2024-03-31-accounts

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Charity registration number 1135590

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THE CIU TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

THE CIU TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Professor Neil Barclay
	Dr Marion Brown
	Professor Omer Dushek
	Dr Eva Gluenz
	ProfessorAnton van der Merwe
Charity number	1135590
Principal address	Sir William Dunn School of Pathology
	South Parks Road
	Oxford
	OX1 3RE
Auditor	CritchleysAudit LLP
	Beaver House
	23-38 Hythe Bridge St
	Oxford
	OX1 2EP
Bankers	CAF Bank Limited
	25 Kings HillAve
	Kings Hill
	West Malling
	ME19 4JQ
Solicitors	Knights Solicitors
	Midland House
	WestWay
	Oxford
	OX2 OPH
Investment advisors	Oxford University Endowment Management
	27 Park End Street
	Oxford
	OX1 1HU
	CTI GlobalAsset Management
	78 Cannon Street
	Cannon Place
	London
	EC4N6AG

Legal & General Investment Management Limited One Coleman Street London EC2R 5AA

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THE CIU TRUST

CONTENTS

	Page
Trustees’ report	1-2
Statement ofTrustees’ responsibilities	3
Independent auditor's report	4-6
Statement of financial activities	7
Balance sheet	8
Statement ofcash flows	9
Notestothefinancialstatements	10-17

THE CIU TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of {reland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Charity's objects are to aid research and education in pathology and immunology.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements

In April 2023 Professor Emma Slack was appointed to the Barclay-Williams Chair of Molecular Immunology, Sir William Dunn Schoo! of Pathology in association with The Queen’s College, University of Oxford. The Chair was endowed jointly by the CIU Trust and the Edward Penley Abraham Research Fund.

The Trust has continued to support students by committing £526,333 to fund four year DPhil Studentships in the Dunn School, starting in 2024 (2023: £385,726).

Public benefits

The Trustees confirm that they have paid due regard to the Charity Commission's guidance on public benefit in deciding which activities they should undertake; the public will be the ultimate beneficiary of aid research and education in pathology and immunology.

Financial review

The statement of financial activities shows income of £672,988 (2023: £656,952). The Trust is dependent mostly on royalties but also on contributions such as bequests and donations. The expenditure for the year was £534,421 (2023: £397,419) on grants and £7,023 (2023: £6,805) on expenses. Total funds amount to £4,054,340 (2023: £3,730, 762).

The investment strategy is to achieve long term growth. The Trust has been established using royalty income from the area of immunology. This royalty income is likely to have a finite lifespan. Thus the aim is to commit only the investment income to ongoing grants. This should increase as more royalties are added to the endowment. The Trust will not rule out using the some of the endowment for a major project should a need arise.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Reserves policy

The Trustees aim to retain sufficient unrestricted reserves to ensure the long term sustainability of the Charity and to allow it the flexibility to practically consider all grant applications of any reasonable value.

The Trustees review the risks of the Trust at each meeting. Major risks would involve the Trust's investments and the grants to be approved.

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THE CIU TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

The CIU Trust (Registered Charity # 1135590) was established in 2010 to aid research and education in pathology and immunology. The aim is to provide a simple mechanism through which 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 be donated and gain the benefits of the larger organisation, and donors can suggest priorities for the distribution of larger sums.

Trustees meet twice a year with discussions on other issues by Email.

The Trustees who served during the year and up to the date of signature of the financial statements were: Professor Neil Barclay

Dr Marion Brown

Professor Omer Dushek

Dr Eva Gluenz Professor Anton van der Merwe

The management and administration are based at the Sir Willian Dunn School of Pathology. The Trustees’ policy decisions are made at Trust meetings. Other decisions are taken following email contact and are confirmed at Trust meetings.

The Trustees’ report was approved by the Board of Trustees.

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Neil Barclay (Chair) Dated: 8 November 2024

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THE CIU TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, 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 whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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: comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 Financial : Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United i Kingdom Generally Accepted Accounting Accepted Accounting Accounting Practice). In our opinion, the financial statements: | - give a true and fair view of the state of the charity’s affairs as at 31 March 2024 and of its incoming resources : and application of resources, for the year then ended; : - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; i and : - have been prepared in accordance with the requirements of the Charities Act 2011. ! Basis for opinion : We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable i law. Our responsibilities under those those standards are further described in the Auditor's responsibilities for the the audit ! the financial statements section of our report. We are independent of the Charity in accordance with the ethical ] requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical : Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe : that the the audit evidence we we have obtained is sufficient and appropriate to provide a basis for our our opinion. Conclusions relating to going concern ; In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of ’ accounting in the the preparation of the the financial statements is appropriate. | Based on the work we have performed, we have not identified any material uncertainties relating to events or ; conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going : concern for a period of at least twelve months from when when the financial statements are authorised for issue. : Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the i relevant sections of this this report. ; Other information i The other information comprises the information included in the annual report other than the financial statements 5 and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual 7 report. Our opinion on the financial statements does not cover the other information and we we do not express express any form form : of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider ‘ whether the other information is materially inconsistent with the financial statements or our knowledge obtained in ‘| the course of the the audit, or otherwise appears to be materially misstated. If we we identify such material inconsistencies 4 or apparent apparent material misstatements, we are required to determine whether whether this gives rise to a material misstatement 4 in the financial statements themselves. If, based on the work we have performed, we conclude that there is a : material misstatement of this this other information, we are required to report that fact. : We have nothing to report in this regard. : Matters on which we are required to report by exception : We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and : Reports) Regulations 2008 require us to report to you if, in our opinion: : - the information given in the financial statements is inconsistent in any material respect with the Trustees’ j report; or : - sufficient accounting records have not been kept; or | - the financial statements are not in agreement with the accounting records; or j - we have not received all the information and explanations we require for our audit.

: THE CIU TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CIU TRUST

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CRITCHLEYS
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Opinion

We have audited the financial statements of The CIU Trust (the ‘Charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Accepted Accounting Accounting Practice).

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those those standards are further described in the Auditor's responsibilities for the the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the the audit evidence we we have obtained is sufficient and appropriate to provide a basis for our our opinion.

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the the preparation of the the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this this report.

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 we we do not express express any form form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the the audit, or otherwise appears to be materially misstated. If we we identify such material inconsistencies or apparent apparent material misstatements, we are required to determine whether whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this this other information, we are required to report that fact.

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THE CIU TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) : TO THE TRUSTEES OF THE CiU TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial 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 material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 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 basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

• « the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• • we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;

• « we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;

• » we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and

• « identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

• We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• « making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• ¢ considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• ¢ performed analytical procedures to identify any unusual or unexpected relationships;

• « tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• « investigated the rationale behind significant or unusual transactions.

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THE CIU TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

		Unrestricted	Unrestricted
		funds	funds
		2024	2023
	Notes	£	£
Income from:
Investments	3	156,798	138,691
Other income	4	516,190	518,261
Total income		672,988	656,952
Expenditure on:
Charitable activities	5	541,444	397,224
Net gains/(losses) on investments	8	192,034	(234,963)
Net movement in funds		323,578	24,765
Fund balances at 1 April 2023		3,730,762	3,705,997
Fundbalancesat31March2024		4,054,340	3,730,762

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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THE CIU TRUST

BALANCE SHEET

AS AT 31 MARCH 2024

		2024		2023
	Notes	£	£	£	£
Fixed assets
Investments	10		3,728,386		3,396,149
Current assets
Debtors	11	549,940		531,881
Cash atbank and in hand		868,125		326,072
		1,418,065		857,953
Creditors: amounts falling due within	12
one year		(711,237)		(98,381)
Netcurrent assets			706,828		759,572
Totalassets less currentliabilities			4,435,214		4,155,721
Creditors: amounts falling due after morethanoneyear	13		(380,874)		(424,959)
Net assets excluding pension liability			4,054,340		3,730,762
Netassets			4,054,340		3,730,762
The funds ofthe Charity
Unrestricted funds			4,054,340		3,730,762
			4,054,340		3,730,762

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The financial statements were approved by the Trustees on 8 November 2024

Professor Neil Bargéy Neil Barclay (Chair)

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THE CIU TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|16|526,336|463,858| |Investing|activities| |Purchase|of|investments|(194,587)|(490,000)| |Proceeds|on|disposal|of|investments|53,506|2,372| |Investment|income|received|156,798|138,691| |Net|cash|generated|from/(used|in)| |investing|activities|15,717|(348,937)| |Net|cash|used|in|financing|activities|-|-| |Net|increase|in|cash|and|cash|equivalents|542,053|114,921| |Cash|and|cash|equivalents|at|beginning|of year|326,072|211,151| |Cash|and|cash|equivalents|at end|of year|868,125|326,072|

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1 1 Accounting policies

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| THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS : FOR THE YEAR ENDED 31 MARCH 2024

Charity information

The CIU Trust is a charity domiciled in England. Its principal address is: University of Oxford, Sir William Dunn School of Pathology, South Parks Road, Oxford, OX1 3RE.

• 1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Charity's Trust Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (‘FRS 102”) and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. b) income is generally recognised on a receivable basis and are reported gross of related expenditure, where the amounts are reasonably certain and when there is adequate

certainty of receipt.

c) Expenditure is accounted for on an accruals basis and gross of any related income. They are classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Cost of charitable activity comprises direct expenditure including grants. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources. Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. Governance costs include those costs, such as Independent examiner's fees, associated with constitutional and statutory requirements.

d) Investments are included in the balance sheet at market value. Gains or losses arising on revaluation to market value are credited or charged in the Statement of Financial Activities as they arise.

e) There are no material uncertainties about the charity's ability to continue

1.2. Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

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1.3. Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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THE CIU TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 1 Accounting policies

(Continued)

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

• 1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Investment income

Income from investments is recognised in the year in which it is receivable.

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Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is included in the Statement of Financial Activities on an accruals basis inclusive of any VAT which cannot be recovered. They are classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent 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 to managing the investment portfolios and arising investment income.

Charitable activities:

Grants payable

Grants payable have to fall within the terms of the Charity’s objects and need approval 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 to be paid in subsequent years.

Governance costs

Governance costs include those costs, such as Auditors’ fees, associated with constitutional and statutory requirements of the charity.

Volunteer services

The Charity does not rely on the support of volunteer services.

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Foreign currencies | Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Assets and } liabilities denominated in foreign currencies are converted at the year-end exchange rate. All exchange i differences are reflected in the income and expenditure account. ; Taxation _ The Charity is exempt from tax on its charitable activities. | Value Added Tax ; Value Added Tax is not recoverable by the Charity and as such is included in the relevant costs in the i Statement of Financial Activities. | 1.6 Fixed asset investments investments { Assets held for investments purposes are valued at market value at the balance sheet date. Traded securities : are valued at their market quotation as at the the year end end date. i 1.7. Cash and cash and cash cash equivalents : Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid 4 investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

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i a) Trade Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course | of business from suppliers. Accounts payable are classified as current liabilities if the company does not 3 have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at ' least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least \ twelve months after the reporting date, they are presented as non-current liabilities. ‘ Trade creditors are recognised initially at the transaction price and subsequently measured at } amortised cost using the effective interest method. b) Other debtors

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4 2 Critical accounting estimates and judgements ' In the application of the Charity’s accounting policies, the Trustees are required to make judgements, : estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent i from other sources. The estimates and associated assumptions are based on historical experience and other | factors that are considered to be relevant. Actual results may differ from these estimates. | The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 3 estimates are recognised in the period in which the estimate is revised where the revision affects only that : period, or in the period of the revision and future periods where the revision affects both current and future 4 periods. : Grant creditor 4 Grant creditors are judged to have been committed to but not paid by the Trustees. The total of grant creditors j at 31 March 2024 was £1,052,421 (2023: £518,000).

THE CIU TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 1.1. Accounting policies (Continued)

1.6 Fixed asset investments investments Assets held for investments purposes are valued at market value at the balance sheet date. Traded securities are valued at their market quotation as at the the year end end date. 1.7. Cash and cash and cash cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Other financial instruments a) Trade Trade creditors

Other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing rate of interest.

THE CIU TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Investments

		Unrestricted	Unrestricted
		funds	funds
		2024	2023
		£	£
Income	from investments	141,081	137,133
Interest	receivable	15,717	1,558
		156,798	138,691

4 Other income

		Unrestricted	Unrestricted
		funds	funds
		2024	2023
		£	£
	Royalties	516,190	518,261
5	Charitable activities
		2024	2023
		£	£
	Grants	534,421	395,419
	Grant underspend	-	(5,000)
	Governance costs	5,940	5,340
	Bank charges	66	137
	Insurance	707	813
	Data protection fee	35	35
	Legal and professional	28	480
	Sundry	247	-
		541,444	397,224

Included within governance costs are audit fees of £4,950 (2023: £4,450).

6 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

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THE CIU TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Employees

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|||||||||| |---|---|---|---|---|---|---|---|---| |The|average|monthly|number|of employees|during|the|year|was:| |2024|2023| |Number|Number| |Total|-|-|

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8 Net gains/(losses) on investments

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||||| |---|---|---|---| |Unrestricted|Unrestricted| |2024|2023| |Revaluation|of investments|192,034|(234,963)|

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9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE CiIU TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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10 Fixed asset investments

	Investments
	£
Cost or valuation
At 1 April 2023	3,396,149
Additions	194,587
Valuation changes	191,156
Disposals	(53,506)
At 31 March 2024	3,728,386
Carrying amount
At 31 March 2024	3,728,386
At31March2023	3,396,149

11 Debtors

		2024	2023
	Amounts falling due within one year:	£	£
	Accrued investment income	-	13,620
	Accrued royalty income	549,940	518,261
		549,940	531,881
12.	Creditors: amounts falling due within one year
		2024	2023
		£	£
	Grants payable	671,547	93,041
	Accruals and other creditors	39,690	5,340
		711,237	98,381
13	Creditors: amounts falling due after more than one year
		2024	2023
		£	£
	Grantspayable	380,874	424,959

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THE CIU TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14.	Reconciliation ofmovement in grants during the year
	No	Bifwd 2023	New 2023/24	Paid 2023/24	Adjustments	Cifwd 2024
	CIU08 - Dunn School — Post-doctoral extension awards in infection & immunity (Oct	132,274	-	-	-	132,274
	2021-2023)
	C1U10 - Dunn School— Support fordepartmental studentships in 2023 & 2024	385,726	-	-	-	385,726
	CiU11 - Dunn School — Contribution to an endowment for departmental studentships	-	526,333	-	-	526,333
	ClU12 - Dunn School — Uplift to Post-doctoral extension awards in infection & immunity	-	8,088	-	-	8,088
	(Oct 2021-2023) (CIU 08)
		518,000	534,421	-	-	1,052,421

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THE CIU TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Related party transactions

During the year ended 31 March 2024, two grants were awarded to Oxford University projects, applied for by a Trustee of the CIU Trust (2023 - two).

16	Cash generated from operations	2024	2023
		£	£
	Surplusfor the year	323,578	24,765
	Adjustments for:
	Investment income recognised in statement offinancial activities	(156,798)	(138,691)
	Fairvalue gains and losses on investments	(191,156)	234,963
	Movements in working capital:
	(Increase) in debtors	(18,059)	(30,822)
	Increase in creditors	568,771	373,643
	Cashgeneratedfromoperations	526,336	463,858

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