Charity registration number: 1203963
Company registration number: 14815374 (England and Wales)
THE GORDON MURRAY FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
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THE GORDON MURRAY FOUNDATION
INDEX
YEAR ENDED 5 APRIL 2025
| Page | |
|---|---|
| General information | 1 |
| Trustees report | 2 |
| Statement of Trustee's responsibilities | 3 |
| Independent Examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
THE GORDON MURRAY FOUNDATION
GENERAL INFORMATION
YEAR ENDED 5 APRIL 2025
Trustees / Directors Prof I G Murray CBE R Fidgen A Sternberg Charity number 1203963 Company number 14815374 Registered office Russell-Cooke Solicitors 2 Putney Hill Putney London United Kingdom SW15 6AB Independent examiner Steven Wakefield ACA 22 Chancery Lane London WC2A 1LS Bankers NatWest 250 Bishopgate London EC2M 4AA
1
THE GORDON MURRAY FOUNDATION
TRUSTEES' REPORT
YEAR ENDED 5 APRIL 2025
The trustees of The Gordon Murray Foundation are pleased to present their annual report and financial statements for the year ended 5 April 2025 which has been prepared to meet the requirements for a Directors' Report and accounts for Companies Act purposes.
The Gordon Murray Foundation is a registered charity (No. 1203963) and a company limited by guarantee (No. 14815374) and was incorporated on 19 April 2023.
Objectives and activities
The Gordon Murray Foundation’s governing document defines the objectives as all purposes that are exclusively charitable under the law of England and Wales. The charitable company's key objective is to advance education, in particular, but not exclusively, in engineering and design. This objective was accomplished during the year through the commencement of the implementation of the design and construction of a tertiary educational institution focused on design and engineering. This is expected to be a multi-year project.
Demonstrating public benefit
The trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. The trustees consider that the details provided in the Trustees' Report regarding the charitable company's educational objectives and activities clearly illustrate the public benefit.
Financial review
The statement of financial activities reports a net inflow of resources of £23,182,841 during the year. Total funds at the year end were £23,189,091, comprising £23,250,000 in the Expendable Endowment Fund and negative £60,909 in unrestricted reserves. The terms of the Expendable Endowment Fund allow the capital of the fund to be spent if the trustees so determine and in the next financial year the trustees intend to transfer capital from the Expendable Endowment Fund to address the deficit in unrestricted reserves.
Structure, governance and management
The charity is a company limited by guarantee, incorporated on 19 April 2023. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
The board of trustees is responsible for the overall governance of the charitable company and meets as a board periodically during the year. The trustees, who are also directors for the purposes of company law are:
Prof I G Murray CBE R Fidgen A Sternberg
The report was approved by the Board of Trustees and signed on its behalf by:
Prof I G Murray CBE
Date: 6 November 2025
2
THE GORDON MURRAY FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
YEAR ENDED 5 APRIL 2025
The trustees, who are also the directors of The Gordon Murray Foundation for the purpose 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The report of the trustees was approved by the trustees on ….......….......…....... 2025 and signed6 November on their behalf by:
Prof I G Murray CBE
3
THE GORDON MURRAY FOUNDATION
INDEPENDENT EXAMINER'S REPORT
YEAR ENDED 5 APRIL 2025
Independent examiner’s report to the trustees of The Gordon Murray Foundation
I report to the Trustees on my examination of the accounts of the Charitable Company for the year ended 5 April 2025.
Responsibilities and basis of report
As the charity trustees of the Charitable Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2026 ('the 2006 Act'). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by The Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Steven Wakefield ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS Date: 16 December 2025
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THE GORDON MURRAY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 5 APRIL 2025
| Notes Income and endowments from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds: Total funds brought forward Total Funds carried forward |
Expendable Endowment Funds 2025 £ 23,250,000 - 23,250,000 - - 23,250,000 23,250,000 - 23,250,000 |
Unrestricted Funds 2025 £ - 78,897 78,897 146,056 146,056 (67,159) (67,159) 6,250 (60,909) |
Total 2025 £ 23,250,000 78,897 23,328,897 146,056 146,056 23,182,841 23,182,841 6,250 23,189,091 |
Expendable Endowment Funds 2024 £ - - - - - - - - - |
Unrestricted Funds 2024 £ 6,250 - 6,250 - - 6,250 6,250 - 6,250 |
Total 2024 £ 6,250 - |
|---|---|---|---|---|---|---|
| 6,250 | ||||||
| - | ||||||
| - | ||||||
| 6,250 | ||||||
| 6,250 - |
||||||
| 6,250 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
5
THE GORDON MURRAY FOUNDATION
BALANCE SHEET
YEAR ENDED 5 APRIL 2025
| Notes Current assets Debtors 6 Cash at bank Current liabilities Creditors: amounts falling due within one year 7 Net Assets The funds of the charity: Expendable Endowment Funds 8 Unrestricted Funds 9 Total funds |
2025 £ 4,650,000 18,614,575 23,264,575 (75,484) 23,189,091 23,250,000 (60,909) 23,189,091 |
2024 £ 1,250 5,000 |
|---|---|---|
| 6,250 - |
||
| 6,250 | ||
| - 6,250 |
||
| 6,250 |
For the financial year ending 5 April 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the charitable company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
6 November
The financial statements were approved by the trustees on ….......….......…....... 2025 and were signed on its behalf by:
Prof I G Murray CBE
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THE GORDON MURRAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
1. Accounting policies
1.1 General information and basis of accounting
The Gordon Murray Foundation is a private charitable company limited by guarantee in England and Wales. The registered office is: Russell-Cooke Solicitors, 2 Putney Hill, Putney, London, United Kingdom, SW15 6AB.
The financial statements have been prepared in accordance with the charity’s governing document, the Companies Act 2006, the Charities Accounts and “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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention. The financial statements are prepared in pounds sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the Trustees had a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the Financial Statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
The terms of the Expendable Endowment Fund allow the capital of the fund to be spent if the trustees so determine.
1.4 Income resources
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt and Gift Aid relating to cash donations is recognised at the same time as the original donation.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its charitable activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
1.6 Cash at bank
Cash at bank and cash 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.
1.7 Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
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THE GORDON MURRAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
1.8 Financial instruments
Financial instruments are recognised in the charitable company's Balance Sheet when the charitable company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include receivables and cash at bank, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, including payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
2. Employees
| 2. Employees | |||
|---|---|---|---|
| Average number of persons employed by the Charity 3. Donations Donations 4. Investment income Interest receivable 5. Analysis of expenditure on charitable activities Support costs: Consultancy Fees Governance costs: Legal fees Accountancy fees Independent examination fees Bank charges |
2025 2024 Number Number during the year - - 2025 2024 £ £ 23,250,000 6,250 23,250,000 6,250 2025 2024 £ £ 78,897 - 78,897 - Education Total Education Total 2025 2025 2024 2024 £ £ £ £ 131,570 131,570 - - 9,125 9,125 - - 4,400 4,400 - - 900 900 61 61 - - 146,056 146,056 - - |
2024 Number - 2024 £ 6,250 |
|
| 6,250 | |||
| 2024 £ - |
|||
| - | |||
| - - |
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THE GORDON MURRAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
| 6. Debtors Other debtors 7. Creditors: amounts falling due within one year Accruals 8. Expendable endowment funds General funds 9. Unrestricted funds General funds 10. Analysis of net assets between funds Current assets Current liabilities |
2025 2024 £ £ 4,650,000 1,250 4,650,000 1,250 2025 2024 £ £ 75,484 - 75,484 - Incoming Resources 2024 resources Expended 2025 £ £ £ £ - 23,250,000 - 23,250,000 |
2025 2024 £ £ 4,650,000 1,250 4,650,000 1,250 2025 2024 £ £ 75,484 - 75,484 - Incoming Resources 2024 resources Expended 2025 £ £ £ £ - 23,250,000 - 23,250,000 |
2024 £ 1,250 |
|---|---|---|---|
| 1,250 | |||
| 2024 £ - |
|||
| - | |||
| - 23,250,000 - 23,250,000 |
|||
| Incoming Resources 2024 resources Expended 2025 £ £ £ £ 6,250 78,897 (146,056) (60,909) |
|||
| 6,250 | 78,897 (146,056) (60,909) |
||
| Expendable Unrestricted Balance at Endowment funds 5 April funds 2025 2025 2025 £ £ £ 23,250,000 14,575 23,264,575 - 75,484 75,484 |
|||
| 23,250,000 90,059 23,340,059 |
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THE GORDON MURRAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
| Current assets 11. Financial instruments Carrying amount of financial assets Measured at undiscounted amount receivable Carrying amount of financial liabilities Measured at undiscounted amount payble |
Expendable Unrestricted Balance at Endowment funds 5 April funds 2024 2024 2024 £ £ £ - 6,250 6,250 |
Expendable Unrestricted Balance at Endowment funds 5 April funds 2024 2024 2024 £ £ £ - 6,250 6,250 |
|---|---|---|
| - 6,250 |
6,250 | |
| 2025 £ 23,264,575 75,484 |
2024 £ 6,250 |
|
| - |
12. Trustees
None of the trustees have been paid any remuneration, received any other benefits or incurred any expenses during the year.
13. Related party transactions
During the year, the charity was charged £35,496 for consultancy services under a secondment agreement provided by Gordon Murray Group Limited, a company in which a trustee holds the position of director. The amount outstanding to Gordon Murray Group Limited at year end was £35,496 (2024: £nil).
A trustee and a member of their close family made donations totalling £18,600,000 (2024: £5,000) to the charity during the year. Gift Aid was claimed on these donations.
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