**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 1 **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**| 2 **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 3 **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 4 **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: - The highest standards of research, as judged by international comparators, in a broad range of subject areas; - The provision of the finest possible education to our undergraduate and postgraduate students, located both within and outside the UK; and - Commitment to the idea of QMUL as a community of scholars, mutually supportive and working both to further knowledge creation and benefit the wider society. 5 **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). 6 **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. 7 **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). 8 **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. 9 **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: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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: - there is no relevant audit information of which the charitable company’s auditor is unaware; and - the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 10 **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 11 **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: - give a true and fair view of the state of the Charitable Company’s affairs as at 31 July 2022 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. 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 12 **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: - the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Directors’ Report, which is included in the Trustees’ Report, has been prepared in accordance with applicable legal requirements. 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; - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Directors’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. ## **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 13 **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: - We made enquiries of management, and the Board, including: - how they have identified, evaluated and complied with laws and regulations and whether they were aware of any instances of non-compliance; - their process for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and - which internal controls have been established to mitigate risks related to fraud or noncompliance with laws and regulations. - We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charitable Company. These include, but are not limited to, compliance with the Companies Act 2006, Charities Act, UK GAAP, Charities SORP, employment and tax legislation and data protection. - In addition, the Charitable Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: employment law, health and safety laws and data protection. In order to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, we made enquiries of management and those charged with Governance about whether the entity is in compliance with such laws and regulations and we inspected any relevant regulatory and legal correspondence. - We also communicated relevant identified laws and regulations, potential fraud risks and that fact that there were no known matters of significant non-compliance with laws and regulations, to all engagement team members including internal specialists audit teams, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. - We considered management’s incentives and opportunities for fraudulent manipulation of the financial statements (including revenue recognition and the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates. Audit response to risks identified - The Senior Statutory Auditor has assessed and concluded that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulation - We reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above; - We made enquiries of the Board and management; - We read minutes of meetings of those charged with governance, and reviewed correspondence with HMRC; 14 **Queen Mary, University of London Foundation** ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEEN MARY, UNIVERSITY OF LONDON FOUNDATION (continued)** - In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, in particular any journal entries posted from staff members with privilege access rights, journals posted by key management; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; considered completeness of related party transactions; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business; and - We reviewed the entities significant estimates and judgements and challenged assumptions made by management. 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). 15 **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 Queen Mary, Unlverslty of London Fovndatio BalarV￿ Sheet at 31 Juty Z022 (Pkts 121 Tftsi L￿r￿1￿￿•d F￿rt 7otalFtsnrts Nore current451￿$.. OobtoT 102.102 102A•2 h￿d 1.261836 1.2SUgts 46È.36> 1057 1.36&2J6 i.JSi.ts5 1.474.* 12,4281 14JJ.52ti 14XB.7541 1438,7541 14JJ,92al 921A11 1.474.S81 21M19 1.474. •11,31Q 1.474.£69 Resthcied lfflcomefun&J 21.310 UfflTestr￿ed1nCQ￿bIunrfJ Totsl charfty lunrli 921.J10 921141 Th0sefiMrrtxttlstsl￿£fflI$hOVetseen 15cll*CownlMAd Th•n¢106￿ 191¢ 25ftsnnwrtoftbeBofKr4nr4dsiaiemenL Thofin4Nal g[Q￿lIary. unNI￿llY on. ano &¥r*d rt$ C ￿l*,T￿51 Lotd TCknn8nI￿0nOt. Tmsleè 17 **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