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2021-07-31-accounts

DocuSign Envelope ID: E8D916C7-DE51-4EC6-BAE2-BCDC5931B07D

THE EXETER UNIVERSITY FOUNDATION (Registered Charity no. 287738)

ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 31 July 2021

Northcote House The Queen's Drive Exeter EX4 4QJ

Telephone: (01392) 263063 Fax: (01392) 263187 E-mail: ExFndn@exeter.ac.uk

DocuSign Envelope ID: E8D916C7-DE51-4EC6-BAE2-BCDC5931B07D

THE EXETER UNIVERSITY FOUNDATION

Contents

Contents Contents
TRUSTEE’S ANNUAL REPORT ...................................................................................................................... 2
Independent auditor’s report to the Trustee of The Exeter University Foundation Charity .................... 7
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021 ................................. 10
BALANCE SHEET AT 31 JULY 2021 ............................................................................................................ 11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 .............................. 12
1. Accounting policies ........................................................................................................................... 12
2. Income and endowments .................................................................................................................. 14
3. Net incoming resources .................................................................................................................... 14
4. Analysis of total resources expended ............................................................................................. 14
5. Donated assets .................................................................................................................................. 14
6. Trustees’ and Employees’ remuneration ........................................................................................ 15
7. Tangible fixed assets ........................................................................................................................ 15
8. Debtors ............................................................................................................................................... 15
9. Creditors: Amounts falling due within one year ............................................................................. 16
10. Related party transactions ............................................................................................................ 16
11. Restricted funds............................................................................................................................. 16
12. Unrestricted funds ......................................................................................................................... 17
13. Analysis of Net assets per Fund .................................................................................................. 18

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THE EXETER UNIVERSITY FOUNDATION

TRUSTEE’S ANNUAL REPORT

Reference and Administrative Details

Status and Administration

The full and only name used by the charity is “The Exeter University Foundation” (“the Foundation”).

Board of Trustees

During the year ended 31 July 2021, The University of Exeter (“the University”) was the Sole Corporate Trustee.

Chief Executive Officer

Shaun Curtis, Director of Global Advancement, University of Exeter

Principal Office

Northcote House, The Queen’s Drive, Exeter, EX4 4QJ

Bankers

National Westminster Bank Plc, 18 St Thomas Centre, Cowick Street, Exeter, EX4 1DE

Auditor

KPMG LLP, 66 Queen Square, Bristol, BS1 4BE

Introduction

On 17 July 2009, the majority of the activities of the Foundation were transferred to the University of Exeter, as approved by the Charity Commission.

The Foundation continues to support The Bill Douglas Cinema Museum and this is the main focus of its charitable activities. It has, however, continued to accept donations from donors who prefer to donate to the Foundation rather than directly to the University. Donations which are not given specifically in support of the museum are transferred to the University in accordance with the Foundation’s charitable objectives.

With effect from 31[st] July 2015, the University of Exeter became sole corporate trustee of the Foundation, following the resignation of the previous Board of Trustees.

Structure, Governance and Management

The Foundation is governed by a Trust Deed. The trust was first registered with the Charity Commission on 26 August 1983 (charity registration number 287738) which established it as a charitable trust, and it was further amended with the Charity Commission Scheme on 26 March 2001.

In accordance with the Trust Deed of the Foundation and the Charities Act 2011 the Trustee of the Foundation is responsible for the administration and management of its affairs and are required to present an annual report and audited financial statements for each financial year. This report would normally be approved by the Trustees at their annual board meeting; however, due to the University being a sole corporate trustee from 31[st] July 2015, the accounts are approved and signed by a representative of the University. The University exercises its oversight of the Foundation’s activities through representatives from the University Council.

The Trustee considered disbursements, issues of policy and to review progress of the Bill Douglas Centre during the year. They also examined the Foundation’s accounts.

The Trustee has regard to the Foundation’s charitable objectives, which meet the definition of the public benefit as set out in the Charity Commission’s general guidance on public benefit. The Bill Douglas Cinema Museum, displaying its large collection of assets, is open to the public seven days a week (except for public holidays) and also provides a modern academic research facility. Both of these advance education of the arts in the South West and therefore benefit the public in the region.

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THE EXETER UNIVERSITY FOUNDATION

TRUSTEE’S ANNUAL REPORT (continued)

The museum worked through the academic year to provide access to its collections for researchers and students, despite the ongoing coronavirus crisis. In the latter case this was largely through digital means. Public access was affected by government advice. Audiences did begin to return however, and we also began to expand our community offer by developing projects with local groups of older people and organisations representing ethnic minority groups. The museum was also a key partner on AHRC[1] funded research projects in Film, Drama and Modern languages.

Statement of Trustee’s responsibilities in respect of the Trustee’s annual report and the financial statements

Under the trust deed of the charity and charity law, the trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. The Trustees have elected to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period.

In preparing these financial statements, generally accepted accounting practice entails that the trustees:

The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Risk management

The Trustee has reviewed the major risks to which the Foundation is exposed, in particular those related to the operation and finances of the Foundation, in order to be satisfied that systems are in place to manage the exposure to those risks.

1 ARCH is a European-funded research project that aims to better preserve areas of cultural heritage from hazards and risks

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THE EXETER UNIVERSITY FOUNDATION

TRUSTEE’S ANNUAL REPORT (continued)

Objectives and Activities

Charitable objectives

The Trust Deed embodies the objectives of the Foundation in these words:

The Foundation’s funds and the income thereof or such part or parts thereof as the Trustees may from time to time determine shall be paid and applied towards supporting the work of the Bill Douglas Cinema Museum fulfilling the following purposes:

The Foundation receives, invests and disburses funds raised for the University. Fundraising is conducted, managed and coordinated by the Global Advancement of the University.

An equally important function of the Foundation is to support the work of The Bill Douglas Cinema Museum. This is in accordance with the Trust’s objectives outlined above. The Trustee considers that the support of the museum’s activities meets the definition of public benefit as set out in the Charity Commission’s general guidance on public benefit.

Achievements and Performance

All too obviously during the academic year 2020/21 the COVID crisis has been the dominating event. Notwithstanding this the museum continued to develop and grow. In June, The Bill Douglas Cinema was launched. This lecture theatre has been fitted out to the best specifications to see films for students. Also in the summer an extension area for storage was completed allowing the museum to continue to acquire new collections. Every year we are fortunate to receive a number of significant donations and this year has been no different with gifts, among others, from the Linda Ruth Williams and Mark Kermode Collection and further items from Peter Jewell relating to Bill Douglas and his career.

Whilst this past year has proved a challenge, the determination and hard work of the Curator, his colleagues and volunteers has meant that the museum has continued to provide online, and to a limited extent in person, opportunities for students and academics to use the collection for their studies. It continued to contribute significantly to the University's teaching and research activities.

Research activity this year includes the AHRC project ‘Theatre and Visual Culture in the Long Nineteenth Century’, and ‘Translating for Change: Anglophone Queer Cinema in China’. A new AHRC bid is currently in development relating to women’s film history.

Much of the teaching for 2020-21 was conducted online and access to items from the collection was provided via scanned digital surrogates. Students were still able to create physical displays for the British Screens module in May 2021.

Community engagement continues to increase. Strategic focus is on reaching out to older people, and people from ethnic minority backgrounds, with advice and support from South-West Museums Development, and events will take place in 2021-22.

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THE EXETER UNIVERSITY FOUNDATION

TRUSTEE’S ANNUAL REPORT (continued)

Report of the Trustee for the year ended 31 July 2021

The Annual Report and financial statements for the financial year ended 31 July 2021 have been produced in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (“the Charities SORP”) issued in October 2019; they also conform to the 2011 Charities Act.

Investment policy

In accordance with the trust deed, the Trustee has the power to invest in such stocks, shares, securities or other investments or property of whatever nature and wherever situated at their absolute discretion. The Trustee has delegated the management of investments to the University of Exeter.

Reserves policy

The Trustee has examined the requirement for free reserves, which are those unrestricted funds not invested in fixed assets or otherwise committed. The Trustee considers that, given the transfer of much of the Foundation’s activities to the University of Exeter, a minimum amount of free reserves is no longer required, with the exception of a sum £5,000 to meet any immediate administrative needs.

The level of free reserves at 31 July 2021 was £85,347 (2020: £85,899). This is expected to reduce over time as the reserves are applied in accordance with the Foundation’s objectives.

Grant making policy

Applications for support are made from within the University of Exeter for the Bill Douglas Cinema Museum and these are reviewed and agreed by the Trustee in accordance with the objects of the charity (see charitable objectives).

Future plans

The Foundation will continue to support activities of The Bill Douglas Cinema Museum and other fundraising activities will be carried out directly by the University. The Foundation will, however, continue to accept donations from donors who prefer to donate to the Foundation rather than the University. Where funds are accumulated in respect of such donations these will be granted across to the University in accordance with the Trust’s objectives as outlined above under Charitable Objectives.

Financial Review

Results for the year - Statement of Financial Activities

The Foundation’s statement of financial activities reveals results for the year ended 31 July 2021 as follows:

Incoming resources
Resources expended
Net movement of funds		 2021
£
131,554
(132,106)

(552)		 2020
£
334,574
(321,809)
12,765

Incoming resources during the year ended 31 July 2021 were represented as follows:

As referred to on page 2, the Foundation exists solely to raise funds for the benefit of the University of Exeter. Disbursements were made to the University in the year totalling £84,566 (2020: £274,315). This was made up of payments from:

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THE EXETER UNIVERSITY FOUNDATION

A detailed analysis of the restricted funds held by the Foundation is given in Note 11 of the financial statements. The Foundation has adequate funds and liquidity to meet its plans for expenditure and future disbursements. All commitments outstanding at 31 July 2021 can be financed from identified funding.

Andrew Connolly

On behalf of The University of Exeter (Corporate Trustee)

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THE EXETER UNIVERSITY FOUNDATION

Independent auditor’s report to the Trustee of The Exeter University Foundation Charity

Opinion

We have audited the financial statements of Exeter University Foundation (“the charity”) for the year ended 31 July 2021 which comprise the Balance Sheet, the Statement of Financial Activities, and related notes, including the accounting policies.

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 145 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charity in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charity or to cease its operations, and as they have concluded that the charity’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charity’s business model and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charity will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included enquiring of management and inspection of policy documentation as to the University of Exeter’s policies and procedures to prevent and detect fraud that apply to this group charity as well as enquiring whether the directors have knowledge of any actual, suspected or alleged fraud.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls and the risk of fraudulent

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THE EXETER UNIVERSITY FOUNDATION

revenue recognition and the risk that Charity management may be in a position to make inappropriate accounting entries.

We did not identify any additional fraud risks.

We performed procedures including agreeing all accounting entries in the period to supporting documentation.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the management (as required by auditing standards) and discussed with management the policies and procedures regarding compliance with laws and regulations.

As the Charity is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation), gift aid legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Charity is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: certain aspects of charity legislation recognising the financial and regulated nature of the Charity’s activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The trustees are responsible for the other information, which comprises the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

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THE EXETER UNIVERSITY FOUNDATION

We have nothing to report in these respects.

Matters on which we are required to report by exception

Under the Charities Act 2011 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Trustees’ responsibilities

As explained more fully in their statement set out on page 3, the trustees are responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the charity’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 they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charity’s trustees as a body, in accordance with section 145 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Rees Batley

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

66 Queen Square Bristol BS1 4BE

____ April 2022 11

KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE EXETER UNIVERSITY FOUNDATION

THE EXETER UNIVERSITY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Note
Income and endowments from:
Donations and legacies
2
Total
Expenditure on:
Charitable activities
4
Total
Net (expense)/income and Net movement of
funds
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Funds
£
125,662
125,662
(127,267)
(127,267)
(1,605)
84,926
83,321		 Restricted
Funds
£
5,892
5,892
(4,839)
(4,839)
1,053
973
2,026		 Total
2021
£
131,554
131,554
(132,106)
(132,106)
(552)
85,899
85,347		 Total
2020
£
334,574
334,574
(321,809)
(321,809)
12,765
73,134
85,899

The notes on pages 12 to 18 form part of these accounts.

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THE EXETER UNIVERSITY FOUNDATION

THE EXETER UNIVERSITY FOUNDATION

BALANCE SHEET AT 31 JULY 2021

Note
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one year
9
Net current assets
Net assets
The funds of the charity
Restricted funds
11
Unrestricted funds:
General funds
Designated funds
12		 2021
£
7,053
86,066
93,119
(7,772)
85,347
85,347
2,026
4,337
78,984
85,347		 2020
£
12,185
79,428
91,613
(5,714)
85,899
85,899
973
899
84,027
85,899

Approved by the Board of Trustees on 7 April 2022 and signed on their behalf by:

Andrew Connolly

On behalf of The University of Exeter – Corporate Trustee 7 April 2022

The notes on pages 12 to 18 form part of these accounts.

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THE EXETER UNIVERSITY FOUNDATION

THE EXETER UNIVERSITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1. Accounting policies

The financial statements have been prepared on a going concern basis under the historic cost convention in accordance with UK Accounting Standards, including FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and in accordance with the Statement of Recommended Practice (FRS102 SORP), Charities Act.

These financial statements are contained within the group consolidated financial statements of the University of Exeter. The group financial statements can be obtained from the Chief Financial Officer, University of Exeter, Northcote House, The Queens Drive, Exeter EX4 4QJ. These financial statements represent the separate financial statements of the Foundation.

In these financial statements, the Foundation is considered to be a qualifying entity and has applied the exemptions available under FRS 102 in respect of the following disclosures:

As the consolidated financial statements of the University include the equivalent disclosures, the Foundation has also taken the exemptions under FRS 102 available in respect of the following disclosures.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Going Concern

The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons.

The business model of the Foundation is such that its charitable activities are limited to those which it has sufficient funds to support, from the excess of funding received over the costs of administering the charity. The charity therefore has no specific commitments and no committed costs beyond its fixed costs of operation which are detailed in note 4.

The Foundation’s main purpose is to own and maintain The Bill Douglas Cinema Museum. The Foundation has sufficient net assets to continue to do so for the foreseeable future and for at least 12 months from the date of approval of these financial statements. The Trustee have therefore prepared the financial statements on a going concern basis.

The Trustees have also considered the implications of COVID-19 and consider that as a result of the Foundation operating model explained above, even if no further funding is received in the 12 month period, the charity has sufficient cash reserves to pay all committed costs.

Consequently, the Trustees are confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

Accounting Estimates and Judgements

The preparation of the Foundation’s financial information requires the Trustee to make judgements, estimates and assumptions that affect the reported amounts of income and expenditure, assets and liabilities, and disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

In the process of applying the Foundation’s accounting policies, Trustee agreed that there were no critical accounting judgements in the current year.

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THE EXETER UNIVERSITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Accounting policies (continued)

Funds held by the charity are:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objectives at the discretion of the Board.

Unrestricted designated funds - these are funds set aside by the Board out of unrestricted general funds for specific purposes or projects.

Restricted funds - these are funds that can only be used for particular restricted purposes within the objectives of the charity. The restrictions are imposed by the donor or by the stated purpose of fundraising. Details of specific funds are included in note 11.

Transfers between Funds from or to designation funds are determined by the Trustees and based on the needs of the charity.

Residuary and pecuniary legacy income is recognised when the charity receives the legacy and is treated as incoming resources.

Where donations and gifts-in-kind can be reliably measured, they are accounted for as received. Donated facilities and services are recognised upon the entitlement to benefits that flow from such donations and measures at their value to the Foundation.

Interest is accounted for on an accruals basis in the Statement of Financial Activities.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

g. Governance

Governance costs relate to costs associated with the constitutional and statutory requirements of the charity and include the costs of external audit, secretariat and other constitutional related costs.

h. Taxation

As a registered charity, the Foundation enjoys substantial exemption from Income Tax, Corporation Tax and Capital Gains Tax. The Foundation is not registered for Value Added Tax (VAT) and accordingly any VAT has been charged in the accounts under the relevant expenditure heading.

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THE EXETER UNIVERSITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. Income and endowments

Donations and legacies
Tax claimed
Governance costs
Total		 2021
£
84,544
1,632
45,378
131,554		 2020
£
287,460
1,736
45,378
334,574

3. Net incoming resources

2021 2020
£ £
These are stated after charging:
Auditor’s remuneration for audit of these financial statements* 1,715
 1,690
Year ended 31 July 2021
Charitable expenditure:
Governance costs
Grants paid to University of Exeter
Year ended 31 July 2020
Charitable expenditure:
Governance costs
Grants payable to University of Exeter		 Unrestricted Funds
General
Funds
Designated
£
£
2,162
45,378
74,684
5,043
76,846
50,421
Unrestricted Funds
General
Funds
Designated
£
£
2,116
45,378
266,000
-
268,116
45,378		 Restricted
Funds
£
-
4,839
4,839
Restricted
Funds
£
-
8,315
8,315		 Total
2021
£
47,540
84,566
132,106
Total
2019
£
47,494
274,315
321,809

Although supporting the Bill Douglas Cinema Museum is an important function, the Foundation still collects donations on behalf of the University. Inclusive of tax claimed these totalled £86,176 in 2021 (2020: £277,402). These donations are transferred to the University on an annual basis.

5. Donated assets

There were no assets donated in either the current year or the prior year.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

6. Trustees’ and Employees’ remuneration

The Trustees received no emoluments and were not reimbursed for any expenses during the current and prior year.

The Foundation employs no staff. All pay and other non-pay costs associated with administration of the Foundation are borne by the University of Exeter. Such costs are recognised as services donated by the University and form part of income in the Foundation with an equivalent amount recognised as an expense on the Statement of Financial Activities.

7. Tangible fixed assets

Inalienable and historic assets

The Bill Douglas Cinema Museum

The Bill Douglas Cinema Museum contains both a public museum and an academic research centre, housing one of Britain’s largest public collections of books, prints, artefacts and ephemera relating to the history and prehistory of cinema. The Museum was opened to the public in the autumn of 1997.

The museum was founded in commemoration of the film maker Bill Douglas, one of the British cinema’s most innovative auteurs. The remarkable Bill Douglas and Peter Jewell Collection of artefacts from three centuries of moving image history lie at the heart of the Museum. The collection was formed over many years by Bill Douglas and his lifelong friend, Peter Jewell. Bill died in 1991 and Peter subsequently donated the Collection to the Exeter University Foundation.

Since the original donation, other collections have been given to the Museum from a variety of sources, from large collections, such as that of Roy Fowler, a former writer-producer-director of film and TV, and Townly Cooke to individual items gifted by members of the public. The museum also holds filmmakers working papers including those of Bill Douglas himself, director-producer Don Boyd, producers James Mackay and Gavrik Losey, and the former head of the London Film School, Bob Dunbar.

The Museum provides a research collection of international stature, illustrating the development of optical recreation and popular entertainment from the late 18th century to Classical Hollywood and the present day and is visited by scholars from all over the world, some funded by a philanthropic stipend scheme. The holdings now total over 85,000 items including over 25,000 books, which give Exeter the country’s largest University collection on cinema.

The collection contains many unique and irreplaceable originals to which no reliable cost or value can be attributed and accordingly these assets have not been capitalised in the financial statements. These assets are catalogued and managed by the curator to ensure their safe keeping and preservation; they are insured against accidental damage or loss at a value of £2 million.

8. Debtors

Amounts owed by the University of Exeter
Other debtors		 2021
£
6,751
302
7,053		 2020
£
11,794
391
12,185

The debtor balances with the group entities are interest free and repayable on demand.

15

DocuSign Envelope ID: E8D916C7-DE51-4EC6-BAE2-BCDC5931B07D

THE EXETER UNIVERSITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

9. Creditors: Amounts falling due within one year

Accruals
Amounts owed to the University of Exeter		 2021
£
2,058
5,714
7,772		 2020
£
2,028
3,686
5,714

Amounts owed to group undertakings are due on demand and are not interest bearing.

10. Related party transactions

There are no other related party transactions other than those with the University, the sole Trustee of the Foundation.

11. Restricted funds

The income funds of the Foundation include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

As at 31 July 2021
AF - Student Life Fund
AF - Library and IT Fund
AF - Scholarships & Student Hardship
Community Action
Annual Fund
Other Funds:
2021: £508 (2020:£187)
As at 31 July 2020
AF - Student Life Fund
AF - Library and IT Fund
AF - Scholarships & Student Hardship
Community Action
Annual Fund
Other Funds:
2020: £187 (2019:£88)		 Balance
Movement in Resources:
Balance
31 July
Incoming
Outgoing
31 July
2020
2021
£
£
£
£
130
394
(274)
250
428
1,570
(1,160)
838
142
648
(554)
236
45
150
(133)
62
41
1,896
(1,805)
132
187
1,235
(914)
508
973
5,893
(4,840)
2,026
Balance
Movement in Resources:
Balance
31 July
Incoming
Outgoing
31 July
2019
2020
£
£
£
£
130
449
(449)
130
339
1,570
(1,481)
428
112
706
(676)
142
33
150
(138)
45
40
1,896
(1,895)
41
88
3,775
(3,676)
187
742
8,546
(8,315)
973

16

DocuSign Envelope ID: E8D916C7-DE51-4EC6-BAE2-BCDC5931B07D

THE EXETER UNIVERSITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

11. Restricted funds (continued)

12. Unrestricted funds

The income funds of the Foundation include unrestricted funds which have been designated for a specific purpose by the Trustees comprising the following unexpended balances:

As at 31 July 2021
Unrestricted Funds
- Designated – Bill Douglas Centre
- Not Designated
As at 31 July 2020
Unrestricted Funds
- Designated – Bill Douglas Centre
- Not Designated		 Balance
Movement in Resources:
Balance
31 July
Incoming
Outgoing
31 July
2020
2021
£
£
£
£
84,027
45,378
(50,421)
78,984
899
80,284
(76,846)
4,337
84,926
125,662
(127,267)
83,321
Balance
Movement in Resources:
Balance
31 July
Incoming
Outgoing
31 July
2019
2020
£
£
£
£
72,233
57,172
(45,378)
84,027
159
268,856
(268,116)
899
72,392
326,028
(313,494)
84,926

17

DocuSign Envelope ID: E8D916C7-DE51-4EC6-BAE2-BCDC5931B07D

THE EXETER UNIVERSITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

13. Analysis of Net assets per Fund

Restricted Funds
Current Assets
AF – Student Life Fund
AF – Library & IT Fund
AF – Scholarships & Student Hardships
AF – International Students
AF – Graduate School Fund
Modern Languages
Community Action
Annual Fund
DLasok Memorial
Carolyn&Andrew Fund
Student Family Library Bookplates
Sports Fund
Net assets - Restricted Funds
Unrestricted Funds – Designated
Current Assets
Bill Douglas Centre
Accrued expenses
Net assets - Designated Funds
Unrestricted Funds – Not designated
Current Assets
AF-Wherever the need is greatest
Current liabilities
Accrued expenses
Net assets – Unrestricted Not designated Funds
TOTAL FUNDS		 31 July
2021
Net
Assets (£)
250
838
235
72
125
-
62
132
-
-
124
188
2,026
78,984
-
78,984
4,337
-
4,337
85,347		 31 July
2020
Net
Assets (£)
130
428
142
44
-
6
45
41
5
49
-
83
973
84,027
-
84,027
2,927
(2,028)
899
85,899

18