## ## ||||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| ## ##