2021-07-31-accounts

Registered Charity No.1041737

ST MARY'S DEVELOPMENT TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

ST MARY'S DEVELOPMENT TRUST

INFORMATION

Trustees	Professor Dafydd Thomas (chairman)
	Professor Mark Thursz
	Baroness Young of Old Scone
	Michael Gatenby
	Mr David M. Hunt
	Dr Sheila D' Souza
	Professor Desmond Johnston
	Professor Gareth Tudor-Williams
	Professor Sarah Fidler
	Dr Jonathan Hoare
Secretary/Treasurer	Richard Viner
Registered Charity No.	1041737
Address	Imperial College London
	Exhibition Road
	London SW7 2AZ
Bankers	National Westminister Bank plc
	Marble Arch Branch
	PO Box 1056
	26 Edgware Road
	London W2 2ZW
Solicitors	Charles Russell Speechlys LLP
	5 Fleet Place
	London, EC4M 7RD
Auditors	Wilson Wright LLP
	Chartered Accountants
	Thavies Inn House
	3-4 Holborn Circus
	London, EC1N 2HA
Investment Managers	Newton Investment Management Limited
	160 Queen Victoria Street
	London EC4V 4LA

ST MARY'S DEVELOPMENT TRUST

CONTENTS

	Page
Trustees' Report	1
Independent Auditors' Report	5
Statement of Financial Activities	9
Statement of Financial Position	10
Notes to the Financial Statements	11

ST MARY'S DEVELOPMENT TRUST

TRUSTEES' REPORT

The Trustees present their report and financial statements for the year ended 31 July 2021. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with its Trust Deed and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Structure, governance and management

The Trust is unincorporated, constituted under a Trust Deed dated 22 February 1984 and is a registered charity, number 1041737. The Trust does not actively fundraise and seeks to continue its philanthropic work through the careful stewardship of its existing resources.

The Trustees are appointed by the Board of Trustees. One of the Trustees must be the Campus Dean of St Mary's and he/she is required to resign should he/she cease to hold this office. The Trust Deed provides for a minimum of 4 Trustees and no maximum number of Trustees.

At their annual meeting the Trustees agree the board strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and processing and handling of applications prior to consideration is delegated to the Secretary.

The Trust keeps the skill requirements to the Trustee body under review and, in the event that a Trustee permanently retires or additional new Trustees are required, the board sets up a Nominations Sub-Committee to recruit the new Trustees.

The induction process for any newly appointed Trustees comprises an initial meeting with the Chair and Board, followed by a series of short meetings with the Secretary on investments, the grant making process, powers and responsibilities of the Trustee board.

Objectives and activities

The objects of the Trust is for such purposes as are recognised by the laws of England to be charitable.

The aims of the Trust are:

• To fund research and teaching relating to Imperial College and St Mary's Hospital. The research funded is both pure research and, under the heading of innovation, applied research. The Trust funds the salaries of professors and lecturers where their role includes research activity.

• To finance scholarships to individuals undertaking postgraduate research.

• To provide grants to projects that seek to provide innovations as a form of applied research.

• To improve the infrastructure of the St Mary's campus.

• The objectives for the year are shaped by these strategic aims with a view to maintaining a stable research programme and continue improvements to the infrastructure.

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ST MARY'S DEVELOPMENT TRUST

TRUSTEES' REPORT

Risk management

The charity Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

The main form of risk facing the charity is financial risk arising from the volatility in investment markets due to economic conditions and the attitude of investors to investment risk. Advice is taken from the Trust's investment advisors to help mitigate these risks.

Grant making policy

The Trust invites applications for research grants from Imperial College and St Mary's Hospital employees.

Research posts are funded on an agreed basis to undertake an agreed programme of research. Grants are only continued where the applicant remains in post and are automatically terminated in the event that the named applicant leaves either the College or hospital. In all cases continuation of funding is subject to the research undertaken being in the interests of the Trust and a progress assessment that is satisfactory.

Details of how to apply for grants and scholarships can be obtained from the Secretary.

Public Benefit

The Charities Act 2011 requires all charities to meet the legal requirement that its aims are for the public benefit. The Charity Commission in its Charities and Public Benefits guidance states that there are two key principles to be met in order to show that an organisation's aims are for the public benefit: firstly, there must be an identifiable benefit or benefits and secondly, that the benefit must be to the public or a section of the public. The Trustees consider that they have complied with Section 17 of the Charities Act 2011 including the guidance "Public Benefit: running a charity (PB2)".

In planning our activities for the year we kept in mind the Charity Commission's guidance on public benefit at our Trustees' meetings.

The focus of our activities remains the funding of research and teaching relating to Imperial College and St Mary's Hospital. The research we fund is both pure research and applied research including innovation.

The Trust funds the salaries for both Professors and Lecturers which underpins the College mission.

Our objectives for the year are shaped by our strategic aims with a view to maintaining a stable research programme and continue improvements to the infrastructure.

All research posts are funded on an agreed basis to undertake an agreed programme of research grants and are only continued where the applicant remains in post. In all cases new research grants are subject to peer review.

We welcome all young people regardless of personal background, faith, gender or personal circumstances to apply for scholarships, studentships and undertaking postgraduate research.

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ST MARY'S DEVELOPMENT TRUST

TRUSTEES' REPORT

Achievements and performance

Research grants and research posts

The Trust continues to fund three Professorial Chairs at Imperial College - GU Medicine, Ophthamology and Neurology. It also makes available to Imperial College ten students scholarships/prizes.

Financial Review

The Trust is mainly reliant on the income from its investments, the income from which was £242,902

Resources expended on charitable activities amounted to £203,535.

Gains on investments represented realised and unrealised gains of £1,992,953.

Total funds stood at £11,562,009 , a increase from £9,529,689 as at 31 July 2020, driven by the recovery of the charity's investments which had been impacted by COVID-19 in the previous year.

Investment policy and performance

The Trust Deed authorises the Trustees to invest in securities, property and other investments as they deem necessary. Currently we are invested in a Growth and Income Fund for Charities which is managed by a specialist investment manager.

The Trust's investment strategy is to use a total return approach.

Investment gains amounted to £1,992,953. Investment management was reviewed by the Trustees during the year.

It should be noted that the management charge due to our investment managers is levied directly to the fund and amounted to 0.6% per annum.

Reserves policy and going concern

The Trust's reserves are held for the purposes of making research grants where suitable projects are identified and also assisting in the financing of other charitable expenditure where necessary.

The Trustees' policy is to retain free reserves which are at least sufficient to cover one years total expenditure excluding grants, which equates to approximately £37,000. Out of the remaining reserves which have not been designated, free reserves, which amounted to £4,188,394, are held for the purposes of earning income in the financing of net charitable expenditure.

Whilst the charity has had to make some operational changes as a result of COVID-19, the charity's investments which were impacted in 2020 have subsequently recovered. The Trustees' have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.

Grants awards

In the next 12 months the Trustees will try and continue to support the Campus. There are several significant projects under discussion although no formal decision on grant funding has been made. We will be looking to add value to the possible schemes being currently considered.

It will continue to fund the current research posts and to increase student support in the light of cutbacks in government funding.

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ST MARY'S DEVELOPMENT TRUST

TRUSTEES' REPORT

Key management personnel remuneration

The Trustees consider the Board of Trustees and the secretary/treasurer as comprising the key management personnel of the Trust in charge of directing and controlling the Trust and running and operating the Trust on a regular basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. The pay of the Trust’s secretary/treasurer is reviewed regularly to ensure that the remuneration set is fair, having regard to the nature of the Trust and its economy of operations.

Trustees

The Trustees who served in the year and at the date of this report are as follows:-Professor Dafydd Thomas (chairman) Professor Mark Thursz Baroness Young of Old Scone Michael Gatenby Mr David M. Hunt Dr Sheila D' Souza Professor Desmond Johnston Professor Gareth Tudor-Williams Professor Sarah Fidler Dr Jonathan Hoare

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

The trustees are 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 30 May 2022 and signed on their behalf by Professor D J Thomas.

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ST MARY’S DEVELOPMENT TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ST MARY’S DEVELOPMENT TRUST

Opinion

We have audited the financial statements of St Mary’s Development Trust (“the charity”) on pages 6 to 18 for the year ended 31 July 2021, which comprise the statement of financial activities, the statement of financial position and the notes to the financial statements including significant accounting policies. The financial framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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

• give a true and fair view of the state of the charity’s affairs as at 31 July 2021 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 Trustees’ 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 Trustees with respect to going concern are described in the relevant sections of this report.

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ST MARY’S DEVELOPMENT TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ST MARY’S DEVELOPMENT TRUST

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

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

• sufficient accounting records have not been kept;

• the financial statements are not in agreement with the accounting records and returns, or

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

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ST MARY’S DEVELOPMENT TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ST MARY’S DEVELOPMENT TRUST

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 that 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the charity sector, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with charity regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities (Accounts and Reports) Regulations 2008 and Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries. Audit procedures performed by the auditors included:

• discussions with the Trustees, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud.

• identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale.

There are inherent limitations in the audit procedures described above, and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

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ST MARY’S DEVELOPMENT TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ST MARY’S DEVELOPMENT TRUST

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditorʼs 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’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wilson Wright LLP Chartered Accountants and Statutory Auditors 5 Fleet Place London EC4M 7RD Date: 17 June 2022

Wilson Wright LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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ST MARY'S DEVELOPMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2021

Notes Income Investment income 2 Total income Expenditure Charitable Activities - research grants 4 Total expenditure Gains/(losses) on investments Reconciliation of funds: Fund balances at 1 August 2020 Fund balances at 31 July 2021 Net income/(expenditure) before gains and losses on investments Net income/(expenditure) and net movement in funds	Unrestricted Restricted Total Funds Total Funds Funds Funds 2020 2019 £ £ £ £ 137,784 105,118 242,902 242,060
	137,784 105,118 242,902 242,060
	201,885 1,650 203,535 629,702
	201,885 1,650 203,535 629,702
	(64,101) 103,468 39,367 (387,642) 1,130,483 862,470 1,992,953 (1,085,905)
	1,066,382 965,938 2,032,320 (1,473,547) 5,448,836 4,080,853 9,529,689 11,003,236
	6,515,218 5,046,791 11,562,009 9,529,689

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ST MARY'S DEVELOPMENT TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2021

Notes Fixed Assets Investments 5 Current Assets Debtors 6 Cash at bank Current liabilities 7 Net Current Liabilities Total Assets less Current Liabilities Non current liabilities 8 Net Assets Trust Funds Restricted 9 Unrestricted 10	2021 2020 £ £ £ £ 12,294,032 10,401,079 88,501 78,363 45,172 356,403 133,673 434,766 830,696 1,241,156 (697,023) (806,390) 11,597,009 9,594,689 35,000 65,000 11,562,009 9,529,689 5,046,791 4,080,853 6,515,218 5,448,836 11,562,009 9,529,689	2021 2020 £ £ £ £ 12,294,032 10,401,079 88,501 78,363 45,172 356,403 133,673 434,766 830,696 1,241,156 (697,023) (806,390) 11,597,009 9,594,689 35,000 65,000 11,562,009 9,529,689 5,046,791 4,080,853 6,515,218 5,448,836 11,562,009 9,529,689
	133,673 830,696
		9,594,689 65,000
		9,529,689
		4,080,853 5,448,836
		9,529,689

Approved by the Trustees

Trustee: Professor D J Thomas

Date: 30 May 2022

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ST MARY'S DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

1 Accounting policies

Charity information

St Mary's Development Trust is an unincoporated trust and a registered charity. Its principal office is at Imperial College London, Exhibition Road, London SW7 2AZ

The principal accounting policies adopted and judgement in the preparation of the financial statements are as follows:

1.1 Basis of preparation of accounts

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared in sterling which is the functional currency of the Charity.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charity has had to make some operational changes as a result of the COVID-19 pandemic, However, the Trustees' have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

The financial statements have been prepared on a going concern basis as the Board of Trustees consider there are no material uncertainties existing that may cast significant doubt as to its ability to continue as a going concern.

1.2 Income recognition

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations are recognised when the charity has entitlement to the funds and it is probable that the income will be received and the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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ST MARY'S DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2020

1.3 Expenditure recognition

Liabilities are recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

• Expenditure on charitable activities comprises grants payable and associated costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support it.

Support costs have been allocated between governance costs and other costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees. The basis for allocation or apportionment is explained and analysed on Note 3.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payment(s), settlement is probable and the effect of discounting is material. In the current year, the trustees have established that the potential impact of discounting is considered immaterial. There were no multi-year grants in the transitional period.

All expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.4 Fund accounting:

The following funds are held by the Trust:-

Unrestricted -these are funds which can be used in accordance with the Trust's objects at the discretion of the trustees.

Unrestricted designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

Restricted - these are funds that can only be used for particular restricted purposes. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Investment income, gains and losses are allocated to the appropriate fund, based on the average fund balance.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

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ST MARY'S DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

1.5 Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the reporting date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Holdings in common investment funds are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price.

The Trust does not acquire options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is the volatility in investment markets due to economic conditions and the attitude of investors to investment risk. Advice is taken from the Trust's investment advisors to help mitigate these risks.

1.6 Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.7 Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments which include grant payable and cash and bank balances.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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ST MARY'S DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

		Unrestricted	Restricted	Total Funds	Unrestricted	Restricted	Total Funds
		Funds	Funds	2021	Funds	Funds	2020
2	Investment income	£	£	£	£	£	£
	Income from listed investments	137,771	105,108	242,879	141,125	99,957	241,082
	Interest receivable	13	10	23	615	363	978
		137,784	105,118	242,902	141,740	100,320	242,060
3	Support costs
						2021	2020
						£	£
	Costs directly allocated
	to charitable activities
	Secretarial and treasurer's fees	(key personnel)				18,000	18,000
	Auditors' fee					5,100	5,100
	Auditors' other service - accountancy					14,100	13,800
	Miscellaneous					189	502
	Total					37,389	37,402

No remuneration was paid to the trustees in the year, nor were any expenses reimbursed to them.

No persons were employed by the Trust during the year or in the preceding year.

No related party transactions took place in the year or in the preceding year.

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ST MARY'S DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

Unrestricted Restricted Total Funds Unrestricted Restricted Funds Funds 2021 Funds Funds 4 Charitable Activities - research grants £ £ £ £ £ Imperial College: To fund: academic/applied research Ultrasound database - - - 35,000 - Salary support 102,903 - 102,903 - - For other funding Brain focussed ultrasound - - - 500,000 - Infrastructure (16,732) - (16,732) - - Student bursaries 78,075 - 78,075 53,400 - Sundry 250 1,650 1,900 2,250 1,650 Support costs (note 3) 37,389 - 37,389 37,402 - 201,885 1,650 203,535 628,052 1,650 2021 Reconciliation of Grants Payable: £ Commitments at 1 August 2020 1,285,456 Commitments made in year 203,535 1,488,991 Grants paid during the year 643,995 Commitments at 31 July 2021 844,996 Commitments at 31 July 2021 are payable as follows: Current liabilities (note 7) 809,996 Non-current liabilities (note 8) 35,000 844,996	Unrestricted Restricted Total Funds Unrestricted Restricted Funds Funds 2021 Funds Funds £ £ £ £ £ - - - 35,000 - 102,903 - 102,903 - - - - - 500,000 - (16,732) - (16,732) - - 78,075 - 78,075 53,400 - 250 1,650 1,900 2,250 1,650 37,389 - 37,389 37,402 -	Unrestricted Restricted Total Funds Unrestricted Restricted Funds Funds 2021 Funds Funds £ £ £ £ £ - - - 35,000 - 102,903 - 102,903 - - - - - 500,000 - (16,732) - (16,732) - - 78,075 - 78,075 53,400 - 250 1,650 1,900 2,250 1,650 37,389 - 37,389 37,402 -	Total Funds 2020 £ 35,000 - 500,000 - 53,400 3,900 37,402
	201,885 1,650 203,535	628,052 1,650	629,702
		2021 £ 1,285,456 203,535 1,488,991 643,995 844,996 809,996 35,000 844,996	2020 £ 1,168,344 629,702
			1,798,046 512,590
			1,285,456
			1,220,456 65,000
			1,285,456

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ST MARY'S DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

		2021	2020
5	Fixed Asset Investments	£	£
	At 1 August 2020
	Market value	10,401,079	11,486,984
	Disposal	(100,000)	-
	Realised/unrealised gains/(loss) on investments	1,992,953	(1,085,905)
	Market value at 31 July 2021	12,294,032	10,401,079
	Historical cost at 31 July 2021	7,872,897	7,942,744
	Analysis of investments is as follows:
		2021	2020
		£	£
	UK Listed investments	12,276,383	10,383,430
	Fleming manuscripts	17,650	17,650
		12,294,033	10,401,080
	Investments amounting to more than 5% of the total portfolio:
	Newton Growth and Income Fund for Charities Inc	12,276,383	10,383,430
	The investment managers, Newton Investment Management Limited, charge 0.6% pa		directly to
	the fund in respect of their management fees.
		2021	2020
6	Debtors	£	£
	Other debtors	-	13,152
	Prepayments and accrued income	88,501	65,211
		88,501	78,363
		2021	2020
7	Creditors: Amounts falling due within one year	£	£
	Grants awarded and not yet paid	809,996	1,220,456
	Accruals	20,700	20,700
		830,696	1,241,156
		2021	2020
8	Creditors: Amounts falling due after one year	£	£
	Grants awarded and not yet paid	35,000	65,000

16

ST MARY'S DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

9 Restricted funds Rodney Porter scholarship R.T. Williams Bsc Clinical Research Duncan McKenzie Memorial Fund Glazer Prize Aids Research Sancta Maria Lodge Scholarship Dudley Prize Chair of GU Medicine Chair of Cardiology Sobell Chair of Neurology Kennerley-Bankes Chair of Ophthalmology Student Amenities Money-Kyrle Scholarship Arts Fund Cochlear Implant Transplantation Medicine Cancer Alzheimers Research Student Hardship Elizabeth Green Duncan Curr Memorial Fund Renal Research Fund Restricted funds - previous year Rodney Porter scholarship R.T. Williams Bsc Clinical Research Duncan McKenzie Memorial Fund Glazer Prize Aids Research Sancta Maria Lodge Scholarship Dudley Prize Chair of GU Medicine Chair of Cardiology Sobell Chair of Neurology Kennerley-Bankes Chair of Ophthalmology Student Amenities Money-Kyrle Scholarship Arts Fund Cochlear Implant Transplantation Medicine Cancer Alzheimers Research Student Hardship Elizabeth Green Duncan Curr Memorial Fund Renal Research Fund	At Incoming Outgoing At 1 August 2020 and Gains and Losses 31 July 2021 £ £ £ £ 169,156 40,115 - 209,271 19,775 4,690 - 24,465 1,144,204 271,348 - 1,415,552 21,338 5,060 - 26,398 5,775 1,369 - 7,144 352,454 83,584 - 436,038 47,955 11,373 - 59,328 52,481 12,446 - 64,927 257,046 60,963 - 318,009 197 47 - 244 497,414 117,963 - 615,377 829,043 196,608 - 1,025,651 10,842 2,571 - 13,413 53,365 12,597 (500) 65,462 49,843 11,820 - 61,663 29,399 6,972 - 36,371 10,440 2,476 - 12,916 7,214 1,711 - 8,925 239,999 56,916 - 296,915 62,185 14,747 - 76,932 111,656 26,362 (1,000) 137,018 12,730 3,001 (150) 15,581 96,342 22,849 - 119,191 Movements in Funds
	4,080,853 967,588 (1,650) 5,046,791
	At Incoming At 1 August 2018 and Gains Outgoing 31 July 2019 £ £ £ £ 183,676 4,141 (18,661) 169,156 21,472 484 (2,181) 19,775 1,242,405 28,023 (126,224) 1,144,204 23,169 523 (2,354) 21,338 6,270 142 (637) 5,775 382,703 8,632 (38,881) 352,454 52,069 1,176 (5,290) 47,955 56,985 1,285 (5,789) 52,481 278,918 6,465 (28,337) 257,046 214 5 (22) 197 540,031 12,248 (54,865) 497,414 900,196 20,304 (91,457) 829,043 11,772 266 (1,196) 10,842 58,467 1,313 (6,415) 53,365 54,121 1,221 (5,499) 49,843 31,922 720 (3,243) 29,399 11,336 256 (1,152) 10,440 7,833 177 (796) 7,214 260,597 5,878 (26,476) 239,999 67,518 1,527 (6,860) 62,185 122,206 2,815 (13,365) 111,656 13,978 314 (1,562) 12,730 104,560 2,405 (10,623) 96,342 Movements in Funds
	4,432,418 100,320 (451,885) 4,080,853

17

ST MARY'S DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

9 Restricted funds (continued)

Purposes of restricted funds:

Rodney Porter Scholarship - To support post graduate scholar in Immunology. R.T. Williams - To support research in Pharmacology. Bsc Clinical Research - To support BSc in Clinical Science. Duncan McKenzie memorial Fund - To support BSc research project. Glazer Prize - To support student prize. Aids Research - To support general aids research. Sancta Maria Lodge Scholarship - To support mature scholarship. Dudley Prize - To support student prize. Chair of GU Medicine - To support cost of professional chair. Chair of Cardiology - To support cost of professional chair. Sobell Chair of Neurology - To support academic developments in Neurology. Kennerley-Bankes Chair of Ophthalmology - To support cost of professional chair. Student Amenities - To support student amenities. Money-Kyrle Scholarship - To support student travel scholarships. Arts Fund - To support Imperial College's Medical School's Arts Committee. Cochlear Implant - To support the work of Dr S. Abramovich(ENT Surgeon). Transplantation Medicine - To support academic developments in Transplantation. Cancer - To support cancer research. Alzheimers Research - To support Alzheimers research. Student Hardship - To support student hardship. Elizabeth Green - To support clinical students for overseas post. Duncan Curr Memorial Fund - To support travel to Africa by students on elective. Renal Research Fund - To support renal research and scholarships in education on renal failure and transplant.

10 Unrestricted funds

Designated funds: Academic Research Funds Sir Evelyn de Rothschild Prize Infrastructure Scholarships General fund Unrestricted funds - previous year Designated funds: Academic Research Funds Sir Evelyn de Rothschild Prize Infrastructure Scholarships General fund	Movements in Funds At Incoming Outgoing At 1 August 2020 and Gains and Losses Transfer 31 July 2021 £ £ £ £ £ 676,200 142,954 - 819,154 32,292 7,628 (250) 39,670 1,000,000 - - (500,000) 500,000 931,000 - - 931,000 - 2,809,344 1,117,685 (201,635) 500,000 4,225,394	Movements in Funds At Incoming Outgoing At 1 August 2020 and Gains and Losses Transfer 31 July 2021 £ £ £ £ £ 676,200 142,954 - 819,154 32,292 7,628 (250) 39,670 1,000,000 - - (500,000) 500,000 931,000 - - 931,000 - 2,809,344 1,117,685 (201,635) 500,000 4,225,394
	5,448,836	1,268,267 (201,885) - 6,515,218
		Movements in Funds At Incoming Outgoing At 1 August 2019 and Gains and Losses 31 July 2020 £ £ £ £ 751,984 615 (76,399) 676,200 35,324 794 (3,826) 32,292 1,000,000 - - 1,000,000 931,000 - - 931,000 3,852,510 140,331 (1,183,497) 2,809,344
		6,570,818 141,740 (1,263,722) 5,448,836

Sir Evelyn de Rothschild Prize is awarded to the best student BSC project.

11 Analysis of net assets between funds :

Restricted funds Unrestricted funds	Investments Current Assets Less Creditors Total £ £ £ 5,855,736 (808,945) 5,046,791 6,438,296 76,922 6,515,218
	12,294,032 (732,023) 11,562,009

18