2023-07-31-accounts

Charlty Number.. 1010405 The University of Westrrjinster Prize Scholwrship Fund Rèport and FillAntiAI St&lemenls For the year elided 31 July 2023

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND REPORT AND fiJNANCJAL STATEMENTS 2023 CONTENrs Pagc R¢fercn¢¢ and adminislrDliYe details Report of11￿ Trusie¢ Slatemeni ofTrustee's responsibiltlies Independeni Auditor'5 Rcport lo ihe tr￿let ofTh¢ Universilyof Weslminsier Pri2e and S¢holarship Fund Siaiem¢nl of finBncial aciiviii¢s J)alan¢t skei Notes 10 Ihe A¢¢DuniS

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND RCFERENCE AND AD￿I1N1s.fRA.fIvE DEIAI TRUSTEE The unI￿rs1￿ of Westminster Direciars.. Mr J Baiiamian Professor P Bonfiel Professor L Berry Miss Z Bull (resi￿ed 10 June 20231 Ms Taruna BaiiBia lappoinied l July 20231 Mr Sean Gr1￿11115 (Dppoinlcd 4 Junc 20231 MT M Smith Irc5igned 27 November 20221 Mr S w￿le liesiwied 30 Novenikr 20221 Ms H Oiyeii Ircsi8ncd JO Noy¢mbcr20221 Ms L Phillips MsMXWang Ms P Wales Ms S Hdfeez Ms C MorBA Profe5y)r A Hi7g￿ Iresigned 22 November 20221 Professor D Ajjaiid (resig￿ed 3 June 20231 Prof¢£sor F Ross ProfessorG Meikle Miss J Robson Mr-lliomBsToumazis1sppoinled l August 20231 The Veil Caiiiion D Slanlon Ms V I'osicr MT Sal Jarvis IdppDinied 23 November20221 Ms N AggaiTrvall Unive15ily kcrelary and Chiefopernl￿8 o￿l¢tr.. Mrj R Cappock University SecrelBry Mr l M Wilmott AUDITOR KPMG LLP 15 C8nada 8quar¢ Canary Wharf Lojthn E14 5GL BANKlI.IlS N*iional Wesiminsier Bank H¢ P O Box 3038 57 Victoria Sir¢¢t London SWIH OHN Lloyds Bank Pl IYO Gr¢ai i)ortlaMd Sireel Lolldon WIA 4LN PRINC.IPAL OFficE 309 Regeiit Street l.ondon WIB 2I4W CFIAIII'I'Y NUfvIIILR 1010405

THE UNIVERSITY OF WESTMINSTER PRIZE ANO SCHOLARSHIP FUND REPORT OFTHC TRUSTEE The ir￿1¢¢ submits 21$ report and Ihe audited financial siaiemeDl$ for Ihe year ended31 July 2023 fo[1￿ Univct5ity of W¢51￿71￿ster Prize eijd Scholatship Fiind. a r¢8i51ered charily no. 1010405. S'I'RIICTiIRE, GOVIRNANCE AND MANAGEIllEIYT 'riie leBg1 fonn of Ihe Fund Is IhDt ofB Irllsi gov¢rncd by'lTUSI Deed. Ihe finDncial Slalein¢nis hav¢ brrn p￿pared In accordance iyiih Ih¢TT1151 Deed, and the requirements ofth¢ Sta￿.[[l¢jit of RecoinmeRded Prgcii¢e'A¢¢ouniing and Reporting bYcliar￿tICs'e[tCCtive l Jaiiivry 2019 and published iii Oclober 2019. The Ilnt%trsily of WcsliniiTrslcr Prize aiid Scholarsliip is IrialEd as a fixed assel invesimeni ¥Yiihin the University of Wesiminsier, and ils resiilts for ihis financial y¢aT irc ¢on501ithled Into the Uiiivcrsiiy ofw¢sin111151crGroup finAnciHI Siaiemeths. The ITusie¢ is cotnmilled to implementing a r¢giilar, ai le&51 a1￿ual. ieviewofilie SiBnifi¢ani T15k5 arfccting Ilie operBtion of Ili¢ Irusl. Thc Iriislce lias considered gucli risks and is cunfi<knl Ihal athqiiale coiiirols ar¢ in place 10 ￿lI18￿le these risks. Tht Tru51 has no eiiiployees. Athnintsiraiiv¢ funclions are coiidiicled by the Universtiy of W¢simin51er oli its behalf. Th¢ Univcrsity of Wesliniiisler'g 8ialYsp¢nds only parl oflheir lime perfomiiiig these funeiioms for Ihc Tr1151. AUDITORS KPMG LLph￿￿E indicated their ivil1iiigi￿SS 10 ¢oniinut in office wid in accordance iviih lh¢ prow510ll5 ofthc Charilie5 Acl 2011 il is proposed that Ihey be re-appoiiiied ¥ aiidiiors to Ili¥Trusl forthe ensuing ye8r. PROVISION OF INfoRTrIATION TO AUDITORS Thc Ir1151ce iylio licld otrice ai the Dfapprovul of the Tnislee's Annual ReFrt* confirnis that. $0 far a5 they are aivare, I1￿[e Is no ielevant Blldit iijfomiaiion ofivhi¢h Ihc Tru51's aiidilors are aivnre.. and Ilic Inisicc has IHkcn all Ilie steps Ilydl Iliey OUBhl lo Iiave thken as a thisiet 10 Inak¢ Ihemstlves 3IYare of Biiy rele￿111 audit infijmjaiion and lo establish Ilial ihe'l'rust's udilors are al￿r¢ of Ihal infonllalion. OBJEcfivEs AND AcfIviTIES The object of the T￿st is thc 8dv8nc¢meni ofedii¢&iion byt￿￿ all￿rdIng of prizos 3nd scholar5hip5 tcnablc al the unive￿ily or Wesliiiinsler. Tlie irustee iiiay iiiak¢ ru1¢5 foTlhe aiyard and le￿15 of ilje prizes and s¢holatship& The &wards are then mad¢ on t￿lia1[or Ilie Trust by a d¢%ignai¢d Comtnillcc. The Tnisl iindertakes these aeiiviii¢s in ord¢r lo catry out the objeets for piiblic benefit. llie Trust acliieves lis obj¢¢i by raising inwme Ihroiigh investments and dolliiion5. The Ituslee confjtms that they have complicdwiih Ihc duty in section 4 of IheCh8Tili¢s Aci 201110 reBard lo Ihe eI￿ri1Y Coinmission's general guithice on piiblic b¥￿VrI1. The Trusts chRritsble purpose is ¢oniained in ils objectives 2nd 8CIIV1Ii￿. as Sel out llbove. aiid public bcnefii is rtaliKd through the aiYardii)g of prizes aiid s¢lwlar51iips lo sludllliis studY￿g ai the University of Wesiininsi¢r. ACHIEVEMkN'I'S AND PERfoRMANCE Improved iiilere5t rales diiring ilie fiii8ncial y¢irha5 incr¥ased iiives1￿e￿l inconie ¢)n i%thich Ihe Trust pri￿1p&11Y depeiids to fiind annual grant aiY8rds.'Ih¢'l'ftis1¢¢ ¢onliThios lo rnollilor the Tnisl's endoivment ass¢t illVc51iT￿￿lS. Ivhich Miiain vAlued ai 5ubslanlially above historic81 eosi, thspiie having 8enetaled a sinall unrealised loss on I￿ark¢1 value compllred lo prior year of £llk12022.. £?kl diiTllIB Ilic Y￿r. As Iliis loss repregeiiis less Ilian 2¢/0 of11￿ prioi year valiie it is not deeinea a significalll

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND REPORT OF TIIE TRUSTEE ICONTINUEDI rINANCIAI. RF.IWIF.IV 'Ilie requlls for tlic year are sho%Yn in the Statement of financial Activities on page I l. Thc nci dccrease in fimds of£l,665k 12022.. net decre8se£66kl wss B result olgr8nls and awards made diirujg Ihe year. InYtsim¢ni in¢omcr¢¢esved w £38k 12022.. £18kl. In the 2019r20 fin8llCi81 year a reviewofall of the sc]1013rships nnd pri￿5 conduded. %vlicr¢ Ihtr¢ had b¢¢n no ¢xpcndilur¢ in tyi l¢asi five finaiicinl years, lo 1dentifyt1￿Se fiinds whiGlI Nvere inacti￿. An ini¢rnal audit Ih¢n look place to 19805. lknc Univcrsily Ili¢n i(leiiiified curreiil progrninmes. Ivhich best aligned lo the original Inlcnlions of lh¢ donors and r¢(wsi¢d Ihai the Charity Commission approve for fvnds to k disbursed lo Ihese Wograll]￿es fil￿￿ Ihe 2021122 financial year oniY&rds. Th#Ch￿IlY Commission approved lh¢ Irusiees, requesi 10 sirate8ically reallocBle £1.6in oftlK (k)rmanl funds aRd diaiv dDi¥n oll IIKni ovcr Ihc fi￿ financial Y￿[5 2021122 10 2025126 for ¢llrreiil prograinmies whicli support stuiknt recnilt￿e￿l and the sliidEnl Rnd ¢0￿munitY ¢xperien¢e ai W¢simi￿1¢y. On the i¥hole. these pmjeets are IoivBrth I￿ans-l¢S1ed, international [￿D scholarships aiid prizes, howevLT. Ih¢Ti %VU5 al$0 a speeifie reqiiesi for a donaiioii be4i￿al]led for a chapel. Ivhich 11 ChDrity Colliinission aBreed, Iruslees could rcputptÉc 10 r¢sior¢ an Old Crompwn Org8M. In ihe cuffenl financial yeHr, the Inislcc approved lolal 8ran15 of£l.7m for draiv Ibwn froin the ¢knriiable accollnt in the years 2022123 10 2029130 to support educalionAI Iniliolives and enlian¢e th¢ siud¢ni ¢Kperien¢e 91 The Universityof Westhiinsier Diiriiig the year payinenis of£6k ivere made coverinB some of Iht5¢ grants. Ili¢ Univ¢rsiiJ' Dfwesimiiister Priz¢ aiid Scholar.£hip fuijd has Si￿71r1¢an1 llnpDid graiil ¢omtnillli￿7t5 of£l,677k al 31 Jiily2023 ofiYhi¢h £504k is lo b¢ paid in FY2024123 %Yith the remaining £1,173k due lo be paid in the nExI six yeais FY2024125 Ihrough 10 FY2029130. Of Ihis iothl, £414k iyill b¢payable in the yesrs 2024125, £374k in Ihe financial yeaT 2025126, £135k in Ihe finan¢ig1 years 2026127, £125k in 2027128, £IOOk in 2W18r29 al￿£25k thringthe fiTrBncial yrars 2029130. As al 31 July 2023 Iht fundhad F¢scrv¢s of £787k12022.. £2,452kl. The UnivcT5ityofwcsimingi¢r Priy.e and S¢bolaYsliip Fuiid retains unieslricled fvllds of £537k. Tliis is comprised of Ihc Prize and Scholarship Funds csiablishcd prc I l April 1990. These fimds Bre used in pursuit olth¢ ch8Tity'S objects and 10 ¢o¥er n}anaBe￿ent 3nd adiniTrislidti￿ Losis. ThE inVest￿entS held by the TntS1 have b¢en in¢luthd 21 market value in accordance ivilh Ihe Slalement olRerotn]nended Weslmiiisler The inveslThenl PDIicy is JPPTOltd by th¢ and revieiY¢d from tin￿ 10 lime.'nK policy seeks lo ]ninimi5e risk iY]ulsl Rltracling salisfaclory lev¥ls ofThum. The TrustlJ85 been accumulBling TeSe[￿ yeai onyear artdmainthins lis resen￿5 for Ihe pursllii of its objects and lo co athi1iiislrali￿ and InaiiAgenielll c051s. llie Iruslee lias rc501￿￿ IliHI a Icv¢l ofJis¥r¢ii(Itiary reger￿4 lield Hs cAsli or short-lerni invegitneiit%.4lK)uld he iiiaintaiiied al a sufficieiil level to covcr al Icnsl 12 nionihs. ofav¢Tag¢ s¢al¢ Braiii-making 8nd a(kniinisiralive a￿1Vily. Njis iyould equ&le io approxiJnal¢ly £IOk. The Tnisl holds iior¢siri¢i¢d fiiiids of£537k ai Ilie balaiice sh¢ei dat¢ gnd this is deeined to be Miore than Sufficient.

THE UNIVERSITY OF WESTMINSTER PRIZE ANO SCHOLARSHIP FUND PLAN foR FUTURE PERIODS 'ntr Uiiivcrsily is the sole irusiee and as such %vill continue io apply Ilic Trusi'g assd$ in the funheyattce of its ¢harilable obj￿ts. A numberofprizes 8nds¢holaTships arc mvarded lo sludenis ofih¢ Univcrsily of WesliniJ￿Ier aiid th¢ TIus1'5 t￿[ye5 are repl¢nish¢a from d01131ioiis and froin income fro￿ investments Tlier¢ arc no intended changes lo ihe Tr￿1$ a¢iivili¢s for Iliccomillg year. vcd by Ihc In151ce aiid 5iBNed oil bthaifofihe ItU$lEe Professor P Boiifield Vi¢c-ChHiicellor aiid Prestdeni University of Westminster DeL%mkr 2023

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUNO Slaterneni of Trvsle¢'$ responsibilities in respecl oftkne RepDrt of iht'l'rtssite and the finThci&l stateme￿15 Under the Inisl deed fjnd ￿leS of th¢ chaTlty and charity Isiv. the trustees are responsible for prepuring lh¢ Rewn Dfthe TTUStee Hiid the [￿anCial slulem¥nts in a¢¢Ord￿¢¢ iviili applicAble laiv and re8ulaliolls. llic Iru51cc 15 rtqiiired io prepare Ilie fiiiancial slalemenls in n￿ordanc£ iyiih UK Accounting StsndBr(b. including fRS 102 The FillaiiGial Rew'ljiik&LMdard oppli¢able in ilte UKamlRepiiblic ofliElaml. The fJn8ncial slalenienls are reqiiirid by laiy 10 8iv¢ a irue And fair vieiy ollhe s131eof affaiTS of Ihr rhariiy and ofthe inconiiiig Tesoiirces and applicaliDn of r¢sOUr¢L￿ forihgt wod. In preparin8 Ihese finatt¢ial sthi¢m¢iitS, 8eiierAlly accepted accoiinlinB prllditt ¢niails thai th¢ I￿1¢¢.. sele¢1 suitable accouiiii118 policies aftd IIKn apply Ihem con515t￿Ily', makc jiid8¢mcnis and e51iln8ies thai are reasonuble and p￿{￿nI., S￿(¢ IVI￿lIter applicRble UK Accouiilin8 Slandards and Ihe Siaiemeni af Reconllnended Practice hav¢ been followed, subject 10 gny material depart￿re5 disclosed eKplined in Ihc fi￿¥ll¢l91 st&ienieIiiS; siale ivhelherlhe fin3ncial 51alEm¢nts comply wiih the iyiia deed aiid rules. subject to any fftHlcriHI departur￿ disolos¢d and explBined in financial slalernenlS- and assess ihe charity's ability to continue 35 a going Concun, ￿t￿l0$in8, as applI(￿ble, mallers relalcd to 8Ding ron¢¢m,' and I15r Iht 8oingcon¢¢m basis of BccouRlinB iinless they Bilheriniend 10 liqiiidai¢ the eharltyor lo (xsse operDlions, or have no realistic aliernaitv¢ bul io do so. ie iriislee is required lo acl in ar¢O￿lI￿¢t with Ilic Inisl deed and Ihe ￿leS of the tharily. wiihin th¢ fram¢ivork ofirusl IDIY. They Rre tesponsible forkeeping a¢¢oiirtiittg records ivhich aresufficienl lo shviy ¢xplain th¢ eliarity's transactiojjs Hiid eL£ure ihal. iyliere wiy slatetnents ot-acioiinis ar¢ pr¢p8r¢d by theni underseclion 13211) of the Charili¢s A¢1 2011. tliose staiements ofBLrounts comply %vilh the requiremenis of re8iilalioiis under Ilial piovision. Thcy ar¢ r¢spon%ihle for such iniem81 control As they deterinithe is nece￿ary lo cnabl¢ lh¢ pr¢par81ioii of fiiiancial statements that are fre¢ fmm maicrial miss14t¢meiii. lyl￿11￿er dlle lo fraiid OTetTOT. tnd have gencral responsibility for lakingsuLh sleps as are Teasonably opeii them 10 safe8uard ilie assets of the charity and lo pre￿￿1 and deie¢t fraud andollier irregulnrilies.

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUNO Indeprndenl auditor's report to the Trustee of The University olWe5tminster Prize Scholarship Fuild Op1￿10 We have Budiled the f1M￿ClaI siaiements ofThc Universityof W¢51mirtsi¢r Prize atKI Scliolarship Thind I'lhe ¢hariiy"I forth¢ yEHrei)ded 31 Jiily 2023 i¥hich ¢oniprise Ihe Balance Sheet. Slatrmeni ofFinaTrcial Aclivities Rnd related noies. in¢luding Iht accounting poli¢ies in Ni¢ 2. In oiir opiiiion the fillan¢i¥l Slal¥tD¥nls-. gi￿ a Inic and fair vieivof Ilie stsle of Ibe ¢harily's affairs as 3131 July 2023 and of its in¢omin8 resourtt5 and applicaiion ofT¢SoUt￿ foilhe yearihen entkd.. hv¥ bEen ptopedy prepared in a¢¢ordanceiYilh UK Bccounling standards, including fRS 102 Tlte ripjai￿lAl ReH￿'1{￿gsIft￿daj.u￿PHlleftb1e ljy i17e UKaidReyiiblic of1reltsi￿', And haye properly prepared irt a¢¢ordance wilh the requirem¢nts of Ihe Charities Act 2011. BASIS for OPilliDn We have been appoirtied H5 audilorunder section 145 otihe Chatilies Act 2011 lor its pr¢d¢ttssDtsl and TqX>rt ill accorda￿¢ with regulations madr undersection 154 ofthai A¢1. We conduci¢d our audit ￿ accord&iice ivith Intcmaiional Standar(& on Audtliiig IIJKI I'ISAS IUKI") applicable laiv. Our r¢5POll5ibililies are described beloiv. W¢ liave fulfilled our elhiGg1 reSpo￿l61]Itte$ und¢r, amd ire independent of the chariiy iii ¢¢OTdaNce ivilh. UK ethical reoiiir¢m¢nts includinB Ihc fRC Eihical St311thrd. W¢ bclicvc Ilial Ilie audit ¢Yidence w¢ haY¥ublaiiied is a suffieieni and appropriate basis forouiopinion. Th¢ TTl151c¢ has prepared t1￿ final￿La] siaienKois Dn the ¥OiTrB concern basis as tliey do noi intend 10 liquidate tIK chBriry or 10 C￿¢ ils operations, and as they liave ¢on¢liid¢d Ihai Ihc charity's finaKcial position mtsrts Ihal Ihis is realislic. Niey have Iso ¢ondiidtd Ilial Iheie are no maierial uiicer¢ainii¢s Ihai ¢oiild liave cast Si￿lficant doubi oTrrr 115 ability lo continue ss a 8Qjll8 ronceni for al leasl a year fyoih Il (lalc of approval of Ihe finBiJei&l stalen￿ts I"Ih¢¥oin8Loncern petiod'l. In our e￿I￿allon of th¢ Trusler's conclu5iolls, %veeonsidered lh¢ inhereni risks lo Ihe charity's business modd and analysed v those risks might affcrl Ilic thaTity's financial resourcesor abi151y lo ronlinue operations over ilie 80in8 ¢on¢ern p¢riod. Our ¢onc1115ion5 based on Iliis I￿rk. fivc c(Misidei' thai tli¢-Iru51¢¢'s UK ofiiieBOillB coiicern basi& of accouniin8 in the preparalionof the fjjwicial statements is appropriBIe' *(vc lia￿ not I￿￿111f[cd, and COliCUTwillI Ilie Trustee's &se$smriit Ilial Ihere 15 not, a Inalerial unceriainty r¢laied 10 events or conditions thai, inaiviisuallyor colleclively. may signtfi¢&iii doiibi un Ihc charity's ￿bilIty to coniinu¢ as a goin8 conccm ror the goin8 ¢on¢ern pEriod. HDivrvrf, H5 lye cannot predicl all fuliire eveijts or ¢ondilioiis And as subsequent e￿niS may resiili in IMii¢omes that are irtcon51$1enl Ivillijudgemenlq thai iv¢r¢ ressonablc HI Ihe liinc Ihey ivere Inad< lh¢ abovr ¢onclusiDllS are nol a gu3rRiilee Ilvai FrAud breAthcs of IRIY5 J'tgulAIIoJi8-Ablllty to dttett To id¢niify risks 01]]￿le[la1 misstatement diie lo fraud I'fraud r55ks"I we ll55eS5ed events or conditions Ihai Could l￿dIcAte an inceniive or pr¢ssure lo commit fraud OF provide an opporiunity 10 commit fraud. Our risk 4ss¢ssni¢nt pmcedures Iiicluded.. doLii¥nEii131ion as to the c118riiy s h1￿-I¢V¢1 polibies and procedllres lo ￿eVe171 wid thi￿( frniid ￿nd Ihe channel for 'iYhisllcbloivillg" as ivell 8% ivh¢ih¢r Ih¢y havr kiwwlcd8e of any Hc11131. siispeel¢dor all¢8¢d fvaud. .Re8ding In¢eiiii8 minul¢s olllie Groiip'sAudit and Risk Cominiiie¢', and .Usiiig Riialyiical procedwes 10 i11eniify any unusual or unexpected relaiionships. We coinniiini¢aied idtniificd fraud risks tlir0i￿￿olll I1￿ Blldii teain and r¢maiiied alErt lo any ￿dIcall01)S of fraud tlirou8houi the audiL

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND Independent Auditor's report to the Trustee of The University of Westminster Prize Hnd Scholarship Fund {continuedl Friud bi'eacbts ol IAIY8 and J'ogu1811on$- 8blllty to detoel leontlnutdl As Tequired by audilin8 51andard5, Ivc prrfotm proctdurts ID addr￿5 lh¢ risk ofmanagcm¢ni ovtrrid¢of ¢onirols, in p3rticul8rlhe risk Iliat charitys n￿nagement niay be in a Position Iv make illappropriaie accoiinling entries. On Ihis aiidil we do nol belie￿ Iliere Is a fraud risk rciAlcd lo rcvcnuc rccwilion duc lo Ilic ainouiil oflhc rrvcnur rcccivcd during Ilic ycar being ]M￿￿terIal. We Ihetefoie &55eSsed lknl there Ivas litniled OP￿rtunitY for the charily 10 tnanipulaie the income Ihai iyas ieponed. We did i￿1 ideniify any additional fraud risks. We p￿r0[￿Kd proC￿￿Te$ includinbi idenlifyirtg journal tniries 10 iesi ba*d on risk ¢riieria compaTing (he ithniified entries 10 5UPPOrtiiig doGiiiiJenlalion. These iiKluded journal3 p051ed wilh uiiu5ual accounts conibinalions. IdelllifyiFigaildJ'esp￿TdI￿g4o Tlsk&oJJi￿rer￿allP{l3IIa1¥Ij￿jIId1ie lo JTQry-ccJiJipIioJTGt iviih ImvJ andr¥giilqlifj113 We id¥nlifiL'Il area5 Of laivi and re¥ulalions Il)#i could reasoi)ably bc ¢xp¢¢i¢d 10 hav¢ a mai¢rial elTe¢i on Ilie finaiici81 51Rlenicnls from our 8cnctal ¢omtn¢riial and s¢¢iDr ¢xp¢ri¢tt¢c. Ihroiigh diS￿l$s1On iyiih manaB¢m¢ni I￿ r¢quir¢d by iidilinB siandardsl. We dis¢iiss¢d iyiili mana8¢11￿111 rhe policie5 and pro¢cdures re8JrJin8 eompliance iviili18Ivs aiid regulations. We communiclllcd idrnlificd IAWS and rcBulaliD115 IhrouBhoul oiir Icam and rcmaincd alcrt lo any indi¢Rlions of non-compliHnce th1oug￿ll1 the liidil. Th¢ poieiil1&l effe¢1 ofihese liws and Tegulaiions on Ihe finan¢ial siai¢m¢nis varie5 F'irstly, Ili¢ charity is subjea lo IBWS 8ndregulations Ihai dir¢¢ily gffecl lh¢ fjnancial slalemenls including finsncial reporting l¢gislaiion &rtd ¢hariiiL% legislaiioii 8nd ￿'e 9s$￿Sed the extent of compliattee witli these IBivs and regulBt1oJ￿ Bs part ofour pro¢dures Ihe rela￿￿ fin￿1claI sl&teJnent iienis S¢rondly, lh¢ rharily is subj¢¢t 10 manyoih¢r laiY$ andr¢8ulaiions wh¢re ik wrfj¢qu¢n¢es oftwtt¢ompli8nce could have a material effeGI on amounts or di5E105ures in thr financial slal£tn£nls, for I￿Sta￿¢￿ IhToiigh Ihc imposition of fin¢$ or liligaiio We idBnlified the foll￿V￿￿ are￿ us those moyi likely 10 have suih an eJT¢cl.' thdla proi¢¢iioii laivs. Audiiin8 siandar(ts liinii Ihe rcquired aiidil pn)cediires lo idcnlify noii-compliancc Ivilli Ihcsc laivs and rcgulalions lo cnqiiiry of Ilic di￿r1D[S andother managenient and ￿speCtiOn of tegulalory and legal cO￿eSpondEnCe, If any. Therefote, if a breach of operaiional regiilaiions is not diKlosed to us or evideiil from ielevaiil correspondBnc¢. an audit iyill tLoI ddcEI Ilial brea¢h. ColllexloJilTe ability ofihe aiidil lo delecifi￿1Id0i. &Y(thsoflaiy oj'regiilalio Owing kn the ithr¢ni limithiions of an audit, Ib¢r¢ is ali unavotdable ¥isk Ihai iY¢ may ttog Iiave delecled some material mi551alctnents in Ihc financial 51aicmcnts, ¢y¢n Ihoiish Iv¢ hav¢ PTop¢rly plannLxI andpcrfomcd our audii in a¢cord#n¢¢ ¥viih aiiJiliLg SlHndaTds-. Fvr¥x#mpl¢, th¢ furfh¢r r¢mov¢d non-¢oniplian¢e iyiili laiys and re8ulaiions is frolll ihe eveiis 8nd transactions rcflcclrd in Ihc financial 5laiem¢ni$, Iht l¢ss lik¢ly Iht inh¢T¢nily limited piocethires r¢quir¢d by auditing slsndards ivould identify it. In gddilion. 8S ivith Budit. there remaiiied & liiglier risk ofjjon-deteclion of fraud. as Iliese m8y involve colliision, foTgery, intensiotial onjissioiis. misrepreseniAlions. orllie ove￿Ide of iiilertkRI coiilrols. Our aiidil procedures are designed lo detecl mai¢rial mis£t&ierneni. We are responsible for preventing ￿0￿coMplI￿nce or fr￿Id and cannot bEexp￿ted lo dEt￿l non- cotnpliance iviih all laws 8nd r¢glllaiioiJ5. Other InftsrmAli•n Tjie tr￿1ee is reswnsible for the Report of the Trustee. Our opituon on the f￿B￿CIal 51nietnents does DDI ¢oyer that Teport and, ae¢ordin8ly, do expres5 an audii opinion or. exttpt as explicitly 51Bled bBlow, any forni of L%5urance ConCl￿￿n th¢r￿n. Ourieswjjsibilily is lo read the Repon of the T￿51￿¢ in doing $0, ￿nsider iYh¢ih¢r, bas¢d on our finartcial siaiemen knowledge. We are reqiiired to Teport lo yoii if.. .bhsed 501elyon Ihal li￿rk. wc liavc ithnlifi¢d mui¢rial mis8t￿¢￿¢￿t5 111 Ili¢ R¢JN)rtof IIK Trusie¢', or .Iii our optnioii. the illformal&oii in Ilie Rep)rt of theTrllstee is inco￿lStei11 in wiy niaterial respect with the financial We lia￿ nothing lo report in Ih¢5e respects.

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND

Independent auditor's report to the Trustee of The University of Westminster Prize and Scholarship Fund ( continued)

Matters on which we are required to report by exception

Under the Charities Act 2011 we are required to report to you if, in our opinion:

• the charity has not kept sufficient accounting records; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

Trustee's responsibilities

As explained more fully in their statement set out on page 7, the trustee is responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

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 our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken'on the basis of the financial statements.

A fuller description ofour responsibilities is provided on the FRC's website at

, v,vw. frc. org. uk/audi torsrespons i bi Ii ties

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charity's trustee as a body, in accordance with section 145 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. 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 its trustee, as a body, for ollr audit work, for this report, or for the opinions we have fonned.

Fleur Nieboer

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

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

15 Canada Square, Canary Wharf, London, E 14 SOL

9 January 2024

10

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND srATCP¥lENT or riNANCIAL AcrivIi'iES For Ihe year end￿ 31 July 2023 UTrre511icted Restrictcd EndV)YfftE￿( Total 2023 TotAI 2022 Note IiicotThe t￿d0￿Me11t5 fiykim.. I)onaiions lrtvesimen 4.738 17,877 4,738 33,417 15.540 18.424 TotAI 22,615 15.540 38,155 18.424 Gr8tits pygble Govern￿7CC costs 1,683.300 6,823 800 ,684,100 6J123 75,780 1.987 TotAI 1,690,123 800 ,690,923 77.767 Nei10$5 on Invc51mtnts 112.5481 112,5481 17.0321 Nei Ide¢r¢aseyincrease in fi￿￿S before transfer 11.667.508) 14.740 112,5481 11,665J161 166,3751 Trallsfe￿ beThy¢￿ fvlld5 726.487 124.5821 1701.9051 Net Idecreasellincrea5e in fullds after transfer 19.8421 1714,4531 11,665J161 Fund balA￿e5 brought fot%VdTd 214.771 758,866 2.451 848 2.518.223 rund bAl&nees eArried foi'iyard 537,190 204.929 44,413 786.532 2,451.848 The 3ccompanyin8llOte5 foim part of t￿se finènclal statements. 12

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND BAIANCE SFIEEI. As ai 31 July 2023 2023 2022 NDte FIXED ASSETS Investm¢nis 622,632 635,180 CURRENf ASSETS D¢bioTs C&sh 81 battk and in hand 2.958 2,959 ,863,B39 1.866.798 1.894,343 LIABILITIES Credit￿s.. Ainollijls falling due within one year 1557.4431 150,1301 NET CURRENT ASSFTS 1.116.900 TOTAL ASSETS LESS CURRENT LIABILITIES ,959,532 2.451,848 CREDITORS.. w)￿lints falliiig dy¢ after more Ihan onByear NET ASSETS 786,532 2,451,848 THE FUNDS or THE CHAIiITY Peniianetit end0￿¢ni$ R¢siri¢i¢d income fiiiids TOTAL RESTRICTED & ENDOWMINT FUNDS 44,413 204,929 249.342 758,866 214.771 973,637 Unrestricted funds TOTAL UNRESTRtCTED FUNDS 537.190 537,190 TOTAL CHARITY fuNDS 786,532 2,451,848 Notes i)rt pa8¢5 13-17 fonn partof Ihc finarKial siaiem¢nts. These financial siatemeijts ivere approved and SiBned on iKhalf of the Iruslee on il Decembei 2023. ProfessLY P Bonfield Vice-chancellor and President Universiiy of Wesiminsier Ch4riry NumbeT.' 1010405 li

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND NOTES TO THE ACCOUNTS foi. Ilie ye41. endod 31 Jllly 2D23 TRIIST STATUS llie Tnisl Ivas rcgisl¢r¢d *$ a Chariiy on I l April 1990. ACCOUNTING POLICIES

sls of Prtparfill&n Assess￿le￿I orGoi￿g ConttrTh

Th¢ a¢¢oiini% Ifinancial slaleincnlsl havc bccn prcparcd iind¢r th¢ hi$iori¢al ¢osi convention iviih items iecogwsed ai cost or Iransactioii value unless olhenvise Slated in lh¢ relevani Iiolqsl 10 Ihe5e accollnts. The financiRI St31e￿en1s have beeii prepllred ill accordaiice iyilli Ilic Slalctnriil of Rr¢omni¢nd¢d 148ciice' Ac￿U￿ting and Reponing by Chirili¢s preparing their accounts in 8ccordanGe ivilh the Fillan¢ial R¢porting Siandard applicable in the UK and R¢piibli¢ ofirelaiid IFRS 1021 piiblished in Oclober 2019 aiKt th¢ Finaii¢i#l Reporiiiig Standard applicable iii thB u￿11¢d Kin8dom attd Republic of Irelllnd IFRS 1021 alld IhE Charilits A¢1 2011.'I'he irusl constitutes a public benefit eniily as defitted by FRS 102. llie Irusiee wnsideys thai tI￿re are no Ma￿la] uncertainlies obout IheTnis1'5 abiliiy 10 ¢oni¢nu¢ ￿ a gO￿B (x)ncern. 11ic most 5iwiifi¢anl ar¢is ofunecrtaiiity iliRI Affect the carrying valiicof is5￿$ h¢ld by I1￿.1r￿st Bre Ihc level of inveslinenl reliirn and the peTfomaii¢c of inve5tnieiil niarkds. Nevertlieless, iii Ihe jiids¢mcni ofilit Iwsi¢e, the Trust's level vfunr¢slrid¢d r¢%rrvts aiid loiv le￿1 of iion-discrelionary expendiliirc provid¢ adtiiiai¢ assDranc¢ Ihlll the Trllsl is able lo conlinut as a going ¢onc¢rn over ai le2sI 12 Jnonlhs. TAX CoYpui'Rt1o￿ TAX llic charity is WnsidC￿d lo pass lh¢ 1¢$¢$ sel out in Paragraph I Schedule 6 fiiibn¢¢ A¢i2010 and Ihcr¢foT¢ it mttts the defiiiilion ofA ¢hariiable Irusi for UK income tax purposes. Accoidin8ly, th¥ iliarily IS POl¢rtiially exempt froin laxAlion in res￿1 of incoillc or capilul gaifts reeeived iviiljiii categories covered by Part lo Inromc'l'ax 2007 or Section 256 of IheTRKalion of Charg¢abl¢ Gains Aci 1992. to the exleiil that 5ucli in¢ome or gain$ are applied eKclusiveJyto charilable putposes. Volut Addcd TAX 1¢ thayity is I￿1 regislered lor Value AddodT*x. Resli'ieled. Unrcstricled and E￿d0]Y￿ellf I'iinds llie eiido%vmenl fund5 ¢UtllPTiS¢ 34 priLe scliolarship fvnds. The petniallenl endDWtneiii fursd Consisis ofall iniiial aiid siibsequenl capilal donations und the donor has gpecified li is perniDnenlly invested log£n¢ral¢ an inwm¢ styeatn lo be applied lo a specifi¢ obje¢iive. Thc invesiinents are carried on ihe balRnce sheei al fuir val1￿.The r¢sirieieil fi￿dS are administe￿d accordin810 Ihc dDnDT5' iYisII¢s. Unreslrided ￿ndS are io be applicd 10 Ihe proniolioii oledllcalion al the Universily ofw¢siminsi¢r by the all￿rdi1)g of prizes and KholAiships as Ihr Iriisiee se¢s fit. Incutne All illcornin8 rcsoiir¢¢s ar¢ awounied for in Ihe period in whicli Ihc rhaiity is ¢trfain it will y¢ceive the fllnd& can tt¢turNiely mea$urc Ih¢m and is enltiled to receipt- Exponditui'e All expeiidilure i5 ￿￿oI1111¢d for ￿ an accruals bas￿ inclusive ofany VAT iyhith noi k re¢ov¢n& gnd hRs be¢n classified iiiider IicFAings that ag8rtgal¢ all cosis r¢laicd 10 the category. EY￿Rdi1ll[eon ChHrilHblc Aclivil¢S comprists 811 ¢xl￿dit￿re directly relaliiiglo IhB Dbjtcis ofih¢ ¢harily. Giants pAynble are paymeiils Inud¥ 10 third pariies iii the furiherBiice of Ihe clinrilable objEcls of Ih¢'frust ar¢ ¢harged iii Ilie year ivhen tlie offcr is £Dnvcwl 10 lh¢ r¢¢ipient and Conditio￿ attached to IhB Braiil have been met. Governance costs 3re shown separal£ly in lh¢ Sial¢m￿l of Financial Aciivilie5 and &llalysEd in Noitt6. Cfisli noiy slRlerntnl Tlie c118rity is exempt from IhE Tequtr¢m¢ni 10 prq)are & cBsh flow slalemeDI on the grounds of its size. rixcd nssel ItNC51tnrn15 in¢lude G0￿Ment Secllrilies Chanlies Official InvestmMI Fwid which are cgrried QD Ihe balBnce sheet al fair vali￿. 13

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND NOTLI S TO THE ACCOUNfs ICONI'INUEDI for tht ytHr ciided 31 July 2023 DONATION INCOfvIE 2023 2022 thnateil Servi¢es- Uniyersity of WesDninsier 4.738 4,738 DonBledServie¢s amounting to £4,73812022.' nil) iY¢r¢ providcd by the Universily of W¢simin51¢r iii the fotni of rillanci31 and adininithtiv¢supwrt lo.theTwsl. A corr¢spondin8 aniounl is included in Gov¢m*￿te Cosls in Note 6. JNvLSf￿1CNT INCOME 2023 2022 In¢o]lle from inveslmcnls Bank iiiteresi on deposits 17,877 17,706 718 18,424 35,417 GRANI'S Ppll'AIILE 2023 2022 Grsnls not accrii¢d ai i Augu512022 Grants approvcd In Ilie year Grants not accriicd ai 31 July 2023 Gr4mi$ PayAble for the yeAr 1.684,100 75,780 ,684.10 75.780 Gr￿￿1$ Pald (INring thc yeai. 175,7801 Commiim¢ni$ ai 31 July 2023 (Note 9) 1.677,000 Commllmenls Ai 31 July 2023 Are p￿y￿ble 8$ follows.. 2023 2022 Wiihin one y￿[ (Note 91 Aftermore Ihan one year (Note 101 504,000 1,173.000 1.677.000 Co]Dinllmon15 Of the loial grntiis payablr aftrr niore than one year and 8ccru¢d alM>NE, £414k will be payable during 2024125. £374k during2025126. £155k during 2026127, £125k during 2027128. £IOOk duTing2028129 aiid £25k during 2029130. COVERNANCE COSTS 2023 2022 2,012 4,738 73 6.823 1,8B3 Doiiai¢(I S￿l￿S- University of Wegtsninsier B8nk charg 104 1,987 Aiidil ftts of £1.677 leKcI VATI r¢laie ￿ Ili¢ aiidil of these accollnts12022.. £1,570 ex¢] VATI. No oihers¢rYi¢¢s Ivete pmvided by the audiior. Donated se￿ices 10 £4,73812022". nil) ivere provided by th¢ Universilyof We5tmill5ter in lh¢ fonn of rinaiKi81 llnd Ddininislralive siippori kn Ih¢Tnisl. A Co￿eSpo1]di17g aimouni is in¢liided in income in Noie 3. 14

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUN[> NOTES TO THE ACCOUNTS ICONTINUEDI for the y¢xr tndtd 31 .luly 2023 FIXED ASSET INVESTMENTS 2023 2022 Charities OfficiHI Inveslment Fund Markei vallle ai l Aiigu5t TrallfcT from Go￿t￿l￿rnI se¢iirili¢s Nei unrcalised investment Ios51gllin TotAI inYe51menl$ Rt fvIarkel value Al 31 J￿lY 635,180 640,346 1,866 17,0321 635,180 622,632 2023 2022 C118tities OtTicial In￿1￿¢￿1 Fund 33,532 33.532 33,532 33,532 All Lssets 8reJJeld in Ibe United Kiiig(k)m. DEIII'ORS 2023 2022 A¢uued income 2,958 2.959 CREDITORS: AIWIOUNTS FALLINC DUE WITHIN ONC YEAR 2023 2022 Gninls Payable 10 Urtiversily ofwtsiminsi AcLni#ls unl￿￿1tyOr Westtnl￿It[ 504.000 1.882 48.248 50,130 557,443 io CREDITORS: AhqOIINTS FALLINC DIIE AFfER ONE YEAR 2023 2022 Grants Payable its University of Wesiminsier 1.173.000 1.173.000 PkRIMANENI' ENDow￿l￿NT FUNDS Al l Aiigiisl 2022 Iliese funds coniprisc(114 I￿alVid11al PTiZ¢ and sLliolHril)ip fiinds. Th¢ p¢man¢ni ¢ndoiwn¢ni fund consists of ￿11 iniiial and subsequent Gapitsl doiialions. folloiving the Charity com￿715510￿ approval Ihc ITusIcc5 re311ocaied £702k of Iliese 1ndcli￿ lo be disbursEd Iv nEiY proBratnmes Ihal aliBIi Iv lh¥ vribiimal inivniivns of Ilie donors. 11icse prograinnic5 SUPPOrt 5tudBnl rccniilrncnl and 1hcsttidc￿l Hiid Goin￿unIty cxpcricncr al We511ninsler. B8IAIIC¢ ClIAnge i Augu$t m$i'lict 2022 TrAnsftrs 31 July 2023 Edmiiiid Beale Sarg8llt ScholBrship Ri5don PalmErScholarship Furtd Conipassionale fiiiid Dun¢in Wai$oii and Hailsham Olljer endowtnenl fi￿d% 96,547 313,600 60,036 88.523 200,160 11,9681 13.7491 194,5791 {309.8511 187.2091 14,2931 44,415 Toial end01￿en1 fiinds 75R,f166 12.5481 701.905 44,413 15

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND NOTÈSTO THE ACCOUNIS ICONTINUED 12 RESTRICTED FUNDS lliese coJiipris¢ Ihe Piize and Scljolarship funds Established after I I ApTII 1990. The Irusiee a(frninisicr5 Ihe funds a¢¢ording lo Ihc donors, Ivishes, iyhiili is notmally to woillote edu¢aiion al the Uiiiversity orw¢sim￿Stcr. The movement in the fund is shown sn th¢ Slalgnienl of Fillancial A¢iiw11£5 on page I l. A￿AlysIS of movtment in resti'ieted flind$ Iiieome xpenditui'e 'ran8ftr8 IlalAnce 31 J￿lY 2023 I AuEUSt 2022 57,896 156,875 214771 57.896 147.033 204 929 Other restricted Toial restricted funds 15540 40 18001 800 124.S821 13 UNRLtsJ'i(IcrED fuNDS Al the l Augusi 2022 this ¢ompris¢d the Prize and se1￿1ar$h1p fiind5 cs13blished pre I l April 1990. Diiring tlje year £726k iyas IransfetTed frojn Ethdoivme￿I and Reslricled Funds for disbiirsemenl lo neiv pro8rammcs Hs approved by th¢ Charity Commi&%ioner.I'li¢ Inisi¢e is Hlso obliged lo pay tlie fill￿5 rApenses, award prizes and scholarsliii)s and any unused incoine is io be applied ￿ the promolioji of¢thi¢aiiDn at the Unl￿rs]ty of W¢siibinsieT in Ilie ivay ihe trusi¢¢ The movenieiil in lh¢ fiind is shoisryi in the St8temeni of TrinanEial Aclivilies on pa8¢ 11. Analysi5 of Movement llnrestricted fumd ￿￿11￿5( n¥iY prownimesl Im¢omt Expendtturc T*TrSfers BAIAnce 3lJuly 2023 August 2022 ]tithon PBlmer Fund FAkniiind Beale Sargani Kynaslon £ludd M¢niorial Fund Oiher unresiTl¢led fun(k4 260,842 153,225 485,145 578,999 1 478211 4.629 2.803 1253.0231 12,377 2,803 11,6YO,052 1,617,880 72&,487 522.010 37 190 ANALYSIS OV NF.T ASSETS BETWEEN FUNDS Unrestrieted Reslricled Endownitni Total uThd5 Fund bi18nie$ 4t 31 Jirly 2D23 Are repi'eseiiled by.. Invesimcnis 622.632 622,632 i.r194,743 1,689,414 204.929 TotAI Net As5eis 537,190 204.929 44,413 786,532 On invcslnicnls IE

THE UNIVERSITY OF WESTMINSTER PRIZE AND SCHOLARSHIP FUND iYOTfs TOTHE ACCOUNTS ICONTINUCDI roi. Ihc ycai- JI July 2023 15 EMoLU￿1CNTs OFTRUSTEE AND FfvIPLOYEKS The ITusleE did re¢¢iany unolum¢nis or reimburse expenses12022." nill. The d￿rityhS no emplo￿12022. 16 RELATED PARTY TRANSAC'I'IONS ie UnivcTsityof W¢smill$i¢r is ¢onsid¢red 10 be B Tclaled party ofthe Trust, beCa￿E il is th¢ sol¢ Irusi¢¢. The alerigl Iiansaclions %vilh Ihe Universily during Ilie year 2nd tlie balances Al year ej￿ are as follo%vs.' 2023 2022 M•i¢rial transa￿10￿ iviih rdated paty during the yeDr". payible 75,780 A￿oU￿¢S 01Std ￿ rclaied party disclosed 8S 8 ctedilor in Hccounls 1,728,432 48.248 Donlli¢d Se￿iCe$ 8moiinliiiglo £4,73812022." nil) iY¢r¢ also provided by ihe Universityof Westmins1￿ in the form of fingn¢ial 8nd 8dnunisirative 5UPPOrt 10 Ihe Tftisi. A eottttponding ainouns is included in GoveThance Cos15 in Noie 6. 17