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2023-07-31-accounts

REGISTERED CHARITY NUMBER: 1041737

Trustees' Report and Financial Statements for the Year Ended 31st July 2023

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 2023

Page
Trustees' Report 1 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 16

ST MARY'S DEVELOPMENT TRUST

Trustees' Report for the year ended 31st July 2023

The Trustees present their report and financial statements for the year ended 31 July 2023. 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:

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 2023

OBJECTIVES AND ACTIVITIES - continued

Grant making

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.

ACHIEVEMENTS 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 £299,582.

Resources expended on charitable activities amounted to £403,979, which includes a donation of £250,000 to Imperial Health Charity to part fund St Mary’s Hospital’s low frequency brain focussed ultrasound project.

Gains on investments represented realised and unrealised gains of £266,962.

At 31[st] July 2023, total funds stood at £11,948,882, an increase from £11,738,158 as at 31 July 2022.

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 for the year amounted to £266,962.

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.

Page 2

ST MARY'S DEVELOPMENT TRUST

Trustees' Report

for the year ended 31st July 2023

Reserves policy and going concern - continued

The Trustees' policy is to retain free reserves which are at least sufficient to cover one year’s total expenditure excluding grants, which equates to approximately £29,000. Out of the remaining reserves which have not been designated, the Trust’s free reserves, which amounted to £6,642,826, 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.

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 four 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 of 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

Page 3

ST MARY'S DEVELOPMENT TRUST

Trustees' Report for the year ended 31st July 2023

REFERENCE AND ADMINISTRATIVE DETAILS - continued Trustees

Professor D Thomas Professor M Thursz Baroness Young of Old Scone M Gatenby D M Hunt (resigned 19[th] January 2023) Dr S D'Souza Professor D Johnston Professor G Tudor-Williams Professor S Fidler Dr J Hoare Professor G Cooke (appointed 15[th] May 2023)

Auditors

Simpson Wreford & Partners Chartered Accountants & Statutory Auditors Suffolk House George Street Croydon 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 require 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

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.

30th May 2024

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Professor D Thomas - Trustee

Page 4

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 2023 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:

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:

Page 5

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:

Page 6

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: ............................................. 30th May 2024

Page 7

ST MARY'S DEVELOPMENT TRUST

Statement of Financial Activities (incorporating the Income and Expenditure Account) for the year ended 31 July 2023

Note
INCOME FROM
Donations received
Investment income
2
EXPENDITURE ON
Charitable activities
3
Charitable
Support costs
Net income/(expenditure)
Net gains/(losses) on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds at 31 July 2023		 Unrestricted
funds
£
45,159
166,356
211,515
263,054
29,363
292,417
(80,902)
148,243
67,341
6,575,485
6,642,826		 Restricted
funds
£
3,000
133,226
136,226
111,562
-
111,562
24,664
118,719
143,383
5,162,673
5,306,056		 Total funds
year to
31 July 2023
£
48,159
299,582
347,741
374,616
29,363
403,979
(56,238)
266,962
210,724
11,738,158
11,948,882		 Total funds
year to
31 July 2022
£
-
306,579
306,579
63,181
27,900
91,081
215,498
(39,349)
176,149
11,562,009
11,738,158

All amounts are from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes form part of these financial statements.

Page 8

ST MARY'S DEVELOPMENT TRUST

Charity number: 1041737

Balance Sheet as at 31st July 2023

Note
FIXED ASSETS
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
11
NET ASSETS
FUNDS
Unrestricted
12
Restricted funds
12		 Unrestricted
funds
£
6,940,726
52,780
118,857
171,637
(179,537)
(7,900)
6,932,826
(290,000)
6,642,826		 Restricted
funds
£
5,580,919
42,268
-
42,268
(138,732)
(96,464)
5,484,455
(178,399)
5,306,056		 Total
2023
£
12,521,645
95,048
118,857
213,905
(318,269)
(104,364)
12,417,281
(468,399)
11,948,882
6,642,826
5,306,056
11,948,882		 Total
2022
£
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

The financial statements were approved and authorised for issue by the Trustees on…………...………………..and were signed below30th May 2024 on their behalf by:

…………………………………………

Professor D Thomas Trustee

The notes form part of these financial statements.

Page 9

ST MARY'S DEVELOPMENT TRUST

Notes to the Financial Statements for the year ended 31st July 2023

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..

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.

Page 10

ST MARY'S DEVELOPMENT TRUST

Notes to the Financial Statements for the year ended 31st July 2023

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.

INCOME FROM INVESTMENTS
Income from listed investments
Bank interest		 Total funds
Total funds
year to
year to
31 July 2023
31 July 2022
£
£
298,336
306,548
1,246
31
299,582
306,579

2. INCOME FROM INVESTMENTS

3. CHARITABLE ACTIVITIES COSTS

Grants awarded
Grants awarded in prior years no longer required
Support costs
SUPPORT COSTS
Secretary and treasurer fees
Auditor's fees
Accountancy
Miscellaneous		 Direct
costs
£
448,653
(74,037)
-
374,616		 Support
costs
(see note 4)
£
-
-
29,363
29,363
Total funds
year to
31 July 2023
£
19,800
4,000
5,000
563
29,363		 Totals
£
448,653
(74,037)
29,363
403,979
Total funds
year to
31 July 2022
£
18,000
4,000
5,900
-
27,900

4. SUPPORT COSTS

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st July 2023 nor for the year ended 31st July 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st July 2023 nor for the year ended 31st July 2022.

Page 11

ST MARY'S DEVELOPMENT TRUST

Notes to the Financial Statements for the year ended 31st July 2023 - continued

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Charitable activities
Charitable
Support costs
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
Net gains/(losses) on investments
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
171,739
61,531
27,900
89,431
(22,041)
60,267
6,515,218
6,575,485		 Restricted
Total
funds
funds
£
£
134,840
306,579
1,650
63,181
-
27,900
1,650
91,081
(17,308)
(39,349)
115,882
176,149
5,046,791
11,562,009
5,162,673
11,738,158

7. 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.

8. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1st August 2022
Revaluations
At 31st July 2023
Historical cost		 Listed
investments
£
12,237,033
266,962
12,503,995
7,872,897		 Unlisted
investments
£
17,650
-
17,650		 Totals
£
12,254,683
266,962
12,521,645

There were no investment assets outside the UK.

The charity held investments in Newton Growth and Income Fund for Charities Inc of £12,503,994 (2022 - £12,237,033), 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.

Page 12

ST MARY'S DEVELOPMENT TRUST

Notes to the Financial Statements for the year ended 31st July 2023 - continued

8. FIXED ASSET INVESTMENTS - continued

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

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.

9. DEBTORS

DEBTORS
Prepayments and accrued income
CREDITORS: amounts falling due within one year
Grants awarded not yet paid
Other creditors
Accrued expenses
CREDITORS: amounts falling due after more than one year
Grants awarded not yet paid		 2023
£
95,048
2023
£
307,619
-
10,650
318,269
2023
£
468,399		 2022
£
118,446
2022
£
219,596
45,160
12,150
276,906
2022
£
437,667

10. CREDITORS: amounts falling due within one year

11. CREDITORS: amounts falling due after more than one year

Page 13

ST MARY'S DEVELOPMENT TRUST

Notes to the Financial Statements for the year ended 31st July 2023 - continued

12. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated funds:
Academic Research Funds
Sir Evelyn de Rothschild Prize
Infrastructure
Scholarships
Restricted funds
Roger Bannister Scholarship
TOTAL FUNDS
Arts Fund
Rodney Porter Scholarship
R.T. Williams
Bsc Clinical Research
Duncan McKenzie Memorial Fund
Glazer Prize
Elizabeth Green
Duncan Curr Memorial Fund
Renal Research Fund
Cochlear Implant
Transplantation Medicine
Cancer
Alzheimers Research
Student Hardship
Aids Research
Sancta Maria Lodge Scholarship
Dudley Prize
Kennerley-Bankes Chair of Ophthalmology
Student Amenities
Money-Kyrle Scholarship
Chair of GU Medicine
Chair of Cardiology
Sobell Chair of Neurology		 Balance at
1 August
2022
£
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		 Incoming
resources
£
67,196
1,054
6,878
25,045
111,343
211,515
5,629
658
38,079
710
192
11,162
1,596
1,747
8,554
7
16,554
27,591
361
1,734
1,659
978
347
240
7,987
191
3,633
411
3,206
3,000
136,226
347,741		 Resources
expended
£
(42,167)
-
(250)
(250,000)
-
(292,417)
-
-
-
-
-
(21,596)
-
-
-
-
-
(13,316)
-
(500)
-
-
-
-
-
(75,000)
(1,000)
(150)
-
-
(111,562)
(403,979)		 Investment
gains/losses
£
19,638
939
6,129
22,318
99,219
148,243
5,016
586
33,934
633
171
9,946
1,422
1,556
7,623
6
14,751
24,587
322
1,545
1,478
872
310
214
7,117
170
3,237
366
2,857
-
118,719
266,962		 Balance at
31 July
2023
£
4,277,240
840,230
53,095
309,011
1,163,251
6,642,826
224,791
26,279
1,520,542
28,356
7,673
445,708
63,728
69,743
341,594
263
661,018
1,088,407
14,408
69,254
66,237
39,068
13,874
9,587
318,936
4,085
145,057
16,417
128,031
3,000
5,306,056
11,948,882

Page 14

ST MARY'S DEVELOPMENT TRUST

Notes to the Financial Statements for the year ended 31st July 2023 - continued

13. COMPARATIVE MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated funds:
Academic Research Funds
Sir Evelyn de Rothschild Prize
Infrastructure
Scholarships
Restricted funds
TOTAL FUNDS
R.T. Williams
Bsc Clinical Research
Duncan McKenzie Memorial Fund
Glazer Prize
Duncan Curr Memorial Fund
Renal Research Fund
Arts Fund
Aids Research
Sancta Maria Lodge Scholarship
Dudley Prize
Chair of GU Medicine
Chair of Cardiology
Rodney Porter Scholarship
Cochlear Implant
Transplantation Medicine
Cancer
Alzheimers Research
Student Hardship
Sobell Chair of Neurology
Kennerley-Bankes Chair of Ophthalmology
Student Amenities
Money-Kyrle Scholarship
Elizabeth Green		 Balance at
1 August
2021
£
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		 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)		 Investment
gains/losses
£
(22,041)
-
-
-
-
(22,041)
(718)
(84)
(4,856)
(91)
(25)
(1,496)
(204)
(223)
(1,091)
(1)
(2,111)
(3,518)
(44)
(223)
(212)
(125)
(44)
(30)
(1,019)
(264)
(467)
(53)
(409)
(17,308)
(39,349)		 Balance at
31 July
2022
£
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

Page 15

ST MARY'S DEVELOPMENT TRUST

Notes to the Financial Statements for the year ended 31st July 2023 - continued

13. 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. Roger Bannister Scholarship - To support academic developments in Neurology.

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st July 2023 (2022: £nil).

Page 16