference for those persons qualified as aforesaid who are resident in the area of the fomer Metropolitan Borough of St Marylebone or are attending, are about to attend or have not less than two consecutive years attended any school in that area, in one or more of the following ways'.- In awarding to such persons scholarships, bursaries and maintenance allowances or grants tenable at any school, university, college of education or other institution of further (including professional and technicall education approved for the purpose by the Trustees., In providing financial assistance, ouffits, clothing, tools, instruments, or books to assist such persons to pursue their education {including the study of music and the other arts), to undertake travel in furtherance thereof, and to prepare for or enter a profession, trade, occupation or seplice on leaving school, university or other educational establishment., In providing facilities not normally provided by the local education authority or from central government funds (including from the Department for Education) for recreation and social and physical training for such persons who are receiving primary, secondary or further education; Within the limits prescribed by this Scheme. the Trustees shall have full power to make rules for the award of scholarships, bursaries, maintenance allowances or other benefits, including rules as to the value and period of tenure of the awards, and the qualificati¢)ns and methods of ascertainment and selection of candidates for benefit., If and in so far as income of the Charity in any year is not required for application in manner aforesaid the Trustees may apply the same in making payments to the Managers, Governors or trustees for the time being of any other school in The City of Westminster to be applied by them for the benefit of the school where that benefit is not inconsistent with the teachings of the Church of England. Public benefrt The Trustees have read the Guidance on Public Benefit issued by the Charity Commission and fulfil their obligations with due consideration to that Guidan, with particular reference to the benefits of advancement of education. Page 1
ST MARYLE80NE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Benefit Policy The Foundation's policy is to ensure a continuance of financial assistance to those individuals and organisations as set out in the Objectives. The founders of the charity originally intended that children residing in the Parish of St Marylebone should benefit educationally from their financial assistance. Vthen the Scheme was r&written in 1977 the geographical area was widened to encompass that of the City of Westminster and eligibility for educational assistance is reliant upon a tangible connection to Westminster. The income to the charity, restricted to the rental income from the Royal Academy of Music and income from investments is considered by the Trustees to be too small to allow a widening of the geographical area covered. By restricting the eligibility, the funds available both to individuals and organisations can be great enough to actually facilitate change and therefore benefit. The individuals assisted benefft in various ways.. Continuance of education at a current school or Music College Facilitating boarding for those wilh a difficult domestic situation Facilitating attendance of a school to assist with special educational needs Enhancing a child's situation to avoid educational and emotional hardship Purchase of educational equipment to enable them to study Funding of educational trips to enable full access to the curriculum Funding of music lessons to enable access to extra-curricular studies The schools benefit from funds to maintain or improve their educational establishments either materially or by specific educational provision therefore bettering their pupil's experience and education. The St Marylebone CE School no longer requests a nominal sum for maintenance on an annual basis. The school instead includes maintenance costs when requesting funding from the Foundation for larger projects and improvements. The Trustees agreed during 2023 to fund the Deaneries of the City of Westminster up to £1,000 per Church of England primary school to assist with maintenance and capital improvement of those schools. At their June meeting in 2024 the Trustees agreed to extend the funding to the other Church of England secondary schools in the City of Westminster. There are nineteen eligible primary schools and eligible secondary schools, therefore the maximum annual grant is £21,000. By continuing to provide this financial assistance for both The Sl Marylebone School and the other Church of England schools within the City of Westminster many pupils are enabled to attend properly maintained schools. The Foundation also provide grants to organisations that in turn benefit the education of childn or provide essential uniform or equipment to aid their education. For example, an annual grant to the St Vincent's Family Project, a City of Westminster based charity helping Westminster families, goes towards the school uniform costs a family faces every year. Page 2
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Grantmaking The Foundation's policy is to ensure the successful discharge of the Objectives set out above thus ensuring that benefits are available to those eligible applicants in greatest need of assistance. Having ensured that the primary objectives are met the remaining available funds are subject to the Trustees, grant awarding strategy which is based upon assisting as many individuals as possible beeen the ages of eight and eighteen in varying disadvantaged situations to achieve a suitable education for their needs as is commensurate with the income available, with particular emphasis on enabling the continuation of an education aladY embarked upon. Assistance is provided to those with particular educational needs, ranging from those for whom the ill health of parents means that boarding school is a preferred option to those who have specific educational needs in their own right. Assistance is provided l)oth to individuals and to the educational establishment they attend. For example, specific funding towards individuals for the costs of music lessons, school trips which further understanding of curriculum subjects, and orchestra tours. This enables those students to take part who would otherwise be disadvantaged due to financial constraints. The Clerk requires regular reports from the schools to ensure that the progress of pupils in receipt of school fee awards is satisfactory and makes annual checks to ensure that the assistance given is appropriate to the circumstances. The numbers of students al each of thè Music Colleges who are awarded grants is limited to six and dependent upon the eligibility of the students to predetennined criteria. The two music colleges are selected because the main income for the Foundation is received from the Royal Academy of Music. The Music Colleges have a pot of funding to draw from. Should the number of students be fewer than 12 overall the pot is divided between the remaining students. The students are inteNiewed the summer term and, after enrolling on their course in the Autumn Term the funding is fonAiarded to the Music Colleges on receipt of an invoice. Applications from tertiary students, other than the limited number interviewed annually at the two music colleges sited in Westminster, were declined due to the limited funds known to be at the disposal of the Trustees. The Trustees agreed that other Schools should be invited to tender for funding, a budget of £50,000 was set aside per annum, a nominal figure of £10,000 allocated to each school that requests funding. This funding may only be possible in some years where after Ihe primary objectives are met resources remain available. Each school's application for funding is considered individually, taking in to account Ihe number of children who will benefit from the grant and the overall impact on the educational resources of the institution. Page 3
ST MARYLEBONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENT AND PERFORMANCE Charltable actlvltles During the year 9 indiwdual applicants received grants tovrfards school fees, music lessons and extra-curricular educational activities totslling £43,532 (2022-2023 £66,585). There were fvrfo new beneficiaries. The number of applications from individuals has been declining for some years. The Trustees surmise that, coupled with the tightening of the eligibility criteria agreed at the Board meeting of February 11, 2021, the number of parents able lo afford some of the fees towards independent schools has reduced significantly. Some applications have been received from those that do not meet the eligibility criteria. In previous years the Westminster St Margaret's Deanery Synod have requested funding for maintenance for schools in their care, but no requests were received in 2023-24 (2022-2023 £8,000). The Trustees agreed during 2023 to fund the Deaneries ofthe City of Westminster £1,000 per Church of England primary school to assist with maintenance of those schools. There are nineteen eligible schools, therefore the maximum annual grant is for £19,000. The Trustees agreed in June 2024 to extend the funding lo the other Church of England secondary schools in the City of Westminster. taking the overall budget to £21,000. During 2023-2024 of the £21,000 budgeted for £20,000 has been requested and awarded. The Royal Academy of Music and the Royal College of Music had been allocated their grants for the 2023-24 Academic Year during 2022-23. Eleven Music Students for the 2023-24 academic year have been nterviewed and their grant funding paid after October 2023 once the students have taken up their place. The Foundation makes funds available annually for Music Grants, the amount agreed for 2023-24 is £25,750 (2023 £25,000). These grants enabled the students to enrol on and complete their chosen courses. The St Marylebone CE School requested funding during 2023-24 in the sum of £101,029. The funding was towards the purchase of Mac Computers, a Contribution to 12 Interactive Touch Screens . funding for a Laser Cutter for the DT Department and a contribution towards the Library refurbishment. Payments in the sum of £50,515 vRre made in 2023-24 and the remainder scheduled for 2024-25. The full grant is accounted for in these accounts. The St Marylebone CE School also requested funding for individual students unable to afford to attend a classics school trip and music lessons. The total awarded was £11,495 and 19 individuals supported. The St Marylebone CE Bridge School was awarded funding in April 2024 for individuals attending the school, for provision of At the Bus and Music Tuition, in the sum of £37,761. Further funding was agreed for At the Bus in the sum of £10.000 and School for Occupational Therapist Classroom based resources and Playground Equipment in the sum of £12,135. Total agreed funding £49,898. The full grant is accounted for in these accounts, the first payment of£24,948 was made in April, the remainder in the 2024-25 financial year. St Vincent's Farnily Project was awarded £5,200 in September 202312022-23 £5,000). The funding assisted 40 City of Westminster families to purchase school uniform for their children at a maximum of £75 per child. The Pimlico Music Foundation was awarded £8,000 towards the delivery of their in-schools programme and children's choir. Two nursery schools in the City of Westminster applied for funding during the previous year. The Trustees delayed their decision until the annual accounts of those schools had been reviewed. The Trustees agreed the funding and £8,000 was awarded to Mary Patterson Nursery School to improve their garden area and £8,400 to Dorothy Gardner Nursery for soft play equipment. Page 4
ST MARYLE80NE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Flnan¢lal Review and Investment Policy Imien the St Marylebone School for Orphan Girls charity was dissolved due to the founding of The St Marylebone CE School, the St Marylebone Educational Foundation was formed by the Trustees wishing to continue supporting the education of those under 25 year5 in the Parish of St Marylebone. The Pemanent Endowment was transferred from the St Marylebone School for Orphan Girls to the St Marylebone Educational Foundation at its registration in 1934 to enable the funding of educational grants. The income from the Endowment Fund is currently paid directly to the Foundation's bank account to fund grants to beneficiaries. During the year income totalled £317,726 {2023'. £283,596> The income of the Foundation comes mainly from rent paid by the Royal Academy of Music for the land which forms a substantial part of the sile of the Royal Academy of Music; the rent was being paid at £263,500 per annum. The lease to the Royal Academy of Music is for a tem of 99 years from 24 June 1974 and provides for seven yearly upwards only rent reviews. The full review in June 2016, provided an increase of £111,000 to £251,000 per annum. A further review due to Royal Academy of Music altering the buildings on the land was finalised during 2019-20 with an increase of £12,500 to £263.500 per annum. The rent review of June 2023 was finalised in November 2024 with the rent agreed at £291,000 per annum, an increase of £27,500 per annum which has been reflected in the financial statements to 31 August 2024. The next review will be in June 2030. The Foundation used the seNices of BNP Paribas vtho worked in conjunction with the Crown Estates. Additional income is derived from investments held as part of the capital of the Foundation, the Pernianent Endowment Fund, and from investments representing temporarily invested income, the General Fund. These investments are held in the nominee names of stockbrokers Rathbone Investment Management Limited. At a Special Meeting held on 25 February 1999 the Trustees decided to entrust Rathbone Investment Management Limited with discretionary management of the Foundation's investments. This decision has been further reviewed and the discretionary management has been continued. At their meeting of October 12, 2022 the Trustees unanimously agreed to Rathbones proposal to move the investments to their Core Fund. An additional investmenl in CCLA in the Charities Investment Fund, invested prior to 1999, also provides a small income to the Foundation. The investment strategy is based upon a low risk profile with 8 balance between the objectives of capital groW<h and regular income. Total expenditure during the year was £347,593 (2023 £272,735). Grants payable are the Charity's greatest expense with £296,302 paid out or committed to as grants in the financial year (2023 £240,051). Returns over 2024 have been at times hard won, and often in defiance of a doom and gloom narrative about the state of the world. hOWver equity investors can look back on some reasonable gains. Over one year to 31st December 2024, global equities delivered a very healthy total retum of +19.8010 (FTSE All World, GBP), largely driven by the largest geographic constituent, the US. with the S&P 500 up +250/0 (USD). Looking under the bonnet further, returns in the US market were highly concentrated in a small handful of names, in particular the so-called 'Magnificent Seven, (Ihe term coined for the mega-cap companies Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla), which accounted for more than half of the gains of the S&P 500 in 2024. Europe was a comparable laggard in the developed world, with European equities up only +2.80/0 over the year, as the region's economic momentum weakened significantly over the cours8 of the year. Bonds continue their run of weak performance for another year, with the UK government bonds (the UK Gilt Index) down -3.30kn over the year, and corporate bonds eking out a modest positive return {+1.7%, iBoxx Non-Gilt index). Most noteworthy of all was Gold which delivered a retum of +29.4% to sterling-based investors - another exceptional year for the precious metal, benefitting from ongoing geopolitical uncertainty and concern over the US fiscal direction. 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 porffolios were up +8.9Oh after all fees, ahead of the CPI +3% retum target1+5.60kn). Asset allocation had a positive impact over the year, being 0Vee1ght equities and Undeeight bonds. Equities drove the bulk of returns, and the portfolio benefitted from its allocation to technology and communications services.. with the standout individual perfomiers being TSMC (+960kn), Marvell Technologies {+840fi), and Meta (+69%). The asset allocation and investment selection approach taken within the portfolio remains active, with a bias towards equities. focussed on identifying businesses that can deliver strong performance over the cycle, rather than positioning the portfolio for predicted short-term changes in 8conomic conditions. Reserv•s policy Due to increased calls on the Foundation's funding the Foundation's reserves may be called upon to fund future requests. The increase in rent has enabled the Foundation to provide large sums to the St Marylebone School over the next y8ar without accessing the resenrfes. It remains the intention that the grants awarded over the next few years will remain at a relatively reduced level in order to enable the Foundation to meet any future requests from the St Marylebone School for larger than average sums. Depending on the amounts called for by the St Marylebone School it may be nesSary to continue this policy for some years. The Foundation is largely lIant upon income from the land upon which the Royal Academy of Music stands and is not in a position to ensure continuation of income in the event of problems at the Royal Academy of Music. Should such an event occur, the Trustees of the Foundation would contact other Trusts and endeavour to find assistance for those individuals who might therefore suffer. Each year the recipients of grants change, with their increasing ages varying the long-term liabilities of the Foundation. As at 31 August 2024 the Foundation's free reserves vRre £344,893 (2023 £315,669). This Is calculated in the table below. 2024 2023 Total Unrestricted Reserves Less.. Functional fixed assets 345,103 (210) 316,241 (572) Free reserves 344,893 315,669 The level of free reserves should allow the Foundation to honour current funding awards and grants to individuals to the end of their terms. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The St Marylebone Education81 Foundation is the lineal successor of the St Marylebone Charity School, itself founded in 1750. The Charity Commission ordered the approval and establishment of the updated Scheme in November 1977. The Trustees agreed at their Meeting in June 2016 to instruct Lee Bolton Monier Wlliams Solicitors to assist them in revising the scheme to both modemise it and comply with current legislation. The revision was completed and adopted in July 2018. Conver8ion to CIO The Trustees agreed at their meeting of 11 February 2021 to convert the Foundation from a Trust to Charitable Incorporated Organisation (CIO). The conversion and registration completed on the 8 July 2022. The new registered charity number is 1199592. As at 31 August 2024 the Iransfer 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 MANAGEMENT Recruitment and appointment of new trustees The Foundation looks to the local community and the wider education community and should that fail advertisements are placed in relevant places. Finding the right person takes precedence over speed. The applicants are asked to state, in writing, their reasons for wishing to become a Trustee and outline the benefit they would bring to the Foundation and its beneficiaries. Prospective Trustees should also be able to demonstrate they would be fully supportive of the Charitable Objectives and aims of the Foundation and that they are familiar with and happy to abide by the principles of the Nolan Code of Conduct for the trustees of small charities. Should there be more than one suitable applicant for the position the Trustees make their decision after interrfiewing all interested parties. The appointment is made once the Trustees are satisfied of the applicant's suitsbility for and commitment to the role. Once appointed the new Trustee will inform the Foundation of any Conflicts of Loyalty and sign the Declaration confirming their eligibility to acl as a Trustee. l•lestminster City Council historically had the right to nominate two Trustees to serve on the board of the Foundation. At the June 19, 2022 Board Meeting the Trustees heard that Westminster City Council have ceased to nominate Trustees to charity boards. Therefore, once the remaining nominee resigns, there will no longer be the requirement to appoint nominated Trustees. The remaining Trustees comprise of one Ex-officio, the Rector of St Marylebone and three C0p1at1ve Trustees. Organlsatlonal $tru¢turo The Trustees and the designations of their appointments are set out on page six. The maximum number of Trustees on the Board is six. Westminster Council have rescinded the right to nominate two Trustees to serve on the board of the Foundation. The remaining Trustees comprise of one Ex-officio, the Rector of St Marylebone and three Co-optative Trustees. Nominative Trustees are appointed to seprfe 8 term of 4 years, Co-optativè Trustées are appointed to serve a term of 5 years. All Trustees may be reappointed should they still wish to remain on the Board. The Board will reappoint if the majority of Trustees feel that they remain able to offer relevant skills. The Chair of the Board is elected at the first meeting of the year. The Trustees make all the decisions on the Charity's expenditure and Grant Awards at their meetings which take place three times a year. A special meeting is called to discuss a particular matter should it be deemed necessary. The Trustees have completed a Register of Interests, and this is verified at each meeting. Induction and tralnlng of now trustees Newly appointed and re-elected Trustees are provided with a copy of the Scheme and are requested to sign Declaration of acceptance and willingness to act in the trusls of the Scheme. In addition, all Trustees are now required to sign an Automatic Disqualification Declaration according to Annex A provided by the Charity Commission. Trustees are expected to have interest in. and knowledge of the area covered by the remit of the Foundation's scheme. In particular, the Rector of St Marylebone is also an ex officio Governor of The St Marylebone Church of England School, a Member of the Board & Director of the St Marylebone Bridge School and a Trustee of the Buildings and Land of those Schools. Newly appointed Trustees are also provided with copies of recent minutes indicating decisions made by the Trustees. Major rlsks and management of these rlsks The Trustees have examined the major strategic business and operational risks which the charity faces and confirm that systems have been established to enable regular monitoring to continue so that the necessary steps can be taken to lessen these risks. The Trustees can confirm that no major incidents 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 Registered Charity number 312378 Prlnclpal address 12 Melcombe Place Marylebone Station Marylebone London NW16JJ Trusteos The Reverend Canon Stephen Evans Mr Joseph Dunton Ex Officio Nominative - Appointed by Vlestminster City Council Cowoptative CoptatIve Co-optative CoptatIve C&optative Resigned 24 June 2024 Mr Andrew James Varley Ms Kathryn Mary Roskell Ms Victoria Dare Mr Rithard Goodwin Mr Ch'stopher Weir Appointed 10 April 2024 Clerk to Trustees Mrs Caroline Grant Audltors Gibson Ipjhitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire P07 6XP Sollcltor• Lee Bolton Monier Williams 1 The Sanctuary London SW1 P 3JT Investment Managers Rathbone Investment Management Senator House 85 Queen Victoria Street London EC4V 4ET Bank8rs CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the notes to the financial statements. Page 8
ST MARYLE8ONE EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The twstees are responsible for preparing the Report of the Truslees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on ...j..ts......AtrJ....... £vlS.. and signed on its behalf by.. Mrs K M Roskell - Trustee Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST MARYLEBONE EDUCATIONAL FOUNDATION Opinion We have audited the financial statements of St Marylebone Educational Foundation (the 'charity'} for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenls.. give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance vrfith the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities undef those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence V have obtained is sufficient and appropnate to provide a basis for our opinion. Concluslons relating to going conc•rn In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statement5 is appropriat8. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. oth•r Informatlon The trustees are responsible for the other information. The other infonnation comprises the information included In the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othepwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be malerially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. Matters on which w• are required to roport by oxceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST MARYLEBONE EDUCATIONAL FOUNDATION Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Our rosponslbilltlos for the audlt of the flnanclal $tatoment$ We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audrt conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstat8ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We obtained an understanding of the legal and regulatory frafflevrk in which the company operates. The key laws considered included the Charities Act. We have corroborated our enquiries through review of Trustee minutes. We have evaluated management incentives and opportunities for fr8udul8nt manipulation of the financial statements including management override of controls and the application of revenue recognition at cut-off and considered that the principal risk was related to the posting of inappropri8t8 joumal entries to improve the result before the year end. We have addressed this by assessing journal entries as part of our planning audit approach. We have enquired of management and those charge with governance in respect of known or suspected instances of non-compliance with laws and regulations. We have also communicaled relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above. We are less likely to become avrfare of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at wNw.frc.org.ukJauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page11
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST MARYLEBONE EDUCATIONAL FOUNDATION Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest exte pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fonned. n IA+hitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire P07 6XP Date.. Page 12
ST MARYLE80NE EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 AUGUST 2024 31.8.24 Total funds 31.8.23 Total funds as restated Unrestricted Endowment funds funds Notes INCOME AND ENDOWMENTS FROM Investment income 317,726 317,726 283,596 EXPENDITURE ON Raising funds 3,469 3,469 3,354 Charltable actlvltles Educational grants 344,124 344,124 269,381 Total 347,593 347,593 272,735 Net gainsl(losses) on investments 58,729 300,000 358,729 (21,948) NET INCOMEI(EXPENDITURE) 28,862 300,000 328,862 (11,087) RECONCILIATION OF FUNDS Total funds brought foThvard 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 form part of these financial statements
ST MARYLE80NE EDUCATIONAL FOUNDATION BALANCE SHEET 31 AUGUST 2024 31.8.24 Total funds 31.8.23 Total funds as restated Unrestricted Endowment funds funds Notes FIXED ASSETS Tangible assets Inv•slmonts Investments Investment propety 10 210 210 572 11 12 377,582 385,214 8,100,000 762,796 8,100,000 707,536 7,800,000 377,792 8,485,214 8,863,006 8,508,108 CURRENT ASSETS Debtors Cash at bank 13 40,029 47,562 40,029 47,562 7,153 113,147 87,591 87,591 120,300 CREDITORS Amounts falling due within one year 14 (120,280) (120,280) (126,953) NET CURRENT ASSETS (32,689) (32,689) {6,653) TOTAL ASSETS LESS CURRENT LIABILITIES 345,103 8,485,214 8,830,317 8,501,455 NET ASSETS 345,103 8,485,214 8,830,317 8,501,455 FUNDS Unrestricted funds Endowment funds 15 345,103 8,485,214 318,241 8,185,214 TOTAL FUNDS 8,830,317 8,501,455 The financial stat issue on ments were approved and authorised for issue by the Board of Trustees and authorised for 4thA......ZQ..l.S...... and were signed on its behalf by.. 4t¢.Eoskp1114urJll.Iq15PA.%.fjMT+ii. Mrs K M Roskell - Trustee The notes form part of these financial statements 17
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Bas1$ of preparlng the flnanclal statsments The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included al market value. as modified by the revaluation of certain assets. The Charity meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are presented in pound sterling which is the functional currency of the charity and rounded to the nearest £1. Flnanclal reportlng stsndard 102- roducod dlsclosure exemptlons The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Ststement of Cash Flows. Income Investment income Interest on funds held on deposit is included vthen receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Rent is accounted for in the period on a receivable basis. Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Imiere costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocaled on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. All resources expended are inclusive of irrecoverable VAT. Grant payments are recognised as expenditure when the conditions for their payment have been rnet or where there is a constructive obligation to make a payment. A constructive obligation arises when.. the charity has communicated its intention to award a grant to a recipient who then has a reasonable expectation that they will receive a grant or the charity has made a public announcement about a commitment which is specific enough for the recipient to have a reasonable expectation that they will receive a grant or there is an established pattern of practice which indicates to the recipient that we will honour our commitment. Page15 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES - contlnued Ralslng funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise furKIs. Charitable activltle$ Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and SeiceS for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attributable to the charity's compliance with constitulional and statutory requirements, including audit, strategic management and trustees's meetings and reimbursed expenses. Tanglble fixed assots Depreciation is provided at the following annual rates in order to write off each asset over its ests'mated useful life. Computer equipment 25% on cost Individual fixed assets are initially recorded at cost, less any subsequent accumulaled depreciatlon and subsequent accumulated impairment losses. Individual fixed assets costing £250 or more are capitalised at cost. Flxed assets Investment8 Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date Realised gains and losses on investments are calculated as the differen between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value al the year end. Investmenl property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Fund structuro Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity. Permanent endowment funds represent those investment assets (land and cash) held by the Charity, to generate investment income for the Charity's use. The endowment funds were created from the St Maryledone School for Orphan Grils in 1934. Hire purchaso and leasing commltments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Page 16 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES - continued Pension costs and other post*retiremont benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. INVESTMENT INCOME 31.8.24 31.8.23 as restated Rents received Investment portfolio Bank interest 295,583 20,688 1,455 263.500 19,132 964 317,726 283,596 RAISING FUNDS InvoStmont managemont costs 31.8.24 31.8.23 as restated 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 to institutions during the year was as follows.. 31.8.24 31.8.23 as restated Royal Academy of Music Royal College of Music The St Marylebone Church of England School The St Marylebone Church of England Bridge School Deaneries of the City of Westminster St Vincent's Family Project All Souls Church of England Primary School Christ Church Bentinck Church of England Primary School St Mary's Bryanston Square Church of England Primary School Pimlico Music Foundation Dorothy Gardner Nursery Mary Patterson Nursery King Solomon Academy 14,045 11,705 112,524 59,896 20,000 5,200 12,500 12,500 100,527 47,939 (8,000) 5,000 1,000 1,000 1,000 8,000 8,400 8,000 5,000 252,770 173,466 Page17 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 GRANTS PAYABLE - continued The total grants paid to individuals during the year was as follows.. 31.8.24 31.8.23 as restated Grant payable to individuals 43,532 66.585 Total grants payable analysed by nature.. 31.8.24 31.8.23 Provision of equipment School maintenance Building worksl improvements Student grants Provision of project funding Provision of school trips Provision of uniforms 104,564 20,000 25,000 129,918 8,000 3,620 5,200 58,829 28,182 22,330 127,710 5,000 296,302 240,051 SUPPORT COSTS Governance costs Management Totals Educational grants 36,884 10,938 47.822 Support costs, included in the above, are as follows.. Management 31.8.24 31.8.23 as restated Total activities Educational grants Wages Pensions Rent Insurance IT support Subscriplions Printing, postage and stationery Bank charges Sundry expenses Depreciation Legal and professional fees 17,397 335 15 437 1,094 172 1,174 88 16,632 313 15 437 2,497 294 764 98 363 362 362 15,810 36,884 21,775 Page 18 continued..
ST MARYLE80NE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 SUPPORT COSTS - continued Governance costs 31.8.24 31.8.23 as restated Total activities Educational grants Auditors, remuneration Auditors, remuneration for non audit work 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 benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. Tru$tee•' oxpen808 There were no trustees, expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. STAFF COSTS 31.8.24 31.8.23 as restated Wages and salaries Other pension costs 17,397 335 16,632 313 17,732 16,945 The average monthly number of employees during the year was as foll0v.. 31.8.24 31.8.23 as restated Clerk to the trustees No employees received emoluments in excess of £60,000. Page 19 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continu•d FOR THE YEAR ENDED 31 AUGUST 2024 COMPARAnvES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endovmient funds 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 Totsl 272,735 272,735 Net gainsl(losses) on investments (21,948) (21,948) NET INCOMEIIEXPENDITURE) (11,08n (11,087) RECONCILIATION OF FUNDS Total 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 visited Westminster archives it was discovered that listed in the accounts of the Foundation was Ihat the funds from the ceased St Marylebone School for Orphan Girls and the RAM lease should be classified as Endowmenl Funds. The St Marylebone School for Orphan Girls had been included previously in the financial statement as a designated fund. After obtaining legal advice each of these amounts have been redassified as permanent endowment fund within the accounts by a prior year adjustment. The prior year adjustment has had no impact on the SOFA position al 31 August 2023 or 31 August 2024. Page 20 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS Computer equipment COST At 1 September 2023 and 31 August 2024 1,446 DEPRECIATION At 1 September 2023 Charge for year 874 362 At 31 August 2024 1,236 NET BOOKVALUE At 31 August 2024 210 At 31 August 2023 572 11. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 September 2023 Additions Disposals Revaluations 707,536 7,905 (11,374) 58,729 At 31 August 2024 762,796 NET BOOK VALUE At 31 August 2024 762,796 At 31 August 2023 707,536 Investments are held in a portfolio managed by Rathbone Investment Management. The market value of investments by geographical area is as follows: 31.8.24 31.8.23 Held within UK Held outside UK 762,796 707,536 762,796 707,536 All investments are listed on recognised stock exchanges. Material Investments Holding 8,304.27 457,199.55 Market Value £169,311 £593,485 COIF Charities Investment Fund- Income units Rathbone Unit Trust Management- Core for Charities Inc The fair value of listed investments is detemiined by reference to quoted prices for identical assets in an active market at the balance sheet date. Page 21 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 12. INVESTMENT PROPERTY FAIR VALUE At 1 September 2023 Revaluation 7,800,000 300,000 At 31 August 2024 8,100,000 NET BOOK VALUE At 31 August 2024 8,100,000 At 31 August 2023 7,800,000 The land on which part of the Royal Academy of Music stands is leased from Howard de Walden Estates for a term of 917 years from 25 March 1837, at the yearly rent of £15. By an underlease this land fronting Marylebone Road is occupied by the Royal Academy of Music for a term of 99 years from the 24 June 1974. It is understood that the Royal Academy of Music leases the land on which the rear of their building stands from the Crown Estate Commissioners. The Royal Academy of Music pays rent to St Marylebone Educational Foundation on the basis of a seven yearly independent professional rent assessment to arrive at an agreed annual figure. This rental income is the principal source of revenue for the Foundation's activities. Fair value at 31 August 2024 is represented by.. Valuation in 2020 Valuation in 2024 Cost 7,600,000 300,000 200,000 8,100,000 If investment property had not been revalued it would have been included at the following historical cost: 31.8.24 31.8.23 as restated Cost 200,000 200,000 Investment propety was valued on an open market basis on 31 August 2022 by BNP Paribas Real Estate. The trustees have considered the subsequent increase in rental income from the 2023 rent 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 - continued FOR THE YEAR ENDED 31 AUGUST 2024 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 as restated Accrued income Prepayments 39,313 716 7,017 136 40,029 7,153 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 as restated Grant comrnitments Deferred income Accrued expenses 75,462 24,250 20,568 100,465 21,958 4,530 120,280 126,953 Deferred income relates to rent received in advance. 31.8.24 31.8.23 Brought foDNard Released to incoming resources in year Income deferred in year 21,298 (21,298) 24,250 21,298 (21,298) 21,298 Carried fOard 24,250 21,298 15. MOVEMENT IN FUNDS Net movement in funds At 31.8.24 At 1.9.23 Unrestricted funds General fund 316,241 28,862 345,103 Endowment funds Pemianent Endowment 8,185,214 300,000 8,485,214 TOTAL FUNDS 8,501,455 328,862 8,830,317 Page 23 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 15. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above a as follows.. Incoming resources Resources expended Gains and Movernent losses in funds Unrestricted funds General fund 317,726 (347,593) 58,729 28,862 Endowment funds Permanent Endowment 300,000 300,000 TOTAL FUNDS 317,726 (347,593) 358,729 328,862 Comparatlv•$ for movomont In funds Net movement in funds At 31.8.23 At 1.9.22 Unrestricted funds General fund 327,328 (11,087) 316,241 Endowment funds Permanent Endowment 8,185,214 8,185,214 TOTAL FUNDS 8,512,542 (11,087) 8,501,455 Comparative net movement in lunds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestrlctèd funds General fund 283,596 (272,735) (21,948) (11,087) TOTAL FUNDS 283,596 (272,735) (21,948) 111,087) The specrfic purposes for which the funds are to be applied are as follows.. Permanent Endowment Fund The value of the fund comprises of land and other investments transferred from St Marylebone School for Orphan Girls as a Permanent Endowment to fund future educational grants. Page 24 continued...
ST MARYLEBONE EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 16. GRANT COMMITMENTS The Foundation has confirmed that it will provide funding to support the education of a number of individuals in the short tem. These are subject to annual checks, and although these are committed levels of funding, the costs are expensed to the SOFA in the year in which each year's funding contribution is made. The Foundation has made a 'pot' of funding available to the schools in the City of Westminster Deanery totalling £21,000. This represents £1,000 available to each school within the Deanery. Each school is required to make an application to the Foundation for the funding and as at the year end only 10 schools have applied. The remaining £11,000 has not been included as a grant commitment within the financial statements as there is no present obligation without the application from the schools being made. 17. RELATED PARTY DISCLOSURES Tho St Marylebono Church of England Brfdgo School (The Reverend Dr Canon Stephen Evans is a trustee) Grants totalling £47.896 (2023.. £47,939) were paid to the School during the financial period. At the balance sheet date the amount due to the School was £24,94812023.' £33,939). The St Marylebone Church of England School (The Reverend Dr Canon Stephen Evans is a trustee) Grants totalling £101,02912023'. £100,527} were paid to the School during the financial period. At the balance sheet date the amount due to the School was £50,514 {2023.. £81,092). St Vlncents Famlly Projoct (Mr Varley is CEO) Grants totalling £5,200 (2023.. £5,000) were paid to the Project during the financial period. 18. POST BALANCE SHEET EVENTS The trustees have agreed in principle to transfer the assets and activities of the Foundation to a CIO {St Marylebone Educational Foundation, CE029658). It was agreed that the assets are transferred on 21 October 2024. 19. ULTIMATE CONTROLLING PARTY The charity is controlled by the Irustees on behalf of the members Page 25