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Charity registration number 1135590 (England and Wales) |
THE CIU TRUST | ANNUAL REPORT AND FINANCIAL STATEMENTS | FOR THE YEAR ENDED 31 MARCH 2025 |
THE CIU TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
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| Trustees | Professor Neil Barclay |
|---|---|
| Dr Marion Brown | |
| Professor Omer Dushek | |
| Professor Eva Gluenz | |
| ProfessorAnton van der Merwe | |
| Charity number | 1135590 |
| Principal address | Sir William Dunn School of Pathology |
| South Parks Road | |
| Oxford | |
| OX1 3RE | |
| Auditor | Gravita Audit Oxford LLP |
| First Floor, Park Central | |
| 40 - 41 Park End Street | |
| Oxford | |
| OX1 1JD | |
| Bankers | CAF Bank Limited |
| 25 Kings HillAve | |
| Kings Hill | |
| West Malling | |
| ME194JQ | |
| Solicitors : |
Knights Solicitors. |
| Midland House | |
| WestWay | |
| Oxford | |
| OX2 OPH | |
| Investment advisors | Oxford University Endowment Management |
| 27 Park End Street | |
| Oxford | |
| OX1 1HU | |
| Legal&General InvestmentManagement Limited | |
| One Coleman Street | |
| London | |
| EC2R5AA |
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THE CIU TRUST CONTENTS
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|Page|
|Trustees’|report|1-2|
|Statement of Trustees’|responsibilities|3|
|Independent auditor's|report|4-6|
|Statement of|financial activities|7|
|Balance|sheet|8|
|Statement of|cash flows|9|
|Notes to the|financial statements|10-17|
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THE CIU TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their report and financial statements for the year ended 31 March 2025.
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 Ireland (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 has paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements
Trustees recognise that an extra period of up to six months may enable students to capitalise on their thesis work in writing papers and giving more time to get prestigious post-doctoral fellowships. They
They continue to support students by committing £78,196 for two six-month post-doctoral extension awards per year for two years to support individuals who have just completed their D.Phil. These fellowships are restricted to immunology and reviewed competitively along with other fellowships in the Dunn School.
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 £818,391 (2024: £672,988). The Trust is dependent mostly on royalties but also on contributions such as bequests and donations. The expenditure for the year was £78,196 (2024: £534,421) on grants and £17,485 (2024: £7,023) on expenses. Total funds amount to £4,819,061 (2024: £4,054,340).
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 havea 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 2025
Structure, governance and management
The CIU Trust (Registered Charity No. 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 members of 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
Professor Eva Gluenz Professor Anton van der Merwe
The management and administration are based at the Sir William 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 Trustees. AWane
Neil Barclay (Chair) Dated: .19 November2025
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THE CIU TRUST
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees is 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 is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable it 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. It is 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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: THE CIU TRUST : | INDEPENDENT AUDITOR'S REPORT | TO THE TRUSTEES OF THE CIU TRUST : Opinion We have audited the financial statements of The CIU Trust (the ‘Charity’) for the year ended 31 March 2025 which i 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 Practice).
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1 Other information The other information comprises the information included in the annual report other than the financial statements -and our auditor's report thereon. The Trustees is responsible for the other information contained within the annual : report. Our opinion on the financial statements does not cover the other information and we do not express any form : of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider 4 whether the other information is materially inconsistent with the financial statements or our knowledge obtained in $ the course of the audit, or otherwise appears to be materially misstated. If-we identify such material inconsistencies 3 or apparent material misstatements, we are required to determine 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 other information, we are required to report that fact. | We have nothing to report in this regard. Fy:Q WeMattershave on whichnothing weto report are requiredin respect to reportof the byfollowing exceptionmatters in relation to which the Charities (Accounts and 4 Reports) Regulations 2008 requires us to report to you if, in our opinion: ;: - thereport;informationor given in the financial statements is inconsistent in any material respect with the Trustees’ i - sufficient accounting records have not been kept; or : - the financial statements are not in agreement with the accounting records; or : - we have not received all the information and explanations we require for our audit.
In our opinion, the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 March 2025 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; ‘ and ‘ - have been prepared in accordance with the Charities Act 2011. i Basis for opinion ; { Welaw. conductedOur responsibilitiesour auditunderin accordancethose standardswith Internationalare further Standardsdescribed inonthe AuditingAuditor's(UK)responsibilities(ISAs (UK)) andfor theapplicableaudit 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. i Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe : Conclusions relating to going concern 4 In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of ; accounting in the preparation of 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 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 report.
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THE CIU TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CIU TRUST
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Responsibilities of Trustees
As explained more fully in the statement of Trustees’ responsibilities, the Trustees is 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 determines 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 is 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.
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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.
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- 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;
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» we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;
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« 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;
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« 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
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« 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: : ;
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- making enquiries of management as to where they considered there was susceptibility to fraud, their — knowledge of actual, suspected and alleged fraud; and
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« 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:
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« performed analytical procedures to identify any unusual or unexpected relationships;
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« assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
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; amended) in preference to the Accounting Accounting and Reporting by Charities: Statement of Recommended Recommended Practice issued : , on 1 April 2005 which 2005 which which is referred to in the extant regulations but has now now been withdrawn. withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. 3 ThisUse ofreportour reportis made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts : and Reports) Regulations 2008. Our audit work has been undertaken so that we we might state to the charity's trustees : those matters we we are required to state to them in an auditor's report and for no other purpose. To the fullest extent : permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's : trustees as a as a body, for our audit work, our audit work, audit work, work, for this this report, or for the the opinions we we have formed. formed. Robert Kirtland (Senior Statutory Auditor) } For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor : Chartered Accountants 4 First Floor, Park Central | 40-41 Park End Street i Oxford 4 OX1 1JD ' Date: .o..eeseseeseeseeene
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; THE CIU TRUST | INDEPENDENT AUDITOR'S REPORT (CONTINUED) : TO THE TRUSTEES OF THE CIU TRUST : In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: « agreeing financial statement disclosures to underlying supporting documentation;
« reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
« reviewing relevant correspondence.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may enquiryinvolve ofdeliberatethe directorsconcealment and otheror managementcollusion. and the inspection of regulatory and lega! correspondence, if any. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting Accounting and Reporting by Charities: Statement of Recommended Recommended Practice issued on 1 April 2005 which 2005 which which is referred to in the extant regulations but has now now been withdrawn. withdrawn.
is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we we might state to the charity's trustees those matters we we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a as a body, for our audit work, our audit work, audit work, work, for this this report, or for the the opinions we we have formed. formed.
’ Gravita Audit Oxford LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. ,
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THE CIU TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | |||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2025 | 2024 | |||||
| Notes | £ | £ | ||||
| Income from: | ||||||
| Investments | 3 | 175,338 | 156,798 | |||
| Other income | 4 | 643,053 | 516,190 | |||
| Total income | - | 818,391 | 672,988 | |||
| Expenditure on: | ||||||
| Charitable activities | ) | 95,681 | 541,444 | |||
| -Net gains/(losses) on investments | : | 8 | 42,011 | 192,034 | ||
| Netmovement in funds | . | 764,721 | 323,578 | |||
| Fund balances at 1 April 2024 | 4,054,340 | 3,730,762 | ||||
| Fundbalancesat31March2025 | 4,819,061 | 4,054,340 |
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 i derive from continuing activities.
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THE CIU TRUST
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BALANCE SHEET AS AT 31 MARCH 2025
| BALANCE SHEET AS ATAT31 MARCH 2025MARCH 20252025 |
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| Notes | £ | 2025 | £ | £ | 2024 | £ | |
| Fixed assets Investments |
10 | 4,298,704 | 3,728,386 | ||||
| Current assets | |||||||
| Debtors | 11 | 659,625 | 549,940 | ||||
| Cash atbankand in hand | 505,282 | 868,125 | |||||
| 1,164,907 | 1,418,065 | ||||||
| Creditors: amountsfalling duewithin one year |
12 | (255,252) | (711,237) | ||||
| Netcurrentassets | 909,655 | 706,828 | |||||
| Totalassetslesscurrentliabilities | 5,208,359 | 4,435,214 | |||||
| Creditors:amounts fallingdueafter morethanoneyear Netassets Thefunds ofthe Charity |
13 | (389,298) 4,819,061 |
(380,874) 4,054,340 |
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| Unrestrictedfunds | 4,819,061 | 4,054,340 | |||||
| 4,819,061 | 4,054,340 |
The financial statements were approved by the Trustees on 10 November 2025
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NeilProfessorBarclay Neil(Chair) Barclay
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THE CiIU TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
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|---|---|---|---|---|---|---|---|
|2025|2024|
|Notes|£|£|£|£|
|Cash|flows|from|operating|activities|
|Cash|(absorbed|by)/generated|from|16|
|operations|.|(9,874)|526,336|
|Investing|activities|
|Purchase|of investments|(570,000)|~|(194,587)|
|Proceeds|from|disposal|of|investments|41,693|53,506|
|investment|income|received|175,338|156,798|
|Net cash|(used|in)/generated|from|investing|
|activities|(352,969)|15,717|
|Net cash|generated|from|financing|activities|-|-|
|Net|(decrease)/increase|in|cash|and|cash|
|equivalents|(362,843)|542,053|
|Cash|and cash|equivalents|at beginning|of year|868,125|326,072|
|Cash|and|cash|equivalents|at end|of year|505,282|868,125|
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i 1.2. Going concern At the time of approving approving the financial statements, the Trustees has 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 accounting in preparing the financial financial statements. ; _ 4.3. 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 the restricted funds are set out in the notes to the the financial statements.
THE CIU TRUST ; NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies , ‘ Charity information ] The CIU Trust is a charity domiciled in England. Its principal address is: University of Oxford, Sir William Dunn j 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 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. i 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 3 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 4 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 i, . attributed, they have been allocated to activities on a basis consistent with the use of resources. i 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. 4 Governance costs include those costs, such as Independent examiner's fees, associated with constitutional } and statutory requirements.
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
At the time of approving approving the financial statements, the Trustees has 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 accounting in preparing the financial financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the the restricted funds are set out in the notes to the the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
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THE CIU TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
- 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
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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
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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.
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 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 Statement of Financial Activities.
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1 Accounting policies
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) | THE CIU TRUST : FOR THE YEAR ENDED 31 MARCH 2025
(Continued)
1.6 Fixed asset investments Assets held for investments purposes are valued at market value at the balance sheet date. Traded securities 1.7 areCashvalued and cashat their equivalentsmarket quotation as at the year end date.
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 creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ofhave businessan unconditional from suppliers.right, Accountsat the endpayableof the arereportingclassifiedperiod,as currentto deferliabilitiessettlementif theof companythe creditor doesfornotat ‘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
| 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. : 2 Critical accounting estimates and judgements : In the application of the Charity’s accounting policies, the Trustees is required to make judgements, estimates 4 and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other ; sources. The estimates and associated assumptions are based on historical experience and other. factors that 4 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 P 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. | Critical judgements j Grant creditor , Grant creditors are judged to have been committed to but not paid by the Trustees. The total of grant creditors ’ at 31 March 2025 was £604,284 (2024: £1,052,421).
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THE CIU TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
3 Income from investments
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|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|.|£|£|
|Income|from|investments|166,247|141,081|
|Interest|receivable|9,091|15,717|
|||175,338|156,798|
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4 Other income
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|,|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Royalties|||643,053|516,190|
|5|Expenditure on|charitable activities|
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|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Direct|costs|
|Grants|78,196|534,421|
|Governance|costs|6,504|5,940|
|Bank|charges|142|66|
|Insurance|.|780|707|
|Data|protection|fee|35|35|
|Legal|and|professional|28|28|
|Sundry|-|247|
|Porterfield|award|9,996|-|
|95,681|541,444|
|Analysis|by fund|
|Unrestricted|funds|95,681|541,444|
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Included within governance costs are audit fees of £6,516 inclusive of VAT (2024: £5,940).
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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9 Taxation
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THE CIU TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|7|Employees|
|The average|monthly|number of employees|during|the year was:|
|2025|2024|
|Number|Number|
|Total|-|.|
|.|
|There|were|no|employees whose|annual|remuneration|was|more|than|£60,000.|
|8|Gains and|losses|on|investments|
|;|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|Gains/(losses)|arising on:|£|£|
|Revaluation of investments|42,011|192,034|
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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. 10 Fixed asset investments
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||||||
|---|---|---|---|---|
|Investments|
|Cost or valuation|
|At|1|April|2024|3,728,386|
|Additions|.|570,000|
|AtValuationDisposals31|Marchchanges2025|4,298(4142,011|,|693)704|
|Carrying amount|
|At|31|March|2025|4,298,704|
|At|31|March|2024|3,728,386|
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THE CIU TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
:
| 11. | Debtors | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Amounts falling due within one year: | £ | £ | |
| Accrued investment income | 16,572 | - | |
| Accrued royalty income | 643,053 | 549,940 | |
| 659,625 | 549,940 | ||
| 12 | Creditors: amounts falling due within oneyear | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grants payable | 214,986 | 671,547 | |
| Accruals | 40,266 | 39,690 | |
| 255,252 | 711,237 | ||
| 13 | Creditors: amounts falling due aftermore than oneyear | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grantspayable | 389,298 | 380,874 |
:
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THE CIU TRUST
.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
- 14 Reconciliation of movement in grants during the year
| No | Bifwd 2024 | New 2024/25 | Paid 2024/25 | Adjustments | Cifwd 2025 |
|---|---|---|---|---|---|
| ClIU08 -Dunn School—Post-doctoral extension awards in infection&immunity | 132,274 | of | - | - | 132,274 |
| C1U10 - Dunn School — Support fordepartmental studentships | 385,726 | - | - | - | 385,726 |
| ClU11 - Dunn School—Contribution toan endowment for departmental studentships | 526,333 | - | (526,333) | - | - |
| CIU12 -Dunn School— Uplift to Post-doctoral extension awards in infection & immunity | 8,088 | - | - | oe | 8,088 |
| (CIU 08) | |||||
| ClU13 - Dunn School — Post-doctoral extension awards | - | 78,196 | - | - | 78,196 |
| 1,052,421 | 78,196 | (526,333) | - | 604,284 |
.
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THE CIU TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
_ FOR THE YEAR ENDED 31 MARCH 2025
15 Related party transactions
During the year ended 31 March 2025, one grant awarded to Oxford University projects, applied for by a Trustee of the CIU Trust (2024 - two).
16
| Cash (absorbed by)/generated from operations | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Surplus forthe year | 764,721 | 323,578 |
| Adjustments for: | ||
| Investment income recognised in statement offinancial activities | (175,338) | (156,798) |
| Fairvalue gains and losses on investments | (42,011) | (191,156) |
| Movements in working capital: | , | |
| (Increase) in debtors | (109,685) | (18,059) |
| (Decrease)/increase in creditors | (447,561) | 568,771 |
| Cash(absorbedby)/generatedfromoperations | (9,874) | 526,336 |
,
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