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← Qi Partners

2025-03-31-accounts

Registered number: 09604451 Charity number: 1170105

QI PARTNERS

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

QI PARTNERS

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 7
Independent Auditors' Report on the Financial Statements 8 - 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 - 24

(A Company Limited by Guarantee)

QI PARTNERS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Dr Celia Ann Caulcott
Dr Karen Jane Lewis
Professor David John Maguire
Professor Lesley Ellen Dwyer
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
1st Floor, Prospect House
Rouen Road
Norwich
NR1 1RE
Bankers
Barclays Bank Plc
Norwich
NR1 3QH

Page 1

(A Company Limited by Guarantee)

QI PARTNERS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of QI Partners for the year 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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 which was established in 2015 by four partners – UK Research and Innovation - 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 foodrelated 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:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 2

(A Company Limited by Guarantee)

QI PARTNERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

a. Performance

During the period the Charity has:

As part of its core undertakings, the Charity has also:

b. Plans for future periods

The principal objectives for 2025/26 are to:

Financial review

a. Financial review

Service charges rendered to all tenants totalled £3.1m (2024: £3.1m). Service charges represent a re-charge of all operational costs.

After allowing for depreciation and other non-operational costs and income there was a deficit for the year of £0.5m (2024: 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 (2024: nil).

Total reserves at 31 March 2025 was £21.4m (2024: £21.9m), of which £21.3m relates to restricted funds, and £0.1m relates to unrestricted funds.

Page 3

(A Company Limited by Guarantee)

QI PARTNERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

b. Reserves policy

The Charity‘s restricted capital reserve represents the capital grant funding received 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, less donations received.

The Charity regularly 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 performance indicators by which the Quadram Institute can monitor its performance. The KPIs include the number of engagement events/activities, the number of formal 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.

The principal risks and uncertainties facing the Charity are considered to be:

Risk area Description of Risk Management of Risk
Charitable benefits are not
delivered		 Quadram Institute does not deliver
planned public benefits from
research and health activities;
Insufficient coordination between
partners and facilities means
benefits from co-location are not
fully realised.		 Over-arching governance 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.
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.

Page 4

QI PARTNERS

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Risk area Description of Risk Management of Risk
Financial sustainability Building running costs are
significantly higher than would be
expected;
Service charges are not received
or paid on a timely basis.		 Tenants are advised of budgeted
service charges and the scheduled
timing or 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 service provider is actively
monitored as part of their
contractual obligations;
Tenants have their own
employment codes of practice and
disciplinary procedures in place;
Leases restrict tenants’ activities to
relevant charitable purposes.
A QI Public Benefit Committee has
been set up to monitor the
activities of tenants.

Structure, governance and management

a. 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:

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:

Page 5

QI PARTNERS (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

d. Recruitment, induction and training of Trustees

New trustees receive appropriate induction training, including meeting with key stakeholders to learn about the Quadram Institute and get more involved with the Charity’s work.

All Trustees receive regular briefings on key issues facing the charity.

e. 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.

g. Related parties

Details of related parties are disclosed in note 18 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 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.

The Trustees have therefore concluded that it remains appropriate to prepare the financial statements on a going concern basis.

i. 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 with 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:

Page 6

QI PARTNERS

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

j. 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 guidance 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 insurance 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.

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:

8 December 2025

Page 7

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 'charity') for the year ended 31 March 2025 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 Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 with 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 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 8

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 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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:

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:

Page 9

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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

Page 10

(A Company Limited by Guarantee)

QI PARTNERS

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QI PARTNERS (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will 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.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 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

1st Floor, Prospect House Rouen Road Norwich NR1 1RE

Date: 10 December 2025

Page 11

QI PARTNERS

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Charitable activities
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£000
3,088
28
3,116
3,088
3,088
28
63
28
91		 Restricted
funds
2025
£000
-
-
-
533
533
(533)
21,845
(533)
21,312		 Total
funds
2025
£000
3,088
28
3,116
3,621
3,621
(505)
21,908
(505)
21,403		 Total
funds
2024
£000
3,066
44
3,110
3,742
3,742
(632)
22,540
(632)
21,908

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 24 form part of these financial statements.

Page 12

QI PARTNERS (A Company Limited by Guarantee) REGISTERED NUMBER: 09604451

BALANCE SHEET AS AT 31 MARCH 2025

2025 2025 2024 2024
Note £000 £000
Fixed assets
Tangible assets 9 21,442 21,971
Current assets
Debtors 10 317 415
Cash at bank and in hand 202 1,166
519 1,581
Current liabilities
Creditors: amounts falling due within one
year 11 (558) (1,644)
Net current (liabilities) (39) (63)
Total assets less current liabilities 21,403 21,908
Total net assets 21,403 21,908
Charity funds
Restricted funds 21,312 21,845
Unrestricted funds 91 63
Total funds 21,403 21,908

The Trustees acknowledge 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: 8 December 2025[(le][LM]

The notes on pages 15 to 24 form part of these financial statements.

Page 13

QI PARTNERS

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash provided by operating activities
14
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash provided by investing activities
Cash flows from financing activities
Cash outflows from loan repayments
Interest payable
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
15		 2025
£000
(788)
28
28
(200)
(4)
(204)
(964)
1,166
202		 2024
£000
494
44
44
(150)
(9)
(159)
379
787
1,166

The notes on pages 15 to 24 form part of these financial statements

Page 14

QI PARTNERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. 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 office is Quadram Institute, Norwich Research Park, Colney Lane, Norwich, NR4 7UQ.

2. 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 with 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 £'000.

2.2 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 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.

The Trustees have therefore prepared the financial statements on a going concern basis.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable 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 15

QI PARTNERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once 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 resources.

Charitable activities and Governance costs are costs incurred on the Company's operations, including support costs and costs relating to the governance of the Company apportioned to charitable activities.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally 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 model, 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 property - the shorter of 60 years and the life of the lease
to tenants
Plant and machinery - 10 years
Fixtures and fittings - 10 years
Soft furnishings - 5 years

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 16

QI PARTNERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with 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 with 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 which 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.

3. Income from charitable activities

Unrestricted
funds
2025
£000
Advancement of education in food and health sciences and
the advancement of health
3,088
Total 2024
3,066		 Total
funds
2025
£000
3,088
3,066		 Total
funds
2024
£000
3,066

Page 17

(A Company Limited by Guarantee)

QI PARTNERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Investment income

Unrestricted
funds
2025
£000
Other interest receivable
28
Total 2024
44		 Total
funds
2025
£000
28
44		 Total
funds
2024
£000
44

5. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£000
Advancement of education in food and health
sciences and the advancement of health
3,088
Total 2024
3,066
Analysis of expenditure by activities
Advancement of education in food and health sciences and
the advancement of health
Total 2024		 Restricted
funds
2025
£000
533
676
Activities
undertaken
directly
2025
£000
3,621
3,742		 Total
2025
£000
3,621
3,742
Total
funds
2025
£000
3,621
3,742		 Total
2024
£000
3,742
Total
funds
2024
£000
3,742

6. Analysis of expenditure by activities

Page 18

QI PARTNERS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

7.

Depreciation
Audit and accountancy
Loan interest
Other
Catering subs
Telephone, fax & internet
Utilities
Insurance
Rent and rates
Intelligent client
Facilities maintenance
Tenant only costs
Security
Estate service charge
Finance admin and management fees
Auditors' remuneration
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 services not included above		 Total
funds
2025
£000
529
5
4
5
121
19
268
68
206
50
1,838
-
456
25
27
3,621
2025
£000
5
-		 Total
funds
2024
£000
667
5
9
4
88
22
263
79
122
46
1,934
4
437
38
24
3,742
2024
£000
5
1

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 19

(A Company Limited by Guarantee)

QI PARTNERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Tangible fixed assets

Freehold
property
£000
Cost
At 1 April 2024
23,180
At 31 March 2025
23,180
Depreciation
At 1 April 2024
1,929
Charge for the year
385
At 31 March 2025
2,314
Net book value
At 31 March 2025
20,866
At 31 March 2024
21,251
10.
Debtors
Due within one year
Amounts due from related parties
Other debtors
Prepayments and accrued income		 Plant and
machinery
£000
16
16
7
1
8
8
9		 Fixtures and
fittings
£000
1,421
1,421
710
143
853
568
711		 Soft
furnishings
£000
690
690
690
-
690
-
-
2025
£000
31
133
153
317		 Total
£000
25,307
25,307
3,336
529
3,865
21,442
21,971
2024
£000
110
192
113
415

Page 20

(A Company Limited by Guarantee)

QI PARTNERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Creditors: Amounts falling due within one year

Amounts owed to related parties
Trade creditors
Other creditors
Accruals and deferred income		 2025
£000
-
352
-
206
558		 2024
£000
200
347
744
353
1,644

12. Statement of funds

Statement of funds - current year

Balance at 1
April 2024
£000
General funds
63
Restricted funds
21,845
21,908
Statement of funds - prior year
Balance at
1 April 2023
£000
General funds
19
Restricted funds
22,521
22,540		 Income
£000
Expenditure
£000
3,116
(3,088)
-
(533)
3,116
(3,621)
Income
£000
Expenditure
£000
3,110
(3,066)
-
(676)
3,110
(3,742)		 Balance at
31 March
2025
£000
91
21,312
21,403
Balance at
31 March
2024
£000
63
21,845
21,908

The restricted fund relates to retained elements of the QI building.

Page 21

QI PARTNERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

14.

Unrestricted
funds
2025
Restricted
funds
2025
£000
£000
Tangible fixed assets
-
21,442
Current assets
519
-
Creditors due within one year
(428)
(130)
Total
91
21,312
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
Restricted
funds
2024
£000
£000
Tangible fixed assets
-
21,971
Current assets
1,581
-
Creditors due within one year
(1,518)
(126)
Total
63
21,845
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£000
Net expenditure for the year (as per Statement of Financial Activities)
(505)
Adjustments for:
Depreciation charges
529
Dividends, interests and rents from investments
(28)
Decrease/(increase) in debtors
102
(Decrease)/increase in creditors
(886)
Interest payable
4
Net cash (used in) / provided by operating activities
(784)		 Total
funds
2025
£000
21,442
519
(558)
21,403
Total
funds
2024
£000
21,971
1,581
(1,644)
21,908
2024
£000
(632)
667
(44)
(122)
616
9
494

Page 22

QI PARTNERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Analysis of cash and cash equivalents

2025 2024
£000 £000
Cash in hand 202 1,166

16. Analysis of changes in net debt

At 1 April At 31 March
2024 Cash flows 2025
£000
£000		 £000 £000
Cash at bank and in hand 1,166 (964) 202
Debt due within 1 year (200) 200 -
966 (764) 202

17. Operating lease commitments

At 31 March 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2025 2024
£000 £000
Not later than 1 year 132 132
Later than 1 year and not later than 5 years 528 528
Later than 5 years 1,742 1,874
2,402 2,534

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2025 2024
£000 £000
Operating lease rentals 132 122

Page 23

QI PARTNERS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Related party transactions

Quadram Institute Bioscience (QIB)

QIB is a related party 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 was unsecured, and interest was charged at 3% per annum. The loan has now been fully paid off. During the year, interest of £3,711 was charged (2024: £8,871) and at 31 March 2025 £Nil (2024: £1,574) of loan interest was due to QIB. During the year, repayments were made totalling £200,000 (2024: £150,000). The loan balance owed to QIB at the year-end was £Nil (2024: £200,000).

Service charge income from QIB and its subsidiary QIB Extra Limited of £1,610,323 was received during the year (2024: £1,569,655). At year end, QIB and its subsidiary QIB Extra Limited was owed £101,198 (2024: £743,539) of service charges from the charitable company.

University of East Anglia (UEA)

UEA is a related party by virtue of being a member of the charity.

Charges of £626,773 (2024: £567,151) 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 £113,516 (2024: £110,489) in relation to normal trading.

Norfolk and Norwich University Hospital (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 £1,439,976 (2024: £1,463,446) from NNUH. At year end, NNUH owed the Charitable Company £8,568 (2024: £109,489)

Anglia Innovation Partnership LLP (AIP)

AIP is a related party 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 with total purchases in the year being £26,770 (2024: £24,540). At 31 March 2025 £2,673 (2024: £2,450) was owed to AIP by the charitable company.

Page 24