Charlty registration number 1135590 THE CIU TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE CIU TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Professor Neil Barday Dr Marion Brown Professor Omer Dushek Dr Eva Gluenz Profe5sorAnton van der Merwe Charity number 1135590 Pr5nclpal addr86 Sir Wlliarn Dunn Scool of Pathology South Parks Road Oxford OX1 3RE Auditor Critchleys Audit LLP Beavgr House 23-38 Hythe Bridge St Oxford OX1 2EP Bankers CAF Bank Limited 25 Kings Hill Ave Kings Hill West Malling ME19 4JQ Soll¢lto Knights Solicitors Midland House West Way Oxford OX2 OPH Investment advisors Oxford University Endowment Management 27 Park End Street Oxford OX1 1HU
THE CIU TRUST CONTENTS Pag• Trustees. report Statement of Trustees, responsibilities Independent auditor's report Slalemenl of financial activities Balan sheet Statement of cash flows Notes lo the financial stslements 10-16
THE CIU TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their rèport and financial statèments for the year ended 31 March 2023. The financial slalemenls have beèn prepared in accordance wllh the accounting pollcies sel out in notè 110 the financial slalements and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Staletnenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 2019}" Objectives and activitie$ The Charity's objects are lo aid research and education in pathology and immunology. The Trusteès have paid due regard to guidance issued by the Charity Cornmission in deading what activities the Charity should undertake. A¢hr*vements and publlc bèn¢flt The first rllajor aim was to accumulate sufficient funds lo endow a professorlal chair in Immunology. This Chair will provide leadership in leaching and research in immunology which is a vital part of medicine with impacl on infectious diseases, autoimmune diseases and ¢an¢er. This has been named the Barclay-William5 Professor ol Molecular Immunology and 1$ associated with a fellowship al Queens Ctsllege Oxford. The Trust has continued lo support students by committing £385,726 to fund two four year DPhil Sludentships in the Dunn School, one starting in 2023 and the 8econd starting in 202412022.. none). The TtU51 is providing support for up lo two posrtions for 6 tnonlhs for individLJals that had just completed their D.Phil. 11 was recognised th818n exlia period of 6 months may enable students lo capilalise on thèir thesis work in writing papers and gwing more time to get prestigious post-doctor81 fellowships. These fellowships are restricted to immunology and reviewed competitively along with othèr fellowships in the dapartmenl. This pilot scheme has been very successful and has been renewed for a further three years. Flnanelal revlew The statement of finan¢ial activities shows incom& of £656,95212022.' £604,514). The Trust is d&pendent mostly on royalties but also on contributions such as bequests and donations. The expenditure for the year was £395,41912022. £4,203) on grants and £6,805 12022.. £5,56n on expenses. Total funds amount lo £3,730,762 12022. £3,705.9971. The investment strategy is to achieve k>ng term growth. The Trust has begn established using royally incorne from the area of immunology. This loyally income is likely to have a finite lifespan. Thus the aim 15 to commit only the investment income lo ongoing grants. This should increase as rnoie royalties are added lo the endowment. The Trust will not rule out usng the some of the endowment for a major proj9¢1 should a need arise. The Trusl8es have assessed the major risks lo which the Charity is exposed, and are satisfied that systems are in place to miligale exposure to the major risks.
THE CIU TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Stru¢tur¢, govemance and managèm&nt The CIU Trust IRegi5tered Charity # 11355901 was estsblishod in 2010 to aid research and education in pathology and immunology. The aim is to provide a sirnplÉ mÉchanism through whi¢h donors can channel funds for these aims in a tax efficient way, with a panel of experts on hand to oversee expenditure. Small sums can bè donated and gain the benefits ol the larger organisation, and donors can suggest piioriti&s for the distribution of larger sums. Trustee8 meet twice a year with discussions on othèr issues by Email. The Trustees who served during the year and up to the dale of slgnalure of the financial slat&menis were: Professor Neil Barday Dr Marion Brown Professor Qmer Dush8k Dr Eva Gluenz ProfessorAnton van der Merwe The management and administration are based al the Sir Willian Dunn School of Pathology. The Trustèès, policy decisions ale mada al Trust meetings. Other decisions ara taken following email ¢ontact and are conlimed at Trust meetings. The Trustees, report was approved by the Board of Trustaes. N&il Barclay (Chairl Dated. 30 Octokor 29.23
THE CIU TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Tiuslees are responsible for preparing the Truslee8' Report and the financial stat@men15 in accordanc8 with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted A¢¢ounling Pra¢ticel. The law applicable to ¢h8rrf(ies in England and Wales requires the Trustees to prepare financial statements for each financial year whlch give a true and fair eW of the state of aff8lrs of the Charity and of the incoming resources and application of resources of the Charity lor that year. In preparing these financial slalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent: state whèther applicable accounting standards have t*en ft>llowed, subjeet to any material departures disclosed and explained in the financial stat8ments', and piepare the financial stalèmenls on the going concem basis unless il is Inappropriate to pr&sume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disthse with reasonable accuraey 81 any lime the financial posllion of the Charity and en8ble them to ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the proMsion5 of the trust deed. They are also responsiblè for safeguarding the assets of the Charity and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE CIU TRUST CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CIU TRUST Opinion We havè audited the financial slalemenls of The CIU Trust Ilhe 'Charty'l for the year ended 31 March 2023 whith comprise the stslemenl of financial activrfLies. the balance sheet, the slalement of cash flows and notes to the financial stalemenls, including significant accounting policies. The financ4al reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Finanaal Reporting Standard 102 The Fin8ncial Reporting Standard applicable in the UK and Republic of Iland (United 'ngdom GènerallyAccepled Accounting Practicel. In OLtr opinion, the financial statements.. give a truè and fair view of Ihe state of the charity's affairs as at 31 March 2023 and of ils incoming resources and application of resources, for the year then ended., have beon properly prepared in accordan¢o with United Kingdom Generalty Accepted Accounlln9 Practice., and have been prepared in accord8n¢e with the requirements of the Charities Act 2011. Basis for opinion We condu¢led our audit in accordance wlh Inlemational Standards on Auditing IUKI IISAS (UK)) and appllcable law. Our responsibilities under those standards are further described in the Auditorfs resptrnsibililies for the 8udNt of Ihe financial statenRenls section of our report. We are indèpèndent of Ihe Charity in accordance wrth the elhie81 requirements that are levant to our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olhgr ethical responsibilities in a¢¢ordance with these requirements. We believe that thè audit evidence we have ob18ined is suffiaent and appropriate lo provide 2 basis for our opinion. Conclusions relatlny to golng concern In auditing the linancAal slalements. we have ¢onrJuded that the Trustees, use of the going concem basis of accounting in thè preparation of the finanaal sl8lemènts is appropriate. Based on the work we have performed, we have not idèntified any material uncertaintiès relating to events or conditions that, individually or collectively, May cast 5ignifi¢8nl doubt on the Charity's ability lo ¢onlinue as a going concern for a period ol 81188sI twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees wlh respect lo going concern are descrlbed in the relevant sections of this report. Othèr Infomiation The other information ¢omprises the information included in the annual report other than the financial statements and our auditorfs report Ihereon. The Trustees are responsible for the other information containèd within the annual report. Our opinion on the financi statements does not cover thè other information and we do not express any form of aSSLJrance conclusion Ihereon. Our responsibility is to read the other infomiation and, in doing so, Consider whether thè other information is materially inconsistent with Ihe financial statements or our knowledge obtained in the course of the audit, or olherwise appears lo be materially misstated. If we identify such material inconsislen¢les or apparent material misstatements. we are required to determine whether this gives rise to a material misstalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is 8 material misstalemenl of this other information, we are required to report that fact. Wg have nothing to report in this regard. Matters on which w* ar& rnqulred to report by èx¢épllon We have nothing to port in respect of the following matters in relation lo whi¢h tha Charities IAccoun15 and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. Ihts infom)ation given in the financial statèments is incon8islenl in any material respect wrth the Trustees, report., or suffiuent accounting records have not bfren kept., or the financial slalemenls are not in agreement with the a¢t>)unting records., or we have not re¢aiv8d all the information and explanations we require for our audit.
THE CIU TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE TRUSTEES OF THE CIU TRUST Responsibilltl•$ of Trustees explained more fully in the statement of Trustees, responsibilities, the Trustees are responsible lor the preparation of the financial statamenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is n$sSary lo enable the preparation of financial statements that are free from rnalerial misslalemenl. whelher due lo fraud or error. In preparing th$ financial slatemenls, (he Trustees are ie5pon5ible for assessing the Charity's ability to continue as a going concern, Llisclosing, as applicable, matters related lo going ¢on¢ern and using the going concern basis ol accounling unless the Trustees either intend to Cease operations, or have no realistic allernalive but lo do $0. Auditorf$ responsibllltl•$ ft>r the audit of the financial stst&m•nts We have been appointed as auditor under section 144 of the Charities A¢t 2011 and report in aco)rdance with the Act and rglevanl regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the finanaal staletllents as a whole aTe free from material misstat&mtrnl, whether due to frauL% or error, and to Issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance but 1$ not a guaranteè that an audit condu¢led in accordanee with ISAS IUKI will afvrfays detect a material misstatement when il exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate, they could Teasonably be expected to influence the ¢¢onomic decisions of users taken on the ba$is of these financial slalementS. The extent to whi¢h our procedures are capable of dete¢ting irregularities, including fraud, is detailed below. the engagement partner ensured that the engagement team ¢ollectivety had thè 8ppropriate competence. capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the company through discussions with dir9clors and other rnanagemènl, and from our knowledge and experience., we focused on specific law5 and regulations which we considgrod may have a direct material effect on the Inancial statements or the operations of the company., we assessed the extent of ¢ornpliance with tho laws and regulations identified above through making enquiries of management and inspecting1egal ¢Orre5p0nden where applicable,. and identified laws and règulations were communicated within the audit team regularty and the team rèmained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's finanaal 8lalements lo material misstatement, including obtaining an understanding of how fraud rnighl occur, by.. making enquiries of rnanagemenl 88 to where they ¢onsidwed thèrè was susceptibility lo Iraud, their knowlèdge of actual, suspected and alleged fraud.. and considering the internal controls in place to mitigate risks of fraud and r¥on-compllan¢e with laws and regulations. To addrèss the risk of fraud through managernenl bias and override of controls. we.. perforrneil anatytical procedures lo identify any unusual or unexpect6d relationships., tested joumal entries lo identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting gsllmales were indicative of polènlial bias,. and investigated the r81ion8le behind significant or unusual transactions.
THE CIU TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CIU TRUST In response to the risk of irrègularities and non-complian¢a with laws and regulations, we designed procedures which included, but were not limitèd to". agreeing financAal stalernenl dlsdosures lo underfying supporting documentation., reading the minutes of metslings of those charged with governance., enquiring of management as to actual and potential If(igalion and ¢laims', reviewing relevant corresponden¢&. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transacb'ons, the less likely il is that we would becom& aware of non-cotnplianca. Auditing standards also limit the audit procedures reqUId to identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal Correspondence, if any. Material misslalemtsnls that arise due to fraud can be harder lo detect than those that arise from error as they may involve deliberate concealmènt or collusion. A further de8¢ripti¢)n of our responsibilities is available on the FinancAal Reporting Council's webs(te al.. https.'/l www.fr¢.org.uklauditorsresponsibilib'es. This description fomis part of our audiloff8 report. Other mattoys The corresponding figures a unaudited. Your 8ttenli(In is drawn to the fact that the charity has prepared financial slalemenls In aOrdanCe with "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended} in preference lo the A¢¢ounting and Reporting by Charities.. Statement of Recommended Practica issued on 1 April 2005 which is referred lo in the extsnt regulations but has now been withdrawn. This has been done in order for the financi81 slalemenls to provide a true and fair VI in accordance with current Generally ACpIed Accounting Practice. U$& ofour report This report is made solely lo the charity's trustees, as 8 body, In accordan with part 4 of the Charities {Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might slatè lo the charity's trustees those matters we are required lo slate to them in an audilorfs report and for no other purpose. To the fullest extent Pgrmitted by law, we do not accgpt or assume responsibility lo anyonè other than the ch81ty and the charity's trustees as a body, for our audit work, foi this report, or for the opinions w¢ have fomied. Robert Kirtland Isenior Ststutory Audltorl for and on behalf of Critehlèys Audit LLP 3011012023 Chartered A¢¢ountants Statutory Audltor Beaver House 23-38 Hythe Biidge Straèt Oxford OX12EP Crilthleys Audit LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appolnlmenl as auditor of a MpanY under section 1212 of the Companies Act 2006.
THE CIU TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestri¢ted Unrestrict•(I funds funds 2023 2022 Not9$ ncome from: Investments Other income 138,691 518,261 114,939 489,575 Total incomè 656,952 604,514 Ex re on: Charitable activities 397,224 11.8551 Net gainslllossesl on investments 1234,963} 165,413 Net movement in funds 24,765 771,782 Fund balances at 1 April 2022 3,705,997 2,934,215 Fund balan¢•s at 31 March 2023 3,730,7e2 3,705,997 The slaleThenl of financial activit$ in¢lude5 all gains and losses recognised in the ye8r. All income and expenditure derive from conts'nuing aclivilies.
THE CIU TRUST BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notès Flxed a$$•ts Investments 10 3,396.149 3,143,484 Cuff¥nt o$s•ts Debtors Cash al bank and in hand 11 531.881 326,072 501,059 211,151 857.953 712,210 Credltors: amounts falling du• wlthln one yoar 12 198,3811 1104,730) Nel Current assets 759,572 607,480 Total assets less current liabilitie8 4,155,721 3,750,964 Creditor5= amounts falling due after more than one year 13 1424,9591 144,967} N•t assets 3,730,782 3,705,997 Incomo funds Unreslri¢t6d funds 3,730,762 3,705,997 3,730,762 3,705,997 30 October 2023 The financial slalements were approved by the Trustees on ......................... Professor Neil Barday Trust88
THE CIU TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operatlng activities Cash generated from operations 463,858 370,981 Investing activities Purchase of invgslmenls Proceeds on disposal of investments Invgslmenl income reiVed 1490.0001 2,372 138,691 1550,0001 114,939 Net cash US In inve¥ting activiti•s 1348,9371 I435,(1) Net cash US in financing activltl•s Net increaselldocro4$91 in ¢a3h and cash equivalents 114.921 164.0801 Cash and cash equiwalents al beginning of year 211.151 275,231 Cash and cash equSvalents at end of year 326,072 211,151
THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢eountlng pollcies Charity infornwtion The CIU Trust is a charity domiciled in England. Ils principal address is.. University of Oxford. Sir William Dunn School of Pathology, South Parks Road, Oxford, OX13RE. Accounting convention In preparing the accounts the following accounting policies have en complied with.. a} Basis of preparation.. The financial statements have been prepared in accordancè with Accounting and Repc>rting by Charities.. Stalernenl of Recommended Pra¢tiee applicable to charities preparing their accounts in acLordan( with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffective January 20151- ICharilie$ SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 20061. CIU Trust meets the definrtion of a publi¢ benefit entity under FRS 102. Assets and liabilities are ir)ilially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting poli¢y notelsl. bl Incom6 is generally recognised on a reIVable b851$ and are reported gross of related expenditure, where the amounts are reasonably certain and when there is adequate certainty of e91pt. c} Expenditure is a¢coLJntod for on an accruals basis and gloss of any rèlated income. They are classified under headings that aggregate all costs related to the category. Where ¢osls cannot be directly attributed lo particular headings, they have been allocated to activities on a basis consislenl with the use of resources. Cost of charitable activity compri$ès dirèct expenditure induding gran15. Where ¢osts cannot be directty altribuled, they have been allocated to activities on 8 basis consistent with the use ol resources. Expenditure on grants is recorded once the Trust has made an unconditional commitment lo pay the granl and this is communicated to the benefiaary or the grant has been paid, whichever is the earlier. Governance ¢osls indude those costs. such as Independent examine¢s fees, associated with conslilulional and slalulory requirtsmenls. dl Investments are included in the balance sheet al market value. Gains or losses arising on revaluation to market value are crèdited or charged in the Slalemenl of Finan¢ial Adivities as they arise. el There are no material uncertaints'es about the charitys ability to conllnue The financial statements have departed from the Charities (Accounts and Reports) Regulallons 2008 only lo the extent required to provide a true and fair view. This departure has involved following the Statement ol Rècommèndèd Practice for charities applying FRS 102 rather than the version of the Statement of Recommonded Practice which is referred to in the Regulations bul which has since bèen withdrawn. The financial slalemenls arè prepared in slerling, which is the functional currency of the Charty. Monetary amounts in these financial slalemenls a rounded to the nearest £. Thè finantial statements have been prepared under the historical cost convention, Imodffied to in¢lude the revaluation of freèhold properties and to include inveslrnenl properties and rtain financial instruments al f8ir valuel. The principal a¢)untIng poliaes adopted are sel out below. Golng concem Al the lime of approving the finan¢i81 statements, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational èxistence for the foreseeable future. Thus tho Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 10-
THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ounting policigs Icontifiuedl Charitable funds Unrèslri¢ted funds are available for usè at the discretion of the Trustees In furtherance of their charitable objec1@$. Reslri¢ted funds are subject to spechf c conditions by donors as to how they may be used. The purposes and uses of the reslricled funds are sel out in tha notes lo the financial slalements. Endowment funds are subject lo specfflc condllions by donors th the capital rnu51 be rnainlained by th@ Charity. In¢ome In¢ome Is recognised when the Charity is legally entitled lo it after any p&rfom8n¢e conditions have been mel, the amounts can be measured reliably, and il is probable that income will be Teceived. Investment incoma Inm9 frorn investments is recognised in the year in which it is reIv3b1e. Exponditure Expendiluie is recognised once there is a legal or con8tructive obligation lo transfer economic benefit to a third party. rt is probable that a transfer of economic benefits will be required in selllemenl, and the amount of the obligation can be measured reliably. Expendiluie is classified by activily. The costs of each activity are made up of the lolal of direcl costs and shared ¢osts, induding support costs involved in undertaking eac activity. Direct costs attributable to a single activty are allocated directly to that actiwty. Shared costs which contribule to morè than one activity and support costs which are not attributable to a single activity are apportioned between those activities on 8 basis consistent th the use of resources. Central staff costs arè alloealed on the basis of timg spent. and depreciation charges are allocated on the portion of the asset's use. Expenditure is included in the Slalemenl of Financial Activities on an accruals basis inclusive of any VAT which cannot be r&¢overed. They are classified under headings that aggregate all costs lated lo the category. ere eosts cannot be directly allributed to particular headlngs, they have been alloc*ed lo activities on a basis eonsislenl with the use of resources. All cost categories are individually apportioned and hence support costs are not Shown separately. Costs of generating funds The costs comprise of those attributable le managing the investment portfolios and arising investment income. Charitabl• actlvltlos: Grants payabl8 Grants payable have lo f811 within the terms of th8 Charity's objects and need approv81 of the Trustees and the recipient abiding within the terms of reference of the Grant. The Charity had, at the Balance Sheet date, approved grants lo be paid in subsequent years. Gov•rnan¢e costs Governance cost5 include those costs, such as Auditors, lees, associated wf(h constilutional and stslulory requirements of the charity. Volunteer setvices The Charity does not rety on the support of volunteer services. 11
THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policlès Icontlnuedl Foroi9n eurroncies Transactions in foreign currencies are recorded al the rate ruling al the d818 of the transaction. Assets and liabilities denorninaled in foreign currencies are converted al the year-end exchange rate. All exchange differences are reflected in the income and èxpenditure account. Taxatlon The Charity is exempt from tax On its charitable aCtiVe5. Value Added Tax Value Added T8x is not recoverable by the Charity and as such is included in the relgvant costs in the Slalemenl of Finanaal Activities. Fixed asset inve8tm•nts Assets hèld for investments purpose5 are valued at market value al the balan¢9 sheet dale. Traded securities are valued al their markèt quotation as at the Ihe year end date. Ca$h and cash equivalents Cash and cash equivalents in¢lude cash in hand, deposits held al call with banks, other short-term liquid investments with original maturities ol three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in ¢urr8nt liabilities. Other financial instrum&nts al Trade creditorn Trade creditors are oblig8tions lo pay for goods or services that have been acquired in the ordinary course of business frorn supplier5. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of IhÈ rèporting period, to defer settlement of the creditor for al least twelve months after the reporting dale. If there is Bn Ljnconditional right lo defer selyement for al least twelve months aftar the reporting date, they are presented as non-current liabilitie5. Trade ¢redilors are reco9nised initially at the Iransacllon pricg and subsequentty measured al amort15ed cx)sl using the effactivè interest method. bl Oth•r d&btors Other debtors are measured al transaction price less any impairment unless the arrangement constilules a financing transaction in which case the transaction is measured al the present value of the futuré receipts discounted al the prevailing rale of interest. 12-
THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Critical accounting estimates and Judgements In the application of the Charity's accounting poliaes. th@ Trustees are required lo make judgements, eslirnates and assumptions about the carrying amount of assets and liabilities that ale not readily apparent from other sources. The estimatès and associated assumplitsns are based on hisloiical experience and other lactors that are considered to be relevant. Actual resuhs may differ from these eslimales. The eslimales and underfying assumptions are reviewed on an ongoing basis. Revislons lo accounting 8s1imates are recognised in the period in which the estimate is rèvised where the revision affects only that period, or in the period tsf the revision and future periods where the revision affects both current and future periods. Critlcal judgements The following judgements (apart from those Invo1ng estimalesl have had the most signrficant effect on amounts recognised in the financial slaleFnents. Grnnt creditor Grant cre(Silors are judged lo have been committed lo bul not paid by the Tru8lee5. The total of grant creditors at 31 March 2023 was £518,000. Investmonts Unrestrlet¢d Unrestricied funds funds 2023 2022 Income from investrnents Interest re1vable 137,133 1,558 113,728 1.211 138,691 114,939 Othèr income Unre¥tTi¢ted Unrestri¢led funds funds 2023 2022 Royalties 518,261 489,575 13-
THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitablè a¢tivltl•$ 2023 2022 Grants Giant underspend Govemancè costs Bank charges Insuran Data piole¢lion fe$ Legal and professional 395,419 15.0001 5,340 137 813 35 480 4.203 111.8251 4,800 158 569 40 397.224 {1,855} Trustees None of the Trustees {or any persons connected with them) received any remuneration or benèfits from the Charity durlng the year. Employees The average monthly number of employeos during the year was.. 2023 Number 2022 Number Total There were no employees whose annual remuneration was more than £eO,000. Not galnsl{lossesl on investm•nts Unrèstrlctsd Unrestricted funds funds 2023 2022 Revaluation tsf investrnènts 1234.9631 185.413 Taxation Thè charity is exempl from tax on income and gains falling within 8eclion 505 of the Taxes Act 1988 or section 252 of the Tax*'on of Chargeable Gains Act 1992 to the extent that these are applièd to its chariiable objects. 14-
THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Flxed asset inv8stmonts Investments Cost or valuation Al 1 April 2022 Additions Valuation changes Disposals 3,143,484 490,000 {234,963} 12,3721 At 31 March 2023 3,396,149 Carrying amount Al 31 March 2023 3,396,149 Al 31 March 2022 3,143,484 11 Dgbtors 2023 2022 Amounts falling duethin one year: Accrued investmgnt incorne Accrued royally income 13,620 518.261 11,484 489,575 531,881 501,059 12 Creditors: amounts falling due withln on• year 2023 2022 Grants payable Accruals and other cyeditors 93,041 5,340 99,930 4,800 98,381 104.730 13 Creditors: amounts falling dug after mor• than one ygar 2023 2022 Giants payable 424.959 44,967 15-
THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 14 Reconciliation of movemènt in grants during the year No CIU04 CIU07 CIU08 CIU09 CIU10 Bld 2022 New 2022123 Paid 2022123 Adjusbn•nts 7,623 17,6231 5,000 132,274 Clfi¥d 2023 {5,000} 132,274 9.693 385,726 {9,6931 385,726 144,897 395,419 117.3161 15,0001 518,000 15 Rèlatsd party transaction8 During the yaar ènded 31 March 2023, two grants were awarded lo Oxford University proje¢ts, applied fof by o Trustee8 of the CIU Trust12022- none}. 16-