**REGISTERED CHARITY NUMBER: 1041737**
**Trustees' Report and Financial Statements for the Year Ended 31st July 2022**
**for**
**ST MARY'S DEVELOPMENT TRUST**
Simpson Wreford & Partners Chartered Accountants & Statutory Auditors Suffolk House George Street Croydon Surrey CR0 0YN
**ST MARY'S DEVELOPMENT TRUST**
**Contents of the Financial Statements for the year ended 31st July 2022**
||**Page**|
|---|---|
|**Trustees' Report**|1 to 5|
|**Report of the Independent Auditors**|6 to 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Notes to the Financial Statements**|11 to 20|
|**Detailed Statement of Financial Activities**|21|
## **ST MARY'S DEVELOPMENT TRUST**
## **Trustees' Report for the year ended 31st July 2022**
The Trustees present their report and financial statements for the year ended 31 July 2022. 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.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
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.
## **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.
Page 1
## **ST MARY'S DEVELOPMENT TRUST**
## **Trustees' Report for the year ended 31st July 2022**
## **OBJECTIVES AND ACTIVITIES Grantmaking**
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.
## **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.
Page 2
## **ST MARY'S DEVELOPMENT TRUST**
## **Trustees' Report for the year ended 31st July 2022**
## **ACHIEVEMENT AND PERFORMANCE**
## **Research grants and research posts**
The Trust continues to fund three Professorial Chairs at Imperial College - GU Medicine, Ophthalmology 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 £306,579.
Resources expended on charitable activities amounted to £91,081.
Losses on investments represented realised and unrealised gains of £39,349.
Total funds stood at £11,738,158, an increase from £11,562,009 as at 31 July 2021.
## **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 losses for the year amounted to £39,349.
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 £28,000. Out of the remaining reserves which have not been designated, free reserves, which amounted to £6,575,485, are held for the purposes of earning income in the financing of net charitable expenditure.
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. We will continue to fund the current research posts and to increase student support in the light of cutbacks in government funding.
Page 3
## **ST MARY'S DEVELOPMENT TRUST**
## **Trustees' Report**
**for the year ended 31st July 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
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.
## **Key management 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.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1041737
## **Principal address**
Imperial College London Exhibition Road London SW7 2AZ
## **Trustees**
Professor D Thomas Professor M Thursz Baroness Young of Old Scone M Gatenby D M Hunt (resigned 19.1.23) Dr S D'Souza Professor D Johnston Professor G Tudor-Williams Professor S Fidler Dr J Hoare
Page 4
## **ST MARY'S DEVELOPMENT TRUST**
## **Trustees' Report for the year ended 31st July 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS Auditors**
Simpson Wreford & Partners Chartered Accountants & Statutory Auditors Suffolk House George Street Croydon Surrey CR0 0YN
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Trustees' 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Professor D Thomas - Trustee
Page 5
## **Report of the Independent Auditors to the Trustees of St Mary's Development Trust**
## **Opinion**
We have audited the financial statements of St Mary's Development Trust (the 'charity') for the year ended 31st July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31st July 2022 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence 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.
## **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 Report of the Independent Auditors 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 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**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the trustees Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
**Report of the Independent Auditors to the Trustees of St Mary's Development Trust**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We obtained an understanding of the legal and regulatory framework applicable to the entity and the sector in which it operates, through discussions with management and those charged with governance. We identified the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice and the Charities Act 2011, Data Protection Act 2018 and Bribery Act 2010 legislation as being of significance in the context of the charity and its ongoing activities
- We made enquiries with management and those charged with governance to confirm our understanding that the charity continued to comply with the applicable legal and regulatory framework and also to confirm our understanding of the specific policies and procedures enlisted by the charity to ensure ongoing compliance.
- We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the charity's policies and procedures on fraud risks through discussion with the charity's management.
- We considered the risk of material misstatement due to fraud as a result of possible management override of controls and improper revenue recognition. In addressing this risk of fraud we have tested the appropriateness of journal entries and other adjustments including a sample of manual journals along with testing revenue recognition and confirming that cut-off is appropriate.
- We communicated those laws and regulations considered relevant to the charity, and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations, and remained alert to any indications of fraud throughout the audit.
Page 7
## **Report of the Independent Auditors to the Trustees of St Mary's Development Trust**
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Simpson Wreford & Partners Chartered Accountants & Statutory Auditors Suffolk House George Street Croydon Surrey CR0 0YN
Date: .............................................
Page 8
## **ST MARY'S DEVELOPMENT TRUST**
## **Statement of Financial Activities for the year ended 31st July 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
**Charitable activities**
3
Charitable
Support costs
**Total**
Net gains/(losses) on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
funds
funds
£
£
171,739
134,840
61,531
1,650
27,900
-
89,431
1,650
(22,041)
(17,308)
60,267
115,882
6,515,218
5,046,791
6,575,485
5,162,673|31.7.22
Total
funds
£
306,579
63,181
27,900
91,081
(39,349)
176,149
11,562,009
11,738,158|31.7.21
Total
funds
as restated
£
242,902
166,146
37,389
203,535
1,992,953
2,032,320
9,529,689
11,562,009|
|---|---|---|---|
The notes form part of these financial statements
Page 9
## **ST MARY'S DEVELOPMENT TRUST**
## **Balance Sheet 31st July 2022**
|Notes
**FIXED ASSETS**
Investments
9
**CURRENT ASSETS**
Debtors
10
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
12
**NET ASSETS**
**FUNDS**
13
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
Restricted
funds
funds
£
£
6,389,587
5,865,096
118,446
-
79,602
-
198,048
-
(12,150)
(264,756)
185,898
(264,756)
6,575,485
5,600,340
-
(437,667)
6,575,485
5,162,673|31.7.22
Total
funds
£
12,254,683
118,446
79,602
198,048
(276,906)
(78,858)
12,175,825
(437,667)
11,738,158
6,575,485
5,162,673
11,738,158|31.7.21
Total
funds
as restated
£
12,294,032
88,501
45,172
133,673
(301,790)
(168,117)
12,125,915
(563,906)
11,562,009
6,515,218
5,046,791
11,562,009|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 10
**ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements for the year ended 31st July 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
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.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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 shown inclusive of irrecoverable VAT.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 11
**ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued for the year ended 31st July 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial Instruments. Basic financial instruments are recognised at amortised cost or as specified in the preceding accounting policies. As there are currently no long term financial instruments, the transaction value and settlement value will be the same.
## **2. INVESTMENT INCOME**
|Income from listed investments
Interest receivable|31.7.22
£
306,548
31
306,579|31.7.21
£
242,879
23|
|---|---|---|
|||242,902|
## **3. CHARITABLE ACTIVITIES COSTS**
|Charitable
Support costs|Support
Direct
costs (see
Costs
note 4)
£
£
63,181
-
-
27,900
63,181
27,900|Totals
£
63,181
27,900|
|---|---|---|
|||91,081|
## **4.**
## **SUPPORT COSTS**
Support costs, included in the above, are as follows:
|Support costs, included in the above, are as follows:|||
|---|---|---|
||31.7.22|31.7.21|
||£|£|
|Secretary and treasurer fees|18,000|18,000|
|Auditor's fee|4,000|5,100|
|Accountancy|5,900|14,100|
|Miscellaneous|-|189|
||27,900|37,389|
continued...
Page 12
**ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued for the year ended 31st July 2022**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st July 2022 nor for the year ended 31st July 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st July 2022 nor for the year ended 31st July 2021.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
**Charitable activities**
Charitable
Support costs
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
137,784
164,496
37,389
201,885
1,130,483
1,066,382
5,448,836
6,515,218|Restricted
funds
£
105,118
1,650
-
1,650
862,470
965,938
4,080,853
5,046,791|Total
funds
£
242,902
166,146
37,389
203,535
1,992,953
2,032,320
9,529,689
11,562,009|
|---|---|---|---|
continued...
Page 13
**ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued for the year ended 31st July 2022**
## **7. PRIOR YEAR ADJUSTMENT**
Included within creditors are grants that have been awarded, but are yet to be drawn down, of £702,423. Having reviewed these commitments, the trustees have identified that the proportion stated as payable within one year includes grants totalling £437,667 that will not be paid out until at least 31st July 2023. These commitments have therefore been reflected on the balance sheet as due after more than one year.
As these commitments were incorrectly reflected in the previous year's accounts, an adjustment has been made to the prior year comparative figures to restate the creditors accordingly. The impact of this is to move £528,906 from creditors falling due within one year to creditors due after more than one year. This has no impact on the Statement of Financial Activities, nor the fund balances.
## **8. GAINS AND LOSSES ON INVESTMENTS**
Gains or losses on disposals in the year are calculated by reference to the carrying value of the holding as at the date of sale.
## **9. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1st August 2021
Revaluations
At 31st July 2022
**NET BOOK VALUE**
At 31st July 2022
At 31st July 2021
Historical cost|Listed
investments
£
12,276,382
(39,349)
12,237,033
12,237,033
12,276,382
7,872,897|Unlisted
investments
£
17,650
-
17,650
17,650
17,650|
Totals
£
12,294,032
(39,349)
12,254,683
12,254,683
12,294,032|
|---|---|---|---|
There were no investment assets outside the UK.
The charity held investments in Newton Growth and Income Fund for Charities Inc of £12,237,033 (2021 - £12,276,383), which amount to more than 5% of the total portfolio.
The investment managers, Newton Investment Management Limited, charge 0.6% pa directly to the fund in respect of their management fees.
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.
continued...
Page 14
## **ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued**
**for the year ended 31st July 2022**
|**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Prepayments and accrued income
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Grants awarded not yet paid
Accrued expenses
**12.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Grants awarded not yet paid|31.7.22
£
118,446
31.7.22
a
£
45,160
219,596
12,150
276,906
31.7.22
a
£
437,667|31.7.21
£
88,501
31.7.21
s restated
£
-
281,090
20,700
301,790
31.7.21
s restated
£
563,906|
|---|---|---|
continued...
Page 15
## **ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued for the year ended 31st July 2022**
## **13. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Designated funds:
Academic Research Funds
Sir Evelyn de Rothschild Prize
Infrastructure
Scholarships
**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
**TOTAL FUNDS**|At 1.8.21
£
4,225,394
819,154
39,670
500,000
931,000
6,515,218
209,271
24,465
1,415,552
26,398
7,144
436,038
59,328
64,927
318,009
244
615,377
1,025,651
13,413
65,462
61,663
36,371
12,916
8,925
296,915
76,932
137,018
15,581
119,191
5,046,791
11,562,009|Net
movement
in funds
£
7,179
19,083
668
11,648
21,689
60,267
4,875
570
32,977
615
166
10,158
1,382
1,513
7,408
6
14,336
23,894
312
1,013
1,437
847
301
208
6,917
1,792
2,169
209
2,777
115,882
176,149|
At
31.7.22
£
4,232,573
838,237
40,338
511,648
952,689
6,575,485
214,146
25,035
1,448,529
27,013
7,310
446,196
60,710
66,440
325,417
250
629,713
1,049,545
13,725
66,475
63,100
37,218
13,217
9,133
303,832
78,724
139,187
15,790
121,968
5,162,673
11,738,158|
|---|---|---|---|
continued...
Page 16
## **ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued for the year ended 31st July 2022**
## **13. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Designated funds:
Academic Research Funds
Sir Evelyn de Rothschild Prize
Infrastructure
Scholarships
**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
**TOTAL FUNDS**|Incoming
resources
£
118,401
19,083
918
11,648
21,689
171,739
5,593
654
37,833
706
191
11,654
1,586
1,736
8,499
7
16,447
27,412
356
1,736
1,649
972
345
238
7,936
2,056
3,636
412
3,186
134,840
306,579|Resources
expended
£
(89,181)
-
(250)
-
-
(89,431)
-
-
-
-
-
-
-
-
-
-
-
-
-
(500)
-
-
-
-
-
-
(1,000)
(150)
-
(1,650)
(91,081)|Gains and
Movement
losses
in funds
£
£
(22,041)
7,179
-
19,083
-
668
-
11,648
-
21,689
(22,041)
60,267
(718)
4,875
(84)
570
(4,856)
32,977
(91)
615
(25)
166
(1,496)
10,158
(204)
1,382
(223)
1,513
(1,091)
7,408
(1)
6
(2,111)
14,336
(3,518)
23,894
(44)
312
(223)
1,013
(212)
1,437
(125)
847
(44)
301
(30)
208
(1,019)
6,917
(264)
1,792
(467)
2,169
(53)
209
(409)
2,777
(17,308)
115,882
(39,349)
176,149|
|---|---|---|---|
continued...
Page 17
## **ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued for the year ended 31st July 2022**
## **13. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Designated funds:
Academic Research Funds
Sir Evelyn de Rothschild Prize
Infrastructure
Scholarships
**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
**TOTAL FUNDS**|At 1.8.20
£
2,809,344
676,200
32,292
1,000,000
931,000
5,448,836
169,156
19,775
1,144,204
21,338
5,775
352,454
47,955
52,481
257,046
197
497,414
829,043
10,842
53,365
49,843
29,399
10,440
7,214
239,999
62,185
111,656
12,730
96,342
4,080,853
9,529,689|Net
movement
in funds
£
916,050
142,954
7,378
-
-
1,066,382
40,115
4,690
271,348
5,060
1,369
83,584
11,373
12,446
60,963
47
117,963
196,608
2,571
12,097
11,820
6,972
2,476
1,711
56,916
14,747
25,362
2,851
22,849
965,938
2,032,320|Transfers
between
funds
£
500,000
-
-
(500,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|At
31.7.21
£
4,225,394
819,154
39,670
500,000
931,000
6,515,218
209,271
24,465
1,415,552
26,398
7,144
436,038
59,328
64,927
318,009
244
615,377
1,025,651
13,413
65,462
61,663
36,371
12,916
8,925
296,915
76,932
137,018
15,581
119,191
5,046,791
11,562,009|
|---|---|---|---|---|
continued...
Page 18
## **ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued for the year ended 31st July 2022**
## **13. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Designated funds:
Academic Research Funds
Sir Evelyn de Rothschild Prize
**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
**TOTAL FUNDS**|Incoming
resources
£
137,784
-
-
137,784
4,360
510
29,491
550
149
9,084
1,236
1,353
6,625
15
12,820
21,368
279
1,353
1,285
758
269
186
6,186
1,603
2,834
321
2,483
105,118
242,902|Resources
expended
£
(201,635)
-
(250)
(201,885)
-
-
-
-
-
-
-
-
-
-
-
-
-
(500)
-
-
-
-
-
-
(1,000)
(150)
-
(1,650)
(203,535)|Gains and
losses
£
979,901
142,954
7,628
1,130,483
35,755
4,180
241,857
4,510
1,220
74,500
10,137
11,093
54,338
32
105,143
175,240
2,292
11,244
10,535
6,214
2,207
1,525
50,730
13,144
23,528
2,680
20,366
862,470
1,992,953|Movement
in funds
£
916,050
142,954
7,378
1,066,382
40,115
4,690
271,348
5,060
1,369
83,584
11,373
12,446
60,963
47
117,963
196,608
2,571
12,097
11,820
6,972
2,476
1,711
56,916
14,747
25,362
2,851
22,849
965,938
2,032,320|
|---|---|---|---|---|
continued...
Page 19
**ST MARY'S DEVELOPMENT TRUST**
## **Notes to the Financial Statements - continued for the year ended 31st July 2022**
## **14. PURPOSE 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.
## **15. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st July 2022 (2021: £Nil).
Page 20
## **ST MARY'S DEVELOPMENT TRUST**
||**Detailed Statement of Financial Activities**|||
|---|---|---|---|
||**for the year ended 31st July 2022**|||
|||31.7.22|31.7.21|
||||as restated|
|||£|£|
|**INCOME AND ENDOWMENTS**||||
|**Investment income**||||
|Income from listed investments||306,548|242,879|
|Interest receivable||31|23|
|||306,579|242,902|
|**Total incoming resources**||306,579|242,902|
|**EXPENDITURE**||||
|**Charitable activities**||||
|Salary support||-|102,903|
|Infrastructure||-|(16,732)|
|Student bursaries||60,000|78,075|
|Sundry||3,181|1,900|
|||63,181|166,146|
|**Support costs**||||
|**Management**||||
|Secretary and treasurer fees||18,000|18,000|
|Auditor's fee||4,000|5,100|
|Accountancy||5,900|14,100|
|Miscellaneous||-|189|
|||27,900|37,389|
|Total resources expended||91,081|203,535|
|**Net income**||215,498|39,367|
This page does not form part of the statutory financial statements
Page 21