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 addr*86
Sir Wlliarn Dunn Sc*ool 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 I￿land (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 reqUI￿d 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 a￿OrdanCe 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 AC￿pIed 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 re￿iVed
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 re￿IVable 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
In￿m9 frorn investments is recognised in the year in which it is re￿Iv3b1e.
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 aCtiV￿e5.
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 Invo￿1ng 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 re￿1vable
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 due￿thin 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
Bl￿d 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-