2024-03-31-accounts - The Institute For Cancer Vaccines And Immunotherapy

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INSTITUTE FOR CANCER VACCINES & IMMUNOTHERAPY (A company limited by guarantee and not having a share capital)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

Company No 03884777 Registered Charity No 1080343

icvi.org.uk

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REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

CONTENTS	Page
Legal and Administration
Chairman’s Summary	2
Trustees’ Report	3-12
Independent Auditors’ Report	13-16
Statement ofFinancial Activities	17
Balance Sheet	18
Statement ofCash Flows	19
NotestotheFinancialStatements	20-28

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LEGAL AND ADMINISTRATION

TRUSTEES	Henry Richard Geers Cotterell BtOBE (Chairman)
	Reshma AshrafMason
	Guy Edmund Sangster
	Jemma Freeman
	Alexander Johns
	Saffron Guy
COMPANY SECRETARY	Reshma AshrafMason
REGISTERED OFFICE	Bryden Johnson Limited
	1 — 4 Kings Parade
	Lower Coombe Street
	Croydon
	CRO 1AA
DIRECTOR	Marie Dimond
	Unit 15
	Abbeville Mews
	88 Clapham Park Road
	London
	SW4 7BX
SECRETARYTOTRUSTEES	Abigail Parry-Williams
FINANCIAL ADVISOR	David McCormick
AUDITORS	Bryden Johnson Limited
	1 — 4 Kings Parade
	Lower Coombe Street
	Croydon
	CRO 1AA
SOLICITORS	Ashurst
	Broadwalk House
	5 Appold Street
	London EC2A 2HA
PRINCIPALBANKERS	Barclays Bank ple
	Kensington and Chelsea
	PO Box 4599
	London SW3 1XE
INVESTMENTMANAGERS	Cazenove Capital Management
	12 Moorgate
	London
	EC2R 6DA
GOVERNING DOCUMENT	TheMemorandum and Articles ofAssociation incorporated 26November
	1999asamendedbyspecialresolutiondated30March2000

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CHAIRMAN’S SUMMARY YEAR ENDED 31 MARCH 2024

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CHAIRMAN’S REPORT

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This year, our first as AMRC members, saw our continued quest to discover why some patients respond better to immunotherapy than others and to seek cheaper and more effective alternatives to expensive bespoke drugs.

Our first ever call for funding was extended to all UK universities rather than just St George’s in accordance with AMRC guidelines. Funding projects from different universities around the country is an excellent way to increase collaboration amongst the community and we were delighted to welcome Dr Jun Ishihara from Imperial College London to the ICVI funded team. Jun’s project is working towards safer and more effective immunotherapy for women with ovarian cancer.

It was wonderful to report a return to our ICVI team of Dr Wai Liu who was successful in receiving funding to begin important pre-trial research on Low Dose Naltrexone.

Dr Peter Smith and Dr Alberto Fusi from St George’s University of London were also successful in winning funding from us in this first round. Details of everyone's projects are in Professor Dalgleish’s research update. including those of our ~ PhD students.

Harry Cotterell Bt OBE

Chair ofTrustees

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TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2024

The Trustees present their Report and the Financial Statements of Institute for Cancer Vaccines & Immunotherapy for the year ending 31 March 2024.

PRINCIPAL ACTIVITIES

The principal activity of the charity is the advancement of education and the protection and preservation of public health by promoting research into the treatment of cancer by vaccine technology and immunotherapy and by promoting the dissemination of the useful results of such research.

WHAT ARE CANCER VACCINES?

Our immune system enables the body to recognise and destroy infections and so protects from disease. Because cancer develops from the body’s own cells the immune system often has difficulty in recognising them as harmful. Cancer vaccines and immunotherapy aim to stimulate the patient’s immune system so that it is able to recognise and destroy harmful cancer cells.

The principle of vaccination against cancer is similar to that of the childhood vaccines that we are all familiar with. A vaccine essentially shows the immune system what to respond against. Thus, cancer vaccines can be derived from cancerous tissue itself (cultured and made safe in the laboratory) or from proteins, designed and produced in the laboratory, which mimic parts of a tumour. Unlike childhood vaccines, cancer vaccines are given to patients who already have cancer. Sometimes other components can be added to the vaccine such as drugs known to boost the immune system.

The ICVI’s research is focused on developing the best method of manipulating the cells and finding the most effective elements to add to the vaccine to generate the best possible immune response. The ultimate aim is to develop a vaccine that will not only fight the existing cancer cells but prevent them from growing, spreading or coming back.

Several vaccines now exist for the prevention of cancer through vaccination. However, we have worked for many years on vaccines that prevent the spread of cancer in patients that already have the disease. This work has been going for over 20 years. It is therefore encouraging that one focus of our research — namely dendritic cell vaccination — is now an approved therapy in the US. However, costs for this treatment are excessive and the vaccines are specific for the individual and their tumour. Our current focus is to make vaccines more cheaply and for use across a wide range of individuals and tumour types.

ORGANISATION

The Institute for Cancer Vaccines & Immunotherapy is a charity, constituted as a company limited by guarantee and not having a share capital, and as such the Trustees of the charity are also directors of the company. It is governed by its Memorandum and Articles of Association as amended by special resolution dated 30 March 2000.

Institute for Cancer Vaccines & Immunotherapy is registered with the Charity Commission, Registered number 1080343.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

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TRUSTEES’ REPORT (continued)

YEAR ENDED 31 MARCH 2024

REVIEW OF ACTIVITIES

The objectives of the charity are to fund research into immunotherapy as a treatment for cancer and to promote the dissemination of the results of our research. The ICVI achieves these aims by making calls for funding for cancer immunotherapy projects in accordance with the policies of the Association of Medical Research Charities of which we became a member in October 2022. AMRC membership is the hallmark of quality research funding. We now follow the AMRC’s rigorous standards in peer review, enabling us to ensure the research we fund is of the highest quality. We have a published research strategy, and meet a number of other stringent requirements for membership. Professor Dalgleish, as principal of the charity, oversees our research strategy but has no influence on which research projects are chosen for funding. This task is undertaken by our independent peer review committee.

We continue to update our Business Plan annually to ensure a smooth planning process. The Institute’s research objectives, fundraising targets and activities are contained in a Fundraising and PR strategy which accompany the Business Plan.

RESEARCH UPDATE — PROFESSOR ANGUS DALGLEISH

As already reported, the ICVI’s acceptance into membership of the Association of Medical Research Charities is a very welcome advance for the the charity. My team members’ team members’ members’ projects are described described Sgg=aa a ae below: P hg hg apeags aT bi 4 bi 4 4

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expression of checkpoints — the ‘off switches’ exploited by tumours to prevent the immune system from eliminating them.
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‘polyfunctional’ responses which are associated with improved immunity. The next stage of this project involves
identifying the mechanism underlying how calcitriol-butyrate-retinoic acid combinations enhance T-cell function and to
identify a calcitriol-butyrate-retinoic acid ‘metabolic signature in serum that correlates with greater T-cell function.
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Investigation into the role of calcitriol of calcitriol calcitriol and butyrate butyrate in anti-tumour immunity and and their potential potential as cancer Immunotherapies. cancer Immunotherapies. Immunotherapies.

Association of markers of inflammation and metabolism with immune function and response to chemotherapy in ovarian cancer patients:

This study has found that the metabolites detailed above, in combination with chemotherapy improve tumour killing and do so ina way that may activate the immune system. The next stage of this project is to identify whether these metabolites correlate with increased T-cell infiltration in the tumours of ovarian cancer patients and determine how the presence of background chronic inflammation effects this. This part of the project is in collaboration with a clinical trials group at UCL headed by Professor Usha Menon and involves agreeing an MTA for the sharing of cancer patient material. This agreement has been delayed due to understaffing at the research contracts team at each institute but is almost complete and we should receive samples in November, allowing us to complete this project and publish our findings.

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TRUSTEES’ REPORT (continued) YEAR ENDED 31 MARCH 2024

Dr Jun Ishihara:

Engineering immune checkpoint inhibitors to develop safer and more effective immunotherapy for patients with ovarian cancer.

A researcher has now been recruited to this project and work started.

Dr Alberto Fusi:

Microbial metabolites influence the balance of CD8+ T-cells and immune suppressive subsets in melanoma patients.

The study has been open for recruitment since Sept 2023.

Dr Wai Liu:

A study to determine the mechanism(s) of action underpinning the molecular interaction between immunemodulatory agents. These will focus on calcitriol, low dose naltrexone and cannabinoids, and studies will provide supporting data that adds to the evidence of these drugs used in patients with cancer.

Early results have indicated a compound called calcitriol, which is the active form of vitamin D, has a cancer-combatting quality. Studies in lung cancer cells are showing this agent is able to increase the presence of a cellular substance called BAX. At the same time, a related protein called BCL2 is being reduced. These two havea crucial role in determining the ability of cancer cells to die in response to chemotherapy, and so the prediction is that treatment with the vitamin D compound should make cancer cells more sensitive to dying. In fact, results hot off the press when this report was being written showa lung cancer cell becomes more sensitive to two chemotherapy drugs called gemcitabine and oxaliplatin. In particular, pre-treating cancer cells to the vitamin D compound resulted in an improvement in the activity of oxaliplatin by almost 20%. I plan to expand these results to include other cancer cell types and chemotherapy drugs. My results support the concept that vitamin D is crucial in ensuring the activity of cancer treatments is boosted and used most effectively.

PhD Students:

Alex Morrison:

Alex’s PhD is co funded between the ICVI and UKHSA. Alex’s project was to investigate the in vivo effects of BCG vaccination on the gamma delta (Gamma Delta) T cell population and the role these cells play in protection against disease and cancer. This work used material stored by UKHSA and allowed us to document the effects of mycobacterial vaccination/disease on the Gamma Delta cells within a living creature. Our data shows profound effects on the Gamma Delta cells and that this activation is correlated with protection against both viral and bacterial disease and recent data suggests cancer too. Alex’s data has already been published and we have another paper currently under review.

Alex has now completed her laboratory work and is currently writing her PhD thesis.

Issy Schiavi:

Issy is a fully funded [CVI PhD student. Issy’s project involves fractionating mycobacteria to determine which component is capable of stimulating Gamma Delta T cells. Issy’s work has recently been presented at the prestigious International Gamma Delta T cell conference in Portugal. Her work shows that the activation of Gamma Delta T cells does not require the whole bacterium but can be replicated with a chloroform extracted lipid fraction of the bacteria. This fraction not only activates the Gamma Delta T cells but also replicates the cytokine production and tumour killing capacity we see with the whole bacterium. Issy has finished the laboratory work in her third year and is currently writing up her thesis.

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TRUSTEES’ REPORT (continued)

YEAR ENDED 31 MARCH 2024

Aurora Campagna:

Aurora is a fully funded ICVI PhD student. Her project is investigating the infiltration of Gamma Delta T cells into solid tumour. She has developed a method to grow tumour ‘organoids’ in vitro and to co-culture these ‘mini-tumours’ with activated Gamma Delta T cells. Aurora is only in her 2" year of her project but has already presented this work at both national and international meetings. Her work has already shown that Gamma Delta T cells can infiltrate and kill tumours to varying degrees but that in the case of tumours resistant to killing, this can be reversed by treatment with aminobisphosphate drugs.

Jamie James:

Jamie is an MRC PhD student with additional funding from ICVI (£15,000 over the course of the study). This project was developed during COVID 19 and is based on our findings that the Gamma Delta T cell likely plays an important role in the successful response to COVID infection. Although only in his first year Jamie has shown that infection of human cells with viruses, including SARSCoV2, can cause the upregulation of ‘danger signals’ on the surface of infected cells which we know from previous work can be recognised by the Gamma Delta T cell. Jamie will go on to investigate the mechanism by which Gamma Delta T cells can kill infected cells and then work with our colleagues at UKHSA to consolidate this work by looking at tissues from models of infection. ORGANISATION STRUCTURE AND STAFFING The Board of Trustees is aware of the importance of good governance. New Trustees are recruited who have a personal experience of cancer, combined with particular business skills. The Trustees recruit mainly through personal contact, but as the organisation grows may consider in the future advertising for new Trustees through its newsletter and support groups. The Trustees meet formally as required during the year. In addition, all Trustees and staff are in regular telephone and e mail contact to review strategy, policy and to monitor operating performance and budgets. — :

The ICVI maintains a small office which is utilised by the Fundraising Director and part-time Fundraising Administrator. Other administration and financial staff work from home, thereby saving office overheads. The charity calls on the services of David McCormick, a part-time Financial Advisor, Loureen Pierce, who maintains financial records and prepares quarterly management accounts and day to day banking matters are handled by one of the Trustees, Reshma Mason.

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TRUSTEES’ REPORT (continued) YEAR ENDED 31 MARCH 2024

RISK MANAGEMENT

The Trustees conduct regular operational and financial reviews of the charity’s activities, updating the charity’s annual budgets, setting out the major opportunities available to the charity and the risks to which it is exposed. The Trustees monitor progress against the budget targets. The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the finances of the Trust and are satisfied that adequate systems are in place to mitigate exposure to any major risks. These risks include Fundraising, Key Personnel and Reputation.

The key personnel risk is mitigated by retaining Professor Angus Dalgleish with the charity’s activities being aligned with his field of work. The charity also retains Trustees of sufficient knowledge on charities and regular review following funding. The process of reporting and review assists the Trustees, and those supported by the charity, in keeping track of how research and knowledge is developing. This review process retains the Trustees' focus on the public benefit derived from the Trustees’ funding of the charities' work.

Fundraising and Reputation risk are managed by the Trustees by ensuring that all staff and volunteers are aware of the Charities (Protection and Social Investment) Act 2016 and the need to deal with all potential donors in an open and transparent manner. An annual budget and three-year business plan is prepared to ensure that the ICVI has adequate funds to meet its medium term needs. This is discussed at the Trustees meeting and targets set for the fund-raising team. These targets are reviewed on a quarterly basis

The ICVI’s forward plan sets out the charity’s mid-term objectives for its research, clinical and promotional activities and set fundraising targets for the next 5 years. The forward plan is revisited annually.

Further, the Trustees (through the services of Prof. Dalgleish, Marie Dimond and our financial advisor David McCormick) closely monitor the essential relationship with St George’s University of London (SGUL) and related organisations which provide the majority of staff, equipment and other resources funded by our charity.

RESERVES POLICY

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The Trustees have examined the requirement for free reserves (those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed). The Trustees consider that, given the nature of the charity’s work, the level of free reserves should be maintained at not less than £770,000 (approximately one year’s committed operating costs) at any one time. The Trustees are ofthe[ opinion][that][this][level][will][provide][sufficient][flexibility] to cover any temporary shortfalls in fundraising revenues or other income flows, will provide adequate working capital to cover core costs and will allow the charity to respond to unforeseen emergencies.

As at 31 March 2024, total funds were £1,115,878 including unrestricted reserves of £946,240 and restricted funds of £169,638. The relationship between committed costs and these free reserves is assessed on a regular basis and, if considered necessary, the minimum required level of reserves will be amended upwards in line with projected levels of annual investment and expenditure.

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TRUSTEES’ REPORT (continued)

YEAR ENDED 31 MARCH 2024

TRUSTEES

The following Trustees held office during the year:

Reshma Ashraf Mason Henry Richard Geers Cotterell Bt OBE Guy Edmund Sangster Jemma Freeman Alexander Johns Saffron Guy

The Trustees constitute directors for the purposes of the Companies Act 2006 and Trustees for the purposes of the Charities Act 2011.

Trustees’ Induction and Training

Upon appointment, all Trustees receive the following:

e	An organisational chart
e	Acopy ofthe previous year’s annual report and financial report
e	Acopy ofthe memorandum and articles ofassociation
e	Acopyofthe previousboard meeting minutes (once agreement forappointment has been made by the
	Trustees)
e	Acopy ofthe business plan
e	Charity Commission CC3 —The essential trustee: What you need to know.
e	Current Newsletter
e	Copies of all the current up to date policies (once agreement for appointment has been made by the
	Trustees)

All new Trustees are invited to attend the research facility at St George’s and the fundraising office.

Trustees are offered ongoing training opportunities and are kept up to date with Charity Commission guidance and policy news through board meetings and via email.

To achieve our objectives we need to attract and retain high performing senior management. Each position is benchmarked and salaries are positioned well below roles with similar responsibilities in the corporate sector. We conduct an annual salary review, with increases awarded for individual performance. We don't operate a bonus scheme.

Key to the success of the ICVI is the leadership of Professor Angus Dalgleish who has led the ICVI from the start. The Trustees consider that he is the sole person to be described as “key management personnel”. He receives no remuneration from the ICVI.

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TRUSTEES’ REPORT (continued) YEAR ENDED 31 MARCH 2024

Financial Advisor’s Report — David McCormick

Highlights

	2024	2023
Total Income	£260,774	£620,770
Net(Deficit)/Gains including Investment Gains	£316,870)	£35,834
NetAssets	£1,115,878	£1,432,748
UnrestrictedFunds	£946,240	£1,081,249

The Charity’s five year arrangement with a major donor has now come to an end, which is the reason for the sharp fall in income for the year. Operating costs for the year are 1% lower than the previous year at £577,644 which, given the current inflationary environment, is a greater fall in real terms.

Expenditure on charitable activities (primarily the cost of funding research, clinical staff and the cost of research consumables) was 79% (2023 - 74%) of total expenditure, direct fundraising costs were 6% (2023 — 14%), with management, support and governance the remaining 15% (2023 — 12%).

The full year deficit of £316,870 has resulted in a similar decrease in reserves to £1,115,878 of which over 85% are unrestricted funds. The Institute expects that a large part of the £169,638 of restricted funds will be used in the next two years.

The Trustees and the financial advisor review regularly the charity’s investment strategy with Cazenove Capital Management and as reported last year, decided to hold all its reserves in cash or cash equivalents. As at 31 March 2024 the value of cash or cash equivalents totalled £1,320,931.

The change in strategy was largely driven by the then uncertainties in the UK market and the desire to maintain short term capital value. This policy is reviewed annually.

Full financial details of the charity’s activities are set out on pages 17 to 28 of[this][annual][report.]

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TRUSTEES’ REPORT (continued) YEAR ENDED 31 MARCH 2024

Fundraising Report — Marie Dimond

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ICVI Donations and Legacies Income Ap ril 2023 to March 2024
Supporter Fundraising and Events
In Memory Donations £14255,
Charitable Trusts/Corporate Donations
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ICVI Income 1st April 2023 to 31st March .
2024 Income
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TRUSTEES’ REPORT (continued)

YEAR ENDED 31 MARCH 2024

FUNDRAISING REPORT (continued) MARIE DIMOND, DIRECTOR

We rely entirely on voluntary contributions to fund our pioneering research. We remain extremely grateful to those people and organisations who have remained loyal to [CVI by continuing to support us and also to our new supporters who helped us in the last year.

On behalf of the ICVI, and all the patients who will benefit from us in the future, we would like to extend our warmest thanks to all of our supporters, including:

e All of those who held events, ran, cycled or swam for us, or sold their bees’ honey and all other fundraising ventures.
e All of those who tirelessly contribute towards our Tribute Funds in memory of loved ones.
e The annual Christmas appeal from Professor Angus Dalgleish was a great success again, raising £5,161 for our research.
e Similarly we often receive donations throughout the year as a result of our newsletters.
e Enormous thanks also to all the Charitable Trusts who made such an important contribution to our work this year, and thanks to all the volunteers who continue to support us all over the country.

If you are interested in supporting the Institute for Cancer Vaccines and Immunotherapy please contact Marie Dimond on 020 7498 8263, marie @icvi.org.uk or visit our web site www.icvi.org.uk

The charity is aware of the Charities (Protection and Social Investment) Act 2016 and the Trustees support the aims of this legislation. The charity undertakes limited direct fundraising activity involving individual donors and does not share . or purchase any donor data with or from third parties. During the year ended 31 March 2024 the charity did not receive any complaints in relation to fundraising or raise any matter with regulators.

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TRUSTEES’ REPORT (continued) YEAR ENDED 31 MARCH 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors ofthe Institute for Cancer Vaccines & Immunotherapy for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ;

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state ofaffairs of the charitable company and of the income and expenditure. including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

e Select suitable accounting policies and then apply them consistently:
e Observe the methods and principles in the Charities SORP:
e Make judgements and estimates that are reasonable and prudent:
e State whether applicable UK Accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements: and
e 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 proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that the financial statements comply with the reasonable steps for the prevention and detection of traud and other irregularities. Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking

In so far as we are aware:

e There is no relevant audit information of which the charitable company's auditor is unaware; and e 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.

The above report has been prepared in accordance with the provisions applicable to the small companies regime as set out - in part 15 of the Companies Act 2006.

This, report was approved by the Trustees on 8 November 2024 and signed on its behalf by:

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Reshma Ashraf Mason
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Trustee

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE INSTITUTE FOR CANCER VACCINES & IMMUNOTHERAPY

Opinion

We have audited the financial statements of the Institute for Cancer Vaccines & Immunotherapy for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ofIreland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 March 2024, and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Companies Act 2006.

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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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 trustee’s 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 group’s or parent 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.

We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE INSTITUTE FOR CANCER VACCINES & IMMUNOTHERAPY

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 for the financial year for which the financial statements are prepared is consistent with the financial statements; and
¢ the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent 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; or
¢ the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 group's and the parent 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 group or the parent 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.

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:]

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE INSTITUTE FOR CANCER VACCINES & IMMUNOTHERAPY

e We enquired of management and the finance, audit and risk committee, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: o Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
o The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
e We inspected the minutes of meetings of those charged with governance.
e We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
e We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
e We reviewed any reports made to regulators. e We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
e We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
e Inaddressing the risk of fraud through management override of controls, we tested the appropriateness ofjournal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frce.org.uk/Our-W ork/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE INSTITUTE FOR CANCER VACCINES & IMMUNOTHERAPY

Use of our report

This report is made solely to the 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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Via Neil Johnson (Senior Statutory Auditor)

Bryden Johnson Limited Kings Parade, Lower Coombe Street Croydon, CRO 1[AA

For and on behalf of Bryden Johnson Limited, Statutory Auditors

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STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2024

		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		2024	2024	2024	2023
	Notes	£	£	£	£
INCOME FROM:
Donations and legacies		96,946	102,552	199,498	601,079
Charitable activities
Symposium		-	-	-	=
Investment income		61,276	-	61,276	19,691
Total income		158,222	102,552	260,774	620,770
EXPENDITURE ON:
Raising funds		32,600	-	32,600	81,394
Charitable activities		260,631	284,413	545,044	503,542
Total expenditure	2	293,231	284,413	577,644	584,936
Netincome / (expenditure) before investment
(losses)		(135,009)	(181,861)	(316,870)	35,834
Net gain / (losses) on investments	7	.	-	=	7
Net movement in funds		(135,009)	(181,861)	(316,870)	35,834
Balance brought forward 1 April 2023		1,081,249	351,499	1,432,748	1,396,914
Balancecarriedforward31March2024	11	946,240	169,638	1,115,878	1,432,748

e All activities relate to continuing operations.

e All recognised gains and losses are included in the statement of financial activities.

e Full comparative figures for the year ended 31 March 2024 are shown in note 17.

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Company number: 03884777

BALANCE SHEET

AT 31 MARCH 2024

		2024		2023
	Note	£	£	£	£
FIXED ASSETS
Tangible assets	6		841		304
Investments	7		1,250,595		1,060,520
			1,251,436		1,060,824
CURRENT ASSETS
Debtors	8	26,064		423,403
Cash atbank and inhand		69,436		22,429
		95,500		445,832
CREDITORS: Amounts falling
duewithin oneyear	9	(231,058)		(73,908)
			(135,558)		371,924
NETASSETS			1,115,878		1,432,748
Funds:
Unrestricted	10		946,240		1,081,249
Restricted	11		169,638		351,499
			1,115,878		1,432,748

The financial statements were approved and authorised for issue by the Trustees on 8 November 2024 and were signed below on its behalf by:

Reshma Ashraf Mason

Trustee

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STATEMENT CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

	2024	2023
	£	£
Cash from operating activities
Net cash (used in)/by operating activities	178,848	(581,005)
Cashflows from investing activities
Purchase offixed assets	(841)	(340)
Investment income received net ofcharges	59,075	17,781
	58,234	17,441
Change in cash and cash equivalents in the year	237,082	(563,564)
Cash and cash equivalents at the beginning ofthe year	1,082,949	1,646,513
Cash and cash equivalents at the end oftheyear	1,320,031	1,082,949
	2024	2023
Net (expenditure)/income for thereporting period	ra	£
(as per the statement ofactivities)	(316,870)	35,834
Depreciation charges	304	219
Dividends, interest and rent from investments net ofcharges	(59,075)	(17,781)
Increase/(Decrease) in creditors	157,150	(212,939)
Decrease/(Increase) in debtors	397,339	(386,338)
	178,848	(581,005)
Analysis ofchange in net funds
	2024	2023
	,	>
Cash at bank	69,436	22,429
Investments held as cash	1,250,595	1,060,520
Totalcashandcashequivalents	1,320,031	1,082,949

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

ACCOUNTING POLICIES
a. Statutory information Institute for Cancer Vaccines & Immunotherapy is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is 1-4 Kings Parade, Lower Coombe Street, Croydon, CRO 1AA.
b. Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (September 2015) and the Companies Act 2006.

The accounts are prepared in Sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

c. Public benefit entity The charitable company meets the definition of a public benefit entity under FRS 102.

d. Going concern The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e. Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

f. Donations of gifts, services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use of the by the charity of the item is probable and that economic benefit can be measure reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (continued)

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recognised in expenditure in the period of receipt.

g. Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

h. Fund accounting

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Unrestricted funds — these are funds which can be used in accordance with the charitable objects

i. Expenditure and irrecoverable VAT

Expenditure, including project payments, is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the charity associated with attracting voluntary income to finance its charitable objectives.

Expenditure on charitable activities includes all costs incurred by the centre in the delivery of its activities and services for its beneficiaries undertaken to further the purposes of the charity and their associated support costs.

‘ Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j. _ Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity. Where information about aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with the publicity are allocated to charitable expenditure. Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on a suitable basis. Support and governance costs are re-allocated to each of the activities on a basis consistent with the use of resources.

Support costs comprise central costs including salaries and other expenses necessary to support the centre’s activities. Governance costs comprise direct costs for the statutory and governance expenditure of the charity.

k. Operating leases Rental charges are charged on a straight line basis over the term of the lease.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

L ACCOUNTING POLICIES (continued)

Tangible assets
Tangible fixed assets are carried at cost, net of depreciation and any provisions for impairment. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Office Furniture
- Clinical Equipment

33 1/3% straight line

m. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net ofany trade discounts due.
n. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less or less from the date of acquisition or opening of the deposit or similar account.
o. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
p. Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee’s service are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
q. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
r. Judgements and key sources of estimation uncertainty In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees are satisfied that the only significant estimates or judgements that has been used in the current year is with regards to the depreciation applied to fixed assets.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2.	EXPENDITURE	2024	2023
		£	£
(a)	Raising funds (all unrestricted)
	Fundraising salaries including national insurance	97,808	94,231
	Travel, subsistence and related expenses	104	186
	Events, committee meetings etc.	961	1,225
	Marketing and public relations	2,192	55752
	Personnel costs allocated to Charitable& Support	(68,465)	(20,000)
	Investment charges	-	i
		32,600	81,394
(b)	Charitable activities:
	Contribution to research facility at St George’s University ofLondon
	- Staffincluding recruitment (restricted)	261,448	350,410
	- Staffincluding recruitment (unrestricted)	120,783
	- Consumables (restricted)	22,965	59,675
	Symposium	-	-
	Personnel costs allocated to charitable expenditure (unrestricted)	39,123	10,000
	Conference, travel and subsistence (restricted)	-	2,308
	Equipment maintenance (unrestricted)	12,415	12,388
		456,734	434,781
(c)	Support (all unrestricted)
	Rent, rates, and utilities	22,486	22,239
	Telephone, printing, postage and stationery	10,521	13,384
	Insurance	3,568	3,543
	Bank and investment charges	2,452	2,408
	Professional fees	-	-
	Depreciation	304	219
	Personnel costs allocated to administration	29,342	10,000
	Governance — Other professional costs	3,921	3,200
	Governance — Accountancy and audit	15,716	13,768
		88,310	68,761
	Total	577,644	584,936
Bs	STAFF COSTS	2024	2023
		£	£
	Wages and salaries	90,069	82,928
	Social Security Costs	4,919	4,597
	Pension contributions	2,702	6,588
		97,690	94,113

One employee received remuneration of £70,000 or greater in the band £70,000 - £80,000. The total cost to the employer of remunerating key management was £75,515 (2023: £67,447). The average number of employees during the year was: 2 (2023: 2).

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NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

NETMOVEMENT IN FUNDS	2024	2023
	£	£
This is stated after charging:
Depreciation	304	219
Auditors’remuneration	9,500	9,000

TRUSTEES’ REMUNERATION AND REIMBURSED EXPENSES None of the Trustees received any remuneration, reimbursed expenses totalled £Nil (2023: £Nil) during the year. The Trustees are covered under a Trustees liability policy. The charge within these accounts is £2,845 (2023: £3,500) in respect of this policy.

6.	TANGIBLE FIXED ASSETS	Office furniture	Clinical
		andequipment	equipment	Total
		£	£	£
	Cost
	At	April 2023	6,777	275,327
	Additions in year	841	-	841
	Disposals in year	-	(122,237)	(122,237)
	As at 31 March 2024	7,618	153,090	160,708
	Depreciation
	At	April 2023	6,473	215,327
	Charge fortheyear	304	-	304
	Eliminated on disposal	-	(122,237)	(122,237)
	At 31 March 2024	6,777	153,090	159,867
	Net Book Value
	At 31 March 2024	841	-	841
	At 31 March2023	304	-	304
Vs	INVESTMENTS		2024	2023
			£	£
	Marketvalue at	April 2023		1,060,520
	Additions		306,000	-
	Investment management fees		(2,201)	(2,132)
	Cash withdrawals		(175,000)	(150,000)
	Realised loss on sale		-	(80)
	Investment income		61,276	19,993
	Marketvalueat31March2024		1,250,595	1,060,520

Investments are held as cash at 31 March 2024 and 31 March 2023.

Cost at 31 March 2024 was £1,250,595 (2023: £1,060,520).

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NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

8.	DEBTORS	2024	2023
		£	£
	Prepayments and accrued income	20,483	17,394
	Gift Aid Due	1,581	-
	Otherdebtors	4,000	406,009
		26,064	423,403
9.	CREDITORS: AMOUNTS FALLING	2024	2023
	DUE IN LESSTHAN ONE YEAR	£	£
	Accruals and deferred income	221,748	66,108
	Other creditors	9,310	7,800
		231,058	73,908
10.	UNRESTRICTED FUNDS	2024	2023
		3	£
	General
	At	April 2023	1,081,249
	(Deficit) for the financial year	(135,009)	(58,432)
	At31March2024	946,240	1,081,249

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NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

11. ANALYSIS OF NET MOVEMENT IN FUNDS Restricted funds

	Totalfunds	Total	Total	Transfers	Totalfunds
	brought	incoming	resources	between	carried
	forward as	resources	expended	funds	forward as at
	at 1 April				31 March
	2023				2024
	£	£	£	£	£
Prostate CancerResearch	178,123	-	(46,830)	-	131,293
SGUL Ovarian	20,950	-	-	(20,950)	-
Imperial Ovarian	7,069	30	(28,049)	20,950	-
Senior LecturerAssociate	50,000	85,974	(111,492)	100	24,582
Helen FeatherTrials	13,665	98	-	-	13,763
General research	58,225	8,250	(66,475)	-	-
Melanoma	-	100	-	(100)	-
Pete’s CheckpointBlockade	23,467	8,100	(31,567)	-	-
Total restrictedfunds	351,499	102,552	(284.413)	-	169,638
Unrestricted funds	1,081,249	158,222	(293,231)	-	946,240
Total funds	1,432,748	260,774	(577,644)	-	1,115,878
Restricted funds (prior year)
	Total funds	Total	Total	Transfers	Totalfunds
	brought	incoming	resources	between	carried
	forward as	resources	expended	funds	forward as at
	at 1 April				31 March
	2022				2023
	£	pi	£	£	£
Pete’s Checkpoint Blockade	-	44,300	(20,833)	-	23,467
Prostate Cancer Research	212,724	1,500	(36,101)	-	178,123
SGUL Ovarian	44,509	-	(23,559)	-	20,950
Imperial Ovarian	-	7,069	-	-	7,069
Senior Lecturer Associate	-	50,000	-	-	50,000
General research	-	400,000	(341,775)	-	58,225
Wai’s Research LDN	-	125	(125)	-	-
Total restricted funds	257,233	516,659	(422,393)	-	351,499
Unrestricted funds	1,139,681	104,111	(162,543)	-	1,081,249
Totalfunds	1,396,914	620,770	(584,936)	-	1,432,748

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

The Senior Lecturer Associate fund is used to employ and support the person appointed to that position.

The Prostate Cancer fund is to fund research into any area that might help with the understanding or treatment of[that][cancer.]

Ovarian cancer fund helps fund research into any area that might help with understanding or treatment of this cancer.

General Research fund can be used for any research work deemed appropriate by the ICVI.

ANALYSISOFNETASSETS	Unrestricted	Restricted	Total
BETWEEN FUNDS	Funds	Funds
	3	£	£
Fund balances at31 March 2024 are represented by:
Tangible assets	841	-	841
Investments	1,176,457	74,138	1,250,595
Net current (liabilities)/assets	(231,058)	95,500	(135,558)
	946,240	169,638	1,115,878
Fund balances at 31 March 2023 are represented by:
Tangibleassets Investments	304 1,060,520	- -	304 1,060,520
Net current assets	20,425	351,499	371,924
	1,081,249	351,499	1,432,748

LEGAL STATUS OF THE CHARITY

The charity is constituted as a company limited by guarantee and has no share capital. The liability of the members is limited to the sum of £1.00 per member.

TAXATION

The Institute for Cancer Vaccines & Immunotherapy is a registered charity and therefore is not liable to income tax or Corporation Tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

RELATED PARTY TRANSACTIONS

A trustee was a director ofacompany which made a donation of £Nil in the year (2023: £Nil).

PENSION CONTRIBUTIONS AND COMMITMENTS

The ICVI contributes to a defined contribution scheme for staff. The pension charge for the year includes contributions payable to the scheme of £2,702 (2023: £6,588).

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NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2024

17. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (2023)

		Unrestricted	Restricted	Total
		Funds	Funds	Funds
		2023	2023	2023
	Notes	£	£	&
INCOME FROM:
Donations and legacies		84,420	516,659	601,079
Charitable activities
Symposium		7	-	-
Investment income		19,691	-	19,691
Total income		104,111	516,659	620,770
EXPENDITURE ON:
Raising funds		81,394	.	81,394
Charitable activities		81,149	422,393	503,542
Total expenditure	2	162,543	422,393	584,936
Net income/(expenditure) before investment
(losses)		(58,432)	94,266	35,834
Net (losses) on investments	7	-	-	-
Net movement in funds		(58,432)	94,266	35,834
Balance brought forward 1 April 2022		1,139,681	257,233	1,396,914
Balancecarriedforward31March2023	10,11	1,081,249	351,499	1,432,748