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 child￿n 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 be￿een 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 al￿adY 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. hOW￿ver 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 0Ve￿e1ght equities and
Unde￿eight 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 ne￿sSary 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 C￿0p1at1ve 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
C￿optatIve
Co-optative
C￿optatIve
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 frafflev￿rk 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
Se￿iceS 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 fO￿ard
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