Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 **THE EXETER UNIVERSITY FOUNDATION (Registered Charity no. 287738)** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** **for the year ended 31 July 2025** **Northcote House The Queen's Drive Exeter EX4 4QJ** **Telephone: (01392) 263063 Fax: (01392) 263187 E-mail: ExFndn@exeter.ac.uk** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** ## Contents |Contents|Contents| |---|---| |**TRUSTEE’S ANNUAL REPORT ....................................................................................................... 2**|| |**Independent auditor’s report to the Trustees of The Exeter University Foundation .................... 9**|| |**STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025...................... 12**|| |**BALANCE SHEET AT 31 JULY 2025 ............................................................................................. 13**|| |**NOTES**|**TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 .................. 14**| |**1.**|**Accounting policies .......................................................................................................... 14**| |**2.**|**Income and endowments.................................................................................................. 17**| |**3.**|**Net incoming resources ................................................................................................... 17**| |**4.**|**Analysis of total resources expended ............................................................................. 17**| |**5.**|**Donated assets ................................................................................................................. 17**| |**6.**|**Trustees’ and Employees’ remuneration ......................................................................... 18**| |**7.**|**Debtors .............................................................................................................................. 18**| |**8.**|**Creditors: Amounts falling due within one year .............................................................. 18**| |**9.**|**Related party transactions ............................................................................................... 18**| |**10.**|**Restricted funds ................................................................................................................ 19**| |**11.**|**Unrestricted funds ............................................................................................................ 20**| |**12.**|**Analysis of Net assets per Fund ...................................................................................... 21**| **1** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **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 2025, 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, 19 High Street, Exeter, Devon, EX4 3DL ## **Auditor** KPMG LLP, 66 Queen Square, Bristol, BS1 4BE ## **Introduction** On 17 July 2009, most 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 (the Museum) run by the University of Exeter (the University), and this is the focus of its charitable activities. It has 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 2022 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. ## Tangible fixed assets The Bill Douglas Cinema Museum and the collection. The Bill Douglas Cinema Museum is run by the University of Exeter. The museum serves as 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. **2** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** 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. Peter continued to make donations from his personal collection. He died in March 2025. 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. **3** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** **TRUSTEE’S ANNUAL REPORT (continued)** Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements Under the trust deed of the charity and charity law, the trustees are responsible for preparing a Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. The trustees are required 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 incoming resources and application of resources for that period. In preparing these financial statements, generally accepted accounting practice entails that the trustees: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements; - state whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements; - assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and - use 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. 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 accounting records which are sufficient to show and explain the charity’s transactions and 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 2022, 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. **4** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **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: - a) to assist in the provision within the University for research and instruction in the humanities, sciences and other spheres of learning or knowledge; - b) to assist in maintaining the quality of teaching and research within the University and, in particular, (but without prejudice to the generality of the foregoing) in the provision of equipment and materials for the University and of books and periodicals for its Library; and - c) to promote the education of scholars and the public by the assistance and support to the museums within the University and, in particular, (but without prejudice to the generality of the foregoing) in the provision of items of historic, artistic or scientific interest. The Foundation receives, invests and disburses funds raised for the University. Fundraising is conducted, managed and coordinated by the Global Advancement team 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 of the Bill Douglas Cinema Museum The main charitable activity of the Foundation is to support The Bill Douglas Cinema Museum, run by the University. The Bill Douglas Cinema Museum continues to strengthen its position as a world-leading resource on the moving image. This year was marked by significant achievements in collection development, new staff funded by the Higher Education Museums, Galleries and Collections Fund, alongside strategic planning for future growth. Sadly, this year also marked the passing of founder and patron Peter Jewell, whose memorial celebration underscored the importance of the collection to the University, the area, and wider researchers. ## **Key Highlights** - Achieved success at Stage 1 in the Arts Council’s Designation process, recognizing collections of national importance. Stage 2 application is due April 2026. - Feasibility study completed for a £4m gallery expansion and improved storage. Plans approved by University Executive Board and a funding strategy developed including an NLHF grant bid. - The Museum has continued to receive significant donations to enhance the collection. - Provided loans to major exhibitions, including the National Trust’s _Unflappable: Fashioning the 1920s_ and the Film and TV Charity’s _Black British Filmmaking_ , curated by a museum volunteer whose appointment was based on her work with our collections. - Museum a key partner in £1.5M AHRC grant for _Women’s Screen Work: Archives and Collections Made Visible_ **5** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** - Supported 10 visiting scholars through expanded stipend schemes. - Integrated into 35 modules; hosted 18 student volunteers and multiple postgraduate projects. - Implemented continuing collections care improvements and digital enhancements to the catalogue. Performance Metrics - Visitors to Galleries: 8,786 - Website Users: 60,183 (194,975 pageviews) - Research Items Consulted: 4,797 - Outreach Events: 46 (935 attendees) As we look forward to 2025-26 our key strategic priorities are to secure Stage 2 Designation and NLHF development grant funding for the gallery expansion. The museum will continue to support the University’s 2030 strategy, creating transformational research opportunities and partnerships; inspiring learners from every background; empowering our students to develop skills for the future; and enhancing the region’s culture, heritage, creative life and economy. **6** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** ## **TRUSTEE’S ANNUAL REPORT (continued)** ## Report of the Trustee for the year ended 31 July 2025 The Annual Report and financial statements for the financial year ended 31 July 2025 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 2022 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 level 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 on 31 July 2025 was £354,661 (2024: £78,333). This has increased in year due to new donations received but 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 2025 as follows: |Incoming resources
Resources expended
Net movement of funds|2025
£
352,416
(76,088)

276,328|2024
£
62,257
(66,440)| |---|---|---| |||(4,183)| **7** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** **TRUSTEE’S ANNUAL REPORT (continued)** Financial Review (continued) Incoming resources during the year ended 31 July 2025 were represented as follows: - £324,525 (2024: £58,728) is represented by donations and legacies. - £27,881 (2024: £3,529) is income from donors given for specific purposes (i.e. to restricted funds). No disbursements were made to the University in the year (2024: £nil). A detailed analysis of the restricted funds held by the Foundation is given in Note 11 of the financial statements. The Foundation has support of the University to meet its plans for expenditure and future disbursements. All commitments outstanding 31 July 2025 can be financed from identified funding. Dave Stacey On behalf of The University of Exeter (Corporate Trustee) 26 February 2026 **8** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** **Independent auditor’s report to the Trustees of The Exeter University Foundation** ## **Opinion** We have audited the financial statements of the Exeter University Foundation (“the Charity”) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet and related notes, including the accounting policies in note 1. In our opinion the financial statements: - give a true and fair view of the state of the Charity’s affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with UK accounting standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ ; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **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: - we consider that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and - we have not identified, and concur with the Trustees’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for the going concern period. 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. **9** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that Charity management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition as the basis of recognition is non-complex and the income streams are simple in nature. We did not identify any additional fraud risks. We also performed procedures including: - Identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation, including journals with unexpected account pairings with cash. _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 noncompliance 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 Trustee’s 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: **10** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** - based solely on that work, we have identified material misstatements in the other information; or - in our opinion, the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements. 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: - the Charity has not kept sufficient accounting records; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. We have nothing to report in these respects. ## **Trustees’ responsibilities** As explained more fully in their statement set out on page 4, 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_ _KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006_ 66 Queen Square Bristol 26 March 2026 **11** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** ## **THE EXETER UNIVERSITY FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025** |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

£
324,535
324,535
(75,232)
(75,232)
249,303
78,333
327,636|Restricted
Funds
£
27,881
27,881
(856)
(856)
27,025
-
27,025|Total
2025
£
352,416
352,416
(76,088)
(76,088)
276,328
78,333
354,661|Total
2024
£
62,257| |---|---|---|---|---| |||||62,257
(66,440)| |||||(66,440)
(4,183)
82,516| |||||78,333| The accompanying notes form part of these financial statements. **12** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** ## **THE EXETER UNIVERSITY FOUNDATION** ## **BALANCE SHEET AT 31 JULY 2025** |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|2025
£
2,005
390,476
392,481
(37,820)
354,661
354,661
27,025
256,701
70,935
354,661|2024
£
7,187
97,746| |---|---|---| |||104,933
(26,600)| |||78,333| |||| |||78,333| |||-
-
78,333| |||78,333| The accompanying notes form part of these financial statements. Approved by the Board of Trustees on 26 February 2026 and signed on their behalf by: Dave Stacey On behalf of The University of Exeter – Corporate Trustee 26 February 2026 **13** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 **THE EXETER UNIVERSITY FOUNDATION** ## **THE EXETER UNIVERSITY FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** ## **1. Accounting policies** - a. Basis of accounting and basis of preparation 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 University of Exeter web site. 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: - a statement of cash flows; - the disclosure of the Key Management Personnel compensation; and - the disclosure of related party transactions with wholly owned members of the University of Exeter group of companies. The consolidated financial statements of the University of Exeter include the equivalent disclosures in respect of the exemptions listed above. 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 support 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 downside scenarios and concluded that based on the Foundation operating model explained above, even if no further funding is received in the 12month period, the charity has sufficient cash reserves to pay all committed costs. **14** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 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 these 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. ## _Fund accounting_ 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. Unrestricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate income stream for the general benefit of the beneficiary. Details of specific funds are included in note 12. 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. ## a. Legacy income Residuary and pecuniary legacy income is recognised when the charity receives the legacy and is treated as incoming resources. ## b. Donations 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. ## c. Interest Interest is accounted for on an accrual basis in the Statement of Financial Activities. **15** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 **THE EXETER UNIVERSITY FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** ## d. Resources expended 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. ## e. 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. ## f. 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. **16** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** ## **2. Income and endowments** |Donations and legacies
Tax claimed
Governance costs
Total|2025
£
291,940
842
59,634
352,416|
2024
£
5,394
1,163
55,700
62,257| |---|---|---| 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 £292,782 in 2025 (2024: £6,557). These donations are transferred to the University on an annual basis. ## **3. Net incoming resources** |_These are stated after charging:_
Auditor’s remuneration for audit of these financial statements*
* audit fee stated exclusive of VAT
**4. Analysis of total resources expended**
Year ended 31 July 2025
Unrestricted Funds
General
Funds
Designated
£
£
_Charitable expenditure:_
Governance costs
8,200
67,033
8,200
67,033
Year ended 31 July 2024
Unrestricted Funds
General
Funds
Designated
£
£
_Charitable expenditure:_
Governance costs
3,028
55,700
3,028
55,700|_These are stated after charging:_
Auditor’s remuneration for audit of these financial statements*
* audit fee stated exclusive of VAT
**4. Analysis of total resources expended**
Year ended 31 July 2025
Unrestricted Funds
General
Funds
Designated
£
£
_Charitable expenditure:_
Governance costs
8,200
67,033
8,200
67,033
Year ended 31 July 2024
Unrestricted Funds
General
Funds
Designated
£
£
_Charitable expenditure:_
Governance costs
3,028
55,700
3,028
55,700|||2025
£
9,350|


|
2024

£

9,100
Total
2025
£
76,088
76,088
Total
2024
£

66,439

66,439| |---|---|---|---|---|---|---| |||||Restricted
Funds
£
855
855
Restricted
Funds
£
7,712||| |||||||| |||
|||
|| ||
55,700|||7,712||| ## **5. Donated assets** There were no assets donated in either the current year or the prior year. **17** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 **THE EXETER UNIVERSITY FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** ## **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 within the Statement of Financial Activities. ## **7. Debtors** |Amounts owed by the University of Exeter
Other debtors|2025
£
1,596
409
2,005|2024

£
6,750
437| |---|---|---| |||7,187| The debtor balances with the group entities are interest free and repayable on demand. ## **8. Creditors: Amounts falling due within one year** |Accruals
Amounts owed to the University of Exeter|2025
£

5,610
32,210

37,820|
2024
£

10,920

15,680| |---|---|---| |||26,600| Amounts owed to group undertakings are due on demand and are not interest bearing. ## **9. Related party transactions** There are no other related party transactions other than those with the University, the sole Trustee of the Foundation. **18** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** ## **10. 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 2025
AF* - Student Life Fund
AF* - Library and IT Fund
AF* - Scholarships & Student Hardship
Community Action**
Annual Fund*
Other Funds
As at 31 July 2024
AF* - Student Life Fund
AF* - Library and IT Fund
AF* - Scholarships & Student Hardship
Community Action**
Annual Fund*
Other Funds|Balance
Movement in Resources:
Balance
31 July
Incoming
Outgoing
31 July
2024
2025
£
£
£
£
-
494
(15)
479
-
1,053
(32)
1,021
-
384
(12)
372
-
128
(4)
124
-
31
(1)
30
-
25,791
(792)
24,999| |---|---| ||-
27,881
(856)
27,025| ||Balance
Movement in Resources:
Balance
31 July
Incoming
Outgoing
31 July
2023
2024
£
£
£
£
394
519
(913)
-
1,318
1,195
(2,513)
-
870
516
(1,386)
-
167
150
(317)
-
298
111
(409)
-
1,136
1,038
(2,174)
-| ||4,183
3,529
(7,712)
-| * University of Exeter Annual Funds are restricted funds. Their use has been designated by the beneficiary for funding various student welfare activities with the unexpended balances carried forward each year. There is no obligation to use the funds in any one year. - ** Community Action Fund is designated for use in community projects by the Guild of Students and in the current year legacy income received was designated for Community Action. **19** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 ## **THE EXETER UNIVERSITY FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** ## **11. 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 2025
Unrestricted Funds
- Designated – Bill Douglas Centre
- Not designated
- Permanent endowments
As at 31 July 2024
Unrestricted Funds
- Designated – Bill Douglas Centre
- Not designated|Balance
Movement in Resources:
Balance
31 July
31 July
2024
Incoming
Outgoing
2025
£
£
£
£
78,333
59,634
(67,032)
70,935
-
19,291
(668)
18,623
-
245,610
(7,532)
238,078| |---|---| ||78,333
324,535
(75,232)
327,636| ||Balance
Movement in Resources:
Balance
31 July
31 July
2023
Incoming
Outgoing
2024
£
£
£
£
78,333
55,700
(55,700)
78,333
-
3,028
(3,028)
-| ||78,333
58,728
(58,728)
78,333| **20** Docusign Envelope ID: 82FD3636-0F3F-4204-B495-889564132E12 **THE EXETER UNIVERSITY FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** ## **12. 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
Community Action
Annual Fund
Boat Club Fund
Sports Fund
Susan Kelly Sch
**Net assets - Restricted Funds**
Unrestricted Funds – Designated
Bill Douglas Centre
**Net assets - Designated Funds**
Unrestricted Funds – Not designated
AF-Wherever the need is greatest
Exeter Forever
Exeter Forever permanent endowment
**Net assets – Unrestricted Not designated Funds**
**TOTAL FUNDS**|31 July 2025
Net assets
(£)
479
1,021
372
141
124
30
303
422
24,133
**27,025**
70,935
**70,935**
2,438
16,185
238,078
**256,701**
**354,661**|31 July 2024
Net assets
(£)
-
-
-
-
-
-
-
-| |---|---|---| |||**-**
78,333
**78,333**
-| |||**-**| |||**78,333**| **21**