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 cu￿ent 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 advan￿rnent of education in food and health sCien￿S 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 reSoUr￿S 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 repla￿ment 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 re￿iVed 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 Un￿rtaIntieS 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 re￿iVed
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 SCien￿s 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 De￿mber 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 v￿rk.
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 AC￿pted 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 reSoUr￿s. including its income and expenditure for the year then
have been properly prepared in accordance with United Kingdom Generally AC￿pted 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 ne￿SSary 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 i￿egUlarities,
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 I￿egular1ties,
including fraud and non-compliance with la￿5 and regulations. included the followng:
Enquiries with management a￿ut 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 fO￿ard
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 aCknO￿edge 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 V￿th 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 V￿11 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 re￿Ivable 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 reSoUr￿s.
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 inCu￿ed on directly undertaking the activities which further the
Charity's objectives. as V￿11 as any associated support costs.
All expenditure is inclusive of I￿eCoVerable 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 sCien￿S 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 advan￿ment 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 sCien￿S 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 ServI￿S 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 re￿iVed 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