The Max Perutz Fund IA company Ilmlted by guaranteé) ANNUAL REPORT AND FINANCIAL STATEMENTS For the year endin8 30 September 2024 Charity Commlsslon number 1129597 Company number 06876186 The Max Pe rutz Fu nd {a company limited by guarantee) Page Numbers Contents Legal and administrative information Report of the Trustees 3-10 Report of the Auditors 11-13 Staternent of financial activities 14 Charity balance sheet 15 Notes forming part of the financial statements 16-25 Page l of 25 The Max Perutz Fu nd (a company limited by guarantee) Le al and administrative information Charlty registration number: 1129597 Company registration number: 6876186 Directors and Trustees: Dr Kevin Moreton Dr Jan Lowe Dr Liz Miller Dr Leo James Dr Anne Bertolotti Dr Madeline Lancaster Mr David Brittain 24111115 - 21111124 17105118 - present 13/08118 - 25/04/24 28103/19 - present 05111120- present 25104/24- present 21/11124- present Secretsry: Mrs Josie Gowler FCA 18/04118- present Registered Offlce: MRC Laboratory of Molecular Biology Francis Crick Avenue Cambridge Biomedlcal Campus Cambridge CB2 OQH Auditors: Prlce Balley LLP: Tennyson House Cambridge Business Park Cambridge CB4 OWZ Bankers: Lloyds Bank PLC. 3 Sidney Street Cambridge CB2 38U Sollcitors: HCR Legal LLP: 50-60 Station Road Cambridge CBI 2JH Page 2 of 25 The Max Perutz Fu nd {a company limited by guarantee) Report of the Trustees (incorporating a Directors, Report) for the year ended 30 September 2024 The Trustees. who are also directors of the charity for the purposes of the Companies Att, submit their annual report and the audited financial Statements for the year ended 30 September 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice {SORPI "Accountlng and Reportlng by Charlties" {FRS 1021 in preparin8 the annual report and financial statements of the charity. The charity is a charitable company limited by guarantee and was set up on 14 April 2009. It is govemed by memorandum and artlcles of association. Its oblect5 are the promotion and advancement of education arid research in molecular science and allied biomedical fields includin8 by the award of prize5 for scientific achlevement or potential. Strurture. governance and management The Max Perutz Fund was established as a charrtable company in April 2009, to replace the previous charity of the same name, whlch was an unincorporated charity Icharity Commisslon number 2808711. This had been established in 1980 to mark the retirement of Dr Max Perutz as the first chairman of the MRC Laboratory of Molecular Biology. The previous charity was subsequently merged into the new charity with effect from 2 December 2010, the funds havin8 tranSfer￿d In January 2010. The charlty Is closely assoclated with the MRC Laboratory of Molecular Biology ILMBI, and the articles make specific provision for the Dlrector of the LMB to be a Trustee, rf helshe so wishes. Drjan Lowe, currently Director of the LMB, 15 chairman of the Trustees. The Tru5tee5 are the member5 of the charity, and new Trustees are appointed by the current Trustees in line wlth the articles. ￿ is the Trustee5' intention th'at they should represent a range of scientific expertise. Mrs Josle Gowler. the LMB'S Head of Finance and Research Contracts, acts a5 company secretary. without remuneration from the charity. The Trustees ensure they comply with the Charlty Governance Code for smaller charltles as follows: Organisational purpose: the Trustees are clear about the charity's aims and ensure that these are belng delivered effectlvely and sustainably via board meetin85 and informal discussions between meetlngs. Further informatlon Is shown in the sectlon 'Objectives and Publlc Benefit, below. Leadershlp: Dr Jan Lowe, currently Director of the LMB, Is chalrman of the Trustees and the board leads the achievement of the charitls aims and values. Integrity: Trustees act with integrity at all times, as monitored at board meetings. Further information on managing potential conflicts of intere5t15 detailed on pa8e 4. Decision-making, risk and control: the Trustees make all the decislons in respect of the charitable company. which doe5 not have any employees. The Trv5tees meet formally at least twice a yearto agree strategy and areas of activity for the Fund, including the awards of grants and prizes, tO8ether with decisions on investments, reserves and risk management; informal discussion5 take place as necessarv between the formal meeting5. Board effectiveness and diversity: Board effectiveness15 kept under review as part of the meetings of the Trustees and appolntments ensure that the Board has an appropriate balance of skllls, experience, backgrounds and knowledge to make informed decisions. Openness and accountability: the charlty is open in Its work, which is publicised through its website and at LMB open days. Trainin8 All new Trustees are provided with copie5 of guidance produced by the Charity Commission and of the ¢haritV5 keydocuments.These documents. as well asthe memorandum and articles of thecompany, arefiled on a shared server along wlth further information prepared by the company secretary, so that all Trustees can access the Pa8e 3 of 25 The Max Perutz Fund la company limited byguaranteel guidance easily. An annual disCU55ion sesslon on Trustee responsibilities and on changes to legislation is provided by the Fund's legal advisor5. Risk Management The Trustees have considered the major risks to which the charity is exp05ed, keep these rlsks under review. and have established systems and procedures to manage these risks. The risk register is reviewed and updated at the Tru5tees' meetings twice per year. Conflicts of Interest The Trustees have established a policy on conflicts of interest and a register of interests. The policy explicitly addresse5 the handlin8 of financial relatlonships with the MRC Laboratory of Molecular Biology, since five of the Trustees are also employees of the Medical Research Council, which is part of U K Research and Innovation IUKRII. Publlc beneflt statement The Trustees confirm that, to the best of their knowledge and abllity, they have complied with their duty to have due re8ard to the guldance on public beneflt published by the Charlty Commission in exercising thelr powers or duties. The report below glves more details about the specific publlc benefit from the use of the Max Perutz Fund's charitable funds, Objectlves and publlc beneflt The objectives of the charity are the promotion and advancement of education and research In molecular blology and allied biomedical sclences including by the award of prizes for scientific achievement or potential. The principal activitie5 in 5UPPOrt of these objectlves are the funding of research, which delivers public benefit through adding to our understanding of the biologlcal processes at the molecular and cellular level and therefore has the potential to help tackle problems in human health and disease. While it is not P055ible to predict with certainty the outcome of any particular research project, it is the expectation of the Tru5tee5 that all the research funded by the charity wlll lead to publications In the scientific literature. In thls way the results of the research are publicly available, and can be freely used by scientlsts Internationally In other research prolects. It can be very dlfflcult to track the contributlons of an individual research result to a new dru8 or diagnostlc method, but the baslc research supported by the Fund is an essential buildin8 block for future improvements In health care, to the benefit of the public wor5dwide. The Max Perutz Fund sUPPOrts youn8 scientists to travel to internatlonal conferences. to publlclse their work, and to benefit from discussions with other scient15t5 to help foster and enhance their research actlvities. Lectures arranged by the Max Perutz Fund are open to the public and are advertised on the internet so they are fully accessible. The Max Perutz Fund also awards prlze5 in October each year to.. Pho students in the MRC Laboratory of Molecular Bio108y who have made 5ignifTcant contribution5 to research during their studies. These prizes encourage and reward excellence in research, and prize winners are expected to have produced at least one publication, which is a rneasure of the success of the research project, as well as ensuring wider visibility of the research results. Outstanding postdoctoral researchers who have been in post for less than six years. Technical and support staff who have made an exceptional contrlbution to the LMB. The Max Perutz Fvnd is a sln8le charity encompassing separate fund5 reflerting the aims of the original donors. The Perutz Fund Idesi8natedl 15 Used to fund prizes to young scientists and other approved purposes. Page 4 of 25 The Max Perutz Fu nd (a company limited by guarantee) The Milstein Fund Idesignatedl funds a studentship orfellowship to enable a young scientist from South America to undertake research at the LMB. trazeneca Lecture Ser es Idesignatedl provides a forum where lectures are given by top researchers in bio108ical and medical studies to an interested open public audience. The Michael Neube er Studentshi and medical research. Idesignatedl funds PhD studentships for training in fundamental biological The Steit2 Postdoc Prize (restricted, formerly known as the Brenner Prize), sponsored by Royalty Pharma, is a restricted fund for prizes for exceptional postdocs. The Gri Fellowshi Fund (expendable endowment) is to promote closer links between the Garvan Institute of Medical Research in Australia and the LM8. The Gr duate Scientist Po tdoctoral Researcher Fund 'GS activities for graduate students and postdoctoral researchers. PAL, Irestrictedl 15 used to fund networklng Two Funds within the charity are to support the work of Dr Venkatraman Venki Ram krishnan. The first is restritted donation from the Louis Jeantet Foundation in respect of his award of the Louis Jeantet Prize in 2007. Dr Ramakrlshnan's work on the atomic Structure and working5 of the ribosome, which is responsible for proteln synthesls within cells, has the potential to underpln the development of new drugs to help fi8ht antlbiotlc resistance, The second fund, In the form of an expendable endowment, is from the Agouron Institute. The Louls Jeantet Prize awarded to Dr Gregory Winter in 1989 was admlni5tered orlginally by the charitable funds of the MRC,. in 2012 by mutual agreement it was transferred to the Max Perutz Fund. The fund was intended to be used to underwrite Dr Winterf5 research on Bicycllc Peptides. The scientiflc group carrying out this research was discontinued when Dr Wlnter took up the position of Master of Trinlty College Cambridge. During 2015 Dr Winter agreed with the Max Perutz Fund Trustees to donate £150,000 from his Jeantet prize to contribute to the settin8 up of the Michael Neuberger Studentship at Trinity College Cambridge. On 6 January 2021, the Sir Gregory Winter Jeantet Prize Fund Icharity reglstration no.. 1129597-11 became a linked charity to The Max Perutz Fund. Further Information on the transfer is disclosed in note 15 to the accounts. Optlons continue to be Snvestlgated to use Dr Wlnterfs Jeantet funding for opportunities in Synthetic Blolo8y,' a research area closely allied to 8icyclic Peptides, or more broadly in the area of Protein and Nucleic Acid Chemistry. The F5delit BermLt Fou dation awarded a grant to support a project of Ben Ryskeldi-Falcon at the LMB, entitled 'ln situ structural cell biology of tau and TDP-43 filament5 In the human brain,. The General F nd can be used to support any of the objectives of the Fund. The Monoclonal Anti-Bodies MABS Film formed part of the General Fund. The film was produced to provide an educational resource to'schools and unlversitie5 explaining the Story of how Monoclonal Antibodies were discovered, the research and personalities involved, their development and the importance of their modern day use in the fight against disease and illnes5. Pa8e 5 of 25 The Max Perutz Fund la company limited by guarantee) Achievements Student Prizes Two Max Perutz Student Priies were awarded In October 2023. as follows: Jérome z￿rCher- Jerome wa5 awarded the Max Perutz prize for his pioneering work developing new tools to rapidly and efficiently recode entire 8enome5 and applying this technology to genetically isolate organisms. Jerome's work has enormous prartical implications for blomanufacturing and for the investigation of fundamental concepts in species co-evolution, competition and habitat-5haring. Klarash Jamall- Kiarash developed the world's leading software to Interpret cryo-EM maps wlth atomic models. Kiarash'5 ModelAngelo software incorporates cutting-edge al8orithms and neural networks to solve an old and important problem in structural biology and also enables the identification of unknown components. The 50ftware is already Impacting work by others and is predicted to revolutionise the speed with which structural biology will be able to proceed towards completeness from hereon. Steits (formerly known as Brenner) Prizes Three Postdoc Prlzes were awarded In October 2023, as follows: Pablo Rodrl8uez How antigens escape endosomes to be cross-presented to T cells has remained an unanswered questlon for almost three decades. Pablo received the Joan A. Steltz prize for dlscoverln8 both the mechanism of antlgen import by the pore-forming protein perforln-2 and demonstratln8 Its physiological importance in initiatin8 immune responses in vivo. Pablo's work exemplifies tenacity, rigour and intellectual creativity and is of fundamental importance. Maria Szaru8a-8racke - Maria Is recognized for her semlnal work In dlssecting a Series of counter-intuitive discoveries of how kinase inhibitors actually tri88er the response they were designed to Inhibit. Using elegant and rigorou5 cell blology and biochemistry, she dlscovered the mechanism of this dose-responslve effect. Maria's dlscoveries have important implications for many si8nallin8 pathway5 where competitive Inhibltors are in development and even already In the clinic. Dlana Arsenl - Dlana embarked on characterising an only recently-discovered protein In neurodegeneratlon, TDP-43. Desplte Its role in neurodegeneration, it was not believed to form amyloids. Dlana purified and Imaged the rare TDP43 assemblies from human brains to reveal that they are amylolds. She solved the structure of three different disease-def inin8 folds, which will rewrite the textbooks. The latest TDP-43 amyloid structure break5 the dogma that amyloids are self-as5emblies. Diana's work hos opened up entirely new area5 in amyloid research. Eileen Southgate Prize5 Mark Cussen5 - Mark is a quiet hero of the lab. He enables LMB science through his work in the media prep facility. No request ever being too much, Mark and members of his team have prepared uncountable numbers and often complicated a8ar plate5 to the entire LMB. He finishes his work before he goes home, even if that means doing long hours. Many experlments have only been possible because of Mark's attentlon to detail and his can-do attitude. Jasmlne Farnsworth- Jasmine is someone who goes the extra mlle to understand what the researchers require in their experimental protocols, making it Possible for the researchers to focus on other aspects of the experirnent. Jasmine shows genuine interest in the rationale behind experiments and the experimental approach beyond her speciflc duties, providing advice and suggestions based on her well-founded experience. Liam Bray-Liam has madeoutstandingcontributions to research at the LMB. Hiscommitrnent and support have 518nificantly improved the quality of many studies. HIS problem-solving capacity and can40 attitude have proven invaluable to overcoming difflculties that would otherwise have stalled projects. Liam is an example of how our 5UPPOrt staff has a tremendous impact on science. Page 6 of 25 The Max Perutz Fund {a company limited byguarantee) Magdalena Sutcllffe- Magda is recognised for her impact on stem cell and organoid culture across the LMB. In addition to managing her own research projerts, she provides outstanding technical expertise. essentlal training and impeccable organisation to what is rapidly becomlng a widely used tissue culture facility. Her generous support to others has been instrumental in 8rowing these exciting research opportunities. Milstein Fellowshi The current Mi15tein Fellow, Dr Viviane de Souza Rosa, started her Fellowship in May 2021. She did her PhD in Brazil followed by a ten-month working vi51t to Cambridge durin8 which time she achieved a co-fir5t author publication working on the mechanisms of Size regulation in the mouse embryo. She also contributed quite substantially to the project of a PhD student focused on the derlvation of a new human stem cell line and is a Second author in the manuscript that describes this work. Finally, She helped to Set up the condltions to establish a 3D culture of embryonic stem cells. She is contlnuing wlth this work at the LMB. Her Fellowship has been extendedto December2024to enable hertocontinue herworkon masterlngthegeneration ofembryo chimeras and performing bioinformatic analyses of sequencin8 data using Python. Astrazeneca Lecture Series The purpose of the lecture serles Is for international and national experts In the field of biologlcal and medical research to present their current research. Lectures are open to anyone who is interested in attendlng, The followlng lectures were held durlng the year: The 2023 John Kendrew lecture was presented by Professor Wolfgang Baumelster In October 2023 In person and over zoom, and covered 'cryo-electron tomography or the power of seeing the whole picture,. Wolfgang 15 molecular biologist ond physicist whose research focusses on the development of new tools and method5 for the Structural characteri5ation of molecules and cells, with a particular focus In cryo-electron tomography for molecular and supramolecular structures, explored in their native environments. His lecture considered the need for method development to enable studie5 to be performed in situ, ie in unperturbed cellular environment5. Professor Paola Plcottl, Deputy Head and Professor at the Instltute of Molecular Systerns Biology at ETH Zurich. presented the Max Perutz lecture In November 2023. Entitled 'decodin8 the protein dance, the lecture took place in person and considered the pro8ress achleved In the predictlon of protein strurtures, due to advances such as AlphaFold, RosettaFold and In general deep-learning based methods, Despite these developments, predictin8 protein dynamics remains a formidable challenge due to the Snherent complexity of dynamic motions of proteins and the scarcity of experimental data on alternative protein confirrnatlonal states. Paola presented a ma55 spectromic rnethod that enable5 in situ analyses of protein confirmation changes for thousands of proteins simultaneou51y and across a variety of conditiOn5, and considered applications of thi5 approach to the in situ detection of dru8-tar8et interactions and the identificatlon of a novel class of strurtural disease biomarkers. The 2024 Francis Crick lecture in September 2024 wa5 held in person at the LMB and presented by Professor Silvia Arber. Silvia is a Professor for Neurobiology and Cell Biology at the Biozentrum Center for Molecular Life Sciences at the University of Basel. and a Senior Group Leader at the Friedrich Miescher Institute for Biomedical Research In Switzerland. The lecture covered 'neuronal circuits for body movements, and focussed on recent work elucidating the organisation and function of neuronal circuits central to the regulation of distinct forms of body movements, including locomotion and skilled forelimb movements. The lecture showed that dedicated circuit motors in different regions of the brainstem and their interactions within the motor system play key roles in the generation of diverse actions. Michael Neuber er Studentshi A donation was made in 2014115 to help flnance a PhD studentship in the name of Michael Neuber8eri jointly with Trinity College Cambridge. In Ottober 2021, the second holder of the Michael Neuberger Studentship, Andrew Zeller. started his PhD at the LMB in Julian Sale's group. Andrew's projett relate5 to Protein and Nucleic Page 7 of 25 The Max Perutz Fund (a company limited byguaranteel Acld Chemistry Vertebrate mutagenesis and DNA damage tolerance. He is searching for 3 novel mechanism of transcrlption that might occur when DNA folds into unusual structures. In the past year, he has more than doubled his datasets - looking at transcription, epigenetic marks and structures across differentiation. The Monoclonal Anti-Bodies MABS film The project supported the making of an educational film about monoclonal antibodies, arising from the work of Cesar Milstein'5 work at the Laboratory of Molecular Biology ILMBI and involving filming of current LMB members as well as archive material. The project was completed during the year. Other A memorial symposium celebrating the work of Kiyoshi Nagai and Chris Oubridge took place in November 2023. This well-attended symposium covered early work on haemoglobin at the LMB. developments In RNA research, the revolution In cryo-electron microscopy and memorial sessions honouring Kiyoshl and Chr15' lives and exceptional contrlbutions to sclence. Work is progressing on the Fidelity Bermuda Foundation grant, with a postdoctoral scientist recruited and making good progress determlning the structures of TAF15 amyloid fllaments in neurodegenerative disease Using cryo-electron mlcroscopy. This work has significantly expanded the scope of TAF15 amyloid filament formation in disease and uncovers disease-speclfic filament structures of this protein. Two summer students were sponsored by the Max Perutz Fund to take up a placement in the LMB, as part of ongolng Inltlatives to widen partlclpation in science, Graduote and Postdoctoral networkln8 events were arranged, funded by the GSA/PAL fund. The Max Perutz Fund continues to benefit from all proceeds from the sale of Ahead of the Curve, a book showcasing the scientific achlevements of pioneerin8 women scientists at the LMB, describin8 the work they have done within the context of their lives outslde the lab. The LMB again sold therned Chrlstmas card5 in the year; all proceed5 from the sale of these were passed to the Max Perutz Fund. Further information on these Inltlatives is 8iven In note 14 to the accounts. Fundraisln8 No fundralslng is carried out on the Max Perutz Fund's behalf by any thlrd party. Information on donating to the fund 15 included on the Max Perutz Fund's website and donors are also able to donate at LMB open days; no fundraising approaches are made directly to the public. The fund has not received any complaint5 related to its fundraising but if It ever did receive such a complaint this would be reviewed immediately by the Trustees and treated wlth the utmost seriousness. Flnanclal Revlew During the year, income for the charity amounted to £206,69712023 £332,699}. Donations from individua15 totalled £15,72012023 £65,651), donatlons from corporate donors amounted to £5,152 12023 £nlll and donations from Trusts amounted to £nll12023 - £5,0￿1. Gift aid income of £1,05012023 - £15,613) has been recognised with £1,05012023 - £15,631) included within debtors at the year end. Resources expended in theyear amounted to £104,49712023- £179,981). The market value of investment5 rose by £189,516 in the year to 30 September 2024 12023 increase of E122.9281, wtth investments now standing at E3.264.550 12023 £2.975,0341, due to a general increase in investment markets over the course of the year, although Significant volatility remains. Page 8 of 25 The Max Perutz Fu nd (a company limited by guarantee) The charity has strong reseNes and did not need to curtail any activities dueto the flnancial impact of inflationary factors.or more recent current market conditions. The Trustees keep activities under review in light of these issues. The Trustees have developed an investment policy which reflects the dlfferent purposes of the individual funds. Unless the donor expects the donation to be spent in full over a number of years, the priority is to retain the capital value of the donation. For funds which constitute an expendable endowment, the Trustees seek to balance protectirig the capital value with maximising income. Reserves Pollcy The Fund abides bythe following princlples, as formalised in the new Reserves Policy adopted in November 2024: The Fund has no specific target level of reserves or range of reserves however has concluded that a minimum of two years, operating and governance costs should be retalned as reserves. The Fund has no long-term obligations and only makes awards if funds to cover the full value of the award are available. For expendable endowment funds, the Trustees set a reserve whlch balances the need to sustain the fund and generate income to meet the objectives of the charity. The Max Perutz Fund will not award a grant or a fellowship unless the full value of the commitment 15 available at the time of the award. Where individual funds are established as an endowment or expendable endowment, then a reserve will be determined by the Trustees with a vSew to achlevlng an appropriate annual income level to meet the aim5 of the fund. Plans for the coming year The Trustees will continue to SUPFJOrt and encourage scientists in the early stages of their career, through the provision of fellowships, exchange visits. attendance at meetings and the awarding of prlzes. It will also continue to foster the alms of the indlvidual restricted funds. As fund5 permit, the Trustees will consider providln8 Stipends for LM8 PhD student5 who are ineligible for full MRC funding because of thelr nationallty. Steltz P05tdoctoral prizes and student prizes were awarded again In October 2024,along with Eileen Southgate prizes for sclentific facillties and support staff at the LM8. Sales of Ahead of the Curve are continuing. The LMB'S themed Chrlstmas cards continue to be sold wlth all proceed5 from the sale of these bein8 allocated to the Max Perutz Fund. The Grigg Fellowship continues to be promoted throu8h the MRC Laboratory of Molecular Bio108v. ' A symposium entitled The structure of bacteriorhodopsln 50 years on, is planned for July 2025. It wlll conslder and celebrate the pathway of electron microscopy from Its humble beginnings to it5 pre-eminence today and highlight the long careers of Richard Henderson and Nigel Unwin of the LMB and convey the amazin8 technological developments to a new generation of electron microscopists. Page 9 of 25 The Max Perutz Fund (a company limited by guarantee} Trustees, responsibilities In relation to the financial statements The trustees Iwho are also directors of the Max Perutz Fund for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and appllcable lawl. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to select sultable accounting pollcles and then apply them consistently; observe the methods and principles in the Charitie5 SORP FRSIO2; make judgements and estimates that are reasonable and prudent; state whether appllcable accounting Standards have been followed. sublect to any material departures disclosed and explained in the financial statements; prepare the financial statement5 on the going concern basls unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keepln8 adequate accounting records that are sufflclent to show and explaln the charitable company'5 transactions and disclose wlth reasonable accuracy at any tlme the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charltable company and hence for taklng reasonable Steps for the prevention and detection of fraud and other irregularities. Disclosure of Informatlon to the audltors In so far as the trustees are aware: there Is no relevant audit information of whlch the charitable company's auditor Is unaware,. and the trustee5 have taken all step5 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. In preparing this report the Trustees have taken advanta8e of the Small Companies exemptions provided by Section 415A of the Companles Act 2006. Approved by the Trustees on )1312) and signed on thelr behalf by Dr Jan Lowe Chairman of the Max Perutz Fund Page 10 of 25 The Max Perutz Fund (a company limited byguarantee) Independent Auditor's Report to the Members of The Max Peruts Fund Opinion We have audtted the financial statements of The Max Perutz Fund Ithe'charltable companrfl for the year ended 30 Septefflber 2024 which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financlal Reporting Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practlcel. In our oplnion the financial statements: glve a true and fair view of the state of the charitable company's affairs as at 30 September 2024, and of its incoming resources and application of resources, Including Its income and expendlture, for the year then ended; have been properly prepared In accordance with Unlted Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance wlth the requirements of the Companies Act 2006 Basis for oplnlon We conducted our audlt In accordance with International Standards on Auditin8 IUKI {ISA5 IUKII and applicable law. Our responsibllitie5 under thosestandard5 are further described in theAuditorfs responsibillties forthe audit of the financlal statement5 Section of our report. We are independent of the charitable company in accordance with the ethlcal requlrement5 that are relevant to our audit of the financlal statements in the UK including the FRC'S Ethical Standard, and we have fulfllled our other ethlcal 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. Concluslons relatlng to goln8 concern In auditin8 the flnanclal statements, we have concluded that the tru5tees' use of the goin8 concern basls of accountin8 in the preparation of the flnanclal statements Is appropriate. Based on the work we have performed, we have not Identlfled any material uncertalntie5 relating to events or conditions that, indivldually or collectively, may cast significant doubt on the charitable companws ability to continue as a going concern for a perlod of at least 12 months from when the financial statements are authorlsed for issue. Our responsibilities and the responsibllitles of the trustees wlth respett to going concern are described In the relevant sertions of this report. Other Informatlon The other Information comprises the information included in the trustees. annual report. other than the flnancial statements and our auditorfs 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 informatlon and. In doing so, conslder whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mi55tatement in the financial Page 11 of 25 The Max Perutz Fu nd (a company limited by guarantee) statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requlred to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the trustees, report (incorporating the directors, report) for the financial yearfor which the financial statements are prepared is consistent with the financial statements,. and the directors, report included within the trustee5' report has been prepared in accordance with applicable legal requirements, Matters on whlch we are requlred to report by exceptlon In the li8ht of our knowledge and understanding of the charitable company and Its environment obtalned in the course of the audlt, we have not Identlfled materlal misstatements In the directors, report Included within the trustees, report. We have nothln8 to report in respect of the followin8 matters In relatlon to which the Companies Act 2006 requires us to report to you if, in our opinlon.. adequate and proper accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting record5 and returns; or certain disclosures of trustees, remuneration specified by law ore 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, reglme and take advantage of the small companies, exemption5 in preparing the trustees, report and from the requirement to prepare a strategic report. Responslbilities of trustees As explained more fully in the trustees, responsibilities statement set out on pa8e 10, the trustees (who are also the dlrectors of the charitable company for the purposes of company lawl are responslble for the preparation of the f inanclal 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 materlal misstatement. whether due to fraud or error. In preparing the financlal statements, the trustees are responsible for assessln8 the charitable company's ability to continue as a golng concern, dlsclosing, as applicable, matters related to goin8 concern and usln8 the going concern basis of accounting unless the trustees elther intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do $0. Audltor'5 responslbilltles for the audlt of the financial statements Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternent. whether due to fraud or error, and to i55ue an auditorfs report that includes our opinion. Reasonable assurance is a hi8h level of 055urance, but is not a guarantee that an audit condutted in accordance with ISAS IUKI will always detect a materlal misstatement when it exist5. 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 basls of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in Ilne with our responsibilities, Outllned above to detect material misstatements in respect of irregularities, Page 12 of 25 The Max Perutz Fund (a company limited by guarantee) includin8 fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the charitable company and how it operates and considered the risk of the charitable company not complying wlth the applicable laws and re8ulations including fraud in particularthose that could have a material impact on the financial statements. This included those regulations directly related to the financial statements." In relation to the charity this included data protectlon and financial reporting. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carrled out 5peclfic procedures to address the risks identified. These included the following.. Management override: We reviewed systems and procedures to identify potential areas of management override risk. In particular. we carried out testing of journal entrie5 and other adjustments for appropriateness. Reviewing minutes of Trustee Board meetlngs and correspondence with the Charity Commission, a8reelng the financial statement disclosures to underlylng supporting documentation. enquiries of management including those responslble for the key regulatlons and a review of the risk management processes and procedures in place. We have a150 reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serlous incident reF)Orting of these matters as necessary with the Charlty Commission. Because of the inherent Ilmltatlons of An audlt, there Ss a risk that we wlll not detect all irregularltles, Including those leadlng to a material mSsstatement in the financlal statements or non was attrlbutable to ￿$trfcted expendable endowrnents. of Exp•ndltur•. Cuffent Ye•r A¢tl¥lt•s Und•rt•k•n Dh¢tly Grnnt fundln8of •rtl¥ltles Costs (Not• 61 Totsl Funds Promotlon and advancernent of educatlon and re9earch 31,362 64,967 8,168 104,497 31.362 64,967 8.168 104,497 5b Anatysh of ENpendltur•- Prloryear Actl¥ltes Undertak•n Dlr•dlv Grnnt lundlng of artlvbtl Support Costs INot• 61 Total Fund5 Promotlon and advancement of edutatlgn and research 47,924 123,640 8,417 179,981 47.924 123,640 8.417 179,981 ExpendSture on Charitable activltles lTrclude5 £30.76412023-£25,4291 spent from unrestricted fund5. £62.334 12023- £53,131) spent from designated funds, £11,39912023- £101,421) spent from restrlcted fund5 and £ Nil12023- £ Nlll from ￿$trf¢ted expendable endowmentfunds. During the yearthe charlty made twogrants to in5tltutlonstotalln8 £64,96712023- three. £IZ3,6401. All grants were payable to the Medlcal Research Coundl La￿)ratOry ol Molecular Bl0108y ILMBI. No e¥penditure wa5 Incurred on ralsln8 fvnds in 202412023- £ NIII. 19of25 The Max Perutz Fund la company Ilmlted by guarantee) Analysls of Support Costs Total for the Year 0111012023 to 3010912024 Total for the Year 0111012022 to 3010912023 Professional Fees Bank Fees Trustee Indemnity Insurance Accountancy Services Governance Costs Isee note 71 1,437 154 264 13 6,300 1.680 160 264 13 6,3(KJ 8,168 ,417 Analysls of Govern•nce Costs Total lor the Year 0111012023 to 3010912024 Total for the Year 0111012022 to 3010912023 Audlt Fees 6,300 6,300 Tru5tee5' remuneratlon The trustees recelved no emoluments or relmbursed expenses durlng the year12023 - £Nill. Durlng the year, Insurance was purchased to indemnlfy the Trustee5 agalnst default on their part. The cost of the Insurance amounted to £26412023 - £2641. Flxed asset In¥e5tments Tot•1 for the Year 0111012023 to 3010912024 Total for the Year 0111012022 to 3010912023 Market value as at 1st October Additlons Net Investments galns Market value a5 at 30th September 2,975,034 loo,000 189,516 3,264,550 2,852,106 122,928 2,975,034 Historlcal c05t as at 30th September 2,690,854 2,590,854 UK Ilsted investments are represented by.. Investment tru5t5 and unit trusts 3,264.550 3,264,550 2,975.034 2,975,034 20of25 The Max Pefuts Fund la COrnPAnY limiied by8uarantsel Oebtots: amourts f•llinB duo wlthlnone year Total forthe Year 0111012023to 301￿12024 Total torth• Y••r 0111012022 to 3010912023 Glft èld atcrued irKLThe Prepayments 1050 1,170 15,613 2.495 2.220 18.108 11 CMdttors* ?m¢>unts lalllwth• ¥4lthlnoh• y••i Totsl forth• Y•ai oIIIoizouto 301(p3lz024 T¢>tsl for Year OIIwi1012 to 301091202J Accrulls 17,191 18.801 121 Statwwht ol Fur•Ji. curnnty•ar At w￿110 In¥•strn•rt Gil At JW0912024 Expwdltu G•fiernl Fund 1,181,833 76,897 130,7641 1,292.742 Oe51v￿ldFynds Perutz Fund MS1steln Fund Astrazeneci Lecture Serle5 Mlchael Neubergtr 5tudeMshlp Total Utyrtstrkt•d fur 34¥238 517,735 19,469 24,883 li.￿0) 156.6511 1&975 25,636 378.6B2 511.603 20,228 839 14,6831 864 17,248 2,364 2.364 2,063,398 122.OB8 193.0981 110.251 2,202,639 Restffttedthjnds Steltz (formerly 8rennerl Postd¢x Prize111 fj5A/PAL Fund FidEIIty 8errnuda Jeantet Ramakrlshnan Jeantet W+nter 6.496 195 19,7141 IL4121 13,2181 7.158 8,016 359 371,1)48 668,008 1,045,747 20,Wg 36.051 64.076 12731 20,613 37,140 58,liZ 411,397 741,199 1156,536 1113991 ExperKlabl• A8ouron Grl88Fund 263.304 117.169 380.473 14210 6,323 20,533 14,639 6,514 21,153 292.153 130,006 422.159 Totsl re5trt¢ted fvnd5 1.426.220 B4.609 111.399 79.265 1,578,695 T¢>tal fijnds 3,489,618 206.697 1104A971 189.516 3,781'.334 fI}Deficltcle