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2023-07-31-accounts

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

Annual Report and Financial Statements

For the year ended 31 July 2023

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 9
Plans for Future Periods 10
Statement of Trustees’ responsibilities 10
Independent Auditor’s Report 12
Statement of Financial Activities for the year ended 31 July 2023 17
Balance Sheet at 31 July 2023 18
Notes to the financial statements for the year ended 31 July 2023 19

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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 2023. 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 19 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 Melissa Tatton (from 18.05.2023) Tim Harris (from 18.05.2023)

Company Secretary Miss Nilufa Yasmin Mrs Celeste Bright 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 2022/23 was £562,300 (2021/22: £575,517).

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.

The most significant risk to the Charity would be if QMUL were to cease its support, however there is currently no expectation that this will happen.

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. 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 for scholarships) and Trusts (e.g.The Royal Academy of Engineering) 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. £159,264 received from Pierre Andurand towards funding Prof David Berman’s research in physics) and legacies (e.g. £265,000 received from Sylvia Huggins estate for research).

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 in the year which include the following:

The Annual Fund

The Foundation received £272,118 (2021/22: £124,696) 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 and £12,500 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 total of £62,577 including interest has been received in 2022/2023 (2021/22: £75,958) and a grant payment of £62,500 has been made to QMUL.

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

Prof David Berman, Physics

A gift of £159,264 was received from Pierre Andurand towards funding Prof David Berman’s research on the interface between theoretical physics and machine learning. This was the third and final instalment of a total of £479,048. A grant payment of £316,359 was made to QMUL in the year .

Oral Cancer Research Fund

An amount of £150,000 had 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. The amount of £100,000 was accrued into 2021/22 as it was probable that it would be received. However, in 2022/23 this is no longer the case, and it is unlikely that the outstanding amount will now be received. The accrual has therefore been reversed in 2022/23.

Peston Chair in Economics

A grant payment of £59,700 was distributed to QMUL in the year for this purpose.

Centre of the Cell Fund

An amount of £20,000 has been received from Exscientia to support the development of new content for Centre of the Cell’s learning activities. In addition, the following pledges have been made: a single donation of £5,000 to be received through Ann D Foundation towards Cell and Centre Programme; £45,000 (in 3 equal instalments) to be received through Aldgate & All Hallows Foundation to support Centre of the Cell’s Youth Membership Scheme the first instalment of which has been accrued in the current financial year. A grant of £20,000 has been paid to Queen Mary University of London.

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. A payment of £46,265 was received in this financial year and a grant payment of £81,655 has been paid to QMUL.

The DeepMind Scholarships

A total of £299,793 over a three year period was pledged by DeepMind to fund the establishment of a fellowship in the field of computer science, AI and interdisciplinary applications of AI. The second and third instalments in the amounts of £99,497 and £97,780 have been received and recognised in this year. In addition to this, £415,428 which had been deferred from 2021/22 has been recognised in the year. Grant payments of £612,705 were made to Queen Mary University of London in relation to these scholarships and fellowships.

Computer Science Scholarships - Deep Mind

Deep Mind pledged £422,107 to fund the establishment of nine scholarships in the field of artificial intelligence, machine learning and computer science. The amount is to be paid in 3 instalments and the second instalment of £49,528 was received in the year. A grant payment of the same amount was made in the year to Queen Mary University of London

A further amount of £24,052 was given by DeepMind in support of the establishment of scholarships beginning in the academic year 2023/2024 and this income has been deferred.

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

Peel Hunt

A total of £37,000 was received in the year from Peel Hunt LLP for scholarships aimed at supporting students from households with the lowest levels of financial support. A grant payment of the same amount has been paid to Queen Mary University of London.

Esmee Fairbairn Foundation

A total gift of £55,000 was pledged towards a student-led social venture fund which empowers young people from diverse backgrounds to develop skills in investment management and £36,666 was received this year. In addition to this, a one-off additional grant of £5,500 was paid as a cost-of-living uplift to help the project work to continue. A grant of £23,833 was made to Queen Mary University of London in the year.

Extracellular Vesicles in MS PhD

A gift of £41,686 ($62,500 Canadian Dollars) has been received from the Horne Family Charitable Foundation to fund a PhD studentship. A further payment of $62,500 will be receivable next year subject to satisfactory progress of the PhD student. A grant of £41,686 has been paid to Queen Mary University of London.

JRMO RAENG Fund

'Proud to be an Engineer" award of £625,000 pledged by Royal Academy of Engineering. An award is supported under Ingenious programme - scheme for projects that engage the public with engineers and engineering while providing engineers with skills and opportunities in public engagement. The award is to be spread over 5 years and paid in equal instalments of £31,250 subject to prior submission of necessary reports. The first payment of £31,250 has been received in 2022/23. A grant of £31,250 has been paid to Queen Mary University of London in the year.

Legacies

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. A grant payment of £10,021 was made to Queen Mary in 2022/23 for this purpose.

A legacy of £100,000 was received in 2021/22 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. A grant payment of £100,000 has been made to Queen Mary University of London in this financial year 2022/23.

A legacy of £215,000 was received in 2022/23 with a further £50,000 accrued for the purpose of research in any of the sciences from the estate of Sylvia Huggins.

Future disbursements from the Annual Fund

The Trustees approved this year’s Annual Fund Disbursements Proposal in February 2024, approving £117,512 be awarded from Annual Fund income that was received in the year ended 31 July 2023 (Annual Disbursements totalling £185,334 were awarded from Annual Fund income received in the year ended 2022/23). 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:

 Barts and The London Annual Fund £52,237

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

Financial Review

During the year ended 31 July 2023 income of £2,171,573 (2021/22 restated: £2,540,396) was received; this included £661,960 for DeepMind scholarships for artificial intelligence and computer science; £62,500 for the Georgina Hutchison Cancer Research Fund; £159,264 for Prof David Berman’s SPAR Research.

Grants were made to individuals of £nil (2021/22: £nil), and to QMUL of £1,654,163 (2021/22: £1,842,879) (see note 4).

The financial statements for 2022/23 reflect the actual costs of generating voluntary income of £542,347, a 3% decrease compared with £560,856 for year ended 31 July 2022.

This figure comprises 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 £2,215,999 (2021/22: £2,423,906).

At 31 July 2023, the funds of the Foundation stood at £1,559,533 compared with £1,591,381 restated at 31 July 2022. All but £620 (2021/22: £831) of these funds have restricted use.

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 £1,559,533 (2021/22 restated: £1,591,381). This comprised restricted funds of £1,558,913 (2021/22: £1,590,550) and unrestricted funds of £620 (2021/22: £831). Disbursements from the Annual Fund have been approved in February 2024 to expend £117,512. Other balances in restricted reserves are expected to be disbursed in 2023/24 in accordance with the gift conditions (see note 11 for details of restricted reserves at the year ended 31 July 2023).

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.

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

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 2023 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.

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

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.

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Queen Mary, University of London Foundation

TRUSTEES’ REPORT continued

In so far as the Trustees are aware:

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 ………………………………………………

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 2023 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.

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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)

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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.

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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)

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 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:

Non-compliance with laws and regulations

Based on:

we considered the significant laws and regulations to be the applicable accounting framework.

The Charitable Company is also subject to laws and regulations where the consequence of noncompliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be employment law, health and safety laws and data protection.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

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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)

Based on our risk assessment, we considered the areas most susceptible to fraud to be revenue recognition and management override.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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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)

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

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 2023

NOTE
16
Income from:
2/3
2
Other activities
2
Total Income
Expenditure on:
Raising funds
Charitable activities
4
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		 Unrestricted
Restricted
Funds
Funds
£
£
563,398
1,608,175
- -
-
12,578
563,398
1,620,753
542,340
7
-
1,652,383
21,269
-
563,609
1,652,390
(211)
(31,637)
(211)
(31,637)
831
1,590,550
620
1,558,913		 Total Funds
2023
£
2,171,573
-
12,578
2,184,151
542,347
1,652,383
21,269
2,215,999
(31,848)
(31,848)
1,591,381
1,559,533		 Unrestricted
Restricted
Funds
Funds
£
£
579,017
1,961,379
-
-
-
322
579,017
1,961,701
560,323
533
-
1,844,937
18,113
-
578,436
1,845,470
581
116,231
581
116,231
250
1,474,319
831
1,590,550		 Total Funds
2022
Restated
£
2,540,396
-
322
2,540,718
560,856
1,844,937
18,113
2,423,906
116,812
116,812
1,474,569
1,591,381

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 19 to 29 form part of these financial statements.

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Queen Mary, University of London Foundation

Balance Sheet at 31 July 2023

NOTE
16
Current assets:
Debtors
9
Cash at bank and in hand
Total current assets
10
Total net assets
11
11
Restricted Income funds
Unrestricted Income funds
Total charity funds
Current liabilities:
Creditors: Amounts falling due within one year
Total current liabilities
Net current assets
Total assets less current liabilities
The funds of the charity		 Unrestricted
Funds
£
-
22,430
22,430
(21,810)
(21,810)
620
620
620
-
620
620		 Restricted
Funds
£
70,924
1,739,604
1,810,528
(251,615)
(251,615)
1,558,913
1,558,913
1,558,913
1,558,913
-
1,558,913		 Total Funds
2023
£
70,924
1,762,034
1,832,958
(273,425)
(273,425)
1,559,533
1,559,533
1,559,533
1,558,913
620
1,559,533		 (Note 12)
Total Funds
2022
Restated
£
771,642
1,256,493
2,028,135
(436,754)
(436,754)
1,591,381
1,591,381
1,591,381
1,590,550
831
1,591,381

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The notes on pages 19 to 29 form part of these financial statements.

The financial statements of Queen Mary, University of London Foundation registered number 05718176 were approved by the Board of Trustees on ………………………………

and signed and on its behalf by:

Professor C Bailey, Trustee

Lord T Clement-Jones, Trustee

18

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

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 4 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

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.

(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.

19

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023 continued

2. Analysis of income

NOTE
16
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
Staff salaries
Consultancy fees
The audit fee relates to the audit of the financial statements
Grants to Queen Mary University of London
Grants to Barts and The London Alumni Association (BATLAA)
General		 2023
£
1,191,863
417,411
562,300
2,171,573
12,578
12,578
2,184,151
2023
£
16,602
422,946
67,666
55,086
562,300
2023
£
1,654,163
(1,780)
1,652,383
2023
£
929,070
265,642
457,671
1,652,383		 2022
Restated
£
1,147,248
817,631
575,517
2,540,396
322
322
2,540,718
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

5. Analysis of expenditure

Current Year
Previous Year
Raising funds
Charitable activities (Note 4)
Other activities
Total expenditure
Raising funds
Charitable activities (Note 4)
Other activities
Total expenditure		 2023
£
-
1,652,383
-
1,652,383
2022
£
-
1,844,937
-
1,844,937
Grants, Prizes
&
Scholarships
Grants, Prizes
&
Scholarships		 Direct costs
2023
£
67,991
-
16,602
84,593
Direct costs
2022
£
99,098
-
12,300
111,398		 2023
£
474,356
-
4,667
479,023
Support
costs
2022
£
461,758
-
5,813
467,571
Support
costs		 Total
2023
£
542,347
1,652,383
21,269
2,215,999
Total
2022
£
560,856
1,844,937
18,113
2,423,906

20

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

6. Analysis of apportioned support costs

Current Year
Previous Year
Donated Sundry office costs
Bank charges
Donated Travel & Accommodation costs
Total Support costs
Donated staff expenses
Donated Sundry office costs
Bank charges
Donated Travel & Accommodation costs
Total Support costs
Donated staff expenses		 2023
£
4,667
-
-
-
4,667
Other
Activities
2022
£
5,813
-
-
-
5,813
Other
Activities		 2023
£
418,278
55,086
992
-
474,356
Raising
funds
2022
£
400,692
58,346
2,720
-
461,758
Raising
funds		 Total
2023
£
422,945
55,086
992
-
479,023
Total
2022
£
406,505
58,346
2,720
-
467,571

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

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
NOTE
16
Total
Statutory audit fee (net of VAT)
Prepayments and accrued income		 2023
£
13,835
13,835
2023
£
70,924
70,924		 2022
£
12,300
12,300
2022
Restated
£
771,642
771,642

Prepayments and accrued income includes £923 (2021/22: £2,402) of accrued gift aid and £70,000 (2021/22 restated: £769,240) of accrued donations and legacies.

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
Accruals
Deferred income		 2023
£
-
251,615
21,810
273,425
2023
£
433,928
-433,928
251,615
251,615		 2022
£
-
433,928
2,826
436,754
2022
£
-
-
433,928
433,928

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:		 £
831
£
250
Balance at 1
August 2021
Balance at 1
August 2022		 £
563,398
£
579,017
Income
Income		 £
(563,609)
£
(578,436)
Expenditure
Expenditure		 £
620
£
831
Balance at 31
July 2022
Balance at 31
July 2023

21

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

11. Funds continued

Restricted income funds:

Current Year
OTHER
Oral Cancer Research Studentship
Centre of the Cell
50th Anniversary of School of Law
 Scholarships
 Area of greatest student need
For dental students
 Student Opportunities
 Research
 Scholarships
 Research
 Scholarships
 Area of greatest student need
For medical students
 Student Opportunities
 Research
ANNUAL FUND
For Queen Mary University of London students
 Student Opportunities
Barts MS COVID-19 Antibody Study
Fresh Street
 Area of greatest student need
Centre for Neuroscience and Trauma
Prof John Gribben - BARTS Medical Oncology
Prof David Berman - Physics
Barts Cancer Institute
Computer Science Scholarships
Emergency COVID-19 Fund
OTHER Subtotal
BATLAA Benevolent Fund
Peston Chair in Economics
Roy Goode Scholarship
Barts Pathology Museum
CORONAVIT Clinical Trial
Georgina Hutchison Cancer Research Fund
Philip Ogden
The DeepMind Scholarship
Tower Hamlets
Monica Chadha Fund
Syed Hamid Scholarship
Mile End Institute Essay Prize
Winton Charitable Foundation
London Chamber Orchestra Outreach
School of Physics/Astronomy (PsiStar Events)
Simon Gaskell Music Scholarship		 £
74,389
360
9,185
19,875
103,809
50,428
15
9,064
11,877
71,384
75
-
63
104
242
90
13
157,218
24,435
318
611
-
438
51
1,184
100,000
-
25,376
2,726
77
26,480
7,509
1,000
375
725
1,114
188
2,002
500
-
41
168
352,639
Balance at 1
August 2022
Restated		 £
60,350
362
8,627
150,536
219,875
32,867
15
8,337
10,781
52,000
76
-
63
104
243
1
-
159,270
311
2
5
62,577
7
-
21
(100,000)
40,010
79
1,553
1
268
58
8
3
6
9
612,904
16
4
8,010
49,687
169
834,979
Income		 £
(94,494)
(360)
£5,816
(26,512)
(115,550)
(50,423)
(15)
(9,063)
(11,875)
(71,376)
(75)
-
(63)
(104)
(242)
-
-
(316,359)
-
-
-
(62,500)
-
-
1,780
-
(20,000)
(53,925)
-
-
-
-
-
-
-
-
(612,705)
-
-
-
(49,528)
-
(1,113,237)
Expenditure		 £
(22,800)
(22,800)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
33,700
-
-
(10,900)
-
-
-
-
-
-
-
-
-
-
-
22,800
Amount
transferred		 £
40,245
362
828
143,899
185,334
-
32,872
15
8,338
10,783

52,008
-
76
-
63
104

243
91
13
129
24,746
320
616
77
445
51
2,985
-
20,010
5,230
4,279
78
15,848
7,567
1,008
378
731
1,123
387
2,018
504
8,010
200
337
97,181
Balance at 31
July 2023

22

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

11. Funds continued

Restricted income funds continued:
Current Year
Peel Hunt
Total
School of English and Drama
OTHER (continued)
OTHER subtotal from previous page
Research of Deepak Dinkar
CCLS General Fund
CCLS Strategic Fund
Peter McOwan Legacy
Rodney Wasserson Legacy
MS EBV and Memory B-Cells PhD Studentship
Jill Forbes
The Worshipful Company of Water
Principal's Scholarships
Esmee Fairbairn Foundation
Sylvia Huggins
Extracellular Vesicles in MS PhD
Sanctuary Support Fund
Malcolm Jenkins and John Richards Scholarship Fund
School of Mathematics - Leveling Up: Maths
Proud to be an Engineer, Public engagement event
Principals Circle
JRMO RAENG
Pamela Redwood Legacy
Mesothelioma research (Yvonne Fenter)
Hyacinth Kidman Legacy Trust
Hackney Scholarship
Burrell Prize for Design and Copyright Law		 £
352,639
7,309
2,410
6,001
2,500
19
1,482
2
10,025
100,031
35,393
1,297
5,001
139,425
-
-
-
-
-
-
-
-
-
669,240
-
82,341
1,415,115
1,590,550
Balance at 1
August 2022
Restated		 £
834,979
8,144
19
25
2
-
52
37,040
27
195
46,521
10
5,076
1,084
42,222
266,201
41,879
9,115
1,001
4,012
8,974
2,005
31,286
5,114

3,011
641
1,348,635
1,620,753
Income		 £
(1,113,237)
(8,082)
-
(3,000)
(2,500)
-
-
(37,000)
(10,021)
(100,000)
(81,655)
-
-
-
(23,833)
-
(41,686)
-
(1,000)
-
(8,957)
-
(31,250)
-
(3,001)
-
(1,465,222)
(1,652,390)
Expenditure		 £
22,800
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,800
-
Amount
transferred		 £
97,181
7,371
2,429
3,026
2
19
1,534
42
31
226
259
1,307
10,077
140,509
18,389
266,201
193
9,115
1
4,012
17
2,005
36
674,354
10
82,982
1,321,328
-

1,558,913
Balance at 31
July 2023

23

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

11. Funds continued

Restricted income funds continued:

Current Year continued

In addition to the annual fund, gifts totalling £1,410,307 (2021/22: £829,734) 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 £159,264 for Prof David BermanPhysics.

Grants totalling £1,652,383 (2021/22: £1,842,879) were awarded to Queen Mary University of London and grants totalling £nil (2021/22: £2,058) were awarded to Barts and the London Alumni Association in 2022/23. In addition, net fundraising costs of £7 were incurred in relation to the Student Opportunities Fund (2021/22: £533 in relation to Barts Cancer Institute funds).

Amounts of £22,800 and £10,900 were transferred in the year from the Scholarships Annual Fund and 50th Anniversary of School of Law fund respectively to the Peston Chair of Economics fund. These amounts relate to funds which were donated for the purpose of the Peston Chair in Economics, which had been allocated to the incorrect funds in prior years.

As at 31 July 2023, the charity had no material funding commitments.

Further details of material funds are as follows:

The Annual Fund - The charity received £272,118 (2021/22: £124,695: 2021/22) 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 £187,168 (2021/22: £79,744) were made in the year.

Prof David Berman, Physics - A gift of £159,264 was received from Pierre Andurand towards funding Prof David Berman’s research on the interface between theoretical physics and machine learning. This was the third and final instalment of a total of £479,048. A grant payment of £316,359 was made to Queen Mary University of London in the year.

The Georgina Hutchinson Cancer Research Fund - Two gifts of £50,000 and £12,500 were received in support of Professor John Gribben’s work on cancer research. The fund was initially set up in honour of Jo Hannaford’s and Jane Aldridge's mother. A grant payment of £62,500 has been Queen Mary University of London.

Oral Cancer Research Studentship - £150,000 had 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. The accrued amount of £100,000 has been reversed in 2022/23 as it is unlikely that the amount will now be received.

Centre of the Cell - £20,000 has been received from Exscientia to support the development of new content for Centre of the Cell’s learning activities. In addition, the following pledges have been made: a single donation of £5,000 to be received through Ann D Foundation towards Cell and Centre Programme; £45,000 (in 3 equal instalments) to be received through Aldgate & All Hallows Foundation to support Centre of the Cell’s Youth Membership Scheme the first instalment of which has been accrued in the current financial year. A grant of £20,000 has been paid to Queen Mary University of London.

Peston Chair in Economics - as noted above an amount of £33,700 was transferred between funds into the Peston Chair in Economics fund. A grant of £59,700 was paid to Queen Mary University of London in the year for this purpose.

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 £299,793 over a three year period was pledged by DeepMind to fund the establishment of a fellowship in the field of computer science, AI and interdisciplinary applications of AI. The second and third instalments in the amounts of £99,497 and £97,780 have been received and recognised in this year. In addition to this, £415,428 which had been deferred from 2021/22 has been recognised in the year. This consists of £322,324 for 9 scholarships; £23,868 for 5 Masters and 1 PhD scholarship; £69,236 for 5 Masters and 3 PhD scholarships. Grant payments of £612,705 were made to Queen Mary University of London in relation to these scholarships and fellowships.

Computer Science Scholarships - Deep Mind pledged £422,107 to fund the establishment of nine scholarships in the field of artificial intelligence, machine learning and computer science. The amount is to be paid in 3 instalments and the second instalment of £49,528 was received in the year. A grant payment of £49,528 was made in the year to Queen Mary University of London. In addition to this Deep Mind also pledged £225,262 to fund scholarships for students studying Artificial Intelligence, Computer Science or Machine Learning for Visual Data Analytics. The third and final installment of £24,052 was received from DeepMind and is intended for academic year 23/24 and has therefore been deferred.

Peel Hunt - A total gift of £55,500 has been pledged by Peel Hunt payable in three equal instalments to support two Undergraduate Home student's tuition fees for their third - year degrees. The first and second instalments of £18,500 were received in the year and a grant payment of £37,000 has been paid to Queen Mary University of London.

Rodney Wasserson legacy - £100,000 was received in year 2021/22 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. A grant payment of £100,000 has been made to Queen Mary University of London in this financial year 2022/23.

Peter McOwan Legacy - A legacy of £10,022 was received from the estate of Peter McOwan in 2020/21 for the purpose of enhancing the student experience, in particular student enterprise and entrepreneurship activity at Queen Mary. A grant payment of £10,021 was made to Queen Mary in 2022/23 for this purpose.

MS EBV and Memory B-Cells PhD Studentship - A payment of £46,265 was received in this financial year from The Horne Family Charitable Foundation who have pledged to support two PhD Studentships on Multiple Sclerosis Research. A grant of £81,655 has been paid to Queen Mary University of London.

Esmee Fairbairn Foundation - A total gift of £55,000 was pledged towards a student-led social venture fund which empowers young people from diverse backgrounds to develop skills in investment management and £36,666 was received this year. In addition to this, a one-off additional grant of £5,500 was paid as a cost of living uplift to help the project work to continue. The final payment of £18,333 is yet to be received. A grant of £23,833 was made to Queen Mary University of London in the year.

Sylvia Huggins - A legacy of £215,000 was received in 2022/23 with a further £50,000 accrued for the purpose of research in any of the sciences.

Extracellular Vesicles in MS PhD - A gift of £41,686 ($62,500 Canadian Dollars) has been received from the Horne Family Charitable Foundation to fund a PhD studentship. A further payment of $62,500 will be receivable next year subject to satisfactory progress of the PhD student. A grant of £41,686 has been paid to Queen Mary University of London.

JRMO RAENG - 'Proud to be an Engineer" award of £625,000 pledged by Royal Academy of Engineering. An award is supported under Ingenious programme - scheme for projects that engage the public with engineers and engineering while providing engineers with skills and opportunities in public engagement. The award is to be spread over 5 years and paid in equal instalments of £31,250 subject to prior submission of necessary reports. The first payment of £31,250 has been received in 2022/23. A grant of £31,250 has been paid to Queen Mary University of London in the year.

24

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

11. Funds continued

Restricted income funds:
Previous Year
OTHER
Total
NOTE
16
Prof John Gribben - BARTS Medical Oncology
Prof Tom Powles & Peter Schmid - Cancer Research
Prof David Berman - Physics
Barts Cancer Institute
Roy Goode Scholarship
For dental students
 Student Opportunities
 Student Opportunities
 Research
 Scholarships
Sami Sidhom Award
The DeepMind Scholarship
Tower Hamlets
Monica Chadha Fund
Syed Hamid Scholarship
Computer Science Scholarships
Centre for Neuroscience and Trauma
Barts Pathology Museum
The Worshipful Company of Water Conservators
Mile End Institute Essay Prize
CORONAVIT Clinical Trial
Georgina Hutchison Cancer Research Fund
Barts MS COVID-19 Antibody Study
50th Anniversary of School of Law
Winton Charitable Foundation
London Chamber Orchestra Outreach
School of Physics/Astronomy (PsiStar Events)
Simon Gaskell Music Scholarship
For medical students
 Student Opportunities
 Research
 Scholarships
 Area of greatest student need
Emergency COVID-19 Fund
School of English and Drama
Peston Chair in Economics
Fresh Street
Barts MS Research
BATLAA Benevolent Fund
Burrell Prize for Design and Copyright Law
Hackney Scholarship
Modern Languages Scholarships
Research of Deepak Dinkar
CCLS General Fund
CCLS Strategic Fund
Peel Hunt
Hyacinth Kidman
Peter McOwan Legacy
William Spilsbury Legacy
Rodney Wasserson Legacy
Pamela Redwood Legacy
MS EBV & Memory B-Cells PhD Studentship
Oral Cancer Research Studentship
Barts Centre of Cell Biology & Cutaneous Research
Centre of the Cell
Jill Forbes French Prize
Simon & Deirdre Gaskell Scholarships
Philip Ogden
 Area of greatest student need
 Research
 Scholarships
 Area of greatest student need
ANNUAL FUND
For Queen Mary University of London students		 £
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
0
1,343,836
1,474,319


Balance at 1
August 2021		 Restated
£
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
669,240
1,837,005
1,961,701
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
0
(1,765,726)
(1,845,470)
Expenditure		 Restated
£
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
669,240
1,415,115
1,590,550
Balance at 31
July 2022

25

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

12. Prior Year Balance Sheet Funds split

Previous Year
NOTE
16
Current assets:
Debtors
Cash at bank and in hand
Total current assets
Total net assets
Unrestricted Income funds
Total charity funds
Current liabilities:
Total assets less current liabilities
The funds of the charity
Restricted Income funds
Creditors: Amounts falling due within one year
Total current liabilities
Net current assets
U		 Unrestricted
Funds
£
0
3,657
3,657
(2,826)
(2,826)
831
831
831
0
831
831		 Restricted
Funds
Restated
£
771,642
1,252,836
2,024,478
(433,928)
(433,928)
1,590,550
1,590,550
1,590,550
1,590,550
0
1,590,550		 Total Funds
2022
Restated
£
771,642
1,256,493
2,028,135
(436,754)
(436,754)
1,591,381
1,591,381
1,591,381
1,590,550
831
1,591,381

13. 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).

14. 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.

15. 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).

26

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

16. Prior Year Restatement

There was an error in the accounting of legacy income in 2021/22. A legacy from Pamela Redwood of £669,240 which was received in 2022/23 should have been accrued into 2021/22 as there was sufficient certainty of receipt at 31 July 2022. The prior year figures have been adjusted to reflect this income accrual. Legacy income for 2021/22 has therefore increased by £669,240 as a result of the restatement, along with an equivalent increase to accrued income in debtors.

i) Restatement of Statement of Financial Activities

Previous Year (as previously disclosed)

Income from:
Other activities
Total Income
Total Expenditure
Net (Expenditure)/Income
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Restatement adjustment
Income from:
Previous Year (Restated)
Income from:
Other activities
Total Income
Total Expenditure
Net (Expenditure)/Income
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
ii) Restatement of Balance Sheet
Previous Year (as previously disclosed)
Current assets:
Debtors
Cash at bank and in hand
Total current assets
Total net assets
Restatement adjustment
Donations and legacies
Donations and legacies
Donations and legacies
Current liabilities:
Total current liabilities
Net current assets
Total charity funds
Total assets less current liabilities
Restricted Income funds
Unrestricted Income funds
Debtors
The funds of the charity		 Unrestricted
Restricted
Funds
Funds
£
£
579,017
1,292,139
0
322
579,017
1,292,461
578,436
1,845,470
581
(553,009)
581
(553,009)
250
1,474,319
831
921,310
-
669,240
579,017
1,961,379
0
322
579,017
1,961,701
578,436
1,845,470
581
116,231
581
116,231
250
1,474,319
831
1,590,550
Unrestricted
Restricted
Funds
Funds
£
£
-
102,402
3,657
1,252,836
3,657
1,355,238
(2,826)
(433,928)
831
921,310
831
921,310
831
921,310
-
921,310
831
-
831
921,310
-
669,240		 Total Funds
2022
£
1,871,156
322
1,871,478
2,423,906
(552,428)
(552,428)
1,474,569
922,141
669,240
2,540,396
322
2,540,718
2,423,906
116,812
116,812
1,474,569
1,591,381
Total Funds
2022
£
102,402
1,256,493
1,358,895
(436,754)
922,141
922,141
922,141
921,310
831
922,141
669,240

27

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

16. Prior Year Restatement (continued)

ii) Restatement of Balance Sheet (continued)

Previous Year (Restated)
Current assets:
Debtors
Cash at bank and in hand
Total current assets
Current liabilities:
Total current liabilities
Net current assets
Total assets less current liabilities
Total net assets
The funds of the charity
Restricted Income funds
Unrestricted Income funds
Total charity funds		 Unrestricted
Restricted
Funds
Funds
£
£
-
771,642
3,657
1,252,836
22,430
1,810,528
(2,826)
(433,928)
19,604
1,376,600
19,604
1,376,600
19,604
1,376,600
-
1,590,550
831
-
831
1,590,550		 Total Funds
2022
Restated
£
771,642
1,256,493
2,028,135
(436,754)
1,591,381
1,591,381
1,591,381
1,590,550
831
1,591,381

iii) Restatement of Note 2 Analysis of Income

Previous Year (as previously disclosed)
Donations and legacies:
Donations
Legacies
Donated services from Queen Mary University of London (Note 3)
Other activities:
Bank interest
Total
Restatement adjustment
Donations and legacies:
Legacies
Previous Year (Restated)
Donations and legacies:
Donations
Legacies
Donated services from Queen Mary University of London (Note 3)
Other activities:
Bank interest
Total
iv) Restatement of Note 9 Debtors
Previous Year (as previously disclosed)
Prepayments and accrued income
Total
Restatement adjustment
Previous Year (Restated)
Prepayments and accrued income
Total
Prepayments and accrued income		 2022
£
1,147,248
148,391
575,517
1,871,156
322
322
1,871,478
669,240
2022
Restated
£
1,147,248
817,631
575,517
2,540,396
322
322
2,540,718
2022
£
102,402
102,402
669,240
771,642
771,642

28

Queen Mary, University of London Foundation

Notes to the financial statements for the year ended 31 July 2023

16. Prior Year Restatement (continued)

v) Restatement of Restricted Funds
Previous Year (as previously disclosed)
Unrestricted Income Funds
Restricted Income Funds
Total
Restatement adjustment
Restricted Income Funds
Previous Year (Restated)
Unrestricted Income Funds
Restricted Income Funds
Total		 Balance at 1
August 2021
£
250
1,474,319
1,474,569
-
Balance at 1
August 2021
£
250
1,474,319
1,474,569		 Income
Restated
£
579,017
1,292,461
1,871,478

669,240
Income
Restated
£
579,017
1,961,701
2,540,718		 Expenditure
£
(578,436)
(1,845,470)
(2,423,906)
-
Expenditure
£
(578,436)
(1,845,470)
(2,423,906)		 Balance at 31
July 2022
£
831
921,310
922,141

669,240
Balance at 31
July 2022
Restated
£
831
1,590,550
1,591,381

29