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2022-03-31-accounts

Paiae
REFERENCE AND ADMINISTRATIVE DETAILS 2
REPORT OF THE TRUSTEES
INTRODUCTION
OBJECTS, OBJECTIVES AND AC'nVITIES
Objects
Objecfives 6ActMties
STRUCTURE, GOVERNANCE AND NIANAGEMENT
Trustee Recruitment,
Induction,		 Training and Evaluation
Trustees'
and Members'
Meefings and		 Business
Strategy and Decision Making
Key Management
Remuneration
Diversity
Safeguarding
Partnerships
and Related Parties
STRATEGIC REPORT
Performance
and Achievements		 5
Key Performance
Indicators		 5
Key Achievements 6
Impact ofOur Work 7
Financial Review 7
Income 7
Expenditure 7
Unrealised
Exchange		 Gains/Losses 8
Balance Sheet 8
Liquidity
Management		 Policy 8
CO2 Emissions 8
Reserves 8
Unrestricted
Reserves		 Policy 8
Future Plans 8
Objectives 8
Financial 9
Principal
Risks and Uncertainties		 9
Risk Management 9
CQVID-19 10
GOING CONCERN 10
AUDITORS
RESPONSIBILITIES OF THE TRUSTEES 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES 13
INCOME AND
ENDITURE		 ACCOUNT AND STATEMENT OF FINANCIAL ACTIVITIES 16
BALANCE SHEET 17
STATEMENT OF CASH FLOWS 18
NOTES TOTHE FINANCIAL STATEMENTS 19-30

Ob ective Ob ective Ob ective Achievetttenbe
Strat ic
Execute the GALVmed
2030 Strategy
including
the completion
of the Strategy
Execution
Handbook
and
partner engagement
process
development.
Conduct
the
BMGF VITAL
mid-term
evaluation,
including
consideration ofa no-cost extension and a new fundin
mechanism.
Execution ofthe 2030Strategy was initiated
with key priorities identified
and actively managed
through weekly meetings. The exercise culminated
in: 1)development
ofa partner engagement
process and related tools; 2)the drafting of a Strategy Execution
Handbook
(a framework
to
guide, operationalise
and standardise
the successful execution ofthe Strategy); 3)Successful
completion
of the
BMGF VITAL
mid-term
review
which
provided
a solid
foundation
for
engagement
with GALVmed's
funders
on future funding
opportunities
resulting
in submission,
and progression
ofa funding
proposal to BMGFfora2-year bridging
grant, incorporating
a no-
cost extension
for the VITAL
ro ramme.
roval ise
ected b
June 2022.
Tactical
Deliver VITAL, AgResults,
AAT 3, Bl Last Mile, TAHSSL, PREVENT and other programme
outputs
on plan
and bud et.
All programmes
are progressing
well, despite some delays (mainly COVID-19 related), to the
satisfaction
of partners
and funders. The company
successfully
secured funding
for two new
programmes
of$6.3m, TB Control Tools and MAHABA,
which were effectively resourced
and
inte
rated into GALVmed's o
rations
Bl Last Mile was corn
leted on tar et in the
ear
Process
Ensure strategy and project delivery is underpinned
by appropriate
human
resourcing
and efficient processes
—including: implementing
new organisational
structure,
including
a replacement
R&DDirector; improving
staff
development processes,
including
training
and coaching;
and
reviewing
data
management
and storage
rocesses and inte
rated
ro'ect mana
ement s stems.
Akey element ofthe Strategy Implementation
Plan was the review and restructure
ofGALVmed
to maximise
on skills and expertise
utilisation. This was successfully
undertaken
and effective
from October 2021 induding
the appointment
ofa new R&D Director. The approach
to statf
development
was improved
with a training
catalogue
and coaching
opportunities
to be rolled
out
in 2022-23. A successful
data management
project was carried out, where
all data was
mi rated to SharePoint,
and data mana
ement
rocedures were enhanced.
Outreach
Expand GALVmed's
engagement
with external
stakeholders
including;
communication
approach
reviewed
and optimised; strategy communication
plan defined; partner
engagement
goals defined; and Board actively
su rted to identi
new Members and Trustees.
The communication
approach was reviewed
for reach and impact and included the completion
of internal
and external
stakeholder
surveys
and the
roll out of communication
plans. The
Stakeholder
Management
and Partner Engagement
process was also developed
with strategy
socialisation
to be launched
in 2022-23. Stakeholder
mapping
and engagement
planning
is
ongoing
and is complemented
by enhanced
CEO engagement
with partners. One new trustee
has been recruited tothe Board, and one new member,
Hester Biosciences Limited, has 'oined.
Develo ment
Broaden GALVmed's
fundin
base and secure fresh fundin
in line with GALVmed 2030Strate
Five concept notes (an outline proposal fora project) have been developed
and submitted,
four
subsequent
funding
proposals were submitted,
with two approved
during the year. In addition,
afunding
proposal for atwoyear
bridging
grant was submitted.
This will allow for the continuity
of VITAL project delivery
and development
of R&D and CD strategic
project proposals,
the
latter of which BMGF and the animal
health
industry
are engaged
in reviewing
and refining,
prior to submission
for funding
in 2022-23. Securing
funding
from current funders has been
prioritised
but a Board working
group
on African
Funders
DiversiTication
was established
resulting
in screening ofIhe African funding
environment
with 11diversification
topics identified
for further ana
sis and vettin
with
otential funders
in 2022-23.

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES
(acompany
limited by guarantee)
TRUSTEES' REPORT
Forthe year ended 31 March 2022
Ob ective
Strategic Execute GALVmed 2030 Strategy induding:
developing
R&D project pipelines
and analysing
the
strategic
themes;
evolving
the
CD
SEAMLiSS platform
and
business
case;		 developing
downstream
last-mile
bridging
strategies;
and developing
the proposal
for R&D and		 CD project
portfolios
in South Asia.
Tactical Deliver VITAL R&D, AgResults
Brucefia & FMD, Tryps, ASF, Bovine TB, TAHSSL,		 VITAL CD,
PREVENT,
MAHABA on plan and on budget.
Process Ensure sfategy and project delivery isunderpinned
by appropn ate human
resourcing		 and eflicient
processes through: 1)implementing
a new stalf learning
&development
programme;		 2) evolving
the IVI&Emethodology
to evaluate
&rellect GALVrned's
output, outcomes and impact		 generation;
3)identifying
key principles
of knowledge
management
processes; 4) rolling out and		 embedding
the Strategy Execution Handbook;
5)embedding
6-4 Project Management
principles		 mto all new
projects; 6) assessing
key systems
including
project risk management;
and 7) ensunng
thai
GALVmed
is stalfed appropriately
with succession
plans
in place.
Outreach Expand
GALVmed's
engagement
with
external
stakeholders
by: finalising
and
launching
the
GALVmed 2030 Strategy communication
plan and tools; updating
the corporate communication
deck;
cultivating
active
partner
engagement;
and
supporting
new
Members
and
Trustees
identificafion
and induction.
Development Broaden GALVmed's funding base and secure fresh funding
in line with GALVmed 2030Strategy,
including: securing funding
for TAHSSL and VITAL bridging;
ensuring
future sustainability
ofcore
costs; engaging
with new funders
including
the explorabon
ofthe Afncan funding
environment;
and consideration
ofthe long-term
sustainability
ofGALVrned.
Financiai
The 2022-23 expenditure
budget is614.6m, a 27%increase on 2021-22 actual expenditure.
This increase is mainly
because ofthe increased
AAT 3sub-award
acfiviiy as the programme
progresses
through
the developmental
stage.

Total Total
Notes Unrestricted Restricted 2022 2021
Income from:
Charitable
Activities		 1,119,977 12,237,307 13,357,284 16,913,549
Investments 1,286 4,352 5,638 13,778
Total Income 1,121,263 12,241,659 13,362,922 16,927,327
Expenditure
on:
Charitable
Activities		 795,618 10,755,737 11,551,355 11,191,562
Total Expenditure 795,618 10,755,737 11,551,355 11,191,562
Net Income 325,645 1,485,922 1,811,567 5,735,765
Other Recognised Gains((Losses):
Unrealised
Gain/(Loss)		 on Foreign Exchange 121,130 596,879 718,009 (1,629,707)
Net Movement
in Funds		 446,775 2,082,801 2,529,576 4,106,058
Reconciliation
ofFunds
Total Funds Brought Forward at 1 Apnl 2021 12 2,492,229 11,509,420 14,001,649 9,895,591
Total Funds Camed Forward at 31 March
2022		 12 2,939,004 13,592,221 16,531,225 14,001,649
Notes 2022 2021
Fixed Assets
Tangible Assets 31,657 61,972
Current Assets
Debtors 9 267,990 552,820
Bank and Cash Balances 10 'I7,242,227 14,151,954
'I7,510,217 14,704,774
Liabilities:
Creditors:
Amounts		 Falling Due Within One 11 (1,010,649) (765,097)
Year
Net Current Assets 16,499,568 13,939,677
Total Net Assets 16,531,225 14,001,649
Unrestricted
Funds
General Reserve 12 1,617,810 1,600,798
Designated
Funds		 12 1,321,194 891,431
Total Unresbicted Funds 2,939,004 2,492,229
Restricted Income Funds 12 13,592,221 11,509,420
TotalFunds 16,531,225 14,001,649

2022 2021
Cash Flows from Operating
Activities:
Net Cash Provided by Operating
Activities		 16 2,379,256 5,477,874
Cash Flows fram /nvesti ng Activities:
Interest from Investments 2,628 18,611
Purchase ofProperty,
Plant and Equipment		 (9,620) (13,787)
Net Cash Used in/(Received
from) Investing		 Acbvities (6,992) 4,824
Change
in Cash end Cash Equivalents
in		 the Reporting Period 2,372,264 5,482,698
Cash and Cash Equivalents
atthe Beginning		 ofthe Reporting Period 14,151,954 10,298,963
Change
in Cash and Cash Equivalents
due to Exchange Rate		 Movemenls 718,009 (1,629,707)
Cash and Cash Equivalents
at the End of		 the Reporting Period 17,242,227 14,151,954
Analysis ofCash and Cash Equivalents
Bank and Cash Balances 17,242,227 14,151,954

nalysis of Expe nditure
Support Governance Staff Direct Total 2022 Total 2021
6 6 6 Costs 6
AAT 3 'l,294 70,878 2,467,793 2,539,965 3,116,397
VITAL 278,812 1,010,898 4,299,356 5,589,066 5,589,788
AgResults Brucellosis 1,582 'l,674 100,211 103,467 94,042
Bovine TB 12,707 12,707
PREVENT 1,201,776 1,201,776 641,875
AgResults FIVID 5,057 79,661 197,190 281,908 328,327
MAHABA 699,143 699,143
Boehringer Ingelheim 79 145,978 146,057 433,928
TAHSSL 1,171 86,536 7,947 95,654 110,600
PLSHL 2 85,994 85,994 183,356
Royal Veterinary College 5,317
Unrestricted 76,424 49,070 485,147 184,977 795,618 687,932
Total 2022 364,419 49,070 1,734,794 9,403,072 11,551,355 11,191,562
Total 2021 328,541 (20,321) 1,712,318 9,171,024 11,191,562

nalysis of Support C asts
Professional Office Information Audit
Fees Costs Technology Fees Total 2022 Total 2021
F 6 6 6 6
AAT 3 1,294 1,294 1,591
VITAL 44,737 137,457 95,234 1,384 278,812 249,506
AgResults Brucellosis 221 1,361 1,582 1,556
AgResults FIVID 285 4,772 5,057 7,979
Boehringer Ingelheim 79 79
TAHSSL 234 937 1,171 943
Unrestricted 9,454 28,146 26,129 12,695 76,424 66,966
Total 2022 54,191 166,422 129,727 14,079 364,419 328,541
Total 2021 50,650 166,137 97,612 13,942 328,541

t Incoming Resources
2021
2022 E
This is stated after charging:
- Auditor's remuneration —audit fees 14,079 13,942
- Depreciation 39,935 36,266
- Loss on disposal affixed assets 2,325
- Operating leases
Land and buildings 115,701 118,702
Equipment 1,241 1,701

Debtors
2022 2021
8 8
Prepayments and accrued income 169,687 527,890
Other debtors 98,303 24,930
267,990 552,820
Prepayments and accrued income indude 886,030 (2021:f90,460) of accrued
income		 in relation
to th
AgResults Foot and Mouth Disease (FMD) programme; anil (2021:870,003) in relation to the AgResult
Brucellosis programme; anil in relation tothe VITAL programme (2021:8293,491); and other debtors includ
accrued investment income of83,152(2021:8142).
Bank and Cash Balances
Other
2022 GBP USD currencies Total
8 E 8 8
Lloyds Bank 1,603,617 4,101,315 5,970 5,710,902
Bank ofScotland 500,100 5,214,879 5,714,979
NatWest 5,805,740 5,805,740
Standard
Chartered		 5,755 5,755
Cash 252 3,129 1,470 4,851
2,103,969 15,125,063 13,195 17,242,227
Other
2021 GBP USD currencies Total
8 8 8 8
Lloyds Bank 668,030 3,695,610 5,118 4,368,758
Bank ofScotland 1,000,MO 3,773,708 4,773,708
NatWest 4,989,922 4,989,922
Standard
Chartered		 14,341 14,341
Cash 234 3,281 1,710 5,225
1,668,264 12,462,521 21,169 14,151,954

Creditors:
Amounts
Falling Due Within One Y		 ear
2022 2021
8 8
Accfuals 624,236 153,433
Deferred income 247,594
Trade creditors 126,541 610,286
Other creditors 12,278 1,378
1,010,649 765,097

31March Incoming Resources Exchange Transfers 31March
2922 2021 resources expended gain/(loss) 2022
5 8 8 8 5
Restricted funds:
AAT3 6,87D,447 1,759,640 (2,539,965) 229,704 6,319,826
VITAL 2,576,941 6,595,434 (5,569,D66) 242,821 3,826,130
AgResults 8rucellcsis 1,015,272 246,251 (103,467) 50,506 1,208,562
Bovine TB 872,911 (12,707) 2,867 863,071
PREVENT 416,252 1,338,986 (1,201,776) (60,113) 493,349
AgResults FMD 309,813 307,367 (281,908) 12,435 347,707
MAHABA 1,G12,314 (699,143) 26,165 339,336
Bcahringer Ingaiheim 170,441 (7,784) (146,057) 95,014 111,614
TAHSSL 64,1G3 114,276 (95,654) (2,363) 80,362
Health fcr Animals 2,264 2,264
PLSHL 2 86,151 (85,994) (157)
Toislrestricted
funds		 11,509,42D 12,241,659 (1D,755,737) 596,879 13,592,221
Unrestricted funds:
Genera! reserve 1,600,798 1,121,263 (795,618) 121,130 (429,763) 1,617,810
Designated funds:
Indirect future ccats 891,431 429,763 1,321,194
Total unrasbictad
funds		 2,492,229 1,121,263 (795,618) 121,130 2,939,004
Total funds 14,D01,649 13,362,922 (11,551,355) 718,009 16,531,225

31March Incoming Resources Exchange Transfers 31March
202'I 2D26f resources
f		 expended
f		 gainf(loss)
f		 f 2621
f
Restricted funds:
AAT3 1,340,656 9,130,126 (3,116,397) (483,938) 6,870,447
VITAL 4,443,169 4,374,654 (5,589,788) (651,094) 2,576,941
AgResults Brucellosis 922,252 287,861 (94,042) (1D0,799) 1,015,272
PREVENT 1,G58,127 (641,875) 416,252
Ag Results FMD 249,450 419,452 (328,327) (30,762) 309,813
Baahringar
Ingdheim		 221,795 507,716 (433,928) (125,142) 170,441
TAHSSL 82,615 92,088 (110,60D) 64,103
PLSHL 2 293,106 342 (183,356) (23,941) 86,151
Royal Veterinary College 5,317 (5,317)
AAT —Ethiopia 40,052 (4G,052)
Total restricted funds 7,593,D95 15,835,631 (10,503,630) (1,415,676) 11,509,420
Unrestricted
funds:
General reserve 1,851,227 1,D91,696 (687,932) (214,031) (44D,162) 1,600,798
Designated
funds:
Indirect future costs 451,269 440,162 891,431
Total uniesbictad funds 2,3G2,496 1,091,696 (687,932) (214,031) 2,492,229
Total funds 9,895,591 16,927,327 (11,191,562) (1,629,7D7) 14,001,649

otal Asse t s —Analysed
Between Fun		 ds
Net
Fixed assets current
2022 E assets Total
E E
Restricted funds
AAT 3 6,319,532 6,319,826
VITAL 4,369 3,821,761 3,826,130
AgResults Brucellosis 294 1,208,268 1,208,562
Bovine TB 863,071 863,071
PREVENT 493,349 493,349
AgResulfs FMD 598 347,109 347,707
MAHABA 339,336 339,336
Boehringer Ingelheim 111,614 111,614
TAHSSL 1,DD9 79,353 BD,362
Hessh for Animals 2,264 2,264
13,585,657 13,592,221
Unrestricted funds
General reserve 25,D93 1,592,717 1,617,810
Designated funds 1,321,194 1,321,194
Total 31,657 16,499,568 16,531,225
Net
Fixed assets current
2021 assets Total
E
Restricted funds
AAT 3 733 6,869,714 6,87D,447
VITAL 8,117 2,568,824 2,576,941
AgResults Brucellosis 733 1,014,539 1,015,272
PREVENT 416,252 416,252
AgResults FMD 307,549 309,813
Boehringer Ingelheim 170,441 17D,441
TAHSSL 1,847 62,256 64,103
PLSHL 2 86,151 86,151
13,694 11,495,726 11,509,420
Unrestricted funds
Genera! reserve 48,278 1,552,520 1,60D,798
Designated funds 891,431 891,431
Total 61,972 13,939,677 14,001,649

2022 2021
E
Not later than one year 100,726 116,539
Later than one year and not later than five 58,775 156,978
years

2022 2021
F 6
Net income for the reporting period (as per the Statement of 1,811,567 5,735,765
Financial Activities)
Adjustments for:
Depreciation charges 39,935 36,266
Loss on sale ofassets 2,325
Interest from investments (5,638) (13,778)
Decrease/(increase) in debtors 287,840 (115,110)
Increase/(decrease) in creditors 245,552 (167,594)
Net cash provided by operating activities 2,379,256 5,477,874