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2025-03-31-accounts

St Paul’s Schools Foundation

Trustee’s Annual Report & Financial Statements 2025

Charity Commission Number 312749

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St Paul’s Schools Foundation

CONTENTS

Trustee’s Annual Report for theyear ended 31 March 2025 4
Introduction, objects and activities for public benefit 4
2024/25 Overview 5
Young People & Education Programme 6
Grants Impact 9
Funding Approach 10
Financial Review 11
Funding Sources 11
Investments 11
Results for the year 12
Financial position 12
Fundraising 12
Investment policy 12
Risk management 13
Reserves policy 13
Structure, governance and management 15
Our volunteers 16
Related parties 16
Future Plans 16
Trustee’s responsibilities in relation to the financial statements 17
Independent Auditor’s Report 18
Statement of Financial Activities for the year ended 31 March 2025 22
Statement of Financial Activities for the year ended 31 March 2024 23
Balance Sheet as at 31 March 2025 24
Statement of Cash Flows for the year ended 31 March 2025 25

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Notes to the financial statements 26
1 Accounting Policies 26
2 Income 28
3 Expenditure 29
4 Tangible Assets 30
5 Investment Properties 30
6 Quoted Investments 31
7 Debtors 32
8 Creditors: Amounts Falling Due Within One Year 32
9 Analysis of Funds 32
10 Grant Commitments 33
11 Related Parties and Connected Charities 35
12 Reconciliation of Net incomeTo Net Cash Used In Operating Activities 36
13 Grants 37
Legal & Administrative Information 38

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Trustee’s Annual Report for the year ended 31 March 2025

The Mercers’ Company, the Trustee of the Charity, presents its report and audited financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s Scheme of Management, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Introduction, objects and activities for public benefit

The St Paul’s Schools Foundation (the Charity) is responsible today for Dean John Colet’s original endowment, created in 1509, for the establishment of St Paul’s School. Until 2007, the Charity was responsible for St Paul’s School and St Paul’s Girls’ School. In 2007, each of St Paul’s School and St Paul’s Girls’ School were established as separate registered charities in their own right.

Today, the Charity continues to benefit students at these two schools, whilst also supporting education for boys and girls across Greater London through grant making. Over the past year the Charity has maintained its grant making programme.

The object of the Charity is:

to promote in Greater London the education (including social and physical training) for boys and girls and in particular but without prejudice to the generality of the foregoing to assist in the conduct and maintenance of schools in or near to Greater London for boys and girls.

The Scheme provides as follows:

Application of Income

Subject to payment of the expenses aforesaid the trustee shall apply the income of the charity in the following ways and order of priority:-

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The Trustee confirms that it has complied with its duty under Section 17 Charities Act 2011 to have due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities and in setting the grant making policy.

2024/25 Overview

The Charity is one of several charities that contributes to the people-based Philanthropy Framework co-ordinated by the Trustee with four major funding programmes . This framework reflects the intentions of the participating charities’ benefactors.

The four programmes aim to tackle disadvantage by focusing on individuals, families, and communities and supporting organisations that help people to reach their potential in several ways including: by inspiring a love of learning; strengthening self-belief and wellbeing; and creating opportunities to live a balanced, rewarding and varied life.

The Charity contributes to the Young People & Education programme . This programme has several interrelated strands of work. There are three Special Initiatives: Early Years (reducing the attainment gap), supporting the Transition from Secondary Education to work or a positive destination, and Literacy and Oracy (supporting disadvantaged children to read and write for pleasure to change lives). The programme funds work to improve young people’s mental health and wellbeing and to promote School Leadership. There is also a strand of work (part-funded by the Charity) which can be accessed by London-based Schools and Colleges associated with the Trustee.

In addition to funding distributed through the Young People & Education programme , the current grant making policy is to make funds available for: bursaries for disadvantaged pupils who would not otherwise attend St Paul’s Girls’ School and St Paul’s School and other ad-hoc grant requests aligned to the Young People & Education programme from schools/organisations/charities which promote the education of boys and girls within Greater London.

At the time of application, grantees submit a plan for how they will evaluate the success of their work. Each of the grants awarded are monitored through annual progress reports (which include an update on how they are progressing towards achieving the outcomes set at the time of application) as well as other material supplied by grantees such as videos and external impact reports. These formal reports are supplemented by informal conversations with grantees throughout the year.

The Charity is the sole funder for the second phase of the Literacy and Oracy Special Initiative , which was launched through an open funding window in 2023. Both cohorts of grantees have now been selected.

In accordance with the Scheme, the Apposition Dinner was held for the 2024 leavers from the two St Paul’s Schools in September 2024.

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During the 2024/25 financial year the Trustee approved new terms for the lease of land in Osterley, for the Brentford Football Club training facility.

Details of the grants made during the year are set out in this report together with the impact of funding awarded in earlier years.

In 2024/25, the Charity awarded:

----- Start of picture text -----
of this amount…..
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----- Start of picture text -----
£180k went to
£1.43m went to £160k went to £80k went to
support Literacy Associated support Bursaries Mental Health
at the St Paul’s
and Oracy Schools and & Wellbeing
Schools
initiatives Colleges initiatives
----- End of picture text -----

Young People & Education Programme

Where? Greater London

Who? The Literacy & Oracy Special Initiative is focused on organisations working with children of primary and secondary school age to develop as independent readers and writers.

Building on the success of Phase 1 of the Literacy and Oracy programme, the Charity became the lead funder for Phase 2 launching in 2023/24 with the recruitment of Cohort 1. The programme funds charities working with children in London to develop literacy skills, by promoting reading

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and writing for pleasure. In 2024/25, cohort 2 was recruited, awarding 6 grants totalling

£1,425,847 . The cohort of grantees works with a learning partner to draw out common themes.

The Open University is the learning partner.

Spotlight grantee 2024/25

Write Back delivers 10-week storytelling programmes for young people aged 13–16, building selfesteem and creativity. In partnership with local schools, the Find Your Voice programme promotes storytelling for young people in Barking & Dagenham and celebrates their writing.

The stability provided by the four-year grant has enabled Write Back to:

Outcomes and Impact:

“There's just a confidence that I see from [the young people] that comes from growing up but I think it also comes from their ability to recognise their voice within themselves, feeling the confidence of expressing it and blossoming into themselves.” - Stephanie Zuccaro, English teacher and Subject Leader

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Where? Support is given to the following London schools: Holy Trinity and St Silas CofE Primary School, Culloden Primary School, The Hall School, Bute House School, Hammersmith Academy, The Royal Ballet School, St Paul’s School and St Paul’s Girls School.

Who? Young people aged 3 to 18 years

Through the programme each school or college can apply for funding for up to two projects for £80,000, over three years. The grants are for work that is aligned with one of the Young People & Education programme’s other strands. Five associated schools and colleges are part way through their existing multi-year grant awards. The Trustee is pleased with the current progress of the live projects. In 2024/25, the Charity awarded 2 grants totalling £160,000 .

Spotlight grantee 2024/25

Holy Trinity & St Silas Primary School – awarded £80,000 in June 2024 to support the continuation of the school’s Mental Health and Wellbeing programme. The programme is delivered through a range of approaches, support and interventions that span the school community and impactful, positive mental health practices are embedded into daily interactions with pupils. There is targeted support relevant for children with complex needs, which has already seen positive outcomes. There is a buddy aspect to the programme, matching children together to support the growth of one another’s social skills and help with the development of healthy and positive relationships and self-esteem. The programme also supports children to have a voice in the school and provides the older children with the opportunity to lead on projects linked to whole school development, for example on wellbeing and environmental sustainability.

Support to the St Paul’s Schools

Bursaries =

Where? St Paul’s School and St Paul’s Girls’ School

Who? disadvantaged pupils who would not otherwise attend St Paul’s Girls’ School and St Paul’s School

St Paul’s School – awarded £180,000 in February 2025 to fund bursaries. The school has a growing bursary programme which aims to make a St Paul’s education affordable and

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accessible for any boy who has passed the entrance exams but who would not be able to study at the school without financial support. To achieve this, the School provides needs-based financial support to families. The School covers the cost of additional activities (for example, educational trips that form part of the curriculum, music lessons, bus transport, iPads, examination fees, books and school uniform) for bursary funded pupils.

Grants Impact

The collaborative Philanthropy Framework places emphasis on developing relationships with and between charities. This, alongside the longer-term approach of the Framework means that it is starting to bring real change. All of the grant making programmes aim to have the following impact: to improve people’s lives, strengthen organisations and contribute to societal change.

The Young People & Education programme recognises the importance of engaging expert organisations who can work with grantees to help them reflect on their work and practices and to provide opportunities and recommendations for improving leadership, systems, polices and practice.

When grants are awarded, the outcomes and impact that grantees aim to achieve are aligned to the three impact indicators within the Philanthropy Framework. In the year 2024/25, the reports submitted have shown that the Charity has contributed to:

Improving People’s Lives ————

18 organisations reported developing people’s skills

16 organisations reported improving people’s wellbeing

7 organisations reported supporting people into employment

Breaking down the data further, this means that a total of 7,275 people have been supported, of which 3,430 people are being supported on a regular basis. In addition:

3,946 people feel better connected and less isolated

3,906 people’s wellbeing has improved

4,924 people have developed their skills

157 people have been supported into employment

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Strengthening organisations

16 organisations reported developing the skills of their staff and volunteers

14 organisations reported developing new partnerships with organisations

10 organisations reported expanding their services to reach more people or communities

6 organisations reported an improvement in financial stability

10 organisations reported being able to develop evidence bases

rar

918 volunteers were supported

907 leaders 75 leaders reported their improved their abilities had wellbeing aa been developed

11 organisations reported being able to raise awareness of a particular issue

11 organisations reported they had contributed to an external evidence base

7 organisations reported that they could now influence a change in practice beyond the organisation

Funding Approach

The Philanthropy Framework coordinated by the Trustee goes beyond supporting our grant holders financially. The aim is to enable organisations to strengthen and improve their resilience by providing access to peer networking opportunities, training and

support provided by expert organisations such as the Cranfield Trust

and Media Trust. This approach is known as high engagement funding or Funder Plus. The Charity is pleased to fund this work for the benefit of the grantees within the different funding programmes.

As well as being a living wage employer, the Trustee and the charities of which it is trustee are Living Wage Funders, which means they encourage organisations to pay their staff the real living wage.

In 2022 the Trustee signed up to the Institute of Voluntary Action Research (IVAR) eight principles of open and trusting grant making.

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The Charity’s grants are published on 360 Giving, which aims to promote transparency in grant making and provide useful data to grantees about what is funded and by which funders.

This partnership approach is increasingly recognised as good practice and has been welcomed by grantees.

Financial Review

Funding Sources

The Charity generates income primarily from its own sources through:

2025
£’000		 2024
£’000
Property investments 340 340
227
Stock market investments and interest 742 742
736

Investments

Investment property

An external valuation of the properties was undertaken in 2024 and revaluation gains of £950,000 recognised in that year. No external valuation was carried out this year; the Trustee undertook an internal valuation and considers that these values continue to be fair and reasonable.

Listed investments

Total net gains of £633,000 on stock market investments were experienced in the year (2024: £268,000).

The Endowment Fund portfolio produced a total return, after fees, of +6.5% over the year to 31 March 2025, marginally behind the CPI +4% target of +6.9%. Strong returns were seen in major asset classes, especially equities, driven by large US technology companies over 2024. Markets experienced a pullback in the first quarter of this year, largely due to rising geopolitical tensions and the re-emergence of protectionist trade policies.

The General Investment Fund portfolio produced a total return, after fees, of +4.5% over the year to 31 March 2025, ahead of the CPI +1% target return of +3.8%. We have seen strong headline returns from the major asset classes, particularly within the fixed income held via the Sarasin Income & Reserves Fund. Markets experienced a pullback in the first quarter of this year, largely due to rising geopolitical tensions and the re-emergence of protectionist trade policies.

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Investment Fund 12 months to 31
March 2025		 Since inception
August 2023
Endowment Fund 6.5% 14.5%
PrimaryComparator: CPI + 4% 6.9% 10.4%
SecondaryComparator: Sarasin Endowment Fund 4.4% 16.3%
General Investment Fund 4.5% 10.9%
PrimaryComparator: CPI + 1% 3.8% 5.1%
Secondary Comparator: Sarasin Income & Reserves
Fund		 4.2% 12.4%

The Trustee continues to monitor the performance of the portfolios and the market.

Results for the year

Total income for the year was £1,082,000 (2024: £963,000); total expenditure for the year was £1,513,000 (2024: £859,000) and net gains on investments were £633,000 (2024: £2,218,000) resulting in net income for the year of £202,000 (2024: £2,322,000).

Financial position

Net assets at the end of the year were £33,073,000 (2024: £32,871,000 ). These were represented by endowment funds of £24,106,000 (2024: £23,580,000 ) and unrestricted funds of £8,967,000 (2024: £9,291,000).

Fundraising

The Charity does not conduct any fundraising activity.

Investment policy

In accordance with the Scheme, the Trustee has the power to invest in such stocks, shares, and property as appropriate to meet the objectives of the Charity.

The investment policies were reviewed during the year. The policies reflect the need to generate a sufficient financial return for the charity to fulfil its objectives, with an appropriate time horizon, while managing risk and reflecting the charities’ stance on ethical investments.

The Endowment Fund is an income generating portfolio and capital cannot be used to supplement income. The portfolios are managed on a balanced risk approach for income growth and capital growth.

The performance of the investments is compared against relevant benchmarks (see Financial Review above).

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The Charity has a policy of responsible investment, positively screening to invest in companies that can demonstrate socially responsible values and sustainable growth, and negatively

screening companies or sectors that are not in line with the charitable objects of the Charity. As such, the following areas are excluded from its investments:

The Trustee is satisfied that its policy and objectives are being met.

Risk management

The Trustee acknowledges its responsibility for the management of risks faced by the Charity.

The Charity’s Risk Register is reviewed at least annually by the Trustee’s Charity Governance Committee and at least bi-annually by the Trustee’s executive management to ensure that there is no material exposure and that there are procedures in place to mitigate such risks.

The Trustee has agreed clear lines of delegation and authority and the Trustee and its staff are involved in the recognition of risk in all their activities.

The principal risk faced by the Charity lies in the loss of asset value and performance of investments, mitigated by the regular review of the valuation by the Trustee’s executive team and, where needed, reforecasting of budgets.

Reserves policy

The reserves policy was reviewed by the Trustee during the year and reflects the objectives, responsibilities, risk management, liquidity, and reporting and monitoring processes for managing the reserves.

The primary reason for holding the reserves for the Charity is to ensure that the conditional committed grants are fulfilled, and that the grant making budgets for next year are available to ensure the ablity to plan for further grants to beneficiaries.

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The free reserves of the Charity comprise the unrestricted funds less the unavailable assets and comprise the following:

2025 2024
£’000 £’000
Total unrestricted funds and free reserves 8,967 9,291
Reserves:
Conditional committed grants 6,925 1,695
Next year’s grant making allocations not
otherwise covered above		 168 575
Investment property allocations - 93
Total allocated reserves 7,093 2,363
Excess free reserves 1,874 6,928

The Trustee is planning the utilisation of the excess free reserves in coming years for its grant making programme.

The Trustee reviews the levels of reserves annually.

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Structure, governance and management

The Wardens and Commonalty of the Mystery of Mercers of the City of London (more commonly known as The Mercers' Company), which is a body corporate formed by Royal Charter in 1394, is the Trustee of the Charity and is the controlling party. The Mercers' Company’s governing body is the Court of Assistants. The Master Mercer was PLR Lane until July 2024, Dr DGM Powell from July 2024 and Ms AES Hohler from July 2025. The Clerk to the Mercers’ Company is RM Abernethy.

The Mercers’ Company acts as trustee for several charities and has established a governance committee for each charity. The members of the Charity’s Governance Committee are:

Mrs XV Dennen (Chairman)

Mr CE Whittington

Mr RC Cunis JP

In addition to its routine business, during the year the Charity Governance Committee reviewed the provision of services to the Charity by the Trustee and together with the other charities who receive services from the Trustee, commissioned an external benchmarking report to establish value for money. The Charity’s Governance Committee also delegated certain matters to a number of the Trustee’s specialist committees:

Function Delegated Body
Grant making YoungPeople & Education Committee
Oversight of investmentproperty PropertyCommittee
Oversight of investment management Investment Committee
Overview of risks and financial management Audit Committee

The Charity is supported by the staff of the Mercers’ Company, who are appropriately trained and qualified. These administrative services are provided under a service agreement. The following members of the Mercers’ Company’s senior management are involved in the provision of services:

Mr RM Abernethy (Clerk to the Mercers’ Company) Ms SMA Hedley-Dent (Deputy Clerk to The Mercers’ Company) Mr JRA Christie (Finance Director)

The Standard & Appointments Committee meets on a regular basis to keep the skills and composition of the committees and succession planning under review and, where needed, to recruit new members for their experience, empathy and knowledge in charity matters.

The Trustee applies the principles of the Charity Governance Code so far as is possible given that it is sole corporate trustee. The Trustee last undertook a self-assessment against the Charity Governance Code in 2023/24 and identified areas in which it can further improve its practice.

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Our volunteers

The Charity relies on members of The Mercers' Company volunteering their time to sit on committees, review grant requests, visit applicants and grantees, and attend events involving beneficiaries. In keeping with recommended practice, an estimate of the numbers of hours that Committee members give to the Charity free of charge during the year has been undertaken resulting in approximately 109 hours of voluntary time.

Related parties

The Charity works closely with the Trustee and the other charities with which the Trustee is involved. Details of related parties and connected charities are given in note 11 of the financial statements.

Future Plans

Phase 2 of the collaborative Philanthropy Framework started on 1 April 2023 and will run until 31 March 2028. Data and evidence is now being collated to enable us to report in future years on three common impact measures: Improving people’s lives; Stronger Organisations; Contributing to societal change .

The Charity will continue to contribute to the Young People & Education Programme, bursaries for the two St Paul’s Schools as outlined above and more generally to the advancement of education within Greater London. In the latter category it is worth noting that the Charity expects to make a significant grant to Hammersmith Academy in the near future for the expansion of its site and will also be making additional educational grants (due to a commitment dating from 2016) to St Paul’s Girls School.

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Trustee’s responsibilities in relation to the financial statements

The Trustee is responsible for preparing the Trustee’s Annual Report 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 requires the Trustee 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 income and expenditure of the Charity for that year.

In preparing these financial statements, the Trustee is required to:

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

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

Ms AES Hohler Master 13 November 2025

_____ Mr RM Abernethy Clerk to the Mercers’ Company

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Independent Auditor’s Report

TO THE TRUSTEE OF ST PAUL’S SCHOOLS FOUNDATION

We have audited the financial statements of St Paul’s Schools Foundation (the ‘Charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements which include the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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Other information

The other information comprises the information included in the Trustee’s Annual Report and Financial Statements other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s Annual Report.

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

Responsibilities of Trustee

As explained more fully in the Trustee’s responsibilities statement, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines 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 Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

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

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

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity’s financial statements to material misstatement,

including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

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To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the Charity’s Trustee, 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 Trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

14 November 2025

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

St Paul’s Schools Foundation

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Statement of Financial Activities for the year ended 31 March 2025

31 March
31 March 2025 31 March 2025 2024
Unrestricted Unrestricted
Endowment		 Endowment
Total		 Total
Funds Funds
Funds		 Funds
Funds		 Funds
Note Note
£’000		 £’000
£’000		 £’000
£’000		 £’000
Income
Investments 2 1,082 1,082
-		 -
1,082		 963
Total income 1,082 1,082
-		 -
1,082		 963
Expenditure
Raising funds
Investment management costs 3 (74) (74)
(58)		 (58)
(132)		 (85)
Charitable activities 3, 13 3, 13
(1,381)		 (1,381)
-		 -
(1,381)		 (774)
Total expenditure (1,455) (1,455)
(58)		 (58)
(1,513)		 (859)
Gainson investments 5, 6 49 49
584		 584
633		 2,218
Net (expenditure)/income and net
movement in funds		 (324) (324)
526		 526
202		 2,322
Fund balances brought forward at 1
April		 9,291 9,291
23,580		 23,580
32,871		 30,549
Fund balances carried forward at 31 March Fund balances carried forward at 31 March 8,967 8,967
24,106		 24,106
33,073		 32,871

All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above.

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Statement of Financial Activities for the year ended 31 March 2024

31 March 2024 31 March 2024
Unrestricted Unrestricted
Endowment		 Endowment
Total
Funds Funds
Funds		 Funds
Funds
Note Note
£’000		 £’000
£’000		 £’000
£’000
Income
Investments 2 963 963
-		 -
963
Total income 963 963
-		 -
963
Expenditure
Raising funds
Investment management costs 3 (47) (47)
(38)		 (38)
(85)
Charitable activities 3 (774) (774)
-		 -
(774)
Total expenditure (821) (821)
(38)		 (38)
(859)
Gains on investments 5, 6 328 328
1,890		 1,890
2,218
Net incomeand net movement in funds Net incomeand net movement in funds 470 470
1,852		 1,852
2,322
Fund balances brought forward at 1 April Fund balances brought forward at 1 April 8,821 8,821
21,728		 21,728
30,549
Fund balances carried forward at 31 March 9,291 9,291
23,580		 23,580
32,871

All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above.

Trustee’s Annual Report & Financial Statements 2025 |24

St Paul’s Schools Foundation

Balance Sheet as at 31 March 2025

31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~ee~~
ee ee		 31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~ee~~
ee ee		 31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~ee~~
ee ee		 31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~ee~~
ee ee		 31 March 2025
31 March 2024
Note
£’000
£’000
£’000
£’000
~~ee~~
ee ee
Fixed assets
Tangible assets 4 3,609 3,609 3,609
Investment properties 5 5,488 5,488 5,488
Quoted Investments 6 21,991 21,991 21,636
Total fixed assets 31,088 31,088
30,733
Current assets
Debtors 7 56 101
Cash on deposit 4 4
Cash at bank and in hand 2,193 2,144
Total current assets 2,253 2,249
Creditors: amounts falling due within one 8 (268) (111)
year
Net current assets 1,985 1,985
2,138
Total net assets 33,073 33,073
32,871
The funds of the Charity:
Endowment funds 9 24,106 24,106
23,580
Unrestricted income funds 9 8,967 8,967
9,291
Total charity funds 9 33,073 33,073
32,871

The attached notes on pages 25 to 38 form an integral part of these financial statements. The financial statements on pages 22 to 38 were approved by the Trustee on 13 November 2025 and signed on its behalf by:

Hele

Ms AES Hohler

Mr RM Abernethy Clerk to the Mercers’ Company

Master

13 November 2025

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St Paul’s Schools Foundation

Statement of Cash Flows for the year ended 31 March 2025

2025 2025
2024
Note Note
£’000		 £’000
£’000
Cash flows from operating activities:
Net cash used in operating activities 12 (971) (971)
(650)
Cash flows from investing activities:
Dividends received 658 658
639
Interest received 84 84
84
Purchase of investments (12,466) (12,466)
(22,208)
Increase in cash held by investment managers (853) (853)
(42)
Proceeds from the sale of investments 13,597 13,597
22,563
Net cash provided by investing activities 1,020 1,020
1,036
Change in cash and cash equivalents in the financial year Change in cash and cash equivalents in the financial year 49 49
386
Cash and cash equivalents at the beginning of the
financial year		 2,148 2,148
1,762
Cash and cash equivalents at the end of the financial
year		 12 2,197 2,197
2,148

No separate statement of changes In net debt has been prepared as there is no difference between the movements In cash and cash equivalents and movements In net cash (debt).

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St Paul’s Schools Foundation

Notes to the financial statements

1 Accounting Policies

ACCOUNTING BASIS

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (“SORP (FRS 102)”), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the SORP (FRS 102) rather than the previous withdrawn version which it replaced.

The Charity constitutes a public benefit entity as defined by FRS 102.

GOING CONCERN

The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern and the financial statements of the Charity have been prepared on that basis as they do not intend to liquidate the Charity or to cease its operations and have concluded that the Charity’s financial position means that this is realistic.

In making this assessment, the Trustee has considered the Charity’s financial position, the value of investment assets held, future income and investment return levels, expenditure requirements and the liquidity of the Charity, considering the cost-of-living crisis, inflationary pressures and changing economic environment, and the risks faced by the Charity.

The Trustee is satisfied that the charity could absorb significant changes in investment value with no impact on its ability to continue as a going concern.

A rolling annual review of the Charity’s detailed forecast financial position over a 5-year period is carried out.

For these reasons, the Trustee continues to adopt a going concern basis for the preparation of the financial statements.

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY

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St Paul’s Schools Foundation

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances prevailing. The main estimate and judgement relates to the investment property valuations.

INCOME

All income, comprising donations, rents and service charges generated from investment properties, interest on bank accounts and dividends from investment funds is reported on an accruals basis, when the Charity has entitlement, receipt is probable and the amount can be measured with sufficient reliability. Income relating to a subsequent financial year is carried forward as a creditor in the balance sheet and shown as deferred income.

EXPENDITURE

All expenditure is included on an accruals basis and is recognised as soon as there is a legal or constructive obligation committing the Charity to it, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is included with the underlying expense and charged to the Statement of Financial Activities (SOFA) as incurred. Support costs relate to staff time and facility costs incurred by the Mercers' Company on behalf of the Charity and are allocated to the Charity on an accruals basis. Support costs have been allocated between activities based on estimated breakdowns of staff time and grant making activity. This includes time spent on the governance arrangements relating to the general running of the Charity.

GRANTS

Grants payable are charged in the year when the offer is conveyed to the recipient except in cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

INVESTMENT GAINS AND LOSSES

Unrealised gains and losses for the year reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward (or cost if acquired in the year). Unrealised and realised investment gains or losses are shown net on the SOFA.

INVESTMENTS

Investments are stated at their fair value at the balance sheet date. Investment properties are re-valued externally every five years and internally by the Trustee in intervening years. The Trustee is of the opinion that this valuation is appropriate for the purpose of these financial statements. Cash held by investment managers is recognised as part of investments.

TANGIBLE FIXED ASSETS

Tangible fixed assets represent the reversionary interest in the land at the two St Paul’s Schools and land purchased during the year ended 31 August 2009. No depreciation is provided on land.

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St Paul’s Schools Foundation

TAXATION

The Charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. Accordingly, no provision is made for current or deferred taxation.

FUNDS

The Charity has two types of funds:

FINANCIAL INSTRUMENTS

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

2 Income

Investment income was generated as follows:

Investment income was generated as follows:
2025 2024
£’000 £’000
Rents from investment properties 340 227
Dividend income from endowment fund 406 439
Dividend income from general investment fund 252 209
Interest 84 88
1,082 963

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St Paul’s Schools Foundation

3 Expenditure

a) Analysis of total expenditure:

Governance Other
Grant Grant
& Support		 direct Total Total
Total
Further making making
costs		 costs 2025 2025
2024
notes £’000 £’000
£’000		 £’000 £’000 £’000
£’000
Investment management - -
6		 126 132 132
85
costs
Charitable activities 13 1,235 235
132		 14 14
1,381		 381
774
1,235 235
138		 138
140		 140
1,513		 513
859
Governance Other
Grant Grant
& Support		 direct Total
making making
costs		 costs 2024
£’000 £’000
£’000		 £’000 £’000
Investment management costs - -
3		 82 85
Charitable activities 678 678
83		 13 774
678 678
86		 95 859

b) Analysis of governance and support costs:

Raising Raising
Charitable		 Total Total
Basis of funds funds
activities		 2025 2024
apportionment £’000 £’000
£’000		 £’000 £’000
Staff costs Staff time 6 6
107		 107
113		 65
Office administration Staff time - -
11		 11 8
Audit fees Expenditure - -
14		 14
14		 13
6 6
132		 138 86
Charitable Charitable
Total
Basis of Raising funds activities 2024
apportionment £’000 £’000 £’000
Staff costs Staff time 3 62 65
Office administration Staff time - 8 8
Audit fees Expenditure - 13 13
3 83 86

The Charity has no employees (2024: nil). The Mercers’ Company, by way of a services agreement, provides staff and facilities to the Charity. There were no directly employed staff during the year (2024: nil). The Trustee has not received any emoluments or reimbursements during the year for acting as a Trustee (2024: nil). £11,392 (excluding irrecoverable VAT) (2024: £11,125 was charged to the SOFA for audit fees.

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St Paul’s Schools Foundation

4 Tangible Assets

2025 2024
£’000 £’000
Reversionary interest of land at St Paul’s School, St Paul’s Girls’ School and
Bute House Preparatory School for Girls 100 100
Freehold and leasehold interest in land at St Paul’s School 3,509 3,509
3,609 3,609

The operating land was leased to St Paul’s School and St Paul’s Girls’ School on 1 September 2007 for 125 years at a rent of £1,000 per annum each, and at Bute House Preparatory School for Girls on 25 December 1997 for 125 years. As a consequence, their reversionary interest was valued at £100,000.

In 2009, freehold and leasehold interests in land were purchased at St Paul’s School. The duties, obligations and responsibilities of the Schools as tenants of the Charity are defined by the terms of leases. As freeholder, any alterations to buildings at the Schools must be in accordance with the associated lease and approved by the Charity.

The net book values shown do not represent current open market valuations.

5 Investment Properties

The Charity’s investment properties are as follows:

Revaluation
1 April 2024 gains 31 March 2025
£’000 £’000 £’000
Freeholdpropertyat market value 5,488 - 5,488
Historical cost 315 315

A full external valuation was done as at 31 March 2024 by CBRE Limited, who are a qualified independent firm of surveyors. There was a revaluation gain of £950,000 in the year ended 31 March 2024. No external valuation was undertaken this year. The Trustee undertook an internal valuation and considers these values continue to be fair and reasonable

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St Paul’s Schools Foundation

6 Quoted Investments

The changes during the year analysed by fund are as follows:

Movement Revaluation 31 March
1 April 2024 Purchases Sales in cash gains 2025
£’000 £’000 £’000 £’000 £’000 £’000
General
Investment Fund		 7,134 1,946 (2,084) 1,946 (2,084) (68) 33 6,961
Endowment Fund 14,502 10,520 (11,077) 921 164 15,030
21,636 12,466 (13,161) 853 197 21,991
Historical cost 20,196 21,265

The total investment allocation at the year end was as follows:

2025
£’000 %
Overseas Equities 15,712 71.4%
Fixed Income 2,127 9.7%
Alternatives 1,452 6.6%
Cash 2,700 12.3%
Total 21,991 100.0%

Holdings of more than 5% of total investments in investment portfolios were as follows:

2025
Portfolio £’000 % of fund
General Investment Fund Sarasin Income & Reserve Fund 5,328 76.5%
General Investment Fund ICS Sterling Liquidity Fund 1,629 23.4%
Endowment Fund Sarasin Responsible Corporate Bond Fund 986 6.6%

Net investment gains during the year on quoted investments totalled £633,000 (2024: £1,268,000).

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St Paul’s Schools Foundation

7 Debtors

Debtors are made up as follows:

Debtors are made up as follows:
2025 2024
£’000 £’000
Rent and service charges receivable 5 34
Dividends receivable 50 29
Prepayments and accrued income 1 38
56 101

8 Creditors: Amounts Falling Due Within One Year

Creditors are amounts falling due within one year and are made up as follows:

2025 2024
£’000 £’000
Rent received in advance 86 52
Mercers’ Company 32 -
Other creditors 150 59
268 111

9 Analysis of Funds

Endowment Funds

The endowment funds were established at the time the Charity was created. The Charity was endowed by John Colet, Dean of St Paul's, in 1509 on the founding of the St Paul's School. The investments are held to generate income and are applied in furtherance of the Charity’s objects.

The net assets by funds are as follows:

The net assets by funds are as follows:
Unrestricted Endowment 2025
funds funds Total funds
£’000 £’000 £’000
Tangible assets - 3,609 3,609
Investment properties - 5,488 5,488
Quoted investments 6,961 15,030 21,991
Net current assets/(liabilities) 2,006 (21) 1,985
8,967 24,106 33,073

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St Paul’s Schools Foundation

Unrestricted Endowment 2024
funds funds Total funds
£’000 £’000 £’000
Tangible assets - 3,609 3,609
Investment properties - 5,488 5,488
Quoted investments 7,134 14,502 21,636
Net current assets/(liabilities) 2,157 (19) 2,138
9,291 23,580 32,871

10 Grant Commitments

The Charity had the following commitments at the year end totalling £6,925,449 in respect to charitable grants, subject to various conditions (2024: £1,695,173 ):

2029 &
2026
£		 2027
£		 2028
£		 beyond
£
Bursary
Programme		 St Paul's Girls' School 60,000 - - -
St Paul's School 60,000 60,000 60,000 -
Literacy & Oracy Action for Refugees in Lewisham 50,000 40,000 40,000 -
Initiative CARAS (Community Action for
Refugees and Asylum		 45,000 50,000 - -
Company Three Theatre Ltd 47,489 48,669 - -
Create Arts 71,834 73,989 76,209 -
First Story Ltd 52,663 55,236 - -
Intergenerational Music Making 15,000 15,000 15,000 -
Ministry of Stories 75,153 79,177 87,402 -
Read for Good 75,000 75,000 75,000 -
The Open University 44,000 44,000 44,000 -
The Reading Agency 75,000 75,000 75,000 -
Theatre Peckham 71,009 60,407 - -
United Kingdom and Europe World
Literacy		 54,019 23,512 - -
West Ham United Foundation 37,500 37,500 - -
Write Back 15,000 15,000 - -
Associated
Schools		 Culloden Primary Academy 50,000 - - -
Mental Health & Hammersmith Academy Trust 26,666 - - -
Wellbeing
Programme		 Holy Trinity & St Silas C E Primary
School		 26,667 26,666 - -
Royal Ballet School 26,666 - - -

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St Paul’s Schools Foundation

Associated
Schools		 Holy Trinity & St Silas C E Primary
School		 26,667 26,666 - -
Aligned Funding St Paul's School 20,000 - - -
St Paul's Girls' School 33,333 - - -
Royal Ballet School 26,650 26,700 - -
Hammersmith Academy Trust 25,000 - - -
Other Hammersmith Academy Trust 1,600,000 - - -
St Paul's Girls' School 560,000 660,000 440,000 1,250,000
3,270,316 1,492,522 912,611 1,250,000

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St Paul’s Schools Foundation

11 Related Parties and Connected Charities

The following related parties and charities have common management and are therefore regarded as connected:

Becket House Limited (dormant) Charity of Sir Richard Whittington Charter 600 Charity Earl of Northampton's Charity Longacre Estates Limited (dormant) Longmartin Investments Limited Longmartin Properties Limited Maiden Trading Limited (dormant) Mercers’ Company Housing Association Mercers’ School Memorial Trust (incorporating The Merrett Bequest) The Mercers' Charitable Foundation

The Mercers' Company

The principal address of the above entities is: 6 Frederick’s Place London EC2R 8AB

Transactions with related parties where The Mercers’ Company is sole member, nominates governors, appoints governors to the entity or there is common management and so are considered connected are as follows:

considered connected are as follows:
2025 2024
Entity £ £
Grants to St Paul’s School 70,000 70,000
Grants to St Paul’s Girls’ School 213,333 93,333
Grant to Holy Trinity and St Silas C E Primary School 53,334 50,000
Grants to Hammersmith Academy Trust 51,667 56,667
Grant to The Hall School - 10,000
Grant to Culloden Primary Academy 50,000 60,000
Grant to Royal Ballet School 53,317 51,667
Grant to Bute House Preparatory School for Girls Limited 25,000 25,000
Rent charged to St Paul’s School 1,000 1,000
Rent charged to St Paul’s Girls’ School 1,000 1,000
Rent charged to Bute House Preparatory School for Girls Limited 90,000 91,625
Administration costs allocated by The Mercers’ Company (note 3) 123,552 72,268

Of the Mercers' Company allocated administrative costs of £123,552 (2024: £72,268), £32,489 was due to the Company at the balance sheet date (2024: nil). There were no other related party transactions requiring disclosure (2024: none).

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St Paul’s Schools Foundation

12 Reconciliation of Net incomeTo Net Cash Used In Operating Activities

2025 2024
£’000 £’000
Net income for the reporting year (as per statement of financial
activities)		 202 2,322
Adjustments for: Adjustments for:
Gains on investments Gains on investments (633) (2,218)
Interest receivable (84) (88)
Dividends receivable (658) (648)
Change in debtors 45 1
Change in creditors 157 (19)
Net cash used in o Net cash used in o Net cash used in operatingactivities (971) (650)
ANALYSIS OF CASH AND CASH EQUIVALENTS
2025 2024
£’000 £’000
Cash at bank and in hand 2,193 2,144
Cash on deposit osit 4 4
Total cash and cash equivalents 2,197 2,148

Trustee’s Annual Report & Financial Statements 2025 |37

St Paul’s Schools Foundation

13 Grants

Listed below are all charitable grants made during the year for the promotion of education:

2025
£
Associated Schools Hammersmith Academy Trust 25,000
Aligned Funding Holy Trinity & St Silas C E Primary School 26,667
Royal Ballet School 26,650
St Paul's Girls' School 33,333
St Paul's School 20,000
Associated Schools Mental Associated Schools Mental
Bute House Preparatory School for Girls		 25,000
Health & Wellbeing Culloden Primary Academy 50,000
Hammersmith Academy Trust 26,667
Holy Trinity & St Silas C E Primary School 26,667
Royal Ballet School 26,667
Bursary Funding St Paul's Girls' School 60,000
St Paul's School 50,000
Literacy & Oracy Action for Refugees in Lewisham 70,000
CARAS (Community Action for Refugees and
Asylum		 45,000
Company Three Theatre Ltd 46,343
Create Arts 69,742
First Story Ltd 50,971
Intergenerational Music Making 15,000
Ministry of Stories 32,341
Read for Good 75,000
The Open University 44,000
The Reading Agency 75,000
Theatre Peckham 90,124
United Kingdom and Europe World Literacy 52,899
West Ham United Foundation 37,500
Write Back 15,000
Other St Paul's Girls' School 120,000
Totalgrant making (2024: £675 2024: £675,853) 1,235,570

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St Paul’s Schools Foundation

Legal & Administrative Information

LEGAL STATUS

BANKERS

The Charity has registered number 312749 and is regulated by a Scheme of the Charity Commissioners dated 28 August 2007, having replaced the previous scheme of October 1995.

Barclays Bank PLC 1 Churchill Place London E14 5HP

INVESTMENT MANAGERS

PRINCIPAL ADDRESS

6 Frederick’s Place London EC2R 8AB

Sarasin & Partners Juxon House 100 St Paul’s Churchyard London EC4 8BU

INDEPENDENT AUDITOR

PROPERTY MANAGEMENT

Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

Knight Frank 55 Baker Street London W1U 8AN