Registered number: 09604451 Charity number: 1170105 QI PARTNERS (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
QI PARTNERS (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Auditors. Report on the Financial Statements Statement of Financial Activities 9-12 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-26
QI PARTNERS (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Sam Higginson (resigned 14 December 2023) Professor David Richardson (resigned 26 July 2023) Dr Celia Ann Caulcott Dr Karen Jane Lewis Professor David John Maguire (appointed 26 July 2023) Professor Lesley Ellen Dwyer (aptM)inted 22 February 2024) Company registered number 09604451 Charity registered number 1170105 Registered office Quadram Institute Norwich Research Park Colney Lane Norwich NR4 7UQ Company secretary Mrs Sarah Bennion Independent auditors Larking Gowen LLP Chartered Accountants 1 st Floor, Prospect House Rouen Road Norwch NR1 1RE Bankers Barclays Bank PIC Norwch NR13QH Page 1
QI PARTNERS (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confimi that the Annual Report and financial statements of the charitable company comply with the cuent statutory requirements. the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended practi (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omitted. About QI Partners QI Partners is a charitable company vthich was established in 2015 by four partners UK Research and I nnovation Biotechnology and Biological Sciences Research Council {BBSRC), the Norfolk and Norwich University Hospitals NHS Foundation Trust (NNUH). Quadram Institute Bioscience {QIB) and the University of East Anglia (UEA). The company was created to support the establishment of the Quadram Institute - a multi-million pound food and health research institute completed in autumn 2018. The Quadram Institute is at the forefront of the interface between food science, gut biology and health. developing solutions to worldwide challenges in food- related disease and human health. About the Quadram Institute The four partners provided funding for the Quadram Institute building that has the capacity for 300 research staff and a further 100 staff supporting one of Europe's largest endoscopy facilities. It is engaged in fundamental and translational food and health research. alongside clinical studies, endoscopy and industry, working together to be a leading international hub for food and health research. It combines scientific excellence and clinical expertise. delivering patient care and accelerating innovation. Objectives and activities The objectives of the Charity are to facilitate= The advanrnent of education in food and health sCienS for the public benefit by the provision of facilities for the conduct of charitable research into fo(MJ and health sciences including the publication of the useful results of that research- and The advancement of health for the public benefit by the provision of facilities for the investigation, diagnosis and treatment of diseases and disorders and for research into diseases and disorders including the publication of the useful results of that research. In setting objectives and planning for activities. the Trustees have given due consideration to general guidan published by the Charity Commission relating to public benefit, including the guidance'Public benefit= running a charity (PB2)'. Page 2
QI PARTNERS (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance . Performance During the period the Charity has= Continued to monitor energy use and implement changes to save energy where possible., Developed a 5 year financial plan to assist with planning for reSoUrS and funding,. Reviewed a 5 year asset replacement plan for shared assets; Promoted collaboration between researthers and clinicians. both through its innovation committee and seedcom funding for clinical research projects. As part of its core undertakings, the Charity has also: Held meetings of its Executive Group. Monitored the activities of the tenants of the building, through its QI Executive Group- Reviewed and revised KPIS which have been reported to both the QI Executive Group and the QI Partners Board. b. Plans for future periods The principal objectives for 2024125 are to: Refresh and review a 5 year cosufunding plan to incorporate replament of core plantlequipment assets reaching end of indicative life- Continue with the translational funding stream for clinicians and basic scientists. enabling them to collaborate effectively, fully leveraging the QI clinical resources and facilities- Grow the use of the CRF and Biorepository facilities. Financial review a. Financial review servi charges rendered to all tenants totalled £3.Om (2023.. £3.5m). Service charges represent a re-charge of all operational costs and the main reason for the decrease was due to utility costs. After allowing for donations and other income received and deducting depreciation and other non-operational costs there was a deficit for the year of £0.6m (2023: deficit of £0.6m). The deficit is due to depreciation on non-tenanted areas of the QI building and loan interest costs. There was no capital expenditure in the year (2023: nil). Total reserves at 31 March 2024 was £21.9m (2023: £22.5m). of which £63k {2023: £19k) was unrestricted, and the remainder related to restricted funds. Page 3
QI PARTNERS (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Reserves policy The Charity's restricted capital reserve represents the capital grant funding reiVed to support the capital costs of the new building. Restricted capital reserves have reduced in the year in line with the depreciation of the retained parts of the building. plus loan interest payable. The Charity regulady reviews reserve levels alongside cost and income projections to ensure that it has sufficient working capital to support the operation of the QI building. c. KPIS A benefits realisation plan has been developed which incorporates key perf0mlan indicators by which the Quadram Institute can monitor its performance. The KPIS include the number of engagement eventslactivities, the number of fomial knowledge exchange activities and metrics on the volume of tenant activity such as research projects awarded, clinical research studies undertaken and number of endoscopies performed. d. Principal risks and uncertainties The Board of Trustees is responsible for ensuring there are effective and adequate risk management and internal control systems in place to manage the major risks to which the Charity is exposed. The Audit and Risk Committee reviews a full risk report at each meeting. The Board reviews a full risk report annually. including a 'heat map. tracking major risks. Page 4
QI PARTNERS (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The principal risks and UnrtaIntieS facing the Charity are considered to be: Risk area Charitable benefits are not delivered Descri tion of Risk Quadram Institute does not deliver planned public benefits from research and health activities., Mana ement of Risk Over-arching governan structure agreed to ensure activities of partners are coordinated- Agreement by all partners of comprehensive benefits realisation plan., Multiple work streams established to develop cross partner activities, such as science strategy, clinical research, innovation and engagement. Insufficient coordination belween partners and facilities means benefits from co-location are not fully realised. Problems with building facilities Problems with building facilities prevent tenants from carrying out their operational activities. A building services user committee has been created and processes are in place for reporting and resolving issues with the building facilities- A lifecycle maintenance plan has been prepared" Core building management policies and procedures have been developed to harmonise services for different users. Financial sustainability Building running costs are significantly higher than would be expected" Service charges are not reiVed or paid on a timely basis. Tenants are advised of budgeted service charges and the scheduled timing of service charge invoices. Costs are being actively monitored and reviewed for potential savings. Damage to charitable reputation Culture. behaviour and activity of building service providers or tenants bring the charity into disrepute. Performance of the building facilities Servi provider is actively monitored as part of their contractual obligations., Tenants have their own employment codes of practi and disciplinary procedures in place., Leases restrict tenants, activities to relevant charitable purposes. Page 5
QI PARTNERS (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Organisation and governance QI Partners is a company limited by guarantee (registered number 09604451) and was first registered as charity {number 1170105) on 10 November 2016. b. Members The members of QI Partners are: UK Research and Innovation - Biotechnology and Biological SCiens Research Council {"BBSRC"),' Quadram Institute Bioscience ('QIB")' The University of East Anglia {"UEA")" and Norfolk and Norwch University Hospitals NHS Foundation Trust ("NNUH"). The Members are all guarantors of QI Partners. a company limited by guarantee and a registered charity, of an amount not exceeding £10. c. Board of Trustees The Trustees who served during the year and up to the date of signing these financial statements were.. Dr Celia Ann Caulcott (Chair- QIB nomination) Professor Lesley Dwyer (NNUH nomination. appointed 22 February 2024) Dr Karen Lewis (BBSRC nomination) Professor David Maguire (UEA nomination, appointed 26 July 2023) Professor David Richardson (UEA nomination. resigned 26 July 2023) Sam Higginson (NNUH nomination, resigned 14 Dember 2023) d. Recruitment, induction and training of Trustees New trustees receive appropriate induction training, including meeting wth key stakeholders to leam about the Quadram Institute and get more involved with the Charity's vrk. All Trustees receive regular briefings on key issues facing the charity. Trustee remuneration None of the Trustees received any remuneration in the year in respect of their role as Trustees. f. Key management personnel There are no employees except the Trustees. The Trustees delegate management of the day-to-day activities of the charitable company to a QI Executive Group consisting of representatives from the four partners. Page 6
QI PARTNERS (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (continued) g. Related parties Details of related parties are disclosed in note 19 of the financial statements. h. Going concern The Trustees have reviewed whether it is appropriate for the financial statements to be prepared on a going concern basis. Having considered cash flow forecasts for the twelve months immediately after signing these accounts and longer term to March 2029, the Trustees have a reasonable expectation that the Charity will have adequate resources to continue in operational existen for the foreseeable future. Tenants are advised of any forecast changes to budgeted Servi charges. and all tenants are expected to meet their Servi charge liabilities to the Charity as they become due. The Trustees have therefore concluded that it remains appropriate to prepare the financial statements on a going concern basis. i. Public benefit The Trustees are satisfied they have complied with their duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidan published by the Charities Commission. Based on this guidance, and as described in this Trustees, report, the Trustees believe the activities of QI Partners to be charitable in nature. Insurance Disclosure QI Partners maintains liability Insuran for its Trustees, with an annual aggregate cover limit for all claims against them in that capacity. The Trustees have also been granted a qualifying third party provision under section 233 of Companies Act 2006. Neither the Institute's indemnity nor insurance provides cover in the event that a trustee is proved to have acted fraudulently or dishonestly. Page 7
QI PARTNERS (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. 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 its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity wll 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware. there is no relevant audit infomiation of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Independent Auditors Larking Gowen LLP have been appointed as auditors and a resolution has been passed by the Board concerning their reappointment as auditors. Approved by order of the members of the board of Trustees and signed on their behalf by: Dr Celia Ann Caulcott Trustee Date: 4 December 2024 Page 8
QI PARTNERS (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF QI PARTNERS Opinion We have audited the financial statements of QI Partners (the 'chariW) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. 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 ACpted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of reSoUrs. including its income and expenditure for the year then have been properly prepared in accordance with United Kingdom Generally ACpted Accounting Practice" and have been prepared in accordance wtth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan wth Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. have not identified any material unceriainties 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. Page 9
QI PARTNERS (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF QI PARTNERS (CONTINUED) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwse explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation 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 otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. V are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our 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 Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement wth the accounting records and returns. or certain disclosures of Trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit; or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Page 10
QI PARTNERS (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF QI PARTNERS (CONTINUED) 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 determ ine is neSSary 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 concem. 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 ase operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial statements 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 Auditors, Report that includes our opinion. Reasonable assurance is a high level of assuran, 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. 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 iegUlarities, including fraud is detailed below= The extent to which the audit is considered capable of detecting irregularities including fraud Due to the field in which the charitable company operates. we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards, UK charity law and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the conduct of the company's operations. Our approach to identitying and assessing the risk of material misstatement in respect of Iegular1ties, including fraud and non-compliance with la5 and regulations. included the followng: Enquiries with management aut any known or suspected instances of non-complian wth laws and regulations, accidents in the workplace, potential litigation or claims and fraud- Reviewing legal and professional fees to confirm matters where the company engaged lawyers during the year- Reviewing financial statement disclosures and tax matters, and testing to supporting documentation to assess compliance with applicable laws and regulations., Reviewing board minutes and any relevant Corresponden wth extemal authorities; Challenging assumptions and judgements made by management in their significant accounting estimates, and- Auditing the risk of management override of controls, including through testing joumal entries and other adjustments for appropriateness. and evaluating the rationale of any significant transactions outside the normal course of business Page11
QI PARTNERS (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF QI PARTNERS (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we wll not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements. as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable companWs 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 Auditors, Report and for no other purpose. To the fullest extent permitted by law, VR do not accept or assume responsibility to anyone other than the charitable company and its members. as a body. for our audit work. for this report, or for the opinions we have formed. Anders Rasmussen FCA (Senior Statutory Auditor) for and on behalf of Larking Gowen LLP Chartered Accountants Statutory Auditors 1 st Floor, Prospect House Rouen Road Norwich NR1 1RE Date: 5 December 2024 Page 12
QI PARTNERS (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 £000 Restricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Note Income from: Charitable activities Investments 3,066 3,066 3,514 19 Total income 3,110 3,110 3,533 Expenditure on: Charitable activities 3,066 676 3,742 4,118 Total expenditure 3,066 676 3,742 4,118 Net movement in funds (676) (632) (585) Reconciliation of funds: Total funds brought forward Net movement in funds 19 22.521 (676) 22.540 (632) 23,125 (585) Total funds carried fOard 21,845 21,908 22,540 The Ststement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 26 form part of these financial ststements. Page 13
QI PARTNERS (A Company Limited by Guarantee) REGISTERED NUMBER: 09604451 BALANCE SHEET AS AT 31 MARCH 2024 2024 £000 2023 £000 Note Fixed assets Tangible assets Current assets 21,971 22,638 Debtors Cash at bank and in hand 10 16 415 1,166 293 787 1,581 1,080 Creditors: amounts falling due within one year 11 (1,644) (978) Net current (liabilities) l assets (63) 102 Total assets less current liabilities 21,908 22, 740 Creditors: amounts falling due after more than one year 12 (200) Total net assets 21,908 22,540 Charity funds Restricted funds 13 21,845 63 22,521 19 Unrestricted funds Total funds 21,908 22,540 The Trustees aCknOedge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Dr Celia Ann Caulcott Trustee Date: 4 December 2024 The notes on pages 16 to 26 form part of these financial statements. Page 14
QI PARTNERS (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 £000 2023 £000 Note Cash flows from operating activities Net cash provided by operating activities 15 494 805 Cash flows from investing activities Dividends, interests and rents from investments 19 Net cash provided by investing activities 19 Cash flows from financing activities Cash outrlows from loan repayments I nterest payable (150) (9) (900) (20) Net cash used in financing activities (159) (920) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 379 {96) 883 787 Cash and cash equivalents at the end of the year 16 1.166 787 The notes on pages 16 to 26 form part of these financial ststements Page 15
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information QI Partners is a limited liability company limited by guarantee incorporated in England and Wales, registration number 09604451. The members of the company are those named on page 6. In the event of the Company being wound up. the liability in respect of the guarantee is limited to £10 per member of the Company. The registered Offi is Quadram Institute. Norwich Research Park. Colney Lane, Norwich, NR4 7UQ. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance Vth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. QI Partners meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The accounts are presented in Sterling (£) which is the functional currency of the Charity and rounded to the nearest £'OOO. 2.2 Going concern The Trustees have reviewed whether it is appropriate for the financial statements to be prepared on a going concem basis. Having considered cash flow forecasts for the twelve months immediately after signing these accounts and longer term to March 2029, the Trustees have a reasonable expectation that the Charity V11 have adequate resources to continue in operational existence for the foreseeable future. Tenants are advised of any forecast changes to budgeted service charges, and all tenants are expected to meet their service charge liabilities to the Charity as they become due. As a result, the Trustees continue to adopt the going concem basis in the preparation of the financial statements. 2.3 Income All income is recognised On the Charity has entitlement to the income, it is probable that the income wll be received and the amount of income reIvable can be measured reliably. Other income represents bank interest received. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 16
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of reSoUrs. Charitable activities and Govemance costs are costs incurred on the Company's operations, including support costs and costs relating to the governan of the Company apportioned to charitable activities. Expenditure on charitable activities is inCued on directly undertaking the activities which further the Charity's objectives. as V11 as any associated support costs. All expenditure is inclusive of IeCoVerable VAT. 2.5 Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Charity- this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost m¢)Jel, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following bases: Freehold propety the shorter of 60 years and the life of the lease to tenants 10 years 10 years 5 years Plant and machinery Fixtures and f ittings Soft furnishings 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 17
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments wth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Creditors Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.10 Financial instruments The Charity 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 subsequently measured at their settlement value wth the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Fund accounting General funds are unrestricted funds lch are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from charitable activities Unrestricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Advancement of education in food and health sCienS and the advancement of health 3,066 3,066 3,514 Total 2023 3,514 3,514 Page 18
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Other interest receivable 19 Total 2023 19 19 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 £000 £000 Total 2024 £000 Total 2023 £000 Advancement of education in fo(MJ and health sciences and the advanment of health 3,066 676 3,742 4,118 Total 2023 3,514 604 4,118 Analysis of expenditure by activities Activities undertaken directly 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Advancement of education in food and health sCienS and the advancement of health 3,742 3,742 4,118 Total 2023 4,118 4,118 Page 19
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities (continued) Analysis of direct costs Total funds 2024 £000 Total funds 2023 £000 Depreciation Audit and accountancy Loan interest 667 667 20 Catering subs Telephone. fax & intemet Utilities 88 139 22 21 263 955 Insurance Rent and rates 79 122 68 100 Intelligent client Facilities maintenance 46 1.934 45 1, 779 Tenant only costs Release of capital accrual Security Estate service charge Other Finance admin and management fees (83) 354 24 437 38 24 23 3.742 4,118 Release of capital accrual relates to the unutilised portion of an accrual for late costs thich was made when the property was originally disposed of in 2019. Auditors. remuneration 2024 £000 2023 £000 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts Fees payable to the Charity's auditor in respect of: All non-audit ServIS not included above Page 20
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Tangible fixed assets Freehold property £000 Plant and Fixtures and Soft machinery fittings fumishings £000 £000 £000 Total £000 Cost At 1 April 2023 23,180 16 1.421 690 25,307 At 31 March 2024 23,180 16 1,421 690 25,307 Depreciation At 1 April 2023 Charge for the year 567 552 2.669 667 385 143 138 At 31 March 2024 1,929 710 690 3.336 Net book value At 31 March 2024 21,251 711 21,971 At 31 March 2023 21,636 10 854 138 22,638 10. Debtors 2024 £000 2023 £000 Due within one year Amounts due from related parties Other debtors 110 192 50 Prepayments and accrued income 113 243 415 293 Page 21
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Creditors: Amounts falling due within one year 2024 £000 2023 £000 Amounts owed to related parties Trade creditors 200 150 347 369 Other creditors 744 Accruals and deferred income 353 459 1,644 978 12. Creditors: Amounts falling due after more than one year 2024 £000 2023 £000 Amounts owed to related parties 200 Page 22
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Statement of funds Statement of funds - current year Balance at 31 March 2024 £000 Balance at 1 April 2023 £000 Income Expenditure £000 £000 General funds 19 3,110 {3,066} (676) 63 Restricted funds 22,521 21,845 22,540 3,110 (3,742) 21,908 Statement of funds - prior year Balance at 31 March 2023 £000 Balance at l Apnl 2022 £000 Income Expenditure £000 £000 General funds Restricted funds 3,533 (3,514) (604) 19 22,521 23, 125 23, 125 3,533 (4, 118) 22,540 The restricted fund relates to retained elements of the QI building. 14. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Tangible fixed assets Current assets Creditors due wthin one year 21,971 1,518 (1.644) 21,971 1,581 (1,644) 63 Total 63 21,845 21,908 Page 23
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 £000 Restricted funds 2023 £000 Total funds 2023 £000 Tangible fixed assets Current assets Creditors due wthin one year Creditors due in more than one year 22,638 1,061 (978) (200) 22,638 1,080 (978) (200) 19 Total 19 22,521 22,540 15. Reconciliation of net movement in funds to net cash flow from operating activities 2024 £000 2023 £000 Net expenditure for the period (as per Statement of Financial Activities) (632) (585) Adjustments for: Depreciation charges Dividends. interests and rents from investments Release of capital accrual (Increase)Idecrease in debtors Increase in creditors 667 667 (44) (19) (83) 764 40 (122) 616 Interest payable 20 Net cash provided by operating activities 494 804 16. Analysis of cash and cash equivalents 2024 £000 2023 £000 Cash in hand 1.166 787 Total cash and cash equivalents 1,166 787 Page 24
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Analysis of changes in net debt Other non- cash At 31 March changes 2024 £000 £000 At 1 April 2023 Cash flows £000 £000 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 787 (150) (200) 379 150 1,166 (200) (200) 200 437 529 966 18. Operating lease commitments At 31 March 2024 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows: 2024 £000 2023 £000 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 132 528 100 399 1,874 1,515 2.534 2,014 The following lease payments have been recognised as an expense in the Statement of Financial Activities: 2024 £000 2023 £000 Operating lease rentals 122 100 Page 25
QI PARTNERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Related party transactions Quadram Institute Bioscien QIB QIB is a related paty by virtue of being a member of the charity and a tenant. In an earlier financial period, QIB made a loan to the Company. The loan is unsecured, and interest is charged at 30/0 per annum. During the year. interest of £8,871 was charged (2023: £19.861) and at 31 March 2024 £1,574 (2023.. £2.603} of loan interest was due to QIB. During the year, repayments were made totalling £150,000 (2023.. £900.000). The loan balance owed to QIB at the year end was £200,000 {2023'. £350,000). Service charge income from QIB and its subsidiary QIB Extra Limited of £1,569,655 was received during the year (2023= £1.941,514). At year end. QIB and its subsidiary QIB Extra Limited were owed £743,539 (2023: £Nil) in respect of overpaid Servi charges from the charitable company. Universit of East An lia UEA UEA is a related party by virtue of being a member of the charity. Charges of £567,151 {2023'. £537,015) were incurred during the year relating to the provision of security, intelligent client and cafe services. The balance owed to UEA at year end was £110.489 (2023.. £148,009) in relation to normal trading. Norfolk and Norwich Universi Hos ital NNUH NNUH is a related party by virtue of being a member of the charity and a tenant. During the year, QI partners recognised service charge income of £1.463,446 (2023: £1,545,958) from NNUH. The balan owed to the charitable company by NNUH at the period end was £109,489 (2023: £Nil) in relation to service charges. lia Innovation Partnershi LLP AIP AIP is a related paty as NNUH. UEA, UK Research and Innovation (UKRI) and QIB are all members of both AIP and QI Partners. AIP provides support services to QIP wth total charges in the year being £24,540 (2023: £23,215). At 31 March 2024 £2,450 (2023: £2,318) was owed to AIP by the charitable company. Page 26