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2022-07-31-accounts

QUEEN MARY, UNIVERSITY OF LONDON FOUNDATION (Company Limited by guarantee)

Annual Report and Financial Statements

For the year ended 31 July 2022

Company Registration Number 05718176 Charity Registration Number 1113376

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Queen Mary, University of London Foundation

Contents Page
Trustees’ Report 3
Reference and administrative details 3
Structure, governance and management 4
Objectives, Activities and Performance 5
Financial Review 8
Plans for Future Periods 9
Statement of Trustees’ responsibilities 10
Independent Auditor’s Report 12
Statement of Financial Activities for the year ended 31 July 2022 16
Balance Sheet at 31 July 2022 17
Notes to the financial statements for the year ended 31 July 2022 18

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT

The Trustees present their annual report along with the audited financial statements of Queen Mary, University of London Foundation for the year ended 31 July 2022. The Trustees’ Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The financial statements have been prepared in accordance with the accounting policies set out on page 18 and comply with the charity’s memorandum and articles of association and applicable law.

Reference and Administrative Details

The Trustees and Directors who were in office during the year and up to the date of signing of the financial statements were:

Lord T Clement-Jones Professor C Bailey Mr L Savage (to 18 November 2021) (Replacement in progress) Company Secretary Miss Nilufa Yasmin Mrs Celeste Bright (from 24 March 2022) Company Registration Number 05718176, registered in England Charity Registration Number 1113376, registered in England Principal Address & Registered Office Queen Mary University of London Mile End Road London E1 4NS Independent Auditor BDO LLP Statutory Auditor 2 City Place Beehive Ring Road Gatwick West Sussex RH6 0PA Solicitors Farrer & Co LLP 66 Lincoln Inn Fields London WC2A 3LH Banker Royal Bank of Scotland Charing Cross Commercial Centre 3[rd] Floor – Cavell House 2a Charing Cross Road London WC2H 0NN

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

Structure, Governance and Management

Constitution

Queen Mary, University of London Foundation (the Foundation) was established in 2006 to promote, for the public benefit, the provision of education, teaching and research and the publication of the results of such research at Queen Mary University of London (QMUL) and any other charitable bodies with which QMUL acts in co-operation.

Queen Mary, University of London Foundation is a company limited by guarantee and a charity registered under charity number 1113376.

The Charity is governed by the Trustees.

The members of the Charity guarantee that if the Charity is dissolved while he, she or it remains a member or within 12 months afterwards, to pay up to £10 towards the costs of dissolution and the liabilities incurred by the Charity while he, she or it was a member.

Relationship with QMUL

The Charity’s results are consolidated in the group financial statements of QMUL which is a Russell Group university incorporated by Royal Charter. Whilst QMUL does not have an equity holding in Queen Mary University of London Foundation, it is treated as a subsidiary in the consolidated financial statements on the basis that the Trustees of the charity, who are also the members of the charity, are appointed by and in the employ of QMUL. By virtue of this relationship QMUL is able to govern the financial and operating policies of the charity and obtain benefits from its activities.

Organisation and Appointment of Trustees

The Trustees, who also act as Directors of the limited company, who served during the year and since the year end are set out on page 3.

In addition to the ex officio Trustees, the Memorandum and Articles of Association state that there may be up to 3 persons appointed by the Trustees who may be either staff of QMUL or members of its Council.

The Memorandum and Articles of Association state that there may be up to 9 persons appointed by the Trustees who are neither members of Council nor staff of QMUL. No such persons have been appointed by the Trustees to date.

Induction of new Trustees

There is a process of induction for new Trustees which includes the provision of key information on the Foundation and guidelines on the responsibilities of Trustees and Directors. Each Trustee is given a document explaining their expected role as a Foundation Trustee; this includes a brief history of the Foundation and the philanthropic income it hosts, and a copy of the latest financial statements. All Trustees are ex officio and will also have received mandatory training as part of their induction onto QMUL Council.

Organisational Structure and Decision Making

The Trustees retain responsibility for all policy and decision making. The Board of Trustees meets to discuss and make decisions on the management and operation of the Foundation. The Company Secretary of the Foundation and officers, who are employees of QMUL, undertake the administration of the Foundation. The day-to-day management of the Foundation does not involve any significant requirement for executive decision making. The Foundation does not directly employ staff; a donation

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

in kind is made to the Foundation by QMUL for the work that is undertaken by its staff. The amount of the donation in kind in 2021/22 was £575,517 (£380,871: 2020/21).

Identification of Risks

The Trustees have not deemed it necessary to set up separate Finance and Audit and Risk Committees but review the risks associated with the funds held at the Foundation Board meetings. The Board awards grants from the annual fund directly to projects within QMUL and the Students Union which are monitored and transferred to those bodies, as appropriate, on behalf of the Board by the Development and Alumni directorate, the Director of which is Company Secretary to the Board.

The Charity’s exposure to risk is limited as it incurs no direct expenditure. All expenses incurred by the Foundation are met by Queen Mary. The Foundation has no staff, and all support and administration costs are donated by Queen Mary, including the audit fee. The Foundation has no liabilities arising for expenditure incurred.

Risk remains limited with regard to fundraising. Income is only disbursed on receipt and not directed towards committed expenditure on the basis of projections. However, fundraising targets will increase significantly over the next three years and a failure to meet these could pose a risk to institutional projects. This has been addressed by: (a) growing the fundraising team, including the recent appointment of a Head of Development; (b) increased resource for prospect research.

The most significant risk to the Charity would be if QMUL were to cease its support, however there is no expectation that this will happen, and the University has committed to continue supporting the Charity and increasing the scope of its activities.

Permanent endowment funds and grants which are not expected to be expended within a year, which have been donated for QMUL purposes, are also donated to QMUL to be managed and expended in line with their original restrictions. This allows the funds to benefit from QMUL’s investment strategy for the endowment portfolio.

Any cash held within the Foundation is invested through the Royal Bank of Scotland.

The Trustees are mindful of their responsibilities in accepting philanthropic gifts into the Foundation and have agreed that the Foundation will abide by QMUL’s published policy on this issue.

Objectives, Activities and Performance

Objectives of the Foundation

The objectives of the Foundation, as detailed by its Memorandum and Articles of Association, are to promote for the public benefit education and scholarship by, in particular, promoting and supporting the provision of education, teaching and research and the publication of the results of such research at QMUL and any other charitable bodies with which QMUL acts in co-operation. The Foundation seeks to complement the work of QMUL.

QMUL will build on its distinctive position as a leading research-based higher education institution with a strong commitment to engagement in its London location. QMUL will achieve this through:

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

In pursuance of the above objective, the Foundation currently supports QMUL in achieving the aims set out in its ‘Strategy 2030’. The Foundation provides the administrative framework through which donations and legacies can be received to further QMUL’s strategic objectives.

Public Benefit

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, “Charities and Public Benefit”.

The Trustees are keenly aware of their responsibilities to ensure that income is spent on the purposes for which it was given. Thus, income from the Annual Fund comprises gifts received from alumni, staff and friends which has been donated to QMUL to support a range of scholarships, hardship funding and projects which provide new opportunities for students. The funding for each of these areas has been given in line with the wishes of the donors to the Foundation, who may specify whether they wish to provide financial support for students (both undergraduate and postgraduate), support new projects or allow the gift to be used in either of these ways at the discretion of the Trustees.

The Foundation received income from a number of sources to support specific activities at QMUL outside of the Annual Fund, ranging from additional student financial support to funding for research in the field of Physics. Again, the corresponding sums and any interest accrued have either already been donated to QMUL to support the donor’s intended beneficiary/beneficiaries or will be donated at the appropriate time in the next financial year.

Performance

The Foundation is the principal conduit to receive philanthropic income for Queen Mary which better facilitates due diligence and donor stewardship. There have been substantial transfers in the year from corporates (e.g. Deepmind Technologies for scholarships) and Trusts and Foundations (e.g. The Horne Family Charitable Foundation for a PhD studentship) and these have been recognised in line with performance conditions where appropriate. There have also been donations from individuals (e.g. a £50,000 gift for the Barts Cancer Institute) and legacies (including £100,000 for Physics scholarship).

The Foundation has no specific financial targets, but is tasked with supporting those of Queen Mary’s Development function, which will be encapsulated within a Development KPI. The logistics of receipt and disbursement will be included within a forthcoming Operations Services KPI.

Activities

The Foundation has received and disbursed monies relating to the following projects:

The Annual Fund

The Foundation received £124,696 (£114,484: 2020/21) in income during the year towards the three areas of the Annual Fund (QM Fund; Barts & the London Fund; Dental Centenary Fund). This comprised a combination of cash and direct debit gifts received from alumni, staff and friends. These funds include ongoing payments from Direct Debits established during previous telephone campaigns held annually between 2011 and 2019, and a spring telephone campaign held in 2022.

The Georgina Hutchinson Cancer Research Fund - Queen Mary’s Barts Cancer Research Institute Two gifts of £50,000 were received in support of Professor John Gribben’s work on cancer research, via the Georgina Hutchinson Cancer Research Fund, from Mr. Paul Bentham and another donor. The fund was initially set up in honour of Jo Hannaford’s and Jane Aldridge's mother. A total of £139,534 was received in previous years (£75,958: 2020/21; £63,576: 2019/20).

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

PhD Studentship Support – Institute of Dentistry

A pledge of £150,000 was received towards supporting one PhD Studentship on Oral Cancer over a period of three years, within Queen Mary’s Institute of Dentistry. The first £50,000 disbursement was received in December 2021, from Enactor Ltd. The remaining £100,000 has been accrued.

CORONAVIT Trial

Donations totalling £13,041 (2020/21: £480,565) were received from various donors, in support of Professor Adrian Martineau’s clinical trial of Vitamin D’s role in reducing the incidence and severity of COVID-19 and other acute respiratory infections (CORONAVIT).

PhD Studentship Support – Multiple Sclerosis Research

The Horne Family Charitable Foundation have pledged to support two PhD Studentships on Multiple Sclerosis Research, for a period of three years, with a total of £220,000. Disbursements totalling £76,283 have been received in the year.

Multiple Sclerosis Research

A gift of £10,000 was received from The Happy Charitable Trust, in support of Professor Gavin Giovannoni’s research work on Multiple Sclerosis.

Gift for Cancer Research

A gift of £1,000,000 was received from Mr Andrew McCutcheon (MNC Ltd), in support of the cancer research work undertaken by Professor Tom Powles (£300,000 to be allocated towards his work) and Professor Peter Schmid (£700,000 to be allocated towards his research) which had been accrued at 31[st] July 2021.

SPA Andurand - Berman Research Grant

A gift of £157,187 was received from Mr Pierre Andurand, towards funding Prof David Berman’s research on the interface between theoretical physics and machine learning. This was the second instalment of a total of £479,048. The last instalment, totalling £159,272 is due in 2022/2023.

The DeepMind Scholarships

A total of £346,662 was given by DeepMind in support of the establishment of nine scholarships in the field of artificial intelligence, machine learning and computer science.

A further total of £422,107 was given by DeepMind in support of the establishment of scholarships beginning in the academic year 2022/2023 and this income has been deferred.

TATA Consultancy Services Scholarship

£100,000 was received in support of up to 20 partial scholarships (50% of the tuition fee) for ten female students of the BSc in Computer Science and ten students of the BSc in Computer Science who come from low-income households. £92,500 was also received towards this purpose in 2020/2021.

School of English and Drama

A donation of £7,308 was received from the Val A. Browning Charitable Foundation towards the School of English and Drama.

Hackney Scholarship

£6,000 was received from the Derek Shuttleworth Educational Trust.

Modern Languages Scholarships

£15,000 was received from Jane Steward for modern languages scholarships.

Research of Deepak Dinkar

£12,500 including Gift Aid was received from Prof Sir Colin Humphries towards the research of Deepak Dinkar.

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

Peel Hunt

£18,500 received from Peel Hunt LLP for scholarships aimed at supporting students from households with the lowest levels of financial support. These scholarships commence in the academic year 2022/23 and the income has been deferred.

Syed Hamid Scholarship

£8,000 received (£7,000: 2020/21) – Mr Hamid is a friend to Queen Mary University of London and provides two named scholarships (£2,500 each) and two named bursaries (£1,500 each) for final-year undergraduate students from a Widening Participation background.

The Worshipful Company of Water Conservators

£5,000 received (nil: 2020/21) – this donation is to provide a Bursary for one student studying for an MSc in Water and Environment Management.

Legacies

A legacy of £82,309 was received from the estate of Hyacinth Kidman Trust in 2020/21. This was an unexpected final instalment of this legacy. Previous instalments were used to support scholarships in the School of Engineering and Material Sciences. Further conversations regarding this final instalment will be taking place in the new academic year. Conversations are scheduled for academic year 2022/23.

A legacy of £10,022 was received from the estate of Peter McOwan in 2020/21. This legacy is “to be used to enhance the student experience, in particular student enterprise and entrepreneurship activity” at Queen Mary. These funds will be disbursed as soon as the Regular Giving team and Careers & Enterprise decide how best to utilise this gift. Conversations are scheduled for 2022/23.

A legacy of £100,000 was received from the estate of Rodney Wasserson, who made this gift in memory of his late brother, alumnus Leslie Wasserson, to the School of Physics for scholarships.

£45,000 was received from the William Spilsbury estate. The funds are intended to give financial support to UK undergraduate students who are financially disadvantaged.

Future disbursements from the Annual Fund

The Trustees approved this year’s Annual Fund Disbursements Proposal in December 2022, approving £187,692 be awarded from Annual Fund income that was received in the year ended 31 July 2022 (Annual Disbursements totalling £151,911 were awarded from Annual Fund income received in the year ended 2020/21). The grants will be made from donations to the Annual Funds within the Queen Mary Fund, the Barts and The London Fund and the Dental Centenary Fund to support the following areas:

Queen Mary Annual Fund: Student Support £53,500
Queen Mary Annual Fund: Student Futures & Experience £57,850
Barts and The London Annual Fund: Student Support £58,450
Barts and The London Annual Fund: Student Futures & Experience £17,892

Financial Review

During the year ended 31 July 2022 income of £1,871,156 (£2,766,136: 2020/21) was received; this included £346,662 for DeepMind scholarships for artificial intelligence and computer science; £100,000 for the Georgina Hutchison Cancer Research Fund; £157,218 for Prof David Berman’s SPA Research; and £150,000 for Oral Cancer research studentships (£100,000 of which has been accrued and will be received in 2022/23 and 2023/24).

Grants were made to individuals of £nil (£nil: 2020/21), and to QMUL of £1,842,879 (£1,565,827: 2020/21) (see note 4).

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

The financial statements for 2021/22 reflect the actual costs of generating voluntary income of £560,856, a 50% increase compared with £372,569 for year ended 31 July 2021.

This figure comprises consultancy and the salaries of student callers involved with delivering the Annual Fund telephone campaign; the costs of staff time directly associated with income generation, and advancement services linked to research and database activities. These actual costs are donated to the Foundation by QMUL.

Total expenditure for the year was £2,423,906 (£1,948,992 2020/21).

At 31 July 2022, the funds of the Foundation stood at £922,141 compared with £1,474,569 at 31 July 2021. All but £831 (£250: 2020/21) of these funds have restricted use. The reduction in funds in the year was expected and resulted from the disbursement of funds for charitable purposes.

Reserves Policy

The majority of the funds within the Foundation are directed towards specific activities and projects. The Trustees aim to ensure that these restricted funds are expended in line with their restrictions as soon as practical.

The Trustees consider that there is no requirement to build up unrestricted reserves as staffing and accommodation costs are met by a donation in kind from QMUL.

Reserves at the year-end totalled £922,141 (£1,474,569: 2020/21). This comprised restricted funds of £921,310 (£1,474,319: 2020/21) and unrestricted funds of £831 (£250: 2020/21). Disbursements from the Annual Fund have been approved in December 2022 to expend £187,692. Other balances in restricted reserves are expected to be disbursed in 2022/23 in accordance with the gift conditions (see note 11 for details of restricted reserves at the year ended 31 July 2022).

During the course of the year, the Trustees made no other decisions in relation to the Reserves Policy.

Investment Policy

The Foundation currently holds all its funds in a Royal Bank of Scotland high interest bearing account until such time as the funds are needed. The account provides a standard rate of interest while providing immediate access to funds.

Contingent Liabilities

Currently, The Foundation has no contingent liabilities.

Fundraising and Plans for Future Periods

The Foundation raises philanthropic funds from Queen Mary alumni (via telephone campaigns, direct mail and individual approaches), as well as support from other sources such as Charitable Trusts and Foundations, companies and philanthropists.

The Annual Fund will continue to benefit students, by supporting priority projects and providing direct financial support. Student hardship remains a primary concern, particularly with the growing challenges posed by the current economic climate.

Major Gifts fundraising capability has been strengthened in 2022 with the appointment of a Director of Development and Alumni Engagement and a Head of Development. These appointments are part of a renewed focus on fundraising operations at Queen Mary.

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

Going Concern Statement

It is the view of the Trustees that there is a reasonable expectation the Charity will continue to receive support from Queen Mary and therefore have adequate resources to meet its liabilities as they fall due over the 12 months from the date of signing of the Financial Statements, and the Financial Statements have therefore been prepared on a going concern basis.

Independent Auditor

BDO LLP were appointed as auditor for 2021/22 following a competitive tender process. A resolution will be proposed at the Annual General Meeting that BDO LLP be re-appointed as auditor of the Charity for the coming year.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they 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 these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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 Companies Act 2006. 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.

In so far as the Trustees are aware:

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

Approval

In preparing this report the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved/authorised for issue by the board of Trustees on ……23.02.2023…………………………

and signed on behalf of the Trustees by

Professor C Bailey Trustee

Lord T Clement-Jones Trustee

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Queen Mary, University of London Foundation

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEEN MARY, UNIVERSITY OF LONDON FOUNDATION

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Queen Mary University of London Foundation (“the Charitable Company”) for the year ended 31 July 2022 which comprise the statement of financial activities, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements 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.

Conclusions related 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 Charitable Company'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 Trustees’ 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. 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 themselves. If, based on the work we have performed, we

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Queen Mary, University of London Foundation

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEEN MARY, UNIVERSITY OF LONDON FOUNDATION (continued)

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.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 Charitable Company’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 Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

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Queen Mary, University of London Foundation

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEEN MARY, UNIVERSITY OF LONDON FOUNDATION (continued)

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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

Audit response to risks identified

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Queen Mary, University of London Foundation

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEEN MARY, UNIVERSITY OF LONDON FOUNDATION (continued)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Aston MBE (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Gatwick, UK Date 22 February 2023

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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Queen Mary, University of London Foundation

Statement of financial activities (including income and expenditure account) for the year ended 31 July 2022

Income from:
Other activities
Total Income
Expenditure on:
Raising funds
Charitable activities
Other activities
Total Expenditure
Net (Expenditure)/Income
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Donations and legacies
Charitable activities		 NOTE
2/3
2
2
4		 Unrestricted
Restricted
Funds
Funds
£
£
579,017
1,292,139
0
0
0
322
579,017
1,292,461
560,323
533
0
1,844,937
18,113
0
578,436
1,845,470
581
(553,009)
581
(553,009)
250
1,474,319
831
921,310		 Total Funds
2022
£
1,871,156
0
322
1,871,478
560,856
1,844,937
18,113
2,423,906
(552,428)
(552,428)
1,474,569
922,141		 Unrestricted
Restricted
Funds
Funds
£
£
383,271
2,382,817
0
0
0
48
383,271
2,382,865
383,071
94
0
1,565,827
0
0
383,071
1,565,921
200
816,944
200
816,944
50
657,375
250
1,474,319		 Total Funds
2021
£
2,766,088
0
48
2,766,136
383,165
1,565,827
0
1,948,992
817,144
817,144
657,425
1,474,569

All income and expenditure derive from continuing activities.

There were no other recognised gains or losses other than those listed above and the net income for the year. See note 11 for comparative statement of financial activities analysed by funds.

The notes on pages 18 to 25 form part of these financial statements.

16

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Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2022

1. Principal accounting policies

Queen Mary, University of London Foundation, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having a share capital. There are currently 2 Trustees who are also the members of the company. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £10. The charity is a registered charity. The registered office is given on page 3.

(a) Basis of preparation of the financial statements

The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities (SORP 2019)" applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019; and the Companies Act 2006. The results of the Foundation are consolidated into the financial statements of Queen Mary University of London.

The Charity’s results are consolidated in the group financial statements of Queen Mary University of London which is a Russell Group university incorporated by Royal Charter. Whilst Queen Mary University of London does not have an equity holding in Queen Mary University of London Foundation, it is treated as a subsidiary in the consolidated financial statements on the basis that the Trustees of the charity, who are also the members of the charity, are appointed by and in the employ of Queen Mary University of London. By virtue of this relationship Queen Mary University of London is able to govern the financial and operating policies of the charity and obtain benefits from its activities. Exemptions have been taken in these separate charitable company financial statements in relation to the presentation of a cash flow statement.

(b) Income

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Where grants contain terms or conditions that must be met before the charity has entitlement to the resources, the income is recognised once the performance conditions have been met. Gift Aid income on donations is recognised when receivable.

Legacy income is recognised in the statement of financial activities when receipt is probable and the amounts receivable can be estimated with sufficient accuracy. Bank interest is accounted for in the period in which the charity is entitled to receipt.

Income received which cannot be attributed to a specific fund is deferred until the criteria for income recognition are met.

All donated services are provided by Queen Mary University of London. All valuations are based on actual costs incurred during the year.

(c) Expenditure

Expenditure is included on an accruals basis.

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

Direct costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. The nature of the costs allocated to this category are audit fees and staff expenses.

The support costs for processing grants and management and administration of the Foundation are incurred by Queen Mary University of London and have been allocated to fund raising activities in line with the SORP. Within these costs, staff expenditure is allocated based on time spent on QMUL Foundation activities.

(d) Going Concern

The Trustees considered the potential uncertainties of the Covid-19 pandemic on the Charity and determined that there is no significant impact on the Foundation. After due consideration, there is a reasonable expectation that the Charity will continue to receive support from Queen Mary and therefore have adequate resources to meet its liabilities as they fall due over the 12 months from the date of signing of the Financial Statements, and the Financial Statements have therefore been prepared on a going concern basis.

(e) Funds structure

Funds held by the charity are either:

Restricted income funds : these are funds which can be used for the purpose or purposes stipulated by their donor or which are raised specifically for a particular purpose.

Unrestricted income funds: these are funds which can be used in accordance with the objects of the charity at the discretion of the Trustees.

Endowment funds: these are funds created when the donor specify that a gift is to be invested and only the income earned on that gift may be spent for a specific purpose.

Details of the nature and purpose of each fund are set out in note 11.

(f) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.

(g) Cash

Cash includes cash in hand and deposits repayable on demand.

(h) Debtors

Short term debtors are measured at transaction price, less any impairment.

(i) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(j) Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, which are described above, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.

18

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2022 continued

2. Analysis of income

Donations and legacies:
Donations
Legacies
Donated services from Queen Mary University of London (Note 3)
Other activities:
Bank interest
Total
3. Analysis of donated services from Queen Mary University of London
Audit fee
Office costs
Total
4. Analysis of Charitable activities expenditure
Total
Analysis of grant expenditure by type of purpose:
Scholarships and bursaries
Research
Total
The audit fee relates to the audit of the financial statements
Staff salaries
Consultancy fees
Grants to Queen Mary University of London
Grants to Barts and The London Alumni Association (BATLAA)
General		 2022
£
1,147,248
148,391
575,517
1,871,156
322
322
1,871,478
2022
£
12,300
421,999
82,873
58,345
575,517
2022
£
1,842,879
2,058
1,844,937
2022
£
614,557
106,310
1,124,070
1,844,937		 2021
£
2,292,488
92,729
380,871
2,766,088
48
48
2,766,136
2021
£
5,628
333,366
1,348
40,529
380,871
2021
£
1,565,827
0
1,565,827
2021
£
431,561
204,220
930,046
1,565,827

5. Analysis of expenditure

Current Year
Previous Year
Other activities
Other activities
Total expenditure
Raising funds
Total expenditure
Raising funds
Charitable activities (Note 4)
Charitable activities (Note 4)		 2022
£
0
1,844,937
0
1,844,937
2021
£
0
1,565,827
0
1,565,827
Grants, Prizes
&
Scholarships
Grants, Prizes
&
Scholarships		 Direct costs
2022
£
99,098
0
12,300
111,398
Direct costs
2021
£
7,366
0
0
7,366		 2022
£
461,758
0
5,813
467,571
Support
costs
2021
£
375,799
0
0
375,799
Support
costs		 Total
2022
£
560,856
1,844,937
18,113
2,423,906
Total
2021
£
383,165
1,565,827
0
1,948,992

The basis of cost allocation in the year has been reconsidered and the audit fee and accountancy staff support costs have been reallocated from raising funds to other activities. The prior year is not incorrect, but if the costs were reallocated on the same basis as the current year, this would result in direct costs of £5,628 relating to the audit fee and support costs of £4,968 relating to accountancy staff support costs being reallocated from raising funds to other activities in the previous year. Note 13 shows how the previous year costs would appear with this reallocation.

19

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2022 continued

6. Analysis of apportioned support costs

Current Year
Previous Year (reallocated)
Donated staff expenses
Donated Sundry office costs
Donated Travel & Accommodation costs
Total Support costs
Donated Travel & Accommodation costs
Total Support costs
Bank charges
Bank charges
Donated staff expenses
Donated Sundry office costs		 2022
£
5,813
0
0
0
5,813
Other
Activities
2022
£
0
0
0
0
0
Other
Activities		 2022
£
400,692
58,346
2,720
0
461,758
Raising
funds
2021
£
333,366
40,529
1,904
0
375,799
Raising
funds		 Total
2022
£
406,505
58,346
2,720
0
467,571
Total
2021
£
333,366
40,529
1,904
0
375,799

Support costs have been allocated across the categories in accordance with their usage based on staff time.

The basis of cost allocation in the year has been reconsidered and the accountancy staff support costs have been reallocated from raising funds to other activities. The prior year is not incorrect, but if the costs were reallocated on the same basis as the current year, this would result in support costs of £4,968 relating to accountancy staff support costs being reallocated from raising funds to other activities in the previous year. Note 14 shows how the previous year costs would appear with this reallocation.

7. Staff costs and Trustees’ remuneration

The Foundation had no employees, in the current or prior year. All services are performed by employees of Queen Mary University of London and included within donated services as disclosed in note 3.

The Trustees received no emoluments or reimbursement of expenses in respect of their services to the Foundation in the current or prior year.

8. Net income is stated after charging

Total
9. Debtors
Total
Statutory audit fee
Prepayments and accrued income		 2022
£
12,300
12,300
2022
£
102,402
102,402		 2021
£
5,628
5,628
2021
£
1,006,200
1,006,200

Prepayments and accrued income includes £2,402 (2020/21: £3,200) of accrued gift aid and £100,000 (2020/21: £1,003,000) of accrued donations.

10. Creditors: Amounts falling due within one year

Amounts owed to parent company
Total
Analysis of deferred income above:
Amount brought forward at 1 August
Amount released in the year
Amount deferred in the year
Amount carried forward at 31 July
Deferred income
Accruals		 2022
£
0
433,928
2,826
436,754
2022
£
0
0
433,928
433,928		 2021
£
0
0
0
0
2021
£
0
0
0
0

Deferred income consists of donation income received with performance conditions attached, where the performance conditions have not yet been met. Income received in advance of performance conditions being met is recognised as deferred income and released to income as the conditions are met.

11. Funds

Current Year
Previous Year
Unrestricted income funds
Unrestricted income funds:
Unrestricted income funds		 £
250
£
50
Balance at 1
August 2020
Balance at 1
August 2021		 £
579,017
£
383,271
Income
Income		 £
(578,436)
£
(383,071)
Expenditure
Expenditure		 £
831
£
250
Balance at 31
July 2021
Balance at 31
July 2022

20

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2022 continued

11. Funds continued

Restricted income funds:

Current Year
OTHER
MS EBV & Memory B-Cells PhD Studentship
Oral Cancer Research Studentship
Barts Centre of Cell Biology & Cutaneous Research
Centre of the Cell
Peel Hunt
Total
Georgina Hutchison Cancer Research Fund
Peston Chair in Economics
Winton Charitable Foundation
50th Anniversary of School of Law
 Area of greatest student need
Roy Goode Scholarship
CORONAVIT Clinical Trial
Computer Science Scholarships
 Scholarships
Barts Pathology Museum
Monica Chadha Fund
Emergency COVID-19 Fund
School of English and Drama
Burrell Prize for Design and Copyright Law
Barts MS COVID-19 Antibody Study
Fresh Street
Barts MS Research
CCLS General Fund
 Area of greatest student need
For medical students
 Student Opportunities
 Research
Tower Hamlets
The DeepMind Scholarship
Sami Sidhom Award
Philip Ogden
London Chamber Orchestra Outreach
Peter McOwan Legacy
Hyacinth Kidman
Centre for Neuroscience and Trauma
Prof John Gribben - BARTS Medical Oncology
Barts Cancer Institute
The Worshipful Company of Water Conservators
Simon & Deirdre Gaskell Scholarships
Prof David Berman - Physics
Prof Tom Powles & Peter Schmid - Cancer Research
ANNUAL FUND
For Queen Mary University of London students
 Student Opportunities
 Research
 Area of greatest student need
For dental students
 Scholarships
Mile End Institute Essay Prize
School of Physics/Astronomy (PsiStar Events)
CCLS Strategic Fund
Syed Hamid Scholarship
 Student Opportunities
 Research
 Scholarships
BATLAA Benevolent Fund
Jill Forbes French Prize
Simon Gaskell Music Scholarship
Hackney Scholarship
Modern Languages Scholarships
Research of Deepak Dinkar
Rodney Wasserson Legacy
William Spilsbury Legacy		 £
36,489
360
11,432
22,459
70,740
31,576
48
12,574
15,252
59,450
80
0
76
137
293
446
13
1,000,000
0
24,846
318
0
0
514
51
96
0
0
0
0
0
884
25,368
139,382
3,093
0
77
26,227
7,508
1,000
375
700
1,114
0
188
2,002
500
0
0
14,387
0
2,410
0
0
0
0
0
0
82,315
10,022
0
0
1,343,836
1,474,319
Balance at 1
August 2021		 £
45,949
360
9,185
19,875
75,369
28,128
15
9,065
11,877
49,085
75
0
63
104
242
(19)
0
0
157,218
122
0
13,041
100,000
24
0
24
3,242
86,287
150,000
674
4,000
413
8
43
2,726
5,001
0
253
1
0
0
1,075
0
1,250
346,662
0
0
8,001
100,041
305
7,309
0
6,001
15,000
12,500
19
1,482
2
26
3
45,000
100,031
1,167,765
1,292,461
Income		 £
(8,049)
(360)
(11,432)
(22,459)
(42,300)
(9,276)
(48)
(12,575)
(15,252)
(37,151)
(80)
0
(76)
(137)
(293)
(337)
0
(1,000,000)
0
(533)
0
(12,430)
(100,000)
(100)
0
(120)
(2,058)
(50,894)
(50,000)
(674)
(4,000)
0
0
0
(3,093)
0
0
0
0
0
0
(1,050)
0
(1,250)
(346,662)
0
0
(8,001)
(100,000)
(14,524)
0
0
0
(15,000)
(10,000)
0
0
0
0
0
(45,000)
0
(1,765,726)
(1,845,470)
Expenditure		 £
74,389
360
9,185
19,875
103,809
50,428
15
9,064
11,877
71,384
75
0
63
104
242
90
13
0
157,218
24,435
318
611
0
438
51
(0)
1,184
35,393
100,000
(0)
0
1,297
25,376
139,425
2,726
5,001
77
26,480
7,509
1,000
375
725
1,114
0
188
2,002
500
0
41
168
7,309
2,410
6,001
0
2,500
19
1,482
2
82,341
10,025
0
100,031
745,875
921,310
Balance at 31
July 2022

21

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2022 continued

11. Funds continued

Restricted income funds continued:

Current Year continued

In addition to the annual fund, gifts totalling £829,734 (2020/21: £212,912) to support studentships were received by the Foundation, including Computer Science Scholarships, Machine learning and Artificial Intelligence scholarships and Physics scholarships. Donations towards research were also received which included £157,218 for Prof David Berman-Physics.

Grants totalling £1,842,879 (2020/21: £1,565,827) were awarded to Queen Mary University of London and grants totalling £2,058 (2020/21: £nil) were awarded to Barts and the London Alumni Association in 2021/22. In addition, net fundraising costs of £533 (2020/21: £94) were incurred in relation to the Barts Cancer Institute funds. As at 31 July 2022, the charity had no material funding commitments.

Further details of material funds are as follows:

The Annual Fund - The charity received £124,695 (£114,484: 2020/21) in income during the year towards the three areas of the Annual Fund (QM Fund for QMUL students; Barts & the London Fund for medical students; Dental Centenary Fund for dental students). This comprised a combination of cash and direct debit gifts received from alumni, staff and friends. These funds include ongoing payments from Direct Debits established during previous telephone campaigns held annually between 2011 and 2019, and a spring telephone campaign held in 2022. Grant payments of £79,744 were made in the year.

Prof Tom Powles & Peter Schmid Cancer Research - £1,000,000 was received from Mr Andrew McCutcheon (MNC Ltd), in support of the cancer research work undertaken by Professor Tom Powles (£300,000 to be allocated towards his work) and Professor Peter Schmid (£700,000 to be allocated towards his research) which had been accrued at 31st July 2021. A grant of £1,000,000 was made in the year to fund this research.

Prof David Berman, Physics - A gift of £157,187 was received from Mr Pierre Andurand, towards funding Prof David Berman’s research on the interface between theoretical physics and machine learning. This was the second instalment of a total of £479,048. The last instalment, totalling £159,272 is due in 2022/2023.

The Georgina Hutchinson Cancer Research Fund - Two gifts of £50,000 were received in support of Professor John Gribben’s work on cancer research, via the Georgina Hutchinson Cancer Research Fund. The fund was initially set up in honour of Jo Hannaford’s and Jane Aldridge's mother. A grant of £100,000 was made in the year to fund this research.

MS EBV & Memory B-Cells PhD Studentship - The Horne Family Charitable Foundation have pledged to support two PhD Studentships on Multiple Sclerosis Research, for a period of three years, with a total of £220,000. £76,283 was received in the year. In addition to this a gift of £10,000 was received from The Happy Charitable Trust, in support of Professor Gavin Giovannoni’s research work on Multiple Sclerosis. A grant payment of £50,894 was made in the year to fund the research studentships.

Oral Cancer Research Studentship - £150,000 has been pledged by Enactor to support studentships that focus on oral cancer research. £50,000 was received in 2021/22 with the remaining £100,000 being accrued. A grant payment of £50,000 was made in the year to fund the studentships.

Simon & Deirdre Gaskell Scholarships - The former Principal and his wife funded scholarships to support masters students and students in the faculties of public health and life sciences. No grant payments have been made in the year.

The DeepMind Scholarship - A total of £346,662 was given by DeepMind in support of the establishment of nine scholarships in the field of artificial intelligence, machine learning and computer science. A grant payment of the same amount was made in the year to fund these scholarships. A further total of £422,107 was given by DeepMind in support of the establishment of scholarships beginning in the academic year 2022/2023 and this income has been deferred.

Computer Science Scholarships - TATA Consultancy Services Scholarship of £100,000 was received in support of up to 20 partial scholarships (50% of the tuition fee) for ten female students of the BSc in Computer Science and ten students of the BSc in Computer Science who come from low-income households. A grant payment of £100,000 was made in the year to fund these scholarships.

Hyacinth Kidman - A legacy of £82,309 was received in 2020/21 from the estate of Hyacinth Kidman Trust. This was an unexpected final instalment of this legacy. Previous instalments were used to support scholarships in the School of Engineering and Material Sciences and conversations regarding this final instalment are ongoing.

William Spilsbury - a legacy of £45,000 was received from the WIlliam Spilsbury estate. The funds are intended to give financial support to UK undergraduate students who are financially disadvantaged and a grant payment of £45,000 was made in the year in support of this.

Rodney Wasserson legacy - £100,000 was received from the estate of Rodney Wasserson, who made this gift in memory of his late brother, alumnus Leslie Wasserson, to the School of Physics for scholarships.

22

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2022 continued

11. Funds continued

Restricted income funds:

Previous Year
OTHER
Jill Forbes
Total
 Research
 Scholarships
 Area of greatest student need
For medical students
 Student Opportunities
 Research
 Scholarships
 Student Opportunities
Barts MS Research
Barts MS COVID-19 Antibody Study
Fresh Street
 Area of greatest student need
For dental students
Monica Chadha Fund
MYBA Scholarship
Syed Hamid Scholarship
QTaster Programme
Computer Science Scholarships
Maurice Esterson Scholarship
Steel Charitable Trust Scholarship
Emergency COVID-19 Fund
School of English and Drama
Burrell Prize for Design and Copyright Law
IBM Postgraduate Research Studentship
Hyacinth Kidman
Patrick Nott Legacy
Peter McOwan Legacy
Georgina Hutchison Cancer Research Fund
Barts MS Blood Spot Study
For Queen Mary University of London students
 Student Opportunities
Winton Charitable Foundation
BCI STARS Programme
Philip Ogden
Sami Sidhom Award
Barts Cancer Institute
Dr Xuenong Bo - BARTS Neuroscience
Prof John Gribben - BARTS Medical Oncology
Prof David Berman - Physics
 Research
 Scholarships
 Area of greatest student need
ANNUAL FUND
Prof Gianni Antichi - EECS
Prof Tom Powles & Peter Schmid - Cancer Research
Barts Pathology Museum
CORONAVIT Clinical Trial
Energy Law Institute
Tower Hamlets
Peston Chair in Economics
Simon & Deirdre Gaskell Scholarships
Roy Goode Scholarship
Stephen Francis Physics Bursary
The Worshipful Company of Water Conservators
Mile End Institute Essay Prize
Tido Music Fund in CD4M
50th Anniversary of School of Law
London Chamber Orchestra Outreach
School of Physics/Astronomy (PsiStar Events)
The DeepMind Scholarship		 £
35,908
472
11,502
24,041
71,923
29,191
160
12,321
15,822
57,494
88
0
63
183
334
0
15,491
0
0
0
24,862
318
0
0
63,576
0
0
0
0
499
2
25,366
139,541
1,356
9
1
77
5
25,170
7,508
0
1,000
375
1,089
313
218,554
2,002
500
0
0
0
0
0
0
0
0
0
6
4
0
527,624
657,375
Balance at 1
August 2020		 £
29,887
248
9,158
27,725
67,018
25,422
36
10,008
11,796
47,262
62
0
63
79
204
446
0
162,589
13,950
1,000,000
510
0
480,565
25,000
139,534
27,735
26,193
51
96
385
0
2
541
1,737
0
5,000
0
0
1,057
0
70,000
0
0
25
937
0
0
0
8,000
7,000
15,000
92,500
6,000
44,442
7,845
2,410
36,500
82,309
0
10,022
2,268,381
2,382,865
Income		 £
(29,306)
(360)
(9,228)
(29,307)
(68,201)
(23,037)
(148)
(9,755)
(12,366)
(45,306)
(70)
0
(50)
(125)
(245)
0
(15,478)
(162,589)
(13,950)
0
(526)
0
(480,565)
(25,000)
(203,110)
(27,735)
(25,679)
0
0
0
(2)
0
0
0
(9)
(5,001)
0
(5)
0
0
(70,000)
0
0
0
(1,250)
(218,366)
0
0
(8,000)
(7,000)
(15,000)
(92,500)
(6,000)
(30,055)
(7,845)
0
(36,500)
0
(4)
0
(1,452,169)
(1,565,921)
Expenditure		 £
36,489
360
11,432
22,459
70,740
31,576
48
12,574
15,252
59,450
80
0
76
137
293
446
13
0
0
1,000,000
24,846
318
0
0
0
0
514
51
96
884
0
25,368
140,082
3,093
0
0
77
0
26,227
7,508
0
1,000
375
1,114
0
188
2,002
500
0
0
0
0
0
14,387
0
2,410
0
82,315
0
10,022
1,343,836
1,474,319
Balance at 31
July 2021

23

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2022 continued

11. Funds continued

Restricted income funds continued:

Previous Year continued

In addition to the annual fund, gifts totalling £212,912 (2019/20: £380,281) to support studentships were received by the Foundation, including Computer Science Scholarships, Emergency COVID-19 Fund and IBM Postgraduate Research Studentship. Donations towards research were also received which included £162,589 for Prof David Berman-Physics, CORONAVIT Clinical Trial of £480,565 and Georgina Hutchison Cancer Research Fund of £139,534. A donation of £1,000,000 was accrued for Prof Tom Powles & Peter Schmid in support of Cancer Research.

Grants totalling £1,565,827 (2019/20: £445,680) were awarded to Queen Mary University of London in 2020/21. In addition, net fundraising costs of £94 (2019/20: £216) were incurred in relation to the Barts Cancer Institute funds.

As at 31 July 2021, the charity had no material funding commitments.

12. Prior Year Balance Sheet Funds split

Previous Year
Current assets:
Debtors
Cash at bank and in hand
Total current assets
Total net assets
Total charity funds
Current liabilities:
Creditors: Amounts falling due within one year
Total current liabilities
Net current assets
Restricted Income funds
Unrestricted Income funds
Total assets less current liabilities
The funds of the charity		 Unrestricted
Funds
£
0
250
250
0
0
250
250
250
0
250
250		 Restricted
Funds
£
1,006,200
468,119
1,474,319
0
0
1,474,319
1,474,319
1,474,319
1,474,319
0
1,474,319		 Total Funds
2021
£
1,006,200
468,369
1,474,569
0
0
1,474,569
1,474,569
1,474,569
1,474,319
250
1,474,569

13. Reallocation of prior year costs disclosed in Note 5

The basis of cost allocation in the year has been reconsidered and the audit fee and accountancy staff support costs have been reallocated from raising funds to other activities. The prior year is not incorrect, but if the costs were reallocated on the same basis as the current year, this would result in direct costs of £5,628 relating to the audit fee and support costs of £4,968 relating to accountancy staff support costs being reallocated from raising funds to other activities in the previous year. The note below shows the previous year costs with this reallocation.

Previous Year (as previously disclosed)
Reallocation
Previous Year (reallocated)
Raising funds
Charitable activities (Note 4)
Other activities
Total expenditure
Total expenditure
Charitable activities (Note 4)
Raising funds
Other activities
Raising funds
Charitable activities (Note 4)
Other activities
Total expenditure		 2021
£
0
1,565,827
0
1,565,827
£
0
0
0
0
£
0
1,565,827
1,565,827
Grants, Prizes
&
Scholarships		 Direct costs
2021
£
7,366
0
0
7,366
£
(5,628)
0
5,628
0
£
1,738
0
5,628
7,366		 2021
£
375,799
0
0
375,799
£
(4,968)
0
4,968
0
£
370,831
0
4,968
375,799
Support
costs		 Total
2021
£
383,165
1,565,827
0
1,948,992
£
(10,596)
0
10,596
0
£
372,569
1,565,827
10,596
1,948,992

24

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2022 continued

14. Reallocation of prior year support costs disclosed in Note 6

The basis of cost allocation in the year has been reconsidered and the accountancy staff support costs have been reallocated from raising funds to other activities. The prior year is not incorrect, but if the costs were reallocated on the same basis as the current year, this would result in support costs of £4,968 relating to staff accountancy support costs being reallocated from raising funds to other activities in the previous year. The note below shows the previous year costs with this reallocation.

Previous Year (as previously disclosed)
Reallocation
Previous Year (reallocated)
Donated Sundry office costs
Bank charges
Donated Travel & Accommodation costs
Total Support costs
Donated staff expenses
Bank charges
Donated Travel & Accommodation costs
Total Support costs
Donated staff expenses
Donated Sundry office costs
Bank charges
Total Support costs
Donated Travel & Accommodation costs
Donated Sundry office costs
Donated staff expenses		 Other
Activities
2021
£
0
0
0
0
0
£
4,968
0
0
0
4,968
£
4,968
0
0
0
4,968		 Raising
funds
2021
£
333,366
40,529
1,904
0
375,799
£
(4,968)
0
0
0
(4,968)
£
328,398
40,529
1,904
0
370,831		 Total
2021
£
333,366
40,529
1,904
0
375,799
£
0
0
0
0
0
£
333,366
40,529
1,904
0
375,799

15. Taxation

The Charity is a registered charity and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a charity for corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 287 of CTA 2009 and sections 471 and 478-488 CTA 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The Trustees do not believe that the Foundation is liable for corporation tax on any of its activities during the year.

The Charity is not registered for Value Added Tax (VAT).

16. Related Party Transactions

The Charity is exempt from disclosure of transactions with group undertakings under Section 33 of FRS 102 ‘Related Party Transactions’ as its results are consolidated with the group headed by Queen Mary University of London and the consolidated financial statements are publicly available.

17. Group Financial statements

The Charity’s results are consolidated in the group financial statements of Queen Mary University of London which is a Russell Group university incorporated by Royal Charter. Whilst Queen Mary University of London does not have an equity holding in Queen Mary University of London Foundation, it is treated as a subsidiary in the consolidated financial statements on the basis that the Trustees of the charity, who are also the members of the charity, are appointed by and in the employ of Queen Mary University of London. By virtue of this relationship Queen Mary University of London is able to govern the financial and operating policies of the charity and obtain benefits from its activities. The University is the smallest and largest group into which the entity is consolidated and the consolidated financial statements of the University are available from the Director of Finance, Queen Mary University of London, Mile End Road, London E1 4NS (the registered office).

25