2023-09-30-accounts

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Hinxton Hall Limited Annual Report and Financial Statements For Year Ended 30 September 2023

Hinxton Hall Limited Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Annual Report and Financial Statements Year ended 30 September 2023

Trustees’ report

Reference and administrative information 2 Structure, Governance and Management 3 Strategic Report 5 Statement of trustees’ responsibilities 9 Independent auditor’s report 10 Statement of financial activities 13 Balance sheet 14 Notes to the financial statements 15

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Trustees’ Report Year ended 30 September 2023

Trustees’ Report

The Directors of Hinxton Hall Limited (“the Company” or “the Charitable Company”), who are also the Trustees of Hinxton Hall Limited, being a charity for the purposes of the Charities Act 2011, present their Annual Report and audited Financial Statements for the year ended 30 September 2023.

Independent Auditor

In accordance with Section 485 of the Companies Act 2006, a resolution dated 22 January 2024 was passed by the members reappointing Deloitte LLP as auditor of the Charitable Company.

Reference and administrative information

Company Status

The Company is a charity registered in England and Wales with the Charity Commission under the Charities Act 1993, as amended by the Charities Act 2011 (Charity registration number 1048066) and is a company limited by guarantee and registered in England and Wales (Company number 3062160).

Directors/Trustees

The trustees of the Charitable Company (who are also directors of the Company) who were in office during the year and up to the date of signing the financial statements were:

M Dougherty (Chair) M Payne

Principal Address

Wellcome Genome Campus Hinxton Cambridgeshire CB10 1RQ

Company Secretary

N Meliti

Bank

National Westminster Bank plc King’s Parade Branch Bene’t Street Cambridge CB2 3PU

Registered Office

Gibbs Building 215 Euston Road London NW1 2BE

Independent Auditor

Solicitors

CMS Cameron McKenna Cannon Place 78 Cannon Street London EC4N 6AF

Deloitte LLP Statutory Auditor 1 New Street Square London EC4A 3HQ

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Trustees’ Report Year ended 30 September 2023

Structure, Governance and Management

Members

The Charitable Company has two members, The Wellcome Trust Limited, as Trustee of the Wellcome Trust (‘Wellcome’), and Genome Research Limited (‘GRL’). The Charitable Company and GRL are both wholly-owned subsidiaries of the Wellcome Trust for accounting purposes. The liability to each member to contribute to the assets in the event of winding up is limited to £1.

Structure, Governance and Management

The Charitable Company is governed in accordance with its memorandum and articles of association. Board members are appointed by the Charitable Company’s parent company, GRL, and may also be appointed by the Wellcome Trust. All Board members are employees of GRL.

Board of Trustees

The Board of Trustees (who are also Directors and the key management personnel of the Charitable Company) is responsible for ensuring that the charitable objects of the Charitable Company are being met. It approves the management structure and operational budgets of the Charitable Company. During the financial year, the Board met on one occasion. The Trustees are also members of the Sanger Leadership team, the executive decision making committee of GRL, which has delegated authority from the GRL board to oversee GRL’s strategy and that of its subsidiaries. Underneath the Sanger Leadership team, the Campus Operations Board, is responsible for the development and management of the buildings and infrastructure of the Wellcome Genome Campus and the Connecting Science Management Board is responsible for delivery of education and public engagement activities, including Conference Centre activities.

The Trustees are appointed by the Members of the Charitable Company, The Wellcome Trust and Genome Research Limited. The performance of the Trustees is monitored by the members who will advise and manage any necessary development and training.The Trustees are appointed from the executive management of fellow group charity Genome Research Limited. The Trustees are selected to have substantial experience of managing and operating large charitable organisations and are familiar with the requirements of company law and the Charity Commission. An induction programme is provided, helping to put this into the context of the specific workings of the Charitable Company. Legal and regulatory updates are provided from our Legal and Facilities departments as and when required.

None of the Trustees has any beneficial interests in the Charitable Company. The Trustees do not receive any remuneration for acting as Trustees or Directors of the Charitable Company. All the Trustees are also paid employees of Genome Research Limited and none of their remuneration is recharged to the Charitable Company.

The Charitable Company has made qualifying third party indemnity provisions for the benefit of its trustees, and those of its parent and other group companies, which were made during the year and remain in force to the date of this report.

The Charitable Company made no political or charitable donations during the current or previous year.

The Chair (page 2) has principal management responsibility for the business activities of the Charitable Company and acts as Chief Operating Officer with responsibility for activities on a day-to-day basis. Responsibility is delegated to senior management for Facilities Management, Construction Services and the Wellcome Genome Campus Conference Centre.

Charitable Objects

The objects for which the Charitable Company is established are to advance the education of the public, in particular, advancing scientific and medical education and research (and the publication of the useful results of research) with particular reference to the human genome by the provision of facilities for research, conferences, seminars and training at the Wellcome Genome Campus, which is situated at Hinxton, Cambridgeshire.

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Trustees’ Report Year ended 30 September 2023

Aims

The Trustees confirm that they have had regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charitable Company’s aims and in planning future activities. The Charitable Company continues to fulfil its charitable objects by undertaking three key charitable activities:

Providing facilities management services to organisations based at the Wellcome Genome Campus (a genomics research campus managed by Genome Research Limited), the major ones being Genome Research Limited, the European Bioinformatics Institute and the Wellcome Genome Campus Conference Centre. These services include utilities provision, building maintenance, security, cleaning and catering.
Providing meeting and conference facilities and residential accommodation at the Wellcome Conference Centre.
Providing design and construction services for the Wellcome Genome Campus.

The provision of these services provides public benefit through supporting organisations on the Wellcome Genome Campus which undertake scientific and medical research and education.

The Charitable Company earns income from facilities management charges, construction services and conference centre sales and is also funded by grants from Wellcome, in order to support the aims of the Charitable Company and its parent Company, Genome Research Limited.

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Trustees’ Report Year ended 30 September 2023

Strategic Report

Achievements and Performance

During the year, the Charitable Company provided facilities management and conferencing services as required to meet the needs of tenants on the Wellcome Genome Campus, consistent with its ongoing charitable aims. The Charitable Company aims to maintain and improve it services delivered each year across the campus. Activity on the Wellcome Genome Campus was curtailed in 2020 as a result of the COVID-19 pandemic, impacting the scale and nature of the work performed in the previous two financial periods. The year ended 30 September 2023 was the first full year of normal trading activity following the reopening of the Conference Centre in April 2022.

The following summarises the achievements of the Charitable Company during the year and the Key Performance Indicators used to measure performance:

The Conference Centre closed on 20[th] March 2020 and remained closed for conferences through to April 2022. Conference Centre activities have returned to pre-pandemic levels following re-opening, indicating that there continues to be a market for in person conferencing, despite new ways of working.

Sales income received from users of the conference facilities amounted to £1.7 million (2022: £0.9 million). 473 events have been run during the year, comprised of 117 residential conferences and 356 daytime bookings, hosting 20,062 delegates (2022: 395 events (56 residential conferences, 339 daytime), 15,531 delegates (including approx. 5,000 virtually)). The conference centre also received grant income of £1.8 million (2022: £2.0 million) to cover its trading deficits.

Facilities management services generating income of £26.5 million (2022: £19.3 million) were provided to support the ongoing essential operations on the Wellcome Genome Campus undertaking scientific research and to maintain and enhance the infrastructure of the Wellcome Genome Campus. The Charitable Company provided no design and construction services to Wellcome Genome Campus in the year (2022: £0.3 million).

Environment and Climate Change

The environmental strategy of the Campus is managed by the Company’s parent company, GRL, and applies to all of its subsidiaries, including Hinxton Hall Limited. The Environment Manager (an employee of GRL) is responsible for the strategic direction and management of the environmental impacts of the Campus. Following previous audit recommendations, GRL’s environmental (14001) and energy (50001) management systems (‘IMS’) have been integrated and successfully completed surveillance audits. The IMS has demonstrated that it is designed to support the strategic direction and deliver the intended results. The management system is the foundation to the Campus’s commitment to achieve Net Zero by 2030, therefore the sustainability targets and action plans have been adopted into the IMS. Please refer to the financial statements of Genome Research Limited for further details of how is being implemented.

Implementation of our Energy & Decarbonisation strategy has started; progressing interventions and actions that can be undertaken as part of business as usual with low levels of funding. Larger initiatives which are likely to significantly reduce our associated emissions are awaiting significant investment and funding approval.

Within the Campus Environmental Sustainability Strategy, individual strategies for the twelve supporting work streams are in progress, with a number of initiatives implemented. Working groups still continue to provide a channel for staff engagement with members creating a great network of Sustainability Champions across our Campus. This year saw the successful launch of our first Sustainability Week; a week of engagement events showcasing the strategy and targets, our achievements so far and our plans for the future.

Health and Safety

The Company is wholly owned by Genome Research Limited (GRL) and occupies space within the Wellcome Genome Campus, which is managed by GRL. The Company adheres to the policies of the Wellcome Genome Campus, and receives support from the GRL Health and Safety team with regard to company specific health and safety procedures.

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Trustees’ Report Year ended 30 September 2023

Reserves and Expenditure Policy

The Charitable Company does not consider it necessary to hold a minimum level of reserves due to the structure of its funding from Wellcome, directly from grants and indirectly via funding awarded to GRL to cover its facilities costs. Although, due to the timing of project and facilities work undertaken, reserves will fluctuate from year to year. Wellcome provides sufficient funding to enable the Charitable Company and GRL to finance its general activities and meet any of its obligations as they fall due. This funding structure is reviewed every five years. In the event of an unforeseen shutdown, the grant funding would remain available to ensure that all outstanding liabilities can be met. The year ended 30 September 2023 was the second year of the current quinquennial funding period. In the event of a change in funding approach the reserves policy would be reviewed. The Charitable Company aims to limit expenditure to that budgeted each year to maintain facilities on the Wellcome Genome Campus and undertake construction projects only once funding is committed. The Charitable Company does not undertake public fundraising activities.

At the end of the financial year the Charitable Company held unrestricted general funds of £1.9 million (2022: £2.3 million) and restricted building funds of £32.5 million (2022: £33.5 million).

The Building Fund represents fixed assets, which are funded by grants received from Wellcome. The funds will be utilised in future periods as depreciation is charged to the funds over the life of the assets.

The Building Fund is a restricted fund and is held for the buildings on the land leased by the Charitable Company from Genome Research Limited. These include Hinxton Hall, a Grade II listed building, the Conference Centre, the Residential Accommodation and the new Shared Services and car park facility. The fund is adjusted each year for building additions and depreciation. The General Fund is an unrestricted fund and represents the net operational assets of the Charitable Company. It is adjusted each year for additions and depreciation.

Unrestricted funds generally remain consistent year to year as costs are only incurred where they can be recovered by grants from Wellcome or recharges to tenants on the Wellcome Genome Campus. Residual unrestricted funds represent grants received to purchase fixed assets (other than buildings), which is utilised in future periods as depreciation is charged to the funds over the life of the assets.

For planning purposes an annual budget is agreed with Wellcome and tenants on the Wellcome Genome Campus, including Genome Research Ltd and the European Bioinformatics Institute. The Trustees monitor the expenditure of the Charitable Company and provide an oversight of the internal budgetary and financial control mechanisms. The Charitable Company agrees funding for capital projects and recovery of costs from Wellcome and Genome Research Limited and other customers such that all expenditure is only committed once it is covered by income.

Fixed Assets

The tangible fixed assets of the Charitable Company, as set out in note 9 to the Financial Statements, represent the costs, less accumulated depreciation, incurred at the Wellcome Genome Campus. The Trustees do not consider any asset values to be impaired.

Employment

The Charitable Company has no employees (2022: no employees), with services provided being sub-contracted from third parties. The management and administration of the Charitable Company is undertaken by staff employed by Genome Research Limited. The charge for these services in the current year was £1.1 million (2022: £0.8 million).

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Trustees’ Report Year ended 30 September 2023

Financial Review

Income from facilities management services increased from £19.3 million in 2022 to £26.5 million in 2023 due to the increased costs of raw materials and extraordinary levels of inflation seen in the wider economy. These costs are recovered in full through grants and fees charged to tenants. These increases are also reflected in facilities management expenditure. Income from Conference Centre sales increased from £0.9 million to £1.7 million as the facility was closed during the pandemic until April 2022, to all but meeting and office facilities for Campus tenants. Total income relating to the conference centre increased from £2.9 million to £3.5 million due to income from conferences, offset by a decrease in grant funding.

The Charitable Company reported net expenditure for the year of £1.4 million (2022 £1.2 million). The net movement on funds has been recorded in the Restricted Building and Unrestricted General Funds as appropriate. The Charitable Company held net assets at 30 September 2023 of £34.4 million (2022: £35.8 million) represented by restricted building funds of £32.5 million (2022: £33.5 million) and unrestricted funds of £1.9 million (2022: £2.3 million).

Future Plans

The Wellcome Genome Campus is owned by the Wellcome Trust, the Charitable Company’s ultimate parent company, and leased to the Charitable Company’s parent company, Genome Research Limited. Management of the Campus, including facilities management and the provision of a conference centre facilities is currently the responsibility of GRL. The Wellcome Trust have received planning permission to expand the Campus, and construction is underway. As part of the development of the Campus, Wellcome intend to transfer management of the Campus to a new management company, wholly owned by the Wellcome Trust. The transfer of facilities management services is expected to commence in early 2024, and as a result, will cease to be an activity of HHL. The provision of Conference Centre facilities is not anticipated to transfer to the new company before the year ended 30 September 2026.

In the year ending 30 September 2024, the Charitable Company will focus on ensuring the needs of Campus tenants continue to be met, through to the point that those activities are provided by another group company. The Conference Centre is aiming to continue to grow its customer base through proactive marketing.

There were no post balance sheet events requiring disclosure in or adjustment to the financial statements at the date of signing (see note 18).

Going Concern

The Trustees are satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements. The Wellcome Trust, the Charitable Company’s principal funder (directly through grants and indirectly through funding awarded to GRL to cover its facilities and construction services) has committed to provide grant funding of £560.0 million for the five years ended 30 September 2026, with an additional allowance for power inflation of £15.0 million. This is expected to meet the requirements for facilities in that period, including committed capital expenditure (see note 12), and to cover existing liabilities as they fall due, despite the extraordinary inflationary pressures arising as a result of wider economic conditions. Although it is anticipated that facilities management services will transfer to another group company during the year ended 30 September 2024, the company will continue to provide Conference Centre facilities until at least twelve months from the date of signing these financial statements. Conference Centre activities are anticipated to transfer at a later date, but this is not anticipated before the year ended 30 September 2026. Other services will be undertaken only where funding is committed at the outset.

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Trustees’ Report Year ended 30 September 2023

Risks and uncertainties

Risks to which the Charitable Company is exposed have been identified and reviewed by the trustees. The principal risks and uncertainties include:

The transfer of Campus management activities to a new subsidiary of the Wellcome Trust, will significantly reduce the activities of the Company. There is uncertainty over which activities will be transferred, and whether the Charitable Company will be able to deliver its charitable objectives in the future. Wellcome have committed to ensuring that the scientific objectives of the Campus continue to be fulfilled. Facilities management services are anticipated to begin transferring in early 2024, and will no longer be undertaken by HHL. Conference Centre activities are not anticipated to transfer before the year ended 30 September 2026.

There is a risk that extraordinary inflationary pressure, as a result of wider economic conditions, particularly within the construction industry and in relation to energy costs, may increase the costs providing services to Campus tenants to the extent that they cannot maintain the same level of services. This is mitigated by working closely with Campus tenants and monitoring the cost of comparable services.

The Charitable Company is supported by a five year award from the Wellcome Trust, awarded jointly to Hinxton Hall Limited and its parent Genome Research Limited. This is a fixed award for the period October 2021 – September 2026. The impact of inflation may restrict the level of activity carried out directly by the Charitable Company and work required by GRL. As this is the second year of a five year award, management have sufficient discretion over the spend to ensure expenditure remains within budget over the five year period. Cost saving opportunities have been identified to achieve this, including the delay of facilities improvement projects.

The provision of construction services and operational facilities management exposes personnel to a health and safety risk. The health and safety management system established on the Wellcome Genome Campus is discussed in the Health and Safety section above.

The Charitable Company contracts with suppliers (sub-contractors) to provide facilities management and other related work. The risks arising from the work undertaken by sub-contractors are mitigated by selection of reputable subcontractors who adopt industry safety guidelines and by regular monitoring of site health and safety by the Trustees of the Charitable Company.

Credit risk is minimised by careful management of amounts due from external third parties. Wellcome has demonstrated its commitment to the support the Charitable Company financially in the provision of facilities management and as a conference centre through the award of a five year grant through to September 2026. The Charitable Company does not use reverse factoring.

The Trustees’ Report, which includes the Strategic Report, was approved by the Board of Directors on 22 January 2024 and signed on its behalf by:

M Dougherty (Chair)

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited

Statement of Trustees’ Responsibilities Year ended 30 September 2023

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Hinxton Hall Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed; and
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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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 Company and to prevent and detect fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditor is unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Charity registration number 1048066 Company number 3062160

Independent Auditor’s Report

To the members of Hinxton Hall Limited

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Hinxton Hall Limited (the ‘charitable company’):

give a true and fair view of the state of the charitable company’s affairs as at 30 September 2023 and of its
incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,
including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
the statement of financial activities (incorporating income and expenditure account);
the balance sheet; and
the related notes 1 to 18.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Charity registration number 1048066 Company number 3062160

We have nothing to report in this regard.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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

We considered the nature of the charitable company’s industry and its control environment and reviewed the charitable company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management, internal audit and the trustees about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

We obtained an understanding of the legal and regulatory framework that the charitable company operates in, and identified the key laws and regulations that:

had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Charities Act, UK Companies Act and Income Tax Act; and
do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company’s ability to operate or to avoid a material penalty. These included the Charity Commission for England and Wales (Charity Commission) regulations.

We discussed among the audit engagement team, including relevant internal specialists such as IT, regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our procedures performed to address them are described below:

Risk of fraud in income recognition.
This is a presumed risk under International Auditing Standards. We have pinpointed our fraud risk to occurrence, accuracy and completeness of facilities management income.
To address this risk, we have reviewed the control environment governing the recognition of facilities management income. Further, we have tested a sample of income transactions to supporting invoices and cash receipts in bank in order to confirm receipt.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the

appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

Charity registration number 1048066 Company number 3062160

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
enquiring of management, internal audit and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with the Charity Commission.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees’ report, which includes the strategic report prepared for the purposes of
company law for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the trustees’ report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the trustees’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

adequate accounting records have not been kept by the charitable company, or returns adequate for our audit
have not been received from branches not visited by us; or
the charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

Use of our report

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

Jessica Hodges ACA (Senior statutory auditor) For and on behalf of Deloitte LLP

Statutory Auditor London, UK

19 January 2024 22 January 202422 January 2024

Charity registration number 1048066 Company number 3062160

Statement of Financial Activities (incorporating income and expenditure account)

For the year ended 30 September 2023

		Restricted	Unrestricted	2023	2022
		Building Fund	General Fund	Total	Total
	Note	£000s	£000s	£000s	£000s
INCOME
Income from charitable activities
Construction services	4	-	-	-	342
Facilities management services	4	-	26,526	26,526	19,316
Conference centre	4	-	3,503	3,503	2,918
		-	30,029	30,029	22,576
Income from investments
Interest		-	34	34	1
Total income		-	30,063	30,063	22,577
EXPENDITURE
Charitable activities
Construction services		-	-	-	342
Facilities management services		471	26,993	27,464	20,012
Conference centre		540	3,503	4,043	3,404
Total expenditure	5	1,011	30,496	31,507	23,758
Net expenditure for the year		(1,011)	(433)	(1,444)	(1,181)
Fund balances brought forward at 1 October	13	33,521	2,300	35,821	37,002
Fund balances carried forward at 30 September		32,510	1,867	34,377	35,821

An analysis of income and expenditure by fund for the year ended 30 September 2022 is shown in notes 4, 5 and 15.

All gains and losses recognised in the year are included in the Statement of Financial Activities.

All activities are continuing.

The notes to the financial statements are on pages 15 to 22.

Charity registration number 1048066 Company number 3062160

Hinxton Hall Limited Balance Sheet As at 30 September 2023

		2023	2022
	Note	£000s	£000s
Tangible fixed assets	9	34,465	35,760
Current assets
Stock	8	-	4
Debtors	10	5,094	5,357
Cash at bank and in hand		3,658	1,170
Total current assets		8,752	6,531
Creditors: amounts falling due within one year	11	8,840	6,470
Net current(liabilities) assets		(88)	61

Total assets less current liabilities, being net assets		34,377	35,821
Funds
Restricted building fund	13	32,510	33,521
Unrestricted general fund	13	1,867	2,300
Total funds		34,377	35,821

The Financial Statements were approved and authorised for issue by the Board of Trustees on 22 January 2024 and signed on its behalf by:

M Dougherty Chair

The notes to the financial statements are on pages 15 to 22.

Charity registration number 1048066 Company number 3062160

DocuSign Envelope ID: 3D67153B-A6C6-454C-86A3-F9D81DE13E3FDocuSign Envelope ID: 173ABF24-278E-49C4-BCC8-B54BFD991EE2DocuSign Envelope ID: 2D41BF9B-4CF1-4942-9111-1FA1120AF6C4DocuSign Envelope ID: 377E79B7-A3FB-40BF-95C9-782CE078E087 Hinxton Hall Limited

Notes to the Financial Statements For the year ended 30 September 2023

Notes to the Financial Statements

1. ACCOUNTING POLICIES

General information

Hinxton Hall Limited is a private company limited by guarantee, registered in England and Wales (Company number 3062160). Its registered office is Gibbs Building, 215 Euston Road, London, NW1 2BE. It is also a charity registered in England and Wales with the Charity Commission (Charity registration number 1048066). The principal activities of the Company are the provision of facilities management and conferencing facilities to the Wellcome Genome Campus, operated by Genome Research Limited. The nature of the Company’s operations are set out in the strategic report on pages 5 to 8.

a) Basis of Preparation

The financial statements have been prepared on a going concern basis and in compliance with applicable UK accounting standards (UK Generally Accepted Accounting Practice), including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (“FRS 102”). In particular, they comply with the Charities Act 2011, and the Statement of Recommended Practice ‘Accounting and Reporting by Charities FRS 102’ as published in 2019 (‘SORP 2019’). The functional currency of Hinxton Hall Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

The Charitable Company meets the definition of public benefit entity under FRS 102. The Financial Statements have been prepared under the historical cost convention and on a basis consistent with prior years.

The Charitable Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to financial instruments and presentation of a cash flow statement. The Charitable Company has also taken advantage of the exemption contained in FRS 102, paragraph 33.1A, which exempts it from disclosing details of related party transactions with Wellcome and its subsidiaries.

b) Income

Income is recognised in the Statement of Financial Activities in the period in which the Charitable Company is entitled to receipt, any conditions are met, where the amount can be quantified and receipt is considered reasonably probable.

Grant income is recognised to the extent the Charitable Company is entitled to the funds, has fulfilled the conditions set out by the grant funder, where the amount can be quantified and receipt is considered reasonably probable. The Charitable Company assesses each grant on an ongoing basis to evaluate progress against grant conditions.

Income from facilities management and construction services is recognised when the related expenditure on services is incurred. All construction services are subcontracted. Income from conference centre sales is recognised when the associated conference event takes place. Grant income is recognised when the related expenditure on revenue or capital items is incurred.

c) Fund Accounting

The Building Fund represents grants received from Wellcome specifically for the construction of buildings on the Genome Campus. It is a restricted fund under the terms of the grants.

The General Fund is an unrestricted fund and represents any funds acquired for the general use of the Charitable Company. Income and costs relating to the provision of site services and conference facilities are reflected in this fund.

d) Tangible Fixed Assets and Depreciation

Fixed assets are stated at historic cost less accumulated depreciation.

Depreciation is charged on assets in use on a straight-line basis as follows:

Leasehold Land and Buildings Over lease term Plant, equipment and vehicles 4 to 15 years Furniture and fittings 5 to 10 years Office equipment and computers 3 years

Charity registration number 1048066 Company number 3062160

DocuSign Envelope ID: 3D67153B-A6C6-454C-86A3-F9D81DE13E3FDocuSign Envelope ID: 173ABF24-278E-49C4-BCC8-B54BFD991EE2DocuSign Envelope ID: 2D41BF9B-4CF1-4942-9111-1FA1120AF6C4DocuSign Envelope ID: 377E79B7-A3FB-40BF-95C9-782CE078E087 Hinxton Hall Limited Notes to the Financial Statements For the year ended 30 September 2023

All expenditure on the acquisition, creation or enhancement of fixed assets is capitalised on an accruals basis, subject to a de minimis threshold of £10,000. Depreciation is charged on assets in use from the commencement of the month in which they are brought into use. Leasehold Land and Buildings are held under leases from the Wellcome Trust at £nil cost per year and are amortised over the life of the lease which expires on 6 February 2055. Assets in the course of construction are recorded at the value of costs incurred and are not depreciated. Depreciation begins when the assets are ready for use at which point they are transferred to the relevant asset category.

Impairment reviews are undertaken when, in the opinion of the Trustees, events or circumstances have arisen which indicate that the carrying value of an asset is impaired. The Charitable Company holds substantial fixed assets, including buildings, related infrastructure and ongoing construction on the Wellcome Genome Campus. At each reporting date the trustees assess whether these assets will continue to derive value for the organisation through use by Genome Research Ltd and other campus tenants in line with its charitable aims. If indicators of impairment are identified, impairment reviews are performed to test the continuing value of the assets. No indications of impairment were identified in the current or previous year.

e) Stock

Stock is valued at the lower of cost and net realisable value on a first-in-first-out basis. A provision is made to writedown the value of stock which is no longer considered saleable, no such provision has been made in the current or previous reporting period. Stock relates to consumables used in facilities management, this is now managed by a third party provider and stock is no longer held.

f) Cash at bank and in hand

Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments that are readily convertible to known amounts of cash, with a short maturity of three months or less from the date of acquisition.

g) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs).

Financial assets and financial liabilities are recognised when the Charitable Company becomes a party to the contractual provision of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

For financial assets carried at amortised cost, the amount of any impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

Amounts payable to Wellcome group entities are considered to be current liabilities, repayable on demand. Therefore no discounting of the liabilities for the timing of cashflows has been applied. However, there is no formal agreement for repayment terms, so this conclusion has been reached based on the Charitable Company’s best understanding of the arrangements in discussion with the relevant group entities.

The Charitable Company is exposed to credit risk from its customer base. Credit risk is minimised by careful management of amounts due from external third parties. The Charitable Company records a provision against debtors where it is considered more likely than not that the cash will not be received from the customer.

h) Expenditure

The costs of charitable expenditure are all direct costs and are allocated according to the area of the Charitable Company's activities to which the expenditure relates.

The cost of providing conference centre facilities for conferences falling outside the primary purpose of the Charitable Company is charged to Genome Research Trading Limited based on sales activity. Governance costs, consisting of audit fees, are allocated to expenditure for the provision of facilities management, since they principally relate to these activities.

For costs relating to construction services, suppliers and services providers are instructed to invoice the full costs of

Charity registration number 1048066 Company number 3062160

DocuSign Envelope ID: 3D67153B-A6C6-454C-86A3-F9D81DE13E3FDocuSign Envelope ID: 173ABF24-278E-49C4-BCC8-B54BFD991EE2DocuSign Envelope ID: 2D41BF9B-4CF1-4942-9111-1FA1120AF6C4DocuSign Envelope ID: 377E79B7-A3FB-40BF-95C9-782CE078E087 Hinxton Hall Limited Notes to the Financial Statements For the year ended 30 September 2023

work performed in any given period, and provide evidence for this valuation where necessary.

The Charitable Company’s activities include the construction of new facilities as well as refurbishment and maintenance of existing infrastructure. The Charitable Company evaluates the nature of this spend to assess which relates to new and enhanced assets and therefore capitalised, and which is maintenance of existing assets and therefore expensed. The Charitable Company consults with suppliers and service providers to assist in this assessment.

All expenditure is included in the Statement of Financial Activities in accordance with the accruals concept.

i) Operating leases

The company holds leases for the use of property and facilities on the Wellcome Genome Campus. These are classified as operating leases as the term is substantially less than the useful life of the assets. Rental costs under operating leases are recognised as an expense on a straight-line basis over the lease term, even if the payments are not made on such a basis.

j) Taxation

Hinxton Hall Limited is a charity registered under the Charities Act 1993 (as amended by the Charities Act 2011) and is therefore exempt from taxation on their income and gains falling within Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to their charitable purposes.

The Charitable Company is able to recover the majority of Value Added Tax (“VAT”) incurred on expenditure. Any amounts of VAT that cannot be recovered is included within the underlying cost to which it relates.

k) Going concern

Wellcome, the Charitable Company’s principal funder (directly through grants and indirectly through funding awarded to GRL to cover its facilities and construction services) has committed to provide grant funding of £560.0 million, shared between the Charitable Company and fellow group charity Genome Research Ltd for the five years ended 30 September 2026, with an additional allowance for power inflation of £15.0 million. This is expected to meet the requirements for facilities in that period, including committed capital expenditure (see note 12), and to cover existing liabilities as they fall due, despite the extraordinary inflationary pressures arising as a result of wider economic conditions. Other services will be undertaken only where funding is committed at the outset. Therefore the Trustees are satisfied that it is appropriate to apply the going concern basis in preparing these financial statements.

2. SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charitable Company’s accounting policies which are described in note 1, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from estimates.

The estimates and judgements are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

2.1 Significant accounting judgements

Judgement is required to determine the date at which assets under construction become ready for use and therefore transferred to the relevant fixed assets class and depreciation commences. For construction projects, this is generally the point at which practical completion certification is issued by the managing contractor and accepted by the project governance board. The Charitable Company uses construction industry experts, employed by Genome Research Limited and externally contracted to help make this determination.

2.2 Key sources of estimation uncertainty

The trustees do not consider there are any key sources of estimation uncertainty.

Charity registration number 1048066 Company number 3062160

DocuSign Envelope ID: 3D67153B-A6C6-454C-86A3-F9D81DE13E3FDocuSign Envelope ID: 173ABF24-278E-49C4-BCC8-B54BFD991EE2DocuSign Envelope ID: 2D41BF9B-4CF1-4942-9111-1FA1120AF6C4DocuSign Envelope ID: 377E79B7-A3FB-40BF-95C9-782CE078E087 Hinxton Hall Limited Notes to the Financial Statements For the year ended 30 September 2023

3. DIRECTORS' EMOLUMENTS AND EXPENSES

The Directors of the Company (who are also Trustees of the Charitable Company and the key management personnel of the Company) received no remuneration or expenses payments from the Company for their services nor were any expenses paid on their behalf. The Directors are also employees of fellow Group company Genome Research Ltd and are paid by that company. Staff costs disclosed in Note 7 do not include any remuneration in respect of the key management personnel. There were no Directors for whom retirement benefits are accruing under a money purchase or defined benefit scheme. The Company does not issue share options or offer any long-term incentive schemes. There are no other related party transactions.

4. INCOME FROM CHARITABLE ACTIVITIES

	Building	Unrestricted	2023	Building	Unrestricted	2022
	Fund	General Fund	Total	Fund	General Fund	Total
	£000s	£000s	£000s	£000s	£000s	£000s
Construction services	-	-	-	-	342	342
Facilities management services
Services charges	-	26,058	26,058	-	18,939	18,939
Grants from Wellcome - allocated as capital	-	44	44	-	221	221
Grants from Wellcome - allocated as revenue	-	424	424	-	156	156
	-	26,526	26,526	-	19,316	19,316
Conference centre
Conference centre sales	-	1,682	1,682	-	885	885
Grants from Wellcome - allocated as capital	-	-	-	-	53	53
Grants from Wellcome - allocated as revenue	-	1,821	1,821	-	1,980	1,980
	-	3,503	3,503	-	2,918	2,918
	-	30,029	30,029	-	22,576	22,576

The company is entitled to income in relation to capital expenditure at the point the expenditure is made, this income is allocated as a capital grant above.

5. EXPENDITURE

Total expenditure is stated after charging:

Total expenditure is stated after charging:
	Restricted			Restricted
	Building	Unrestricted	2023	Building	Unrestricted	2022
	Fund	General Fund	Total	Fund	General Fund	Total
	£000s	£000s	£000s	£000s	£000s	£000s
Total expenditure includes
Operating lease costs	-	150	150	-	150	150
Fees payable to the Charity's auditor for audit
services	-	54	54	-	24	24
	-	204	204	-	174	174
Depreciation
Facilities management services	471	355	826	470	342	812
Conference centre	540	68	608	539	66	605
	1,011	423	1,434	1,009	408	1,417

Included within facilities management services is governance costs, consisting entirely of audit fees payable to the Charitable Company’s statutory auditor for the external audit of these financial statements of £54,000 (2022: £27,000).

Included within expenditure above are support costs of £282,000 (2022: £255,000), including governance costs of £54,000 (2022: £27,000) and a management and administration service fee of 228,000 (2022: £228,000). Support costs are allocated between activities on a proportional basis. £249,000 (2022: £218,000) has been allocated to facilities management services and £33,000 (2022: £37,000) has been allocated to Conference Centre activities.

Costs are either charged directly to activities where possible, or apportioned based on floor area or headcount, dependant on the nature of the expense.

Charity registration number 1048066 Company number 3062160

DocuSign Envelope ID: 3D67153B-A6C6-454C-86A3-F9D81DE13E3FDocuSign Envelope ID: 173ABF24-278E-49C4-BCC8-B54BFD991EE2DocuSign Envelope ID: 2D41BF9B-4CF1-4942-9111-1FA1120AF6C4DocuSign Envelope ID: 377E79B7-A3FB-40BF-95C9-782CE078E087 Hinxton Hall Limited

Notes to the Financial Statements For the year ended 30 September 2023

6. OPERATING LEASE COMMITMENTS

The Charitable Company is committed to the following minimum lease payments in respect of a non-cancellable operating lease of the due to expire in February 2055:

Due in less than one year	150	150
Due between two and five years	600	600
Due after 5years	3,965	4,115
	4,715	4,865

The lease is a sub-lease of land at the Wellcome Genome Campus.

7. STAFF COSTS

The Charitable Company has no employees (2022: no employees), as services provided are sub-contracted from third parties. The management and administration of the Charitable Company is undertaken by staff employed by Genome Research Limited. Staff costs recharged to the Charitable Company amounted to £1.1 million in the year (2022: £0.8 million).

8. STOCK

As at 30 September 2023, the Company held stock of £nil (2022: £4,000) in relation to consumables used in facilities management, this is now managed by a third party provider, so stock is no longer required. An impairment charge of £4,000 (2022: £nil) was recognised in the year in relation to the unused stock. In the opinion of the Directors, the carrying value of the stock did not differ materially from their replacement cost. No stock is pledged as security for liabilities.

9. TANGIBLE FIXED ASSETS

9. TANGIBLE FIXED ASSETS
			Office
	Leasehold	Plant	equipment		Assets in the
	land and	equipment	and	Furniture and	course of
	buildings	and vehicles	computers	fittings	construction	Total
	£000s	£000s	£000s	£000s	£000s	£000s
Costs as at 1 October 2022	49,272	6,480	102	920	1,019	57,793
Additions	44	95	-	-	-	139
Disposals	-	-	-	-	-	-
Transfers	-	-	-	-	-	-
As at 30 September 2023	49,316	6,575	102	920	1,019	57,932
Depreciation as at 1 October 2022	(16,619)	(4,461)	(102)	(851)	-	(22,033)
Charge for the year	(1,011)	(404)	-	(19)	-	(1,434)
Eliminated on disposal	-	-	-	-	-	-
As at 30 September 2023	(17,630)	(4,865)	(102)	(870)	-	(23,467)
Net book value as at 30 September 2023	31,686	1,710	-	50	1,019	34,465
Net book value as at 30 September 2022	32,653	2,019	-	69	1,019	35,760

All leasehold land buildings are short leaseholds.

Charity registration number 1048066 Company number 3062160

DocuSign Envelope ID: 3D67153B-A6C6-454C-86A3-F9D81DE13E3FDocuSign Envelope ID: 173ABF24-278E-49C4-BCC8-B54BFD991EE2DocuSign Envelope ID: 2D41BF9B-4CF1-4942-9111-1FA1120AF6C4DocuSign Envelope ID: 377E79B7-A3FB-40BF-95C9-782CE078E087 Hinxton Hall Limited

Notes to the Financial Statements For the year ended 30 September 2023

10. DEBTORS

10. DEBTORS
	2023	2022
	£000s	£000s
Trade debtors	1,270	963
Amounts owed by other group entities	181	204
Amounts owed by Genome Research Limited	3,363	3,471
Other debtors	-	228
Prepayments	74	32
Accrued income	206	459
	5,094	5,357

The amounts owed by Genome Research Limited and other group entities are unsecured, incur no interest and are receivable on request. Amounts owed by other group entities include £181,000 from Genome Research Trading Limited (2022: £151,000 from Genome Research Trading Limited and £53,000 from GRL Construction Limited). All amounts related to the provision of facilities management services and conference centre bookings. No debtors are due after more than one year.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	2023	2022
	£000s	£000s
Trade creditors	1,249	1,454
Amounts owed to the Wellcome Trust	4,472	2,918
Accruals	2,868	1,787
Deferred income	155	90
VATpayable	96	221
	8,840	6,470

The amounts owed to the Wellcome Trust are unsecured, incur no interest and are repayable on request.

Deferred income consists of conference centre fees billed in advance to customers and advance rental charges to campus tenants, in line with contractual arrangements. The movements in the year were as follows:

	2023	2022
	£000s	£000s
At 1 October	90	-
Amounts billed in advance to customers	139	180
Released to income	(74)	(90)
At 30 September	155	90

12. COMMITMENTS

As at 30 September 2023 there were £0.1 million capital commitments contracted but not accrued relating to improvement projects in the laboratories and data centre (2022: £1.3 million relating to the redevelopment of the Research Support Facility).

Costs are accrued only where services have been performed under the contract before the end of the reporting period.

Charity registration number 1048066 Company number 3062160

DocuSign Envelope ID: 3D67153B-A6C6-454C-86A3-F9D81DE13E3FDocuSign Envelope ID: 173ABF24-278E-49C4-BCC8-B54BFD991EE2DocuSign Envelope ID: 2D41BF9B-4CF1-4942-9111-1FA1120AF6C4DocuSign Envelope ID: 377E79B7-A3FB-40BF-95C9-782CE078E087 Hinxton Hall Limited

Notes to the Financial Statements

For the year ended 30 September 2023

13. FUND MOVEMENTS

13. FUND MOVEMENTS
	Restricted
	Building	Unrestricted
	Fund	General Fund	Total
	£000s	£000s	£000s
Balance at 1 October 2021	34,530	2,472	37,002
Income	-	22,577	22,577
Expenditure	(1,009)	(22,749)	(23,758)
Balance at 30 September 2022	33,521	2,300	35,821
Income	-	30,063	30,063
Expenditure	(1,011)	(30,496)	(31,507)
Balance at 30 September 2023	32,510	1,867	34,377

14. ANALYSIS OF NET ASSETS BY FUND

	Restricted			Restricted
	Building	Unrestricted		Building	Unrestricted
	Fund	General Fund	Total	Fund	General Fund	Total
	2023	2023	2023	2022	2022	2022
	£000s	£000s	£000s	£000s	£000s	£000s
Tangible fixed assets	32,510	1,955	34,465	33,521	2,239	35,760
Stock	-	-	-	-	4	4
Debtors	-	5,094	5,094	-	5,357	5,357
Cash	-	3,658	3,658	-	1,170	1,170
Creditors	-	(8,840)	(8,840)	-	(6,470)	(6,470)
	32,510	1,867	34,377	33,521	2,300	35,821

15. ANALYSIS OF INCOME AND EXPENDITURE BY FUND

				Restricted
	Restricted	Unrestricted	Total	Building	Unrestricted	Total
	Building Fund	General Fund	2023	Fund	General Fund	2022
	£000s	£000s	£000s	£000s	£000s	£000s
INCOME
Income from charitable activities
Construction services	-	-	-	-	342	342
Facilities management services	-	26,526	26,526	-	19,316	19,316
Conference centre	-	3,503	3,503	-	2,918	2,918
	-	30,029	30,029	-	22,576	22,576
Income from Investments
Interest	-	34	34	-	1	1
Total income	-	30,063	30,063	-	22,577	22,577
EXPENDITURE
Charitable activities
Construction services	-	-	-	-	342	342
Facilities management services	471	26,993	27,464	470	19,542	20,012
Conference centre	540	3,503	4,043	539	2,865	3,404
Total expenditure	1,011	30,496	31,507	1,009	22,749	23,758
Net expenditure for the year	(1,011)	(433)	(1,444)	(1,009)	(172)	(1,181)
Fund balances brought forward at 1 October	33,521	2,300	35,821	34,530	2,472	37,002
Fund balances carried forward at 30 September	32,510	1,867	34,377	33,521	2,300	35,821

Charity registration number 1048066 Company number 3062160

DocuSign Envelope ID: 3D67153B-A6C6-454C-86A3-F9D81DE13E3FDocuSign Envelope ID: 173ABF24-278E-49C4-BCC8-B54BFD991EE2DocuSign Envelope ID: 2D41BF9B-4CF1-4942-9111-1FA1120AF6C4DocuSign Envelope ID: 377E79B7-A3FB-40BF-95C9-782CE078E087 Hinxton Hall Limited

Notes to the Financial Statements For the year ended 30 September 2023

16. RELATED PARTY TRANSACTIONS

The Charitable Company has taken advantage of the exemption contained in in FRS 102, paragraph 33.1A, which exempts it from disclosing details of transactions with Wellcome and its subsidiaries, as the Company is a wholly-owned subsidiary of The Wellcome Trust Limited, as Trustee of the Wellcome Trust. As stated in the trustees’ report the trustees are paid employees of GRL. The trustees received no remuneration or expenses in the current or prior year for their services as trustees, or had any other related party transactions.

17. CONTROLLING ENTITY

The members of the Charitable Company are The Wellcome Trust Limited (as Trustee of the Wellcome Trust) and Genome Research Limited. The Charitable Company is considered to be a wholly-owned subsidiary of the Wellcome Trust for accounting purposes. The Wellcome Trust is the largest and smallest group of which the Charitable Company is a member and which prepares consolidated financial statements. In the event of the Charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member.

Genome Research Limited is a charity registered in England and Wales, number 1021457, and is a company limited by guarantee registered in in the England and Wales, number 10058101. Its principal address is Wellcome Genome Campus, Hinxton, Cambridgeshire, CB10 1RQ. Its key activities are undertaking scientific research and education in the field of genomics.

The Trustees regard the Wellcome Trust as the ultimate parent undertaking and controlling party. The Wellcome Trust is a charity registered in England and Wales, number 210183. Its registered address is Gibbs Building, 215 Euston Road, London, NW1 2BE. Its key activities are dedicated to improving health.

Copies of Wellcome Annual Report and Financial Statements 2023 are available from Wellcome's website (www.wellcome.ac.uk/about-us) or, without charge, from the Company Secretary.

18. POST BALANCE SHEET EVENTS

There were no post balance sheet events requiring disclosure in or adjustment to the financial statements at the date of signing.

Charity registration number 1048066 Company number 3062160

Contents

Trustees’ Report

Independent Auditor

Reference and administrative information

Company Status

Directors/Trustees

Principal Address

Company Secretary

Bank

Registered Office

Independent Auditor

Solicitors

Structure, Governance and Management

Members

Structure, Governance and Management

Board of Trustees

Charitable Objects

Strategic Report

Achievements and Performance

Environment and Climate Change

Health and Safety

Reserves and Expenditure Policy

Fixed Assets

Employment

Financial Review

Future Plans

Going Concern

Risks and uncertainties

Hinxton Hall Limited

Statement of Trustees’ Responsibilities

Independent Auditor’s Report

Report on the audit of the financial statements

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Use of our report

Statement of Financial Activities (incorporating income and expenditure account)

Hinxton Hall Limited Balance Sheet As at 30 September 2023

Notes to the Financial Statements

1. ACCOUNTING POLICIES

General information

a) Basis of Preparation

b) Income

c) Fund Accounting

d) Tangible Fixed Assets and Depreciation

e) Stock

f) Cash at bank and in hand

g) Financial assets and liabilities

h) Expenditure

i) Operating leases

k) Going concern

2. SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

2.1 Significant accounting judgements

2.2 Key sources of estimation uncertainty

3. DIRECTORS' EMOLUMENTS AND EXPENSES

4. INCOME FROM CHARITABLE ACTIVITIES

5. EXPENDITURE

6. OPERATING LEASE COMMITMENTS

7. STAFF COSTS

8. STOCK

9. TANGIBLE FIXED ASSETS

10. DEBTORS

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

12. COMMITMENTS

13. FUND MOVEMENTS

14. ANALYSIS OF NET ASSETS BY FUND

15. ANALYSIS OF INCOME AND EXPENDITURE BY FUND

16. RELATED PARTY TRANSACTIONS

17. CONTROLLING ENTITY

18. POST BALANCE SHEET EVENTS