QUEEN MARY, UNIVERSITY OF LONDON FOUNDATION (Company Limited by guarantee) Annual Report and Financial Statements For the year ended 31 July 2024 Company Registration Number 05718176 Charity Registration Number 1113376 Queen Mary. University of London Foundation Contents Page Trustees, Report Reference and Administratlve Detalls Structure, Governance and Management Objectives, Activities and Perforniance Financial Review Fundraising and Plans for Future Periods 10 Statement of Trustees, responsibilities 10 Independent Auditor's Report 12 Statement of Financial Activities for the yoar ended 31 July 2024 17 Balance Sheet at 31 July 2024 18 Notes to the flnanclal statements for the year ended 31 July 2024 19 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 2024. 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 accordan￿ 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 Tim Harris 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 E14NS Independent Auditor BDO LLP Statutory Auditor 2 City Place Beehive Ring Road Ga￿ick West Sussex RH6 OPA Solicltors Farrer & Co LLP 66 Lincoln Inn Fields London WC2A 3LH Banker Royal Bank of Scotland Charing Cross Commercial Centre 3rd Floor- Cavell House 2a Charing Cross Road London WC2H ONN 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 Foundats'on 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. Imiilst 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 ofcouncil 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 re￿iVed 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-to4ay management of the Foundation does not involve any significant requirement for executive decision making. The Foundation d￿$ not directly employ staff- a donation 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 2023124 was £714,258 (2022123.. £562,300). Identrfication 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 expectstion 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 Perfonnance 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 intemational 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. Queen Mary. University of London Foundation TRUSTEES, REPORT continued In pursuance ofthe 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 confim 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 guidan￿ 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 beneficiarylbeneficiaries 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 Foundations le.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 le.g. £50,000 received from Tom Baker and another £50,000 from Poul Bentham towards Georgina Hutchison Can￿r Research Fund) and legacies (e.g. £100,000 received from Beryl Shepherd). 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. Actlvltles The Foundation has received and disbursed monies in the year which include the following.. The Annual Fund The Foundation received £118.31612022123.' £272.118) in income during the year towards the three areas of the Annual Fund IQM Fund,. Barts & the London Fund; Dental 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 be￿een 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 (Gift Aid on £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 total of £118,120 including interest has been re￿iVed in 2023124 (2022123.. £62,577) and a grant payment of £118,027 has been made to QMUL in support of Professor Gribben's work. Queen Mary. University of London Foundation TRUSTEES, REPORT continued Prof Gavin Giovannoni of David Berman, Epsteil￿a￿ viws and multiple sclerosis A gift of £100,561 ($125,000) was received in the year from Jill and Mark Fishman Foundation towards funding Prof Gavin Giovannoni and his team in the area of EBV and MS research. A grant payment of £101,124 was made to QMUL in the year for this purpose. Centre of the Cell Fund An amount of £10,000 was received from the Allen & Overy Foundation in the year. Further donations of £5,000 through Ann D Foundation and £15,000 through Aldgate & All Hallows Foundation had been accrued in 2022123 and reversed in 2023124. It is no longer expected for this accrued income to be received by the Foundation as the gift agreement is be￿een donor and QMUL and the funds are to be paid directly to QMUL. The Deepmind Scholarships Deep Mind pledged £287,488 to fund the establishment of scholarships in the field of artificial intelligence, machine learning and computer science. Second and third instalments of £29,511 and £30,647 were received in 2023124. The first instalment of £227,563 was received in 2022123 and deferred and recognised in 2023124. Deep Mind also pledged £64,625 to fund the establishment of six-to-eight week undergraduate research programme in the field of Al, machine learning and related areas in the summer of 2024, which was received in the year. A further £123,920 from Deepmind plus interest of £173 was received in the year in relation to Msc Home & International scholarships. Grant payments totalling £476,253 have been paid to QMUL in the year. 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 third instalment of £50,255 was received in the year. 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 instalment of £24,052 intended for academic year 2023124 was received in 2022123 and deferred and recognised in 2023124. Grants totalling £74,840 have been paid to QMUL in the year. 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. The third instalment of £18,500 was received in the year and a grant payment of £18,500 has been paid to QMUL. PhD Studentship Support- Multiple Sclerosis Research A payment of £40,000 was received in this financial year from The Horne Family Charitable Foundation who have pledged to support two PhD Studentships on Multiple Sclerosis Research. No grant payments have yet been made within the year. The Worshipful Company of Water- Scholarships The trust makes an annual donation of £5,000 towards a bursary programme and this amount has been received within the year. In addition to this there were funds brought forward of £10,077 and a grant of £15,000 was made to QMUL in the year. Queen Mary. University of London Foundation TRUSTEES, REPORT continued Esmee Fairbaim 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 in 2022123 along with a one-off additional grant of £5,500 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 payment of £18,333 was made to QMUL in the year. Extracellular Vesicles in MS PhD A gift of £80,000 ($125,000 Canadian Dollars) was pledged to support a PhD studentship investigating the contents of extracellular vesicles in Multiple Sclerosis. The final instalment of £40,466.54 was received in the year. Patient Experien￿ of Menopause and MS - Horne Foundation A gift of £100,000 was pledged to support a PhD studentship investigating Patient Experience of Menopause and MS (located within QM faculty medicine and dentistry). The second and third instalment of £33,333.00 and £32,849.57 respectively were received in the year. Diagnosis and Management of Infectious Mononucleosis - Home Foundation A gift of £240,000 was pledged support a research programme into the diagnosis and management of infectious mononucleosis. The first instslment of £80,000 has been accrued in 2023124. MS Selfie Programme - Professor Gavin Giovannoni's work on Multiple Sclerosis Two donations of £5,000 from Happy Charitable Trust and Antoine Dusseaux were received in the year. A grant payment of £10,000 was made to QMUL in the year. BP Finance Scholarships A gift of £225,000 was pledged to support three full three-year undergraduate scholarships for Home students studying selected courses within Queen Mary's School of Economics and Finance, and School of Business and Management. The first instalment of £75,000 was received in the year and a grant payment of £75,000 was made to QMUL. Student support- ent￿preneurship awards A gift of £15,000 was received in the year from Andrew Dawber for student entrepreneurship awards. Inter-university Music Festival A gift of £10,000 was received in the year from Andrew Dawber to support an Inter-university Music Festival. A grant payment of £10,000 was made to QMUL in the year for this purpose. Legacies A legacy of£100,000 was received from the estate of Beryl Shepherd in 2023124, to support 10 students on the 3rd year undergraduate History programme within the Faculty and Humanities and Social Sciences. A grant payment of £100,000 was made to QMUL in the year for this purpose. A legacy of £15,000 was received from the estate of Joyce Bassett in the year, to be used for research into early diagnosis of pancreatic cancer. A grant payment of £15,000 was made to QMUL in the year Queen Mary. University of London Foundation TRUSTEES, REPORT continued for this purpose. A further amount of £4,096 has been accrued as a second and final instalment that is to be received from the legacy. An amount of £327 plus interest of £11,859 was re￿iVed in relation to a legacy from Pamela Redwood. £669,241 plus interest of £5,113 had previously been received in 2022123. A legacy of £40,000 was re￿iVed from Dr John Lofting estate to support four students on the 5-year undergraduate medical programme within the Faculty of Medicine and Dentistry. Amounts totalling £22,708 plus interest were received in the year from Elizabeth Sandor estate, for the benefit of QMUL. An amount of £24,500 was accrued in 2023124 in relation to Magdalena Hall Legacy. Future disbursements from the Annual Fund The Trustees approved this year's Annual Fund Disbursements Proposal in October 2024, approving £111,977 in total,. £107,129 awarded from Annual Fund, and £4,848 from Principal's Circle income that was received in the year ended 31 July 2024 (Annual Disbursements totalling £117,512 were awarded from Annual Fund income received in the year ended 2022123). 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 Fund to support the following areas.. Queen Mary Annual Fund £57,446 Barts and The London Annual Fund £49,683 Principal's Circle £4,848 Financial Review During the year ended 31 Juty 2024 donation and legacy income of £2,186,668 {2022123.' £2,171,573) was received,. this included £551,103 for Deepmind scholarships for artificial intelligence and computer science,. £118,120 for the Georgina Hutchison Can￿r Research Fund- £111,182 for Prof Gavin Giovannoni's research. Grants were made to individuals of £nil (2022123: £nil), and to QMUL of £1,229,539 (2022123: £1,654,163) (see note 4). The financial statements for 2023124 reflect the actual costs of generating voluntary income of £693,275, a 28 % increase compared with £542,347 for year ended 31 July 2023, primarily as a result of increased staff costs donated by QMUL. 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 £1,945,714 (2022123.. £2,215,999). At 31 July 2024, the funds of the Foundation stood at £1,830,061 compared with £1,559,533 at 31 July 2023. All but £421 (2022123". £620) of these fijnds have restricted use. Queen Mary. University of London Foundation TRUSTEES, REPORT continued 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 £1,830,061 (2022123.. £1,559,533). This comprised restricted funds of £1,829,640 (2022123. £1,558,913) and unrestricted funds of £421 (2022123. £620). Disbursements from the Annual Fund and Principal's Circle have been approved in October 2024 to expend £111,977. Other balances in restricted reserves are expected to be disbursed in 2024125 in accordance with the gift conditions (see note 11 for details of restricted resepies at the year ended 31 July 20241. 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 was 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 con￿rn 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. 10 Queen Mary, University of London Foundation TRUSTEES, REPORT continued 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 ofthe stste of affairs ofthe 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 tsking 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 tsken all steps that they ought to have taken to make themselves aware of any relevant audit information and to estsblish that the auditor is aware of that information. Approval In preparing this report the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approvedlauthorised for issue by the board of Trustees on 14 February. 2025 and signed on behalf of the Trustees by Professor C Bailey Trustee Lord i Llement-Jones Trustee 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 2024 and of its incoming resources and application of resources for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan￿ 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 2024 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 IUKII 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 hvelve 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 infomiation The Trustees are responsible forthe other infomation. The other infomation 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 othemise 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 course of the audit. or othe￿iSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 12 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 perfomied. 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.. the information given in the Trustees, Report, which includes the Directors, Report and the Strategic 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. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, 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 misststement. whether due to fraud or error. In preparing the financial ststements, 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. 13 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 accordan￿ with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran￿ 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 a￿ayS detect a material misstatementwhen 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 iffegularities. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth 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.. Our understanding of the Charitable Company and the sector in which it operates., Discussion with management and those charged with governance., and Obtaining and understanding of the Charitable Company's policies and procedures regarding compliance with laws and regulations. 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 non- compliance 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 lav￿ and data protection. Our procedures in respect of the above included.. Review of minutes of meeting of those charged with govemance for any instances of non- compliance with laws and regulations- Review of correspondence with regulatory and tax authorities for any instances of non- compliance with laws and regulations; and Review of legal expenditure accounts to understand the nature of expenditure incurred. Fraud We assessed the susceptibility of the financial ststements to material misstatement, including fraud. Our risk assessment procedures included.. Enquiry with management and those charged with govemance any known or suspected InStan￿S of fraud., Obtaining an understanding of the Charitable Company's policies and procedures relating to- Detecting and responding to the risks of fraud., and Internal controls established to mitigate risks related to fraud. Review of minutes of meeting of those charged with govemance for any known or suspected instances of fraud., 14 Queen Mary. University of London Foundation INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN MARY, UNIVERSITY OF LONDON FOUNDATION (continued) Discussion amongst the engagement team as to how and where fraud might occur in the financial statements., Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., and Considering any associated risks with monies sent to overseas entities for charitable activities. 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.. Testing a sample ofjournal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation. In addressing the risk of fraud through management override of controls. we tested the appropriateness ofjournal 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., Substantive testing of income streams to ensure correct recognition in line with the Charities SORP, and We reviewed the entities significant estimates and judgements and challenged assumptions made by management. 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 I'FRC'S") website at.. htt s'.Ilwww.fr¢.or .uklauditorsres onsibilities. This description forms part of our auditor's report. 15 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 Charitsble 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. DocuSlgn•d by.. OD20C4C6g8CUK . James Aston MBE (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Ga￿iCk, UK 19 February 2025 Date BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127J. 16 Queen Mary, Unlversfjty of London Foundatlon Stat•m•nt of financial activbtks lincluding income and •XpendI￿rtr account) fortho yèar •nd•d 31 July 2024 Tot•1 Fund 2024 Total Funds 20¥J F￿d$ Fiknl$ In¢om• from.. Don8tions End kgaciès Ch8niSbk art￿ltIt$ 715.978 1.470.892 1,W175 2,171,573 29 $74 1 266 25.974 2,216,242 12.$78 1 620.753 12,$7e 2 184.151 Total Incom• 715.976 Expendltur• on-. Raising funds Ch8diaWe a￿l￿be$ 693,275 .275 1.229.539 $42.310 542,347 1.652.383 21,269 2.215,999 1.225.539 1.652.383 21.269 Total Exp*ndhure 716.175 1 229 $39 1.945.T14 1.652,3 N•tln¢orn•lExp•ndltur• 11991 270.727 31,8 N•t rnov•ffl•nt In fund• 11991 270 727 270.S28 131,818 R•conc1114tlon offund•'. Total fund* brought t¢Trrwir(I Total fund• ¢irrt•d forw4vd 620 1 558 913 1.669.$33 I,IJO,Qel 831 1 5W.550 1,5U,913 1.591,3B1 1,568,633 421 All Inromtr and Expe￿ilure denvtlrom 4cINrtArys. TherEw*re NtrDth* recow150d pns orlxa•8 olhertywl I￿￿ ItO¥•*ld nit **t•Mf¢rthe ye*. S•trrth 11 l¢rtthlW8tiYe s18t•tythl offin8fi￿ 8Ctivlllos lnatysed by fundj. The notes on page& 19 10 28 lorn W c4 th￿￿Tr￿n￿￿ ￿￿tarr￿nts. 17 Queen Mary, Unlversfjty of London Foundatlon Balanca Shèot at 31 July 2024 INole 121 Total Funds 2023 Furtd$ 2024 Oebtors 109.381 109,381 70,924 Castt al bank a￿j ￿ hand 1.72D.2S9 1.721.243 1.762.034 Totil curr•nt aH•t 1.829.610 1.830.624 1.832.958 CuTh•ntllibllllfjev'. Creditors Arnounls falling due wrthin one y 10 {M31 1273.4251 Total currlnt Ilabllw 16831 N•t CU*T•nt a**•ti I,1￿,640 1,8JO,C41 1.559.533 Tot41 iM•t• IM• ¢urr•nt IlabM6tI•• 421 1.825.810 1.830.061 1.559.533 Total n•t 421 1.829.610 1.830.061 1.559,5 Th• fvnd* of lh• ¢h•rlty Rbsb)ctBd Incomè lunds 11 1,12•,810 1,558,913 VnrEsincied Incomg fund6 11 421 820 To￿1 ¢h•rlty fvn¢• 1,830,M1 1,569,6 Th8 not88 ￿ paoas 19 10 28 ltym Slaterr￿n Tho Ilnanclal stolemenls ol OL￿on M4ry. dLoTrSJn Fo￿d￿l￿n Tr*red Thwrknr05718176tJAY• wo¥ed by Bowd ofTrnitae# .14 February 2025 .. d slgnld Wd On rt8 by. Profass¢r C Ba￿ey, Trusw Lud T ClementsJonÈs. Trusthe 18 Queen Mary, Unlversfjty of London Foundatlon Note$ to the flnanclal staternents for the year ended 31 Juty 2024 1. Prlnclpal accounung pollcles Queen Mary. University of Lon￿ FOU￿a￿On. a Wc bBnefft and wa￿ a5 a Lyrnparry Imrtad by wardnlae not having a share capil¥J. There are currently 4 Trnstees who Bre ￿s0 the members of the company. EKh has Lythnaken to to the assets in ￿ event ol ￿Ing sum nDt exeAeding £1D The ¢h8nly is a rogiStèrÉd ¢hanty. TnÈ WlStW¢d offtr page 3. lal 8asi5 of preparation of the financial statements The finÈntisI atÈtÈm¢nts Èty prÈptrÈd ￿dèr thè cost ¢tslveniK*). In StAt¥Mit of Rs1x)mm￿d￿ Potrs'A¢tywntsw and Reporbw by cThadtie$ ISORP 20191" ap￿￿aLle to L*anlies wepanng thwrfjna￿aI staterr￿S ID aLXyyda￿fj Stwvjwd akylcabb ￿ the UK Repubknc of Ir￿a￿ IFRS 1021, effective 1 January 2019. and the ComwN75 Acl 20￿. The rey￿Softh8 FcuThkn are LrffisL￿I0d slaterr￿mS of Oueen Mary Univerw of LoThlon. The Chatrty's resuks are consohdaled In group sl*ernenls Mary Lkwet5ty of Lo¥vkn ks a Rus8dl Gr(¥JP L¥Nv8rsty Incwrated by Royal Charter. lfyhilst Quegll fvlary University of London thes nol have an eqL¥ty hddry wi Ougen Mary of Lon￿ F￿all￿. rt Is treated as a Sub￿diary In the consolidated finanual ￿atern￿m5 an th& b8&S thst the Trusiees ol the chanty. are also the members of me chamy. are arwnted by and In the emrthiy Df Queen Mary University of London By virtue ol this rdaiwship Que*n M¥ry Univw$ity of Lwon to 40¥8m ¢1 Ihe (118nty ottyl Dwfil$ 118 ￿vrt*s. Ex8mpbons hsvtr tyo¢n taken In these separate thanlaLle cornpany slaterneDls n ￿￿1011* cash fyyw 8tthwT￿. Ibl Incom• Incomo Iroffl danaborbs orgrdnls 15 recwsed of enlitknAnttothe ￿. rK•pt ￿ wob*40 rtsrnnt can be M￿sured rehat4y. Wn2re srants contHin lerrns Ix condrtths thai nwst bb mbi th• (My h8$ emillww io th• r•wis•d ¢xK* pwfryrn8￿ h8¥0 bgèn n￿l. Gift Ald Inwme on on•t￿$ Is r•¢ogrws•o %vhen r*t•V8tl8. Legacy Income 18 re¢oonised ￿ Ihe $i•wment d fin8ro81 r*e•pi LS W*8t48 c4n b8 88t*)kgt•J suftl(Jeni awaGry. Sank inier8811s ae¢ounied forin In tsI8niy i$wYtho 10 ioc8yi Incomo received c4nThJt be attnbJtqd lo a speofrfvnd Is thferred unlllhe ciitqnafcf I￿Orne r•c0gr**￿n orn rn•t. All donatod Sarv￿$ 8r8 provtho Oy Oueen M¥y Unw6rshy d L<**kn). costs dL¥trvJ fv year. lel Exp•ndltur• E¥pwdiiJrg Is bos1* Grants Pgy8tlo 8re ¢horgg# In Ihg yeor the Qffw 1$ 10 OX¢eKA In ￿$8 ¢080S th• ¢)fler Is eonth1wI. $uch gr8ni$ boing r0CQgn1$0d a$ oxpgndrturo an the condrtKrt8 atl8¢h80 S￿ fuYi1￿0. Gtarn8 offweo h8¥a Th)1 De8n 81 ￿ y88r ano •w not60 as 8 Cz)mmiimoni. bul noi •cctyod as expondrturo. Dirgci co$t$ In￿d0 th¢ge I￿￿1184 In g¢wmw¢o of ts ¢hm ￿ rf8 868•1s 61atulory rwuir•iienis Th• n81uro ol th• cosi8 ¢sied 10 th18 category art f86s Ano Staff 8xpen8e8. The 5UPPOrt Costs for woce851Dg mantt9em￿ Iho ty OLW unwsrty 41 London havè bten 81bGaitd 10 fund rwsins £ctivilies In hne the SORP. Wrthin these costi. #off expond*LY• M aTrxaied basedai bme wi cn QMUL FOLrt1￿ aaivrth•S. Idl Golng Concorn 11 i& the VKW of the TNslees IhHI IhDrn 1$ o reo5CnBt4D •Xpe￿￿ ¢hffj 10 rec411¥0 friffl thwelrrt hovo adaquote re&yJrc•s 10 mo&t 113 IKqtylrt*S 89 Ihoyfo11 dve ¢wriho 12 rn¢Nh8fr¢m tho gVWvJoflh• Fin•￿￿ SI8¢￿1$. ￿ Ih• F#wrtial swomwt$ have th￿or# boon prgp8rna on 8 going ¢on¢•m baw$. lel Funds otruc¢uro Fund5 held by Gharily ar8 eith8r A￿1￿¢¢*d In¢om• fvnd• Ir*8e C*kxKfrf)8ets ¥1&X￿1¢￿ raiaed sp8dl¢aly for a pa￿cuL9r W￿0￿•. Unrn1ts1ct•d Inc¢)m• fvnd•.' the8e be vged m octud￿￿ththe ¢¢￿¥ rflh• th• d18f*ObW oflh• TN8tg•8. Endowfflent rund•'. these are fu￿$ creaied donN 5pe* 15 to be rnsied and orly Income eam8d ￿ that grft fflay be spenlt¢r8 speriTic purpDSe. Dèta1￿ ol tho nAILYe purpou ofeKhfund we 11. In Flnanclal In•trum•nts The L*arnla￿e cornpany ha5 finaw4 assets and fin￿081 cf a that qu** a5 fmrnal nthmwt5. B8SiG fin￿￿al Inslrurmnis are Inlllally recognlsed al IrBnsacuon va￿0 and Ble subs8quBnty rn8aSUr￿ at th￿r getuemert vdufr. 191 Cosh Cath Indude$¢a$h in r￿￿ and dar￿18 rnptyar1&￿ ¢*m¥ Ihl Debtors Short lem debtcKs are mBBsured ai transacbon wke. k5$￿Y ry lil Creditors and Provisions CrÈditors snd Pft)vi4i¢n$ 8ro t*¢¢gniW (*wty hA$ a fmm 8 pa* *rf•it th• In transfèr of fund$ to a third psrty and th$ arnouDt lo setue ihe be e511￿9￿ CrwJit(Ks and ￿)g￿lse￿ ￿ th￿r 5ettl8rnetrf atter albwng lor trade discounts due. til Critical accounting judgements and key sources of estimation uncertainty In the apFIKatKJn of ihe accounting pohcies. de5cnbed a￿ve. the TNsiees are lo m*e IJd￿ts. esbmales and as5umptK)ns aL￿ c4nying amunts of assets and liabilities that are not readity Ircth other sour￿. The esbmates assoc*1￿ ue based on hLsior￿l expenertt and other factors thai Bre ¢DnsidèrÈd to r*￿Vant. Actual rèsutts may thffèrlrc*h t￿￿71atèg. The eslifflale5 and undthing as5L¥rOions re¥￿vI￿j on an tra￿$. Re￿5￿)n$ to estimate5 recowised in pefiod in whth the estimate Is revised rf the revi&on afferts only th£t penod, or ￿ the wod ol the re¥iSKm ￿ ffU￿￿ rf tr* rewsth alr￿ts bDth ￿rreffl￿ firture rwths. The Trustees do noi considerthere ¥e ￿Y cMc£l I￿ge￿I5 or cl esbrnabm L￿￿taInlYN￿￿rWy d￿$th￿re. 19 Queen Mary, Unlversfjty of London Foundatlon NotOS to th• financial statom•nts lor th• yoar tnded 31 July 2024 continu 2. Anatysis of in¢ome 2023 Don*￿5 ￿￿￿es. Donations Legacies Donated serV￿S from aL￿n Mary of Londcn Ir*Ae 31 1,287,8B 204,722 714,2GI 2,1￿16¥ 1.191.663 2.171.573 Other art￿lI1e8. B£nk Inthrnst 29,674 25.574 12,$78 12.578 Total 2,216,242 2,184,1S1 3. Analysls of donatèd s•rvlc•s Irom Quo•n Mary Unlv•rnbty of London 2r*24 2023 Audil 188 Slaif Con$viian¢y le8S oiricb C￿$1$ Total 17.200 52S.6B5 $$,1gs 16.602 422,946 87,e66 55,OP 562. 714,258 Th8 al￿11￿6 reLg10s 10 the th&trw￿J1 swten*n 4. Analy•l• of Ch4rrt¥bl• actlvttle• •xpondrtuvg 2024 2023 Grants io Quoen Mary Univ•rsrty cl London Grants i¢ Barts and Thg lO￿¢n AlumrA IBA￿￿) Totil 1,225,639 1.654.163 11,7801 1.652.3 I.2￿.639 4ly•l¥ of grim •xp•ndllUrn bytyp• olpwpov: 24 2023 Scnolarsnip8 twr88f*8 Gerw41 R888arcn 824617 137.035 2M976 929.070 265,642 4S7,871 Total I,2￿,638 1.652, S. Analysls of expendlture Tot41 2024 2024 2024 2024 Cyrr•nt Y••r ,412 627,MJ 69J,27fj 1.221.6J9 22,900 1,945.71 cttan1a￿e actiwb6$ INote 41 1,22•.S 17,280 Bl692 6,620 63J.4BJ Totil •ApvndltuF• 1.2Tr.SJ9 Support C05t 2023 Schol4r*hlp D]rEctGo•ts 2023 2023 Total 2023 Pr￿0￿# Y•ar Raislng funds chad1a￿e actlwbes INote 41 67.991 474.356 542,347 1 652,383 21,269 2 215,999 1652.383 16.eA)2 4,e67 479.￿3 Totil •ApvndltuF• 1 652 383 20 Queen Mary, Unlversfjty of London Foundatlon NotOS to th• financial statom•nts lor th• year tnded 31 July 2024 6. Anatysis of apportion•d support costs Ralslng Totsi Z024 2024 20Z4 Curr•rrt Y•ar Donated staff expenses Donated Sundry offic4 costs Bank charges Donated Travd & A¢¢0mM¢￿0bfy) (J)*S Total Support cost• 5.620 520, IL￿. 1,7( 525.6B5 10405 &820 627,863 633,483 ft•16lng lunds Tot41 Z023 2023 2D23 Pr•￿0￿• Y¢•r Donat•0 ¥iaft •xpen$88 Donated Sundry office costs Bank charges Donaiod Travd & Attrrfnmodabcffi cog1¥ Totil Support co•t• 4.667 418,278 4￿,04$ $5,086 4.667 474 356 479,023 7. Staff cost8 and Tru8t8es' remunerailon Tho Foundation had no empkny£es. Ihe ujrrern or prKr year. Mrvic•% are p￿t￿ned ty •rnF4yp6s of Quaan UnN•Nty ol Lmjon ar￿ Indudod Wihin donolèd soNiceJ oj disdosèd In n¢tg 3 Tho Tru*•o$ re￿￿0￿ no •MrJum￿I ¢r of•yngtskn regp•ci of ￿ gW¥K•$ ¢0 th• P￿year. e. N¥t In¢omg 1$ •tsted oft¢r ch•rglng 2024 2023 St8tulory feo Ino1 of VATI Total 14.410 14,400 13,835 13.835 9. D•btor8 2024 2023 ProP8ym6ni8 wd 8cuwd irK 70.924 70.924 10•,J11 Prepaymenti ond acuuod Income £78512022123. £9231 OfAc￿￿J9fft ad £1￿.5931202?tYtsIosI3tQd £70.(￿1 ol accrwd donAlions ond legauo&. 10. Credltors: Amount8 lalllng du• wlthln on• y•ar 2023 Acuuai 251,615 21.810 273.425 Amounts owod to Pare￿ compony Total 2023 alyJl• of d•lvff•d Inromv •bov•.' Amount broughl lor¥vard * I AugL￿1 Amoufil re￿a￿e￿ In ine year Amount doforrod In tho YO¥ Amount Cat[￿ foTward al 31 J 2$1,611 433.928 1433,9281 251 815 251615 In(*m8 recaN￿ In advarte Of pwrorrr￿Cvr(￿￿￿Th ￿150￿ wwnp*vJ to it*<¥np as thp are mel. 11. Funds UnrvsMct•d Income fvndj.. Cufrnrlt Y*&r 8•lance at 1 Balance 4t 31 July Z024 Unre¥lnd8tt funds 715.976 1716.1751 421 Y•ar Balance at i August 2022 Balance at 31 July Z023 Ufireslnct￿ Incorne funds 1563.6(61 620 21 Queen Mary. Unlverslty of London Foundatlon Notes to the flnanclal statements for the year ended 31 Juty 2024 11. Funils continu•(I Restrfcted ItKomefunds'. Cvrr•nt Y••r Balance at 1 AugUBt 2023 Balanee at J1 July 2024 Incomè ANNUAL FUND For Mary Unlv•r46ty of London •lud•rts Siudgnl Opportufjrt￿S Researth Scholarships Area of ￿01¢¥1 SluWI n 40,245 735 370 11.986 22 557 {40,2291 34,4 732 10,814 12.0)Jl 135.0461 {TT.2751 143. 18&334 I120.￿> 1119.2811 57,446 For m￿lt￿l *tudArf* Sludeni Opportunrt*s Resear ¥l.B72 15 31.e 132.8721 31,e 15 7,824 9.997 49.44 Scholarships AreB of gr£Athsl •udont need 7825 10. 49.4J3 18.3391 110.7861 {61.5971 10.783 $IODe For d•ntal *tud•N• siudbnt Op￿rt￿rt R8$88rth SGholaT¥hip8 Are£ of greaiesl Jludenl need 1751 78 51 2J• OTHER Cenire fol N•uroK*nce qnd Trwrn• Prof John GnbD8n- SARTS Ort(4wy Prof 08wd eerm8n- PhY￿c5 Barts C£ncer InstitLrte B•rt$ P8th¢knoy CORONAVIT Clinical Tn GeorginB HulGhiBOn CanGer Research Fwd Barts MS CQVID.19 Antibody Sl Fre9h sirogt BATLAA Ben•vobem Fund EBVand MS reaserch (led by Prof G Glovannonll K Schmloror eARTS MS Rese• Centre of Ihg Cdl Pg$i¢n Chair In Econ¢m Roy Good• Sehclarship Mile Énd In511iule Es58y P th Annivewty ol S¢no(4 of Lthv Wlntcn chadt8ty￿ F¢und8ti¢n London cnamber Or¢n881ra Outr•￿) scho￿ ol PttysKSlAslr￿Orny IP51Slar E?￿￿) Slfflon Gaskdl lAu￿e Schclarshp Philip Ogden Tho Owmintt S¢noLg18nip Deep IAind - Al & Machlne LearrAfva DeepMlnd- Al & Machlna Leaming (Summer pwarrff*20 D$opMind- Mx Hom6 & Inu SCh￿r8￿p¥2024f29 Tower H£rnleis Moni¢8 Chadn8 Fur Sypd Ha[￿￿ S(*oPatsnip Computer SaenGe SGMarships Emergency COVID-19 Fwd 91 13 IV21 129 24.746 445 25,191 618 10 16251 1118.0271 77 445 51 11&12C* 453 1521 13,0241 101.124 18.COJI .010 5.230 4.279 78 15,848 7.S87 19.9841 10,017 15.3771 324 79 18,025 7,7C 1,028 177 133 378 731 1.123 12 18 17451 (1.1381 {3921 1287.7(*1 {64.6251 1123.9201 287.725 61.625 124.WJ 17 2,018 2,0 513 8.010 21 18.0)Jl {74.8401 74. 20 337 {4311 OTHER Subtotil 97,181 771. 1799.5721 Queen Mary, University of London Foundation Note$ to the flnanclal staternents for the year ended 31 Juty 2024 11. Funds continu•(I Restrfcted ItKomefunds CONlnued.' Curr•rt Y•ar Amount July 2024 OTHER Icontlnu•d) OTHER Aubtotal from pr•¥bous pao• 97.181 7T1.054 (799.8ni 128 School ol Engh¥h and Dram Burr￿1 Pnzefor Deggn and Copynght Law Hackney Scholuship R8$88rtn ol Owak Dirthar CCLS GeTwal Fund CCLS stralqgK Fu Ped Hunt Peter MGOwan Logacy Roow Wa$$er$on Leg8¢y MS E8V Memw Pho Sludwts 7.371 2,429 .3821 12,4811 19 11,$541 {18.SWI 42 31 18.527 27 1311 {2291 40.7( 23 &044 2.470 40,967 Thè worship1￿ C¢mpwy dwaier Pdnop¥l'¥ sthoL9WIps Esrnee Fairbaim FLyJnd£l Sylwa Hugsinj Extr9￿1￿￿9r Vè$ldos In MS PhD Sanduary Supwrt Funo Malcolm Jenkin8 JOM Rithard5 Scjththp Fw Scho￿ ol IAalhemabc4. L•v•lng Vp Math5 Proud io ty0 8n Ewiwer. Putit engogemw o¥e PrlncJp81s Circle JRMO RAENG Pa118ni Exp8denc8 ol Menop8us8 sna Ms. Fon D1agnosis and Management of Infectious M￿O￿l￿￿- Chld brain lumowj reseorch.th d Pld D Sh•llr Shepw Legacy H8foship Bur$ari•s 8rowning ch￿￿bID FOU￿8￿0￿ MS Sdli8 Programme- Professor fyovaMoni's% Early Di?gno$is P8nCrn*¢c•rtw-Jo￿ Legxy BP Fin8nc8 S¢rKlarships WLvnen'5 Heath Lymphaffla ReseBKh EcontyMIu 84v8rd for 8¢8d•Trc gxc*n¢e fry UG gl￿nIS Sluaoni Support onl￿pr$nOursbIp 8*trrJs lnier￿niVe￿lY Music Fe51wa Law Awards IB Akr￿) Contemporw Mu$1¢ AI Pamda Redy￿r￿ L0 HI8wy wr4r8mm• wthin th• FxLAty Humanili•$ and Swal SciBnoes. A grant paymBnl of £1W.CKX) w8$ made lo QMUL ￿ I1￿ ypw. MS Sdlle PrDgramme- Professor Gawn fyovarrnnls1￿￿ sckn%s-T*Ddc￿31￿rn of ES,0))from Hapw ChBniatle Tn￿1 fftid Antolne Dusseauxwère rec&lved In tha year. A gr8nt ￿yment ofÈ10.0(X)w•$ m• to QUUL In tl*yo8r. Earty Diagn0515 PanGreatsG CarKer- Joyce Bassett Legacy-A 911 cf£151KK>YdS recaved in treyearlo be used re5ewth ￿10 dwgn051s of pancreatsGcancer. A grant P8ymenl 01 £15.OM was made 10 QMUL In the year. A ful1h￿ ￿rnrA￿ d t4.￿ h&s been ￿u￿d as a se&YMI and Instament that Is ￿ be r￿Ved Irijrn the1￿8¢y. P Finan¢s sth¢igWips- A grt ¢1 225,(KX) pw to Supwxt inrèè IhW-ywundw9rnW* 8¢f￿r$￿￿¥1￿ Hts￿ $tudWt$ $i￿yIng $4è¢t8d Coursè$ within M8ry'$ ol E¢￿ornI(S FIFwce. Buwr￿ arf manWJgm￿. fit8t £75.(W wa6 re￿Ne￿ In ihe year payrnenl of £75,OOD was made lo QMUL. Siudenl support. eDtrew£￿eur5bIp aWa￿.A gdt ot £15.(Wvas lithe ywtQ a¥r*ts. Inter￿nIVer￿ MUSK Fesiiva- A grfiof£l0.orKJ t¥as re￿￿8 m the yew Inter￿nN￿￿ty MuSLFes￿¥BL A grant payment ol tio,r￿ was mBde to QMUL In the year. paM￿a R8tswo(¥J LfgaGy- atnount rf£3Z7 ￿51￿18[8￿1 of £11.859wdsrwxvwJ li thi1￿to￿LS knJaw. £￿9.241 ItrtWg51 of £5,113 had prevvJu￿y reC￿Ve￿ in 2022123. Dr John Lothrvj Bursary ILegBcyI- A gfid£40.ofA)vM recew&l lowfrflknKsiL￿ on the SyearthThlwdwte methd prwmme ￿thin the F8cuNy of med￿ne and Denllstry. Elvlabeth Sandor Legacy- ￿n￿MS totalhrvj £122.7(* ￿￿e rece￿￿ In theyearforthe benefflofQMUL M4dalÈna H41 Legacy. An amoL￿1 of ￿4.5￿ In ￿ to Wv rA4 b£￿ In 2023r24. 24 Queen Mary, University of London Foundation Notes to the flnanclal statements for the year ended 31 Juty 2024 11. Fund5 continued Ro8trict•d inGom•fund•'. Pre￿OU5 Year Balance al 1 Amount Balance at 31 July Z023 R•8tated ANNUAL FUND For I￿08n Mary Unlv•r46ty of London 6lud•rts Sludgnl Opportufjrt￿5 Research Scholarships Area of gr$8ts$i $tuOWI n 74,389 194,4941 {2￿1 5.816 126.5121 1115.$501 40,245 9.185 19.875 10&a09 8.627 1505 143. 185.334 219.875 12l8fyJl For m•dl¢al otudento siudenl Opportunrt*5 Research S¢Thol8rships Area of greate81 Bludwl 32.*7 15 {9).4231 32,872 15 8,338 10,7 15 10.711 71.384 171.3761 For d•ntal *1ud•nt• siudbnt op[￿￿￿ R8$88r¢ SGholaT¥hips Area of greatest 61udEnl ne•Y 15 78 78 1831 {1041 {2421 104 104 OTHER Cenire for NeuroJuBnce and Tr￿rna Prof John Gnbben. BARTS MedKd 0￿0￿ Prof Dawd eerrnan- Phy51L Barts Concer InslilLrte Bart$ PBthoknoy CDRONAVIT Clinical Tn81 G8oroin8 Hul¢hiw C8nc8r R8888th Barts MS Cov1￿1&An1lbDdY Sl Frash siraot BATLAA Benevoleni Fund Oral CEncer ReaearGh Sludinlsh C8ntr8 Of1￿ Cdl Posion Chalr In EcorbDrn Roy Go¢￿6 Sehclarship Mlle End Insuiule E35£y Prtze Soth AnniverJAry ol Schod of Law W1n￿n Charl180￿ Found8iion London Chamber Orchestra OLrtIOèGh scho￿ ol PhysKslAstronomy IPJiSlw Ev￿*1) Simon Gashdi Mu*c Schclarsny Philip 09den The DeepMiThY s￿0￿r￿￿ T￿￿er H£rnlels 91 12 129 24,746 320 816 77 445 51 13 IS7.218 24.435 318 159.270 1318.Wl 62.577 162.9))) 51 1.184 1tXI.tXX) 21 Iio).(K))I 40.010 79 1.7Ks.rK* {20.th￿l {$3.9251 20,010 5,230 4,279 78 15,648 7,867 25.378 33,7ts).ts) 77 I10.￿) 375 378 731 612.9)4 16 (612.7Ct51 387 2,018 Moni¢8 Chadh8 Fu Syed Harn￿ s(*oP8r8nip cOmp￿$r So•n¢e ScW8rghip$ Emergency COVID-19 Fwd s¢nO￿ ¢1 Engh$h 8no 0￿m• Burr￿1 Pnz&lor De*on and Copyngm L8W H8#n•y S¢hol¥r$hip ReseaKn ol OeBpak Dith8r CCLS GenBral Fwd CCLS siratBgK Fu Pe￿ Hunt Peter Mcowan Lepa¢y RodTW V1£55er50n Legacy MS EBV and 8£q15 PThD Studw 8.010 49.687 8,010 41 {49.$281 337 7,371 2,429 3,026 &144 19 25 (8.fA21 2410 6,th)1 (3.LYYJI (2.￿) 19 19 1,534 42 31 37.040 27 137.1Tr)Jl {10.0211 10.025 1(O031 46.521 10 S.07fj 181.6551 2S9 1,307 10,D77 140, 18,389 ,201 1.297 Thè Worship1￿ Comwy (A Wat Pnntspsl's SchoLqrships Esmèè Fairbaim Fwndatx)n Sylwa Huggins Extr£ttluLqr Veskjes In MS PhD Sanduary Supwrt Fund maI￿lm Jenhins JOM RK*ath F￿￿j $GhO￿ ol Malhemab(%- Leve￿￿9 up Math5 Proud lo be an Engineer. engagement eve Printspals Circlè JRMO RAENG PaM￿a Redwoott Legacy mesOthd￿lls re￿rch Iyvome Fenterl Hya￿￿th Kjdman Legacy Trusl 139.42$ .201 41.879 9.115 1.0)1 4.012 &974 {41.6961 9,115 (1.OX*I 4,012 17 1&9571 31. S.114 3.011 {31.2SJI ,240 $74,3Y 10 {3￿1) .341 ,YU2 1,321,328 1,348.635 {1,166,2221 Total 1.5*).550 1.620.753 {1.6913901 1,558.915 25 Queen Mary, University of London Foundation Note$ to the flnanclal staternents for the year ended 31 Juty 2024 12. Prior Year Balance Sheet Funds split Pre￿0￿$ Year 2023 Curfont aMol*: Debicrs 924 924 Cash £1 bank and In hand 214JO 1,739,eiM 1,761031 Total ¢urr•nt aB•ot• 4JO 1.810,62• 1,831968 Curr•nt Il•bllttl••-. Creditors Amounts falling duo Wrthin y 127J,42SI 127),4251 Totil ¢uff•n¢114bUItI•* N•t ¢urMnt 1,$$9,$ Total 41Mt* l••• cufftnt 114bllNb 1,660,913 1,56•,6J3 Total n•t ••M¢¥ I.6￿913 1.569,633 Th•fund• olth• ¢harfty Reslnded IncLvne fu￿5 1.66i913 1.66&913 Unreslrlctett Ineome lunda Totil chidtyfundl 1.56B.915 1.569.635 13. Taxation The Charity Is e reg1ster￿ Ghèrtty Is to iosts F¥)￿ Act 2010 tharth mwts Iho dellnilhin of8 Ghèdty14r Gorpor811tsn tax purposes. Accordingty. tho Chairty Is poten￿aty txempi taxatvjn res￿ d IncaT* or gans T￿￿ed Wittin categ￿5 covered by sect￿ 287 of CTA 2009 and 8QClion$ 471 and 478488 CTA 2010 Qr 258 fA Ihe Tox•W of Chsig•oDie G$m$Ari 199210lhg exieni th81 Income or gains are •Wi00 10 exdu*Yoly charlt8ty￿ purposos. Th6 Trusi86s do not In* In8 F